Cablevision 2014 Annual Report Download - page 63

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Increase in corporate costs, primarily employee related costs, net of allocations to business units............................ $ 16,405
Decrease in expenses at Newsday (from $106,637 to $105,395)................................................................................ (1,242)
Decrease in expenses at MSG Varsity due to reduced activities................................................................................. (9,532)
Increase in expenses, primarily employee related costs, at other businesses .............................................................. 3,786
Intra-segment eliminations........................................................................................................................................... 2,046
$ 11,463
Prior to the Clearview Sale and the Bresnan Sale, we allocated certain corporate overhead, including share-based compensation
expense and expenses related to Cablevision's long-term incentive plans aggregating $9,117 and $16,864 for the years ended
December 31, 2013 and December 31, 2012, respectively, to Clearview Cinemas (previously included in the Other segment) and
Bresnan Cable (previously included in the Cable segment). Such expenses were not eliminated as a result of the Clearview Sale
and the Bresnan Sale and have remained or have been reclassified to the Other segment.
Restructuring expense for the year ended December 31, 2013 amounted to $10,709 compared to restructuring credits of $770 for
the year ended December 31, 2012. The 2013 amount included $10,038 associated primarily with the elimination of 191 positions
as a result of a strategic evaluation of the Company's operations and $1,205 recorded in connection with an early lease termination.
Offsetting these expenses are restructuring credits of $534 related to adjustments to severance and facility realignment provisions
recorded in prior restructuring plans.
Depreciation and amortization (including impairments) for the year ended December 31, 2013 increased $6,182 (8%) as compared
to the prior year. The net increase consists of an increase in impairment charges of $34,626 (including the impairment of intangible
assets recorded at Newsday of $37,458 in 2013 and $13,000 in 2012, and impairments related to other equipment of $10,997 in
2013 and $829 in 2012), and an increase due to depreciation of new asset purchases, partially offset by decreases due to certain
assets becoming fully depreciated and an adjustment recorded in 2013 related to prior years of $10,690.
Adjusted operating cash flow deficit increased $4,409 (2%) for the year ended December 31, 2013 as compared to 2012 (including
Newsday's AOCF deficit of $15,399 in 2013 compared to $7,207 in 2012). The increase was due primarily to decreases in revenues,
net, partially offset by a decrease in operating expenses excluding depreciation and amortization and share-based compensation,
as discussed above.
CSC HOLDINGS, LLC
The consolidated statements of income of CSC Holdings are essentially identical to the consolidated statements of income of
Cablevision, except for the following:
Years Ended December 31,
2014 2013 2012
Net income attributable to Cablevision Systems Corporation stockholders.............. $ 311,439 $ 465,661 $ 233,523
Interest expense relating to Cablevision senior notes included in Cablevision's
consolidated statements of income......................................................................... 222,712 226,672 194,276
Interest income related to cash held at Cablevision................................................... (17)(42)(64)
Interest income included in CSC Holdings' consolidated statements of income
related to interest on Cablevision's senior notes held by Newsday Holdings (this
interest income is eliminated in the consolidated statements of income of
Cablevision)............................................................................................................ 48,054 58,435 59,079
Write-off of deferred financing costs, net of gain on extinguishment of debt
relating to Cablevision senior notes........................................................................ 502 (602) —
Income tax benefit included in Cablevision's consolidated statements of income
related to the items listed above.............................................................................. (120,682)(122,444)(100,553)
Income tax benefit from discontinued operations recognized at Cablevision, not
applicable to CSC Holdings.................................................................................... —(7,605) —
Net income attributable to CSC Holdings, LLC's sole member ................................ $ 462,008 $ 620,075 $ 386,261
Refer to Cablevision's Management's Discussion and Analysis of Financial Condition and Results of Operations herein.