Cablevision 2014 Annual Report Download - page 71

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65
subsidiaries that own interests in Newsday on a senior secured basis. The Newsday Credit Agreement is secured by a lien on the
assets of Newsday and Cablevision senior notes with an aggregate principal amount of $611,455 owned by Newsday Holdings.
The principal financial covenant for the Newsday Credit Agreement is a minimum liquidity test of $25,000 which is tested bi-
annually on June 30 and December 31. The Newsday Credit Agreement also contains customary affirmative and negative covenants,
subject to certain exceptions, including limitations on indebtedness, investments and restricted payments. Certain of the covenants
applicable to CSC Holdings under the Newsday Credit Agreement are similar to the covenants applicable to CSC Holdings under
its outstanding senior notes.
Newsday was in compliance with its financial covenant under the Newsday Credit Agreement as of December 31, 2014.
Capital Expenditures
The following table provides details of the Company's capital expenditures for the years ended December 31, 2014 and 2013:
Years Ended December 31,
2014 2013
Customer premise equipment............................................................................................................ $ 263,466 $ 251,886
Scalable infrastructure....................................................................................................................... 233,530 311,162
Line extensions.................................................................................................................................. 18,924 29,040
Upgrade/rebuild................................................................................................................................. 44,024 34,402
Support .............................................................................................................................................. 183,580 180,188
Total Cable...................................................................................................................................... 743,524 806,678
Lightpath............................................................................................................................................ 109,749 111,830
Other.................................................................................................................................................. 38,405 33,171
Total Cablevision............................................................................................................................ $ 891,678 $ 951,679
Capital expenditures for 2014 decreased $60,001 (6)% as compared to 2013. This decrease was primarily related to lower spending
on various network projects.
Monetization Contract Maturities
The following monetization contracts relating to our Comcast common stock matured in 2014:
Month of
Maturity Shares covered under
monetization contract
April 2014 ................................ 2,732,184
June 2014.................................. 2,668,875
August 2014 ............................. 2,668,875
We settled our obligations under the related collateralized indebtedness by delivering cash from the net proceeds of a new
monetization transaction on our Comcast common stock that will mature in April, June, and August 2016.
During the next 12 months, monetization contracts covering 13,407,684 shares (including 2,668,875 shares settled in January
2015) of Comcast common stock held by us will mature. We intend to settle such transactions by either delivering shares of the
Comcast common stock and the related equity derivative contracts or by delivering cash from the net proceeds of new monetization
transactions.
See "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" for a discussion of our monetization contracts.
Contractual Obligations and Off Balance Sheet Commitments
Our contractual obligations to affiliates and non-affiliates as of December 31, 2014, which consist primarily of our debt obligations
and the effect such obligations are expected to have on our liquidity and cash flow in future periods, are summarized in the following
table: