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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS
Prepaid Forward Contracts
Historically, the Company had entered into various transactions to limit the exposure against equity price risk on shares of Comcast Corporation ("Comcast") common stock it previously owned. The Company monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock.
The Company received cash proceeds upon execution of the prepaid forward contracts which had been reflected as collateralized indebtedness in the accompanying consolidated balance sheet as of December 31, 2022. In addition, the Company separately accounted for the equity derivative component of the prepaid forward contracts. These equity derivatives were not designated as hedges for accounting purposes, therefore, the net fair values of the equity derivatives had been reflected in the accompanying consolidated balance sheet as an asset at December 31, 2022, and the net increases or decreases in the fair value of the equity derivative component of the prepaid forward contracts were included in gain (loss) on derivative contracts in the accompanying consolidated statements of operations.
In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts. In connection with the settlement, the Company received net cash of approximately $50,500 (including dividends of $11,598) and recorded a gain on the extinguishment of debt of $4,393.
Interest Rate Swap Contracts
To manage interest rate risk, we have from time to time entered into interest rate swap contracts to adjust the proportion of total debt that is subject to variable and fixed interest rates. Such contracts effectively fix the borrowing rates on floating rate debt to provide an economic hedge against the risk of rising rates and/or effectively convert fixed rate borrowings to variable rates to permit the Company to realize lower interest expense in a declining interest rate environment. We monitor the financial institutions that are counterparties to our interest rate swap contracts and we only enter into interest rate swap contracts with financial institutions that are rated investment grade. All such contracts are carried at their fair market values on our consolidated balance sheets, with changes in fair value reflected in the consolidated statements of operations. As of March 31, 2023, the Company did not hold and has not issued derivative instruments for trading or speculative purposes.
The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the consolidated balance sheets:
Derivatives Not Designated as Hedging InstrumentsBalance Sheet LocationFair Value at
March 31, 2023December 31, 2022
Asset Derivatives:
Prepaid forward contracts (a)Derivative contracts$— $263,873 
Interest rate swap contracts
Other assets, long-term152,763 185,622 
152,763 449,495 
(a)In January 2023, the Company settled its outstanding collateralized indebtedness by delivering the Comcast shares it held and the related equity derivative contracts.
The following table presents certain consolidated statement of operations data related to our derivative contracts and the underlying Comcast common stock:
Three Months Ended March 31,
20232022
Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock$(166,489)$101,074 
Change in the fair value of Comcast common stock included in gain (loss) on investments
192,010 (150,773)
Gain (loss) on interest rate swap contracts, net(14,429)123,147 
The following is a summary of interest rate swap contracts outstanding at March 31, 2023:
Maturity DateNotional AmountCompany PaysCompany Receives
CSC Holdings:
January 2025$500,000 
Fixed rate of 1.53%
Three-month LIBOR
January 2025500,000 
Fixed rate of 1.625%
Three-month LIBOR
January 2025500,000 
Fixed rate of 1.458%
Three-month LIBOR
December 2026750,000 
Fixed rate of 2.9155%
Three-month LIBOR
December 2026750,000 
Fixed rate of 2.9025%
Three-month LIBOR
Lightpath:
December 2026 300,000 
Fixed rate of 2.161%
One-month LIBOR