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S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 11/01/1999
Entire Document
 
<PAGE>   615
                     CABLE MICHIGAN, INC. AND SUBSIDIARIES
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
     Temporary differences that give rise to a significant portion of deferred
tax assets and liabilities are as follows:
 

<TABLE>
<CAPTION>
                                                      DECEMBER 31,   NOVEMBER 5,
                                                          1997          1998
                                                      ------------   -----------
<S>                                                   <C>            <C>
NOL carryforwards...................................    $  1,588      $  1,132
Alternative minimum tax credits.....................         141           141
Reserves............................................         753           210
Other, net..........................................         230           309
                                                        --------      --------
Total deferred assets...............................       2,712         1,792
                                                        --------      --------
Property, plant and equipment.......................     (11,940)      (10,515)
Intangible assets...................................     (11,963)      (10,042)
                                                        --------      --------
Total deferred liabilities..........................     (23,903)      (20,557)
                                                        --------      --------
Subtotal............................................     (21,191)      (18,765)
Valuation allowance.................................          --            --
                                                        --------      --------
Total deferred taxes................................    $(21,191)     $(18,765)
                                                        ========      ========
</TABLE>

 
     In the opinion of management, based on the future reversal of taxable
temporary differences, primarily depreciation and amortization, the Company will
more likely than not be able to realize all of its deferred tax assets. As a
result, the net change in the valuation allowance for deferred tax assets during
1997 was a decrease of $1,262, which $72 related to Mercom of Florida.
 
     Due to the sale of Mercom of Florida, the Company's deferred tax
liabilities decreased by $132.
 
7. DEBT
 
     Long-term debt outstanding at November 5, 1998 is as follows:
 

<TABLE>
<CAPTION>
                                                      DECEMBER 31,   NOVEMBER 5,
                                                          1997          1998
                                                      ------------   -----------
<S>                                                   <C>            <C>
Term Credit Facility................................    $100,000      $100,000
Revolving Credit Facility...........................      28,000        20,000
Term Loan...........................................      15,000        15,000
                                                        --------      --------
Total...............................................     143,000       135,000
Current portion of long-term debt...................          --        15,000
                                                        --------      --------
Total Long-Term Debt................................    $143,000      $120,000
                                                        ========      ========
</TABLE>

 
  Credit Facility
 
     The Company had an outstanding line of credit with a banking institution
for $3 million. No amounts were outstanding under this facility.
 
     The Company has in place two secured credit facilities (the "Credit
Facilities") pursuant to a single credit agreement with a group of lenders for
which First Union National Bank acts as agent (the "Credit Agreement"), which
was effective as of July 1, 1997. The first is a five-year revolving credit
facility in the amount of $65,000 (the "Revolving Credit Facility"). The second
is an eight-year term credit facility in the amount of $100,000 (the "Term
Credit Facility").
 
                                      F-368