Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
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 | $ 874,760,950 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 83,591,627 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 6,729,035 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash | $ 462,399 | $ 325,189 |
Accounts receivable, less allowance for doubtful accounts of $4,606 and $3,163, respectively | 171,230 | 146,811 |
Prepaid income taxes | 13,791 | 14,641 |
Prepaid and other current assets | 4,681 | 5,109 |
Total current assets | 666,757 | 505,485 |
Property and equipment, net | 350,658 | 326,093 |
Broadcast licenses | 1,530,703 | 1,340,305 |
Goodwill | 611,100 | 485,318 |
Other intangible assets, net | 73,784 | 56,250 |
Investments in broadcasting and technology companies | 16,599 | 16,599 |
Other | 11,256 | 22,455 |
Total assets | 3,260,857 | 2,752,505 |
Syndicated Program Film Rights, Current [Member] | ||
Assets: | ||
Current portion of program broadcast rights, net | $ 14,656 | $ 13,735 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 4,606 | $ 3,163 |
Consolidated Balance Sheets4
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities and stockholders’ equity: | ||
Accounts payable | $ 7,840 | $ 5,257 |
Employee compensation and benefits | 30,144 | 31,367 |
Accrued interest | 26,624 | 32,453 |
Other accrued expenses | 11,970 | 13,802 |
Federal and state income taxes | 8,753 | 2,916 |
Deferred revenue | 4,004 | 4,706 |
Current portion of long-term debt | 6,417 | 0 |
Total current liabilities | 131,305 | 119,407 |
Long-term debt, less current portion and deferred financing costs | 1,831,011 | 1,756,747 |
Program broadcast obligations, less current portion | 4,277 | 4,995 |
Deferred income taxes | 261,690 | 343,011 |
Accrued pension costs | 37,838 | 34,047 |
Other | 1,839 | 1,437 |
Total liabilities | 2,267,960 | 2,259,644 |
Commitments and contingencies (Note 9) | 0 | 0 |
Stockholders’ equity: | ||
Common stock | 902,518 | 658,135 |
Retained earnings (deficit) | 161,694 | (101,365) |
Accumulated other comprehensive loss, net of income tax benefit | (22,165) | (17,645) |
Stockholders' equity before treasury stock | 1,066,691 | 560,889 |
Treasury stock at cost | (49,562) | (44,688) |
Total stockholders’ equity | 992,897 | 492,861 |
Total liabilities and stockholders’ equity | 3,260,857 | 2,752,505 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 24,644 | 21,764 |
Treasury stock at cost | (24,232) | (23,340) |
Network Programming Obligations, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Accrued network programming fees | 20,317 | 14,982 |
Syndicated Program Film Obliagtions, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Accrued network programming fees | $ 15,236 | $ 13,924 |
Consolidated Balance Sheets (P5
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
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) | 88,788,664 | 71,229,497 |
Common stock, shares outstanding (in shares) | 83,253,588 | 66,094,091 |
Treasury stock (in shares) | 5,535,076 | 5,135,406 |
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) | 8,349,069 | 8,073,993 |
Common stock, shares outstanding (in shares) | 6,598,377 | 6,404,862 |
Treasury stock (in shares) | 1,750,692 | 1,669,131 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue (less agency commissions) | $ 882,728 | $ 812,465 | $ 597,356 |
Operating expenses before depreciation, amortization, and (gain) loss on disposals of assets, net: | |||
Broadcast | 557,116 | 475,131 | 374,182 |
Corporate and administrative | 31,541 | 40,347 | 34,343 |
Depreciation | 51,973 | 45,923 | 36,712 |
Amortization of intangible assets | 25,072 | 16,596 | 11,982 |
(Gain) loss on disposals of assets, net | (74,200) | 329 | 80 |
Operating expenses | 591,502 | 578,326 | 457,299 |
Operating income | 291,226 | 234,139 | 140,057 |
Other income (expense): | |||
Miscellaneous income, net | 162 | 775 | 103 |
Interest expense | (95,259) | (97,236) | (74,411) |
Loss from early extinguishment of debt | (2,851) | (31,987) | 0 |
Income before income taxes | 193,278 | 105,691 | 65,749 |
Income tax (benefit) expense | (68,674) | 43,418 | 26,448 |
Net trade (loss) income | $ 261,952 | $ 62,273 | $ 39,301 |
Basic per share information: | |||
Net income (in dollars per share) | $ 3.59 | $ 0.87 | $ 0.58 |
Weighted average shares outstanding (in shares) | 73,061 | 71,848 | 68,330 |
Diluted per share information: | |||
Net income (in dollars per share) | $ 3.55 | $ 0.86 | $ 0.57 |
Weighted average shares outstanding (in shares) | 73,836 | 72,764 | 68,987 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 261,952 | $ 62,273 | $ 39,301 |
Other comprehensive (loss) income: | |||
Adjustment to pension liability | (7,410) | (592) | 5,783 |
Income tax (benefit) expense | (2,890) | (231) | 2,255 |
Other comprehensive (loss) income | (4,520) | (361) | 3,528 |
Comprehensive income | $ 257,432 | $ 61,912 | $ 42,829 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | 2007 Incentive Plan [Member]Common Stock [Member]Common Class A [Member] | 2007 Incentive Plan [Member]Common Stock [Member] | 2007 Incentive Plan [Member]Treasury Stock [Member]Common Class A [Member] | 2007 Incentive Plan [Member]Treasury Stock [Member] | 2007 Incentive Plan [Member] | The 2017 Equity and Incentive Compensation Plan [Member]Common Stock [Member]Common Class A [Member] | 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, 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 | |||||||||||
Underwritten public offering (in shares) | 13,511,040 | ||||||||||||
Underwritten public offering | $ 167,313 | $ 167,313 | |||||||||||
401(k) plan (in shares) | 1,898 | 1,898 | |||||||||||
401(k) plan | $ 26 | $ 26 | |||||||||||
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 | 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 | ||||||
Net income | 62,273 | 62,273 | |||||||||||
Adjustment to pension liability, net of income tax | (361) | $ (361) | |||||||||||
401(k) plan (in shares) | 2,571 | 2,571 | |||||||||||
401(k) plan | $ 29 | $ 29 | |||||||||||
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 | ||||||||||
Repurchase of common stock (in shares) | (192,183) | ||||||||||||
Repurchase of common stock | $ (2,000) | (2,000) | |||||||||||
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 | ||||||
Net income | 261,952 | 261,952 | |||||||||||
Adjustment to pension liability, net of income tax | (4,520) | (4,520) | |||||||||||
Underwritten public offering (in shares) | 17,250,000 | ||||||||||||
Underwritten public offering | $ 238,945 | $ 238,945 | |||||||||||
401(k) plan (in shares) | 1,224 | 1,224 | |||||||||||
401(k) plan | $ 15 | $ 15 | |||||||||||
Restricted stock awards (in shares) | 198,220 | 307,943 | (81,561) | (77,632) | 76,856 | ||||||||
Restricted stock awards | $ (892) | $ (874) | $ (1,766) | ||||||||||
Share-based compensation | $ 2,880 | $ 5,423 | 8,303 | ||||||||||
Repurchase of common stock (in shares) | (322,038) | ||||||||||||
Repurchase of common stock | $ (4,000) | (4,000) | |||||||||||
Balance (in shares) at Dec. 31, 2017 | 8,349,069 | 88,788,664 | (1,750,692) | (5,535,076) | |||||||||
Balance at Dec. 31, 2017 | $ 24,644 | $ 902,518 | 161,694 | $ (24,232) | $ (49,562) | $ (22,165) | 992,897 | ||||||
Adoption of ASU 2016-09 excess tax benefit for stock-based compensation | $ 1,107 | $ 1,107 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income | $ 261,952 | $ 62,273 | $ 39,301 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 51,973 | 45,923 | 36,712 |
Amortization of Intangible Assets | 25,072 | 16,596 | 11,982 |
Amortization of deferred loan costs | 4,624 | 4,884 | 3,194 |
Accretion of original issue discount and premium related to long-term debt, net | (610) | (779) | (863) |
Amortization of restricted stock and stock option awards | 8,303 | 5,099 | 4,019 |
Amortization of program broadcast rights | 21,033 | 19,001 | 14,960 |
Payments on program broadcast obligations | (21,055) | (18,786) | (14,576) |
Deferred income taxes | (77,325) | 41,386 | 25,770 |
(Gain) loss on disposals of assets, net | (74,200) | 329 | 80 |
Loss from early extinguishment of debt | 2,851 | 31,987 | 0 |
Other | (3,343) | (1,788) | (2,542) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (23,744) | (6,107) | (14,787) |
Prepaid income taxes | 851 | (14,642) | 0 |
Other current assets | 806 | 2,032 | (3,705) |
Accounts payable | 2,116 | 518 | (141) |
Employee compensation, benefits and pension costs | (1,899) | 871 | 3,528 |
Accrued network fees and other expenses | 3,306 | (1,723) | 13,789 |
Accrued interest | (5,829) | 19,736 | (4,907) |
Income taxes payable | 5,836 | 2,145 | (1,123) |
Deferred revenue | (703) | 1,130 | (3,972) |
Net cash provided by operating activities | 180,015 | 210,085 | 106,719 |
Investing activities | |||
Acquisitions of television businesses and licenses | (416,018) | (431,846) | (185,126) |
Proceeds from sale of television station | 0 | 11,200 | 0 |
Proceeds from FCC spectrum auction | 90,824 | 0 | 0 |
Purchases of property and equipment | (34,516) | (43,604) | (24,222) |
Proceeds from other asset sales | 187 | 2,979 | 3,115 |
Net decrease (increase) in acquisition prepayments and other | 9,724 | (18,063) | (149) |
Net cash used in investing activities | (349,799) | (479,334) | (206,382) |
Financing activities | |||
Proceeds from borrowings on long-term debt | 641,438 | 1,656,000 | 0 |
Repayments of borrowings on long-term debt | (562,641) | (1,100,000) | 0 |
Payments for the repurchase of common stock | (4,000) | (2,000) | 0 |
Tender and redemption premiums for 2020 Notes | 0 | (27,502) | 0 |
Proceeds from issuance of common stock | 238,945 | 0 | 167,313 |
Deferred and other loan costs | (4,981) | (27,926) | 4 |
Payments for taxes related to net share settlement of equity awards | (1,767) | (1,452) | (1,105) |
Net cash provided by financing activities | 306,994 | 497,120 | 166,212 |
Net increase in cash | 137,210 | 227,871 | 66,549 |
Cash at beginning of period | 325,189 | 97,318 | 30,769 |
Cash at end of period | $ 462,399 | $ 325,189 | $ 97,318 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Description of Business and Summary of Significant Accounting Policies Description of Business . February 23, 2018, 57 200 100 In addition to a primary broadcast channel, each of our stations can also broadcast additional secondary digital channels within a market by utilizing the same bandwidth, but with different programming from the primary channel. In addition to affiliations with ABC, CBS and FOX, our secondary channels are affiliated with numerous smaller networks and program services including, among others, the CW Network or the CW Plus Network, MY Network, the MeTV Network, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons and MOVIES! Network. Certain of our secondary digital channels are affiliated with more than one 10.4% Variable Interest Entity (“VIE”). We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with U.S. GAAP, in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. On January 17, 2017, the assets of two 69 102 $269.9 May 30, 2017, August 7, 2017, During the period that GME held those broadcast licenses we believe we were the primary beneficiary of GME because, subject to the ultimate control of the licensees, we had the power to direct the activities that significantly impact the economic performance of GME through the services we provided, and our obligation to absorb losses and right to earn returns that would be considered significant to GME. As a result, we included the assets, liabilities and results of operations of GME in our consolidated financial statements beginning January 17, 2017 August 7, 2017, no Investments in Broadcasting and Technology Companies . We have an investment in Sarkes Tarzian, Inc. (“Tarzian”) whose principal business is the ownership and operation of two June 30, 2017, 32.4% 67.9% no In 2016, $3.0 investment does not not . Revenue Recognition . Cash received that has not not Trade and Barter Transactions . December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Trade revenue $ 1,832 $ 2,069 $ 2,299 Trade expense (1,863 ) (1,997 ) (2,188 ) Net trade (loss) income $ (31 ) $ 72 $ 111 W e do not not not Advertising Expense . $1.6 $1.5 $1.0 December 31, 2017, 2016 2015, Use of Estimates . Allowance for Dou btful Accounts. 120 may 120 $2.4 $1.9 $0.6 December 31, 2017, 2016 2015, Program Broadcast Rights . two first Wheel of Fortune Seinfeld not first first not 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 clas sified 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 . The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2017 2016 (in years) Property and equipment: Land $ 50,458 $ 44,611 Buildings and improvements 156,924 139,078 7 to 40 Equipment 511,878 471,798 3 to 20 719,260 655,487 Accumulated depreciation (368,602 ) (329,394 ) Total property and equipment, net $ 350,658 $ 326,093 For the year ended December 31, 2017, $45.7 December 31, 2016 December 31, 2017 Deferred Loan Costs . April 2015, No. 2015 03, 835 30 Simplifying the Presentation of Debt Issuance Costs. 2015 03 not August 2015 , the FASB issued ASU No. 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 not January 1, 2016. Asset Retirement Obligations . 2062. $1.1 $0.8 December 31, 2017 2016, December 31, 2017, 2016 2015, $71,000, $15,000 $34,000, Concentration of Credit Risk . not Excluding political advertising revenue, which is cyclical based on election cycles, our most significant category of customer is automotive. During the years ended December 31, 2017 2016 2015 25%, 22% 24%, no one 5% E arnings Per Share . not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Weighted-average shares outstanding – basic 73,061 71,848 68,330 Weighted-average shares underlying stock options and restricted shares 775 916 657 Weighted-average shares outstanding - diluted 73,836 72,764 68,987 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets . For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired afte r December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulato ry 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 not 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 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 not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 A ccumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of December 31, 2017 2016 December 31, 2017 2016 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36,336 ) $ (28,926 ) Income tax benefit (14,171 ) (11,281 ) Accumulated other comprehensive loss $ (22,165 ) $ (17,645 ) Recent Accounting Pronouncements . February 2016, 2016 02 Leases 842 2016 02 840, Leases December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles – Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 nt exceeds the reporting unit’s fair value; however, the loss recognized will not The standard is effective for fiscal years beginning after December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU 2018 02 2017 not The standard is effective for fiscal years beginning after December 15, 2018, not not Adoption of Accounting Standards and Reclassifications. In May 2014, 2014 09 Revenue from Contracts with Customers 606 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers 606 Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, not December 15, 2016. March 2016, 2016 08, Principal versus Agent Considerations 2014 09 April 2016, 2016 10, Revenue from Contracts with Customers 606 Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, Revenue from Contracts with Customers 606 Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, Revenue from Contracts with Customers 606 Technical Corrections and Improvements We have completed our assessment and concluded that the adoption of ASC 606 not first 2018. not In January 2016, No. 2016 01 – Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 first 2018. not In March 2016, 2016 09, Compensation – Stock Compensation 718 Improvements to Employee Share-Based Payment Accounting. 2016 09 January 1, 2017, $1.1 2017, In August 2016, 2016 15, Statement of Cash Flows 230 – Classification of Certain Cash Receipts and Cash Payments 2016 15 eight first 2018. not In January 2017, 2017 01, Business Combinations 805 Clarifying the Definition of a Business 2017 01 first 2018. not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not Certain amounts in the consolidated statement of cash flows have been reclassified to conform to the current presentation. |
Note 2 - Acquisitions and Dispo
Note 2 - Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 2. A cquisitions and Dispositions During 2017, 2016 2015, third 2017 Acquisitions On January 13, 2017, the assets of KTVF-TV (NBC), KXDF-TV (CBS), and KFXF-TV (FOX) in the Fairbanks, Alaska television market (DMA 202 $8.0 As described in Note 1 above, on January 17, 2017, $269.9 On May 1, 2017, the assets of WDTV-TV (CBS) and WVFX-TV (FOX/CW) in the Clarksburg-Weston, West Virginia television market (DMA 169 $26.5 May 13, 2016, June 1, 2016, $16.5 On May 1, 2017, the assets of WABI-TV (CBS/CW) in the Bangor, Maine television market (DMA 156 159 $85.0 April 1, 2017, On August 1, 2017, the assets of WCAX-TV (CBS) in the Burlington, Vermont – Plattsburgh, New York television markets (DMA 97 $29.0 June 1, 2017, $23.2 $5.8 We refer to the eight that we began operating and acquired (excluding the stations acquired in the Clarksburg Acquisition, which we began operating under an LMA in 2016 2017 “2017 2017 Acquisition Fairbanks Media General Clarksburg Diversified Vermont Total Current assets $ 122 $ 666 $ 462 $ 361 $ 312 $ 1,923 Property and equipment 2,650 20,181 4,133 12,329 9,513 48,806 Goodwill 471 86,287 3,222 35,486 316 125,782 Broadcast licenses 2,228 149,846 17,003 26,219 7,592 202,888 Other intangible assets 2,702 13,398 2,234 11,051 8,268 37,653 Other non-current assets 71 282 51 27 3,310 3,741 Current liabilities (140 ) (695 ) (554 ) (423 ) (311 ) (2,123 ) Other long-term liabilities (84 ) - (51 ) (50 ) - (185 ) Total $ 8,020 $ 269,965 $ 26,500 $ 85,000 $ 29,000 $ 418,485 These amounts are based upon management ’s determination of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary 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. The fair value estimates of the assets acquired in the Clarksburg Acquisition, Diversified Acquisition and the Vermont Acquisition are still considered to be preliminary, and, as such, the actual amounts may 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 $27.9 $5.3 $3.0 5.1 10.7 11.9 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 we expect to generate from each acquisition. We recorded $125.8 2017. The Company ’s consolidated results of operations for year ended December 31, 2017 2017 December 31, 2017 $79.8 December 31, 2017 $33.7 In connection with acquiring the 2017 $1.1 December 31, 2017, 2016 Acquisitions and Dispositions O n February 16, 2016, purchase price of $443.1 T o facilitate regulatory approval for the Schurz Acquistion, on February 1, 2016, $11.2 $2.0 To further faciliate regulatory approvals for the Schurz Acquis ition, on February 16, 2016, $16.0 three third not 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 then-existing senior credit facility, as amended (the “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 W e refer to the stations acquired and retained in 2016, June 2016, as the “2016 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. 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 we expect to generate from each acquisition. We 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 and Dispositions On September 1, 2015, with The Cedar Rapids Television Company and The Gazette Company to acquire the assets of KCRG-TV, which is affiliated with the ABC Network and serves the Cedar Rapids, Iowa television market (the “Cedar Rapids Acquisition”). Also on September 1, 2015, September 1, 2015. October 1, 2015, November 1, 2015, $100.0 On Ju ly 1, 2015, $33.6 On Jul y 1, 2015, $17.5 On July 1, 2015, from Davis Television Wausau, LLC certain non-license assets of WFXS-TV, which had served as the FOX affiliate for the Wausau-Rhinelander, Wisconsin television market (the “Wausau Acquisition”). On that date WFXS-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Wausau, WZAW-LD. The purchase price was $14.0 On July 1, 2015, from NEPSK, Inc. the assets of WAGM-TV, whose digital channels are affiliated with the CBS and FOX Networks and which station serves the Presque Isle, Maine television market (the Presque Isle Acquisition”). The purchase price was $10.3 On July 1, 2015, from Eagle Creek Broadcasting of Laredo, LLC certain non-license assets of KVTV-TV, which had served as the CBS affiliate for the Laredo, Texas television market (the “Laredo Acquisition”). On that date KVTV-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Laredo, KYLX-LD. The purchase price was $9.0 W e refer to the stations acquired and retained in 2015 as the “2015 2015 Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Total Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 $ 837 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 29,773 Goodwill 25,006 3,719 2,587 11,616 245 5,154 48,327 Broadcast licenses 55,676 22,253 6,333 - 6,150 - 90,412 Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 16,272 Other non-current assets 13 13 32 87 - 13 158 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) (1,275 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) (158 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 $ 184,346 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. 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 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 we expect to generate from each acquisition. We recorded $48.3 2015. We believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation. Consistent with that determination, no On September 1, 2015, D2, first $0.1 On November 1, 2015, $3.0 $0.9 2015. The Company ’s consolidated results of operations for year ended December 31, 2015 2015 2015 December 31, 2015 $23.2 $8.6 In connection with acquiring the 2015 $6.5 primarily related to legal, consulting and other professional services that are included in our corporate and administrative expenses in the year ended December 31, 2015. Unaudited Pro Forma Financial Information Pro Forma Data – Acquisitions Completed in 2017. The following table sets forth certain unaudited pro forma information for the years ended December 31, 2017 2016 2017 January 1, 2016 Years Ended December 31, 2017 2016 Revenue (less agency commissions) $ 895,081 $ 926,799 Net income $ 260,909 $ 88,679 Basic net income per share $ 3.57 $ 1.23 Diluted net income per share $ 3.53 $ 1.22 This pro forma financial information is based on Gray ’s historical results of operations and the historical results of operations of the acquisitions completed in 2017, not 2017 January 1, 2016 December 31, 2017 2016 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, not 2016 January 1, 2015 December 31, 2016 2015 Pro Forma Data - 2015 . The following table sets forth certain unaudited pro forma information for the year ended December 31, 2015 2015 January 1, 2015 Year Ended December 31, 2015 Revenue (less agency commissions) $ 621,530 Net income $ 46,181 Basic net income per share $ 0.68 Diluted net income per share $ 0.67 This pro forma financial informa tion is based on Gray’s historical results of operations and the 2015 not 2015 January 1, 2015 December 31, 2015 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . Long-term Debt As of December 31, 2017 2016, 2017 2014 5.125% 2024 “2024 5.875% 2026 “2026 December 31, 2017 2016 Long-term debt including current portion: 2014 Senior Credit Facility $ - $ 556,438 2017 Senior Credit Facility 635,234 - 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,860,234 1,781,438 Unamortized deferred loan costs - 2014 Senior Credit Facility - (12,158 ) Unamortized deferred loan costs - 2017 Senior Credit Facility (11,777 ) - Unamortized deferred loan costs - 2024 Notes (6,743 ) (7,742 ) Unamortized deferred loan costs - 2026 Notes (9,473 ) (10,588 ) Unamortized premium - 2026 Notes 5,187 5,797 Less current portion (6,417 ) - Net carrying value $ 1,831,011 $ 1,756,747 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 60,000 On February 7, 2017, “2017 $556.4 “2017 $100.0 “2017 2017 “2014 On April 3, 2017, $85.0 “2017 2017 “2017 2017 December 31, 2017, 2017 commitments of $735.2 $635.2 2017 $100.0 2017 Our quarterly principal payments under the 2017 $1.6 Prior to the entry into the 2017 2014 and a revolving loan facility. Excluding accrued interest, the amount outstanding under our 2014 December 31, 2016 $556.4 December 31, 2016, 2014 3.9%. Borrowings under the 2017 is 2.25% 1.25% 2017 5.25 1.00, 2.25% 1.25% 5.25 1.00, 2.5% 1.5% December 31, 2017, 2017 was 3.6%. Borrowings under the 2017 either LIBOR plus 1.50% 0.50%, first 2017 0.50% 1.00%. 2017 may 0.375% 0.50% 2017 February 7, 2022, 2017 February 7, 2024. As a result of entering into the 2017 approximately $2.9 December 31, 2017, $5.0 2017 As of December 31, 2017 2016, $525.0 2024 The interest rate and yield on the 2024 5.125%. 2024 October 15, 2024. April 15 October 15 On June 14, 2016, $500.0 2026 2026 September 14, 2016, $200.0 2026 2026 2026 103.0%, $206.0 June 14, 2016. As of December 31, 2017 2016, $700.0 2026 2026 5.875%. 2026 5.875% 5.398%, 2026 2026 2026 July 15, 2026. January 15 July 15 Collateral, Covenants and Restrictions . 2017 2017 no 2024 2026 not 2024 2026 December 31, 2017, no The 2017 2026 2024 As of December 31, 2017 2016, Maturities Aggregate minimum principal maturities on long-term debt as of December 31, 2017 Minimum Principal Maturities 2017 Senior 2024 2026 Year Credit Facility Notes Notes Total 2018 $ 6,417 $ - $ - $ 6,417 2019 6,417 - - 6,417 2020 6,417 - - 6,417 2021 6,417 - - 6,417 2022 6,417 - - 6,417 Thereafter 603,149 525,000 700,000 1,828,149 Total $ 635,234 $ 525,000 $ 700,000 $ 1,860,234 Interest Payments . $97.0 $76.2 $76.9 2017, 2016 2015, not December 31, 2017, 2016 2015. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement 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 corrobora ted 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 . not 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. As of December 31, 2017, $1.8 $1.9 December 31, 2016 $1.8 third 2 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5 . Stockholders’ Equity We are authorized to issue 135 15 100 20 limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 one December 31, 2017, 2016 2015, not In December 2017, 17.25 $14.50 $238.9 $10.6 $0.6 million. The proceeds of this offering are currently being held in our corporate treasury. In March 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 complete the 2015 In each of March November 2004, se up to 2.0 March 2006, 5.0 “2004 2006 December 31, 2017, 279,200 no On November 6, 2016, $75.0 December 31, 2019 ( “2016 2016 “401k December 31, 2017, 322,038 $12.39 2016 $4.0 December 31, 2017, $69.0 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 condition s, regulatory requirements, alternative investment opportunities and other considerations. The Company is not may Under our various employee benefit plans, we may, As of December 31, 2017, 7,422,965 1,923,144 December 31, 2016, 5,449,148 257,581 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6 . Stock-Based Compensation We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our active stock-based compensation plans include our 2017 “2017 2007 “2007 December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Stock-based compensation expense, gross $ 8,303 $ 5,099 $ 4,019 Income tax benefit at our statutory rate associated with stock-based compensation (3,238 ) (1,989 ) (1,567 ) Stock-based compensation expense, net $ 5,065 $ 3,110 $ 2,452 Currently, the 2017 2007 10,000 December 31, 2017, 2016 2015, not 2017 2007 During 2017, ● Under the 2007 Plan, 307,943 102,648 January 31, 2018; 102,648 January 31, 2019; 102,647 January 31, 2020; ● Under the 2007 lan, 198,220 66,073 January 31, 2018; 66,073 January 31, 2019; 66,074 January 31, 2020; ● Under the 2017 76,856 January 31, 2018; ● Under the 2017 restricted stock units representing 215,500 209,500 January 31, 2018 with the remaining 6,000 shares being forfeited. During 2016, 2007 ● 218,452 72,816 ares vested on each of January 31, 2017 2018; 72,820 January 31, 2019; ● 166,677 55,559 each of January 31, 2017 2018; 55,559 January 31, 2019; ● 19,048 51,935 January 31, 2017. During 2015, 2007 ● 150,308 shares of restricted common stock to certain employees, of which 50,102 January 31, 2016; 50,100 January 31, 2017; 50,106 January 31, 2018; ● 229,322 shares of restricted Class A common stock to certain employees, of which 76,442 January 31, 2016 2017; 76,438 January 31, 2018; ● 58,191 shares of restricted Class A common stock to our non-employee directors, all of which vested on January 31, 2016. As of December 31, 2017, 4.8 1.9 2017 As of December 31, 2017 2016, 274,746 2007 $1.99 $4.1 December 31, 2017. no As of December 31, 2017, 770,000 As of December 31, 2017, $3.4 1.4 A summary of activity for the years ended December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock - common: Outstanding - beginning of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 Granted 307,943 10.40 237,500 12.88 150,308 10.27 Vested (200,291 ) 11.82 (178,973 ) 8.46 (197,858 ) 9.16 Outstanding - end of period 503,685 $ 11.14 396,033 $ 12.06 337,506 $ 9.57 Restricted stock - Class A common: Outstanding - beginning of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81 Granted 275,076 10.84 218,612 11.25 287,513 9.37 Vested (227,526 ) 10.00 (178,223 ) 10.04 (117,293 ) 9.85 Outstanding - end of period 462,632 $ 10.63 415,082 $ 10.15 374,693 $ 9.46 Restricted stock units - common: Outstanding - beginning of period - $ - Granted 215,500 15.70 Vested - - Forfeited (6,000 ) 15.70 Outstanding - end of period 209,500 $ 15.70 Subsequent Event. On February 14, 2018, $7.6 2017 ● 110,040 $12.65 36,680 February 28, 2019, 2020 2021; ● 110,040 $12.65 February 28, 2021; ● 318,196 $15.25 153,406 February 28, 2019, 82,394 February 28, 2020, 82,396 February 28, 2021 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 . Income Taxes 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 respe ctive 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. The TCJA was signed into law on December 22, 2017. $146.0 fourth 2017 2018 35% 21%, . The SEC staff issued Staff Accounting Bulletin No. 118 118” not December 31, 2017. may may may 2017 2018 . Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. may not not not 50 Federal and state and local income tax expense (benefit) is summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 4,633 $ - $ - State and local 3,261 2,730 1,259 State and local - reserve for uncertain tax positions 757 (698 ) (581 ) Current income tax expense (benefit) 8,651 2,032 678 Deferred: Federal (1) (81,666 ) 38,214 24,067 State and local 4,341 3,172 1,703 Deferred income tax (benefit) expense (77,325 ) 41,386 25,770 Total income tax (benefit) expense $ (68,674 ) $ 43,418 $ 26,448 ( 1 Includes a federal tax benefit of $146.0 Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2017 2016 Deferred tax liabilities: Net book value of property and equipment $ 18,131 $ 26,620 Broadcast licenses, goodwill and other intangibles 272,330 369,275 Total deferred tax liabilities 290,461 395,895 Deferred tax assets: Liability for accrued vacation 1,438 2,232 Liability for accrued bonus 2,391 5,483 Loan acquisition costs 47 336 Allowance for doubtful accounts 1,170 1,168 Liability under health and welfare plan 608 1,201 Liability for pension plan 9,611 13,278 Federal operating loss carryforwards - 20,401 State and local operating loss carryforwards 4,719 4,555 Alternative minimum tax carryforwards 3,925 386 Unearned income 2 3 Stock options 113 174 Acquisition costs 2,104 3,140 Restricted stock 2,636 1,950 Other 82 109 Total deferred tax assets 28,846 54,416 Valuation allowance for deferred tax assets (75 ) (1,532 ) Net deferred tax assets 28,771 52,884 Deferred tax liabilities, net of deferred tax assets $ 261,690 $ 343,011 We have approximately $61.6 2016, 2017 $101.7 not A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will not not December 31, 2017 2016 $0.1 $1.5 Our total valuation allowance provided for deferred income tax assets decreased $ 1.4 December 31, 2017 $0.2 December 31, 2016 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, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Statutory federal rate applied to income before income tax expense $ 67,647 $ 36,992 $ 23,012 Current year permanent items 2,408 1,830 1,192 State and local taxes, net of federal tax benefit 7,889 5,056 2,831 Change in valuation allowance (1,457 ) (151 ) (369 ) Reserve for uncertain tax positions 757 (698 ) (581 ) Rate change due to enactment of tax reform (145,997 ) - - Other items, net 79 389 363 Income tax (benfit) expense as recorded $ (68,674 ) $ 43,418 $ 26,448 Effective income tax (benefit) expense rate (35.5)% 41.1% 40.2% 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 2017, $7.4 $4.5 $2.9 2016, $0.6 $0.4 $0.2 2015, $5.8 $3.5 $2.3 In 2017, 2016 2015, $2.0 $14.6 $1.8 December 31, 2017, $13.8 December 31, 2016, $14.6 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 We file income tax returns in the U.S. federal and multiple state jurisdictions. With few exceptions, we are no 2007. 2009 2011 |
Note 8 - Retirement Plans
Note 8 - Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8 . Retirement Plans We sponsor and contribute to defined benefit and defined contribution retirement plans. Our defined benefit pension plan is the Gray Television, Inc. Retirement Plan (the “Gray Pension Plan”). On December 31, 2016, two no no 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, 2017 2016, December 31, 2017 2016, December 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 114,976 $ 103,199 Interest cost 4,669 4,398 Actuarial losses - 1,839 Benefits paid (3,529 ) (2,790 ) Merger of assumed plans 9,970 8,330 Projected benefit obligation at end of year $ 126,086 $ 114,976 Change in plan assets: Fair value of pension plan assets at beginning of year $ 80,929 $ 69,246 Actual return on plan assets 7,724 5,918 Company contributions 3,124 2,775 Benefits paid (3,529 ) (2,790 ) Merger of assumed plans - 5,780 Fair value of pension plan assets at end of year 88,248 80,929 Funded status of pension plan $ (37,838 ) $ (34,047 ) Amounts recognized on our balance sheets consist of: Accrued benefit cost $ (1,502 ) $ (5,121 ) Accumulated other comprehensive loss (36,336 ) (28,926 ) Net liability recognized $ (37,838 ) $ (34,047 ) Because the Gray Pension Plan is frozen the projected benefit obligation and the accumulated benefit obligation are the same. The accumulated benefit obligation was $126.1 $115.0 December 31, 2017 2016, not Year Ended December 31, 2017 2016 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.11 % 4.31 % Expected long-term rate of return on pension plan assets 7.00 % 7.00 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2017 2016 Weighted-average assumptions used to determine benefit obligations: Discount rate 3.55 % 4.11 % 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, 2017 2016 2015 Components of net periodic pension cost: Service cost $ - $ - $ 3,130 Interest cost 4,670 4,398 4,159 Expected return on plan assets (5,648 ) (4,836 ) (4,782 ) Recognized net actuarial loss 484 406 1,580 Net periodic pension (benefit) cost $ (494 ) $ (32 ) $ 4,087 For the Gray Pension Plan, the estimated future benefit payments are as follows (in thousands): Years Amount 2018 $ 2,924 2019 3,279 2020 3,768 2021 4,047 2022 4,324 2023 - 2027 26,680 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2017 2016 Asset category: Insurance general account 19 % 23 % Cash management accounts 4 % 6 % Equity accounts 42 % 39 % Fixed income accounts 31 % 28 % 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 Fair Value of Gray Pension Plan Assets . 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, 2017 2016, Gray Pension Plan Fair Value Measurements As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 16,873 $ - $ 16,873 Cash management accounts 3,229 - - 3,229 Equity accounts 37,536 - - 37,536 Fixed income accounts 27,146 - - 27,146 Real estate accounts 3,464 - - 3,464 Total $ 71,375 $ 16,873 $ - $ 88,248 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 account 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 Expected Pension Contributions . $2.0 December 31, 2018. Capital Accumulation Plan . 401 100% first 3% 50% 2% December 31, 2017, 2016 2015, contributions to our Capital Accumulation Plan were $6.6 $5.4 $1.8 December 31, 2018 $6.8 In addition, the Company, at its discretion, may December 31, 2017, 2016 2015, $4.1 $3.4 $1.6 W e may December 31, 2017, 1,587,719 December 31, 2017, 2016 2015, Year Ended December 31, 2017 2016 2015 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 1,224 $ 15 2,571 $ 29 1,898 $ 26 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Commitments and Contingencies From time to time w e may may December 31, 2017, Property Service and Syndicated Network and Other Operating Television Affiliation Year Equipment Agreements Leases Programming Agreements Total 2018 $ 3,887 $ 2,856 $ 3,286 $ 6,214 $ 176,669 $ 192,912 2019 - 749 2,651 18,330 130,014 151,744 2020 - - 2,284 12,571 140,357 155,212 2021 - - 2,125 1,510 130,117 133,752 2022 - - 1,952 691 2,679 5,322 Thereafter - - 5,294 451 - 5,745 Total $ 3,887 $ 3,605 $ 17,592 $ 39,767 $ 579,836 $ 644,687 Leases . no December 31, 2017, 2016 2015 $4.0 $3.5 $2.8 Legal Proceedings and Claims . not |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 0 . Goodwill and Intangible Assets During the year s ended December 31, 2017 2016, 2 December 31, 2017 2016 Net Balance at Net Balance at December 31, December 31, 2016 Acquisitions Dispositions Impairment Amortization 2017 Goodwill $ 485,318 $ 125,782 $ - $ - $ - $ 611,100 Broadcast licenses 1,340,305 $ 203,503 (13,105 ) - - 1,530,703 Finite-lived intangible assets 56,250 42,606 - - (25,072 ) 73,784 Total intangible assets net of accumulated amortization $ 1,881,873 $ 371,891 $ (13,105 ) $ - $ (25,072 ) $ 2,215,587 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 A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2017 2016 As of As of December 31, 2016 Acquisitions Dispositions Impairment December 31, 2017 Goodwill, gross $ 583,914 $ 125,782 $ - $ - $ 709,696 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 485,318 $ 125,782 $ - $ - $ 611,100 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 December 31, 2017 2016, As of December 31, 2017 As of December 31, 2016 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,394,004 $ (53,699 ) $ 1,340,305 Goodwill 611,100 - 611,100 485,318 - 485,318 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 1,879,322 $ (53,699 ) $ 1,825,623 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (3,551 ) $ 2,583 $ 1,264 $ (1,264 ) $ - Other finite-lived intangible assets 143,446 (72,245 ) 71,201 105,792 (49,542 ) 56,250 $ 149,580 $ (75,796 ) $ 73,784 $ 107,056 $ (50,806 ) $ 56,250 Total intangibles $ 2,345,082 $ (129,495 ) $ 2,215,587 $ 1,986,378 $ (104,505 ) $ 1,881,873 Amortization expense for the years ended December 31, 2017, 2016 2015 $25.1 $16.6 $12.0 December 31, 2017, five 2018, $20.6 2019, $15.4 2020, $12.4 2021, $8.3 2022, $4.8 may Impairment of goodwill and broadcast license . December 31, 2017 2016, not 2017, 2016 2015. Completion of FCC Spectrum Auction. August 7, 2017, $90.8 two two $13.1 See Note 1 for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets. |
Note 11 - Selected Quarterly Fi
Note 11 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 1 . Selected Quarterly Financial Data (Unaudited) Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2017: Revenue (less agency commissions) $ 203,461 $ 226,681 $ 218,977 $ 233,609 Operating income 43,558 142,555 50,024 55,089 Net income 10,505 70,561 15,316 165,570 Basic net income per share $ 0.15 $ 0.98 $ 0.21 $ 2.15 Diluted net income per share $ 0.14 $ 0.97 $ 0.21 $ 2.13 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 (loss) 8,990 17,662 (213 ) 35,834 Basic net income (loss) per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income (loss) per share $ 0.12 $ 0.24 $ - $ 0.49 Because of the method used in calculating per share data, the sum of the quarterly per share data will not |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017: Allowance for doubtful accounts $ 3,163 $ 2,400 $ - $ (957 ) $ 4,606 Valuation allowance for deferred tax assets $ 1,532 $ (1,457 ) $ - $ - $ 75 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 (a) In 2016, 2 (b) Deductions from allowance for doubtful accounts represent write-offs of receivable balances not . 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, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entity (“VIE”). We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with U.S. GAAP, in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. On January 17, 2017, the assets of two 69 102 $269.9 May 30, 2017, August 7, 2017, During the period that GME held those broadcast licenses we believe we were the primary beneficiary of GME because, subject to the ultimate control of the licensees, we had the power to direct the activities that significantly impact the economic performance of GME through the services we provided, and our obligation to absorb losses and right to earn returns that would be considered significant to GME. As a result, we included the assets, liabilities and results of operations of GME in our consolidated financial statements beginning January 17, 2017 August 7, 2017, no |
Investment, Policy [Policy Text Block] | Investments in Broadcasting and Technology Companies . We have an investment in Sarkes Tarzian, Inc. (“Tarzian”) whose principal business is the ownership and operation of two June 30, 2017, 32.4% 67.9% no In 2016, $3.0 investment does not not . |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition . Cash received that has not not |
Advertising Barter Transactions, Policy [Policy Text Block] | Trade and Barter Transactions . December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Trade revenue $ 1,832 $ 2,069 $ 2,299 Trade expense (1,863 ) (1,997 ) (2,188 ) Net trade (loss) income $ (31 ) $ 72 $ 111 W e do not not not |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense . $1.6 $1.5 $1.0 December 31, 2017, 2016 2015, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates . |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Dou btful Accounts. 120 may 120 $2.4 $1.9 $0.6 December 31, 2017, 2016 2015, |
Program Broadcast Rights [Policy Text Block] | Program Broadcast Rights . two first Wheel of Fortune Seinfeld not first first not 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 clas sified 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 . The following table lists the components of property and equipment by major category (dollars in thousands): Estimated December 31, Useful Lives 2017 2016 (in years) Property and equipment: Land $ 50,458 $ 44,611 Buildings and improvements 156,924 139,078 7 to 40 Equipment 511,878 471,798 3 to 20 719,260 655,487 Accumulated depreciation (368,602 ) (329,394 ) Total property and equipment, net $ 350,658 $ 326,093 For the year ended December 31, 2017, $45.7 December 31, 2016 December 31, 2017 |
Deferred Charges, Policy [Policy Text Block] | Deferred Loan Costs . April 2015, No. 2015 03, 835 30 Simplifying the Presentation of Debt Issuance Costs. 2015 03 not August 2015 , the FASB issued ASU No. 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 not January 1, 2016. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations . 2062. $1.1 $0.8 December 31, 2017 2016, December 31, 2017, 2016 2015, $71,000, $15,000 $34,000, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk . not Excluding political advertising revenue, which is cyclical based on election cycles, our most significant category of customer is automotive. During the years ended December 31, 2017 2016 2015 25%, 22% 24%, no one 5% |
Earnings Per Share, Policy [Policy Text Block] | E arnings Per Share . not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2017, 2016 2015 Year Ended December 31, 2017 2016 2015 Weighted-average shares outstanding – basic 73,061 71,848 68,330 Weighted-average shares underlying stock options and restricted shares 775 916 657 Weighted-average shares outstanding - diluted 73,836 72,764 68,987 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets . For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired afte r December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulato ry 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 not 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 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 not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 |
Comprehensive Income, Policy [Policy Text Block] | A ccumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of December 31, 2017 2016 December 31, 2017 2016 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36,336 ) $ (28,926 ) Income tax benefit (14,171 ) (11,281 ) Accumulated other comprehensive loss $ (22,165 ) $ (17,645 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements . February 2016, 2016 02 Leases 842 2016 02 840, Leases December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles – Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 nt exceeds the reporting unit’s fair value; however, the loss recognized will not The standard is effective for fiscal years beginning after December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU 2018 02 2017 not The standard is effective for fiscal years beginning after December 15, 2018, not not Adoption of Accounting Standards and Reclassifications. In May 2014, 2014 09 Revenue from Contracts with Customers 606 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers 606 Deferral of the Effective Date 2015 14 2014 09 one December 15, 2017, not December 15, 2016. March 2016, 2016 08, Principal versus Agent Considerations 2014 09 April 2016, 2016 10, Revenue from Contracts with Customers 606 Identifying Performance Obligations and Licensing 2014 09 May 2016, 2016 12, Revenue from Contracts with Customers 606 Narrow Scope Improvements and Practical Expedients December 2016, 2016 20, Revenue from Contracts with Customers 606 Technical Corrections and Improvements We have completed our assessment and concluded that the adoption of ASC 606 not first 2018. not In January 2016, No. 2016 01 – Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 first 2018. not In March 2016, 2016 09, Compensation – Stock Compensation 718 Improvements to Employee Share-Based Payment Accounting. 2016 09 January 1, 2017, $1.1 2017, In August 2016, 2016 15, Statement of Cash Flows 230 – Classification of Certain Cash Receipts and Cash Payments 2016 15 eight first 2018. not In January 2017, 2017 01, Business Combinations 805 Clarifying the Definition of a Business 2017 01 first 2018. not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not Certain amounts in the consolidated statement of cash flows have been reclassified to conform to the current presentation. |
Note 1 - Description of Busin23
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Principal Transactions Revenue [Table Text Block] | Year Ended December 31, 2017 2016 2015 Trade revenue $ 1,832 $ 2,069 $ 2,299 Trade expense (1,863 ) (1,997 ) (2,188 ) Net trade (loss) income $ (31 ) $ 72 $ 111 |
Property, Plant and Equipment [Table Text Block] | Estimated December 31, Useful Lives 2017 2016 (in years) Property and equipment: Land $ 50,458 $ 44,611 Buildings and improvements 156,924 139,078 7 to 40 Equipment 511,878 471,798 3 to 20 719,260 655,487 Accumulated depreciation (368,602 ) (329,394 ) Total property and equipment, net $ 350,658 $ 326,093 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2017 2016 2015 Weighted-average shares outstanding – basic 73,061 71,848 68,330 Weighted-average shares underlying stock options and restricted shares 775 916 657 Weighted-average shares outstanding - diluted 73,836 72,764 68,987 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2017 2016 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36,336 ) $ (28,926 ) Income tax benefit (14,171 ) (11,281 ) Accumulated other comprehensive loss $ (22,165 ) $ (17,645 ) |
Note 2 - Acquisitions and Dis24
Note 2 - Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Revenue (less agency commissions) $ 895,081 $ 926,799 Net income $ 260,909 $ 88,679 Basic net income per share $ 3.57 $ 1.23 Diluted net income per share $ 3.53 $ 1.22 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 Year Ended December 31, 2015 Revenue (less agency commissions) $ 621,530 Net income $ 46,181 Basic net income per share $ 0.68 Diluted net income per share $ 0.67 |
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 Total Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 $ 837 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 29,773 Goodwill 25,006 3,719 2,587 11,616 245 5,154 48,327 Broadcast licenses 55,676 22,253 6,333 - 6,150 - 90,412 Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 16,272 Other non-current assets 13 13 32 87 - 13 158 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) (1,275 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) (158 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 $ 184,346 |
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 |
2017 Acquisitions [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquisition Fairbanks Media General Clarksburg Diversified Vermont Total Current assets $ 122 $ 666 $ 462 $ 361 $ 312 $ 1,923 Property and equipment 2,650 20,181 4,133 12,329 9,513 48,806 Goodwill 471 86,287 3,222 35,486 316 125,782 Broadcast licenses 2,228 149,846 17,003 26,219 7,592 202,888 Other intangible assets 2,702 13,398 2,234 11,051 8,268 37,653 Other non-current assets 71 282 51 27 3,310 3,741 Current liabilities (140 ) (695 ) (554 ) (423 ) (311 ) (2,123 ) Other long-term liabilities (84 ) - (51 ) (50 ) - (185 ) Total $ 8,020 $ 269,965 $ 26,500 $ 85,000 $ 29,000 $ 418,485 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2017 2016 Long-term debt including current portion: 2014 Senior Credit Facility $ - $ 556,438 2017 Senior Credit Facility 635,234 - 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,860,234 1,781,438 Unamortized deferred loan costs - 2014 Senior Credit Facility - (12,158 ) Unamortized deferred loan costs - 2017 Senior Credit Facility (11,777 ) - Unamortized deferred loan costs - 2024 Notes (6,743 ) (7,742 ) Unamortized deferred loan costs - 2026 Notes (9,473 ) (10,588 ) Unamortized premium - 2026 Notes 5,187 5,797 Less current portion (6,417 ) - Net carrying value $ 1,831,011 $ 1,756,747 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 60,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Minimum Principal Maturities 2017 Senior 2024 2026 Year Credit Facility Notes Notes Total 2018 $ 6,417 $ - $ - $ 6,417 2019 6,417 - - 6,417 2020 6,417 - - 6,417 2021 6,417 - - 6,417 2022 6,417 - - 6,417 Thereafter 603,149 525,000 700,000 1,828,149 Total $ 635,234 $ 525,000 $ 700,000 $ 1,860,234 |
Note 6 - Stock-based Compensa26
Note 6 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 2017 2016 2015 Stock-based compensation expense, gross $ 8,303 $ 5,099 $ 4,019 Income tax benefit at our statutory rate associated with stock-based compensation (3,238 ) (1,989 ) (1,567 ) Stock-based compensation expense, net $ 5,065 $ 3,110 $ 2,452 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Year Ended December 31, 2017 2016 2015 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock - common: Outstanding - beginning of period 396,033 $ 12.06 337,506 $ 9.57 385,056 $ 9.09 Granted 307,943 10.40 237,500 12.88 150,308 10.27 Vested (200,291 ) 11.82 (178,973 ) 8.46 (197,858 ) 9.16 Outstanding - end of period 503,685 $ 11.14 396,033 $ 12.06 337,506 $ 9.57 Restricted stock - Class A common: Outstanding - beginning of period 415,082 $ 10.15 374,693 $ 9.46 204,473 $ 9.81 Granted 275,076 10.84 218,612 11.25 287,513 9.37 Vested (227,526 ) 10.00 (178,223 ) 10.04 (117,293 ) 9.85 Outstanding - end of period 462,632 $ 10.63 415,082 $ 10.15 374,693 $ 9.46 Restricted stock units - common: Outstanding - beginning of period - $ - Granted 215,500 15.70 Vested - - Forfeited (6,000 ) 15.70 Outstanding - end of period 209,500 $ 15.70 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2017 2016 2015 Current: Federal $ 4,633 $ - $ - State and local 3,261 2,730 1,259 State and local - reserve for uncertain tax positions 757 (698 ) (581 ) Current income tax expense (benefit) 8,651 2,032 678 Deferred: Federal (1) (81,666 ) 38,214 24,067 State and local 4,341 3,172 1,703 Deferred income tax (benefit) expense (77,325 ) 41,386 25,770 Total income tax (benefit) expense $ (68,674 ) $ 43,418 $ 26,448 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Deferred tax liabilities: Net book value of property and equipment $ 18,131 $ 26,620 Broadcast licenses, goodwill and other intangibles 272,330 369,275 Total deferred tax liabilities 290,461 395,895 Deferred tax assets: Liability for accrued vacation 1,438 2,232 Liability for accrued bonus 2,391 5,483 Loan acquisition costs 47 336 Allowance for doubtful accounts 1,170 1,168 Liability under health and welfare plan 608 1,201 Liability for pension plan 9,611 13,278 Federal operating loss carryforwards - 20,401 State and local operating loss carryforwards 4,719 4,555 Alternative minimum tax carryforwards 3,925 386 Unearned income 2 3 Stock options 113 174 Acquisition costs 2,104 3,140 Restricted stock 2,636 1,950 Other 82 109 Total deferred tax assets 28,846 54,416 Valuation allowance for deferred tax assets (75 ) (1,532 ) Net deferred tax assets 28,771 52,884 Deferred tax liabilities, net of deferred tax assets $ 261,690 $ 343,011 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2017 2016 2015 Statutory federal rate applied to income before income tax expense $ 67,647 $ 36,992 $ 23,012 Current year permanent items 2,408 1,830 1,192 State and local taxes, net of federal tax benefit 7,889 5,056 2,831 Change in valuation allowance (1,457 ) (151 ) (369 ) Reserve for uncertain tax positions 757 (698 ) (581 ) Rate change due to enactment of tax reform (145,997 ) - - Other items, net 79 389 363 Income tax (benfit) expense as recorded $ (68,674 ) $ 43,418 $ 26,448 Effective income tax (benefit) expense rate (35.5)% 41.1% 40.2% |
Note 8 - Retirement Plans (Tabl
Note 8 - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | December 31, 2017 2016 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 114,976 $ 103,199 Interest cost 4,669 4,398 Actuarial losses - 1,839 Benefits paid (3,529 ) (2,790 ) Merger of assumed plans 9,970 8,330 Projected benefit obligation at end of year $ 126,086 $ 114,976 Change in plan assets: Fair value of pension plan assets at beginning of year $ 80,929 $ 69,246 Actual return on plan assets 7,724 5,918 Company contributions 3,124 2,775 Benefits paid (3,529 ) (2,790 ) Merger of assumed plans - 5,780 Fair value of pension plan assets at end of year 88,248 80,929 Funded status of pension plan $ (37,838 ) $ (34,047 ) Amounts recognized on our balance sheets consist of: Accrued benefit cost $ (1,502 ) $ (5,121 ) Accumulated other comprehensive loss (36,336 ) (28,926 ) Net liability recognized $ (37,838 ) $ (34,047 ) |
Schedule of Assumptions Used [Table Text Block] | Year Ended December 31, 2017 2016 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.11 % 4.31 % Expected long-term rate of return on pension plan assets 7.00 % 7.00 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2017 2016 Weighted-average assumptions used to determine benefit obligations: Discount rate 3.55 % 4.11 % |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2017 2016 2015 Components of net periodic pension cost: Service cost $ - $ - $ 3,130 Interest cost 4,670 4,398 4,159 Expected return on plan assets (5,648 ) (4,836 ) (4,782 ) Recognized net actuarial loss 484 406 1,580 Net periodic pension (benefit) cost $ (494 ) $ (32 ) $ 4,087 |
Schedule of Expected Benefit Payments [Table Text Block] | Years Amount 2018 $ 2,924 2019 3,279 2020 3,768 2021 4,047 2022 4,324 2023 - 2027 26,680 |
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 % |
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block] | As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 16,873 $ - $ 16,873 Cash management accounts 3,229 - - 3,229 Equity accounts 37,536 - - 37,536 Fixed income accounts 27,146 - - 27,146 Real estate accounts 3,464 - - 3,464 Total $ 71,375 $ 16,873 $ - $ 88,248 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 account 22,544 - - 22,544 Real estate accounts 2,976 - - 2,976 Total $ 62,572 $ 18,357 $ - $ 80,929 |
Asset Categories [Member] | |
Notes Tables | |
Schedule of Allocation of Plan Assets [Table Text Block] | As of December 31, 2017 2016 Asset category: Insurance general account 19 % 23 % Cash management accounts 4 % 6 % Equity accounts 42 % 39 % Fixed income accounts 31 % 28 % 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, 2017 2016 2015 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 1,224 $ 15 2,571 $ 29 1,898 $ 26 |
Note 9 - Commitments and Cont29
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Property Service and Syndicated Network and Other Operating Television Affiliation Year Equipment Agreements Leases Programming Agreements Total 2018 $ 3,887 $ 2,856 $ 3,286 $ 6,214 $ 176,669 $ 192,912 2019 - 749 2,651 18,330 130,014 151,744 2020 - - 2,284 12,571 140,357 155,212 2021 - - 2,125 1,510 130,117 133,752 2022 - - 1,952 691 2,679 5,322 Thereafter - - 5,294 451 - 5,745 Total $ 3,887 $ 3,605 $ 17,592 $ 39,767 $ 579,836 $ 644,687 |
Note 10 - Goodwill and Intang30
Note 10 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block] | Net Balance at Net Balance at December 31, December 31, 2016 Acquisitions Dispositions Impairment Amortization 2017 Goodwill $ 485,318 $ 125,782 $ - $ - $ - $ 611,100 Broadcast licenses 1,340,305 $ 203,503 (13,105 ) - - 1,530,703 Finite-lived intangible assets 56,250 42,606 - - (25,072 ) 73,784 Total intangible assets net of accumulated amortization $ 1,881,873 $ 371,891 $ (13,105 ) $ - $ (25,072 ) $ 2,215,587 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 |
Schedule of Goodwill [Table Text Block] | As of As of December 31, 2016 Acquisitions Dispositions Impairment December 31, 2017 Goodwill, gross $ 583,914 $ 125,782 $ - $ - $ 709,696 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 485,318 $ 125,782 $ - $ - $ 611,100 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 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2017 As of December 31, 2016 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,394,004 $ (53,699 ) $ 1,340,305 Goodwill 611,100 - 611,100 485,318 - 485,318 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 1,879,322 $ (53,699 ) $ 1,825,623 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (3,551 ) $ 2,583 $ 1,264 $ (1,264 ) $ - Other finite-lived intangible assets 143,446 (72,245 ) 71,201 105,792 (49,542 ) 56,250 $ 149,580 $ (75,796 ) $ 73,784 $ 107,056 $ (50,806 ) $ 56,250 Total intangibles $ 2,345,082 $ (129,495 ) $ 2,215,587 $ 1,986,378 $ (104,505 ) $ 1,881,873 |
Note 11 - Selected Quarterly 31
Note 11 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017: Revenue (less agency commissions) $ 203,461 $ 226,681 $ 218,977 $ 233,609 Operating income 43,558 142,555 50,024 55,089 Net income 10,505 70,561 15,316 165,570 Basic net income per share $ 0.15 $ 0.98 $ 0.21 $ 2.15 Diluted net income per share $ 0.14 $ 0.97 $ 0.21 $ 2.13 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 (loss) 8,990 17,662 (213 ) 35,834 Basic net income (loss) per share $ 0.13 $ 0.25 $ - $ 0.50 Diluted net income (loss) per share $ 0.12 $ 0.24 $ - $ 0.49 |
Schedule II - Valuation and Q32
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017: Allowance for doubtful accounts $ 3,163 $ 2,400 $ - $ (957 ) $ 4,606 Valuation allowance for deferred tax assets $ 1,532 $ (1,457 ) $ - $ - $ 75 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 |
Note 1 - Description of Busin33
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 17, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Jan. 01, 2017 |
Business Combination, Consideration Transferred | $ 473,074,000 | ||||||
Advertising Expense | $ 1,600,000 | 1,500,000 | $ 1,000,000 | ||||
Period for Creating Allowance for Doubtful Accounts | 120 days | ||||||
Provision for Doubtful Accounts | $ 2,400,000 | 1,900,000 | 600,000 | ||||
Property, Plant and Equipment, Additions | 45,700,000 | ||||||
Asset Retirement Obligation | 1,100,000 | 800,000 | |||||
Asset Retirement Obligation, Accretion Expense | 71,000 | $ 15,000 | $ 34,000 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,107,000 | ||||||
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||||
New Accounting Pronouncement Effect, Right of Use Assets | $ 17,600,000 | ||||||
New Accounting Pronouncement Effect, Lease Obligation Liability | $ 17,600,000 | ||||||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Automotive [Member] | |||||||
Concentration Risk, Percentage | 25.00% | 22.00% | 24.00% | ||||
Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,107,000 | ||||||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,100,000 | ||||||
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% | ||||||
Syncbak [Member] | |||||||
Cost Method Investments, Original Cost | $ 3,000,000 | ||||||
Green Bay Acquisition and Davenport Acquisition [Member] | |||||||
Business Combination, Consideration Transferred | $ 269,900,000 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net trade (loss) income | $ 165,570 | $ 15,316 | $ 70,561 | $ 10,505 | $ 35,834 | $ (213) | $ 17,662 | $ 8,990 | $ 261,952 | $ 62,273 | $ 39,301 |
Advertising Barter Transactions [Member] | |||||||||||
Trade revenue | 1,832 | 2,069 | 2,299 | ||||||||
Trade expense | (1,863) | (1,997) | (2,188) | ||||||||
Net trade (loss) income | $ (31) | $ 72 | $ 111 |
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, 2017 | Dec. 31, 2016 | |
Property and equipment, gross | $ 719,260 | $ 655,487 |
Accumulated depreciation | (368,602) | (329,394) |
Total property and equipment, net | 350,658 | 326,093 |
Land [Member] | ||
Property and equipment, gross | 50,458 | 44,611 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 156,924 | 139,078 |
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 | $ 511,878 | $ 471,798 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Weighted-average shares outstanding – basic (in shares) | 73,061 | 71,848 | 68,330 |
Weighted-average shares underlying stock options and restricted shares (in shares) | 775 | 916 | 657 |
Weighted-average shares outstanding - diluted (in shares) | 73,836 | 72,764 | 68,987 |
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, 2017 | Dec. 31, 2016 |
Accumulated balances of items included in accumulated other comprehensive loss: | ||
Increase in pension liability | $ (36,336) | $ (28,926) |
Income tax benefit | (14,171) | (11,281) |
Accumulated other comprehensive loss | $ (22,165) | $ (17,645) |
Note 2 - Acquisitions and Dis38
Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($) | Aug. 01, 2017 | Jun. 01, 2017 | May 01, 2017 | Jan. 17, 2017 | Jan. 13, 2017 | Jun. 27, 2016 | Jun. 01, 2016 | Feb. 16, 2016 | Feb. 01, 2016 | Sep. 01, 2015 | Jul. 02, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Combination, Consideration Transferred | $ 473,074,000 | |||||||||||||
Goodwill | $ 611,100,000 | 485,318,000 | $ 423,236,000 | |||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 79,800,000 | 130,400,000 | ||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 33,700,000 | 55,800,000 | ||||||||||||
Business Combination, Acquisition Related Costs | 1,100,000 | 7,400,000 | ||||||||||||
Proceeds from Divestiture of Businesses | 0 | 11,200,000 | 0 | |||||||||||
Long-term Debt | 1,800,000,000 | 1,800,000,000 | ||||||||||||
Finite-lived Intangible Assets Acquired | 42,606,000 | 19,566,000 | ||||||||||||
Goodwill, Acquired During Period | 125,782,000 | 72,296,000 | 48,300,000 | |||||||||||
2016 Term Loan [Member] | ||||||||||||||
Long-term Debt | $ 425,000,000 | |||||||||||||
KAKE-TV [Member] | ||||||||||||||
Business Combination, Consideration Transferred | $ 443,100,000 | 0 | ||||||||||||
Proceeds from Divestiture of Businesses | 11,200,000 | 11,200,000 | ||||||||||||
Gain (Loss) on Disposition of Business | $ 2,000,000 | |||||||||||||
Helena Montana Disposition [Member] | ||||||||||||||
Gain (Loss) on Disposition of Assets | $ 100,000 | |||||||||||||
NBC Affiliate and Television Station KTVH-TV [Member] | ||||||||||||||
Gain (Loss) on Disposition of Assets | 900,000 | |||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 3,000,000 | |||||||||||||
Fairbanks Acquistion [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 8,000,000 | |||||||||||||
Goodwill | 471,000 | |||||||||||||
Green Bay Acquisition and Davenport Acquisition [Member] | ||||||||||||||
Business Combination, Consideration Transferred | $ 269,900,000 | |||||||||||||
Clarksburg Acquisition [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 16,500,000 | |||||||||||||
Business Combination, Consideration Transferred | $ 26,500,000 | |||||||||||||
Goodwill | 3,222,000 | |||||||||||||
Bangor Acquisition and Gainesville Acquisition [Member] | ||||||||||||||
Business Combination, Consideration Transferred | $ 85,000,000 | |||||||||||||
Burlington and Plattsburg Acquisition [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 5,800,000 | $ 23,200,000 | ||||||||||||
Business Combination, Consideration Transferred | $ 29,000,000 | |||||||||||||
2017 Acquisitions [Member] | ||||||||||||||
Goodwill | 125,782,000 | |||||||||||||
2017 Acquisitions [Member] | Retransmission Agreements [Member] | ||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 27,900,000 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 36 days | |||||||||||||
2017 Acquisitions [Member] | Advertising Relationships [Member] | ||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 5,300,000 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 255 days | |||||||||||||
2017 Acquisitions [Member] | Income Leases [Member] | ||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 3,000,000 | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years 328 days | |||||||||||||
2017 Acquisitions [Member] | Minimum [Member] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||||
2017 Acquisitions [Member] | Maximum [Member] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||||||||
Schurz Acquisition [Member] | ||||||||||||||
Proceeds from Divestiture of Businesses | $ 16,000,000 | |||||||||||||
KYES-TV Acquisition [Member] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 500,000 | |||||||||||||
Goodwill | 28,000 | |||||||||||||
WBXX Acquisition [Member] | ||||||||||||||
Business Combination, Consideration Transferred | 30,000,000 | |||||||||||||
Goodwill | 10,288,000 | |||||||||||||
Proceeds from Divestiture of Businesses | 0 | |||||||||||||
Accounts Receivable Contractual Amounts in Excess of Fair Value | $ 200,000 | |||||||||||||
Schurz Acquisition and Related Transaction [Member] | Retransmission Agreements [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 328 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 14,900,000 | |||||||||||||
Schurz Acquisition and Related Transaction [Member] | Advertising Relationships [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 182 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,600,000 | |||||||||||||
Schurz Acquisition and Related Transaction [Member] | Off-Market Favorable Lease [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 182 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 2,600,000 | |||||||||||||
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 | $ 100,000,000 | |||||||||||||
Goodwill | 25,006,000 | |||||||||||||
Odessa [Member] | ||||||||||||||
Business Combination, Consideration Transferred | $ 33,600,000 | |||||||||||||
Goodwill | 3,719,000 | |||||||||||||
Twin Falls [Member] | ||||||||||||||
Business Combination, Consideration Transferred | 17,500,000 | |||||||||||||
Goodwill | 2,587,000 | |||||||||||||
Wausau [Member] | ||||||||||||||
Business Combination, Consideration Transferred | 14,000,000 | |||||||||||||
Goodwill | 11,616,000 | |||||||||||||
Presque Isle [Member] | ||||||||||||||
Business Combination, Consideration Transferred | 10,300,000 | |||||||||||||
Goodwill | 245,000 | |||||||||||||
Laredo [Member] | ||||||||||||||
Business Combination, Consideration Transferred | $ 9,000,000 | |||||||||||||
Goodwill | 5,154,000 | |||||||||||||
The 2015 Acquisitions [Member] | ||||||||||||||
Goodwill | 48,327,000 | |||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 23,200,000 | |||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 8,600,000 | |||||||||||||
The 2015 Acquisitions [Member] | General and Administrative Expense [Member] | ||||||||||||||
Business Combination, Acquisition Related Costs | $ 6,500,000 | |||||||||||||
The 2015 Acquisitions [Member] | Retransmission Agreements [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 109 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 9,700,000 | |||||||||||||
The 2015 Acquisitions [Member] | Advertising Relationships [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 219 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 1,000,000 | |||||||||||||
The 2015 Acquisitions [Member] | Income Leases [Member] | ||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years 328 days | |||||||||||||
Finite-lived Intangible Assets Acquired | $ 5,400,000 | |||||||||||||
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 |
Note 2 - Acquisitions and Dis39
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 611,100 | $ 485,318 | $ 423,236 |
Fairbanks Acquistion [Member] | |||
Current assets | 122 | ||
Property and equipment | 2,650 | ||
Goodwill | 471 | ||
Broadcast licenses | 2,228 | ||
Other intangible assets | 2,702 | ||
Other non-current assets | 71 | ||
Current liabilities | (140) | ||
Other long-term liabilities | (84) | ||
Total | 8,020 | ||
Media General Acquisition [Member] | |||
Current assets | 666 | ||
Property and equipment | 20,181 | ||
Goodwill | 86,287 | ||
Broadcast licenses | 149,846 | ||
Other intangible assets | 13,398 | ||
Other non-current assets | 282 | ||
Current liabilities | (695) | ||
Other long-term liabilities | 0 | ||
Total | 269,965 | ||
Clarksburg Acquisition [Member] | |||
Current assets | 462 | ||
Property and equipment | 4,133 | ||
Goodwill | 3,222 | ||
Broadcast licenses | 17,003 | ||
Other intangible assets | 2,234 | ||
Other non-current assets | 51 | ||
Current liabilities | (554) | ||
Other long-term liabilities | (51) | ||
Total | 26,500 | ||
Diversified Acquisition [Member] | |||
Current assets | 361 | ||
Property and equipment | 12,329 | ||
Goodwill | 35,486 | ||
Broadcast licenses | 26,219 | ||
Other intangible assets | 11,051 | ||
Other non-current assets | 27 | ||
Current liabilities | (423) | ||
Other long-term liabilities | (50) | ||
Total | 85,000 | ||
Vermont Acquisition [Member] | |||
Current assets | 312 | ||
Property and equipment | 9,513 | ||
Goodwill | 316 | ||
Broadcast licenses | 7,592 | ||
Other intangible assets | 8,268 | ||
Other non-current assets | 3,310 | ||
Current liabilities | (311) | ||
Other long-term liabilities | 0 | ||
Total | 29,000 | ||
2017 Acquisitions [Member] | |||
Current assets | 1,923 | ||
Property and equipment | 48,806 | ||
Goodwill | 125,782 | ||
Broadcast licenses | 202,888 | ||
Other intangible assets | 37,653 | ||
Other non-current assets | 3,741 | ||
Current liabilities | (2,123) | ||
Other long-term liabilities | (185) | ||
Total | $ 418,485 |
Note 2 - Acquisitions and Dis40
Note 2 - Acquisitions and Dispositions - Purchase Consideration in Acquisition (Details) - USD ($) $ in Thousands | Feb. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 0 | (11,200) | $ 0 | |
Net consideration - the Schurz Acquisition and Related Transactions | 415,874 | |||
WBXX Acquisition [Member] | ||||
Base purchase price | 30,000 | |||
Purchase price adjustment | 0 | |||
Business Combination, Consideration Transferred | 30,000 | |||
Cash consideration received from sale of Schurz Radio Stations | 0 | |||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | 30,000 | |||
Non-cash consideration received | 0 | |||
Cash consideration received | 0 | |||
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 | 0 | |||
Cash consideration received | 0 | |||
Net consideration - the Schurz Acquisition and Related Transactions | 427,074 | |||
KAKE-TV [Member] | ||||
Base purchase price | 0 | |||
Purchase price adjustment | 0 | |||
Business Combination, Consideration Transferred | $ 443,100 | 0 | ||
Cash consideration received from sale of Schurz Radio Stations | 0 | |||
Net adjusted purchase price allocated to assets acquired and liabilities assumed | 0 | |||
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 Dis41
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2016 Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 611,100 | $ 485,318 | $ 423,236 |
KYES-TV Acquisition [Member] | |||
Accounts receivable | 0 | ||
Other current assets | 0 | ||
Property and equipment | 176 | ||
Goodwill | 28 | ||
Broadcast licenses | 254 | ||
Other intangible assets | 42 | ||
Other non-current assets | 0 | ||
Current liabilities | 0 | ||
Other long-term liabilities | 0 | ||
Total | 500 | ||
WBXX Acquisition [Member] | |||
Accounts receivable | 0 | ||
Other current assets | 429 | ||
Property and equipment | 1,633 | ||
Goodwill | 10,288 | ||
Broadcast licenses | 18,199 | ||
Other intangible assets | 0 | ||
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 Dis42
Note 2 - Acquisitions and Dispositions - Fair Value of Assets Acquired, Liabilities Assumed, and Goodwill from 2015 Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill | $ 611,100 | $ 485,318 | $ 423,236 |
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 | ||
The 2015 Acquisitions [Member] | |||
Other current assets | 837 | ||
Property and equipment | 29,773 | ||
Goodwill | 48,327 | ||
Broadcast licenses | 90,412 | ||
Other intangible assets | 16,272 | ||
Other non-current assets | 158 | ||
Current liabilities | (1,275) | ||
Other long-term liabilities | (158) | ||
Total | $ 184,346 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisitions Completed in 2017 [Member] | |||
Revenue (less agency commissions) | $ 895,081 | $ 926,799 | |
Net income | $ 260,909 | $ 88,679 | |
Basic net income per share (in dollars per share) | $ 3.57 | $ 1.23 | |
Diluted net income per share (in dollars per share) | $ 3.53 | $ 1.22 | |
Acquisitions Completed in 2016 [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 | |
Acquisitions Completed in 2015 [Member] | |||
Revenue (less agency commissions) | $ 621,530 | ||
Net income | $ 46,181 | ||
Basic net income per share (in dollars per share) | $ 0.68 | ||
Diluted net income per share (in dollars per share) | $ 0.67 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Apr. 03, 2017 | Feb. 07, 2017 | Sep. 14, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 14, 2016 |
Long-term Debt, Gross | $ 1,860,234 | ||||||
Proceeds from Issuance of Long-term Debt | 641,438 | $ 1,656,000 | $ 0 | ||||
Gain (Loss) on Extinguishment of Debt | (2,851) | (31,987) | 0 | ||||
Interest Paid | 97,000 | 76,200 | 76,900 | ||||
Interest Costs Capitalized | 0 | 0 | $ 0 | ||||
The 2017 Senior Credit Facility [Member] | |||||||
Long-term Debt, Gross | 635,234 | 0 | |||||
Debt Agreement, Maximum Borrowing Capacity | 735,200 | ||||||
Gain (Loss) on Extinguishment of Debt | (2,900) | ||||||
Debt Issuance Costs, Gross | 5,000 | ||||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | 100,000 | |||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||
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% | ||||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
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% | ||||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | |||||||
Long-term Debt, Gross | $ 556,400 | ||||||
Proceeds from Issuance of Long-term Debt | $ 85,000 | ||||||
Debt Instrument, Quarterly Principal Payment | $ 1,600 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | 2.25% | ||||||
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25 | 2.50% | ||||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | 1.25% | ||||||
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25 | 1.50% | ||||||
2014 Senior Credit Facility [Member] | |||||||
Long-term Debt, Gross | $ 0 | $ 556,438 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||||||
2024 Notes [Member] | |||||||
Long-term Debt, Gross | $ 525,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | |||||
Unsecured Debt | $ 525,000 | $ 525,000 | |||||
2026 Notes [Member] | |||||||
Long-term Debt, Gross | $ 700,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||||
Unsecured Debt | $ 700,000 | $ 700,000 | |||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
The Additional 2026 Notes [Member] | |||||||
Proceeds from Issuance of Long-term Debt | $ 206,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||||||
Debt Instrument, Face Amount | $ 200,000 | ||||||
Debt Instrument, Issueing Price, Percentage | 103.00% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.398% |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term debt including current portion: | ||
Senior Credit Facility | $ 1,860,234 | |
Total outstanding principal | 1,860,234 | $ 1,781,438 |
Less current portion | (6,417) | 0 |
Net carrying value | 1,831,011 | 1,756,747 |
Borrowing availability under the Revolving Credit Facility | 100,000 | 60,000 |
2014 Senior Credit Facility [Member] | ||
Long-term debt including current portion: | ||
Senior Credit Facility | 0 | 556,438 |
Unamortized deferred loan costs | 0 | (12,158) |
The 2017 Senior Credit Facility [Member] | ||
Long-term debt including current portion: | ||
Senior Credit Facility | 635,234 | 0 |
Unamortized deferred loan costs | (11,777) | 0 |
2024 Notes [Member] | ||
Long-term debt including current portion: | ||
Senior Credit Facility | 525,000 | |
Unsecured Debt | 525,000 | 525,000 |
Unamortized deferred loan costs | (6,743) | (7,742) |
2026 Notes [Member] | ||
Long-term debt including current portion: | ||
Senior Credit Facility | 700,000 | |
Unsecured Debt | 700,000 | 700,000 |
Unamortized deferred loan costs | (9,473) | (10,588) |
Unamortized premium | $ 5,187 | $ 5,797 |
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, 2017 | Dec. 31, 2016 |
2,018 | $ 6,417 | |
2,019 | 6,417 | |
2,020 | 6,417 | |
2,021 | 6,417 | |
2,022 | 6,417 | |
Thereafter | 1,828,149 | |
Total | 1,860,234 | |
The 2017 Senior Credit Facility [Member] | ||
2,018 | 6,417 | |
2,019 | 6,417 | |
2,020 | 6,417 | |
2,021 | 6,417 | |
2,022 | 6,417 | |
Thereafter | 603,149 | |
Total | 635,234 | $ 0 |
2024 Notes [Member] | ||
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 525,000 | |
Total | 525,000 | |
2026 Notes [Member] | ||
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 700,000 | |
Total | $ 700,000 |
Note 4 - Fair Value Measureme47
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt | $ 1.8 | $ 1.8 |
Long-term Debt, Fair Value | $ 1.9 | $ 1.8 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Nov. 06, 2016USD ($) | 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 | |||||||
Dividends, Common Stock | $ | $ 0 | $ 0 | $ 0 | ||||||
Proceeds from Issuance of Common Stock | $ | 238,945 | 0 | 167,313 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 4,000 | $ 2,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,422,965 | 7,422,965 | 5,449,148 | ||||||
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, Authorized Amount | $ | $ 75,000 | ||||||||
Treasury Stock, Shares, Acquired | 322,038 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 12.39 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 4,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 69,000 | $ 69,000 | |||||||
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 | 17,250,000 | 13,500,000 | |||||||
Share Price | $ / shares | $ 14.50 | $ 13 | $ 14.50 | ||||||
Proceeds from Issuance of Common Stock | $ | $ 238,900 | $ 167,300 | |||||||
Issuance of Stock, Underwriting Discount | $ | 10,600 | 7,500 | |||||||
Issuance of Stock, Underwriting Expenses | $ | $ 600 | $ 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 | 1,923,144 | 1,923,144 | 257,581 | ||||||
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 | Feb. 14, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3.4 | |||
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 | 307,943 | 237,500 | 150,308 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.40 | $ 12.88 | $ 10.27 | |
Restricted Stock [Member] | Subsequent Event [Member] | ||||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | $ 7.6 | |||
Restricted Stock [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 275,076 | 218,612 | 287,513 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.84 | $ 11.25 | $ 9.37 | |
Restricted Stock [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 307,943 | 218,452 | 150,308 | |
Restricted Stock [Member] | Employee [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 318,196 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.25 | |||
Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 198,220 | 166,677 | 229,322 | |
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 102,648 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,073 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 102,648 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,073 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 102,647 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,074 | |||
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, Equity Instruments Other than Options, Grants in Period | 72,816 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,559 | |||
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, Equity Instruments Other than Options, Grants in Period | 72,816 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2017 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,559 | |||
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, Equity Instruments Other than Options, Grants in Period | 72,820 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2019 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,559 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vested on January 31, 2016 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,102 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vested on January 31, 2016 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,442 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting on January 31, 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,100 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting on January 31, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,106 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting on January 31, 2018 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,438 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 153,406 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 82,394 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 82,396 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vested on January 31, 2017 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,442 | |||
Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,048 | |||
Restricted Stock [Member] | Director [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 51,935 | 58,191 | ||
Restricted Stock [Member] | Director [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2018 [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,856 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 215,500 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.70 | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 209,500 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,040 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.65 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Performance Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,040 | |||
Directors Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 770,000 | |||
Directors Restricted Stock Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | |
The 2017 Equity and Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,800,000 | |||
The 2017 Equity and Incentive Compensation Plan [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,900,000 | |||
2007 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||
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, Outstanding, Weighted Average Exercise Price | $ 1.99 | $ 1.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4.1 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation expense, gross | $ 8,303 | $ 5,099 | $ 4,019 |
Income tax benefit at our statutory rate associated with stock-based compensation | (3,238) | (1,989) | (1,567) |
Stock-based compensation expense, net | $ 5,065 | $ 3,110 | $ 2,452 |
Note 6 - Stock-based Compensa51
Note 6 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | 396,033 | 337,506 | 385,056 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.06 | $ 9.57 | $ 9.09 |
Granted, Shares (in shares) | 307,943 | 237,500 | 150,308 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 10.40 | $ 12.88 | $ 10.27 |
Vested, Shares (in shares) | (200,291) | (178,973) | (197,858) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 11.82 | $ 8.46 | $ 9.16 |
Outstanding, Shares (in shares) | 503,685 | 396,033 | 337,506 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.14 | $ 12.06 | $ 9.57 |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 415,082 | 374,693 | 204,473 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 10.15 | $ 9.46 | $ 9.81 |
Granted, Shares (in shares) | 275,076 | 218,612 | 287,513 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 10.84 | $ 11.25 | $ 9.37 |
Vested, Shares (in shares) | (227,526) | (178,223) | (117,293) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 10 | $ 10.04 | $ 9.85 |
Outstanding, Shares (in shares) | 462,632 | 415,082 | 374,693 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 10.63 | $ 10.15 | $ 9.46 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 0 | 0 | 0 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Granted, Shares (in shares) | 215,500 | 0 | 0 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 15.70 | $ 0 | $ 0 |
Vested, Shares (in shares) | 0 | 0 | 0 |
Vested, Weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Outstanding, Shares (in shares) | 209,500 | 0 | 0 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 15.70 | $ 0 | $ 0 |
Forfeited, Shares (in shares) | (6,000) | 0 | 0 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 15.70 | $ 0 | $ 0 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (146,000) | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Deferred Tax Assets, Valuation Allowance | 75 | $ 75 | $ 1,532 | ||
Increase (Decrease) in Obligation, Pension Benefits | (7,400) | (600) | $ (5,800) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 4,520 | 361 | (3,528) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 2,900 | 200 | 2,300 | ||
Income Taxes Paid, Net | 2,000 | 14,600 | $ 1,800 | ||
Accrued Income Taxes | 13,800 | 13,800 | 14,600 | ||
Capital Loss Carryforward [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,400) | (200) | |||
Domestic Tax Authority [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 61,600 | ||||
State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 101,700 | ||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | |||||
Deferred Tax Assets, Valuation Allowance | $ 100 | $ 100 | $ 1,500 | ||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Federal | $ 4,633 | $ 0 | $ 0 | |
State and local | 3,261 | 2,730 | 1,259 | |
State and local - reserve for uncertain tax positions | 757 | (698) | (581) | |
Current income tax expense (benefit) | 8,651 | 2,032 | 678 | |
Federal1 | [1] | (81,666) | 38,214 | 24,067 |
State and local | 4,341 | 3,172 | 1,703 | |
Deferred income tax (benefit) expense | (77,325) | 41,386 | 25,770 | |
Income tax (benfit) expense as recorded | $ (68,674) | $ 43,418 | $ 26,448 | |
[1] | Includes a federal tax benefit of $146.0 million from the restatement of deferred taxes resulting from the reduction of the corporate tax rate due to the enactment of the TCJA. |
Note 7 - Income Taxes - Signifi
Note 7 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax liabilities: | ||
Net book value of property and equipment | $ 18,131 | $ 26,620 |
Broadcast licenses, goodwill and other intangibles | 272,330 | 369,275 |
Total deferred tax liabilities | 290,461 | 395,895 |
Deferred tax assets: | ||
Liability for accrued vacation | 1,438 | 2,232 |
Liability for accrued bonus | 2,391 | 5,483 |
Loan acquisition costs | 47 | 336 |
Allowance for doubtful accounts | 1,170 | 1,168 |
Liability under health and welfare plan | 608 | 1,201 |
Liability for pension plan | 9,611 | 13,278 |
Federal operating loss carryforwards | 0 | 20,401 |
State and local operating loss carryforwards | 4,719 | 4,555 |
Alternative minimum tax carryforwards | 3,925 | 386 |
Unearned income | 2 | 3 |
Stock options | 113 | 174 |
Acquisition costs | 2,104 | 3,140 |
Restricted stock | 2,636 | 1,950 |
Other | 82 | 109 |
Total deferred tax assets | 28,846 | 54,416 |
Valuation allowance for deferred tax assets | (75) | (1,532) |
Net deferred tax assets | 28,771 | 52,884 |
Deferred tax liabilities, net of deferred tax assets | $ 261,690 | $ 343,011 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory federal rate applied to income before income tax expense | $ 67,647 | $ 36,992 | $ 23,012 |
Current year permanent items | 2,408 | 1,830 | 1,192 |
State and local taxes, net of federal tax benefit | 7,889 | 5,056 | 2,831 |
Change in valuation allowance | (1,457) | (151) | (369) |
Reserve for uncertain tax positions | 757 | (698) | (581) |
Rate change due to enactment of tax reform | (145,997) | 0 | 0 |
Other items, net | 79 | 389 | 363 |
Income tax (benfit) expense as recorded | $ (68,674) | $ 43,418 | $ 26,448 |
Effective income tax (benefit) expense rate | (35.50%) | 41.10% | 40.20% |
Note 8 - Retirement Plans (Deta
Note 8 - Retirement Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | |
Common Stock, Capital Shares Reserved for Future Issuance | shares | 7,422,965 | 5,449,148 | |
Capital Accumulation Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 6.6 | $ 5.4 | $ 1.8 |
Defined Contribution Plan, Expected Contributions In Next Twelve Months | $ 6.8 | ||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 1,587,719 | ||
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 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% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | ||
Pension Plan [Member] | Assumed Plans [Member] | |||
Number of Underfunded Pension Plans | 2 | ||
Pension Plan [Member] | Gray Pension Plan [Member] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 126.1 | $ 115 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2 | ||
Profit Sharing Contribution [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4.1 | $ 3.4 | $ 1.6 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Projected benefit obligation at beginning of year | $ 114,976 | $ 103,199 | |
Interest cost | 4,669 | 4,398 | $ 4,159 |
Actuarial losses | 0 | 1,839 | |
Benefits paid | (3,529) | (2,790) | |
Merger of assumed plans | 9,970 | 8,330 | |
Projected benefit obligation at end of year | 126,086 | 114,976 | 103,199 |
Fair value of pension plan assets at beginning of year | 80,929 | 69,246 | |
Actual return on plan assets | 7,724 | 5,918 | |
Company contributions | 3,124 | 2,775 | |
Benefits paid | (3,529) | (2,790) | |
Merger of assumed plans | 0 | 5,780 | |
Fair value of pension plan assets at end of year | 88,248 | 80,929 | $ 69,246 |
Funded status of pension plan | (37,838) | (34,047) | |
Accrued benefit cost | (1,502) | (5,121) | |
Accumulated other comprehensive loss | (36,336) | (28,926) | |
Net liability recognized | $ (37,838) | $ (34,047) |
Note 8 - Retirement Plans - Est
Note 8 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: | ||
Discount rate | 4.11% | 4.31% |
Expected long-term rate of return on pension plan assets | 7.00% | 7.00% |
Estimated rate of increase in compensation levels | ||
Discount rate | 3.55% | 4.11% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of net periodic pension cost: | |||
Service cost | $ 0 | $ 0 | $ 3,130 |
Interest cost | 4,669 | 4,398 | 4,159 |
Expected return on plan assets | (5,648) | (4,836) | (4,782) |
Recognized net actuarial loss | 484 | 406 | 1,580 |
Net periodic pension (benefit) cost | $ (494) | $ (32) | $ 4,087 |
Note 8 - Retirement Plans - E60
Note 8 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 2,924 |
2,019 | 3,279 |
2,020 | 3,768 |
2,021 | 4,047 |
2,022 | 4,324 |
2023-2027 | $ 26,680 |
Note 8 - Retirement Plans - All
Note 8 - Retirement Plans - Allocation of Plan Assets (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Asset category: | ||
Plan assets, percent | 100.00% | 100.00% |
Insurance General Account [Member] | ||
Asset category: | ||
Plan assets, percent | 19.00% | 23.00% |
Cash and Cash Equivalents [Member] | ||
Asset category: | ||
Plan assets, percent | 4.00% | 6.00% |
Equity Securities [Member] | ||
Asset category: | ||
Plan assets, percent | 42.00% | 39.00% |
Fixed Income Securities [Member] | ||
Asset category: | ||
Plan assets, percent | 31.00% | 28.00% |
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) | Dec. 31, 2017 |
Large Cap Value [Member] | |
Target range | 5.00% |
Large Cap Value [Member] | Minimum [Member] | |
Target range | 0.00% |
Large Cap Value [Member] | Maximum [Member] | |
Target range | 50.00% |
Large Cap Blend [Member] | |
Target range | 5.00% |
Large Cap Blend [Member] | Minimum [Member] | |
Target range | 0.00% |
Large Cap Blend [Member] | Maximum [Member] | |
Target range | 50.00% |
Large Cap Growth [Member] | |
Target range | 5.00% |
Large Cap Growth [Member] | Minimum [Member] | |
Target range | 0.00% |
Large Cap Growth [Member] | Maximum [Member] | |
Target range | 50.00% |
Mid-cap Blend [Member] | |
Target range | 15.00% |
Mid-cap Blend [Member] | Minimum [Member] | |
Target range | 0.00% |
Mid-cap Blend [Member] | Maximum [Member] | |
Target range | 40.00% |
Small Cap Core [Member] | |
Target range | 5.00% |
Small Cap Core [Member] | Minimum [Member] | |
Target range | 0.00% |
Small Cap Core [Member] | Maximum [Member] | |
Target range | 25.00% |
Foreign Large Blend [Member] | |
Target range | 10.00% |
Foreign Large Blend [Member] | Minimum [Member] | |
Target range | 0.00% |
Foreign Large Blend [Member] | Maximum [Member] | |
Target range | 40.00% |
Emerging Markets [Member] | |
Target range | 10.00% |
Emerging Markets [Member] | Minimum [Member] | |
Target range | 0.00% |
Emerging Markets [Member] | Maximum [Member] | |
Target range | 25.00% |
Real Estate [Member] | |
Target range | 5.00% |
Real Estate [Member] | Minimum [Member] | |
Target range | 0.00% |
Real Estate [Member] | Maximum [Member] | |
Target range | 20.00% |
US Treasury Securities [Member] | |
Target range | 5.00% |
US Treasury Securities [Member] | Minimum [Member] | |
Target range | 0.00% |
US Treasury Securities [Member] | Maximum [Member] | |
Target range | 25.00% |
Intermediate Term Bond [Member] | |
Target range | 10.00% |
Intermediate Term Bond [Member] | Minimum [Member] | |
Target range | 0.00% |
Intermediate Term Bond [Member] | Maximum [Member] | |
Target range | 50.00% |
US Government Agencies Debt Securities [Member] | |
Target range | 5.00% |
US Government Agencies Debt Securities [Member] | Minimum [Member] | |
Target range | 0.00% |
US Government Agencies Debt Securities [Member] | Maximum [Member] | |
Target range | 40.00% |
High Yield Bond [Member] | |
Target range | 10.00% |
High Yield Bond [Member] | Minimum [Member] | |
Target range | 0.00% |
High Yield Bond [Member] | Maximum [Member] | |
Target range | 25.00% |
Emerging Markets Bond [Member] | |
Target range | 10.00% |
Emerging Markets Bond [Member] | Minimum [Member] | |
Target range | 0.00% |
Emerging Markets Bond [Member] | Maximum [Member] | |
Target range | 20.00% |
Money Market Funds [Member] | |
Target range | 0.00% |
Money Market Funds [Member] | Minimum [Member] | |
Target range | 0.00% |
Money Market Funds [Member] | Maximum [Member] | |
Target range | 100.00% |
Note 8 - Retirement Plans - Pen
Note 8 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined benefit plan, fair value of plan assets | $ 88,248 | $ 80,929 | $ 69,246 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 71,375 | 62,572 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 16,873 | 18,357 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Insurance General Account [Member] | |||
Defined benefit plan, fair value of plan assets | 16,873 | 18,357 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 16,873 | 18,357 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 3,229 | 5,089 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 3,229 | 5,089 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 37,536 | 31,963 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 37,536 | 31,963 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 27,146 | 22,544 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 27,146 | 22,544 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real Estate [Member] | |||
Defined benefit plan, fair value of plan assets | 3,464 | 2,976 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 3,464 | 2,976 | |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Note 8 - Retirement Plans - Mat
Note 8 - Retirement Plans - Matching Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Matching contributions to the Capital Accumulation Plan (in shares) | 1,224 | 2,571 | 1,898 |
Matching contributions to the Capital Accumulation Plan | $ 15 | $ 29 | $ 26 |
Note 9 - Commitments and Cont65
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 4 | $ 3.5 | $ 2.8 |
Note 9 - Commitments and Cont66
Note 9 - Commitments and Contingencies - Commitments Summary (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Purchase obligations | $ 3,286 |
Contractual obligations | 192,912 |
Purchase obligations | 2,651 |
Contractual obligations | 151,744 |
2,020 | 2,284 |
Contractual obligations | 155,212 |
2,021 | 2,125 |
Contractual obligations | 133,752 |
2,022 | 1,952 |
Contractual obligations | 5,322 |
Thereafter | 5,294 |
Contractual obligations | 5,745 |
Total | 17,592 |
Contractual obligations | 644,687 |
Service and Other Agreements [Member] | |
Purchase obligations | 2,856 |
Purchase obligations | 749 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 3,605 |
Equipment [Member] | |
Purchase obligations | 3,887 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 0 |
Purchase obligations | 3,887 |
Syndicated Television Programming [Member] | |
2,018 | 6,214 |
2,019 | 18,330 |
Purchase obligations | 12,571 |
Purchase obligations | 1,510 |
Purchase obligations | 691 |
Purchase obligations | 451 |
Purchase obligations | 39,767 |
Network Affiliation Agreements [Member] | |
Purchase obligations | 176,669 |
2,019 | 130,014 |
Purchase obligations | 140,357 |
Purchase obligations | 130,117 |
Purchase obligations | 2,679 |
Purchase obligations | 0 |
Purchase obligations | $ 579,836 |
Note 10 - Goodwill and Intang67
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Aug. 07, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Amortization of Intangible Assets | $ 25,072 | $ 16,596 | $ 11,982 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 20,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 15,400 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 12,400 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8,300 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Six | 4,800 | |||
Goodwill, Impairment Loss | 0 | 0 | 0 | |
Proceeds from Spectrum Auction | $ 90,824 | $ 0 | $ 0 | |
FCC [Member] | ||||
Proceeds from Spectrum Auction | $ 90,800 | |||
FCC [Member] | Broadcast Licenses [Member] | ||||
Intangible Asset Dispositions from Spectrum Auction | $ (13,100) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | $ 485,318 | $ 423,236 | |
Goodwill, Acquired During Period | 125,782 | 72,296 | $ 48,300 |
Goodwill | (10,214) | ||
Goodwill | 611,100 | 485,318 | 423,236 |
Broadcast licenses | 1,340,305 | ||
Broadcast licenses | 0 | ||
Broadcast licenses | 1,530,703 | 1,340,305 | |
Finite-lived intangible assets | 56,250 | 53,280 | |
Finite-lived Intangible Assets Acquired | 42,606 | 19,566 | |
Finite-lived intangible assets | (25,072) | (16,596) | (11,982) |
Finite-lived intangible assets | 73,784 | 56,250 | 53,280 |
Total intangible assets net of accumulated amortization | 1,881,873 | 1,591,142 | |
Total intangible assets net of accumulated amortization | 371,891 | 342,897 | |
Total intangible assets net of accumulated amortization | (13,105) | (35,570) | |
Total intangible assets net of accumulated amortization | 2,215,587 | 1,881,873 | 1,591,142 |
Broadcast Licenses [Member] | |||
Broadcast licenses | 1,340,305 | 1,114,626 | |
Broadcast licenses | 203,503 | 251,035 | |
Broadcast licenses | (13,105) | (25,356) | |
Broadcast licenses | $ 1,530,703 | $ 1,340,305 | $ 1,114,626 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill, gross | $ 583,914 | $ 521,832 | |
Goodwill, Acquired During Period | 125,782 | 72,296 | $ 48,300 |
Goodwill | (10,214) | ||
Goodwill, gross | 709,696 | 583,914 | 521,832 |
Accumulated goodwill impairment | (98,596) | (98,596) | (98,596) |
Goodwill | $ 611,100 | $ 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill, Gross | $ 709,696 | $ 583,914 | $ 521,832 |
Goodwill | 611,100 | 485,318 | 423,236 |
Other intangible assets, net | 73,784 | 56,250 | 53,280 |
Intangible Assets Gross (Including Goodwill) | 2,345,082 | 1,986,378 | |
Accumulated Amortization Intangible Assets | (129,495) | (104,505) | |
Intangible Assets, Net (Including Goodwill) | 2,215,587 | 1,881,873 | $ 1,591,142 |
Network Affiliate [Member] | |||
Finite-Lived Intangible Assets, Gross | 6,134 | 1,264 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,551) | (1,264) | |
Other intangible assets, net | 2,583 | 0 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Gross | 143,446 | 105,792 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (72,245) | (49,542) | |
Other intangible assets, net | 71,201 | 56,250 | |
Intangible Assets Subject to Amortization [Member] | |||
Finite-Lived Intangible Assets, Gross | 149,580 | 107,056 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (75,796) | (50,806) | |
Other intangible assets, net | 73,784 | 56,250 | |
Broadcast Licenses [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 1,584,402 | 1,394,004 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (53,699) | (53,699) | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,530,703 | 1,340,305 | |
Goodwill Not Amortizable [Member] | |||
Goodwill, Gross | 611,100 | 485,318 | |
Goodwill | 611,100 | 485,318 | |
Intangible Assets Not Subject to Amortization [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 2,195,502 | 1,879,322 | |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (53,699) | (53,699) | |
Goodwill and Indefinite-Lived Assets, Net | $ 2,141,803 | $ 1,825,623 |
Note 11 - Selected Quarterly 71
Note 11 - 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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue (less agency commissions) | $ 233,609 | $ 218,977 | $ 226,681 | $ 203,461 | $ 237,619 | $ 204,490 | $ 196,633 | $ 173,723 | $ 882,728 | $ 812,465 | $ 597,356 |
Operating income | 55,089 | 50,024 | 142,555 | 43,558 | 83,874 | 60,467 | 53,687 | 36,111 | 291,226 | 234,139 | 140,057 |
Net income | $ 165,570 | $ 15,316 | $ 70,561 | $ 10,505 | $ 35,834 | $ (213) | $ 17,662 | $ 8,990 | $ 261,952 | $ 62,273 | $ 39,301 |
Net income (in dollars per share) | $ 2.15 | $ 0.21 | $ 0.98 | $ 0.15 | $ 0.50 | $ 0 | $ 0.25 | $ 0.13 | $ 3.59 | $ 0.87 | $ 0.58 |
Diluted net income per share (in dollars per share) | $ 2.13 | $ 0.21 | $ 0.97 | $ 0.14 | $ 0.49 | $ 0 | $ 0.24 | $ 0.12 | $ 3.55 | $ 0.86 | $ 0.57 |
Schedule II - Valuation and Q72
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Doubtful Accounts [Member] | ||||
Allowance for doubtful accounts | $ 3,163 | $ 1,794 | $ 1,667 | |
Allowance for doubtful accounts | 2,400 | 1,917 | 606 | |
Allowance for doubtful accounts | [1] | 0 | 167 | 0 |
Allowance for doubtful accounts | [2] | (957) | (715) | (479) |
Allowance for doubtful accounts | 4,606 | 3,163 | 1,794 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Allowance for doubtful accounts | 1,532 | 1,683 | 2,052 | |
Allowance for doubtful accounts | (1,457) | 0 | 0 | |
Allowance for doubtful accounts | [1] | 0 | 0 | 0 |
Allowance for doubtful accounts | [2] | 0 | (151) | (369) |
Allowance for doubtful accounts | $ 75 | $ 1,532 | $ 1,683 | |
[1] | In 2016, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 "Acquisitions and Dispositions" of the notes to our audited consolidated financial statements included elsewhere herein 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. |