Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 28, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 001-38101 | |
Entity Registrant Name | WideOpenWest, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-0552948 | |
Entity Address, Address Line One | 7887 East Belleview Avenue | |
Entity Address, Address Line Two | SuiteĀ 1000 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 720 | |
Local Phone Number | 479-3500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | WOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 86,658,750 | |
Entity Central Index Key | 0001701051 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 36.8 | $ 21 |
Accounts receivable-trade, net of allowance for doubtful accounts of $9.0 and $7.5, respectively | 65.4 | 65.8 |
Accounts receivable-other, net | 9.6 | 9.8 |
Prepaid expenses and other | 28 | 22.1 |
Total current assets | 139.8 | 118.7 |
Right-of-use lease assets-operating | 26.9 | 26.5 |
Property, plant and equipment, net | 1,074.4 | 1,073.7 |
Franchise operating rights | 799.5 | 799.5 |
Goodwill | 408.8 | 408.8 |
Intangible assets subject to amortization, net | 2.7 | 2.9 |
Other noncurrent assets | 42.6 | 41.5 |
Total assets | 2,494.7 | 2,471.6 |
Current liabilities | ||
Accounts payable-trade | 47.4 | 47.1 |
Accrued interest | 3.4 | 2.7 |
Current portion of long-term lease liability-operating | 6.2 | 6.1 |
Accrued liabilities and other | 97.3 | 95.6 |
Current portion of long-term debt and finance lease obligations | 31.3 | 30.9 |
Current portion of unearned service revenue | 44.8 | 45 |
Total current liabilities | 230.4 | 227.4 |
Long-term debt and finance lease obligations-less current portion and debt issuance costs | 2,284.7 | 2,259.5 |
Long-term lease liability-operating | 23.8 | 23.4 |
Deferred income taxes, net | 191.6 | 192.5 |
Other noncurrent liabilities | 11 | 14.7 |
Total liabilities | 2,741.5 | 2,717.5 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.01 par value, 700,000,000 shares authorized; 95,040,628 and 92,182,207 issued as of March 31, 2020 and December 31, 2019, respectively; 86,762,009 and 84,103,108 outstanding as of March 31, 2020 and December 31, 2019, respectively | 0.9 | 0.9 |
Additional paid-in capital | 325.5 | 322.8 |
Accumulated other comprehensive loss | (18.5) | (15.5) |
Accumulated deficit | (474.3) | (474.4) |
Treasury stock at cost, 8,278,619 and 8,079,099 shares as of March 31, 2020 and December 31, 2019, respectively | (80.4) | (79.7) |
Total stockholders' deficit | (246.8) | (245.9) |
Total liabilities and stockholders' deficit | $ 2,494.7 | $ 2,471.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable-trade, allowance for doubtful accounts | $ 9 | $ 7.5 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
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) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 95,040,628 | 92,182,207 |
Common stock, shares outstanding ( in shares) | 86,762,009 | 84,103,108 |
Common shares held in treasury, (in shares) | 8,278,619 | 8,079,099 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenue | $ 284.5 | $ 287.2 |
Costs and expenses: | ||
Operating (excluding depreciation and amortization) | 149.1 | 149.2 |
Selling, general and administrative | 46.2 | 45.5 |
Depreciation and amortization | 55.8 | 49.7 |
Gain on sale of operating assets, net | (3.4) | |
Total costs and expenses | 251.1 | 241 |
Income from operations | 33.4 | 46.2 |
Other income (expense): | ||
Interest expense | (33.5) | (35.6) |
Gain on sale of assets, net | 0.3 | |
Other income, net | 0.7 | 0.8 |
Income before provision for income tax | 0.9 | 11.4 |
Income tax expense | (0.8) | (3) |
Net income | $ 0.1 | $ 8.4 |
Basic and diluted earnings per common share | ||
Basic (in dollars per share) | $ 0 | $ 0.10 |
Diluted (in dollars per share) | $ 0 | $ 0.10 |
Weighted-average common shares outstanding | ||
Basic (in shares) | 81,037,633 | 80,348,870 |
Diluted (in shares) | 81,536,813 | 80,911,400 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||
Net income | $ 0.1 | $ 8.4 |
Unrealized loss on interest rate derivative instrument, net of tax | (3) | (3.1) |
Comprehensive (loss) income | $ (2.9) | $ 5.3 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Millions | Common Stock | Treasury Stock at Cost | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Balances at beginning of period at Dec. 31, 2018 | $ 0.9 | $ (78.1) | $ 312.7 | $ (6.5) | $ (510.8) | $ (281.8) |
Balances at beginning of period (in shares) at Dec. 31, 2018 | 82,680,380 | |||||
Increase (Decrease) in Stockholders' Deficit | ||||||
Changes in accumulated other comprehensive loss, net | (3.1) | (3.1) | ||||
Stock-based compensation | 2.1 | 2.1 | ||||
Issuance of restricted stock, net (in shares) | 1,702,482 | |||||
Purchase of shares | (1.1) | (1.1) | ||||
Purchase of shares (in shares) | (108,937) | |||||
Net income | 8.4 | 8.4 | ||||
Balances at end of period at Mar. 31, 2019 | $ 0.9 | (79.2) | 314.8 | (9.6) | (502.4) | (275.5) |
Balances at end of period (in shares) at Mar. 31, 2019 | 84,273,925 | |||||
Balances at beginning of period at Dec. 31, 2019 | $ 0.9 | (79.7) | 322.8 | (15.5) | (474.4) | $ (245.9) |
Balances at beginning of period (in shares) at Dec. 31, 2019 | 84,103,108 | 84,103,108 | ||||
Increase (Decrease) in Stockholders' Deficit | ||||||
Changes in accumulated other comprehensive loss, net | (3) | $ (3) | ||||
Stock-based compensation | 2.7 | 2.7 | ||||
Issuance of restricted stock, net (in shares) | 2,858,421 | |||||
Purchase of shares | (0.7) | (0.7) | ||||
Purchase of shares (in shares) | (199,520) | |||||
Net income | 0.1 | 0.1 | ||||
Balances at end of period at Mar. 31, 2020 | $ 0.9 | $ (80.4) | $ 325.5 | $ (18.5) | $ (474.3) | $ (246.8) |
Balances at end of period (in shares) at Mar. 31, 2020 | 86,762,009 | 86,762,009 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - shares | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Restricted stock awards | |||
Number of shares granted to employees and directors | 5,292,277 | 3,140,168 | 3,703,649 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 0.1 | $ 8.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 55.8 | 49.7 |
Deferred income taxes | (0.1) | 2.6 |
Provision for doubtful accounts | 7.3 | 3.5 |
Gain on sale of operating assets, net | (3.4) | |
Gain on sale of assets, net | (0.3) | |
Amortization of debt issuance costs and discount | 1.2 | 1.2 |
Non-cash compensation | 2.7 | 2.1 |
Other non-cash items | 0.1 | |
Changes in operating assets and liabilities: | ||
Receivables and other operating assets | (12.2) | (9.2) |
Payables and accruals | (2.1) | 2.6 |
Net cash provided by operating activities | 52.4 | 57.6 |
Cash flows from investing activities: | ||
Capital expenditures | (58) | (66) |
Proceeds from sale of Chicago fiber assets | 6.7 | |
Other investing activities | (1.1) | (1) |
Net cash provided by (used in) investing activities | (59.1) | (60.3) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 41 | 34 |
Payments on long-term debt and finance lease obligations | (17.8) | (26.5) |
Purchase of shares | (0.7) | (1.1) |
Net cash provided by financing activities | 22.5 | 6.4 |
Increase in cash and cash equivalents | 15.8 | 3.7 |
Cash and cash equivalents, beginning of period | 21 | 13.2 |
Cash and cash equivalents, end of period | 36.8 | 16.9 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the periods for interest | 31.4 | 35.7 |
Cash paid during the periods for income taxes, net | 0.3 | |
Insurance proceeds received for business interruption | 2 | |
Non-cash operating activities | ||
Operating lease additions | 2.4 | 3.1 |
Non-cash financing activities: | ||
Finance lease additions | 1.2 | 8.5 |
Capital expenditure accounts payable and accruals | $ 13.8 | $ 11.6 |
General Information
General Information | 3 Months Ended |
Mar. 31, 2020 | |
General Information | |
General Information | Note 1. General Information WideOpenWest, Inc. (āWOWā or the āCompanyā) is a fully integrated provider of high-speed data (āHSDā), cable television (āVideoā), and digital telephony (āTelephonyā) services. The Company serves customers in nineteen Midwestern and Southeastern markets in the United States. The Company manages and operates its Midwestern broadband networks in Detroit and Lansing, Michigan; Chicago, Illinois; Cleveland and Columbus, Ohio; Evansville, Indiana and Baltimore, Maryland. The Southeastern systems are located in Augusta, Columbus, Newnan and West Point, Georgia; Charleston, South Carolina; Dothan, Auburn, Huntsville and Montgomery, Alabama; Knoxville, Tennessee; and Panama City and Pinellas County, Florida. The Companyās operations are managed and reported to its Chief Executive Officer (āCEOā), the Companyās chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company operates as one reportable segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (āGAAPā) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (āSECā); however, in the opinion of management, the disclosures made are adequate to ensure the information presented is not misleading. The year-end consolidated balance sheet was derived from audited financial statements. In the opinion of management, all normally recurring adjustments considered necessary for the fair presentation of the financial statements have been included, and the financial statements present fairly the financial position and results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results expected for the full year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the 2019 Annual Report filed with the SEC on March 4, 2020. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts and disclosures of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, including but not limited to the potential impacts arising from COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Companyās estimates and assumptions may evolve as conditions change and the Company is not able to fully predict the overall impact of COVID-19 and the CARES Act on the business. To the extent there are differences between those estimates and actual results, the unaudited condensed consolidated financial statements may be materially affected. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-04, Reference Rate Reform (Topic 848), Faciliation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance, expedients and exceptions for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update apply to all entities, subject to meeting the criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinuted because of the reference rate reform. The amendments of this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this guidance and the potential effects it could have on its financial position, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (āASU 2019-12ā). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the timing of adopting this guidance and the impact of adoption on its financial position, results of operations and cash flows. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Customerās Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (āASU 2018-15ā), which requires a customer in a hosting arrangement that is a service contract to apply the guidance on internal-use software to determine which implementation costs to recognize as an asset and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under Subtopic 350-40, Internal-Use Software, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. The amendments require a customer in a hosting arrangement that is a service contract to determine whether an implementation activity relates to the preliminary project stage, the application development stage, or the post-implementation stage. Costs for implementation activities in the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages will be expensed immediately. ASU 2018-15 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance prospectively ā |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | Note 3. Revenue from Contracts with Customers ā Revenue by Service Offering The following table presents revenue by service offering for the three months ended March 31, 2020: ā ā ā ā ā ā ā ā ā ā ā ā Three months ended March 31, 2020 ā Residential ā Business Total ā Subscription Subscription Revenue ā ā (in millions) HSD ā $ 115.3 ā $ 21.3 ā $ 136.6 Video ā 99.5 ā 3.9 ā ā 103.4 Telephony ā 14.0 ā 10.6 ā ā 24.6 Total subscription services revenue ā $ 228.8 ā $ 35.8 ā $ 264.6 Other business services revenue(1) ā ā ā ā ā ā ā ā 6.5 Other revenue ā ā ā ā ā ā ā ā 13.4 Total revenue ā $ 228.8 ā $ 35.8 ā $ 284.5 (1) The following table presents revenue by service offering for the three months ended March 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā Three months ended March 31, 2019 ā ā Residential ā Business ā Total ā Subscription Subscription Revenue ā ā (in millions) HSD ā $ 108.1 ā $ 19.4 ā $ 127.5 Video ā 107.4 ā 3.6 ā ā 111.0 Telephony ā 16.0 ā 10.7 ā ā 26.7 Total subscription services revenue ā $ 231.5 ā $ 33.7 ā $ 265.2 Other business services revenue(1) ā ā ā ā ā ā ā ā 7.1 Other revenue ā ā ā ā ā ā ā ā 14.9 Total revenue ā $ 231.5 ā $ 33.7 ā $ 287.2 (1) Costs of Obtaining Contracts with Customers The following table summarizes the activity of costs of obtaining contracts with customers: ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā ā (in millions) Balance at January 1 ā $ 40.7 ā $ 26.3 Deferral ā 5.7 ā 4.8 Amortization ā (2.7) ā (1.5) Balance at March 31 ā $ 43.7 ā $ 29.6 ā The following table presents current and non-current portion of costs of obtaining contracts with customers as of the end of the corresponding periods: ā ā ā ā ā ā ā ā ā ā March 31, 2020 ā December 31, 2019 ā ā (in millions) Current costs of obtaining contracts with customers ā $ 11.2 ā $ 10.0 Non-current costs of obtaining contracts with customers ā ā 32.5 ā ā 30.7 Total costs of obtaining contracts with customers ā $ 43.7 ā $ 40.7 ā The current portion and the non-current portion of costs of obtaining contracts with customers are included in prepaid expenses and other and other non-current assets, respectively, in the Companyās unaudited condensed consolidated balance sheets. Amortization of costs of obtaining contracts with customers is included in selling, general and administrative expense in the Companyās unaudited condensed consolidated statements of operations. ā Contract Liabilities The following table summarizes the activity of current and non-current contract liabilities: ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā ā (in millions) Balance at January 1 ā $ 4.2 ā $ 3.9 Deferral ā 3.7 ā 3.9 Revenue recognized ā (4.0) ā (3.8) Balance at March 31 ā $ 3.9 ā $ 4.0 ā The following table presents current and non-current portion of contract liabilities as of the end of the corresponding periods: ā ā ā ā ā ā ā ā ā ā March 31, 2020 ā December 31, 2019 ā ā (in millions) Current contract liabilities ā $ 3.3 ā $ 3.6 Non-current contract liabilities ā ā 0.6 ā ā 0.6 Total contract liabilities ā $ 3.9 ā $ 4.2 ā The current portion and the non-current portion of contract liabilities are included in the current portion of unearned service revenue and other non-current liabilities, respectively, in the Companyās unaudited condensed consolidated balance sheets. ā Unsatisfied Performance Obligations Revenue from month-to-month residential subscription service contracts have historically represented a significant portion of the Companyās revenue and the Company expects that this will continue to be the case in future periods. All residential subscription service performance obligations will be satisfied within one year. A summary of expected commercial revenue to be recognized in future periods related to performance obligations which have not been satisfied or are partially unsatisfied as of March 31, 2020 is set forth in the table below: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 2021 2022 Thereafter Total ā ā (in millions) Subscription services ā $ 58.9 ā $ 50.2 ā $ 20.9 ā $ 8.1 ā $ 138.1 Other business services ā 3.1 ā 2.8 ā 1.3 ā 0.5 ā 7.7 Total expected revenue ā $ 62.0 ā $ 53.0 ā $ 22.2 ā $ 8.6 ā $ 145.8 ā Provision for Doubtful Accounts ā The provision for doubtful accounts and the allowance for doubtful accounts are based on the aging of the individual receivables, historical trends and current and anticipated future economic conditions. The Company manages credit risk by disconnecting services to customers who are delinquent, generally after sixty days of delinquency. The Company has temporarily suspended certain collection activities as a result of participation in the Federal Communications Commission (āFCCā) Keep Americans Connected Pledge effective March 12, 2020. The individual receivables are written-off after all reasonable efforts to collect the funds have been made. Actual write-offs may differ from the amounts reserved. ā The following table presents the change in the allowance for doubtful accounts for trade accounts receivable for the three months ended March 31, 2020 compared to the three months ended March 31, 2019: ā ā ā ā ā ā ā ā ā 2020 2019 ā ā (in millions) Balance at beginning of period ā $ 7.5 ā $ 7.5 Provision charged to expense ā 5.3 ā 3.5 Accounts written off, net of recoveries ā (3.8) ā (4.0) Balance at end of period ā $ 9.0 ā $ 7.0 ā ā ā ā ā ā The Company established an allowance for doubtful accounts for non-trade accounts receivable of $2.0 million for the three months ended March 31, 2020 that is presented within accounts receivableāother in the Companyās unaudited condensed consolidated balance sheets. |
Plant, Property and Equipment,
Plant, Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Plant, Property and Equipment, Net | |
Plant, Property and Equipment, Net | Note 4. Plant, Property and Equipment, Net Plant, property and equipment consists of the following: ā ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā 2020 2019 ā ā (in millions) Distribution facilities ā $ 1,846.3 ā $ 1,780.7 Customer premise equipment ā 465.3 ā 460.1 Head-end equipment ā 342.4 ā 341.2 Telephony infrastructure ā 98.1 ā 97.9 Computer equipment and software ā 150.6 ā 146.4 Vehicles ā 36.0 ā 37.0 Buildings and leasehold improvements ā 49.5 ā 49.5 Office and technical equipment ā 34.2 ā 33.5 Land ā 6.2 ā 6.2 Construction in progress (including material inventory and other) ā 37.0 ā 61.2 Total property, plant and equipment ā 3,065.6 ā 3,013.7 Less accumulated depreciation ā (1,991.2) ā (1,940.0) ā ā $ 1,074.4 ā $ 1,073.7 ā Depreciation expense for the three months ended March 31, 2020 and 2019 was $55.4 million and $49.2 million, respectively. |
Accrued Liabilities and Other
Accrued Liabilities and Other | 3 Months Ended |
Mar. 31, 2020 | |
Accrued Liabilities and Other | |
Accrued Liabilities and Other | Note 5. Accrued Liabilities and Other Accrued liabilities and other consists of the following: ā ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā 2020 2019 ā ā (in millions) Programming costs ā $ 34.6 ā $ 33.4 Franchise and revenue sharing fees ā 9.1 ā 10.9 Payroll and employee benefits ā 12.2 ā 20.8 Property, income, sales and use taxes ā 3.9 ā 2.4 Utility pole rentals ā 3.7 ā 3.4 Interest rate swaps ā 23.0 ā 14.7 Other accrued liabilities ā 10.8 ā 10.0 ā ā $ 97.3 ā $ 95.6 ā |
Long-Term Debt and Finance Leas
Long-Term Debt and Finance Leases | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt and Finance Leases | |
Long-Term Debt and Finance Leases | Note 6. Long-Term Debt and Finance Leases The following table summarizes the Companyās long-term debt and finance leases: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, ā ā March 31, 2020 ā 2019 ā Available ā ā ā ā ā borrowing ā Effective ā ā Outstanding ā Outstanding ā ā capacity ā interest rate(1) ā balance balance ā ā (in millions) Long-term debt: ā ā ā ā Term B Loans, net(2) ā $ ā 5.28 % ā $ 2,215.2 ā $ 2,220.3 Revolving Credit Facility(3) ā 208.5 4.05 % ā 86.0 ā 55.0 Total long-term debt ā $ 208.5 ā ā ā 2,301.2 ā 2,275.3 Finance lease obligations ā ā ā 22.2 ā 23.1 Total long-term debt and finance lease obligations ā ā ā 2,323.4 ā 2,298.4 Debt issuance costs, net(4) ā ā ā (7.4) ā (8.0) Sub-total ā ā ā 2,316.0 ā 2,290.4 Less current portion ā ā ā (31.3) ā (30.9) Long-term portion ā ā ā ā $ 2,284.7 ā $ 2,259.5 (1) Represents the effective interest rate in effect for all borrowings outstanding as of March 31, 2020 pursuant to each debt instrument including the applicable margin. (2) At March 31, 2020 and December 31, 2019 includes $7.8 million and $8.4 million of net discounts, respectively. (3) Available borrowing capacity at March 31, 2020 represents $300.0 million of total availability less borrowing of $86.0 million on the Revolving Credit Facility and outstanding letters of credit of $5.5 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company. (4) At March 31, 2020 and December 31, 2019, debt issuance costs include $5.6 million and $6.0 million related to Term B Loans and $1.8 million and $2.0 million related to the Revolving Credit Facility, respectively. The Companyās Term B loans will mature on August 19, 2023 and bear interest, at the Companyās option, at a rate equal to ABR plus 2.25% or LIBOR plus 3.25%. Borrowings under the revolving credit facility will mature on May 31, 2022 and bear interest, at the Company's option, at a rate equal to ABR plus 2.00% or LIBOR plus 3.00%. As of March 31, 2020, the Company was in compliance with all debt covenants. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation | |
Stock-Based Compensation | Note 7. Stock-Based Compensation WOWās 2017 Omnibus Incentive Plan provides for grants of stock options, restricted stock and performance awards. The Companyās directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the 2017 Omnibus Incentive Plan. The 2017 Omnibus Incentive Plan has authorized 12,074,128 shares of common stock to be available for issuance, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Companyās corporate structure of the outstanding shares of common stock. The following table presents restricted stock activity during the three months ended March 31, 2020. ā ā ā ā ā Number of ā ā Unvested ā ā Restricted Stock ā ā Shares Outstanding, beginning of period 3,140,168 Granted 2,958,501 Vested ā (706,312) Forfeited (100,080) Outstanding, end of period(1) 5,292,277 (1) The total outstanding non-vested shares of restricted stock awards granted to employees and directors are included in total outstanding shares as of March 31, 2020. For restricted stock awards that contain only service conditions for vesting, the Company calculates the award fair value based on the closing stock price on the accounting grant date. Restricted stock generally vests ratably over a three The Company recorded $2.7 million and $2.1 million for the three months ended March 31, 2020 and 2019, respectively, of non-cash stock-based compensation expense which is reflected in selling, general and administrative expense in the Companyās unaudited condensed consolidated statements of operations. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings (Loss) per Common Share | |
Earnings (Loss) per Common Share | Note 8. Earnings per Common Share Basic earnings or loss per share attributable to the Companyās common stockholders is computed by dividing net income or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common stockholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented. ā ā ā ā ā ā ā ā ā ā Three months ended ā ā March 31, ā 2020 2019 ā ā ā ā ā ā ā Net income ā $ 0.1 ā $ 8.4 ā ā ā ā ā ā ā Basic weighted-average shares ā 81,037,633 ā 80,348,870 Effect of dilutive securities: ā ā ā ā Restricted stock awards ā 499,180 ā 562,530 Diluted weighted-average shares ā 81,536,813 ā 80,911,400 ā ā ā ā ā ā ā Basic earnings ā $ 0.00 ā $ 0.10 Diluted earnings per share ā $ 0.00 ā $ 0.10 ā |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements | |
Fair Value Measurements | Note 9. Fair Value Measurements The fair values of cash and cash equivalents, receivables and trade payables approximate their carrying values due to the short-term nature of these instruments. For assets and liabilities of a long-term nature, the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. The Company applies the following hierarchy in determining fair value: ā ā L evel 1, defined as observable inputs being quoted prices in active markets for identical assets; ā Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ā Level 3, defined as values determined using models that utilize significant unobservable inputs for which little or no market data exists, discounted cash flow methodologies or similar techniques, or other determinations requiring significant management judgment or estimation. ā The Companyās derivative instrument is accounted for at fair value on a recurring basis and classified within Level 2 of the valuation hierarchy and was valued at $25.1 million and $20.8 million as of March 31, 2020 and December 31, 2019, respectively. The fair value of the derivative instrument is measured as the present value of all expected future cash flows based on the LIBOR-based swap yield curves as of March 31, 2020. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties. ā The estimated fair value of the Companyās long-term debt is based on dealer quotes considering current market rates for the Companyās credit facility and is classified as Level 2. The inputs used to determine the fair value of the Companyās aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. The fair value of the Companyās long-term debt was valued at $2,045.2 million and $2,220.3 million as of March 31, 2020 and December 31, 2019, respectively. Long-term debt fair value does not include debt issuance costs and discounts. ā There were no transfers into or out of Level 1, 2 or 3 during the periods ended March 31, 2020 and December 31, 2019. ā The Companyās nonfinancial assets such as franchises, property, plant, and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. When such impairments are recorded, fair values are generally classified within Level 3 of the valuation hierarchy. ā |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities | |
Derivative Instruments and Hedging Activities | Note 10. Derivative Instruments and Hedging Activities The Company is exposed to certain risks during the normal course of its business arising from adverse changes in interest rates. The Company selectively uses derivative financial instruments (āderivativesā), including interest rate swaps, to manage interest rate risk. The Company does not hold or issue derivative instruments for speculative purposes. Fluctuations in interest rates can be volatile, and the Companyās risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Companyās financial results. ā The Companyās exposure to interest rate risk results primarily from its variable rate borrowings. On May 9, 2018, the Company entered into variable to fixed interest rate swap agreements for a notional amount of $1,361.2 million to hedge the outstanding principal balance of its variable rate term loan debt. ā As of March 31, 2020, the Company is the fixed rate payor on two interest rate swap contracts that effectively fix the LIBOR-based index used to determine the interest rates charged on the Companyās total long-term debt of $2,309.0 million, not including debt issuance costs and discount. These contracts fix approximately 60% of the Companyās term loan variable rate exposure at 2.7% and have an expiration date of May 2021. These swap agreements qualify as hedging instruments and have been designated as cash flow hedges of forecasted LIBOR-based interest payments. As all of the critical terms of each of the derivative instruments matched the underlying terms of the hedged debt and related forecasted interest payments, these hedges were considered highly effective. Based on LIBOR-based swap yield curves as of March 31, 2020, the Company expects to reclassify losses of $23.0 million out of accumulated other comprehensive loss (āAOCLā) into earnings within the next 12 months. The following table summarizes the notional amounts, fair values and classification of the Companyās outstanding derivatives by risk category and instrument type within the unaudited condensed consolidated balance sheet as of March 31, 2020 and December 31, 2019. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value ā Fair Value ā ā ā ā Accrued ā Other ā ā Notional ā Liabilities ā Non-Current ā Amount ā and Other ā Liabilities Derivatives Designated as Hedging Instruments ā (in millions) Interest rate swap contracts as of March 31, 2020 ā $ 1,333.8 ā $ 23.0 ā $ 2.1 Interest rate swap contracts as of December 31, 2019 ā $ 1,337.2 ā $ 14.7 ā $ 6.1 ā Losses recognized in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 total $3.8 million and $0.7 million, respectively. ā Losses on derivatives designated as cash flow hedges included in the unaudited condensed consolidated statements of comprehensive (loss) income for the three months ended March 31, 2020 and 2019 are shown in the table below, respectively. ā ā ā ā ā ā ā ā ā ā Three months ended ā ā March 31, ā 2020 2019 Interest rate swap contracts(1) ā (in millions) Loss recorded in AOCL on derivatives, before tax ā $ 3.9 ā $ 6.2 Tax expense ā ā (0.9) ā ā (3.1) Loss reclassified from AOCL into income, net ā ā 3.0 ā ā 3.1 (1) Losses on derivatives reclassified from AOCL into income will be included in āInterest expenseā in the unaudited condensed consolidated statements of operations, the same income statement line item as the earnings effect of the hedged item. For the periods presented, all cash flows associated with derivatives are classified as operating cash flows in the unaudited condensed consolidated statements of cash flows. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Income Taxes | Note 11. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact of changes in the tax rates and laws on deferred taxes, if any, is reflected in the unaudited condensed consolidated financial statements in the period of enactment. The Company reported income tax expense of $0.8 million and $3.0 million for the three months ended March 31, 2020 and 2019, respectively. The Companyās effective federal and state income tax rate during the three months ended March 31, 2020 is primarily related to a reduction in income for the three months ended, a decrease in expected tax benefits on stock-based compensation, as well as an additional valuation allowance related to certain net state deferred tax assets. As a result of the Coronavirus Aid, Relief and Economic Security (āCARESā) Act enacted on March 27, 2020, companies are able to request refunds of the remaining amount of refundable Alternative Minimum Tax carryforwards. Previously, the remaining amount would have been refunded between 2020 and 2021. As such, the Company expects to receive refunds of approximately $4.4 million within the next 12 months. The CARES Act also contains modifications on the limitation of business interest for tax years 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. This modification will ultimately decrease the interest limitation deferred tax asset and increase the net operating loss deferred tax asset resulting in no material impact to the financial statements. ā |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 12. Commitments and Contingencies IPO Shareholder Class Action Kirkland. et al. v. WideOpenWest, Inc., et al. Kirkland Kirkland Sprint Patent Infringement Claim ā The Company is party to various legal proceedings (including individual, class and putative class actions) arising in the normal course of its business covering a wide range of matters and types of claims including, but not limited to, general contracts, billing disputes, rights of access, programming, taxes, fees and surcharges, consumer protection, trademark and patent infringement, employment, regulatory, tort, claims of competitors and disputes with other carriers. ā In accordance with GAAP, the Company accrues an expense for pending litigation when it determines that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal defense costs are expensed as incurred. None of the Companyās existing accruals for pending matters is material. The Company consistently monitors its pending litigation for the purpose of adjusting its accruals and revising its disclosures accordingly, in accordance with GAAP, when required. However, litigation is subject to uncertainty, and the outcome of any particular matter is not predictable. The Company will vigorously defend its interest for pending litigation, and the Company believes that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which it is entitled, will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. ā |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (āGAAPā) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (āSECā); however, in the opinion of management, the disclosures made are adequate to ensure the information presented is not misleading. The year-end consolidated balance sheet was derived from audited financial statements. In the opinion of management, all normally recurring adjustments considered necessary for the fair presentation of the financial statements have been included, and the financial statements present fairly the financial position and results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results expected for the full year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the 2019 Annual Report filed with the SEC on March 4, 2020. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts and disclosures of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, including but not limited to the potential impacts arising from COVID-19. As the extent and duration of the impacts from COVID-19 remain unclear, the Companyās estimates and assumptions may evolve as conditions change and the Company is not able to fully predict the overall impact of COVID-19 and the CARES Act on the business. To the extent there are differences between those estimates and actual results, the unaudited condensed consolidated financial statements may be materially affected. |
Recently Issued Accounting Standards and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-04, Reference Rate Reform (Topic 848), Faciliation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional guidance, expedients and exceptions for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this update apply to all entities, subject to meeting the criteria, that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinuted because of the reference rate reform. The amendments of this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this guidance and the potential effects it could have on its financial position, results of operations and cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes (āASU 2019-12ā). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the timing of adopting this guidance and the impact of adoption on its financial position, results of operations and cash flows. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Customerās Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (āASU 2018-15ā), which requires a customer in a hosting arrangement that is a service contract to apply the guidance on internal-use software to determine which implementation costs to recognize as an asset and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under Subtopic 350-40, Internal-Use Software, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. The amendments require a customer in a hosting arrangement that is a service contract to determine whether an implementation activity relates to the preliminary project stage, the application development stage, or the post-implementation stage. Costs for implementation activities in the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages will be expensed immediately. ASU 2018-15 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company adopted this guidance prospectively |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contracts with Customers | |
Schedule of revenue by service offering | The following table presents revenue by service offering for the three months ended March 31, 2020: ā ā ā ā ā ā ā ā ā ā ā ā Three months ended March 31, 2020 ā Residential ā Business Total ā Subscription Subscription Revenue ā ā (in millions) HSD ā $ 115.3 ā $ 21.3 ā $ 136.6 Video ā 99.5 ā 3.9 ā ā 103.4 Telephony ā 14.0 ā 10.6 ā ā 24.6 Total subscription services revenue ā $ 228.8 ā $ 35.8 ā $ 264.6 Other business services revenue(1) ā ā ā ā ā ā ā ā 6.5 Other revenue ā ā ā ā ā ā ā ā 13.4 Total revenue ā $ 228.8 ā $ 35.8 ā $ 284.5 (1) The following table presents revenue by service offering for the three months ended March 31, 2019: ā ā ā ā ā ā ā ā ā ā ā ā Three months ended March 31, 2019 ā ā Residential ā Business ā Total ā Subscription Subscription Revenue ā ā (in millions) HSD ā $ 108.1 ā $ 19.4 ā $ 127.5 Video ā 107.4 ā 3.6 ā ā 111.0 Telephony ā 16.0 ā 10.7 ā ā 26.7 Total subscription services revenue ā $ 231.5 ā $ 33.7 ā $ 265.2 Other business services revenue(1) ā ā ā ā ā ā ā ā 7.1 Other revenue ā ā ā ā ā ā ā ā 14.9 Total revenue ā $ 231.5 ā $ 33.7 ā $ 287.2 (1) |
Schedule of activity and current and non-current costs of obtaining contracts | ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā ā (in millions) Balance at January 1 ā $ 40.7 ā $ 26.3 Deferral ā 5.7 ā 4.8 Amortization ā (2.7) ā (1.5) Balance at March 31 ā $ 43.7 ā $ 29.6 ā ā ā ā ā ā ā ā ā ā March 31, 2020 ā December 31, 2019 ā ā (in millions) Current costs of obtaining contracts with customers ā $ 11.2 ā $ 10.0 Non-current costs of obtaining contracts with customers ā ā 32.5 ā ā 30.7 Total costs of obtaining contracts with customers ā $ 43.7 ā $ 40.7 |
Schedule of activity of current and non-current contract liabilities | ā ā ā ā ā ā ā ā ā ā 2020 ā 2019 ā ā (in millions) Balance at January 1 ā $ 4.2 ā $ 3.9 Deferral ā 3.7 ā 3.9 Revenue recognized ā (4.0) ā (3.8) Balance at March 31 ā $ 3.9 ā $ 4.0 ā ā ā ā ā ā ā ā ā ā March 31, 2020 ā December 31, 2019 ā ā (in millions) Current contract liabilities ā $ 3.3 ā $ 3.6 Non-current contract liabilities ā ā 0.6 ā ā 0.6 Total contract liabilities ā $ 3.9 ā $ 4.2 |
Summary of expected revenue to be recognized in future periods related to performance obligations which have not been satisfied or are partially unsatisfied | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2020 2021 2022 Thereafter Total ā ā (in millions) Subscription services ā $ 58.9 ā $ 50.2 ā $ 20.9 ā $ 8.1 ā $ 138.1 Other business services ā 3.1 ā 2.8 ā 1.3 ā 0.5 ā 7.7 Total expected revenue ā $ 62.0 ā $ 53.0 ā $ 22.2 ā $ 8.6 ā $ 145.8 |
Schedule of change in the allowance for doubtful accounts for trade accounts receivable | ā ā ā ā ā ā ā ā ā 2020 2019 ā ā (in millions) Balance at beginning of period ā $ 7.5 ā $ 7.5 Provision charged to expense ā 5.3 ā 3.5 Accounts written off, net of recoveries ā (3.8) ā (4.0) Balance at end of period ā $ 9.0 ā $ 7.0 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Plant, Property and Equipment, Net | |
Schedule of plant, property and equipment | ā ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā 2020 2019 ā ā (in millions) Distribution facilities ā $ 1,846.3 ā $ 1,780.7 Customer premise equipment ā 465.3 ā 460.1 Head-end equipment ā 342.4 ā 341.2 Telephony infrastructure ā 98.1 ā 97.9 Computer equipment and software ā 150.6 ā 146.4 Vehicles ā 36.0 ā 37.0 Buildings and leasehold improvements ā 49.5 ā 49.5 Office and technical equipment ā 34.2 ā 33.5 Land ā 6.2 ā 6.2 Construction in progress (including material inventory and other) ā 37.0 ā 61.2 Total property, plant and equipment ā 3,065.6 ā 3,013.7 Less accumulated depreciation ā (1,991.2) ā (1,940.0) ā ā $ 1,074.4 ā $ 1,073.7 |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accrued Liabilities and Other | |
Schedule of accrued liabilities and other | ā ā ā ā ā ā ā ā ā ā March 31, ā December 31, ā 2020 2019 ā ā (in millions) Programming costs ā $ 34.6 ā $ 33.4 Franchise and revenue sharing fees ā 9.1 ā 10.9 Payroll and employee benefits ā 12.2 ā 20.8 Property, income, sales and use taxes ā 3.9 ā 2.4 Utility pole rentals ā 3.7 ā 3.4 Interest rate swaps ā 23.0 ā 14.7 Other accrued liabilities ā 10.8 ā 10.0 ā ā $ 97.3 ā $ 95.6 |
Long-Term Debt and Finance Le_2
Long-Term Debt and Finance Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt and Finance Leases | |
Summary of long-term debt and finance leases | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, ā ā March 31, 2020 ā 2019 ā Available ā ā ā ā ā borrowing ā Effective ā ā Outstanding ā Outstanding ā ā capacity ā interest rate(1) ā balance balance ā ā (in millions) Long-term debt: ā ā ā ā Term B Loans, net(2) ā $ ā 5.28 % ā $ 2,215.2 ā $ 2,220.3 Revolving Credit Facility(3) ā 208.5 4.05 % ā 86.0 ā 55.0 Total long-term debt ā $ 208.5 ā ā ā 2,301.2 ā 2,275.3 Finance lease obligations ā ā ā 22.2 ā 23.1 Total long-term debt and finance lease obligations ā ā ā 2,323.4 ā 2,298.4 Debt issuance costs, net(4) ā ā ā (7.4) ā (8.0) Sub-total ā ā ā 2,316.0 ā 2,290.4 Less current portion ā ā ā (31.3) ā (30.9) Long-term portion ā ā ā ā $ 2,284.7 ā $ 2,259.5 (1) Represents the effective interest rate in effect for all borrowings outstanding as of March 31, 2020 pursuant to each debt instrument including the applicable margin. (2) At March 31, 2020 and December 31, 2019 includes $7.8 million and $8.4 million of net discounts, respectively. (3) Available borrowing capacity at March 31, 2020 represents $300.0 million of total availability less borrowing of $86.0 million on the Revolving Credit Facility and outstanding letters of credit of $5.5 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company. (4) At March 31, 2020 and December 31, 2019, debt issuance costs include $5.6 million and $6.0 million related to Term B Loans and $1.8 million and $2.0 million related to the Revolving Credit Facility, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation | |
Summary of the restricted stock awards activity | The following table presents restricted stock activity during the three months ended March 31, 2020. ā ā ā ā ā Number of ā ā Unvested ā ā Restricted Stock ā ā Shares Outstanding, beginning of period 3,140,168 Granted 2,958,501 Vested ā (706,312) Forfeited (100,080) Outstanding, end of period(1) 5,292,277 (1) The total outstanding non-vested shares of restricted stock awards granted to employees and directors are included in total outstanding shares as of March 31, 2020. |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings (Loss) per Common Share | |
Schedule of computation of income per share | ā ā ā ā ā ā ā ā ā ā Three months ended ā ā March 31, ā 2020 2019 ā ā ā ā ā ā ā Net income ā $ 0.1 ā $ 8.4 ā ā ā ā ā ā ā Basic weighted-average shares ā 81,037,633 ā 80,348,870 Effect of dilutive securities: ā ā ā ā Restricted stock awards ā 499,180 ā 562,530 Diluted weighted-average shares ā 81,536,813 ā 80,911,400 ā ā ā ā ā ā ā Basic earnings ā $ 0.00 ā $ 0.10 Diluted earnings per share ā $ 0.00 ā $ 0.10 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities | |
Schedule of notional amounts, fair values and classification of outstanding derivatives | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value ā Fair Value ā ā ā ā Accrued ā Other ā ā Notional ā Liabilities ā Non-Current ā Amount ā and Other ā Liabilities Derivatives Designated as Hedging Instruments ā (in millions) Interest rate swap contracts as of March 31, 2020 ā $ 1,333.8 ā $ 23.0 ā $ 2.1 Interest rate swap contracts as of December 31, 2019 ā $ 1,337.2 ā $ 14.7 ā $ 6.1 |
Schedule of gains and losses on derivatives | ā ā ā ā ā ā ā ā ā ā Three months ended ā ā March 31, ā 2020 2019 Interest rate swap contracts(1) ā (in millions) Loss recorded in AOCL on derivatives, before tax ā $ 3.9 ā $ 6.2 Tax expense ā ā (0.9) ā ā (3.1) Loss reclassified from AOCL into income, net ā ā 3.0 ā ā 3.1 (1) Losses on derivatives reclassified from AOCL into income will be included in āInterest expenseā in the unaudited condensed consolidated statements of operations, the same income statement line item as the earnings effect of the hedged item. |
General Information - Markets a
General Information - Markets and segments (Details) | 3 Months Ended |
Mar. 31, 2020itemsegment | |
General Information | |
Number of markets in which high-speed data, video, and telephony services are provided | item | 19 |
Number of reportable segments | segment | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - ASU 2018-15 | Jan. 01, 2020 |
Accounting Pronouncements | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected | Prospective |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Revenue by Service Offering (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contracts with Customers | ||
Total revenue | $ 284.5 | $ 287.2 |
Subscription services | ||
Revenue from Contracts with Customers | ||
Revenue | 264.6 | 265.2 |
HSD | ||
Revenue from Contracts with Customers | ||
Revenue | 136.6 | 127.5 |
Video | ||
Revenue from Contracts with Customers | ||
Revenue | 103.4 | 111 |
Telephony | ||
Revenue from Contracts with Customers | ||
Revenue | 24.6 | 26.7 |
Other business services | ||
Revenue from Contracts with Customers | ||
Revenue | 6.5 | 7.1 |
Other business services - Wholesale and colocation lease revenue | ||
Revenue from Contracts with Customers | ||
Revenue | 5.4 | 5.5 |
Other services | ||
Revenue from Contracts with Customers | ||
Other revenue | 13.4 | 14.9 |
Residential Subscription | ||
Revenue from Contracts with Customers | ||
Total revenue | 228.8 | 231.5 |
Residential Subscription | Subscription services | ||
Revenue from Contracts with Customers | ||
Revenue | 228.8 | 231.5 |
Residential Subscription | HSD | ||
Revenue from Contracts with Customers | ||
Revenue | 115.3 | 108.1 |
Residential Subscription | Video | ||
Revenue from Contracts with Customers | ||
Revenue | 99.5 | 107.4 |
Residential Subscription | Telephony | ||
Revenue from Contracts with Customers | ||
Revenue | 14 | 16 |
Business Subscription | ||
Revenue from Contracts with Customers | ||
Total revenue | 35.8 | 33.7 |
Business Subscription | Subscription services | ||
Revenue from Contracts with Customers | ||
Revenue | 35.8 | 33.7 |
Business Subscription | HSD | ||
Revenue from Contracts with Customers | ||
Revenue | 21.3 | 19.4 |
Business Subscription | Video | ||
Revenue from Contracts with Customers | ||
Revenue | 3.9 | 3.6 |
Business Subscription | Telephony | ||
Revenue from Contracts with Customers | ||
Revenue | $ 10.6 | $ 10.7 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Costs of Obtaining Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers | ||||
Capitalized contract cost, Beginning of period | $ 40.7 | $ 26.3 | ||
Deferral | 5.7 | 4.8 | ||
Amortization | (2.7) | (1.5) | ||
Capitalized contract cost, End of period | 43.7 | 29.6 | ||
Current costs of obtaining contracts with customers | $ 11.2 | $ 10 | ||
Non-current costs of obtaining contracts with customers | 32.5 | 30.7 | ||
Total costs of obtaining contracts with customers | $ 43.7 | $ 29.6 | $ 43.7 | $ 40.7 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers | ||||
Contract liability, Beginning of period | $ 4.2 | $ 3.9 | ||
Deferral | 3.7 | 3.9 | ||
Revenue recognized | (4) | (3.8) | ||
Contract liability, End of period | 3.9 | 4 | ||
Current portion of contract liabilities | $ 3.3 | $ 3.6 | ||
Non-current portion of contract liabilities | 0.6 | 0.6 | ||
Total contract liabilities | $ 3.9 | $ 4 | $ 3.9 | $ 4.2 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Unsatisfied Performance Obligations Amount (Details) $ in Millions | Mar. 31, 2020USD ($) |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 145.8 |
Subscription services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | 138.1 |
Other business services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | 7.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 62 |
Expected period to recognize revenue of remaining performance obligations | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Maximum | |
Unsatisfied Performance Obligations | |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Subscription services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 58.9 |
Expected period to recognize revenue of remaining performance obligations | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Other business services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 3.1 |
Expected period to recognize revenue of remaining performance obligations | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 53 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Subscription services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 50.2 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Other business services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 2.8 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 22.2 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Subscription services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 20.9 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Other business services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 1.3 |
Expected period to recognize revenue of remaining performance obligations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 8.6 |
Expected period to recognize revenue of remaining performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Subscription services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 8.1 |
Expected period to recognize revenue of remaining performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Other business services | |
Unsatisfied Performance Obligations | |
Expected revenue to be recognized in future periods | $ 0.5 |
Expected period to recognize revenue of remaining performance obligations |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Provision for Doubtful Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contracts with Customers | ||
Threshold period past due for trade accounts receivable for disconnecting service to customers | 60 days | |
Change in the allowance for doubtful accounts | ||
Balance at beginning of year | $ 7.5 | $ 7.5 |
Provision charged to expense | 5.3 | 3.5 |
Accounts written off, net of recoveries | (3.8) | (4) |
Balance at end of year | 9 | $ 7 |
Allowance for doubtful accounts for non-trade accounts receivable | $ 2 |
Plant, Property and Equipment_2
Plant, Property and Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | $ 3,065.6 | $ 3,013.7 | |
Less accumulated depreciation | (1,991.2) | (1,940) | |
Plant, Property and Equipment, Net | 1,074.4 | 1,073.7 | |
Depreciation expense | 55.4 | $ 49.2 | |
Distribution facilities | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 1,846.3 | 1,780.7 | |
Customer premise equipment | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 465.3 | 460.1 | |
Head-end equipment | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 342.4 | 341.2 | |
Telephony infrastructure | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 98.1 | 97.9 | |
Computer equipment and software | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 150.6 | 146.4 | |
Vehicles | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 36 | 37 | |
Buildings and leasehold improvements | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 49.5 | 49.5 | |
Office and technical equipment | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 34.2 | 33.5 | |
Land | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | 6.2 | 6.2 | |
Construction in progress (including material inventory and other) | |||
Plant, Property and Equipment, Net | |||
Total plant, property and equipment | $ 37 | $ 61.2 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities and Other | ||
Programming costs | $ 34.6 | $ 33.4 |
Franchise and revenue sharing fees | 9.1 | 10.9 |
Payroll and employee benefits | 12.2 | 20.8 |
Property, income, sales and use taxes | 3.9 | 2.4 |
Utility pole rentals | 3.7 | 3.4 |
Interest rate swaps | 23 | 14.7 |
Other accrued liabilities | 10.8 | 10 |
Accrued liabilities and other | $ 97.3 | $ 95.6 |
Long-Term Debt and Finance Le_3
Long-Term Debt and Finance Leases - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Long-Term Debt and Capital Leases | ||
Available borrowing capacity | $ 208.5 | |
Long-term debt | 2,301.2 | $ 2,275.3 |
Finance lease liability | 22.2 | 23.1 |
Total long-term debt and finance lease obligations | 2,323.4 | 2,298.4 |
Debt issuance costs, net | (7.4) | (8) |
Sub-total | 2,316 | 2,290.4 |
Less current portion | (31.3) | (30.9) |
Long-term portion | $ 2,284.7 | 2,259.5 |
Term B Loans | ||
Long-Term Debt and Capital Leases | ||
Effective interest rate (as a percent) | 5.28% | |
Long-term debt | $ 2,215.2 | 2,220.3 |
Debt issuance costs, net | (5.6) | (6) |
Net discount | 7.8 | 8.4 |
Revolving Credit Facility | ||
Long-Term Debt and Capital Leases | ||
Available borrowing capacity | $ 208.5 | |
Effective interest rate (as a percent) | 4.05% | |
Long-term debt | $ 86 | 55 |
Debt issuance costs, net | (1.8) | $ (2) |
Maximum borrowing capacity | 300 | |
Outstanding letters of credit | $ 5.5 |
Long-Term Debt and Finance Le_4
Long-Term Debt and Finance Leases - Term B Loans and Revolving Credit Facility (Details) - USD ($) $ in Millions | Jul. 17, 2017 | Mar. 31, 2020 | Dec. 31, 2019 |
Long-Term Debt and Capital Leases | |||
Long-term debt | $ 2,301.2 | $ 2,275.3 | |
Term B Loans | |||
Long-Term Debt and Capital Leases | |||
Long-term debt | 2,215.2 | 2,220.3 | |
Term B Loans | Alternate base rate | |||
Long-Term Debt and Capital Leases | |||
Basis spread on variable rate (as a percent) | 2.25% | ||
Term B Loans | Adjusted LIBOR rate | |||
Long-Term Debt and Capital Leases | |||
Basis spread on variable rate (as a percent) | 3.25% | ||
Revolving Credit Facility | |||
Long-Term Debt and Capital Leases | |||
Long-term debt | 86 | $ 55 | |
Borrowings available | $ 300 | ||
Revolving Credit Facility | Alternate base rate | |||
Long-Term Debt and Capital Leases | |||
Basis spread on variable rate (as a percent) | 2.00% | ||
Revolving Credit Facility | Adjusted LIBOR rate | |||
Long-Term Debt and Capital Leases | |||
Basis spread on variable rate (as a percent) | 3.00% |
Stock-Based Compensation - 2017
Stock-Based Compensation - 2017 Plan and Activity (Details) | Mar. 31, 2020shares |
2017 Plan | |
Stock Based Compensation | |
Number of authorized shares | 12,074,128 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2020shares | |
Restricted Stock Awards | |
Outstanding, beginning of period (in shares) | 3,140,168 |
Granted (in shares) | 2,958,501 |
Vested (in shares) | (706,312) |
Forfeited (in shares) | (100,080) |
Outstanding, end of period (in shares) | 5,292,277 |
Minimum | |
Additional information | |
Vesting period | 3 years |
Maximum | |
Additional information | |
Vesting period | 4 years |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Selling, general and administrative expense and operating expenses (excluding depreciation and amortization) | ||
Stock-Based Compensation | ||
Non-cash compensation expense | $ 2.7 | $ 2.1 |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings (Loss) per Common Share | ||
Net income | $ 0.1 | $ 8.4 |
Basic weighted-average shares | 81,037,633 | 80,348,870 |
Effect of dilutive securities: | ||
Restricted stock awards | 499,180 | 562,530 |
Diluted weighted-average shares | 81,536,813 | 80,911,400 |
Basic net income (loss) per share (in dollars per share) | $ 0 | $ 0.10 |
Diluted net income (loss) per share (in dollars per share) | $ 0 | $ 0.10 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financial Liabilities | ||
Transfer of assets from level 1 to level 2 | $ 0 | $ 0 |
Transfer of assets from level 2 to level 1 | 0 | 0 |
Transfer of liabilities from level 1 to level 2 | 0 | 0 |
Transfer of liabilities from level 2 to level 1 | 0 | 0 |
Transfer of assets into level 3 | 0 | 0 |
Transfer of assets out of level 3 | 0 | 0 |
Transfer of liabilities into level 3 | 0 | 0 |
Transfer of liabilities out of level 3 | 0 | 0 |
Significant other observable inputs (Level 2) | Recurring | ||
Financial Liabilities | ||
Derivative instrument | 25.1 | 20.8 |
Liabilities | $ 2,045.2 | $ 2,220.3 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary (Details) - Interest rate swaps - Hedging $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)item | May 09, 2018USD ($) | |
Interest Rate Hedge | ||
Notional amount | $ 1,361.2 | |
Number of interest rate swaps | item | 2 | |
Term loan variable rate exposure (as a percent) | 60.00% | |
Fixed rate (as a percent) | 2.70% | |
Carrying amount | ||
Interest Rate Hedge | ||
Long-term debt | $ 2,309 | |
Reclassification of losses out of accumulated other comprehensive loss into earnings within next 12 months | $ 23 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Notional amounts, fair values and classification (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives | ||
Derivative current liabilities, fair value | $ 23 | $ 14.7 |
Interest rate swaps | Cash flow hedging | ||
Derivatives | ||
Notional amount | 1,333.8 | 1,337.2 |
Interest rate swaps | Cash flow hedging | Accrued Liabilities and Other | ||
Derivatives | ||
Derivative current liabilities, fair value | 23 | 14.7 |
Interest rate swaps | Cash flow hedging | Other non-current liabilities | ||
Derivatives | ||
Derivative noncurrent liabilities, fair value | $ 2.1 | $ 6.1 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains and losses on derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Gains and losses on derivatives | ||
Tax expense | $ 0.9 | $ 3.1 |
Loss reclassified from AOCL into income, net | 3 | 3.1 |
Interest expense | ||
Gains and losses on derivatives | ||
Loss recorded in AOCL on derivatives, before tax | 3.9 | 6.2 |
Interest rate swaps | Hedging | Cash flow hedging | ||
Gains and losses on derivatives | ||
Losses on derivative | $ 3.8 | $ 0.7 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Components of income tax benefit (expense) from continuing operations | ||
Income tax expense | $ 0.8 | $ 3 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) $ in Millions | Mar. 31, 2020USD ($) |
Income Taxes | |
Amount of refundable alternative minimum tax carryforwards expected to be refunded within the next 12 months | $ 4.4 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - IPO Shareholder Class Action | Mar. 31, 2020plaintiffitem |
Commitments and contingencies | |
Number of plaintiff firms | item | 4 |
Number of lawsuits | 5 |
New York | |
Commitments and contingencies | |
Number of lawsuits | 3 |
Colorado | |
Commitments and contingencies | |
Number of lawsuits | 2 |