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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the quarterly period ended
September 30, 2019
 
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from
 
to
 
 
 
Commission File Number
 
Registrant; State of Incorporation; Address and Telephone Number
 
IRS Employer Identification No.
 
 
 
 
 
 
 
001-38126
 
alticelogoa43.jpg
 
38-3980194
 
 
Altice USA, Inc.
 
 
 
 
Delaware
 
 
 
 
1 Court Square West
 
 
 
 
Long Island City,
New York
11101
 
 
 
 
(516)
803-2300
 
 
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
 
 
 
Yes
No
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files).
 
 
Yes
No
 
Indicate by check mark whether each Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)
 
Large Accelerated Filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
(Do not check if a smaller reporting company)
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share
ATUS
New York Stock Exchange
Number of shares of common stock outstanding as of November 1, 2019:
636,831,534
 
 
 
 
 
 
 
 
 
 






ALTICE USA, INC. AND SUBSIDIARIES
 
FORM 10-Q
 
TABLE OF CONTENTS
 
 
 
PART I. FINANCIAL INFORMATION
 
 
Page
Item 1. Financial Statements of Altice USA, Inc. and Subsidiaries
 
 
 
 
Consolidated Balance Sheets - September 30, 2019 (Unaudited) and December 31, 2018
 
Consolidated Statements of Operations - Three and nine months ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Comprehensive Income (Loss) - Three and nine months ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Stockholders’ Equity - Three and nine months ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Cash Flows - Nine months ended September 30, 2019 and 2018 (Unaudited)
 
 
 
 
Notes to Consolidated Financial Statements (Unaudited)
 
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
 
Item 4. Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
Item 1. Legal Proceedings
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 6. Exhibits
 
 
SIGNATURES


1






PART I.     FINANCIAL INFORMATION
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended.  In this Form 10-Q there are statements concerning our future operating results and future financial performance.  Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements.  Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. 
We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include:
competition for broadband, video and telephony customers from existing competitors (such as broadband communications companies, wireless data and telephony providers, direct broadcast satellite ("DBS") providers and Internet-based providers) and new competitors entering our footprint;
changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies;
increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
increasing programming costs and delivery expenses related to our products and services;
our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy;
our ability to complete our capital investment plans on time and on budget, including our plan to build a fiber-to-the-home ("FTTH") network, and deploy Altice One, our home communications hub;
our ability to develop mobile voice and data services and our ability to attract customers to these services;
the effects of economic conditions or other factors that may negatively affect our customers’ demand for our current and future products and services;
the effects of industry conditions;
demand for digital and linear advertising products and services;
our substantial indebtedness and debt service obligations;
adverse changes in the credit market;
changes as a result of any tax reforms that may affect our business;
financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate;
the restrictions contained in our financing agreements;
our ability to generate sufficient cash flow to meet our debt service obligations;
fluctuations in interest rates that may cause our interest expense to vary from quarter to quarter;
technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses and similar problems;

2






the disruption or failure of our network, information systems or technologies as a result of computer hacking, computer viruses, “cyber-attacks,” misappropriation of data, power loss, system outages, natural disasters and other events;
our ability to obtain necessary hardware, software, communications equipment and services and other items from our vendors at reasonable costs;
our ability to effectively integrate acquisitions and to maximize expected operating efficiencies from our acquisitions or as a result of the transactions, if any;
significant unanticipated increases in the use of bandwidth-intensive Internet-based services;
the outcome of litigation, government investigations and other proceedings;
our ability to successfully operate our business following the completion of our separation from Altice Europe; and
other risks and uncertainties inherent in our cable and other broadband communications businesses and our other businesses, including those listed under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") filed on March 1, 2019 (the "Annual Report").
These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could cause our actual results to differ materially from those expressed in any of our forward-looking statements.
Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made only as of the date of this Annual Report. Except to the extent required by law, we do not undertake, and specifically decline any obligation, to update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.
Certain numerical figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, such numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

3







Item 1. Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
September 30, 2019
 
December 31, 2018
ASSETS
(Unaudited)
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
175,091

 
$
298,781

Restricted cash
261

 
257

Accounts receivable, trade (less allowance for doubtful accounts of $13,694 and $13,520)
442,710

 
448,399

Prepaid expenses and other current assets
195,163

 
136,285

Amounts due from affiliates
4,554

 
17,557

Derivative contracts

 
1,975

Total current assets
817,779

 
903,254

Property, plant and equipment, net of accumulated depreciation of $5,058,198 and $4,044,671
5,797,059

 
5,828,881

Right-of-use operating lease assets
282,746

 

Investment securities pledged as collateral
1,936,422

 
1,462,626

Derivative contracts
2,634

 
109,344

Other assets
102,322

 
84,382

Amortizable intangibles, net of accumulated amortization of $3,476,043 and $2,882,787
3,675,954

 
4,192,824

Indefinite-lived cable television franchises
13,020,081

 
13,020,081

Goodwill
8,138,511

 
8,012,416

Total assets
$
33,773,508

 
$
33,613,808

See accompanying notes to consolidated financial statements.


4





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except share and per share amounts)

 
September 30, 2019
 
December 31, 2018
LIABILITIES AND STOCKHOLDERS' EQUITY
(Unaudited)
 
 
Current Liabilities:
 
 
 
Accounts payable
$
878,518

 
$
857,502

Interest payable
278,506

 
386,475

Accrued employee related costs
128,914

 
139,806

Amounts due to affiliates
6,904

 
26,096

Deferred revenue
108,070

 
140,053

Debt
161,701

 
158,625

Other current liabilities
316,734

 
312,634

Total current liabilities
1,879,347

 
2,021,191

Other liabilities
245,885

 
271,554

Deferred tax liability
4,797,941

 
4,723,937

Liabilities under derivative contracts
377,613

 
132,908

Right-of-use operating lease liability
270,564

 

Long-term debt, net of current maturities
23,895,580

 
22,653,975

Total liabilities
31,466,930

 
29,803,565

Commitments and contingencies (Note 16)


 


Redeemable equity
217,311

 
130,007

Stockholders' Equity:
 
 
 
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding

 

Class A common stock: $0.01 par value, 4,000,000,000 shares authorized, 450,565,544 shares issued and 450,564,558 shares outstanding as of September 30, 2019 and 496,064,027 shares issued and outstanding as of December 31, 2018
4,506

 
4,961

Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 shares issued,186,262,928 shares outstanding as of September 30, 2019 and 212,976,259 shares outstanding as of December 31, 2018
1,863

 
2,130

Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding

 

Paid-in capital
1,709,685

 
3,423,803

Retained earnings
390,437

 
251,830

 
2,106,491

 
3,682,724

Treasury stock, at cost (986 Class A common shares at September 30, 2019)

 

Accumulated other comprehensive loss
(25,520
)
 
(11,783
)
Total stockholders' equity
2,080,971

 
3,670,941

Noncontrolling interest
8,296

 
9,295

Total stockholders' equity
2,089,267

 
3,680,236

 
$
33,773,508

 
$
33,613,808

See accompanying notes to consolidated financial statements.

5





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenue (including revenue from affiliates of $70, $545, $1,158 and $1,397, respectively) (See Note 15)
$
2,438,662

 
$
2,417,801

 
$
7,286,310

 
$
7,111,668

Operating expenses:
 
 
 
 
 
 
 
Programming and other direct costs (including charges from affiliates of $3,508, $1,671, $7,282 and $6,690 respectively) (See Note 15)
820,896

 
790,533

 
2,452,875

 
2,373,021

Other operating expenses (including charges from affiliates of $1,602, $905, $5,868, and $15,154, respectively) (See Note 15)
568,233

 
569,070

 
1,702,124

 
1,727,842

Restructuring and other expense
12,381

 
16,587

 
39,090

 
29,865

Depreciation and amortization (including impairments)
565,637

 
536,053

 
1,695,685

 
1,827,285

 
1,967,147

 
1,912,243

 
5,889,774

 
5,958,013

Operating income
471,515

 
505,558

 
1,396,536

 
1,153,655

Other income (expense):
 
 
 
 
 
 
 
Interest expense
(388,800
)
 
(389,594
)
 
(1,158,301
)
 
(1,157,395
)
Interest income
1,524

 
1,427

 
3,948

 
9,843

Gain (loss) on investments and sale of affiliate interests, net
120,253

 
111,684

 
478,124

 
(182,031
)
Gain (loss) on derivative contracts, net
(77,333
)
 
(79,628
)
 
(303,986
)
 
130,883

Loss on interest rate swap contracts
(11,163
)
 
(19,554
)
 
(61,735
)
 
(64,405
)
Loss on extinguishment of debt and write-off of deferred financing costs
(503
)
 

 
(159,599
)
 
(41,616
)
Other income (expense), net
(226
)
 
(186
)
 
66

 
(12,473
)
 
(356,248
)
 
(375,851
)
 
(1,201,483
)
 
(1,317,194
)
Income (loss) before income taxes
115,267

 
129,707

 
195,053

 
(163,539
)
Income tax expense
(37,871
)
 
(95,968
)
 
(56,445
)
 
(29,675
)
Net income (loss)
77,396

 
33,739

 
138,608

 
(193,214
)
Net income attributable to noncontrolling interests
(157
)
 
(1,186
)
 
(1
)
 
(1,039
)
Net income (loss) attributable to Altice USA, Inc. stockholders
$
77,239

 
$
32,553

 
$
138,607

 
$
(194,253
)
Income (loss) per share:
 
 
 
 
 
 
 
Basic income (loss) per share
$
0.12

 
$
0.04

 
$
0.21

 
$
(0.26
)
Basic weighted average common shares (in thousands)
643,797

 
732,963

 
668,929

 
735,685

 
 
 
 
 
 
 
 
Diluted income (loss) per share:
$
0.12

 
$
0.04

 
$
0.21

 
$
(0.26
)
Diluted weighted average common shares (in thousands)
646,006

 
732,963

 
669,855

 
735,685

Cash dividends declared per common share
$

 
$

 
$

 
$


See accompanying notes to consolidated financial statements.

6





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
77,396

 
$
33,739

 
$
138,608

 
$
(193,214
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Defined benefit pension plans:
 
 
 
 
 
 
 
Unrecognized actuarial gain (loss)
(15,860
)
 
9,602

 
(19,508
)
 
13,794

Applicable income taxes
4,298

 
(2,592
)
 
5,287

 
(3,723
)
Unrecognized actuarial gain (loss) arising during period, net of income taxes
(11,562
)
 
7,010

 
(14,221
)
 
10,071

Settlement loss included in other expense, net
1,091

 
65

 
1,629

 
929

Applicable income taxes
(295
)
 
(18
)
 
(441
)
 
(252
)
Settlement loss included in other expense, net, net of income taxes
796

 
47

 
1,188

 
677

Foreign currency translation adjustment
(385
)
 
437

 
(965
)
 
1,351

Applicable income taxes
105

 
(27
)
 
261

 
(365
)
Foreign currency translation adjustment, net
(280
)
 
410

 
(704
)
 
986

Other comprehensive income (loss)
(11,046
)
 
7,467

 
(13,737
)
 
11,734

Comprehensive income (loss)
66,350

 
41,206

 
124,871

 
(181,480
)
Comprehensive income attributable to noncontrolling interests
(157
)
 
(1,186
)
 
(1
)
 
(1,039
)
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders
$
66,193

 
$
40,020

 
$
124,870

 
$
(182,519
)

See accompanying notes to consolidated financial statements.


7





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)

 

Class A
Common
Stock
 

Class B
Common
Stock
 
Paid-in
Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders'
Equity
 
Non-controlling
Interest
 
Total
Equity
Balance at January 1, 2019
$
4,961

 
$
2,130

 
$
3,423,803

 
$
251,830

 
$

 
$
(11,783
)
 
$
3,670,941

 
$
9,295

 
$
3,680,236

Net loss attributable to stockholders

 

 

 
(24,999
)
 

 

 
(24,999
)
 

 
(24,999
)
Net loss attributable to noncontrolling interests

 

 

 

 

 

 

 
(199
)
 
(199
)
Distributions from noncontrolling interests

 

 

 

 

 

 

 
(1,000
)
 
(1,000
)
Pension liability adjustments, net of income taxes

 

 

 

 

 
3,752

 
3,752

 

 
3,752

Foreign currency translation adjustment, net of income taxes

 

 

 

 

 
(181
)
 
(181
)
 

 
(181
)
Share-based compensation expense

 

 
13,790

 

 

 

 
13,790

 

 
13,790

Redeemable equity vested

 

 
1,364

 

 

 

 
1,364

 

 
1,364

Change in redeemable equity

 

 
(61,696
)
 

 

 

 
(61,696
)
 

 
(61,696
)
Class A shares acquired through share repurchase program and retired
(294
)
 

 
(599,707
)
 

 

 

 
(600,001
)
 

 
(600,001
)
Conversion of Class B to Class A shares
242

 
(242
)
 

 

 

 

 

 

 

Balance at March 31, 2019
$
4,909

 
$
1,888

 
$
2,777,554

 
$
226,831

 
$

 
$
(8,212
)
 
$
3,002,970

 
$
8,096

 
$
3,011,066

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements.

8





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Continued)
(In thousands)
(Unaudited)

 

Class A
Common
Stock
 

Class B
Common
Stock
 
Paid-in
Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders'
Equity
 
Non-controlling
Interest
 
Total
Equity
Balance at March 31, 2019
$
4,909

 
$
1,888

 
$
2,777,554

 
$
226,831

 
$

 
$
(8,212
)
 
$
3,002,970

 
$
8,096

 
$
3,011,066

Net income attributable to stockholders

 

 

 
86,367

 

 

 
86,367

 

 
86,367

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 
43

 
43

Pension liability adjustments, net of income taxes

 

 

 

 

 
(6,019
)
 
(6,019
)
 

 
(6,019
)
Foreign currency translation adjustment, net of income taxes

 

 

 

 

 
(243
)
 
(243
)
 

 
(243
)
Share-based compensation expense (equity classified)

 

 
16,077

 

 

 

 
16,077

 

 
16,077

Redeemable equity vested

 

 
61,702

 

 

 

 
61,702

 

 
61,702

Change in redeemable equity

 

 
(46,294
)
 

 

 

 
(46,294
)
 

 
(46,294
)
Class A shares acquired through share repurchase program and retired
(249
)
 

 
(599,703
)
 

 

 

 
(599,952
)
 

 
(599,952
)
Conversion of Class B to Class A shares
16

 
(16
)
 

 

 

 

 

 

 

Issuance of common shares pursuant to employee long term incentive plan

 

 
244

 

 

 

 
244

 

 
244

Class A shares issued in connection with acquisition
5

 

 
10,768

 

 

 

 
10,773

 

 
10,773

Balance at June 30, 2019
$
4,681

 
$
1,872

 
$
2,220,348

 
$
313,198

 
$

 
$
(14,474
)
 
$
2,525,625

 
$
8,139

 
$
2,533,764



See accompanying notes to consolidated financial statements.

9





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Continued)
(In thousands)
(Unaudited)

 

Class A
Common
Stock
 

Class B
Common
Stock
 
Paid-in
Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders'
Equity
 
Non-controlling
Interest
 
Total
Equity
Balance at June 30, 2019
$
4,681

 
$
1,872

 
$
2,220,348

 
$
313,198

 
$

 
$
(14,474
)
 
$
2,525,625

 
$
8,139

 
$
2,533,764

Net income attributable to stockholders

 

 

 
77,239

 

 

 
77,239

 

 
77,239

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 
157

 
157

Pension liability adjustments, net of income taxes

 

 

 

 

 
(10,766
)
 
(10,766
)
 

 
(10,766
)
Foreign currency translation adjustment, net of income taxes

 

 

 

 

 
(280
)
 
(280
)
 

 
(280
)
Share-based compensation expense

 

 
18,023

 

 

 

 
18,023

 

 
18,023

Redeemable equity vested

 

 
9,071

 

 

 

 
9,071

 

 
9,071

Change in redeemable equity

 

 
(51,450
)
 

 

 

 
(51,450
)
 

 
(51,450
)
Class A shares acquired through share repurchase program and retired
(184
)
 

 
(486,736
)
 

 

 

 
(486,920
)
 

 
(486,920
)
Conversion of Class B to Class A shares
9

 
(9
)
 

 

 

 

 

 

 

Issuance of common shares pursuant to employee long term incentive plan

 

 
429

 

 

 

 
429

 

 
429

Balance at September 30, 2019
$
4,506

 
$
1,863

 
$
1,709,685

 
$
390,437

 
$

 
$
(25,520
)
 
$
2,080,971

 
$
8,296

 
$
2,089,267


See accompanying notes to consolidated financial statements.

10





ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Continued)
(In thousands)
(Unaudited)
 

Class A
Common
Stock
 

Class B
Common
Stock
 
Paid-in
Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders'
Equity
 
Non-controlling
Interest
 
Total
Equity
Balance at January 1, 2018, as adjusted
$
2,470

 
$
4,901

 
$
4,665,229

 
$
840,636

 
$
(10,022
)
 
$
5,503,214

 
$
1,539

 
$
5,504,753

Net loss attributable to stockholders

 

 

 
(128,951
)
 

 
(128,951
)
 

 
(128,951
)
Net income attributable to noncontrolling interests

 

 

 

 

 

 
2

 
2

Pension liability adjustments, net of income taxes

 

 

 

 
3,765

 
3,765

 

 
3,765

Share-based compensation expense

 

 
21,623

 

 

 
21,623

 

 
21,623

Change in redeemable equity

 

 
(3,347
)
 

 

 
(3,347
)
 

 
(3,347
)
Other changes to equity

 

 
(859
)
 

 

 
(859
)
 

 
(859
)
Adoption of ASU No. 2018-02

 

 

 
2,163

 
(2,163
)
 

 

 

Balance at March 31, 2018
2,470

 
4,901

 
4,682,646

 
713,848