Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 05, 2015 | |
Entity Registrant Name | CABLE ONE, INC. | |
Entity Central Index Key | 1,632,127 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 5,845,358 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 105,465 | $ 6,410 |
Accounts receivable, net | 29,780 | 29,729 |
Prepaid assets | 14,713 | 12,587 |
Deferred income taxes | 1,443 | 1,395 |
Total current assets | 151,401 | 50,121 |
Property, plant and equipment, net | 612,812 | 616,230 |
Intangibles, net | 496,831 | 496,892 |
Goodwill | 85,488 | 85,488 |
Other assets | 22,412 | 13,309 |
Total assets | 1,368,944 | 1,262,040 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 75,258 | 71,419 |
Income taxes payable | 2,768 | 3,200 |
Deferred revenue | 21,883 | $ 21,004 |
Long-term debt - current portion | 2,500 | |
Total current liabilities | 102,409 | $ 95,623 |
Long-term debt | 547,500 | |
Accrued compensation and related benefits | 24,884 | $ 21,606 |
Other liabilities | 35 | 37 |
Deferred income taxes | 280,079 | 291,486 |
Total liabilities | $ 954,907 | 408,752 |
Commitments and contingencies (see Note 11) | ||
Parent Company Equity | ||
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,843,313 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively) | $ 58 | 58 |
Additional Parent Company investment (deficit) | (505,484) | (472,689) |
Retained earnings | 919,463 | 1,325,919 |
Total Parent Company equity | 414,037 | 853,288 |
Total liabilities and Parent Company equity | $ 1,368,944 | $ 1,262,040 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 5,843,313 | 5,843,313 |
Common stock, shares outstanding (in shares) | 5,843,313 | 5,843,313 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | $ 202,698 | $ 205,111 | $ 405,607 | $ 413,657 |
Costs and Expenses | ||||
Operating (excluding depreciation and amortization) | 79,115 | 81,587 | 160,383 | 169,482 |
Selling, general and administrative | 52,359 | 46,279 | 101,688 | 93,785 |
Depreciation and amortization | 35,435 | 33,803 | 71,814 | 67,581 |
166,909 | 161,669 | 333,885 | 330,848 | |
Income from operations | 35,789 | $ 43,442 | 71,722 | $ 82,809 |
Interest expense | (997) | (997) | ||
Other income (expense), net | 34 | $ (32) | 15 | $ (64) |
Income before income taxes | 34,826 | 43,410 | 70,740 | 82,745 |
Provision for income taxes | 13,391 | 16,543 | 27,196 | 31,533 |
Net income | $ 21,435 | $ 26,867 | $ 43,544 | $ 51,212 |
Basic (in dollars per share) | $ 3.67 | $ 4.60 | $ 7.45 | $ 8.76 |
Diluted (in dollars per share) | $ 3.67 | $ 4.60 | $ 7.45 | $ 8.76 |
Basic (in shares) | 5,843,313 | 5,843,313 | 5,843,313 | 5,843,313 |
Diluted (in shares) | 5,843,313 | 5,843,313 | 5,843,313 | 5,843,313 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Parent Company Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Parent Company Investment [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 5,843,313 | |||
Balance at Dec. 31, 2014 | $ 58 | $ (472,689) | $ 1,325,919 | $ 853,288 |
Net income | 43,544 | 43,544 | ||
Dividends paid to Parent | (450,000) | (450,000) | ||
Net transfers to Parent | (32,795) | (32,795) | ||
Balance (in shares) at Jun. 30, 2015 | 5,843,313 | |||
Balance at Jun. 30, 2015 | $ 58 | $ (505,484) | $ 919,463 | $ 414,037 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 43,544 | $ 51,212 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 71,814 | 67,581 |
Stock-based compensation expense, net | 4,284 | 1,017 |
(Benefit) provision for deferred income taxes | (11,455) | 1,487 |
Net loss on sales of property, plant and equipment | 917 | 313 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (51) | 6,048 |
Prepaid assets | (501) | (4,909) |
Accounts payable and accrued liabilities | 8,314 | $ (7,948) |
Income taxes payable | (432) | |
Deferred revenue | 879 | $ 10 |
Other assets and other liabilities, net | (76) | (508) |
Net cash provided by operating activities | 117,237 | 114,303 |
Cash flows from investing activities: | ||
Cash paid for property, plant and equipment | (74,430) | (85,781) |
Net proceeds from sales of property, plant and equipment | $ 14 | 120 |
Other | (24) | |
Net cash used in investing activities | $ (74,416) | (85,685) |
Cash flows from financing activities: | ||
Net transfers to Parent | (37,079) | $ (30,999) |
Proceeds from issuance of long-term debt, net of issuance costs | 541,114 | |
Payments of debt issue costs | (1,768) | |
Dividends paid to Parent | (450,000) | |
Cash overdraft | 3,967 | $ 3,328 |
Net cash provided by (used in) financing activities | 56,234 | (27,671) |
Change in cash and cash equivalents | 99,055 | 947 |
Cash and cash equivalents, beginning of period | 6,410 | 6,238 |
Cash and cash equivalents, end of period | 105,465 | 7,185 |
Supplemental cash flow disclosures: | ||
Cash paid for income taxes | 2,810 | 1,586 |
Non-cash activity: | ||
Capital expenditures in accounts payable | $ 5,164 | $ 17,514 |
Note 1- Separation from Graham
Note 1- Separation from Graham Holdings Company and Description of Business | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. SEPARATION FROM GRAHAM HOLDINGS COMPANY AND DESCRIPTION OF BUSINESS On November 13, 2014, Graham Holdings Company (“GHC”) announced a plan for the complete legal and structural separation of its wholly owned subsidiary, Cable One, Inc. (“Cable One”), from GHC (also referred to herein as the “spin-off”). On July 1, 2015, GHC distributed, on a pro rata basis, all of the shares of Cable One common stock to GHC shareholders as of the record date for the distribution. Immediately following completion of the spin-off, GHC shareholders owned 100% of the outstanding shares of common stock of Cable One. Since the spin-off, Cable One has operated as an independent publicly-traded company under the ticker symbol “CABO.” On June 16, 2015, in connection with the spin-off, Cable One entered into several agreements with GHC that set forth the principal actions taken or to be taken in connection with the spin-off and that govern the relationship of the parties following the spin-off, including a Separation and Distribution Agreement, a Tax Matters Agreement, and an Employee Matters Agreement. The financial statements included herein have been retroactively restated, including share and per share amounts, to reflect the effects of the spin-off. Common Stock . . Description of Business. Unless otherwise stated or the context otherwise indicates, all references in this Quarterly Report to “Cable One,” “us,” “our,” “we” or the “Company” means Cable One, Inc. and its wholly owned subsidiary, Cable One VoIP LLC (the “Subsidiary”) . References in this Quarterly Report to “GHC” or the “Parent” refer to Graham Holdings Company. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation . The accompanying Condensed Consolidated Financial Statements were derived from the condensed consolidated financial statements and accounting records of GHC. These Condensed Consolidated Financial Statements have been prepared solely to present the Company’s historical results of operations, financial position and cash flows for the indicated periods as it was historically managed. The impact of transactions between the Company and the Parent has been included in these Condensed Consolidated Financial Statements and is considered to be effectively settled for cash in the Condensed Consolidated Financial Statements at the time the transaction is recorded. The total net effect of the settlement of these intercompany transactions is reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity and in the Condensed Consolidated Balance Sheets as Additional Parent Company Investment (Deficit). During the periods presented, the Company functioned as part of the larger group of companies controlled by the Parent and accordingly, the Parent provided certain support and overhead functions to the Company. These functions include finance, human resources, legal, information technology, general insurance, risk management and other corporate functions. The costs of such services have been allocated to the Company based on the most relevant allocation methods to the service provided. Management believes such allocations are reasonable and were consistently applied; however, they may not be indicative of the actual expense that would have been incurred had the Company been operating on a stand-alone basis. Refer to Note 10 for details on these allocations. During the periods presented, the Company participated in a centralized approach to cash management and in financing its operations managed by the Parent. Cash was transferred to the Parent and the Parent funded the Company’s operating and investing activities as needed. Accordingly, cash and cash equivalents at the Parent level were not allocated to the Company in the Condensed Consolidated Financial Statements. Cash transfers to and from the Parent’s cash management accounts were included within net transfers to and from the Parent in the Condensed Consolidated Statements of Parent Company Equity. Parent third-party debt, and the related interest expense, were not allocated to the Company for any of the periods presented as the Company was not the legal obligor on the debt and the Parent borrowings were not directly attributable to the Company’s business. Certain of the Company’s employees participated in defined benefit pension plans and incentive savings plans (the “Plans”) sponsored by GHC. For the employees that participated in the Plans sponsored by GHC, the Company did not record an asset or liability to recognize the funded status of the Plans in accordance with generally accepted accounting principles for multiemployer benefit plans. Pension expense was allocated to the Company based on the actual participating employees in the Plans and reported within operating and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. See Note 10 for more information. The Company’s income taxes have been prepared on a separate return basis as if the Company was a stand-alone entity. The results from being included in the consolidated tax returns are included in Additional Parent Company Investment (Deficit). The Company’s operations have historically been included in GHC’s consolidated U.S. Federal and state tax returns. The Company did not maintain taxes payable to/from Parent and was deemed to settle the annual current tax balances immediately with the legal tax-paying entities in respective jurisdictions. These settlements are reflected as net transfer to/from Parent within Additional Parent Company Investment (Deficit). As the Company did not operate as a stand-alone entity during the periods presented, the Condensed Consolidated Financial Statements included herein may not necessarily be indicative of the Company’s future performance and may not necessarily reflect what its financial position, results of operations or cash flows would have been had it operated as a stand-alone entity during the periods presented. Principles of Consolidation. Use of Estimates in the Preparation of the Condensed Consolidated Fina ncial Statements . Recently Adopted and Iss ued Accounting Pronouncements. In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern, and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its financial statements. In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The new guidance should be applied on a full retrospective basis to all periods presented. This guidance is effective for interim and fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is in the process of evaluating the financial statement impact of adopting this guidance. |
Note 3 - Revenues
Note 3 - Revenues | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Revenue Disclosure [Text Block] | 3. REVENUES The Company’s revenues by product line are as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Residential Video $ 85,638 $ 92,346 $ 173,555 $ 189,563 Data 74,480 66,098 143,536 131,205 Voice 10,954 15,786 25,519 32,116 Business sales 21,870 18,807 43,030 36,849 Advertising sales 7,320 8,888 14,893 17,020 Other 2,436 3,186 5,074 6,904 Total revenues $ 202,698 $ 205,111 $ 405,607 $ 413,657 The amount of franchise fees recorded on a gross basis was $4.0 million and $4.3 million for the three months ended June 30, 2015 and 2014, respectively, and $8.2 million and $8.9 million for the six months ended June 30, 2015 and 2014, respectively. |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following (in thousands): June 30, December 31, 2015 2014 Cable distribution systems $ 1,336,560 $ 1,309,475 Customer premise equipment 278,895 270,785 Other equipment and fixtures 303,039 294,847 Buildings and leasehold improvements 81,615 77,721 Capitalized software 70,504 66,567 Construction in progress 63,695 50,816 Land 9,480 9,470 $ 2,143,788 $ 2,079,681 Less accumulated depreciation (1,530,976 ) (1,463,451 ) $ 612,812 $ 616,230 Depreciation expense was $35.4 million and $33.8 million for the three months ended June 30, 2015 and 2014, respectively, and $71.8 million and $67.5 million for the six months ended June 30, 2015 and 2014, respectively. |
Note 5 - Goodwill and Intangibl
Note 5 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill at June 30, 2015 and December 31, 2014 was $85.5 million. Historically, the Company has not recorded any impairment of goodwill. Intangible assets consist of the following (dollars in thousands): Useful June 30, 2015 Life Gross Net Range Carrying Accumulated Carrying (years) Amount Amortization Amount Amortized Intangible Assets Customer relationships 4 $ 6,526 $ 6,526 $ - Cable franchise renewals and access rights 1 - 25 4,107 3,597 510 $ 10,633 $ 10,123 $ 510 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 Useful December 31, 2014 Life Gross Net Range Carrying Accumulated Carrying (years) Amount Amortization Amount Amortized Intangible Assets Customer relationships 4 $ 6,526 $ 6,526 $ - Cable franchise renewals and access rights 1 - 25 4,107 3,536 571 $ 10,633 $ 10,062 $ 571 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 Amortization of intangible assets was $0.03 million and $0.06 million for the three months ended June 30, 2015 and 2014, respectively, and $0.06 million and $0.09 million for the six months ended June 30, 2015 and 2014, respectively. Amortization of intangible assets is estimated to be approximately $0.1 million in each of the next five years through 2019 and $0.05 million thereafter. |
Note 6 - Long-Term Debt
Note 6 - Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. LONG-TERM DEBT 5.750% Senior Unsecured Notes Due 2022. The Notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. The Notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes were issued pursuant to an indenture (the “Indenture”), dated as of June 17, 2015, among the Company, the Guarantors (as defined below) and the Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The Notes mature on June 15, 2022 and bear interest at a rate of 5.750% per year. Interest on the Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2015. The Notes are jointly and severally guaranteed (the “Guarantees”) on a senior unsecured basis by each of the Company’s existing and future domestic subsidiaries that initially guaranteed (the “Guarantors”) the senior credit facilities (see below). The Notes are unsecured and senior obligations of the Company. The Guarantees are unsecured and senior obligations of the Guarantors. At the option of the Company, the Notes are redeemable in whole or in part, at any time prior to June 15, 2018, at a price equal to 100% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus a “make-whole” premium. The Company may also redeem the Notes, in whole or in part, at any time on or after June 15, 2018, at the redemption prices specified in the Indenture, plus accrued and unpaid interest, if any, to (but excluding) the redemption date. Additionally, at any time prior to June 15, 2018, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds from certain equity offerings at a price equal to 105.750% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Indenture includes certain covenants relating to debt incurrence, liens, restricted payments, assets sales and transactions with affiliates, changes in control and mergers or sales of all or substantially all of Cable One’s assets. The Indenture also provides for customary events of default (subject, in certain cases, to customary grace periods), which include nonpayment on the Notes, breach of covenants in the Indenture, payment defaults or acceleration of other indebtedness over a specified threshold, failure to pay certain judgments over a specified threshold and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee under the Indenture or holders of at least 25% of the aggregate principal amount of the then outstanding Notes may declare the principal of, and accrued but unpaid interest, if any, on the then outstanding Notes to be due and payable immediately. Senior Credit Facilities Due 2020. The obligations under the Senior Credit Facilities are obligations of the Company and are guaranteed by the Subsidiary. The obligations under the Senior Credit Facilities are secured, subject to certain exceptions, by substantially all of the assets of the Company and the Subsidiary. Borrowings under the Senior Credit Facilities bear interest, at the Company’s option, at a rate per annum determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an adjusted base rate, in each case plus an applicable interest rate margin. The applicable interest rate margin with respect to LIBOR borrowings will be a rate per annum between 1.50% and 2.25% and the applicable interest rate margin with respect to adjusted base rate borrowings will be a rate per annum between 0.50% and 1.25%, in each case determined on a quarterly basis by reference to a pricing grid based upon the Company’s total net leverage ratio. Borrowings under the Senior Credit Facilities initially bear interest at LIBOR plus 1.50% per annum or at the adjusted base rate plus 0.50%. In addition, the Company is required to pay commitment fees on any unused portion of the Revolving Credit Facility at a rate between 0.25% per annum and 0.40% per annum, determined by reference to the pricing grid. As of June 30, 2015, the commitment fee accrues at a rate of 0.25% per annum. The Senior Credit Facilities may be prepaid at any time without premium. The Term Loan Facility will amortize in equal quarterly installments at a rate of 2.5% per annum in the first year after funding, 5.0% per annum in the second year after funding, 7.5% per annum in the third year after funding, 10.0% per annum in the fourth year after funding and 15.0% per annum in the fifth year after funding, with the outstanding balance of the Term Loan Facility to be paid on the fifth anniversary of funding. Borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including the accuracy of representations and warranties and the absence of defaults. The Company may, subject to the terms and conditions of the Credit Agreement, obtain additional credit facilities of up to $300 million under the Credit Agreement pursuant to an uncommitted incremental facility. The Credit Agreement contains customary representations, warranties and affirmative and negative covenants, including limitations on indebtedness, liens, restricted payments, prepayments of certain indebtedness, investments, dispositions of assets, restrictions on subsidiary distributions and negative pledge clauses, fundamental changes, transactions with affiliates and amendments to organizational documents. The Credit Agreement also requires the Company to maintain specified ratios of total net leverage and first lien net leverage to consolidated operating cash flow. The Credit Agreement also contains customary events of default, including non-payment of principal, interest, fees or other amounts, material inaccuracy of any representation or warranty, failure to observe or perform any covenant, default in respect of other material debt of the Company and its restricted subsidiaries, bankruptcy or insolvency, the entry against the Company or any of its restricted subsidiaries of a material judgment, the occurrence of certain ERISA events, impairment of the loan documentation and the occurrence of a change of control. As of June 30, 2015, the future maturities of long-term debt are as follows (in thousands): Years Ending December 31: Amount 2015 $ 1,250 2016 3,750 2017 6,250 2018 8,750 2019 12,500 Thereafter 517,500 Total $ 550,000 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. FAIR VALUE MEASUREMENTS The Company’s deferred compensation plan liabilities were $18.8 million and $19.1 million at June 30, 2015 and December 31, 2014, respectively. These liabilities include amounts due to the Company’s employees that participate in GHC’s Deferred Compensation Plan and supplemental savings plan benefits under the GHC’s Supplemental Executive Retirement Plan, which amounts are included in Accrued Compensation and Related Benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which is based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. The carrying amounts and fair values of the Company’s long-term debt, including current portion, and money market investments as of June 30, 2015 are as follows: June 30, 2015 Carrying Fair Amount Value Assets: $ 96,015 $ 96,015 Long-term debt, including current portion Notes $ 450,000 $ 457,875 Term Loan $ 100,000 $ 100,000 The fair value of the Company’s Notes was estimated based on market prices in active markets (Level 2). The fair value of the Company’s Term Loan was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2). Money market investments are included in cash and cash equivalents (Level 2). |
Note 8 - Equity-based Compensat
Note 8 - Equity-based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. EQUITY - BASED COMPENSATION Through June 30, 2015, certain of the Company’s employees participated in an equity-based incentive compensation plan maintained by GHC for the benefit of certain officers, directors and employees. Equity-based awards issued to employees include non-qualified stock options and restricted stock awards. These compensation costs are recognized within selling, general and administrative expenses. Adoption of Certain Compensation and Benefit Plans . The 2015 Plan is designed to promote the interests of the Company and its stockholders by providing the employees and directors of the Company with incentives and rewards to encourage them to continue in the service of the Company and with a proprietary interest in pursuing the long-term growth, profitability and financial success of the Company. Any of the directors, officers and employees of the Company and its affiliates are eligible to be granted one or more of the following types of awards under the 2015 Plan: (1) incentive stock options, (2) non-qualified stock options, (3) restricted stock awards, (4) stock appreciation rights, (5) RSUs, (6) cash-based awards, (7) performance-based awards, (8) dividend equivalent rights and (9) other stock-based awards, including, without limitation, performance stock units and deferred stock units. The 2015 Plan includes the authority to grant awards that are intended to qualify as “qualified performance-based compensation” under Section 162(m) of the Internal Revenue Code of 1986, as amended. Unless the 2015 Plan is sooner terminated by the Board, no awards may be granted under the 2015 Plan after the tenth anniversary of its effective date. The 2015 Plan provides that, subject to certain adjustments for certain corporate events, the maximum number of shares of Company common stock that may be issued under the plan is equal to 600,000, and no more than 400,000 shares may be issued pursuant to incentive stock options. The 2015 Plan became effective on July 1, 2015, the date the spin-off was completed. Compensation Expense Also, in connection with the spin-off GHC modified the terms of 10,830 restricted stock awards in the second quarter of 2015 affecting 21 Cable One employees. The modification resulted in the acceleration of the vesting period of 6,324 restricted stock awards and the forfeiture of 4,506 restricted stock awards. The Company recorded incremental stock compensation expense, net of forfeitures, in the second quarter of 2015 amounting to $3.7 million, which is included in selling, general and administrative expense in the condensed consolidated statement of operations. |
Note 9 - Postemployment Benefit
Note 9 - Postemployment Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 9. POSTEMPLOYMENT BENEFIT PLANS Multiemployer Benefit Plans. The employees participated in The Retirement Plan for Graham Holdings Company and GHC’s Supplemental Executive Retirement Plan. As of June 30, 2015 and December 31, 2014, The Retirement Plan for Graham Holdings Company was fully funded and is not in critical or endangered status as currently defined by the Pension Protection Act of 2006. GHC’s Supplemental Executive Retirement Plan is unfunded. In addition, on June 5, 2015, the Board adopted the Cable One, Inc. Supplemental Executive Retirement Plan (the “SERP”) and the Cable One, Inc. Deferred Compensation Plan (the “DC Plan”), each of which became effective as of July 1, 2015. The SERP and the DC Plan have terms substantially similar to GHC’s Supplemental Executive Retirement Plan and Deferred Compensation Plan. Upon the spin-off, under the SERP and the DC Plan, the Company remains responsible for any obligations to current and former employees who participated in GHC’s Supplemental Executive Retirement Plan and Deferred Compensation Plan. Multiemployer Savings Plans. |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions and Parent Company Equity | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure and Parent Company Equity [Text Block] | 10. RELATED PARTY TRANSACTIONS AND PARENT COMPANY EQUITY Allocation of expenses. These expense allocations have been determined on the basis that both the Company and the Parent consider to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods presented. The allocations may not, however, reflect the expense the Company would have incurred as an independent company for the periods presented. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure and certain strategic decisions. Parent Company Equity. The components of net transfers to Parent are as follows (in thousands): For the Six For the Twelve Months Ended Months Ended June 30, 2015 December 31, 2014 Net change in current income tax accounts $ (39,083 ) $ 85,071 Allocation of overhead and other expenses-from Parent 5,800 12,671 Net advances to Parent 488 (227,022 ) Total net transfers to Parent $ (32,795 ) $ (129,280 ) |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES Litigation and Legal Matters. Regulation in the Cable Industry. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENTS Spin-Off Transaction. Restricted Stock Award Agreement. The Replacement Shares totaled 9,682 and the Staking Shares 26,930, for a total of 36,612 Restricted Shares. The grant date for both issues was July 8, 2015 and the closing price for CABO on that date was $380.50. The total value of the Restricted Shares at grant date was $13,930,866. The Replacement Shares vest on December 16, 2016 (with the exception of 104 shares that vest on February 20, 2017). The Staking Shares all vest on January 2, 2018. Common Stock Repurchase Program. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation . The accompanying Condensed Consolidated Financial Statements were derived from the condensed consolidated financial statements and accounting records of GHC. These Condensed Consolidated Financial Statements have been prepared solely to present the Company’s historical results of operations, financial position and cash flows for the indicated periods as it was historically managed. The impact of transactions between the Company and the Parent has been included in these Condensed Consolidated Financial Statements and is considered to be effectively settled for cash in the Condensed Consolidated Financial Statements at the time the transaction is recorded. The total net effect of the settlement of these intercompany transactions is reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity and in the Condensed Consolidated Balance Sheets as Additional Parent Company Investment (Deficit). During the periods presented, the Company functioned as part of the larger group of companies controlled by the Parent and accordingly, the Parent provided certain support and overhead functions to the Company. These functions include finance, human resources, legal, information technology, general insurance, risk management and other corporate functions. The costs of such services have been allocated to the Company based on the most relevant allocation methods to the service provided. Management believes such allocations are reasonable and were consistently applied; however, they may not be indicative of the actual expense that would have been incurred had the Company been operating on a stand-alone basis. Refer to Note 10 for details on these allocations. During the periods presented, the Company participated in a centralized approach to cash management and in financing its operations managed by the Parent. Cash was transferred to the Parent and the Parent funded the Company’s operating and investing activities as needed. Accordingly, cash and cash equivalents at the Parent level were not allocated to the Company in the Condensed Consolidated Financial Statements. Cash transfers to and from the Parent’s cash management accounts were included within net transfers to and from the Parent in the Condensed Consolidated Statements of Parent Company Equity. Parent third-party debt, and the related interest expense, were not allocated to the Company for any of the periods presented as the Company was not the legal obligor on the debt and the Parent borrowings were not directly attributable to the Company’s business. Certain of the Company’s employees participated in defined benefit pension plans and incentive savings plans (the “Plans”) sponsored by GHC. For the employees that participated in the Plans sponsored by GHC, the Company did not record an asset or liability to recognize the funded status of the Plans in accordance with generally accepted accounting principles for multiemployer benefit plans. Pension expense was allocated to the Company based on the actual participating employees in the Plans and reported within operating and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. See Note 10 for more information. The Company’s income taxes have been prepared on a separate return basis as if the Company was a stand-alone entity. The results from being included in the consolidated tax returns are included in Additional Parent Company Investment (Deficit). The Company’s operations have historically been included in GHC’s consolidated U.S. Federal and state tax returns. The Company did not maintain taxes payable to/from Parent and was deemed to settle the annual current tax balances immediately with the legal tax-paying entities in respective jurisdictions. These settlements are reflected as net transfer to/from Parent within Additional Parent Company Investment (Deficit). As the Company did not operate as a stand-alone entity during the periods presented, the Condensed Consolidated Financial Statements included herein may not necessarily be indicative of the Company’s future performance and may not necessarily reflect what its financial position, results of operations or cash flows would have been had it operated as a stand-alone entity during the periods presented. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of the Condensed Consolidated Fina ncial Statements . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted and Iss ued Accounting Pronouncements. In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern, and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its financial statements. In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The new guidance should be applied on a full retrospective basis to all periods presented. This guidance is effective for interim and fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is in the process of evaluating the financial statement impact of adopting this guidance. |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Residential Video $ 85,638 $ 92,346 $ 173,555 $ 189,563 Data 74,480 66,098 143,536 131,205 Voice 10,954 15,786 25,519 32,116 Business sales 21,870 18,807 43,030 36,849 Advertising sales 7,320 8,888 14,893 17,020 Other 2,436 3,186 5,074 6,904 Total revenues $ 202,698 $ 205,111 $ 405,607 $ 413,657 |
Note 4 - Property, Plant and 21
Note 4 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2015 2014 Cable distribution systems $ 1,336,560 $ 1,309,475 Customer premise equipment 278,895 270,785 Other equipment and fixtures 303,039 294,847 Buildings and leasehold improvements 81,615 77,721 Capitalized software 70,504 66,567 Construction in progress 63,695 50,816 Land 9,480 9,470 $ 2,143,788 $ 2,079,681 Less accumulated depreciation (1,530,976 ) (1,463,451 ) $ 612,812 $ 616,230 |
Note 5 - Goodwill and Intangi22
Note 5 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Useful June 30, 2015 Life Gross Net Range Carrying Accumulated Carrying (years) Amount Amortization Amount Amortized Intangible Assets Customer relationships 4 $ 6,526 $ 6,526 $ - Cable franchise renewals and access rights 1 - 25 4,107 3,597 510 $ 10,633 $ 10,123 $ 510 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 Useful December 31, 2014 Life Gross Net Range Carrying Accumulated Carrying (years) Amount Amortization Amount Amortized Intangible Assets Customer relationships 4 $ 6,526 $ 6,526 $ - Cable franchise renewals and access rights 1 - 25 4,107 3,536 571 $ 10,633 $ 10,062 $ 571 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 |
Note 6 - Long-Term Debt (Tables
Note 6 - Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years Ending December 31: Amount 2015 $ 1,250 2016 3,750 2017 6,250 2018 8,750 2019 12,500 Thereafter 517,500 Total $ 550,000 |
Note 7 - Fair Value Measureme24
Note 7 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | June 30, 2015 Carrying Fair Amount Value Assets: $ 96,015 $ 96,015 Long-term debt, including current portion Notes $ 450,000 $ 457,875 Term Loan $ 100,000 $ 100,000 |
Note 10 - Related Party Trans25
Note 10 - Related Party Transactions and Parent Company Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Net Transfers to Parent [Table Text Block] | For the Six For the Twelve Months Ended Months Ended June 30, 2015 December 31, 2014 Net change in current income tax accounts $ (39,083 ) $ 85,071 Allocation of overhead and other expenses-from Parent 5,800 12,671 Net advances to Parent 488 (227,022 ) Total net transfers to Parent $ (32,795 ) $ (129,280 ) |
Note 1- Separation from Graha26
Note 1- Separation from Graham Holdings Company and Description of Business (Details Textual) | Jul. 01, 2015shares | Jun. 30, 2015shares | Dec. 31, 2014shares |
Subsequent Event [Member] | Spinoff [Member] | |||
Common Stock, Shares, Outstanding | 5,830,000 | ||
Common Stock, Shares, Issued | 5,830,000 | ||
Subsequent Event [Member] | |||
Equity Method Investment, Ownership Percentage | 100.00% | ||
Common Class A [Member] | |||
Conversion of Holding Company Stock to new Reporting Entity, Outstanding Number | 960,000 | ||
Common Class B [Member] | |||
Conversion of Holding Company Stock to new Reporting Entity, Outstanding Number | 4,870,000 | ||
Video [Member] | |||
Number of Customers | 399,878 | ||
Data [Member] | |||
Number of Customers | 497,036 | ||
Voice [Member] | |||
Number of Customers | 138,742 | ||
Common Stock, Shares, Outstanding | 5,843,313 | 5,843,313 | |
Number of States in which Entity Operates | 19 | ||
Preferred Stock, Shares Issued | 0 | ||
Preferred Stock, Shares Outstanding | 0 | ||
Common Stock, Shares, Issued | 5,843,313 | 5,843,313 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Residential Video Revenues, Franchise Fees [Member] | ||||
Franchise Revenue | $ 4 | $ 4.3 | $ 8.2 | $ 8.9 |
Note 3 - Revenues – Reven
Note 3 - Revenues – Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Video [Member] | ||||
Video | $ 85,638 | $ 92,346 | $ 173,555 | $ 189,563 |
Data [Member] | ||||
Video | 74,480 | 66,098 | 143,536 | 131,205 |
Voice [Member] | ||||
Video | 10,954 | 15,786 | 25,519 | 32,116 |
Commercial [Member] | ||||
Video | 21,870 | 18,807 | 43,030 | 36,849 |
Advertising sales | 7,320 | 8,888 | 14,893 | 17,020 |
Other | 2,436 | 3,186 | 5,074 | 6,904 |
Total revenues | $ 202,698 | $ 205,111 | $ 405,607 | $ 413,657 |
Note 4 - Property, Plant and 29
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Depreciation | $ 35.4 | $ 33.8 | $ 71.8 | $ 67.5 |
Note 4 - Property, Plant and 30
Note 4 - Property, Plant and Equipment - Property, Plant and Equipment Component (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other Capitalized Property Plant and Equipment [Member] | ||
Cable distribution systems | $ 1,336,560 | $ 1,309,475 |
Equipment [Member] | ||
Cable distribution systems | 278,895 | 270,785 |
Furniture and Fixtures [Member] | ||
Cable distribution systems | 303,039 | 294,847 |
Building and Leasehold Improvements[Member] | ||
Cable distribution systems | 81,615 | 77,721 |
Software and Software Development Costs [Member] | ||
Cable distribution systems | 70,504 | 66,567 |
Construction in Progress [Member] | ||
Cable distribution systems | 63,695 | 50,816 |
Land [Member] | ||
Cable distribution systems | 9,480 | 9,470 |
Cable distribution systems | 2,143,788 | 2,079,681 |
Less accumulated depreciation | (1,530,976) | (1,463,451) |
$ 612,812 | $ 616,230 |
Note 5 - Goodwill and Intangi31
Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 100 | $ 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 100 | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 100 | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 100 | 100 | |||
Goodwill | 85,488 | 85,488 | $ 85,488 | ||
Amortization of Intangible Assets | 30 | $ 60 | 60 | $ 90 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 100 | 100 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 50 | $ 50 |
Note 5 - Goodwill and Intangi32
Note 5 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Customer Relationships [Member] | ||
Amortized Intangible Assets | ||
Amortized Intangible Assets, Useful Life Range | 4 years | 4 years |
Amortized Intangible Assets, Gross Carrying Amount | $ 6,526 | $ 6,526 |
Amortized Intangible Assets, Accumulated Amortization | $ 6,526 | $ 6,526 |
Use Rights [Member] | Minimum [Member] | ||
Amortized Intangible Assets | ||
Amortized Intangible Assets, Useful Life Range | 1 year | 1 year |
Use Rights [Member] | Maximum [Member] | ||
Amortized Intangible Assets | ||
Amortized Intangible Assets, Useful Life Range | 25 years | 25 years |
Use Rights [Member] | ||
Amortized Intangible Assets | ||
Amortized Intangible Assets, Gross Carrying Amount | $ 4,107 | $ 4,107 |
Amortized Intangible Assets, Accumulated Amortization | 3,597 | 3,536 |
Amortized Intangible Assets, Net Carrying Amount | 510 | 571 |
Franchise Rights [Member] | ||
Indefinite-Lived Intangible Assets | ||
Indefinite-Lived Intangible Assets, Gross Carrying Amount | 496,321 | 496,321 |
Amortized Intangible Assets, Gross Carrying Amount | 10,633 | 10,633 |
Amortized Intangible Assets, Accumulated Amortization | 10,123 | 10,062 |
Amortized Intangible Assets, Net Carrying Amount | $ 510 | $ 571 |
Note 6 - Long-Term Debt (Detail
Note 6 - Long-Term Debt (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 17, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Senior Unsecured Notes Due 2022 [Member] | ||||
Debt Instrument, Date of First Required Payment | Dec. 15, 2015 | |||
Debt Instrument, Date for Company Option to Repurchase Inclusive of Premium for Repurchase | Jun. 15, 2018 | |||
Debt Instrument, Face Amount | $ 450,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
Debt Instrument, Maturity Date | Jun. 15, 2022 | |||
Percentage of Aggregate Principal Amount for Debt Redemption Prior to Repurchase Premium Cutoff Date | 100.00% | |||
Debt Instrument, Maximum Percentage of Redemption Prior to Premium Cutoff Date, Allowable Without Redemption Premium | 35.00% | |||
Percentage of Aggregate Principal Amount for Debt Redemption Prior to the Premium Cutoff Date to be Purchased Without Repdemption Premium | 105.75% | |||
Minimum Percentage of Debt to be held in Order to Declare Notes Payable Immediately in Event of Default | 25.00% | |||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | ||||
Debt Instrument, Term | 5 years | |||
Senior Credit Facility [Member] | Secured Debt [Member] | JPMorgan Chase Bank [Member] | ||||
Debt Instrument, Term | 5 years | |||
Long-term Debt | $ 100,000 | $ 100,000 | ||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | 2.50% | ||
Long Term Debt, Amortization Rate, Year Two | 5.00% | 5.00% | ||
Long Term Debt, Amortization Rate, Year Three | 7.50% | 7.50% | ||
Long Term Debt, Amortization Rate, Year Four | 10.00% | 10.00% | ||
Long Term Debt, Amortization Rate, Year Five | 15.00% | 15.00% | ||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | Minimum [Member] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | Maximum [Member] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | |||
Senior Credit Facility [Member] | JPMorgan Chase Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | $ 200,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||
Credit Facility, Maximum Additional Amount Allowable | $ 300,000 | 300,000 | ||
Payments of Dividends | $ 450,000 | 450,000 | ||
Long-term Debt | $ 550,000 | $ 550,000 |
Note 6- Long Term Debt, Maturit
Note 6- Long Term Debt, Maturity (Details) $ in Thousands | Jun. 30, 2015USD ($) |
2,015 | $ 1,250 |
2,016 | 3,750 |
2,017 | 6,250 |
2,018 | 8,750 |
2,019 | 12,500 |
Thereafter | 517,500 |
Total | $ 550,000 |
Note 7 - Fair Value Measureme35
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Compensation Liability, Current and Noncurrent | $ 18.8 | $ 19.1 |
Note 7 - Fair Value Measureme36
Note 7 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Money Market Funds [Member] | |
Assets: | |
Assets | $ 96,015 |
Assets | 96,015 |
Notes [Member] | |
Long-term debt, including current portion | |
Long-term Debt | 450,000 |
Long-term debt, including current portion | 457,875 |
Term Loan [Member] | |
Long-term debt, including current portion | |
Long-term Debt | 100,000 |
Long-term debt, including current portion | 100,000 |
Long-term Debt | $ 550,000 |
Note 8 - Equity-based Compens37
Note 8 - Equity-based Compensation (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 05, 2015shares | |
Graham Holding Company [Member] | Spinoff [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | 21 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 10,830 | 10,830 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 6,324 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 4,506 | ||||
Graham Holding Company [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 | 20,403 | 0 | 20,403 | |
Graham Holding Company [Member] | Specific Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 750 | 22,000 | 750 | 22,000 | |
The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Authorized for Incentive Stock Options | 400,000 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 3.7 | ||||
Allocated Share-based Compensation Expense | $ | $ 4 | $ 0.5 | $ 4.3 | $ 1 |
Note 9 - Postemployment Benef38
Note 9 - Postemployment Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Expense | $ 1.1 | $ 1 | $ 2.1 | $ 1.9 |
Defined Contribution Plan, Cost Recognized | $ 0.2 | $ 0.2 | $ 0.3 | $ 0.3 |
Note 10 - Related Party Trans39
Note 10 - Related Party Transactions and Parent Company Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Selling, General and Administrative Expenses [Member] | |||||
Allocation of Overhead and Other Expenses from Parent | $ 1,900 | $ 2,400 | $ 5,800 | $ 4,500 | |
Allocation of Overhead and Other Expenses from Parent | $ 5,800 | $ 12,671 |
Note 10 - Related Party Trans40
Note 10 - Related Party Transactions and Parent Company Equity - Components of Net Transfers to Parent (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Net change in current income tax accounts | $ (39,083) | $ 85,071 |
Allocation of overhead and other expenses-from Parent | 5,800 | 12,671 |
Net advances to Parent | 488 | (227,022) |
Total net transfers to Parent | $ (32,795) | $ (129,280) |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | Jul. 08, 2015 | Jul. 01, 2015 |
Restricted Replacement Shares Member | The 2015 Plan [Member] | Vesting February 20, 2017 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 104 | |
Restricted Replacement Shares Member | The 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 9,682 | |
Staking Restricted Shares [Member] | The 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 26,930 | |
Restricted Stock [Member] | The 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 36,612 | |
The 2015 Plan [Member] | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 13,930,866 | |
Share Price | $ 380.50 | |
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 |
Uncategorized Items - coi-20150
Label | Element | Value |
us-gaap_NetIncomeLoss | us-gaap_NetIncomeLoss | $ 21,435 |
us-gaap_NetIncomeLoss | us-gaap_NetIncomeLoss | $ 26,867 |