þ | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 27-5403694 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
11 Penn Plaza, New York, NY | 10001 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Class A Common Stock, par value $0.01 per share | The NASDAQ Stock Market LLC |
Large accelerated filer | þ | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
Class A Common Stock par value $0.01 per share | 44,730,194 | |
Class B Common Stock par value $0.01 per share | 11,484,408 |
Page | ||
Part I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Part III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Part IV | ||
Item 15. | ||
Item 16. | ||
• | market demand, including changes in viewer consumption patterns, for our programming networks, our subscription streaming services, our programming, and our production services; |
• | our ability to maintain and renew distribution or affiliation agreements with distributors; |
• | the cost of, and our ability to obtain or produce, desirable programming content for our networks, other forms of distribution, including digital and licensing in international markets, as well as our independent film distribution businesses; |
• | market demand for our owned original programming and our independent film content; |
• | changes in consumer demand for our comedy venues; |
• | changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in the countries in which we operate, including the impact of the Tax Cuts and Jobs Act and the Bipartisan Budget Act of 2018; |
• | the impact of new and proposed federal, state and international laws and regulations relating to data protection, privacy and security, including the E.U. General Data Protection Regulation ("GDPR"); |
• | the impact of Brexit, particularly in the event of the U.K.’s departure from the E.U. without an agreement on terms; |
• | our substantial debt and high leverage; |
• | our ability to successfully acquire new businesses and, if acquired, to integrate, and implement our plan with respect to businesses we acquire; |
• | problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire; |
• | uncertainties regarding the financial results of equity method investees, issuers of our investments in marketable equity securities and non-marketable equity securities and changes in the nature of key strategic relationships with partners and joint ventures; |
• | financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate; |
• | events that are outside our control, such as political unrest in international markets, terrorist attacks, natural disasters and other similar events; and |
• | National Networks: Includes activities of our five national programming networks, AMC Studios operations and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S.; and AMC and IFC in Canada. Our AMC Studios operations produce original programming for our programming networks and also license such program rights worldwide. AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks. |
• | International and Other: Principally includes AMCNI, the Company's international programming businesses consisting of a portfolio of channels in over 130 countries and territories around the world; IFC Films, the Company's independent film distribution business; Levity, acquired April 20, 2018, our production services and comedy venues company; RLJE, acquired October 1, 2018, a content distribution company that also includes the subscription streaming services Acorn TV and UMC, and our wholly-owned subscription streaming services, Shudder and Sundance Now. |
• | laws and policies affecting trade and taxes, including laws and policies relating to the repatriation of funds and withholding taxes, and changes in these laws; |
• | changes in local regulatory requirements, including restrictions on content, imposition of local content quotas and restrictions on foreign ownership; |
• | exchange controls, tariffs and other trade barriers; |
• | differing degrees of protection for intellectual property and varying attitudes towards the piracy of intellectual property; |
• | foreign privacy and data protection laws and regulations and changes in these laws; |
• | the instability of foreign economies and governments; |
• | war and acts of terrorism; |
• | anti-corruption laws and regulations such as the Foreign Corrupt Practices Act and the U.K. Bribery Act that impose stringent requirements on how we conduct our foreign operations and changes in these laws and regulations; and |
• | shifting consumer preferences regarding the viewing of video programming. |
• | the difficulty of assimilating the operations and personnel of acquired companies into our operations; |
• | the potential disruption of our ongoing business and distraction of management; |
• | the incurrence of additional operating losses and operating expenses of the businesses we acquired or in which we invested; |
• | the difficulty of integrating acquired technology and rights into our services and unanticipated expenses related to such integration; |
• | the failure to successfully further develop an acquired business or technology and any resulting impairment of amounts currently capitalized as intangible assets; |
• | the failure of strategic investments to perform as expected or to meet financial projections; |
• | the potential for patent and trademark infringement and data privacy and security claims against the acquired companies, or companies in which we have invested; |
• | litigation or other claims in connection with acquisitions, acquired companies, or companies in which we have invested; |
• | the impairment or loss of relationships with customers and partners of the companies we acquired or in which we invested or with our customers and partners as a result of the integration of acquired operations; |
• | the impairment of relationships with, or failure to retain, employees of acquired companies or our existing employees as a result of integration of new personnel; |
• | the difficulty of integrating operations, systems, and controls as a result of cultural, regulatory, systems, and operational differences; |
• | the performance of management of companies in which we invest but do not control; |
• | in the case of foreign acquisitions and investments, the impact of particular economic, tax, currency, political, legal and regulatory risks associated with specific countries; and |
• | the impact of known potential liabilities or liabilities that may be unknown, including as a result of inadequate internal controls, associated with the companies we acquired or in which we invested. |
• | increase our vulnerability to general adverse economic and industry conditions; |
• | require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt, thereby limiting the availability of our cash flow to fund future programming investments, capital expenditures, working capital, business activities and other general corporate requirements; |
• | limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; |
• | place us at a competitive disadvantage compared with our competitors; and |
• | limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity. |
• | borrow money or guarantee debt; |
• | create liens; |
• | pay dividends on or redeem or repurchase stock; |
• | make specified types of investments; |
• | enter into transactions with affiliates; and |
• | sell assets or merge with other companies. |
• | Class A Common Stock, which is entitled to one vote per share and is entitled collectively to elect 25% of our Board of Directors. |
• | Class B Common Stock, which is generally entitled to ten votes per share and is entitled collectively to elect the remaining 75% of our Board of Directors. |
• | the authorization or issuance of any additional shares of Class B Common Stock, and |
• | any amendment, alteration or repeal of any of the provisions of our certificate of incorporation that adversely affects the powers, preferences or rights of the Class B Common Stock. |
INDEXED RETURNS Period Ended | ||||||||||||
Company Name / Index | Base Period 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | ||||||
AMC Networks Inc. | 100 | 93.63 | 109.65 | 76.85 | 79.40 | 80.58 | ||||||
S&P MidCap 400 Index | 100 | 109.77 | 107.38 | 129.65 | 150.71 | 134.01 | ||||||
Peer Group | 100 | 108.47 | 100.55 | 103.84 | 110.20 | 118.80 |
Period | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||
October 1, 2018 to October 31, 2018 | — | $ | — | — | $ | — | ||||||||
November 1, 2018 to November 30, 2018 | — | $ | — | — | $ | — | ||||||||
December 1, 2018 to December 31, 2018 | 296,585 | $ | 53.08 | 296,585 | $ | 559,410,218 | ||||||||
Total | 296,585 | $ | 53.08 | 296,585 |
Years Ended December 31, | |||||||||||||||||||
2018 (1) (2) | 2017 (1) (2) | 2016 (1) (2) | 2015 (2) | 2014 (2) | |||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||
Operating Data: | |||||||||||||||||||
Revenues, net | $ | 2,971,929 | $ | 2,805,691 | $ | 2,755,654 | $ | 2,580,935 | $ | 2,175,641 | |||||||||
Operating income | 726,909 | 722,359 | 657,556 | 709,193 | 546,353 | ||||||||||||||
Income from continuing operations | 463,967 | 489,637 | 289,963 | 381,704 | 267,873 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | (3,448 | ) | |||||||||||||
Net income attributable to noncontrolling interests | (17,780 | ) | (18,321 | ) | (19,453 | ) | (14,916 | ) | (3,628 | ) | |||||||||
Net income attributable to AMC Networks' stockholders | $ | 446,187 | $ | 471,316 | $ | 270,510 | $ | 366,788 | $ | 260,797 | |||||||||
Net income per share attributable to AMC Networks' stockholders: | |||||||||||||||||||
Basic | $ | 7.68 | $ | 7.26 | $ | 3.77 | $ | 5.06 | $ | 3.67 | |||||||||
Diluted | $ | 7.57 | $ | 7.18 | $ | 3.74 | $ | 5.01 | $ | 3.63 | |||||||||
Balance Sheet Data, at period end: | |||||||||||||||||||
Cash and cash equivalents | $ | 554,886 | $ | 558,783 | $ | 481,389 | $ | 316,321 | $ | 201,367 | |||||||||
Total assets | 5,278,563 | 5,032,985 | 4,480,595 | 4,250,609 | 3,949,826 | ||||||||||||||
Long-term debt (including capital leases) | 3,136,072 | 3,130,381 | 2,859,129 | 2,701,148 | 2,763,144 | ||||||||||||||
Stockholders' equity (deficiency) | $ | 316,680 | $ | 134,944 | $ | (30,082 | ) | $ | (39,277 | ) | $ | (371,755 | ) |
• | National Networks: Includes activities of our five national programming networks, AMC Studios operations and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S.; and AMC and IFC in Canada. Our AMC Studios operations produce original programming for our programming networks and also license such program rights worldwide. AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks. |
• | International and Other: Principally includes AMCNI, the Company's international programming businesses consisting of a portfolio of channels in over 130 countries and territories around the world; IFC Films, the Company's independent film distribution business; Levity, acquired April 20, 2018, our production services and comedy venues company; RLJE, acquired October 1, 2018, a content distribution company that also includes the subscription streaming services Acorn TV and UMC and our wholly-owned subscription streaming services, Shudder and Sundance Now. |
(In thousands) | Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Revenues, net | |||||||||||
National Networks | $ | 2,413,325 | $ | 2,367,615 | $ | 2,311,040 | |||||
International and Other | 598,306 | 457,182 | 459,996 | ||||||||
Inter-segment eliminations | (39,702 | ) | (19,106 | ) | (15,382 | ) | |||||
Consolidated revenues, net | $ | 2,971,929 | $ | 2,805,691 | $ | 2,755,654 | |||||
Operating income (loss) | |||||||||||
National Networks | $ | 825,770 | $ | 817,566 | $ | 784,027 | |||||
International and Other | (93,326 | ) | (88,894 | ) | (120,914 | ) | |||||
Inter-segment eliminations | (5,535 | ) | (6,313 | ) | (5,557 | ) | |||||
Consolidated operating income | $ | 726,909 | $ | 722,359 | $ | 657,556 | |||||
AOI | |||||||||||
National Networks | $ | 925,279 | $ | 894,912 | $ | 855,488 | |||||
International and Other | 19,303 | 16,219 | 28,608 | ||||||||
Inter-segment eliminations | (12,037 | ) | (6,313 | ) | (5,557 | ) | |||||
Consolidated AOI | $ | 932,545 | $ | 904,818 | $ | 878,539 |
(In thousands) | Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Operating income | $ | 726,909 | $ | 722,359 | $ | 657,556 | |||||
Share-based compensation expense | 60,979 | 53,545 | 38,897 | ||||||||
Restructuring expense | 45,847 | 6,128 | 29,503 | ||||||||
Impairment and related charges | 4,486 | 28,148 | 67,805 | ||||||||
Depreciation and amortization | 91,281 | 94,638 | 84,778 | ||||||||
Equity investees (>50% interest) AOI | 3,043 | — | — | ||||||||
AOI | $ | 932,545 | $ | 904,818 | $ | 878,539 |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 2,971,929 | 100.0 | % | $ | 2,805,691 | 100.0 | % | $ | 166,238 | 5.9 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 1,445,949 | 48.7 | 1,341,076 | 47.8 | 104,873 | 7.8 | ||||||||||||||
Selling, general and administrative | 657,457 | 22.1 | 613,342 | 21.9 | 44,115 | 7.2 | ||||||||||||||
Depreciation and amortization | 91,281 | 3.1 | 94,638 | 3.4 | (3,357 | ) | (3.5 | ) | ||||||||||||
Impairment and related charges | 4,486 | 0.2 | 28,148 | 1.0 | (23,662 | ) | (84.1 | ) | ||||||||||||
Restructuring expense | 45,847 | 1.5 | 6,128 | 0.2 | 39,719 | n/m | ||||||||||||||
Total operating expenses | 2,245,020 | 75.5 | 2,083,332 | 74.3 | 161,688 | 7.8 | ||||||||||||||
Operating income | 726,909 | 24.5 | 722,359 | 25.7 | 4,550 | 0.6 | % | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (135,813 | ) | (4.6 | ) | (119,297 | ) | (4.3 | ) | (16,516 | ) | 13.8 | |||||||||
Loss on extinguishment of debt | — | — | (3,004 | ) | (0.1 | ) | 3,004 | n/m | ||||||||||||
Miscellaneous, net | 29,177 | 1.0 | 40,320 | 1.4 | (11,143 | ) | (27.6 | ) | ||||||||||||
Total other income (expense) | (106,636 | ) | (3.6 | ) | (81,981 | ) | (2.9 | ) | (24,655 | ) | 30.1 | |||||||||
Net income from operations before income taxes | 620,273 | 20.9 | 640,378 | 22.8 | (20,105 | ) | (3.1 | ) | ||||||||||||
Income tax expense | (156,306 | ) | (5.3 | ) | (150,741 | ) | (5.4 | ) | (5,565 | ) | 3.7 | |||||||||
Net income including noncontrolling interests | 463,967 | 15.6 | % | 489,637 | 17.5 | % | (25,670 | ) | (5.2 | ) | ||||||||||
Net income attributable to noncontrolling interests | (17,780 | ) | (0.6 | )% | (18,321 | ) | (0.7 | )% | 541 | (3.0 | ) | |||||||||
Net income attributable to AMC Networks' stockholders | $ | 446,187 | 15.0 | % | $ | 471,316 | 16.8 | % | $ | (25,129 | ) | (5.3 | )% |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 2,413,325 | 100.0 | % | $ | 2,367,615 | 100.0 | % | $ | 45,710 | 1.9 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 1,080,732 | 44.8 | 1,064,580 | 45.0 | 16,152 | 1.5 | ||||||||||||||
Selling, general and administrative | 455,935 | 18.9 | 451,820 | 19.1 | 4,115 | 0.9 | ||||||||||||||
Depreciation and amortization | 33,728 | 1.4 | 33,702 | 1.4 | 26 | 0.1 | ||||||||||||||
Restructuring expense (credit) | 17,160 | 0.7 | (53 | ) | — | 17,213 | n/m | |||||||||||||
Operating income | $ | 825,770 | 34.2 | % | $ | 817,566 | 34.5 | % | $ | 8,204 | 1.0 | % | ||||||||
Share-based compensation expense | 48,621 | 2.0 | 43,697 | 1.8 | 4,924 | 11.3 | ||||||||||||||
Restructuring expense (credit) | 17,160 | 0.7 | (53 | ) | — | 17,213 | n/m | |||||||||||||
Depreciation and amortization | 33,728 | 1.4 | 33,702 | 1.4 | 26 | 0.1 | ||||||||||||||
AOI | $ | 925,279 | 38.3 | % | $ | 894,912 | 37.8 | % | $ | 30,367 | 3.4 | % |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 598,306 | 100.0 | % | $ | 457,182 | 100.0 | % | $ | 141,124 | 30.9 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 392,793 | 65.7 | 289,238 | 63.3 | 103,555 | 35.8 | ||||||||||||||
Selling, general and administrative | 201,611 | 33.7 | 161,573 | 35.3 | 40,038 | 24.8 | ||||||||||||||
Depreciation and amortization | 57,553 | 9.6 | 60,936 | 13.3 | (3,383 | ) | (5.6 | ) | ||||||||||||
Impairment and related charges | 4,486 | 0.7 | 28,148 | 6.2 | (23,662 | ) | (84.1 | ) | ||||||||||||
Restructuring expense | 35,189 | 5.9 | 6,181 | 1.4 | 29,008 | n/m | ||||||||||||||
Operating loss | $ | (93,326 | ) | (15.6 | )% | $ | (88,894 | ) | (19.4 | )% | $ | (4,432 | ) | 5.0 | % | |||||
Share-based compensation expense | 12,358 | 2.1 | 9,848 | 2.2 | 2,510 | 25.5 | ||||||||||||||
Restructuring expense | 35,189 | 5.9 | 6,181 | 1.4 | 29,008 | n/m | ||||||||||||||
Impairment and related charges | 4,486 | 0.7 | 28,148 | 6.2 | (23,662 | ) | (84.1 | ) | ||||||||||||
Depreciation and amortization | 57,553 | 9.6 | 60,936 | 13.3 | (3,383 | ) | (5.6 | ) | ||||||||||||
Equity investees (>50% interest) AOI | 3,043 | 0.5 | — | — | 3,043 | n/m | ||||||||||||||
AOI | $ | 19,303 | 3.2 | % | $ | 16,219 | 3.5 | % | $ | 3,084 | 19.0 | % |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2018 | % of total | 2017 | % of total | $ change | % change | ||||||||||||||
National Networks | $ | 2,413,325 | 81.2 | % | $ | 2,367,615 | 84.4 | % | $ | 45,710 | 1.9 | % | ||||||||
International and Other | 598,306 | 20.1 | 457,182 | 16.3 | 141,124 | 30.9 | ||||||||||||||
Inter-segment eliminations | (39,702 | ) | (1.3 | ) | (19,106 | ) | (0.7 | ) | (20,596 | ) | 107.8 | |||||||||
Consolidated revenues, net | $ | 2,971,929 | 100.0 | % | $ | 2,805,691 | 100.0 | % | $ | 166,238 | 5.9 | % |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2018 | % of total | 2017 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 944,675 | 39.1 | % | $ | 959,551 | 40.5 | % | $ | (14,876 | ) | (1.6 | )% | |||||||
Distribution | 1,468,650 | 60.9 | 1,408,064 | 59.5 | 60,586 | 4.3 | ||||||||||||||
$ | 2,413,325 | 100.0 | % | $ | 2,367,615 | 100.0 | % | $ | 45,710 | 1.9 | % |
• | Advertising revenues decreased $14.9 million driven by a decrease of $47.2 million at AMC due to lower ratings, partially mitigated by pricing. The decrease at AMC was partially offset by increases at our other networks. Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen. Due to these factors, we expect advertising revenues to vary from quarter to quarter. |
• | Distribution revenues increased $60.6 million due to an increase in subscription revenues of $52.2 million across all of our networks resulting from an increase in rates, partially offset by a slight decline in total subscribers. Content licensing revenues increased $8.4 million due to an increase in the number of original programs we distributed. Distribution revenues may vary based on the impact of renewals of affiliation agreements and content licensing revenues vary based on the timing of availability of our programming to distributors. Because of these factors, we expect distribution revenues to vary from quarter to quarter. |
Estimated Domestic Subscribers (1) | |||||
December 31, 2018 | December 31, 2017 | ||||
National Programming Networks: | |||||
AMC | 89,000 | 90,500 | |||
WE tv | 84,600 | 86,000 | |||
BBC AMERICA | 80,900 | 80,600 | |||
IFC | 75,100 | 74,200 | |||
SundanceTV | 69,900 | 70,600 |
(1) | Estimated U.S. subscribers as measured by Nielsen. |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2018 | % of total | 2017 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 91,404 | 15.3 | % | $ | 89,894 | 19.7 | % | $ | 1,510 | 1.7 | % | ||||||||
Distribution and other | 506,902 | 84.7 | 367,288 | 80.3 | 139,614 | 38.0 | ||||||||||||||
$ | 598,306 | 100.0 | % | $ | 457,182 | 100.0 | % | $ | 141,124 | 30.9 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
National Networks | $ | 1,080,732 | $ | 1,064,580 | $ | 16,152 | 1.5 | % | ||||||
International and Other | 392,793 | 289,238 | 103,555 | 35.8 | ||||||||||
Inter-segment eliminations | (27,576 | ) | (12,742 | ) | (14,834 | ) | 116.4 | |||||||
Total | $ | 1,445,949 | $ | 1,341,076 | $ | 104,873 | 7.8 | % | ||||||
Percentage of revenues, net | 48.7 | % | 47.8 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
National Networks | $ | 455,935 | $ | 451,820 | $ | 4,115 | 0.9 | % | ||||||
International and Other | 201,611 | 161,573 | 40,038 | 24.8 | ||||||||||
Inter-segment eliminations | (89 | ) | (51 | ) | (38 | ) | 74.5 | |||||||
Total | $ | 657,457 | $ | 613,342 | $ | 44,115 | 7.2 | % | ||||||
Percentage of revenues, net | 22.1 | % | 21.9 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
National Networks | $ | 33,728 | $ | 33,702 | $ | 26 | 0.1 | % | ||||||
International and Other | 57,553 | 60,936 | (3,383 | ) | (5.6 | ) | ||||||||
$ | 91,281 | $ | 94,638 | $ | (3,357 | ) | (3.5 | )% |
2018 Restructuring Charge | |||||||||||
(In thousands) | Restructuring Plan | Distribution Exits | Total | ||||||||
National Networks | $ | 17,160 | $ | — | $ | 17,160 | |||||
International and Other (a) | 18,803 | 16,386 | 35,189 | ||||||||
Inter-segment Eliminations | — | (6,502) | (6,502 | ) | |||||||
$ | 35,963 | $ | 9,884 | $ | 45,847 |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
National Networks | $ | 825,770 | $ | 817,566 | $ | 8,204 | 1.0 | % | ||||||
International and Other | (93,326 | ) | (88,894 | ) | (4,432 | ) | 5.0 | |||||||
Inter-segment Eliminations | (5,535 | ) | (6,313) | 778 | (12.3 | ) | ||||||||
$ | 726,909 | $ | 722,359 | $ | 4,550 | 0.6 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
Operating income | $ | 726,909 | $ | 722,359 | $ | 4,550 | 0.6 | % | ||||||
Share-based compensation expense | 60,979 | 53,545 | 7,434 | 13.9 | ||||||||||
Restructuring expense | 45,847 | 6,128 | 39,719 | 648.2 | ||||||||||
Impairment and related charges | 4,486 | 28,148 | (23,662 | ) | (84.1 | ) | ||||||||
Depreciation and amortization | 91,281 | 94,638 | (3,357 | ) | (3.5 | ) | ||||||||
Equity investees (>50% interest) AOI | 3,043 | — | 3,043 | n/m | ||||||||||
Consolidated AOI | $ | 932,545 | $ | 904,818 | $ | 27,727 | 3.1 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2018 | 2017 | $ change | % change | ||||||||||
National Networks | $ | 925,279 | $ | 894,912 | $ | 30,367 | 3.4 | % | ||||||
International and Other | 19,303 | 16,219 | 3,084 | 19.0 | ||||||||||
Inter-segment eliminations | (12,037 | ) | (6,313 | ) | (5,724 | ) | 90.7 | |||||||
AOI | $ | 932,545 | $ | 904,818 | $ | 27,727 | 3.1 | % |
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 2,805,691 | 100.0 | % | $ | 2,755,654 | 100.0 | % | $ | 50,037 | 1.8 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 1,341,076 | 47.8 | 1,279,984 | 46.4 | 61,092 | 4.8 | ||||||||||||||
Selling, general and administrative | 613,342 | 21.9 | 636,028 | 23.1 | (22,686 | ) | (3.6 | ) | ||||||||||||
Depreciation and amortization | 94,638 | 3.4 | 84,778 | 3.1 | 9,860 | 11.6 | ||||||||||||||
Impairment and related charges | 28,148 | 1.0 | 67,805 | 2.5 | (39,657 | ) | (58.5 | ) | ||||||||||||
Restructuring expense | 6,128 | 0.2 | 29,503 | 1.1 | (23,375 | ) | (79.2 | ) | ||||||||||||
Total operating expenses | 2,083,332 | 74.3 | 2,098,098 | 76.1 | (14,766 | ) | (0.7 | ) | ||||||||||||
Operating income | 722,359 | 25.7 | 657,556 | 23.9 | 64,803 | 9.9 | % | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (119,297 | ) | (4.3 | ) | (118,568 | ) | (4.3 | ) | (729 | ) | 0.6 | |||||||||
Loss on extinguishment of debt | (3,004 | ) | (0.1 | ) | (50,639 | ) | (1.8 | ) | 47,635 | (94.1 | ) | |||||||||
Miscellaneous, net | 40,320 | 1.4 | (33,524 | ) | (1.2 | ) | 73,844 | (220.3 | ) | |||||||||||
Total other income (expense) | (81,981 | ) | (2.9 | ) | (202,731 | ) | (7.4 | ) | 120,750 | (59.6 | ) | |||||||||
Net income from operations before income taxes | 640,378 | 22.8 | 454,825 | 16.5 | 185,553 | 40.8 | ||||||||||||||
Income tax expense | (150,741 | ) | (5.4 | ) | (164,862 | ) | (6.0 | ) | 14,121 | (8.6 | ) | |||||||||
Net income including noncontrolling interests | 489,637 | 17.5 | % | 289,963 | 10.5 | % | 199,674 | 68.9 | ||||||||||||
Net income attributable to noncontrolling interests | (18,321 | ) | (0.7 | )% | (19,453 | ) | (0.7 | )% | 1,132 | (5.8 | ) | |||||||||
Net income attributable to AMC Networks' stockholders | $ | 471,316 | 16.8 | % | $ | 270,510 | 9.8 | % | $ | 200,806 | 74.2 | % |
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 2,367,615 | 100.0 | % | $ | 2,311,040 | 100.0 | % | $ | 56,575 | 2.4 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 1,064,580 | 45.0 | 1,011,572 | 43.8 | 53,008 | 5.2 | ||||||||||||||
Selling, general and administrative | 451,820 | 19.1 | 474,549 | 20.5 | (22,729 | ) | (4.8 | ) | ||||||||||||
Depreciation and amortization | 33,702 | 1.4 | 32,376 | 1.4 | 1,326 | 4.1 | ||||||||||||||
Restructuring (credit) expense | (53 | ) | — | 8,516 | 0.4 | (8,569 | ) | (100.6 | ) | |||||||||||
Operating income | $ | 817,566 | 34.5 | % | $ | 784,027 | 33.9 | % | $ | 33,539 | 4.3 | % | ||||||||
Share-based compensation expense | 43,697 | 1.8 | 30,569 | 1.3 | 13,128 | 42.9 | ||||||||||||||
Restructuring (credit) expense | (53 | ) | — | 8,516 | 0.4 | (8,569 | ) | (100.6 | ) | |||||||||||
Depreciation and amortization | 33,702 | 1.4 | 32,376 | 1.4 | 1,326 | 4.1 | ||||||||||||||
AOI | $ | 894,912 | 37.8 | % | $ | 855,488 | 37.0 | % | $ | 39,424 | 4.6 | % |
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 457,182 | 100.0 | % | $ | 459,996 | 100.0 | % | $ | (2,814 | ) | (0.6 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 289,238 | 63.3 | 277,215 | 60.3 | 12,023 | 4.3 | ||||||||||||||
Selling, general and administrative | 161,573 | 35.3 | 162,501 | 35.3 | (928 | ) | (0.6 | ) | ||||||||||||
Depreciation and amortization | 60,936 | 13.3 | 52,402 | 11.4 | 8,534 | 16.3 | ||||||||||||||
Impairment and related charges | 28,148 | 6.2 | 67,805 | 14.7 | (39,657 | ) | (58.5 | ) | ||||||||||||
Restructuring expense | 6,181 | 1.4 | 20,987 | 4.6 | (14,806 | ) | (70.5 | ) | ||||||||||||
Operating loss | $ | (88,894 | ) | (19.4 | )% | $ | (120,914 | ) | (26.3 | )% | $ | 32,020 | (26.5 | )% | ||||||
Share-based compensation expense | 9,848 | 2.2 | 8,328 | 1.8 | 1,520 | 18.3 | ||||||||||||||
Restructuring expense | 6,181 | 1.4 | 20,987 | 4.6 | (14,806 | ) | (70.5 | ) | ||||||||||||
Impairment and related charges | 28,148 | 6.2 | 67,805 | 14.7 | (39,657 | ) | (58.5 | ) | ||||||||||||
Depreciation and amortization | 60,936 | 13.3 | 52,402 | 11.4 | 8,534 | 16.3 | ||||||||||||||
AOI | $ | 16,219 | 3.5 | % | $ | 28,608 | 6.2 | % | $ | (12,389 | ) | (43.3 | )% |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2017 | % of total | 2016 | % of total | $ change | % change | ||||||||||||||
National Networks | $ | 2,367,615 | 84.4 | % | $ | 2,311,040 | 83.9 | % | $ | 56,575 | 2.4 | % | ||||||||
International and Other | 457,182 | 16.3 | 459,996 | 16.7 | (2,814 | ) | (0.6 | ) | ||||||||||||
Inter-segment eliminations | (19,106 | ) | (0.7 | ) | (15,382 | ) | (0.6 | ) | (3,724 | ) | 24.2 | |||||||||
Consolidated revenues, net | $ | 2,805,691 | 100.0 | % | $ | 2,755,654 | 100.0 | % | $ | 50,037 | 1.8 | % |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2017 | % of total | 2016 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 959,551 | 40.5 | % | $ | 990,508 | 42.9 | % | $ | (30,957 | ) | (3.1 | )% | |||||||
Distribution | 1,408,064 | 59.5 | 1,320,532 | 57.1 | 87,532 | 6.6 | ||||||||||||||
$ | 2,367,615 | 100.0 | % | $ | 2,311,040 | 100.0 | % | $ | 56,575 | 2.4 | % |
• | Advertising revenues decreased $31.0 million primarily driven by ratings, partially offset by pricing, with a decrease at AMC, partially offset by increases at BBC AMERICA, Sundance TV, and IFC. |
• | Distribution revenues increased $87.5 million principally due to an increase in subscription revenues of $44.2 million primarily driven by higher rates and $43.3 million from content licensing revenues derived from our original programming, primarily at AMC. |
Estimated Domestic Subscribers (1) | |||||
December 31, 2017 | December 31, 2016 | ||||
National Programming Networks: | |||||
AMC | 90,500 | 91,200 | |||
WE tv | 86,000 | 85,900 | |||
BBC AMERICA | 80,600 | 79,300 | |||
IFC | 74,200 | 72,400 | |||
SundanceTV | 70,600 | 62,400 |
(1) | Estimated U.S. subscribers as measured by Nielsen. |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2017 | % of total | 2016 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 89,894 | 19.7 | % | $ | 94,467 | 20.5 | % | $ | (4,573 | ) | (4.8 | )% | |||||||
Distribution | 367,288 | 80.3 | 365,529 | 79.5 | 1,759 | 0.5 | ||||||||||||||
$ | 457,182 | 100.0 | % | $ | 459,996 | 100.0 | % | $ | (2,814 | ) | (0.6 | )% |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
National Networks | $ | 1,064,580 | $ | 1,011,572 | $ | 53,008 | 5.2 | % | ||||||
International and Other | 289,238 | 277,215 | 12,023 | 4.3 | ||||||||||
Inter-segment eliminations | (12,742 | ) | (8,803 | ) | (3,939 | ) | 44.7 | |||||||
Total | $ | 1,341,076 | $ | 1,279,984 | $ | 61,092 | 4.8 | % | ||||||
Percentage of revenues, net | 47.8 | % | 46.4 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
National Networks | $ | 451,820 | $ | 474,549 | $ | (22,729 | ) | (4.8 | )% | |||||
International and Other | 161,573 | 162,501 | (928 | ) | (0.6 | ) | ||||||||
Inter-segment eliminations | (51 | ) | (1,022 | ) | 971 | (95.0 | ) | |||||||
Total | $ | 613,342 | $ | 636,028 | $ | (22,686 | ) | (3.6 | )% | |||||
Percentage of revenues, net | 21.9 | % | 23.1 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
National Networks | $ | 33,702 | $ | 32,376 | $ | 1,326 | 4.1 | % | ||||||
International and Other | 60,936 | 52,402 | 8,534 | 16.3 | ||||||||||
$ | 94,638 | $ | 84,778 | $ | 9,860 | 11.6 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
National Networks | $ | 817,566 | $ | 784,027 | $ | 33,539 | 4.3 | % | ||||||
International and Other | (88,894 | ) | (120,914 | ) | 32,020 | (26.5 | ) | |||||||
Inter-segment Eliminations | (6,313) | (5,557) | (756 | ) | 13.6 | |||||||||
$ | 722,359 | $ | 657,556 | $ | 64,803 | 9.9 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
Operating income | $ | 722,359 | $ | 657,556 | $ | 64,803 | 9.9 | % | ||||||
Share-based compensation expense | 53,545 | 38,897 | 14,648 | 37.7 | ||||||||||
Restructuring expense | 6,128 | 29,503 | (23,375 | ) | (79.2 | ) | ||||||||
Impairment and related charges | 28,148 | 67,805 | (39,657 | ) | (58.5 | ) | ||||||||
Depreciation and amortization | 94,638 | 84,778 | 9,860 | 11.6 | ||||||||||
Consolidated AOI | $ | 904,818 | $ | 878,539 | $ | 26,279 | 3.0 | % |
Years Ended December 31, | ||||||||||||||
(In thousands) | 2017 | 2016 | $ change | % change | ||||||||||
National Networks | $ | 894,912 | $ | 855,488 | $ | 39,424 | 4.6 | % | ||||||
International and Other | 16,219 | 28,608 | (12,389 | ) | (43.3 | ) | ||||||||
Inter-segment eliminations | (6,313 | ) | (5,557 | ) | (756 | ) | 13.6 | |||||||
AOI | $ | 904,818 | $ | 878,539 | $ | 26,279 | 3.0 | % |
Years Ended December 31, | |||||||||||
(In thousands) | 2018 | 2017 | 2016 | ||||||||
Cash flow provided by operating activities | $ | 606,547 | $ | 385,729 | $ | 514,325 | |||||
Cash flow used in investing activities | (260,184 | ) | (130,602 | ) | (174,574 | ) | |||||
Cash flow used in financing activities | (314,607 | ) | (204,210 | ) | (153,864 | ) | |||||
Net increase in cash from operations | 31,756 | 50,917 | 185,887 |
(In thousands) | December 31, 2018 | December 31, 2017 | |||||
Senior Secured Credit Facility:(a) | |||||||
Term Loan A Facility | $ | 750,000 | $ | 750,000 | |||
Senior Notes: | |||||||
4.75% Notes due August 2025 | 800,000 | 800,000 | |||||
5.00% Notes due April 2024 | 1,000,000 | 1,000,000 | |||||
4.75% Notes due December 2022 | 600,000 | 600,000 | |||||
Other debt | 2,584 | — | |||||
Principal amount of debt | $ | 3,152,584 | $ | 3,150,000 |
(a) | The Company's $500 million revolving credit facility remains undrawn at December 31, 2018. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company. |
(In thousands) | Payments due by period | ||||||||||||||||||
Total | Year 1 | Years 2 - 3 | Years 4 - 5 | More than 5 years | |||||||||||||||
Debt obligations: | |||||||||||||||||||
Principal payments | $ | 3,152,584 | $ | 21,334 | $ | 831,250 | $ | 1,300,000 | $ | 1,000,000 | |||||||||
Interest payments (1) | 773,642 | 147,141 | 286,850 | 238,651 | 101,000 | ||||||||||||||
Purchase obligations (2) | 1,752,139 | 648,203 | 531,366 | 122,747 | 449,823 | ||||||||||||||
Operating lease obligations | 288,864 | 39,576 | 67,204 | 65,411 | 116,673 | ||||||||||||||
Capital lease obligations (3) | 36,643 | 7,665 | 10,353 | 8,928 | 9,697 | ||||||||||||||
Total | $ | 6,003,872 | $ | 863,919 | $ | 1,727,023 | $ | 1,735,737 | $ | 1,677,193 |
(1) | Interest on variable rate debt and the variable portion of interest rate swap contracts is estimated based on a LIBOR yield curve as of December 31, 2018. |
(2) | Purchase obligations consist primarily of program rights obligations, participations, residuals, and transmission and marketing commitments. |
(3) | Capital lease obligation amounts include imputed interest. |
Net Carrying Value at, December 31, 2017 | Estimated Useful Lives in Years | ||||
Affiliate and customer relationships | $ | 422,271 | 6 to 25 years | ||
Advertiser relationships | 28,669 | 11 years | |||
Trade names | 100,801 | 3 to 20 years | |||
Other amortizable intangible assets | 7,266 | 5 to 15 years | |||
$ | 559,007 |
December 31, 2018 | |||
National Networks | $ | 238,431 | |
International and Other | 559,606 | ||
$ | 798,037 |
(1) | The financial statements as indicated in the index set forth on page 64. |
(2) | Financial statement schedule: |
(3) | Exhibits: |
Exhibit Number | Description of Exhibit | |
2.1 | ||
2.2 | ||
3.1(i) | ||
3.1(ii) | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
4.7 | ||
4.8 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.10 | ||
10.11 | ||
10.12 | ||
10.13 | ||
10.14 | ||
10.15 | ||
10.16 | ||
10.17 | ||
10.18 | ||
10.19 | ||
10.20 | ||
10.21 | ||
10.22 | ||
21 | ||
23 | ||
24 | ||
31.1 | ||
31.2 |
32 | ||
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
AMC Networks Inc. | ||||
Date: | March 1, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
Name | Title | Date | ||
/s/ Joshua W. Sapan | President and Chief Executive Officer | February 28, 2019 | ||
Joshua W. Sapan | (Principal Executive Officer) | |||
/s/ Sean S. Sullivan | Executive Vice President and Chief Financial Officer | February 28, 2019 | ||
Sean S. Sullivan | (Principal Financial Officer) | |||
/s/ Christian B. Wymbs | Executive Vice President and Chief Accounting Officer | February 28, 2019 | ||
Christian B. Wymbs | (Principal Accounting Officer) | |||
/s/ Charles F. Dolan | Chairman of the Board of Directors | February 28, 2019 | ||
Charles F. Dolan | ||||
/s/ William J. Bell | Director | February 28, 2019 | ||
William J. Bell | ||||
/s/ Frank J. Biondi, Jr. | Director | February 28, 2019 | ||
Frank J. Biondi, Jr. | ||||
/s/ James L. Dolan | Director | February 28, 2019 | ||
James L. Dolan | ||||
/s/ Kristin A. Dolan | Director | February 28, 2019 | ||
Kristin A. Dolan |
Name | Title | Date | ||
/s/ Marianne Dolan Weber | Director | February 28, 2019 | ||
Marianne Dolan Weber | ||||
/s/ Patrick F. Dolan | Director | February 28, 2019 | ||
Patrick F. Dolan | ||||
/s/ Thomas C. Dolan | Director | February 28, 2019 | ||
Thomas C. Dolan | ||||
/s/ Jonathan F. Miller | Director | February 28, 2019 | ||
Jonathan F. Miller | ||||
/s/ Brian G. Sweeney | Director | February 28, 2019 | ||
Brian G. Sweeney | ||||
/s/ Vincent Tese | Director | February 28, 2019 | ||
Vincent Tese | ||||
/s/ Leonard Tow | Director | February 28, 2019 | ||
Leonard Tow | ||||
/s/ David E. Van Zandt | Director | February 28, 2019 | ||
David E. Van Zandt | ||||
/s/ Carl E. Vogel | Director | February 28, 2019 | ||
Carl E. Vogel | ||||
/s/ Robert C. Wright | Director | February 28, 2019 | ||
Robert C. Wright |
Consolidated Financial Statements as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 | |
2018 | 2017 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 554,886 | $ | 558,783 | |||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts of $10,788 and $9,691) | 835,977 | 775,891 | |||||
Current portion of program rights, net | 440,739 | 443,604 | |||||
Prepaid expenses and other current assets | 131,809 | 91,726 | |||||
Total current assets | 1,963,411 | 1,870,004 | |||||
Property and equipment, net | 246,262 | 183,514 | |||||
Program rights, net | 1,214,051 | 1,329,125 | |||||
Deferred carriage fees, net | 16,831 | 29,924 | |||||
Intangible assets, net | 578,907 | 457,242 | |||||
Goodwill | 798,037 | 695,158 | |||||
Deferred tax assets, net | 19,272 | 20,081 | |||||
Other assets | 441,792 | 447,937 | |||||
Total assets | $ | 5,278,563 | $ | 5,032,985 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 107,066 | $ | 102,197 | |||
Accrued liabilities | 264,918 | 263,076 | |||||
Current portion of program rights obligations | 343,589 | 327,549 | |||||
Deferred revenue | 55,424 | 46,433 | |||||
Current portion of long-term debt | 21,334 | — | |||||
Current portion of capital lease obligations | 5,090 | 4,847 | |||||
Total current liabilities | 797,421 | 744,102 | |||||
Program rights obligations | 373,249 | 534,980 | |||||
Long-term debt, net | 3,088,221 | 3,099,257 | |||||
Capital lease obligations | 21,427 | 26,277 | |||||
Deferred tax liability, net | 145,443 | 109,698 | |||||
Other liabilities | 208,036 | 136,122 | |||||
Total liabilities | 4,633,797 | 4,650,436 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | 299,558 | 218,604 | |||||
Stockholders' equity: | |||||||
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 63,255 and 62,721 shares issued and 44,749 and 49,601 shares outstanding, respectively | 633 | 627 | |||||
Class B Common Stock, $0.01 par value, 90,000 shares authorized 11,484 shares issued and outstanding | 115 | 115 | |||||
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued | — | — | |||||
Paid-in capital | 239,767 | 191,303 | |||||
Accumulated earnings | 1,228,942 | 766,725 | |||||
Treasury stock, at cost (18,507 and 13,120 shares Class A Common Stock, respectively) | (992,583 | ) | (709,440 | ) | |||
Accumulated other comprehensive loss | (160,194 | ) | (114,386 | ) | |||
Total AMC Networks stockholders' equity | 316,680 | 134,944 | |||||
Non-redeemable noncontrolling interests | 28,528 | 29,001 | |||||
Total stockholders' equity | 345,208 | 163,945 | |||||
Total liabilities and stockholders' equity | $ | 5,278,563 | $ | 5,032,985 |
2018 | 2017 | 2016 | |||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ | 2,971,929 | $ | 2,805,691 | $ | 2,755,654 | |||||
Operating expenses: | |||||||||||
Technical and operating (excluding depreciation and amortization) | 1,445,949 | 1,341,076 | 1,279,984 | ||||||||
Selling, general and administrative (including charges from related parties of $1,647, $1,524 and $3,086, respectively) | 657,457 | 613,342 | 636,028 | ||||||||
Depreciation and amortization | 91,281 | 94,638 | 84,778 | ||||||||
Impairment and related charges | 4,486 | 28,148 | 67,805 | ||||||||
Restructuring expense | 45,847 | 6,128 | 29,503 | ||||||||
Total operating expenses | 2,245,020 | 2,083,332 | 2,098,098 | ||||||||
Operating income | 726,909 | 722,359 | 657,556 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (154,993 | ) | (134,001 | ) | (123,632 | ) | |||||
Interest income | 19,180 | 14,704 | 5,064 | ||||||||
Loss on extinguishment of debt | — | (3,004 | ) | (50,639 | ) | ||||||
Miscellaneous, net | 29,177 | 40,320 | (33,524 | ) | |||||||
Total other income (expense) | (106,636 | ) | (81,981 | ) | (202,731 | ) | |||||
Income from operations before income taxes | 620,273 | 640,378 | 454,825 | ||||||||
Income tax expense | (156,306 | ) | (150,741 | ) | (164,862 | ) | |||||
Net income including noncontrolling interests | 463,967 | 489,637 | 289,963 | ||||||||
Net income attributable to noncontrolling interests | (17,780 | ) | (18,321 | ) | (19,453 | ) | |||||
Net income attributable to AMC Networks' stockholders | $ | 446,187 | $ | 471,316 | $ | 270,510 | |||||
Net income per share attributable to AMC Networks' stockholders: | |||||||||||
Basic | $ | 7.68 | $ | 7.26 | $ | 3.77 | |||||
Diluted | $ | 7.57 | $ | 7.18 | $ | 3.74 | |||||
Weighted average common shares: | |||||||||||
Basic | 58,066 | 64,905 | 71,746 | ||||||||
Diluted | 58,947 | 65,625 | 72,410 |
2018 | 2017 | 2016 | |||||||||
Net income including noncontrolling interests | $ | 463,967 | $ | 489,637 | $ | 289,963 | |||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (41,716 | ) | 76,023 | (45,426 | ) | ||||||
Unrealized (loss) gain on interest rate swaps | (356 | ) | (35 | ) | 22 | ||||||
Unrealized gain on available for sale securities | — | 5,398 | — | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (370 | ) | — | — | |||||||
Other comprehensive income (loss), before income taxes | (42,442 | ) | 81,386 | (45,404 | ) | ||||||
Income tax benefit (expense) | 45 | (1,974 | ) | (12,337 | ) | ||||||
Other comprehensive income (loss), net of income taxes | (42,397 | ) | 79,412 | (57,741 | ) | ||||||
Comprehensive income | 421,570 | 569,049 | 232,222 | ||||||||
Comprehensive income attributable to noncontrolling interests | (16,044 | ) | (21,430 | ) | (16,491 | ) | |||||
Comprehensive income attributable to AMC Networks' stockholders | $ | 405,526 | $ | 547,619 | $ | 215,731 |
Class A Common Stock | Class B Common Stock | Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total AMC Networks Stockholders' Equity (Deficiency) | Non-redeemable Noncontrolling Interests | Total Stockholders' Equity (Deficiency) | |||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 621 | $ | 115 | $ | 123,157 | $ | 24,880 | $ | (51,993 | ) | $ | (136,057 | ) | $ | (39,277 | ) | $ | 30,639 | $ | (8,638 | ) | |||||||||||||
Net income attributable to AMC Networks' stockholders | — | — | — | 270,510 | — | — | 270,510 | — | 270,510 | ||||||||||||||||||||||||||
Non-redeemable noncontrolling interests changes | — | — | — | — | — | — | — | (97 | ) | (97 | ) | ||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | 2,784 | 2,784 | ||||||||||||||||||||||||||
Distribution to noncontrolling member | — | — | — | — | — | — | — | (1,926 | ) | (1,926 | ) | ||||||||||||||||||||||||
Treasury stock not yet settled and other | — | — | (10,454 | ) | 19 | — | — | (10,435 | ) | — | (10,435 | ) | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | (57,741 | ) | (57,741 | ) | (2,962 | ) | (60,703 | ) | ||||||||||||||||||||||
Share-based compensation expense | — | — | 38,897 | — | — | — | 38,897 | — | 38,897 | ||||||||||||||||||||||||||
Proceeds from the exercise of stock options | 1 | — | 1,227 | — | — | — | 1,228 | — | 1,228 | ||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | (223,237 | ) | — | (223,237 | ) | — | (223,237 | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | 2 | — | (10,824 | ) | — | — | — | (10,822 | ) | — | (10,822 | ) | |||||||||||||||||||||||
Excess tax benefits on share-based awards | — | — | 795 | — | — | — | 795 | — | 795 | ||||||||||||||||||||||||||
Balance, December 31, 2016 | 624 | 115 | 142,798 | 295,409 | (275,230 | ) | (193,798 | ) | (30,082 | ) | 28,438 | (1,644 | ) | ||||||||||||||||||||||
Net income attributable to AMC Networks' stockholders | — | — | — | 471,316 | — | — | 471,316 | — | 471,316 | ||||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | 524 | 524 | ||||||||||||||||||||||||||
Distribution to noncontrolling member | — | — | — | — | — | — | — | (3,070 | ) | (3,070 | ) | ||||||||||||||||||||||||
Treasury stock not yet settled | — | — | (995 | ) | — | — | — | (995 | ) | — | (995 | ) | |||||||||||||||||||||||
Settlement of treasury stock | — | — | 10,454 | — | — | — | 10,454 | — | 10,454 | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 79,412 | 79,412 | 3,109 | 82,521 | ||||||||||||||||||||||||||
Share-based compensation expense | — | — | 53,545 | — | — | — | 53,545 | — | 53,545 | ||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | (434,210 | ) | — | (434,210 | ) | — | (434,210 | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | 3 | — | (14,499 | ) | — | — | — | (14,496 | ) | — | (14,496 | ) | |||||||||||||||||||||||
Balance, December 31, 2017 | 627 | 115 | 191,303 | 766,725 | (709,440 | ) | (114,386 | ) | 134,944 | 29,001 | 163,945 | ||||||||||||||||||||||||
Net income attributable to AMC Networks’ stockholders | — | — | — | 446,187 | — | — | 446,187 | — | 446,187 | ||||||||||||||||||||||||||
Net income attributable to Non-redeemable noncontrolling interests | — | — | — | — | — | — | — | 2,756 | 2,756 | ||||||||||||||||||||||||||
Distributions to noncontrolling member | — | — | — | — | — | — | — | (2,847 | ) | (2,847 | ) | ||||||||||||||||||||||||
Noncontrolling interests acquired | — | — | — | — | — | — | — | 1,354 | 1,354 | ||||||||||||||||||||||||||
Cumulative effects of adoption of accounting standards | — | — | — | 16,030 | — | (3,411 | ) | 12,619 | — | 12,619 | |||||||||||||||||||||||||
Treasury stock not yet settled | — | — | (986 | ) | — | — | — | (986 | ) | — | (986 | ) | |||||||||||||||||||||||
Settlement of treasury stock | — | — | 996 | — | — | — | 996 | — | 996 | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | (42,397 | ) | (42,397 | ) | (1,736 | ) | (44,133 | ) | ||||||||||||||||||||||
Share-based compensation expense | — | — | 60,979 | — | — | — | 60,979 | — | 60,979 | ||||||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | 4,317 | — | — | — | 4,317 | — | 4,317 | ||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | (283,143 | ) | — | (283,143 | ) | — | (283,143 | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | 6 | — | (16,842 | ) | — | — | — | (16,836 | ) | — | (16,836 | ) | |||||||||||||||||||||||
Balance, December 31, 2018 | $ | 633 | $ | 115 | $ | 239,767 | $ | 1,228,942 | $ | (992,583 | ) | $ | (160,194 | ) | $ | 316,680 | $ | 28,528 | $ | 345,208 |
2018 | 2017 | 2016 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income including noncontrolling interests | $ | 463,967 | $ | 489,637 | $ | 289,963 | |||||
Adjustments to reconcile income from operations to net cash from operating activities: | |||||||||||
Depreciation and amortization | 91,281 | 94,638 | 84,778 | ||||||||
Impairment and related charges | 4,486 | 17,112 | 67,805 | ||||||||
Share-based compensation expense related to equity classified awards | 60,979 | 53,545 | 38,897 | ||||||||
Non-cash restructuring charges | 7,440 | — | — | ||||||||
Amortization and write-off of program rights | 961,134 | 954,238 | 862,302 | ||||||||
Amortization of deferred carriage fees | 17,342 | 17,605 | 16,990 | ||||||||
Unrealized foreign currency transaction (gain) loss | 2,057 | (15,258 | ) | 37,770 | |||||||
Unrealized (gain) loss on derivative contracts, net | (43,476 | ) | (27,233 | ) | (1,920 | ) | |||||
Amortization and write-off of deferred financing costs and discounts on indebtedness | 7,715 | 8,436 | 9,341 | ||||||||
Loss on extinguishment of debt | — | 3,004 | 50,639 | ||||||||
Bad debt expense | 7,399 | 3,567 | 1,924 | ||||||||
Deferred income taxes | 33,367 | (48,665 | ) | 11,642 | |||||||
Excess tax benefits from share-based compensation arrangements | — | — | (789 | ) | |||||||
Other, net | 5,311 | (11,014 | ) | (6,383 | ) | ||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, trade (including amounts due from related parties, net) | (52,106 | ) | (74,561 | ) | (26,496 | ) | |||||
Prepaid expenses and other assets | (2,789 | ) | (59,979 | ) | (4,981 | ) | |||||
Program rights and obligations, net | (978,763 | ) | (996,816 | ) | (973,193 | ) | |||||
Income taxes payable | (17,006 | ) | (21,966 | ) | 43,153 | ||||||
Deferred revenue | (6,392 | ) | (11,553 | ) | (9,836 | ) | |||||
Deferred carriage fees, net | (4,250 | ) | (4,617 | ) | (10,396 | ) | |||||
Accounts payable, accrued expenses and other liabilities | 48,851 | 15,609 | 33,115 | ||||||||
Net cash provided by operating activities | 606,547 | 385,729 | 514,325 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (89,802 | ) | (80,049 | ) | (79,220 | ) | |||||
Return of capital from investees | 4,088 | 2,447 | — | ||||||||
Payments for acquisitions, net of cash acquired | (84,389 | ) | — | (354 | ) | ||||||
Investments in and loans to investees | (90,081 | ) | (53,000 | ) | (95,000 | ) | |||||
Net cash used in investing activities | (260,184 | ) | (130,602 | ) | (174,574 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from the issuance of long-term debt | 289 | 1,536,000 | 982,500 | ||||||||
Principal payments on long-term debt | — | (1,257,965 | ) | (848,000 | ) | ||||||
Premium and fees paid on extinguishment of debt | — | — | (40,954 | ) | |||||||
Payments for financing costs | — | (10,405 | ) | (2,070 | ) | ||||||
Deemed repurchase of restricted stock units | (16,836 | ) | (14,496 | ) | (10,822 | ) | |||||
Purchase of treasury stock | (283,143 | ) | (434,210 | ) | (223,237 | ) | |||||
Proceeds from stock option exercises | 4,317 | — | 1,228 | ||||||||
Excess tax benefits from share-based compensation arrangements | — | — | 789 | ||||||||
Principal payments on capital lease obligations | (4,938 | ) | (4,573 | ) | (4,288 | ) | |||||
Distributions to noncontrolling interest | (14,296 | ) | (18,561 | ) | (9,010 | ) | |||||
Net cash used in financing activities | (314,607 | ) | (204,210 | ) | (153,864 | ) | |||||
Net increase in cash and cash equivalents from operations | 31,756 | 50,917 | 185,887 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (35,653 | ) | 26,477 | (20,819 | ) | ||||||
Cash and cash equivalents at beginning of year | 558,783 | 481,389 | 316,321 | ||||||||
Cash and cash equivalents at end of year | $ | 554,886 | $ | 558,783 | $ | 481,389 |
• | National Networks: Includes activities of our five national programming networks, AMC Studios operations and AMC Broadcasting & Technology. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV in the U.S.; and AMC and IFC in Canada. Our AMC Studios operations produce original programming for our programming networks and also license such program rights worldwide. AMC Networks Broadcasting & Technology is our technical services business, which primarily services most of the national programming networks. |
• | International and Other: Principally includes AMCNI, the Company's international programming businesses consisting of a portfolio of channels in over 130 countries and territories around the world; IFC Films, the Company's independent film distribution business; Levity, acquired April 20, 2018, our production services and comedy venues company; RLJE, acquired October 1, 2018, a content distribution company that also includes the subscription streaming services Acorn TV and Urban Movie Channel ("UMC") and our wholly-owned subscription streaming services, Shudder and Sundance Now. |
(In thousands) | December 31, 2017 | Impact of Adoption | January 1, 2018 | |||||||||
Current assets | $ | 1,879,850 | $ | 3,658 | $ | 1,883,508 | ||||||
Total assets | 5,032,985 | 19,899 | 5,052,884 | |||||||||
Current liabilities | 744,102 | 835 | 744,937 | |||||||||
Total liabilities | 4,650,436 | 7,115 | 4,657,551 |
(In thousands) | Years Ended December 31, | |||||||
2018 | 2017 | 2016 | ||||||
Basic weighted average shares outstanding | 58,066 | 64,905 | 71,746 | |||||
Effect of dilution: | ||||||||
Stock options | 15 | 1 | 13 | |||||
Restricted stock units | 866 | 719 | 651 | |||||
Diluted weighted average shares outstanding | 58,947 | 65,625 | 72,410 |
Shares Outstanding | |||||
(In thousands) | Class A Common Stock | Class B Common Stock | |||
Balance at December 31, 2015 | 60,910 | 11,484 | |||
Share repurchases | (4,120 | ) | — | ||
Employee and non-employee director stock transactions* | 289 | — | |||
Balance at December 31, 2016 | 57,079 | 11,484 | |||
Share repurchases | (7,790 | ) | — | ||
Employee and non-employee director stock transactions* | 312 | — | |||
Balance at December 31, 2017 | 49,601 | 11,484 | |||
Share repurchases | (5,386 | ) | — | ||
Employee and non-employee director stock transactions* | 534 | — | |||
Balance at December 31, 2018 | 44,749 | 11,484 |
(In thousands) | December 31, 2018 | December 31, 2017 (a) | ||||||
Balances from contracts with customers: | ||||||||
Accounts receivable (including long-term, included in Other assets) | $ | 1,018,105 | $ | 926,089 | ||||
Contract assets, short-term (included in Other current assets) | 9,131 | — | ||||||
Contract assets, long-term (included in Other assets) | 8,136 | — | ||||||
Contract liabilities (Deferred revenue) | 55,424 | 46,433 |
(a) | As noted above, prior period amounts have not been adjusted under the modified retrospective method. |
2018 Restructuring Charges | |||||||||||
(In thousands) | Restructuring Plan | Distribution Exits | Total | ||||||||
National Networks | $ | 17,160 | $ | — | $ | 17,160 | |||||
International and Other | 18,803 | 16,386 | 35,189 | ||||||||
Inter-segment Eliminations | — | (6,502) | (6,502 | ) | |||||||
$ | 35,963 | $ | 9,884 | $ | 45,847 |
(In thousands) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||
National Networks | $ | 17,160 | $ | (53 | ) | $ | 8,516 | ||||
International & Other (1) | 35,189 | 6,181 | 20,987 | ||||||||
Inter-segment eliminations | (6,502 | ) | — | — | |||||||
Total restructuring expense | $ | 45,847 | $ | 6,128 | $ | 29,503 |
(In thousands) | Severance and Employee-Related Costs | Other Exit Costs | Total | ||||||||
Balance at December 31, 2016 | $ | 12,106 | $ | 205 | $ | 12,311 | |||||
Charges | 2,543 | 3,585 | 6,128 | ||||||||
Cash payments | (13,440 | ) | (152 | ) | (13,592 | ) | |||||
Non-cash adjustments | 2 | (3,585 | ) | (3,583 | ) | ||||||
Currency translation | 1 | (29 | ) | (28 | ) | ||||||
Balance at December 31, 2017 | $ | 1,212 | $ | 24 | $ | 1,236 | |||||
Charges | 35,965 | 9,882 | 45,847 | ||||||||
Other | (137 | ) | (745 | ) | (882 | ) | |||||
Cash payments | (3,257 | ) | (297 | ) | (3,554 | ) | |||||
Non-cash adjustments | — | (7,440 | ) | (7,440 | ) | ||||||
Currency translation | (9 | ) | (9 | ) | (18 | ) | |||||
Balance at December 31, 2018 | $ | 33,774 | $ | 1,415 | $ | 35,189 |
(In thousands) | |||
Years Ending December 31, | |||
2019 | $ | 343,589 | |
2020 | 192,847 | ||
2021 | 93,604 | ||
2022 | 51,952 | ||
2023 | 18,586 | ||
Thereafter | 16,260 | ||
$ | 716,838 |
Fair value of consideration transferred | $ | 41,513 | |
Fair value of previously held interest | 118,978 | ||
Fair value of redeemable noncontrolling interest | 115,619 | ||
$ | 276,110 | ||
Allocation to net assets acquired: | |||
Cash | 3,360 | ||
Accounts receivable | 16,316 | ||
Prepaid expenses and other current assets | 963 | ||
Programming rights | 69,775 | ||
Property and equipment | 2,841 | ||
Other assets (equity method investments) | 36,700 | ||
Intangible assets | 125,100 | ||
Accounts payable | (12,008 | ) | |
Accrued liabilities | (41,401 | ) | |
Debt | (25,187 | ) | |
176,459 | |||
Goodwill | 99,651 | ||
$ | 276,110 |
Cash paid for controlling interest | $ | 48,350 | |
Redeemable noncontrolling interest | 30,573 | ||
$ | 78,923 | ||
Allocation to net assets acquired: | |||
Cash | 13,471 | ||
Other current assets | 17,251 | ||
Property and equipment | 20,663 | ||
Intangible assets | 46,413 | ||
Other noncurrent assets | 3,306 | ||
Current liabilities | (23,647 | ) | |
Noncurrent liabilities | (21,394 | ) | |
Noncontrolling interests acquired | (1,354 | ) | |
Fair value of net assets acquired | 54,709 | ||
Goodwill | 24,214 | ||
$ | 78,923 |
(In thousands, except per share data) | Pro Forma Financial Information For the Years Ended December 31, | ||||||
2018 | 2017 | ||||||
Revenues, net | $ | 3,087 | $ | 3,033 | |||
Income from operations, net of income taxes | $ | 426 | $ | 459 | |||
Net income per share, basic | $ | 7.34 | $ | 7.06 | |||
Net income per share, diluted | $ | 7.23 | $ | 6.99 |
(In thousands) | December 31, | Estimated Useful Lives | |||||||
2018 | 2017 | ||||||||
Program, service and test equipment | $ | 250,328 | $ | 212,357 | 2 to 5 years | ||||
Satellite equipment | 46,368 | 46,315 | 13 years | ||||||
Furniture and fixtures | 29,421 | 21,067 | 5 to 8 years | ||||||
Transmission equipment | 58,710 | 56,035 | 5 years | ||||||
Leasehold improvements | 155,353 | 107,659 | Term of lease | ||||||
Property and equipment | 540,180 | 443,433 | |||||||
Accumulated depreciation and amortization | (293,918 | ) | (259,919 | ) | |||||
Property and equipment, net | $ | 246,262 | $ | 183,514 |
(In thousands) | December 31, | ||||||
2018 | 2017 | ||||||
Satellite equipment | $ | 46,368 | $ | 46,315 | |||
Less accumulated amortization | (26,808 | ) | (22,783 | ) | |||
$ | 19,560 | $ | 23,532 |
(In thousands) | National Networks | International and Other | Total | ||||||||
December 31, 2016 | $ | 242,303 | $ | 415,405 | $ | 657,708 | |||||
Amortization of "second component" goodwill | (2,544 | ) | — | (2,544 | ) | ||||||
Foreign currency translation | — | 39,994 | 39,994 | ||||||||
December 31, 2017 | $ | 239,759 | $ | 455,399 | $ | 695,158 | |||||
Additions | — | 123,865 | 123,865 | ||||||||
Amortization of "second component" goodwill | (1,328 | ) | — | (1,328 | ) | ||||||
Foreign currency translation | — | (19,658 | ) | (19,658 | ) | ||||||
December 31, 2018 | $ | 238,431 | $ | 559,606 | $ | 798,037 |
(In thousands) | December 31, 2018 | Estimated Useful Lives | |||||||||||
Gross | Accumulated Amortization | Net | |||||||||||
Amortizable intangible assets: | |||||||||||||
Affiliate and customer relationships | $ | 620,771 | $ | (198,500 | ) | $ | 422,271 | 6 to 25 years | |||||
Advertiser relationships | 46,282 | (17,613 | ) | 28,669 | 11 years | ||||||||
Trade names | 118,772 | (17,971 | ) | 100,801 | 3 to 20 years | ||||||||
Other amortizable intangible assets | 13,643 | (6,377 | ) | 7,266 | 5 to 15 years | ||||||||
Total amortizable intangible assets | 799,468 | (240,461 | ) | 559,007 | |||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | 19,900 | — | 19,900 | ||||||||||
Total intangible assets | $ | 819,368 | $ | (240,461 | ) | $ | 578,907 | ||||||
(In thousands) | December 31, 2017 | ||||||||||||
Gross | Accumulated Amortization | Net | |||||||||||
Amortizable intangible assets: | |||||||||||||
Affiliate and customer relationships | $ | 527,713 | $ | (167,911 | ) | $ | 359,802 | ||||||
Advertiser relationships | 46,282 | (13,405 | ) | 32,877 | |||||||||
Trade names | 53,761 | (14,420 | ) | 39,341 | |||||||||
Other amortizable intangible assets | 11,401 | (6,079 | ) | 5,322 | |||||||||
Total amortizable intangible assets | 639,157 | (201,815 | ) | 437,342 | |||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | 19,900 | — | 19,900 | ||||||||||
Total intangible assets | $ | 659,057 | $ | (201,815 | ) | $ | 457,242 |
(In thousands) | |||
Years Ending December 31, | |||
2019 | $ | 48,341 | |
2020 | 48,184 | ||
2021 | 48,181 | ||
2022 | 47,558 | ||
2023 | 47,110 |
(In thousands) | December 31, 2018 | December 31, 2017 | |||||
Interest | $ | 30,018 | $ | 30,262 | |||
Employee related costs | 100,729 | 117,850 | |||||
Income taxes payable | 1,527 | 19,558 | |||||
Other accrued expenses | 132,644 | 95,406 | |||||
Total accrued liabilities | $ | 264,918 | $ | 263,076 |
(In thousands) | December 31, 2018 | December 31, 2017 | |||||
Senior Secured Credit Facility: | |||||||
Term Loan A Facility | $ | 750,000 | $ | 750,000 | |||
Senior Notes: | |||||||
4.75% Notes due August 2025 | 800,000 | 800,000 | |||||
5.00% Notes due April 2024 | 1,000,000 | 1,000,000 | |||||
4.75% Notes due December 2022 | 600,000 | 600,000 | |||||
Other debt | 2,584 | — | |||||
Total long-term debt | 3,152,584 | 3,150,000 | |||||
Unamortized discount | (29,181 | ) | (33,776 | ) | |||
Unamortized deferred financing costs | (13,848 | ) | (16,967 | ) | |||
Long-term debt, net | 3,109,555 | 3,099,257 | |||||
Current portion of long-term debt | 21,334 | — | |||||
Noncurrent portion of long-term debt | $ | 3,088,221 | $ | 3,099,257 |
(In thousands) | |||
Years Ending December 31, | |||
2019 | $ | 21,334 | |
2020 | 56,250 | ||
2021 | 775,000 | ||
2022 | 75,000 | ||
2023 | 1,225,000 | ||
Thereafter | 1,000,000 |
• | Level I—Quoted prices for identical instruments in active markets. |
• | Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. |
• | Level III—Instruments whose significant value drivers are unobservable. |
(In thousands) | Level I | Level II | Level III | Total | ||||||||||||
At December 31, 2018: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 68,498 | $ | — | $ | — | $ | 68,498 | ||||||||
Marketable securities | 1,173 | — | — | 1,173 | ||||||||||||
Foreign currency derivatives | — | 3,509 | — | 3,509 | ||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swap contracts | — | 356 | — | 356 | ||||||||||||
Foreign currency derivatives | $ | — | $ | 3,121 | $ | — | $ | 3,121 | ||||||||
At December 31, 2017: | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 100,615 | $ | — | $ | — | $ | 100,615 | ||||||||
Marketable securities | 10,709 | — | — | 10,709 | ||||||||||||
Investments | 9,948 | — | — | 9,948 | ||||||||||||
Interest rate swap contracts | — | 1,444 | — | 1,444 | ||||||||||||
Foreign currency derivatives | — | 3,801 | — | 3,801 | ||||||||||||
Other derivatives | — | 6,174 | 30,891 | 37,065 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign currency derivatives | $ | — | $ | 4,475 | $ | — | $ | 4,475 |
(In thousands) | December 31, 2018 | ||||||
Carrying Amount | Estimated Fair Value | ||||||
Debt instruments: | |||||||
Term Loan A Facility | $ | 739,710 | $ | 738,750 | |||
4.75% Notes due August 2025 | 786,458 | 720,000 | |||||
5.00% Notes due April 2024 | 986,275 | 947,500 | |||||
4.75% Notes due December 2022 | 594,528 | 580,500 | |||||
Other debt | 2,584 | 2,584 | |||||
$ | 3,109,555 | $ | 2,989,334 |
(In thousands) | December 31, 2017 | ||||||
Carrying Amount | Estimated Fair Value | ||||||
Debt instruments: | |||||||
Term Loan A facility | $ | 737,140 | $ | 748,125 | |||
4.75% Notes due August 2025 | 784,757 | 793,000 | |||||
5.00% Notes due April 2024 | 984,056 | 1,012,500 | |||||
4.75% Notes due December 2022 | 593,304 | 612,750 | |||||
$ | 3,099,257 | $ | 3,166,375 |
(In thousands) | Balance Sheet Location | December 31, | |||||
2018 | 2017 | ||||||
Derivatives designated as hedging instruments: | |||||||
Liabilities: | |||||||
Interest rate swap contracts | Accrued liabilities | 356 | — | ||||
Derivatives not designated as hedging instruments: | |||||||
Assets: | |||||||
Foreign currency derivatives | Prepaid expenses and other current assets | 1,452 | 943 | ||||
Foreign currency derivatives | Other assets | 2,057 | 2,858 | ||||
Interest rate swap contracts | Prepaid expenses and other current assets | — | 1,444 | ||||
Other derivatives | Other assets | — | 37,065 | ||||
Liabilities: | |||||||
Foreign currency derivatives | Accrued liabilities | 700 | 1,223 | ||||
Foreign currency derivatives | Other liabilities | 2,421 | 3,252 |
(In thousands) | Gain or (Loss) on Derivatives Recognized in OCI | Location of Gain or (Loss) in Earnings | Gain or (Loss) Reclassified from Accumulated OCI into Earnings (a) | ||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||
Interest rate swap contracts | $ | (356 | ) | $ | 565 | Interest expense | $ | — | $ | 600 |
(a) | There were no gains or losses recognized in earnings related to any ineffective portion of the hedging relationship or related to any amount excluded from the assessment of hedge effectiveness for the years ended December 31, 2018 and 2017. |
(In thousands) | Location of Gain (Loss) Recognized in Earnings on Derivatives | Amount of Gain (Loss) Recognized in Earnings on Derivatives | |||||||
Years Ended December 31, | |||||||||
2018 | 2017 | ||||||||
Derivatives not designated as hedging relationships: | |||||||||
Interest rate swap contracts | Interest expense | $ | (1,444 | ) | $ | 3 | |||
Foreign currency derivatives | Miscellaneous, net | 1,279 | (2,958 | ) | |||||
Other derivatives | Miscellaneous, net | 42,092 | 24,223 | ||||||
Total | $ | 41,927 | $ | 21,268 |
(In thousands) | |||
2019 | $ | 39,576 | |
2020 | 35,484 | ||
2021 | 31,720 | ||
2022 | 32,432 | ||
2023 | 32,979 | ||
Thereafter | 116,673 |
(In thousands) | |||
2019 | $ | 7,665 | |
2020 | 5,924 | ||
2021 | 4,429 | ||
2022 | 4,451 | ||
2023 | 4,477 | ||
Thereafter | 9,697 | ||
Total minimum lease payments | 36,643 | ||
Less amount representing interest (at 9%-10%) | (10,126 | ) | |
Present value of net minimum future capital lease payments | 26,517 | ||
Less principal portion of current installments | (5,090 | ) | |
Long-term portion of obligations under capital leases | $ | 21,427 |
(In thousands) | Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Domestic | $ | 587,346 | $ | 618,955 | $ | 500,757 | |||||
Foreign | 32,927 | 21,423 | (45,932 | ) | |||||||
Total | $ | 620,273 | $ | 640,378 | $ | 454,825 |
(In thousands) | Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Current expense (benefit): | |||||||||||
Federal | $ | 80,360 | $ | 162,639 | $ | 120,634 | |||||
State | 13,663 | 14,301 | 11,252 | ||||||||
Foreign | 25,001 | 17,382 | 22,946 | ||||||||
119,024 | 194,322 | 154,832 | |||||||||
Deferred expense (benefit): | |||||||||||
Federal | 34,636 | (38,416 | ) | 12,140 | |||||||
State | 3,627 | (2,436 | ) | 2,515 | |||||||
Foreign | (4,896 | ) | (7,813 | ) | (3,013 | ) | |||||
33,367 | (48,665 | ) | 11,642 | ||||||||
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | 3,915 | 5,084 | (1,612 | ) | |||||||
Income tax expense | $ | 156,306 | $ | 150,741 | $ | 164,862 |
(In thousands) | Years Ended December 31, | |||||||
2018 | 2017 | 2016 | ||||||
U.S. federal statutory income tax rate | 21 | % | 35 | % | 35 | % | ||
State and local income taxes, net of federal benefit | 2 | 2 | 2 | |||||
Effect of foreign operations | — | (1 | ) | (1 | ) | |||
Effect of rate changes on deferred taxes | (2 | ) | (11 | ) | — | |||
Transition tax, net of foreign taxes deemed paid | — | 2 | — | |||||
Nontaxable income attributable to noncontrolling interests | (1 | ) | (1 | ) | (1 | ) | ||
Changes in the valuation allowance | 3 | — | 5 | |||||
Domestic production activity deduction | — | (3 | ) | (3 | ) | |||
Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | — | 1 | (1 | ) | ||||
Other | 2 | — | — | |||||
Effective income tax rate | 25 | % | 24 | % | 36 | % |
(In thousands) | December 31, | ||||||
2018 | 2017 | ||||||
Deferred Tax Asset (Liability) | |||||||
Noncurrent | |||||||
NOLs and tax credit carry forwards | $ | 123,487 | $ | 69,771 | |||
Compensation and benefit plans | 29,294 | 30,880 | |||||
Allowance for doubtful accounts | 981 | 370 | |||||
Fixed assets and intangible assets | 24,150 | 24,737 | |||||
Interest rate swap contracts | — | 1,893 | |||||
Accrued interest expense | 8,832 | 13,049 | |||||
Other liabilities | 24,594 | 12,562 | |||||
Deferred tax asset | 211,338 | 153,262 | |||||
Valuation allowance | (95,185 | ) | (57,121 | ) | |||
Net deferred tax asset, noncurrent | 116,153 | 96,141 | |||||
Prepaid liabilities | (514 | ) | (501 | ) | |||
Fixed assets and intangible assets | (90,960 | ) | (61,127 | ) | |||
Investments in partnerships | (121,156 | ) | (103,474 | ) | |||
Other assets | (29,694 | ) | (20,657 | ) | |||
Deferred tax liability, noncurrent | (242,324 | ) | (185,759 | ) | |||
Total net deferred tax liability | $ | (126,171 | ) | $ | (89,618 | ) |
(In thousands) | |||
Balance at December 31, 2017 | $ | 21,797 | |
Increases related to current year tax positions | 4,038 | ||
Increases related to prior year tax positions | — | ||
Decreases related to prior year tax positions | (1,085 | ) | |
Decreases due to settlements/payments | (1,581 | ) | |
Balance at December 31, 2018 | $ | 23,169 |
(In thousands) | Payments due by period | ||||||||||||||||||
Total | Year 1 | Years 2 - 3 | Years 4 - 5 | More than 5 years | |||||||||||||||
Purchase obligations (1) | $ | 1,752,139 | $ | 648,203 | $ | 531,366 | $ | 122,747 | $ | 449,823 | |||||||||
Total | $ | 1,752,139 | $ | 648,203 | $ | 531,366 | $ | 122,747 | $ | 449,823 |
(1) | Purchase obligations consist primarily of program rights obligations, participations, residuals, and transmission and marketing commitments. |
(In thousands) | Redeemable Noncontrolling Interest | ||
December 31, 2016 | $ | 219,331 | |
Net earnings | 17,797 | ||
Distributions | (18,561 | ) | |
Other | 37 | ||
December 31, 2017 | $ | 218,604 | |
Net earnings | 15,026 | ||
Distributions | (11,450 | ) | |
Additions from acquisitions | 77,378 | ||
December 31, 2018 | $ | 299,558 |
Number of Restricted Stock Units | Number of Performance Restricted Stock Units | Weighted Average Fair Value Per Stock Unit at Date of Grant | |||||||
Unvested award balance, December 31, 2016 | 982,298 | 1,354,461 | $ | 66.23 | |||||
Granted | 586,600 | 642,139 | $ | 59.78 | |||||
Released/Vested | (392,892 | ) | (164,926 | ) | $ | 71.48 | |||
Canceled/Forfeited | (55,965 | ) | (15,527 | ) | $ | 68.15 | |||
Unvested award balance, December 31, 2017 | 1,120,041 | 1,816,147 | $ | 62.53 | |||||
Granted | 587,471 | 887,807 | $ | 52.76 | |||||
Released/Vested | (531,655 | ) | (227,852 | ) | $ | 66.58 | |||
Canceled/Forfeited | (294,380 | ) | (91,335 | ) | $ | 59.80 | |||
Unvested award balance, December 31, 2018 | 881,477 | 2,384,767 | $ | 57.49 |
Number of Restricted Stock Units | Weighted Average Fair Value Per Stock Unit at Date of Grant | |||||
Vested award balance, December 31, 2016 | 154,621 | $ | 53.15 | |||
Granted | 32,825 | $ | 53.48 | |||
Released/Vested | — | $ | — | |||
Vested award balance, December 31, 2017 | 187,446 | $ | 53.20 | |||
Granted | 32,210 | $ | 61.38 | |||
Released/Vested | — | $ | — | |||
Vested award balance, December 31, 2018 | 219,656 | $ | 54.40 |
Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Contractual Term (in years) | Aggregate Intrinsic Value(a) | |||||||||
Time Vesting Options | ||||||||||||
Balance, December 31, 2016 | 388,385 | $ | 48.26 | 9.79 | $ | 1,585 | ||||||
Granted | — | $ | — | |||||||||
Balance, December 31, 2017 | 388,385 | $ | 48.26 | 8.79 | $ | 2,260 | ||||||
Exercised | (89,462 | ) | $ | — | ||||||||
Balance, December 31, 2018 | 298,923 | $ | 48.26 | 7.79 | $ | 1,979 | ||||||
Options exercisable at December 31, 2018 | 169,462 | $ | 48.26 | 7.79 | $ | 1,122 | ||||||
Options expected to vest in the future | 129,461 | $ | 48.26 | 7.79 | $ | 857 |
(a) | The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on the reporting date, as indicated. |
(In thousands) | Years Ended December 31, | |||||||
2018 | 2017 | 2016 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||
Continuing Operations: | ||||||||
Increase in capital lease obligations | 628 | — | 10,982 | |||||
Treasury stock not yet settled | 985 | 995 | 10,454 | |||||
Exercise of RLJE Warrants | 20,086 | 5,001 | — | |||||
Capital expenditures incurred but not yet paid | 5,081 | 5,889 | 6,988 | |||||
Supplemental Data: | ||||||||
Cash interest paid—continuing operations | 147,710 | 110,650 | 128,319 | |||||
Income taxes paid, net—continuing operations | 138,433 | 219,425 | 106,476 |
(In thousands) | Year Ended December 31, 2018 | ||||||||||||||
Currency Translation Adjustment | Gains (Losses) on Cash Flow Hedges | Gains (Losses) on Available for Sale Investments | Accumulated Other Comprehensive Loss | ||||||||||||
Beginning Balance | $ | (118,166 | ) | $ | 369 | $ | 3,411 | $ | (114,386 | ) | |||||
Other comprehensive loss before reclassifications | (41,716 | ) | (356 | ) | — | (42,072 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss (a) | — | (370 | ) | — | (370 | ) | |||||||||
Net current-period other comprehensive (loss), before income taxes | (41,716 | ) | (726 | ) | — | (42,442 | ) | ||||||||
Income tax expense (benefit) | (38 | ) | 83 | — | 45 | ||||||||||
Net current-period other comprehensive (loss), net of income taxes | (41,754 | ) | (643 | ) | — | (42,397 | ) | ||||||||
Cumulative effect of adoption of accounting standard (a) | — | — | (3,411 | ) | (3,411 | ) | |||||||||
Ending Balance | $ | (159,920 | ) | $ | (274 | ) | $ | — | $ | (160,194 | ) |
(In thousands) | Year Ended December 31, 2017 | ||||||||||||||
Currency Translation Adjustment | Gains (Losses) on Cash Flow Hedges | Gains (Losses) on Available for Sale Investments | Accumulated Other Comprehensive Loss | ||||||||||||
Beginning Balance | $ | (194,189 | ) | $ | 391 | $ | — | (193,798 | ) | ||||||
Other comprehensive income before reclassifications | 76,023 | 565 | 5,398 | 81,986 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (600 | ) | — | (600 | ) | |||||||||
Net current-period other comprehensive income (loss), before income taxes | 76,023 | (35 | ) | 5,398 | 81,386 | ||||||||||
Income tax expense (benefit) | — | 13 | (1,987 | ) | (1,974 | ) | |||||||||
Net current-period other comprehensive income (loss), net of income taxes | 76,023 | (22 | ) | 3,411 | 79,412 | ||||||||||
Ending Balance | $ | (118,166 | ) | $ | 369 | $ | 3,411 | $ | (114,386 | ) |
(In thousands) | Year Ended December 31, 2018 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | 944,675 | $ | 91,404 | $ | — | $ | 1,036,079 | |||||||
Distribution | 1,468,650 | 506,902 | (39,702 | ) | 1,935,850 | ||||||||||
Consolidated revenues, net | $ | 2,413,325 | $ | 598,306 | $ | (39,702 | ) | $ | 2,971,929 | ||||||
Operating income (loss) | $ | 825,770 | $ | (93,326 | ) | $ | (5,535 | ) | $ | 726,909 | |||||
Share-based compensation expense | 48,621 | 12,358 | — | 60,979 | |||||||||||
Restructuring expense (credit) | 17,160 | 35,189 | (6,502 | ) | 45,847 | ||||||||||
Impairment and related charges | — | 4,486 | — | 4,486 | |||||||||||
Depreciation and amortization | 33,728 | 57,553 | — | 91,281 | |||||||||||
Equity investees (>50% interest) AOI | — | 3,043 | — | 3,043 | |||||||||||
Adjusted operating income | $ | 925,279 | $ | 19,303 | $ | (12,037 | ) | $ | 932,545 | ||||||
Capital expenditures | $ | 16,316 | $ | 73,486 | $ | — | $ | 89,802 |
(In thousands) | Year Ended December 31, 2017 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | 959,551 | $ | 89,894 | $ | — | $ | 1,049,445 | |||||||
Distribution | 1,408,064 | 367,288 | (19,106 | ) | 1,756,246 | ||||||||||
Consolidated revenues, net | $ | 2,367,615 | $ | 457,182 | $ | (19,106 | ) | $ | 2,805,691 | ||||||
Operating income (loss) | $ | 817,566 | $ | (88,894 | ) | $ | (6,313 | ) | $ | 722,359 | |||||
Share-based compensation expense | 43,697 | 9,848 | — | 53,545 | |||||||||||
Restructuring expense (credit) | (53 | ) | 6,181 | — | 6,128 | ||||||||||
Impairment and related charges | — | 28,148 | — | 28,148 | |||||||||||
Depreciation and amortization | 33,702 | 60,936 | — | 94,638 | |||||||||||
Adjusted operating income | $ | 894,912 | $ | 16,219 | $ | (6,313 | ) | $ | 904,818 | ||||||
Capital expenditures | $ | 25,333 | $ | 54,716 | $ | — | $ | 80,049 |
(In thousands) | Year Ended December 31, 2016 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | 990,508 | $ | 94,467 | $ | (1,000 | ) | $ | 1,083,975 | ||||||
Distribution | 1,320,532 | 365,529 | (14,382 | ) | 1,671,679 | ||||||||||
Consolidated revenues, net | $ | 2,311,040 | $ | 459,996 | $ | (15,382 | ) | $ | 2,755,654 | ||||||
Operating income (loss) | $ | 784,027 | $ | (120,914 | ) | $ | (5,557 | ) | $ | 657,556 | |||||
Share-based compensation expense | 30,569 | 8,328 | — | 38,897 | |||||||||||
Restructuring expense | 8,516 | 20,987 | — | 29,503 | |||||||||||
Impairment and related charges | — | 67,805 | — | 67,805 | |||||||||||
Depreciation and amortization | 32,376 | 52,402 | — | 84,778 | |||||||||||
Adjusted operating income | $ | 855,488 | $ | 28,608 | $ | (5,557 | ) | $ | 878,539 | ||||||
Capital expenditures | $ | 15,947 | $ | 63,273 | $ | — | $ | 79,220 |
(In thousands) | Years Ended December 31, | ||||||||||
2018 | 2017 | 2016 | |||||||||
Inter-segment revenues | |||||||||||
National Networks | $ | (33,600 | ) | $ | (17,634 | ) | $ | (14,963 | ) | ||
International and Other | (6,102 | ) | (1,472 | ) | (419 | ) | |||||
$ | (39,702 | ) | $ | (19,106 | ) | $ | (15,382 | ) |
(In thousands) | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||
Revenue | |||||||
United States | $ | 2,389,624 | $ | 2,244,057 | |||
Europe | 394,235 | 369,815 | |||||
Other | 188,070 | 191,819 | |||||
$ | 2,971,929 | $ | 2,805,691 |
(In thousands) | December 31, 2018 | December 31, 2017 | |||||
Property and equipment, net | |||||||
United States | $ | 202,833 | $ | 136,203 | |||
Europe | 27,218 | 28,261 | |||||
Other | 16,211 | 19,050 | |||||
$ | 246,262 | $ | 183,514 |
Condensed Consolidating Balance Sheet | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 121 | $ | 368,151 | $ | 186,614 | $ | — | $ | 554,886 | |||||||||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 16 | 600,121 | 235,840 | — | 835,977 | ||||||||||||||
Current portion of program rights, net | — | 292,002 | 148,955 | (218 | ) | 440,739 | |||||||||||||
Prepaid expenses, other current assets and intercompany receivable | 6,543 | 158,936 | 23,549 | (57,219 | ) | 131,809 | |||||||||||||
Total current assets | 6,680 | 1,419,210 | 594,958 | (57,437 | ) | 1,963,411 | |||||||||||||
Property and equipment, net | — | 175,040 | 71,222 | — | 246,262 | ||||||||||||||
Investment in affiliates | 3,656,003 | 1,655,083 | — | (5,311,086 | ) | — | |||||||||||||
Program rights, net | — | 969,802 | 245,862 | (1,613 | ) | 1,214,051 | |||||||||||||
Long-term intercompany notes receivable | — | — | 190 | (190 | ) | — | |||||||||||||
Deferred carriage fees, net | — | 15,993 | 838 | — | 16,831 | ||||||||||||||
Intangible assets, net | — | 161,417 | 417,490 | — | 578,907 | ||||||||||||||
Goodwill | — | 65,282 | 732,755 | — | 798,037 | ||||||||||||||
Deferred tax asset, net | — | — | 19,272 | — | 19,272 | ||||||||||||||
Other assets | — | 149,724 | 292,068 | — | 441,792 | ||||||||||||||
Total assets | $ | 3,662,683 | $ | 4,611,551 | $ | 2,374,655 | $ | (5,370,326 | ) | $ | 5,278,563 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 34,630 | $ | 72,436 | $ | — | $ | 107,066 | |||||||||
Accrued liabilities and intercompany payable | 35,189 | 173,836 | 114,943 | (59,050 | ) | 264,918 | |||||||||||||
Current portion of program rights obligations | — | 259,414 | 84,175 | — | 343,589 | ||||||||||||||
Deferred revenue | — | 34,608 | 20,816 | — | 55,424 | ||||||||||||||
Current portion of long-term debt | 18,750 | — | 2,584 | — | 21,334 | ||||||||||||||
Current portion of capital lease obligations | — | 2,941 | 2,149 | — | 5,090 | ||||||||||||||
Total current liabilities | 53,939 | 505,429 | 297,103 | (59,050 | ) | 797,421 | |||||||||||||
Program rights obligations | — | 349,814 | 23,435 | — | 373,249 | ||||||||||||||
Long-term debt, net | 3,088,221 | — | — | — | 3,088,221 | ||||||||||||||
Capital lease obligations | — | 1,420 | 20,007 | — | 21,427 | ||||||||||||||
Deferred tax liability, net | 140,474 | — | 4,969 | — | 145,443 | ||||||||||||||
Other liabilities and intercompany notes payable | 63,369 | 98,885 | 45,972 | (190 | ) | 208,036 | |||||||||||||
Total liabilities | 3,346,003 | 955,548 | 391,486 | (59,240 | ) | 4,633,797 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | — | — | 299,558 | — | 299,558 | ||||||||||||||
Stockholders' equity: | |||||||||||||||||||
AMC Networks stockholders' equity | 316,680 | 3,656,003 | 1,655,083 | (5,311,086 | ) | 316,680 | |||||||||||||
Non-redeemable noncontrolling interests | — | — | 28,528 | — | 28,528 | ||||||||||||||
Total stockholders' equity | 316,680 | 3,656,003 | 1,683,611 | (5,311,086 | ) | 345,208 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,662,683 | $ | 4,611,551 | $ | 2,374,655 | $ | (5,370,326 | ) | $ | 5,278,563 |
Condensed Consolidating Balance Sheet | |||||||||||||||||||
December 31, 2017 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 320 | $ | 391,248 | $ | 167,215 | $ | — | $ | 558,783 | |||||||||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | — | 581,270 | 194,621 | — | 775,891 | ||||||||||||||
Current portion of program rights, net | — | 294,303 | 149,301 | — | 443,604 | ||||||||||||||
Prepaid expenses, other current assets and intercompany receivable | 3,760 | 183,815 | 8,540 | (104,389 | ) | 91,726 | |||||||||||||
Total current assets | 4,080 | 1,450,636 | 519,677 | (104,389 | ) | 1,870,004 | |||||||||||||
Property and equipment, net | — | 136,032 | 47,482 | — | 183,514 | ||||||||||||||
Investment in affiliates | 3,443,013 | 934,612 | — | (4,377,625 | ) | — | |||||||||||||
Program rights, net | — | 1,137,867 | 191,258 | — | 1,329,125 | ||||||||||||||
Long-term intercompany notes receivable | — | 489,939 | 436 | (490,375 | ) | — | |||||||||||||
Deferred carriage fees, net | — | 29,346 | 578 | — | 29,924 | ||||||||||||||
Intangible assets, net | — | 170,554 | 286,688 | — | 457,242 | ||||||||||||||
Goodwill | — | 66,609 | 628,549 | — | 695,158 | ||||||||||||||
Deferred tax asset, net | — | — | 20,081 | — | 20,081 | ||||||||||||||
Other assets | — | 142,115 | 305,822 | — | 447,937 | ||||||||||||||
Total assets | $ | 3,447,093 | $ | 4,557,710 | $ | 2,000,571 | $ | (4,972,389 | ) | $ | 5,032,985 | ||||||||
LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | 350 | $ | 50,282 | $ | 51,565 | $ | — | $ | 102,197 | |||||||||
Accrued liabilities and intercompany payable | 51,692 | 179,003 | 136,770 | (104,389 | ) | 263,076 | |||||||||||||
Current portion of program rights obligations | — | 262,004 | 65,545 | — | 327,549 | ||||||||||||||
Deferred revenue | — | 27,530 | 18,903 | — | 46,433 | ||||||||||||||
Current portion of long-term debt | — | — | — | — | — | ||||||||||||||
Current portion of capital lease obligations | — | 2,939 | 1,908 | — | 4,847 | ||||||||||||||
Total current liabilities | 52,042 | 521,758 | 274,691 | (104,389 | ) | 744,102 | |||||||||||||
Program rights obligations | — | 511,996 | 22,984 | — | 534,980 | ||||||||||||||
Long-term debt, net | 3,099,257 | — | — | — | 3,099,257 | ||||||||||||||
Capital lease obligations | — | 3,745 | 22,532 | — | 26,277 | ||||||||||||||
Deferred tax liability, net | 114,717 | — | (5,019 | ) | — | 109,698 | |||||||||||||
Other liabilities and intercompany notes payable | 46,133 | 77,198 | 503,166 | (490,375 | ) | 136,122 | |||||||||||||
Total liabilities | 3,312,149 | 1,114,697 | 818,354 | (594,764 | ) | 4,650,436 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | — | — | 218,604 | — | 218,604 | ||||||||||||||
Stockholders' deficiency: | |||||||||||||||||||
AMC Networks stockholders' (deficiency) equity | 134,944 | 3,443,013 | 934,612 | (4,377,625 | ) | 134,944 | |||||||||||||
Non-redeemable noncontrolling interests | — | — | 29,001 | — | 29,001 | ||||||||||||||
Total stockholders' (deficiency) equity | 134,944 | 3,443,013 | 963,613 | (4,377,625 | ) | 163,945 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,447,093 | $ | 4,557,710 | $ | 2,000,571 | $ | (4,972,389 | ) | $ | 5,032,985 |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | — | $ | 2,166,686 | $ | 820,532 | $ | (15,289 | ) | $ | 2,971,929 | ||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | — | 956,272 | 493,751 | (4,074 | ) | 1,445,949 | |||||||||||||
Selling, general and administrative | — | 450,880 | 216,608 | (10,031 | ) | 657,457 | |||||||||||||
Depreciation and amortization | — | 45,204 | 46,077 | — | 91,281 | ||||||||||||||
Impairment and related charges | — | — | 4,486 | 4,486 | |||||||||||||||
Restructuring expense | — | 29,277 | 16,570 | — | 45,847 | ||||||||||||||
Total operating expenses | — | 1,481,633 | 777,492 | (14,105 | ) | 2,245,020 | |||||||||||||
Operating income | — | 685,053 | 43,040 | (1,184 | ) | 726,909 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | (151,751 | ) | 28,460 | (12,522 | ) | — | (135,813 | ) | |||||||||||
Share of affiliates' income (loss) | 734,472 | 32,874 | — | (767,346 | ) | — | |||||||||||||
Miscellaneous, net | (151 | ) | (1,876 | ) | 30,020 | 1,184 | 29,177 | ||||||||||||
Total other income (expense) | 582,570 | 59,458 | 17,498 | (766,162 | ) | (106,636 | ) | ||||||||||||
Income from operations before income taxes | 582,570 | 744,511 | 60,538 | (767,346 | ) | 620,273 | |||||||||||||
Income tax expense | (136,383 | ) | (10,039 | ) | (9,884 | ) | — | (156,306 | ) | ||||||||||
Net income including noncontrolling interests | 446,187 | 734,472 | 50,654 | (767,346 | ) | 463,967 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (17,780 | ) | — | (17,780 | ) | ||||||||||||
Net income attributable to AMC Networks' stockholders | $ | 446,187 | $ | 734,472 | $ | 32,874 | $ | (767,346 | ) | $ | 446,187 |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | — | $ | 2,182,867 | $ | 637,823 | $ | (14,999 | ) | $ | 2,805,691 | ||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | — | 991,476 | 352,788 | (3,188 | ) | 1,341,076 | |||||||||||||
Selling, general and administrative | — | 447,118 | 178,332 | (12,108 | ) | 613,342 | |||||||||||||
Depreciation and amortization | — | 40,923 | 53,715 | — | 94,638 | ||||||||||||||
Impairment and related charges | — | — | 28,148 | — | 28,148 | ||||||||||||||
Restructuring expense | — | 2,566 | 3,562 | — | 6,128 | ||||||||||||||
Total operating expenses | — | 1,482,083 | 616,545 | (15,296 | ) | 2,083,332 | |||||||||||||
Operating income | — | 700,784 | 21,278 | 297 | 722,359 | ||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | (129,971 | ) | 41,934 | (31,260 | ) | — | (119,297 | ) | |||||||||||
Share of affiliates' income (loss) | 748,430 | 13,360 | — | (761,790 | ) | — | |||||||||||||
Loss on extinguishment of debt | (3,004 | ) | — | — | — | (3,004 | ) | ||||||||||||
Miscellaneous, net | (1,530 | ) | 2,484 | 39,663 | (297 | ) | 40,320 | ||||||||||||
Total other income (expense) | 613,925 | 57,778 | 8,403 | (762,087 | ) | (81,981 | ) | ||||||||||||
Income from operations before income taxes | 613,925 | 758,562 | 29,681 | (761,790 | ) | 640,378 | |||||||||||||
Income tax (expense) benefit | (142,609 | ) | (10,132 | ) | 2,000 | — | (150,741 | ) | |||||||||||
Net income including noncontrolling interests | 471,316 | 748,430 | 31,681 | (761,790 | ) | 489,637 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (18,321 | ) | — | (18,321 | ) | ||||||||||||
Net income attributable to AMC Networks' stockholders | $ | 471,316 | $ | 748,430 | $ | 13,360 | $ | (761,790 | ) | $ | 471,316 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income including noncontrolling interest | $ | 446,187 | $ | 734,472 | $ | 50,654 | $ | (767,346 | ) | $ | 463,967 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | (41,716 | ) | — | (41,716 | ) | 41,716 | (41,716 | ) | |||||||||||
Unrealized loss on interest rate swaps | (356 | ) | — | — | — | (356 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (370 | ) | — | — | — | (370 | ) | ||||||||||||
Other comprehensive (loss) income, before income taxes | (42,442 | ) | — | (41,716 | ) | 41,716 | (42,442 | ) | |||||||||||
Income tax expense | 45 | — | — | — | 45 | ||||||||||||||
Other comprehensive (loss) income, net of income taxes | (42,397 | ) | — | (41,716 | ) | 41,716 | (42,397 | ) | |||||||||||
Comprehensive income | 403,790 | 734,472 | 8,938 | (725,630 | ) | 421,570 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (16,044 | ) | — | (16,044 | ) | ||||||||||||
Comprehensive income (loss) attributable to AMC Networks' stockholders | $ | 403,790 | $ | 734,472 | $ | (7,106 | ) | $ | (725,630 | ) | $ | 405,526 |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | 471,316 | $ | 748,430 | $ | 31,681 | $ | (761,790 | ) | $ | 489,637 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | 76,023 | — | 76,023 | (76,023 | ) | 76,023 | |||||||||||||
Unrealized loss on interest rate swaps | (35 | ) | — | — | — | (35 | ) | ||||||||||||
Unrealized gain on available for sale securities | 5,398 | — | — | — | 5,398 | ||||||||||||||
Other comprehensive income, before income taxes | 81,386 | — | 76,023 | (76,023 | ) | 81,386 | |||||||||||||
Income tax expense | (1,974 | ) | — | — | — | (1,974 | ) | ||||||||||||
Other comprehensive income, net of income taxes | 79,412 | — | 76,023 | (76,023 | ) | 79,412 | |||||||||||||
Comprehensive income | 550,728 | 748,430 | 107,704 | (837,813 | ) | 569,049 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (21,430 | ) | — | (21,430 | ) | ||||||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ | 550,728 | $ | 748,430 | $ | 86,274 | $ | (837,813 | ) | $ | 547,619 |
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net cash provided by operating activities | $ | 503,796 | $ | 1,351,256 | $ | (476,129 | ) | $ | (772,376 | ) | $ | 606,547 | |||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (74,710 | ) | (15,092 | ) | — | (89,802 | ) | |||||||||||
Return of capital from investees | — | — | 4,088 | — | 4,088 | ||||||||||||||
Payments for acquisitions, net of cash acquired | — | (675 | ) | (83,714 | ) | — | (84,389 | ) | |||||||||||
Investments in and loans to investees | — | — | (90,081 | ) | — | (90,081 | ) | ||||||||||||
(Increase) decrease to investment in affiliates | (215,862 | ) | (2,646,335 | ) | 1,813,007 | 1,049,190 | — | ||||||||||||
Net cash (used in) provided by investing activities | (215,862 | ) | (2,721,720 | ) | 1,628,208 | 1,049,190 | (260,184 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | 289 | — | — | — | 289 | ||||||||||||||
Deemed repurchases of restricted stock/units | (16,836 | ) | — | — | — | (16,836 | ) | ||||||||||||
Purchase of treasury stock | (283,143 | ) | — | — | — | (283,143 | ) | ||||||||||||
Proceeds from stock option exercises | 4,317 | — | — | — | 4,317 | ||||||||||||||
Principal payments on capital lease obligations | — | (3,000 | ) | (1,938 | ) | — | (4,938 | ) | |||||||||||
Distributions to noncontrolling interest | — | — | (14,296 | ) | — | (14,296 | ) | ||||||||||||
Net cash used in financing activities | (295,373 | ) | (3,000 | ) | (16,234 | ) | — | (314,607 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents from operations | (7,439 | ) | (1,373,464 | ) | 1,135,845 | 276,814 | 31,756 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 7,240 | 1,350,367 | (1,116,446 | ) | (276,814 | ) | (35,653 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 320 | 391,248 | 167,215 | — | 558,783 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 121 | $ | 368,151 | $ | 186,614 | $ | — | $ | 554,886 |
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net cash provided by operating activities | $ | 454,539 | $ | 662,123 | $ | 31,157 | $ | (762,090 | ) | $ | 385,729 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | — | (63,925 | ) | (16,124 | ) | — | (80,049 | ) | |||||||||||
Return of capital from investees | — | 1,868 | 579 | — | 2,447 | ||||||||||||||
Investments in and loans to investees | — | — | (53,000 | ) | — | (53,000 | ) | ||||||||||||
(Increase) decrease to investment in affiliates | (282,424 | ) | (2,234,682 | ) | 2,082,401 | 434,705 | — | ||||||||||||
Net cash used in investing activities | (282,424 | ) | (2,296,739 | ) | 2,013,856 | 434,705 | (130,602 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | 1,536,000 | — | — | — | 1,536,000 | ||||||||||||||
Repayment of long-term debt | (1,257,965 | ) | — | — | — | (1,257,965 | ) | ||||||||||||
Payments for financing costs | (10,405 | ) | — | — | — | (10,405 | ) | ||||||||||||
Deemed repurchases of restricted stock/units | (14,496 | ) | — | — | — | (14,496 | ) | ||||||||||||
Purchase of treasury stock | (434,210 | ) | — | — | — | (434,210 | ) | ||||||||||||
Principal payments on capital lease obligations | — | (2,725 | ) | (1,848 | ) | — | (4,573 | ) | |||||||||||
Distributions to noncontrolling interest | — | — | (18,561 | ) | — | (18,561 | ) | ||||||||||||
Net cash used in financing activities | (181,076 | ) | (2,725 | ) | (20,409 | ) | — | (204,210 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents from operations | (8,961 | ) | (1,637,341 | ) | 2,024,604 | (327,385 | ) | 50,917 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | 8,716 | 1,707,639 | (2,017,263 | ) | 327,385 | 26,477 | |||||||||||||
Cash and cash equivalents at beginning of period | 565 | 320,950 | 159,874 | — | 481,389 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 320 | $ | 391,248 | $ | 167,215 | $ | — | $ | 558,783 |
(In thousands) | For the three months ended, | ||||||||||||||||||
2018: | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | 2018 | ||||||||||||||
Revenues, net | $ | 740,823 | $ | 761,385 | $ | 696,875 | $ | 772,846 | $ | 2,971,929 | |||||||||
Operating expenses | (507,168 | ) | (569,854 | ) | (532,276 | ) | (635,722 | ) | (2,245,020 | ) | |||||||||
Operating income | $ | 233,655 | $ | 191,531 | $ | 164,599 | $ | 137,124 | $ | 726,909 | |||||||||
Net income including noncontrolling interests | $ | 160,536 | $ | 110,332 | $ | 116,660 | $ | 76,439 | $ | 463,967 | |||||||||
Net income attributable to AMC Networks' stockholders | $ | 156,870 | $ | 106,181 | $ | 111,257 | $ | 71,879 | $ | 446,187 | |||||||||
Net income per share attributable to AMC Networks' stockholders: | |||||||||||||||||||
Basic | $ | 2.57 | $ | 1.84 | $ | 1.96 | $ | 1.27 | $ | 7.68 | |||||||||
Diluted | $ | 2.54 | $ | 1.82 | $ | 1.93 | $ | 1.24 | $ | 7.57 |
(In thousands) | For the three months ended, | ||||||||||||||||||
2017: | March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | 2017 | ||||||||||||||
Revenues, net | $ | 720,189 | $ | 710,545 | $ | 648,023 | $ | 726,934 | $ | 2,805,691 | |||||||||
Operating expenses | (488,518 | ) | (534,755 | ) | (494,669 | ) | (565,390 | ) | (2,083,332 | ) | |||||||||
Operating income | $ | 231,671 | $ | 175,790 | $ | 153,354 | $ | 161,544 | $ | 722,359 | |||||||||
Net income including noncontrolling interests | $ | 142,631 | $ | 107,626 | $ | 90,836 | $ | 148,544 | $ | 489,637 | |||||||||
Net income attributable to AMC Networks' stockholders | $ | 136,217 | $ | 102,598 | $ | 87,002 | $ | 145,499 | $ | 471,316 | |||||||||
Net income per share attributable to AMC Networks' stockholders: | |||||||||||||||||||
Basic | $ | 2.00 | $ | 1.55 | $ | 1.37 | $ | 2.36 | $ | 7.26 | |||||||||
Diluted | $ | 1.98 | $ | 1.54 | $ | 1.35 | $ | 2.33 | $ | 7.18 |
(In thousands) | Balance at Beginning of Period | Provision for (Recovery of) Bad Debt | Deductions/ Write-Offs and Other Charges, Net | Balance at End of Period | |||||||||||
Year Ended December 31, 2018 | |||||||||||||||
Allowance for doubtful accounts | $ | 9,691 | $ | 7,399 | $ | (6,302 | ) | $ | 10,788 | ||||||
Year Ended December 31, 2017 | |||||||||||||||
Allowance for doubtful accounts | $ | 6,064 | $ | 3,567 | $ | 60 | $ | 9,691 | |||||||
Year Ended December 31, 2016 | |||||||||||||||
Allowance for doubtful accounts | $ | 4,307 | $ | 1,924 | $ | (167 | ) | $ | 6,064 |
Subsidiary | Jurisdiction of Formation | Percent Owned | ||
AMC Network Entertainment LLC | New York | 100% | ||
AMC Networks International LLC | Delaware | 100% | ||
Chello Zone Holdings Limited | United Kingdom | 100% | ||
IFC TV LLC | Delaware | 100% | ||
Rainbow Media Holdings LLC | Delaware | 100% | ||
Rainbow Programming Holdings LLC | Delaware | 100% | ||
SundanceTV LLC | Delaware | 100% | ||
WE tv LLC | Delaware | 100% |
Date: | March 1, 2019 | By: | /s/ Joshua W. Sapan | |
Joshua W. Sapan | ||||
President and Chief Executive Officer |
Date: | March 1, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
Date: | March 1, 2019 | By: | /s/ Joshua W. Sapan | |
Joshua W. Sapan | ||||
President and Chief Executive Officer | ||||
Date: | March 1, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 15, 2019 |
Jun. 30, 2018 |
|
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Entity Registrant Name | AMC Networks Inc. | ||
Entity Central Index Key | 0001514991 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2.7 | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 44,730,194 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 11,484,408 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts receivable, trade, allowance for doubtful accounts | $ 10,788 | $ 9,691 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000,000 | 45,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, shares | 18,506,512 | 13,119,961 |
Common Class A [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common Stock, Shares, Issued | 63,255,117 | 62,721,145 |
Common Stock, Shares, Outstanding | 44,748,605 | 49,601,184 |
Common Class B [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 11,484,408 | 11,484,408 |
Common Stock, Shares, Outstanding | 11,484,408 | 11,484,408 |
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Statement [Abstract] | |||
Revenues, Net From Related Parties | $ 5.6 | $ 6.2 | $ 15.9 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 1.6 | $ 1.5 | $ 3.1 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Statement of Comprehensive Income [Abstract] | |||||||||||
Net income including noncontrolling interests | $ 76,439 | $ 116,660 | $ 110,332 | $ 160,536 | $ 148,544 | $ 90,836 | $ 107,626 | $ 142,631 | $ 463,967 | $ 489,637 | $ 289,963 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (41,716) | 76,023 | (45,426) | ||||||||
Unrealized (loss) gain on interest rate swaps | (356) | (35) | 22 | ||||||||
Unrealized gain on available for sale securities | 0 | 5,398 | 0 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (370) | 0 | 0 | ||||||||
Other comprehensive income (loss), before income taxes | (42,442) | 81,386 | (45,404) | ||||||||
Income tax expense | 45 | (1,974) | (12,337) | ||||||||
Other comprehensive income (loss), net of income taxes | (42,397) | 79,412 | (57,741) | ||||||||
Comprehensive income | 421,570 | 569,049 | 232,222 | ||||||||
Comprehensive income attributable to noncontrolling interests | (16,044) | (21,430) | (16,491) | ||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ 405,526 | $ 547,619 | $ 215,731 |
Description Of Business And Basis Of Presentation |
12 Months Ended | ||||||||
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Dec. 31, 2018 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Description Of Business And Basis Of Presentation | Description of Business and Basis of Presentation Description of Business AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company") own and operate entertainment businesses and assets. The Company is comprised of two operating segments:
Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIE's") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets. Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation. |
Summary of Significant Accounting Policies |
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer ("transaction price"). The Company’s revenue recognition policies associated with each major source of revenue from contracts with customers are described in Note 3 Revenue Recognition. The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results as of and for the year ended December 31, 2018 reflect the application of the new standard, while the reported results for 2017 have not been adjusted to reflect the new standard and were prepared under prior revenue recognition accounting guidance. The adoption of the new standard did not result in significant changes in the way the Company records distribution and advertising revenues. However, as a result of applying the new standard, there are certain components of the Company’s distribution revenues where the new standard generally results in earlier recognition of revenue compared to its policies prior to adoption due to: (i) the requirement to estimate and recognize variable consideration prior to such amounts becoming fixed and determinable, (ii) recognition of royalties in the period of usage, and (iii) recognition of certain arrangements with minimum guarantees on a time-based (straight-line) basis. See Note 3 Revenue Recognition for more information. As a result of adopting Topic 606, the Company recorded an increase to opening retained earnings of approximately $12.8 million, net of tax, as of January 1, 2018. The following table provides changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance.
The amount by which each financial statement line item has been affected in the current reporting period by the application of Topic 606 compared to historical policies is not material, therefore, comparative disclosures have been omitted. Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program delivery costs, such as transmission, encryption, hosting and formatting are classified as technical and operating expenses in the consolidated statements of income. Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are included in selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $196.0 million, $200.4 million and $222.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and is included in selling, general and administrative expenses in the consolidated statements of income. Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100%, and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company's international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' equity (deficiency). Transactions denominated in currencies other than subsidiaries' functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. The Company recognized foreign currency transaction gains (losses) (realized and unrealized) of $(6.8) million, $15.0 million and $(39.0) million for the years ended December 31, 2018, 2017 and 2016, respectively, which are included in miscellaneous, net in the consolidated statements of income. Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2018 and 2017, the Company had $182.1 million and $150.2 million, respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line or accelerated basis over a period not to exceed the respective license periods. The Company's owned original programming is primarily produced by production companies, with the remainder produced by the Company. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (individual-film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company's current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. Any capitalized development costs for programs that the Company determines will not be produced are also written off. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on a series of factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, a write-off of the unamortized cost is included in technical and operating expense. See Note 6 for further discussion regarding program rights write-offs. Investments Investments (excluding equity method investments) in equity securities with readily determinable fair values are accounted for at fair value. The Company applies the measurement alternative to fair value for equity securities without readily determinable far values, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. All gains and losses related to equity securities are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. Investments in which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary are equity method investments. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test calculates any goodwill impairment as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Deferred Carriage Fees Deferred carriage fees represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 10 years). Derivative Financial Instruments The Company's derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company's embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. See Note 14 for a further discussion of the Company's derivative financial instruments. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2018, two customers accounted for 13% and 12%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). As of December 31, 2017, one customer accounted for 20% of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year. Redeemable Noncontrolling Interests Noncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' equity (deficiency) in the Company's consolidated balance sheet at the greater of the initial carrying amount, increased or decreased for contributions, distributions and the noncontrolling interest's share of net income or loss, or its redemption value. Net Income per Share The consolidated statements of income present basic and diluted net income per share ("EPS"). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks outstanding equity-based awards. The following is a reconciliation between basic and diluted weighted average shares outstanding:
Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company's Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company's Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2018, the Company repurchased 5.4 million shares of its Class A common stock at an average purchase price of $52.56 per share. As of December 31, 2018, the Company has $559.4 million available for repurchase under the Stock Repurchase Program.
*Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to record most of their leases on the balance sheet, which will be recognized as a right-of-use asset and a lease liability. The Company will be required to classify each separate lease component as an operating or finance lease at the lease commencement date. Initial measurement of the right-of-use asset and lease liability is the same for operating and finance leases, however expense recognition and amortization of the right-of-use asset differs. Operating leases will reflect lease expense on a straight-line basis similar to current operating leases. The straight-line expense will reflect the interest expense on the lease liability (effective interest method) and amortization of the right-of-use asset, which will be presented as a single line item in the operating expense section of the income statement. Finance leases will reflect a front-loaded expense pattern similar to the pattern for current capital leases. ASU 2016-02 is effective for the first quarter of 2019, with early adoption permitted. The adoption will include updates provided under ASU 2018-10, Codification Improvements to Topic 842, Leases, as well as ASU 2018-11, Leases (Topic 842), Targeted Improvements. The Company will adopt the standard as of January 1, 2019, using the cumulative effect method of adoption. Accordingly, prior periods will not be restated. We expect to record a right-of-use asset and lease liability of approximately $235 million upon adoption, primarily related to real estate leases. The adoption will not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820). ASU 2018-13 changes the disclosure requirements for fair value measurements and is effective for the first quarter of 2020, with early adoption permitted. ASU 2018-13 changes disclosure requirements related to transfers between Level I and II assets, as well as several aspects surrounding the valuation process and unrealized gains and losses related to Level III assets. The Company is currently evaluating the impact the adoption of the modified disclosure requirements will have on its consolidated financial statements. |
Revenue Recognition |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | Revenue Recognition Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer ("transaction price"). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. Amounts collected on behalf of others (including taxes), where the Company is an agent, are excluded from revenue. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying a practical expedient in the new standard, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price considering available information such as market conditions and internal pricing guidelines related to the performance obligations. Contracts may be modified to account for changes in contract specifications and requirements. Contract modifications exist when the modification either creates new or changes existing enforceable rights and obligations. The effect of a contract modification on the transaction price and measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. The Company’s revenue recognition policies that summarize the nature, amount, timing and uncertainty associated with each major source of revenue from contracts with customers is described below. Distribution The majority of the Company’s distribution revenues relate to sales-based and usage-based royalties which are recognized on the later of (i) when the subsequent sale or usage occurs and (ii) when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied or partially satisfied. Occasionally, the Company incurs costs to obtain a distribution contract and these costs are amortized over the period of the related distribution contract as a reduction of revenue. Subscription fee revenue: Subscription fees are earned from cable and other multichannel video programming distribution platforms, including direct broadcast satellite ("DBS"), platforms operated by telecommunications providers and virtual multichannel video programming distributors (collectively "distributors"), for the rights to use the Company's network programming under multi-year contracts, commonly referred to as "affiliation agreements." The Company's performance obligation under affiliation agreements is a license of functional intellectual property that is satisfied as the Company provides its programming over the term of the agreement. The transaction price is represented by subscription fees that are generally based upon (i) contractual rates applied to the number of the distributor's subscribers who receive or can receive our programming ("rate-per-subscriber"), or (ii) fixed contractual monthly fees ("fixed fee"). For rate-per-subscriber agreements, the Company applies the sales-based or usage-based royalty guidance, and accordingly, recognizes revenue in the period of the distributor’s usage, based on the subscription fee earned during the period. Fixed fee affiliation agreements are generally billed in monthly installments, and such amounts may vary over the term of the contract. In cases where the invoice amount corresponds directly with the value to the affiliate of the performance to-date, the Company recognizes revenue based on the invoiced amount. In cases where changes in fees during the contract term do not correspond directly to the value of the performance to-date (for example, if the fees vary over the contract term due to a significant financing or credit risk component), the Company recognizes the total amount of fixed transaction price over the contract period using a time-based (e.g., straight-line) measure of progress. Certain of the Company’s fixed fee affiliation agreements contain guaranteed minimum fees that are recoupable during the term of the agreement, and variable fees based on rates-per-subscriber after the guaranteed minimum is recouped. The Company recognizes revenue for the fixed consideration over the minimum guarantee period and recognizes variable fees only when cumulative consideration exceeds the minimum guarantee. Subscription revenue from the Company's direct-to-consumer subscription streaming services is recognized as the streaming service is provided to customers. Content licensing revenue: The Company licenses its original programming content to certain distributors, including under subscription video on-demand ("SVOD"), pay-per-view ("PPV") and electronic sell-through ("EST") arrangements. Under these arrangements, our performance obligation is a license to functional intellectual property that provides the distributor the right to use our programming as it exists at a point in time. The satisfaction of the Company’s performance obligation, and related recognition of revenue, occurs when the content is delivered to the licensee and the license period has begun.The Company’s performance obligation in a content license arrangement pertains to each distinct unit of content, which is generally each season of an episodic series or a film. The Company typically delivers all episodes of a season for a series concurrently and the licensee’s rights to exploit the content is the same across all of the episodes. For SVOD arrangements, the Company adjusts the transaction price for the time value of money in cases where license fees are paid over several years. SVOD licensing revenue is recognized at the later of the beginning of the license period, or when we provide the programming to the distributor. The Company recognizes a contract asset for the difference between the revenue recognized and the amount we are permitted to invoice. For PPV and EST license fee arrangements, the Company applies the sales-based or usage-based royalty guidance and recognizes revenue in the period of end-customer purchases, based on the fees earned during the period. The Company also licenses trademarks, logos, brands, derivative character copyrights, etc. under multi-year arrangements. Under these arrangements, the Company may receive a non-refundable minimum guarantee that is recoupable against a volume-based royalty throughout the term of the agreement. The performance obligation is a license of symbolic intellectual property that provides the customer with a right to access the intellectual property. The Company adjusts the transaction price for the time value of money in cases where license fees are paid over several years. The Company recognizes revenue for the minimum guarantee on a straight-line basis over the term of the agreement, and recognizes variable fees only when cumulative consideration exceeds the minimum guarantee. For production services arrangements, the Company recognizes revenue based on the percentage of cost incurred to total estimated cost of the contract. The Company’s payment terms vary by the type and location of customer. Generally, payment terms are 30-45 days after revenue is earned. In certain limited circumstances, agreements with customers have payment terms in excess of one-year after satisfaction of the performance obligation. Advertising The Company generates revenues from the sale of advertising time on its networks. In such arrangements, the Company generally promises to air a certain number of commercials (spots) and to generate guaranteed viewer ratings for an audience demographic (impressions) over a period that generally does not exceed one year. The promise to deliver impressions by airing spots represents the Company’s performance obligation. Advertising revenues are recognized as commercials are aired, to the extent that guaranteed viewer ratings are achieved. A contract liability is recognized to the extent the guaranteed viewer ratings are not met, and is subsequently recognized as revenue either when the Company provides the required additional advertising or the guarantee obligation contractually expires, which is generally within one year. Generally, payment terms are 30 days after revenue is earned. Transaction Price Allocated to Future Performance Obligations The new standard requires disclosure of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2018. However, the guidance does not apply to sales-based or usage-based royalty arrangements and also provides certain practical expedients that allow companies to omit this disclosure requirement for (i) contracts with an original expected length of one year or less, (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed and (iii) variable consideration related to a wholly unsatisfied performance obligation. As of December 31, 2018, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to remaining performance obligations was not material to our consolidated revenues. Contract Balances from Contracts with Customers The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities in the consolidated balance sheet. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets. Once the Company has an unconditional right to consideration under a contract, the contract assets are reclassified to account receivables. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services is transferred to the customer and all revenue recognition criteria have been met. The primary source of the Company’s contract liabilities relates to advertising sales arrangements and content licensing arrangements. As noted above, the Company’s programming networks generally guarantee viewer ratings for its programming. If these guaranteed viewer ratings are not met, the Company is required to provide additional advertising units to the advertiser. For these types of arrangements, a portion of the related revenue is deferred if the guaranteed ratings are not met, representing a contract liability, and is subsequently recognized either when the Company provides the required additional advertising time or the guarantee obligation contractually expires. In certain content licensing arrangements, payment may be received in advance of a distributor's ability to exhibit a program. Such payments are recorded as a contract liability and subsequently recognized when the program becomes available for exhibition. The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
Revenue recognized for the twelve months ended December 31, 2018 relating to the contract liability at December 31, 2017 was $71.1 million. |
Impairment and Related Charges |
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Dec. 31, 2018 | |
Supplemental Income Statement Elements [Abstract] | |
Asset Impairment Charges | Impairment and Related Charges In 2018, AMCNI recognized a $4.5 million charge, primarily related to program rights, in connection with the disposition of a business. In 2017, the Company completed the sale of AMCNI – DMC. In connection with the sale, the Company recognized a pre-tax loss of $11.0 million and an impairment charge of $17.1 million to reflect the AMCNI – DMC assets held for sale at fair value less estimated sale costs, which are included in impairment and related charges in the consolidated statement of income for the year ended December 31, 2017. In 2016, management revised its outlook for the growth potential of the Amsterdam-based media logistics facility, AMCNI – DMC, resulting in lower expected future cash flows due to increased competition and evolving broadcast technologies. The Company performed a recoverability test of the long-lived asset group of the AMCNI – DMC business and determined that certain long-lived assets, primarily identifiable intangible assets and analog equipment, were not recoverable. In addition, the Company performed a goodwill impairment evaluation. The fair value of the AMCNI – DMC asset group was measured based on an income approach (discounted cash flow valuation methodology). Impairment and related charges included in the consolidated statement of income for the year ended December 31, 2016 reflect impairment charges of $22.9 million related to property and equipment, $17.7 million related to intangible assets and $27.2 million for the write-down of all AMCNI – DMC related goodwill. |
Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring During the third quarter of 2018, management commenced a restructuring initiative designed to reduce the cost structure of the Company. The restructuring is intended to improve the organizational design of the Company through the elimination of certain roles, a reduction in the grade of certain roles, an increase in the span of responsibilities of certain senior managers, and the re-alignment of certain senior leaders to new or additional responsibilities. This restructuring resulted in a $36.0 million charge for the year ended December 31, 2018 primarily related to severance. The Company expects the majority of the severance payments will be made in 2019. During the fourth quarter of 2018, AMCNI completed a portfolio rationalization review that resulted in the termination of distribution in certain territories, resulting in a $9.9 million charge. The following table summarizes the restructuring charges recognized in 2018:
In 2017, the Company incurred restructuring expense related to corporate headquarters severance costs and charges incurred at AMCNI related to costs associated with the termination of distribution in certain territories. In 2016, the Company launched a restructuring initiative that involved modifications to the organizational structure which resulted in reduced employee costs and operating expenses primarily through a voluntary buyout program offered to certain employees. The year ended December 31, 2016 also included the impact of elimination of distribution of certain channels in certain territories. The following table summarizes the restructuring expense (credit) recognized by operating segment:
(1) Restructuring expense in the International and Other segment includes $9.4 million of corporate headquarters severance charges. The following table summarizes the accrued restructuring costs:
Accrued restructuring costs of $29.1 million are included in accrued liabilities and $6.1 million are included in other liabilities (long-term) in the consolidated balance sheet at December 31, 2018. |
Program Rights and Obligations |
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Film Cost Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Programs Rights and Obligations | Program Rights and Obligations Program Rights Owned original program rights, net is comprised of $391.8 million of completed programming and $166.4 million of in-production programming at December 31, 2018 and is included as a component of long-term program rights, net in the consolidated balance sheet. The Company estimates that approximately 89% of unamortized owned original programming costs, as of December 31, 2018, will be amortized within the next three years. The Company expects to amortize approximately $225.2 million of unamortized owned original programming costs during the next twelve months. Program rights write-offs of $50.5 million, $49.4 million and $26.2 million were recorded for the years ended December 31, 2018, 2017 and 2016, respectively. Program Rights Obligations Amounts payable subsequent to December 31, 2018 related to program rights obligations included in the consolidated balance sheet are as follows:
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Business Combinations |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | Business Combinations RLJ Entertainment On July 29, 2018, the Company, Digital Entertainment Holdings LLC, a wholly-owned subsidiary of the Company ("DEH"), and River Merger Sub Inc., a wholly-owned subsidiary of DEH ("Merger Sub"), and RLJE entered into an Agreement and Plan of Merger (the "Merger Agreement") pursuant to which the Company agreed to acquire all of the outstanding shares of RLJE not owned by the Company or entities affiliated with Robert L. Johnson. The Merger Agreement provided, upon the terms and subject to the conditions set forth therein, for the merger of Merger Sub with and into RLJE, with RLJE continuing as the surviving corporation and a subsidiary of DEH (the "Merger"). DEH and RLJE were parties to a Credit and Guaranty Agreement entered into on October 14, 2016 pursuant to which DEH provided term loans to RLJE (the "RLJE Term Loans"). In connection with the RLJE Credit and Guaranty Agreement, DEH received Class A, Class B and Class C warrants to purchase at least 20 million shares of RLJE’s common stock, at a price of $3.00 per share (the "RLJE Warrants"). On June 20, 2017, DEH exercised a portion of its RLJE Class A warrants at $3.00 per share and was issued 1.7 million shares of RLJE common stock in exchange for the cancellation of $5 million of the RLJE Term Loans. As of December 31, 2017, the balance of the RLJE Term Loans was $68 million, consisting of a $13 million Tranche A term loan and a $55 million Tranche B term loan. On October 1, 2018, DEH fully exercised the remainder of its Class A warrants at $3.00 per share and was issued 3.3 million shares of RLJE common stock in exchange for the cancellation of $10.0 million of Tranche B of the RLJE Term Loans. On October 1, 2018, DEH also partially exercised its Class B warrant at $3.00 per share and was issued 3.4 million shares of RLJE common stock in exchange for the cancellation of $10.1 million of Tranche B of the RLJE Term Loans. As a result of the warrant exercises, the Company obtained a 51% controlling interest in RLJE and recognized a net gain of $2.6 million relating to the step-up to fair value of the Company's previously held equity interest in RLJE, which is included in miscellaneous, net in the consolidated statement of income for the year ended December 31, 2018. On October 30, 2018, DEH fully exercised the remainder of its Class B warrants at $3.00 per share and was issued 6.6 million shares of RLJE common stock in exchange for the cancellation of $19.9 million of Tranche B of the RLJE Term Loans. On October 30, 2018, DEH also fully exercised its Class C warrants at $3.00 per share and was issued 5.0 million shares of RLJE common stock in exchange for the cancellation of $15.0 million of Tranche B of the RLJE Term Loans. As a result of the warrant exercises, the full amount of Tranche B of the RLJE Term Loans was canceled. On October 31, 2018, the Company completed the acquisition of RLJE pursuant to the terms of the Merger Agreement. At the Effective Time, Merger Sub merged with and into RLJE, with RLJE continuing as the surviving corporation and a wholly owned subsidiary of DEH. The Merger Agreement was approved by the common stockholders of RLJE at a special meeting held earlier on October 31, 2018. The total cash purchase price paid by the Company to acquire the RLJE securities not previously owned by the Company or entities affiliated with Mr. Johnson was $52.2 million. Following the Effective Time, DEH was renamed "RLJ Entertainment Holdings LLC" ("RLJE Holdings"). RLJE Holdings is a majority owned subsidiary of the Company, with a minority stake of 17% held by affiliates of Mr. Johnson. The Company has entered into arrangements with Mr. Johnson related to the governance of RLJE Holdings and RLJE following the Merger. The Company accounted for the acquisition of RLJE using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their estimated respective fair values as of the closing date of the acquisition. Goodwill recognized in connection with this transaction represents primarily the potential economic benefits that the Company believes may arise from the acquisition. The goodwill associated with the RLJE acquisition is generally not deductible for tax purposes. In connection with the acquisition of RLJE, the terms of the operating agreement provide the noncontrolling member with a right to put all of its noncontrolling interest to a subsidiary of the Company at the greater of the then fair value or the fair value of the initial equity interest at the closing date of the acquisition. The put option is exercisable following the seventh anniversary of the agreement, or earlier upon a change of control. The acquisition accounting for RLJE as reflected in these consolidated financial statements is preliminary and based on current estimates and currently available information, and is subject to revision based on final determinations of fair value and final allocations of purchase price to the identifiable assets and liabilities acquired. The primary estimated fair values that are not yet finalized relate to the valuation of intangible assets, other assets, current and noncurrent liabilities, and redeemable noncontrolling interests. The following table summarizes the preliminary valuation of the tangible and identifiable intangible assets acquired and liabilities assumed as of October 1, 2018, the date the Company obtained a controlling interest (in thousands).
Levity Entertainment Group LLC On April 20, 2018, the Company acquired a 57% controlling interest in Levity Entertainment Group LLC ("Levity"), a production services and comedy venues company, for a total purchase price of $48.4 million. The purchase price consisted of a $35.0 million payment for the outstanding Class B Common Units of Levity and the acquisition of Series L Preferred Units for $13.4 million. The Company has entered into arrangements with the noncontrolling members related to the governance of Levity following the Merger. The Company views this acquisition as complementary to its business and programming content strategy. The Company accounted for the acquisition of Levity using the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their estimated respective fair values as of the closing date of the acquisition. Goodwill recognized in connection with this transaction represents primarily the potential economic benefits that the Company believes may arise from the acquisition. The goodwill associated with the Levity acquisition is generally deductible for tax purposes. In connection with the acquisition of Levity, the terms of the operating agreement provide the noncontrolling interest holders with a right to put 50% of their interests to a subsidiary of the Company on the four year anniversary of the agreement and a right to put all of their interests to the Company on the six year anniversary of the agreement. The put rights are at fair market value. The acquisition accounting for Levity as reflected in these consolidated financial statements is preliminary and based on current estimates and currently available information, and is subject to revision based on final determinations of fair value and final allocations of purchase price to the identifiable assets and liabilities acquired. The primary estimated fair values that are not yet finalized relate to the valuation of property and equipment, intangible assets, other assets, current and noncurrent liabilities, and redeemable noncontrolling interests. The following table summarizes the preliminary valuation of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands).
Unaudited Pro forma financial information The following unaudited pro forma financial information is based on (i) the historical financial statements of AMC Networks, (ii) the historical financial statements of RLJE and (iii) the historical financial statements of Levity and is intended to provide information about how the acquisitions may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2017. The unaudited pro forma information has been prepared for comparative purposes only and includes adjustments for estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired. The pro forma information is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on the date indicated or that may result in the future.
Revenues, net and operating loss attributable to business acquisitions of $134.9 million and $2.8 million, respectively are included in the consolidated statement of income from their respective acquisition dates to December 31, 2018. For the year ended December 31, 2018, the Company incurred acquisition related costs of $7.3 million which are included in selling, general and administrative expense in the consolidated statement of income. |
Investments |
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Dec. 31, 2018 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure | Investments The Company holds several investments and loans in non-consolidated entities. Equity method investments were $90.9 million and $61.3 million at December 31, 2018 and 2017, respectively, and are included in Other assets in the consolidated balance sheets. In September 2018, the Company recognized an impairment charge of $3.5 million related to the partial write-down of an equity method investment, which is included in Miscellaneous, net in the consolidated statement of income. Marketable Equity Securities The Company classifies publicly traded investments with readily determinable fair values that are not accounted for under the equity method as marketable equity securities. Marketable equity securities are recorded at cost and adjusted to fair value at each reporting period. The changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, included in Miscellaneous, net in the consolidated statements of income. Investments in marketable equity securities were $1.2 million at December 31, 2018 and $10.7 million at December 31, 2017 and are included in Other assets in the consolidated balance sheets. Non-marketable Equity Securities The Company classifies investments without readily determinable fair values that are not accounted for under the equity method as non-marketable equity securities. The accounting guidance requires non-marketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. The Company applies this measurement alternative to its non-marketable equity securities. When an observable event occurs, the Company estimates the fair values of its non-marketable equity securities based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, included in Miscellaneous, net in the consolidated statements of income. On March 5, 2018, the Company made an investment in fuboTV Inc. of $25.0 million, and on April 6, 2018, the Company provided a senior secured term loan to fuboTV Inc. of $25.0 million with a maturity date of April 6, 2023. In June 2018, the Company recognized an impairment charge of $10.0 million related to the partial write-down of certain non-marketable equity securities. Investments in non-marketable equity securities were $71.8 million at December 31, 2018 and $46.8 million at December 31, 2017 and are included in Other assets in the consolidated balance sheets. |
Property and Equipment |
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Property and Equipment | Property and Equipment Property and equipment (including equipment under capital leases) consists of the following:
Depreciation and amortization expense on property and equipment (including capital leases) amounted to $48.3 million, $47.6 million and $46.2 million, for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018 and 2017, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill, by operating segment is as follows:
The increase in the carrying amount of goodwill for the International and Other segment relates to the acquisitions of RLJE and Levity (see Note 7). The reduction of $1.3 million in the carrying amount of goodwill for the National Networks is due to the realization of a tax benefit for the amortization of "second component" goodwill at SundanceTV. Second component goodwill is the amount of tax deductible goodwill in excess of goodwill for financial reporting purposes. In accordance with the authoritative guidance at the time of the SundanceTV acquisition, the tax benefits associated with this excess are applied to first reduce the amount of goodwill, and then other intangible assets for financial reporting purposes, if and when such tax benefits are realized in the Company's tax returns. Annual Impairment Test of Goodwill Based on the Company's annual impairment test for goodwill as of December 1, 2018, no impairment charge was required for any of the reporting units. The Company performed a qualitative assessment for all reporting units, with the exception of the International Programming Networks reporting unit. The qualitative assessments included, but were not limited to, consideration of the historical significant excesses of the estimated fair value of the reporting unit over its carrying value (including allocated goodwill), macroeconomic conditions, industry and market considerations, cost factors and historical and projected cash flows. The Company performed a quantitative assessment for the International Programming Networks reporting unit. Based on the quantitative assessment, if the fair value of the International Programming Networks reporting unit decreased by 6%, the Company would be required to record an impairment of goodwill. In assessing the recoverability of goodwill for our International Programming Networks reporting unit, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the reporting unit. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve uncertainties and matters of significant judgment. Estimates of fair value for goodwill impairment testing are primarily determined using discounted cash flows and comparable market transactions methods. The discounted cash flow method is based on estimates and assumptions of future revenue and expense and an appropriate discount rate. Projected future cash flows primarily include assumptions about renewals of affiliation agreements, the projected number of subscribers and the projected average rates per basic and viewing subscribers, trends in fixed price arrangements, the number of advertising spots and average rate per spot and the cost of program rights, among other assumptions. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges related to goodwill. For example, if future revenue growth is lower than expected, or if programming costs exceed amounts currently expected, and the Company is unable to mitigate the impact of these factors, or if the discount rate used to estimate fair value increases 100 basis points or more, an impairment charge related to the goodwill associated with its International Programming Networks reporting unit may be required. The following table summarizes information relating to the Company's identifiable intangible assets:
The increase in amortizable intangible assets relates to the acquisitions of RLJE and Levity (see Note 7). Aggregate amortization expense for amortizable intangible assets for the years ended December 31, 2018, 2017 and 2016 was $43.0 million, $47.1 million and $38.6 million, respectively. Amortization expense in 2017 includes a $9.0 million charge from the accelerated amortization of certain identifiable intangible assets at AMCNI. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:
Impairment Test of Identifiable Indefinite-Lived Intangible Assets Based on the Company's 2018 annual impairment test for identifiable indefinite-lived intangible assets, no impairment charge was required. The Company's indefinite-lived intangible assets relate to SundanceTV trademarks, which were valued using a relief-from-royalty method in which the expected benefits are valued by discounting estimated royalty revenue over projected revenues covered by the trademarks. In order to evaluate the sensitivity of the fair value calculations for the Company's identifiable indefinite-lived intangible assets, the Company applied a hypothetical 20% decrease to the estimated fair value of the identifiable indefinite-lived intangible assets. This hypothetical decrease in estimated fair value would not result in an impairment. Significant judgments inherent in estimating the fair value of indefinite-lived intangible assets include the selection of appropriate discount and royalty rates, estimating the amount and timing of estimated future cash flows and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows generated by the respective intangible assets. |
Accrued Liabilities |
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Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Long-term Debt The Company's long-term debt consists of:
Amended and Restated Senior Secured Credit Facility On July 28, 2017, AMC Networks entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the Initial Borrowers, certain of AMC Networks' subsidiaries, as restricted subsidiaries, JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and an L/C Issuer, Bank of America, as an L/C Issuer, and the lenders party thereto. The Credit Agreement amends and restates AMC Networks' prior credit agreement dated December 16, 2013 in its entirety. The Credit Agreement provides the Initial Borrowers with senior secured credit facilities consisting of (a) a $750 million Term Loan A (the "Term Loan A Facility") after giving effect to the approximate $400 million payment from the proceeds of the 4.75% Notes due 2025 described below and (b) a $500 million revolving credit facility (the "Revolving Facility") that was not drawn upon initially. Under the Credit Agreement, the maturity date of the Term Loan A Facility was extended to July 28, 2023 and the maturity date of the Revolving Facility was extended to July 28, 2022. Borrowings under the Credit Agreement bear interest at a floating rate, which at the option of the Initial Borrowers may be either (a) a base rate plus an additional rate ranging from 0.25% to 1.25% per annum (determined based on a cash flow ratio) (the "Base Rate"), or (b) a Eurodollar rate plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a cash flow ratio) (the "Eurodollar Rate"), provided that for the six month period following the closing date, the additional rate used in calculating both floating rates was (i) 0.50% per annum for borrowings bearing the Base Rate, and (ii) 1.50% per annum for borrowings bearing the Eurodollar Rate. The Credit Agreement requires the Initial Borrowers to pay a commitment fee of between 0.25% and 0.50% (determined based on a cash flow ratio) in respect of the average daily unused commitments under the Revolving Facility. The Initial Borrowers also are required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the Credit Agreement. All obligations under the Credit Agreement are guaranteed by certain of the Initial Borrowers' existing and future domestic restricted subsidiaries in accordance with the Credit Agreement. All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain assets of the Initial Borrowers and certain of their subsidiaries (collectively, the "Loan Parties"). The Credit Agreement contains certain affirmative and negative covenants applicable to the Loan Parties. These include restrictions on the Loan Parties' ability to incur indebtedness, make investments, place liens on assets, dispose of assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on and to repurchase its common stock. The Credit Agreement also requires the Initial Borrowers to comply with the following financial covenants: (i) a maximum ratio of net debt to annual operating cash flow (each defined in the Credit Agreement) of 6.00:1 initially and decreasing in steps down to 5.00:1 on and after January 1, 2022, subject to increase if AMC Networks consummates any leveraging acquisition; and (ii) a minimum ratio of annual operating cash flow to annual total interest expense (as defined in the Credit Agreement) of 2.50:1. The revolving credit facility was not drawn upon at December 31, 2018. The total undrawn revolver commitment is available to be drawn for our general corporate purposes. AMC Networks was in compliance with all of its financial covenants under the Credit Facility as of December 31, 2018. For the year ended December 31, 2017, in connection with the issuance of the 4.75% Notes due 2025 and the amendment to the Credit Agreement, AMC Networks incurred a loss on extinguishment of debt of $3.0 million for the write-off of a portion of unamortized deferred financing costs, and incurred financing costs of $10.4 million, of which $9.4 million were deferred and are being amortized, using the effective interest method, to interest expense over the term of the related borrowing, and $1.0 million were expensed when incurred. 4.75% Notes due 2025 On July 28, 2017, AMC Networks issued, and certain of AMC Networks' subsidiaries (hereinafter, the "Guarantors") guaranteed $800 million aggregate principal amount of senior notes due August 1, 2025 (the "4.75% Notes due 2025") in a registered public offering. The 4.75% Notes due 2025 were issued net of a $14.0 million underwriting discount. AMC Networks used approximately $400 million of the net proceeds to repay loans under AMC Networks' Term Loan A Facility and to pay fees and expenses related to the issuance. The remaining proceeds are for general corporate purposes. The 4.75% Notes due 2025 were issued pursuant to an indenture, dated as of March 30, 2016, as amended by the Second Supplemental Indenture, dated as of July 28, 2017. The 4.75% Notes due 2025 bear interest at a rate of 4.75% per annum and mature on August 1, 2025. Interest is payable semiannually on February 1 and August 1 of each year, commencing on February 1, 2018. The 4.75% Notes due 2025 are AMC Networks' general senior unsecured obligations and rank equally with all of AMC Networks' and the Guarantors' existing and future unsecured and unsubordinated indebtedness, but are effectively subordinated to all of AMC Networks' and the guarantors' existing and future secured indebtedness, including all borrowings and guarantees under the Credit Agreement referred to above, to the extent of the assets securing that indebtedness. The 4.75% Notes due 2025 are subject to redemption on the terms set forth in the Second Supplemental Indenture. The 4.75% Notes due 2025 may be redeemed, at AMC Networks' option, in whole or in part, at any time on or after August 1, 2021, at a redemption price equal to 102.375% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on August 1, 2023. In addition to the optional redemption of the 4.75% Notes due 2025 described above, at any time prior to August 1, 2020, AMC Networks may redeem up to 35% of the aggregate principal amount of the 4.75% Notes due 2025 at a redemption price equal to 104.750% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, using the net proceeds of certain equity offerings. Finally, at any time prior to August 1, 2021, AMC Networks may redeem the 4.75% Notes due 2025, at its option in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof to be redeemed plus the "Applicable Premium" calculated as described in the Second Supplemental Indenture at the rate of T+50 basis points, and accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The indenture governing the 4.75% Notes due 2025 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. 5.00% Notes due 2024 On March 30, 2016, the Company issued $1.0 billion in aggregate principal amount of 5.00% senior notes due 2024 (the "5.00% Notes due 2024"), net of an issuance discount of $17.5 million. AMC Networks used $703 million of the net proceeds of this offering to make a cash tender ("Tender Offer") for its outstanding 7.75% Notes due 2021 (the "7.75% Notes"). In addition, $45.6 million of the proceeds from the issuance of the 5.00% Notes due 2024 was used for the redemption of the 7.75% Notes not tendered. The remaining proceeds are for general corporate purposes. The 5.00% Notes due 2024 were issued pursuant to an indenture dated as of March 30, 2016. In connection with the issuance of the 5.00% Notes due 2024, AMC Networks incurred deferred financing costs of $2.1 million, which are being amortized, using the effective interest method, to interest expense over the term of the 5.00% Notes due 2024. Interest on the 5.00% Notes due 2024 is payable semi-annually in arrears on April 1 and October 1 of each year. The 5.00% Notes due 2024 may be redeemed, in whole or in part, at any time on or after April 1, 2020, at a redemption price equal to 102.5% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on April 1, 2022. The 5.00% Notes due 2024 are guaranteed on a senior unsecured basis by the Guarantors, in accordance with the indenture governing the 5.00% Notes due 2024. The guarantees under the 5.00% Notes due 2024 are full and unconditional and joint and several. The indenture governing the 5.00% Notes due 2024 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. 4.75% Senior Notes due 2022 On December 17, 2012, AMC Networks issued $600 million in aggregate principal amount of its 4.75% senior notes, net of an issuance discount of $10.5 million, due December 15, 2022 (the "4.75% Notes due 2022"). AMC Networks used the net proceeds of this offering to repay the outstanding amount under its term loan B facility of approximately $587.6 million, with the remaining proceeds used for general corporate purposes. The 4.75% Notes due 2022 were issued pursuant to an indenture, and first supplemental indenture, each dated as of December 17, 2012. In connection with the issuance of the 4.75% Notes due 2022, AMC Networks incurred deferred financing costs of $1.5 million, which are being amortized, using the effective interest method, to interest expense over the term of the 4.75% Notes due 2022. Interest on the 4.75% Notes due 2022 accrues at the rate of 4.75% per annum and is payable semi-annually in arrears on June 15 and December 15 of each year. The 4.75% Notes due 2022 may be redeemed, in whole or in part, at a redemption price equal to 102.375% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption), declining annually to 100% of the principal amount thereof (plus accrued and unpaid interest thereon, if any, to the date of such redemption) beginning on December 15, 2020. The 4.75% Notes due 2022 are guaranteed on a senior unsecured basis by the Guarantors, in accordance with the indenture governing the 4.75% Notes due 2022. The guarantees under the 4.75% Notes due 2022 are full and unconditional and joint and several. The indenture governing the 4.75% Notes due 2022 contains certain affirmative and negative covenants applicable to AMC Networks and its restricted subsidiaries including restrictions on their ability to incur additional indebtedness, consummate certain assets sales, make investments in entities that are not restricted subsidiaries, create liens on their assets, enter into certain affiliate transactions and make certain restricted payments, including restrictions on AMC Networks' ability to pay dividends on, or repurchase, its common stock. Other Debt As a result of the acquisition of RLJE, the Company, through one of its subsidiaries, maintains a loan facility with a U.K. bank to partially fund certain productions. The maximum principal amount of borrowings under the facility is £2.4 million or approximately $3.1 million. The loan matures on June 30, 2019. Interest is payable quarterly on the outstanding principal amount of the loan at an annual rate that is 2.1% above the bank’s cost of funding rate or other mutually agreed upon rate. The loan is secured against intercompany distribution agreements and a third-party licensee distribution agreement. As a result of the acquisition of Levity, the Company has two lines of credit totaling $5 million. The lines of credit bear interest at the greater of 3.5% or the prime rate and mature on August 25, 2019. There were no outstanding borrowings on either line of credit as of December 31, 2018. Summary of Debt Maturities Total amounts payable by the Company under its various debt obligations (excluding capital leases) outstanding as of December 31, 2018 are as follows:
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:
The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 and December 31, 2017:
The Company's cash equivalents and marketable securities are classified within Level I of the fair value hierarchy because they are valued using quoted market prices. The Company's interest rate swap contracts, foreign currency derivatives and the embedded derivative for the interest on the RLJE Term Loans to be paid in shares of RLJE common stock (see Note 14) are classified within Level II of the fair value hierarchy and their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk. On October 14, 2016, DEH and RLJE entered into a Credit and Guaranty Agreement pursuant to which DEH provided to RLJE the RLJE Term Loans and received the RLJE Warrants. During 2018, the RLJE Warrants were fully exercised (See Note 7). As of December 31, 2017, the RLJE Warrants held by the Company were classified within Level III of the fair value hierarchy. The Company determined the value of the RLJE Warrants using a Black Scholes option pricing model. Inputs to the model were stock price volatility, contractual warrant terms (remaining life of the warrants), exercise price, risk-free interest rate, and the RLJE stock price. The equity volatility used was based on the equity volatility of RLJE with an adjustment for the changes in the capital structure of RLJE. In arriving at the concluded value of the warrants, a discount for the lack of marketability (DLOM) of 32% was applied. The DLOM, which is unobservable, is determined using the Finnerty Average-Strike Put Option Marketability Discount Model (Finnerty Model), which was applied with a security-specific volatility for the warrants. For the years ended December 31, 2018 and 2017, the Company recorded a gain of $30.2 million and $20.2 million, respectively, related to the RLJE Warrants which is included in Miscellaneous, net in the consolidated statement of income. At December 31, 2018, the Company does not have any other assets or liabilities measured at fair value on a recurring basis that would be considered Level III. Fair value measurements are also used in nonrecurring valuations performed in connection with acquisition accounting. These nonrecurring valuations primarily include the valuation of affiliate and customer relationships intangible assets, advertiser relationship intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy. Credit Facility Debt and Senior Notes The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities. The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows:
Fair value estimates related to the Company's debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Risk To manage interest rate risk, the Company enters into interest rate swap contracts to adjust the amount of total debt that is subject to variable interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to limit the exposure against the risk of rising interest rates. The Company does not enter into interest rate swap contracts for speculative or trading purposes and it has only entered into interest rate swap contracts with financial institutions that it believes are creditworthy counterparties. The Company monitors the financial institutions that are counterparties to its interest rate swap contracts and to the extent possible diversifies its swap contracts among various counterparties to mitigate exposure to any single financial institution. The Company's risk management objective and strategy with respect to interest rate swap contracts is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a portion of its outstanding debt. The Company is meeting its objective by hedging the risk of changes in its cash flows (interest payments) attributable to changes in the LIBOR index rate, the designated benchmark interest rate being hedged (the "hedged risk"), on an amount of the Company's debt principal equal to the then-outstanding swap notional. The forecasted interest payments are deemed to be probable of occurring. The Company assesses, both at the hedge's inception and on an ongoing basis, hedge effectiveness based on the overall changes in the fair value of the interest rate swap contracts. Hedge effectiveness of the interest rate swap contracts is based on a hypothetical derivative methodology. Any ineffective portion of an interest rate swap contract which is designated as a hedging instrument is recorded in current-period earnings. Changes in fair value of interest rate swap contracts not designated as hedging instruments are also recognized in earnings and included in interest expense. As of December 31, 2018, the Company had interest rate swap contracts outstanding with notional amounts aggregating $100.0 million that are designated as cash flow hedges. The Company's outstanding interest rate swap contracts mature in December 2021. Foreign Currency Exchange Rate Risk We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. To manage foreign currency exchange rate risk, the Company may enter into foreign currency contracts from time to time with financial institutions to limit the exposure to fluctuations in foreign currency exchange rates. The Company does not enter into foreign currency contracts for speculative or trading purposes. In certain circumstances, the Company enters into contracts that are settled in currencies other than the functional or local currencies of the contracting parties. Accordingly, these contracts consist of the underlying operational contract and an embedded foreign currency derivative element. Hedge accounting is not applied to the embedded foreign currency derivative element and changes in their fair values are included in miscellaneous, net in the consolidated statement of income. Other Derivatives The RLJE Warrants held by the Company meet the definition of a derivative. During 2018, the RLJE Warrants were fully exercised (See Note 7). The RLJE Warrants are included in other assets in the consolidated balance sheet as of December 31, 2017. In addition, the interest on the RLJE Term Loans to be paid in shares of RLJE common stock is an embedded derivative. Both the RLJE Warrants and the embedded derivative for the future interest to be paid in shares of RLJE common stock were remeasured at the end of each period with changes in fair value recorded in the consolidated statement of income. For the years ended December 31, 2018 and 2017, the Company recorded a gain of $42.1 million and $24.2 million, respectively, related to these derivatives, which is included in miscellaneous, net in the consolidated statements of income. The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows:
The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows:
The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Operating Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable operating lease agreements which expire at various dates through 2033. The leases generally provide for fixed annual rentals plus certain other costs or credits. Costs associated with such operating leases are recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense for the years ended December 31, 2018, 2017 and 2016 amounted to $38.0 million, $31.7 million and $29.4 million, respectively. The future minimum annual payments for the Company's operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, at rates now in force are as follows:
Capital Leases Future minimum capital lease payments as of December 31, 2018 are as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Tax Cuts and Jobs Act ("TCJA") was enacted on December 22, 2017. The TCJA introduces significant changes in tax law, with certain provisions being effective for the year ended December 31, 2017, however most are effective for tax years beginning after December 31, 2017. Companies are required to recognize the effect of tax law changes in the period of enactment, however, due to the complexities involved in accounting for the enactment of TCJA, SEC Staff Accounting Bulletin ("SAB") 118 allows us to record provisional amounts to reflect the impacts of the TCJA during a one year "measurement period". The Company recorded certain provisional amounts based upon reasonable estimates and completed the analysis of the impacts of the TCJA in order to finalize the measurement period adjustments. The Company recorded a tax benefit of $67.9 million which represents the one-time impact of the change in the corporate tax rate on deferred tax assets and liabilities in the year ended December 31, 2017. Although the accounting related to the rate change was complete, as a result of return to provision adjustments and refining our calculations, the Company recognized an additional benefit of $5.8 million in the year ended December 31, 2018. The one-time transition tax is based on total post-1986 earnings and profits ("E&P") which the Company has previously deferred from U.S. income taxes. An estimated amount was recorded in the year ended December 31, 2017 for the one-time transition tax liability, net of the foreign taxes deemed paid, resulting in an increase in income tax expense of $11.0 million. On the basis of revised E&P computations that were completed during the reporting period, the Company recognized an additional measurement period adjustment of $3.3 million resulting in an additional increase in tax expense. The Company has sufficient foreign tax credits to offset the transition tax. In continuing the analysis of the impact of the TCJA on deferred tax amounts, the Company recorded a discrete tax expense of $15.6 million in the period ended March 31, 2018, resulting from an updated assessment in response to guidance contained in a recently issued IRS notice. This expense relates to a valuation allowance against foreign tax credit carry forwards. There has been no change to this measurement period adjustment and it is determined to be complete. The Company intends to maintain its indefinite reinvestment assertion. The Company’s final policy election is to treat the global intangible low taxed income ("GILTI") tax as a period expense. Income (loss) from continuing operations before income taxes consists of the following components:
Income tax expense attributable to continuing operations consists of the following components:
A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:
The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2018 and 2017 are as follows:
At December 31, 2018, the Company had foreign tax credit carry forwards of approximately $24.1 million, expiring on various dates from 2019 through 2028, which have been reduced by a valuation allowance of $24.1 million as it is more likely than not that these carry forwards will not be realized. The Company had net operating loss carry forwards of approximately $552.2 million, related primarily to federal net operating losses acquired as a result of the purchase of the outstanding shares of RLJE of approximately $124.6 million and to net operating loss carryforwards of our foreign subsidiaries. The deferred tax asset related to the federal net operating loss carryforward of approximately $25.8 million has expiration dates ranging from 2024 through 2036 and has been reduced by a valuation allowance of approximately $4.6 million that was recorded through goodwill as part of purchase accounting. Although the foreign net operating loss carry forward periods range from 5 years to unlimited, the related deferred tax assets of approximately $67.1 million for these carry forwards have been reduced by a valuation allowance of approximately $62.5 million as it is more likely than not that these carry forwards will not be realized. The remainder of the valuation allowance at December 31, 2018 relates primarily to deferred tax assets attributable to temporary differences of certain foreign subsidiaries for which it is more likely than not that these deferred tax assets will not be realized. For the year ended December 31, 2018, $1.3 million relating to amortization of tax deductible second component goodwill was realized as a reduction in tax liability (as determined on a 'with-and-without' approach). At December 31, 2018, the liability for uncertain tax positions was $23.2 million, excluding the related accrued interest liability of $6.1 million and deferred tax assets of $6.0 million. All of such unrecognized tax benefits, if recognized, would reduce the Company's income tax expense and effective tax rate. A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows:
Interest expense (net of the related deferred tax benefit) of $1.3 million was recognized during the year ended December 31, 2018 and is included in income tax expense in the consolidated statement of income. At December 31, 2018 and 2017, the liability for uncertain tax positions and related accrued interest noted above are included in other liabilities in the consolidated balance sheets. Under the Company's Tax Disaffiliation Agreement with Cablevision, Cablevision is liable for all income taxes of the Company for periods prior to the spin-off from Cablevision except for New York City Unincorporated Business Tax. The Company is currently being audited by the State and City of New York and various other states or jurisdictions, with most of the periods under examination relating to tax years 2011 and forward. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | Commitments and Contingencies Commitments
Legal Matters On December 17, 2013, Frank Darabont ("Darabont"), Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, the "2013 Plaintiffs"), filed a complaint in New York Supreme Court in connection with Darabont's rendering services as a writer, director and producer of the television series entitled The Walking Dead and the agreement between the parties related thereto. The Plaintiffs asserted claims for breach of contract, breach of the covenant of good faith and fair dealing, for an accounting and for declaratory relief. On August 19, 2015, Plaintiffs filed their First Amended Complaint (the "Amended Complaint"), in which they retracted their claims for wrongful termination and failure to apply production tax credits in calculating Plaintiffs' contingent compensation. Plaintiffs also added a claim that Darabont is entitled to a larger share, on a percentage basis, of contingent compensation than he is currently being accorded. On September 26, 2016, Plaintiffs filed their note of issue and certificate of readiness for trial, which included a claim for damages of no less than $280 million. The parties each filed motions for summary judgment. Oral arguments of the summary judgment motions took place on September 15, 2017. On April 19, 2018, the Court granted the Company’s motion for leave to submit supplemental summary judgment briefing. A hearing on the supplemental summary judgment submissions was held on June 13, 2018. On December 10, 2018, the Court denied Plaintiffs' motion for partial summary judgment and granted in part Defendants' motion for summary judgment, dismissing four of Plaintiffs' causes of action. The Company believes that the remaining claims are without merit, denies the allegations and continues to defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. On January 18, 2018, the 2013 Plaintiffs filed a second action in New York Supreme Court in connection with Darabont’s services on The Walking Dead television series and agreements between the parties related thereto. The claims in the action allegedly arise from Plaintiffs' audit of their participation statements covering the accounting period from inception of The Walking Dead through September 30, 2014. Plaintiffs seek no less than $20 million in damages on claims for breach of contract, breach of the covenant of good faith and fair dealing, and declaratory relief. The Company filed an Answer to the Complaint on April 16, 2018. On August 30, 2018, Plaintiff's filed an Amended Complaint, and on September 19, 2018, the Company answered. The parties have agreed to consolidate this action for a joint trial with the action Plaintiffs filed in the New York Supreme Court on December 17, 2013. The trial is scheduled to begin on May 4, 2020. The Company believes that the asserted claims are without merit, denies the allegations and will defend the case vigorously. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. On August 14, 2017, Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the "California Plaintiffs") filed a complaint in California Superior Court in connection with California Plaintiffs’ rendering of services as writers and producers of the television series entitled The Walking Dead, as well as Fear the Walking Dead and/or Talking Dead, and the agreements between the parties related thereto (the "California Action"). The California Plaintiffs asserted that the Company has been improperly underpaying the California Plaintiffs under their contracts with the Company and they assert claims for breach of contract, breach of the covenant of good faith and fair dealing, inducing breach of contract, and liability for violation of Cal. Bus. & Prof. Code § 17200. On August 15, 2017, two of the California Plaintiffs, Gale Anne Hurd and David Alpert (and their associated loan-out companies), along with Charles Eglee and his loan-out company, United Bongo Drum, Inc., filed a complaint in New York Supreme Court alleging nearly identical claims as the California Action (the "New York Action"). Hurd, Alpert, and Eglee filed the New York Action in connection with their contract claims involving The Walking Dead because their agreements contained exclusive New York jurisdiction provisions. On October 23, 2017, the parties stipulated to discontinuing the New York Action without prejudice and consolidating all of the claims in the California Action. The California Plaintiffs seek compensatory and punitive damages and restitution. The Company filed an Answer on April 30, 2018 and believes that the asserted claims are without merit and will vigorously defend against them. The parties are presently engaged in fact discovery. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company. The Company is party to various lawsuits and claims in the ordinary course of business, including the matters described above. Although the outcome of these matters cannot be predicted with certainty and while the impact of these matters on the Company's results of operations in any particular subsequent reporting period could be material, management does not believe that the resolution of these matters will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due. |
Redeemable Noncontroling Interests |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests In connection with the 2018 acquisition of RLJE, the terms of the operating agreement provide the noncontrolling member with a right to put all of its noncontrolling interest to a subsidiary of the Company at the greater of the then fair market value or enterprise value of RLJE, in each case pursuant to the operating agreement and applied to the equity interest. The put option is exercisable following the seventh anniversary of the agreement, or earlier upon a change of control. In connection with the 2018 acquisition of Levity, the terms of the operating agreement provide the noncontrolling interest holders with a right to put 50% of their interests to a subsidiary of the Company on the fourth anniversary of the agreement and a right to put all of their interests to the Company on the sixth anniversary of the agreement. The put rights are at fair market value. In 2014, the Company, through a wholly-owned subsidiary, acquired 49.9% of the limited liability company interests of New Video Channel America L.L.C, that owns the cable channel BBC AMERICA. In connection with acquisition, the terms of the agreement provide the BBC with a right to put all of its 50.1% noncontrolling interest to a subsidiary of the Company at the greater of the then fair value or the fair value of the initial equity interest at the closing date of the agreement. The put option is exercisable on the fifteenth and twenty-fifth anniversary of the joint venture agreement. In connection with the creation of another joint venture entity in 2013, the terms of the agreement provide the noncontrolling member with a right to put all of its interest to a subsidiary of the Company at the then fair value. Because exercise of these put rights is outside the Company's control, the noncontrolling interest in each entity is presented as redeemable noncontrolling interest outside of stockholders' equity on the Company's consolidated balance sheet. The activity reflected within redeemable noncontrolling interest for the year ended December 31, 2018 and 2017 is presented below.
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Equity and Long-Term Incentive Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity And Long-Term Incentive Plans | Equity and Long-Term Incentive Plans On June 8, 2016, the Company's shareholders approved the AMC Networks Inc. 2016 Employee Stock Plan (the "2016 Employee Stock Plan") and the AMC Networks Inc. 2016 Executive Cash Incentive Plan (the "2016 Cash Incentive Plan"). On June 5, 2012, the Company's shareholders approved the AMC Networks Inc. 2011 Stock Plan for Non-Employee Directors (the "2011 Non-Employee Director Plan"). Equity Plans The 2016 Employee Stock Plan provides for the grants of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares, restricted stock units and other equity-based awards (collectively, "awards"). Under the 2016 Employee Stock Plan, the Company may grant awards for up to 6,000,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Equity-based awards granted under the 2016 Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2016 Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors ("Compensation Committee") and may include terms or conditions based upon performance criteria. Awards issued to employees under the 2016 Employee Stock Plan will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. As of December 31, 2018, there are 2,515,761 share awards available for future grant under the 2016 Employee Stock Plan. For the purpose of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, awards containing performance criteria are excluded based on the maximum potential performance target that can be achieved. Under the 2011 Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, restricted stock units, restricted shares, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 465,000 shares of AMC Networks Class A Common Stock (subject to certain adjustments). Stock options under the 2011 Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of AMC Networks Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant. The terms and conditions of awards granted under the 2011 Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, stock options granted under this plan will be fully vested and exercisable, and restricted stock units granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. As of December 31, 2018, there are 156,023 shares available for future grant under the 2011 Non-Employee Director Plan. Restricted Stock Unit Activity The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2018:
All restricted stock units granted vest ratably over a three or four year period. The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three year period. The number of shares issuable at the end of the applicable measurement period ranges from 0% to 200% of the target PRSU award. The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2018:
Stock Option Award Activity The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2018:
Share-based Compensation Expense The Company recorded share-based compensation expense of $61.0 million, $53.5 million and $38.9 million, reduced for forfeitures, for the years ended December 31, 2018, 2017 and 2016, respectively. Forfeitures are estimated based on historical experience. To the extent actual results of forfeitures differ from those estimates, such amounts are recorded as an adjustment in the period the estimates are revised. Share-based compensation expense is recognized in the consolidated statements of income as part of selling, general and administrative expenses. As of December 31, 2018, there was $88.9 million of total unrecognized share-based compensation costs related to Company employees who held unvested AMC Networks restricted stock units and options. The unrecognized compensation cost is expected to be recognized over a weighted-average remaining period of approximately 2.25 years. There were no costs related to share-based compensation that were capitalized. The Company receives income tax deductions related to restricted stock units, stock options or other equity awards granted to its employees by the Company. The Company uses the 'with-and-without' approach to determine the recognition and measurement of excess tax benefits and deficiencies. Cash flows resulting from excess tax benefits and deficiencies are classified along with other income tax cash flows as an operating activity for the year ended December 31, 2018 and as cash flows from financing activities for the years ended December 31, 2017 and 2016. Excess tax benefits are realized tax benefits from tax deductions for options exercised and restricted shares issued, in excess of the deferred tax asset attributable to stock compensation costs for such awards. Excess tax deficiencies are realized deficiencies from tax deductions being less than the deferred tax asset. Excess tax deficiencies of $2.0 million and $2.2 million, and $0.8 million of a tax benefit were recorded for the years ended December 31, 2018, 2017 and 2016, respectively. Long-Term Incentive Plans Under the terms of the 2016 Cash Incentive Plan, the Company is authorized to grant a cash or equity based award to certain employees. The terms and conditions of such awards are determined by the Compensation Committee of the Company's Board of Directors, may include the achievement of certain performance criteria and may extend for a period not to exceed ten years. Beginning in 2016, the Company has granted long-term incentive awards in the form of PRSUs whereas cash awards were issued in prior years. In connection with the long-term incentive awards outstanding, the Company recorded expense of $1.3 million, $7.5 million and $15.1 million for the years ended December 31, 2018, 2017 and 2016 respectively. |
Benefit Plans |
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Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Certain employees of the Company participate in the AMC Networks 401(k) Savings Plan (the "401(k) Plan"), a qualified defined contribution plan, and the AMC Networks Excess Savings Plan (the "Excess Savings Plan"), a non-qualified deferred compensation plan. Under the 401(k) Plan, participating Company employees may contribute into their plan accounts a percentage of their eligible pay on a before-tax basis as well as a percentage of their eligible pay on an after-tax basis. The Company makes matching contributions on behalf of participating employees in accordance with the terms of the 401(k) Plan. In addition to the matching contribution, the Company may make a discretionary year-end contribution to employee 401(k) Plan and Excess Savings Plan accounts, subject to certain conditions. Total expense related to all benefit plans was $5.9 million, $9.1 million and $10.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company does not provide postretirement benefits for any of its employees. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On June 30, 2011, Cablevision spun off the Company (the "Distribution") and the Company became an independent public company. At the time of the Distribution, both Cablevision and AMC Networks were controlled by Charles F. Dolan, certain members of his immediate family and certain family related entities (collectively the "Dolan Family"). Members of the Dolan Family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan Family, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 3% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 73% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan Family are also the controlling stockholders of The Madison Square Garden Company ("MSG") and MSG Networks Inc. ("MSG Networks"). Prior to June 21, 2016, members of the Dolan Family were also the controlling stockholders of Cablevision. On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan Family no longer being controlling stockholders of the surviving company, Altice USA. Accordingly, Altice USA is not a related party of AMC Networks. In connection with the Distribution, the Company entered into various agreements with Cablevision that govern certain of the Company's relationships with Cablevision subsequent to the Distribution. These agreements include arrangements with respect to transition services and a number of on-going commercial relationships. The distribution agreement includes an agreement that the Company and Cablevision agree to provide each other with indemnities with respect to liabilities arising out of the businesses Cablevision transferred to the Company. In addition, the Company provides services to and receives services from MSG and MSG Networks. Revenues, net The Company recorded affiliation fee revenues earned under affiliation agreements with subsidiaries of Cablevision. In addition, AMC Networks Broadcasting & Technology has entered into agreements with MSG Networks to provide various transponder, technical and support services through 2020. Revenues, net from related parties amounted to $5.6 million, $6.2 million and $15.9 million for the years ended December 31, 2018, 2017 and 2016, respectively. Selling, General and Administrative Amounts charged to the Company, included in selling, general and administrative expenses, pursuant to a transition services agreement and for other transactions with its related parties amounted to $1.6 million, $1.5 million and $3.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. In connection with the Distribution, Cablevision and AMC Networks entered into a transition services agreement under which, in exchange for the fees specified in such agreement, Cablevision agreed to provide transition services with regard to such areas as accounting, information systems, risk management and employee services, compensation and benefits. Under the transition services agreement, AMC Networks also provides certain services to Cablevision and MSG on behalf of Cablevision. This agreement was terminated effective June 21, 2016. On June 16, 2016, AMC Networks entered into an arrangement with the Dolan Family Office, LLC ("DFO"), MSG and MSG Networks providing for the sharing of certain expenses associated with executive office space which will be available to Charles F. Dolan (the Executive Chairman and a director of the Company and a director of MSG and MSG Networks), James L. Dolan (the Executive Chairman and a director of MSG and MSG Networks and a director of the Company), and the DFO which is controlled by Charles F. Dolan. The Company's share of initial set-up costs and office expenses is not material. |
Cash Flows |
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Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows | Cash Flows During 2018, 2017 and 2016, the Company's non-cash investing and financing activities and other supplemental data were as follows:
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table details the components of accumulated other comprehensive loss:
(a) Effective January 1, 2018, upon adoption of ASU 2016-01, unrealized gains and losses on equity investments with readily determinable fair values are recorded in miscellaneous expense, net. The Company recorded a transition adjustment to reclassify prior period amounts in other comprehensive income to retained earnings. Amounts reclassified to net earnings for gains and losses on cash flow hedges designated as hedging instruments are included in interest expense in the consolidated statements of income. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company classifies its operations into two operating segments: National Networks and International and Other. These operating segments represent strategic business units that are managed separately. The Company generally allocates all corporate overhead costs within operating expenses to the Company's two operating segments based upon their proportionate estimated usage of services, including such costs as executive salaries and benefits, costs of maintaining corporate headquarters, facilities and common support functions (such as human resources, legal, finance, strategic planning and information technology) as well as sales support functions and creative and production services. The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment adjusted operating income ("AOI"), a non-GAAP measure. The Company defines AOI as operating income (loss) before depreciation and amortization, share-based compensation expense or benefit, impairment and related charges (including gains or losses on sales or dispositions of businesses), restructuring expense or credit and the Company’s proportionate share of adjusted operating income (loss) from greater than 50% owned equity method investees. The Company has presented the components that reconcile adjusted operating income to operating income, an accepted GAAP measure, and other information as to the continuing operations of the Company's operating segments below.
Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment.
One customer primarily within the National Networks segment accounted for approximately 10% revenues, net for the year ended December 31, 2018 and 11% of consolidated revenues, net for the years ended December 31, 2017 and 2016, respectively. The table below summarizes revenue based on customer location:
The table below summarizes property and equipment based on asset location:
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Condensed Consolidating Financial Information |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Debt of AMC Networks includes $600.0 million of 4.75% Notes due December 2022 and $1.0 billion of 5.00% Notes due April 2024 and $800.0 million of 4.75% Notes due August 2025. All outstanding senior notes issued by AMC Networks are guaranteed on a senior unsecured basis by certain of its existing and future domestic restricted subsidiaries (the "Guarantor Subsidiaries"). All Guarantor Subsidiaries are owned 100% by AMC Networks. The outstanding notes are fully and unconditionally guaranteed by the Guarantor Subsidiaries on a joint and several basis. Set forth below are condensed consolidating financial statements presenting the financial position, results of operations, comprehensive income, and cash flows of (i) the Parent Company, (ii) the Guarantor Subsidiaries on a combined basis (as such guarantees are joint and several), (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the "Non-Guarantor Subsidiaries") on a combined basis and (iv) reclassifications and eliminations necessary to arrive at the information for the Company on a consolidated basis. Basis of Presentation In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company's interests in the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (ii) the Guarantor Subsidiaries' interests in the Non-Guarantor Subsidiaries, even though all such subsidiaries meet the requirements to be consolidated under GAAP. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column "Eliminations." The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries.
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Interim Financial Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2018 and 2017:
The results for the fourth quarter of 2017 were impacted by the enactment of the Tax Cuts and Jobs Act. Specifically, the Company recorded a tax benefit of $56.9 million which represents the one-time impact of the change in the corporate tax rate on deferred tax assets and liabilities, partially offset by the one-time transition tax liability, net of foreign taxes deemed paid. |
Schedule II Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure |
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Description of Business and Basis of Presentation (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy | Principles of Consolidation The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIE's") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets. |
Reclassification, Policy | Reclassifications Certain reclassifications were made to the prior period amounts to conform to the current period presentation. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy | Revenue Recognition The Company primarily earns revenue from the distribution of its programming services, including licensing of its programming and other content, and advertising. Revenue is recognized when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer ("transaction price"). The Company’s revenue recognition policies associated with each major source of revenue from contracts with customers are described in Note 3 Revenue Recognition. The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results as of and for the year ended December 31, 2018 reflect the application of the new standard, while the reported results for 2017 have not been adjusted to reflect the new standard and were prepared under prior revenue recognition accounting guidance. The adoption of the new standard did not result in significant changes in the way the Company records distribution and advertising revenues. However, as a result of applying the new standard, there are certain components of the Company’s distribution revenues where the new standard generally results in earlier recognition of revenue compared to its policies prior to adoption due to: (i) the requirement to estimate and recognize variable consideration prior to such amounts becoming fixed and determinable, (ii) recognition of royalties in the period of usage, and (iii) recognition of certain arrangements with minimum guarantees on a time-based (straight-line) basis. See Note 3 Revenue Recognition for more information. As a result of adopting Topic 606, the Company recorded an increase to opening retained earnings of approximately $12.8 million, net of tax, as of January 1, 2018. The following table provides changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance.
The amount by which each financial statement line item has been affected in the current reporting period by the application of Topic 606 compared to historical policies is not material, therefore, comparative disclosures have been omitted. |
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Techincal and Operating Expenses, Policy | Technical and Operating Expenses Costs of revenues, including but not limited to programming expense, primarily consisting of amortization or write-offs of programming rights, such as those for original programming, feature films and licensed series, participation and residual costs, distribution and production related costs and program delivery costs, such as transmission, encryption, hosting and formatting are classified as technical and operating expenses in the consolidated statements of income. |
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Advertising and Distribution Expenses, Policy | Advertising and Distribution Expenses Advertising costs are charged to expense when incurred and are included in selling, general and administrative expenses in the consolidated statements of income. Advertising costs were $196.0 million, $200.4 million and $222.1 million for the years ended December 31, 2018, 2017 and 2016, respectively. Marketing, distribution and general and administrative costs related to the exploitation of owned original programming are expensed as incurred and is included in selling, general and administrative expenses in the consolidated statements of income. |
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Share-based Compensation, Policy | Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the portion of awards that are ultimately expected to vest. The cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award using a straight-line amortization method, except for restricted stock units granted to non-employee directors which vest 100%, and are expensed, at the date of grant. Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of income. |
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Foreign Currency, Policy | Foreign Currency The reporting currency of the Company is the U.S. dollar. The functional currency of most of the Company's international subsidiaries is the local currency. Assets and liabilities, including intercompany balances for which settlement is anticipated in the foreseeable future, are translated at exchange rates in effect at the balance sheet date. Foreign currency equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of other comprehensive income ("OCI") in the consolidated statements of stockholders' equity (deficiency). Transactions denominated in currencies other than subsidiaries' functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. The Company recognized foreign currency transaction gains (losses) (realized and unrealized) of $(6.8) million, $15.0 million and $(39.0) million for the years ended December 31, 2018, 2017 and 2016, respectively, which are included in miscellaneous, net in the consolidated statements of income. |
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Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The Company's cash investments are placed with money market funds and financial institutions that are investment grade as rated by Standard & Poor's and Moody's Investors Service. The Company selects money market funds that predominantly invest in marketable, direct obligations issued or guaranteed by the U.S. government or its agencies, commercial paper, fully collateralized repurchase agreements, certificates of deposit, and time deposits. The Company considers the balance of its investment in funds that hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. |
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Accounts Receivable, Trade, Policy | Accounts Receivable, Trade The Company periodically assesses the adequacy of valuation allowances for uncollectible accounts receivable by evaluating the collectability of outstanding receivables and general factors such as length of time individual receivables are past due, historical collection experience, and the economic and competitive environment. As of December 31, 2018 and 2017, the Company had $182.1 million and $150.2 million, respectively, of accounts receivable contractually due in excess of one-year, which are included in other assets in the consolidated balance sheets. |
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Program Rights, Policy | Program Rights Rights to programming, including feature films and episodic series, acquired under license agreements are stated at the lower of unamortized cost or net realizable value. Such licensed rights along with the related obligations are recorded at the contract value when a license agreement is executed, unless there is uncertainty with respect to either cost, acceptability or availability. If such uncertainty exists, those rights and obligations are recorded at the earlier of when the uncertainty is resolved or the license period begins. Costs are amortized to technical and operating expense on a straight-line or accelerated basis over a period not to exceed the respective license periods. The Company's owned original programming is primarily produced by production companies, with the remainder produced by the Company. Owned original programming costs, including estimated participation and residual costs, qualifying for capitalization as program rights are amortized to technical and operating expense over their estimated useful lives, commencing upon the first airing, based on attributable revenue for airings to date as a percentage of total projected attributable revenue, or ultimate revenue (individual-film-forecast-computation method). Projected attributable revenue is based on previously generated revenues for similar content in established markets, primarily consisting of distribution and advertising revenues, and projected program usage. Projected program usage is based on the Company's current expectation of future exhibitions taking into account historical usage of similar content. Projected attributable revenue can change based upon programming market acceptance, levels of distribution and advertising revenue and decisions regarding planned program usage. These calculations require management to make assumptions and to apply judgment regarding revenue and planned usage. Accordingly, the Company periodically reviews revenue estimates and planned usage and revises its assumptions if necessary, which could impact the timing of amortization expense or result in a write-down to fair value. Any capitalized development costs for programs that the Company determines will not be produced are also written off. The Company periodically reviews the programming usefulness of its licensed and owned original program rights based on a series of factors, including expected future revenue generation from airings on the Company's networks and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If it is determined that film or other program rights have limited, or no, future programming usefulness, a write-off of the unamortized cost is included in technical and operating expense. See Note 6 for further discussion regarding program rights write-offs. |
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Investments, Policy | Investments Investments (excluding equity method investments) in equity securities with readily determinable fair values are accounted for at fair value. The Company applies the measurement alternative to fair value for equity securities without readily determinable far values, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. All gains and losses related to equity securities are recorded in earnings as a component of miscellaneous, net, in the consolidated statements of income. Investments in which the Company has the ability to exercise significant influence but does not control and is not the primary beneficiary are equity method investments. Significant influence typically exists if the Company has a 20% to 50% ownership interest in a venture unless persuasive evidence to the contrary exists. Under this method of accounting, the Company records its proportionate share of the net earnings or losses of equity method investees and a corresponding increase or decrease to the investment balances. Cash payments to equity method investees such as additional investments, loans and advances and expenses incurred on behalf of investees as well as payments from equity method investees such as dividends, distributions and repayments of loans and advances are recorded as adjustments to investment balances. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. |
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Goodwill and Indefinite-Lived Intangible Assets, Policy | Long-Lived Assets and Amortizable Intangible Assets Property and equipment are carried at cost. Equipment under capital leases is recorded at the present value of the total minimum lease payments. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the assets' useful lives and reported in depreciation and amortization in the consolidated statements of income. Amortizable intangible assets established in connection with business combinations primarily consist of affiliate and customer relationships, advertiser relationships and tradenames. Amortizable intangible assets are amortized on a straight-line basis over their respective estimated useful lives. The Company reviews its long-lived assets (property and equipment, and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted and without interest, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value. Goodwill and Indefinite-Lived Intangible Assets Goodwill Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized, but instead are tested annually for impairment and upon the occurrence of certain events or substantive changes in circumstances. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity may bypass the qualitative assessment for any reporting unit and proceed directly to step one of the quantitative impairment test. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test calculates any goodwill impairment as the difference between the carrying amount of a reporting unit and its fair value, but not to exceed the carrying amount of goodwill. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets established in connection with business combinations consist of trademarks. The impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
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Deferred Carriage Fees, Policy | Deferred Carriage Fees Deferred carriage fees represent amounts principally paid to multichannel video programming distributors to obtain additional subscribers and/or guarantee carriage of certain programming services and are amortized as a reduction of revenue over the period of the related affiliation arrangement (up to 10 years). |
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Derivative Financial Instruments, Policy | Derivative Financial Instruments The Company's derivative financial instruments are recorded as either assets or liabilities in the consolidated balance sheet based on their fair values. The Company's embedded derivative financial instruments which are clearly and closely related to the host contracts are not accounted for on a stand-alone basis. Changes in the fair values are reported in earnings or other comprehensive income depending on the use of the derivative and whether it qualifies for hedge accounting. Derivative instruments are designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For derivatives not designated as hedges, changes in fair values are recognized in earnings and included in interest expense, for interest rate swap contracts and miscellaneous, net, for foreign currency and other derivative contracts. For derivatives designated as effective cash flow hedges, changes in fair values are recognized in other comprehensive income (loss). Changes in fair values related to fair value hedges as well as the ineffective portion of cash flow hedges are recognized in earnings. Changes in the fair value of the underlying hedged item of a fair value hedge are also recognized in earnings. See Note 14 for a further discussion of the Company's derivative financial instruments. |
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Income Taxes, Policy | Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and estimates with regard to the liability for unrecognized tax benefits resulting from uncertain tax positions. Deferred tax assets are evaluated quarterly for expected future realization and reduced by a valuation allowance to the extent management believes it is more likely than not that a portion will not be realized. The Company provides deferred taxes for the outside basis difference for its investment in partnerships. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. |
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Commitments and Contingencies, Policy | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the contingency can be reasonably estimated. |
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Concentration of Credit Risk, Policy | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. Cash is invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. As of December 31, 2018, two customers accounted for 13% and 12%, respectively, of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year (included in other assets). As of December 31, 2017, one customer accounted for 20% of the combined balances of consolidated accounts receivable, trade and receivables due in excess of one-year. |
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Redeemable Noncontrolling Interests, Policy | Redeemable Noncontrolling Interests Noncontrolling interest with redemption features, such as put options, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are considered to be temporary equity and are reported in the mezzanine section between total liabilities and stockholders' equity (deficiency) in the Company's consolidated balance sheet at the greater of the initial carrying amount, increased or decreased for contributions, distributions and the noncontrolling interest's share of net income or loss, or its redemption value. |
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Net Income per Share, Policy | Net Income per Share The consolidated statements of income present basic and diluted net income per share ("EPS"). Basic EPS is based upon net income divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effects of AMC Networks outstanding equity-based awards. The following is a reconciliation between basic and diluted weighted average shares outstanding:
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Common Stock of AMC Networks, Policy | Common Stock of AMC Networks Each holder of AMC Networks Class A Common Stock has one vote per share while holders of AMC Networks Class B Common Stock have ten votes per share. AMC Networks Class B shares can be converted to AMC Networks Class A Common Stock at any time with a conversion ratio of one AMC Networks Class A common share for one AMC Networks Class B common share. The AMC Networks Class A stockholders are entitled to elect 25% of the Company's Board of Directors. AMC Networks Class B stockholders have the right to elect the remaining members of the Company's Board of Directors. In addition, AMC Networks Class B stockholders are parties to an agreement which has the effect of causing the voting power of these AMC Networks Class B stockholders to be cast as a block. Stock Repurchase Program The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the year ended December 31, 2018, the Company repurchased 5.4 million shares of its Class A common stock at an average purchase price of $52.56 per share. As of December 31, 2018, the Company has $559.4 million available for repurchase under the Stock Repurchase Program.
*Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. |
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New Accounting Pronouncements, Policy | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to record most of their leases on the balance sheet, which will be recognized as a right-of-use asset and a lease liability. The Company will be required to classify each separate lease component as an operating or finance lease at the lease commencement date. Initial measurement of the right-of-use asset and lease liability is the same for operating and finance leases, however expense recognition and amortization of the right-of-use asset differs. Operating leases will reflect lease expense on a straight-line basis similar to current operating leases. The straight-line expense will reflect the interest expense on the lease liability (effective interest method) and amortization of the right-of-use asset, which will be presented as a single line item in the operating expense section of the income statement. Finance leases will reflect a front-loaded expense pattern similar to the pattern for current capital leases. ASU 2016-02 is effective for the first quarter of 2019, with early adoption permitted. The adoption will include updates provided under ASU 2018-10, Codification Improvements to Topic 842, Leases, as well as ASU 2018-11, Leases (Topic 842), Targeted Improvements. The Company will adopt the standard as of January 1, 2019, using the cumulative effect method of adoption. Accordingly, prior periods will not be restated. We expect to record a right-of-use asset and lease liability of approximately $235 million upon adoption, primarily related to real estate leases. The adoption will not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820). ASU 2018-13 changes the disclosure requirements for fair value measurements and is effective for the first quarter of 2020, with early adoption permitted. ASU 2018-13 changes disclosure requirements related to transfers between Level I and II assets, as well as several aspects surrounding the valuation process and unrealized gains and losses related to Level III assets. The Company is currently evaluating the impact the adoption of the modified disclosure requirements will have on its consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table provides changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance.
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Schedule of Weighted Average Number of Shares | The following is a reconciliation between basic and diluted weighted average shares outstanding:
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Schedule of Stock by Class |
*Reflects common stock activity in connection with restricted stock units and stock options granted to employees, as well as in connection with the fulfillment of employees' statutory tax withholding obligations for applicable income and other employment taxes and forfeited employee restricted stock units. |
Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
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Restructuring (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | The following table summarizes the restructuring charges recognized in 2018:
In 2017, the Company incurred restructuring expense related to corporate headquarters severance costs and charges incurred at AMCNI related to costs associated with the termination of distribution in certain territories. In 2016, the Company launched a restructuring initiative that involved modifications to the organizational structure which resulted in reduced employee costs and operating expenses primarily through a voluntary buyout program offered to certain employees. The year ended December 31, 2016 also included the impact of elimination of distribution of certain channels in certain territories. The following table summarizes the restructuring expense (credit) recognized by operating segment:
(1) Restructuring expense in the International and Other segment includes $9.4 million of corporate headquarters severance charges. |
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Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the accrued restructuring costs:
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Program Rights and Obligations (Tables) |
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Film Cost Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Amounts Payable For Program Rights Obligations | Amounts payable subsequent to December 31, 2018 related to program rights obligations included in the consolidated balance sheet are as follows:
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Business Combinations (Tables) |
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Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information is based on (i) the historical financial statements of AMC Networks, (ii) the historical financial statements of RLJE and (iii) the historical financial statements of Levity and is intended to provide information about how the acquisitions may have affected the Company's historical consolidated financial statements if they had occurred as of January 1, 2017. The unaudited pro forma information has been prepared for comparative purposes only and includes adjustments for estimated additional depreciation and amortization expense as a result of tangible and identifiable intangible assets acquired. The pro forma information is not necessarily indicative of the results of operations that would have been achieved had the acquisition taken place on the date indicated or that may result in the future.
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary valuation of the tangible and identifiable intangible assets acquired and liabilities assumed as of October 1, 2018, the date the Company obtained a controlling interest (in thousands).
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary valuation of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands).
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Property and Equipment (Tables) |
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Property, Plant and Equipment | Property and equipment (including equipment under capital leases) consists of the following:
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Schedule of Capital Leased Assets | At December 31, 2018 and 2017, the gross amount of equipment and related accumulated amortization recorded under capital leases were as follows:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying amount of goodwill, by operating segment is as follows:
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Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company's identifiable intangible assets:
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Schedule of Indefinite-Lived Intangible Assets | The following table summarizes information relating to the Company's identifiable intangible assets:
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Schedule of Estimated Amortization Expense | Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:
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Accrued Liabilities (Tables) |
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Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consist of the following:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The Company's long-term debt consists of:
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Schedule of Maturities of Long-term Debt | Total amounts payable by the Company under its various debt obligations (excluding capital leases) outstanding as of December 31, 2018 are as follows:
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Fair Value Measurement (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 and December 31, 2017:
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Carrying Values And Fair Values Of The Company's Financial Instruments | The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the consolidated balance sheets are summarized as follows:
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Derivative Instruments Included In Balance Sheets | The fair values of the Company's derivative financial instruments included in the consolidated balance sheets are as follows:
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Schedule Of Gains And Losses Related To Derivative Instruments | The amount of the gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows:
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The amount of the gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum annual payments for the Company's operating leases (with initial or remaining terms in excess of one year) during the next five years and thereafter, at rates now in force are as follows:
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Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum capital lease payments as of December 31, 2018 are as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following components:
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to continuing operations consists of the following components:
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Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:
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Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2018 and 2017 are as follows:
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Schedule Of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | Commitments
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Redeemable Noncontrolling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | The activity reflected within redeemable noncontrolling interest for the year ended December 31, 2018 and 2017 is presented below.
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Equity and Long-Term Incentive Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2018:
All restricted stock units granted vest ratably over a three or four year period. The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three year period. The number of shares issuable at the end of the applicable measurement period ranges from 0% to 200% of the target PRSU award. The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2018:
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Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2018:
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Cash Flows (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Non-Cash Activities And Other Supplemental Data | During 2018, 2017 and 2016, the Company's non-cash investing and financing activities and other supplemental data were as follows:
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Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of accumulated other comprehensive loss:
(a) Effective January 1, 2018, upon adoption of ASU 2016-01, unrealized gains and losses on equity investments with readily determinable fair values are recorded in miscellaneous expense, net. The Company recorded a transition adjustment to reclassify prior period amounts in other comprehensive income to retained earnings. |
Segment Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
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Summary Of Inter-segment Eliminations | Inter-segment eliminations are primarily licensing revenues recognized between the National Networks and International and Other segments as well as revenues recognized by AMC Networks Broadcasting & Technology for transmission revenues recognized from the International and Other operating segment.
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Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The table below summarizes revenue based on customer location:
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Long-lived Assets by Geographic Areas | The table below summarizes property and equipment based on asset location:
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Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | The accounting basis in all subsidiaries, including goodwill and identified intangible assets, have been allocated to the applicable subsidiaries.
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Condensed Consolidating Income Statement |
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Condensed Consolidating Statement of Comprehensive Income |
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Condensed Consolidating Cash Flow Statement |
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Interim Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following is a summary of the Company's selected quarterly financial data for the years ended December 31, 2018 and 2017:
|
Description Of Business And Basis Of Presentation (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018
segment
country
network
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Operating Segments | segment | 2 |
Number of Nationally Distributed Programming Networks | network | 5 |
Number of Countries in which Entity Operates | country | 130 |
Summary of Significant Accounting Policies (Schedule of New Accounting Pronouncements) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Assets, Current | $ 1,963,411 | $ 1,883,508 | $ 1,870,004 |
Total assets | 5,278,563 | 5,052,884 | 5,032,985 |
Liabilities, Current | 797,421 | 744,937 | 744,102 |
Liabilities | $ 4,633,797 | 4,657,551 | 4,650,436 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Assets, Current | 1,879,850 | ||
Total assets | 5,032,985 | ||
Liabilities, Current | 744,102 | ||
Liabilities | $ 4,650,436 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Assets, Current | 3,658 | ||
Total assets | 19,899 | ||
Liabilities, Current | 835 | ||
Liabilities | $ 7,115 |
Summary of Significant Accounting Policies (Net Income Per Share) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted Average Number of Shares Outstanding, Basic | 58,066 | 64,905 | 71,746 |
Weighted Average Number of Shares Outstanding, Diluted | 58,947 | 65,625 | 72,410 |
Employee Stock Option [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 15 | 1 | 13 |
Restricted Stock Units (RSUs) [Member] | |||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 866 | 719 | 651 |
Summary of Significant Accounting Policies (Schedule of Stock by Class) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Common Class A [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 49,601,184 | 57,079,000 | 60,910,000 |
Share repurchases | (5,400,000) | (7,790,000) | (4,120,000) |
Employee and non-employee director stock transactions | 534,000 | 312,000 | 289,000 |
Ending Balance (in shares) | 44,748,605 | 49,601,184 | 57,079,000 |
Common Class B [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance (in shares) | 11,484,408 | 11,484,000 | 11,484,000 |
Share repurchases | 0 | 0 | 0 |
Employee and non-employee director stock transactions | 0 | 0 | 0 |
Ending Balance (in shares) | 11,484,408 | 11,484,408 | 11,484,000 |
Revenue Recognition (Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Liability, Revenue Recognized | $ 71.1 |
Revenue Recognition (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts Receivable, Net | $ 1,018,105 | $ 926,089 |
Contract with Customer, Asset, Net, Current | 9,131 | 0 |
Contract with Customer, Asset, Net, Noncurrent | 8,136 | 0 |
Contract with Customer, Liability, Current | $ 55,424 | $ 46,433 |
Impairment and Related Charges (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Supplemental Income Statement Elements [Abstract] | |||
Impairment and related charges | $ 4,486 | $ 28,148 | $ 67,805 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (11,000) | ||
Other Asset Impairment Charges | $ 4,486 | $ 17,112 | 67,805 |
Impairment of Real Estate | 22,900 | ||
Impairment of Intangible Assets, Finite-lived | 17,700 | ||
Goodwill, Impairment Loss | $ 27,200 |
Restructuring Restructuring (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring expense | $ 45,847 | $ 6,128 | $ 29,503 |
Restructuring Reserve, Current | 29,100 | ||
Restructuring Reserve, Noncurrent | 6,100 | ||
Employee Severance [Member] | |||
Restructuring expense | 35,965 | 2,543 | |
Other Restructuring [Member] | |||
Restructuring expense | 9,882 | 3,585 | |
International And Other [Member] | |||
Restructuring expense | 35,189 | $ 6,181 | $ 20,987 |
International And Other [Member] | Employee Severance [Member] | |||
Restructuring expense | $ 9,400 |
Restructuring (Schedule of Restructuring Reserve by Type of Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 1,236 | $ 12,311 | |
Charges | 45,847 | 6,128 | $ 29,503 |
Other | (882) | ||
Cash payments | (3,554) | (13,592) | |
Non-cash adjustments | (7,440) | (3,583) | |
Currency translation | (18) | (28) | |
Restructuring Reserve | 35,189 | 1,236 | 12,311 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 1,212 | 12,106 | |
Charges | 35,965 | 2,543 | |
Other | (137) | ||
Cash payments | (3,257) | (13,440) | |
Non-cash adjustments | 0 | 2 | |
Currency translation | (9) | 1 | |
Restructuring Reserve | 33,774 | 1,212 | 12,106 |
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 24 | 205 | |
Charges | 9,882 | 3,585 | |
Other | (745) | ||
Cash payments | (297) | (152) | |
Non-cash adjustments | (7,440) | (3,585) | |
Currency translation | (9) | (29) | |
Restructuring Reserve | $ 1,415 | $ 24 | $ 205 |
Program Rights and Obligations (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Film Cost Disclosures [Abstract] | |||
Program rights, completed programming | $ 391.8 | ||
Program rights, in production programming | $ 166.4 | ||
Owned original program rights expected to be amortized within three years | 89.00% | ||
Program rights expected to be paid within twelve months | $ 225.2 | ||
Program rights write offs | $ 50.5 | $ 49.4 | $ 26.2 |
Program Rights and Obligations (Schedule of Future Payments) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Program Rights Obligations [Abstract] | |
2019 | $ 343,589 |
2020 | 192,847 |
2021 | 93,604 |
2022 | 51,952 |
2023 | 18,586 |
Thereafter | 16,260 |
Program Rights Obligations, Total Future Payments Due | $ 716,838 |
Business Combinations (Schedule of Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 3,087 | $ 3,033 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ 426 | $ 459 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 7.34 | $ 7.06 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 7.23 | $ 6.99 |
Investments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2018 |
Mar. 05, 2018 |
Dec. 31, 2017 |
|
Investments [Line Items] | |||||
Equity Method Investments | $ 90.9 | $ 61.3 | |||
Equity Method Investment, Other than Temporary Impairment | $ 3.5 | $ 10.0 | |||
Marketable Securities | 1.2 | 10.7 | |||
Securities Owned Not Readily Marketable | $ 71.8 | $ 46.8 | |||
fuboTV [Member] | |||||
Investments [Line Items] | |||||
Securities Owned Not Readily Marketable | $ 25.0 | ||||
Payments to Acquire Loans Receivable | $ 25.0 |
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 48.3 | $ 47.6 | $ 46.2 |
Property and Equipment (Schedule of Capital Leased Assets) (Details) - Satellite Equipment [Member] - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Satellite equipment | $ 46,368 | $ 46,315 |
Less accumulated amortization | (26,808) | (22,783) |
Satellite equipment, net | $ 19,560 | $ 23,532 |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | |||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 1,328 | $ 2,544 | |
Amortization of Intangible Assets | $ 43,000 | 47,100 | $ 38,600 |
Percentage Of Hypothetical Decrease | 20.00% | ||
National Networks [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 1,328 | 2,544 | |
International And Other [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 0 | 0 | |
Hypothetical Decrease, Fair Value of Reporting Unit | 6.00% | ||
Accelerated Amortization of Intangible Assets | $ 9,000 |
Goodwill and Other Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Roll Forward] | ||
Goodwill | $ 695,158 | $ 657,708 |
Amortization of second component goodwill | (1,328) | (2,544) |
Foreign currency translation | (19,658) | 39,994 |
Additions | 123,865 | |
Goodwill | 798,037 | 695,158 |
National Networks [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 239,759 | 242,303 |
Amortization of second component goodwill | (1,328) | (2,544) |
Foreign currency translation | 0 | 0 |
Additions | 0 | |
Goodwill | 238,431 | 239,759 |
International And Other [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 455,399 | 415,405 |
Amortization of second component goodwill | 0 | 0 |
Foreign currency translation | (19,658) | 39,994 |
Additions | 123,865 | |
Goodwill | $ 559,606 | $ 455,399 |
Goodwill and Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 48,341 |
2020 | 48,184 |
2021 | 48,181 |
2022 | 47,558 |
2023 | $ 47,110 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Interest | $ 30,018 | $ 30,262 |
Employee related costs | 100,729 | 117,850 |
Income taxes payable | 1,527 | 19,558 |
Other accrued expenses | 132,644 | 95,406 |
Total accrued liabilities | $ 264,918 | $ 263,076 |
Debt (Schedule of Debt Maturities) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 | $ 21,334 |
2020 | 56,250 |
2021 | 775,000 |
2022 | 75,000 |
2023 | 1,225,000 |
Thereafter | $ 1,000,000 |
Fair Value Measurement (Narrative) (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 41,927 | $ 21,268 |
Other Contract [Member] | Other Expense [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (30,200) | $ (20,200) |
Measurement Input, Discount for Lack of Marketability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability (Deprecated 2018-01-31) | 0.32 |
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 41,927 | $ 21,268 |
Other Contract [Member] | Other Nonoperating Income (Expense) [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 42,092 | $ 24,223 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 100,000 |
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Derivative [Line Items] | |||||
Unrealized (loss) gain on interest rate swaps | $ (356) | $ (35) | $ 22 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 370 | ||||
Cash Flow Hedging [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | 0 | 600 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Unrealized (loss) gain on interest rate swaps | $ (356) | $ 565 | |||
|
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments Not Designated) (Details) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 41,927 | $ 21,268 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,444) | 3 |
Foreign Exchange Forward [Member] | Other Nonoperating Income (Expense) [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,279 | (2,958) |
Other Contract [Member] | Other Nonoperating Income (Expense) [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 42,092 | $ 24,223 |
Leases (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 38.0 | $ 31.7 | $ 29.4 |
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Leases [Abstract] | |
2019 | $ 39,576 |
2020 | 35,484 |
2021 | 31,720 |
2022 | 32,432 |
2023 | 32,979 |
Thereafter | $ 116,673 |
Leases (Schedule of Future Minimum Lease Payments for Capital Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Capital Leased Assets [Line Items] | ||
2019 | $ 7,665 | |
2020 | 5,924 | |
2021 | 4,429 | |
2022 | 4,451 | |
2023 | 4,477 | |
Thereafter | 9,697 | |
Total minimum lease payments | 36,643 | |
Less amount representing interest (at 9%-10%) | (10,126) | |
Present value of net minimum future capital lease payments | 26,517 | |
Less principal portion of current installments | (5,090) | $ (4,847) |
Capital lease obligations | $ 21,427 | $ 26,277 |
Minimum [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Obligations, Effective Interest Rate | 9.00% | |
Maximum [Member] | ||
Capital Leased Assets [Line Items] | ||
Capital Lease Obligations, Effective Interest Rate | 10.00% |
Income Taxes (Schedule of Earnings Before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 587,346 | $ 618,955 | $ 500,757 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 32,927 | 21,423 | (45,932) |
Income from operations before income taxes | $ 620,273 | $ 640,378 | $ 454,825 |
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ 80,360 | $ 162,639 | $ 120,634 |
Current State Tax Expense (Benefit) | 13,663 | 14,301 | 11,252 |
Current Foreign Tax Expense (Benefit) | 25,001 | 17,382 | 22,946 |
Current Income Tax Expense (Benefit) | 119,024 | 194,322 | 154,832 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred Federal Income Tax Expense (Benefit) | 34,636 | (38,416) | 12,140 |
Deferred State Income Tax Expense (Benefit) | 3,627 | (2,436) | 2,515 |
Deferred Foreign Income Tax Expense (Benefit) | (4,896) | (7,813) | (3,013) |
Deferred Income Tax Expense (Benefit) | 33,367 | (48,665) | 11,642 |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | 3,915 | 5,084 | (1,612) |
Income Tax Expense (Benefit) | $ 156,306 | $ 150,741 | $ 164,862 |
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 2.00% | 2.00% | 2.00% |
Effect of foreign operations | 0.00% | (1.00%) | (1.00%) |
Effect of rate changes on deferred taxes | (2.00%) | (11.00%) | 0.00% |
Transition tax, net of foreign taxes deemed paid | 0.00% | 2.00% | 0.00% |
Nontaxable income attributable to noncontrolling interests | (1.00%) | (1.00%) | (1.00%) |
Changes in the valuation allowance | 3.00% | 0.00% | 5.00% |
Domestic production activity deduction | (0.00%) | (3.00%) | (3.00%) |
Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits | 0.00% | 1.00% | (1.00%) |
Other | 2.00% | 0.00% | 0.00% |
Effective income tax rate | 25.00% | 24.00% | 36.00% |
Income Taxes (Schedule of Deferred Tax Asset (Liability)) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
NOLs and tax credit carry forwards | $ 123,487 | $ 69,771 |
Compensation and benefit plans | 29,294 | 30,880 |
Allowance for doubtful accounts | 981 | 370 |
Fixed assets and intangible assets | 24,150 | 24,737 |
Interest rate swap contracts | 0 | 1,893 |
Accrued interest expense | 8,832 | 13,049 |
Other liabilities | 24,594 | 12,562 |
Deferred tax asset | 211,338 | 153,262 |
Valuation allowance | (95,185) | (57,121) |
Net deferred tax asset, noncurrent | 116,153 | 96,141 |
Prepaid liabilities | (514) | (501) |
Fixed assets and intangible assets | (90,960) | (61,127) |
Investments in partnerships | (121,156) | (103,474) |
Other assets | (29,694) | (20,657) |
Deferred tax liability, noncurrent | 242,324 | 185,759 |
Total net deferred tax liability | $ (126,171) | $ (89,618) |
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Unrecognized Tax Benefits, Beginning of Period | $ 21,797 |
Increases Related To Current Period Tax Positions | 4,038 |
Increases Related To Prior Period Tax Positions | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (1,085) |
Unrecognized Tax Benefits, Decreases Resulting From Payments for Prior Period Tax Positions | (1,581) |
Unrecognized Tax Benefits, End of Period | $ 23,169 |
Commitments and Contingencies (Narrative) (Details) - Minimum [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 280 |
Threatened Litigation [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 20 |
Commitments and Contingencies (Contractual Obligation, Fiscal Year Maturity Schedule) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|||
---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||||
Purchase Obligation | $ 1,752,139 | [1] | ||
Purchase Obligation, Due in Next Twelve Months | 648,203 | [1] | ||
Purchase Obligation, Due in Second and Third Year | 531,366 | [1] | ||
Purchase Obligation, Due in Fourth and Fifth Year | 122,747 | [1] | ||
Purchase Obligation, Due after Fifth Year | 449,823 | [1] | ||
Contractual Obligation, Total | 1,752,139 | |||
Contractual Obligation, Due in Fiscal Year | 648,203 | |||
Contractual Obligation, Due in Second and Third Year | 531,366 | |||
Contractual Obligation, Due in Fourth and Fifth Year | 122,747 | |||
Contractual Obligation, Due After Fifth Year | $ 449,823 | |||
|
Redeemable Noncontrolling Interests (Narrative) (Details) |
Dec. 31, 2018 |
Apr. 20, 2018 |
---|---|---|
Levity [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Right to Put | 50.00% | |
Business Acquisition, Percentage of Voting Interests Acquired | 57.00% | |
New Video (BBC AMERICA) [Member] | ||
Noncontrolling Interest [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.10% |
Redeemable Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||||
Redeemable noncontrolling interests | $ 218,604 | $ 219,331 | $ 218,604 | $ 219,331 | |||||||
Net earnings | 15,026 | 17,797 | |||||||||
Distributions | 11,450 | 18,561 | |||||||||
Other | 37 | ||||||||||
Operating income | $ 137,124 | $ 164,599 | $ 191,531 | $ 233,655 | $ 161,544 | $ 153,354 | $ 175,790 | $ 231,671 | 726,909 | 722,359 | $ 657,556 |
Additions from acquisitions | 77,378 | ||||||||||
Redeemable noncontrolling interests | $ 299,558 | $ 218,604 | $ 299,558 | $ 218,604 | $ 219,331 |
Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Retirement Benefits [Abstract] | |||
Benefit Plan Expense, Defined Benefit Plans and Defined Contribution Plans | $ 5.9 | $ 9.1 | $ 10.9 |
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Related Party Transaction [Line Items] | |||
Aggregate Voting Power Held By Related Party | 73.00% | ||
Revenues, Net From Related Parties | $ 5.6 | $ 6.2 | $ 15.9 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 1.6 | $ 1.5 | $ 3.1 |
Maximum [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage Of Common Stock Owned By Related Party | 3.00% |
Cash Flows (Summary Of Non-Cash Activities And Other Supplemental Data) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Increase in capital lease obligations | $ 628 | $ 0 | $ 10,982 |
Treasury stock not yet settled | 985 | 995 | 10,454 |
Exercise of RLJE Warrants | 20,086 | 5,001 | 0 |
Capital expenditures incurred but not yet paid | 5,081 | 5,889 | 6,988 |
Cash interest paid—continuing operations | 147,710 | 110,650 | 128,319 |
Income taxes paid, net—continuing operations | $ 138,433 | $ 219,425 | $ 106,476 |
Segment Information (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
segment
|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | 2 | ||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Customer1 [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Customers | 1 | ||
Concentration Risk, Percentage | 10.00% | 11.00% | 11.00% |
Segment Information (Summary Of Continuing Operations By Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 726,934 | $ 648,023 | $ 710,545 | $ 720,189 | $ 2,971,929 | $ 2,805,691 | $ 2,755,654 |
Operating income | $ 137,124 | $ 164,599 | $ 191,531 | $ 233,655 | $ 161,544 | $ 153,354 | $ 175,790 | $ 231,671 | 726,909 | 722,359 | 657,556 |
Share-based compensation expense | 60,979 | 53,545 | 38,897 | ||||||||
Restructuring expense | 45,847 | 6,128 | 29,503 | ||||||||
Impairment and related charges | 4,486 | 28,148 | 67,805 | ||||||||
Depreciation and amortization | 91,281 | 94,638 | 84,778 | ||||||||
Equity Investees Adjusted Operating Income | 3,043 | ||||||||||
Segment Reporting Information, Adjusted Operating Income | 932,545 | 904,818 | 878,539 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 89,802 | 80,049 | 79,220 | ||||||||
National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 17,160 | (53) | 8,516 | ||||||||
International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring expense | 35,189 | 6,181 | 20,987 | ||||||||
Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 2,413,325 | 2,367,615 | 2,311,040 | ||||||||
Operating income | 825,770 | 817,566 | 784,027 | ||||||||
Share-based compensation expense | 48,621 | 43,697 | 30,569 | ||||||||
Restructuring expense | 17,160 | (53) | 8,516 | ||||||||
Impairment and related charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 33,728 | 33,702 | 32,376 | ||||||||
Equity Investees Adjusted Operating Income | 0 | ||||||||||
Segment Reporting Information, Adjusted Operating Income | 925,279 | 894,912 | 855,488 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 16,316 | 25,333 | 15,947 | ||||||||
Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 598,306 | 457,182 | 459,996 | ||||||||
Operating income | (93,326) | (88,894) | (120,914) | ||||||||
Share-based compensation expense | 12,358 | 9,848 | 8,328 | ||||||||
Restructuring expense | 35,189 | 6,181 | 20,987 | ||||||||
Impairment and related charges | 4,486 | 28,148 | 67,805 | ||||||||
Depreciation and amortization | 57,553 | 60,936 | 52,402 | ||||||||
Equity Investees Adjusted Operating Income | 3,043 | ||||||||||
Segment Reporting Information, Adjusted Operating Income | 19,303 | 16,219 | 28,608 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 73,486 | 54,716 | 63,273 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (39,702) | (19,106) | (15,382) | ||||||||
Operating income | (5,535) | (6,313) | (5,557) | ||||||||
Share-based compensation expense | 0 | 0 | 0 | ||||||||
Restructuring expense | (6,502) | 0 | 0 | ||||||||
Impairment and related charges | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Equity Investees Adjusted Operating Income | 0 | ||||||||||
Segment Reporting Information, Adjusted Operating Income | (12,037) | (6,313) | (5,557) | ||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (33,600) | (17,634) | (14,963) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (6,102) | (1,472) | (419) | ||||||||
Advertising [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 1,036,079 | 1,049,445 | 1,083,975 | ||||||||
Advertising [Member] | Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 944,675 | 959,551 | 990,508 | ||||||||
Advertising [Member] | Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 91,404 | 89,894 | 94,467 | ||||||||
Advertising [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 0 | 0 | (1,000) | ||||||||
Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 1,935,850 | 1,756,246 | 1,671,679 | ||||||||
Entertainment [Member] | Operating Segments [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 1,468,650 | 1,408,064 | 1,320,532 | ||||||||
Entertainment [Member] | Operating Segments [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 506,902 | 367,288 | 365,529 | ||||||||
Entertainment [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ (39,702) | $ (19,106) | $ (14,382) |
Segment Information (Summary Of Inter-Segment Eliminations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 726,934 | $ 648,023 | $ 710,545 | $ 720,189 | $ 2,971,929 | $ 2,805,691 | $ 2,755,654 |
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (39,702) | (19,106) | (15,382) | ||||||||
Intersegment Eliminations [Member] | National Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (33,600) | (17,634) | (14,963) | ||||||||
Intersegment Eliminations [Member] | International And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ (6,102) | $ (1,472) | $ (419) |
Segment Information (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 726,934 | $ 648,023 | $ 710,545 | $ 720,189 | $ 2,971,929 | $ 2,805,691 | $ 2,755,654 |
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 2,389,624 | 2,244,057 | |||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 394,235 | 369,815 | |||||||||
Other Geographic Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 188,070 | $ 191,819 |
Segment Information (Schedule of Fixed Assets by Geographic Location) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 246,262 | $ 183,514 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 202,833 | 136,203 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 27,218 | 28,261 |
Other Geographic Locations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 16,211 | $ 19,050 |
Condensed Consolidating Financial Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 3,152,584 | $ 3,150,000 |
Parent Percentage of Ownership in Guarantor Subsidiaries | 100.00% | |
4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
4.75% Senior Notes Due 2025 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Senior Notes [Member] | 4.75% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 600,000 | 600,000 |
Senior Notes [Member] | 5.00% Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | 1,000,000 | 1,000,000 |
Senior Notes [Member] | 4.75% Senior Notes Due 2025 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Long-term Debt, Gross | $ 800,000 | $ 800,000 |
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|
Current Assets: | |||||
Cash and cash equivalents | $ 554,886 | $ 558,783 | $ 481,389 | $ 316,321 | |
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 835,977 | 775,891 | |||
Current portion of program rights, net | 440,739 | 443,604 | |||
Prepaid expenses and other current assets | 131,809 | 91,726 | |||
Total current assets | 1,963,411 | $ 1,883,508 | 1,870,004 | ||
Property and equipment, net | 246,262 | 183,514 | |||
Investment in affiliates | 0 | 0 | |||
Program rights, net | 1,214,051 | 1,329,125 | |||
Long-term intercompany notes receivable | 0 | 0 | |||
Deferred carriage fees, net | 16,831 | 29,924 | |||
Intangible assets, net | 578,907 | 457,242 | |||
Goodwill | 798,037 | 695,158 | 657,708 | ||
Deferred tax assets, net | 19,272 | 20,081 | |||
Other assets | 441,792 | 447,937 | |||
Total assets | 5,278,563 | 5,052,884 | 5,032,985 | ||
Current Liabilities: | |||||
Accounts payable | 107,066 | 102,197 | |||
Accrued liabilities and intercompany payable | 264,918 | 263,076 | |||
Current portion of program rights obligations | 343,589 | 327,549 | |||
Deferred revenue | 55,424 | 46,433 | |||
Current portion of long-term debt | 21,334 | 0 | |||
Current portion of capital lease obligations | 5,090 | 4,847 | |||
Total current liabilities | 797,421 | 744,937 | 744,102 | ||
Program rights obligations | 373,249 | 534,980 | |||
Long-term debt, net | 3,088,221 | 3,099,257 | |||
Capital lease obligations | 21,427 | 26,277 | |||
Deferred tax liability, net | 145,443 | 109,698 | |||
Other liabilities and intercompany notes payable | 208,036 | 136,122 | |||
Total liabilities | 4,633,797 | $ 4,657,551 | 4,650,436 | ||
Commitments and contingencies | |||||
Redeemable noncontrolling interests | 299,558 | 218,604 | 219,331 | ||
Stockholders' equity: | |||||
AMC Networks stockholders' equity | 316,680 | 134,944 | |||
Non-redeemable noncontrolling interests | 28,528 | 29,001 | |||
Total stockholders' equity | 345,208 | 163,945 | (1,644) | $ (8,638) | |
Total liabilities and stockholders' equity | 5,278,563 | 5,032,985 | |||
Consolidation, Eliminations [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 0 | 0 | |||
Current portion of program rights, net | (218) | 0 | |||
Prepaid expenses and other current assets | (57,219) | (104,389) | |||
Total current assets | (57,437) | (104,389) | |||
Property and equipment, net | 0 | 0 | |||
Investment in affiliates | (5,311,086) | (4,377,625) | |||
Program rights, net | (1,613) | 0 | |||
Long-term intercompany notes receivable | (190) | (490,375) | |||
Deferred carriage fees, net | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Deferred tax assets, net | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | (5,370,326) | (4,972,389) | |||
Current Liabilities: | |||||
Accounts payable | 0 | 0 | |||
Accrued liabilities and intercompany payable | (59,050) | (104,389) | |||
Current portion of program rights obligations | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Current portion of capital lease obligations | 0 | 0 | |||
Total current liabilities | (59,050) | (104,389) | |||
Program rights obligations | 0 | 0 | |||
Long-term debt, net | 0 | 0 | |||
Capital lease obligations | 0 | 0 | |||
Deferred tax liability, net | 0 | 0 | |||
Other liabilities and intercompany notes payable | (190) | (490,375) | |||
Total liabilities | (59,240) | (594,764) | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Stockholders' equity: | |||||
AMC Networks stockholders' equity | (5,311,086) | (4,377,625) | |||
Non-redeemable noncontrolling interests | 0 | 0 | |||
Total stockholders' equity | (5,311,086) | (4,377,625) | |||
Total liabilities and stockholders' equity | (5,370,326) | (4,972,389) | |||
Parent Company [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 121 | 320 | 565 | ||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 16 | 0 | |||
Current portion of program rights, net | 0 | 0 | |||
Prepaid expenses and other current assets | 6,543 | 3,760 | |||
Total current assets | 6,680 | 4,080 | |||
Property and equipment, net | 0 | 0 | |||
Investment in affiliates | 3,656,003 | 3,443,013 | |||
Program rights, net | 0 | 0 | |||
Long-term intercompany notes receivable | 0 | 0 | |||
Deferred carriage fees, net | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Deferred tax assets, net | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | 3,662,683 | 3,447,093 | |||
Current Liabilities: | |||||
Accounts payable | 0 | 350 | |||
Accrued liabilities and intercompany payable | 35,189 | 51,692 | |||
Current portion of program rights obligations | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Current portion of long-term debt | 18,750 | 0 | |||
Current portion of capital lease obligations | 0 | 0 | |||
Total current liabilities | 53,939 | 52,042 | |||
Program rights obligations | 0 | 0 | |||
Long-term debt, net | 3,088,221 | 3,099,257 | |||
Capital lease obligations | 0 | 0 | |||
Deferred tax liability, net | 140,474 | 114,717 | |||
Other liabilities and intercompany notes payable | 63,369 | 46,133 | |||
Total liabilities | 3,346,003 | 3,312,149 | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Stockholders' equity: | |||||
AMC Networks stockholders' equity | 316,680 | 134,944 | |||
Non-redeemable noncontrolling interests | 0 | 0 | |||
Total stockholders' equity | 316,680 | 134,944 | |||
Total liabilities and stockholders' equity | 3,662,683 | 3,447,093 | |||
Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 368,151 | 391,248 | 320,950 | ||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 600,121 | 581,270 | |||
Current portion of program rights, net | 292,002 | 294,303 | |||
Prepaid expenses and other current assets | 158,936 | 183,815 | |||
Total current assets | 1,419,210 | 1,450,636 | |||
Property and equipment, net | 175,040 | 136,032 | |||
Investment in affiliates | 1,655,083 | 934,612 | |||
Program rights, net | 969,802 | 1,137,867 | |||
Long-term intercompany notes receivable | 0 | 489,939 | |||
Deferred carriage fees, net | 15,993 | 29,346 | |||
Intangible assets, net | 161,417 | 170,554 | |||
Goodwill | 65,282 | 66,609 | |||
Deferred tax assets, net | 0 | 0 | |||
Other assets | 149,724 | 142,115 | |||
Total assets | 4,611,551 | 4,557,710 | |||
Current Liabilities: | |||||
Accounts payable | 34,630 | 50,282 | |||
Accrued liabilities and intercompany payable | 173,836 | 179,003 | |||
Current portion of program rights obligations | 259,414 | 262,004 | |||
Deferred revenue | 34,608 | 27,530 | |||
Current portion of long-term debt | 0 | 0 | |||
Current portion of capital lease obligations | 2,941 | 2,939 | |||
Total current liabilities | 505,429 | 521,758 | |||
Program rights obligations | 349,814 | 511,996 | |||
Long-term debt, net | 0 | 0 | |||
Capital lease obligations | 1,420 | 3,745 | |||
Deferred tax liability, net | 0 | 0 | |||
Other liabilities and intercompany notes payable | 98,885 | 77,198 | |||
Total liabilities | 955,548 | 1,114,697 | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Stockholders' equity: | |||||
AMC Networks stockholders' equity | 3,656,003 | 3,443,013 | |||
Non-redeemable noncontrolling interests | 0 | 0 | |||
Total stockholders' equity | 3,656,003 | 3,443,013 | |||
Total liabilities and stockholders' equity | 4,611,551 | 4,557,710 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 186,614 | 167,215 | $ 159,874 | ||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | 235,840 | 194,621 | |||
Current portion of program rights, net | 148,955 | 149,301 | |||
Prepaid expenses and other current assets | 23,549 | 8,540 | |||
Total current assets | 594,958 | 519,677 | |||
Property and equipment, net | 71,222 | 47,482 | |||
Investment in affiliates | 0 | 0 | |||
Program rights, net | 245,862 | 191,258 | |||
Long-term intercompany notes receivable | 190 | 436 | |||
Deferred carriage fees, net | 838 | 578 | |||
Intangible assets, net | 417,490 | 286,688 | |||
Goodwill | 732,755 | 628,549 | |||
Deferred tax assets, net | 19,272 | 20,081 | |||
Other assets | 292,068 | 305,822 | |||
Total assets | 2,374,655 | 2,000,571 | |||
Current Liabilities: | |||||
Accounts payable | 72,436 | 51,565 | |||
Accrued liabilities and intercompany payable | 114,943 | 136,770 | |||
Current portion of program rights obligations | 84,175 | 65,545 | |||
Deferred revenue | 20,816 | 18,903 | |||
Current portion of long-term debt | 2,584 | 0 | |||
Current portion of capital lease obligations | 2,149 | 1,908 | |||
Total current liabilities | 297,103 | 274,691 | |||
Program rights obligations | 23,435 | 22,984 | |||
Long-term debt, net | 0 | 0 | |||
Capital lease obligations | 20,007 | 22,532 | |||
Deferred tax liability, net | 4,969 | (5,019) | |||
Other liabilities and intercompany notes payable | 45,972 | 503,166 | |||
Total liabilities | 391,486 | 818,354 | |||
Redeemable noncontrolling interests | 299,558 | 218,604 | |||
Stockholders' equity: | |||||
AMC Networks stockholders' equity | 1,655,083 | 934,612 | |||
Non-redeemable noncontrolling interests | 28,528 | 29,001 | |||
Total stockholders' equity | 1,683,611 | 963,613 | |||
Total liabilities and stockholders' equity | $ 2,374,655 | $ 2,000,571 |
Condensed Consolidating Financial Information (Income Statement) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 726,934 | $ 648,023 | $ 710,545 | $ 720,189 | $ 2,971,929 | $ 2,805,691 | $ 2,755,654 |
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 1,445,949 | 1,341,076 | 1,279,984 | ||||||||
Selling, general and administrative | 657,457 | 613,342 | 636,028 | ||||||||
Restructuring expense | 45,847 | 6,128 | 29,503 | ||||||||
Depreciation and amortization | 91,281 | 94,638 | 84,778 | ||||||||
Impairment and related charges | 4,486 | 28,148 | 67,805 | ||||||||
Total operating expenses | 635,722 | 532,276 | 569,854 | 507,168 | 565,390 | 494,669 | 534,755 | 488,518 | 2,245,020 | 2,083,332 | 2,098,098 |
Operating income | 137,124 | 164,599 | 191,531 | 233,655 | 161,544 | 153,354 | 175,790 | 231,671 | 726,909 | 722,359 | 657,556 |
Other income (expense): | |||||||||||
Interest expense, net | (135,813) | (119,297) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | (3,004) | (50,639) | ||||||||
Miscellaneous, net | 29,177 | 40,320 | (33,524) | ||||||||
Total other income (expense) | (106,636) | (81,981) | (202,731) | ||||||||
Income from operations before income taxes | 620,273 | 640,378 | 454,825 | ||||||||
Income tax (expense) benefit | (156,306) | (150,741) | (164,862) | ||||||||
Net income including noncontrolling interests | 76,439 | 116,660 | 110,332 | 160,536 | 148,544 | 90,836 | 107,626 | 142,631 | 463,967 | 489,637 | 289,963 |
Net income attributable to noncontrolling interests | (17,780) | (18,321) | (19,453) | ||||||||
Net income attributable to AMC Networks' stockholders | $ 71,879 | $ 111,257 | $ 106,181 | $ 156,870 | $ 145,499 | $ 87,002 | $ 102,598 | $ 136,217 | 446,187 | 471,316 | $ 270,510 |
Consolidation, Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | (15,289) | (14,999) | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | (4,074) | (3,188) | |||||||||
Selling, general and administrative | (10,031) | (12,108) | |||||||||
Restructuring expense | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment and related charges | 0 | ||||||||||
Total operating expenses | (14,105) | (15,296) | |||||||||
Operating income | (1,184) | 297 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 0 | 0 | |||||||||
Share of affiliates' income (loss) | (767,346) | (761,790) | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | 1,184 | (297) | |||||||||
Total other income (expense) | (766,162) | (762,087) | |||||||||
Income from operations before income taxes | (767,346) | (761,790) | |||||||||
Income tax (expense) benefit | 0 | 0 | |||||||||
Net income including noncontrolling interests | (767,346) | (761,790) | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | (767,346) | (761,790) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 0 | 0 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | |||||||||
Restructuring expense | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | |||||||||
Impairment and related charges | 0 | 0 | |||||||||
Total operating expenses | 0 | 0 | |||||||||
Operating income | 0 | 0 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (151,751) | (129,971) | |||||||||
Share of affiliates' income (loss) | 734,472 | 748,430 | |||||||||
Loss on extinguishment of debt | (3,004) | ||||||||||
Miscellaneous, net | (151) | (1,530) | |||||||||
Total other income (expense) | 582,570 | 613,925 | |||||||||
Income from operations before income taxes | 582,570 | 613,925 | |||||||||
Income tax (expense) benefit | (136,383) | (142,609) | |||||||||
Net income including noncontrolling interests | 446,187 | 471,316 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | 446,187 | 471,316 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 2,166,686 | 2,182,867 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 956,272 | 991,476 | |||||||||
Selling, general and administrative | 450,880 | 447,118 | |||||||||
Restructuring expense | 29,277 | 2,566 | |||||||||
Depreciation and amortization | 45,204 | 40,923 | |||||||||
Impairment and related charges | 0 | 0 | |||||||||
Total operating expenses | 1,481,633 | 1,482,083 | |||||||||
Operating income | 685,053 | 700,784 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | 28,460 | 41,934 | |||||||||
Share of affiliates' income (loss) | 32,874 | 13,360 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | (1,876) | 2,484 | |||||||||
Total other income (expense) | 59,458 | 57,778 | |||||||||
Income from operations before income taxes | 744,511 | 758,562 | |||||||||
Income tax (expense) benefit | (10,039) | (10,132) | |||||||||
Net income including noncontrolling interests | 734,472 | 748,430 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to AMC Networks' stockholders | 734,472 | 748,430 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | 820,532 | 637,823 | |||||||||
Operating expenses | |||||||||||
Technical and operating (excluding depreciation and amortization) | 493,751 | 352,788 | |||||||||
Selling, general and administrative | 216,608 | 178,332 | |||||||||
Restructuring expense | 16,570 | 3,562 | |||||||||
Depreciation and amortization | 46,077 | 53,715 | |||||||||
Impairment and related charges | 4,486 | 28,148 | |||||||||
Total operating expenses | 777,492 | 616,545 | |||||||||
Operating income | 43,040 | 21,278 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (12,522) | (31,260) | |||||||||
Share of affiliates' income (loss) | 0 | 0 | |||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Miscellaneous, net | 30,020 | 39,663 | |||||||||
Total other income (expense) | 17,498 | 8,403 | |||||||||
Income from operations before income taxes | 60,538 | 29,681 | |||||||||
Income tax (expense) benefit | (9,884) | 2,000 | |||||||||
Net income including noncontrolling interests | 50,654 | 31,681 | |||||||||
Net income attributable to noncontrolling interests | (17,780) | (18,321) | |||||||||
Net income attributable to AMC Networks' stockholders | $ 32,874 | $ 13,360 |
Condensed Consolidating Financial Information (Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | $ 76,439 | $ 116,660 | $ 110,332 | $ 160,536 | $ 148,544 | $ 90,836 | $ 107,626 | $ 142,631 | $ 463,967 | $ 489,637 | $ 289,963 |
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (41,716) | 76,023 | (45,426) | ||||||||
Unrealized (loss) gain on interest rate swaps | (356) | (35) | 22 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (370) | 0 | 0 | ||||||||
Unrealized gain on available for sale securities | 0 | 5,398 | 0 | ||||||||
Other comprehensive income (loss), before income taxes | (42,442) | 81,386 | (45,404) | ||||||||
Income tax expense | 45 | (1,974) | (12,337) | ||||||||
Other comprehensive income (loss), net of income taxes | (42,397) | 79,412 | (57,741) | ||||||||
Comprehensive income | 421,570 | 569,049 | 232,222 | ||||||||
Comprehensive income attributable to noncontrolling interests | (16,044) | (21,430) | (16,491) | ||||||||
Comprehensive income attributable to AMC Networks' stockholders | 405,526 | 547,619 | $ 215,731 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | (767,346) | (761,790) | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 41,716 | (76,023) | |||||||||
Unrealized (loss) gain on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | 41,716 | (76,023) | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | 41,716 | (76,023) | |||||||||
Comprehensive income | (725,630) | (837,813) | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | (725,630) | (837,813) | |||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 446,187 | 471,316 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (41,716) | 76,023 | |||||||||
Unrealized (loss) gain on interest rate swaps | (356) | (35) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (370) | ||||||||||
Unrealized gain on available for sale securities | 5,398 | ||||||||||
Other comprehensive income (loss), before income taxes | (42,442) | 81,386 | |||||||||
Income tax expense | 45 | (1,974) | |||||||||
Other comprehensive income (loss), net of income taxes | (42,397) | 79,412 | |||||||||
Comprehensive income | 403,790 | 550,728 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | 403,790 | 550,728 | |||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 734,472 | 748,430 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | 0 | 0 | |||||||||
Unrealized (loss) gain on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | 0 | 0 | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | 0 | 0 | |||||||||
Comprehensive income | 734,472 | 748,430 | |||||||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | 734,472 | 748,430 | |||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income including noncontrolling interests | 50,654 | 31,681 | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (41,716) | 76,023 | |||||||||
Unrealized (loss) gain on interest rate swaps | 0 | 0 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | ||||||||||
Unrealized gain on available for sale securities | 0 | ||||||||||
Other comprehensive income (loss), before income taxes | (41,716) | 76,023 | |||||||||
Income tax expense | 0 | 0 | |||||||||
Other comprehensive income (loss), net of income taxes | (41,716) | 76,023 | |||||||||
Comprehensive income | 8,938 | 107,704 | |||||||||
Comprehensive income attributable to noncontrolling interests | (16,044) | (21,430) | |||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ (7,106) | $ 86,274 |
Condensed Consolidating Financial Information (Cash Flow) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Cash flows from operating activities: | ||||
Net cash provided by operating activities | $ 606,547 | $ 385,729 | $ 514,325 | |
Cash flows from investing activities: | ||||
Capital expenditures | (89,802) | (80,049) | (79,220) | |
Return of capital from investees | 4,088 | 2,447 | 0 | |
Payments for acquisitions, net of cash acquired | (84,389) | |||
Investments in and loans to investees | (90,081) | (53,000) | (95,000) | |
(Increase) decrease to investment in affiliates | 0 | 0 | ||
Net cash used in investing activities | (260,184) | (130,602) | (174,574) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 289 | 1,536,000 | 982,500 | |
Principal payments on long-term debt | 0 | (1,257,965) | (848,000) | |
Premium and fees paid on extinguishment of debt | 0 | 0 | (40,954) | |
Payments for financing costs | 0 | (10,405) | (2,070) | |
Deemed repurchase of restricted stock units | (16,836) | (14,496) | (10,822) | |
Purchase of treasury stock | (283,143) | (434,210) | (223,237) | |
Proceeds from stock option exercises | 4,317 | 0 | 1,228 | |
Excess tax benefits from share-based compensation arrangements | 0 | 0 | 789 | |
Principal payments on capital lease obligations | (4,938) | (4,573) | (4,288) | |
Distributions to noncontrolling interest | (14,296) | (18,561) | (9,010) | |
Net cash used in financing activities | (314,607) | (204,210) | (153,864) | |
Net (decrease) increase in cash and cash equivalents from operations | 31,756 | 50,917 | 185,887 | |
Effect of exchange rate changes on cash and cash equivalents | (35,653) | 26,477 | (20,819) | |
Cash and cash equivalents | 554,886 | 558,783 | 481,389 | $ 316,321 |
Consolidation, Eliminations [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by operating activities | (772,376) | (762,090) | ||
Cash flows from investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Return of capital from investees | 0 | 0 | ||
Payments for acquisitions, net of cash acquired | 0 | |||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | 1,049,190 | 434,705 | ||
Net cash used in investing activities | 1,049,190 | 434,705 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Principal payments on long-term debt | 0 | |||
Payments for financing costs | 0 | |||
Deemed repurchase of restricted stock units | 0 | 0 | ||
Purchase of treasury stock | 0 | 0 | ||
Proceeds from stock option exercises | 0 | |||
Principal payments on capital lease obligations | 0 | 0 | ||
Distributions to noncontrolling interest | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
Net (decrease) increase in cash and cash equivalents from operations | 276,814 | (327,385) | ||
Effect of exchange rate changes on cash and cash equivalents | (276,814) | 327,385 | ||
Cash and cash equivalents | 0 | 0 | 0 | |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by operating activities | 503,796 | 454,539 | ||
Cash flows from investing activities: | ||||
Capital expenditures | 0 | 0 | ||
Return of capital from investees | 0 | 0 | ||
Payments for acquisitions, net of cash acquired | 0 | |||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | (215,862) | (282,424) | ||
Net cash used in investing activities | (215,862) | (282,424) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 289 | 1,536,000 | ||
Principal payments on long-term debt | (1,257,965) | |||
Payments for financing costs | (10,405) | |||
Deemed repurchase of restricted stock units | (16,836) | (14,496) | ||
Purchase of treasury stock | (283,143) | (434,210) | ||
Proceeds from stock option exercises | 4,317 | |||
Principal payments on capital lease obligations | 0 | 0 | ||
Distributions to noncontrolling interest | 0 | 0 | ||
Net cash used in financing activities | (295,373) | (181,076) | ||
Net (decrease) increase in cash and cash equivalents from operations | (7,439) | (8,961) | ||
Effect of exchange rate changes on cash and cash equivalents | 7,240 | 8,716 | ||
Cash and cash equivalents | 121 | 320 | 565 | |
Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by operating activities | 1,351,256 | 662,123 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (74,710) | (63,925) | ||
Return of capital from investees | 0 | 1,868 | ||
Payments for acquisitions, net of cash acquired | (675) | |||
Investments in and loans to investees | 0 | 0 | ||
(Increase) decrease to investment in affiliates | (2,646,335) | (2,234,682) | ||
Net cash used in investing activities | (2,721,720) | (2,296,739) | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Principal payments on long-term debt | 0 | |||
Payments for financing costs | 0 | |||
Deemed repurchase of restricted stock units | 0 | 0 | ||
Purchase of treasury stock | 0 | 0 | ||
Proceeds from stock option exercises | 0 | |||
Principal payments on capital lease obligations | (3,000) | (2,725) | ||
Distributions to noncontrolling interest | 0 | 0 | ||
Net cash used in financing activities | (3,000) | (2,725) | ||
Net (decrease) increase in cash and cash equivalents from operations | (1,373,464) | (1,637,341) | ||
Effect of exchange rate changes on cash and cash equivalents | 1,350,367 | 1,707,639 | ||
Cash and cash equivalents | 368,151 | 391,248 | 320,950 | |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net cash provided by operating activities | (476,129) | 31,157 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (15,092) | (16,124) | ||
Return of capital from investees | 4,088 | 579 | ||
Payments for acquisitions, net of cash acquired | (83,714) | |||
Investments in and loans to investees | (90,081) | (53,000) | ||
(Increase) decrease to investment in affiliates | 1,813,007 | 2,082,401 | ||
Net cash used in investing activities | 1,628,208 | 2,013,856 | ||
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 0 | 0 | ||
Principal payments on long-term debt | 0 | |||
Payments for financing costs | 0 | |||
Deemed repurchase of restricted stock units | 0 | 0 | ||
Purchase of treasury stock | 0 | 0 | ||
Proceeds from stock option exercises | 0 | |||
Principal payments on capital lease obligations | (1,938) | (1,848) | ||
Distributions to noncontrolling interest | (14,296) | (18,561) | ||
Net cash used in financing activities | (16,234) | (20,409) | ||
Net (decrease) increase in cash and cash equivalents from operations | 1,135,845 | 2,024,604 | ||
Effect of exchange rate changes on cash and cash equivalents | (1,116,446) | (2,017,263) | ||
Cash and cash equivalents | $ 186,614 | $ 167,215 | $ 159,874 |
Interim Financial Information (Unaudited) (Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Quarterly Financial Information Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 56.9 |
Interim Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net (including revenues, net from related parties of $5,578, $6,168 and $15,873, respectively) | $ 772,846 | $ 696,875 | $ 761,385 | $ 740,823 | $ 726,934 | $ 648,023 | $ 710,545 | $ 720,189 | $ 2,971,929 | $ 2,805,691 | $ 2,755,654 |
Operating expenses | (635,722) | (532,276) | (569,854) | (507,168) | (565,390) | (494,669) | (534,755) | (488,518) | (2,245,020) | (2,083,332) | (2,098,098) |
Net income including noncontrolling interests | 76,439 | 116,660 | 110,332 | 160,536 | 148,544 | 90,836 | 107,626 | 142,631 | 463,967 | 489,637 | 289,963 |
Net income attributable to AMC Networks' stockholders | $ 71,879 | $ 111,257 | $ 106,181 | $ 156,870 | $ 145,499 | $ 87,002 | $ 102,598 | $ 136,217 | $ 446,187 | $ 471,316 | $ 270,510 |
Basic | $ 1.27 | $ 1.96 | $ 1.84 | $ 2.57 | $ 2.36 | $ 1.37 | $ 1.55 | $ 2.00 | $ 7.68 | $ 7.26 | $ 3.77 |
Diluted | $ 1.24 | $ 1.93 | $ 1.82 | $ 2.54 | $ 2.33 | $ 1.35 | $ 1.54 | $ 1.98 | $ 7.57 | $ 7.18 | $ 3.74 |
Schedule II Valuation and Qualifying Accounts (Table) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances And Reserves, Balance At Beginning Of Period | $ 9,691 | $ 6,064 | $ 4,307 |
Valuation Allowances And Reserves, Charged To Cost And Expense | 7,399 | 3,567 | 1,924 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Addition, Recovery | 60 | ||
Valuation Allowances And Reserves, Deductions | (6,302) | (167) | |
Valuation Allowances And Reserves, Balance At End Of Period | $ 10,788 | $ 9,691 | $ 6,064 |
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