Quarterly 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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
The | Stock Market LLC |
þ | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | Smaller reporting company | |
Emerging growth company |
Class A Common Stock par value $0.01 per share | |
Class B Common Stock par value $0.01 per share |
Page | |
Item 1. | Financial Statements. |
June 30, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, trade (less allowance for doubtful accounts of $9,029 and $10,788) | |||||||
Current portion of program rights, net | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property and equipment, net of accumulated depreciation of $321,719 and $293,918 | |||||||
Program rights, net | |||||||
Deferred carriage fees, net | |||||||
Intangible assets, net | |||||||
Goodwill | |||||||
Deferred tax asset, net | |||||||
Operating lease right-of-use asset | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accrued liabilities | |||||||
Current portion of program rights obligations | |||||||
Deferred revenue | |||||||
Current portion of long-term debt | |||||||
Current portion of lease obligations | |||||||
Total current liabilities | |||||||
Program rights obligations | |||||||
Long-term debt | |||||||
Lease obligations | |||||||
Deferred tax liability, net | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests | |||||||
Stockholders' equity: | |||||||
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 63,851 and 63,255 shares issued and 44,275 and 44,749 shares outstanding, respectively | |||||||
Class B Common Stock, $0.01 par value, 90,000 shares authorized, 11,484 shares issued and outstanding | |||||||
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued | |||||||
Paid-in capital | |||||||
Accumulated earnings | |||||||
Treasury stock, at cost (19,577 and 18,507 shares Class A Common Stock, respectively) | ( | ) | ( | ) | |||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total AMC Networks stockholders' equity | |||||||
Non-redeemable noncontrolling interests | |||||||
Total stockholders' equity | |||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues, net | $ | $ | $ | $ | |||||||||||
Operating expenses: | |||||||||||||||
Technical and operating (excluding depreciation and amortization) | |||||||||||||||
Selling, general and administrative | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Restructuring and other related charges | |||||||||||||||
Total operating expenses | |||||||||||||||
Operating income | |||||||||||||||
Other income (expense): | |||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Interest income | |||||||||||||||
Miscellaneous, net | ( | ) | ( | ) | ( | ) | |||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income from operations before income taxes | |||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | |||||||||
Net income including noncontrolling interests | |||||||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net income attributable to AMC Networks' stockholders | $ | $ | $ | $ | |||||||||||
Net income per share attributable to AMC Networks' stockholders: | |||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||
Diluted | $ | $ | $ | $ | |||||||||||
Weighted average common shares: | |||||||||||||||
Basic | |||||||||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income including noncontrolling interests | $ | $ | $ | $ | |||||||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | |||||||||
Unrealized loss on interest rate swaps | ( | ) | ( | ) | |||||||||||
Other comprehensive loss, before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income tax expense | |||||||||||||||
Other comprehensive loss, net of income taxes | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive income | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive income attributable to AMC Networks' stockholders | $ | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | AMC Networks Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to AMC Networks’ stockholders | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Distributions to noncontrolling member | — | — | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||
Treasury stock not yet settled | — | — | ( | ) | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | — | ( | ) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | AMC Networks Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to AMC Networks’ stockholders | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Distributions to noncontrolling member | — | — | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||
Treasury stock not yet settled | — | — | ( | ) | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Restricted stock units converted to shares | — | ( | ) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | AMC Networks Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to AMC Networks’ stockholders | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Cumulative effects of adoption of accounting standards | — | — | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||||||||||||||
Treasury stock not yet settled | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Settlement of treasury stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | — | ( | ) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | AMC Networks Stockholders’ Equity | Noncontrolling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||||
Net income attributable to AMC Networks’ stockholders | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income attributable to non-redeemable noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Distributions to noncontrolling member | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Cumulative effects of adoption of accounting standards | — | — | — | ( | ) | — | |||||||||||||||||||||||||||||
Treasury stock not yet settled | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Settlement of treasury stock | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Proceeds from the exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Treasury stock acquired | — | — | — | — | ( | ) | — | ( | ) | — | ( | ) | |||||||||||||||||||||||
Restricted stock units converted to shares | — | ( | ) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income including noncontrolling interests | $ | $ | |||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Depreciation and amortization | |||||||
Share-based compensation expense related to equity classified awards | |||||||
Non-cash restructuring and other related charges | |||||||
Amortization and write-off of program rights | |||||||
Amortization of deferred carriage fees | |||||||
Unrealized foreign currency transaction gain | ( | ) | ( | ) | |||
Unrealized gain on derivative contracts, net | ( | ) | |||||
Amortization of deferred financing costs and discounts on indebtedness | |||||||
Bad debt expense | |||||||
Deferred income taxes | ( | ) | |||||
Write-down of non-marketable equity securities and note receivable | |||||||
Other, net | ( | ) | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable, trade (including amounts due from related parties, net) | ( | ) | ( | ) | |||
Prepaid expenses and other assets | ( | ) | ( | ) | |||
Program rights and obligations, net | ( | ) | ( | ) | |||
Income taxes payable | ( | ) | |||||
Deferred revenue | |||||||
Deferred carriage fees, net | ( | ) | ( | ) | |||
Accounts payable, accrued liabilities and other liabilities | ( | ) | ( | ) | |||
Net cash provided by operating activities | |||||||
Cash flows from investing activities: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Return of capital from investees | |||||||
Investment in and loans to investees | ( | ) | |||||
Payments for acquisition of a business, net of cash acquired | ( | ) | |||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Principal payments on long-term debt | ( | ) | |||||
Deemed repurchases of restricted stock units | ( | ) | ( | ) | |||
Purchase of treasury stock | ( | ) | ( | ) | |||
Proceeds from stock option exercises | |||||||
Principal payments on finance lease obligations | ( | ) | ( | ) | |||
Distributions to noncontrolling interests | ( | ) | ( | ) | |||
Net cash used in financing activities | ( | ) | ( | ) | |||
Net increase (decrease) in cash and cash equivalents from operations | ( | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | |||||
Cash and cash equivalents at beginning of period | |||||||
Cash and cash equivalents at end of period | $ | $ |
• | National Networks: Includes activities of our |
• | International and Other: Principally includes AMC Networks International (AMCNI), the Company's international programming businesses consisting of a portfolio of channels around the world; IFC Films, the Company's independent film distribution business; Levity Entertainment Group LLC ("Levity"), acquired April 20, 2018, our production services and comedy venues company; RLJ Entertainment Inc. ("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 subscription streaming services, Sundance Now and Shudder. |
(In thousands) | June 30, 2019 | December 31, 2018 | ||||||
Balances from contracts with customers: | ||||||||
Accounts receivable (including long-term, included in Other assets) | $ | $ | ||||||
Contract assets, short-term (included in Other current assets) | ||||||||
Contract assets, long-term (included in Other assets) | ||||||||
Contract liabilities (Deferred revenue) |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Basic weighted average common shares outstanding | |||||||||||
Effect of dilution: | |||||||||||
Stock options | |||||||||||
Restricted stock units | |||||||||||
Diluted weighted average common shares outstanding |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||
2019 | 2019 | ||||||
National Networks | $ | $ | |||||
International & Other | |||||||
Inter-segment eliminations | ( | ) | |||||
Total restructuring and other related charges | $ | $ |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||
2019 | 2019 | ||||||
Restructuring charges | $ | $ | |||||
Other related charges | |||||||
Total restructuring and other related charges | $ | $ |
(In thousands) | Severance and employee-related costs | Other related costs | Total | ||||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||||
Charges | |||||||||||
Cash payments | ( | ) | ( | ) | ( | ) | |||||
Non-cash adjustments | ( | ) | ( | ) | ( | ) | |||||
Currency translation | |||||||||||
Balance at June 30, 2019 | $ | $ | $ |
Fair value of equity consideration transferred | $ | ||
Fair value of previously held equity interest | |||
Fair value of redeemable noncontrolling interest | |||
$ | |||
Allocation to net assets acquired: | |||
Cash | |||
Accounts receivable | |||
Prepaid expenses and other current assets | |||
Programming rights | |||
Property and equipment | |||
Other assets (equity method investments) | |||
Intangible assets | |||
Accounts payable | ( | ) | |
Accrued liabilities | ( | ) | |
Debt | ( | ) | |
Goodwill | |||
$ |
Cash paid for controlling interest | $ | ||
Redeemable noncontrolling interest | |||
$ | |||
Allocation to net assets acquired: | |||
Cash | |||
Other current assets | |||
Property and equipment | |||
Intangible assets | |||
Other noncurrent assets | |||
Current liabilities | ( | ) | |
Noncurrent liabilities | ( | ) | |
Noncontrolling interests acquired | ( | ) | |
Fair value of net assets acquired | |||
Goodwill | |||
$ |
(In thousands, except per share data) | Pro Forma Financial Information For the Three Months Ended June 30, 2018 | Pro Forma Financial Information For the Six Months Ended June 30, 2018 | ||||||
Revenues, net | $ | $ | ||||||
Income from operations before income taxes | $ | $ | ||||||
Net income per share, basic | $ | $ | ||||||
Net income per share, diluted | $ | $ |
(In thousands) | National Networks | International and Other | Total | ||||||||
December 31, 2018 | $ | $ | $ | ||||||||
Purchase accounting adjustments | ( | ) | ( | ) | |||||||
Amortization of "second component" goodwill | ( | ) | ( | ) | |||||||
Foreign currency translation | ( | ) | ( | ) | |||||||
June 30, 2019 | $ | $ | $ |
(In thousands) | June 30, 2019 | ||||||||||||
Gross | Accumulated Amortization | Net | Estimated Useful Lives | ||||||||||
Amortizable intangible assets: | |||||||||||||
Affiliate and customer relationships | $ | $ | ( | ) | $ | 6 to 25 years | |||||||
Advertiser relationships | ( | ) | 11 years | ||||||||||
Trade names | ( | ) | 3 to 20 years | ||||||||||
Other amortizable intangible assets | ( | ) | 5 to 15 years | ||||||||||
Total amortizable intangible assets | ( | ) | |||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | — | ||||||||||||
Total intangible assets | $ | $ | ( | ) | $ | ||||||||
(In thousands) | December 31, 2018 | ||||||||||||
Gross | Accumulated Amortization | Net | |||||||||||
Amortizable intangible assets: | |||||||||||||
Affiliate and customer relationships | $ | $ | ( | ) | $ | ||||||||
Advertiser relationships | ( | ) | |||||||||||
Trade names | ( | ) | |||||||||||
Other amortizable intangible assets | ( | ) | |||||||||||
Total amortizable intangible assets | ( | ) | |||||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | — | ||||||||||||
Total intangible assets | $ | $ | ( | ) | $ |
(In thousands) | |||
Years Ending December 31, | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 |
(In thousands) | June 30, 2019 | December 31, 2018 | |||||
Interest | $ | $ | |||||
Employee related costs | |||||||
Income taxes payable | |||||||
Other accrued expenses | |||||||
Total accrued liabilities | $ | $ |
(In thousands) | June 30, 2019 | December 31, 2018 | |||||
Senior Secured Credit Facility: (a) | |||||||
Term Loan A Facility | $ | $ | |||||
Senior Notes: | |||||||
4.75% Notes due August 2025 | |||||||
5.00% Notes due April 2024 | |||||||
4.75% Notes due December 2022 | |||||||
Other debt | |||||||
Total long-term debt | |||||||
Unamortized discount | ( | ) | ( | ) | |||
Unamortized deferred financing costs | ( | ) | ( | ) | |||
Long-term debt, net | |||||||
Current portion of long-term debt | |||||||
Noncurrent portion of long-term debt | $ | $ |
(a) | The Company's $ |
(In thousands) | Balance Sheet Location | June 30, 2019 | |||
Assets | |||||
Operating | Operating lease right-of-use asset | $ | |||
Finance | Property and equipment, net | ||||
Total lease assets | $ | ||||
Liabilities | |||||
Current: | |||||
Operating | Current portion of lease obligations | $ | |||
Finance | Current portion of lease obligations | ||||
$ | |||||
Noncurrent: | |||||
Operating | Lease obligations | $ | |||
Finance | Lease obligations | ||||
Total lease liabilities | $ |
(In thousands) | Income Statement Location | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Operating lease costs | SG&A expenses | $ | $ | ||||||
Finance lease costs: | |||||||||
Amortization of leased assets | Depreciation and amortization | ||||||||
Interest on lease liabilities | Net interest expense | ||||||||
Short term lease costs | SG&A expenses | ||||||||
Variable lease costs | SG&A expenses | ||||||||
Total net lease cost | $ | $ |
(In thousands) | Operating Leases | Finance Leases | Total | ||||||||
2019 | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less: Interest | |||||||||||
Present value of lease liabilities | $ | $ | $ |
June 30, 2019 | ||
Weighted average remaining lease term (years): | ||
Operating leases | ||
Finance leases | ||
Weighted average discount rate: | ||
Operating leases | % | |
Finance leases | % |
June 30, 2019 | |||
Operating cash flows from operating leases | $ | ||
Financing cash flows from finance leases | $ |
• | 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 June 30, 2019: | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | $ | — | $ | — | $ | ||||||||||
Marketable securities | — | — | ||||||||||||||
Foreign currency derivatives | — | — | ||||||||||||||
Liabilities | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | $ | — | $ | ||||||||||
Foreign currency derivatives | — | — | ||||||||||||||
At December 31, 2018: | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | $ | — | $ | — | $ | ||||||||||
Marketable securities | — | — | ||||||||||||||
Foreign currency derivatives | — | — | ||||||||||||||
Liabilities | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | $ | — | $ | ||||||||||
Foreign currency derivatives | — | — |
(In thousands) | June 30, 2019 | ||||||
Carrying Amount | Estimated Fair Value | ||||||
Debt instruments: | |||||||
Term loan A facility | $ | $ | |||||
4.75% Notes due August 2025 | |||||||
5.00% Notes due April 2024 | |||||||
4.75% Notes due December 2022 | |||||||
Other debt | |||||||
$ | $ |
(In thousands) | December 31, 2018 | ||||||
Carrying Amount | Estimated Fair Value | ||||||
Debt instruments: | |||||||
Term loan A facility | $ | $ | |||||
4.75% Notes due August 2025 | |||||||
5.00% Notes due April 2024 | |||||||
4.75% Notes due December 2022 | |||||||
Other debt | |||||||
$ | $ |
(In thousands) | Balance Sheet Location | June 30, 2019 | December 31, 2018 | ||||||
Derivatives designated as hedging instruments: | |||||||||
Liabilities: | |||||||||
Interest rate swap contracts | Accrued liabilities | $ | $ | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Assets: | |||||||||
Foreign currency derivatives | Prepaid expenses and other current assets | $ | $ | ||||||
Foreign currency derivatives | Other assets | ||||||||
Liabilities: | |||||||||
Foreign currency derivatives | Accrued liabilities | $ | $ | ||||||
Foreign currency derivatives | Other liabilities |
(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 | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||
Interest rate swap contracts | $ | ( | ) | $ | Interest expense | $ | $ |
(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 | ||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||
Interest rate swap contracts | $ | ( | ) | $ | Interest expense | $ | $ |
(In thousands) | Location of Gain or (Loss) Recognized in Earnings on Derivatives | Amount of Gain or (Loss) Recognized in Earnings on Derivatives | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Interest rate swap contracts | Interest expense | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Foreign currency derivatives | Miscellaneous, net | ( | ) | ||||||||||||||
Other derivatives | Miscellaneous, net | ||||||||||||||||
Total | $ | ( | ) | $ | $ | $ |
(In thousands) | Six Months Ended June 30, 2019 | ||
December 31, 2018 | $ | ||
Net earnings | |||
Distributions | ( | ) | |
Other | ( | ) | |
June 30, 2019 | $ |
(In thousands) | Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Non-Cash Investing and Financing Activities: | |||||||
Capital expenditures incurred but not yet paid | $ | $ | |||||
Treasury stock not yet settled | |||||||
Supplemental Data: | |||||||
Cash interest paid | |||||||
Income taxes paid, net |
(In thousands) | Three Months Ended June 30, 2019 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | $ | $ | ( | ) | $ | |||||||||
Distribution | ( | ) | |||||||||||||
Consolidated revenues, net | $ | $ | $ | ( | ) | $ | |||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Share-based compensation expense | |||||||||||||||
Restructuring and other related charges | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Majority-owned equity investees AOI | |||||||||||||||
Adjusted operating income | $ | $ | $ | ( | ) | $ |
(In thousands) | Three Months Ended June 30, 2018 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | $ | $ | ||||||||||||
Distribution | ( | ) | |||||||||||||
Consolidated revenues, net | $ | $ | $ | ( | ) | $ | |||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ( | ) | ||||||||
Share-based compensation expense | |||||||||||||||
Restructuring and other related charges | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Majority-owned equity investees AOI | |||||||||||||||
Adjusted operating income | $ | $ | $ | ( | ) | $ |
(In thousands) | Six Months Ended June 30, 2019 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | $ | $ | ( | ) | $ | |||||||||
Distribution | ( | ) | |||||||||||||
Consolidated revenues, net | $ | $ | $ | ( | ) | $ | |||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Share-based compensation expense | |||||||||||||||
Restructuring and other related charges | ( | ) | |||||||||||||
Depreciation and amortization | |||||||||||||||
Majority-owned equity investees AOI | |||||||||||||||
Adjusted operating income | $ | $ | $ | ( | ) | $ |
(In thousands) | Six Months Ended June 30, 2018 | ||||||||||||||
National Networks | International and Other | Inter-segment eliminations | Consolidated | ||||||||||||
Revenues, net | |||||||||||||||
Advertising | $ | $ | $ | $ | |||||||||||
Distribution | ( | ) | |||||||||||||
Consolidated revenues, net | $ | $ | $ | ( | ) | $ | |||||||||
Operating income (loss) | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Share-based compensation expense | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Adjusted operating income | $ | $ | $ | ( | ) | $ |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Inter-segment revenues | |||||||||||||||
National Networks | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
International and Other | ( | ) | ( | ) | ( | ) | |||||||||
$ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | |||||||||||||||
United States | $ | $ | $ | $ | |||||||||||
Europe | |||||||||||||||
Other | |||||||||||||||
$ | $ | $ | $ |
(In thousands) | June 30, 2019 | December 31, 2018 | |||||
Property and equipment, net | |||||||
United States | $ | $ | |||||
Europe | |||||||
Other | |||||||
$ | $ |
Condensed Consolidating Balance Sheet | |||||||||||||||||||
June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
ASSETS | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Accounts receivable, trade (less allowance for doubtful accounts) | |||||||||||||||||||
Current portion of program rights, net | ( | ) | |||||||||||||||||
Prepaid expenses, other current assets and intercompany receivable | ( | ) | ( | ) | |||||||||||||||
Total current assets | ( | ) | ( | ) | |||||||||||||||
Property and equipment, net of accumulated depreciation | |||||||||||||||||||
Investment in affiliates | ( | ) | |||||||||||||||||
Program rights, net | ( | ) | |||||||||||||||||
Long-term intercompany notes receivable | ( | ) | |||||||||||||||||
Deferred carriage fees, net | |||||||||||||||||||
Intangible assets, net | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Deferred tax asset, net | |||||||||||||||||||
Operating lease right-of-use asset | |||||||||||||||||||
Other assets | |||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | ( | ) | $ | $ | $ | $ | ||||||||||||
Accrued liabilities and intercompany payable | ( | ) | |||||||||||||||||
Current portion of program rights obligations | |||||||||||||||||||
Deferred revenue | ( | ) | |||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||
Current portion of lease obligations | |||||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||
Program rights obligations | |||||||||||||||||||
Long-term debt, net | |||||||||||||||||||
Lease obligations | |||||||||||||||||||
Deferred tax liability, net | |||||||||||||||||||
Other liabilities and intercompany notes payable | ( | ) | |||||||||||||||||
Total liabilities | ( | ) | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | ( | ) | |||||||||||||||||
Stockholders' equity: | |||||||||||||||||||
AMC Networks stockholders' equity | ( | ) | |||||||||||||||||
Non-redeemable noncontrolling interests | |||||||||||||||||||
Total stockholders' equity | ( | ) | |||||||||||||||||
Total liabilities and stockholders' equity | $ | $ | $ | $ | ( | ) | $ |
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 | $ | $ | $ | $ | $ | ||||||||||||||
Accounts receivable, trade (including amounts due from related parties, net, less allowance for doubtful accounts) | |||||||||||||||||||
Current portion of program rights, net | ( | ) | |||||||||||||||||
Prepaid expenses, other current assets and intercompany receivable | ( | ) | |||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||
Property and equipment, net of accumulated depreciation | |||||||||||||||||||
Investment in affiliates | ( | ) | |||||||||||||||||
Program rights, net | ( | ) | |||||||||||||||||
Long-term intercompany notes receivable | ( | ) | |||||||||||||||||
Deferred carriage fees, net | |||||||||||||||||||
Intangible assets, net | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Deferred tax asset, net | |||||||||||||||||||
Other assets | |||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | ||||||||||||||
Accrued liabilities and intercompany payable | ( | ) | |||||||||||||||||
Current portion of program rights obligations | |||||||||||||||||||
Deferred revenue | |||||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||
Current portion of capital lease obligations | |||||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||
Program rights obligations | |||||||||||||||||||
Long-term debt, net | |||||||||||||||||||
Capital lease obligations | |||||||||||||||||||
Deferred tax liability, net | |||||||||||||||||||
Other liabilities and intercompany notes payable | ( | ) | |||||||||||||||||
Total liabilities | ( | ) | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Redeemable noncontrolling interests | |||||||||||||||||||
Stockholders' equity: | |||||||||||||||||||
AMC Networks stockholders' equity | ( | ) | |||||||||||||||||
Non-redeemable noncontrolling interests | |||||||||||||||||||
Total stockholders' equity | ( | ) | |||||||||||||||||
Total liabilities and stockholders' equity | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | ( | ) | |||||||||||||||||
Selling, general and administrative | ( | ) | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Restructuring and other related charges | |||||||||||||||||||
Total operating expenses | ( | ) | |||||||||||||||||
Operating income | ( | ) | |||||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | |||||||||||||||
Share of affiliates’ income | ( | ) | |||||||||||||||||
Miscellaneous, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||||||
Income from operations before income taxes | ( | ) | |||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | |||||||||||||||
Net income including noncontrolling interests | ( | ) | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | ( | ) | |||||||||||||||||
Selling, general and administrative | ( | ) | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Total operating expenses | ( | ) | |||||||||||||||||
Operating income | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Share of affiliates’ income (loss) | ( | ) | ( | ) | |||||||||||||||
Miscellaneous, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||||||
Income from operations before income taxes | ( | ) | |||||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net income including noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net income attributable to AMC Networks’ stockholders | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | ( | ) | |||||||||||||||||
Selling, general and administrative | ( | ) | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Restructuring and other related charges | |||||||||||||||||||
Total operating expenses | ( | ) | |||||||||||||||||
Operating income | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | |||||||||||||||
Share of affiliates’ income | ( | ) | |||||||||||||||||
Miscellaneous, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||||||
Income from operations before income taxes | ( | ) | |||||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net income including noncontrolling interests | ( | ) | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Income | |||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Revenues, net | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Operating expenses: | |||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | ( | ) | |||||||||||||||||
Selling, general and administrative | ( | ) | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Total operating expenses | ( | ) | |||||||||||||||||
Operating income | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Share of affiliates’ income | ( | ) | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||
Miscellaneous, net | ( | ) | ( | ) | |||||||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | |||||||||||||
Income from operations before income taxes | ( | ) | |||||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net income including noncontrolling interests | ( | ) | |||||||||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income including noncontrolling interests | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | ( | ) | |||||||||||||||||
Unrealized loss on interest rate swaps | ( | ) | — | — | — | ( | ) | ||||||||||||
Other comprehensive income, before income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Income tax expense | — | — | — | ||||||||||||||||
Other comprehensive (loss) income, net of income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ( | ) | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | ( | ) | — | ( | ) | ||||||||||||
Comprehensive income attributable to AMC Networks' stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income including noncontrolling interest | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Other comprehensive (loss) income, net of income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ( | ) | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | ( | ) | — | ( | ) | ||||||||||||
Comprehensive income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income including noncontrolling interest | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Unrealized loss on interest rate swaps | ( | ) | — | — | — | ( | ) | ||||||||||||
Other comprehensive loss, before income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Income tax expense | — | — | — | ||||||||||||||||
Other comprehensive loss, net of income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ( | ) | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | ( | ) | — | ( | ) | ||||||||||||
Comprehensive income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Net income including noncontrolling interest | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation adjustment | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Other comprehensive (loss) income, net of income taxes | ( | ) | — | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ( | ) | |||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | ( | ) | — | ( | ) | ||||||||||||
Comprehensive income attributable to AMC Networks’ stockholders | $ | $ | $ | $ | ( | ) | $ |
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||
Return of capital from investees | |||||||||||||||||||
Investment in and loans to investees | |||||||||||||||||||
Payments for acquisition of a business, net of cash acquired | |||||||||||||||||||
Increase (decrease) to investment in affiliates | ( | ) | ( | ) | |||||||||||||||
Net cash (used in) provided by investing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | |||||||||||||||||||
Repayment of long-term debt | ( | ) | ( | ) | |||||||||||||||
Deemed repurchases of restricted stock units | ( | ) | ( | ) | |||||||||||||||
Purchase of treasury stock | ( | ) | ( | ) | |||||||||||||||
Proceeds from stock option exercises | |||||||||||||||||||
Principal payments on finance lease obligations | ( | ) | ( | ) | ( | ) | |||||||||||||
Distributions to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net (decrease) increase in cash and cash equivalents from operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ |
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||
(In thousands) | Parent Company | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||
Return of capital from investees | |||||||||||||||||||
Investment in investees | ( | ) | ( | ) | |||||||||||||||
Payments for acquisition of a business, net of cash acquired | ( | ) | ( | ) | |||||||||||||||
Increase (decrease) to investment in affiliates | ( | ) | ( | ) | |||||||||||||||
Net cash (used in) provided by investing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from the issuance of long-term debt | |||||||||||||||||||
Principal payments on long-term debt | |||||||||||||||||||
Payments for financing costs | |||||||||||||||||||
Deemed repurchases of restricted stock units | ( | ) | ( | ) | |||||||||||||||
Purchase of treasury stock | ( | ) | ( | ) | |||||||||||||||
Proceeds from stock option exercises | |||||||||||||||||||
Principal payments on capital lease obligations | ( | ) | ( | ) | ( | ) | |||||||||||||
Distributions to noncontrolling interests | ( | ) | ( | ) | |||||||||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net (decrease) increase in cash and cash equivalents from operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ( | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ | $ |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
• | 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; |
• | the impact of Brexit, particularly in the event of the U.K.'s departure from the E.U. without an agreement on terms; |
• | 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 |
• | the factors described under Item 1A, "Risk Factors" in our 2018 Annual Report on Form 10-K (the "2018 Form 10-K"), as filed with the Securities and Exchange Commission ("SEC"). |
• | 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 produces original programming for our programming networks and also licenses 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 AMC Networks International (AMCNI), the Company's international programming businesses consisting of a portfolio of channels around the world; IFC Films, the Company's independent film distribution business; Levity Entertainment Group ("Levity"), acquired April 20, 2018, our production services and comedy venues company; RLJ Entertainment Inc. ("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) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues, net | |||||||||||||||
National Networks | $ | 604,739 | $ | 627,289 | $ | 1,220,858 | $ | 1,260,317 | |||||||
International and Other | 179,526 | 146,711 | 350,615 | 258,101 | |||||||||||
Inter-segment eliminations | (11,966 | ) | (12,615 | ) | (14,953 | ) | (16,210 | ) | |||||||
Consolidated revenues, net | $ | 772,299 | $ | 761,385 | $ | 1,556,520 | $ | 1,502,208 | |||||||
Operating income (loss) | |||||||||||||||
National Networks | $ | 214,198 | $ | 210,007 | $ | 465,702 | $ | 459,859 | |||||||
International and Other | (27,284 | ) | (11,338 | ) | (41,031 | ) | (28,151 | ) | |||||||
Inter-segment eliminations | (16,657 | ) | (7,138 | ) | (9,551 | ) | (6,522 | ) | |||||||
Consolidated operating income | $ | 170,257 | $ | 191,531 | $ | 415,120 | $ | 425,186 | |||||||
AOI | |||||||||||||||
National Networks | $ | 236,472 | $ | 234,678 | $ | 513,159 | $ | 505,552 | |||||||
International and Other | 11,830 | 5,413 | 21,772 | 3,251 | |||||||||||
Inter-segment eliminations | (16,657 | ) | (7,138 | ) | (10,246 | ) | (6,522 | ) | |||||||
Consolidated AOI | $ | 231,645 | $ | 232,953 | $ | 524,685 | $ | 502,281 |
(In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Operating income | $ | 170,257 | $ | 191,531 | $ | 415,120 | $ | 425,186 | |||||||
Share-based compensation expense | 16,725 | 19,753 | 36,624 | 35,072 | |||||||||||
Restructuring and other related charges | 17,162 | — | 19,804 | — | |||||||||||
Depreciation and amortization | 25,893 | 21,669 | 49,949 | 42,023 | |||||||||||
Majority-owned equity investees AOI | 1,608 | — | 3,188 | — | |||||||||||
AOI | $ | 231,645 | $ | 232,953 | $ | 524,685 | $ | 502,281 |
Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 772,299 | 100.0 | % | $ | 761,385 | 100.0 | % | $ | 10,914 | 1.4 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 385,623 | 49.9 | 376,809 | 49.5 | 8,814 | 2.3 | ||||||||||||||
Selling, general and administrative | 173,364 | 22.4 | 171,376 | 22.5 | 1,988 | 1.2 | ||||||||||||||
Depreciation and amortization | 25,893 | 3.4 | 21,669 | 2.8 | 4,224 | 19.5 | ||||||||||||||
Restructuring and other related charges | 17,162 | 2.2 | — | — | 17,162 | n/m | ||||||||||||||
Total operating expenses | 602,042 | 78.0 | 569,854 | 74.8 | 32,188 | 5.6 | ||||||||||||||
Operating income | 170,257 | 22.0 | 191,531 | 25.2 | (21,274 | ) | (11.1 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (34,971 | ) | (4.5 | ) | (33,933 | ) | (4.5 | ) | (1,038 | ) | 3.1 | |||||||||
Loss on extinguishment of debt | — | — | — | — | n/m | |||||||||||||||
Miscellaneous, net | (2,697 | ) | (0.3 | ) | (14,719 | ) | (1.9 | ) | 12,022 | (81.7 | ) | |||||||||
Total other income (expense) | (37,668 | ) | (4.9 | ) | (48,652 | ) | (6.4 | ) | 10,984 | (22.6 | ) | |||||||||
Net income from operations before income taxes | 132,589 | 17.2 | 142,879 | 18.8 | (10,290 | ) | (7.2 | ) | ||||||||||||
Income tax expense | 1,396 | 0.2 | (32,547 | ) | (4.3 | ) | 33,943 | (104.3 | ) | |||||||||||
Net income including noncontrolling interests | 133,985 | 17.3 | 110,332 | 14.5 | 23,653 | 21.4 | ||||||||||||||
Net income attributable to noncontrolling interests | (5,242 | ) | (0.7 | ) | (4,151 | ) | (0.5 | ) | (1,091 | ) | 26.3 | % | ||||||||
Net income attributable to AMC Networks' stockholders | $ | 128,743 | 16.7 | % | $ | 106,181 | 13.9 | % | $ | 22,562 | 21.2 | % |
Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 604,739 | 100.0 | % | $ | 627,289 | 100.0 | % | $ | (22,550 | ) | (3.6 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 269,147 | 44.5 | 285,326 | 45.5 | (16,179 | ) | (5.7 | ) | ||||||||||||
Selling, general and administrative | 112,941 | 18.7 | 123,544 | 19.7 | (10,603 | ) | (8.6 | ) | ||||||||||||
Depreciation and amortization | 8,179 | 1.4 | 8,412 | 1.3 | (233 | ) | (2.8 | ) | ||||||||||||
Restructuring and other related charges | 274 | — | — | — | 274 | n/m | ||||||||||||||
Operating income | $ | 214,198 | 35.4 | % | $ | 210,007 | 33.5 | % | $ | 4,191 | 2.0 | % | ||||||||
Share-based compensation expense | 13,821 | 2.3 | 16,259 | 2.6 | (2,438 | ) | (15.0 | ) | ||||||||||||
Restructuring and other related charges | 274 | — | — | — | 274 | n/m | ||||||||||||||
Depreciation and amortization | 8,179 | 1.4 | 8,412 | 1.3 | (233 | ) | (2.8 | ) | ||||||||||||
AOI | $ | 236,472 | 39.1 | % | $ | 234,678 | 37.4 | % | $ | 1,794 | 0.8 | % |
Three Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 179,526 | 100.0 | % | $ | 146,711 | 100.0 | % | $ | 32,815 | 22.4 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 111,722 | 62.2 | 96,932 | 66.1 | 14,790 | 15.3 | ||||||||||||||
Selling, general and administrative | 60,486 | 33.7 | 47,860 | 32.6 | 12,626 | 26.4 | ||||||||||||||
Depreciation and amortization | 17,714 | 9.9 | 13,257 | 9.0 | 4,457 | 33.6 | ||||||||||||||
Restructuring and other related charges | 16,888 | 9.4 | — | — | 16,888 | n/m | ||||||||||||||
Operating loss | $ | (27,284 | ) | (15.2 | )% | $ | (11,338 | ) | (7.7 | )% | $ | (15,946 | ) | 140.6 | % | |||||
Share-based compensation expense | 2,904 | 1.6 | 3,494 | 2.4 | (590 | ) | (16.9 | ) | ||||||||||||
Restructuring and other related charges | 16,888 | 9.4 | — | — | 16,888 | n/m | ||||||||||||||
Depreciation and amortization | 17,714 | 9.9 | 13,257 | 9.0 | 4,457 | 33.6 | ||||||||||||||
Majority-owned equity investees AOI | 1,608 | 0.9 | — | — | 1,608 | n/m | ||||||||||||||
AOI | $ | 11,830 | 6.6 | % | $ | 5,413 | 3.7 | % | $ | 6,417 | 118.5 | % |
Three Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
National Networks | $ | 604,739 | 78.3 | % | $ | 627,289 | 82.4 | % | $ | (22,550 | ) | (3.6 | )% | |||||||
International and Other | 179,526 | 23.2 | 146,711 | 19.3 | 32,815 | 22.4 | ||||||||||||||
Inter-segment eliminations | (11,966 | ) | (1.5 | ) | (12,615 | ) | (1.7 | ) | 649 | (5.1 | ) | |||||||||
Consolidated revenues, net | $ | 772,299 | 100.0 | % | $ | 761,385 | 100.0 | % | $ | 10,914 | 1.4 | % |
Three Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 219,490 | 36.3 | % | $ | 246,829 | 39.3 | % | $ | (27,339 | ) | (11.1 | )% | |||||||
Distribution | 385,249 | 63.7 | 380,460 | 60.7 | 4,789 | 1.3 | ||||||||||||||
$ | 604,739 | 100.0 | % | $ | 627,289 | 100.0 | % | $ | (22,550 | ) | (3.6 | )% |
• | The decrease of $27.3 million in advertising revenues was due to a decrease of $34.6 million at AMC due primarily to the timing of our original programming as well as lower ratings, partially mitigated by pricing. The decrease at AMC was partially offset by increases at all of 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 $4.8 million due to an increase of $5.5 million in content licensing revenue, primarily at AMC, from foreign distribution. Subscription revenues decreased slightly as compared to the prior comparable period due to lower subscribers and the impact of an interpretation of a contractual provision in an affiliate agreement, partially offset by pricing. 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. |
Three Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 23,535 | 13.1 | % | $ | 23,433 | 16.0 | % | $ | 102 | 0.4 | % | ||||||||
Distribution | 155,991 | 86.9 | 123,278 | 84.0 | 32,713 | 26.5 | ||||||||||||||
$ | 179,526 | 100.0 | % | $ | 146,711 | 100.0 | % | $ | 32,815 | 22.4 | % |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 269,147 | $ | 285,326 | $ | (16,179 | ) | (5.7 | )% | |||||
International and Other | 111,722 | 96,932 | 14,790 | 15.3 | % | |||||||||
Inter-segment eliminations | 4,754 | (5,449 | ) | 10,203 | (187.2 | )% | ||||||||
Total | $ | 385,623 | $ | 376,809 | $ | 8,814 | 2.3 | % | ||||||
Percentage of revenues, net | 49.9 | % | 49.5 | % |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 112,941 | $ | 123,544 | $ | (10,603 | ) | (8.6 | )% | |||||
International and Other | 60,486 | 47,860 | 12,626 | 26.4 | ||||||||||
Inter-segment eliminations | (63 | ) | (28 | ) | (35 | ) | 125.0 | |||||||
Total | $ | 173,364 | $ | 171,376 | $ | 1,988 | 1.2 | % | ||||||
Percentage of revenues, net | 22.4 | % | 22.5 | % |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 8,179 | $ | 8,412 | $ | (233 | ) | (2.8 | )% | |||||
International and Other | 17,714 | 13,257 | 4,457 | 33.6 | ||||||||||
$ | 25,893 | $ | 21,669 | $ | 4,224 | 19.5 | % |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 214,198 | $ | 210,007 | $ | 4,191 | 2.0 | % | ||||||
International and Other | (27,284 | ) | (11,338 | ) | (15,946 | ) | 140.6 | |||||||
Inter-segment Eliminations | (16,657 | ) | (7,138) | (9,519 | ) | 133.4 | ||||||||
$ | 170,257 | $ | 191,531 | $ | (21,274 | ) | (11.1 | )% |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
Operating income | $ | 170,257 | $ | 191,531 | $ | (21,274 | ) | (11.1 | )% | |||||
Share-based compensation expense | 16,725 | 19,753 | (3,028 | ) | (15.3 | ) | ||||||||
Restructuring and other related charges | 17,162 | — | 17,162 | n/m | ||||||||||
Depreciation and amortization | 25,893 | 21,669 | 4,224 | 19.5 | ||||||||||
Majority-owned equity investees AOI | 1,608 | — | 1,608 | n/m | ||||||||||
AOI | $ | 231,645 | $ | 232,953 | $ | (1,308 | ) | (0.6 | )% |
Three Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 236,472 | $ | 234,678 | $ | 1,794 | 0.8 | % | ||||||
International and Other | 11,830 | 5,413 | 6,417 | 118.5 | ||||||||||
Inter-segment eliminations | (16,657 | ) | (7,138 | ) | (9,519 | ) | 133.4 | |||||||
AOI | $ | 231,645 | $ | 232,953 | $ | (1,308 | ) | (0.6 | )% |
Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 1,556,520 | 100.0 | % | $ | 1,502,208 | 100.0 | % | $ | 54,312 | 3.6 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 725,771 | 46.6 | 697,174 | 46.4 | 28,597 | 4.1 | ||||||||||||||
Selling, general and administrative | 345,876 | 22.2 | 337,825 | 22.5 | 8,051 | 2.4 | ||||||||||||||
Depreciation and amortization | 49,949 | 3.2 | 42,023 | 2.8 | 7,926 | 18.9 | ||||||||||||||
Restructuring and other related charges | 19,804 | 1.3 | — | — | 19,804 | n/m | ||||||||||||||
Total operating expenses | 1,141,400 | 73.3 | 1,077,022 | 71.7 | 64,378 | 6.0 | ||||||||||||||
Operating income | 415,120 | 26.7 | 425,186 | 28.3 | (10,066 | ) | (2.4 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (70,416 | ) | (4.5 | ) | (67,119 | ) | (4.5 | ) | (3,297 | ) | 4.9 | |||||||||
Miscellaneous, net | (15,482 | ) | (1.0 | ) | 2,227 | 0.1 | (17,709 | ) | (795.2 | ) | ||||||||||
Total other income (expense) | (85,898 | ) | (5.5 | ) | (64,892 | ) | (4.3 | ) | (21,006 | ) | 32.4 | |||||||||
Net income from operations before income taxes | 329,222 | 21.2 | 360,294 | 24.0 | (31,072 | ) | (8.6 | ) | ||||||||||||
Income tax expense | (45,080 | ) | (2.9 | ) | (89,426 | ) | (6.0 | ) | 44,346 | (49.6 | ) | |||||||||
Net income including noncontrolling interests | 284,142 | 18.3 | 270,868 | 18.0 | 13,274 | 4.9 | ||||||||||||||
Net income attributable to noncontrolling interests | (12,002 | ) | (0.8 | ) | (7,817 | ) | (0.5 | ) | (4,185 | ) | 53.5 | % | ||||||||
Net income attributable to AMC Networks' stockholders | $ | 272,140 | 17.5 | % | $ | 263,051 | 17.5 | % | $ | 9,089 | 3.5 | % |
Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 1,220,858 | 100.0 | % | $ | 1,260,317 | 100.0 | % | $ | (39,459 | ) | (3.1 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 510,407 | 41.8 | 535,113 | 42.5 | (24,706 | ) | (4.6 | ) | ||||||||||||
Selling, general and administrative | 227,382 | 18.6 | 248,438 | 19.7 | (21,056 | ) | (8.5 | ) | ||||||||||||
Depreciation and amortization | 16,791 | 1.4 | 16,907 | 1.3 | (116 | ) | (0.7 | ) | ||||||||||||
Restructuring and other related charges | 576 | — | — | — | 576 | n/m | ||||||||||||||
Operating income | $ | 465,702 | 38.1 | % | $ | 459,859 | 36.5 | % | $ | 5,843 | 1.3 | % | ||||||||
Share-based compensation expense | 30,090 | 2.5 | 28,786 | 2.3 | 1,304 | 4.5 | ||||||||||||||
Restructuring and other related charges | 576 | — | — | — | 576 | n/m | ||||||||||||||
Depreciation and amortization | 16,791 | 1.4 | 16,907 | 1.3 | (116 | ) | (0.7 | ) | ||||||||||||
AOI | $ | 513,159 | 42.0 | % | $ | 505,552 | 40.1 | % | $ | 7,607 | 1.5 | % |
Six Months Ended June 30, | ||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||
(In thousands) | Amount | % of Revenues, net | Amount | % of Revenues, net | $ change | % change | ||||||||||||||
Revenues, net | $ | 350,615 | 100.0 | % | $ | 258,101 | 100.0 | % | $ | 92,514 | 35.8 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Technical and operating (excluding depreciation and amortization) | 219,994 | 62.7 | 171,694 | 66.5 | 48,300 | 28.1 | ||||||||||||||
Selling, general and administrative | 118,571 | 33.8 | 89,442 | 34.7 | 29,129 | 32.6 | ||||||||||||||
Depreciation and amortization | 33,158 | 9.5 | 25,116 | 9.7 | 8,042 | 32.0 | ||||||||||||||
Restructuring and other related charges | 19,923 | 5.7 | — | — | 19,923 | n/m | ||||||||||||||
Operating loss | $ | (41,031 | ) | (11.7 | )% | $ | (28,151 | ) | (10.9 | )% | $ | (12,880 | ) | 45.8 | % | |||||
Share-based compensation expense | 6,534 | 1.9 | 6,286 | 2.4 | 248 | 3.9 | ||||||||||||||
Restructuring and other related charges | 19,923 | 5.7 | — | — | 19,923 | n/m | ||||||||||||||
Depreciation and amortization | 33,158 | 9.5 | 25,116 | 9.7 | 8,042 | 32.0 | ||||||||||||||
Majority-owned equity investees AOI | 3,188 | 0.9 | — | — | 3,188 | n/m | ||||||||||||||
AOI | $ | 21,772 | 6.2 | % | $ | 3,251 | 1.3 | % | $ | 18,521 | 569.7 | % |
Six Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
National Networks | $ | 1,220,858 | 78.5 | % | $ | 1,260,317 | 83.9 | % | $ | (39,459 | ) | (3.1 | )% | |||||||
International and Other | 350,615 | 22.5 | 258,101 | 17.2 | 92,514 | 35.8 | ||||||||||||||
Inter-segment eliminations | (14,953 | ) | (1.0 | ) | (16,210 | ) | (1.1 | ) | 1,257 | (7.8 | ) | |||||||||
Consolidated revenues, net | $ | 1,556,520 | 100.0 | % | $ | 1,502,208 | 100.0 | % | $ | 54,312 | 3.6 | % |
Six Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 458,579 | 37.6 | % | $ | 472,559 | 37.5 | % | $ | (13,980 | ) | (3.0 | )% | |||||||
Distribution | 762,279 | 62.4 | 787,758 | 62.5 | (25,479 | ) | (3.2 | ) | ||||||||||||
$ | 1,220,858 | 100.0 | % | $ | 1,260,317 | 100.0 | % | $ | (39,459 | ) | (3.1 | )% |
• | The decrease of $14.0 million in advertising revenues was driven by a decrease of $33.5 million at AMC due to lower ratings, partially mitigated by pricing. The decrease at AMC was partially offset by increases at all of 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 decreased $25.5 million due to a decrease in content licensing revenues of $29.4 million from lower foreign distribution revenues derived from our original programming, primarily at AMC. Subscription revenues increased $4.0 million resulting from an increase in rates, partially offset by lower subscribers and the impact of an interpretation of a contractual provision in an affiliate agreement. Subscription 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. |
Six Months Ended June 30, | ||||||||||||||||||||
(In thousands) | 2019 | % of total | 2018 | % of total | $ change | % change | ||||||||||||||
Advertising | $ | 44,741 | 12.8 | % | $ | 45,943 | 17.8 | % | $ | (1,202 | ) | (2.6 | )% | |||||||
Distribution | 305,874 | 87.2 | 212,158 | 82.2 | 93,716 | 44.2 | ||||||||||||||
$ | 350,615 | 100.0 | % | $ | 258,101 | 100.0 | % | $ | 92,514 | 35.8 | % |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 510,407 | $ | 535,113 | $ | (24,706 | ) | (4.6 | )% | |||||
International and Other | 219,994 | 171,694 | 48,300 | 28.1 | ||||||||||
Inter-segment eliminations | (4,630 | ) | (9,633 | ) | 5,003 | (51.9 | ) | |||||||
Total | $ | 725,771 | $ | 697,174 | $ | 28,597 | 4.1 | % | ||||||
Percentage of revenues, net | 46.6 | % | 46.4 | % |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 227,382 | $ | 248,438 | $ | (21,056 | ) | (8.5 | )% | |||||
International and Other | 118,571 | 89,442 | 29,129 | 32.6 | ||||||||||
Inter-segment eliminations | (77 | ) | (55 | ) | (22 | ) | 40.0 | |||||||
Total | $ | 345,876 | $ | 337,825 | $ | 8,051 | 2.4 | % | ||||||
Percentage of revenues, net | 22.2 | % | 22.5 | % |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 16,791 | $ | 16,907 | $ | (116 | ) | (0.7 | )% | |||||
International and Other | 33,158 | 25,116 | 8,042 | 32.0 | ||||||||||
$ | 49,949 | $ | 42,023 | $ | 7,926 | 18.9 | % |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 465,702 | $ | 459,859 | $ | 5,843 | 1.3 | % | ||||||
International and Other | (41,031 | ) | (28,151 | ) | (12,880 | ) | 45.8 | |||||||
Inter-segment Eliminations | (9,551 | ) | (6,522) | (3,029 | ) | n/m | ||||||||
$ | 415,120 | $ | 425,186 | $ | (10,066 | ) | (2.4 | )% |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
Operating income | $ | 415,120 | $ | 425,186 | $ | (10,066 | ) | (2.4 | )% | |||||
Share-based compensation expense | 36,624 | 35,072 | 1,552 | 4.4 | ||||||||||
Restructuring and other related charges | 19,804 | — | 19,804 | n/m | ||||||||||
Depreciation and amortization | 49,949 | 42,023 | 7,926 | 18.9 | ||||||||||
Majority-owned equity investees AOI | 3,188 | — | 3,188 | n/m | ||||||||||
AOI | $ | 524,685 | $ | 502,281 | $ | 22,404 | 4.5 | % |
Six Months Ended June 30, | ||||||||||||||
(In thousands) | 2019 | 2018 | $ change | % change | ||||||||||
National Networks | $ | 513,159 | $ | 505,552 | $ | 7,607 | 1.5 | % | ||||||
International and Other | 21,772 | 3,251 | 18,521 | 569.7 | ||||||||||
Inter-segment eliminations | (10,246 | ) | (6,522 | ) | (3,724 | ) | 57.1 | |||||||
AOI | $ | 524,685 | $ | 502,281 | $ | 22,404 | 4.5 | % |
(In thousands) | Six Months Ended June 30, | ||||||
2019 | 2018 | ||||||
Cash provided by operating activities | $ | 288,937 | $ | 278,577 | |||
Cash used in investing activities | (43,555 | ) | (159,422 | ) | |||
Cash used in financing activities | (92,265 | ) | (263,418 | ) | |||
Net increase (decrease) in cash and cash equivalents | 153,117 | (144,263 | ) |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
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 | |||||||||
April 1, 2019 to April 30, 2019 | — | $ | — | — | 558,419.334 | ||||||||
May 1, 2019 to May 31, 2019 | 1,023,002 | $ | 54.64 | 1,023,002 | 502,521,304 | ||||||||
June 1, 2019 to June 30, 2019 | 28,779 | $ | 53.88 | 28,779 | 500,970,550 | ||||||||
Total | 1,051,781 | $ | 54.62 | 1,051,781 |
Item 6. | Exhibits. |
(a) | Index to Exhibits. |
31.1 | |
31.2 | |
32 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within Inline XBRL 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: | July 31, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
Date: | July 31, 2019 | By: | /s/ Joshua W. Sapan | |
Joshua W. Sapan | ||||
President and Chief Executive Officer |
Date: | July 31, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
Date: | July 31, 2019 | By: | /s/ Joshua W. Sapan | |
Joshua W. Sapan | ||||
President and Chief Executive Officer |
Date: | July 31, 2019 | By: | /s/ Sean S. Sullivan | |
Sean S. Sullivan | ||||
Executive Vice President and Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts receivable, trade, allowance for doubtful accounts | $ 9,029 | $ 10,788 |
Property and equipment, accumulated depreciation | $ 321,719 | $ 293,918 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000,000 | 45,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000,000 | 360,000,000 |
Common stock shares issued | 63,851,000 | 63,255,000 |
Common stock, shares outstanding | 44,275,000 | 44,749,000 |
Treasury stock, shares | 19,577,000 | 18,507,000 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock shares issued | 11,484,000 | 11,484,000 |
Common stock, shares outstanding | 11,484,000 | 11,484,000 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Statement [Abstract] | ||||
Revenues, net | $ 772,299 | $ 761,385 | $ 1,556,520 | $ 1,502,208 |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | 385,623 | 376,809 | 725,771 | 697,174 |
Selling, general and administrative | 173,364 | 171,376 | 345,876 | 337,825 |
Depreciation and amortization | 25,893 | 21,669 | 49,949 | 42,023 |
Restructuring and other related charges | 17,162 | 0 | 19,804 | 0 |
Total operating expenses | 602,042 | 569,854 | 1,141,400 | 1,077,022 |
Operating income | 170,257 | 191,531 | 415,120 | 425,186 |
Other income (expense): | ||||
Interest expense | (39,716) | (39,265) | (79,361) | (77,470) |
Interest income | 4,745 | 5,332 | 8,945 | 10,351 |
Miscellaneous, net | (2,697) | (14,719) | (15,482) | 2,227 |
Total other income (expense) | (37,668) | (48,652) | (85,898) | (64,892) |
Income from operations before income taxes | 132,589 | 142,879 | 329,222 | 360,294 |
Income tax benefit (expense) | 1,396 | (32,547) | (45,080) | (89,426) |
Net income including noncontrolling interests | 133,985 | 110,332 | 284,142 | 270,868 |
Net income attributable to noncontrolling interests | (5,242) | (4,151) | (12,002) | (7,817) |
Net income attributable to AMC Networks' stockholders | $ 128,743 | $ 106,181 | $ 272,140 | $ 263,051 |
Net income per share attributable to AMC Networks' stockholders: | ||||
Basic (in dollars per share) | $ 2.28 | $ 1.84 | $ 4.81 | $ 4.43 |
Diluted (in dollars per share) | $ 2.25 | $ 1.82 | $ 4.73 | $ 4.38 |
Weighted average common shares | ||||
Basic (in shares) | 56,590 | 57,758 | 56,589 | 59,354 |
Diluted (in shares) | 57,335 | 58,387 | 57,529 | 60,044 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) including noncontrolling interest | $ 133,985 | $ 110,332 | $ 284,142 | $ 270,868 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 553 | (45,759) | (5,210) | (26,955) |
Unrealized loss on interest rate swaps | (1,625) | 0 | (2,263) | 0 |
Other comprehensive loss, before income taxes | (1,072) | (45,759) | (7,473) | (26,955) |
Income tax expense | 374 | 0 | 523 | 0 |
Other comprehensive loss, net of income taxes | (698) | (45,759) | (6,950) | (26,955) |
Comprehensive income | 133,287 | 64,573 | 277,192 | 243,913 |
Comprehensive income attributable to noncontrolling interests | (5,033) | (2,173) | (11,831) | (6,736) |
Comprehensive income attributable to AMC Networks' stockholders | $ 128,254 | $ 62,400 | $ 265,361 | $ 237,177 |
Description of Business and Basis of Presentation |
6 Months Ended | ||||||||
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Jun. 30, 2019 | |||||||||
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 ("VIEs") 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. Unaudited Interim Financial Statements These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2018 contained in the Company's Annual Report on Form 10-K ("2018 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2019. Revision to Previously Issued Financial Statements We have revised the condensed consolidated financial statements included herein to correct an error related to the foreign currency translation amounts reported in the condensed consolidated statement of comprehensive income for the three and six months ended June 30, 2018. The revision resulted in a decrease of $53.2 million to each of the following line items in the condensed consolidated statement of comprehensive income: (i) foreign currency translation adjustment, (ii) other comprehensive income (loss) and (iii) comprehensive income attributable to AMC Networks’ stockholders, for both the three and six months ended June 30, 2018. In accordance with accounting guidance in ASC Topic 250-10, Accounting Changes and Error Corrections (SEC Staff Accounting Bulletin Topic 1M), we assessed the materiality of the errors from quantitative and qualitative perspectives and concluded that the errors were not material to our previously issued financial statements. Consequently, we are correcting these errors in this report. Program Rights 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. Program rights write-offs, included in technical and operating expense, were $10.3 million and $3.9 million for the three months ended June 30, 2019 and June 30, 2018, respectively. Program rights write-offs, included in technical and operating expense, were $13.6 million and $9.2 million for the six months ended June 30, 2019 and June 30, 2018, respectively. Program write-offs, included in Restructuring and other related charges, were $13.0 million for the three and six months ended June 30, 2019 (see Note 4). Use of Estimates The preparation of financial statements in conformity with 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. Adoption of New Lease Standard The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019, using the modified retrospective approach and effective date method. In addition, the Company elected the package of practical expedients, permitted under the transition guidance within the new standard, which among other things, allowed for the carry forward of the historical classification of leases. The adoption of the new standard resulted in additional net lease assets of $180.0 million (which is net of the historical deferred rent liability balance of $57.0 million) and lease liabilities of $237.0 million, respectively, as of January 1, 2019. The new standard did not materially impact our consolidated net income or cash flows. See Note 10 for further discussion regarding leases. Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("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. In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials. ASU 2019-02 aligns the accounting for production costs of episodic television series with the accounting for production costs of films. It also requires an entity to test a film or license agreement within the scope of Subtopic 920-350 for impairment at the film group level, when the film or license agreement is predominantly monetized with other films and/or license agreements. The changes in this standard are effective for the first quarter of 2020, with early adoption permitted. The Company is currently evaluating the impact the adoption of the prospective disclosure requirements will have on its consolidated financial statements.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Transaction Price Allocated to Future Performance Obligations As of June 30, 2019, 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 following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
Revenue recognized for the six months ended June 30, 2019 relating to the contract liability at December 31, 2018 was $9.2 million.
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Net Income per Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Share | Net Income per Share The following is a reconciliation between basic and diluted weighted average shares outstanding:
Approximately 1.5 million restricted stock units outstanding as of June 30, 2019 and June 30, 2018, have been excluded from diluted weighted average common shares outstanding since a performance condition for these awards was not met in each of the respective periods. As of June 30, 2019, there were 0.3 million restricted stock units that would have been anti-dilutive to the diluted weighted average common shares outstanding. 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 six months ended June 30, 2019, the Company repurchased 1.1 million shares of its Class A Common Stock at an average purchase price of approximately $54.61 per share. As of June 30, 2019, the Company has $501.0 million of authorization remaining for repurchase under the Stock Repurchase Program.
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Restructuring and Other Related Charges |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Related Charges | Restructuring and Other Related Charges Restructuring and other related charges of $17.2 million and $19.8 million for the three and six months ended June 30, 2019, respectively, primarily related to the direct to consumer re-organization described below as well as severance and other personnel related costs incurred at AMCNI associated with the termination of distribution in certain territories. During 2018, management commenced a restructuring initiative designed to reduce the cost structure of the Company. The restructuring was 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 realignment of certain senior leaders to new or additional responsibilities. The Company incurred severance and other personnel related costs of $2.9 million and $3.9 million for the three and six months ended June 30, 2019, respectively. In May 2019, management commenced a restructuring initiative of the Company's owned subscription streaming services. The restructuring combined the Company's owned subscription streaming services under one management team. In connection with this reorganization, a number of roles were eliminated to address redundancy at the senior management level and improve the effectiveness of management while reducing the cost structure of the Company. Restructuring charges incurred of $1.3 million for the three months ended June 30, 2019 related to severance and other personnel related costs. In connection with the management changes in the direct to consumer business, the Company implemented changes to its strategy for one of its owned subscription streaming services, including programming that will no longer be made available. Other related charges incurred of $13.0 million for the three months ended June 30, 2019 related to a write-off of programming in connection with the direct to consumer reorganization and change in strategy. The following table summarizes the restructuring and other related charges recognized by operating segment:
The following table summarizes the restructuring and other charges recognized for the three and six months ended June 30, 2019:
The following table summarizes the accrued restructuring costs:
Accrued restructuring costs of $11.8 million are included in accrued liabilities and $5.5 million are included in other liabilities (long-term) in the consolidated balance sheet at June 30, 2019.
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Business Combinations |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations RLJ Entertainment In October 2018, the Company acquired a controlling interest in RLJE, a premium subscription streaming services company that operates Acorn TV and UMC. Acorn TV features high-quality British and International mysteries and dramas. UMC showcases quality urban programming including feature films, documentaries, original series, stand-up comedy and other exclusive content for African-American and urban audiences. In addition, RLJE owns a majority interest in Agatha Christie Ltd., a popular world-class franchise. RLJE also controls, co-produces, and either owns or has long-term distribution rights to a large library of content primarily consisting of British mysteries and dramas, independent feature films and urban content. In addition to supporting its streaming services, the company monetizes its library through distribution operations across virtually all available media platforms and is distributed in the United States, Canada, U.K. and Australia. 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. The acquisition accounting for RLJE as reflected in these consolidated financial statements is preliminary. The estimated fair values that are not yet finalized relate to the valuation of certain tax liabilities. 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, 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 acquisition. 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. The following table summarizes the 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, 2018. 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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Investments |
6 Months Ended |
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Jun. 30, 2019 | |
Investments [Abstract] | |
Investments | Investments The Company holds several investments and loans in non-consolidated entities which are included in Other assets in the condensed consolidated balance sheet. Equity method investments were $88.5 million at June 30, 2019 and $90.9 million at December 31, 2018. 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 condensed consolidated statement of income. Investments in marketable equity securities were $1.5 million at June 30, 2019 and $1.2 million at December 31, 2018. 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 condensed consolidated statement of income. Investments in non-marketable equity securities were $61.8 million at June 30, 2019 and $71.8 million at December 31, 2018. For the six months ended June 30, 2019, the Company recognized impairment charges of $17.7 million related to the partial write-down of certain non-marketable equity securities and a note receivable, included in Miscellaneous, net in the condensed consolidated statement of income.
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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:
Purchase accounting adjustments relate to the acquisition of RLJE (see Note 5). The reduction of $0.7 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. The following tables summarize information relating to the Company's identifiable intangible assets:
Aggregate amortization expense for amortizable intangible assets for the six months ended June 30, 2019 and 2018 was $22.3 million and $19.1 million, respectively. Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:
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Accrued Liabilities |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following:
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Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt The Company's long-term debt consists of the following:
(a) The Company's $500 million revolving credit facility remains undrawn at June 30, 2019. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2034. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The exercise of lease renewal options is at the Company's sole discretion, as such, these options are generally not recognized as part of our right-of-use asset or lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. We rent or sublease one real estate property to a third party, which constitutes an immaterial portion of our lease portfolio. The following table summarizes the leases included in the consolidated balance sheets as follows:
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date. The following table summarizes the lease costs included in the condensed consolidated statement of income:
The following table summarizes the maturity of lease liabilities for operating and finance leases:
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
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Leases | Leases Certain subsidiaries of the Company lease office space and equipment under long-term non-cancelable lease agreements which expire at various dates through 2034. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The exercise of lease renewal options is at the Company's sole discretion, as such, these options are generally not recognized as part of our right-of-use asset or lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. We rent or sublease one real estate property to a third party, which constitutes an immaterial portion of our lease portfolio. The following table summarizes the leases included in the consolidated balance sheets as follows:
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2019 for all operating leases that commenced prior to that date. The following table summarizes the lease costs included in the condensed consolidated statement of income:
The following table summarizes the maturity of lease liabilities for operating and finance leases:
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
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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 June 30, 2019 and December 31, 2018:
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 and foreign currency derivatives are classified within Level II of the fair value hierarchy as their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk. For the three and six months ended June 30, 2018, the Company recorded a gain of $1.5 million and $9.6 million, respectively. related to the RLJE Warrants which is included in Miscellaneous, net in the condensed consolidated statement of income. At June 30, 2019, the Company does not have any 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 condensed 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.
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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. As of June 30, 2019, the Company had interest rate swap contracts outstanding with notional amounts aggregating $100.0 million that are designated as hedging instruments. 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 or our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain accounts payable and trade receivables (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. The fair values of the Company's derivative financial instruments not designated as hedging instruments included in the condensed consolidated balance sheets are as follows:
The amounts of gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows:
The amounts of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
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Income Taxes |
6 Months Ended |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three and six months ended June 30, 2019, income tax benefit was $1.4 million and income tax expense was $45.1 million, respectively, representing a negative effective tax rate of 1% and an effective tax rate of 14%, respectively, as compared to the federal statutory rate of 21%. For the three and six months ended June 30, 2019, the effective tax rate differs from the federal statutory rate due primarily to a tax benefit of $25.0 million resulting from a decrease in valuation allowances for foreign tax assets, a tax benefit of $7.2 million and $5.6 million relating to uncertain tax positions (including accrued interest) partially offset by state and local income tax expense of $4.1 million and $7.3 million, respectively. The decrease in the valuation allowance is primarily due to the expected utilization of foreign net operating loss carryforwards resulting from the planned implementation of certain tax planning strategies. The tax benefit relating to uncertain tax positions is primarily due to an audit settlement and the filing of state income tax returns under a voluntary disclosure agreement. For the three and six months ended June 30, 2018, income tax expense was $32.5 million and $89.4 million, respectively, representing an effective tax rate of 23% and 25%, respectively, as compared to the federal statutory rate of 21%. For the three months ended June 30, 2018, the effective tax rate differs from the federal statutory rate due primarily to state and local income tax expense of $2.3 million. For the six months ended June 30, 2018, the effective tax rate differs from the federal statutory rate due primarily to tax expense of $16.1 million for an increase in valuation allowances for foreign taxes and U.S. foreign tax credits; state and local income tax expense of $6.2 million; a tax benefit of $8.3 million for the one-time rate change on deferred tax assets and liabilities that resulted from the extension of certain television production cost deductions included in the Bipartisan Budget Act of 2018 (enacted February 9, 2018); and a tax benefit from foreign subsidiary earnings indefinitely reinvested outside the U.S. of $5.8 million. At June 30, 2019, the Company had foreign tax credit carry forwards of approximately $27.5 million, expiring on various dates from 2022 through 2029. These carryforwards have been reduced by a valuation allowance of $27.5 million as it is more likely than not that these carry forwards will not be realized. For the six months ended June 30, 2019, $0.7 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).
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments As of June 30, 2019, the Company's contractual obligations not reflected on the Company's condensed consolidated balance sheet decreased $219.9 million, as compared to December 31, 2018, to $903.9 million. The decrease relates to the adoption of the new lease standard requiring the recognition of operating leases on the balance sheet rather than disclosed as contractual obligations. 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 Compliant, 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. The parties in the second action 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. 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.
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Equity Plans |
6 Months Ended |
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Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Plans | Equity Plans In June 2019, AMC Networks granted 34,678 restricted stock units ("RSUs") under the 2011 Stock Plan for Non-Employee Directors to non-employee directors that vested on the date of grant. In March 2019, AMC Networks granted 498,320 RSUs and 390,566 performance restricted stock units ("PRSUs") to certain executive officers and employees under the AMC Networks Inc. 2016 Employee Stock Plan. The RSUs vest ratably over a three-year period and the vesting criteria for 165,194 RSUs include the achievement of certain performance targets by the Company. The PRSUs vest on the third anniversary of the grant date. 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. During the six months ended June 30, 2019, 518,583 RSUs and 349,761 PRSUs of AMC Networks Class A Common Stock previously issued to employees of the Company vested. On the vesting date, 217,265 RSUs and 150,771 PRSUs were surrendered to the Company to cover the required statutory tax withholding obligations and 301,318 RSU and 198,990 PRSU new shares of AMC Networks Class A Common Stock were issued. The units surrendered to satisfy the employees' statutory minimum tax withholding obligations for the applicable income and other employment tax had an aggregate value of $23.0 million, which has been reflected as a financing activity in the condensed consolidated statement of cash flows for the six months ended June 30, 2019. Share-based compensation expense included in selling, general and administrative expense, for the three and six months ended June 30, 2019 was $16.7 million and $36.6 million, respectively, and $19.8 million and $35.1 million, respectively, the for three and six months ended June 30, 2018. As of June 30, 2019, there was $102.8 million of total unrecognized share-based compensation cost related to outstanding unvested share-based awards. The unrecognized compensation cost is expected to be recognized over a weighted-average remaining period of approximately 2.3 years.
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Redeemable Noncontrolling Interests |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The following table summarizes activity related to redeemable noncontrolling interest for the six months ended June 30, 2019.
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company and its related parties routinely enter into transactions with each other in the ordinary course of business. Revenues, net from related parties amounted to $1.2 million and $1.5 million for the three months ended June 30, 2019 and 2018, respectively, and $2.4 million and $3.2 million for the six months ended June 30, 2019 and 2018, respectively. Amounts charged to the Company, included in selling, general and administrative expenses, pursuant to transactions with its related parties amounted to $0.3 million and $0.2 million for the three months ended June 30, 2019 and 2018, respectively, and $0.8 million and $0.7 million for the six months ended June 30, 2019 and 2018, respectively.
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Cash Flows |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows | Cash Flows The Company's non-cash investing and financing activities and other supplemental data are as follows [open]:
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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 and other related charges and the Company's proportionate share of adjusted operating income (loss) from majority-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.
The table below summarizes revenues based on customer location:
The table below summarizes property and equipment based on asset location:
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Condensed Consolidating Financial Statements |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Debt of AMC Networks includes $600 million of 4.75% senior notes due December 2022, $1 billion of 5.00% senior notes due April 2024 and $800 million of 4.75% senior notes due August 2025. All outstanding senior notes issued by AMC Networks (for purposes of this Note 20, "Parent Company") 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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Description of Business and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 ("VIEs") 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. Unaudited Interim Financial Statements These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2018 contained in the Company's Annual Report on Form 10-K ("2018 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2019.
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Program Rights | Program Rights 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.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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.
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Adoption of New Lease Standard and Recently Issued Accounting Pronouncements | Adoption of New Lease Standard The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019, using the modified retrospective approach and effective date method. In addition, the Company elected the package of practical expedients, permitted under the transition guidance within the new standard, which among other things, allowed for the carry forward of the historical classification of leases. The adoption of the new standard resulted in additional net lease assets of $180.0 million (which is net of the historical deferred rent liability balance of $57.0 million) and lease liabilities of $237.0 million, respectively, as of January 1, 2019. The new standard did not materially impact our consolidated net income or cash flows. See Note 10 for further discussion regarding leases. Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("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. In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials. ASU 2019-02 aligns the accounting for production costs of episodic television series with the accounting for production costs of films. It also requires an entity to test a film or license agreement within the scope of Subtopic 920-350 for impairment at the film group level, when the film or license agreement is predominantly monetized with other films and/or license agreements. The changes in this standard are effective for the first quarter of 2020, with early adoption permitted. The Company is currently evaluating the impact the adoption of the prospective disclosure requirements will have on its consolidated financial statements.
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Revenue Recognition (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Net Income per Share (Tables) |
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following is a reconciliation between basic and diluted weighted average shares outstanding:
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Restructuring and Other Related Charges (Tables) |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accrued Restructuring Costs | The following table summarizes the restructuring and other related charges recognized by operating segment:
The following table summarizes the restructuring and other charges recognized for the three and six months ended June 30, 2019:
The following table summarizes the accrued restructuring costs:
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Business Combinations (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the valuation of the tangible and identifiable intangible assets acquired and liabilities assumed (in thousands).
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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Business Acquisition, Pro Forma Information | 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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Goodwill and Other Intangible Assets (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 tables summarize information relating to the Company's identifiable intangible assets:
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Schedule of Indefinite-Lived Intangible Assets | The following tables summarize 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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consist of the following:
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Long-term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | The Company's long-term debt consists of the following:
(a) The Company's $500 million revolving credit facility remains undrawn at June 30, 2019. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Leases Included in the Consolidated Balance Sheets | The following table summarizes the leases included in the consolidated balance sheets as follows:
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Summary of Lease Costs | The following table summarizes the lease costs included in the condensed consolidated statement of income:
The following table summarizes the weighted average remaining lease term and discount rate for operating and finance leases:
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Summary of Maturity of Operating Lease Liabilities | The following table summarizes the maturity of lease liabilities for operating and finance leases:
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Summary of Maturity of Finance Lease Liabilities | The following table summarizes the maturity of lease liabilities for operating and finance leases:
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Summary of Supplemental Cash Paid for Amounts in the Measurement of Lease Liabilities | The following table summarizes the supplemental cash paid for amounts in the measurement of lease liabilities:
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2019 and December 31, 2018:
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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 condensed consolidated balance sheets, are summarized as follows:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 not designated as hedging instruments included in the condensed consolidated balance sheets are as follows:
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Schedule of Gains And Losses Related To Derivative Instruments | The amounts of 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 amounts of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
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Redeemable Noncontrolling Interests (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | The following table summarizes activity related to redeemable noncontrolling interest for the six months ended June 30, 2019.
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Cash Flows (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Non-Cash Activities And Other Supplemental Data | The Company's non-cash investing and financing activities and other supplemental data are as follows [open]:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Continuing Operations By Reportable Segment | 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 and other related charges and the Company's proportionate share of adjusted operating income (loss) from majority-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.
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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 by Geographic Area | The table below summarizes revenues based on customer location:
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Schedule of Disclosure on Geographic Areas, Long-Lived Assets | The table below summarizes property and equipment based on asset location:
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Condensed Consolidating Financial Statements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed 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 Income Statement |
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Condensed Statement of Comprehensive Income |
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Condensed Cash Flow Statement |
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Revenue Recognition (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Revenue recognized | $ 9.2 |
Revenue Recognition (Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable (including long-term, included in Other assets) | $ 1,042,312 | $ 1,018,105 |
Contract assets, short-term (included in Other current assets) | 15,767 | 9,131 |
Contract assets, long-term (included in Other assets) | 8,696 | 8,136 |
Contract liabilities (Deferred revenue) | $ 56,577 | $ 55,424 |
Net Income per Share (Reconciliation Between Basic and Diluted Weighted Average Shares Outstanding) (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Basic weighted average shares outstanding (in shares) | 56,590 | 57,758 | 56,589 | 59,354 |
Effect of dilution: | ||||
Diluted weighted average shares outstanding (in shares) | 57,335 | 58,387 | 57,529 | 60,044 |
Stock options | ||||
Effect of dilution: | ||||
Effect of dilution (in shares) | 15 | 5 | 24 | 3 |
Restricted stock units | ||||
Effect of dilution: | ||||
Effect of dilution (in shares) | 730 | 624 | 916 | 687 |
Net Income per Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS | 0.3 | |
Amount authorized under Stock Repurchase Program | $ 1,500,000,000 | |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS | 1.5 | 1.5 |
Class A Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares repurchased | 1.1 | |
Average purchase price (in dollars per share) | $ 54.61 | |
Available for repurchase under the Stock Repurchase Program | $ 501,000,000.0 |
Restructuring and Other Related Charges (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other related charges | $ 17,162 | $ 0 | $ 19,804 | $ 0 |
Severance and other personnel related costs | 2,900 | 3,900 | ||
Restructuring charges | 4,145 | 6,787 | ||
Accrued restructuring costs, accrued liabilities | 11,800 | 11,800 | ||
Accrued restructuring costs, other liabilities (long-term) | 5,500 | 5,500 | ||
Severance and employee-related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,300 | 5,220 | ||
Other related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 13,000 | $ 1,567 |
Restructuring and Other Related Charges (Summary of Accrued Restructuring Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
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Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2018 | $ 35,189 | |
Charges | $ 4,145 | 6,787 |
Cash payments | (21,520) | |
Non-cash adjustments | (3,247) | |
Currency translation | 55 | |
Balance at June 30, 2019 | 17,264 | 17,264 |
Severance and employee-related costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2018 | 33,774 | |
Charges | 1,300 | 5,220 |
Cash payments | (21,115) | |
Non-cash adjustments | (884) | |
Currency translation | 39 | |
Balance at June 30, 2019 | 17,034 | 17,034 |
Other related costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at December 31, 2018 | 1,415 | |
Charges | 13,000 | 1,567 |
Cash payments | (405) | |
Non-cash adjustments | (2,363) | |
Currency translation | 16 | |
Balance at June 30, 2019 | $ 230 | $ 230 |
Restructuring and Other Related Charges (Summary of Restructuring and Other Related Charges by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and other related charges | $ 17,162 | $ 0 | $ 19,804 | $ 0 |
Operating segments | National Networks | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and other related charges | 274 | 0 | 576 | |
Operating segments | International and Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and other related charges | 16,888 | 0 | 19,923 | |
Inter-segment eliminations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and other related charges | $ 0 | $ 0 | $ (695) |
Restructuring and Other Related Charges (Summary of Restructuring and Other Related Charges) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 4,145 | $ 6,787 | ||
Other related charges | 13,017 | 13,017 | ||
Total restructuring and other related charges | $ 17,162 | $ 0 | $ 19,804 | $ 0 |
Business Combinations (Narrative) (Details) - Levity $ in Thousands |
Apr. 20, 2018
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Percentage of controlling interest | 57.00% |
Cash paid for controlling interest | $ 48,350 |
Class B Common Stock | |
Business Acquisition [Line Items] | |
Cash paid for controlling interest | 35,000 |
Series L Preferred Units | |
Business Acquisition [Line Items] | |
Cash paid for controlling interest | $ 13,400 |
Business Combinations (Schedule of Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
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Business Combinations [Abstract] | ||
Revenues, net | $ 793,552 | $ 1,592,689 |
Income from continuing operations, net of income taxes | $ 101,452 | $ 249,680 |
Net income per share, basic (in dollars per share) | $ 1.76 | $ 4.21 |
Net income per share, diluted (in dollars per share) | $ 1.74 | $ 4.16 |
Investments (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Investments [Abstract] | |||
Equity method investments | $ 88,500 | $ 90,900 | |
Investments in marketable equity securities | 1,500 | 1,200 | |
Investments in non-marketable equity securities | 61,800 | $ 71,800 | |
Write-down of non-marketable equity securities and note receivable | $ 17,741 | $ 0 |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
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Finite-Lived Intangible Assets [Line Items] | ||
Reduction in carrying amount of goodwill | $ 664 | |
Aggregate amortization expense for amortizable intangible assets | 22,300 | $ 19,100 |
National Networks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Reduction in carrying amount of goodwill | $ 664 |
Goodwill and Other Intangible Assets (Schedule Of Goodwill) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Goodwill [Roll Forward] | |
December 31, 2018 | $ 798,037 |
Purchase accounting adjustments | (3,848) |
Amortization of second component goodwill | (664) |
Foreign currency translation | (1,442) |
June 30, 2019 | 792,083 |
National Networks | |
Goodwill [Roll Forward] | |
December 31, 2018 | 238,431 |
Purchase accounting adjustments | 0 |
Amortization of second component goodwill | (664) |
Foreign currency translation | 0 |
June 30, 2019 | 237,767 |
International and Other | |
Goodwill [Roll Forward] | |
December 31, 2018 | 559,606 |
Purchase accounting adjustments | (3,848) |
Amortization of second component goodwill | 0 |
Foreign currency translation | (1,442) |
June 30, 2019 | $ 554,316 |
Goodwill and Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 47,938 |
2020 | 47,123 |
2021 | 46,330 |
2022 | 46,069 |
2023 | $ 45,987 |
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Interest | $ 29,936 | $ 30,018 |
Employee related costs | 71,839 | 100,729 |
Income taxes payable | 9,992 | 1,527 |
Other accrued expenses | 120,092 | 132,644 |
Total accrued liabilities | $ 231,859 | $ 264,918 |
Long-term Debt (Narrative) (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Revolving credit facility | |
Debt Instrument [Line Items] | |
Remaining undrawn capacity | $ 500 |
Leases (Summary of Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Leases [Abstract] | ||
Operating lease asset | $ 175,677 | $ 0 |
Finance lease asset | 17,240 | |
Total lease assets | 192,917 | |
Operating lease liability, current | 27,056 | |
Finance lease liability, current | 4,389 | |
Total lease liabilities, current | 31,445 | |
Operating lease liability, noncurrent | 203,815 | |
Finance lease liability, noncurrent | 19,520 | |
Total lease liabilities, noncurrent | 223,335 | |
Total lease liabilities | $ 254,780 |
Leases (Summary of Maturity of Lease Liabilities) (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Operating Leases | |
2019 | $ 18,304 |
2020 | 36,305 |
2021 | 32,047 |
2022 | 34,017 |
2023 | 34,554 |
Thereafter | 124,227 |
Total lease payments | 279,454 |
Less: Interest | 48,583 |
Present value of lease liabilities | 230,871 |
Finance Leases | |
2019 | 3,365 |
2020 | 5,886 |
2021 | 4,412 |
2022 | 4,439 |
2023 | 4,466 |
Thereafter | 10,088 |
Total lease payments | 32,656 |
Less: Interest | 8,747 |
Present value of lease liabilities | 23,909 |
Total | |
2019 | 21,669 |
2020 | 42,191 |
2021 | 36,459 |
2022 | 38,456 |
2023 | 39,020 |
Thereafter | 134,315 |
Total lease payments | 312,110 |
Less: Interest | 57,330 |
Total lease liabilities | $ 254,780 |
Leases (Summary of Lease Costs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
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Leases [Abstract] | ||
Operating lease costs | $ 8,241 | $ 16,447 |
Amortization of leased assets | 701 | 1,374 |
Interest on lease liabilities | 644 | 1,322 |
Short term lease costs | 1,283 | 2,874 |
Variable lease costs | 169 | 477 |
Total net lease cost | $ 11,038 | $ 22,494 |
Leases (Summary of Leases) (Details) |
Jun. 30, 2019 |
---|---|
Leases [Abstract] | |
Weighted average remaining lease term, operating leases (in years) | 8 years 1 month 28 days |
Weighted average remaining lease term, finance leases (in years) | 6 years 21 days |
Weighted average discount rate, operating leases (as a percentage) | 4.75% |
Weighted average discount rate, financing leases (as a percentage) | 10.28% |
Leases (Summary of Supplemental Cash Paid) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 17,037 |
Financing cash flows from finance leases | $ 2,590 |
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain on derivative instrument | $ (411) | $ 538 | $ 46 | $ 11,786 |
Other Contract | Miscellaneous, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain on derivative instrument | $ 0 | 602 | $ 0 | 12,289 |
Other Contract | RLJE | Miscellaneous, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain on derivative instrument | $ 1,500 | $ 9,600 |
Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | $ 115,341 | $ 68,498 |
Marketable securities | 1,484 | 1,173 |
Interest Rate Swap | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 2,246 | 356 |
Foreign Exchange Forward | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 2,857 | 3,509 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 2,757 | 3,121 |
Level I | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash equivalents | 115,341 | 68,498 |
Marketable securities | 1,484 | 1,173 |
Level II | Interest Rate Swap | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | 2,246 | 356 |
Level II | Foreign Exchange Forward | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 2,857 | 3,509 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest rate swap contracts | $ 2,757 | $ 3,121 |
Fair Value Measurement (Carrying Values And Fair Values Of The Company's Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
4.75% Notes due August 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate | 4.75% | |
5.00% Notes due April 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate | 5.00% | |
4.75% Notes due December 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate | 4.75% | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 3,189,938 | $ 2,989,334 |
Estimate of Fair Value Measurement [Member] | Term Loan A Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 743,438 | 738,750 |
Estimate of Fair Value Measurement [Member] | 4.75% Notes due August 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 812,000 | 720,000 |
Estimate of Fair Value Measurement [Member] | 5.00% Notes due April 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,026,250 | 947,500 |
Estimate of Fair Value Measurement [Member] | 4.75% Notes due December 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 608,250 | 580,500 |
Estimate of Fair Value Measurement [Member] | Other debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 0 | 2,584 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 3,110,919 | 3,109,555 |
Reported Value Measurement [Member] | Term Loan A Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 741,002 | 739,710 |
Reported Value Measurement [Member] | 4.75% Notes due August 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 787,339 | 786,458 |
Reported Value Measurement [Member] | 5.00% Notes due April 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 987,419 | 986,275 |
Reported Value Measurement [Member] | 4.75% Notes due December 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 595,159 | 594,528 |
Reported Value Measurement [Member] | Other debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 0 | $ 2,584 |
Derivative Financial Instruments (Narrative) (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Interest Rate Swap | |
Derivative [Line Items] | |
Notional amounts | $ 100.0 |
Derivative Financial Instruments (Fair Value of Derivative Instruments Included in Balance Sheets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Derivatives designated as hedging instruments | Interest Rate Swap | Accrued liabilities | ||
Derivatives designated as hedging instruments: | ||
Interest rate swap contracts liabilities | $ 2,246 | $ 356 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Prepaid expenses and other current assets | ||
Derivatives not designated as hedging instruments: | ||
Foreign currency derivative assets | 1,321 | 1,452 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Other assets | ||
Derivatives not designated as hedging instruments: | ||
Foreign currency derivative assets | 1,536 | 2,057 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Accrued liabilities | ||
Derivatives not designated as hedging instruments: | ||
Foreign currency derivative liabilities | 716 | 700 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Other liabilities | ||
Derivatives not designated as hedging instruments: | ||
Foreign currency derivative liabilities | $ 2,040 | $ 2,421 |
Derivative Financial Instruments (Schedule of Gains and Losses Related to Derivative Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Derivative [Line Items] | ||||
Gain or (Loss) on Derivatives Recognized in OCI | $ (1,625) | $ 0 | $ (2,263) | $ 0 |
Cash Flow Hedging | Interest expense | ||||
Derivative [Line Items] | ||||
Gain or (Loss) Reclassified from Accumulated OCI into Earnings | 23 | 0 | 35 | 0 |
Cash Flow Hedging | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Gain or (Loss) on Derivatives Recognized in OCI | $ (1,274) | $ 0 | $ (1,925) | $ 0 |
Derivative Financial Instruments (Schedule of Other Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on derivative instrument | $ (411) | $ 538 | $ 46 | $ 11,786 |
Interest Rate Swap | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on derivative instrument | 0 | (538) | 0 | (684) |
Foreign Exchange Forward | Miscellaneous, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on derivative instrument | (411) | 474 | 46 | 181 |
Other Contract | Miscellaneous, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain on derivative instrument | $ 0 | $ 602 | $ 0 | $ 12,289 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ (1,396) | $ 32,547 | $ 45,080 | $ 89,426 |
Effective tax rate | (1.00%) | 23.00% | 14.00% | 25.00% |
Federal statutory rate | 21.00% | |||
Decrease in valuation allowance | $ 25,000 | $ 25,000 | ||
Tax benefit relating to uncertain tax positions | 7,200 | 5,600 | ||
State and local income tax expense | 4,100 | $ 2,300 | 7,300 | $ 6,200 |
Federal income tax expense | 16,100 | |||
One-time rate change on deferred tax assets and liabilities | 8,300 | |||
Tax benefit from foreign subsidiary earnings | $ 5,800 | |||
Foreign tax credit carry forwards | 27,500 | 27,500 | ||
Valuation allowance | 27,500 | 27,500 | ||
Second component of tax deductible goodwill, net of tax | $ 700 | $ 700 |
Commitments and Contingencies (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Loss Contingencies [Line Items] | |
Increase (decrease) in contractual obligations not reflected in the balance sheet | $ (219,900,000) |
Contractual obligation | 903,900,000 |
Claim for damages | 280,000,000 |
Threatened Litigation | Minimum | |
Loss Contingencies [Line Items] | |
Claim for damages | $ 20,000,000 |
Equity Plans (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deemed repurchases of restricted stock units | $ (23,019) | $ (15,734) | ||||
Share-based compensation expense | $ 16,725 | $ 19,753 | $ 36,624 | $ 35,072 | ||
Total unrecognized share-based compensation costs, remaining period of recognition (in years) | 2 years 3 months 18 days | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares surrendered to the Company for tax withholding | 217,265 | |||||
Total unrecognized share-based compensation costs | $ 102,800 | $ 102,800 | $ 102,800 | |||
RSUs | Class A Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares vested in period | 518,583 | |||||
New shares of Company's Class A common stock issued | 301,318 | |||||
PRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares surrendered to the Company for tax withholding | 150,771 | |||||
PRSUs | Class A Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares vested in period | 349,761 | |||||
New shares of Company's Class A common stock issued | 198,990 | |||||
2011 Stock Plan for Non-Employee Directors | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in units) | 34,678 | |||||
2016 Employee Stock Plan | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in units) | 498,320 | |||||
Vesting period (in years) | 3 years | |||||
2016 Employee Stock Plan | RSUs | Share-based Compensation Award, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in units) | 165,194 | |||||
2016 Employee Stock Plan | PRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in units) | 390,566 | |||||
Vesting period (in years) | 3 years | |||||
2016 Employee Stock Plan | PRSUs | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Measurement period (as a percentage) | 0.00% | |||||
2016 Employee Stock Plan | PRSUs | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Measurement period (as a percentage) | 200.00% |
Redeemable Noncontrolling Interests Activity (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
December 31, 2018 | $ 299,558 |
Net earnings | 10,931 |
Distributions | (7,394) |
Other | (307) |
June 30, 2019 | $ 302,788 |
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Related Party Transactions [Abstract] | ||||
Net revenues from related parties | $ 1.2 | $ 1.5 | $ 2.4 | $ 3.2 |
Selling, general and administrative charges from related parties | $ 0.3 | $ 0.2 | $ 0.8 | $ 0.7 |
Cash Flows (Summary Of Non-Cash Activities And Other Supplemental Data) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Capital expenditures incurred but not yet paid | $ 1,731 | $ 2,419 |
Treasury stock not yet settled | 832 | 0 |
Cash interest paid | 76,664 | 71,750 |
Income taxes paid, net | $ 77,985 | $ 60,413 |
Segment Information (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2019
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information (Summary Of Continuing Operations By Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 772,299 | $ 761,385 | $ 1,556,520 | $ 1,502,208 |
Operating income | 170,257 | 191,531 | 415,120 | 425,186 |
Share-based compensation expense | 16,725 | 19,753 | 36,624 | 35,072 |
Restructuring and other related charges | 17,162 | 0 | 19,804 | 0 |
Depreciation and amortization | 25,893 | 21,669 | 49,949 | 42,023 |
Majority-owned equity investees AOI | 1,608 | 0 | 3,188 | |
Adjusted operating income | 231,645 | 232,953 | 524,685 | 502,281 |
Operating segments | National Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 604,739 | 627,289 | 1,220,858 | 1,260,317 |
Operating income | 214,198 | 210,007 | 465,702 | 459,859 |
Share-based compensation expense | 13,821 | 16,259 | 30,090 | 28,786 |
Restructuring and other related charges | 274 | 0 | 576 | |
Depreciation and amortization | 8,179 | 8,412 | 16,791 | 16,907 |
Majority-owned equity investees AOI | 0 | 0 | 0 | |
Adjusted operating income | 236,472 | 234,678 | 513,159 | 505,552 |
Operating segments | International and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 179,526 | 146,711 | 350,615 | 258,101 |
Operating income | (27,284) | (11,338) | (41,031) | (28,151) |
Share-based compensation expense | 2,904 | 3,494 | 6,534 | 6,286 |
Restructuring and other related charges | 16,888 | 0 | 19,923 | |
Depreciation and amortization | 17,714 | 13,257 | 33,158 | 25,116 |
Majority-owned equity investees AOI | 1,608 | 0 | 3,188 | |
Adjusted operating income | 11,830 | 5,413 | 21,772 | 3,251 |
Inter-segment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (11,966) | (12,615) | (14,953) | (16,210) |
Operating income | (16,657) | (7,138) | (9,551) | (6,522) |
Share-based compensation expense | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 0 | 0 | (695) | |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Majority-owned equity investees AOI | 0 | 0 | 0 | |
Adjusted operating income | (16,657) | (7,138) | (10,246) | (6,522) |
Inter-segment eliminations | National Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (10,260) | (12,615) | (11,650) | (15,150) |
Inter-segment eliminations | International and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (1,706) | 0 | (3,303) | (1,060) |
Advertising | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 242,976 | 270,262 | 503,269 | 518,502 |
Advertising | Operating segments | National Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 219,490 | 246,829 | 458,579 | 472,559 |
Advertising | Operating segments | International and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 23,535 | 23,433 | 44,741 | 45,943 |
Advertising | Inter-segment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (49) | 0 | (51) | 0 |
Distribution | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 529,323 | 491,123 | 1,053,251 | 983,706 |
Distribution | Operating segments | National Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 385,249 | 380,460 | 762,279 | 787,758 |
Distribution | Operating segments | International and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 155,991 | 123,278 | 305,874 | 212,158 |
Distribution | Inter-segment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ (11,917) | $ (12,615) | $ (14,902) | $ (16,210) |
Segment Information (Summary Of Inter-Segment Eliminations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 772,299 | $ 761,385 | $ 1,556,520 | $ 1,502,208 |
Inter-segment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (11,966) | (12,615) | (14,953) | (16,210) |
Inter-segment eliminations | National Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | (10,260) | (12,615) | (11,650) | (15,150) |
Inter-segment eliminations | International and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ (1,706) | $ 0 | $ (3,303) | $ (1,060) |
Segment Information (Revenues by geographic region) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 772,299 | $ 761,385 | $ 1,556,520 | $ 1,502,208 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 605,114 | 600,195 | 1,267,578 | 1,186,763 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | 111,983 | 116,422 | 191,417 | 202,686 |
Other Geographic Locations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, net | $ 55,202 | $ 44,768 | $ 97,525 | $ 112,759 |
Segment Information (Long-lived assets by Geographic Location) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Property and equipment, net of accumulated depreciation | $ 264,616 | $ 246,262 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net of accumulated depreciation | 223,938 | 202,833 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net of accumulated depreciation | 25,871 | 27,218 |
Other Geographic Locations | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net of accumulated depreciation | $ 14,807 | $ 16,211 |
Condensed Consolidating Financial Statements (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,150,000 | $ 3,152,584 |
Parent percentage of ownership in guarantor subsidiaries | 100.00% | |
4.75% Notes due December 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
5.00% Notes due April 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | |
4.75% Notes due August 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.75% | |
Senior Notes | 4.75% Notes due December 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 600,000 | 600,000 |
Senior Notes | 5.00% Notes due April 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,000,000 | 1,000,000 |
Senior Notes | 4.75% Notes due August 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 800,000 | $ 800,000 |
Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|---|---|
Current Assets: | ||||||
Cash and cash equivalents | $ 706,342 | $ 554,886 | $ 416,124 | $ 558,783 | ||
Accounts receivable, trade (less allowance for doubtful accounts) | 838,287 | 835,977 | ||||
Current portion of program rights, net | 433,769 | 440,739 | ||||
Prepaid expenses and other current assets | 166,181 | 131,809 | ||||
Total current assets | 2,144,579 | 1,963,411 | ||||
Property and equipment, net of accumulated depreciation | 264,616 | 246,262 | ||||
Investment in affiliates | 0 | 0 | ||||
Program rights, net | 1,114,038 | 1,214,051 | ||||
Long-term intercompany notes receivable | 0 | 0 | ||||
Deferred carriage fees, net | 23,320 | 16,831 | ||||
Intangible assets, net | 557,371 | 578,907 | ||||
Goodwill | 792,083 | 798,037 | ||||
Deferred tax asset, net | 48,998 | 19,272 | ||||
Operating lease right-of-use asset | 175,677 | 0 | ||||
Other assets | 441,052 | 441,792 | ||||
Total assets | 5,561,734 | 5,278,563 | ||||
Current Liabilities: | ||||||
Accounts payable | 105,353 | 107,066 | ||||
Accrued liabilities and intercompany payable | 231,859 | 264,918 | ||||
Current portion of program rights obligations | 345,799 | 343,589 | ||||
Deferred revenue | 56,577 | 55,424 | ||||
Current portion of long-term debt | 37,500 | 21,334 | ||||
Current portion of lease obligations | 5,090 | |||||
Current portion of lease obligations | 31,445 | |||||
Total current liabilities | 808,533 | 797,421 | ||||
Program rights obligations | 289,728 | 373,249 | ||||
Long-term debt | 3,073,419 | 3,088,221 | ||||
Lease obligations | 21,427 | |||||
Lease obligations | 223,335 | |||||
Deferred tax liability, net | 135,001 | 145,443 | ||||
Other liabilities and intercompany notes payable | 160,417 | 208,036 | ||||
Total liabilities | 4,690,433 | 4,633,797 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 302,788 | 299,558 | ||||
Stockholders' equity: | ||||||
AMC Networks stockholders' equity | 541,820 | 316,680 | ||||
Non-redeemable noncontrolling interests | 26,693 | 28,528 | ||||
Total stockholders' equity | 568,513 | $ 484,537 | 345,208 | 195,420 | $ 261,110 | 163,945 |
Total liabilities and stockholders' equity | 5,561,734 | 5,278,563 | ||||
Eliminations | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, trade (less allowance for doubtful accounts) | 0 | 0 | ||||
Current portion of program rights, net | (377) | (218) | ||||
Prepaid expenses and other current assets | (40,876) | (57,219) | ||||
Total current assets | (41,253) | (57,437) | ||||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||||
Investment in affiliates | (5,539,406) | (5,311,086) | ||||
Program rights, net | (1,337) | (1,613) | ||||
Long-term intercompany notes receivable | (92) | (190) | ||||
Deferred carriage fees, net | 0 | 0 | ||||
Intangible assets, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Deferred tax asset, net | 0 | 0 | ||||
Operating lease right-of-use asset | 0 | |||||
Other assets | 1,085 | |||||
Total assets | (5,581,003) | (5,370,326) | ||||
Current Liabilities: | ||||||
Accounts payable | 0 | 0 | ||||
Accrued liabilities and intercompany payable | (40,876) | (59,050) | ||||
Current portion of program rights obligations | 0 | 0 | ||||
Deferred revenue | (629) | 0 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Current portion of lease obligations | 0 | |||||
Current portion of lease obligations | 0 | |||||
Total current liabilities | (41,505) | (59,050) | ||||
Program rights obligations | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Lease obligations | 0 | |||||
Lease obligations | 0 | |||||
Deferred tax liability, net | 0 | 0 | ||||
Other liabilities and intercompany notes payable | (92) | (190) | ||||
Total liabilities | (41,597) | (59,240) | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||
Stockholders' equity: | ||||||
AMC Networks stockholders' equity | (5,539,406) | (5,311,086) | ||||
Non-redeemable noncontrolling interests | 0 | 0 | ||||
Total stockholders' equity | (5,539,406) | (5,311,086) | ||||
Total liabilities and stockholders' equity | (5,581,003) | (5,370,326) | ||||
Parent Company | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 93 | 121 | 2,885 | 320 | ||
Accounts receivable, trade (less allowance for doubtful accounts) | 0 | 16 | ||||
Current portion of program rights, net | 0 | 0 | ||||
Prepaid expenses and other current assets | (12,513) | 6,543 | ||||
Total current assets | (12,420) | 6,680 | ||||
Property and equipment, net of accumulated depreciation | 0 | 0 | ||||
Investment in affiliates | 3,865,679 | 3,656,003 | ||||
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 asset, net | 9 | 0 | ||||
Operating lease right-of-use asset | 99,141 | |||||
Other assets | 0 | 0 | ||||
Total assets | 3,952,409 | 3,662,683 | ||||
Current Liabilities: | ||||||
Accounts payable | (19) | 0 | ||||
Accrued liabilities and intercompany payable | 40,572 | 35,189 | ||||
Current portion of program rights obligations | 0 | 0 | ||||
Deferred revenue | 0 | 0 | ||||
Current portion of long-term debt | 37,500 | 18,750 | ||||
Current portion of lease obligations | 0 | |||||
Current portion of lease obligations | 13,643 | |||||
Total current liabilities | 91,696 | 53,939 | ||||
Program rights obligations | 0 | 0 | ||||
Long-term debt | 3,073,419 | 3,088,221 | ||||
Lease obligations | 0 | |||||
Lease obligations | 122,332 | |||||
Deferred tax liability, net | 100,226 | 140,474 | ||||
Other liabilities and intercompany notes payable | 22,916 | 63,369 | ||||
Total liabilities | 3,410,589 | 3,346,003 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||
Stockholders' equity: | ||||||
AMC Networks stockholders' equity | 541,820 | 316,680 | ||||
Non-redeemable noncontrolling interests | 0 | 0 | ||||
Total stockholders' equity | 541,820 | 316,680 | ||||
Total liabilities and stockholders' equity | 3,952,409 | 3,662,683 | ||||
Guarantor Subsidiaries | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 486,735 | 368,151 | 243,413 | 391,248 | ||
Accounts receivable, trade (less allowance for doubtful accounts) | 578,372 | 600,121 | ||||
Current portion of program rights, net | 286,888 | 292,002 | ||||
Prepaid expenses and other current assets | 197,289 | 158,936 | ||||
Total current assets | 1,549,284 | 1,419,210 | ||||
Property and equipment, net of accumulated depreciation | 197,164 | 175,040 | ||||
Investment in affiliates | 1,673,727 | 1,655,083 | ||||
Program rights, net | 876,166 | 969,802 | ||||
Long-term intercompany notes receivable | 0 | 0 | ||||
Deferred carriage fees, net | 21,261 | 15,993 | ||||
Intangible assets, net | 156,477 | 161,417 | ||||
Goodwill | 64,618 | 65,282 | ||||
Deferred tax asset, net | 0 | 0 | ||||
Operating lease right-of-use asset | 18,487 | |||||
Other assets | 165,489 | 149,724 | ||||
Total assets | 4,722,673 | 4,611,551 | ||||
Current Liabilities: | ||||||
Accounts payable | 34,008 | 34,630 | ||||
Accrued liabilities and intercompany payable | 126,975 | 173,836 | ||||
Current portion of program rights obligations | 255,601 | 259,414 | ||||
Deferred revenue | 27,708 | 34,608 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Current portion of lease obligations | 2,941 | |||||
Current portion of lease obligations | 5,854 | |||||
Total current liabilities | 450,146 | 505,429 | ||||
Program rights obligations | 273,890 | 349,814 | ||||
Long-term debt | 0 | 0 | ||||
Lease obligations | 1,420 | |||||
Lease obligations | 19,989 | |||||
Deferred tax liability, net | 0 | 0 | ||||
Other liabilities and intercompany notes payable | 118,159 | 98,885 | ||||
Total liabilities | 862,184 | 955,548 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | (5,190) | 0 | ||||
Stockholders' equity: | ||||||
AMC Networks stockholders' equity | 3,865,679 | 3,656,003 | ||||
Non-redeemable noncontrolling interests | 0 | 0 | ||||
Total stockholders' equity | 3,865,679 | 3,656,003 | ||||
Total liabilities and stockholders' equity | 4,722,673 | 4,611,551 | ||||
Non- Guarantor Subsidiaries | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 219,514 | 186,614 | $ 169,826 | $ 167,215 | ||
Accounts receivable, trade (less allowance for doubtful accounts) | 259,915 | 235,840 | ||||
Current portion of program rights, net | 147,258 | 148,955 | ||||
Prepaid expenses and other current assets | 22,281 | 23,549 | ||||
Total current assets | 648,968 | 594,958 | ||||
Property and equipment, net of accumulated depreciation | 67,452 | 71,222 | ||||
Investment in affiliates | 0 | 0 | ||||
Program rights, net | 239,209 | 245,862 | ||||
Long-term intercompany notes receivable | 92 | 190 | ||||
Deferred carriage fees, net | 2,059 | 838 | ||||
Intangible assets, net | 400,894 | 417,490 | ||||
Goodwill | 727,465 | 732,755 | ||||
Deferred tax asset, net | 48,989 | 19,272 | ||||
Operating lease right-of-use asset | 58,049 | |||||
Other assets | 274,478 | 292,068 | ||||
Total assets | 2,467,655 | 2,374,655 | ||||
Current Liabilities: | ||||||
Accounts payable | 71,364 | 72,436 | ||||
Accrued liabilities and intercompany payable | 105,188 | 114,943 | ||||
Current portion of program rights obligations | 90,198 | 84,175 | ||||
Deferred revenue | 29,498 | 20,816 | ||||
Current portion of long-term debt | 0 | 2,584 | ||||
Current portion of lease obligations | 2,149 | |||||
Current portion of lease obligations | 11,948 | |||||
Total current liabilities | 308,196 | 297,103 | ||||
Program rights obligations | 15,838 | 23,435 | ||||
Long-term debt | 0 | 0 | ||||
Lease obligations | 20,007 | |||||
Lease obligations | 81,014 | |||||
Deferred tax liability, net | 34,775 | 4,969 | ||||
Other liabilities and intercompany notes payable | 19,434 | 45,972 | ||||
Total liabilities | 459,257 | 391,486 | ||||
Commitments and contingencies | ||||||
Redeemable noncontrolling interests | 307,978 | 299,558 | ||||
Stockholders' equity: | ||||||
AMC Networks stockholders' equity | 1,673,727 | 1,655,083 | ||||
Non-redeemable noncontrolling interests | 26,693 | 28,528 | ||||
Total stockholders' equity | 1,700,420 | 1,683,611 | ||||
Total liabilities and stockholders' equity | $ 2,467,655 | $ 2,374,655 |
Condensed Consolidating Financial Statements (Income Statement) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Income Statements, Captions [Line Items] | ||||
Revenues, net | $ 772,299,000 | $ 761,385,000 | $ 1,556,520,000 | $ 1,502,208,000 |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | 385,623,000 | 376,809,000 | 725,771,000 | 697,174,000 |
Selling, general and administrative | 173,364,000 | 171,376,000 | 345,876,000 | 337,825,000 |
Depreciation and amortization | 25,893,000 | 21,669,000 | 49,949,000 | 42,023,000 |
Restructuring and other related charges | 17,162,000 | 0 | 19,804,000 | 0 |
Total operating expenses | 602,042,000 | 569,854,000 | 1,141,400,000 | 1,077,022,000 |
Operating income | 170,257,000 | 191,531,000 | 415,120,000 | 425,186,000 |
Other income (expense): | ||||
Interest expense, net | (34,971,000) | (33,933,000) | (70,416,000) | (67,119,000) |
Share of affiliates' income | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | |||
Miscellaneous, net | (2,697,000) | (14,719,000) | (15,482,000) | 2,227,000 |
Total other income (expense) | (37,668,000) | (48,652,000) | (85,898,000) | (64,892,000) |
Income from operations before income taxes | 132,589,000 | 142,879,000 | 329,222,000 | 360,294,000 |
Income tax benefit (expense) | 1,396,000 | (32,547,000) | (45,080,000) | (89,426,000) |
Net income including noncontrolling interests | 133,985,000 | 110,332,000 | 284,142,000 | 270,868,000 |
Net income attributable to noncontrolling interests | (5,242,000) | (4,151,000) | (12,002,000) | (7,817,000) |
Net income attributable to AMC Networks' stockholders | 128,743,000 | 106,181,000 | 272,140,000 | 263,051,000 |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues, net | (5,629,000) | (3,883,000) | (8,398,000) | (8,363,000) |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | (1,103,000) | (1,114,000) | (2,161,000) | (1,892,000) |
Selling, general and administrative | (4,422,000) | (2,773,000) | (6,322,000) | (6,472,000) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 0 | 0 | ||
Total operating expenses | (5,525,000) | (3,887,000) | (8,483,000) | (8,364,000) |
Operating income | (104,000) | 4,000 | 85,000 | 1,000 |
Other income (expense): | ||||
Interest expense, net | 0 | 0 | 0 | 0 |
Share of affiliates' income | (177,974,000) | (168,041,000) | (394,907,000) | (433,021,000) |
Loss on extinguishment of debt | 0 | |||
Miscellaneous, net | 104,000 | (4,000) | (85,000) | (1,000) |
Total other income (expense) | (177,870,000) | (168,045,000) | (394,992,000) | (433,022,000) |
Income from operations before income taxes | (177,974,000) | (168,041,000) | (394,907,000) | (433,021,000) |
Income tax benefit (expense) | 0 | 0 | 0 | 0 |
Net income including noncontrolling interests | (177,974,000) | (168,041,000) | (394,907,000) | (433,021,000) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to AMC Networks' stockholders | (177,974,000) | (168,041,000) | (394,907,000) | (433,021,000) |
Parent Company | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues, net | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Restructuring and other related charges | 0 | 0 | ||
Total operating expenses | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 |
Other income (expense): | ||||
Interest expense, net | (39,028,000) | (37,834,000) | (77,957,000) | (74,741,000) |
Share of affiliates' income | 162,140,000 | 172,233,000 | 386,384,000 | 419,715,000 |
Loss on extinguishment of debt | 0 | |||
Miscellaneous, net | (41,000) | 259,000 | (140,000) | 53,000 |
Total other income (expense) | 123,071,000 | 134,658,000 | 308,287,000 | 345,027,000 |
Income from operations before income taxes | 123,071,000 | 134,658,000 | 308,287,000 | 345,027,000 |
Income tax benefit (expense) | 5,672,000 | (28,477,000) | (36,147,000) | (81,976,000) |
Net income including noncontrolling interests | 128,743,000 | 106,181,000 | 272,140,000 | 263,051,000 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to AMC Networks' stockholders | 128,743,000 | 106,181,000 | 272,140,000 | 263,051,000 |
Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues, net | 517,109,000 | 549,262,000 | 1,091,339,000 | 1,124,179,000 |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | 233,579,000 | 248,181,000 | 454,067,000 | 470,802,000 |
Selling, general and administrative | 109,447,000 | 120,463,000 | 221,028,000 | 242,522,000 |
Depreciation and amortization | 12,587,000 | 11,175,000 | 25,124,000 | 21,979,000 |
Restructuring and other related charges | 16,575,000 | 16,292,000 | ||
Total operating expenses | 372,188,000 | 379,819,000 | 716,511,000 | 735,303,000 |
Operating income | 144,921,000 | 169,443,000 | 374,828,000 | 388,876,000 |
Other income (expense): | ||||
Interest expense, net | 3,723,000 | 11,715,000 | 6,906,000 | 23,612,000 |
Share of affiliates' income | 15,834,000 | (4,192,000) | 8,523,000 | 13,306,000 |
Loss on extinguishment of debt | 0 | |||
Miscellaneous, net | 100,000 | (2,504,000) | 809,000 | (1,770,000) |
Total other income (expense) | 19,657,000 | 5,019,000 | 16,238,000 | 35,148,000 |
Income from operations before income taxes | 164,578,000 | 174,462,000 | 391,066,000 | 424,024,000 |
Income tax benefit (expense) | (2,438,000) | (2,229,000) | (4,682,000) | (4,309,000) |
Net income including noncontrolling interests | 162,140,000 | 172,233,000 | 386,384,000 | 419,715,000 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to AMC Networks' stockholders | 162,140,000 | 172,233,000 | 386,384,000 | 419,715,000 |
Non- Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues, net | 260,819,000 | 216,006,000 | 473,579,000 | 386,392,000 |
Operating expenses | ||||
Technical and operating (excluding depreciation and amortization) | 153,147,000 | 129,742,000 | 273,865,000 | 228,264,000 |
Selling, general and administrative | 68,339,000 | 53,686,000 | 131,170,000 | 101,775,000 |
Depreciation and amortization | 13,306,000 | 10,494,000 | 24,825,000 | 20,044,000 |
Restructuring and other related charges | 587,000 | 3,512,000 | ||
Total operating expenses | 235,379,000 | 193,922,000 | 433,372,000 | 350,083,000 |
Operating income | 25,440,000 | 22,084,000 | 40,207,000 | 36,309,000 |
Other income (expense): | ||||
Interest expense, net | 334,000 | (7,814,000) | 635,000 | (15,990,000) |
Share of affiliates' income | 0 | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | |||
Miscellaneous, net | (2,860,000) | (12,470,000) | (16,066,000) | 3,945,000 |
Total other income (expense) | (2,526,000) | (20,284,000) | (15,431,000) | (12,045,000) |
Income from operations before income taxes | 22,914,000 | 1,800,000 | 24,776,000 | 24,264,000 |
Income tax benefit (expense) | (1,838,000) | (1,841,000) | (4,251,000) | (3,141,000) |
Net income including noncontrolling interests | 21,076,000 | (41,000) | 20,525,000 | 21,123,000 |
Net income attributable to noncontrolling interests | (5,242,000) | (4,151,000) | (12,002,000) | (7,817,000) |
Net income attributable to AMC Networks' stockholders | $ 15,834,000 | $ (4,192,000) | $ 8,523,000 | $ 13,306,000 |
Condensed Consolidating Financial Statements (Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) including noncontrolling interest | $ 133,985 | $ 110,332 | $ 284,142 | $ 270,868 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 553 | (45,759) | (5,210) | (26,955) |
Unrealized loss on interest rate swaps | (1,625) | 0 | (2,263) | 0 |
Other comprehensive loss, before income taxes | (1,072) | (45,759) | (7,473) | (26,955) |
Income tax expense | 374 | 0 | 523 | 0 |
Other comprehensive loss, net of income taxes | (698) | (45,759) | (6,950) | (26,955) |
Comprehensive income | 133,287 | 64,573 | 277,192 | 243,913 |
Comprehensive income attributable to noncontrolling interests | (5,033) | (2,173) | (11,831) | (6,736) |
Comprehensive income attributable to AMC Networks' stockholders | 128,254 | 62,400 | 265,361 | 237,177 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) including noncontrolling interest | (177,974) | (168,041) | (394,907) | (433,021) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (553) | (45,759) | 5,210 | (26,955) |
Other comprehensive loss, before income taxes | (553) | 5,210 | ||
Other comprehensive loss, net of income taxes | (553) | (45,759) | 5,210 | (26,955) |
Comprehensive income | (178,527) | (213,800) | (389,697) | (459,976) |
Comprehensive income attributable to AMC Networks' stockholders | (178,527) | (213,800) | (389,697) | (459,976) |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) including noncontrolling interest | 128,743 | 106,181 | 272,140 | 263,051 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 553 | (45,759) | (5,210) | (26,955) |
Unrealized loss on interest rate swaps | (1,625) | (2,263) | ||
Other comprehensive loss, before income taxes | (1,072) | (7,473) | ||
Income tax expense | 374 | 523 | ||
Other comprehensive loss, net of income taxes | (698) | (45,759) | (6,950) | (26,955) |
Comprehensive income | 128,045 | 60,422 | 265,190 | 236,096 |
Comprehensive income attributable to AMC Networks' stockholders | 128,045 | 60,422 | 265,190 | 236,096 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) including noncontrolling interest | 162,140 | 172,233 | 386,384 | 419,715 |
Other comprehensive income (loss): | ||||
Comprehensive income | 162,140 | 172,233 | 386,384 | 419,715 |
Comprehensive income attributable to AMC Networks' stockholders | 162,140 | 172,233 | 386,384 | 419,715 |
Non- Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income (loss) including noncontrolling interest | 21,076 | (41) | 20,525 | 21,123 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 553 | 45,759 | (5,210) | 26,955 |
Other comprehensive loss, before income taxes | 553 | (5,210) | ||
Other comprehensive loss, net of income taxes | 553 | 45,759 | (5,210) | 26,955 |
Comprehensive income | 21,629 | 45,718 | 15,315 | 48,078 |
Comprehensive income attributable to noncontrolling interests | (5,033) | (2,173) | (11,831) | (6,736) |
Comprehensive income attributable to AMC Networks' stockholders | $ 16,596 | $ 43,545 | $ 3,484 | $ 41,342 |
Condensed Consolidating Financial Statements (Cash Flow) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash flows from operating activities: | ||
Net cash provided by operating activities | $ 288,937 | $ 278,577 |
Cash flows from investing activities: | ||
Capital expenditures | (49,463) | (37,402) |
Return of capital from investees | 5,908 | 347 |
Investment in and loans to investees | 0 | (87,488) |
Payments for acquisition of a business, net of cash acquired | 0 | (34,879) |
Increase (decrease) to investment in affiliates | 0 | 0 |
Net cash used in investing activities | (43,555) | (159,422) |
Cash flows from financing activities: | ||
Deemed repurchases of restricted stock units | (23,019) | (15,734) |
Purchase of treasury stock | (58,440) | (242,409) |
Proceeds from stock option exercises | 4,630 | 4,317 |
Principal payments on finance lease obligations | (2,590) | (2,625) |
Distributions to noncontrolling interests | (10,129) | (6,967) |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | (2,717) | 0 |
Payments for financing costs | 0 | |
Net cash used in financing activities | (92,265) | (263,418) |
Net increase (decrease) in cash and cash equivalents from operations | 153,117 | (144,263) |
Effect of exchange rate changes on cash and cash equivalents | (1,661) | 1,604 |
Cash and cash equivalents at beginning of period | 554,886 | 558,783 |
Cash and cash equivalents at end of period | 706,342 | 416,124 |
Eliminations | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | (394,915) | (433,038) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Return of capital from investees | 0 | 0 |
Investment in and loans to investees | 0 | 0 |
Payments for acquisition of a business, net of cash acquired | 0 | 0 |
Increase (decrease) to investment in affiliates | 265,383 | 701,129 |
Net cash used in investing activities | 265,383 | 701,129 |
Cash flows from financing activities: | ||
Deemed repurchases of restricted stock units | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Principal payments on finance lease obligations | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Payments for financing costs | 0 | |
Net cash used in financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents from operations | (129,532) | 268,091 |
Effect of exchange rate changes on cash and cash equivalents | 129,532 | (268,091) |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Parent Company | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 273,682 | 296,928 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Return of capital from investees | 0 | 0 |
Investment in and loans to investees | 0 | 0 |
Payments for acquisition of a business, net of cash acquired | 0 | 0 |
Increase (decrease) to investment in affiliates | (221,104) | (46,945) |
Net cash used in investing activities | (221,104) | (46,945) |
Cash flows from financing activities: | ||
Deemed repurchases of restricted stock units | (23,019) | (15,734) |
Purchase of treasury stock | (58,440) | (242,409) |
Proceeds from stock option exercises | 4,630 | 4,317 |
Principal payments on finance lease obligations | 0 | 0 |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Payments for financing costs | 0 | |
Net cash used in financing activities | (76,829) | (253,826) |
Net increase (decrease) in cash and cash equivalents from operations | (24,251) | (3,843) |
Effect of exchange rate changes on cash and cash equivalents | 24,223 | 6,408 |
Cash and cash equivalents at beginning of period | 121 | 320 |
Cash and cash equivalents at end of period | 93 | 2,885 |
Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 400,444 | 852,314 |
Cash flows from investing activities: | ||
Capital expenditures | (45,445) | (32,827) |
Return of capital from investees | 0 | 0 |
Investment in and loans to investees | 0 | 0 |
Payments for acquisition of a business, net of cash acquired | 0 | 0 |
Increase (decrease) to investment in affiliates | (44,279) | (1,550,189) |
Net cash used in investing activities | (89,724) | (1,583,016) |
Cash flows from financing activities: | ||
Deemed repurchases of restricted stock units | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Principal payments on finance lease obligations | (1,536) | (1,464) |
Distributions to noncontrolling interests | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Payments for financing costs | 0 | |
Net cash used in financing activities | (1,536) | (1,464) |
Net increase (decrease) in cash and cash equivalents from operations | 309,184 | (732,166) |
Effect of exchange rate changes on cash and cash equivalents | (190,600) | 584,331 |
Cash and cash equivalents at beginning of period | 368,151 | 391,248 |
Cash and cash equivalents at end of period | 486,735 | 243,413 |
Non- Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities | 9,726 | (437,627) |
Cash flows from investing activities: | ||
Capital expenditures | (4,018) | (4,575) |
Return of capital from investees | 5,908 | 347 |
Investment in and loans to investees | 0 | (87,488) |
Payments for acquisition of a business, net of cash acquired | 0 | (34,879) |
Increase (decrease) to investment in affiliates | 0 | 896,005 |
Net cash used in investing activities | 1,890 | 769,410 |
Cash flows from financing activities: | ||
Deemed repurchases of restricted stock units | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Principal payments on finance lease obligations | (1,054) | (1,161) |
Distributions to noncontrolling interests | (10,129) | (6,967) |
Proceeds from the issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | (2,717) | 0 |
Payments for financing costs | 0 | |
Net cash used in financing activities | (13,900) | (8,128) |
Net increase (decrease) in cash and cash equivalents from operations | (2,284) | 323,655 |
Effect of exchange rate changes on cash and cash equivalents | 35,184 | (321,044) |
Cash and cash equivalents at beginning of period | 186,614 | 167,215 |
Cash and cash equivalents at end of period | $ 219,514 | $ 169,826 |
Label | Element | Value |
---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (165,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,619,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,411,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,411,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (165,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,619,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 3,246,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 16,030,000 |
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