Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001632127 | ||
Entity Registrant Name | CABLE ONE, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
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, par value $0.01 | ||
Trading Symbol | CABO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,700,000,000 | ||
Entity Common Stock, Shares Outstanding | 6,059,689 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Phoenix, Arizona | ||
Auditor Firm ID | 238 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 388,802 | $ 574,909 |
Accounts receivable, net | 56,253 | 38,768 |
Income taxes receivable | 24,193 | 41,245 |
Prepaid and other current assets | 31,705 | 17,891 |
Total Current Assets | 500,953 | 672,813 |
Equity investments | 727,565 | 807,781 |
Property, plant and equipment, net | 1,854,104 | 1,265,460 |
Total intangible assets, net | 2,861,137 | 1,278,198 |
Goodwill | 967,913 | 430,543 |
Other noncurrent assets | 42,322 | 33,543 |
Total Assets | 6,953,994 | 4,488,338 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 203,387 | 174,139 |
Deferred revenue | 26,851 | 21,051 |
Current portion of long-term debt | 38,837 | 26,392 |
Total Current Liabilities | 269,075 | 221,582 |
Long-term debt | 3,799,500 | 2,148,798 |
Deferred income taxes | 854,156 | 366,675 |
Interest rate swap liability | 81,627 | 155,357 |
Other noncurrent liabilities | 156,541 | 100,627 |
Total Liabilities | 5,160,899 | 2,993,039 |
Commitments and contingencies (refer to note 18) | ||
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; 6,175,399 shares issued; and 6,046,362 and 6,027,704 shares outstanding as of December 31, 2021 and 2020, respectively) | 62 | 62 |
Additional paid-in capital | 555,640 | 535,586 |
Retained earnings | 1,456,543 | 1,228,172 |
Accumulated other comprehensive loss | (82,795) | (140,683) |
Treasury stock, at cost (129,037 and 147,695 shares held as of December 31, 2021 and 2020, respectively) | (136,355) | (127,838) |
Total Stockholders' Equity | 1,793,095 | 1,495,299 |
Total Liabilities and Stockholders' Equity | $ 6,953,994 | $ 4,488,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 6,175,399 | 6,175,399 |
Common stock, shares outstanding (in shares) | 6,046,362 | 6,027,704 |
Treasury stock, shares (in shares) | 129,037 | 147,695 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 1,605,836 | $ 1,325,229 | $ 1,167,997 |
Costs and Expenses: | |||
Operating (excluding depreciation and amortization) | 455,352 | 418,704 | 388,552 |
Selling, general and administrative | 347,058 | 255,163 | 245,120 |
Depreciation and amortization | 339,025 | 265,658 | 216,687 |
(Gain) loss on asset sales and disposals, net | 7,829 | (1,072) | 7,187 |
Gain on sale of business | 0 | (82,574) | 0 |
Total Costs and Expenses | 1,149,264 | 855,879 | 857,546 |
Income from operations | 456,572 | 469,350 | 310,451 |
Interest expense | (113,449) | (73,607) | (71,729) |
Other income (expense), net | (6,002) | (16,411) | (4,907) |
Income before income taxes and equity method investment income (loss), net | 337,121 | 379,332 | 233,815 |
Income tax provision | 45,765 | 76,317 | 55,233 |
Income before equity method investment income (loss), net | 291,356 | 303,015 | 178,582 |
Equity method investment income (loss), net | 468 | 1,376 | 0 |
Net income | $ 291,824 | $ 304,391 | $ 178,582 |
Net income per common share: | |||
Basic (in dollars per share) | $ 48.49 | $ 51.73 | $ 31.45 |
Diluted (in dollars per share) | $ 46.49 | $ 51.27 | $ 31.12 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 6,017,778 | 5,884,780 | 5,678,990 |
Diluted (in shares) | 6,387,354 | 5,937,582 | 5,737,856 |
Unrealized gain (loss) on cash flow hedges and other, net of tax | $ 57,888 | $ (72,525) | $ (68,062) |
Comprehensive income | $ 349,712 | $ 231,866 | $ 110,520 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2018 | 5,703,402 | |||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ 8 | $ 0 | $ 0 | $ 8 | $ 59 | $ 38,898 | $ 850,292 | $ (96) | $ (113,795) | $ 775,358 |
Net income | 178,582 | 178,582 | ||||||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax | $ 0 | 0 | 0 | (68,062) | 0 | (68,062) | ||||||
Equity-based compensation | 12,300 | 12,300 | ||||||||||
Issuance of equity awards, net of forfeitures (in shares) | 21,480 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repurchases of common stock (in shares) | (5,984) | |||||||||||
Repurchases of common stock | $ 0 | 0 | 0 | 0 | (5,073) | $ (5,073) | ||||||
Withholding tax for equity awards (in shares) | (3,521) | (3,521) | ||||||||||
Withholding tax for equity awards | (3,017) | $ (3,017) | ||||||||||
Dividends paid to stockholders | (48,527) | (48,527) | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 5,715,377 | |||||||||||
Balance at Dec. 31, 2019 | $ 59 | 51,198 | 980,355 | (68,158) | (121,885) | 841,569 | ||||||
Net income | 0 | 0 | 304,391 | 0 | 0 | 304,391 | ||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax | 0 | 0 | 0 | (72,525) | 0 | (72,525) | ||||||
Equity-based compensation | $ 0 | 14,592 | 0 | 0 | 0 | 14,592 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 28,688 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Withholding tax for equity awards (in shares) | (3,861) | (3,861) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (5,953) | $ (5,953) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (56,574) | 0 | 0 | (56,574) | ||||||
Issuance of common stock (in shares) | 287,500 | |||||||||||
Issuance of common stock | $ 3 | 469,796 | 469,799 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 6,027,704 | |||||||||||
Balance at Dec. 31, 2020 | $ 62 | 535,586 | 1,228,172 | (140,683) | (127,838) | 1,495,299 | ||||||
Net income | 0 | 0 | 291,824 | 0 | 0 | 291,824 | ||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax | 57,888 | 57,888 | ||||||||||
Equity-based compensation | $ 0 | 20,054 | 0 | 0 | 0 | 20,054 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 22,569 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Repurchases of common stock (in shares) | 0 | |||||||||||
Withholding tax for equity awards (in shares) | (3,911) | (3,911) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (8,517) | $ (8,517) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (63,453) | 0 | 0 | (63,453) | ||||||
Balance (in shares) at Dec. 31, 2021 | 6,046,362 | |||||||||||
Balance at Dec. 31, 2021 | $ 62 | $ 555,640 | $ 1,456,543 | $ (82,795) | $ (136,355) | $ 1,793,095 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings [Member] | |||
Dividends, per share (in dollars per share) | $ 9.50 | $ 8.50 | |
Dividends, per share (in dollars per share) | $ 10.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 291,824 | $ 304,391 | $ 178,582 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 339,025 | 265,658 | 216,687 |
Non-cash interest expense | 9,157 | 4,305 | 4,646 |
Equity-based compensation | 20,054 | 14,592 | 12,300 |
Write-off of debt issuance costs | 2,131 | 6,181 | 4,210 |
Change in deferred income taxes | 28,993 | 87,182 | 50,011 |
(Gain) loss on asset sales and disposals, net | 7,829 | (1,072) | 7,187 |
Gain on sale of business | 0 | (82,574) | 0 |
Equity method investment (income) loss, net | (468) | (1,376) | 0 |
Fair value adjustments | 48,027 | 17,510 | 0 |
Gain on step acquisition | (33,406) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 1,884 | 139 | (3,520) |
Income taxes receivable | 17,772 | (39,099) | 8,567 |
Prepaid and other current assets | (5,595) | (2,189) | (462) |
Account payable and accrued liabilities | (23,184) | 11,781 | 16,452 |
Deferred revenue | 2,543 | (2,961) | (1,432) |
Other | (2,245) | (8,097) | (1,487) |
Net cash provided by operating activities | 704,341 | 574,371 | 491,741 |
Cash flows from investing activities: | |||
Purchase of businesses, net of cash acquired | (2,065,982) | (38,296) | (883,440) |
Purchase of equity investments | (95,800) | (612,124) | 0 |
Dividends received | 68,706 | 0 | 0 |
Proceeds from sale of equity investment | 5,325 | 0 | 0 |
Capital expenditures | (391,934) | (293,229) | (262,352) |
Change in accrued expenses related to capital expenditures | 7,407 | (9,288) | 4,511 |
Purchase of wireless licenses | 0 | (1,418) | 0 |
Proceeds from sales of property, plant and equipment | 708 | 730 | 7,039 |
Issuance of note and other receivables | 0 | (7,288) | 0 |
Settlement of note and other receivables | 0 | 6,000 | 0 |
Net cash used in investing activities | (2,471,570) | (954,913) | (1,134,242) |
Cash flows from financing activities: | |||
Proceeds from equity issuance | 0 | 488,750 | 0 |
Proceeds from long-term debt borrowings | 1,695,850 | 1,050,000 | 1,275,000 |
Payment of equity issuance costs | 0 | (18,951) | 0 |
Payment of debt issuance costs | (13,742) | (15,064) | (11,844) |
Payments on long-term debt | (30,501) | (612,028) | (702,880) |
Repurchases of common stock | 0 | 0 | (5,073) |
Payment of withholding tax for equity awards | (8,517) | (5,953) | (3,017) |
Dividends paid to stockholders | (63,453) | (56,574) | (48,527) |
Deposits received for asset construction | 1,485 | 0 | 0 |
Net cash provided by financing activities | 1,581,122 | 830,180 | 503,659 |
Increase (decrease) in cash and cash equivalents | (186,107) | 449,638 | (138,842) |
Cash and cash equivalents, beginning of period | 574,909 | 125,271 | 264,113 |
Cash and cash equivalents, end of period | 388,802 | 574,909 | 125,271 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of capitalized interest | 102,891 | 65,007 | 67,907 |
Cash paid for income taxes, net of refunds received | $ (1,243) | $ 28,230 | $ (3,585) |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESCRIPTION OF BUSINESS Cable One, Inc., together with its wholly owned subsidiaries (collectively, “Cable One” or the “Company”), is a fully integrated provider of data, video and voice services to residential and business subscribers in 24 Western, Midwestern and Southern U.S. states. At the end of 2021 On January 8, 2019, October 1, 2019, July 1, 2020, 3 On October 1, 2020, May 3, 2021, not 3 6 On December 30, 2021, 3 The Company also made various strategic equity investments during 2020 2021. 6 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. December 31, 2021, 2020 2019 may not Principles of Consolidation. Segment Reporting. 280 Segment Reporting Use of Estimates. may Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of accounting for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally, performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third tely five Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the consolidated statements of operations and comprehensive income. Concentrations of Credit Risk. Programming Costs. Advertising Costs 2021 2020 2019 Cash Equivalents three Allowance for Credit Losses. may Fair Value Measurements. three 1 2 3 may For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured using significant unobservable inputs are valued using various valuation techniques, including Monte Carlo simulations. The Company measures certain assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. Equity Investments. not Equity investments that do provide the Company with the ability to exert significant influence over the operating or financial decisions of the investee are accounted for under the equity method. The equity method requires the initial fair value of the investment to be recorded as an asset within the consolidated balance sheet. Based on its ownership percentage, the Company then recognizes its proportionate share of the investee’s net income (loss) each period within equity method investment income (loss) in the consolidated statement of operations and comprehensive income and a corresponding increase (decrease) to the investment’s carrying value within the consolidated balance sheet. As permitted by GAAP, the Company elected to recognize its proportionate share of such net income (loss) for each of its equity method investments on a one For each of the Company’s equity investments that have readily determinable fair values, the Company assesses each investment for indicators of impairment on a quarterly basis based primarily on the investee’s most recently available financial and operating information. If it is determined that the fair value of an investment has fallen below its carrying value, the carrying value is adjusted down to fair value and an impairment loss equal to the amount of the adjustment is recognized within the period’s statement of operations and comprehensive income. Property, Plant and Equipment. Cable distribution systems 5 25 Customer premise equipment 3 5 Other equipment and fixtures 3 10 Buildings and improvements 10 20 Capitalized software 3 7 Right-of-use (“ROU”) assets 1 5 The costs of leasehold improvements are amortized over the lesser of their useful lives or the remaining terms of the respective leases. Costs associated with the installation and upgrade of services and acquiring and deploying of customer premise equipment, including materials, internal and external labor costs and related indirect and overhead costs, are capitalized. Capitalized labor costs include the direct costs of engineers and technical personnel involved in the design and implementation of plant and infrastructure; the costs of technicians involved in the installation and upgrades of services and customer premise equipment; and the costs of support personnel directly involved in capitalizable activities, such as project managers and supervisors. These costs are capitalized based on internally developed standards by position, which are updated annually (or more frequently if required). These standards are developed utilizing a combination of actual costs incurred where applicable, survey information, operational data and management judgment. Overhead costs are capitalized based on standards developed from historical information. Indirect and overhead costs include payroll taxes; insurance and other benefits; and vehicle, tool and supply expense related to installation activities. Costs for repairs and maintenance, disconnecting service or reconnecting service are expensed as incurred. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use, on-premises and cloud-based software, including costs associated with coding, software configuration, upgrades and enhancements. Evaluation of Long-Lived Assets. may not not Finite-Lived Intangible Assets. Indefinite-Lived Intangible Assets. The Company has identified a single unit of accounting for its franchise agreements for use in impairment assessments based on the Company’s current operations and use of its assets. The Company assesses the recoverability of its indefinite-lived intangible assets as of October 1st may first not not not Goodwill. not October 1st may The Company tests goodwill for impairment at the reporting unit level, for which it has identified a single goodwill reporting unit based on the chief operating decision maker’s performance monitoring and resource allocation process and the similarity of its geographic divisions. The assessment of recoverability may first not not not Insurance. may Equity-Based Compensation. Income Taxes. The Company records deferred tax assets to the extent that it believes these assets will more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not Asset Retirement Obligations. not not Business Combination Purchase Price Allocation . 805 Business Combinations 805” Recently Adopted Accounting Pronouncements. August 2020, No. 2020 06, Debt-Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 s Own Equity 2020 06 2020 06 January 1, 2021 10 first 2021 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 may 2019 12 January 1, 2021 not Recently Issued But Not November 2021, No. 2021 10, Government Assistance (Topic 832 2021 10 may December 31, 2022. In October 2021, 2021 08, Business Combinations (Topic 805 2021 08 606 December 15, 2022, In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 |
Note 3 - Acquisitions
Note 3 - Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. ACQUISITIONS The Company accounts for certain acquisitions as business combinations pursuant to ASC 805. 805, no one Customer relationships and franchise agreements acquired in acquisitions are valued using the MPEEM of the income approach. Significant assumptions used in the valuations include projected revenue growth rates, customer attrition rates, future EBITDA margins, future capital expenditures, synergies and appropriate discount rates. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets that do not not Goodwill Balance at December 31, 2019 $ 429,597 Valu-Net acquisition goodwill recognized 5,279 Anniston Exchange goodwill disposed (4,333 ) Balance at December 31, 2020 $ 430,543 Hargray Acquisition goodwill recognized 511,817 CableAmerica acquisition goodwill recognized 25,553 Balance at December 31, 2021 $ 967,913 Acquisition costs incurred by the Company are not 2021 2020 2019 The following acquisitions occurred during the periods presented: CableAmerica. December 30, 2021, Acquired identifiable intangible assets associated with the CableAmerica acquisition consisted of the following (dollars in thousands): Useful Life Fair Value (in years) Customer relationships $ 15,400 14.0 Trademark and trade name $ 500 3.0 Franchise agreements $ 49,600 Indefinite No Hargray. May 3, 2021, not The following table summarizes the allocation of the Hargray purchase price consideration as of the acquisition date, reflecting immaterial measurement period adjustments (in thousands): Preliminary Purchase Measurement Preliminary Purchase Price Allocation Period Adjustments Price Allocation Assets Acquired Cash and cash equivalents $ 17,652 $ - $ 17,652 Accounts receivable 17,991 (62 ) 17,929 Income taxes receivable - 720 720 Prepaid and other current assets 8,006 - 8,006 Property, plant and equipment 457,158 (525 ) 456,633 Intangible assets 1,592,000 - 1,592,000 Other noncurrent assets 4,636 2,940 7,576 Total Assets Acquired 2,097,443 3,073 2,100,516 Liabilities Assumed Accounts payable and accrued liabilities 36,457 1,770 38,227 Deferred revenue (short-term portion) 8,462 - 8,462 Current portion of long-term debt 1,375 (1,375 ) - Long-term debt 2,912 (2,912 ) - Deferred income taxes 437,725 923 438,648 Other noncurrent liabilities 6,974 2,912 9,886 Total Liabilities Assumed 493,905 1,318 495,223 Net assets acquired 1,603,538 1,755 1,605,293 Purchase price consideration (1) 2,117,866 (756 ) 2,117,110 Goodwill recognized $ 514,328 $ (2,511 ) $ 511,817 ( 1 Consists of approximately $2.0 billion of cash for the additional approximately 85% equity interest in Hargray that the Company did not May 3, 2021 Acquired identifiable intangible assets associated with the Hargray Acquisition consist of the following (dollars in thousands): Useful Life Fair Value (in years) Customer relationships $ 472,000 13.7 Trademark and trade name $ 10,000 4.2 Franchise agreements $ 1,110,000 Indefinite No 13.5 The Hargray Acquisition resulted in the recognition of $511.8 million of goodwill, which is not For the year ended December 31, 2021, May 3, 2021, The following unaudited pro forma combined results of operations information has been prepared as if the Hargray Acquisition had occurred on January 1, 2020 ( (Unaudited) Year Ended December 31, 2021 2020 Revenues $ 1,708,734 $ 1,584,384 Net income $ 230,685 $ 273,483 Net income per common share: Basic $ 38.33 $ 46.47 Diluted $ 36.51 $ 44.11 The unaudited pro forma combined results of operations information reflects the following pro forma adjustments (dollars in thousands): (Unaudited) Year Ended December 31, 2021 2020 Depreciation and amortization $ (6,152 ) $ (14,866 ) Interest expense $ (2,804 ) $ (21,001 ) Acquisition costs $ (15,403 ) $ - Gain on step acquisition $ (33,400 ) $ - Income tax provision $ 33,577 $ 8,967 Weighted average common shares outstanding - diluted 71,219 404,248 The unaudited pro forma combined results of operations information is provided for informational purposes only and is not January 1, 2020 may Valu-Net. July 1, 2020, Acquired identifiable intangible assets associated with the Valu-Net acquisition consisted of the following (dollars in thousands): Fair Value Useful Life (in years) Customer relationships $ 7,700 13.5 Trademark and trade name $ 800 Indefinite Franchise agreements $ 11,200 Indefinite No Fidelity . October 1, 2019, A summary of the allocation of the Fidelity purchase price consideration as of the acquisition date, reflecting all measurement period adjustments, was as follows (in thousands): Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 4,869 Accounts receivable 3,691 Prepaid and other current assets 1,756 Property, plant and equipment 173,904 Intangible assets 288,000 Other noncurrent assets 1,895 Total Assets Acquired 474,115 Liabilities Assumed Accounts payable and accrued liabilities 8,795 Deferred revenue, short-term portion 1,796 Other noncurrent liabilities 3,715 Total Liabilities Assumed 14,306 Net assets acquired 459,809 Purchase price consideration 531,392 Goodwill recognized $ 71,583 Acquired identifiable intangible assets associated with the Fidelity acquisition consisted of the following (dollars in thousands): Fair Value Useful Life (in years) Customer relationships $ 119,000 14 Trademark and trade name $ 3,000 3 Franchise agreements $ 166,000 Indefinite No The measurement period ended on September 30, 2020. The Fidelity acquisition resulted in the recognition of $71.6 million of goodwill, which is deductible for tax purposes. Clearwave . January 8, 2019, A summary of the allocation of the Clearwave purchase price consideration as of the acquisition date, reflecting all measurement period adjustments, is as follows (in thousands): 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, short-term portion 4,322 Deferred income taxes 32,771 Other noncurrent liabilities 5,057 Total Liabilities Assumed 44,278 Net assets acquired 172,945 Purchase price consideration 358,830 Goodwill recognized $ 185,885 Acquired identifiable intangible assets associated with the Clearwave acquisition consisted of the following (dollars in thousands): Fair Value Useful Life (in years) Customer relationships $ 83,000 17 Trade name $ 6,700 Indefinite No The measurement period ended on January 7, 2020. The Clearwave acquisition resulted in the recognition of $185.9 million of goodwill, which is not |
Note 4 - Revenues
Note 4 - Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. REVENUES Revenues by product line and other revenue-related disclosures were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Residential Data $ 835,725 $ 669,545 $ 547,240 Video 339,707 332,857 335,190 Voice 47,519 47,603 43,521 Business services 308,767 234,657 204,500 Other 74,118 40,567 37,546 Total revenues $ 1,605,836 $ 1,325,229 $ 1,167,997 Franchise and other regulatory fees $ 31,418 $ 25,206 $ 22,702 Deferred commission amortization $ 5,405 $ 5,478 $ 3,992 Other revenues are comprised primarily of regulatory revenues, advertising sales, late charges and reconnect fees. Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the consolidated statements of operations and comprehensive income. Net accounts receivable from contracts with customers totaled $39.4 million and $31.5 million at December 31, 2021 2020 A significant portion of the Company’s revenues are derived from customers who may not ce periods are recognized over the terms of the underlying contracts, which generally range from one five Contract Costs. third Contract Liabilities. December 31, 2021 December 31, 2020 2021 Significant Judgments. may not The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the sales price for such bundles to each individual service provided based on the relative standalone selling price for each subscribed service. Standalone selling prices of the Company’s residential data and video services are directly observable, while standalone selling prices for the Company’s residential voice services are estimated using the adjusted market assessment approach, which relies upon information from peer companies who sell residential voice services individually. The Company also used significant judgment to determine the appropriate period over which to amortize deferred residential and business commission costs, which was determined to be the average customer tenure. Based on historical data and current expectations, the Company determined the average customer tenur e for both residential and business customers to be approximately five |
Note 5 - Operating Assets and L
Note 5 - Operating Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Operating Assets and Liabilities [Text Block] | 5. OPERATING ASSETS AND LIABILITIES Accounts receivable consisted of the following (in thousands): As of December 31, 2021 2020 Trade receivables $ 41,947 $ 32,795 Other receivables 16,847 7,225 Less: Allowance for credit losses (2,541 ) (1,252 ) Total accounts receivable, net $ 56,253 $ 38,768 The changes in the allowance for credit losses were as follows (in thousands): Year Ended December 31, 2021 (1) 2020 2019 Beginning balance $ 1,252 $ 1,201 $ 2,045 Additions - charged to costs and expenses 5,965 7,527 6,500 Deductions - write-offs (10,587 ) (13,603 ) (13,504 ) Recoveries collected 5,911 6,127 6,160 Ending balance $ 2,541 $ 1,252 $ 1,201 ( 1 Additions include $1.4 million of additional reserves assumed in the Hargray Acquisition. Prepaid and other current assets consisted of the following (in thousands): As of December 31, 2021 2020 Prepaid repairs and maintenance $ 4,788 $ 1,013 Software implementation costs 1,199 1,035 Prepaid insurance 3,325 2,200 Prepaid rent 2,107 1,471 Prepaid software 6,982 4,544 Deferred commissions 4,295 4,026 All other current assets 9,009 3,602 Total prepaid and other current assets $ 31,705 $ 17,891 Other noncurrent assets consisted of the following (in thousands): As of December 31, 2021 2020 Operating lease ROU assets $ 15,501 $ 13,408 Deferred commissions 8,624 5,798 Software implementation costs 7,782 6,879 Debt issuance costs 2,576 3,249 Assets held for sale 3,819 - All other noncurrent assets 4,020 4,209 Total other noncurrent assets $ 42,322 $ 33,543 Accounts payable and accrued liabilities consisted of the following (in thousands): As of December 31, 2021 2020 Accounts payable $ 35,716 $ 22,686 Accrued programming costs 23,703 20,279 Accrued compensation and related benefits 34,731 26,467 Accrued sales and other operating taxes 12,872 7,425 Accrued franchise fees 4,397 4,021 Deposits 6,840 6,300 Operating lease liabilities 5,633 3,772 Interest rate swap liability 26,662 30,646 Accrued insurance costs 5,542 7,292 Cash overdrafts 11,517 8,847 Equity investment payable (1) 13,387 13,387 Interest payable 5,172 4,128 Amount due to Hargray (2) - 6,822 All other accrued liabilities 17,215 12,067 Total accounts payable and accrued liabilities $ 203,387 $ 174,139 ( 1 Consists of the unfunded portion of the Company’s equity investment in Wisper. Refer to note 6 ( 2 Consists of amount due to Hargray in connection with transition services provided as part of the Anniston Exchange. Refer to note 6 Other noncurrent liabilities consisted of the following (in thousands): As of December 31, 2021 2020 Operating lease liabilities $ 9,098 $ 8,701 Accrued compensation and related benefits 11,010 10,086 Deferred revenue 6,854 4,981 MBI Net Option (as defined in note 6) (1) 123,620 73,310 All other noncurrent liabilities 5,959 3,549 Total other noncurrent liabilities $ 156,541 $ 100,627 ( 1 Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 6 December 31, 2021 December 31, 2020 6 13 6 |
Note 6 - Equity Investments
Note 6 - Equity Investments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | 6. EQUITY INVESTMENTS On May 4, 2020, July 10, 2020, 2020 2022. October 1, 2020, $82.6 November 12, 2020, On May 3, 2021, not On October 1, 2021, October 18, 2021, November 5, 2021, The carrying value of the Company’s equity investments without readily determinable fair values are determined based on fair valuations as of their respective acquisition dates. As Tristar is publicly traded, the carrying value of the Company's Tristar investment is remeasured to fair value on a quarterly basis using market information. The carrying value of the Company's equity investments consisted of the following (dollars in thousands): Ownership As of December 31, Percentage 2021 2020 Cost Method Investments Hargray (1), (2) ~15% $ - $ 113,165 Nextlink <20% 77,245 27,245 Point Broadband <10% 25,000 - Tristar <10% 23,083 - Others <10% 13,170 10,066 Total cost method investments $ 138,498 $ 150,476 Equity Method Investments MBI (3) 45.0% $ 557,715 $ 630,679 Wisper 40.4% 31,352 26,626 Total equity method investments $ 589,067 $ 657,305 Total equity investments $ 727,565 $ 807,781 ( 1 Upon initial investment, the Company calculated the fair value of Hargray’s total enterprise value using a hybrid of both the discounted cash flow method of the income approach and the guideline public company method of the market approach. Significant assumptions used in the valuation include projected revenue growth rates, future EBITDA margins, future capital expenditures and an appropriate discount rate. The enterprise value less Hargray’s debt and unamortized debt issuance costs was multiplied by Cable One’s minority equity interest percentage to determine the Hargray investment’s carrying value. The resulting $82.6 million non-cash gain was calculated as the difference between this carrying value and the book value of the Anniston System’s net assets, including its proportionate share of the Company’s franchise agreement and goodwill assets. The approximately 15% equity interest in Hargray as of December 31, 2020 ( 2 As a result of the Company’s May 3, 2021 not ( 3 ) The Company holds a call option to purchase all but not not January 1, 2023 June 30, 2024. not not not July 1, 2025 September 30, 2025. December 31, 2021 December 31, 2020 13 On Decem ber 28, 2021, December 31, 2021 2020 Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and the change in fair value of the MBI Net Option were as follows (in thousands): Year Ended December 31, 2021 2020 Equity Method Investment Income (Loss) MBI (1) $ (4,258 ) $ - Wisper 4,726 1,376 Total $ 468 $ 1,376 Other Income (Expense), Net MBI Net Option change in fair value $ (50,310 ) $ (17,500 ) ( 1 The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. The Company recognized $10.3 million of its pro rata share of MBI’s net income and $14.5 million of its pro rata share of basis difference amortization during 2021 The Company assesses each equity investment for indicators of impairment on a quarterly basis. No impairments were recorded for any of the periods presented. |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): As of December 31, 2021 2020 Cable distribution systems $ 2,509,795 $ 1,916,048 Customer premise equipment 320,937 283,831 Other equipment and fixtures 472,319 463,469 Buildings and improvements 142,754 117,367 Capitalized software 89,662 107,107 Construction in progress 172,706 89,488 Land 12,134 13,293 ROU assets 11,241 10,314 Property, plant and equipment, gross 3,731,548 3,000,917 Less: Accumulated depreciation and amortization (1,877,444 ) (1,735,457 ) Property, plant and equipment, net $ 1,854,104 $ 1,265,460 The Company acquired $456.6 million and $22.0 million Depreciation and amortization expense for property, plant and equipment was $264.4 million, $220.2 million and $197.5 million in 2021 2020 2019 In 2019, |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill was $967.9 million and $430.5 million at December 31, 2021 2020 nd $25.6 million not Intangible assets consisted of the following (dollars in thousands): December 31, 2021 December 31, 2020 Useful Life Gross Net Gross Net Range Carrying Accumulated Carrying Carrying Accumulated Carrying (in years) Amount Amortization Amount Amount Amortization Amount Finite-Lived Intangible Assets Customer relationships 13.5 – 17 $ 857,100 $ 153,699 703,401 369,700 81,865 287,835 Trademarks and trade names 2.7 – 4.2 13,500 3,852 9,648 3,000 1,252 1,748 Wireless licenses 10 – 15 1,418 142 1,276 1,418 15 1,403 Total finite-lived intangible assets $ 872,018 $ 157,693 $ 714,325 $ 374,118 $ 83,132 $ 290,986 Indefinite-Lived Intangible Assets Franchise agreements $ 2,139,312 $ 979,712 Trade names 7,500 7,500 Total indefinite-lived intangible assets $ 2,146,812 $ 987,212 Total intangible assets, net $ 2,861,137 $ 1,278,198 The increase in intangible assets from December 31, 2020 December 31, 2021 Intangible asset amortization expense was $74.6 million, $45.5 million and $19.2 million in 2021 2020 2019 The future amortization of existing finite-lived intangible assets as of December 31, 2021 Year Ending December 31, Amount 2022 $ 89,312 2023 78,075 2024 71,248 2025 65,964 2026 60,086 Thereafter 349,640 Total $ 714,325 Actual amortization expense in future periods may |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee and Lessor, Operating and Finance Leases [Text Block] | 9. LEASES As a lessee, the Company has operating leases for buildings, equipment, data centers, fiber optic networks and towers and finance leases for buildings and fiber optic networks. These leases have remaining lease terms ranging fro m less than 1 year to 25 years, w 15 additional years and some including an option to terminate the lease within 1 y 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 fro m less than 1 year to 15 years, wi 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 network access contract contains a lease, defining the duration of the lease term and selecting an appropriate discount rate, as discussed below: ● The Company concluded it was the lessee or lessor for fiber optic network access arrangements only when the asset is specifically identifiable and both substantially all the economic benefit is obtained by the lessee and the lessee’s right to direct the use of the asset exists. ● The Company’s lease terms are only for periods in which there are enforceable rights. For accounting purposes, a lease is no no ● Most of the Company’s leases do not As of December 31, 2021 not not not December 31, 2021 2020 Lessee Financial Information . As of December 31, 2021 2020 ROU Assets Property, plant and equipment, net: Finance leases $ 8,959 $ 8,979 Other noncurrent assets: Operating leases $ 15,501 $ 13,408 Lease Liabilities Accounts payable and accrued liabilities: Operating leases $ 5,633 $ 3,772 Current portion of long-term debt: Finance leases $ 851 $ 661 Long-term debt: Finance leases $ 4,770 $ 4,805 Other noncurrent liabilities: Operating leases $ 9,098 $ 8,701 Total: Finance leases $ 5,621 $ 5,466 Operating leases $ 14,731 $ 12,473 The components of the Company’s lease expense were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Finance lease expense: Amortization of ROU assets $ 945 $ 812 $ 537 Interest on lease liabilities 369 382 302 Operating lease expense 6,362 5,480 5,260 Short-term lease expense - 113 940 Variable lease expense - 23 168 Total lease expense $ 7,676 $ 6,810 $ 7,207 Amortization of ROU assets is included within depreciation and amortization expense; interest on lease liabilities is included within interest expense; and operating, short-term and variable lease expense is included within operating expenses and selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. Supplemental lessee financial information is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Finance leases - financing cash flows $ 770 $ 604 $ 925 Finance leases - operating cash flows $ 369 $ 382 $ 302 Operating leases - operating cash flows $ 6,190 $ 5,370 $ 5,293 ROU assets obtained in exchange for lease liabilities: Finance leases (1) $ 1,089 $ 127 $ 5,408 Operating leases (2) $ 7,700 $ 1,131 $ 9,767 ( 1 The amount for 2019 ( 2 ) The amount for 2021 s $4.3 mill 2019 As of December 31, 2021 2020 Weighted average remaining lease term: Finance leases (in years) 11.2 12.8 Operating leases (in years) 4.2 4.4 Weighted average discount rate: Finance leases 6.03 % 6.22 % Operating leases 4.75 % 4.72 % As of December 31, 2021 Finance Operating Year Ending December 31, Leases Leases 2022 $ 1,181 $ 5,977 2023 1,188 4,292 2024 1,170 1,999 2025 1,046 1,254 2026 958 928 Thereafter 7,933 1,115 Total 13,476 15,565 Less: Present value discount (7,855 ) (834 ) Lease liability $ 5,621 $ 14,731 |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 10. DEBT The carrying amount of long-term debt consisted of the following (in thousands): As of December 31, 2021 2020 Senior Credit Facilities (as defined below) $ 2,311,890 $ 1,541,621 Senior Notes (as defined below) 650,000 650,000 Convertible Notes (as defined below) 920,000 - Finance lease liabilities 5,621 5,466 Total debt 3,887,511 2,197,087 Less: Unamortized debt discount (20,602 ) - Less: Unamortized debt issuance costs (28,572 ) (21,897 ) Less: Current portion of long-term debt (38,837 ) (26,392 ) Total long-term debt $ 3,799,500 $ 2,148,798 Senior Credit Facilities. May 2021, third October 30, 2020 ( seven 2028 4” 2025 2” 2027 2” 2027 3” 2025 2, 2, 3 4, 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 1, 2 3, 4 2 3. 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 Company may, no 1.0. The Credit Agreement contains customary representations, warranties and affirmative and negative covenants, including limitations on indebtedness, liens, restricted payments, prepayments of certain indebtedness, investments, dispositions of assets, restrictions on subsidiary distributions and negative pledge clauses, fundamental changes, transactions with affiliates and amendments to organizational documents. The Credit Agreement also requires the Company to maintain specified ratios of total net indebtedness and first The Revolving Credit Facility gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility. The Company is required to pay commitment fees on any unused portion of the Revolving Credit Facility at a rate between 0.20% per annum and 0.30% per annum, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio. The Company has issued letters of credit totalin g $33.0 m third 2020 December 31, 2021 no As of December 31, 2021 December 31, 2021 Final Balance Draw Original Amortization Outstanding Maturity Due Upon Benchmark Applicable Interest Instrument Date(s) Principal Per Annum (1) Principal Date Maturity Rate Margin (2) Rate Term Loan A-2 5/8/2019 (3) $ 700,000 Varies (4) $ 659,590 10/30/2025 $ 476,607 LIBOR 1.75% 1.85% 10/1/2019 (3) Term Loan B-2 1/7/2019 250,000 1.0% 243,125 10/30/2027 228,750 LIBOR 2.00% 2.10% Term Loan B-3 6/14/2019 (5) 625,000 1.0% 613,175 10/30/2027 577,472 LIBOR 2.00% 2.10% 10/30/2020 (5) Term Loan B-4 5/3/2021 800,000 1.0% 796,000 5/3/2028 746,000 LIBOR 2.00% 2.10% Total $ 2,375,000 $ 2,311,890 $ 2,028,829 ( 1 Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may ( 2 ) The Term Loan A- 2 ( 3 On May 8, 2019, October 1, 2019, October 30, 2020, ( 4 Per annum amortization rates for years one five October 30, 2020 ( 5 On June 14, 2019, October 30, 2020, Notes. Senior Notes In November 2020, 2030 4.00% May 15th November 15th May 15, 2021. November 9, 2020 ( At any time and from time to time prior to November 15, 2025, may November 15, 2025, may November 15, 2023, may not one 104% Upon the occurrence of a Change of Control and a Below Investment Grade Rating Event (each as defined in the Senior Notes Indenture), the Company is required to offer to repurchase the Senior Notes at 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. Convertible Notes March 2021, 2026 “2026 2028 “2028 2026 2026 2028 March 5, 2021 ( The 2026 not 2026 not 2028 2028 March 15th September 15th September 15, 2021, 2026 March 15, 2026, 2028 March 15, 2028. 2026 2028 $1,000 2026 2028 The Convertible Notes are convertible at the option of the holders. The method of conversion into cash, shares of the Company’s common stock or a combination thereof is at the election of the Company. Prior to the close of business on the business day immediately preceding December 15, 2025, 2026 December 15, 2025, may 2026 second December 15, 2027, 2028 December 15, 2027, may 2028 second may not The Company may not 2026 March 20, 2024 may not 2028 March 20, 2025. No March 20, 2024 December 15, 2025, may 2026 March 20, 2025 December 15, 2027, may 2028 not not In addition, following a “make-whole fundamental change” (as defined in the applicable Convertible Notes Indenture) or if the Company delivers a notice of redemption in respect of any Convertible Notes of a series, in certain circumstances, the conversion rate applicable to such series of Convertible Notes will be increased for a holder who elects to convert any of such Convertible Notes in connection with such a make-whole fundamental change or convert any of such Convertible Notes called (or deemed called) for redemption during the related redemption period, as the case may The carrying amounts of the Convertible Notes consisted of the following (in thousands): December 31, 2021 2026 Notes 2028 Notes Total Gross carrying amount $ 575,000 $ 345,000 $ 920,000 Less: Unamortized discount (12,611 ) (7,991 ) (20,602 ) Less: Unamortized debt issuance costs (344 ) (226 ) (570 ) Net carrying amount $ 562,045 $ 336,783 $ 898,828 Interest expense on the Convertible Notes consisted of the following (dollars in thousands): Year Ended December 31, 2021 2026 Notes 2028 Notes Total Contractual interest expense $ - $ 3,202 $ 3,202 Amortization of discount 2,483 1,065 3,548 Amortization of debt issuance costs 68 30 98 Total interest expense $ 2,551 $ 4,297 $ 6,848 General The Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain capital market debt of the Company in an aggregate principal amount in excess of $250.0 Each Indenture contains covenants that, among other things and subject to certain exceptions, limit (i) the Company’s ability to consolidate or merge with or into another person or sell or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) and (ii) the ability of the guarantors to consolidate with or merge with or into another person. The Senior Notes Indenture also contains a covenant that, subject to certain exceptions, limits the Company’s ability and the ability of its subsidiaries to incur any liens securing indebtedness for borrowed money. Each Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, default in payment of principal or interest, breach of other agreements or covenants in respect of the relevant Notes by the Company or any guarantors, failure to pay certain other indebtedness at final maturity, acceleration of certain indebtedness prior to final maturity, failure to pay certain final judgments, failure of certain guarantees to be enforceable and certain events of bankruptcy, insolvency or reorganization; and, in the case of each Convertible Notes Indenture, failure to comply with the Company’s obligation to convert the relevant Convertible Notes under the applicable Convertible Notes Indenture and failure to give a fundamental change notice or a notice of a make-whole fundamental change under the applicable Convertible Notes Indenture. Other. 2021 2020 2019 2021 2020 2019 Unamortized debt issuance costs consisted of the following (in thousands): As of December 31, 2021 2020 Revolving Credit Facility portion: Other noncurrent assets $ 2,576 $ 3,249 Term loans and Notes portion: Long-term debt (contra account) 28,572 21,897 Total $ 31,148 $ 25,146 The future maturities of outstanding borrowings as of December 31, 2021 Year Ending December 31, Amount 2022 $ 37,986 2023 55,008 2024 76,285 2025 557,147 2026 591,709 Thereafter 2,563,755 Total $ 3,881,890 The Company was in compliance with all debt covenants as of December 31, 2021 In March 2021, |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES The income tax provision (benefit) consisted of the following (in thousands): Current Deferred Total Year Ended December 31, 2021 U.S. Federal $ 11,010 $ 36,514 $ 47,524 State and local 5,296 (7,055 ) (1,759 ) Total $ 16,306 $ 29,459 $ 45,765 Year Ended December 31, 2020 U.S. Federal $ (14,633 ) $ 74,164 $ 59,531 State and local 3,764 13,022 16,786 Total $ (10,869 ) $ 87,186 $ 76,317 Year Ended December 31, 2019 U.S. Federal $ 1,249 $ 43,270 $ 44,519 State and local 3,678 7,036 10,714 Total $ 4,927 $ 50,306 $ 55,233 The income tax provision is different than the amount of income tax calculated by applying the U.S. Federal statutory rate of 21.0% to income before income taxes as a result of the following items (in thousands): Year Ended December 31, 2021 2020 2019 U.S. Federal taxes at statutory rate $ 70,902 $ 79,660 $ 49,101 State and local taxes, net of U.S. Federal tax (1,389 ) 13,261 8,464 CARES Act benefit (as defined and described below) - (13,039 ) - Reversal of deferred tax liability on minority interest (29,138 ) - - Equity-based compensation (5,651 ) (10,993 ) (5,296 ) Valuation allowance 10,111 4,322 - Section 162(m) limitation 2,205 1,564 656 Other items (1,275 ) 1,542 2,308 Income tax provision $ 45,765 $ 76,317 $ 55,233 The net deferred income tax liability consisted of the following (in thousands): As of December 31, 2021 2020 Other benefit obligations $ 2,991 $ 1,789 Equity-based compensation 4,725 4,324 Net operating losses 4,062 2,951 Accrued bonus 4,941 3,947 Reserves 2,152 1,194 Lease liabilities 3,624 3,079 State tax credit 5,347 - Interest rate swap 26,416 45,913 Unrealized capital losses 16,544 4,322 Other items 3,887 3,856 Deferred tax assets, gross 74,689 71,375 Less: Valuation allowance (16,544 ) (4,322 ) Deferred tax assets, net 58,145 67,053 Property, plant and equipment 335,429 233,427 Goodwill and other intangible assets 553,691 160,442 Investments in subsidiaries and partnerships 12,230 29,043 ROU assets 5,638 5,121 Prepaid expenses 4,874 3,500 Other items 439 2,195 Deferred tax liabilities 912,301 433,728 Net deferred income tax liability $ 854,156 $ 366,675 Pursuant to the Hargray Acquisition, deferred tax liabilities resulting from the book fair value adjustment increased significantly and future taxable income that will result from the reversal of existing taxable temporary differences for which deferred tax liabilities are recognized is sufficient to conclude it is more likely than not may not On March 27, 2020, 19 100% 2021. 2021, 2020 2019 five 2019 2020, On October 1, 2020, May 3, 2021, 740 second The Company had $5.3 million and $4.1 million of state tax credits and tax-effected state NOL carryforwards, respectively, at December 31, 2021, 2022 2040. The Company is required to file annual corporate income tax returns for U.S. Federal as well as for various states where business is conducted. The Company is subject to examination by the Internal Revenue Service (the "IRS") and local taxing authorities in various states. The Company’s U.S. Federal income tax returns remain subject to examination by the IRS for the years 2018 2017 The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the consolidated financial statements will ultimately be recognized in full. The Company has taken reasonable efforts to address uncertain tax positions and has determined that there are no no not not not 12 |
Note 12 - Interest Rate Swaps
Note 12 - Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 12. INTEREST RATE SWAPS The Company is party to two A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands): Entry Effective Maturity Notional Settlement Fixed Date Date Date (1) Amount Settlement Type Frequency Base Rate Swap A 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653% Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739% Total $ 1,200,000 ( 1 Each swap may The combined fair values of the Company’s interest rate swaps are reflected within the consolidated balance sheets as follows (in thousands): As of December 31, 2021 2020 Liabilities: Current portion: Accounts payable and accrued liabilities $ 26,662 $ 30,646 Noncurrent portion: Interest rate swap liability $ 81,627 $ 155,357 Total $ 108,289 $ 186,003 Stockholders’ Equity: Accumulated other comprehensive loss $ 81,873 $ 140,090 The combined effect of the Company’s interest rate swaps on the consolidated statements of operations and comprehensive income is as follows (in thousands): Year Ended December 31, 2021 2020 Interest expense $ 31,311 $ 22,509 Unrealized (gain) loss on cash flow hedges, gross $ (77,716 ) $ 96,346 Less: Tax effect 19,499 (23,812 ) Unrealized (gain) loss on cash flow hedges, net of tax $ (58,217 ) $ 72,534 The Company does not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. FAIR VALUE MEASUREMENTS Fina ncial Assets and Liabilities. December 31, 2021 not The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of December 31, 2021 December 31, 2021 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 315,984 $ 315,984 Level 1 Liabilities: Long-term debt (including current portion): Term loans $ 2,311,890 $ 2,312,723 Level 2 Senior Notes $ 650,000 $ 640,250 Level 2 Convertible Notes $ 920,000 $ 893,240 Level 2 Interest rate swap liability (including current portion): Interest rate swaps $ 108,289 $ 108,289 Level 2 Other noncurrent liabilities: MBI Net Option $ 123,620 $ 123,620 Level 3 Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1 three 2 2 3 The assumptions used to determine the fair value of the MBI Net Option as of December 31, 2021 December 31, 2021 December 31, 2020 Cable One MBI Cable One MBI Equity volatility 30.0 % 30.0 % 28.0 % 30.0 % EBITDA volatility 10.0 % 10.0 % 10.0 % 10.0 % EBITDA risk-adjusted discount rate 5.0 % 6.5 % 5.0 % 6.5 % Cost of debt 4.0 % 4.0 % The Company regularly evaluates each of the assumptions used in establishing the fair value of the MBI Net Option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. A change in one not 6 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 may No |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. STOCKHOLDERS’ EQUITY Equity Offering. May 2020, Treasury Stock. December 31, 2021 Share Repurchase Program. July 1, 2015, may December 31, 2021 No 2021 Tax Withholding for Equity Awards . 2021 2020 2019 |
Note 15 - Equity-based Compensa
Note 15 - Equity-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15. EQUITY-BASED COMPENSATION On June 5, 2015, 2015 2015 July 1, 2015. May 2, 2017, 2015 “2015 2015 2015 2015 one 2015 1 2 3 4 5 6 7 8 9 2015 no may 2015 May 2, 2027. The 2015 may 2015 2015 May 2, 2017, no may December 31, 2021 2015 Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award, with forfeitures recognized as incurred. The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income, was as follows (in thousands): Year Ended December 31, 2021 2020 2019 Restricted stock (as defined below) $ 17,014 $ 11,476 $ 7,994 SARs 3,040 3,116 4,306 Total $ 20,054 $ 14,592 $ 12,300 The Company recognized excess 2021 2020 2019 December 31, 2021 Restricted Stock. three three four first three 2015 2015 May 2, 2017) The Company’s non-employee directors are entitled to an annual cash retainer of $75,000, plus an additional annual cash retainer for each committee chair or the lead independent director, and approximately $125,000 in RSUs. Such RSUs will generally be granted on the date of the Company’s annual stockholders’ meeting and will vest on the earlier of the first one may 2017 Restricted shares, RSUs and DEUs are collectively referred to as “Restricted Stock.” A summary of Restricted Stock activity is as follows: Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2018 40,876 $ 610.88 Granted 13,374 $ 885.66 Forfeited (4,111 ) $ 710.87 Vested and issued (11,266 ) $ 493.80 Outstanding as of December 31, 2019 38,873 $ 728.77 Granted 12,352 $ 1,573.50 Forfeited (5,491 ) $ 752.39 Vested and issued (10,790 ) $ 682.84 Outstanding as of December 31, 2020 34,944 $ 1,037.83 Granted 12,525 $ 2,144.03 Forfeited (1,468 ) $ 1,414.01 Vested and issued (11,975 ) $ 872.38 Outstanding as of December 31, 2021 34,026 $ 1,487.02 Vested and deferred as of December 31, 2021 5,978 $ 756.32 At December 31, 2021 Stock Appreciation Rights. four first 2015 2015 May 2, 2017) A summary of SAR activity is as follows: Weighted Weighted Average Weighted Average Aggregate Remaining Stock Average Grant Date Intrinsic Contractual Appreciation Exercise Fair Value Term Rights Price Value (in thousands) (in years) Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Granted 29,000 $ 900.90 $ 209.57 $ - 8.8 Exercised (26,092 ) $ 491.12 $ 105.94 $ 20,143 - Forfeited (3,103 ) $ 659.01 $ 154.49 Outstanding as of December 31, 2019 90,410 $ 676.41 $ 153.90 $ 73,419 7.5 Granted 8,000 $ 1,701.74 $ 423.92 $ - 9.5 Exercised (33,154 ) $ 553.69 $ 120.91 $ 39,099 - Forfeited (6,891 ) $ 846.81 $ 199.27 Outstanding as of December 31, 2020 58,365 $ 866.54 $ 204.29 $ 79,446 7.3 Granted 5,500 $ 1,970.24 $ 530.05 $ - 9.5 Exercised (16,524 ) $ 658.98 $ 148.76 $ 21,298 - Forfeited (1,601 ) $ 834.92 $ 201.50 Outstanding as of December 31, 2021 45,740 $ 1,075.34 $ 263.62 $ 32,897 7.1 Exercisable as of December 31, 2021 20,678 $ 792.50 $ 186.30 $ 20,149 6.1 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 2021 2020 2019 2021 2020 2019 Expected volatility 27.44 % 26.61 % 21.69 % Risk-free interest rate 0.96 % 0.43 % 2.25 % Expected term (in years) 6.25 6.25 6.25 Expected dividend yield 0.53 % 0.56 % 0.92 % The Black-Scholes model used to estimate the grant date fair value of the Company’s SARs requires the input of highly subjective assumptions. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the Company’s equity-based compensation expense could be materially different for future SAR grants. The assumptions for 2021 ● Fair Value of Common Stock — Valued by reference to the closing price of the Company’s publicly traded common stock on the date of grant. ● Expected Volatility — The Company estimated the expected future stock price volatility for its common stock by using its life-to-date historical volatility based on daily price observations since it became a publicly traded company on July 1, 2015. ● Risk-Free Interest Rate — The risk-free interest rate assumption was based on the yields of U.S. Treasury securities with maturities similar to the expected term of the SARs being valued. ● Expected Term — The expected term represents the period that the Company’s SARs are expected to be outstanding. The expected term of the Company’s SARs is based on the “simplified method” which defines the expected term as the average of the contractual term and the weighted-average vesting period for all tranches. ● Expected Dividend Yield — The Company expects to continue to pay quarterly dividends in the future and, as such, the expected dividend yield was calculated as the Company’s current annual dividend divided by the Company’s closing stock price on the grant date. At December 31, 2021 |
Note 16 - Other Income and Expe
Note 16 - Other Income and Expense | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 16. OTHER INCOME AND EXPENSE Other income (expense) consisted of the following (in thousands): Year Ended December 31, 2021 2020 2019 Gain on Hargray step acquisition $ 33,406 $ - $ - MBI Net Option fair value adjustment (50,310 ) (17,510 ) - Tristar mark-to-market adjustment 2,283 - - Write-off of debt issuance costs (2,131 ) (6,181 ) (4,210 ) Debt redemption call premium - - (6,471 ) Financing-related fees (198 ) (1,237 ) (703 ) Interest and investment income 11,580 8,517 6,477 Other (632 ) - - Other income (expense), net $ (6,002 ) $ (16,411 ) $ (4,907 ) |
Note 17 - Net Income Per Common
Note 17 - Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes, calculated using the if-converted method. The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Numerator: Net income - basic $ 291,824 $ 304,391 $ 178,582 Add: Convertible Notes interest expense, net of tax 5,136 - - Net income - diluted $ 296,960 $ 304,391 $ 178,582 Denominator: Weighted average common shares outstanding - basic 6,017,778 5,884,780 5,678,990 Effect of dilutive equity-based compensation awards (1) 36,547 52,802 58,866 Effect of dilution from if-converted Convertible Notes (2) 333,029 - - Weighted average common shares outstanding - diluted 6,387,354 5,937,582 5,737,856 Net Income per Common Share: Basic $ 48.49 $ 51.73 $ 31.45 Diluted $ 46.49 $ 51.27 $ 31.12 Supplemental Net Income per Common Share Disclosure: Anti-dilutive shares from equity-based compensation awards (1) 3,444 288 409 ( 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. ( 2 Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18. COMMITMENTS AND CONTINGENCIES Contractual Obligations. not The following table summarizes the Company’s outstanding contractual obligations as of December 31, 2021 Programming Other Purchase Lease Debt Purchase Year Ending December 31, Commitments (1) Payments (2) Payments (3) Obligations (4) Total 2022 $ 200,257 $ 7,158 $ 37,986 $ 53,885 $ 299,286 2023 169,051 5,480 55,008 16,562 246,101 2024 106,868 3,169 76,285 5,694 192,016 2025 48,445 2,300 557,147 2,079 609,971 2026 - 1,886 591,709 1,405 595,000 Thereafter - 9,048 2,563,755 6,365 2,579,168 Total $ 524,621 $ 29,041 $ 3,881,890 $ 85,990 $ 4,521,542 ( 1 ) Programming purchase commitments represent contracts that the Company has with cable television networks and broadcast stations to provide programming services to subscribers. The amounts reported represent estimates of the future programming costs for these purchase commitments based on estimated subscriber numbers, tier placements as of December 31, 2021 may not ( 2 Lease payments include payment obligations related to the Company’s outstanding finance and operating lease arrangements as of December 31, 2021 ( 3 ) Debt payments include principal repayment obligations for the Company’s outstanding debt instruments as of December 31, 2021 ( 4 ) Other purchase obligations include purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the ordinary course of business are excluded from the amounts shown but are included within accounts payable and accrued liabilities in the consolidated balance sheet. The Company incurs the following costs as part of its operations, however, they are not ● The Company rents space on utility poles in order to provide services to subscribers. Generally, pole rentals are cancellable on short notice. However, the Company anticipates that such rentals will recur. Rent expense for pole attachments was $11.5 million, $10.5 million and $9.5 million for 2021 2020 2019 ● Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. These fees were $31.4 million, $25.2 million and $22.7 million for 2021 2020 2019 ● The Company has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Such surety bonds and letters of credit totaled $42.1 million and $31.6 million as of December 31, 2021 2020 not ● The Company issued letters of credit totaling $33.0 December 31, 2021 no 10 Litigation and Legal Matters no Regulation in the Company’s Industry. |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. SUBSEQUENT EVENT On January 1, 2022, third three December 31, 2021. one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. December 31, 2021, 2020 2019 may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. 280 Segment Reporting |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of accounting for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally, performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third tely five Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the consolidated statements of operations and comprehensive income. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk. |
Programming Costs, Policy [Policy Text Block] | Programming Costs. |
Advertising Cost [Policy Text Block] | Advertising Costs 2021 2020 2019 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Credit Losses. may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements. three 1 2 3 may For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured using significant unobservable inputs are valued using various valuation techniques, including Monte Carlo simulations. The Company measures certain assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. |
Investment, Policy [Policy Text Block] | Equity Investments. not Equity investments that do provide the Company with the ability to exert significant influence over the operating or financial decisions of the investee are accounted for under the equity method. The equity method requires the initial fair value of the investment to be recorded as an asset within the consolidated balance sheet. Based on its ownership percentage, the Company then recognizes its proportionate share of the investee’s net income (loss) each period within equity method investment income (loss) in the consolidated statement of operations and comprehensive income and a corresponding increase (decrease) to the investment’s carrying value within the consolidated balance sheet. As permitted by GAAP, the Company elected to recognize its proportionate share of such net income (loss) for each of its equity method investments on a one For each of the Company’s equity investments that have readily determinable fair values, the Company assesses each investment for indicators of impairment on a quarterly basis based primarily on the investee’s most recently available financial and operating information. If it is determined that the fair value of an investment has fallen below its carrying value, the carrying value is adjusted down to fair value and an impairment loss equal to the amount of the adjustment is recognized within the period’s statement of operations and comprehensive income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment. Cable distribution systems 5 25 Customer premise equipment 3 5 Other equipment and fixtures 3 10 Buildings and improvements 10 20 Capitalized software 3 7 Right-of-use (“ROU”) assets 1 5 The costs of leasehold improvements are amortized over the lesser of their useful lives or the remaining terms of the respective leases. Costs associated with the installation and upgrade of services and acquiring and deploying of customer premise equipment, including materials, internal and external labor costs and related indirect and overhead costs, are capitalized. Capitalized labor costs include the direct costs of engineers and technical personnel involved in the design and implementation of plant and infrastructure; the costs of technicians involved in the installation and upgrades of services and customer premise equipment; and the costs of support personnel directly involved in capitalizable activities, such as project managers and supervisors. These costs are capitalized based on internally developed standards by position, which are updated annually (or more frequently if required). These standards are developed utilizing a combination of actual costs incurred where applicable, survey information, operational data and management judgment. Overhead costs are capitalized based on standards developed from historical information. Indirect and overhead costs include payroll taxes; insurance and other benefits; and vehicle, tool and supply expense related to installation activities. Costs for repairs and maintenance, disconnecting service or reconnecting service are expensed as incurred. The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use, on-premises and cloud-based software, including costs associated with coding, software configuration, upgrades and enhancements. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Evaluation of Long-Lived Assets. may not not |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Finite-Lived Intangible Assets. |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Indefinite-Lived Intangible Assets. The Company has identified a single unit of accounting for its franchise agreements for use in impairment assessments based on the Company’s current operations and use of its assets. The Company assesses the recoverability of its indefinite-lived intangible assets as of October 1st may first not not not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill. not October 1st may The Company tests goodwill for impairment at the reporting unit level, for which it has identified a single goodwill reporting unit based on the chief operating decision maker’s performance monitoring and resource allocation process and the similarity of its geographic divisions. The assessment of recoverability may first not not not |
Self Insurance Reserve [Policy Text Block] | Insurance. may |
Share-based Payment Arrangement [Policy Text Block] | Equity-Based Compensation. |
Income Tax, Policy [Policy Text Block] | Income Taxes. The Company records deferred tax assets to the extent that it believes these assets will more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations. not not |
Business Combinations Policy [Policy Text Block] | Business Combination Purchase Price Allocation . 805 Business Combinations 805” |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. August 2020, No. 2020 06, Debt-Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 s Own Equity 2020 06 2020 06 January 1, 2021 10 first 2021 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 may 2019 12 January 1, 2021 not Recently Issued But Not November 2021, No. 2021 10, Government Assistance (Topic 832 2021 10 may December 31, 2022. In October 2021, 2021 08, Business Combinations (Topic 805 2021 08 606 December 15, 2022, In March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment Useful Lives [Table Text Block] | Cable distribution systems 5 25 Customer premise equipment 3 5 Other equipment and fixtures 3 10 Buildings and improvements 10 20 Capitalized software 3 7 Right-of-use (“ROU”) assets 1 5 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill Balance at December 31, 2019 $ 429,597 Valu-Net acquisition goodwill recognized 5,279 Anniston Exchange goodwill disposed (4,333 ) Balance at December 31, 2020 $ 430,543 Hargray Acquisition goodwill recognized 511,817 CableAmerica acquisition goodwill recognized 25,553 Balance at December 31, 2021 $ 967,913 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Useful Life Fair Value (in years) Customer relationships $ 15,400 14.0 Trademark and trade name $ 500 3.0 Franchise agreements $ 49,600 Indefinite Useful Life Fair Value (in years) Customer relationships $ 472,000 13.7 Trademark and trade name $ 10,000 4.2 Franchise agreements $ 1,110,000 Indefinite Fair Value Useful Life (in years) Customer relationships $ 7,700 13.5 Trademark and trade name $ 800 Indefinite Franchise agreements $ 11,200 Indefinite Fair Value Useful Life (in years) Customer relationships $ 119,000 14 Trademark and trade name $ 3,000 3 Franchise agreements $ 166,000 Indefinite Fair Value Useful Life (in years) Customer relationships $ 83,000 17 Trade name $ 6,700 Indefinite |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Purchase Measurement Preliminary Purchase Price Allocation Period Adjustments Price Allocation Assets Acquired Cash and cash equivalents $ 17,652 $ - $ 17,652 Accounts receivable 17,991 (62 ) 17,929 Income taxes receivable - 720 720 Prepaid and other current assets 8,006 - 8,006 Property, plant and equipment 457,158 (525 ) 456,633 Intangible assets 1,592,000 - 1,592,000 Other noncurrent assets 4,636 2,940 7,576 Total Assets Acquired 2,097,443 3,073 2,100,516 Liabilities Assumed Accounts payable and accrued liabilities 36,457 1,770 38,227 Deferred revenue (short-term portion) 8,462 - 8,462 Current portion of long-term debt 1,375 (1,375 ) - Long-term debt 2,912 (2,912 ) - Deferred income taxes 437,725 923 438,648 Other noncurrent liabilities 6,974 2,912 9,886 Total Liabilities Assumed 493,905 1,318 495,223 Net assets acquired 1,603,538 1,755 1,605,293 Purchase price consideration (1) 2,117,866 (756 ) 2,117,110 Goodwill recognized $ 514,328 $ (2,511 ) $ 511,817 Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 4,869 Accounts receivable 3,691 Prepaid and other current assets 1,756 Property, plant and equipment 173,904 Intangible assets 288,000 Other noncurrent assets 1,895 Total Assets Acquired 474,115 Liabilities Assumed Accounts payable and accrued liabilities 8,795 Deferred revenue, short-term portion 1,796 Other noncurrent liabilities 3,715 Total Liabilities Assumed 14,306 Net assets acquired 459,809 Purchase price consideration 531,392 Goodwill recognized $ 71,583 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, short-term portion 4,322 Deferred income taxes 32,771 Other noncurrent liabilities 5,057 Total Liabilities Assumed 44,278 Net assets acquired 172,945 Purchase price consideration 358,830 Goodwill recognized $ 185,885 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited) Year Ended December 31, 2021 2020 Revenues $ 1,708,734 $ 1,584,384 Net income $ 230,685 $ 273,483 Net income per common share: Basic $ 38.33 $ 46.47 Diluted $ 36.51 $ 44.11 (Unaudited) Year Ended December 31, 2021 2020 Depreciation and amortization $ (6,152 ) $ (14,866 ) Interest expense $ (2,804 ) $ (21,001 ) Acquisition costs $ (15,403 ) $ - Gain on step acquisition $ (33,400 ) $ - Income tax provision $ 33,577 $ 8,967 Weighted average common shares outstanding - diluted 71,219 404,248 |
Note 4 - Revenues (Tables)
Note 4 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended December 31, 2021 2020 2019 Residential Data $ 835,725 $ 669,545 $ 547,240 Video 339,707 332,857 335,190 Voice 47,519 47,603 43,521 Business services 308,767 234,657 204,500 Other 74,118 40,567 37,546 Total revenues $ 1,605,836 $ 1,325,229 $ 1,167,997 Franchise and other regulatory fees $ 31,418 $ 25,206 $ 22,702 Deferred commission amortization $ 5,405 $ 5,478 $ 3,992 |
Note 5 - Operating Assets and_2
Note 5 - Operating Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2021 2020 Trade receivables $ 41,947 $ 32,795 Other receivables 16,847 7,225 Less: Allowance for credit losses (2,541 ) (1,252 ) Total accounts receivable, net $ 56,253 $ 38,768 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Year Ended December 31, 2021 (1) 2020 2019 Beginning balance $ 1,252 $ 1,201 $ 2,045 Additions - charged to costs and expenses 5,965 7,527 6,500 Deductions - write-offs (10,587 ) (13,603 ) (13,504 ) Recoveries collected 5,911 6,127 6,160 Ending balance $ 2,541 $ 1,252 $ 1,201 |
Prepaid and Other Current Assets [Table Text Block] | As of December 31, 2021 2020 Prepaid repairs and maintenance $ 4,788 $ 1,013 Software implementation costs 1,199 1,035 Prepaid insurance 3,325 2,200 Prepaid rent 2,107 1,471 Prepaid software 6,982 4,544 Deferred commissions 4,295 4,026 All other current assets 9,009 3,602 Total prepaid and other current assets $ 31,705 $ 17,891 |
Schedule of Other Assets, Noncurrent [Table Text Block] | As of December 31, 2021 2020 Operating lease ROU assets $ 15,501 $ 13,408 Deferred commissions 8,624 5,798 Software implementation costs 7,782 6,879 Debt issuance costs 2,576 3,249 Assets held for sale 3,819 - All other noncurrent assets 4,020 4,209 Total other noncurrent assets $ 42,322 $ 33,543 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of December 31, 2021 2020 Accounts payable $ 35,716 $ 22,686 Accrued programming costs 23,703 20,279 Accrued compensation and related benefits 34,731 26,467 Accrued sales and other operating taxes 12,872 7,425 Accrued franchise fees 4,397 4,021 Deposits 6,840 6,300 Operating lease liabilities 5,633 3,772 Interest rate swap liability 26,662 30,646 Accrued insurance costs 5,542 7,292 Cash overdrafts 11,517 8,847 Equity investment payable (1) 13,387 13,387 Interest payable 5,172 4,128 Amount due to Hargray (2) - 6,822 All other accrued liabilities 17,215 12,067 Total accounts payable and accrued liabilities $ 203,387 $ 174,139 |
Other Noncurrent Liabilities [Table Text Block] | As of December 31, 2021 2020 Operating lease liabilities $ 9,098 $ 8,701 Accrued compensation and related benefits 11,010 10,086 Deferred revenue 6,854 4,981 MBI Net Option (as defined in note 6) (1) 123,620 73,310 All other noncurrent liabilities 5,959 3,549 Total other noncurrent liabilities $ 156,541 $ 100,627 |
Note 6 - Equity Investments (Ta
Note 6 - Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | Ownership As of December 31, Percentage 2021 2020 Cost Method Investments Hargray (1), (2) ~15% $ - $ 113,165 Nextlink <20% 77,245 27,245 Point Broadband <10% 25,000 - Tristar <10% 23,083 - Others <10% 13,170 10,066 Total cost method investments $ 138,498 $ 150,476 Equity Method Investments MBI (3) 45.0% $ 557,715 $ 630,679 Wisper 40.4% 31,352 26,626 Total equity method investments $ 589,067 $ 657,305 Total equity investments $ 727,565 $ 807,781 |
Equity Method Investments [Table Text Block] | Year Ended December 31, 2021 2020 Equity Method Investment Income (Loss) MBI (1) $ (4,258 ) $ - Wisper 4,726 1,376 Total $ 468 $ 1,376 Other Income (Expense), Net MBI Net Option change in fair value $ (50,310 ) $ (17,500 ) |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2021 2020 Cable distribution systems $ 2,509,795 $ 1,916,048 Customer premise equipment 320,937 283,831 Other equipment and fixtures 472,319 463,469 Buildings and improvements 142,754 117,367 Capitalized software 89,662 107,107 Construction in progress 172,706 89,488 Land 12,134 13,293 ROU assets 11,241 10,314 Property, plant and equipment, gross 3,731,548 3,000,917 Less: Accumulated depreciation and amortization (1,877,444 ) (1,735,457 ) Property, plant and equipment, net $ 1,854,104 $ 1,265,460 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2021 December 31, 2020 Useful Life Gross Net Gross Net Range Carrying Accumulated Carrying Carrying Accumulated Carrying (in years) Amount Amortization Amount Amount Amortization Amount Finite-Lived Intangible Assets Customer relationships 13.5 – 17 $ 857,100 $ 153,699 703,401 369,700 81,865 287,835 Trademarks and trade names 2.7 – 4.2 13,500 3,852 9,648 3,000 1,252 1,748 Wireless licenses 10 – 15 1,418 142 1,276 1,418 15 1,403 Total finite-lived intangible assets $ 872,018 $ 157,693 $ 714,325 $ 374,118 $ 83,132 $ 290,986 Indefinite-Lived Intangible Assets Franchise agreements $ 2,139,312 $ 979,712 Trade names 7,500 7,500 Total indefinite-lived intangible assets $ 2,146,812 $ 987,212 Total intangible assets, net $ 2,861,137 $ 1,278,198 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2022 $ 89,312 2023 78,075 2024 71,248 2025 65,964 2026 60,086 Thereafter 349,640 Total $ 714,325 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Leases [Table Text Block] | As of December 31, 2021 2020 ROU Assets Property, plant and equipment, net: Finance leases $ 8,959 $ 8,979 Other noncurrent assets: Operating leases $ 15,501 $ 13,408 Lease Liabilities Accounts payable and accrued liabilities: Operating leases $ 5,633 $ 3,772 Current portion of long-term debt: Finance leases $ 851 $ 661 Long-term debt: Finance leases $ 4,770 $ 4,805 Other noncurrent liabilities: Operating leases $ 9,098 $ 8,701 Total: Finance leases $ 5,621 $ 5,466 Operating leases $ 14,731 $ 12,473 |
Lease, Cost [Table Text Block] | Year Ended December 31, 2021 2020 2019 Finance lease expense: Amortization of ROU assets $ 945 $ 812 $ 537 Interest on lease liabilities 369 382 302 Operating lease expense 6,362 5,480 5,260 Short-term lease expense - 113 940 Variable lease expense - 23 168 Total lease expense $ 7,676 $ 6,810 $ 7,207 |
Supplemental Lessee Financial Information [Table Text Block] | Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Finance leases - financing cash flows $ 770 $ 604 $ 925 Finance leases - operating cash flows $ 369 $ 382 $ 302 Operating leases - operating cash flows $ 6,190 $ 5,370 $ 5,293 ROU assets obtained in exchange for lease liabilities: Finance leases (1) $ 1,089 $ 127 $ 5,408 Operating leases (2) $ 7,700 $ 1,131 $ 9,767 As of December 31, 2021 2020 Weighted average remaining lease term: Finance leases (in years) 11.2 12.8 Operating leases (in years) 4.2 4.4 Weighted average discount rate: Finance leases 6.03 % 6.22 % Operating leases 4.75 % 4.72 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Finance Operating Year Ending December 31, Leases Leases 2022 $ 1,181 $ 5,977 2023 1,188 4,292 2024 1,170 1,999 2025 1,046 1,254 2026 958 928 Thereafter 7,933 1,115 Total 13,476 15,565 Less: Present value discount (7,855 ) (834 ) Lease liability $ 5,621 $ 14,731 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of December 31, 2021 2020 Senior Credit Facilities (as defined below) $ 2,311,890 $ 1,541,621 Senior Notes (as defined below) 650,000 650,000 Convertible Notes (as defined below) 920,000 - Finance lease liabilities 5,621 5,466 Total debt 3,887,511 2,197,087 Less: Unamortized debt discount (20,602 ) - Less: Unamortized debt issuance costs (28,572 ) (21,897 ) Less: Current portion of long-term debt (38,837 ) (26,392 ) Total long-term debt $ 3,799,500 $ 2,148,798 |
Summary of Term Loans [Table Text Block] | Final Balance Draw Original Amortization Outstanding Maturity Due Upon Benchmark Applicable Interest Instrument Date(s) Principal Per Annum (1) Principal Date Maturity Rate Margin (2) Rate Term Loan A-2 5/8/2019 (3) $ 700,000 Varies (4) $ 659,590 10/30/2025 $ 476,607 LIBOR 1.75% 1.85% 10/1/2019 (3) Term Loan B-2 1/7/2019 250,000 1.0% 243,125 10/30/2027 228,750 LIBOR 2.00% 2.10% Term Loan B-3 6/14/2019 (5) 625,000 1.0% 613,175 10/30/2027 577,472 LIBOR 2.00% 2.10% 10/30/2020 (5) Term Loan B-4 5/3/2021 800,000 1.0% 796,000 5/3/2028 746,000 LIBOR 2.00% 2.10% Total $ 2,375,000 $ 2,311,890 $ 2,028,829 |
Convertible Debt [Table Text Block] | December 31, 2021 2026 Notes 2028 Notes Total Gross carrying amount $ 575,000 $ 345,000 $ 920,000 Less: Unamortized discount (12,611 ) (7,991 ) (20,602 ) Less: Unamortized debt issuance costs (344 ) (226 ) (570 ) Net carrying amount $ 562,045 $ 336,783 $ 898,828 Year Ended December 31, 2021 2026 Notes 2028 Notes Total Contractual interest expense $ - $ 3,202 $ 3,202 Amortization of discount 2,483 1,065 3,548 Amortization of debt issuance costs 68 30 98 Total interest expense $ 2,551 $ 4,297 $ 6,848 |
Unamortized Debt Issuance Costs [Table Text Block] | As of December 31, 2021 2020 Revolving Credit Facility portion: Other noncurrent assets $ 2,576 $ 3,249 Term loans and Notes portion: Long-term debt (contra account) 28,572 21,897 Total $ 31,148 $ 25,146 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2022 $ 37,986 2023 55,008 2024 76,285 2025 557,147 2026 591,709 Thereafter 2,563,755 Total $ 3,881,890 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Current Deferred Total Year Ended December 31, 2021 U.S. Federal $ 11,010 $ 36,514 $ 47,524 State and local 5,296 (7,055 ) (1,759 ) Total $ 16,306 $ 29,459 $ 45,765 Year Ended December 31, 2020 U.S. Federal $ (14,633 ) $ 74,164 $ 59,531 State and local 3,764 13,022 16,786 Total $ (10,869 ) $ 87,186 $ 76,317 Year Ended December 31, 2019 U.S. Federal $ 1,249 $ 43,270 $ 44,519 State and local 3,678 7,036 10,714 Total $ 4,927 $ 50,306 $ 55,233 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 2019 U.S. Federal taxes at statutory rate $ 70,902 $ 79,660 $ 49,101 State and local taxes, net of U.S. Federal tax (1,389 ) 13,261 8,464 CARES Act benefit (as defined and described below) - (13,039 ) - Reversal of deferred tax liability on minority interest (29,138 ) - - Equity-based compensation (5,651 ) (10,993 ) (5,296 ) Valuation allowance 10,111 4,322 - Section 162(m) limitation 2,205 1,564 656 Other items (1,275 ) 1,542 2,308 Income tax provision $ 45,765 $ 76,317 $ 55,233 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2021 2020 Other benefit obligations $ 2,991 $ 1,789 Equity-based compensation 4,725 4,324 Net operating losses 4,062 2,951 Accrued bonus 4,941 3,947 Reserves 2,152 1,194 Lease liabilities 3,624 3,079 State tax credit 5,347 - Interest rate swap 26,416 45,913 Unrealized capital losses 16,544 4,322 Other items 3,887 3,856 Deferred tax assets, gross 74,689 71,375 Less: Valuation allowance (16,544 ) (4,322 ) Deferred tax assets, net 58,145 67,053 Property, plant and equipment 335,429 233,427 Goodwill and other intangible assets 553,691 160,442 Investments in subsidiaries and partnerships 12,230 29,043 ROU assets 5,638 5,121 Prepaid expenses 4,874 3,500 Other items 439 2,195 Deferred tax liabilities 912,301 433,728 Net deferred income tax liability $ 854,156 $ 366,675 |
Note 12 - Interest Rate Swaps (
Note 12 - Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Entry Effective Maturity Notional Settlement Fixed Date Date Date (1) Amount Settlement Type Frequency Base Rate Swap A 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653% Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739% Total $ 1,200,000 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | As of December 31, 2021 2020 Liabilities: Current portion: Accounts payable and accrued liabilities $ 26,662 $ 30,646 Noncurrent portion: Interest rate swap liability $ 81,627 $ 155,357 Total $ 108,289 $ 186,003 Stockholders’ Equity: Accumulated other comprehensive loss $ 81,873 $ 140,090 Year Ended December 31, 2021 2020 Interest expense $ 31,311 $ 22,509 Unrealized (gain) loss on cash flow hedges, gross $ (77,716 ) $ 96,346 Less: Tax effect 19,499 (23,812 ) Unrealized (gain) loss on cash flow hedges, net of tax $ (58,217 ) $ 72,534 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 2021 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 315,984 $ 315,984 Level 1 Liabilities: Long-term debt (including current portion): Term loans $ 2,311,890 $ 2,312,723 Level 2 Senior Notes $ 650,000 $ 640,250 Level 2 Convertible Notes $ 920,000 $ 893,240 Level 2 Interest rate swap liability (including current portion): Interest rate swaps $ 108,289 $ 108,289 Level 2 Other noncurrent liabilities: MBI Net Option $ 123,620 $ 123,620 Level 3 |
MBI Net Option [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2021 December 31, 2020 Cable One MBI Cable One MBI Equity volatility 30.0 % 30.0 % 28.0 % 30.0 % EBITDA volatility 10.0 % 10.0 % 10.0 % 10.0 % EBITDA risk-adjusted discount rate 5.0 % 6.5 % 5.0 % 6.5 % Cost of debt 4.0 % 4.0 % |
Note 15 - Equity-based Compen_2
Note 15 - Equity-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2021 2020 2019 Restricted stock (as defined below) $ 17,014 $ 11,476 $ 7,994 SARs 3,040 3,116 4,306 Total $ 20,054 $ 14,592 $ 12,300 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Grant Date Restricted Fair Value Stock Per Share Outstanding as of December 31, 2018 40,876 $ 610.88 Granted 13,374 $ 885.66 Forfeited (4,111 ) $ 710.87 Vested and issued (11,266 ) $ 493.80 Outstanding as of December 31, 2019 38,873 $ 728.77 Granted 12,352 $ 1,573.50 Forfeited (5,491 ) $ 752.39 Vested and issued (10,790 ) $ 682.84 Outstanding as of December 31, 2020 34,944 $ 1,037.83 Granted 12,525 $ 2,144.03 Forfeited (1,468 ) $ 1,414.01 Vested and issued (11,975 ) $ 872.38 Outstanding as of December 31, 2021 34,026 $ 1,487.02 Vested and deferred as of December 31, 2021 5,978 $ 756.32 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Weighted Average Weighted Average Aggregate Remaining Stock Average Grant Date Intrinsic Contractual Appreciation Exercise Fair Value Term Rights Price Value (in thousands) (in years) Outstanding as of December 31, 2018 90,605 $ 550.60 $ 122.29 $ 24,673 7.2 Granted 29,000 $ 900.90 $ 209.57 $ - 8.8 Exercised (26,092 ) $ 491.12 $ 105.94 $ 20,143 - Forfeited (3,103 ) $ 659.01 $ 154.49 Outstanding as of December 31, 2019 90,410 $ 676.41 $ 153.90 $ 73,419 7.5 Granted 8,000 $ 1,701.74 $ 423.92 $ - 9.5 Exercised (33,154 ) $ 553.69 $ 120.91 $ 39,099 - Forfeited (6,891 ) $ 846.81 $ 199.27 Outstanding as of December 31, 2020 58,365 $ 866.54 $ 204.29 $ 79,446 7.3 Granted 5,500 $ 1,970.24 $ 530.05 $ - 9.5 Exercised (16,524 ) $ 658.98 $ 148.76 $ 21,298 - Forfeited (1,601 ) $ 834.92 $ 201.50 Outstanding as of December 31, 2021 45,740 $ 1,075.34 $ 263.62 $ 32,897 7.1 Exercisable as of December 31, 2021 20,678 $ 792.50 $ 186.30 $ 20,149 6.1 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | 2021 2020 2019 Expected volatility 27.44 % 26.61 % 21.69 % Risk-free interest rate 0.96 % 0.43 % 2.25 % Expected term (in years) 6.25 6.25 6.25 Expected dividend yield 0.53 % 0.56 % 0.92 % |
Note 16 - Other Income and Ex_2
Note 16 - Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Year Ended December 31, 2021 2020 2019 Gain on Hargray step acquisition $ 33,406 $ - $ - MBI Net Option fair value adjustment (50,310 ) (17,510 ) - Tristar mark-to-market adjustment 2,283 - - Write-off of debt issuance costs (2,131 ) (6,181 ) (4,210 ) Debt redemption call premium - - (6,471 ) Financing-related fees (198 ) (1,237 ) (703 ) Interest and investment income 11,580 8,517 6,477 Other (632 ) - - Other income (expense), net $ (6,002 ) $ (16,411 ) $ (4,907 ) |
Note 17 - Net Income Per Comm_2
Note 17 - Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2021 2020 2019 Numerator: Net income - basic $ 291,824 $ 304,391 $ 178,582 Add: Convertible Notes interest expense, net of tax 5,136 - - Net income - diluted $ 296,960 $ 304,391 $ 178,582 Denominator: Weighted average common shares outstanding - basic 6,017,778 5,884,780 5,678,990 Effect of dilutive equity-based compensation awards (1) 36,547 52,802 58,866 Effect of dilution from if-converted Convertible Notes (2) 333,029 - - Weighted average common shares outstanding - diluted 6,387,354 5,937,582 5,737,856 Net Income per Common Share: Basic $ 48.49 $ 51.73 $ 31.45 Diluted $ 46.49 $ 51.27 $ 31.12 Supplemental Net Income per Common Share Disclosure: Anti-dilutive shares from equity-based compensation awards (1) 3,444 288 409 |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Programming Other Purchase Lease Debt Purchase Year Ending December 31, Commitments (1) Payments (2) Payments (3) Obligations (4) Total 2022 $ 200,257 $ 7,158 $ 37,986 $ 53,885 $ 299,286 2023 169,051 5,480 55,008 16,562 246,101 2024 106,868 3,169 76,285 5,694 192,016 2025 48,445 2,300 557,147 2,079 609,971 2026 - 1,886 591,709 1,405 595,000 Thereafter - 9,048 2,563,755 6,365 2,579,168 Total $ 524,621 $ 29,041 $ 3,881,890 $ 85,990 $ 4,521,542 |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) $ in Millions | Dec. 30, 2021USD ($) | May 03, 2021USD ($) | Jul. 01, 2020USD ($) | Oct. 01, 2019USD ($) | Jan. 08, 2019USD ($) | Dec. 31, 2021 | Oct. 01, 2020 |
Number of States in which Entity Operates | 24 | ||||||
Number of Customers | 1,200,000 | ||||||
Clearwave [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 358.8 | ||||||
Fidelity [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 531.4 | ||||||
Valu-Net [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 38.9 | ||||||
Hargray [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 2,000 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | 15.00% | |||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | $ 2,200 | ||||||
Cable America Missouri, LLC [Member] | |||||||
Payments to Acquire Businesses, Gross | $ 113.1 | ||||||
Data [Member] | |||||||
Number of Customers | 1,055,000 | ||||||
Video [Member] | |||||||
Number of Customers | 261,000 | ||||||
Voice [Member] | |||||||
Number of Customers | 149,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Reportable Segments | 1 | ||
Advertising Expense | $ 40.1 | $ 31.6 | $ 34.3 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Dec. 30, 2021 | May 03, 2021 | Jul. 01, 2020 | Oct. 01, 2019 | Jan. 08, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2020 | Sep. 30, 2020 | Jan. 07, 2020 |
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, before Accumulated Amortization | $ 10,800 | $ 3,900 | $ 9,600 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 33,406 | 0 | 0 | ||||||||
Goodwill, Ending Balance | 967,913 | 430,543 | 429,597 | ||||||||
Amortization of Intangible Assets, Total | 74,600 | 45,500 | 19,200 | ||||||||
Cable America Missouri, LLC [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 113,100 | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 13 years 8 months 12 days | ||||||||||
Hargray [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 2,000,000 | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 13 years 6 months | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | 15.00% | |||||||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | $ 2,200,000 | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 146,600 | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 15.00% | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 33,400 | $ 33,406 | $ 0 | $ 0 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Carrying Value | 113,200 | ||||||||||
Goodwill, Ending Balance | 511,800 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 206,900 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 15,400 | ||||||||||
Amortization of Intangible Assets, Total | $ 34,000 | ||||||||||
Valu-Net [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 38,900 | ||||||||||
Fidelity [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 531,400 | ||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 13 years 8 months 12 days | ||||||||||
Goodwill, Ending Balance | $ 71,583 | ||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 71,600 | ||||||||||
Clearwave [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 358,800 | ||||||||||
Goodwill, Ending Balance | $ 185,885 | $ 185,900 |
Note 3 - Acquisitions - Change
Note 3 - Acquisitions - Change in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 430,543 | $ 429,597 |
Anniston Exchange goodwill disposed | (4,333) | |
Balance | 967,913 | 430,543 |
Valu-Net [Member] | ||
Acquisition goodwill recognized | $ 5,279 | |
Hargray [Member] | ||
Acquisition goodwill recognized | 511,817 | |
Cable America Missouri, LLC [Member] | ||
Acquisition goodwill recognized | $ 25,553 |
Note 3 - Acquisitions - Identif
Note 3 - Acquisitions - Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Millions | Dec. 30, 2021 | May 03, 2021 | Jul. 01, 2020 | Oct. 01, 2019 | Jan. 08, 2019 | Dec. 31, 2020 |
Hargray [Member] | ||||||
Useful Life (Year) | 13 years 6 months | |||||
Hargray [Member] | Franchise Rights [Member] | ||||||
Fair Value | $ 1,110 | |||||
Valu-Net [Member] | Franchise Rights [Member] | ||||||
Fair Value | $ 11.2 | |||||
Valu-Net [Member] | Trademarks and Trade Names 1 [Member] | ||||||
Fair Value | 0.8 | |||||
Fidelity [Member] | ||||||
Useful Life (Year) | 13 years 8 months 12 days | |||||
Fidelity [Member] | Franchise Rights [Member] | ||||||
Fair Value | $ 166 | |||||
Cable America Missouri, LLC [Member] | ||||||
Useful Life (Year) | 13 years 8 months 12 days | |||||
Cable America Missouri, LLC [Member] | Franchise Rights [Member] | ||||||
Fair Value | $ 49.6 | |||||
Customer Relationships [Member] | Hargray [Member] | ||||||
Fair Value | $ 472 | |||||
Useful Life (Year) | 13 years 8 months 12 days | |||||
Customer Relationships [Member] | Valu-Net [Member] | ||||||
Fair Value | $ 7.7 | |||||
Useful Life (Year) | 13 years 6 months | |||||
Customer Relationships [Member] | Fidelity [Member] | ||||||
Fair Value | $ 119 | |||||
Useful Life (Year) | 14 years | |||||
Customer Relationships [Member] | Clearwave [Member] | ||||||
Fair Value | $ 83 | |||||
Useful Life (Year) | 17 years | |||||
Customer Relationships [Member] | Cable America Missouri, LLC [Member] | ||||||
Fair Value | $ 15.4 | |||||
Useful Life (Year) | 14 years | |||||
Trademarks and Trade Names [Member] | Hargray [Member] | ||||||
Fair Value | $ 10 | |||||
Useful Life (Year) | 4 years 2 months 12 days | |||||
Trademarks and Trade Names [Member] | Fidelity [Member] | ||||||
Fair Value | $ 3 | |||||
Useful Life (Year) | 3 years | |||||
Trademarks and Trade Names [Member] | Cable America Missouri, LLC [Member] | ||||||
Fair Value | $ 0.5 | |||||
Useful Life (Year) | 3 years | |||||
Trade Names [Member] | Clearwave [Member] | ||||||
Fair Value | $ 6.7 |
Note 3 - Acquisitions - Allocat
Note 3 - Acquisitions - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | May 03, 2021 | Dec. 31, 2020 | Jan. 07, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Jan. 08, 2019 | |
Goodwill, Ending Balance | $ 967,913 | $ 430,543 | $ 429,597 | |||||
Hargray [Member] | ||||||||
Goodwill, Ending Balance | $ 511,800 | |||||||
Hargray [Member] | Estimate of Fair Value Measurement [Member] | ||||||||
Cash and cash equivalents | 17,652 | |||||||
Accounts receivable | 17,991 | |||||||
Income taxes receivable | 0 | |||||||
Prepaid and other current assets | 8,006 | |||||||
Property, plant and equipment | 457,158 | |||||||
Intangible assets | 1,592,000 | |||||||
Other noncurrent assets | 4,636 | |||||||
Total Assets Acquired | 2,097,443 | |||||||
Accounts payable and accrued liabilities | 36,457 | |||||||
Deferred revenue (short-term portion) | 8,462 | |||||||
Current portion of long-term debt | 1,375 | |||||||
Long-term debt | 2,912 | |||||||
Deferred income taxes | 437,725 | |||||||
Other noncurrent liabilities | 6,974 | |||||||
Total Liabilities Assumed | 493,905 | |||||||
Net assets acquired | 1,603,538 | |||||||
Purchase price consideration(1) | [1] | 2,117,866 | ||||||
Goodwill, Ending Balance | 514,328 | |||||||
Accounts payable and accrued liabilities | 36,457 | |||||||
Deferred revenue, short-term portion | 8,462 | |||||||
Other noncurrent liabilities | 6,974 | |||||||
Deferred income taxes | 437,725 | |||||||
Hargray [Member] | Changes Measurement [Member] | ||||||||
Cash and cash equivalents | 0 | |||||||
Accounts receivable | (62) | |||||||
Income taxes receivable | 720 | |||||||
Prepaid and other current assets | 0 | |||||||
Property, plant and equipment | (525) | |||||||
Intangible assets | 0 | |||||||
Other noncurrent assets | 2,940 | |||||||
Total Assets Acquired | 3,073 | |||||||
Accounts payable and accrued liabilities | 1,770 | |||||||
Deferred revenue (short-term portion) | 0 | |||||||
Current portion of long-term debt | (1,375) | |||||||
Long-term debt | (2,912) | |||||||
Deferred income taxes | 923 | |||||||
Other noncurrent liabilities | 2,912 | |||||||
Total Liabilities Assumed | 1,318 | |||||||
Net assets acquired | 1,755 | |||||||
Purchase price consideration(1) | [1] | (756) | ||||||
Goodwill, Ending Balance | (2,511) | |||||||
Accounts payable and accrued liabilities | 1,770 | |||||||
Deferred revenue, short-term portion | 0 | |||||||
Other noncurrent liabilities | 2,912 | |||||||
Deferred income taxes | 923 | |||||||
Hargray [Member] | Reported Value Measurement [Member] | ||||||||
Cash and cash equivalents | 17,652 | |||||||
Accounts receivable | 17,929 | |||||||
Income taxes receivable | 720 | |||||||
Prepaid and other current assets | 8,006 | |||||||
Property, plant and equipment | 456,633 | |||||||
Intangible assets | 1,592,000 | |||||||
Other noncurrent assets | 7,576 | |||||||
Total Assets Acquired | 2,100,516 | |||||||
Accounts payable and accrued liabilities | 38,227 | |||||||
Deferred revenue (short-term portion) | 8,462 | |||||||
Current portion of long-term debt | 0 | |||||||
Long-term debt | 0 | |||||||
Deferred income taxes | 438,648 | |||||||
Other noncurrent liabilities | 9,886 | |||||||
Total Liabilities Assumed | 495,223 | |||||||
Net assets acquired | 1,605,293 | |||||||
Purchase price consideration(1) | [1] | 2,117,110 | ||||||
Goodwill, Ending Balance | 511,817 | |||||||
Accounts payable and accrued liabilities | 38,227 | |||||||
Deferred revenue, short-term portion | 8,462 | |||||||
Other noncurrent liabilities | 9,886 | |||||||
Deferred income taxes | $ 438,648 | |||||||
Fidelity [Member] | ||||||||
Cash and cash equivalents | $ 4,869 | |||||||
Accounts receivable | 3,691 | |||||||
Prepaid and other current assets | 1,756 | |||||||
Property, plant and equipment | 173,904 | |||||||
Intangible assets | 288,000 | |||||||
Other noncurrent assets | 1,895 | |||||||
Total Assets Acquired | 474,115 | |||||||
Accounts payable and accrued liabilities | 8,795 | |||||||
Deferred revenue (short-term portion) | 1,796 | |||||||
Other noncurrent liabilities | 3,715 | |||||||
Total Liabilities Assumed | 14,306 | |||||||
Net assets acquired | 459,809 | |||||||
Purchase price consideration(1) | 531,392 | |||||||
Goodwill, Ending Balance | 71,583 | |||||||
Accounts payable and accrued liabilities | 8,795 | |||||||
Deferred revenue, short-term portion | 1,796 | |||||||
Other noncurrent liabilities | $ 3,715 | |||||||
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 (short-term portion) | 4,322 | |||||||
Deferred income taxes | 32,771 | |||||||
Other noncurrent liabilities | 5,057 | |||||||
Total Liabilities Assumed | 44,278 | |||||||
Net assets acquired | 172,945 | |||||||
Purchase price consideration(1) | 358,830 | |||||||
Goodwill, Ending Balance | $ 185,900 | 185,885 | ||||||
Accounts payable and accrued liabilities | 2,128 | |||||||
Deferred revenue, short-term portion | 4,322 | |||||||
Other noncurrent liabilities | 5,057 | |||||||
Deferred income taxes | $ 32,771 | |||||||
[1] | Consists of approximately $2.0 billion of cash for the additional approximately 85% equity interest in Hargray that the Company did not already own and the $146.6 million May 3, 2021 fair value of the Company’s existing approximately 15% equity investment in Hargray. The Company recognized a $33.4 million non-cash gain within other income in the consolidated statement of operations and comprehensive income upon the acquisition, representing the difference between the existing equity investment’s fair value and $113.2 million carrying value. The fair value of the existing investment was calculated as approximately 15% of the fair value of Hargray’s total equity value (determined using the discounted cash flow method of the income approach, less debt), excluding the impact of any synergies or control premium that would be realized by a controlling interest. |
Note 3 - Acquisitions - Unaudit
Note 3 - Acquisitions - Unaudited Pro Forma Combined Results of Operations Information (Details) - Hargray [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 1,708,734 | $ 1,584,384 |
Net income | $ 230,685 | $ 273,483 |
Basic (in dollars per share) | $ 38.33 | $ 46.47 |
Diluted (in dollars per share) | $ 36.51 | $ 44.11 |
Depreciation and amortization | $ (6,152) | $ (14,866) |
Interest expense | (2,804) | (21,001) |
Acquisition costs | (15,403) | 0 |
Gain on step acquisition | (33,400) | 0 |
Income tax provision | $ 33,577 | $ 8,967 |
Weighted average common shares outstanding - diluted (in shares) | 71,219 | 404,248 |
Note 4 - Revenues 1 (Details Te
Note 4 - Revenues 1 (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 39,400 | $ 31,500 |
Contract with Customer, Liability, Current | $ 26,851 | $ 21,051 |
Note 4 - Revenues 2 (Details Te
Note 4 - Revenues 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Dec. 31, 2021 |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Note 4 - Revenues - Revenues by
Note 4 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 1,605,836 | $ 1,325,229 | $ 1,167,997 |
Deferred commission amortization | 5,405 | 5,478 | 3,992 |
Data [Member] | |||
Revenues | 835,725 | 669,545 | 547,240 |
Video [Member] | |||
Revenues | 339,707 | 332,857 | 335,190 |
Voice [Member] | |||
Revenues | 47,519 | 47,603 | 43,521 |
Business Services [Member] | |||
Revenues | 308,767 | 234,657 | 204,500 |
Product and Service, Other [Member] | |||
Revenues | 74,118 | 40,567 | 37,546 |
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | |||
Revenues | $ 31,418 | $ 25,206 | $ 22,702 |
Note 5 - Operating Assets and_3
Note 5 - Operating Assets and Liabilities (Details Textual) - USD ($) $ in Thousands | May 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 5,965 | [1] | $ 7,527 | $ 6,500 | |
Call Option [Member] | MBI Net Option [Member] | |||||
Derivative Asset, Fair Value, Gross Liability | 17,800 | 700 | |||
Put Option [Member] | MBI Net Option [Member] | |||||
Derivative Asset, Fair Value, Gross Liability | $ 105,800 | $ 74,000 | |||
Hargray [Member] | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 1,400 | ||||
[1] | Additions include $1.4 million of additional reserves assumed in the Hargray Acquisition. |
Note 5 - Operating Assets and_4
Note 5 - Operating Assets and Liabilities - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade receivables | $ 41,947 | $ 32,795 |
Other receivables | 16,847 | 7,225 |
Less: Allowance for credit losses | (2,541) | (1,252) |
Total accounts receivable, net | $ 56,253 | $ 38,768 |
Note 5 - Operating Assets and_5
Note 5 - Operating Assets and Liabilities - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | [1] | Dec. 31, 2020 | Dec. 31, 2019 | ||
Beginning balance | $ 1,252 | $ 1,201 | $ 2,045 | ||
Additions - charged to costs and expenses | 5,965 | 7,527 | 6,500 | ||
Deductions - write-offs | (10,587) | (13,603) | (13,504) | ||
Recoveries collected | 5,911 | 6,127 | 6,160 | ||
Ending balance | $ 2,541 | $ 1,252 | [1] | $ 1,201 | |
[1] | Additions include $1.4 million of additional reserves assumed in the Hargray Acquisition. |
Note 5 - Operating Assets and_6
Note 5 - Operating Assets and Liabilities - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid repairs and maintenance | $ 4,788 | $ 1,013 |
Software implementation costs | 1,199 | 1,035 |
Prepaid insurance | 3,325 | 2,200 |
Prepaid rent | 2,107 | 1,471 |
Prepaid software | 6,982 | 4,544 |
Deferred commissions | 4,295 | 4,026 |
All other current assets | 9,009 | 3,602 |
Total prepaid and other current assets | $ 31,705 | $ 17,891 |
Note 5 - Operating Assets and_7
Note 5 - Operating Assets and Liabilities - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease ROU assets | $ 15,501 | $ 13,408 |
Deferred commissions | 8,624 | 5,798 |
Software implementation costs | 7,782 | 6,879 |
Debt issuance costs | 2,576 | 3,249 |
Assets held for sale | 3,819 | 0 |
All other noncurrent assets | 4,020 | 4,209 |
Total other noncurrent assets | $ 42,322 | $ 33,543 |
Note 5 - Operating Assets and_8
Note 5 - Operating Assets and Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest payable | $ 5,172 | $ 4,128 | |
Amount due to Hargray | [1] | 0 | 6,822 |
Total accounts payable and accrued liabilities, current | 203,387 | 174,139 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Accounts payable, current | 35,716 | 22,686 | |
Accrued programming costs | 23,703 | 20,279 | |
Accrued compensation and related benefits | 34,731 | 26,467 | |
Accrued sales and other operating taxes | 12,872 | 7,425 | |
Accrued franchise fees | 4,397 | 4,021 | |
Deposits | 6,840 | 6,300 | |
Operating lease liabilities | 5,633 | 3,772 | |
Interest rate swap liability | 26,662 | 30,646 | |
Accrued insurance costs | 5,542 | 7,292 | |
Cash overdrafts | 11,517 | 8,847 | |
Equity investment payable | [2] | 13,387 | 13,387 |
All other accrued liabilities | $ 17,215 | $ 12,067 | |
[1] | Consists of amount due to Hargray in connection with transition services provided as part of the Anniston Exchange. Refer to note 6 for details on this transaction. | ||
[2] | Consists of the unfunded portion of the Company’s equity investment in Wisper. Refer to note 6 for details on this transaction. |
Note 5 - Operating Assets and_9
Note 5 - Operating Assets and Liabilities - Other Noncurrent Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | |
MBI Net Option (as defined in note 6)(1) | $ 81,627,000 | $ 155,357,000 | |
Total other noncurrent liabilities | 156,541,000 | 100,627,000 | |
Other Noncurrent Liabilities [Member] | |||
Operating lease liabilities | 9,098,000 | 8,701,000 | |
Accrued compensation and related benefits | 11,010,000 | 10,086,000 | |
Deferred revenue | 6,854,000 | 4,981,000 | |
MBI Net Option (as defined in note 6)(1) | [1] | 123,620 | 73,310 |
All other noncurrent liabilities | $ 5,959,000 | $ 3,549,000 | |
[1] | Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 6), consisting of a liability of $17.8 million and a liability of $105.8 million, respectively, as of December 31, 2021 and an asset of $0.7 million and a liability of $74.0 million, respectively, as of December 31, 2020. Refer to notes 6 and 13 for further information on the MBI Net Option (as defined in note 6). |
Note 6 - Equity Investments (De
Note 6 - Equity Investments (Details Textual) - USD ($) | Dec. 28, 2021 | Nov. 05, 2021 | Oct. 18, 2021 | Oct. 01, 2021 | May 03, 2021 | Nov. 12, 2020 | Oct. 01, 2020 | Jul. 10, 2020 | May 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Payments to Acquire Investments, Total | $ 95,800,000 | $ 612,124,000 | $ 0 | ||||||||||||
Gain (Loss) on Disposition of Business | 0 | 82,574,000 | 0 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 33,406,000 | 0 | 0 | ||||||||||||
Equity Method Investments | 589,067,000 | 657,305,000 | |||||||||||||
Derivative Liability, Noncurrent | 81,627,000 | 155,357,000 | |||||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 68,706,000 | 0 | 0 | ||||||||||||
Income (Loss) from Equity Method Investments, Total | 468,000 | 1,376,000 | 0 | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | |||||||||||||
MBI [Member] | |||||||||||||||
Finite-lived Intangible Assets, Basis Difference Between Fair Value and Carrying Value | 186,600,000 | ||||||||||||||
Other Noncurrent Liabilities [Member] | |||||||||||||||
Derivative Liability, Noncurrent | [1] | 123,620 | 73,310 | ||||||||||||
MBI Net Option [Member] | Other Noncurrent Liabilities [Member] | |||||||||||||||
Derivative Liability, Noncurrent | $ 123,600,000 | $ 73,300,000 | |||||||||||||
Hargray [Member] | |||||||||||||||
Ownership Percentage | 15.00% | ||||||||||||||
MBI [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | [2] | 45.00% | |||||||||||||
Equity Method Investments | $ 630,700,000 | $ 557,715,000 | [2] | $ 630,679,000 | [2] | ||||||||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | $ 68,700,000 | ||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total | 508,300,000 | 529,700,000 | |||||||||||||
Finite-lived Intangible Assets, Basis Difference Between Fair Value and Carrying Value | 84,000,000 | ||||||||||||||
Income (Loss) from Equity Method Investments, Total | 10,300,000 | ||||||||||||||
Amortization, Total | 14,500,000 | ||||||||||||||
MBI [Member] | Call Option [Member] | |||||||||||||||
Derivative Assets, Noncurrent, Total | 19,700,000 | ||||||||||||||
MBI [Member] | Put Option [Member] | |||||||||||||||
Derivative Liability, Noncurrent | $ 75,500,000 | ||||||||||||||
Hargray [Member] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | 15.00% | |||||||||||||
Payments to Acquire Businesses, Gross | $ 2,000,000,000 | ||||||||||||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination, Total | 2,200,000,000 | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 33,400,000 | $ 33,406,000 | 0 | $ 0 | |||||||||||
Disposition of the Anniston Exchange [Member] | |||||||||||||||
Gain (Loss) on Disposition of Business | $ 82,600,000 | $ 82,600,000 | |||||||||||||
Wisper ISP, LLC [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 40.40% | ||||||||||||||
Equity Method Investment, Aggregate Cost | $ 25,300,000 | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 11,900,000 | ||||||||||||||
Mega Broadband Investments Holdings [Member] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 45.00% | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 574,900,000 | ||||||||||||||
AMG Technology [Member] | |||||||||||||||
Ownership Percentage | 17.00% | ||||||||||||||
Payments to Acquire Investments, Total | $ 50,000,000 | $ 27,200,000 | |||||||||||||
AMG Technology [Member] | Maximum [Member] | |||||||||||||||
Ownership Percentage | 10.00% | ||||||||||||||
Hargray [Member] | |||||||||||||||
Ownership Percentage | 15.00% | ||||||||||||||
Point Broadband Holdings [Member] | |||||||||||||||
Payments to Acquire Investments, Total | $ 25,000,000 | ||||||||||||||
Point Broadband Holdings [Member] | Maximum [Member] | |||||||||||||||
Ownership Percentage | 10.00% | ||||||||||||||
Tristar Acquisition I Corp [Member] | |||||||||||||||
Payments to Acquire Investments, Total | $ 20,800,000 | ||||||||||||||
Tristar Acquisition I Corp [Member] | Maximum [Member] | |||||||||||||||
Ownership Percentage | 10.00% | ||||||||||||||
[1] | Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 6), consisting of a liability of $17.8 million and a liability of $105.8 million, respectively, as of December 31, 2021 and an asset of $0.7 million and a liability of $74.0 million, respectively, as of December 31, 2020. Refer to notes 6 and 13 for further information on the MBI Net Option (as defined in note 6). | ||||||||||||||
[2] | The Company holds a call option to purchase all but not less than all of the remaining equity interests in MBI that the Company does not already own between January 1, 2023 and June 30, 2024. If the call option is not exercised, certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the "MBI Net Option") are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s EBITDA volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $123.6 million and $73.3 million as of December 31, 2021 and December 31, 2020, respectively, and was included within other noncurrent liabilities in the consolidated balance sheets. Refer to note 13 for further information on the MBI Net Option. |
Note 6 - Equity Investments - C
Note 6 - Equity Investments - Carrying Value of Equity Method Investments Without Determinable Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 12, 2020 | |||
Cost Method Investment | $ 138,498 | $ 150,476 | ||||
Total equity method investments | 589,067 | 657,305 | ||||
Equity investments | $ 727,565 | 807,781 | ||||
MBI [Member] | ||||||
Equity method investments, ownership | [1] | 45.00% | ||||
Total equity method investments | $ 557,715 | [1] | 630,679 | [1] | $ 630,700 | |
Wisper [Member] | ||||||
Equity method investments, ownership | 40.40% | |||||
Total equity method investments | $ 31,352 | 26,626 | ||||
Hargray [Member] | ||||||
Cost Method Investment | [2],[3] | 113,165 | ||||
Nextlink [Member] | ||||||
Cost Method Investment | 77,245 | 27,245 | ||||
Point Broadband Holdings [Member] | ||||||
Cost Method Investment | 25,000 | 0 | ||||
Tristar Acquisition I Corp [Member] | ||||||
Cost Method Investment | 23,083 | 0 | ||||
Other Cost Method Investment [Member] | ||||||
Cost Method Investment | $ 13,170 | $ 10,066 | ||||
[1] | The Company holds a call option to purchase all but not less than all of the remaining equity interests in MBI that the Company does not already own between January 1, 2023 and June 30, 2024. If the call option is not exercised, certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the "MBI Net Option") are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s EBITDA volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $123.6 million and $73.3 million as of December 31, 2021 and December 31, 2020, respectively, and was included within other noncurrent liabilities in the consolidated balance sheets. Refer to note 13 for further information on the MBI Net Option. | |||||
[2] | As a result of the Company’s May 3, 2021 acquisition of the remaining equity interests in Hargray that it did not already own, Hargray’s assets and liabilities were separately reflected within the Company’s consolidated balance sheet as of the acquisition date and the existing cost method investment was eliminated, resulting in a $33.4 million non-cash gain recognized within other income in the condensed consolidated statement of operations and comprehensive income on the acquisition date. | |||||
[3] | Upon initial investment, the Company calculated the fair value of Hargray’s total enterprise value using a hybrid of both the discounted cash flow method of the income approach and the guideline public company method of the market approach. Significant assumptions used in the valuation include projected revenue growth rates, future EBITDA margins, future capital expenditures and an appropriate discount rate. The enterprise value less Hargray’s debt and unamortized debt issuance costs was multiplied by Cable One’s minority equity interest percentage to determine the Hargray investment’s carrying value. The resulting $82.6 million non-cash gain was calculated as the difference between this carrying value and the book value of the Anniston System’s net assets, including its proportionate share of the Company’s franchise agreement and goodwill assets. The approximately 15% equity interest in Hargray as of December 31, 2020 was on a fully diluted basis. |
Note 6 - Equity Investments - E
Note 6 - Equity Investments - Equity Method Investment Income (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Equity method investment income (loss), net | $ 468 | $ 1,376 | $ 0 | |
MBI Net Option [Member] | ||||
MBI Net Option fair value adjustment | (50,310) | (17,510) | $ 0 | |
MBI [Member] | ||||
Equity method investment income (loss), net | [1] | (4,258) | 0 | |
MBI [Member] | MBI Net Option [Member] | ||||
MBI Net Option fair value adjustment | (50,310) | (17,500) | ||
Wisper [Member] | ||||
Equity method investment income (loss), net | $ 4,726 | $ 1,376 | ||
[1] | The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. The Company recognized $10.3 million of its pro rata share of MBI’s net income and $14.5 million of its pro rata share of basis difference amortization during 2021. |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 264,400 | $ 220,200 | $ 197,500 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | (7,829) | $ 1,072 | (7,187) |
Headquarters Building and Adjoining Property [Member] | |||
Proceeds from Sale of Property Held-for-sale | 6,300 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1,600 | ||
Hargray [Member] | |||
Property, Plant and Equipment, Net, Ending Balance | 456,600 | ||
Cable America Missouri, LLC [Member] | |||
Property, Plant and Equipment, Net, Ending Balance | $ 22,000 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment gross | $ 3,731,548 | $ 3,000,917 |
Less: Accumulated depreciation and amortization | (1,877,444) | (1,735,457) |
Property, plant and equipment, net | 1,854,104 | 1,265,460 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 2,509,795 | 1,916,048 |
Equipment [Member] | ||
Property, plant and equipment, gross | 320,937 | 283,831 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 472,319 | 463,469 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 142,754 | 117,367 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 89,662 | 107,107 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 172,706 | 89,488 |
Land [Member] | ||
Property, plant and equipment, gross | 12,134 | 13,293 |
Right-of-use Assets [Member] | ||
Property, plant and equipment, gross | $ 11,241 | $ 10,314 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | May 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 967,913 | $ 430,543 | $ 429,597 | |
Goodwill, Impairment Loss | 0 | |||
Amortization of Intangible Assets, Total | 74,600 | $ 45,500 | $ 19,200 | |
Hargray [Member] | ||||
Goodwill, Ending Balance | $ 511,800 | |||
Goodwill, Acquired During Period | 511,817 | |||
Amortization of Intangible Assets, Total | $ 34,000 | |||
Cable America Missouri, LLC [Member] | ||||
Goodwill, Acquired During Period | $ 25,553 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross carrying amount, amortized intangible assets | $ 872,018 | $ 374,118 |
Accumulated amortization, amortized intangible assets | 157,693 | 83,132 |
Net carrying amount | 714,325 | 290,986 |
Indefinite-Lived Intangible Assets | 2,146,812 | 987,212 |
Indefinite-Lived Intangible Assets | 2,146,812 | 987,212 |
Total intangible assets, net | 2,861,137 | 1,278,198 |
Franchise Rights [Member] | ||
Indefinite-Lived Intangible Assets | 2,139,312 | 979,712 |
Indefinite-Lived Intangible Assets | 2,139,312 | 979,712 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets | 7,500 | 7,500 |
Indefinite-Lived Intangible Assets | $ 7,500 | 7,500 |
Customer Relationships [Member] | ||
Useful life (Year) | 17 years | |
Gross carrying amount, amortized intangible assets | $ 857,100 | 369,700 |
Accumulated amortization, amortized intangible assets | 153,699 | 81,865 |
Net carrying amount | $ 703,401 | 287,835 |
Customer Relationships [Member] | Minimum [Member] | ||
Useful life (Year) | 13 years 6 months | |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 4 years 2 months 12 days | |
Gross carrying amount, amortized intangible assets | $ 13,500 | 3,000 |
Accumulated amortization, amortized intangible assets | 3,852 | 1,252 |
Net carrying amount | $ 9,648 | 1,748 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Useful life (Year) | 2 years 8 months 12 days | |
Wireless Spectrum Licenses [Member] | ||
Useful life (Year) | 15 years | |
Gross carrying amount, amortized intangible assets | $ 1,418 | 1,418 |
Accumulated amortization, amortized intangible assets | 142 | 15 |
Net carrying amount | $ 1,276 | $ 1,403 |
Wireless Spectrum Licenses [Member] | Minimum [Member] | ||
Useful life (Year) | 10 years |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 89,312 | |
2023 | 78,075 | |
2024 | 71,248 | |
2025 | 65,964 | |
2026 | 60,086 | |
Thereafter | 349,640 | |
Total | $ 714,325 | $ 290,986 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Right-of-Use Asset | $ 15,501 | $ 13,408 | |
Fidelity [Member] | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 3,900 | ||
Operating Lease, Right-of-Use Asset | 1,400 | ||
Hargray [Member] | |||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 4,300 | ||
Clearwave [Member] | |||
Operating Lease, Right-of-Use Asset | $ 3,300 | ||
Minimum [Member] | |||
Lessee, Operating and Finance Lease, Remaining Term of Contract (Year) | 1 year | ||
Lessee, Operating and Finance Lease, Period of Option to Terminate (Year) | 1 year | ||
Lessor, Operating and Finance Lease, Remaining Term of Contract (Year) | 1 year | ||
Lessor, Operating and Finance Lease, Period of Option to Terminate (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating and Finance Lease, Remaining Term of Contract (Year) | 25 years | ||
Lessee, Operating and Finance Lease, Renewal Term (Year) | 15 years | ||
Lessor, Operating and Finance Lease, Remaining Term of Contract (Year) | 15 years | ||
Lessor, Operating and Finance Lease, Renewal Term (Year) | 5 years |
Note 9 - Leases - ROU Assets an
Note 9 - Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease ROU assets | $ 15,501 | $ 13,408 |
Finance Leases, Lease liability | 5,621 | 5,466 |
Property, Plant and Equipment, Net [Member] | ||
Finance leases, property, plant and equipment, net | 8,959 | 8,979 |
Other Noncurrent Assets [Member] | ||
Operating lease ROU assets | 15,501 | 13,408 |
Accounts Payable and Accrued Liabilities [Member] | ||
Operating leases, accounts payable and accrued liabilities | 5,633 | 3,772 |
Long-term Debt, Current [Member] | ||
Finance leases, current portion of long-term debt | 851 | 661 |
Long-term Debt [Member] | ||
Finance leases, long-term debt | 4,770 | 4,805 |
Other Noncurrent Liabilities [Member] | ||
Operating leases, noncurrent liabilities | 9,098 | 8,701 |
Accounts Payable and Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||
Operating leases, total | $ 14,731 | $ 12,473 |
Note 9 - Leases - Components of
Note 9 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of ROU assets | $ 945 | $ 812 | $ 537 |
Interest on lease liabilities | 369 | 382 | 302 |
Operating lease expense | 6,362 | 5,480 | 5,260 |
Short-term lease expense | 0 | 113 | 940 |
Variable lease expense | 0 | 23 | 168 |
Total lease expense | $ 7,676 | $ 6,810 | $ 7,207 |
Note 9 - Leases - Supplemental
Note 9 - Leases - Supplemental Lessee Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Finance leases - financing cash flows | $ 770 | $ 604 | $ 925 | |
Finance leases - operating cash flows | 369 | 382 | 302 | |
Operating leases - operating cash flows | 6,190 | 5,370 | 5,293 | |
Finance leases, ROU assets obtained in exchange for new lease liabilities | [1] | 1,089 | 127 | 5,408 |
Operating leases, ROU assets obtained in exchange for new lease liabilities | [2] | $ 7,700 | $ 1,131 | $ 9,767 |
Finance leases (in years) (Year) | 12 years 9 months 18 days | |||
Operating leases (in years) (Year) | 4 years 4 months 24 days | |||
Finance leases | 6.03% | 6.22% | ||
Operating leases | 4.75% | 4.72% | ||
[1] | The amount for 2019 includes $3.9 million of ROU assets acquired in the Fidelity transaction. | |||
[2] | The amount for 2021 includes $4.3 million of ROU assets acquired in the Hargray Acquisition. The amount for 2019 includes $3.3 million and $1.4 million of ROU assets acquired in the Clearwave and Fidelity transactions, respectively. |
Note 9 - Leases - Future Maturi
Note 9 - Leases - Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, Finance Leases | $ 1,181 | |
2022, Operating Leases | 5,977 | |
2023, Finance Leases | 1,188 | |
2023, Operating Leases | 4,292 | |
2024, Finance Leases | 1,170 | |
2024, Operating Leases | 1,999 | |
2025, Finance Leases | 1,046 | |
2025, Operating Leases | 1,254 | |
2026, Finance Leases | 958 | |
2026, Operating Leases | 928 | |
Finance Leases, Thereafter | 7,933 | |
Operating Leases, Thereafter | 1,115 | |
Finance Leases, Total | 13,476 | |
Operating Leases, Total | 15,565 | |
Finance Leases, Less present value discount | (7,855) | |
Operating Leases, Less present value discount | (834) | |
Finance Leases, Lease liability | 5,621 | $ 5,466 |
Accounts Payable and Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||
Operating Leases, Lease liability | $ 14,731 | $ 12,473 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) $ / shares in Units, $ in Thousands | May 03, 2021USD ($) | Mar. 05, 2021USD ($)$ / shares | Nov. 09, 2020USD ($) | Oct. 01, 2019USD ($) | Jun. 14, 2019USD ($) | May 08, 2019USD ($) | Mar. 31, 2021USD ($) | Oct. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | ||
Proceeds from Issuance of Long-term Debt, Total | $ 1,695,850 | $ 1,050,000 | $ 1,275,000 | |||||||||||
Payments of Debt Issuance Costs | 13,742 | 15,064 | 11,844 | |||||||||||
Write off of Deferred Debt Issuance Cost | 2,131 | 6,181 | 4,210 | |||||||||||
Amortization of Debt Issuance Costs | 5,600 | 4,300 | 4,600 | |||||||||||
Senior Unsecured Notes Due 2030 [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 650,000 | |||||||||||||
Long-term Debt, Gross | 650,000 | 650,000 | $ 650,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed not Exceeding the Net Cash Proceeds from One or More Equity Offerings at a Redemption Price Equal to 104% of the Principal Amount | 40.00% | |||||||||||||
Debt Instrument, Covenant Repurchase, Percentage of Principle | 101.00% | |||||||||||||
The 2026 Notes [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 575,000 | |||||||||||||
Long-term Debt, Gross | 575,000 | 575,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||||||||||
Amortization of Debt Issuance Costs | 68 | |||||||||||||
The 2028 Notes [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 345,000 | |||||||||||||
Long-term Debt, Gross | 345,000 | 345,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | |||||||||||||
Amortization of Debt Issuance Costs | 30 | |||||||||||||
The 2026 Notes and the 2028 Notes [Member] | ||||||||||||||
Long-term Debt, Gross | $ 920,000 | 0 | 920,000 | |||||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4394 | 0.4394 | ||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2,275.83 | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | |||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | |||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | |||||||||||||
Amortization of Debt Issuance Costs | $ 98 | |||||||||||||
The 2026 Notes and the 2028 Notes [Member] | Company Undergoes a Fundamental Change [Member] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||
Financial Standby Letter of Credit [Member] | ||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 33,000 | 33,000 | 33,000 | |||||||||||
Bridge Loan [Member] | JPMorgan Chase Bank [Member] | Hargray [Member] | ||||||||||||||
Loan Commitment, Termination Amount | $ 900,000 | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument, Face Amount | 2,375,000 | 2,375,000 | ||||||||||||
Optional Additional Available Credit Facilities | 700,000 | $ 700,000 | ||||||||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 3 | |||||||||||||
Long-term Debt, Gross | 2,311,890 | $ 2,311,890 | ||||||||||||
Payments of Debt Issuance Costs | 13,700 | $ 15,100 | $ 11,800 | |||||||||||
Secured Debt [Member] | Term Loan B-4 [Member] | ||||||||||||||
Debt Instrument, Term (Year) | 7 years | |||||||||||||
Debt Instrument, Face Amount | $ 800,000 | 800,000 | 800,000 | |||||||||||
Long-term Debt, Gross | $ 796,000 | 796,000 | ||||||||||||
Secured Debt [Member] | Term Loan B-4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.00% | ||||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 700,000 | 700,000 | ||||||||||||
Long-term Debt, Gross | $ 659,590 | 659,590 | ||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 450,000 | $ 250,000 | ||||||||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | |||||||||||||
Long Term Debt, Amortization Rate, Year Two | 2.50% | |||||||||||||
Long Term Debt, Amortization Rate, Year Three | 5.00% | |||||||||||||
Long Term Debt, Amortization Rate, Year Four | 7.50% | |||||||||||||
Long Term Debt, Amortization Rate, Year Five | 12.50% | |||||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.75% | ||||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | CoBank, ACB [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 700,000 | |||||||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | 250,000 | ||||||||||||
Long-term Debt, Gross | $ 243,125 | 243,125 | ||||||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.00% | ||||||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | CoBank, ACB [Member] | ||||||||||||||
Debt Instrument, Face Amount | 250,000 | |||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 625,000 | 625,000 | ||||||||||||
Long-term Debt, Gross | $ 613,175 | 613,175 | ||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 325,000 | 300,000 | ||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | [1] | |||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | Base Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | CoBank, ACB [Member] | ||||||||||||||
Debt Instrument, Face Amount | 625,000 | |||||||||||||
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] | Incremental Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [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 | 0.75% | |||||||||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | ||||||||||||||
Long-term Line of Credit, Total | $ 40,200 | $ 40,200 | ||||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.88% | 1.88% | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 459,800 | $ 459,800 | ||||||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | Letter of Credit Issued to Third Party for FCC Performance Obligations with Offseting Collateral [Member] | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | 0 | ||||||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | Minimum [Member] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | Maximum [Member] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||||||
Letter of Credit [Member] | Term Loan Borrowings [Member] | ||||||||||||||
Long-term Debt, Gross | $ 2,300,000 | $ 2,300,000 | ||||||||||||
[1] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio. All other applicable margins are fixed. |
Note 10 - Debt - Schedule of Lo
Note 10 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance lease liabilities | $ 5,621 | $ 5,466 |
Total debt | 3,887,511 | 2,197,087 |
Less: Unamortized debt discount | (20,602) | 0 |
Less: Unamortized debt issuance costs | (31,148) | (25,146) |
Less: Current portion of long-term debt | (38,837) | (26,392) |
Total long-term debt | 3,799,500 | 2,148,798 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Long-term Debt, Gross | 2,311,890 | 1,541,621 |
Senior Unsecured Notes Due 2030 [Member] | ||
Long-term Debt, Gross | 650,000 | 650,000 |
The 2026 Notes and the 2028 Notes [Member] | ||
Long-term Debt, Gross | 920,000 | 0 |
Less: Unamortized debt discount | (20,602) | |
Less: Unamortized debt issuance costs | (570) | |
Term Loan [Member] | ||
Less: Unamortized debt issuance costs | $ (28,572) | $ (21,897) |
Note 10 - Debt - Summary of Ter
Note 10 - Debt - Summary of Term Loans (Details) - USD ($) $ in Thousands | May 03, 2021 | Dec. 31, 2021 | ||
Balance Due Upon Maturity | [1] | $ 3,881,890 | ||
Secured Debt [Member] | ||||
Original Principal | 2,375,000 | |||
Outstanding Principal | 2,311,890 | |||
Balance Due Upon Maturity | 2,028,829 | |||
Secured Debt [Member] | Term Loan A-2 [Member] | ||||
Original Principal | 700,000 | |||
Outstanding Principal | 659,590 | |||
Balance Due Upon Maturity | $ 476,607 | |||
Interest Rate | 1.85% | |||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Applicable Margin | [2] | 1.75% | ||
Secured Debt [Member] | Term B-2 Loan [Member] | ||||
Original Principal | $ 250,000 | |||
Outstanding Principal | 243,125 | |||
Balance Due Upon Maturity | $ 228,750 | |||
Interest Rate | 2.10% | |||
Amortization Per Annum | [3] | 1.00% | ||
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Applicable Margin | [2] | 2.00% | ||
Secured Debt [Member] | Term B-3 Loan [Member] | ||||
Original Principal | $ 625,000 | |||
Outstanding Principal | 613,175 | |||
Balance Due Upon Maturity | $ 577,472 | |||
Interest Rate | 2.10% | |||
Amortization Per Annum | [3] | 1.00% | ||
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Applicable Margin | 2.00% | 2.00% | [2] | |
Secured Debt [Member] | Term Loan B-4 [Member] | ||||
Original Principal | $ 800,000 | $ 800,000 | ||
Outstanding Principal | 796,000 | |||
Balance Due Upon Maturity | $ 746,000 | |||
Interest Rate | 2.10% | |||
Amortization Per Annum | [3] | 1.00% | ||
Secured Debt [Member] | Term Loan B-4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Applicable Margin | [2] | 2.00% | ||
[1] | Debt payments include principal repayment obligations for the Company’s outstanding debt instruments as of December 31, 2021. | |||
[2] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio. All other applicable margins are fixed. | |||
[3] | Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary LIBOR breakage provisions). |
Note 10 - Debt - Schedule of Co
Note 10 - Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Less: Unamortized discount | $ (20,602) | $ 0 | ||
Less: Unamortized debt issuance costs | (31,148) | (25,146) | ||
Total | [1] | 3,881,890 | ||
Amortization of debt issuance costs | 5,600 | 4,300 | $ 4,600 | |
The 2026 Notes [Member] | ||||
Long-term Debt, Gross | 575,000 | |||
Less: Unamortized discount | (12,611) | |||
Less: Unamortized debt issuance costs | (344) | |||
Total | 562,045 | |||
Amortization of discount | 2,483 | |||
Amortization of debt issuance costs | 68 | |||
Total interest expense | 2,551 | |||
The 2028 Notes [Member] | ||||
Long-term Debt, Gross | 345,000 | |||
Less: Unamortized discount | (7,991) | |||
Less: Unamortized debt issuance costs | (226) | |||
Total | 336,783 | |||
Contractual interest expense | 3,202 | |||
Amortization of discount | 1,065 | |||
Amortization of debt issuance costs | 30 | |||
Total interest expense | 4,297 | |||
The 2026 Notes and the 2028 Notes [Member] | ||||
Long-term Debt, Gross | 920,000 | $ 0 | ||
Less: Unamortized discount | (20,602) | |||
Less: Unamortized debt issuance costs | (570) | |||
Total | 898,828 | |||
Contractual interest expense | 3,202 | |||
Amortization of discount | 3,548 | |||
Amortization of debt issuance costs | 98 | |||
Total interest expense | $ 6,848 | |||
[1] | Debt payments include principal repayment obligations for the Company’s outstanding debt instruments as of December 31, 2021. |
Note 10 - Debt - Unamortized De
Note 10 - Debt - Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt issuance costs | $ 31,148 | $ 25,146 |
Term Loan [Member] | ||
Debt issuance costs | 28,572 | 21,897 |
Other Noncurrent Assets [Member] | Revolving Credit Facility [Member] | ||
Debt issuance costs | 2,576 | 3,249 |
Long-term Debt [Member] | Term Loan [Member] | ||
Debt issuance costs | $ 28,572 | $ 21,897 |
Note 10 - Debt - Future Maturit
Note 10 - Debt - Future Maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) | [1] |
2022 | $ 37,986 | |
2023 | 55,008 | |
2024 | 76,285 | |
2025 | 557,147 | |
2026 | 591,709 | |
Thereafter | 2,563,755 | |
Total | $ 3,881,890 | |
[1] | Debt payments include principal repayment obligations for the Company’s outstanding debt instruments as of December 31, 2021. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 03, 2021 | Oct. 01, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.00% | |||||
Income Tax Benefit Cares Act | $ 0 | $ 13,039 | $ 0 | |||
Deferred Federal Income Tax Expense (Benefit) | 36,514 | 74,164 | 43,270 | |||
Deferred State and Local Income Tax Expense (Benefit) | (7,055) | $ 13,022 | $ 7,036 | |||
Hargray [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | 15.00% | ||||
Deferred Federal Income Tax Expense (Benefit) | $ (29,100) | |||||
Deferred State and Local Income Tax Expense (Benefit) | $ (6,000) | |||||
Domestic Tax Authority [Member] | ||||||
Income Tax Benefit Cares Act | $ 13,000 | |||||
Open Tax Year | 2018 2019 2020 2021 | |||||
State and Local Jurisdiction [Member] | ||||||
Tax Credit Carryforward, Amount | $ 5,300 | |||||
Open Tax Year | 2017 2018 2019 2020 2021 | |||||
State and Local Jurisdiction [Member] | Expiration Dates Between 2022 and 2040 [Member] | ||||||
Operating Loss Carryforwards, After Tax Effects | $ 4,100 |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current U.S. Federal | $ 11,010 | $ (14,633) | $ 1,249 |
Deferred U.S. Federal | 36,514 | 74,164 | 43,270 |
U.S. Federal | 47,524 | 59,531 | 44,519 |
Current State and Local | 5,296 | 3,764 | 3,678 |
Deferred State and Local | (7,055) | 13,022 | 7,036 |
State and local | (1,759) | 16,786 | 10,714 |
Total, current | 16,306 | (10,869) | 4,927 |
Total, Deferred | 29,459 | 87,186 | 50,306 |
Total | $ 45,765 | $ 76,317 | $ 55,233 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. Federal taxes at statutory rate | $ 70,902 | $ 79,660 | $ 49,101 |
State and local taxes, net of U.S. Federal tax | (1,389) | 13,261 | 8,464 |
CARES Act benefit (as defined and described below) | 0 | (13,039) | 0 |
Reversal of deferred tax liability on minority interest | (29,138) | 0 | 0 |
Equity-based compensation | (5,651) | (10,993) | (5,296) |
Valuation allowance | 10,111 | 4,322 | 0 |
Section 162(m) limitation | 2,205 | 1,564 | 656 |
Other items | (1,275) | 1,542 | 2,308 |
Total | $ 45,765 | $ 76,317 | $ 55,233 |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other benefit obligations | $ 2,991 | $ 1,789 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 4,725 | 4,324 |
Net operating losses | 4,062 | 2,951 |
Accrued bonus | 4,941 | 3,947 |
Reserves | 2,152 | 1,194 |
Lease liabilities | 3,624 | 3,079 |
State tax credit | 5,347 | 0 |
Interest rate swap | 26,416 | 45,913 |
Unrealized capital losses | 16,544 | 4,322 |
Other items | 3,887 | 3,856 |
Deferred tax assets, gross | 74,689 | 71,375 |
Less: Valuation allowance | (16,544) | (4,322) |
Deferred tax assets, net | 58,145 | 67,053 |
Property, plant and equipment | 335,429 | 233,427 |
Goodwill and other intangible assets | 553,691 | 160,442 |
Investments in subsidiaries and partnerships | 12,230 | 29,043 |
ROU assets | 5,638 | 5,121 |
Prepaid expenses | 4,874 | 3,500 |
Other items | 439 | 2,195 |
Deferred tax liabilities | 912,301 | 433,728 |
Net deferred income tax liability | $ 854,156 | $ 366,675 |
Note 12 - Interest Rate Swaps -
Note 12 - Interest Rate Swaps - Interest Rate Swap Agreements (Details) - Cash Flow Hedging [Member] $ in Millions | Dec. 31, 2021USD ($) |
First Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 850 |
Derivative, Fixed Interest Rate | 2.653% |
Second Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 350 |
Derivative, Fixed Interest Rate | 2.739% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 1,200 |
Note 12 - Interest Rate Swaps_2
Note 12 - Interest Rate Swaps - Interest Rate Swaps on the Condensed Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate swap liability | $ 81,627 | $ 155,357 |
Accumulated other comprehensive loss | 82,795 | 140,683 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Accumulated other comprehensive loss | 81,873 | 140,090 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liability | 26,662 | 30,646 |
Interest Rate Swap [Member] | ||
Unrealized (gain) loss on cash flow hedges, gross | (77,716) | 96,346 |
Less: Tax effect | 19,499 | (23,812) |
Unrealized (gain) loss on cash flow hedges, net of tax | (58,217) | 72,534 |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Interest rate swap liability | 81,627 | 155,357 |
Total | 108,289 | 186,003 |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivative liability | 26,662 | 30,646 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Interest expense | $ 31,311 | $ 22,509 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | $ 108,289 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt (including current portion) | 2,311,890 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | New Notes [Member] | |
Long-term debt (including current portion) | 650,000 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | The 2026 Notes and the 2028 Notes [Member] | |
Long-term debt (including current portion) | 920,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | 108,289 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt (including current portion) | 2,312,723 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | New Notes [Member] | |
Long-term debt (including current portion) | 640,250 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | The 2026 Notes and the 2028 Notes [Member] | |
Long-term debt (including current portion) | 893,240 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | MBI Net Option [Member] | |
Derivative liabilities | 123,620 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | MBI Net Option [Member] | |
Derivative liabilities | 123,620 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 315,984 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 315,984 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Assumptions Used to Determine the Fair Value of the Net Options (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Measurement Input, Option Volatility [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.300 | 0.280 |
Measurement Input, Option Volatility [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.300 | 0.300 |
Measurement Input, EBITDA Multiple [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.100 | 0.100 |
Measurement Input, EBITDA Multiple [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.100 | 0.100 |
Measurement Input, Risk Free Interest Rate [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.050 | 0.050 |
Measurement Input, Risk Free Interest Rate [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.065 | 0.065 |
Measurement Input, Cost of Debt [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.040 | 0.040 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 78 Months Ended | |||
May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Jul. 01, 2015 | |
Stock Issued During Period, Shares, New Issues (in shares) | 287,500 | |||||
Proceeds from Issuance of Common Stock, Net | $ 469,800 | |||||
Treasury Stock, Shares, Ending Balance (in shares) | 129,037 | 147,695 | 129,037 | |||
Stock Repurchase Program, Authorized Amount | $ 250,000 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 600,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 210,631 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 5,073 | $ 104,900 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 8,517 | $ 5,953 | $ 3,017 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 3,911 | 3,861 | 3,521 | |||
Revolving Credit Facility [Member] | ||||||
Repayments of Debt | $ 100,000 |
Note 15 - Equity-based Compen_3
Note 15 - Equity-based Compensation (Details Textual) | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 05, 2015shares | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 6,700,000 | $ 11,100,000 | $ 5,300,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $ 4,725,000 | $ 4,324,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | |||
Annual Retainer | $ 75,000 | |||
Additional Annual Retainer | $ 125,000 | |||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 25,200,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Vesting Period, Number of Installments | 4 | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6,000,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | |||
The 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 334,870 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Authorized for Incentive Stock Options (in shares) | shares | 329,962 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares | 82,314 |
Note 15 - Equity-based Compen_4
Note 15 - Equity-based Compensation - Compensation Expense (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation expense | $ 20,054 | $ 14,592 | $ 12,300 |
Restricted Stock [Member] | |||
Share-based compensation expense | 17,014 | 11,476 | 7,994 |
Stock Appreciation Rights (SARs) [Member] | |||
Share-based compensation expense | $ 3,040 | $ 3,116 | $ 4,306 |
Note 15 - Equity-based Compen_5
Note 15 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested, restricted stock (in shares) | 34,944 | 38,873 | 40,876 |
Unvested, restricted stock, weighted average grant date fair value (in dollars per share) | $ 1,037.83 | $ 728.77 | $ 610.88 |
Granted, restricted stock (in shares) | 12,525 | 12,352 | 13,374 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2,144.03 | $ 1,573.50 | $ 885.66 |
Forfeited, restricted stock (in shares) | (1,468) | (5,491) | (4,111) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 1,414.01 | $ 752.39 | $ 710.87 |
Vested and issued, restricted stock (in shares) | (11,975) | (10,790) | (11,266) |
Vested and issued, weighted average grant date fair value (in dollars per share) | $ 872.38 | $ 682.84 | $ 493.80 |
Unvested, restricted stock (in shares) | 34,026 | 34,944 | 38,873 |
Unvested, restricted stock, weighted average grant date fair value (in dollars per share) | $ 1,487.02 | $ 1,037.83 | $ 728.77 |
Vested and unissued, restricted stock (in shares) | 5,978 | ||
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 756.32 |
Note 15 - Equity-based Compen_6
Note 15 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, stock appreciation rights (in shares) | 58,365 | 90,410 | 90,605 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 866.54 | $ 676.41 | $ 550.60 | |
Outstanding, weighted average fair value (in dollars per share) | $ 204.29 | $ 153.90 | $ 122.29 | |
Outstanding, aggregate intrinsic value | $ 32,897 | $ 79,446 | $ 73,419,000 | $ 24,673,000 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 1 month 6 days | 7 years 3 months 18 days | 7 years 6 months | 7 years 2 months 12 days |
Granted, restricted stock (in shares) | 5,500 | 8,000 | 29,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 1,970.24 | $ 1,701.74 | $ 900.90 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 530.05 | $ 423.92 | $ 209.57 | |
Weighted average remaining contractual term, Granted (Year) | 9 years 6 months | 9 years 6 months | 8 years 9 months 18 days | |
Exercised, stock appreciation rights (in shares) | (16,524) | (33,154) | (26,092) | |
Exercised, weighted average exercise price (in dollars per share) | $ 658.98 | $ 553.69 | $ 491.12 | |
Exercised, weighted average fair value (in dollars per share) | $ 148.76 | $ 120.91 | $ 105.94 | |
Exercised, aggregate intrinsic value | $ 21,298 | $ 39,099 | $ 20,143,000 | |
Forfeited, stock appreciation rights (in shares) | (1,601) | (6,891) | (3,103) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 834.92 | $ 846.81 | $ 659.01 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 201.50 | $ 199.27 | $ 154.49 | |
Outstanding, stock appreciation rights (in shares) | 45,740 | 58,365 | 90,410 | 90,605 |
Outstanding, weighted average exercise price (in dollars per share) | $ 1,075.34 | $ 866.54 | $ 676.41 | $ 550.60 |
Outstanding, weighted average fair value (in dollars per share) | $ 263.62 | $ 204.29 | $ 153.90 | $ 122.29 |
Vested and exercisable, stock appreciation rights (in shares) | 20,678 | |||
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 792.50 | |||
Vested and exercisable, weighted average fair value (in dollars per share) | $ 186.30 | |||
Vested and exercisable, aggregate intrinsic value | $ 20,149,000 | |||
Weighted average remaining contractual term, vested and exercisable (Year) | 6 years 1 month 6 days |
Note 15 - Equity-based Compen_7
Note 15 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expected volatility | 27.44% | 26.61% | 21.69% |
Risk-free interest rate | 0.96% | 0.43% | 2.25% |
Expected term (Year) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected dividend yield | 0.53% | 0.56% | 0.92% |
Note 16 - Other Income and Ex_3
Note 16 - Other Income and Expense - Other Income and Expenses (Details) - USD ($) $ in Thousands | May 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Gain on Hargray step acquisition | $ 33,406 | $ 0 | $ 0 | |
Write-off of debt issuance costs | (2,131) | (6,181) | (4,210) | |
Financing-related fees | (198) | (1,237) | (703) | |
Interest and investment income | 11,580 | 8,517 | 6,477 | |
Other | (632) | 0 | 0 | |
Other income (expense), net | (6,002) | (16,411) | (4,907) | |
Senior Unsecured Notes Due 2022 [Member] | ||||
Debt redemption call premium | 0 | 0 | (6,471) | |
Tristar Acquisition I Corp [Member] | ||||
Tristar mark-to-market adjustment | 2,283 | 0 | 0 | |
MBI Net Option [Member] | ||||
MBI Net Option fair value adjustment | (50,310) | (17,510) | 0 | |
Hargray [Member] | ||||
Gain on Hargray step acquisition | $ 33,400 | $ 33,406 | $ 0 | $ 0 |
Note 17 - Net Income Per Comm_3
Note 17 - Net Income Per Common Share (Details Textual) | Mar. 05, 2021 | Dec. 31, 2021 |
The 2026 Notes and the 2028 Notes [Member] | ||
Debt Instrument, Convertible, Conversion Ratio | 0.4394 | 0.4394 |
Note 17 - Net Income Per Comm_4
Note 17 - Net Income Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Net income | $ 291,824 | $ 304,391 | $ 178,582 | |
Add: Convertible Notes interest expense, net of tax | 5,136 | 0 | 0 | |
Net income - diluted | $ 296,960 | $ 304,391 | $ 178,582 | |
Basic (in shares) | 6,017,778 | 5,884,780 | 5,678,990 | |
Effect of dilutive equity-based compensation awards (in shares) | [1] | 36,547 | 52,802 | 58,866 |
Effect of dilution from if-converted Convertible Notes (in shares) | [2] | 333,029 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 6,387,354 | 5,937,582 | 5,737,856 | |
Basic (in dollars per share) | $ 48.49 | $ 51.73 | $ 31.45 | |
Diluted (in dollars per share) | $ 46.49 | $ 51.27 | $ 31.12 | |
Anti-dilutive shares from equity-based compensation awards(1) (in shares) | [1] | 3,444 | 288 | 409 |
[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. | |||
[2] | Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding. |
Note 18 - Commitments and Con_3
Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 30, 2020 | |
Contractual Obligation, Franchise Agreements, Nonperformance | $ 42.1 | $ 31.6 | ||
Financial Standby Letter of Credit [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 33 | $ 33 | ||
Franchise [Member] | ||||
Cost of Goods and Services Sold, Total | 31.4 | 25.2 | $ 22.7 | |
Utility Pole [Member] | ||||
Operating Lease, Expense | $ 11.5 | $ 10.5 | $ 9.5 |
Note 18 - Commitments and Con_4
Note 18 - Commitments and Contingencies - Contractual Obligation Maturity (Details) $ in Thousands | Dec. 31, 2021USD ($) | |
Programming purchase commitments,2022 | $ 200,257 | [1] |
2022, lease payment | 7,158 | [2] |
2022, including capital leases | 37,986 | [3] |
Other purchase obligations, 2022 | 53,885 | [4] |
2022 | 299,286 | |
Programming purchase commitments,2023 | 169,051 | [1] |
2023, lease payment | 5,480 | [2] |
2023, including capital leases | 55,008 | [3] |
Other purchase obligations, 2023 | 16,562 | [4] |
2023 | 246,101 | |
Programming purchase commitments,2024 | 106,868 | [1] |
2024, lease payment | 3,169 | [2] |
2024, including capital leases | 76,285 | [3] |
Other purchase obligations, 2024 | 5,694 | [4] |
2024 | 192,016 | |
Programming purchase commitments,2025 | 48,445 | [1] |
2025, lease payment | 2,300 | [2] |
2025, including capital leases | 557,147 | [3] |
Other purchase obligations, 2025 | 2,079 | [4] |
2025 | 609,971 | |
Programming purchase commitments,2026 | 0 | [1] |
2026, lease payment | 1,886 | [2] |
2026, including capital leases | 591,709 | [3] |
Other purchase obligations, 2026 | 1,405 | [4] |
2026 | 595,000 | |
Programming purchase commitments, Thereafter | 0 | [1] |
Thereafter, lease payment | 9,048 | [2] |
Total debt, including capital leases, Thereafter | 2,563,755 | [3] |
Other purchase obligations, Thereafter | 6,365 | [4] |
Thereafter | 2,579,168 | |
Programming purchase commitments, Total | 524,621 | [1] |
Total, lease payment | 29,041 | [2] |
Total | 3,881,890 | [3] |
Other purchase obligations, Total | 85,990 | [4] |
Total | $ 4,521,542 | |
[1] | Programming purchase commitments represent contracts that the Company has with cable television networks and broadcast stations to provide programming services to subscribers. The amounts reported represent estimates of the future programming costs for these purchase commitments based on estimated subscriber numbers, tier placements as of December 31, 2021 and the per-subscriber rates contained in the contracts. Actual amounts due under such contracts may differ from the amounts above based on the actual subscriber numbers and tier placements at the time. Programming purchases pursuant to non-binding commitments are not reflected in the amounts shown. | |
[2] | Lease payments include payment obligations related to the Company’s outstanding finance and operating lease arrangements as of December 31, 2021. | |
[3] | Debt payments include principal repayment obligations for the Company’s outstanding debt instruments as of December 31, 2021. | |
[4] | Other purchase obligations include purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the ordinary course of business are excluded from the amounts shown but are included within accounts payable and accrued liabilities in the consolidated balance sheet. |
Note 19 - Subsequent Event (Det
Note 19 - Subsequent Event (Details Textual) - Clearwave Fiber [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Jan. 01, 2022 | |
Percentage of Revenue | 3.00% | |
Subsequent Event [Member] | ||
Equity Method Investment, Ownership Percentage | 58.00% | |
Equity Method Investments, Fair Value Disclosure | $ 440 |