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Jun. 30, 2013
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Document Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2013 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | MEDIACOM BROADBAND LLC |
Entity Central Index Key | 0001161364 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,824 | $ 2,883 |
Accumulated depreciation on property, plant and equipment | 1,295,708 | 1,228,186 |
Accumulated amortization on subscriber lists | 39,747 | 39,744 |
Accumulated amortization on other assets | $ 18,542 | $ 16,809 |
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Consolidated Statements of Operations (USD $)
In Thousands, unless otherwise specified |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Income Statement [Abstract] | ||||
Revenues | $ 230,181 | $ 223,884 | $ 455,446 | $ 445,084 |
Costs and expenses: | ||||
Service costs (exclusive of depreciation and amortization) | 92,934 | 90,593 | 185,170 | 180,902 |
Selling, general and administrative expenses | 45,684 | 44,064 | 90,482 | 88,046 |
Management fee expense | 4,000 | 3,625 | 8,000 | 7,085 |
Depreciation and amortization | 39,470 | 37,672 | 78,158 | 75,101 |
Operating income | 48,093 | 47,930 | 93,636 | 93,950 |
Interest expense, net | (24,630) | (28,505) | (49,536) | (56,442) |
Gain (loss) on derivatives, net | 7,735 | (841) | 13,620 | 1,066 |
Loss on early extinguishment of debt | (832) | (832) | ||
Other expense, net | (360) | (327) | (512) | (653) |
Net income | 30,006 | 18,257 | 56,376 | 37,921 |
Dividend to preferred members (Note 7) | 4,500 | 4,500 | 9,000 | 9,000 |
Net income applicable to member | $ 25,506 | $ 13,757 | $ 47,376 | $ 28,921 |
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Organization
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Organization | 1. ORGANIZATION Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom Broadband LLC (“Mediacom Broadband,” and collectively with its subsidiaries, “we,” “our” or “us”) is a Delaware limited liability company wholly-owned by Mediacom Communications Corporation (“MCC”). MCC is involved in the acquisition and operation of cable systems serving smaller cities and towns in the United States, and its cable systems are owned and operated through our operating subsidiaries and those of Mediacom LLC, a New York limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom LLC are not subject to income taxes and, as such, are included in the consolidated federal and state income tax returns of MCC, which is a C corporation. Our principal operating subsidiaries conduct all of our consolidated operations and own substantially all of our consolidated assets. Our operating subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to make funds available to us. We have prepared these unaudited consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, such statements include all adjustments, consisting of normal recurring accruals and adjustments, necessary for a fair presentation of our consolidated results of operations and financial position for the interim periods presented. The accounting policies followed during such interim periods reported are in conformity with generally accepted accounting principles in the United States of America and are consistent with those applied during annual periods. For a summary of our accounting policies and other information, refer to our Annual Report on Form 10-K for the year ended December 31, 2012. The results of operations for the 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, 2013. Mediacom Broadband Corporation (“Broadband Corporation”), a Delaware corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Broadband Corporation has no operations, revenues or cash flows and has no assets, liabilities or stockholders’ equity on its balance sheet, other than a one-hundred dollar receivable from an affiliate and the same dollar amount of common stock. Therefore, separate financial statements have not been presented for this entity. Franchise fees imposed by local governmental authorities are collected on a monthly basis from our customers and are periodically remitted to the local governmental authorities. Because franchise fees are our obligation, we present them on a gross basis with a corresponding operating expense. Franchise fees reported on a gross basis amounted to approximately $6.1 million and $6.2 million for the three months ended June 30, 2013 and 2012, respectively, and approximately $12.0 million and $12.3 million for the six months ended June 30, 2013 and 2012, respectively. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
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Recent Accounting Pronouncements
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Jun. 30, 2013
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Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2012-02 (“ASU 2012-02”) Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 expands the guidance in Accountings Standard Update No. 2011-08 (“ASU 2011-08”) Intangibles – Goodwill and Other to include indefinite-lived intangible assets other than goodwill. We adopted this ASU on December 1, 2012. ASU 2012-02 did not have a material impact on our financial statements or related disclosures. In January 2013, the FASB issued Accounting Standards Update No. 2013-01 (“ASU 2013-01”), Balance Sheet (Topic 210). ASU 2013-01 contains amendments to balance sheet guidance. The amendments clarify the scope of ASU 2011-11 and apply to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of ASU 2011-11. We adopted ASU 2013-01 on January 1, 2013. ASU 2013-01 did not have a material impact on our financial statements or related disclosures. In February 2013, the FASB issued Accounting Standards Update No. 2013-02 (“ASU 2013-02”), Comprehensive Income (Topic 220). This ASU contains amendments to the guidance surrounding accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, ASU 2013-02 was effective prospectively for reporting periods beginning after December 15, 2012. We adopted ASU 2013-02 on January 1, 2013. ASU 2013-02 did not have an impact on our financial statements or related disclosures. |
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Fair Value
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | 3. FAIR VALUE The tables below set forth our financial assets and liabilities measured at fair value on a recurring basis using a market-based approach at June 30, 2013. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by ASC 820, which prioritizes the inputs used in measuring fair value, as follows:
As of June 30, 2013, our interest rate exchange agreement liabilities, net, were valued at $43.4 million using Level 2 inputs, as follows (dollars in thousands):
As of December 31, 2012, our interest rate exchange agreement liabilities, net, were valued at $57.1 million using Level 2 inputs, as follows (dollars in thousands):
The fair value of our interest rate exchange agreements is the estimated amount that we would receive or pay to terminate such agreements, taking into account projected interest rates, based on quoted LIBOR futures, and the remaining time to maturities. While our interest rate exchange agreements are subject to contractual terms that provide for the net settlement of transactions with counterparties, we do not offset assets and liabilities under these agreements for financial statement presentation purposes, and assets and liabilities are reported on a gross basis. Based upon the mark-to-market valuation of these interest rate exchange agreements, all of our interest rate exchange agreements were in a liability position as of June 30, 2013 and December 31, 2012, and therefore no assets were recorded on our consolidated balance sheets. As of June 30, 2013 and December 31, 2012, based on such mark-to-market valuations, we recorded an accumulated current liability in “accounts payable, accrued expenses and other current liabilities” of $23.9 million and $24.2 million, respectively, and, as of the same dates, an accumulated long-term liability in “other non-current liabilities” of $19.5 million and $32.9 million, respectively. As a result of the mark-to-market valuations on these interest rate exchange agreements, we recorded a net gain on derivatives of $7.7 million and a net loss on derivatives of $0.8 million for the three months ended June 30, 2013 and 2012, respectively, and a net gain on derivatives of $13.6 million and $1.1 million for the six months ended June 30, 2013, 2012, respectively. |
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Property, Plant And Equipment
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Property, Plant And Equipment | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (dollars in thousands):
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Accounts Payable, Accrued Expenses and Other Current Liabilities
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Accounts Payable, Accrued Expenses and Other Current Liabilities | 5. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable, accrued expenses and other current liabilities consisted of the following (dollars in thousands):
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Debt | 6. DEBT As of June 30, 2013 and December 31, 2012, our debt consisted of (dollars in thousands):
Bank Credit Facility As of June 30, 2013, we maintained a $1.763 billion bank credit facility (the “credit facility”), comprising:
As of June 30, 2013, we had $112.8 million of unused revolving credit commitments, all of which were available to be borrowed and used for general corporate purposes, after giving effect to $91.5 million of outstanding loans and $11.7 million of letters of credit issued thereunder to various parties as collateral. The credit facility is collateralized by our ownership interests in our operating subsidiaries, and is guaranteed by us on a limited recourse basis to the extent of such ownership interests. As of June 30, 2013, the credit agreement governing the credit facility (the “credit agreement”) required us to maintain a total leverage ratio (as defined in the credit agreement) of no more than 5.5 to 1.0 and an interest coverage ratio (as defined in the credit agreement) of no less than 1.75 to 1.0. The total maximum leverage ratio will be reduced to 5.0 to 1.0 April 1, 2014. As of June 30, 2013, we were in compliance with all covenants under the credit agreement, including a total leverage ratio of 4.5 to 1.0 and an interest coverage ratio of 2.9 to 1.0. On May 29, 2013, the entire outstanding amount of $583.5 million under Term Loan F of the credit facility was repaid with proceeds from the issuance of a new term loan. See “Term Loan H” below. As a result of the repayment of Term Loan F, we recorded in our consolidated statements of operations a loss on early extinguishment of $0.8 million for the three and six months ended June 30, 2013, which represented the write-off of certain unamortized deferred financing costs. Term Loan H On May 29, 2013, our operating subsidiaries entered into an incremental facility agreement under the credit agreement that provided for a new term loan in the principal amount of $600.0 million (“Term Loan H”), and borrowed the full amount of such term loan on the same date. Net proceeds from Term Loan H of $594.8 million, after giving effect to financing costs of $5.2 million, were used to repay all outstanding borrowings under Term Loan F under the credit facility, to pay related fees and expenses, and for general corporate purposes. Borrowings under Term Loan H bear interest at a floating rate or rates equal to, at our discretion, the London Interbank Offered Rate (“LIBOR”) plus a margin of 2.50%, subject to a minimum LIBOR of 0.75%, or the Prime Rate plus a margin of 1.50%, subject to a minimum Prime Rate of 0.75%. Term Loan H matures on January 29, 2021 and, commencing on September 30, 2013, is subject to quarterly principal reductions of $1.5 million, representing 0.25% of the original principal amount, with a final payment at maturity of $555.0 million, representing 92.5% of the original principal amount. The credit agreement included certain amendments to a number of terms and conditions, including covenants relating to restricted payments, excess cash recapture, asset sales and acquisitions that would only become effective upon the approval of these amendments by the requisite lenders in the credit facility. As of May 29, 2013, all revolving credit, Term Loan G and Term Loan H lenders had approved such amendments, and, pursuant to the terms of the credit agreement, all amendments requiring approval by the Majority Lenders (as defined in the credit agreement) became effective on that date. On August 2, 2013, we entered into an amended and restated credit agreement that replaced the prior credit agreement in its entirety and reflects the approval of all such amendments.
Interest Rate Exchange Agreements We use interest rate exchange agreements (which we refer to as “interest rate swaps”) with various banks to fix the variable portion of borrowings under the credit facility. We believe this reduces the potential volatility in our interest expense that would otherwise result from changes in market interest rates. Our interest rate swaps have not been designated as hedges for accounting purposes, and have been accounted for on a mark-to-market basis as of, and for the three and six months ended, June 30, 2013 and 2012. As of June 30, 2013:
As of June 30, 2013 and 2012, the weighted average interest rate on outstanding borrowings under the credit facility, including the effect of our interest rate swaps, was 4.2% and 4.4%, respectively. Senior Notes As of June 30, 2013, we had $300 million of outstanding senior notes, all of which comprised our 6 3/8% senior notes due April 2023. Our senior notes are unsecured obligations, and the indenture governing our senior notes (the “indenture”) limits the incurrence of additional indebtedness based upon a maximum debt to operating cash flow ratio (as defined in the indenture) of 8.5 to 1.0. As of June 30, 2013, we were in compliance with all covenants under the indenture, including a debt to operating cash flow ratio of 5.5 to 1.0. Other Assets Other assets, net, primarily include financing costs and original issue discount incurred to raise debt, which are deferred and amortized as interest expense over the expected term of such financings. Original issue discount, as recorded in other assets, net, was $8.9 million and $10.0 million as of June 30, 2013 and December 31, 2012, respectively. Debt Ratings MCC’s corporate credit rating is B1, with a stable outlook, by Moody’s, and B+, with a positive outlook, by Standard and Poor’s. Our senior unsecured credit rating is B3, with a stable outlook, by Moody’s, and B-, with a positive outlook, by Standard and Poor’s. There are no covenants, events of default, borrowing conditions or other terms in the credit agreement or indenture that are based on changes in our credit rating assigned by any rating agency. Fair Value As of June 30, 2013, the fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands):
As of December 31, 2012, the fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands):
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Preferred Members' Interest
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Jun. 30, 2013
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Text Block [Abstract] | |
Preferred Members' Interest | 7. PREFERRED MEMBERS’ INTEREST In July 2001, we received a $150 million preferred membership investment from Mediacom LLC. The preferred membership interest has a 12% annual dividend, payable quarterly in cash. We paid $4.5 million in cash dividends on the preferred membership interest during each of the three months ended June 30, 2013 and 2012, and $9.0 million during each of the six months ended June 30, 2013 and 2012. |
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Member's Deficit
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Jun. 30, 2013
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Equity [Abstract] | |
Member's Deficit | 8. MEMBER’S DEFICIT As a wholly-owned subsidiary of MCC, our business affairs, including our financing decisions, are directed by MCC. Capital contributions from parent and capital distributions to parent are reported on a gross basis in the Consolidated Statements of Cash Flows. We made capital distributions to parent in cash of $14.0 million and $16.1 million during the six months ended June 30, 2013 and 2012, respectively, and received capital contributions from parent in cash of $18.5 million during the six months ended June 30, 2012. |
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Related Party Transactions
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Jun. 30, 2013
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Related Party Transactions [Abstract] | |
Related Party Transactions | 9. RELATED PARTY TRANSACTIONS MCC manages us pursuant to a management agreement with our operating subsidiaries. Under such agreements, MCC has full and exclusive authority to manage our day to day operations and conduct our business. We remain responsible for all expenses and liabilities relating to the construction, development, operation, maintenance, repair and ownership of our systems. As compensation for the performance of its services, subject to certain restrictions, MCC is entitled to receive management fees in an amount not to exceed 4.0% of the annual gross operating revenues of our operating subsidiaries. MCC is also entitled to the reimbursement of all expenses necessarily incurred in its capacity as manager. MCC charged us management fees of $4.0 million and $3.6 million for the three months ended June 30, 2013 and 2012, respectively, and $8.0 million and $7.1 million for the six months ended June 30, 2013 and 2012, respectively. Mediacom LLC, a wholly-owned subsidiary of MCC, is a preferred equity investor in us. See Note 7. Accounts receivable – affiliates and accounts payable – affiliates represent amounts due from, or amounts due to, MCC or its subsidiaries (other than us), are reported on a net basis for financial statement presentation purposes. As of June 30, 2013 and December 31, 2012, there were net balances recorded in accounts payable – affiliates of $2.9 million and $4.4 million, respectively. |
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Commitments and Contingencies
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Jun. 30, 2013
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Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our consolidated financial position, results of operations, cash flows or business. |
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Goodwill and Other Intangible Assets
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Jun. 30, 2013
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Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11. GOODWILL AND OTHER INTANGIBLE ASSETS In accordance with ASC 350 — Intangibles — Goodwill and Other (“ASC 350”), the amortization of goodwill and indefinite-lived intangible assets is prohibited and requires such assets to be tested annually for impairment, or more frequently if impairment indicators arise. We have determined that our cable franchise rights and goodwill are indefinite-lived assets and therefore not amortizable. We have evaluated the qualitative factors surrounding our Mediacom Broadband reporting unit as of October 1, 2012, which has negative equity carrying value. We do not believe that it is “more likely than not” that a goodwill impairment exists. As such, we have not performed Step 2 of the goodwill impairment test. The economic conditions currently affecting the U.S. economy and the long-term impact on the fundamentals of our business may have a negative impact on the fair values of the assets in our reporting units. This may result in the recognition of an impairment loss in the future. Because we believe there has not been a meaningful change in the long-term fundamentals of our business during the first six months of 2013, we have determined that there has been no triggering event under ASC 350 and, as such, no interim impairment test was required as of June 30, 2013. |
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Subsequent Events
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Jun. 30, 2013
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Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS On August 2, 2013, we entered into an amended and restated credit agreement that replaced the prior credit agreement in its entirety and reflected the certain amendments to a number of terms and conditions that became effective on May 29, 2013. See Note 6. |
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Organization (Policies)
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Jun. 30, 2013
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Accounting Changes And Error Corrections [Abstract] | |
Basis of Preparation of Unaudited Consolidated Financial Statements | Basis of Preparation of Unaudited Consolidated Financial Statements Mediacom Broadband LLC (“Mediacom Broadband,” and collectively with its subsidiaries, “we,” “our” or “us”) is a Delaware limited liability company wholly-owned by Mediacom Communications Corporation (“MCC”). MCC is involved in the acquisition and operation of cable systems serving smaller cities and towns in the United States, and its cable systems are owned and operated through our operating subsidiaries and those of Mediacom LLC, a New York limited liability company wholly-owned by MCC. As limited liability companies, we and Mediacom LLC are not subject to income taxes and, as such, are included in the consolidated federal and state income tax returns of MCC, which is a C corporation. Our principal operating subsidiaries conduct all of our consolidated operations and own substantially all of our consolidated assets. Our operating subsidiaries are separate and distinct legal entities and have no obligation, contingent or otherwise, to make funds available to us. We have prepared these unaudited consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, such statements include all adjustments, consisting of normal recurring accruals and adjustments, necessary for a fair presentation of our consolidated results of operations and financial position for the interim periods presented. The accounting policies followed during such interim periods reported are in conformity with generally accepted accounting principles in the United States of America and are consistent with those applied during annual periods. For a summary of our accounting policies and other information, refer to our Annual Report on Form 10-K for the year ended December 31, 2012. The results of operations for the 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, 2013. Mediacom Broadband Corporation (“Broadband Corporation”), a Delaware corporation wholly-owned by us, co-issued, jointly and severally with us, public debt securities. Broadband Corporation has no operations, revenues or cash flows and has no assets, liabilities or stockholders’ equity on its balance sheet, other than a one-hundred dollar receivable from an affiliate and the same dollar amount of common stock. Therefore, separate financial statements have not been presented for this entity. Franchise fees imposed by local governmental authorities are collected on a monthly basis from our customers and are periodically remitted to the local governmental authorities. Because franchise fees are our obligation, we present them on a gross basis with a corresponding operating expense. Franchise fees reported on a gross basis amounted to approximately $6.1 million and $6.2 million for the three months ended June 30, 2013 and 2012, respectively, and approximately $12.0 million and $12.3 million for the six months ended June 30, 2013 and 2012, respectively. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. |
Testing Indefinite-Lived Intangible Assets for Impairment | In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2012-02 (“ASU 2012-02”) Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 expands the guidance in Accountings Standard Update No. 2011-08 (“ASU 2011-08”) Intangibles – Goodwill and Other to include indefinite-lived intangible assets other than goodwill. We adopted this ASU on December 1, 2012. ASU 2012-02 did not have a material impact on our financial statements or related disclosures. |
Balance Sheet | In January 2013, the FASB issued Accounting Standards Update No. 2013-01 (“ASU 2013-01”), Balance Sheet (Topic 210). ASU 2013-01 contains amendments to balance sheet guidance. The amendments clarify the scope of ASU 2011-11 and apply to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of ASU 2011-11. We adopted ASU 2013-01 on January 1, 2013. ASU 2013-01 did not have a material impact on our financial statements or related disclosures. |
Comprehensive Income | In February 2013, the FASB issued Accounting Standards Update No. 2013-02 (“ASU 2013-02”), Comprehensive Income (Topic 220). This ASU contains amendments to the guidance surrounding accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, ASU 2013-02 was effective prospectively for reporting periods beginning after December 15, 2012. We adopted ASU 2013-02 on January 1, 2013. ASU 2013-02 did not have an impact on our financial statements or related disclosures. |
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Fair Value (Tables)
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Fair Value of Interest Rate Exchange Agreement Liabilities | As of June 30, 2013, our interest rate exchange agreement liabilities, net, were valued at $43.4 million using Level 2 inputs, as follows (dollars in thousands):
As of December 31, 2012, our interest rate exchange agreement liabilities, net, were valued at $57.1 million using Level 2 inputs, as follows (dollars in thousands):
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Property, Plant And Equipment (Tables)
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Property, Plant and Equipment | Property, plant and equipment consisted of the following (dollars in thousands):
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Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables)
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Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts payable, accrued expenses and other current liabilities consisted of the following (dollars in thousands):
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Debt (Tables)
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Summary of Debt | As of June 30, 2013 and December 31, 2012, our debt consisted of (dollars in thousands):
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Fair Values of Senior Notes and Outstanding Debt Under Credit Facility | As of June 30, 2013, the fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands):
As of December 31, 2012, the fair values of our senior notes and outstanding debt under the credit facility (which were calculated based upon market prices of such issuances in an active market when available) were as follows (dollars in thousands):
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Organization - Additional Information (Detail) (USD $)
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Amount due from affiliate by subsidiary | $ 100 | $ 100 | ||
Franchise fees | $ 6,100,000 | $ 6,200,000 | $ 12,000,000 | $ 12,300,000 |
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Fair Value Disclosures [Abstract] | |||||
Interest rate exchange agreements liabilities, net | $ 43,436,000 | $ 43,436,000 | $ 57,057,000 | ||
Accumulated current liability | 23,900,000 | 23,900,000 | 24,200,000 | ||
Accumulated long-term liability | 19,500,000 | 19,500,000 | 32,900,000 | ||
Net gain on derivatives | $ 7,700,000 | $ (800,000) | $ 13,600,000 | $ 1,100,000 |
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Fair Value - Fair Value of Interest Rate Exchange Agreement Liabilities (Detail) (USD $)
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Jun. 30, 2013
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Interest rate exchange agreements | 43,436 | 57,057 |
Interest rate exchange agreements - liabilities, net | 43,436 | 57,057 |
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Interest rate exchange agreements | 43,436 | 57,057 |
Interest rate exchange agreements - liabilities, net | 43,436 | 57,057 |
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Accounts Payable, Accrued Expenses and Other Current Liabilities - Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) (USD $)
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Jun. 30, 2013
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Payables And Accruals [Abstract] | ||
Accounts payable - non-affiliates | $ 26,542 | $ 32,433 |
Accrued programming costs | 26,203 | 23,270 |
Liabilities under interest rate exchange agreements | 23,861 | 24,234 |
Accrued taxes and fees | 21,031 | 18,301 |
Accrued payroll and benefits | 18,050 | 17,828 |
Accrued service costs | 9,980 | 7,954 |
Advance subscriber payments | 9,868 | 9,141 |
Accrued property, plant and equipment | 8,486 | 6,790 |
Accrued interest | 6,223 | 7,580 |
Bank overdrafts(1) | 3,883 | 4,581 |
Accounts payable - affiliates | 2,935 | 4,417 |
Accrued telecommunications costs | 707 | 1,774 |
Other accrued expenses | 8,918 | 8,155 |
Accounts payable, accrued expenses and other current liabilities | $ 166,687 | $ 166,458 |
X | ||||||||||
- Definition
Accounts Payable Current Non Affiliates No definition available.
|
X | ||||||||||
- Definition
Accrued Payroll And Benefits No definition available.
|
X | ||||||||||
- Definition
Accrued Programming Costs No definition available.
|
X | ||||||||||
- Definition
Accrued Property Plant And Equipment No definition available.
|
X | ||||||||||
- Definition
Accrued Service Costs No definition available.
|
X | ||||||||||
- Definition
Accrued Telecommunications Costs No definition available.
|
X | ||||||||||
- Definition
Increase In Book Overdrafts No definition available.
|
X | ||||||||||
- Definition
Subscriber Advance Payments No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt - Summary of Debt (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Debt Disclosure [Abstract] | ||
Bank credit facility | $ 1,638,000 | $ 1,659,000 |
6 3/8% senior notes due 2023 | 300,000 | 300,000 |
Total debt | 1,938,000 | 1,959,000 |
Less: current portion | 16,000 | 16,000 |
Total long-term debt | $ 1,922,000 | $ 1,943,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt - Additional Information (Detail) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2013
|
Jun. 30, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
May 29, 2013
Term Loan H [Member]
|
Jun. 30, 2013
Senior Notes [Member]
|
Jun. 30, 2013
Maximum [Member]
|
Jun. 30, 2013
Minimum [Member]
|
Dec. 31, 2015
Scenario Forecast [Member]
|
Dec. 31, 2014
Scenario Forecast [Member]
|
Jun. 30, 2013
Standard & Poor's, B+ Rating [Member]
|
Jun. 30, 2013
Standard & Poor's, B- Rating [Member]
|
Jun. 30, 2013
Secured Debt [Member]
|
Jun. 30, 2013
Term Loan D [Member]
|
Jun. 30, 2013
Term Loan F [Member]
|
Jun. 30, 2013
Term Loan G [Member]
|
Jun. 30, 2013
Revolving Credit Facility [Member]
|
Jun. 30, 2013
Credit Facility Maximum [Member]
|
Apr. 01, 2014
Credit Facility Maximum [Member]
Scenario Forecast [Member]
|
Jun. 30, 2013
Credit Facility Minimum [Member]
|
Apr. 01, 2014
Credit Facility Minimum [Member]
Scenario Forecast [Member]
|
Jun. 30, 2013
0.06375% notes [Member]
|
Jun. 30, 2013
Moody's, B1 Rating [Member]
|
Jun. 30, 2013
Moody's, B3 Rating [Member]
|
|
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Term loan | $ 1,763,000,000 | $ 1,763,000,000 | $ 600,000,000 | $ 91,500,000 | |||||||||||||||||||||
Revolving credit commitments | 216,000,000 | 216,000,000 | |||||||||||||||||||||||
Revolving credit Maturity Date | Dec. 31, 2016 | ||||||||||||||||||||||||
Outstanding term loan D borrowings mature | 748,000,000 | ||||||||||||||||||||||||
Outstanding loan maturity date | Jan. 31, 2015 | Jan. 20, 2020 | Jan. 29, 2021 | ||||||||||||||||||||||
Million of outstanding term loan F borrowings mature | 198,500,000 | ||||||||||||||||||||||||
Million of outstanding term loan G borrowings mature | 600,000,000 | ||||||||||||||||||||||||
Unused commitments | 112,800,000 | 112,800,000 | |||||||||||||||||||||||
Letters of credit issued | 11,700,000 | 11,700,000 | |||||||||||||||||||||||
Governing credit facility leverage ratio | 5.5 | 5.0 | 1.0 | 1.0 | |||||||||||||||||||||
Interest coverage ratio | 1.75 | 1.0 | |||||||||||||||||||||||
Covenants interest coverage ratio | 2.9 | 1.0 | |||||||||||||||||||||||
Covenants credit facility leverage ratio | 4.5 | 1.0 | |||||||||||||||||||||||
Outstanding amount term Loan F of the credit facility | 583,500,000 | ||||||||||||||||||||||||
Loss on early extinguishment of debt | (832,000) | (832,000) | |||||||||||||||||||||||
Net proceeds from Term Loan H | 594,800,000 | ||||||||||||||||||||||||
Financing costs | 5,284,000 | 5,200,000 | |||||||||||||||||||||||
LIBOR | 2.50% | ||||||||||||||||||||||||
Minimum LIBOR rate | 0.75% | ||||||||||||||||||||||||
Prime rate plus | 1.50% | ||||||||||||||||||||||||
Minimum prime rate | 0.75% | ||||||||||||||||||||||||
Quarterly Reductions | 1,500,000 | ||||||||||||||||||||||||
Final payment at maturity | 555,000,000 | ||||||||||||||||||||||||
Percentage of original principal amount at every quarter | 0.25% | ||||||||||||||||||||||||
Percentage of original principal amount at maturity | 92.50% | ||||||||||||||||||||||||
Term Loan H commences | Sep. 30, 2013 | ||||||||||||||||||||||||
Term Loan H matures | Jan. 29, 2021 | ||||||||||||||||||||||||
Current interest rate swaps | 800,000,000 | ||||||||||||||||||||||||
Credit facility rate | 3.30% | ||||||||||||||||||||||||
Current interest rate swaps expire | 200,000,000 | 600,000,000 | |||||||||||||||||||||||
Forward-starting interest rate swaps | 300,000,000 | 300,000,000 | |||||||||||||||||||||||
Borrowings credit facility interest rate percentage | 2.60% | ||||||||||||||||||||||||
Effect of interest rate swaps | 4.20% | 4.40% | |||||||||||||||||||||||
Senior notes outstanding | 300,000,000 | ||||||||||||||||||||||||
Senior notes interest rate | 6.375% | ||||||||||||||||||||||||
Senior notes due year | 2023-04 | ||||||||||||||||||||||||
Indenture governing senior notes of cash flow ratio | 8.5 | 1.0 | |||||||||||||||||||||||
Indenture covenants senior notes of cash flow ratio | 5.5 | 1.0 | |||||||||||||||||||||||
Other assets, net | $ 8,900,000 | $ 8,900,000 | $ 10,000,000 | ||||||||||||||||||||||
Debt instrument credit rating | B+ | B- | B1 | B3 |
X | ||||||||||
- Definition
Borrowings credit facility interest rate percentage. No definition available.
|
X | ||||||||||
- Definition
Covenants credit facility leverage ratio. No definition available.
|
X | ||||||||||
- Definition
Covenants interest coverage ratio. No definition available.
|
X | ||||||||||
- Definition
Current interest rate swaps expire. No definition available.
|
X | ||||||||||
- Definition
Debt instrument maturity. No definition available.
|
X | ||||||||||
- Definition
Governing credit facility leverage ratio. No definition available.
|
X | ||||||||||
- Definition
Indenture covenants senior notes of cash flow ratio. No definition available.
|
X | ||||||||||
- Definition
Indenture governing senior notes of cash flow ratio. No definition available.
|
X | ||||||||||
- Definition
Interest coverage ratio. No definition available.
|
X | ||||||||||
- Definition
Letter of credit issued. No definition available.
|
X | ||||||||||
- Definition
Libor Floor Rate No definition available.
|
X | ||||||||||
- Definition
Line of credit facility interest rate percentage. No definition available.
|
X | ||||||||||
- Definition
Million of outstanding term loan F borrowings mature. No definition available.
|
X | ||||||||||
- Definition
Million of outstanding term loan G borrowings mature. No definition available.
|
X | ||||||||||
- Definition
Minimum Prime Rate No definition available.
|
X | ||||||||||
- Definition
Outstanding loan maturity date. No definition available.
|
X | ||||||||||
- Definition
Outstanding term loan D borrowings mature. No definition available.
|
X | ||||||||||
- Definition
Percentage Of Original Principal Amount At Every Quarter No definition available.
|
X | ||||||||||
- Definition
Percentage Of Original Principal Amount At Maturity No definition available.
|
X | ||||||||||
- Definition
Revolving credit maturity date. No definition available.
|
X | ||||||||||
- Definition
Types of fair value hedging instruments used. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt - Fair Values of Senior Notes and Outstanding Debt under Credit Facility (Detail) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Debt Disclosure [Abstract] | ||
6 3/8% senior notes due 2023 | $ 305,250 | $ 307,500 |
Bank credit facility | $ 1,629,317 | $ 1,666,265 |
X | ||||||||||
- Definition
Bank credit facility fair value. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Preferred Members' Interest - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jul. 31, 2001
|
|
Preferred Members Interest [Abstract] | |||||
Preferred membership investment | $ 150,000,000 | ||||
Cash dividend, payable | 12.00% | ||||
Cash dividends on the preferred membership interest | $ 4,500,000 | $ 4,500,000 | $ 9,000,000 | $ 9,000,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Member's Deficit - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Equity [Abstract] | ||
Capital distributions to parent | $ 14,040 | $ 16,125 |
Capital contributions from parent | $ 18,500 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related Party Transactions - Additional Information (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Related Party Transaction [Line Items] | |||||
Management fee expense | $ 4,000,000 | $ 3,625,000 | $ 8,000,000 | $ 7,085,000 | |
Accounts payable | $ 2,900,000 | $ 2,900,000 | $ 4,400,000 | ||
Maximum [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Management fees | 4.00% |
X | ||||||||||
- Definition
Management fees paid by percentage. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|