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424B3
CHARTER COMMUNICATIONS HOLDINGS CAPITAL CORP filed this Form 424B3 on 09/02/1999
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<PAGE>   244
             CHARTER COMMUNICATIONS HOLDINGS, LLC AND SUBSIDIARIES
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
           CHARTER COMMUNICATIONS HOLDINGS, LLC (PARENT COMPANY ONLY)
 
                     STATEMENT OF SHAREHOLDER'S INVESTMENT
                             (DOLLARS IN THOUSANDS)
 

<TABLE>
<CAPTION>
                                         COMMON    PAID-IN    ACCUMULATED
                                         STOCK     CAPITAL      DEFICIT       TOTAL
                                         ------    -------    -----------    --------
<S>                                      <C>       <C>        <C>            <C>
BALANCE, December 31, 1995.............    $--     $ 1,500     $   (529)     $    971
  Capital Contribution.................    --        4,400           --         4,400
  Net loss                                 --           --       (2,723)       (2,723)
                                           --      -------     --------      --------
BALANCE, December 31, 1996.............    --        5,900       (3,252)        2,648
  Net loss.............................    --           --       (4,623)       (4,623)
                                           --      -------     --------      --------
BALANCE, December 31, 1997.............    --        5,900       (7,875)       (1,975)
  Capital Contribution.................    --       10,800           --        10,800
  Net loss.............................    --           --      (17,222)      (17,222)
                                           --      -------     --------      --------
BALANCE, December 23, 1998.............    $--     $16,700     $(25,097)     $ (8,397)
                                           ==      =======     ========      ========
</TABLE>

 
     The investment in Charter Operating is accounted for on the equity method.
No statement of cash flows has been presented as Charter Holdings (parent
company only) had no cash flow activity.
 
14.  ACCOUNTING STANDARD NOT YET IMPLEMENTED:
 
     In June 1998, the Financial Accounting Standards Board adopted SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No.
133 establishes accounting and reporting standards requiring that every
derivative instrument (including certain derivative instruments embedded in
other contracts) be recorded in the balance sheet as either an asset or
liability measured at its fair value and that changes in the derivative's fair
value be recognized currently in earnings unless specific hedge accounting
criteria are met. Special accounting for qualifying hedges allows a derivative's
gains and losses to offset related results on the hedged item in the income
statement, and requires that a company must formally document, designate and
assess the effectiveness of transactions that receive hedge accounting. SFAS No.
133 is effective for fiscal years beginning after June 15, 1999. The Company has
not yet quantified the impacts of adopting SFAS No. 133 on its consolidated
financial statements nor has it determined the timing or method of its adoption
of SFAS No. 133. However, SFAS No. 133 could increase volatility in earnings
(loss).
 
                                      F-40