Cablevision 2013 Annual Report Download - page 133

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-24
Basis of Presentation
Principles of Consolidation
The accompanying consolidated financial statements of Cablevision include the accounts of Cablevision
and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC
Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. Cablevision has no
business operations independent of its CSC Holdings subsidiary, whose operating results and financial
position are consolidated into Cablevision. The consolidated balance sheets and statements of income of
Cablevision are essentially identical to the consolidated balance sheets and statements of income of CSC
Holdings, with the following significant exceptions: Cablevision has $2,829,112 of senior notes
outstanding at December 31, 2013 (excluding the $611,455 aggregate principal amount of Cablevision
notes held by its subsidiary Newsday Holdings LLC) that were issued to third party investors, cash,
deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued
dividends on its balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany
receivables from Cablevision. Differences between Cablevision's results of operations and those of CSC
Holdings primarily include incremental interest expense, interest income, loss on extinguishment of debt
and write-off of deferred financing costs, and income tax expense or benefit. CSC Holdings' results of
operations include incremental interest income from the Cablevision senior notes held by Newsday
Holdings LLC, which is eliminated in Cablevision's results of operations.
The combined notes to the consolidated financial statements relate to the Company, which, except as
noted, are essentially identical for Cablevision and CSC Holdings. All significant intercompany
transactions and balances between Cablevision and CSC Holdings and their respective consolidated
subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions
between Cablevision and CSC Holdings are not eliminated in the CSC Holdings consolidated financial
statements, but are eliminated in the Cablevision consolidated financial statements.
Use of Estimates in Preparation of Financial Statements
The preparation of financial statements in conformity with U.S. generally accepted accounting principles
("GAAP") requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimates. See Note 11 for a discussion of fair value estimates.
Reclassifications
Certain reclassifications have been made to the 2011 and 2012 financial statements to conform to the
2013 presentation.