Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | CABLE ONE, INC. | ||
Entity Central Index Key | 1,632,127 | ||
Trading Symbol | cabo | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,703,322 | ||
Entity Public Float | $ 3.1 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 264,113 | $ 161,752 |
Accounts receivable, net | 29,947 | 29,930 |
Income taxes receivable | 10,713 | 21,331 |
Prepaid and other current assets | 13,090 | 10,898 |
Total Current Assets | 317,863 | 223,911 |
Property, plant and equipment, net | 847,979 | 831,892 |
Intangible assets, net | 953,851 | 965,745 |
Goodwill | 172,129 | 172,129 |
Other noncurrent assets | 11,412 | 10,955 |
Total Assets | 2,303,234 | 2,204,632 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 94,134 | 117,855 |
Deferred revenue | 18,954 | 15,008 |
Current portion of long-term debt | 20,625 | 14,375 |
Total Current Liabilities | 133,713 | 147,238 |
Long-term debt | 1,142,056 | 1,160,682 |
Deferred income taxes | 242,127 | 207,154 |
Other noncurrent liabilities | 9,980 | 13,111 |
Total Liabilities | 1,527,876 | 1,528,185 |
Commitments and contingencies (see note 16) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | ||
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,887,899 shares issued, and 5,703,402 and 5,731,442 shares outstanding as of December 31, 2018 and 2017, respectively) | 59 | 59 |
Additional paid-in capital | 38,898 | 28,412 |
Retained earnings | 850,292 | 728,386 |
Accumulated other comprehensive loss | (96) | (352) |
Treasury stock, at cost (184,497 and 156,457 shares held as of December 31, 2018 and 2017, respectively) | (113,795) | (80,058) |
Total Stockholders' Equity | 775,358 | 676,447 |
Total Liabilities and Stockholders' Equity | $ 2,303,234 | $ 2,204,632 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 5,887,899 | 5,887,899 |
Common stock, shares outstanding (in shares) | 5,703,402 | 5,731,442 |
Treasury stock, shares (in shares) | 184,497 | 156,457 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 1,072,295 | $ 959,956 | $ 819,348 |
Costs and Expenses: | |||
Operating (excluding depreciation and amortization) | 370,269 | 337,040 | 296,577 |
Selling, general and administrative | 222,216 | 204,384 | 185,013 |
Depreciation and amortization | 197,731 | 181,619 | 147,839 |
Loss on asset disposals, net | 14,167 | 574 | 2,821 |
Total Costs and Expenses | 804,383 | 723,617 | 632,250 |
Income from operations | 267,912 | 236,339 | 187,098 |
Interest expense | (60,415) | (46,864) | (30,221) |
Other income, net | 4,487 | 668 | 5,121 |
Income before income taxes | 211,984 | 190,143 | 161,998 |
Income tax provision (benefit) | 47,224 | (45,028) | 61,681 |
Net income | $ 164,760 | $ 235,171 | $ 100,317 |
Net income per common share: | |||
Basic (in dollars per share) | $ 28.98 | $ 41.40 | $ 17.47 |
Diluted (in dollars per share) | $ 28.77 | $ 40.92 | $ 17.38 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 5,684,375 | 5,680,073 | 5,743,568 |
Diluted (in shares) | 5,725,963 | 5,747,037 | 5,770,960 |
Other comprehensive income, net of tax | $ 256 | $ 94 | $ 111 |
Comprehensive income | $ 165,016 | $ 235,265 | $ 100,428 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 5,833,442 | |||||
Balance at Dec. 31, 2015 | $ 59 | $ 4,929 | $ 464,559 | $ (16,367) | $ (557) | $ 452,623 |
Net income | 100,317 | 100,317 | ||||
Changes in pension, net of tax | 111 | 111 | ||||
Equity-based compensation | 12,298 | 12,298 | ||||
Issuance of common stock under restricted stock unit awards (in shares) | 947 | |||||
Issuance of common stock under restricted stock unit awards | (380) | 380 | ||||
Issuance of equity awards, net of forfeitures (in shares) | 4,247 | |||||
Repurchase of common stock (in shares) | (126,797) | |||||
Repurchase of common stock | (56,370) | (56,370) | ||||
Withholding tax for equity awards (in shares) | (3,616) | |||||
Withholding tax for equity awards | (2,190) | (2,190) | ||||
Excess income tax benefits for equity-based compensation activities | 822 | 822 | ||||
Dividends paid to stockholders | (34,445) | (34,445) | ||||
Other comprehensive income, net of tax | 111 | 111 | ||||
Balance (in shares) at Dec. 31, 2016 | 5,708,223 | |||||
Balance at Dec. 31, 2016 | $ 59 | 17,669 | 530,431 | (74,547) | (446) | 473,166 |
Net income | 235,171 | 235,171 | ||||
Changes in pension, net of tax | 94 | 94 | ||||
Equity-based compensation | 10,743 | 10,743 | ||||
Issuance of equity awards, net of forfeitures (in shares) | 31,129 | |||||
Repurchase of common stock (in shares) | (900) | |||||
Repurchase of common stock | (528) | $ (528) | ||||
Withholding tax for equity awards (in shares) | (7,010) | (7,010) | ||||
Withholding tax for equity awards | (4,983) | $ (4,983) | ||||
Dividends paid to stockholders | (37,216) | (37,216) | ||||
Other comprehensive income, net of tax | 94 | 94 | ||||
Issuance of equity awards, net of forfeitures | ||||||
Balance (in shares) at Dec. 31, 2017 | 5,731,442 | |||||
Balance at Dec. 31, 2017 | $ 59 | 28,412 | 728,386 | (80,058) | (352) | 676,447 |
Net income | 164,760 | 164,760 | ||||
Changes in pension, net of tax | 256 | 256 | ||||
Equity-based compensation | 10,486 | $ 10,486 | ||||
Issuance of equity awards, net of forfeitures (in shares) | 20,800 | |||||
Repurchase of common stock (in shares) | (38,814) | (38,814) | ||||
Repurchase of common stock | (26,582) | $ (26,582) | ||||
Withholding tax for equity awards (in shares) | (10,026) | (10,026) | ||||
Withholding tax for equity awards | (7,155) | $ (7,155) | ||||
Dividends paid to stockholders | (42,854) | (42,854) | ||||
Other comprehensive income, net of tax | 256 | 256 | ||||
Issuance of equity awards, net of forfeitures | ||||||
Balance (in shares) at Dec. 31, 2018 | 5,703,402 | |||||
Balance at Dec. 31, 2018 | $ 59 | $ 38,898 | $ 850,292 | $ (113,795) | $ (96) | $ 775,358 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retained Earnings [Member] | |||
Dividends, per share (in dollars per share) | $ 7.50 | $ 6.50 | $ 6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 164,760 | $ 235,171 | $ 100,317 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 197,731 | 181,619 | 147,839 |
Amortization of debt issuance cost | 4,163 | 3,174 | 1,642 |
Equity-based compensation | 10,486 | 10,743 | 12,298 |
Write-off of debt issuance costs | 110 | 613 | |
Excess income tax benefits for equity-based compensation activities | (822) | ||
Gain on sale of cable system | (4,096) | ||
Increase (decrease) in deferred income taxes | (34,973) | 87,223 | 1,497 |
Loss on asset disposals, net | 14,167 | 574 | 2,821 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
(Increase) decrease in accounts receivable, net | (17) | 18,146 | 1,773 |
(Increase) decrease in income taxes receivable | 10,618 | (16,784) | (4,547) |
(Increase) decrease in prepaid and other current assets | (2,192) | 5,073 | (2,618) |
Increase (decrease) in accounts payable and accrued liabilities | (27,853) | 6,874 | 4,052 |
Increase (decrease) in deferred revenue | 3,946 | (20,547) | (1,324) |
Decrease in income taxes payable | (5,928) | ||
Change in other noncurrent assets and liabilities, net | (3,123) | (12,947) | 7,211 |
Net cash provided by operating activities | 407,769 | 324,486 | 257,121 |
Cash flows from investing activities: | |||
Purchase of business, net of cash acquired | (727,947) | ||
Capital expenditures | (217,766) | (179,363) | (130,824) |
Increase (decrease) in accrued expenses related to capital expenditures | 2,005 | 4,167 | (16,190) |
Proceeds from sale of cable system, net | 6,752 | ||
Acquisition of cable system | (2,672) | ||
Proceeds from sales of property, plant and equipment and other | 1,466 | 11,976 | 1,327 |
Net cash used in investing activities | (214,295) | (891,167) | (141,607) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 750,000 | ||
Payment of debt issuance costs | (2,131) | (15,224) | |
Payments on long-term debt | (14,391) | (100,642) | (3,767) |
Repurchases of common stock | (26,582) | (528) | (56,370) |
Payment of withholding tax for equity awards | (7,155) | (4,983) | (2,190) |
Dividends paid to stockholders | (42,854) | (37,216) | (34,445) |
Excess income tax benefits for equity-based compensation activities | 822 | ||
Deposits received for asset construction | 2,000 | ||
Increase in cash overdraft | (1,014) | (723) | |
Net cash provided by (used in) financing activities | (91,113) | 590,393 | (96,673) |
Increase in cash and cash equivalents | 102,361 | 23,712 | 18,841 |
Cash and cash equivalents, beginning of period | 161,752 | 138,040 | 119,199 |
Cash and cash equivalents, end of period | 264,113 | 161,752 | 138,040 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of capitalized interest | 56,412 | 43,327 | 28,628 |
Cash paid for income taxes, net of refunds received | $ 1,811 | $ 59,622 | $ 73,007 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESCRIPTION OF BUSINESS Cable One, Inc., together with its wholly owned subsidiaries, (collectively, “Cable One,” “us,” “our,” “we” or the “Company”), is a fully integrated provider of data, video and voice services to residential and business subscribers in 21 2018, 804,865 663,074 326,423 125,934 On May 1, 2017, $740.2 4 On January 8, 2019, $357.0 17 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. December 31, 2018, 2017 2016 may not Principles of Consolidation. Segment Reporting. 280 Segment Reporting 280 one Use of Estimates. may Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of account for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third five Under the terms of the Company’s franchise agreements, the Company is generally required to pay to the franchising authority an amount based on the gross amount billed to the customer. The Company normally passes these fees to its customers and reports the fees on a gross basis as a component of revenue with the corresponding costs included in operating expense. The franchise authority assesses the Company directly for these fees and it is the Company’s obligation to pay the fees. The amount of such fees recorded on a gross basis was $16.1 $15.7 $14.2 2018, 2017 2016, Concentrations of Credit Risk. Programming Costs. Advertising Costs $28.6 $25.3 $25.9 2018, 2017 2016, Cash and Cash Equivalents three Allowance for Doubtful Accounts. may Fair Value Measurements. three 1 2 3 may For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets including goodwill, intangible assets and property, plant and equipment at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may Fair Value of Financial Instruments. Property, Plant and Equipment. Cable distribution systems 10 – 12 Customer premise equipment 3 – 5 Other equipment, vehicles and fixtures 3 – 10 Capitalized software 3 – 7 Buildings and improvements 10 – 20 The costs of leasehold improvements are amortized over the lesser of their useful lives or the remaining terms of the respective leases. Costs associated with the installation and upgrade of services and acquiring and deploying customer premise equipment, including materials, internal and external labor costs and related indirect and overhead costs, are capitalized. Indirect and overhead costs include payroll taxes, insurance and other benefits and vehicle, tool and supply expense related to installation activities. Capitalized labor costs include the direct costs of engineers and technical managers involved in the design and implementation of plant and infrastructure, the costs of technicians involved in the installation and upgrades of services and customer premise equipment, and the costs of support personnel directly involved in capitalizable activities, such as project managers and supervisors. Internal labor costs capitalized for engineering and technical personnel are based on standards developed by position for the percentage of time spent on capitalized projects while internal labor costs associated with installation and other plant activities are based on standards developed from operational data. Overhead costs are capitalized based on standards developed from historical information. Costs for repairs and maintenance, disconnecting service or reconnecting service are expensed as incurred. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software, including costs associated with coding, software configuration, upgrades and enhancements. Evaluation of Long-Lived Assets. may not not Finite-Lived Intangible Assets. Indefinite-Lived Intangible Assets. The Company assesses the recoverability of its indefinite-lived intangible assets as of November 30th may first not not not Goodwill. not November 30th may one may first not not not Pension and Other Postretirement Benefits. 14 December 31st Self-Insurance. may Equity-Based Compensation. may Income Taxes. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not Asset Retirement Obligations. not not Recently Adopted Accounting Pronouncements. May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. January 1, 2018. not may In January 2017, No. 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 two 350 not may two December 15, 2019, January 1, 2018. not may In January 2017, No. 2017 01, Business Combinations (Topic 805 January 1, 2018. not may In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 January 1, 2018. not may In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 five January 1, 2018 3 2017 2016 Recently Issued But Not August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 2018 15 2018 15 December 15, 2019, may In June 2018, No. 2018 07, Compensation – Stock Compensation (Topic 718 2018 07 718 first 2019, not 2018 07 may In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 December 15, 2019, not 2016 13 may In February 2016, No. 2016 02, Leases (Topic 842 2016 02 first 2019 2016 02 |
Note 3 - Adoption of New Revenu
Note 3 - Adoption of New Revenue Recognition Standard | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. ADOPTION OF NEW REVENUE RECOGNITION STANDARD The Company adopted ASC 606 January 1, 2018 606 2017 2016 December 31, 2017 As Reported ASC 606 Adjustment As Recasted Consolidated Balance Sheet Information Assets Current Assets: Accounts receivable, net $ 51,141 $ (21,211 ) $ 29,930 Prepaid and other current assets 8,160 2,738 10,898 Total Current Assets 242,384 (18,473 ) 223,911 Other noncurrent assets 6,179 4,776 10,955 Total Assets $ 2,218,329 $ (13,697 ) $ 2,204,632 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 117,963 $ (108 ) $ 117,855 Deferred revenue 38,266 (23,258 ) 15,008 Total Current Liabilities 170,604 (23,366 ) 147,238 Deferred income taxes 205,636 1,518 207,154 Other noncurrent liabilities 9,991 3,120 13,111 Total Liabilities 1,546,913 (18,728 ) 1,528,185 Stockholders' Equity Retained earnings 723,354 5,032 728,386 Total Stockholders' Equity 671,416 5,031 676,447 Total Liabilities and Stockholders' Equity $ 2,218,329 $ (13,697 ) $ 2,204,632 Year Ended December 31, 2017 As Reported ASC 606 Adjustment As Recasted Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 960,029 $ (73 ) $ 959,956 Costs and Expenses: Selling, general and administrative 204,799 (415 ) 204,384 Total Costs and Expenses 724,032 (415 ) 723,617 Income from operations 235,997 342 236,339 Income before income taxes 189,801 342 190,143 Income tax benefit (44,227 ) (801 ) (45,028 ) Net income $ 234,028 $ 1,143 $ 235,171 Net income per common share: Basic $ 41.20 $ 0.20 $ 41.40 Diluted $ 40.72 $ 0.20 $ 40.92 Comprehensive income $ 234,122 $ 1,143 $ 235,265 Consolidated Statement of Cash Flows Information Net income $ 234,028 $ 1,143 $ 235,171 Decrease in deferred income taxes (86,357 ) (866 ) (87,223 ) (Increase) decrease in accounts receivable, net (3,065 ) 21,211 18,146 Decrease in prepaid and other current assets 4,950 123 5,073 Increase (decrease) in accounts payable and accrued liabilities 6,982 (108 ) 6,874 Increase (decrease) in deferred revenue 1,560 (22,107 ) (20,547 ) Change in other noncurrent assets and liabilities, net (13,551 ) 604 (12,947 ) Net cash provided by operating activities $ 324,486 $ - $ 324,486 Year Ended December 31, 201 6 As Reported ASC 606 Adjustment As Recasted Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 819,625 $ (277 ) $ 819,348 Costs and Expenses: Selling, general and administrative 184,024 989 185,013 Total Costs and Expenses 631,261 989 632,250 Income from operations 188,364 (1,266 ) 187,098 Income before income taxes 163,264 (1,266 ) 161,998 Income tax provision 62,162 (481 ) 61,681 Net income $ 101,102 $ (785 ) $ 100,317 Net income per common share: Basic $ 17.60 $ (0.13 ) $ 17.47 Diluted $ 17.52 $ (0.14 ) $ 17.38 Comprehensive income $ 101,213 $ (785 ) $ 100,428 Consolidated Statement of Cash Flows Information Net income $ 101,102 $ (785 ) $ 100,317 Increase (decrease) in deferred income taxes (1,090 ) (407 ) (1,497 ) (Increase) decrease in prepaid and other current assets 243 (2,861 ) (2,618 ) Decrease in deferred revenue (173 ) (1,151 ) (1,324 ) Change in other noncurrent assets and liabilities, net 2,007 5,204 7,211 Net cash provided by operating activities $ 257,121 $ - $ 257,121 The adoption of ASC 606 not A summary of changes in timing and presentation to the Company’s historical consolidated financial statements is presented below: ● The net decrease in total assets reflects a decrease in accounts receivable to remove amounts billed to customers for which the associated performance obligations have not ● The net decrease in total liabilities reflects a decrease in deferred revenue to remove amounts billed to customers for which the associated performance obligations have not ● The changes in revenues and expenses are a result of the deferred recognition of incremental customer acquisition costs and up-front and installation business services fees over a period of time, compared to the historical treatment of immediate recognition. |
Note 4 - NewWave Acquisition
Note 4 - NewWave Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. NEWWAVE ACQUISITION On May 1, 2017, $740.2 9 The following table summarizes the allocation of the purchase price consideration as of the acquisition date, reflecting all measurement period adjustments recorded in 2017 Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid and other current assets 2,286 Property, plant and equipment 192,234 Intangible assets 476,300 Other noncurrent assets 1,184 Total Assets Acquired 699,251 Liabilities Assumed Accounts payable and accrued liabilities 25,125 Deferred revenue 14,516 Deferred income taxes 6,644 Total Liabilities Assumed 46,285 Net Assets Acquired 652,966 Purchase price consideration 740,166 Goodwill Recognized $ 87,200 The measurement period ended on April 30, 2018 no 2018. The following unaudited pro forma combined results of operations for the years ended December 31, 2017 2016 January 1, 2016 $0.6 $0.4 $2.2 $6.0 $13.6 zero $1.2 $7.5 2017 2016, (Unaudited) Year Ended December 31, 2017 2016 Revenues $ 1,023,945 $ 1,001,246 Net income $ 235,809 $ 89,121 Net income per common share: Basic $ 41.52 $ 15.52 Diluted $ 41.03 $ 15.44 The pro forma combined results of operations is provided for informational purposes only and is not January 1, 2016 may |
Note 5 - Revenues
Note 5 - Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. REVENUES The Company’s revenues by product line were as follows (in thousands): Year Ended December 31, 2018 2017 2016 Residential Data $ 492,816 $ 416,355 $ 345,563 Video 343,344 332,536 294,781 Voice 41,278 43,733 42,949 Business services 155,993 131,082 100,034 Advertising sales 24,919 24,824 27,496 Other 13,945 11,426 8,525 Total revenues $ 1,072,295 $ 959,956 $ 819,348 Fees imposed on the Company by various governmental authorities are passed through monthly to the Company’s customers and are periodically remitted to authorities. These fees were $16.1 $15.7 $14.2 2018, 2017 2016, Other revenues are comprised primarily of customer late charges and reconnect fees. A significant portion of the Company’s revenues are derived from customers who may not one five Contract Costs. third $7.8 $7.5 December 31, 2018 2017, $3.6 $3.1 $3.7 2018, 2017 2016, $2.9 December 31, 2018 12 Contract Liabilities. $19.0 $15.0 December 31, 2018 2017, December 31, 2017 2018. $2.8 $3.1 December 31, 2018 2017, Significant Judgments. may not The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the sales price for such bundles to each individual service provided based on the relative standalone selling price for each subscribed service. Standalone selling prices of the Company’s residential data and video services are directly observable, while standalone selling prices for the Company’s residential voice services are estimated using the adjusted market assessment approach, which relies upon information from peer companies who sell residential voice services individually. The Company also uses significant judgment to determine the appropriate period over which to amortize deferred residential and business commission costs, which was determined to be the average customer tenure. Based on historical data and current expectations, the Company determined the average customer tenure for both residential and business customers to be approximately five |
Note 6 - Accounts Receivable, A
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Receivable, Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts receivable consisted of the following (in thousands): As of December 31, 2018 2017 Trade receivables, net $ 28,128 $ 25,014 Other receivables 1,819 4,916 Accounts receivable, net $ 29,947 $ 29,930 The changes in the allowance for doubtful accounts were as follows (in thousands): Balance at Beginning of Period Additions – Charged to Costs and Expenses (1) Deductions Balance at End of Period 2018 $ 1,876 $ 5,101 $ (4,932 ) $ 2,045 2017 $ 505 $ 4,925 $ (3,554 ) $ 1,876 2016 $ 864 $ 2,316 $ (2,675 ) $ 505 ( 1 Additions for 2017 $1.1 Accounts payable and accrued liabilities consisted of the following (in thousands): As of December 31, 2018 2017 Accounts payable $ 20,790 $ 21,670 Programming costs 17,092 19,500 Accrued compensation and related benefits 21,314 35,189 Accrued sales and other operating taxes 8,149 6,113 Cash overdrafts 4,689 8,994 Franchise fees 3,870 4,457 Subscriber deposits 5,180 6,540 Customer refunds 1,863 3,498 Accrued insurance costs 3,976 3,312 Other accrued expenses 7,211 8,582 Total accounts payable and accrued liabilities $ 94,134 $ 117,855 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): As of December 31, 2018 2017 Cable distribution systems $ 1,421,820 $ 1,329,451 Customer premise equipment 220,571 200,175 Other equipment and fixtures 406,011 378,968 Buildings and leasehold improvements 100,625 95,314 Capitalized software 94,801 89,773 Construction in progress 69,163 67,564 Land 11,946 11,585 Property, plant and equipment, gross 2,324,937 2,172,830 Less accumulated depreciation (1,476,958 ) (1,340,938 ) Property, plant and equipment, net $ 847,979 $ 831,892 The Company’s industry is capital intensive, and a significant portion of the Company’s resources are spent on capital activities associated with extending, rebuilding and upgrading its network. For the years ended December 31, 2018, 2017 2016, $215.8 $175.2 $147.0 Depreciation expense was $186.0 $173.6 $147.7 2018, 2017 2016, In 2017, $10.1 $6.6 $4.6 December 31, 2018 2017. As previously disclosed in note 2 10 December 31, 2017 ( "2017 10 first 2017. fourth 2017, 2017. 2017 10 The Company estimates that the change in principle resulted in a decrease in operating expenses (excluding depreciation and amortization) of approximately $11.3 $11.5 $0.2 $0.2 $2.9 $1.0 December 31, 2018 2017, |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill at both December 31, 2018 2017 $172.1 2018, not Intangible assets (excluding goodwill) consisted of the following (dollars in thousands): December 31, 2018 December 31, 2017 Useful Life Range (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Franchise renewals 1 – 25 $ 2,927 $ 2,887 $ 40 $ 4,138 $ 3,886 $ 252 Customer relationships 14 160,000 19,047 140,953 160,000 7,619 152,381 Trademarks and trade names 2.7 1,300 813 487 1,300 325 975 Total Finite-Lived Intangible Assets $ 164,227 $ 22,747 $ 141,480 $ 165,438 $ 11,830 $ 153,608 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 $ 812,137 Intangible asset amortization expense was $11.7 $8.0 $0.1 2018, 2017 2016, As of December 31, 2018, Year Ending December 31, Amount 2019 $ 11,925 2020 11,437 2021 11,436 2022 11,433 2023 11,431 Thereafter 83,818 Total $ 141,480 Actual amortization expense in future periods may The Company performed a qualitative assessment of its franchise assets in 2018. not not not |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 9. LONG-TERM DEBT Notes. June 17, 2015, $450 5.75% 2022 June 17, 2015. June 15, 2022 June 15th December 15th The Notes are jointly and severally guaranteed on a senior unsecured basis (the “Guarantees”) by each of the Company’s subsidiaries that guaranteed the Senior Credit Facilities (as defined below) (the “Guarantors”). In addition, if a subsidiary of the Company becomes a guarantor in respect of the Senior Credit Facilities or certain other indebtedness, it is required to provide (subject to customary exceptions) a Guarantee in respect of the Notes. The Notes are unsecured and senior obligations of the Company. The Guarantees are unsecured and senior obligations of the Guarantors. At the option of the Company, the Notes are redeemable, in whole or in part, at any time at the redemption prices specified in the Indenture, plus accrued and unpaid interest, if any, to (but excluding) the redemption date. The Indenture includes certain covenants relating to debt incurrence, liens, restricted payments, asset sales, transactions with affiliates, changes in control and mergers or sales of all or substantially all of the Company’s assets. The Indenture also provides for customary events of default (subject, in certain cases, to customary grace periods), which include nonpayment on the Notes, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness over a specified threshold, failure to pay certain judgments over a specified threshold and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee under the Indenture or holders of at least 25% may Senior Credit Facilities. June 30, 2015, five $200 five $100 Borrowings under the Original Credit Facilities bore interest, at the Company’s option, at a rate per annum determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an adjusted base rate, in each case plus an applicable interest rate margin. The applicable interest rate margin with respect to LIBOR borrowings was a rate per annum between 1.50% 2.25% 0.50% 1.25%, 0.25% 0.40% The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility. Letter of credit issuances under the Revolving Credit Facility of $4.1 December 31, 2018 1.88% December 31, 2018. $195.9 December 31, 2018. On May 1, 2017, $750.0 “2017 The 2017 five $250.0 seven $500.0 On April 23, 2018, No. 1 1.75% 0.75% The interest margins applicable to the 2017 1.50% 2.25% 0.50% 1.25% x April 22, 2018, 2.25% 1.25% 1.75% 0.75% may 2.5% first 5.0% second 7.5% third 10.0% fourth fifth 1.0% may not The Company may, $425 no 1.80 1.00. first The Company was in compliance with all debt covenants as of December 31, 2018. As of December 31, 2018, $237.5 $492.5 4.28% In connection with the Repricing Amendment, the Company incurred debt issuance costs of $2.1 $0.1 $4.2 $3.2 $1.6 December 31, 2018, 2017 2016, $17.6 $19.6 December 31, 2018 2017, The carrying amount of long-term debt consisted of the following (in thousands): As of December 31, 2018 2017 Notes $ 450,000 $ 450,000 Senior Credit Facilities 730,000 744,375 Capital lease obligation 251 267 Total debt 1,180,251 1,194,642 Less unamortized debt issuance costs (17,570 ) (19,585 ) Less current portion (20,625 ) (14,375 ) Total long-term debt $ 1,142,056 $ 1,160,682 As of December 31, 2018, Year Ending December 31, Amount 2019 $ 20,625 2020 26,892 2021 30,017 2022 630,017 2023 5,017 Thereafter 467,683 Total $ 1,180,251 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES The Company recognized the income tax effects of the 2017 “2017 No. 118, 740 Income Taxes 2017 2017 740 2017 740 2017 2017 2018. The income tax provision (benefit) consisted of the following (in thousands): Current Deferred Total Year Ended December 31, 2018 U.S. Federal $ 10,214 $ 32,176 $ 42,390 State and local 2,284 2,550 4,834 Total $ 12,498 $ 34,726 $ 47,224 Year Ended December 31, 2017 U.S. Federal $ 38,033 $ (91,271 ) $ (53,238 ) State and local 4,164 4,046 8,210 Total $ 42,197 $ (87,225 ) $ (45,028 ) Year Ended December 31, 2016 U.S. Federal $ 56,564 $ (2,172 ) $ 54,392 State and local 6,688 601 7,289 Total $ 63,252 $ (1,571 ) $ 61,681 The income tax provision (benefit) is different than the amount of income tax determined by applying the U.S. Federal statutory rate of 21% 2018 35% 2017 2016 Year Ended December 31, 2018 2017 2016 U.S. Federal taxes at statutory rate $ 44,517 $ 66,550 $ 56,699 State and local taxes, net of U.S. Federal tax 3,816 5,487 3,994 Benefit from remeasurement of deferred taxes due to the 2017 Tax Act - (113,976 ) - Equity-based compensation (3,690 ) (3,089 ) - Other 2,581 - 988 Income tax provision (benefit) $ 47,224 $ (45,028 ) $ 61,681 The net deferred income tax liability consisted of the following (in thousands): As of December 31, 2018 2017 Other benefit obligations $ 1,940 $ 5,779 Equity-based compensation 4,080 4,711 Net operating losses 1,983 2,992 Accrued bonus 1,826 - Reserves 365 760 Other 1,204 542 Deferred tax assets 11,398 14,784 Property, plant and equipment 119,851 95,345 Goodwill and other intangible assets 131,765 123,745 Prepaid commissions 1,909 1,793 Accrued bonus - 1,055 Deferred tax liabilities 253,525 221,938 Net deferred income tax liability $ 242,127 $ 207,154 The Company has not There were $1.8 December 31, 2018, 2036. 1986, not $0.2 December 31, 2018 2036. The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the consolidated financial statements will ultimately be recognized in full. The Company has taken reasonable efforts to address uncertain tax positions and has determined that there are no no not not not 12 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. FAIR VALUE MEASUREMENTS The carrying amounts, fair values and related fair value hierarchies of the Company’s financial assets and liabilities as of December 31, 2018 December 31, 2018 Carrying Amount Fair Value Fair Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 238,222 $ 238,222 Level 1 Liabilities : Long-term debt, including current portion: Notes $ 450,000 $ 452,250 Level 2 Senior Credit Facilities $ 730,000 $ 698,975 Level 2 Money market investments are primarily held in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1 three 2 The Company’s deferred compensation liability represents the market value of participant balances in a notional investment account that is comprised primarily of mutual funds, whose value is based on observable market prices. However, since the deferred compensation liability is not 2 |
Note 12 - Treasury Stock
Note 12 - Treasury Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12. TREASURY STOCK Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the consolidated financial statements. Share Repurchase Program. July 1, 2015, $250.0 600,000 may December 31, 2018, 204,647 $99.8 2018, 38,814 $26.6 Tax Withholding for Equity Awards . 2018 2017 $7.2 $5.0 10,026 7,010 184,497 December 31, 2018 |
Note 13 - Equity-based Compensa
Note 13 - Equity-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. EQUITY-BASED COMPENSATION On June 5, 2015, 2015 2015 July 1, 2015. May 2, 2017, 2015 “2015 2015 2015 2015 one 2015 1 2 3 4 5 6 7 8 9 2015 no may 2015 May 2, 2027. The 2015 may 2015 334,870, 2015 May 2, 2017, no 329,962 may December 31, 2018, 236,547 2015 Total equity-based compensation expense recognized was $10.5 $10.7 $12.3 2018, 2017 2016, $3.7 2018. $4.1 December 31, 2018. Restricted Stock Awards. three four first December 12, 2016 ( not 2015 January 2, 2018. three 2015 2015 May 2, 2017) The current compensation arrangements for the Company’s non-employee directors provide that each non-employee director is entitled to an annual retainer of $75,000 $125,000 first one may January 3, 2018 2018 2017 2017 December 31, 2018, 4,144 Restricted shares, RSUs and DEUs are collectively referred to as “restricted stock.” A summary of restricted stock activity is as follows: Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2015 39,744 $ 383.18 Granted 10,369 $ 454.75 Forfeited (1,343 ) $ 389.33 Vested and issued (10,345 ) $ 383.61 Outstanding as of December 31, 2016 38,425 $ 402.13 Granted 17,245 $ 633.34 Granted due to performance achievement 5,006 $ 433.66 Forfeited (6,223 ) $ 469.23 Vested and issued (3,163 ) $ 415.39 Outstanding as of December 31, 2017 51,290 $ 472.89 Granted 17,098 $ 715.74 Forfeited (2,455 ) $ 636.64 Vested and issued (25,057 ) $ 397.53 Outstanding as of December 31, 2018 40,876 $ 610.88 Vested and unissued as of December 31, 2018 4,144 $ 493.96 Compensation expense associated with restricted stock is recognized on a straight-line basis over the vesting period, with forfeitures recognized as incurred. Equity-based compensation expense for restricted stock was $6.8 $7.5 $9.4 2018, 2017 2016, December 31, 2018, $9.7 1.1 Stock Appreciation Rights. four first 2015 2015 May 2, 2017) A summary of SAR activity is as follows: Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value (in thousands) Weighted Average Remaining Contractual Term (in years) Outstanding as of December 31, 2015 135,600 $ 422.31 $ 87.22 $ 1,539 Granted 6,100 $ 522.50 $ 106.15 $ - Forfeited (5,700 ) $ 422.31 $ 87.22 Outstanding as of December 31, 2016 136,000 $ 426.80 $ 88.07 $ 26,510 8.7 Granted 24,432 $ 632.15 $ 140.44 $ - 9.1 Exercised (41,603 ) $ 424.02 $ 87.54 Forfeited (16,371 ) $ 422.31 $ 87.22 Outstanding as of December 31, 2017 102,458 $ 477.62 $ 100.91 $ 23,173 8.1 Granted 21,000 $ 744.47 $ 181.21 $ - 8.7 Exercised (27,060 ) $ 435.11 $ 90.06 Forfeited (5,793 ) $ 502.08 $ 108.22 Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Vested and exercisable as of December 31, 2018 26,935 $ 465.74 $ 98.09 $ 9,545 6.4 The grant date fair value of the Company’s SARs is measured using the Black-Scholes valuation model. The weighted average inputs used in the model for grants awarded during 2018, 2017 2016 2018 2017 2016 Expected volatility 22.22% 20.83% 21.63% Risk-free interest rate 2.53% 2.13% 1.39% Expected term (in years) 6.25 6.25 6.25 Expected dividend yield 0.97% 0.95% 1.16% Compensation expense associated with SARs is recognized on a straight-line basis over the vesting period, with forfeitures recognized as incurred. Equity-based compensation expense for SARs was $3.7 $3.3 $2.9 2018, 2017 2016, December 31, 2018, $6.3 1.1 The Black-Scholes model used to estimate the fair value of the Company’s SARs requires the input of highly subjective assumptions, including the expected volatility of the price of the Company’s common stock, the risk-free interest rate, the expected term of the SARs and the expected dividend yield of the Company’s common stock. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the Company’s equity-based compensation expense could be materially different in the future. These assumptions for 2018 ● Fair Value of Common Stock — Valued by reference to the closing price of the Company’s publicly traded common stock on the date of grant. ● Expected Volatility — Prior to the spin-off the Company did not 2018 not ● Risk-Free Interest Rate — The risk-free interest rate assumption was based on the yields of U.S. Treasury securities with maturities similar to the expected term of the SARs. ● Expected Term — The expected term represents the period that the Company’s stock-based awards were expected to be outstanding. Prior to the spin-off, the Company did not not ● Expected Dividend Yield — The Company expects to continue to pay quarterly dividends in the future and, as such, the expected dividend yield was calculated as the expected future annual dividend divided by the Company’s closing stock price on the grant date. |
Note 14 - Postemployment Benefi
Note 14 - Postemployment Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 14. POSTEMPLOYMENT BENEFIT PLANS Pension Plans. No The following table sets forth obligation information for the DB SERP (in thousands): As of December 31, 2018 2017 Benefit obligation at beginning of period $ 5,187 $ 5,125 Interest cost 179 196 Actuarial gain (437 ) (123 ) Benefits paid (289 ) (11 ) Benefit obligation at end of period $ 4,640 $ 5,187 The accumulated benefit obligation for the DB SERP at December 31, 2018 2017 $4.6 $5.2 As of December 31, 2018 2017 Accounts payable and accrued liabilities $ 282 $ 323 Other noncurrent liabilities 4,358 4,864 Total liabilities $ 4,640 $ 5,187 Key assumptions utilized for determining the benefit obligation included the use of a discount rate of 4.27% 3.56% 2018 2017, The Company recognized $0.2 2018, 2017 2016, $0.3 December 31, 2018 not December 31, 2017 2016. At December 31, 2018, 10 Year Ending December 31, Estimated Benefit Payments 2019 $ 288 2020 288 2021 287 2022 287 2023 286 2024 - 2028 1,459 Total $ 2,895 The actuarial loss expected to be recognized during 2019 401 401 “401 401 401 401 $3.6 $3.1 $2.8 2018, 2017 2016, Deferred Compensation. may The Company’s deferred compensation expense was $0.4 $2.8 $0.3 2018, 2017 2016, December 31, 2018 2017 $3.0 $20.2 $17.1 2018. |
Note 15 - Net Income Per Common
Note 15 - Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity awards if such inclusion would be dilutive, calculated using the treasury stock method. The following table sets forth the computation of basic and diluted net income per common share (in thousands, except share and per share amounts): Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 164,760 $ 235,171 $ 100,317 Denominator: Weighted average common shares outstanding - basic 5,684,375 5,680,073 5,743,568 Effect of dilutive equity-based awards (1) 41,588 66,964 27,392 Weighted average common shares outstanding - diluted 5,725,963 5,747,037 5,770,960 Net income per common share: Basic $ 28.98 $ 41.40 $ 17.47 Diluted $ 28.77 $ 40.92 $ 17.38 ( 1 Equity-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation. The excluded number of anti-dilutive equity-based awards totaled 1,811, 2,600 438 2018, 2017 2016, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES Contractual Obligations. not The Company’s rent expense, which primarily includes facility and pole rental expense, was $13.1 $11.1 $8.1 2018, 2017 2016, The following table summarizes the Company’s outstanding contractual obligations as of December 31, 2018 Year E nding December 31, Programming P urchase C ommitments (1) Operating L ease Payments Debt Payments (2) Other P urchase O bligations ( 3 ) Total 2019 $ 201,894 $ 1,767 $ 20,625 $ 24,385 $ 248,671 2020 160,489 1,219 26,892 17,095 205,695 2021 88,872 911 30,017 9,560 129,360 2022 8,910 398 630,017 2,760 642,085 2023 6,162 204 5,017 1,581 12,964 Thereafter 3,726 299 467,683 3,648 475,356 Total $ 470,053 $ 4,798 $ 1,180,251 $ 59,029 $ 1,714,131 ( 1 ) Programming purchase commitments represent contracts that the Company has with cable television networks and broadcast stations to provide programming services to subscribers. The amounts reported represent estimates of the future programming costs for these purchase commitments based on tier placement as of December 31, 2018 may not ( 2 Debt payments include principal repayment obligations as defined by the agreements described in note 9 ( 3 Other purchase obligations include purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the ordinary course of business are excluded from the amounts shown. Any amounts for which the Company is liable under purchase orders are included within accounts payable and accrued liabilities in the consolidated balance sheet. The Company incurs the following costs as part of its operations, however, they are not ● The Company rents space on utility poles in order to provide services to subscribers. Generally, pole rentals are cancellable on short notice. However, the Company anticipates that such rentals will recur. Rent expense for pole attachments was $8.9 $7.8 $5.7 2018, 2017 2016, ● The Company pays fees to franchise authorities under multi-year franchise agreements based on a percentage of revenues generated from video service each year. Franchise fees and other franchise-related costs are included in both revenues and operating expenses within the consolidated statements of operations and comprehensive income. Such amounts totaled $16.1 $15.7 $14.2 2018, 2017 2016, ● The Company has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Such surety bonds and letters of credit totaled $13.3 $12.0 December 31, 2018 2017, not Litigation and Legal Matters no Regulation in the Company’s Industry. 1996 GHC Agreements. June 16, 2015, $0.4 $0.4 $5.5 2018, 2017 2016, |
Note 17 - Subsequent Event
Note 17 - Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENT On November 9, 2018, January 8, 2019 $357.0 On January 7, 2019, No. 2 seven $250 2 The Term B- 2 2 The interest margin applicable to the Term B- 2 2.0% 1.0% 2 may not 2 1.0% 2 may 2 The Company is currently in the process of finalizing the accounting for the acquisition of Clearwave and expects to complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the first 2019. |
Note 18 - Summary of Quarterly
Note 18 - Summary of Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED) Year Ended December 31, 2018 (Unaudited) ( in thousands, except per share and share data First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 265,761 $ 268,414 $ 268,268 $ 269,852 Total costs and expenses $ 201,100 $ 197,746 $ 204,949 $ 200,588 Income from operations $ 64,661 $ 70,668 $ 63,319 $ 69,264 Net income $ 40,653 $ 43,785 $ 38,314 $ 42,008 Net income per common share: Basic $ 7.13 $ 7.70 $ 6.75 $ 7.40 Diluted $ 7.08 $ 7.65 $ 6.70 $ 7.34 Weighted average common shares outstanding: Basic 5,702,539 5,687,095 5,674,224 5,674,067 Diluted 5,742,648 5,722,869 5,717,575 5,723,528 Year Ended December 31, 2017 (Unaudited) ( in thousands, except per share and share data First Quarter (1) Second Quarter ( 2 ) Third Quarter Fourth Quarter Revenues $ 207,434 $ 240,991 $ 253,833 $ 257,698 Total costs and expenses $ 148,858 $ 183,497 $ 192,918 $ 198,344 Income from operations $ 58,576 $ 57,494 $ 60,915 $ 59,354 Net income $ 32,113 $ 27,860 $ 30,905 $ 144,293 Net income per common share: Basic $ 5.66 $ 4.91 $ 5.44 $ 25.38 Diluted $ 5.60 $ 4.85 $ 5.37 $ 25.09 Weighted average common shares outstanding: Basic 5,671,838 5,678,394 5,680,600 5,684,785 Diluted 5,730,901 5,745,617 5,753,910 5,750,420 ( 1 Does not ( 2 Includes two F- 30 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. December 31, 2018, 2017 2016 may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. 280 Segment Reporting 280 one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of account for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third five Under the terms of the Company’s franchise agreements, the Company is generally required to pay to the franchising authority an amount based on the gross amount billed to the customer. The Company normally passes these fees to its customers and reports the fees on a gross basis as a component of revenue with the corresponding costs included in operating expense. The franchise authority assesses the Company directly for these fees and it is the Company’s obligation to pay the fees. The amount of such fees recorded on a gross basis was $16.1 $15.7 $14.2 2018, 2017 2016, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk. |
Programming Costs, Policy [Policy Text Block] | Programming Costs. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs $28.6 $25.3 $25.9 2018, 2017 2016, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts. may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements. three 1 2 3 may For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets including goodwill, intangible assets and property, plant and equipment at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment. Cable distribution systems 10 – 12 Customer premise equipment 3 – 5 Other equipment, vehicles and fixtures 3 – 10 Capitalized software 3 – 7 Buildings and improvements 10 – 20 The costs of leasehold improvements are amortized over the lesser of their useful lives or the remaining terms of the respective leases. Costs associated with the installation and upgrade of services and acquiring and deploying customer premise equipment, including materials, internal and external labor costs and related indirect and overhead costs, are capitalized. Indirect and overhead costs include payroll taxes, insurance and other benefits and vehicle, tool and supply expense related to installation activities. Capitalized labor costs include the direct costs of engineers and technical managers involved in the design and implementation of plant and infrastructure, the costs of technicians involved in the installation and upgrades of services and customer premise equipment, and the costs of support personnel directly involved in capitalizable activities, such as project managers and supervisors. Internal labor costs capitalized for engineering and technical personnel are based on standards developed by position for the percentage of time spent on capitalized projects while internal labor costs associated with installation and other plant activities are based on standards developed from operational data. Overhead costs are capitalized based on standards developed from historical information. Costs for repairs and maintenance, disconnecting service or reconnecting service are expensed as incurred. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use software, including costs associated with coding, software configuration, upgrades and enhancements. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Evaluation of Long-Lived Assets. may not not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Finite-Lived Intangible Assets. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Indefinite-Lived Intangible Assets. The Company assesses the recoverability of its indefinite-lived intangible assets as of November 30th may first not not not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. not November 30th may one may first not not not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Postretirement Benefits. 14 December 31st |
Self Insurance Reserve [Policy Text Block] | Self-Insurance. may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity-Based Compensation. may |
Income Tax, Policy [Policy Text Block] | Income Taxes. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations. not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. January 1, 2018. not may In January 2017, No. 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 two 350 not may two December 15, 2019, January 1, 2018. not may In January 2017, No. 2017 01, Business Combinations (Topic 805 January 1, 2018. not may In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 January 1, 2018. not may In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 five January 1, 2018 3 2017 2016 Recently Issued But Not August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 2018 15 2018 15 December 15, 2019, may In June 2018, No. 2018 07, Compensation – Stock Compensation (Topic 718 2018 07 718 first 2019, not 2018 07 may In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 December 15, 2019, not 2016 13 may In February 2016, No. 2016 02, Leases (Topic 842 2016 02 first 2019 2016 02 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment Useful Lives [Table Text Block] | Cable distribution systems 10 – 12 Customer premise equipment 3 – 5 Other equipment, vehicles and fixtures 3 – 10 Capitalized software 3 – 7 Buildings and improvements 10 – 20 |
Note 3 - Adoption of New Reve_2
Note 3 - Adoption of New Revenue Recognition Standard (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | December 31, 2017 As Reported ASC 606 Adjustment As Recasted Consolidated Balance Sheet Information Assets Current Assets: Accounts receivable, net $ 51,141 $ (21,211 ) $ 29,930 Prepaid and other current assets 8,160 2,738 10,898 Total Current Assets 242,384 (18,473 ) 223,911 Other noncurrent assets 6,179 4,776 10,955 Total Assets $ 2,218,329 $ (13,697 ) $ 2,204,632 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 117,963 $ (108 ) $ 117,855 Deferred revenue 38,266 (23,258 ) 15,008 Total Current Liabilities 170,604 (23,366 ) 147,238 Deferred income taxes 205,636 1,518 207,154 Other noncurrent liabilities 9,991 3,120 13,111 Total Liabilities 1,546,913 (18,728 ) 1,528,185 Stockholders' Equity Retained earnings 723,354 5,032 728,386 Total Stockholders' Equity 671,416 5,031 676,447 Total Liabilities and Stockholders' Equity $ 2,218,329 $ (13,697 ) $ 2,204,632 Year Ended December 31, 2017 As Reported ASC 606 Adjustment As Recasted Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 960,029 $ (73 ) $ 959,956 Costs and Expenses: Selling, general and administrative 204,799 (415 ) 204,384 Total Costs and Expenses 724,032 (415 ) 723,617 Income from operations 235,997 342 236,339 Income before income taxes 189,801 342 190,143 Income tax benefit (44,227 ) (801 ) (45,028 ) Net income $ 234,028 $ 1,143 $ 235,171 Net income per common share: Basic $ 41.20 $ 0.20 $ 41.40 Diluted $ 40.72 $ 0.20 $ 40.92 Comprehensive income $ 234,122 $ 1,143 $ 235,265 Consolidated Statement of Cash Flows Information Net income $ 234,028 $ 1,143 $ 235,171 Decrease in deferred income taxes (86,357 ) (866 ) (87,223 ) (Increase) decrease in accounts receivable, net (3,065 ) 21,211 18,146 Decrease in prepaid and other current assets 4,950 123 5,073 Increase (decrease) in accounts payable and accrued liabilities 6,982 (108 ) 6,874 Increase (decrease) in deferred revenue 1,560 (22,107 ) (20,547 ) Change in other noncurrent assets and liabilities, net (13,551 ) 604 (12,947 ) Net cash provided by operating activities $ 324,486 $ - $ 324,486 Year Ended December 31, 201 6 As Reported ASC 606 Adjustment As Recasted Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 819,625 $ (277 ) $ 819,348 Costs and Expenses: Selling, general and administrative 184,024 989 185,013 Total Costs and Expenses 631,261 989 632,250 Income from operations 188,364 (1,266 ) 187,098 Income before income taxes 163,264 (1,266 ) 161,998 Income tax provision 62,162 (481 ) 61,681 Net income $ 101,102 $ (785 ) $ 100,317 Net income per common share: Basic $ 17.60 $ (0.13 ) $ 17.47 Diluted $ 17.52 $ (0.14 ) $ 17.38 Comprehensive income $ 101,213 $ (785 ) $ 100,428 Consolidated Statement of Cash Flows Information Net income $ 101,102 $ (785 ) $ 100,317 Increase (decrease) in deferred income taxes (1,090 ) (407 ) (1,497 ) (Increase) decrease in prepaid and other current assets 243 (2,861 ) (2,618 ) Decrease in deferred revenue (173 ) (1,151 ) (1,324 ) Change in other noncurrent assets and liabilities, net 2,007 5,204 7,211 Net cash provided by operating activities $ 257,121 $ - $ 257,121 |
Note 4 - NewWave Acquisition (T
Note 4 - NewWave Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid and other current assets 2,286 Property, plant and equipment 192,234 Intangible assets 476,300 Other noncurrent assets 1,184 Total Assets Acquired 699,251 Liabilities Assumed Accounts payable and accrued liabilities 25,125 Deferred revenue 14,516 Deferred income taxes 6,644 Total Liabilities Assumed 46,285 Net Assets Acquired 652,966 Purchase price consideration 740,166 Goodwill Recognized $ 87,200 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Year Ended December 31, 2017 2016 Revenues $ 1,023,945 $ 1,001,246 Net income $ 235,809 $ 89,121 Net income per common share: Basic $ 41.52 $ 15.52 Diluted $ 41.03 $ 15.44 |
Note 5 - Revenues (Tables)
Note 5 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 31, 2018 2017 2016 Residential Data $ 492,816 $ 416,355 $ 345,563 Video 343,344 332,536 294,781 Voice 41,278 43,733 42,949 Business services 155,993 131,082 100,034 Advertising sales 24,919 24,824 27,496 Other 13,945 11,426 8,525 Total revenues $ 1,072,295 $ 959,956 $ 819,348 |
Note 6 - Accounts Receivable,_2
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2018 2017 Trade receivables, net $ 28,128 $ 25,014 Other receivables 1,819 4,916 Accounts receivable, net $ 29,947 $ 29,930 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Balance at Beginning of Period Additions – Charged to Costs and Expenses (1) Deductions Balance at End of Period 2018 $ 1,876 $ 5,101 $ (4,932 ) $ 2,045 2017 $ 505 $ 4,925 $ (3,554 ) $ 1,876 2016 $ 864 $ 2,316 $ (2,675 ) $ 505 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of December 31, 2018 2017 Accounts payable $ 20,790 $ 21,670 Programming costs 17,092 19,500 Accrued compensation and related benefits 21,314 35,189 Accrued sales and other operating taxes 8,149 6,113 Cash overdrafts 4,689 8,994 Franchise fees 3,870 4,457 Subscriber deposits 5,180 6,540 Customer refunds 1,863 3,498 Accrued insurance costs 3,976 3,312 Other accrued expenses 7,211 8,582 Total accounts payable and accrued liabilities $ 94,134 $ 117,855 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2018 2017 Cable distribution systems $ 1,421,820 $ 1,329,451 Customer premise equipment 220,571 200,175 Other equipment and fixtures 406,011 378,968 Buildings and leasehold improvements 100,625 95,314 Capitalized software 94,801 89,773 Construction in progress 69,163 67,564 Land 11,946 11,585 Property, plant and equipment, gross 2,324,937 2,172,830 Less accumulated depreciation (1,476,958 ) (1,340,938 ) Property, plant and equipment, net $ 847,979 $ 831,892 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2018 December 31, 2017 Useful Life Range (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Franchise renewals 1 – 25 $ 2,927 $ 2,887 $ 40 $ 4,138 $ 3,886 $ 252 Customer relationships 14 160,000 19,047 140,953 160,000 7,619 152,381 Trademarks and trade names 2.7 1,300 813 487 1,300 325 975 Total Finite-Lived Intangible Assets $ 164,227 $ 22,747 $ 141,480 $ 165,438 $ 11,830 $ 153,608 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 $ 812,137 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2019 $ 11,925 2020 11,437 2021 11,436 2022 11,433 2023 11,431 Thereafter 83,818 Total $ 141,480 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2018 2017 Notes $ 450,000 $ 450,000 Senior Credit Facilities 730,000 744,375 Capital lease obligation 251 267 Total debt 1,180,251 1,194,642 Less unamortized debt issuance costs (17,570 ) (19,585 ) Less current portion (20,625 ) (14,375 ) Total long-term debt $ 1,142,056 $ 1,160,682 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2019 $ 20,625 2020 26,892 2021 30,017 2022 630,017 2023 5,017 Thereafter 467,683 Total $ 1,180,251 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Current Deferred Total Year Ended December 31, 2018 U.S. Federal $ 10,214 $ 32,176 $ 42,390 State and local 2,284 2,550 4,834 Total $ 12,498 $ 34,726 $ 47,224 Year Ended December 31, 2017 U.S. Federal $ 38,033 $ (91,271 ) $ (53,238 ) State and local 4,164 4,046 8,210 Total $ 42,197 $ (87,225 ) $ (45,028 ) Year Ended December 31, 2016 U.S. Federal $ 56,564 $ (2,172 ) $ 54,392 State and local 6,688 601 7,289 Total $ 63,252 $ (1,571 ) $ 61,681 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 2017 2016 U.S. Federal taxes at statutory rate $ 44,517 $ 66,550 $ 56,699 State and local taxes, net of U.S. Federal tax 3,816 5,487 3,994 Benefit from remeasurement of deferred taxes due to the 2017 Tax Act - (113,976 ) - Equity-based compensation (3,690 ) (3,089 ) - Other 2,581 - 988 Income tax provision (benefit) $ 47,224 $ (45,028 ) $ 61,681 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2018 2017 Other benefit obligations $ 1,940 $ 5,779 Equity-based compensation 4,080 4,711 Net operating losses 1,983 2,992 Accrued bonus 1,826 - Reserves 365 760 Other 1,204 542 Deferred tax assets 11,398 14,784 Property, plant and equipment 119,851 95,345 Goodwill and other intangible assets 131,765 123,745 Prepaid commissions 1,909 1,793 Accrued bonus - 1,055 Deferred tax liabilities 253,525 221,938 Net deferred income tax liability $ 242,127 $ 207,154 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2018 Carrying Amount Fair Value Fair Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 238,222 $ 238,222 Level 1 Liabilities : Long-term debt, including current portion: Notes $ 450,000 $ 452,250 Level 2 Senior Credit Facilities $ 730,000 $ 698,975 Level 2 |
Note 13 - Equity-based Compen_2
Note 13 - Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2015 39,744 $ 383.18 Granted 10,369 $ 454.75 Forfeited (1,343 ) $ 389.33 Vested and issued (10,345 ) $ 383.61 Outstanding as of December 31, 2016 38,425 $ 402.13 Granted 17,245 $ 633.34 Granted due to performance achievement 5,006 $ 433.66 Forfeited (6,223 ) $ 469.23 Vested and issued (3,163 ) $ 415.39 Outstanding as of December 31, 2017 51,290 $ 472.89 Granted 17,098 $ 715.74 Forfeited (2,455 ) $ 636.64 Vested and issued (25,057 ) $ 397.53 Outstanding as of December 31, 2018 40,876 $ 610.88 Vested and unissued as of December 31, 2018 4,144 $ 493.96 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value (in thousands) Weighted Average Remaining Contractual Term (in years) Outstanding as of December 31, 2015 135,600 $ 422.31 $ 87.22 $ 1,539 Granted 6,100 $ 522.50 $ 106.15 $ - Forfeited (5,700 ) $ 422.31 $ 87.22 Outstanding as of December 31, 2016 136,000 $ 426.80 $ 88.07 $ 26,510 8.7 Granted 24,432 $ 632.15 $ 140.44 $ - 9.1 Exercised (41,603 ) $ 424.02 $ 87.54 Forfeited (16,371 ) $ 422.31 $ 87.22 Outstanding as of December 31, 2017 102,458 $ 477.62 $ 100.91 $ 23,173 8.1 Granted 21,000 $ 744.47 $ 181.21 $ - 8.7 Exercised (27,060 ) $ 435.11 $ 90.06 Forfeited (5,793 ) $ 502.08 $ 108.22 Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Vested and exercisable as of December 31, 2018 26,935 $ 465.74 $ 98.09 $ 9,545 6.4 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | 2018 2017 2016 Expected volatility 22.22% 20.83% 21.63% Risk-free interest rate 2.53% 2.13% 1.39% Expected term (in years) 6.25 6.25 6.25 Expected dividend yield 0.97% 0.95% 1.16% |
Note 14 - Postemployment Bene_2
Note 14 - Postemployment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | As of December 31, 2018 2017 Benefit obligation at beginning of period $ 5,187 $ 5,125 Interest cost 179 196 Actuarial gain (437 ) (123 ) Benefits paid (289 ) (11 ) Benefit obligation at end of period $ 4,640 $ 5,187 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | As of December 31, 2018 2017 Accounts payable and accrued liabilities $ 282 $ 323 Other noncurrent liabilities 4,358 4,864 Total liabilities $ 4,640 $ 5,187 |
Schedule of Expected Benefit Payments [Table Text Block] | Year Ending December 31, Estimated Benefit Payments 2019 $ 288 2020 288 2021 287 2022 287 2023 286 2024 - 2028 1,459 Total $ 2,895 |
Note 15 - Net Income Per Comm_2
Note 15 - Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 164,760 $ 235,171 $ 100,317 Denominator: Weighted average common shares outstanding - basic 5,684,375 5,680,073 5,743,568 Effect of dilutive equity-based awards (1) 41,588 66,964 27,392 Weighted average common shares outstanding - diluted 5,725,963 5,747,037 5,770,960 Net income per common share: Basic $ 28.98 $ 41.40 $ 17.47 Diluted $ 28.77 $ 40.92 $ 17.38 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Year E nding December 31, Programming P urchase C ommitments (1) Operating L ease Payments Debt Payments (2) Other P urchase O bligations ( 3 ) Total 2019 $ 201,894 $ 1,767 $ 20,625 $ 24,385 $ 248,671 2020 160,489 1,219 26,892 17,095 205,695 2021 88,872 911 30,017 9,560 129,360 2022 8,910 398 630,017 2,760 642,085 2023 6,162 204 5,017 1,581 12,964 Thereafter 3,726 299 467,683 3,648 475,356 Total $ 470,053 $ 4,798 $ 1,180,251 $ 59,029 $ 1,714,131 |
Note 18 - Summary of Quarterl_2
Note 18 - Summary of Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2018 (Unaudited) ( in thousands, except per share and share data First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 265,761 $ 268,414 $ 268,268 $ 269,852 Total costs and expenses $ 201,100 $ 197,746 $ 204,949 $ 200,588 Income from operations $ 64,661 $ 70,668 $ 63,319 $ 69,264 Net income $ 40,653 $ 43,785 $ 38,314 $ 42,008 Net income per common share: Basic $ 7.13 $ 7.70 $ 6.75 $ 7.40 Diluted $ 7.08 $ 7.65 $ 6.70 $ 7.34 Weighted average common shares outstanding: Basic 5,702,539 5,687,095 5,674,224 5,674,067 Diluted 5,742,648 5,722,869 5,717,575 5,723,528 Year Ended December 31, 2017 (Unaudited) ( in thousands, except per share and share data First Quarter (1) Second Quarter ( 2 ) Third Quarter Fourth Quarter Revenues $ 207,434 $ 240,991 $ 253,833 $ 257,698 Total costs and expenses $ 148,858 $ 183,497 $ 192,918 $ 198,344 Income from operations $ 58,576 $ 57,494 $ 60,915 $ 59,354 Net income $ 32,113 $ 27,860 $ 30,905 $ 144,293 Net income per common share: Basic $ 5.66 $ 4.91 $ 5.44 $ 25.38 Diluted $ 5.60 $ 4.85 $ 5.37 $ 25.09 Weighted average common shares outstanding: Basic 5,671,838 5,678,394 5,680,600 5,684,785 Diluted 5,730,901 5,745,617 5,753,910 5,750,420 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) $ in Millions | Jan. 08, 2019USD ($) | May 01, 2017USD ($) | Dec. 31, 2018 |
Number of Customers | 804,865 | ||
New Wave [Member] | |||
Payments to Acquire Businesses, Gross | $ 740.2 | ||
Clear Wave [Member] | Subsequent Event [Member] | |||
Payments to Acquire Businesses, Gross | $ 357 | ||
Data [Member] | |||
Number of Customers | 663,074 | ||
Video [Member] | |||
Number of Customers | 326,423 | ||
Voice [Member] | |||
Number of Customers | 125,934 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Reportable Segments | 1 | ||
Advertising Expense | $ 28.6 | $ 25.3 | $ 25.9 |
Franchise [Member] | |||
Cost of Goods and Services Sold, Total | $ 16.1 | $ 15.7 | $ 14.2 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Other Capitalized Property Plant and Equipment [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 12 years |
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Equipment [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 5 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Software and Software Development Costs [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 7 years |
Software and Software Development Costs [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Building and Building Improvements [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 20 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Note 3 - Adoption of New Reve_3
Note 3 - Adoption of New Revenue Recognition Standard - Impact of ASC 606 Adoption (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts receivable, net | $ 29,947 | $ 29,930 | $ 29,947 | $ 29,930 | ||||||||||
Prepaid and other current assets | 13,090 | 10,898 | 13,090 | 10,898 | ||||||||||
Total Current Assets | 317,863 | 223,911 | 317,863 | 223,911 | ||||||||||
Other noncurrent assets | 11,412 | 10,955 | 11,412 | 10,955 | ||||||||||
Total Assets | 2,303,234 | 2,204,632 | 2,303,234 | 2,204,632 | ||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | 94,134 | 117,855 | 94,134 | 117,855 | ||||||||||
Deferred revenue | 18,954 | 15,008 | 18,954 | 15,008 | ||||||||||
Total Current Liabilities | 133,713 | 147,238 | 133,713 | 147,238 | ||||||||||
Deferred income taxes | 242,127 | 207,154 | 242,127 | 207,154 | ||||||||||
Other noncurrent liabilities | 9,980 | 13,111 | 9,980 | 13,111 | ||||||||||
Total Liabilities | 1,527,876 | 1,528,185 | 1,527,876 | 1,528,185 | ||||||||||
Retained earnings | 850,292 | 728,386 | 850,292 | 728,386 | ||||||||||
Total Stockholders' Equity | 775,358 | 676,447 | 775,358 | 676,447 | $ 473,166 | $ 452,623 | ||||||||
Total Liabilities and Stockholders' Equity | 2,303,234 | 2,204,632 | 2,303,234 | 2,204,632 | ||||||||||
Revenues | 269,852 | $ 268,268 | $ 268,414 | $ 265,761 | 257,698 | $ 253,833 | $ 240,991 | $ 207,434 | 1,072,295 | 959,956 | 819,348 | |||
Selling, general and administrative | 222,216 | 204,384 | 185,013 | |||||||||||
Total Costs and Expenses | 200,588 | 204,949 | 197,746 | 201,100 | 198,344 | 192,918 | 183,497 | 148,858 | 804,383 | 723,617 | 632,250 | |||
Income from operations | 69,264 | 63,319 | 70,668 | 64,661 | 59,354 | 60,915 | 57,494 | 58,576 | 267,912 | 236,339 | 187,098 | |||
Income before income taxes | 211,984 | 190,143 | 161,998 | |||||||||||
Income tax provision (benefit) | 47,224 | (45,028) | 61,681 | |||||||||||
Net income | $ 42,008 | $ 38,314 | $ 43,785 | $ 40,653 | $ 144,293 | $ 30,905 | $ 27,860 | $ 32,113 | $ 164,760 | $ 235,171 | $ 100,317 | |||
Basic (in dollars per share) | $ 7.40 | $ 6.75 | $ 7.70 | $ 7.13 | $ 25.38 | $ 5.44 | $ 4.91 | $ 5.66 | $ 28.98 | $ 41.40 | $ 17.47 | |||
Diluted (in dollars per share) | $ 7.34 | $ 6.70 | $ 7.65 | $ 7.08 | $ 25.09 | $ 5.37 | $ 4.85 | $ 5.60 | $ 28.77 | $ 40.92 | $ 17.38 | |||
Comprehensive income | $ 165,016 | $ 235,265 | $ 100,428 | |||||||||||
Increase (decrease) in deferred income taxes | 34,973 | (87,223) | (1,497) | |||||||||||
(Increase) decrease in accounts receivable, net | (17) | 18,146 | 1,773 | |||||||||||
(Increase) decrease in prepaid and other current assets | (2,192) | 5,073 | (2,618) | |||||||||||
Increase (decrease) in accounts payable and accrued liabilities | (27,853) | 6,874 | 4,052 | |||||||||||
Increase (decrease) in deferred revenue | 3,946 | (20,547) | (1,324) | |||||||||||
Change in other noncurrent assets and liabilities, net | (3,123) | (12,947) | 7,211 | |||||||||||
Net cash provided by operating activities | $ 407,769 | 324,486 | 257,121 | |||||||||||
Previously Reported [Member] | ||||||||||||||
Accounts receivable, net | $ 51,141 | 51,141 | ||||||||||||
Prepaid and other current assets | 8,160 | 8,160 | ||||||||||||
Total Current Assets | 242,384 | 242,384 | ||||||||||||
Other noncurrent assets | 6,179 | 6,179 | ||||||||||||
Total Assets | 2,218,329 | 2,218,329 | ||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | 117,963 | 117,963 | ||||||||||||
Deferred revenue | 38,266 | 38,266 | ||||||||||||
Total Current Liabilities | 170,604 | 170,604 | ||||||||||||
Deferred income taxes | 205,636 | 205,636 | ||||||||||||
Other noncurrent liabilities | 9,991 | 9,991 | ||||||||||||
Total Liabilities | 1,546,913 | 1,546,913 | ||||||||||||
Retained earnings | 723,354 | 723,354 | ||||||||||||
Total Stockholders' Equity | 671,416 | 671,416 | ||||||||||||
Total Liabilities and Stockholders' Equity | 2,218,329 | 2,218,329 | ||||||||||||
Revenues | 960,029 | 819,625 | ||||||||||||
Selling, general and administrative | 204,799 | 184,024 | ||||||||||||
Total Costs and Expenses | 724,032 | 631,261 | ||||||||||||
Income from operations | 235,997 | 188,364 | ||||||||||||
Income before income taxes | 189,801 | 163,264 | ||||||||||||
Income tax provision (benefit) | (44,227) | 62,162 | ||||||||||||
Net income | $ 234,028 | $ 101,102 | ||||||||||||
Basic (in dollars per share) | $ 41.20 | $ 17.60 | ||||||||||||
Diluted (in dollars per share) | $ 40.72 | $ 17.52 | ||||||||||||
Comprehensive income | $ 234,122 | $ 101,213 | ||||||||||||
Increase (decrease) in deferred income taxes | (86,357) | (1,090) | ||||||||||||
(Increase) decrease in accounts receivable, net | (3,065) | |||||||||||||
(Increase) decrease in prepaid and other current assets | 4,950 | 243 | ||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | 6,982 | |||||||||||||
Increase (decrease) in deferred revenue | 1,560 | (173) | ||||||||||||
Change in other noncurrent assets and liabilities, net | (13,551) | 2,007 | ||||||||||||
Net cash provided by operating activities | 324,486 | 257,121 | ||||||||||||
Restatement Adjustment [Member] | ||||||||||||||
Accounts receivable, net | (21,211) | (21,211) | ||||||||||||
Prepaid and other current assets | 2,738 | 2,738 | ||||||||||||
Total Current Assets | (18,473) | (18,473) | ||||||||||||
Other noncurrent assets | 4,776 | 4,776 | ||||||||||||
Total Assets | (13,697) | (13,697) | ||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | (108) | (108) | ||||||||||||
Deferred revenue | (23,258) | (23,258) | ||||||||||||
Total Current Liabilities | (23,366) | (23,366) | ||||||||||||
Deferred income taxes | 1,518 | 1,518 | ||||||||||||
Other noncurrent liabilities | 3,120 | 3,120 | ||||||||||||
Total Liabilities | (18,728) | (18,728) | ||||||||||||
Retained earnings | 5,032 | 5,032 | ||||||||||||
Total Stockholders' Equity | 5,031 | 5,031 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ (13,697) | (13,697) | ||||||||||||
Revenues | (73) | (277) | ||||||||||||
Selling, general and administrative | (415) | 989 | ||||||||||||
Total Costs and Expenses | (415) | 989 | ||||||||||||
Income from operations | 342 | (1,266) | ||||||||||||
Income before income taxes | 342 | (1,266) | ||||||||||||
Income tax provision (benefit) | (801) | (481) | ||||||||||||
Net income | $ 1,143 | $ (785) | ||||||||||||
Basic (in dollars per share) | $ 0.20 | $ (0.13) | ||||||||||||
Diluted (in dollars per share) | $ 0.20 | $ (0.14) | ||||||||||||
Comprehensive income | $ 1,143 | $ (785) | ||||||||||||
Increase (decrease) in deferred income taxes | (866) | (407) | ||||||||||||
(Increase) decrease in accounts receivable, net | 21,211 | |||||||||||||
(Increase) decrease in prepaid and other current assets | 123 | (2,861) | ||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | (108) | |||||||||||||
Increase (decrease) in deferred revenue | (22,107) | (1,151) | ||||||||||||
Change in other noncurrent assets and liabilities, net | 604 | 5,204 | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
[1] | Includes two months of NewWave operations. | |||||||||||||
[2] | Does not include NewWave operations. |
Note 4 - NewWave Acquisition (D
Note 4 - NewWave Acquisition (Details Textual) - New Wave [Member] - USD ($) $ in Thousands | May 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Payments to Acquire Businesses, Gross | $ 740,200 | ||
Depreciation and Amortization Adjustment [Member] | |||
Business Acquisitions, Pro Forma Results of Operation Adjustment | $ (600) | $ (400) | |
Interest Expense From Financing [Member] | |||
Business Acquisitions, Pro Forma Results of Operation Adjustment | (2,200) | (6,000) | |
Acquisition-related Costs [Member] | |||
Business Acquisitions, Pro Forma Results of Operation Adjustment | (13,600) | 0 | |
Aggregate Impact on Income Tax [Member] | |||
Business Acquisitions, Pro Forma Results of Operation Adjustment | $ (1,200) | $ (7,500) |
Note 4 - NewWave Acquisition -
Note 4 - NewWave Acquisition - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | May 01, 2017 |
Goodwill, Ending Balance | $ 172,129 | $ 172,129 | |
New Wave [Member] | |||
Cash and cash equivalents | $ 12,220 | ||
Accounts receivable | 15,027 | ||
Prepaid and other current assets | 2,286 | ||
Property, plant and equipment | 192,234 | ||
Intangible assets | 476,300 | ||
Other noncurrent assets | 1,184 | ||
Total Assets Acquired | 699,251 | ||
Accounts payable and accrued liabilities | 25,125 | ||
Deferred revenue | 14,516 | ||
Deferred income taxes | 6,644 | ||
Total Liabilities Assumed | 46,285 | ||
Net Assets Acquired | 652,966 | ||
Purchase price consideration | 740,166 | ||
Goodwill, Ending Balance | $ 87,200 |
Note 4 - NewWave Acquisition _2
Note 4 - NewWave Acquisition - Pro Forma Information (Details) - New Wave [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 1,023,945 | $ 1,001,246 |
Net income | $ 235,809 | $ 89,121 |
Basic (in dollars per share) | $ 41.52 | $ 15.52 |
Diluted (in dollars per share) | $ 41.03 | $ 15.44 |
Note 5 - Revenues 1 (Details Te
Note 5 - Revenues 1 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 269,852 | $ 268,268 | $ 268,414 | $ 265,761 | $ 257,698 | $ 253,833 | $ 240,991 | $ 207,434 | $ 1,072,295 | $ 959,956 | $ 819,348 | ||
Capitalized Contract Cost, Net, Total | 7,800 | 7,500 | 7,800 | 7,500 | |||||||||
Capitalized Contract Cost, Net, Current | $ 2,900 | $ 2,900 | |||||||||||
Capitalized Contract Cost, Amortization Period | 1 year | 1 year | |||||||||||
Contract with Customer, Liability, Current | $ 18,954 | 15,008 | $ 18,954 | 15,008 | |||||||||
Other Noncurrent Liabilities [Member] | |||||||||||||
Contract with Customer, Liability, Noncurrent | $ 2,800 | $ 3,100 | 2,800 | 3,100 | |||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||
Capitalized Contract Cost, Amortization | 3,600 | 3,100 | 3,700 | ||||||||||
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 16,100 | $ 15,700 | $ 14,200 | ||||||||||
[1] | Includes two months of NewWave operations. | ||||||||||||
[2] | Does not include NewWave operations. |
Note 5 - Revenues 2 (Details Te
Note 5 - Revenues 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Dec. 31, 2018 |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Note 5 - Revenues - Revenues by
Note 5 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Residential | |||||||||||||
Revenues | $ 269,852 | $ 268,268 | $ 268,414 | $ 265,761 | $ 257,698 | $ 253,833 | $ 240,991 | $ 207,434 | $ 1,072,295 | $ 959,956 | $ 819,348 | ||
Data [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | 492,816 | 416,355 | 345,563 | ||||||||||
Video [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | 343,344 | 332,536 | 294,781 | ||||||||||
Voice [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | 41,278 | 43,733 | 42,949 | ||||||||||
Business Services [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | 155,993 | 131,082 | 100,034 | ||||||||||
Advertising [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | 24,919 | 24,824 | 27,496 | ||||||||||
Product and Service, Other [Member] | |||||||||||||
Residential | |||||||||||||
Revenues | $ 13,945 | $ 11,426 | $ 8,525 | ||||||||||
[1] | Includes two months of NewWave operations. | ||||||||||||
[2] | Does not include NewWave operations. |
Note 6 - Accounts Receivable,_3
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Provision for Doubtful Accounts | [1] | $ 5,101 | $ 4,925 | $ 2,316 |
New Wave [Member] | ||||
Provision for Doubtful Accounts | $ 1,100 | |||
[1] | Additions for 2017 include a $1.1 million allowance for doubtful accounts assumed as part of the NewWave acquisition. |
Note 6 - Accounts Receivable,_4
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade receivables, net | $ 28,128 | $ 25,014 |
Other receivables | 1,819 | 4,916 |
Accounts receivable, net | $ 29,947 | $ 29,930 |
Note 6 - Accounts Receivable,_5
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Balance at beginning of period | $ 1,876 | $ 505 | $ 864 | |
Provision for Doubtful Accounts | [1] | 5,101 | 4,925 | 2,316 |
Deductions | (4,932) | (3,554) | (2,675) | |
Balance at end of period | $ 2,045 | $ 1,876 | $ 505 | |
[1] | Additions for 2017 include a $1.1 million allowance for doubtful accounts assumed as part of the NewWave acquisition. |
Note 6 - Accounts Receivable,_6
Note 6 - Accounts Receivable, Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts payable | $ 20,790 | $ 21,670 |
Programming costs | 17,092 | 19,500 |
Accrued compensation and related benefits | 21,314 | 35,189 |
Accrued sales and other operating taxes | 8,149 | 6,113 |
Cash overdrafts | 4,689 | 8,994 |
Franchise fees | 3,870 | 4,457 |
Subscriber deposits | 5,180 | 6,540 |
Customer refunds | 1,863 | 3,498 |
Accrued insurance costs | 3,976 | 3,312 |
Other accrued expenses | 7,211 | 8,582 |
Total accounts payable and accrued liabilities | $ 94,134 | $ 117,855 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Payments to Acquire Property, Plant, and Equipment, Including Changes in Accrued Expenses Related to Capital Expenditures | $ 215,800 | $ 175,200 | $ 147,000 |
Depreciation, Total | 186,000 | 173,600 | 147,700 |
Operating Expenses Excluding Depreciation and Amortization | 370,269 | 337,040 | 296,577 |
Selling, General and Administrative Expense, Total | 222,216 | 204,384 | 185,013 |
Depreciation, Depletion and Amortization, Nonproduction, Total | 197,731 | 181,619 | $ 147,839 |
Change in Accounting Principle for the Capitalization of Certain Labor and Supervisory Activities [Member] | |||
Operating Expenses Excluding Depreciation and Amortization | (11,300) | (11,500) | |
Selling, General and Administrative Expense, Total | (200) | (200) | |
Depreciation, Depletion and Amortization, Nonproduction, Total | 2,900 | 1,000 | |
Other Noncurrent Assets [Member] | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 4,600 | 4,600 | |
Headquarters Building and Adjoining Property [Member] | |||
Proceeds from Sale of Property Held-for-sale | 10,100 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 6,600 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 2,324,937 | $ 2,172,830 |
Less accumulated depreciation | (1,476,958) | (1,340,938) |
Property, plant and equipment, net | 847,979 | 831,892 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,421,820 | 1,329,451 |
Equipment [Member] | ||
Property, plant and equipment, gross | 220,571 | 200,175 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 406,011 | 378,968 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 100,625 | 95,314 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 94,801 | 89,773 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 69,163 | 67,564 |
Land [Member] | ||
Property, plant and equipment, gross | $ 11,946 | $ 11,585 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill, Ending Balance | $ 172,129 | $ 172,129 | |
Goodwill, Impairment Loss | 0 | 0 | |
Amortization of Intangible Assets, Total | $ 11,700 | $ 8,000 | $ 100 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gross carrying amount, amortized intangible assets | $ 164,227 | $ 165,438 |
Accumulated amortization | 22,747 | 11,830 |
Net carrying amount | 141,480 | 153,608 |
Franchise Rights [Member] | ||
Gross carrying amount, indefinite-lived intangible assets | 812,371 | 812,137 |
Use Rights [Member] | ||
Gross carrying amount, amortized intangible assets | 2,927 | 4,138 |
Accumulated amortization | 2,887 | 3,886 |
Net carrying amount | $ 40 | 252 |
Use Rights [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Use Rights [Member] | Maximum [Member] | ||
Useful life (Year) | 25 years | |
Customer Relationships [Member] | ||
Useful life (Year) | 14 years | |
Gross carrying amount, amortized intangible assets | $ 160,000 | 160,000 |
Accumulated amortization | 19,047 | 7,619 |
Net carrying amount | $ 140,953 | 152,381 |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 2 years 255 days | |
Gross carrying amount, amortized intangible assets | $ 1,300 | 1,300 |
Accumulated amortization | 813 | 325 |
Net carrying amount | $ 487 | $ 975 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 11,925 | |
2,020 | 11,437 | |
2,021 | 11,436 | |
2,022 | 11,433 | |
2,023 | 11,431 | |
Thereafter | 83,818 | |
Total | $ 141,480 | $ 153,608 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) $ in Thousands | Apr. 23, 2018USD ($) | May 01, 2017USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Apr. 22, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2020 | Jun. 17, 2015USD ($) |
Debt Issuance Costs, Net, Total | $ 17,570 | $ 19,585 | |||||||
Amortization of Debt Issuance Costs | 4,163 | $ 3,174 | $ 1,642 | ||||||
Secured Debt [Member] | |||||||||
Debt Instrument, Face Amount | 750,000 | ||||||||
Optional Additional Available Credit Facilities | $ 425,000 | ||||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 1.8 | ||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | |||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||
Debt Instrument, Term | 5 years | ||||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | ||||||||
Long Term Debt, Amortization Rate, Year Two | 5.00% | ||||||||
Long Term Debt, Amortization Rate, Year Three | 7.50% | ||||||||
Long Term Debt, Amortization Rate, Year Four | 10.00% | ||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | |||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||
Debt Instrument, Term | 7 years | ||||||||
Long-term Debt, Gross | $ 492,500 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.28% | ||||||||
Debt Instrument, Amortization Percent on a Quarterly Basis | 1.00% | ||||||||
Debt Issuance Costs, Net, Total | $ 2,100 | ||||||||
Amortization of Debt Issuance Costs | $ 100 | ||||||||
Secured Debt [Member] | Incremental Term A Loan [Member] | |||||||||
Long-term Debt, Gross | $ 237,500 | ||||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Incremental Term Loan B [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 2.25% | |||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Incremental Term Loan B [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Incremental Term Loan A [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Incremental Term Loan A [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||
Secured Debt [Member] | Base Rate [Member] | Incremental Term Loan B [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 1.25% | |||||||
Secured Debt [Member] | Base Rate [Member] | Incremental Term Loan B [Member] | Scenario, Forecast [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||
Secured Debt [Member] | Base Rate [Member] | Minimum [Member] | Incremental Term Loan A [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Secured Debt [Member] | Base Rate [Member] | Maximum [Member] | Incremental Term Loan A [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Senior Unsecured Notes Due 2022 [Member] | |||||||||
Debt Instrument, Face Amount | $ 450,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||
Minimum Percentage of Debt to be held in Order to Declare Notes Payable Immediately in Event of Default | 25.00% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | |||||||||
Letters of Credit Outstanding, Amount | $ 4,100 | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Minimum [Member] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Maximum [Member] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Senior Credit Facilities Due 2020 [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | |||||||||
Debt Instrument, Term | 5 years | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||||
Senior Credit Facilities Due 2020 [Member] | Secured Debt [Member] | JPMorgan Chase Bank [Member] | |||||||||
Debt Instrument, Term | 5 years | ||||||||
Long-term Debt, Gross | $ 100,000 | ||||||||
Senior Credit Facilities Due 2020 [Member] | Letter of Credit [Member] | JPMorgan Chase Bank [Member] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.88% | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 195,900 |
Note 9 - Long-term Debt - Sched
Note 9 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital lease obligation | $ 251 | $ 267 |
Total debt | 1,180,251 | 1,194,642 |
Less unamortized debt issuance costs | (17,570) | (19,585) |
Less current portion | (20,625) | (14,375) |
Total long-term debt | 1,142,056 | 1,160,682 |
Senior Unsecured Notes Due 2022 [Member] | ||
Notes | 450,000 | 450,000 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Senior Credit Facilities | $ 730,000 | $ 744,375 |
Note 9 - Long-term Debt - Futur
Note 9 - Long-term Debt - Future Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) | |
2,019 | $ 20,625 | |
2,020 | 26,892 | [1] |
2,021 | 30,017 | [1] |
2,022 | 630,017 | [1] |
2,023 | 5,017 | [1] |
Thereafter | 467,683 | [1] |
Total | $ 1,180,251 | [1] |
[1] | Debt payments include principal repayment obligations as defined by the agreements described in note 9 and capital lease payment obligations. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.00% | 35.00% |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, After Tax Effects | $ 1.8 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, After Tax Effects | $ 0.2 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current U.S. Federal | $ 10,214 | $ 38,033 | $ 56,564 |
Deferred U.S. Federal | 32,176 | (91,271) | (2,172) |
U.S. Federal | 42,390 | (53,238) | 54,392 |
Current State and Local | 2,284 | 4,164 | 6,688 |
Deferred State and Local | 2,550 | 4,046 | 601 |
State and local | 4,834 | 8,210 | 7,289 |
Total | 12,498 | 42,197 | 63,252 |
Total | 34,726 | (87,225) | (1,571) |
Total | $ 47,224 | $ (45,028) | $ 61,681 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Federal taxes at statutory rate | $ 44,517 | $ 66,550 | $ 56,699 |
State and local taxes, net of U.S. Federal tax | 3,816 | 5,487 | 3,994 |
Benefit from remeasurement of deferred taxes due to the 2017 Tax Act | (113,976) | ||
Equity-based compensation | (3,690) | (3,089) | |
Other | 2,581 | 988 | |
Total | $ 47,224 | $ (45,028) | $ 61,681 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other benefit obligations | $ 1,940 | $ 5,779 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 4,080 | 4,711 |
Net operating losses | 1,983 | 2,992 |
Accrued bonus | 1,826 | |
Reserves | 365 | 760 |
Other | 1,204 | 542 |
Deferred tax assets | 11,398 | 14,784 |
Property, plant and equipment | 119,851 | 95,345 |
Goodwill and other intangible assets | 131,765 | 123,745 |
Prepaid commissions | 1,909 | 1,793 |
Accrued bonus | 1,055 | |
Deferred tax liabilities | 253,525 | 221,938 |
Net deferred income tax liability | $ 242,127 | $ 207,154 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Senior Credit Facilities [Member] | |
Long-term debt, including current portion | $ 2 |
Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 730,000 |
Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 698,975 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Notes [Member] | |
Long-term debt, including current portion | 450,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Notes [Member] | |
Long-term debt, including current portion | 452,250 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 238,222 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 238,222 |
Note 12 - Treasury Stock (Detai
Note 12 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 42 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Jul. 01, 2015 | |
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 | ||||
Treasury Stock, Shares, Acquired | 38,814 | 204,647 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 26,582 | $ 528 | $ 56,370 | $ 99,800 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 7,155 | $ 4,983 | $ 2,190 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 10,026 | 7,010 | |||
Treasury Stock, Shares, Ending Balance | 184,497 | 156,457 | 184,497 |
Note 13 - Equity-based Compen_3
Note 13 - Equity-based Compensation (Details Textual) | 12 Months Ended | |||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 05, 2015shares | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3,700,000 | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 4,080,000 | $ 4,711,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 6,800,000 | 7,500,000 | $ 9,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | |||
Annual Retainer | $ 75,000 | |||
Additional Annual Retainer | 125,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 9,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | |||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested and Deferred, Number | shares | 4,144 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 3,700,000 | 3,300,000 | 2,900,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 6,300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 10,500,000 | $ 10,700,000 | $ 12,300,000 | |
The 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 334,870 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Authorized for Incentive Stock Options | shares | 329,962 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 236,547 |
Note 13 - Equity-based Compen_4
Note 13 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested, restricted stock (in shares) | 51,290 | 38,425 | 39,744 | |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 610.88 | $ 472.89 | $ 402.13 | $ 383.18 |
Granted, restricted stock (in shares) | 17,098 | 17,245 | 10,369 | |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 715.74 | $ 633.34 | $ 454.75 | |
Forfeited, restricted stock (in shares) | (2,455) | (6,223) | (1,343) | |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ 636.64 | $ 469.23 | $ 389.33 | |
Vested and issued, restricted stock (in shares) | (25,057) | (3,163) | (10,345) | |
Vested and issued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 397.53 | $ 415.39 | $ 383.61 | |
Granted due to performance achievement, restricted stock (in shares) | 5,006 | |||
Granted due to performance achievement, weighted avergae grant date fair value (in dollars per share) | $ 433.66 | |||
Unvested, restricted stock (in shares) | 40,876 | 51,290 | 38,425 | |
Vested and unissued, restricted stock (in shares) | 4,144 | |||
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 493.96 |
Note 13 - Equity-based Compen_5
Note 13 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding, stock appreciation rights (in shares) | 102,458 | 136,000 | 135,600 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 477.62 | $ 426.80 | $ 422.31 | |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 122.29 | $ 100.91 | $ 88.07 | $ 87.22 |
Outstanding, aggregate intrinsic value | $ 24,673 | $ 23,173 | $ 26,510 | $ 1,539 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 73 days | 8 years 36 days | 8 years 255 days | |
Granted, stock appreciation rights (in shares) | 21,000 | 24,432 | 6,100 | |
Granted, weighted average exercise price (in dollars per share) | $ 744.47 | $ 632.15 | $ 522.50 | |
Granted, weighted average fair value (in dollars per share) | $ 181.21 | $ 140.44 | $ 106.15 | |
Weighted average remaining contractual term, granted (Year) | 8 years 255 days | 9 years 36 days | ||
Forfeited, stock appreciation rights (in shares) | (5,793) | (16,371) | (5,700) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 502.08 | $ 422.31 | $ 422.31 | |
Forfeited, weighted average fair value (in dollars per share) | $ 108.22 | $ 87.22 | $ 87.22 | |
Exercised, stock appreciation rights (in shares) | (27,060) | (41,603) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 435.11 | $ 424.02 | ||
Exercised, weighted average fair value (in dollars per share) | $ 90.06 | $ 87.54 | ||
Outstanding, stock appreciation rights (in shares) | 90,605 | 102,458 | 136,000 | 135,600 |
Outstanding, weighted average exercise price (in dollars per share) | $ 550.60 | $ 477.62 | $ 426.80 | $ 422.31 |
Vested and exercisable, stock appreciation rights (in shares) | 26,935 | |||
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 465.74 | |||
Vested and exercisable, weighted average fair value (in dollars per share) | $ 98.09 | |||
Vested and exercisable, aggregate intrinsic value | $ 9,545 | |||
Weighted average remaining contractual term, vested and exercisable (Year) | 6 years 146 days |
Note 13 - Equity-based Compen_6
Note 13 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expected volatility | 22.22% | 20.83% | 21.63% |
Risk-free interest rate | 2.53% | 2.13% | 1.39% |
Expected term (Year) | 6 years 91 days | 6 years 91 days | 6 years 91 days |
Expected dividend yield | 0.97% | 0.95% | 1.16% |
Note 14 - Postemployment Bene_3
Note 14 - Postemployment Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Deferred Compensation Arrangement, Compensation Expense (Income) | $ 400 | $ 2,800 | $ 300 | |
Deferred Compensation Liability, Current and Noncurrent, Total | 3,000 | 20,200 | ||
Deferred Compensation Arrangement with Individual, Distribution Paid | 17,100 | |||
Defined Benefit Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 4,640 | $ 5,187 | 5,125 | [1] |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.27% | 3.56% | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 300 | |||
Defined Benefit Supplemental Executive Retirement Plan [Member] | Selling, General and Administrative Expenses [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 200 | $ 200 | 200 | |
401 (k) Plan [Member] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,600 | $ 3,100 | $ 2,800 | |
[1] | The beginning of period for 2015 was July 1, 2015 when the Company assumed the DB SERP obligation from GHC. |
Note 14 - Postemployment Bene_4
Note 14 - Postemployment Benefit Plans - Asset and Funding Information (Details) - Defined Benefit Supplemental Executive Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Benefit obligation | $ 5,187 | $ 5,125 | [1] |
Interest cost | 179 | 196 | |
Actuarial gain | (437) | (123) | |
Benefits paid | (289) | (11) | |
Benefit obligation | $ 4,640 | $ 5,187 | |
[1] | The beginning of period for 2015 was July 1, 2015 when the Company assumed the DB SERP obligation from GHC. |
Note 14 - Postemployment Bene_5
Note 14 - Postemployment Benefit Plans - Amounts Recognized in Balance Sheet (Details) - Defined Benefit Supplemental Executive Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts payable and accrued liabilities | $ 282 | $ 323 |
Other noncurrent liabilities | 4,358 | 4,864 |
Total liabilities | $ 4,640 | $ 5,187 |
Note 14 - Postemployment Bene_6
Note 14 - Postemployment Benefit Plans - Future Estimated Benefit Payments (Details) - Defined Benefit Supplemental Executive Retirement Plan [Member] $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 288 |
2,020 | 288 |
2,021 | 287 |
2,022 | 287 |
2,023 | 286 |
2024 - 2028 | 1,459 |
Total | $ 2,895 |
Note 15 - Net Income Per Comm_3
Note 15 - Net Income Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,811 | 2,600 | 438 |
Note 15 - Net Income Per Comm_4
Note 15 - Net Income Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net income | $ 42,008 | $ 38,314 | $ 43,785 | $ 40,653 | $ 144,293 | $ 30,905 | $ 27,860 | $ 32,113 | $ 164,760 | $ 235,171 | $ 100,317 | |||
Basic (in shares) | 5,674,067 | 5,674,224 | 5,687,095 | 5,702,539 | 5,684,785 | 5,680,600 | 5,678,394 | 5,671,838 | 5,684,375 | 5,680,073 | 5,743,568 | |||
Effect of dilutive equity-based awards (1) (in shares) | [3] | 41,588 | 66,964 | 27,392 | ||||||||||
Diluted (in shares) | 5,723,528 | 5,717,575 | 5,722,869 | 5,742,648 | 5,750,420 | 5,753,910 | 5,745,617 | 5,730,901 | 5,725,963 | 5,747,037 | 5,770,960 | |||
Basic (in dollars per share) | $ 7.40 | $ 6.75 | $ 7.70 | $ 7.13 | $ 25.38 | $ 5.44 | $ 4.91 | $ 5.66 | $ 28.98 | $ 41.40 | $ 17.47 | |||
Diluted (in dollars per share) | $ 7.34 | $ 6.70 | $ 7.65 | $ 7.08 | $ 25.09 | $ 5.37 | $ 4.85 | $ 5.60 | $ 28.77 | $ 40.92 | $ 17.38 | |||
[1] | Includes two months of NewWave operations. | |||||||||||||
[2] | Does not include NewWave operations. | |||||||||||||
[3] | Equity-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation. The excluded number of anti-dilutive equity-based awards totaled 1,811, 2,600 and 438 for 2018, 2017 and 2016, respectively. |
Note 16 - Commitments and Con_3
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Contractual Obligation, Franchise Agreements, Nonperformance | $ 13.3 | $ 12 | |
GHC [Member] | |||
Employee Medical and Worker's Compensation Claims Expense | 0.4 | 0.4 | $ 5.5 |
Franchise [Member] | |||
Cost of Goods and Services Sold, Total | 16.1 | 15.7 | 14.2 |
Building [Member] | |||
Operating Leases, Rent Expense, Net, Total | 13.1 | 11.1 | 8.1 |
Utility Pole [Member] | |||
Operating Leases, Rent Expense, Net, Total | $ 8.9 | $ 7.8 | $ 5.7 |
Note 16 - Commitments and Con_4
Note 16 - Commitments and Contingencies - Contractual Obligation Maturity (Details) $ in Thousands | Dec. 31, 2018USD ($) | |
Programming purchase commitments, 2019 | $ 201,894 | [1] |
Operating leases, 2019 | 1,767 | |
Total debt, including capital leases, 2019 | 20,625 | [2] |
Other purchase obligations, 2019 | 24,385 | [3] |
2,019 | 248,671 | |
Programming purchase commitments, 2020 | 160,489 | [1] |
Operating leases, 2020 | 1,219 | |
2,020 | 26,892 | [2] |
Other purchase obligations, 2020 | 17,095 | [3] |
2,020 | 205,695 | |
Programming purchase commitments, 2021 | 88,872 | [1] |
Operating leases, 2021 | 911 | |
2,021 | 30,017 | [2] |
Other purchase obligations, 2021 | 9,560 | [3] |
2,021 | 129,360 | |
Programming purchase commitments, 2022 | 8,910 | [1] |
Operating leases, 2022 | 398 | |
2,022 | 630,017 | [2] |
Other purchase obligations, 2022 | 2,760 | [3] |
2,022 | 642,085 | |
Programming purchase commitments, 2023 | 6,162 | [1] |
Operating leases, 2023 | 204 | |
2,023 | 5,017 | [2] |
Other purchase obligations, 2023 | 1,581 | [3] |
2,023 | 12,964 | |
Programming purchase commitments, Thereafter | 3,726 | [1] |
Operating leases, Thereafter | 299 | |
Thereafter | 467,683 | [2] |
Other purchase obligations, Thereafter | 3,648 | [3] |
Thereafter | 475,356 | |
Programming purchase commitments, Total | 470,053 | [1] |
Operating leases, Total | 4,798 | |
Total debt, including capital leases, Total | 1,180,251 | [2] |
Other purchase obligations, Total | 59,029 | [3] |
Total | $ 1,714,131 | |
[1] | Programming purchase commitments represent contracts that the Company has with cable television networks and broadcast stations to provide programming services to subscribers. The amounts reported represent estimates of the future programming costs for these purchase commitments based on tier placement as of December 31, 2018 and the estimated subscriber numbers applied to the per-subscriber rates contained in these contracts. Actual amounts due under such contracts may differ from the amounts above based on the actual subscriber numbers and tier placements at the time. In addition, programming purchases sometimes occur pursuant to non-binding commitments, which are not reflected in the amounts shown. | |
[2] | Debt payments include principal repayment obligations as defined by the agreements described in note 9 and capital lease payment obligations. | |
[3] | Other purchase obligations include purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the ordinary course of business are excluded from the amounts shown. Any amounts for which the Company is liable under purchase orders are included within accounts payable and accrued liabilities in the consolidated balance sheet. |
Note 17 - Subsequent Event (Det
Note 17 - Subsequent Event (Details Textual) - USD ($) $ in Millions | Jan. 08, 2019 | Jan. 07, 2019 | Dec. 31, 2018 |
Secured Debt [Member] | |||
Debt Instrument, Face Amount | $ 750 | ||
Subsequent Event [Member] | Secured Debt [Member] | CoBank, ACB [Member] | Term B-2 Loan [Member] | |||
Debt Instrument, Term | 7 years | ||
Debt Instrument, Face Amount | $ 250 | ||
Debt Instrument, Amortization Percent on a Annual Basis | 1.00% | ||
Subsequent Event [Member] | Secured Debt [Member] | CoBank, ACB [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Subsequent Event [Member] | Secured Debt [Member] | CoBank, ACB [Member] | Term B-2 Loan [Member] | Base Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Clear Wave [Member] | Subsequent Event [Member] | |||
Payments to Acquire Businesses, Gross | $ 357 |
Note 18 - Summary of Quarterl_3
Note 18 - Summary of Quarterly Operating Results (Unaudited) - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 269,852 | $ 268,268 | $ 268,414 | $ 265,761 | $ 257,698 | $ 253,833 | $ 240,991 | $ 207,434 | $ 1,072,295 | $ 959,956 | $ 819,348 | ||
Total costs and expenses | 200,588 | 204,949 | 197,746 | 201,100 | 198,344 | 192,918 | 183,497 | 148,858 | 804,383 | 723,617 | 632,250 | ||
Income from operations | 69,264 | 63,319 | 70,668 | 64,661 | 59,354 | 60,915 | 57,494 | 58,576 | 267,912 | 236,339 | 187,098 | ||
Net income | $ 42,008 | $ 38,314 | $ 43,785 | $ 40,653 | $ 144,293 | $ 30,905 | $ 27,860 | $ 32,113 | $ 164,760 | $ 235,171 | $ 100,317 | ||
Basic (in dollars per share) | $ 7.40 | $ 6.75 | $ 7.70 | $ 7.13 | $ 25.38 | $ 5.44 | $ 4.91 | $ 5.66 | $ 28.98 | $ 41.40 | $ 17.47 | ||
Diluted (in dollars per share) | $ 7.34 | $ 6.70 | $ 7.65 | $ 7.08 | $ 25.09 | $ 5.37 | $ 4.85 | $ 5.60 | $ 28.77 | $ 40.92 | $ 17.38 | ||
Basic (in shares) | 5,674,067 | 5,674,224 | 5,687,095 | 5,702,539 | 5,684,785 | 5,680,600 | 5,678,394 | 5,671,838 | 5,684,375 | 5,680,073 | 5,743,568 | ||
Diluted (in shares) | 5,723,528 | 5,717,575 | 5,722,869 | 5,742,648 | 5,750,420 | 5,753,910 | 5,745,617 | 5,730,901 | 5,725,963 | 5,747,037 | 5,770,960 | ||
[1] | Includes two months of NewWave operations. | ||||||||||||
[2] | Does not include NewWave operations. |