Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | GRAY TELEVISION INC | ||
Entity Central Index Key | 43,196 | ||
Trading Symbol | gtn | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 698,178,882 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 66,238,529 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 6,606,173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash | $ 325,189 | $ 97,318 |
Accounts receivable, less allowance for doubtful accounts of $3,163 and $1,794, respectively | 146,811 | 121,473 |
Deferred tax asset | 30,826 | 49,690 |
Prepaid taxes | 14,641 | |
Prepaid and other current assets | 5,109 | 6,462 |
Total current assets | 536,311 | 285,454 |
Property and equipment, net | 326,093 | 234,475 |
Broadcast licenses | 1,340,305 | 1,114,626 |
Goodwill | 485,318 | 423,236 |
Other intangible assets, net | 56,250 | 53,280 |
Investments in broadcasting and technology companies | 16,599 | 13,599 |
Other | 22,455 | 3,038 |
Total assets | 2,783,331 | 2,127,708 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 5,257 | 4,532 |
Employee compensation and benefits | 31,367 | 28,983 |
Accrued interest | 32,453 | 12,717 |
Other accrued expenses | 13,802 | 14,370 |
Federal and state income taxes | 2,916 | 771 |
Deferred revenue | 4,706 | 3,514 |
Total current liabilities | 119,407 | 87,617 |
Long-term debt, less current portion | 1,756,747 | 1,220,084 |
Program broadcast obligations, less current portion | 4,995 | 2,171 |
Deferred income taxes | 373,837 | 351,546 |
Accrued pension costs | 34,047 | 36,337 |
Other | 1,437 | 679 |
Total liabilities | 2,290,470 | 1,698,434 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock | 658,135 | 655,446 |
Accumulated deficit | (101,365) | (163,638) |
Accumulated other comprehensive loss, net of income tax benefit | (17,645) | (17,284) |
Stockholders' equity before treasury stock | 560,889 | 493,849 |
Treasury stock at cost | (44,688) | (41,890) |
Total stockholders’ equity | 492,861 | 429,274 |
Total liabilities and stockholders’ equity | 2,783,331 | 2,127,708 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 21,764 | 19,325 |
Treasury stock at cost | (23,340) | (22,685) |
Network Programming Obligations, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Accrued network programming fees | 14,982 | 11,945 |
Syndicated Program Film Obliagtions, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Accrued network programming fees | 13,924 | 10,785 |
Syndicated Program Film Rights, Current [Member] | ||
Assets: | ||
Current portion of program broadcast rights, net | $ 13,735 | $ 10,511 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 71,229,497 | 70,989,426 |
Treasury stock, shares (in shares) | 5,135,406 | 4,882,705 |
Account receivable, allowance for doubtful accounts | $ 3,163 | $ 1,794 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 8,073,993 | 7,855,381 |
Treasury stock, shares (in shares) | 1,669,131 | 1,611,371 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue (less agency commissions) | $ 812,465 | $ 597,356 | $ 508,134 |
Operating expenses before depreciation, amortization, and loss on disposals of assets, net: | |||
Broadcast | 475,131 | 374,182 | 285,990 |
Corporate and administrative | 40,347 | 34,343 | 29,203 |
Depreciation | 45,923 | 36,712 | 30,248 |
Amortization of intangible assets | 16,596 | 11,982 | 8,297 |
Loss on disposals of assets, net | 329 | 80 | 623 |
Operating expenses | 578,326 | 457,299 | 354,361 |
Operating income | 234,139 | 140,057 | 153,773 |
Other income (expense): | |||
Miscellaneous income, net | 775 | 103 | 23 |
Interest expense | (97,236) | (74,411) | (68,913) |
Loss from early extinguishment of debt | (31,987) | (5,086) | |
Income before income taxes | 105,691 | 65,749 | 79,797 |
Income tax expense | 43,418 | 26,448 | 31,736 |
Net trade income (loss) | $ 62,273 | $ 39,301 | $ 48,061 |
Basic per share information: | |||
Net income (in dollars per share) | $ 0.87 | $ 0.58 | $ 0.83 |
Weighted average shares outstanding (in shares) | 71,848 | 68,330 | 57,862 |
Diluted per share information: | |||
Net income (in dollars per share) | $ 0.86 | $ 0.57 | $ 0.82 |
Weighted average shares outstanding (in shares) | 72,764 | 68,987 | 58,364 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 62,273 | $ 39,301 | $ 48,061 |
Other comprehensive (loss) income: | |||
Adjustment to pension liability | (592) | 5,783 | (17,053) |
Income tax (benefit) expense | (231) | 2,255 | (6,650) |
Other comprehensive (loss) income | (361) | 3,528 | (10,403) |
Comprehensive income | $ 61,912 | $ 42,829 | $ 37,658 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member]Common Class A [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 7,331,574 | 57,010,878 | (1,578,554) | (4,768,925) | |||
Balance at Dec. 31, 2013 | $ 15,321 | $ 483,055 | $ (251,000) | $ (22,398) | $ (40,559) | $ (10,409) | $ 174,010 |
Net income | 48,061 | 48,061 | |||||
Adjustment to pension liability, net of income tax | (10,403) | (10,403) | |||||
401(k) plan | $ 25 | $ 25 | |||||
401(k) plan (in shares) | 2,341 | 2,341 | |||||
Restricted stock awards (in shares) | 236,294 | 312,961 | (45,791) | ||||
Restricted stock awards | $ (513) | $ (513) | |||||
Share-based compensation | $ 1,775 | $ 3,237 | 5,012 | ||||
Balance (in shares) at Dec. 31, 2014 | 7,567,868 | 57,326,180 | (1,578,554) | (4,814,716) | |||
Balance at Dec. 31, 2014 | $ 17,096 | $ 486,317 | (202,939) | $ (22,398) | $ (41,072) | (20,812) | 216,192 |
Net income | 39,301 | 39,301 | |||||
Adjustment to pension liability, net of income tax | (3,528) | (3,528) | |||||
401(k) plan | $ 26 | $ 26 | |||||
401(k) plan (in shares) | 1,898 | 1,898 | |||||
Restricted stock awards (in shares) | 287,513 | 150,308 | (32,817) | (67,989) | |||
Restricted stock awards | $ (287) | $ (818) | $ (1,105) | ||||
Share-based compensation | $ 2,229 | $ 1,790 | 4,019 | ||||
Balance (in shares) at Dec. 31, 2015 | 7,855,381 | 70,989,426 | (1,611,371) | (4,882,705) | |||
Balance at Dec. 31, 2015 | $ 19,325 | $ 655,446 | (163,638) | $ (22,685) | $ (41,890) | (17,284) | 429,274 |
Underwritten public offering | $ 167,313 | 167,313 | |||||
Underwritten public offering (in shares) | 13,511,040 | ||||||
Net income | 62,273 | 62,273 | |||||
Adjustment to pension liability, net of income tax | (361) | (361) | |||||
401(k) plan | $ 29 | $ 29 | |||||
401(k) plan (in shares) | 2,571 | 2,571 | |||||
Restricted stock awards (in shares) | 218,612 | 237,500 | (57,760) | (60,518) | |||
Restricted stock awards | $ (655) | $ (798) | $ (1,453) | ||||
Share-based compensation | $ 2,439 | $ 2,660 | 5,099 | ||||
Balance (in shares) at Dec. 31, 2016 | 8,073,993 | 71,229,497 | (1,669,131) | (5,135,406) | |||
Balance at Dec. 31, 2016 | $ 21,764 | $ 658,135 | (101,365) | $ (23,340) | $ (44,688) | (17,645) | 492,861 |
Repurchase of common stock | $ (2,000) | $ (2,000) | |||||
Repurchase of common stock (in shares) | (192,183) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 62,273 | $ 39,301 | $ 48,061 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 45,923 | 36,712 | 30,248 |
Amortization of Intangible Assets | 16,596 | 11,982 | 8,297 |
Amortization of deferred loan costs | 4,884 | 3,194 | 2,970 |
Amortization of original issue discount and premium related to long-term debt, net | (779) | (863) | (863) |
Amortization of restricted stock and stock option awards | 5,099 | 4,019 | 5,012 |
Loss from early extinguishment of debt | 31,987 | 5,086 | |
Amortization of program broadcast rights | 19,001 | 14,960 | 12,871 |
Payments on program broadcast obligations | (18,786) | (14,576) | (15,087) |
Common stock contributed to 401(k) plan | 29 | 26 | 25 |
Deferred income taxes | 41,386 | 25,770 | 30,938 |
Loss on disposals of assets, net | 329 | 80 | 623 |
Other | (1,817) | (2,568) | (778) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,107) | (14,787) | (17,442) |
Prepaid taxes | (14,642) | ||
Other current assets | 2,032 | (3,705) | 4,898 |
Accounts payable | 518 | (141) | 2,197 |
Employee compensation, benefits and pension costs | 871 | 3,528 | 6,964 |
Accrued network fees and other expenses | (5,175) | 12,684 | 1,685 |
Accrued interest | 19,736 | (4,907) | 4,920 |
Income taxes payable | 2,145 | (1,123) | 345 |
Deferred revenue, current portion | 1,130 | (3,972) | 3,249 |
Net cash provided by operating activities | 206,633 | 105,614 | 134,219 |
Investing activities | |||
Acquisitions of television businesses and licenses | (431,846) | (185,126) | (461,185) |
Proceeds from Divestiture of Businesses | 11,200 | 0 | |
Purchases of property and equipment | (43,604) | (24,222) | (32,215) |
Proceeds from asset sales | 2,979 | 3,115 | 1,508 |
Payments of acquisition related liabilities | (91) | (10,000) | |
Acquisition prepayments and other | (18,063) | (58) | |
Net cash used in investing activities | (479,334) | (206,382) | (501,892) |
Financing activities | |||
Proceeds from borrowings on long-term debt | 1,656,000 | 0 | 644,000 |
Repayments of borrowings on long-term debt | (1,100,000) | 0 | (249,623) |
Tender and redemption premiums for 2020 Notes | (27,502) | ||
Proceeds from issuance of common stock | 0 | 167,313 | |
Deferred and other loan costs | (27,926) | 4 | (9,413) |
Net cash provided by financing activities | 500,572 | 167,317 | 384,964 |
Net increase in cash | 227,871 | 66,549 | 17,291 |
Cash at beginning of period | 97,318 | 30,769 | 13,478 |
Cash at end of period | $ 325,189 | $ 97,318 | $ 30,769 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Description of Business Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us” or “our”) is a television broadcast company headquartered in Atlanta, Georgia, that owns and/or operates television stations in the United States. As of February 21, 2017 , we owned and/or operated television stations in 54 200 37 affiliates of the CBS Network (“CBS”), 29 affiliates of the NBC Network (“NBC”), 20 affiliates of the ABC Network (“ABC”) and 15 affiliates of the FOX Network (“FOX”). In addition to our primary broadcast channels, each of our stations can also broadcast secondary secondary secondary one secondary We also broadcast local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately 10.1% Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, All intercompany accounts and transactions have been eliminated in consolidation. Investment in Broadcasting Company two June 30, 2016, 32.4% 67.9% Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable. Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 ) We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income. Advertising Expense Our advertising expense was $1.5 $1.0 $1.1 December 31, 2016, 2015 2014, Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 $1.9 $0.6 $1.3 December 31, 2016, 2015 2014, Program Broadcast Rights We have two first Wheel of Fortune Seinfeld first first The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475 For the year ended December 31, 2016, $102.7 December 31, 2015 December 31, 2016 Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. In April 2015, 2015 03, 835 30) Simplifying the Presentation of Debt Issuance Costs. 2015 03 August 2015, 2015 15, 835 30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 2015 15 June 18, 2015 January 1, 2016. December 31, 2016 2015. Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. $793,000 $701,000 December 31, 2016 2015, December 31, 2016, 2015 2014, $15,000, $34,000 $6,000, Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2016, 22%, 10% 7% December 31, 2015 2014. one 5% Earnings Per Share We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television markets is considered a separate reporting unit. We review each television market for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2016 2015 December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 ) Recent Accounting Pronouncements In May 2014, 2014 09, 606). 2014 09 August 2015, 2015 14, 606): Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, December 15, 2016. April 2016, 2016 10, 606): Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, 606): Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, 606): Technical Corrections and Improvements In November 2015, 2015 17, 740) Balance Sheet Classification of Deferred Taxes 2015 17 December 15, 2016, first 2017. In January 2016, 2016 01, 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, In February 2016, 2016 02, 842). 2016 02 840, Leases December 15, 2018. $13.2 In March 2016, 2016 09, 718) Improvements to Employee Share-Based Payment Accounting. 2016 09 December 15, 2016, first 2017. In August 2016, 2016 15, 230) Classification of Certain Cash Receipts and Cash Payments 2016 15 eight eight December 15, 2017, In October 2016, 2016 17, 810) – Interests Held through Related Parties That Are under Common Control 2016 17 December 15, 2016, 11 2017. In January 2017, 2017 01, 805) Clarifying the Definition of a Business 2017 01 December 15, 2017, In January 2017, 2017 04, 350) Simplifying the Test for Goodwill Impairment 2017 04 2 2 December 15, 2019, We do not expect that the adoption of this standard will have a material impact on our financial statements. Reclassifications Certain other current and non-current liabilities have been reclassified to conform to the current year presentation. |
Note 2 - Acquisitions and Dispo
Note 2 - Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. During 2016, 2015 2014, third During 2016, three 13 one one December 31, 2016, January 2017. 11 2016 Acquisitions and Dispositions On February 16, 2016, purchase price of $443.1 To facilitate regulatory approval for the Schurz Acquistion, on February 1, 2016, $11.2 $2.0 To further faciliate regulatory approvals for the Schurz Acquisition, on February 16, 2016, $16.0 three third The Schurz Acquisition, the WBXX Acquisition, the WLUC Acquisition, and the sale of the Schurz Radio Stations are referred to collectively as the “Schurz Acquisition and Related Transactions.” We used borrowings of $425.0 “2016 “2014 3 The net consideration to complete the Schurz Acquisition and Related Transactions was as follows (in thousands): Schurz Acquisition and the Divestiture Acquisition Acquisition of KAKE-TV of WBXX-TV of WLUC-TV Total Base purchase price $ - $ 30,000 $ 442,500 $ 472,500 Purchase price adjustment - - 574 574 Adjusted purchase price - 30,000 443,074 473,074 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,074 457,074 Non-cash consideration received (30,000 ) - - (30,000 ) Cash consideration received (11,200 ) - - (11,200 ) Net consideration - the Schurz Acquisition and Related Transactions $ (41,200 ) $ 30,000 $ 427,074 $ 415,874 On June 27, 2016, $0.5 On May 13, 2016, $26.5 June 1, 2016, $16.5 first second 2017. Collectively, we refer to the stations acquired and retained in 2016, 2016, as the “2016 The fair values of the assets acquired, liabilities assumed and resulting goodwill of the television station acquisitions we completed in 2016, Schurz Acquisition and the Acquisition Acquisition Acquisition of KYES-TV of WBXX-TV of WLUC-TV Total Accounts receivable $ - $ - $ 19,226 $ 19,226 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 61,981 72,297 Broadcast licenses 254 18,199 231,391 249,844 Other intangible assets 42 - 19,523 19,565 Other non-current assets - 408 3,028 3,436 Current liabilities - (460 ) (8,903 ) (9,363 ) Other long-term liabilities - (497 ) (1,592 ) (2,089 ) Total $ 500 $ 30,000 $ 427,074 $ 457,574 These amounts are based upon management’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable are approximately $0.2 Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $14.9 $1.6 $2.6 4.9 5.5 9.5 Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We have recorded $72.3 2016. The Company’s consolidated results of operations for year ended December 31, 2016 2016 December 31, 2016 $130.4 December 31, 2016 $55.8 In connection with acquiring the 2016 $7.4 December 31, 2016, 2015 Cedar Rapids Acquisition On September 1, 2015, September 1, 2015, September 1, 2015. October 1, 2015, November 1, 2015, $100.0 Odessa Acquisition On July 1, 2015, $33.6 Twin Falls Acquisition On July 1, 2015, $17.5 Wausau Acquisition On July 1, 2015, $14.0 Presque Isle Acquisition On July 1, 2015, $10.3 Laredo Acquisition On July 1, 2015, $9.0 The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2015 Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 These amounts are based upon management’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $9.7 $1.0 $5.4 5.3 9.6 16.9 $48.3 Collectively, we refer to the stations acquired and retained in 2015 as the “2015 2015 $6.5 December 31, 2015. Montana Dispositions On September 1, 2015, D2, first $0.1 On November 1, 2015, $3.0 $0.9 2015. 2014 Hoak Acquisition On June 13, 2014, 100% $299.9 Network Station Affiliation Market KSFY-TV ABC Sioux Falls, SD KABY-TV* ABC Sioux Falls, SD KPRY-TV* ABC Sioux Falls, SD KVLY-TV NBC Fargo-Valley City, ND KNOE-TV CBS Monroe- El Dorado, LA KFYR-TV NBC Minot-Bismarck-Dickinson, ND KMOT-TV* NBC Minot-Bismarck-Dickinson, ND KUMV-TV* NBC Minot-Bismarck-Dickinson, ND KQCD-TV* NBC Minot-Bismarck-Dickinson, ND KALB-TV NBC/CBS Alexandria, LA KNOP-TV NBC North Platte, NE KIIT-LP FOX North Platte, NE * satellite station The Hoak Acquisition also included our assumption of Hoak’s interest in certain operating agreements, and the acquisition of certain non-license assets of KHAS-TV, which served the Lincoln-Hastings, Nebraska market. On June 13, 2014, 2014 As a component of the Hoak Acquisition, Gray assumed Hoak’s rights under certain agreements with Parker Broadcasting, Inc. (“Parker”) to provide back-office services, sales support and limited programming to KXJB-TV and KAQY-TV (each, a “Parker Agreement”). The Parker Agreements terminated upon the completion of the Parker Acquisition (defined below). The Hoak Acquisition also included two June 13, 2014, $33.5 SJL Acquisition On September 15, 2014, 100% $131.5 2014 KEVN Acquisition On May 1, 2014, 100% $8.8 KNDX Acquisition On May 1, 2014, four June 13, 2014, June 27, 2014, $7.5 Parker Acquisition Also in 2014, 100% two September 25, 2014, December 1, 2014, The purchase price to complete the Parker Acquisition was $6.7 $1.7 $5.0 2014 WQCW Acquisition On April 1, 2014, $5.5 Helena Acquisition On November 1, 2014, December 1, 2014, $1.9 . Collectively, we refer to the stations acquired and retained in 2014 as the “2014 The fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2014 Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Actual results may Accounts receivable are recorded at their fair value that represents the amount we expect to collect. Gross contractual amounts receivable are approximately $0.3 Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $34.2 $13.1 $4.1 4.4 5.5 8.3 $88.6 2014 2014 In connection with acquiring the 2014 $6.2 December 31, 2014. Unaudited Pro Forma Financial Information Pro Forma Data – Acquisitions Completed in 2016 The following table sets forth certain unaudited pro forma information for the years ended December 31, 2016 2015 2016 January 1, 2015 Years Ended December 31, 2016 2015 Revenue (less agency commissions) $ 825,787 $ 701,550 Net income $ 57,795 $ 39,360 Basic net income per share $ 0.80 $ 0.58 Diluted net income per share $ 0.79 $ 0.57 This pro forma financial information is based on Gray’s historical results of operations and the historical results of operations of the stations acquired in 2016, 2016 January 1, 2015 December 31, 2016 2015 Pro Forma Data - 2015 The following table sets forth certain unaudited pro forma information for the years ended December 31, 2015 2014 2015 January 1, 2014 Years Ended December 31, 2015 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 This pro forma financial information is based on Gray’s historical results of operations and the 2015 2015 January 1, 2014 December 31, 2015 2014 In connection with completing the 2015 $6.5 2015, Net revenues and operating income of the businesses acquired in the 2015 December 31, 2015 $23.2 $8.6 Pro Forma Data - Ho ak Acquisition and SJL Acquisition The following table sets forth certain unaudited pro forma results of operations of the Company for the year ended December 31, 2014 January 1, 2013 Year Ended December 31, 2014 Revenue (less agency commissions) $ 565,251 Net income $ 50,771 Basic net income per share $ 0.88 Diluted net income per share $ 0.87 This pro forma financial information is based on each of Gray’s, Hoak’s and SJL’s historical results of operations, adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed each of the Hoak Acquisition, the SJL Acquisition and the related financing transactions on January 1, 2013 December 31, 2014 In connection with completing the Hoak Acquisition and SJL Acquisition, in 2014 $5.1 Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our audited consolidated statements of operations for the year ended December 31, 2014 $64.7 $25.8 Pro forma financial information for the following stations acquired in 2014 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. As of December 31, 2016 2015, 2014 7½% 2020 “2020 5.125% 2024 “2024 5.875% 2026 “2026 December 31, 2016 2015 Long-term debt including current portion: 2014 Senior Credit Facility $ 556,438 $ 556,438 2020 Notes - 675,000 2024 Notes 525,000 - 2026 Notes 700,000 - Total outstanding principal 1,781,438 1,231,438 Unamortized deferred loan costs - 2014 Senior Credit Facility (12,158 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,742 ) - Unamortized deferred loan costs - 2026 Notes (10,588 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,797 - Net carrying value $ 1,756,747 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000 On February 7, 2017, 2014 “2017 2.50%, $60.0 $100.0 2022 2024, 11 2017 Prior to the entry in to the 2017 2014 2014 December 31, 2016 2015 $556.4 December 31, 2016 2015, 2014 3.9% 3.8%, In connection with the consummation of the Schurz Acquisition and Related Transactions, effective February 16, 2016, 2014 $425.0 2016 2014 $10.0 $60.0 On June 14, 2016, $500.0 2026 2026 2026 2016 September 14, 2016, $200.0 2026 2026 2026 103.0%, $206.0 June 14, 2016. 2026 2026 2026 July 15, 2026. January 15 July 15 Also on September 14, 2016, $525.0 2024 2024 October 15, 2024. April 15 October 15 April 15, 2017. We used a portion of the proceeds from the sale of the 2026 2024 2020 As of December 31, 2016, $700.0 2026 $525.0 2024 2026 5.875%. 2026 5.875% 5.398%, 2024 5.125%. In September 2016, $431.2 2020 tendered tender Also in September 2016, 2020 103.75% In connection with the completion of the Tender Offer and the Redemption, we recorded a loss from early extinguishment of debt of approximately $32.0 ($19.5 December 31, 2016 $18.2 $9.1 $8.0 $0.2 $3.5 Collateral, Covenants and Restrictions Our obligations under the 2017 2017 2026 2024 December 31, 2016, The 2017 first 2026 2024 December 31, 2016 2015, We may 2026 July 15, 2021 may 35% 2026 July 15, 2019. may 2026 July 15, 2021 100% 2026 We may 2024 October 15, 2019 may 35% 2024 October 15, 2019. may 2024 October 15, 2019 100% 2024 Maturities Aggregate minimum principal maturities on long-term debt as of December 31, 2016 Minimum Principal Maturities 2014 Senior 2024 2026 Year Credit Facility (1) Notes Notes Total 2017 $ - $ - $ - $ - 2018 - - - - 2019 - - - - 2020 - - - - 2021 556,438 - - 556,438 Thereafter - 525,000 700,000 1,225,000 Total $ 556,438 $ 525,000 $ 700,000 $ 1,781,438 (1) Pursuant to the 2017 February 7, 2024. Interest Payments For all of our interest bearing obligations, we made interest payments of approximately $76.2 $76.9 $61.9 2016, 2015 2014, not December 31, 2016, 2015 2014. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) 3”). 2 1 2”). Fair Value of Financial Instruments The estimated fair value of financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount and fair value of our long-term debt were each $1.8 December 31, 2016 $1.2 December 31, 2015. 2 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. We are authorized to issue 135 15 100 20 10 one December 31, 2016, 2015 2014, not On March 31, 2015, 13.5 $13.00 $167.3 $7.5 $0.9 million. We used the net proceeds from the offering to pay a significant portion of the consideration to acquire the 2015 In each of March November 2004, 2.0 March 2006, 5.0 “2004 2006 December 31, 2016, 279,200 On November 6, 2016, $75.0 December 31, 2019 “2016 The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares thereunder, and the repurchase authorizations may The 2016 (401K fourth 2016, 2016 192,183 $10.38 , or a total cost of $2.0 December 31, 2016 , $73.0 2016 . Under our various employee benefit plans, we may, December 31, 2016, 5,449,148 257,581 December 31, 2015, 5,689,219 476,193 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 “2007 December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Stock-based compensation expense, gross $ 5,099 $ 4,019 $ 5,012 Income tax benefit at our statutory rate associated with stock-based compensation (1,989 ) (1,567 ) (1,955 ) Stock-based compensation expense, net $ 3,110 $ 2,452 $ 3,057 2007 Long Term Incentive Plan The 2007 We recognize the fair value of stock options granted on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option. The 2007 6.0 1.0 6.0 December 31, 2016, 3.9 0.3 2007 2007 2007 two four three eight 2007 During the year ended December 31, 2016, 218,452 72,816 January 31, 2017; 72,816 January 31, 2018; 72,820 January 31, 2019. December 31, 2016, 166,677 one 55,559 January 31, 2017, January 31, 2018 2019. December 31, 2016, 19,048 January 31, 2017. December 31, 2016, 51,935 January 31, 2017. During the year ended December 31, 2015, 150,308 50,102 January 31, 2016; 50,100 January 31, 2017; 50,106 January 31, 2018. December 31, 2015, 229,322 76,442 January 31, 2016 2017; 76,438 January 31, 2018. December 31, 2015, 58,191 January 31, 2016. During the year ended December 31, 2014, 312,961 68,991 127,316 January 17, 2015; 58,327 January 17, 2016 2017. December 31, 2014, 194,413 31,821 75,412 January 17, 2015; 43,590 January 17, 2016 2017. December 31, 2014, 41,881 January 1, 2015. A summary of restricted common stock activity for the years ended December 31, 2016, 2015 2014 2007 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 Granted 237,500 12.88 150,308 10.27 312,961 11.78 Vested (178,973 ) 8.46 (197,858 ) 9.16 (202,743 ) 6.93 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 A summary of restricted Class A common stock activity for the years ended December 31, 2016, 2015 2014 2007 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - Class A common: Outstanding - beginning of period 374,693 $ 9.46 204,473 $ 9.81 - $ - Granted 218,612 11.25 287,513 9.37 236,294 9.80 Vested (178,223 ) 10.04 (117,293 ) 9.85 (31,821 ) 9.75 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81 At December 31, 2016, 2015 2014, 274,746 December 31, 2016, 2015 2014, 274,746, 206,604 137,376, $1.99 $2.2 December 31, 2016. Directors’ Restricted Stock Plan On May 14, 2003, 1.0 December 31, 2016, 770,000 10,000 December 31, 2016, 2015 2014, As of December 31, 2016, $2.3 1.4 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. may 50 Federal and state and local income tax expense (benefit) is summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ - $ - $ - State and local 2,730 1,259 996 State and local - reserve for uncertain tax positions (698 ) (581 ) (198 ) Current income tax expense (benefit) 2,032 678 798 Deferred: Federal 38,214 24,067 28,231 State and local 3,172 1,703 2,707 Deferred income tax expense 41,386 25,770 30,938 Total income tax expense $ 43,418 $ 26,448 $ 31,736 Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2016 2015 Deferred tax liabilities: Net book value of property and equipment $ 26,620 $ 20,986 Broadcast licenses, goodwill and other intangibles 369,275 350,647 Total deferred tax liabilities 395,895 371,633 Deferred tax assets: Liability for accrued vacation 2,232 2,172 Liability for accrued bonus 5,483 4,786 Loan acquisition costs 336 391 Allowance for doubtful accounts 1,168 700 Liability under health and welfare plan 1,201 1,108 Liability for pension plan 13,278 14,172 Federal operating loss carryforwards 20,401 38,466 State and local operating loss carryforwards 4,555 5,867 Alternative minimum tax carryforwards 386 386 Unearned income 3 73 Stock options 174 163 Acquisition costs 3,140 1,129 Restricted stock 1,950 1,875 Other 109 172 Total deferred tax assets 54,416 71,460 Valuation allowance for deferred tax assets (1,532 ) (1,683 ) Net deferred tax assets 52,884 69,777 Deferred tax liabilities, net of deferred tax assets $ 343,011 $ 301,856 We have approximately $61.5 2029 2031. $122.4 A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will not meet the more likely than not threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at December 31, 2016 2015 $1.5 $1.7 Our total valuation allowance provided for deferred income tax assets decreased $0.2 December 31, 2016 $0.4 December 31, 2015 A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Statutory federal rate applied to income before income tax expense $ 36,992 $ 23,012 $ 27,929 Current year permanent items 1,830 1,192 849 State and local taxes, net of federal tax benefit 5,056 2,831 4,050 Change in valuation allowance (151 ) (369 ) (696 ) Reserve for uncertain tax positions (698 ) (581 ) (198 ) Other items, net 389 363 (198 ) Income tax expense as recorded $ 43,418 $ 26,448 $ 31,736 Effective income tax rate 41.1 % 40.2 % 39.8 % As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During 2016, $0.6 $0.4 $0.2 2015, $5.8 $3.5 $2.3 2014, $17.1 $10.4 $6.7 In 2016, 2015 2014, $14.6 $1.8 $0.4 December 31, 2016, $14.6 December 31, 2015, $0.8 We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We file income tax returns in the U.S. federal and multiple state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to 2007. 2009 2011 |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. We sponsor and contribute to defined benefit and defined contribution retirement plans. During 2016, two December 31, 2016, two December 31, 2016, $5.8 $8.3 The Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974. December 31, 2016 2015, December 31, 2016 2015, December 31, 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 103,199 $ 108,006 Service cost - 3,130 Interest cost 4,398 4,159 Actuarial losses 1,839 420 Benefits paid (2,790 ) (1,683 ) Effect of pension curtailment - (10,833 ) Merger of the Assumed Plans 8,330 - Projected benefit obligation at end of year $ 114,976 $ 103,199 Change in plan assets: Fair value of pension plan assets at beginning of year $ 69,246 $ 66,813 Actual return on plan assets 5,918 (1,034 ) Company contributions 2,775 5,150 Benefits paid (2,790 ) (1,683 ) Merger of the Assumed Plans 5,780 - Fair value of pension plan assets at end of year 80,929 69,246 Funded status of pension plan $ (34,047 ) $ (33,953 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (5,121 ) $ (8,994 ) Accumulated other comprehensive loss (28,926 ) (24,959 ) Net liability recognized $ (34,047 ) $ (33,953 ) The accumulated benefit obligation amounts of the Gray Pension Plan are frozen and were $115.0 $103.2 December 31, 2016 2015, December 31, 2015 December 31, 2016 2015: Year Ended December 31, 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.31% 4.00% Expected long-term rate of return on pension plan assets 7.00% 7.00% Estimated rate of increase in compensation levels N/A 5.63% As of December 31, 2016 2015 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.11% 4.31% Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for the Gray Pension Plan includes the following components (in thousands): Year Ended December 31, 2016 2015 2014 Components of net periodic pension cost: Service cost $ - $ 3,130 $ 5,162 Interest cost 4,398 4,159 4,106 Expected return on plan assets (4,836 ) (4,782 ) (4,200 ) Recognized net actuarial loss 406 1,580 969 Net periodic pension (benefit) cost $ (32 ) $ 4,087 $ 6,037 For the Gray Pension Plan, the estimated future benefit payments are as follows (in thousands): Years Amount 2017 $ 2,722 2018 2,933 2019 3,299 2020 3,790 2021 4,090 2022 - 2026 25,216 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2016 2015 Asset category: Insurance general account 23% 26% Cash management accounts 6% 2% Equity accounts 39% 54% Fixed income accounts 28% 14% Real estate accounts 4% 4% Total 100% 100% The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation: Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% High yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100% Our equity portfolio contains securities of companies necessary to build a diversified portfolio, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality. Fair Value of Gray Pension Plan Assets We calculate the fair value of the Gray Pension Plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by Accounting Standards Codification Topic 820, 4 The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2016 2015, Gray Pension Plan Fair Value Measurements As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,357 $ - $ 18,357 Cash management accounts 5,089 - - 5,089 Equity accounts 31,963 - - 31,963 Fixed income accounts 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income account 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246 Expected Pension Contributions We expect to contribute a combined total of approximately $3.0 December 31, 2017. Capital Accumulation Plan The Gray Television, Inc. Capital Accumulation Plan (the “Capital Accumulation Plan”) is a defined contribution plan intended to meet the requirements of Section 401(k) July 1, 2015, 100% first 3% 50% 2% December 31, 2016 2015, $8.8 $1.8 February 21, 2017, we estimate that our matching cash contributions to the Capital Accumulation Plan for year ending December 31, 2017 $8.6 million. In addition, the Company, at its discretion, may December 31, 2016 2015, $3.4 $1.6 December 31, 2016, 2015 2014, Year Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 2,571 $ 29 1,898 $ 26 2,341 $ 25 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. We have various contractual and other commitments requiring future payments. These commitments include amounts required to be paid for the acquisition of television stations; for the purchase of property and equipment; for service and other agreements; for operating lease commitments for equipment, land and office space; for commitments for various syndicated television programs; and for commitments under affiliation agreements with networks. Future minimum payments for these commitments as of December 31, 2016 Property Service and Syndicated Network Pending and Other Operating Television Affiliation Year Acquisitions Equipment Agreements Leases Programming Agreements Total 2017 $ 287,097 $ 5,467 $ 2,856 $ 2,905 $ 5,702 $ 129,260 $ 433,287 2018 - - 2,856 2,178 12,550 137,228 154,812 2019 - - 749 1,907 4,091 78,261 85,008 2020 - - - 1,362 2,872 31,370 35,604 2021 - - - 1,155 563 3,941 5,659 Thereafter - - - 3,680 290 2,137 6,107 Total $ 287,097 $ 5,467 $ 6,461 $ 13,187 $ 26,068 $ 382,197 $ 720,477 The amounts in the table above are estimates of commitments that are in addition to the liabilities accrued for on our consolidated balance sheet as of December 31, 2016. December 31, 2016. January 2017. 2 11 Leases We have no material capital leases. Where leases include rent holidays, rent escalations, rent concessions and leasehold improvement incentives, the value of these incentives are amortized over the lease term including anticipated renewal periods. Leasehold improvements are depreciated over the associated lease term including anticipated renewal periods. Rent expense resulting from operating leases for the years ended December 31, 2016, 2015 2014 $3.5 $2.8 $2.2 Legal Proceedings and Claims We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these known actions, proceedings and claims will not materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could occur that could negatively affect us, possibly materially. |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 0 . Goodwill and Intangible Assets During the years ended December 31, 2016 2015, 2 December 31, 2016 2015 Net Balance at Net Balance at December 31, December 31, 2015 Acquisitions Dispositions Impairment Amortization 2016 Goodwill $ 423,236 $ 72,296 $ (10,214 ) $ - $ - $ 485,318 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Finite-lived intangible assets 53,280 19,566 - - (16,596 ) 56,250 Total intangible assets net of accumulated amortization $ 1,591,142 $ 342,897 $ (35,570 ) $ - $ (16,596 ) $ 1,881,873 Net Balance at Net Balance at December 31, December 31, 2014 Acquisitions Dispositions Impairment Amortization 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Finite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142 A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2016 2015 As of As of December 31, 2015 Acquisitions Dispositions Impairment December 31, 2016 Goodwill, gross $ 521,832 $ 72,296 $ (10,214 ) $ - $ 583,914 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 423,236 $ 72,296 $ (10,214 ) $ - $ 485,318 As of As of December 31, 2014 Acquisitions Dispositions Impairment December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236 As of December 31, 2016 2015, As of December 31, 2016 As of December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,394,004 $ (53,699 ) $ 1,340,305 $ 1,168,325 $ (53,699 ) $ 1,114,626 Goodwill 485,318 - 485,318 423,236 - 423,236 $ 1,879,322 $ (53,699 ) $ 1,825,623 $ 1,591,561 $ (53,699 ) $ 1,537,862 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - $ 1,264 $ (1,264 ) $ - Other finite-lived intangible assets 105,792 (49,542 ) 56,250 86,696 (33,416 ) 53,280 $ 107,056 $ (50,806 ) $ 56,250 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,378 $ (104,505 ) $ 1,881,873 $ 1,679,521 $ (88,379 ) $ 1,591,142 Amortization expense for the years ended December 31, 2016, 2015 2014 $16.6 $12.0 $8.3 December 31, 2016, five 2017, $16.3 2018, $11.5 2019, $9.0 2020, $6.1 2021, $3.2 may Impairment of goodwill and broadcast license As of December 31, 2016 2015, not 2016, 2015 2014. See Note 1 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. 2017 On January 13, 2017, $8.0 On January 17, 2017, two $269.9 $106.0 January 2017 The preliminary fair value estimates of the assets acquired, liabilities assumed and resulting goodwill of our acquisitions completed in 2017 Acquisition Fairbanks Green Bay Davenport Other current assets $ 176 $ 238 $ 301 Property and equipment 2,868 10,133 10,276 Goodwill 251 44,055 45,305 Broadcast licenses 2,228 82,845 63,683 Other intangible assets 2,653 7,767 5,936 Current liabilities (176 ) (238 ) (301 ) Total $ 8,000 $ 144,800 $ 125,200 Amounts in the table above are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $14.0 $1.5 Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We have preliminarily recorded $89.6 2017 On February 16, 2017, two 156) 161) $85.0 second 2017 2017 . Amendment and Restatement of Senior Credit Facility On February 7, 2017, 2017 2017 $656.4 $556.4 “2017 $100.0 “2017 2017 The 2017 September 30, 2017 2.50% 1.50% 2017 5.25 1.00, 2.25% 1.25% 5.25 1.00, 2017 2.50%. $1.4 March 31, 2017. Borrowings under the 2017 1.50% 2.00% 0.50% 1.00%, first 2017 0.50% 1.00%. 2017 may 0.375% 0.50% The 2017 February 7, 2022, 2017 February 7, 2024. As a result of this amendment and restatement of our senior credit facility we expect to record a loss on extinguishment of debt of approximately $4.5 million in the first 2017. $3.0 2017 Results of FCC Spectrum Auction On February 6, 2017, 90.8 The anticipated proceeds reflect the FCC’s acceptance of one We anticipate that the auction proceeds will be received in the second third 2017. |
Note 12 - Selected Quarterly Fi
Note 12 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 2 . Selected Quarterly Financial Data (Unaudited) Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2016: Revenue (less agency commissions) $ 173,723 $ 196,633 $ 204,490 $ 237,619 Operating income 36,111 53,687 60,467 83,874 Net income 8,990 17,662 (213 ) 35,834 Basic net income per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income per share $ 0.12 $ 0.24 $ - $ 0.49 Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Because of the method used in calculating per share data, the sum of the quarterly per share data will not necessarily equal the per share data as computed for the year. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | GRAY TELEVISION, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other Deductions End of Description of Period Expenses Accounts (a) (b) Period Year Ended December 31, 2016: Allowance for doubtful accounts $ 1,794 $ 1,917 $ 167 $ (715 ) $ 3,163 Valuation allowance for deferred tax assets $ 1,683 $ - $ - $ (151 ) $ 1,532 Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052 (a) In 2016 2014, 2 (b) Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, All intercompany accounts and transactions have been eliminated in consolidation. |
Investment, Policy [Policy Text Block] | Investment in Broadcasting Company two June 30, 2016, 32.4% 67.9% |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable. |
Advertising Barter Transactions, Policy [Policy Text Block] | Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 ) We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense Our advertising expense was $1.5 $1.0 $1.1 December 31, 2016, 2015 2014, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 $1.9 $0.6 $1.3 December 31, 2016, 2015 2014, |
Program Broadcast Rights [Policy Text Block] | Program Broadcast Rights We have two first Wheel of Fortune Seinfeld first first The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475 For the year ended December 31, 2016, $102.7 December 31, 2015 December 31, 2016 |
Deferred Charges, Policy [Policy Text Block] | Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. In April 2015, 2015 03, 835 30) Simplifying the Presentation of Debt Issuance Costs. 2015 03 August 2015, 2015 15, 835 30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 2015 15 June 18, 2015 January 1, 2016. December 31, 2016 2015. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. $793,000 $701,000 December 31, 2016 2015, December 31, 2016, 2015 2014, $15,000, $34,000 $6,000, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2016, 22%, 10% 7% December 31, 2015 2014. one 5% |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television markets is considered a separate reporting unit. We review each television market for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2016 2015 December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, 606). 2014 09 August 2015, 2015 14, 606): Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, December 15, 2016. April 2016, 2016 10, 606): Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, 606): Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, 606): Technical Corrections and Improvements In November 2015, 2015 17, 740) Balance Sheet Classification of Deferred Taxes 2015 17 December 15, 2016, first 2017. In January 2016, 2016 01, 825 10) Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, In February 2016, 2016 02, 842). 2016 02 840, Leases December 15, 2018. $13.2 In March 2016, 2016 09, 718) Improvements to Employee Share-Based Payment Accounting. 2016 09 December 15, 2016, first 2017. In August 2016, 2016 15, 230) Classification of Certain Cash Receipts and Cash Payments 2016 15 eight eight December 15, 2017, In October 2016, 2016 17, 810) – Interests Held through Related Parties That Are under Common Control 2016 17 December 15, 2016, 11 2017. In January 2017, 2017 01, 805) Clarifying the Definition of a Business 2017 01 December 15, 2017, In January 2017, 2017 04, 350) Simplifying the Test for Goodwill Impairment 2017 04 2 2 December 15, 2019, We do not expect that the adoption of this standard will have a material impact on our financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain other current and non-current liabilities have been reclassified to conform to the current year presentation. |
Note 1 - Description of Busin22
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Principal Transactions Revenue [Table Text Block] | Year Ended December 31, 2016 2015 2014 Trade revenue $ 2,069 $ 2,299 $ 2,174 Trade expense (1,997 ) (2,188 ) (2,287 ) Net trade income (loss) $ 72 $ 111 $ (113 ) |
Property, Plant and Equipment [Table Text Block] | Estimated December 31, Useful Lives 2016 2015 (in years) Property and equipment: Land $ 44,611 $ 36,529 Buildings and improvements 139,078 85,626 7 to 40 Equipment 471,798 420,380 3 to 20 655,487 542,535 Accumulated depreciation (329,394 ) (308,060 ) Total property and equipment, net $ 326,093 $ 234,475 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted-average shares outstanding – basic 71,848 68,330 57,862 Weighted-average shares underlying stock options and restricted shares 916 657 502 Weighted-average shares outstanding - diluted 72,764 68,987 58,364 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2016 2015 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,926 ) $ (28,334 ) Income tax benefit (11,281 ) (11,050 ) Accumulated other comprehensive loss $ (17,645 ) $ (17,284 ) |
Note 2 - Acquisitions and Dis23
Note 2 - Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block] | Schurz Acquisition and the Divestiture Acquisition Acquisition of KAKE-TV of WBXX-TV of WLUC-TV Total Base purchase price $ - $ 30,000 $ 442,500 $ 472,500 Purchase price adjustment - - 574 574 Adjusted purchase price - 30,000 443,074 473,074 Cash consideration received from sale of Schurz Radio Stations - - (16,000 ) (16,000 ) Net adjusted purchase price allocated to assets acquired and liabilities assumed - 30,000 427,074 457,074 Non-cash consideration received (30,000 ) - - (30,000 ) Cash consideration received (11,200 ) - - (11,200 ) Net consideration - the Schurz Acquisition and Related Transactions $ (41,200 ) $ 30,000 $ 427,074 $ 415,874 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended December 31, 2016 2015 Revenue (less agency commissions) $ 825,787 $ 701,550 Net income $ 57,795 $ 39,360 Basic net income per share $ 0.80 $ 0.58 Diluted net income per share $ 0.79 $ 0.57 Years Ended December 31, 2015 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 Year Ended December 31, 2014 Revenue (less agency commissions) $ 565,251 Net income $ 50,771 Basic net income per share $ 0.88 Diluted net income per share $ 0.87 |
The 2014 Acquisitions [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850 |
The 2015 Acquisitions [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 |
The 2016 Acquisitions [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Schurz Acquisition and the Acquisition Acquisition Acquisition of KYES-TV of WBXX-TV of WLUC-TV Total Accounts receivable $ - $ - $ 19,226 $ 19,226 Other current assets - 429 4,606 5,035 Property and equipment 176 1,633 97,814 99,623 Goodwill 28 10,288 61,981 72,297 Broadcast licenses 254 18,199 231,391 249,844 Other intangible assets 42 - 19,523 19,565 Other non-current assets - 408 3,028 3,436 Current liabilities - (460 ) (8,903 ) (9,363 ) Other long-term liabilities - (497 ) (1,592 ) (2,089 ) Total $ 500 $ 30,000 $ 427,074 $ 457,574 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2016 2015 Long-term debt including current portion: 2014 Senior Credit Facility $ 556,438 $ 556,438 2020 Notes - 675,000 2024 Notes 525,000 - 2026 Notes 700,000 - Total outstanding principal 1,781,438 1,231,438 Unamortized deferred loan costs - 2014 Senior Credit Facility (12,158 ) (6,136 ) Unamortized deferred loan costs - 2020 Notes - (9,317 ) Unamortized deferred loan costs - 2024 Notes (7,742 ) - Unamortized deferred loan costs - 2026 Notes (10,588 ) - Unamortized premium - 2020 Notes - 4,099 Unamortized premium - 2026 Notes 5,797 - Net carrying value $ 1,756,747 $ 1,220,084 Borrowing availability under the Revolving Credit Facility $ 60,000 $ 50,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Minimum Principal Maturities 2014 Senior 2024 2026 Year Credit Facility (1) Notes Notes Total 2017 $ - $ - $ - $ - 2018 - - - - 2019 - - - - 2020 - - - - 2021 556,438 - - 556,438 Thereafter - 525,000 700,000 1,225,000 Total $ 556,438 $ 525,000 $ 700,000 $ 1,781,438 |
Note 6 - Stock-based Compensa25
Note 6 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 2016 2015 2014 Stock-based compensation expense, gross $ 5,099 $ 4,019 $ 5,012 Income tax benefit at our statutory rate associated with stock-based compensation (1,989 ) (1,567 ) (1,955 ) Stock-based compensation expense, net $ 3,110 $ 2,452 $ 3,057 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 Granted 237,500 12.88 150,308 10.27 312,961 11.78 Vested (178,973 ) 8.46 (197,858 ) 9.16 (202,743 ) 6.93 Outstanding - end of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 Year Ended December 31, 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - Class A common: Outstanding - beginning of period 374,693 $ 9.46 204,473 $ 9.81 - $ - Granted 218,612 11.25 287,513 9.37 236,294 9.80 Vested (178,223 ) 10.04 (117,293 ) 9.85 (31,821 ) 9.75 Outstanding - end of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2016 2015 2014 Current: Federal $ - $ - $ - State and local 2,730 1,259 996 State and local - reserve for uncertain tax positions (698 ) (581 ) (198 ) Current income tax expense (benefit) 2,032 678 798 Deferred: Federal 38,214 24,067 28,231 State and local 3,172 1,703 2,707 Deferred income tax expense 41,386 25,770 30,938 Total income tax expense $ 43,418 $ 26,448 $ 31,736 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 Deferred tax liabilities: Net book value of property and equipment $ 26,620 $ 20,986 Broadcast licenses, goodwill and other intangibles 369,275 350,647 Total deferred tax liabilities 395,895 371,633 Deferred tax assets: Liability for accrued vacation 2,232 2,172 Liability for accrued bonus 5,483 4,786 Loan acquisition costs 336 391 Allowance for doubtful accounts 1,168 700 Liability under health and welfare plan 1,201 1,108 Liability for pension plan 13,278 14,172 Federal operating loss carryforwards 20,401 38,466 State and local operating loss carryforwards 4,555 5,867 Alternative minimum tax carryforwards 386 386 Unearned income 3 73 Stock options 174 163 Acquisition costs 3,140 1,129 Restricted stock 1,950 1,875 Other 109 172 Total deferred tax assets 54,416 71,460 Valuation allowance for deferred tax assets (1,532 ) (1,683 ) Net deferred tax assets 52,884 69,777 Deferred tax liabilities, net of deferred tax assets $ 343,011 $ 301,856 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 2014 Statutory federal rate applied to income before income tax expense $ 36,992 $ 23,012 $ 27,929 Current year permanent items 1,830 1,192 849 State and local taxes, net of federal tax benefit 5,056 2,831 4,050 Change in valuation allowance (151 ) (369 ) (696 ) Reserve for uncertain tax positions (698 ) (581 ) (198 ) Other items, net 389 363 (198 ) Income tax expense as recorded $ 43,418 $ 26,448 $ 31,736 Effective income tax rate 41.1 % 40.2 % 39.8 % |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | December 31, 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 103,199 $ 108,006 Service cost - 3,130 Interest cost 4,398 4,159 Actuarial losses 1,839 420 Benefits paid (2,790 ) (1,683 ) Effect of pension curtailment - (10,833 ) Merger of the Assumed Plans 8,330 - Projected benefit obligation at end of year $ 114,976 $ 103,199 Change in plan assets: Fair value of pension plan assets at beginning of year $ 69,246 $ 66,813 Actual return on plan assets 5,918 (1,034 ) Company contributions 2,775 5,150 Benefits paid (2,790 ) (1,683 ) Merger of the Assumed Plans 5,780 - Fair value of pension plan assets at end of year 80,929 69,246 Funded status of pension plan $ (34,047 ) $ (33,953 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (5,121 ) $ (8,994 ) Accumulated other comprehensive loss (28,926 ) (24,959 ) Net liability recognized $ (34,047 ) $ (33,953 ) |
Schedule of Assumptions Used [Table Text Block] | Year Ended December 31, 2016 2015 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.31% 4.00% Expected long-term rate of return on pension plan assets 7.00% 7.00% Estimated rate of increase in compensation levels N/A 5.63% As of December 31, 2016 2015 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.11% 4.31% |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2016 2015 2014 Components of net periodic pension cost: Service cost $ - $ 3,130 $ 5,162 Interest cost 4,398 4,159 4,106 Expected return on plan assets (4,836 ) (4,782 ) (4,200 ) Recognized net actuarial loss 406 1,580 969 Net periodic pension (benefit) cost $ (32 ) $ 4,087 $ 6,037 |
Schedule of Expected Benefit Payments [Table Text Block] | Years Amount 2017 $ 2,722 2018 2,933 2019 3,299 2020 3,790 2021 4,090 2022 - 2026 25,216 |
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block] | As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,357 $ - $ 18,357 Cash management accounts 5,089 - - 5,089 Equity accounts 31,963 - - 31,963 Fixed income accounts 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income account 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246 |
Asset Classes [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% High yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100% |
Asset Categories [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | As of December 31, 2016 2015 Asset category: Insurance general account 23% 26% Cash management accounts 6% 2% Equity accounts 39% 54% Fixed income accounts 28% 14% Real estate accounts 4% 4% Total 100% 100% |
Capital Accumulation Plan [Member] | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | Year Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 2,571 $ 29 1,898 $ 26 2,341 $ 25 |
Note 9 - Commitments and Cont28
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Property Service and Syndicated Network Pending and Other Operating Television Affiliation Year Acquisitions Equipment Agreements Leases Programming Agreements Total 2017 $ 287,097 $ 5,467 $ 2,856 $ 2,905 $ 5,702 $ 129,260 $ 433,287 2018 - - 2,856 2,178 12,550 137,228 154,812 2019 - - 749 1,907 4,091 78,261 85,008 2020 - - - 1,362 2,872 31,370 35,604 2021 - - - 1,155 563 3,941 5,659 Thereafter - - - 3,680 290 2,137 6,107 Total $ 287,097 $ 5,467 $ 6,461 $ 13,187 $ 26,068 $ 382,197 $ 720,477 |
Note 10 - Goodwill and Intang29
Note 10 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block] | Net Balance at Net Balance at December 31, December 31, 2015 Acquisitions Dispositions Impairment Amortization 2016 Goodwill $ 423,236 $ 72,296 $ (10,214 ) $ - $ - $ 485,318 Broadcast licenses 1,114,626 251,035 (25,356 ) - - 1,340,305 Finite-lived intangible assets 53,280 19,566 - - (16,596 ) 56,250 Total intangible assets net of accumulated amortization $ 1,591,142 $ 342,897 $ (35,570 ) $ - $ (16,596 ) $ 1,881,873 Net Balance at Net Balance at December 31, December 31, 2014 Acquisitions Dispositions Impairment Amortization 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Finite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142 |
Schedule of Goodwill [Table Text Block] | As of As of December 31, 2015 Acquisitions Dispositions Impairment December 31, 2016 Goodwill, gross $ 521,832 $ 72,296 $ (10,214 ) $ - $ 583,914 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 423,236 $ 72,296 $ (10,214 ) $ - $ 485,318 As of As of December 31, 2014 Acquisitions Dispositions Impairment December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2016 As of December 31, 2015 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,394,004 $ (53,699 ) $ 1,340,305 $ 1,168,325 $ (53,699 ) $ 1,114,626 Goodwill 485,318 - 485,318 423,236 - 423,236 $ 1,879,322 $ (53,699 ) $ 1,825,623 $ 1,591,561 $ (53,699 ) $ 1,537,862 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - $ 1,264 $ (1,264 ) $ - Other finite-lived intangible assets 105,792 (49,542 ) 56,250 86,696 (33,416 ) 53,280 $ 107,056 $ (50,806 ) $ 56,250 $ 87,960 $ (34,680 ) $ 53,280 Total intangibles $ 1,986,378 $ (104,505 ) $ 1,881,873 $ 1,679,521 $ (88,379 ) $ 1,591,142 |
Note 11 - Subsequent Events (Ta
Note 11 - Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
The 2017 Acquisition [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquisition Fairbanks Green Bay Davenport Other current assets $ 176 $ 238 $ 301 Property and equipment 2,868 10,133 10,276 Goodwill 251 44,055 45,305 Broadcast licenses 2,228 82,845 63,683 Other intangible assets 2,653 7,767 5,936 Current liabilities (176 ) (238 ) (301 ) Total $ 8,000 $ 144,800 $ 125,200 |
Note 12 - Selected Quarterly 31
Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2016: Revenue (less agency commissions) $ 173,723 $ 196,633 $ 204,490 $ 237,619 Operating income 36,111 53,687 60,467 83,874 Net income 8,990 17,662 (213 ) 35,834 Basic net income per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income per share $ 0.12 $ 0.24 $ - $ 0.49 Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 |
Schedule II - Valuation and Q32
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other Deductions End of Description of Period Expenses Accounts (a) (b) Period Year Ended December 31, 2016: Allowance for doubtful accounts $ 1,794 $ 1,917 $ 167 $ (715 ) $ 3,163 Valuation allowance for deferred tax assets $ 1,683 $ - $ - $ (151 ) $ 1,532 Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052 |
Note 1 - Description of Busin33
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | |
Advertising Expense | $ 1,500,000 | $ 1,000,000 | $ 1,100,000 | ||
Period for Creating Allowance for Doubtful Accounts | 120 days | ||||
Provision for Doubtful Accounts | $ 1,900,000 | 600,000 | 1,300,000 | ||
Property, Plant and Equipment, Additions | 102,700,000 | ||||
Asset Retirement Obligation | 793,000 | 701,000 | |||
Asset Retirement Obligation, Accretion Expense | $ 15,000 | $ 34,000 | $ 6,000 | ||
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncement Effect, Right of Use Assets | $ 13,200,000 | ||||
New Accounting Pronouncement Effect, Lease Obligation Liability | $ 13,200,000 | ||||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Automotive [Member] | |||||
Concentration Risk, Percentage | 22.00% | ||||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Medical [Member] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Restaurant [Member] | |||||
Concentration Risk, Percentage | 7.00% | ||||
Tarzian [Member] | Common Stock [Member] | |||||
Cost Method Investments, Ownership Percentage | 32.40% | ||||
Tarzian [Member] | Dividends Liquidation Dissolution [Member] | |||||
Cost Method Investments, Ownership Percentage | 67.90% |
Note 1 - Description of Busin34
Note 1 - Description of Business and Summary of Significant Accounting Policies - Trade Revenue and Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net trade income (loss) | $ 35,834 | $ (213) | $ 17,662 | $ 8,990 | $ 14,987 | $ 6,609 | $ 12,110 | $ 5,595 | $ 62,273 | $ 39,301 | $ 48,061 |
Advertising Barter Transactions [Member] | |||||||||||
Trade revenue | 2,069 | 2,299 | 2,174 | ||||||||
Trade expense | (1,997) | (2,188) | (2,287) | ||||||||
Net trade income (loss) | $ 72 | $ 111 | $ (113) |
Note 1 - Description of Busin35
Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property and equipment, gross | $ 655,487 | $ 542,535 |
Accumulated depreciation | (329,394) | (308,060) |
Total property and equipment, net | 326,093 | 234,475 |
Land [Member] | ||
Property and equipment, gross | 44,611 | 36,529 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 139,078 | 85,626 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 40 years | |
Equipment [Member] | ||
Property and equipment, gross | $ 471,798 | $ 420,380 |
Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 20 years |
Note 1 - Description of Busin36
Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-average shares outstanding – basic (in shares) | 71,848 | 68,330 | 57,862 |
Weighted-average shares underlying stock options and restricted shares (in shares) | 916 | 657 | 502 |
Weighted-average shares outstanding - diluted (in shares) | 72,764 | 68,987 | 58,364 |
Note 1 - Description of Busin37
Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated balances of items included in accumulated other comprehensive loss: | ||
Increase in pension liability | $ (28,926) | $ (28,334) |
Income tax benefit | (11,281) | (11,050) |
Accumulated other comprehensive loss | $ (17,645) | $ (17,284) |
Note 2 - Acquisitions and Dis38
Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands | Jun. 27, 2016 | Jun. 01, 2016 | May 13, 2016 | Feb. 16, 2016 | Feb. 01, 2016 | Sep. 01, 2015 | Jul. 02, 2015 | Nov. 01, 2014 | Sep. 15, 2014 | Jun. 13, 2014 | May 01, 2014 | Apr. 01, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combination, Consideration Transferred | $ 473,074 | ||||||||||||||
Proceeds from Divestiture of Businesses | 11,200 | $ 0 | |||||||||||||
Long-term Debt | 1,800,000 | 1,200,000 | |||||||||||||
Finite-lived Intangible Assets Acquired | 19,566 | 17,845 | |||||||||||||
Goodwill, Acquired During Period | 72,296 | 48,916 | |||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 130,400 | ||||||||||||||
Business Acquisition, Operating Income (Loss) from Continuing Operations Before Changes in Accounting and Extraordinary Items, Net of Tax | 55,800 | ||||||||||||||
Business Combination, Acquisition Related Costs | 7,400 | ||||||||||||||
2016 Term Loan [Member] | |||||||||||||||
Long-term Debt | $ 425,000 | ||||||||||||||
KAKE-TV [Member] | |||||||||||||||
Business Combination, Consideration Transferred | |||||||||||||||
Proceeds from Divestiture of Businesses | $ 11,200 | 11,200 | |||||||||||||
Gain (Loss) on Disposition of Business | $ 2,000 | ||||||||||||||
Helena Montana Disposition [Member] | |||||||||||||||
Gain (Loss) on Disposition of Assets | $ (100) | ||||||||||||||
NBC Affiliate and Television Station KTVH-TV [Member] | |||||||||||||||
Gain (Loss) on Disposition of Assets | 900 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 3,000 | ||||||||||||||
Schurz Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 443,100 | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 16,000 | ||||||||||||||
KYES-TV Acquisition [Member] | |||||||||||||||
Payments to Acquire Businesses, Gross | $ 500 | ||||||||||||||
Clarksburg Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 26,500 | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 16,500 | ||||||||||||||
WBXX Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 30,000 | ||||||||||||||
Proceeds from Divestiture of Businesses | |||||||||||||||
Accounts Receivable Contractual Amounts in Excess of Fair Value | 200 | ||||||||||||||
Schurz Acquisition and Related Transaction [Member] | Retransmission Agreements [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 14,900 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 328 days | ||||||||||||||
Schurz Acquisition and Related Transaction [Member] | Advertising Relationships [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,600 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 182 days | ||||||||||||||
Schurz Acquisition and Related Transaction [Member] | Off-Market Favorable Lease [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 2,600 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 182 days | ||||||||||||||
Schurz Acquisition and Related Transaction [Member] | Minimum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
Schurz Acquisition and Related Transaction [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||||||
Cedar Rapids [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 100,000 | ||||||||||||||
Odessa [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 33,600 | ||||||||||||||
Twin Falls [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 17,500 | ||||||||||||||
Wausau [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 14,000 | ||||||||||||||
Presque Isle [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 10,300 | ||||||||||||||
Laredo [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 9,000 | ||||||||||||||
The 2015 Acquisitions [Member] | |||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 23,200 | ||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 48,300 | ||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 8,600 | ||||||||||||||
The 2015 Acquisitions [Member] | General and Administrative Expense [Member] | |||||||||||||||
Business Combination, Acquisition Related Costs | 6,500 | ||||||||||||||
The 2015 Acquisitions [Member] | Retransmission Agreements [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 9,700 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 109 days | ||||||||||||||
The 2015 Acquisitions [Member] | Advertising Relationships [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,000 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 219 days | ||||||||||||||
The 2015 Acquisitions [Member] | Income Leases [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 5,400 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years 328 days | ||||||||||||||
The 2015 Acquisitions [Member] | Minimum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
The 2015 Acquisitions [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||||||
Hoak Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 299,900 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 33,500 | ||||||||||||||
SJL Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 131,500 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
KEVN Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 8,800 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
KNDX Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 7,500 | ||||||||||||||
Parker Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 6,700 | ||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Louisiana [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 1,700 | ||||||||||||||
Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Dakota [Member] | |||||||||||||||
Business Combination, Consideration Transferred | 5,000 | ||||||||||||||
WQCW Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 5,500 | ||||||||||||||
Helena Acquisition [Member] | |||||||||||||||
Business Combination, Consideration Transferred | $ 1,900 | ||||||||||||||
The 2014 Acquisitions [Member] | |||||||||||||||
Accounts Receivable Contractual Amounts in Excess of Fair Value | 300 | ||||||||||||||
Business Combination, Acquisition Related Costs | 6,200 | ||||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 88,600 | ||||||||||||||
The 2014 Acquisitions [Member] | Retransmission Agreements [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 34,200 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 146 days | ||||||||||||||
The 2014 Acquisitions [Member] | Advertising Relationships [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 13,100 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 182 days | ||||||||||||||
The 2014 Acquisitions [Member] | Income Leases [Member] | |||||||||||||||
Finite-lived Intangible Assets Acquired | $ 4,100 | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 109 days | ||||||||||||||
The 2014 Acquisitions [Member] | Minimum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||||||
The 2014 Acquisitions [Member] | Maximum [Member] | |||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||||||||
Hoak and SJL [Member] | |||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 64,700 | ||||||||||||||
Business Combination, Acquisition Related Costs | 5,100 | ||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ 25,800 |
Note 2 - Acquisitions and Dis39
Note 2 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands | Feb. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Base purchase price | $ 472,500 | |||
Purchase price adjustment | 574 | |||
Business Combination, Consideration Transferred | 473,074 | |||
Cash consideration received from sale of Schurz Radio Stations | (16,000) | |||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | 457,074 | |||
Non-cash consideration received | (30,000) | |||
Cash consideration received | (11,200) | $ 0 | ||
Net consideration - the Schurz Acquisition and Related Transactions | 415,874 | |||
WBXX Acquisition [Member] | ||||
Base purchase price | 30,000 | |||
Purchase price adjustment | ||||
Business Combination, Consideration Transferred | 30,000 | |||
Cash consideration received from sale of Schurz Radio Stations | ||||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | 30,000 | |||
Non-cash consideration received | ||||
Cash consideration received | ||||
Net consideration - the Schurz Acquisition and Related Transactions | 30,000 | |||
Schurz Acquisition and the Acquisition of WLUC-TV [Member] | ||||
Base purchase price | 442,500 | |||
Purchase price adjustment | 574 | |||
Business Combination, Consideration Transferred | 443,074 | |||
Cash consideration received from sale of Schurz Radio Stations | (16,000) | |||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | 427,074 | |||
Non-cash consideration received | ||||
Cash consideration received | ||||
Net consideration - the Schurz Acquisition and Related Transactions | 427,074 | |||
KAKE-TV [Member] | ||||
Base purchase price | ||||
Purchase price adjustment | ||||
Business Combination, Consideration Transferred | ||||
Cash consideration received from sale of Schurz Radio Stations | ||||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | ||||
Non-cash consideration received | (30,000) | |||
Cash consideration received | $ (11,200) | (11,200) | ||
Net consideration - the Schurz Acquisition and Related Transactions | $ (41,200) |
Note 2 - Acquisitions and Dis40
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 485,318 | $ 423,236 | $ 374,390 |
KYES-TV Acquisition [Member] | |||
Accounts receivable | |||
Other current assets | |||
Property and equipment | 176 | ||
Goodwill | 28 | ||
Broadcast licenses | 254 | ||
Other intangible assets | 42 | ||
Other non-current assets | |||
Current liabilities | |||
Other long-term liabilities | |||
Total | 500 | ||
WBXX Acquisition [Member] | |||
Accounts receivable | |||
Other current assets | 429 | ||
Property and equipment | 1,633 | ||
Goodwill | 10,288 | ||
Broadcast licenses | 18,199 | ||
Other intangible assets | |||
Other non-current assets | 408 | ||
Current liabilities | (460) | ||
Other long-term liabilities | (497) | ||
Total | 30,000 | ||
Schurz Acquisition and the Acquisition of WLUC-TV [Member] | |||
Accounts receivable | 19,226 | ||
Other current assets | 4,606 | ||
Property and equipment | 97,814 | ||
Goodwill | 61,981 | ||
Broadcast licenses | 231,391 | ||
Other intangible assets | 19,523 | ||
Other non-current assets | 3,028 | ||
Current liabilities | (8,903) | ||
Other long-term liabilities | (1,592) | ||
Total | 427,074 | ||
2016 Acquisitions [Member] | |||
Accounts receivable | 19,226 | ||
Other current assets | 5,035 | ||
Property and equipment | 99,623 | ||
Goodwill | 72,297 | ||
Broadcast licenses | 249,844 | ||
Other intangible assets | 19,565 | ||
Other non-current assets | 3,436 | ||
Current liabilities | (9,363) | ||
Other long-term liabilities | (2,089) | ||
Total | $ 457,574 |
Note 2 - Acquisitions and Dis41
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2015 Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 485,318 | $ 423,236 | $ 374,390 |
Cedar Rapids [Member] | |||
Other current assets | 503 | ||
Property and equipment | 13,754 | ||
Goodwill | 25,006 | ||
Broadcast licenses | 55,676 | ||
Other intangible assets | 5,849 | ||
Other non-current assets | 13 | ||
Current liabilities | (792) | ||
Other long-term liabilities | (13) | ||
Total | 99,996 | ||
Odessa [Member] | |||
Other current assets | 87 | ||
Property and equipment | 4,629 | ||
Goodwill | 3,719 | ||
Broadcast licenses | 22,253 | ||
Other intangible assets | 3,067 | ||
Other non-current assets | 13 | ||
Current liabilities | (155) | ||
Other long-term liabilities | (13) | ||
Total | 33,600 | ||
Twin Falls [Member] | |||
Other current assets | 93 | ||
Property and equipment | 5,172 | ||
Goodwill | 2,587 | ||
Broadcast licenses | 6,333 | ||
Other intangible assets | 3,485 | ||
Other non-current assets | 32 | ||
Current liabilities | (170) | ||
Other long-term liabilities | (32) | ||
Total | 17,500 | ||
Wausau [Member] | |||
Other current assets | 87 | ||
Property and equipment | 1,985 | ||
Goodwill | 11,616 | ||
Broadcast licenses | 0 | ||
Other intangible assets | 397 | ||
Other non-current assets | 87 | ||
Current liabilities | (85) | ||
Other long-term liabilities | (87) | ||
Total | 14,000 | ||
Presque Isle [Member] | |||
Other current assets | 45 | ||
Property and equipment | 2,822 | ||
Goodwill | 245 | ||
Broadcast licenses | 6,150 | ||
Other intangible assets | 1,039 | ||
Other non-current assets | 0 | ||
Current liabilities | (51) | ||
Other long-term liabilities | 0 | ||
Total | 10,250 | ||
Laredo [Member] | |||
Other current assets | 22 | ||
Property and equipment | 1,411 | ||
Goodwill | 5,154 | ||
Broadcast licenses | 0 | ||
Other intangible assets | 2,435 | ||
Other non-current assets | 13 | ||
Current liabilities | (22) | ||
Other long-term liabilities | (13) | ||
Total | $ 9,000 |
Note 2 - Acquisitions and Dis42
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2014 Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 485,318 | $ 423,236 | $ 374,390 |
Hoak Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 10,722 | ||
Other current assets | 509 | ||
Property and equipment | 45,382 | ||
Goodwill | 131,632 | ||
Broadcast licenses | 91,958 | ||
Other intangible assets | 35,386 | ||
Other non-current assets | 0 | ||
Current liabilities | (3,544) | ||
Other long-term liabilities | 0 | ||
Deferred income tax liabilities | (12,188) | ||
Total | 299,857 | ||
SJL Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 7,132 | ||
Other current assets | 1,946 | ||
Property and equipment | 23,508 | ||
Goodwill | 50,941 | ||
Broadcast licenses | 86,685 | ||
Other intangible assets | 10,091 | ||
Other non-current assets | 253 | ||
Current liabilities | (4,936) | ||
Other long-term liabilities | (379) | ||
Deferred income tax liabilities | (43,712) | ||
Total | 131,529 | ||
KEVN Acquisition [Member] | |||
Cash | 615 | ||
Accounts receivable | 569 | ||
Other current assets | 96 | ||
Property and equipment | 3,888 | ||
Goodwill | 2,717 | ||
Broadcast licenses | 1,675 | ||
Other intangible assets | 1,786 | ||
Other non-current assets | 29 | ||
Current liabilities | (211) | ||
Other long-term liabilities | (38) | ||
Deferred income tax liabilities | (2,341) | ||
Total | 8,785 | ||
KNDX Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 0 | ||
Other current assets | 39 | ||
Property and equipment | 2,576 | ||
Goodwill | 1,839 | ||
Broadcast licenses | 500 | ||
Other intangible assets | 2,584 | ||
Other non-current assets | 15 | ||
Current liabilities | (36) | ||
Other long-term liabilities | (17) | ||
Deferred income tax liabilities | 0 | ||
Total | 7,500 | ||
Parker Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 765 | ||
Other current assets | 964 | ||
Property and equipment | 722 | ||
Goodwill | 1,932 | ||
Broadcast licenses | 0 | ||
Other intangible assets | 3,163 | ||
Other non-current assets | 16 | ||
Current liabilities | (826) | ||
Other long-term liabilities | (5) | ||
Deferred income tax liabilities | 0 | ||
Total | 6,731 | ||
WQCW Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 0 | ||
Other current assets | 45 | ||
Property and equipment | 991 | ||
Goodwill | 802 | ||
Broadcast licenses | 3,691 | ||
Other intangible assets | 15 | ||
Other non-current assets | 0 | ||
Current liabilities | (45) | ||
Other long-term liabilities | 0 | ||
Deferred income tax liabilities | 0 | ||
Total | 5,499 | ||
Helena Acquisition [Member] | |||
Cash | 0 | ||
Accounts receivable | 14 | ||
Other current assets | 49 | ||
Property and equipment | 1,230 | ||
Goodwill | 70 | ||
Broadcast licenses | 146 | ||
Other intangible assets | 431 | ||
Other non-current assets | 0 | ||
Current liabilities | (90) | ||
Other long-term liabilities | 0 | ||
Deferred income tax liabilities | 0 | ||
Total | $ 1,850 |
Note 2 - Acquisitions and Dis43
Note 2 - Acquisitions and Dispositions - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
The 2016 Acquisitions [Member] | |||
Revenue (less agency commissions) | $ 825,787 | $ 701,550 | |
Net income | $ 57,795 | $ 39,360 | |
Basic net income per share (in dollars per share) | $ 0.80 | $ 0.58 | |
Diluted net income per share (in dollars per share) | $ 0.79 | $ 0.57 | |
The 2015 Acquisitions [Member] | |||
Revenue (less agency commissions) | $ 621,530 | $ 559,538 | |
Net income | $ 46,181 | $ 59,342 | |
Basic net income per share (in dollars per share) | $ 0.68 | $ 1.03 | |
Diluted net income per share (in dollars per share) | $ 0.67 | $ 1.02 | |
Hoak and SJL [Member] | |||
Revenue (less agency commissions) | $ 565,251 | ||
Net income | $ 50,771 | ||
Basic net income per share (in dollars per share) | $ 0.88 | ||
Diluted net income per share (in dollars per share) | $ 0.87 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Feb. 07, 2017 | Sep. 14, 2016 | Feb. 16, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 14, 2016 | |
Long-term Debt, Gross | $ 1,781,438 | ||||||||
Proceeds from Issuance of Long-term Debt | 1,656,000 | $ 0 | $ 644,000 | ||||||
Gain (Loss) on Extinguishment of Debt | (31,987) | (5,086) | |||||||
Interest Paid | 76,200 | 76,900 | 61,900 | ||||||
Interest Costs Capitalized | 0 | 0 | $ 0 | ||||||
The 2017 Senior Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||
The 2017 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
2014 Senior Credit Facility [Member] | |||||||||
Long-term Debt, Gross | $ 556,438 | [1] | $ 556,438 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.80% | |||||||
2014 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | ||||||||
Line of Credit Facility, Increase | 10,000 | ||||||||
2016 Term Loan [Member] | |||||||||
Long-term Debt, Gross | $ 425,000 | ||||||||
2026 Notes [Member] | |||||||||
Long-term Debt, Gross | $ 700,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||
Unsecured Debt | $ 700,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage | 35.00% | ||||||||
The Additional 2026 Notes [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||||
Debt Instrument, Issueing Price, Percentage | 103.00% | ||||||||
Proceeds from Issuance of Long-term Debt | $ 206,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.398% | ||||||||
2024 Notes [Member] | |||||||||
Long-term Debt, Gross | $ 525,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||||
Debt Instrument, Face Amount | $ 525,000 | ||||||||
Unsecured Debt | $ 525,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Debt Instrument, Redemption Price, Net Proceeds from Equity Offerings, Percentage | 35.00% | ||||||||
2020 Notes [Member] | |||||||||
Debt Instrument, Face Amount | $ 431,200 | ||||||||
Unsecured Debt | $ 675,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 103.75% | ||||||||
Gain (Loss) on Extinguishment of Debt | (32,000) | ||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | (19,500) | ||||||||
Payments of Tender Offer Premiums | 18,200 | ||||||||
Payments for Debt Instrument, Debt Extinguishment, Call Premium | 9,100 | ||||||||
Write off of Deferred Debt Issuance Cost | 8,000 | ||||||||
Payments of Debt Extinguishment Costs | 200 | ||||||||
Un-accredited Net Premium, Recognized | $ 3,500 | ||||||||
[1] | Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024. |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
2014 Senior Credit Facility | $ 1,781,438 | ||
Total outstanding principal | 1,781,438 | $ 1,231,438 | |
Net carrying value | 1,756,747 | 1,220,084 | |
2014 Senior Credit Facility [Member] | |||
2014 Senior Credit Facility | 556,438 | [1] | 556,438 |
Unamortized deferred loan costs | (12,158) | (6,136) | |
Borrowing availability under the Revolving Credit Facility | 60,000 | 50,000 | |
2020 Notes [Member] | |||
Unsecured Debt | 675,000 | ||
Unamortized deferred loan costs | (9,317) | ||
Unamortized premium | 4,099 | ||
2024 Notes [Member] | |||
2014 Senior Credit Facility | 525,000 | ||
Unsecured Debt | 525,000 | ||
Unamortized deferred loan costs | (7,742) | ||
2026 Notes [Member] | |||
2014 Senior Credit Facility | 700,000 | ||
Unsecured Debt | 700,000 | ||
Unamortized deferred loan costs | (10,588) | ||
Unamortized premium | $ 5,797 | ||
[1] | Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024. |
Note 3 - Long-term Debt - Aggre
Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
2,021 | $ 556,438 | |||
Thereafter | 1,225,000 | |||
Total | 1,781,438 | |||
2014 Senior Credit Facility [Member] | ||||
2,021 | [1] | 556,438 | ||
Thereafter | [1] | |||
Total | 556,438 | [1] | $ 556,438 | |
2024 Notes [Member] | ||||
2,021 | ||||
Thereafter | 525,000 | |||
Total | 525,000 | |||
2026 Notes [Member] | ||||
2,021 | ||||
Thereafter | 700,000 | |||
Total | $ 700,000 | |||
[1] | Pursuant to the 2017 Senior Credit Facility, the maturity date of the term loan was extended to February 7, 2024. |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt | $ 1.8 | $ 1.2 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Nov. 06, 2016shares | Mar. 31, 2006shares | Nov. 30, 2004shares | Mar. 31, 2004shares |
Capital Units, Authorized | 135,000,000 | 135,000,000 | |||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Common Stock, Voting Rights, Votes Per Share | 1 | 1 | |||||||
Proceeds from Issuance of Common Stock | $ | $ 0 | $ 167,313 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 2,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,449,148 | 5,449,148 | 5,689,219 | ||||||
Dividends, Common Stock | $ | $ 0 | $ 0 | 0 | ||||||
Payments of Dividends | $ | $ 0 | $ 0 | $ 0 | ||||||
March 2004 Authorization [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||||||
The 2004-2006 Repurchase Authorization [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,000,000 | ||||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 279,200 | 279,200 | |||||||
The 2016 Repurchase Authorization [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 75,000,000 | ||||||||
Treasury Stock, Shares, Acquired | 192,183 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 10.38 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 2,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 73,000 | $ 73,000 | |||||||
November 2004 Authorization [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||||||
Underwritten Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 13,500,000 | ||||||||
Share Price | $ / shares | $ 13 | ||||||||
Proceeds from Issuance of Common Stock | $ | $ 167,300 | ||||||||
Issuance of Stock, Underwriting Discount | $ | 7,500 | ||||||||
Issuance of Stock, Underwriting Expenses | $ | $ 900 | ||||||||
Common Class A [Member] | |||||||||
Common Stock, Shares Authorized | 15,000,000 | 15,000,000 | 15,000,000 | ||||||
Common Stock, Voting Rights, Votes Per Share | 10 | 10 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 257,581 | 257,581 | 476,193 | ||||||
Blank Check Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Note 6 - Stock-based Compensa49
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2016 | Jan. 17, 2016 | Jan. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 274,746 | 274,746 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 206,604 | 137,376 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.99 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2.2 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2.3 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 237,500 | 150,308 | 312,961 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 178,973 | 197,858 | 202,743 | |||
Restricted Stock [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 218,452 | 150,308 | 312,961 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 58,327 | 127,316 | 68,991 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 72,816 | |||||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 72,816 | |||||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 72,820 | |||||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 50,102 | |||||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Five, Vesting on January 31, 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 50,100 | |||||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 50,106 | |||||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,048 | |||||
Common Class A [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 218,612 | 287,513 | 236,294 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 178,223 | 117,293 | 31,821 | |||
Common Class A [Member] | Restricted Stock [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 166,677 | 229,322 | 194,413 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 43,590 | 75,412 | 31,821 | |||
Common Class A [Member] | Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 55,559 | |||||
Common Class A [Member] | Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Four, Vested on January 31, 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 76,442 | |||||
Common Class A [Member] | Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Six, Vesting on January 31, 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 76,438 | |||||
Common Class A [Member] | Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,935 | 58,191 | 41,881 | |||
2007 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,900,000 | |||||
2007 Incentive Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years | |||||
2007 Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years | |||||
2007 Incentive Plan [Member] | Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 300,000 | |||||
Directors Restricted Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 770,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director | 10,000 |
Note 6 - Stock-based Compensa50
Note 6 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-based compensation expense, gross | $ 5,099 | $ 4,019 | $ 5,012 |
Income tax benefit at our statutory rate associated with stock-based compensation | (1,989) | (1,567) | (1,955) |
Stock-based compensation expense, net | $ 3,110 | $ 2,452 | $ 3,057 |
Note 6 - Stock-based Compensa51
Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding - beginning of period (in shares) | 337,506 | 385,056 | 274,838 |
Outstanding - beginning of period (in dollars per share) | $ 9.57 | $ 9.09 | $ 4.43 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 237,500 | 150,308 | 312,961 |
Granted (in dollars per share) | $ 12.88 | $ 10.27 | $ 11.78 |
Vested (in shares) | (178,973) | (197,858) | (202,743) |
Vested (in dollars per share) | $ 8.46 | $ 9.16 | $ 6.93 |
Vested (in shares) | (178,973) | (197,858) | (202,743) |
Outstanding - end of period (in shares) | 396,033 | 337,506 | 385,056 |
Outstanding - end of period (in dollars per share) | $ 12.06 | $ 9.57 | $ 9.09 |
Common Class A [Member] | |||
Outstanding - beginning of period (in shares) | 374,693 | 204,473 | |
Outstanding - beginning of period (in dollars per share) | $ 9.46 | $ 9.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 218,612 | 287,513 | 236,294 |
Granted (in dollars per share) | $ 11.25 | $ 9.37 | $ 9.80 |
Vested (in shares) | (178,223) | (117,293) | (31,821) |
Vested (in dollars per share) | $ 10.04 | $ 9.85 | $ 9.75 |
Vested (in shares) | (178,223) | (117,293) | (31,821) |
Outstanding - end of period (in shares) | 415,082 | 374,693 | 204,473 |
Outstanding - end of period (in dollars per share) | $ 10.15 | $ 9.46 | $ 9.81 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Tax Assets, Valuation Allowance | $ 1,532 | $ 1,683 | |
Increase (Decrease) in Pension Plan Obligations | (600) | (5,800) | $ 17,100 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 361 | 3,528 | 10,403 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 200 | 2,300 | 6,700 |
Income Taxes Paid, Net | 14,600 | 1,800 | $ 400 |
Accrued Income Taxes | 14,600 | 800 | |
Capital Loss Carryforward [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (200) | (400) | |
Domestic Tax Authority [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 61,500 | ||
State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 122,400 | ||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Deferred Tax Assets, Valuation Allowance | $ 1,500 | $ 1,700 |
Note 7 - Income Taxes - Federal
Note 7 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal | |||
State and local | 2,730 | 1,259 | 996 |
State and local - reserve for uncertain tax positions | (698) | (581) | (198) |
Current income tax expense (benefit) | 2,032 | 678 | 798 |
Federal | 38,214 | 24,067 | 28,231 |
State and local | 3,172 | 1,703 | 2,707 |
Deferred income tax expense | 41,386 | 25,770 | 30,938 |
Income tax expense as recorded | $ 43,418 | $ 26,448 | $ 31,736 |
Note 7 - Income Taxes - Signifi
Note 7 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Net book value of property and equipment | $ 26,620 | $ 20,986 |
Broadcast licenses, goodwill and other intangibles | 369,275 | 350,647 |
Total deferred tax liabilities | 395,895 | 371,633 |
Deferred tax assets: | ||
Liability for accrued vacation | 2,232 | 2,172 |
Liability for accrued bonus | 5,483 | 4,786 |
Loan acquisition costs | 336 | 391 |
Allowance for doubtful accounts | 1,168 | 700 |
Liability under health and welfare plan | 1,201 | 1,108 |
Liability for pension plan | 13,278 | 14,172 |
Federal operating loss carryforwards | 20,401 | 38,466 |
State and local operating loss carryforwards | 4,555 | 5,867 |
Alternative minimum tax carryforwards | 386 | 386 |
Unearned income | 3 | 73 |
Stock options | 174 | 163 |
Acquisition costs | 3,140 | 1,129 |
Restricted stock | 1,950 | 1,875 |
Other | 109 | 172 |
Total deferred tax assets | 54,416 | 71,460 |
Valuation allowance for deferred tax assets | (1,532) | (1,683) |
Net deferred tax assets | 52,884 | 69,777 |
Deferred tax liabilities, net of deferred tax assets | $ 343,011 | $ 301,856 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory federal rate applied to income before income tax expense | $ 36,992 | $ 23,012 | $ 27,929 |
Current year permanent items | 1,830 | 1,192 | 849 |
State and local taxes, net of federal tax benefit | 5,056 | 2,831 | 4,050 |
Change in valuation allowance | (151) | (369) | (696) |
Reserve for uncertain tax positions | (698) | (581) | (198) |
Other items, net | 389 | 363 | (198) |
Income tax expense as recorded | $ 43,418 | $ 26,448 | $ 31,736 |
Effective income tax rate | 41.10% | 40.20% | 39.80% |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) $ in Thousands | Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Defined Benefit Plan, Fair Value of Plan Assets | $ 80,929 | $ 69,246 | $ 66,813 | |
Defined Benefit Plan, Benefit Obligation | 114,976 | 103,199 | $ 108,006 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 115,000 | 103,200 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3,000 | |||
Profit Sharing Contribution [Member] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 3,400 | 1,600 | ||
Capital Accumulation Plan [Member] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 8,800 | $ 1,800 | ||
Capital Accumulation Plan [Member] | Subsequent Event [Member] | ||||
Defined Contribution Plan, Expected Contributions In Next Twelve Months | $ 8,600 | |||
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Capital Accumulation Plan [Member] | Matched by the Company at the Rate of 100% [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | |||
Capital Accumulation Plan [Member] | Next 2% of Each Employee's Salary Deferral [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||
Capital Accumulation Plan [Member] | Matched by the Company at the Rate of 50% [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 2.00% | |||
Acquired Pension Plans [Member] | ||||
Number of Underfunded Pension Plans | 2 | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,800 | |||
Defined Benefit Plan, Benefit Obligation | $ 8,300 |
Note 8 - Retirement Plans - Sum
Note 8 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Projected benefit obligation at beginning of year | $ 103,199 | $ 108,006 | |
Service cost | 3,130 | $ 5,162 | |
Interest cost | 4,398 | 4,159 | 4,106 |
Actuarial losses | 1,839 | 420 | |
Benefits paid | (2,790) | (1,683) | |
Effect of pension curtailment | (10,833) | ||
Merger of the Assumed Plans | 8,330 | ||
Projected benefit obligation at end of year | 114,976 | 103,199 | 108,006 |
Fair value of pension plan assets at beginning of year | 69,246 | 66,813 | |
Actual return on plan assets | 5,918 | (1,034) | |
Company contributions | 2,775 | 5,150 | |
Merger of the Assumed Plans | 5,780 | ||
Fair value of pension plan assets at end of year | 80,929 | 69,246 | $ 66,813 |
Funded status of pension plan | (34,047) | (33,953) | |
Accrued benefit cost | (5,121) | (8,994) | |
Accumulated other comprehensive loss | (28,926) | (24,959) | |
Net liability recognized | $ (34,047) | $ (33,953) |
Note 8 - Retirement Plans - Est
Note 8 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: | ||
Discount rate | 4.31% | 4.00% |
Expected long-term rate of return on pension plan assets | 7.00% | 7.00% |
Estimated rate of increase in compensation levels | 5.63% | |
Weighted-average assumptions used to determine benefit obligations: | ||
Discount rate | 4.11% | 4.31% |
Note 8 - Retirement Plans - Com
Note 8 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of net periodic pension cost: | |||
Service cost | $ 3,130 | $ 5,162 | |
Interest cost | 4,398 | 4,159 | 4,106 |
Expected return on plan assets | (4,836) | (4,782) | (4,200) |
Recognized net actuarial loss | 406 | 1,580 | 969 |
Net periodic pension (benefit) cost | $ (32) | $ 4,087 | $ 6,037 |
Note 8 - Retirement Plans - E60
Note 8 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 2,722 |
2,018 | 2,933 |
2,019 | 3,299 |
2,020 | 3,790 |
2,021 | 4,090 |
2022 - 2026 | $ 25,216 |
Note 8 - Retirement Plans - All
Note 8 - Retirement Plans - Allocation of Plan Assets (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Asset category: | ||
Plan assets, percent | 100.00% | 100.00% |
Insurance General Account [Member] | ||
Asset category: | ||
Plan assets, percent | 23.00% | 26.00% |
Cash and Cash Equivalents [Member] | ||
Asset category: | ||
Plan assets, percent | 6.00% | 2.00% |
Equity Securities [Member] | ||
Asset category: | ||
Plan assets, percent | 39.00% | 54.00% |
Fixed Income Securities [Member] | ||
Asset category: | ||
Plan assets, percent | 28.00% | 14.00% |
Real Estate [Member] | ||
Asset category: | ||
Plan assets, percent | 4.00% | 4.00% |
Note 8 - Retirement Plans - Tar
Note 8 - Retirement Plans - Target Asset Allocation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Large Cap Value [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 50.00% |
Large Cap Blend [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 50.00% |
Large Cap Growth [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 50.00% |
Mid-cap Blend [Member] | |
Target range, strategic allocation | 15.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 40.00% |
Small Cap Core [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 25.00% |
Foreign Large Blend [Member] | |
Target range, strategic allocation | 10.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 40.00% |
Emerging Markets [Member] | |
Target range, strategic allocation | 10.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 25.00% |
Real Estate [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 20.00% |
US Treasury Securities [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 25.00% |
Intermediate Term Bond [Member] | |
Target range, strategic allocation | 10.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 50.00% |
US Government Agencies Debt Securities [Member] | |
Target range, strategic allocation | 5.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 40.00% |
High Yield Bond [Member] | |
Target range, strategic allocation | 10.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 25.00% |
Emerging Markets Bond [Member] | |
Target range, strategic allocation | 10.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 20.00% |
Money Market Funds [Member] | |
Target range, strategic allocation | 0.00% |
Target range, lower limit | 0.00% |
Target range, upper limit | 100.00% |
Note 8 - Retirement Plans - Pen
Note 8 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined benefit plan, fair value of plan assets | $ 80,929 | $ 69,246 | $ 66,813 |
Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 18,357 | 17,918 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 62,572 | 51,328 | |
Insurance General Account [Member] | |||
Defined benefit plan, fair value of plan assets | 18,357 | 17,918 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 18,357 | 17,918 | |
Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 5,089 | 1,273 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 5,089 | 1,273 | |
Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 31,963 | 37,621 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 31,963 | 37,621 | |
Fixed Income Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 22,544 | 9,924 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 22,544 | 9,924 | |
Real Estate [Member] | |||
Defined benefit plan, fair value of plan assets | 2,976 | 2,510 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | $ 2,976 | $ 2,510 |
Note 8 - Retirement Plans - Mat
Note 8 - Retirement Plans - Matching Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Matching contributions to the Capital Accumulation Plan (in shares) | 2,571 | 1,898 | 2,341 |
Matching contributions to the Capital Accumulation Plan | $ 29 | $ 26 | $ 25 |
Note 9 - Commitments and Cont65
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 3.5 | $ 2.8 | $ 2.2 |
Note 9 - Commitments and Cont66
Note 9 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 2,905 |
Contractual obligations | 433,287 |
2,018 | 2,178 |
Contractual obligations | 154,812 |
2,019 | 1,907 |
Contractual obligations | 85,008 |
2,020 | 1,362 |
Contractual obligations | 35,604 |
2,021 | 1,155 |
Contractual obligations | 5,659 |
Thereafter | 3,680 |
Contractual obligations | 6,107 |
Total | 13,187 |
Contractual obligations | 720,477 |
Service and Other Agreements [Member] | |
Purchase obligations | 2,856 |
Purchase obligations | 2,856 |
Purchase obligations | 749 |
Purchase obligations | 6,461 |
Equipment [Member] | |
Purchase obligations | 5,467 |
Purchase obligations | 5,467 |
Syndicated Television Programming [Member] | |
Purchase obligations | 5,702 |
Purchase obligations | 12,550 |
Purchase obligations | 4,091 |
Purchase obligations | 2,872 |
Purchase obligations | 563 |
Purchase obligations | 290 |
Purchase obligations | 26,068 |
Network Affiliation Agreements [Member] | |
Purchase obligations | 129,260 |
Purchase obligations | 137,228 |
Purchase obligations | 78,261 |
Purchase obligations | 31,370 |
Purchase obligations | 3,941 |
Purchase obligations | 2,137 |
Purchase obligations | 382,197 |
2017 Acquisitions [Member] | |
Purchase obligations | 287,097 |
Purchase obligations | $ 287,097 |
Note 10 - Goodwill and Intang67
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization of Intangible Assets | $ 16,596 | $ 11,982 | $ 8,297 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16,300 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 11,500 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,100 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,200 | ||
Goodwill, Impairment Loss | 0 | 0 | 0 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 |
Note 10 - Goodwill and Intang68
Note 10 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill, net | $ 423,236 | $ 374,390 | |
Goodwill, Acquired During Period | 72,296 | 48,916 | |
Goodwill | (10,214) | (70) | |
Goodwill | 485,318 | 423,236 | $ 374,390 |
Broadcast licenses | 1,114,626 | ||
Broadcast licenses | 1,340,305 | 1,114,626 | |
Finite-lived intangible assets | 53,280 | 47,802 | |
Finite-lived Intangible Assets Acquired | 19,566 | 17,845 | |
Finite-lived intangible assets | (16,596) | (11,982) | (8,297) |
Finite-lived intangible assets | 56,250 | 53,280 | 47,802 |
Total intangible assets net of accumulated amortization | 1,591,142 | 1,445,772 | |
Total intangible assets net of accumulated amortization | 342,897 | 157,953 | |
Total intangible assets net of accumulated amortization | (35,570) | (601) | |
Total intangible assets net of accumulated amortization | 1,881,873 | 1,591,142 | 1,445,772 |
Finite-lived intangible assets | (385) | ||
Broadcast Licenses [Member] | |||
Broadcast licenses | 1,114,626 | 1,023,580 | |
Broadcast licenses | 251,035 | 91,192 | |
Broadcast licenses | (25,356) | (146) | |
Broadcast licenses | $ 1,340,305 | $ 1,114,626 | $ 1,023,580 |
Note 10 - Goodwill and Intang69
Note 10 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, gross | $ 521,832 | $ 472,986 |
Goodwill, Acquired During Period | 72,296 | 48,916 |
Goodwill | (10,214) | (70) |
Goodwill, gross | 583,914 | 521,832 |
Accumulated goodwill impairment | (98,596) | |
Accumulated goodwill impairment | (98,596) | (98,596) |
Goodwill, net | 423,236 | 374,390 |
Goodwill | $ 485,318 | $ 423,236 |
Note 10 - Goodwill and Intang70
Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Amortization | $ (104,505) | $ (88,379) | |
Net | 1,340,305 | 1,114,626 | |
Gross | 583,914 | 521,832 | $ 472,986 |
Net | 485,318 | 423,236 | 374,390 |
Gross | 1,986,378 | 1,679,521 | |
Net | 1,881,873 | 1,591,142 | 1,445,772 |
Other finite-lived intangible assets | 1,881,873 | 1,591,142 | |
Network Affiliate [Member] | |||
Accumulated Amortization | (1,264) | (1,264) | |
Gross | 1,264 | 1,264 | |
Other Intangible Assets [Member] | |||
Accumulated Amortization | (49,542) | (33,416) | |
Gross | 105,792 | 86,696 | |
Other finite-lived intangible assets | 56,250 | 53,280 | |
Intangible Assets Subject to Amortization [Member] | |||
Accumulated Amortization | (50,806) | (34,680) | |
Gross | 107,056 | 87,960 | |
Other finite-lived intangible assets | 56,250 | 53,280 | |
Broadcast Licenses [Member] | |||
Gross | 1,394,004 | 1,168,325 | |
Accumulated Amortization | (53,699) | (53,699) | |
Net | 1,340,305 | 1,114,626 | $ 1,023,580 |
Goodwill Not Amortizable [Member] | |||
Gross | 485,318 | 423,236 | |
Net | 485,318 | 423,236 | |
Intangible Assets Not Subject to Amortization [Member] | |||
Accumulated Amortization | (53,699) | (53,699) | |
Gross | 1,879,322 | 1,591,561 | |
Net | $ 1,825,623 | $ 1,537,862 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) | Feb. 07, 2017 | Feb. 06, 2017 | Feb. 01, 2017 | Jan. 17, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2017 |
Business Combination, Consideration Transferred | $ 473,074,000 | |||||||||
Goodwill | 485,318,000 | $ 423,236,000 | $ 374,390,000 | |||||||
Long-term Debt, Gross | 1,781,438,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ (31,987,000) | $ (5,086,000) | ||||||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | ||||||||||
Debt Instrument, Quarterly Principal Payment | $ 1,400,000 | |||||||||
Scenario, Forecast [Member] | The 2017 Senior Credit Facility [Member] | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ (4,500,000) | |||||||||
FCC [Member] | Scenario, Forecast [Member] | ||||||||||
Proceeds from Reverse Auction for Broadcast Spectrum | $ 90,800,000 | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | GME [Member] | ||||||||||
Variable Interest Entity, Financial or Other Support, Amount | $ 106,000,000 | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | ||||||||||
Debt Agreement, Maximum Borrowing Capacity | 656,400,000 | |||||||||
Debt Issuance Costs, Gross | $ 3,000,000 | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread Used to Define Base Rate | 1.00% | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread Used to Define Base Rate | 0.50% | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | ||||||||||
Long-term Debt, Gross | $ 556,400,000 | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | $ 2.25 | |||||||||
Subsequent Event [Member] | The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | $ 1.25 | |||||||||
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | |||||||||
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Subsequent Event [Member] | Minimum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||||||
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Subsequent Event [Member] | Maximum [Member] | The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Fairbanks Acquistion [Member] | Subsequent Event [Member] | ||||||||||
Payments to Acquire Businesses, Gross | $ 8,000,000 | |||||||||
Goodwill | $ 251,000 | |||||||||
Green Bay Acquisition and Davenport Acquisition [Member] | Subsequent Event [Member] | ||||||||||
Business Combination, Consideration Transferred | 269,900,000 | |||||||||
2017 Acquisitions [Member] | Subsequent Event [Member] | ||||||||||
Goodwill | 89.60 | |||||||||
2017 Acquisitions [Member] | Subsequent Event [Member] | Retransmission Agreements [Member] | ||||||||||
Finite-Lived Intangible Assets, Gross | 14 | |||||||||
2017 Acquisitions [Member] | Subsequent Event [Member] | Income Leases [Member] | ||||||||||
Finite-Lived Intangible Assets, Gross | $ 1.50 | |||||||||
2017 Acquisitions [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||
2017 Acquisitions [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||||
Bangor Acquisition and Gainesville Acquisition [Member] | Scenario, Forecast [Member] | ||||||||||
Payments to Acquire Businesses, Gross | $ 85,000,000 |
Note 11 - Subsequent Events - P
Note 11 - Subsequent Events - Preliminary Assets Acquired, Liabilities Assumed, and Goodwill from 2017 Acquisitions (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill | $ 485,318 | $ 423,236 | $ 374,390 | |
Subsequent Event [Member] | Fairbanks Acquistion [Member] | ||||
Other current assets | $ 176 | |||
Property and equipment | 2,868 | |||
Goodwill | 251 | |||
Broadcast licenses | 2,228 | |||
Other intangible assets | 2,653 | |||
Current liabilities | (176) | |||
Total | 8,000 | |||
Subsequent Event [Member] | Green Bay Acquisition [Member] | ||||
Other current assets | 238 | |||
Property and equipment | 10,133 | |||
Goodwill | 44,055 | |||
Broadcast licenses | 82,845 | |||
Other intangible assets | 7,767 | |||
Current liabilities | (238) | |||
Total | 144,800 | |||
Subsequent Event [Member] | Davenport Acquisition [Member] | ||||
Other current assets | 301 | |||
Property and equipment | 10,276 | |||
Goodwill | 45,305 | |||
Broadcast licenses | 63,683 | |||
Other intangible assets | 5,936 | |||
Current liabilities | (301) | |||
Total | $ 125,200 |
Note 12 - Selected Quarterly 73
Note 12 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue (less agency commissions) | $ 237,619 | $ 204,490 | $ 196,633 | $ 173,723 | $ 169,487 | $ 151,102 | $ 143,464 | $ 133,303 | $ 812,465 | $ 597,356 | $ 508,134 |
Operating income | 83,874 | 60,467 | 53,687 | 36,111 | 43,897 | 29,344 | 38,758 | 28,058 | 234,139 | 140,057 | 153,773 |
Net income | $ 35,834 | $ (213) | $ 17,662 | $ 8,990 | $ 14,987 | $ 6,609 | $ 12,110 | $ 5,595 | $ 62,273 | $ 39,301 | $ 48,061 |
Net income (in dollars per share) | $ 0.50 | $ 0.25 | $ 0.13 | $ 0.21 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.87 | $ 0.58 | $ 0.83 | |
Diluted net income per share (in dollars per share) | $ 0.49 | $ 0.24 | $ 0.12 | $ 0.21 | $ 0.09 | $ 0.17 | $ 0.10 | $ 0.86 | $ 0.57 | $ 0.82 |
Schedule II - Valuation and Q74
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Allowance for doubtful accounts | $ 1,794 | $ 1,667 | $ 730 | |
Allowance for doubtful accounts | 1,917 | 606 | 1,356 | |
Allowance for doubtful accounts | [1] | 167 | 290 | |
Allowance for doubtful accounts | [2] | (715) | (479) | (709) |
Allowance for doubtful accounts | 3,163 | 1,794 | 1,667 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Allowance for doubtful accounts | 1,683 | 2,052 | 2,748 | |
Allowance for doubtful accounts | 3 | |||
Allowance for doubtful accounts | [1] | |||
Allowance for doubtful accounts | [2] | (151) | (369) | (699) |
Allowance for doubtful accounts | $ 1,532 | $ 1,683 | $ 2,052 | |
[1] | In 2016 and 2014, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 "Acquisitions and Dispositions" for further information. | |||
[2] | Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. |