Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001632127 | |
Entity Shell Company | false | |
Entity Registrant Name | CABLE ONE, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-36863 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3060083 | |
Entity Address, Address Line One | 210 E. Earll Drive | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85012 | |
City Area Code | 602 | |
Local Phone Number | 364-6000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CABO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 5,706,216 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 102,283,000 | $ 264,113,000 |
Accounts receivable, net | 30,340,000 | 29,947,000 |
Income taxes receivable | 2,693,000 | 10,713,000 |
Prepaid and other current assets | 20,400,000 | 13,090,000 |
Total Current Assets | 155,716,000 | 317,863,000 |
Property, plant and equipment, net | 977,398,000 | 847,979,000 |
Intangible assets, net | 1,035,210,000 | 953,851,000 |
Goodwill | 355,347,000 | 172,129,000 |
Other noncurrent assets | 25,781,000 | 11,412,000 |
Total Assets | 2,549,452,000 | 2,303,234,000 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 102,817,000 | 94,134,000 |
Deferred revenue | 23,078,000 | 18,954,000 |
Current portion of long-term debt | 17,153,000 | 20,625,000 |
Total Current Liabilities | 143,048,000 | 133,713,000 |
Long-term debt | 1,280,637,000 | 1,142,056,000 |
Deferred income taxes | 263,245,000 | 242,127,000 |
Other noncurrent liabilities | 99,614,000 | 9,980,000 |
Total Liabilities | 1,786,544,000 | 1,527,876,000 |
Commitments and contingencies (refer to note 14) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | 0 | 0 |
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,887,899 shares issued; and 5,706,812 and 5,703,402 shares outstanding as of June 30, 2019 and December 31, 2018, respectively) | 59,000 | 59,000 |
Additional paid-in capital | 45,001,000 | 38,898,000 |
Retained earnings | 902,615,000 | 850,292,000 |
Accumulated other comprehensive loss | (63,135,000) | (96,000) |
Treasury stock, at cost (181,087 and 184,497 shares held as of June 30, 2019 and December 31, 2018, respectively) | (121,632,000) | (113,795,000) |
Total Stockholders' Equity | 762,908,000 | 775,358,000 |
Total Liabilities and Stockholders' Equity | $ 2,549,452,000 | $ 2,303,234,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 5,706,812 | 5,703,402 |
Treasury stock, shares (in shares) | 181,087 | 184,497 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 285,650,000 | $ 268,414,000 | $ 564,255,000 | $ 534,175,000 |
Costs and Expenses: | ||||
Operating (excluding depreciation and amortization) | 95,688,000 | 91,783,000 | 190,206,000 | 186,522,000 |
Selling, general and administrative | 60,103,000 | 54,196,000 | 121,546,000 | 105,145,000 |
Depreciation and amortization | 54,835,000 | 49,033,000 | 108,679,000 | 97,811,000 |
Loss on asset disposals, net | 910,000 | 2,734,000 | 2,013,000 | 9,368,000 |
Total Costs and Expenses | 211,536,000 | 197,746,000 | 422,444,000 | 398,846,000 |
Income from operations | 74,114,000 | 70,668,000 | 141,811,000 | 135,329,000 |
Interest expense | (18,516,000) | (14,953,000) | (36,612,000) | (29,676,000) |
Other income (expense), net | (9,632,000) | 882,000 | (7,830,000) | 1,499,000 |
Income before income taxes | 45,966,000 | 56,597,000 | 97,369,000 | 107,152,000 |
Income tax provision | 9,571,000 | 12,812,000 | 22,235,000 | 22,714,000 |
Net income | $ 36,395,000 | $ 43,785,000 | $ 75,134,000 | $ 84,438,000 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 6.41 | $ 7.70 | $ 13.24 | $ 14.83 |
Diluted (in dollars per share) | $ 6.35 | $ 7.65 | $ 13.13 | $ 14.73 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 5,673,669 | 5,687,095 | 5,673,893 | 5,694,774 |
Diluted (in shares) | 5,730,238 | 5,722,869 | 5,723,296 | 5,732,634 |
Deferred loss on cash flow hedges and other, net of tax | $ (33,970,000) | $ 0 | $ (63,039,000) | $ 1,000 |
Comprehensive income | $ 2,425,000 | $ 43,785,000 | $ 12,095,000 | $ 84,439,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 5,731,442 | |||||
Balance at Dec. 31, 2017 | $ 59,000 | $ 28,412,000 | $ 728,386,000 | $ (352,000) | $ (80,058,000) | $ 676,447,000 |
Net income | 0 | 0 | 84,438,000 | 0 | 0 | 84,438,000 |
Deferred loss on cash flow hedges and other, net of tax | 1,000 | |||||
Equity-based compensation | $ 0 | 4,844,000 | 0 | 0 | 0 | 4,844,000 |
Issuance of equity awards, net of forfeitures (in shares) | 15,693 | |||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 |
Withholding tax for equity awards (in shares) | (9,770) | |||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (7,201,000) | (7,201,000) |
Dividends paid to stockholders | $ 0 | 0 | (20,040,000) | 0 | 0 | (20,040,000) |
Repurchases of common stock (in shares) | (34,028) | |||||
Repurchases of common stock | $ 0 | 0 | 0 | 0 | (22,556,000) | (22,556,000) |
Changes in pension, net of tax | $ 0 | 0 | 0 | 1,000 | 0 | 1,000 |
Balance (in shares) at Jun. 30, 2018 | 5,703,337 | |||||
Balance at Jun. 30, 2018 | $ 59,000 | 33,256,000 | 792,784,000 | (351,000) | (109,815,000) | 715,933,000 |
Balance (in shares) at Mar. 31, 2018 | 5,732,441 | |||||
Balance at Mar. 31, 2018 | $ 59,000 | 30,750,000 | 759,004,000 | (351,000) | (89,552,000) | 699,910,000 |
Net income | 0 | 0 | 43,785,000 | 0 | 0 | 43,785,000 |
Deferred loss on cash flow hedges and other, net of tax | 0 | |||||
Equity-based compensation | $ 0 | 2,506,000 | 0 | 0 | 0 | 2,506,000 |
Issuance of equity awards, net of forfeitures (in shares) | 1,616 | |||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 |
Withholding tax for equity awards (in shares) | (3) | |||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (2,000) | (2,000) |
Dividends paid to stockholders | $ 0 | 0 | (10,005,000) | 0 | 0 | (10,005,000) |
Repurchases of common stock (in shares) | (30,717) | |||||
Repurchases of common stock | $ 0 | 0 | 0 | 0 | (20,261,000) | (20,261,000) |
Balance (in shares) at Jun. 30, 2018 | 5,703,337 | |||||
Balance at Jun. 30, 2018 | $ 59,000 | 33,256,000 | 792,784,000 | (351,000) | (109,815,000) | 715,933,000 |
Balance (in shares) at Dec. 31, 2018 | 5,703,402 | |||||
Balance at Dec. 31, 2018 | $ 59,000 | 38,898,000 | 850,292,000 | (96,000) | (113,795,000) | 775,358,000 |
Net income | 0 | 0 | 75,134,000 | 0 | 0 | 75,134,000 |
Deferred loss on cash flow hedges and other, net of tax | 0 | 0 | 0 | (63,039,000) | 0 | (63,039,000) |
Equity-based compensation | $ 0 | 6,103,000 | 0 | 0 | 0 | 6,103,000 |
Issuance of equity awards, net of forfeitures (in shares) | 12,717 | |||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 |
Withholding tax for equity awards (in shares) | (3,323) | |||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (2,764,000) | (2,764,000) |
Dividends paid to stockholders | $ 0 | 0 | (22,819,000) | 0 | 0 | (22,819,000) |
Repurchases of common stock (in shares) | (5,984) | |||||
Repurchases of common stock | $ 0 | 0 | 0 | 0 | (5,073,000) | (5,073,000) |
Balance (in shares) at Jun. 30, 2019 | 5,706,812 | |||||
Balance at Jun. 30, 2019 | $ 59,000 | 45,001,000 | 902,615,000 | (63,135,000) | (121,632,000) | 762,908,000 |
Balance (in shares) at Mar. 31, 2019 | 5,699,330 | |||||
Balance at Mar. 31, 2019 | $ 59,000 | 41,919,000 | 877,644,000 | (29,165,000) | (121,422,000) | 769,035,000 |
Net income | 0 | 0 | 36,395,000 | 0 | 0 | 36,395,000 |
Deferred loss on cash flow hedges and other, net of tax | 0 | 0 | 0 | (33,970,000) | 0 | (33,970,000) |
Equity-based compensation | $ 0 | 3,082,000 | 0 | 0 | 0 | 3,082,000 |
Issuance of equity awards, net of forfeitures (in shares) | 7,495 | |||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 |
Withholding tax for equity awards (in shares) | (13) | |||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (210,000) | (210,000) |
Dividends paid to stockholders | $ 0 | 0 | (11,424,000) | 0 | 0 | $ (11,424,000) |
Repurchases of common stock (in shares) | 0 | |||||
Balance (in shares) at Jun. 30, 2019 | 5,706,812 | |||||
Balance at Jun. 30, 2019 | $ 59,000 | 45,001,000 | 902,615,000 | (63,135,000) | (121,632,000) | $ 762,908,000 |
Lease accounting standard adoption cumulative adjustment | $ 0 | $ 0 | $ 8,000 | $ 0 | $ 0 | $ 8,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retained Earnings [Member] | ||||
Dividends, per share (in dollars per share) | $ 2 | $ 1.75 | $ 4 | $ 3.50 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 75,134,000 | $ 84,438,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 108,679,000 | 97,811,000 |
Amortization of debt issuance cost | 2,409,000 | 2,012,000 |
Equity-based compensation | 6,103,000 | 4,844,000 |
Write-off of debt issuance costs | 4,207,000 | 110,000 |
Increase in deferred income taxes | (11,647,000) | (9,559,000) |
Loss on asset disposals, net | 2,013,000 | 9,368,000 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
(Increase) decrease in accounts receivable, net | 901,000 | (4,351,000) |
Decrease in income taxes receivable | 8,020,000 | 12,318,000 |
Increase in prepaid and other current assets | (6,999,000) | (7,206,000) |
Increase (decrease) in accounts payable and accrued liabilities | 5,004,000 | (15,439,000) |
Increase (decrease) in deferred revenue | (198,000) | 3,783,000 |
Other, net | (4,426,000) | (645,000) |
Net cash provided by operating activities | 212,494,000 | 196,602,000 |
Cash flows from investing activities: | ||
Purchase of business, net of cash acquired | (356,917,000) | 0 |
Capital expenditures | (110,488,000) | (90,868,000) |
Decrease in accrued expenses related to capital expenditures | (5,410,000) | (2,517,000) |
Proceeds from sales of property, plant and equipment | 6,998,000 | 1,569,000 |
Net cash used in investing activities | (465,817,000) | (91,816,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 825,000,000 | 0 |
Payment of debt issuance costs | (11,671,000) | (2,131,000) |
Payments on long-term debt | (691,180,000) | (5,633,000) |
Repurchases of common stock | (5,073,000) | (22,556,000) |
Payment of withholding tax for equity awards | (2,764,000) | (7,201,000) |
Dividends paid to stockholders | (22,819,000) | (20,040,000) |
Change in cash overdraft | 0 | (5,455,000) |
Net cash provided by (used in) financing activities | 91,493,000 | (63,016,000) |
Increase (decrease) in cash and cash equivalents | (161,830,000) | 41,770,000 |
Cash and cash equivalents, beginning of period | 264,113,000 | 161,752,000 |
Cash and cash equivalents, end of period | 102,283,000 | 203,522,000 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 34,687,000 | 27,924,000 |
Cash paid for income taxes, net of refunds received | $ 3,001,000 | $ 1,293,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business. June 30, 2019, On January 8, 2019, 2 7 On March 31, 2019, fourth 2019. Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10 - 01 of Regulation S- X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the Securities and Exchange Commission (the “SEC”). As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2018 ( the “2018 Form 10 -K”). The December 31, 2018 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2018 Form 10 -K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results. Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting. Accounting Standard Codification (“ASC”) 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. The Company’s operations are organized and managed on the basis of operating systems within its geographic divisions. Each operating system derives revenues from the delivery of similar products and services to a customer base that is also similar. Each operating system deploys similar technology to deliver the Company’s products and services, operates within a similar regulatory environment, has similar economic characteristics and is managed by the Company’s chief operating decision maker as part of an aggregate of all operating systems within the Company's material geographic divisions. Management evaluated the criteria for aggregation under ASC 280 and has concluded that the Company meets each of the respective criteria set forth therein. Accordingly, management has identified reportable segment. Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions. Recently Adopted Accounting Pronouncements. In June 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018 - 07, Compensation – Stock Compensation (Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018 - 07 expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The ASU was effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017 - 12, Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities. ASU 2017 - 12 improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and also simplifies the application of hedge accounting under GAAP. The ASU was effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016 - 02, Leases (Topic 842 ) . ASU 2016 - 02 requires lessees to record substantially all of their leases on the balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability with the exception of short-term leases. The Company is required to classify each separate lease component as an operating or a finance lease at the lease commencement date. Initial measurement of the ROU asset and lease liability is the same for both operating and finance leases, however, expense recognition and amortization of the ROU asset differs. Operating leases reflect lease expense on a straight-line basis similar to previous operating leases while finance leases reflect a front-loaded expense pattern similar to previous capital leases. The Company adopted the updated guidance on January 1, 2019. With respect to the adoption of ASU 2016 - 02, the Company elected the “Comparatives Under 840 Option” approach to transition. Under this method, financial information related to periods prior to adoption is as originally reported under ASC 840 - Leases . Upon adoption on January 1, 2019, the Company recorded ROU assets of million and lease liabilities of million. The adoption of this guidance did not have a material impact on Company’s consolidated financial statements. ASU 2016 - 02 provides several optional practical expedients in transition. The Company elected the lessee and lessor transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. The Company also made certain lessee accounting policy elections, including a short-term lease exception policy, permitting the exclusion of short-term leases (leases with terms of 12 months or less) from the recognition requirements of ASU 2016 - 02, and an accounting policy to account for lease and non-lease components as a single component for all classes of assets, permitting common area maintenance, real estate taxes, fiber network power charges and routine maintenance fees to be combined with the associated lease component. The portfolio approach, which allows a lessee to account for its leases at a portfolio level, was elected for certain equipment and fiber leases in which the difference in accounting for each asset separately would not have been materially different from accounting for the assets as a combined unit. As a lessee, the Company also elected the practical expedient not to reevaluate whether any expired or existing land easements are, or contain, leases. The Company provides residential and business customers with certain hardware to deliver data, video and voice services. As a lessor, the Company elected the practical expedient not to separate lease components from the associated non-lease component for all classes of assets. The Company concluded the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component based on the interrelated nature of the services provided and the underlying leased hardware and, if accounted for separately, the lease component would be classified as an operating lease. Refer to note 6 for the requisite disclosures regarding the amount, timing and any uncertainty regarding lease-related cash flows. Recently Issued But Not Yet Adopted Accounting Pronouncements. In August 2018, the FASB issued ASU No. 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement T hat I s a Service Contract . ASU 2018 - 15 aligns the requirements for capitalizing implementation, setup and other upfront costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing such costs incurred to develop or obtain internal-use software. The ASU specifies which costs are to be expensed and which are to be capitalized, the period over which capitalized costs are to be amortized, the process for identifying and recognizing impairment and the proper presentation of such costs within the consolidated financial statements. ASU 2018 - 15 is effective for annual and interim periods beginning after December 15, 2019 and may be adopted either retrospectively or prospectively. The Company is currently evaluating its method of adoption as well as the expected impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments . ASU 2016 - 13 requires companies to recognize an allowance for expected lifetime credit losses through earnings concurrent with the recognition of a financial asset measured at amortized cost. The estimate of expected credit losses is required to be adjusted each reporting period over the life of the financial asset. The ASU is effective for annual and interim periods beginning after December 15, 2019 and requires a modified retrospective adoption approach. The Company does not expect ASU 2016 - 13 to have a material impact on its consolidated financial statements upon adoption, but it may have an impact in the future. |
Note 2 - Clearwave Acquisition
Note 2 - Clearwave Acquisition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. On January 8, 2019, 7. The Company accounted for the Clearwave acquisition as a business combination pursuant to ASC 805 Business Combinations not three six June 30, 2019, In accordance with ASC 805, no one No three June 30, 2019. Preliminary Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 1,913 Accounts receivable 1,294 Prepaid and other current assets 311 Property, plant and equipment 120,472 Intangible assets 89,700 Other noncurrent assets 3,533 Total Assets Acquired $ 217,223 Liabilities Assumed Accounts payable and accrued liabilities $ 2,128 Deferred revenue 4,322 Deferred income taxes 30,104 Other noncurrent liabilities 5,057 Total Liabilities Assumed $ 41,611 Net assets acquired $ 175,612 Purchase price consideration 358,830 Goodwill recognized $ 183,218 Acquired identifiable intangible assets consist of the following (dollars in thousands): Preliminary F air Value Preliminary Useful Life (in years) Customer relationships $ 83,000 17 Trademark and trade name $ 6,700 Indefinite No residual value was assigned to the acquired customer relationships. The acquisition produced $183.2 million of goodwill, increasing the Company’s goodwill balance from $172.1 million at December 31, 2018 June 30, 2019. not not not For the three June 30, 2019, January 8, 2019 June 30, 2019, |
Note 3 - Revenues
Note 3 - Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company’s revenues by product line were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Residential Data $ 132,824 $ 122,471 $ 262,635 $ 242,330 Video 84,033 87,462 167,836 176,219 Voice 10,705 10,504 20,329 21,176 Business services 49,759 38,485 96,903 76,177 Advertising sales 4,750 5,916 9,479 11,158 Other 3,579 3,576 7,073 7,115 Total revenues $ 285,650 $ 268,414 $ 564,255 $ 534,175 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 $5.9 million and $4.1 million for the three June 30, 2019 2018, six June 30, 2019 2018, Other revenues are comprised primarily of customer late charges and reconnect fees. Net accounts receivable from contracts with customers totaled $29.9 million and $29.8 million at June 30, 2019 December 31, 2018, Deferred commissions totaled $8.0 million and $7.8 million at June 30, 2019 December 31, 2018, $0.9 three June 30, 2019 2018 six June 30, 2019 2018, June 30, 2019 Current deferred revenue liabilities, consisting of refundable customer prepayments, up-front charges and installation fees, were $23.1 million and $19.0 million at June 30, 2019 December 31, 2018, June 30, 2019, December 31, 2018, six June 30, 2019. June 30, 2019 December 31, 2018, |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property, plant and equipment consisted of the following (in thousands): June 30, 2019 December 31, 2018 Cable distribution systems $ 1,593,313 $ 1,421,820 Customer premise equipment 227,278 220,571 Other equipment and fixtures 413,364 406,011 Buildings and leasehold improvements 103,520 100,625 Capitalized software 97,790 94,801 Construction in progress 75,536 69,163 Land 12,252 11,946 Right-of-use assets 5,358 - Property, plant and equipment, gross 2,528,411 2,324,937 Less accumulated depreciation (1,551,013 ) (1,476,958 ) Property, plant and equipment, net $ 977,398 $ 847,979 Depreciation expense was $50.6 million and $46.0 million for the three June 30, 2019 2018, six June 30, 2019 2018, In January 2019, December 31, 2018. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. The carrying amount of goodwill was $355.3 million and $172.1 million at June 30, 2019 December 31, 2018, January 2019. no Intangible assets (excluding goodwill) consisted of the following (dollars in thousands): June 30, 2019 December 31, 2018 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 $ 2,891 $ 36 $ 2,927 $ 2,887 $ 40 Customer relationships 14 – 17 243,000 27,141 215,859 160,000 19,047 140,953 Trademark and trade name 2.7 1,300 1,056 244 1,300 813 487 Total Finite-Lived Intangible Assets $ 247,227 $ 31,088 $ 216,139 $ 164,227 $ 22,747 $ 141,480 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 $ 812,371 Trademark and trade name 6,700 - Total Indefinite-Lived Intangible Assets $ 819,071 $ 812,371 Intangible asset amortization expense was $4.2 million and $3.0 million for the three June 30, 2019 2018, six June 30, 2019 2018, As of June 30, 2019, Year Ending December 31, Amount 2019 (remaining six months) $ 8,357 2020 16,319 2021 16,318 2022 16,315 2023 16,313 Thereafter 142,517 Total $ 216,139 Actual amortization expense in future periods may |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating and Finance Leases [Text Block] | 6. As a lessee, the Company has operating leases for buildings, equipment, data centers, fiber optic networks and towers and finance leases for certain buildings and fiber optic networks. These leases have remaining lease terms ranging from under 1 year to 24 years, with some including an option to extend the lease for up to 15 additional years and some including an option to terminate the lease within 1 As a lessor, the Company has operating leases for the use of its fiber optic networks, towers and customer premise equipment. These leases have remaining lease terms ranging from under 1 year to 8 years, with some including a lessee option to extend the leases for up to 5 additional years and some including an option to terminate the lease within 1 year. Significant judgment is required when determining whether a fiber optic contract contains a lease, defining the duration of the lease term and selecting the discount rate. ● The Company concluded it was the lessee or lessor for fiber arrangements only when the asset is specifically identifiable and both substantially all the economic benefit is obtained and the right to direct the use of the asset exists. ● The Company’s lease terms are only for periods in which there are enforceable rights. A lease is no no ● Most of the Company’s leases do not As of June 30, 2019, not not Lessee Financial Information . June 30, 2019 ROU A ssets Property, plant and equipment, net: Finance leases $ 5,163 Other noncurrent assets: Operating leases $ 15,618 Lease L iabilities Accounts payable and accrued liabilities: Operating leases $ 4,214 Current portion of long-term debt: Finance leases $ 153 Long-term debt: Finance leases $ 3,187 Other noncurrent liabilities: Operating leases $ 11,231 Total: Finance leases $ 3,340 Operating leases $ 15,445 The components of the Company’s lease expense were as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance lease expense: Amortization of ROU assets $ 101 $ 210 Interest on lease liabilities 64 132 Operating lease expense 1,284 2,462 Short-term lease expense 228 472 Variable lease expense 31 98 Total lease expense $ 1,708 $ 3,374 Finance lease expense is included within depreciation and amortization expense and interest expense, and operating lease expense is included within operating expenses and selling, general and administrative expenses in the condensed consolidated statement of operations and comprehensive income. Supplemental lessee financial information is as follows (dollars in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Finance leases - financing cash flows $ 399 $ 555 Finance leases - operating cash flows $ 64 $ 132 Operating leases - operating cash flows $ 1,331 $ 2,560 ROU assets obtained in exchange for new lease liabilities: Finance leases $ 524 $ 1,101 Operating leases (1) $ 2,100 $ 7,082 ( 1 Includes $3.3 million of ROU assets acquired in the Clearwave transaction. June 30, 2019 Weighted average remaining lease term: Finance leases (years) 13.5 Operating leases (years) 4.7 Weighted average discount rate: Finance leases 8.12 % Operating leases 5.07 % As of June 30, 2019, Year Ending December 31, Finance Leases Operating Leases 2019 (remaining six months) $ 135 $ 2,553 2020 401 4,500 2021 412 3,384 2022 423 2,508 2023 429 2,191 Thereafter 3,705 2,272 Total 5,505 17,408 Less present value discount (2,165 ) (1,963 ) Lease liability $ 3,340 $ 15,445 As of December 31, 2018, Year Ending December 31, Operating Lease s 2019 $ 1,767 2020 1,219 2021 911 2022 398 2023 204 Thereafter 299 Total $ 4,798 Lessor Financial Information . Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income relating to lease payments $ 139 $ 258 As of June 30, 2019, Year Ending December 31, Operating Leases 2019 (remaining six months) $ 312 2020 411 2021 248 2022 45 2023 33 Thereafter 78 Total $ 1,127 As of June 30, 2019, |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The carrying amount of long-term debt consisted of the following (in thousands): June 30, 2019 December 31, 2018 Notes (as defined below) $ - $ 450,000 Senior Credit Facilities (as defined below) 1,314,375 730,000 Lease liabilities 3,340 251 Total debt 1,317,715 1,180,251 Less unamortized debt issuance costs (19,925 ) (17,570 ) Less current portion (17,153 ) (20,625 ) Total long-term debt $ 1,280,637 $ 1,142,056 Notes . June 17, 2015, 2022 June 15, 2022 June 15th December 15th On June 15, 2019, Senior Credit Facilities. June 30, 2015, On May 1, 2017, “2017 2017 1” 1” On January 7, 2019, No. 2 No. 2” $250 2” On April 12, 2019, No. 3 No. 3” 3” 3 June 14, 2019. The Term Loan B- 3 January 7, 2026 may 3 3 On May 8, 2019, 2” 2” 2, 2, 1, 2 3, not 1, 2 3. A portion of the proceeds from the Term Loan A- 2, 3 1, 2 The Term Loan A- 2 May 8, 2024 ( The principal amount of the Term Loan A- 2 first second third fourth fifth 2 The Delayed Draw Term Loan A- 2 February 8, 2020. 2 one 2 2 June 15, 2019 2 The Senior Credit Facilities are guaranteed by the Company’s wholly owned subsidiaries (the “Guarantors”) and are secured, subject to certain exceptions, by substantially all of the assets of the Company and the Guarantors. The Senior Credit Facilities may The interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either LIBOR or a base rate, plus an applicable margin equal to, (i) with respect to the Term Loan A- 2, 2 1, x April 22, 2018, 2 3, The Company may, no 1.0. The Company was in compliance with all debt covenants as of June 30, 2019. As of June 30, 2019, 2, 1, 2 3 June 30, 2019. In connection with the financing transactions during 2019, $3.8 three June 30, 2019 2018, six June 30, 2019 2018, June 30, 2019 December 31, 2018, As of June 30, 2019, Year Ending December 31, Amount 2019 (remaining six months) $ 8,500 2020 17,000 2021 20,125 2022 26,375 2023 35,750 Thereafter 1,206,625 Total $ 1,314,375 |
Note 8 - Interest Rate Swaps
Note 8 - Interest Rate Swaps | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. The Company is party to two first March 2019. second June 2020 first 2029 may not June 30, 2019, Changes in the fair values of the interest rate swaps are reported through other comprehensive income (loss) until the underlying hedged debt’s interest expense impacts net income, at which point the corresponding change in fair value is reclassified from accumulated other comprehensive income (loss) to interest expense. Losses of $45.1 million ($34.0 million net of tax) and $83.7 million ($63.0 million net of tax) were recorded through other comprehensive loss within the condensed consolidated statements of operations and comprehensive income for the three six June 30, 2019, 12 three six June 30, 2019, |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fina ncial Assets and Liabilities. June 30, 2019 not The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of June 30, 2019 June 30, 2019 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 53,574 $ 53,574 Level 1 Commercial paper $ 30,007 $ 29,820 Level 2 Liabilities: Long-term debt, including current portion , excluding debt issuance costs : Senior Credit Facilities $ 1,314,375 $ 1,306,131 Level 2 Other noncurrent liabilities, including current portion: Interest rate swaps $ 83,672 $ 83,672 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 2 three 2 2 The Company’s deferred compensation liability was $2.5 million and $3.0 million at June 30, 2019 December 31, 2018, not 2 The carrying amounts of accounts receivable, accounts payable and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments. Nonfinancial Assets and Liabilities. not January 8, 2019, 2. may No six June 30, 2019 2018. |
Note 10 - Treasury Stock
Note 10 - Treasury Stock | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 10. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Share Repurchase Program. July 1, 2015, may June 30, 2019, six June 30, 2019, three June 30, 2019. Tax Withholding for Equity Awards . three six June 30, 2019 June 30, 2019 |
Note 11 - Equity-based Compensa
Note 11 - Equity-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. The Amended and Restated Cable One, Inc. 2015 “2015 2015 June 30, 2019, 2015 Compensation expense associated with equity-based awards is recognized on a straight-line basis over the vesting period, with forfeitures recognized as incurred. Equity-based compensation expense was $3.1 million and $2.5 million for the three June 30, 2019 2018, six June 30, 2019 2018, six June 30, 2019. June 30, 2019. Restricted Stock Awards. six June 30, 2019 Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2018 40,876 $ 610.88 Granted 12,001 $ 843.68 Forfeited (3,334 ) $ 691.57 Vested and issued (10,989 ) $ 487.83 Outstanding as of June 30, 2019 38,554 $ 711.44 Vested and unissued as of June 30, 2019 5,678 $ 527.85 Equity-based compensation expense for restricted stock was $1.9 million and $1.6 million for the three June 30, 2019 2018, six June 30, 2019 2018, June 30, 2019, Stock Appreciation Rights. six June 30, 2019 Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Grant Date Fair Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Granted 24,500 $ 832.36 $ 196.52 $ - 9.5 Exercised (13,420 ) $ 512.94 $ 111.54 Forfeited (979 ) $ 422.31 $ 87.22 Outstanding as of June 30, 2019 100,706 $ 625.41 $ 142.12 $ 54,943 7.8 Vested and exercisable as of June 30, 2019 23,099 $ 505.19 $ 109.01 $ 15,379 6.8 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 the six June 30, 2019 2019 Expected volatility 21.79 % Risk-free interest rate 2.38 % Expected term (in years) 6.25 Expected dividend yield 0.96 % Equity-based compensation expense for SARs was $1.2 million and $0.9 million for the three June 30, 2019 2018, six June 30, 2019 2018, June 30, 2019, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company’s effective tax rate was 20.8% and 22.6% for the three June 30, 2019 2018, six June 30, 2019 2018, three June 30, 2019 six June 30, 2019 |
Note 13 - Net Income Per Common
Note 13 - Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. 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): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 36,395 $ 43,785 $ 75,134 $ 84,438 Denominator: Weighted average common shares outstanding - basic 5,673,669 5,687,095 5,673,893 5,694,774 Effect of dilutive equity-based awards (1) 56,569 35,774 49,403 37,860 Weighted average common shares outstanding - diluted 5,730,238 5,722,869 5,723,296 5,732,634 Net income per common share: Basic $ 6.41 $ 7.70 $ 13.24 $ 14.83 Diluted $ 6.35 $ 7.65 $ 13.13 $ 14.73 ( 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 87 and 5,176 for the three June 30, 2019 2018, six June 30, 2019 2018, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Litigation and Legal Matters. no Regulation in the C ompany’s Industry. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10 - 01 of Regulation S- X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the Securities and Exchange Commission (the “SEC”). As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2018 ( the “2018 Form 10 -K”). The December 31, 2018 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2018 Form 10 -K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. Accounting Standard Codification (“ASC”) 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. The Company’s operations are organized and managed on the basis of operating systems within its geographic divisions. Each operating system derives revenues from the delivery of similar products and services to a customer base that is also similar. Each operating system deploys similar technology to deliver the Company’s products and services, operates within a similar regulatory environment, has similar economic characteristics and is managed by the Company’s chief operating decision maker as part of an aggregate of all operating systems within the Company's material geographic divisions. Management evaluated the criteria for aggregation under ASC 280 and has concluded that the Company meets each of the respective criteria set forth therein. Accordingly, management has identified reportable segment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. In June 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018 - 07, Compensation – Stock Compensation (Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018 - 07 expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The ASU was effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU No. 2017 - 12, Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities. ASU 2017 - 12 improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and also simplifies the application of hedge accounting under GAAP. The ASU was effective January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016 - 02, Leases (Topic 842 ) . ASU 2016 - 02 requires lessees to record substantially all of their leases on the balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability with the exception of short-term leases. The Company is required to classify each separate lease component as an operating or a finance lease at the lease commencement date. Initial measurement of the ROU asset and lease liability is the same for both operating and finance leases, however, expense recognition and amortization of the ROU asset differs. Operating leases reflect lease expense on a straight-line basis similar to previous operating leases while finance leases reflect a front-loaded expense pattern similar to previous capital leases. The Company adopted the updated guidance on January 1, 2019. With respect to the adoption of ASU 2016 - 02, the Company elected the “Comparatives Under 840 Option” approach to transition. Under this method, financial information related to periods prior to adoption is as originally reported under ASC 840 - Leases . Upon adoption on January 1, 2019, the Company recorded ROU assets of million and lease liabilities of million. The adoption of this guidance did not have a material impact on Company’s consolidated financial statements. ASU 2016 - 02 provides several optional practical expedients in transition. The Company elected the lessee and lessor transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. The Company also made certain lessee accounting policy elections, including a short-term lease exception policy, permitting the exclusion of short-term leases (leases with terms of 12 months or less) from the recognition requirements of ASU 2016 - 02, and an accounting policy to account for lease and non-lease components as a single component for all classes of assets, permitting common area maintenance, real estate taxes, fiber network power charges and routine maintenance fees to be combined with the associated lease component. The portfolio approach, which allows a lessee to account for its leases at a portfolio level, was elected for certain equipment and fiber leases in which the difference in accounting for each asset separately would not have been materially different from accounting for the assets as a combined unit. As a lessee, the Company also elected the practical expedient not to reevaluate whether any expired or existing land easements are, or contain, leases. The Company provides residential and business customers with certain hardware to deliver data, video and voice services. As a lessor, the Company elected the practical expedient not to separate lease components from the associated non-lease component for all classes of assets. The Company concluded the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component based on the interrelated nature of the services provided and the underlying leased hardware and, if accounted for separately, the lease component would be classified as an operating lease. Refer to note 6 for the requisite disclosures regarding the amount, timing and any uncertainty regarding lease-related cash flows. Recently Issued But Not Yet Adopted Accounting Pronouncements. In August 2018, the FASB issued ASU No. 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement T hat I s a Service Contract . ASU 2018 - 15 aligns the requirements for capitalizing implementation, setup and other upfront costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing such costs incurred to develop or obtain internal-use software. The ASU specifies which costs are to be expensed and which are to be capitalized, the period over which capitalized costs are to be amortized, the process for identifying and recognizing impairment and the proper presentation of such costs within the consolidated financial statements. ASU 2018 - 15 is effective for annual and interim periods beginning after December 15, 2019 and may be adopted either retrospectively or prospectively. The Company is currently evaluating its method of adoption as well as the expected impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments . ASU 2016 - 13 requires companies to recognize an allowance for expected lifetime credit losses through earnings concurrent with the recognition of a financial asset measured at amortized cost. The estimate of expected credit losses is required to be adjusted each reporting period over the life of the financial asset. The ASU is effective for annual and interim periods beginning after December 15, 2019 and requires a modified retrospective adoption approach. The Company does not expect ASU 2016 - 13 to have a material impact on its consolidated financial statements upon adoption, but it may have an impact in the future. |
Note 2 - Clearwave Acquisition
Note 2 - Clearwave Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 1,913 Accounts receivable 1,294 Prepaid and other current assets 311 Property, plant and equipment 120,472 Intangible assets 89,700 Other noncurrent assets 3,533 Total Assets Acquired $ 217,223 Liabilities Assumed Accounts payable and accrued liabilities $ 2,128 Deferred revenue 4,322 Deferred income taxes 30,104 Other noncurrent liabilities 5,057 Total Liabilities Assumed $ 41,611 Net assets acquired $ 175,612 Purchase price consideration 358,830 Goodwill recognized $ 183,218 |
Schedule of Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Preliminary F air Value Preliminary Useful Life (in years) Customer relationships $ 83,000 17 Trademark and trade name $ 6,700 Indefinite |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Residential Data $ 132,824 $ 122,471 $ 262,635 $ 242,330 Video 84,033 87,462 167,836 176,219 Voice 10,705 10,504 20,329 21,176 Business services 49,759 38,485 96,903 76,177 Advertising sales 4,750 5,916 9,479 11,158 Other 3,579 3,576 7,073 7,115 Total revenues $ 285,650 $ 268,414 $ 564,255 $ 534,175 |
Note 4 - Property, Plant and _2
Note 4 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2019 December 31, 2018 Cable distribution systems $ 1,593,313 $ 1,421,820 Customer premise equipment 227,278 220,571 Other equipment and fixtures 413,364 406,011 Buildings and leasehold improvements 103,520 100,625 Capitalized software 97,790 94,801 Construction in progress 75,536 69,163 Land 12,252 11,946 Right-of-use assets 5,358 - Property, plant and equipment, gross 2,528,411 2,324,937 Less accumulated depreciation (1,551,013 ) (1,476,958 ) Property, plant and equipment, net $ 977,398 $ 847,979 |
Note 5 - Goodwill and Intangi_2
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets [Table Text Block] | June 30, 2019 December 31, 2018 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 $ 2,891 $ 36 $ 2,927 $ 2,887 $ 40 Customer relationships 14 – 17 243,000 27,141 215,859 160,000 19,047 140,953 Trademark and trade name 2.7 1,300 1,056 244 1,300 813 487 Total Finite-Lived Intangible Assets $ 247,227 $ 31,088 $ 216,139 $ 164,227 $ 22,747 $ 141,480 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 $ 812,371 Trademark and trade name 6,700 - Total Indefinite-Lived Intangible Assets $ 819,071 $ 812,371 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2019 (remaining six months) $ 8,357 2020 16,319 2021 16,318 2022 16,315 2023 16,313 Thereafter 142,517 Total $ 216,139 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessee, Leases [Table Text Block] | June 30, 2019 ROU A ssets Property, plant and equipment, net: Finance leases $ 5,163 Other noncurrent assets: Operating leases $ 15,618 Lease L iabilities Accounts payable and accrued liabilities: Operating leases $ 4,214 Current portion of long-term debt: Finance leases $ 153 Long-term debt: Finance leases $ 3,187 Other noncurrent liabilities: Operating leases $ 11,231 Total: Finance leases $ 3,340 Operating leases $ 15,445 |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Finance lease expense: Amortization of ROU assets $ 101 $ 210 Interest on lease liabilities 64 132 Operating lease expense 1,284 2,462 Short-term lease expense 228 472 Variable lease expense 31 98 Total lease expense $ 1,708 $ 3,374 |
Supplemental Lessee Financial Information [Table Text Block] | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Finance leases - financing cash flows $ 399 $ 555 Finance leases - operating cash flows $ 64 $ 132 Operating leases - operating cash flows $ 1,331 $ 2,560 ROU assets obtained in exchange for new lease liabilities: Finance leases $ 524 $ 1,101 Operating leases (1) $ 2,100 $ 7,082 June 30, 2019 Weighted average remaining lease term: Finance leases (years) 13.5 Operating leases (years) 4.7 Weighted average discount rate: Finance leases 8.12 % Operating leases 5.07 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Finance Leases Operating Leases 2019 (remaining six months) $ 135 $ 2,553 2020 401 4,500 2021 412 3,384 2022 423 2,508 2023 429 2,191 Thereafter 3,705 2,272 Total 5,505 17,408 Less present value discount (2,165 ) (1,963 ) Lease liability $ 3,340 $ 15,445 |
Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Lease s 2019 $ 1,767 2020 1,219 2021 911 2022 398 2023 204 Thereafter 299 Total $ 4,798 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease income relating to lease payments $ 139 $ 258 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Year Ending December 31, Operating Leases 2019 (remaining six months) $ 312 2020 411 2021 248 2022 45 2023 33 Thereafter 78 Total $ 1,127 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2019 December 31, 2018 Notes (as defined below) $ - $ 450,000 Senior Credit Facilities (as defined below) 1,314,375 730,000 Lease liabilities 3,340 251 Total debt 1,317,715 1,180,251 Less unamortized debt issuance costs (19,925 ) (17,570 ) Less current portion (17,153 ) (20,625 ) Total long-term debt $ 1,280,637 $ 1,142,056 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2019 (remaining six months) $ 8,500 2020 17,000 2021 20,125 2022 26,375 2023 35,750 Thereafter 1,206,625 Total $ 1,314,375 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2019 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 53,574 $ 53,574 Level 1 Commercial paper $ 30,007 $ 29,820 Level 2 Liabilities: Long-term debt, including current portion , excluding debt issuance costs : Senior Credit Facilities $ 1,314,375 $ 1,306,131 Level 2 Other noncurrent liabilities, including current portion: Interest rate swaps $ 83,672 $ 83,672 Level 2 |
Note 11 - Equity-based Compen_2
Note 11 - Equity-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2018 40,876 $ 610.88 Granted 12,001 $ 843.68 Forfeited (3,334 ) $ 691.57 Vested and issued (10,989 ) $ 487.83 Outstanding as of June 30, 2019 38,554 $ 711.44 Vested and unissued as of June 30, 2019 5,678 $ 527.85 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Grant Date Fair Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Granted 24,500 $ 832.36 $ 196.52 $ - 9.5 Exercised (13,420 ) $ 512.94 $ 111.54 Forfeited (979 ) $ 422.31 $ 87.22 Outstanding as of June 30, 2019 100,706 $ 625.41 $ 142.12 $ 54,943 7.8 Vested and exercisable as of June 30, 2019 23,099 $ 505.19 $ 109.01 $ 15,379 6.8 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | 2019 Expected volatility 21.79 % Risk-free interest rate 2.38 % Expected term (in years) 6.25 Expected dividend yield 0.96 % |
Note 13 - Net Income Per Comm_2
Note 13 - Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 36,395 $ 43,785 $ 75,134 $ 84,438 Denominator: Weighted average common shares outstanding - basic 5,673,669 5,687,095 5,673,893 5,694,774 Effect of dilutive equity-based awards (1) 56,569 35,774 49,403 37,860 Weighted average common shares outstanding - diluted 5,730,238 5,722,869 5,723,296 5,732,634 Net income per common share: Basic $ 6.41 $ 7.70 $ 13.24 $ 14.83 Diluted $ 6.35 $ 7.65 $ 13.13 $ 14.73 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) $ in Millions | Jan. 08, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019 | Jan. 01, 2019USD ($) |
Number of States in which Entity Operates | 21 | |||
Number of Customers | 818,579 | |||
Number of Reportable Segments | 1 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating and Finance Lease, Right-of-Use Asset | $ 14.9 | |||
Operating and Finance Lease, Liability | $ 13.3 | |||
Clearwave [Member] | ||||
Payments to Acquire Businesses, Gross | $ 358.8 | |||
Fidelity Communications Co. [Member] | Forecast [Member] | ||||
Payments to Acquire Businesses, Gross | $ 525.9 | |||
Data [Member] | ||||
Number of Customers | 681,762 | |||
Video [Member] | ||||
Number of Customers | 308,493 | |||
Voice [Member] | ||||
Number of Customers | 123,672 |
Note 2 - Clearwave Acquisitio_2
Note 2 - Clearwave Acquisition (Details Textual) - USD ($) $ in Thousands | Jan. 08, 2019 | May 01, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 355,347 | $ 355,347 | $ 355,347 | $ 172,129 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 285,650 | $ 268,414 | 564,255 | $ 534,175 | ||||
Net Income (Loss) Attributable to Parent, Total | 36,395 | 43,785 | 75,134 | 84,438 | ||||
Amortization of Intangible Assets, Total | 4,200 | $ 3,000 | 8,300 | $ 5,700 | ||||
Clearwave [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,800 | 12,900 | ||||||
Net Income (Loss) Attributable to Parent, Total | 1,200 | 2,200 | ||||||
Amortization of Intangible Assets, Total | 1,200 | $ 2,300 | ||||||
Customer Relationships [Member] | ||||||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 0 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | 900 | 6,100 | ||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | ||||||||
Debt Instrument, Term | 7 years | 7 years | ||||||
Clearwave [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 358,800 | |||||||
Goodwill, Ending Balance | $ 183,218 | |||||||
Clearwave [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 100 | $ 3,400 |
Note 2 - Clearwave Acquisitio_3
Note 2 - Clearwave Acquisition - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 08, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 355,347 | $ 172,129 | |
Clearwave [Member] | |||
Cash and cash equivalents | $ 1,913 | ||
Accounts receivable | 1,294 | ||
Prepaid and other current assets | 311 | ||
Property, plant and equipment | 120,472 | ||
Intangible assets | 89,700 | ||
Other noncurrent assets | 3,533 | ||
Total Assets Acquired | 217,223 | ||
Accounts payable and accrued liabilities | 2,128 | ||
Deferred revenue | 4,322 | ||
Deferred income taxes | 30,104 | ||
Other noncurrent liabilities | 5,057 | ||
Total Liabilities Assumed | 41,611 | ||
Net assets acquired | 175,612 | ||
Purchase price consideration | 358,830 | ||
Goodwill, Ending Balance | $ 183,218 |
Note 2 - Clearwave Acquisitio_4
Note 2 - Clearwave Acquisition - Identifiable Intangible Assets Acquired (Details) - Clearwave [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Trademarks and Trade Names [Member] | |
Trademark and trade name, fair value | $ 6.7 |
Customer Relationships [Member] | |
Customer relationships, fair value | $ 83 |
Customer relationships, useful life (Year) | 17 years |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 285,650 | $ 268,414 | $ 564,255 | $ 534,175 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 29,900 | 29,900 | $ 29,800 | ||
Capitalized Contract Cost, Net, Total | 8,000 | 8,000 | 7,800 | ||
Contract with Customer, Liability, Current | 23,078 | 23,078 | 18,954 | ||
Contract with Customer, Liability, Revenue Recognized | 19,000 | ||||
Prepaid Expenses and Other Current Assets [Member] | |||||
Capitalized Contract Cost, Net, Current | $ 3,100 | $ 3,100 | |||
Capitalized Contract Cost, Amortization Period | 12 months | 12 months | |||
Other Noncurrent Liabilities [Member] | |||||
Contract with Customer, Liability, Noncurrent | $ 4,800 | $ 4,800 | $ 2,800 | ||
Selling, General and Administrative Expenses [Member] | |||||
Capitalized Contract Cost, Amortization | 900 | 900 | 1,900 | 1,700 | |
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,900 | $ 4,100 | $ 10,000 | $ 8,200 |
Note 3 - Revenues - Revenues by
Note 3 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 285,650 | $ 268,414 | $ 564,255 | $ 534,175 |
Data [Member] | ||||
Revenues | 132,824 | 122,471 | 262,635 | 242,330 |
Video [Member] | ||||
Revenues | 84,033 | 87,462 | 167,836 | 176,219 |
Voice [Member] | ||||
Revenues | 10,705 | 10,504 | 20,329 | 21,176 |
Business Services [Member] | ||||
Revenues | 49,759 | 38,485 | 96,903 | 76,177 |
Advertising [Member] | ||||
Revenues | 4,750 | 5,916 | 9,479 | 11,158 |
Product and Service, Other [Member] | ||||
Revenues | $ 3,579 | $ 3,576 | $ 7,073 | $ 7,115 |
Note 4 - Property, Plant and _3
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Depreciation, Total | $ 50.6 | $ 46 | $ 100.3 | $ 92.1 | ||
Other Noncurrent Assets [Member] | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 4.6 | |||||
Headquarters Building and Adjoining Property [Member] | ||||||
Proceeds from Sale of Property Held-for-sale | $ 6.3 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1.6 |
Note 4 - Property, Plant and _4
Note 4 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 2,528,411,000 | $ 2,324,937,000 |
Less accumulated depreciation | (1,551,013,000) | (1,476,958,000) |
Property, plant and equipment, net | 977,398,000 | 847,979,000 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,593,313,000 | 1,421,820,000 |
Equipment [Member] | ||
Property, plant and equipment, gross | 227,278,000 | 220,571,000 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 413,364,000 | 406,011,000 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 103,520,000 | 100,625,000 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 97,790,000 | 94,801,000 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 75,536,000 | 69,163,000 |
Land [Member] | ||
Property, plant and equipment, gross | 12,252,000 | 11,946,000 |
Leaseholds and Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | $ 5,358,000 | $ 0 |
Note 5 - Goodwill and Intangi_3
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 355,347 | $ 355,347 | $ 172,129 | ||
Goodwill, Impairment Loss | 0 | ||||
Amortization of Intangible Assets, Total | $ 4,200 | $ 3,000 | $ 8,300 | $ 5,700 |
Note 5 - Goodwill and Intangi_4
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Gross carrying amount, amortized intangible assets | $ 247,227,000 | $ 164,227,000 |
Accumulated amortization | 31,088,000 | 22,747,000 |
Net carrying amount | 216,139,000 | 141,480,000 |
Gross carrying amount, indefinite-lived intangible assets | 819,071,000 | 812,371,000 |
Franchise Rights [Member] | ||
Gross carrying amount, indefinite-lived intangible assets | 812,371,000 | 812,371,000 |
Trademarks and Trade Names 1 [Member] | ||
Gross carrying amount, indefinite-lived intangible assets | 6,700,000 | 0 |
Use Rights [Member] | ||
Gross carrying amount, amortized intangible assets | 2,927,000 | 2,927,000 |
Accumulated amortization | 2,891,000 | 2,887,000 |
Net carrying amount | $ 36,000 | 40,000 |
Use Rights [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Use Rights [Member] | Maximum [Member] | ||
Useful life (Year) | 25 years | |
Customer Relationships [Member] | ||
Gross carrying amount, amortized intangible assets | $ 243,000,000 | 160,000,000 |
Accumulated amortization | 27,141,000 | 19,047,000 |
Net carrying amount | $ 215,859,000 | 140,953,000 |
Customer Relationships [Member] | Minimum [Member] | ||
Useful life (Year) | 14 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Useful life (Year) | 17 years | |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 2 years 8 months 12 days | |
Gross carrying amount, amortized intangible assets | $ 1,300,000 | 1,300,000 |
Accumulated amortization | 1,056,000 | 813,000 |
Net carrying amount | $ 244,000 | $ 487,000 |
Note 5 - Goodwill and Intangi_5
Note 5 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 (remaining six months) | $ 8,357 | |
2020 | 16,319 | |
2021 | 16,318 | |
2022 | 16,315 | |
2023 | 16,313 | |
Thereafter | 142,517 | |
Total | $ 216,139 | $ 141,480 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Operating Lease, Right-of-Use Asset | $ 15,618 | $ 15,618 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 500 | 500 |
Lessor, Operating Lease, Payments to Be Received, After Twelve Months | 600 | 600 |
Clearwave [Member] | ||
Operating Lease, Right-of-Use Asset | $ 3,300 | $ 3,300 |
Minimum [Member] | ||
Lessee, Operating and Finance Lease, Remaining Term of Contract | 1 year | |
Lessor, Operating and Finance Lease, Remaining Term of Contract | 1 year | |
Lessor, Operating and Finance Lease, Period of Option to Terminate | 1 year | |
Maximum [Member] | ||
Lessee, Operating and Finance Lease, Remaining Term of Contract | 24 years | |
Lessee, Operating and Finance Lease, Renewal Term | 15 years | |
Lessor, Operating and Finance Lease, Remaining Term of Contract | 8 years | |
Lessor, Operating and Finance Lease, Renewal Term | 5 years |
Note 6 - Leases - ROU Assets an
Note 6 - Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finance leases, property, plant and equipment, net | $ 5,163 | |
Operating leases, other noncurrent assets | 15,618 | |
Operating leases, accounts payable and accrued liabilities | 4,214 | |
Finance leases, current portion of long-term debt | 153 | |
Finance leases, long-term debt | 3,187 | |
Operating leases, noncurrent liabilities | 11,231 | |
Finance Leases, Lease liability | 3,340 | $ 251 |
Operating leases, total | $ 15,445 |
Note 6 - Leases - Components of
Note 6 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Amortization of ROU assets | $ 101 | $ 210 |
Interest on lease liabilities | 64 | 132 |
Operating lease expense | 1,284 | 2,462 |
Short-term lease expense | 228 | 472 |
Variable lease expense | 31 | 98 |
Total lease expense | $ 1,708 | $ 3,374 |
Note 6 - Leases - Supplemental
Note 6 - Leases - Supplemental Lessee Financial Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |||
Finance leases - financing cash flows | $ 399 | $ 555 | ||
Finance leases - operating cash flows | 64 | 132 | ||
Operating leases - operating cash flows | 1,331 | 2,560 | ||
Finance leases, ROU assets obtained in exchange for new lease liabilities | 524 | 1,101 | ||
Operating leases, ROU assets obtained in exchange for new lease liabilities (1) | $ 2,100 | [1] | $ 7,082 | [1] |
Finance leases, weighted average remaining lease term (years) (Year) | 13 years 6 months | 13 years 6 months | ||
Operating leases, weighted average remaining lease term (years) (Year) | 4 years 8 months 12 days | 4 years 8 months 12 days | ||
Finance leases, discount rate | 8.12% | 8.12% | ||
Operating leases, discount rate | 5.07% | 5.07% | ||
[1] | Includes $3.3 million ROU assets acquired in the Clearwave transaction. |
Note 6 - Leases - Future Maturi
Note 6 - Leases - Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finance Leases, 2019 (remaining nine months) | $ 135 | |
Operating Leases, 2019 (remaining nine months) | 2,553 | |
Finance Leases, 2020 | 401 | |
Operating Leases, 2020 | 4,500 | |
Finance Leases, 2021 | 412 | |
Operating Leases, 2021 | 3,384 | |
Finance Leases, 2022 | 423 | |
Operating Leases, 2022 | 2,508 | |
Finance Leases, 2023 | 429 | |
Operating Leases, 2023 | 2,191 | |
Finance Leases, Thereafter | 3,705 | |
Operating Leases, Thereafter | 2,272 | |
Finance Leases, Total | 5,505 | |
Operating Leases, Total | 17,408 | |
Finance Leases, Less present value discount | (2,165) | |
Operating Leases, Less present value discount | (1,963) | |
Finance Leases, Lease liability | 3,340 | $ 251 |
Operating Leases, Lease liability | $ 15,445 |
Note 6 - Leases - Operating Lea
Note 6 - Leases - Operating Lease Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 1,767 |
2020 | 1,219 |
2021 | 911 |
2022 | 398 |
2023 | 204 |
Thereafter | 299 |
Total | $ 4,798 |
Note 6 - Leases - Lease Income
Note 6 - Leases - Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease income relating to lease payments | $ 139 | $ 258 |
Note 6 - Leases - Future Matu_2
Note 6 - Leases - Future Maturities of Lease Receivables (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 (remaining six months) | $ 312 |
2020 | 411 |
2021 | 248 |
2022 | 45 |
2023 | 33 |
Thereafter | 78 |
Total | $ 1,127 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | Jun. 15, 2019USD ($) | Jun. 14, 2019 | May 08, 2019USD ($) | Apr. 12, 2019USD ($) | Jan. 08, 2019 | Jan. 07, 2019 | May 01, 2017USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Apr. 22, 2018 | Jun. 30, 2020 | Dec. 31, 2018USD ($) | Jun. 17, 2015USD ($) |
Repayments of Long-term Debt, Total | $ 691,180,000 | $ 5,633,000 | ||||||||||||||
Write off of Deferred Debt Issuance Cost | 4,207,000 | 110,000 | ||||||||||||||
Payments of Debt Issuance Costs | 11,671,000 | 2,131,000 | ||||||||||||||
Amortization of Debt Issuance Costs | $ 1,300,000 | $ 1,000,000 | 2,409,000 | $ 2,012,000 | ||||||||||||
Debt Issuance Costs, Net, Total Reductions to Debt and Other, Noncurrent | 22,600,000 | 22,600,000 | $ 17,600,000 | |||||||||||||
Debt Issuance Costs, Net, Total | 19,925,000 | 19,925,000 | 17,570,000 | |||||||||||||
Other Noncurrent Assets [Member] | ||||||||||||||||
Debt Issuance Costs, Net, Total | $ 2,700,000 | 2,700,000 | $ 0 | |||||||||||||
Secured Debt [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 750,000,000 | |||||||||||||||
Optional Additional Available Credit Facilities | $ 600,000,000 | |||||||||||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 3 | |||||||||||||||
Payments of Debt Issuance Costs | 12,400,000 | |||||||||||||||
Deferred Finance Costs, Capitalized | $ 11,700,000 | |||||||||||||||
Secured Debt [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.91% | 3.91% | ||||||||||||||
Secured Debt [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.41% | 4.41% | ||||||||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 250,000,000 | |||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||||
Debt Instrument, Term | 7 years | 7 years | ||||||||||||||
Long-term Debt, Gross | $ 490,000,000 | $ 490,000,000 | ||||||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | Base Rate [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | Base Rate [Member] | Forecast [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | ||||||||||||||||
Long-term Debt, Gross | 249,400,000 | 249,400,000 | ||||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | ||||||||||||||||
Long-term Debt, Gross | 325,000,000 | 325,000,000 | ||||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | Base Rate [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||
Secured Debt [Member] | New Term Loan A [ Member] | ||||||||||||||||
Long-term Debt, Gross | 250,000,000 | 250,000,000 | ||||||||||||||
Secured Debt [Member] | New Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||
Secured Debt [Member] | New Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||||
Secured Debt [Member] | New Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||||||
Secured Debt [Member] | New Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||||||
Secured Debt [Member] | JPMorgan Chase Bank [Member] | New Term Loan A [ Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 250,000,000 | |||||||||||||||
Debt Instrument, Percentage of Original Principal Amount, Amortized, Next Twelve Month | 2.50% | |||||||||||||||
Debt Instrument, Percentage of Original Principal Amount, Amortized, Year Two | 2.50% | |||||||||||||||
Debt Instrument, Percentage of Original Principal Amount, Amortized, Year Three | 5.00% | |||||||||||||||
Debt Instrument, Percentage of Original Principal Amount, Amortized, Year Four | 7.50% | |||||||||||||||
Debt Instrument, Percentage of Original Principal Amount, Amortized, Year Five | 12.50% | |||||||||||||||
Secured Debt [Member] | JPMorgan Chase Bank [Member] | Delayed Draw Term Loan A [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 450,000,000 | |||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Fee Percentage | 0.30% | |||||||||||||||
Secured Debt [Member] | JPMorgan Chase Bank [Member] | New Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000,000 | |||||||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-2 Loan [Member] | ||||||||||||||||
Debt Instrument, Term | 7 years | |||||||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-3 Loan [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 325,000,000 | |||||||||||||||
Debt Instrument, Amortization Percent on a Annual Basis | 1.00% | |||||||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-3 Loan [Member] | Base Rate [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||
Senior Unsecured Notes Due 2022 [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 450,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||||||
Repayments of Long-term Debt, Total | $ 450,000,000 | |||||||||||||||
Debt Instrument, Prepayment Penalty | 6,500,000 | |||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 3,800,000 | |||||||||||||||
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 | $ 200,000,000 | |||||||||||||||
Senior Credit Facilities Due 2020 [Member] | Line of Credit [Member] | JPMorgan Chase Bank [Member] | ||||||||||||||||
Letters of Credit Outstanding, Amount | 5,500,000 | 5,500,000 | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 344,500,000 | $ 344,500,000 |
Note 7 - Debt - Schedule of Lon
Note 7 - Debt - Schedule of Long-term Debt (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Lease liabilities | $ 3,340,000 | $ 251,000 |
Total debt | 1,317,715,000 | 1,180,251,000 |
Less unamortized debt issuance costs | (19,925,000) | (17,570,000) |
Less current portion | (17,153,000) | (20,625,000) |
Total long-term debt | 1,280,637,000 | 1,142,056,000 |
Senior Unsecured Notes Due 2022 [Member] | ||
Notes (as defined below) | 0 | 450,000,000 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Senior Credit Facilities (as defined below) | $ 1,314,375,000 | $ 730,000,000 |
Note 7 - Debt - Future Maturiti
Note 7 - Debt - Future Maturities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 (remaining six months) | $ 8,500 |
2020 | 17,000 |
2021 | 20,125 |
2022 | 26,375 |
2023 | 35,750 |
Thereafter | 1,206,625 |
Total | $ 1,314,375 |
Note 8 - Interest Rate Swaps (D
Note 8 - Interest Rate Swaps (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Derivative Liability, Total | $ 83.7 | $ 83.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Parent, Total | (45.1) | (83.7) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | (34) | (63) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 7 | 7 |
Interest Expense [Member] | ||
Settlement of Swap Payments | 0.4 | 0.5 |
First Interest Rate Swap Agreement [Member] | Cash Flow Hedging [Member] | ||
Derivative, Notional Amount | $ 850 | $ 850 |
Derivative, Fixed Interest Rate | 2.653% | 2.653% |
Second Interest Rate Swap Agreement [Member] | Cash Flow Hedging [Member] | ||
Derivative, Notional Amount | $ 350 | $ 350 |
Derivative, Fixed Interest Rate | 2.739% | 2.739% |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Compensation Liability, Current and Noncurrent, Total | $ 2.5 | $ 3 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Interest rate swaps | $ 83,700 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 1,314,375 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Derivative Financial Instruments, Liabilities [Member] | |
Interest rate swaps | 83,672 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 1,306,131 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Derivative Financial Instruments, Liabilities [Member] | |
Interest rate swaps | 83,672 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 53,574 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | 53,574 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 30,007 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 29,820 |
Note 10 - Treasury Stock (Detai
Note 10 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 48 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | 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 | 0 | 210,631 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 20,261 | $ 5,073 | $ 22,556 | $ 104,900 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 200 | $ 2,764 | $ 7,201 | ||||
Treasury Stock, Shares, Ending Balance | 181,087 | 181,087 | 181,087 | 184,497 | |||
Common Stock [Member] | |||||||
Treasury Stock, Shares, Acquired | 5,984 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 13 | 3,323 |
Note 11 - Equity-based Compen_3
Note 11 - Equity-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2.7 | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $ 3.6 | 3.6 | ||
Restricted Stock and Restricted Stock Units [Member] | ||||
Share-based Payment Arrangement, Expense | 1.9 | $ 1.6 | 3.7 | $ 3 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 12.9 | $ 12.9 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Payment Arrangement, Expense | 1.2 | 0.9 | $ 2.4 | 1.8 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 8.6 | $ 8.6 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expense | $ 3.1 | $ 2.5 | $ 6.1 | $ 4.8 |
The 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 185,696 | 185,696 |
Note 11 - Equity-based Compen_4
Note 11 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unvested, restricted stock (in shares) | 38,554 | 40,876 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 711.44 | $ 610.88 |
Granted, restricted stock (in shares) | 12,001 | |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 843.68 | |
Forfeited, restricted stock (in shares) | (3,334) | |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ 691.57 | |
Vested and issued, restricted stock (in shares) | (10,989) | |
Vested and issued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 487.83 | |
Vested and unissued, restricted stock (in shares) | 5,678 | |
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 527.85 |
Note 11 - Equity-based Compen_5
Note 11 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Outstanding, stock appreciation rights (in shares) | 100,706 | 90,605 |
Outstanding, weighted average exercise price (in dollars per share) | $ 625.41 | $ 550.60 |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 142.12 | $ 122.29 |
Outstanding, aggregate intrinsic value | $ 54,943 | $ 24,673 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 9 months 18 days | 7 years 2 months 12 days |
Granted, stock appreciation rights (in shares) | 24,500 | |
Granted, weighted average exercise price (in dollars per share) | $ 832.36 | |
Granted, weighted average fair value (in dollars per share) | $ 196.52 | |
Weighted average remaining contractual term, granted (Year) | 9 years 6 months | |
Exercised, stock appreciation rights (in shares) | (13,420) | |
Exercised, weighted average exercise price (in dollars per share) | $ 512.94 | |
Exercised, weighted average fair value (in dollars per share) | $ 111.54 | |
Forfeited, stock appreciation rights (in shares) | (979) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 422.31 | |
Forfeited, weighted average fair value (in dollars per share) | $ 87.22 | |
Vested and exercisable, stock appreciation rights (in shares) | 23,099 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 505.19 | |
Vested and exercisable, weighted average fair value (in dollars per share) | $ 109.01 | |
Vested and exercisable, aggregate intrinsic value | $ 15,379 | |
Weighted average remaining contractual term, vested and exercisable (Year) | 6 years 9 months 18 days |
Note 11 - Equity-based Compen_6
Note 11 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Expected volatility | 21.79% |
Risk-free interest rate | 2.38% |
Expected term (Year) | 6 years 3 months |
Expected dividend yield | 0.96% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.80% | 22.60% | 22.80% | 21.20% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 1.7 | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 1.2 | $ 2.1 |
Note 13 - Net Income Per Comm_3
Note 13 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 87 | 5,176 | 3,895 | 5,435 |
Note 13 - Net Income Per Comm_4
Note 13 - Net Income Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income | $ 36,395 | $ 43,785 | $ 75,134 | $ 84,438 | |
Basic (in shares) | 5,673,669 | 5,687,095 | 5,673,893 | 5,694,774 | |
Effect of dilutive equity-based awards (1) (in shares) | [1] | 56,569 | 35,774 | 49,403 | 37,860 |
Diluted (in shares) | 5,730,238 | 5,722,869 | 5,723,296 | 5,732,634 | |
Basic (in dollars per share) | $ 6.41 | $ 7.70 | $ 13.24 | $ 14.83 | |
Diluted (in dollars per share) | $ 6.35 | $ 7.65 | $ 13.13 | $ 14.73 | |
[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 87 and 5,176 for the three months ended June 30, 2019 and 2018, respectively, and 3,895 and 5,435 for the six months ended June 30, 2019 and 2018, respectively. |