Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | CABLE ONE, INC. | |
Entity Central Index Key | 1,632,127 | |
Trading Symbol | cabo | |
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 | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 5,703,114 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 203,522 | $ 161,752 |
Accounts receivable, net | 34,281 | 29,930 |
Income taxes receivable | 9,013 | 21,331 |
Prepaid and other current assets | 18,104 | 10,898 |
Total Current Assets | 264,920 | 223,911 |
Property, plant and equipment, net | 819,734 | 831,892 |
Intangible assets, net | 959,817 | 965,745 |
Goodwill | 172,129 | 172,129 |
Other noncurrent assets | 11,458 | 10,955 |
Total Assets | 2,228,058 | 2,204,632 |
Liabilities and Stockholders' Equity | ||
Accounts payable and accrued liabilities | 94,444 | 117,855 |
Deferred revenue | 18,791 | 15,008 |
Current portion of long-term debt | 17,500 | 14,375 |
Total Current Liabilities | 130,735 | 147,238 |
Long-term debt | 1,151,915 | 1,160,682 |
Deferred income taxes | 216,713 | 207,154 |
Other noncurrent liabilities | 12,762 | 13,111 |
Total Liabilities | 1,512,125 | 1,528,185 |
Commitments and contingencies (refer to note 14) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | ||
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,887,899 shares issued; and 5,703,337 and 5,731,442 shares outstanding as of June 30, 2018 and December 31, 2017, respectively) | 59 | 59 |
Additional paid-in capital | 33,256 | 28,412 |
Retained earnings | 792,784 | 728,386 |
Accumulated other comprehensive loss | (351) | (352) |
Treasury stock, at cost (184,562 and 156,457 shares held as of June 30, 2018 and December 31, 2017, respectively) | (109,815) | (80,058) |
Total Stockholders' Equity | 715,933 | 676,447 |
Total Liabilities and Stockholders' Equity | $ 2,228,058 | $ 2,204,632 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 5,887,899 | 5,887,899 |
Common stock, shares outstanding (in shares) | 5,703,337 | 5,731,442 |
Treasury stock, shares (in shares) | 184,562 | 156,457 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | $ 268,414 | $ 240,991 | $ 534,175 | $ 448,425 |
Costs and expenses | ||||
Operating (excluding depreciation and amortization) | 91,783 | 84,048 | 186,522 | 153,131 |
Selling, general and administrative | 54,196 | 50,965 | 105,145 | 97,349 |
Depreciation and amortization | 49,033 | 48,022 | 97,811 | 87,558 |
(Gain) loss on disposal of assets, net | 2,734 | 462 | 9,368 | (5,686) |
Total costs and expenses | 197,746 | 183,497 | 398,846 | 332,352 |
Income from operations | 70,668 | 57,494 | 135,329 | 116,073 |
Interest expense | (14,953) | (11,782) | (29,676) | (19,389) |
Other income (expense), net | 882 | (322) | 1,499 | (35) |
Income before income taxes | 56,597 | 45,390 | 107,152 | 96,649 |
Income tax provision | 12,812 | 17,530 | 22,714 | 36,674 |
Net income | $ 43,785 | $ 27,860 | $ 84,438 | $ 59,975 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 7.70 | $ 4.91 | $ 14.83 | $ 10.56 |
Diluted (in dollars per share) | $ 7.65 | $ 4.85 | $ 14.73 | $ 10.45 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 5,687,095 | 5,678,394 | 5,694,774 | 5,677,411 |
Diluted (in shares) | 5,722,869 | 5,745,617 | 5,732,634 | 5,740,837 |
Other comprehensive gain (loss), net of tax | $ 2 | $ 1 | $ 4 | |
Comprehensive income | $ 43,785 | $ 27,862 | $ 84,439 | $ 59,979 |
Dividends declared per common share (in dollars per share) | $ 1.75 | $ 1.50 | $ 3.50 | $ 3 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 5,731,442 | |||||
Balance at Dec. 31, 2017 | $ 59 | $ 28,412 | $ 728,386 | $ (80,058) | $ (352) | $ 676,447 |
Net income | 84,438 | 84,438 | ||||
Changes in pension, net of tax | 1 | 1 | ||||
Equity-based compensation | 4,844 | $ 4,844 | ||||
Issuance of equity awards, net of forfeitures (in shares) | 15,693 | |||||
Repurchases of common stock (in shares) | (34,028) | (34,028) | ||||
Repurchases of common stock | (22,556) | $ (22,556) | ||||
Withholding tax for equity awards (in shares) | (9,770) | (9,770) | ||||
Withholding tax for equity awards | (7,201) | $ (7,201) | ||||
Dividends paid to stockholders | (20,040) | (20,040) | ||||
Balance (in shares) at Jun. 30, 2018 | 5,703,337 | |||||
Balance at Jun. 30, 2018 | $ 59 | $ 33,256 | $ 792,784 | $ (109,815) | $ (351) | $ 715,933 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 84,438 | $ 59,975 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 97,811 | 87,558 |
Amortization of debt issuance cost | 2,012 | 1,191 |
Equity-based compensation | 4,844 | 4,845 |
Write-off of debt issuance costs | 110 | 613 |
Change in deferred income taxes | 9,559 | 6,719 |
(Gain) loss on disposal of assets, net | 9,368 | (5,686) |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | (4,351) | 2,263 |
Income taxes receivable | 12,318 | (11,992) |
Prepaid and other current assets | (7,206) | (1,247) |
Accounts payable and accrued liabilities | (15,439) | (14,073) |
Deferred revenue | 3,783 | 181 |
Other noncurrent assets and liabilities, net | (645) | 512 |
Net cash provided by operating activities | 196,602 | 130,859 |
Cash flows from investing activities: | ||
Purchase of business, net of cash acquired | (728,783) | |
Capital expenditures | (90,868) | (76,430) |
Change in accrued expenses related to capital expenditures | (2,517) | (1,505) |
Proceeds from sales of property, plant and equipment | 1,569 | 10,912 |
Net cash used in investing activities | (91,816) | (795,806) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 750,000 | |
Payment of debt issuance costs | (2,131) | (15,224) |
Payments on long-term debt | (5,633) | (95,008) |
Repurchases of common stock | (22,556) | (399) |
Payment of withholding tax for equity awards | (7,201) | (438) |
Dividends paid to stockholders | (20,040) | (17,165) |
Change in cash overdraft | (5,455) | (5,066) |
Net cash provided by (used in) financing activities | (63,016) | 616,700 |
Change in cash and cash equivalents | 41,770 | (48,247) |
Cash and cash equivalents, beginning of period | 161,752 | 138,040 |
Cash and cash equivalents, end of period | 203,522 | 89,793 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 27,924 | 14,031 |
Cash paid for income taxes, net of refunds received | $ 1,293 | $ 41,947 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business. 21 June 30, 2018, 653,876 340,112 129,683 On May 1, 2017, 4 8 Unless otherwise stated or the context otherwise indicates, all references in this Quarterly Report on Form 10 Basis of Presentation. 10 01 X 1934, 10 December 31, 2017 March 1, 2018 ( “2017 10 The December 31, 2017 2017 10 not may not Principles of Consolidation. Segment Reporting. 280 Segment Reporting 280 one Use of Estimates. may Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of account for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third five Recently Adopted Accounting Pronouncements. May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. January 1, 2018. not may In January 2017, No. 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 two 350 not may two December 15, 2019, January 1, 2018. not may In January 2017, No. 2017 01, Business Combinations (Topic 805 January 1, 2018. not no may In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 January 1, 2018. not may In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 five January 1, 2018 not 3 2017 Recently Issued But Not Accounting Pronouncements. June 2018, No. 2018 07, Compensation – Stock Compensation (Topic 718 2018 07 718 first 2019, not 2018 07 may In February 2016, No. 2016 02, Leases (Topic 842 2016 02 2016 02 first 2019, |
Note 2 - Revision of Previously
Note 2 - Revision of Previously Issued Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 2. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS As previously disclosed in note 2 2017 10 first 2017. fourth 2017, 2017. The Company estimates that the change in principle resulted in a decrease in operating expenses (excluding depreciation and amortization) of approximately $3.6 $3.8 $0.1 $0.1 $0.7 $0.2 three June 30, 2018 2017, $7.5 $7.7 $0.1 $0.1 $1.4 $0.5 six June 30, 2018 2017, Although the Company determined the error to be immaterial to its previously issued financial statements, the cumulative effect of the error would have been material if corrected in 2017. 2017 10 three six June 30, 2017 10 2 17 2017 10 The following tables present the effect of the revision on the condensed consolidated financial statements for the three six June 30, 2017 ( Three Months Ended June 30, 2017 As Reported Adjustment As Re vised Condensed Consolidated Statement of Operations and Comprehensive Income Information Costs and expenses Depreciation and amortization $ 46,890 $ 1,132 $ 48,022 Total costs and expenses 182,395 1,132 183,527 Income from operations 58,647 (1,132 ) 57,515 Income before income taxes 46,543 (1,132 ) 45,411 Income tax provision 17,967 (430 ) 17,537 Net income $ 28,576 $ (702 ) $ 27,874 Net income per common share: Basic $ 5.03 $ (0.12 ) $ 4.91 Diluted $ 4.97 $ (0.12 ) $ 4.85 Comprehensive income $ 28,578 $ (702 ) $ 27,876 Six Months Ended June 30, 2017 As Reported Adjustment As Re vised Condensed Consolidated Statement of Operations and Comprehensive Income Information Costs and expenses Selling, general and administrative $ 96,927 $ 523 $ 97,450 Depreciation and amortization 85,295 2,263 87,558 Total costs and expenses 329,468 2,787 332,255 Income from operations 119,001 (2,787 ) 116,214 Income before income taxes 99,577 (2,787 ) 96,790 Income tax provision 37,787 (1,059 ) 36,728 Net income $ 61,790 $ (1,728 ) $ 60,062 Net income per common share: Basic $ 10.88 $ (0.30 ) $ 10.58 Diluted $ 10.76 $ (0.30 ) $ 10.46 Comprehensive income $ 61,794 $ (1,728 ) $ 60,066 Condensed Consolidated Statement of Cash Flows Information Net income $ 61,790 $ (1,728 ) $ 60,062 Depreciation and amortization 85,295 2,263 87,558 Change in accounts receivable, net 1,741 522 2,263 Change in deferred income taxes 7,832 (1,059 ) 6,773 Net cash provided by operating activities $ 130,859 $ - $ 130,859 |
Note 3 - Adoption of New Revenu
Note 3 - Adoption of New Revenue Recognition Standard | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. ADOPTION OF NEW REVENUE RECOGNITION STANDARD The Company adopted ASC 606 January 1, 2018 606 2017 December 31, 2017 As Reported ASC 606 Adjustment As Re casted Condensed Consolidated Balance Sheet Information Assets Current Assets: Accounts receivable, net $ 51,141 $ (21,211 ) $ 29,930 Prepaid and other current assets 8,160 2,738 10,898 Total Current Assets 242,384 (18,473 ) 223,911 Other noncurrent assets 6,179 4,776 10,955 Total Assets $ 2,218,329 $ (13,697 ) $ 2,204,632 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 117,963 $ (108 ) $ 117,855 Deferred revenue 38,266 (23,258 ) 15,008 Total Current Liabilities 170,604 (23,366 ) 147,238 Deferred income taxes 205,636 1,518 207,154 Other noncurrent liabilities 9,991 3,120 13,111 Total Liabilities 1,546,913 (18,728 ) 1,528,185 Stockholders' Equity Retained earnings 723,354 5,032 728,386 Total Stockholders' Equity 671,416 5,031 676,447 Total Liabilities and Stockholders' Equity $ 2,218,329 $ (13,697 ) $ 2,204,632 Three Months Ended June 30, 2017 As Reported / Re vised (1) ASC 606 Adjustment As Re casted Condensed Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 241,042 $ (51 ) $ 240,991 Costs and expenses Operating (excluding depreciation and amortization) 83,849 199 84,048 Selling, general and administrative 51,194 (229 ) 50,965 Total costs and expenses 183,527 (30 ) 183,497 Income from operations 57,515 (21 ) 57,494 Income before income taxes 45,411 (21 ) 45,390 Income tax provision 17,537 (7 ) 17,530 Net income $ 27,874 $ (14 ) $ 27,860 Net income per common share: Basic $ 4.91 $ - $ 4.91 Diluted $ 4.85 $ - $ 4.85 Comprehensive income $ 27,876 $ (14 ) $ 27,862 _________ ( 1 ) Refer to note 2 Six Months Ended June 30, 2017 As Reported/ Re vised (1) ASC 606 Adjustment As Re casted Condensed Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 448,469 $ (44 ) $ 448,425 Costs and expenses Operating (excluding depreciation and amortization) 152,932 199 153,131 Selling, general and administrative 97,450 (101 ) 97,349 Total costs and expenses 332,255 97 332,352 Income from operations 116,214 (141 ) 116,073 Income before income taxes 96,790 (141 ) 96,649 Income tax provision 36,728 (54 ) 36,674 Net income $ 60,062 $ (87 ) $ 59,975 Net income per common share: Basic $ 10.58 $ (0.02 ) $ 10.56 Diluted $ 10.46 $ (0.01 ) $ 10.45 Comprehensive income $ 60,066 $ (87 ) $ 59,979 Condensed Consolidated Statement of Cash Flows Information Net income $ 60,062 $ (87 ) $ 59,975 Change in deferred income taxes 6,773 (54 ) 6,719 Change in deferred revenue 89 92 181 Change in other noncurrent assets and liabilities, net 462 50 512 Net cash provided by operating activities $ 130,859 $ - $ 130,859 _________ ( 1 ) Refer to note 2 The adoption of ASC 606 not A summary of changes in timing and presentation to the Company’s historical consolidated financial statements is presented below: ● The net decrease in total assets reflects a decrease in accounts receivable to remove amounts billed to customers for which the associated performance obligations have not ● The net decrease in total liabilities reflects a decrease in deferred revenue to remove amounts billed to customers for which the associated performance obligations have not ● The changes in revenues and expenses are a result of the deferred recognition of incremental customer acquisition costs and up-front and installation business services fees over a period of time, compared to the historical treatment of immediate recognition. |
Note 4 - NewWave Acquisition
Note 4 - NewWave Acquisition | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. NEWWAVE ACQUISITION On May 1, 2017, $740.2 8 The following table summarizes the allocation of the purchase price consideration as of the acquisition date, reflecting all measurement period adjustments recorded in 2017 Purchase Price Allocation Assets A cquired Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid and other current assets 2,286 Property, plant and equipment 192,234 Intangible assets 476,300 Other noncurrent assets 1,184 Total Assets Acquired 699,251 Liabilities A ssumed Accounts payable and accrued liabilities 25,125 Deferred revenue 14,516 Deferred income taxes 6,644 Total Liabilities Assumed 46,285 Net A ssets A cquired 652,966 Purchase price consideration 740,166 Goodwill R ecognized $ 87,200 The measurement period ended on April 30, 2018 no 2018. |
Note 5 - Revenues
Note 5 - Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. REVENUES The Company’s revenues by product line were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Residential Data $ 122,471 $ 103,497 $ 242,330 $ 194,018 Video 87,462 84,873 176,219 157,328 Voice 10,504 11,417 21,176 21,284 Business services 38,485 32,493 76,177 59,461 Advertising sales 5,916 5,970 11,158 11,592 Other 3,576 2,741 7,115 4,742 Total revenues $ 268,414 $ 240,991 $ 534,175 $ 448,425 Fees imposed on the Company by various governmental authorities are passed through monthly to the Company’s customers and are periodically remitted to authorities. These fees were $4.1 $4.0 three June 30, 2018 2017, $8.2 $7.5 six June 30, 2018 2017, Other revenues are comprised primarily of customer late charges and reconnect fees. A significant portion of the Company’s revenues is derived from customers who may not one five Contract Costs . third $7.7 $7.5 June 30, 2018 December 31, 2017, $0.9 three June 30, 2018 2017 $1.7 six June 30, 2018 2017 $2.8 June 30, 2018 12 Contract Liabilities . $18.8 $15.0 June 30, 2018 December 31, 2017, $2.5 $3.1 June 30, 2018 December 31, 2017, Significant Judgments . may not The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the sales price for such bundles to each individual service provided based on the relative standalone selling price for each subscribed service. Standalone selling prices of the Company’s residential data and video services are directly observable, while standalone selling prices for the Company’s residential voice services are estimated using the adjusted market assessment approach, which relies upon information from peer companies who sell residential voice services individually. The Company also uses significant judgment to determine the appropriate period over which to amortize deferred residential and business commission costs, which was determined to be the average customer tenure. Based on historical data and current expectations, the Company determined the average customer tenure for both residential and business customers to be approximately five |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): June 30, 2018 December 31, 2017 Cable distribution systems $ 1,370,420 $ 1,329,451 Customer premise equipment 201,578 200,175 Other equipment and fixtures 385,033 378,968 Buildings and leasehold improvements 96,898 95,314 Capitalized software 94,399 89,773 Construction in progress 66,089 67,564 Land 11,615 11,585 Property, plant and equipment, gross 2,226,032 2,172,830 Less: Accumulated depreciation (1,406,298 ) (1,340,938 ) Property, plant and equipment, net $ 819,734 $ 831,892 Depreciation expense was $46.0 $45.9 three June 30, 2018 2017, $92.1 $85.4 six June 30, 2018 2017, In January 2017, $10.1 $6.6 $4.6 June 30, 2018 December 31, 2017. |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill at both June 30, 2018 December 31, 2017 $172.1 $87.2 not Intangible assets (excluding goodwill) consisted of the following (dollars in thousands): June 30, 2018 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Finite-Lived Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 2,931 $ 2,883 $ 48 Customer relationships 14 160,000 13,333 146,667 Trademarks and trade names 2.7 1,300 569 731 Total Finite-Lived Intangible Assets $ 164,231 $ 16,785 $ 147,446 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 December 31, 2017 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Finite-Lived Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,886 $ 252 Customer relationships 14 160,000 7,619 152,381 Trademarks and trade names 2.7 1,300 325 975 Total Finite-Lived Intangible Assets $ 165,438 $ 11,830 $ 153,608 Indefinite-Lived Intangible Assets Franchise agreements $ 812,137 Intangible asset amortization expense was $3.0 $2.1 three June 30, 2018 2017, $5.7 $2.2 six June 30, 2018 2017, As of June 30, 2018, Year Ending December 31, Amount 2018 (remaining six months) $ 5,963 2019 11,925 2020 11,437 2021 11,436 2022 11,433 Thereafter 95,252 Total $ 147,446 Actual amortization expense in future periods may |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. LONG-TERM DEBT The carrying amount of long-term debt consisted of the following (in thousands): June 30, 2018 December 31, 2017 Notes $ 450,000 $ 450,000 Senior Credit Facilities 738,750 744,375 Capital lease obligation 259 267 Total debt 1,189,009 1,194,642 Less unamortized debt issuance costs (19,594 ) (19,585 ) Less current portion (17,500 ) (14,375 ) Total long-term debt $ 1,151,915 $ 1,160,682 Notes. June 17, 2015, $450 5.75% 2022 June 15, 2022 June 15th December 15th June 17, 2015 ( Senior Credit Facilities. June 30, 2015, five $200 five $100 On May 1, 2017, $750 five $250 seven $500 On April 23, 2018, No. 1 1.75% 0.75% may six 12 The interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either LIBOR or a base rate, plus an applicable margin equal to, (i) with respect to the Term Loan A and the Revolving Credit Facility, 1.50% 2.25% 0.50% 1.25% x 2.25% 1.25% April 22, 2018 1.75% 0.75% April 22, 2018. The Term Loan A may 2.5% first 5.0% second 7.5% third 10.0% fourth fifth 1.0% 1.0% six not The Company may, $425 no 1.80 1.00. first The Company was in compliance with all debt covenants as of June 30, 2018. As of June 30, 2018, $243.8 $495.0 4.09% $3.1 $196.9 June 30, 2018. In connection with the Repricing Amendment, the Company incurred debt issuance costs of $2.1 $0.1 $1.0 $0.8 three June 30, 2018 2017, $2.0 $1.2 six June 30, 2018 2017, As of June 30, 2018, Year Ending December 31, Amount 2018 (remaining six months) $ 8,758 2019 20,642 2020 26,892 2021 30,017 2022 180,017 Thereafter 922,683 Total $ 1,189,009 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. FAIR VALUE MEASUREMENTS A three ● Level 1 ● Level 2 not ● Level 3 Fina ncial Assets and Liabilities. June 30, 2018 not The carrying amounts, fair values and related fair value hierarchies of the Company’s financial assets and liabilities were as follows (in thousands): June 30, 2018 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents : Money market investments $ 16,456 $ 16,456 Level 1 Commercial paper $ 179,554 $ 179,511 Level 2 Liabilities : Long-term debt, including current portion: Notes $ 450,000 $ 457,875 Level 2 Senior Credit Facilities $ 738,750 $ 738,750 - Money market investments are primarily held in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (Level 1 2 90 2 The Company’s deferred compensation liability was $18.2 $20.2 June 30, 2018 December 31, 2017, not 2 The carrying amounts of accounts receivable, accounts payable and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments. Nonfinancial Assets and Liabilities. not may No six June 30, 2018 2017. |
Note 10 - Treasury Stock
Note 10 - Treasury Stock | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 10. TREASURY STOCK Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Share Repurchase Program. July 1, 2015, $250 600,000 may June 30, 2018, 199,861 $95.8 six June 30, 2018, 34,028 $22.6 30,717 three June 30, 2018 $20.3 Tax Withholding for Equity Awards . three six June 30, 2018 $0.1 $7.2 3 9,770 184,562 June 30, 2018 |
Note 11 - Equity-based Compensa
Note 11 - Equity-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. EQUITY-BASED COMPENSATION The Amended and Restated Cable One, Inc. 2015 “2015 2015 Restricted stock awards granted to employees are subject to service-based vesting and certain awards are also subject to performance-based vesting and generally cliff-vest on the three four first four first first first January 2018, 2018 The 2015 may 2015 334,870. June 30, 2018, 256,735 2015 Compensation expense associated with equity based awards is recognized on a straight-line basis over the vesting period, with forfeitures recognized as incurred. Equity-based compensation expense was $2.5 $2.4 three June 30, 2018 2017, $4.8 six June 30, 2018 2017 $2.5 six June 30, 2018. $3.3 June 30, 2018. Restricted Stock Awards. six June 30, 2018 Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2017 51,290 $ 472.89 Granted 14,455 $ 692.25 Forfeited (1,011 ) $ 610.54 Vested and issued (24,454 ) $ 394.51 Outstanding as of June 30, 2018 40,280 $ 595.79 Vested and unissued as of June 30, 2018 4,138 $ 493.43 Equity-based compensation expense for restricted stock was $1.6 three June 30, 2018 2017 $3.0 $3.3 six June 30, 2018 2017, June 30, 2018, $10.5 1.5 Stock Appreciation Rights. six June 30, 2018 Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Grant Date Fair Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2017 102,458 $ 477.62 $ 100.91 $ 23,173 8.1 Granted 14,500 $ 702.40 $ 168.84 $ - 9.5 Exercised (12,707 ) $ 431.96 $ 89.64 Forfeited (2,249 ) $ 422.31 $ 87.22 Outstanding as of June 30, 2018 102,002 $ 516.48 $ 112.27 $ 22,115 7.9 Vested and exercisable as of June 30, 2018 15,263 $ 490.48 $ 104.35 $ 3,706 7.6 The grant date fair value of the Company’s SARs is measured using the Black-Scholes valuation model. The weighted average inputs used in the model for grants awarded during the six June 30, 2018 2018 Expected volatility 22.53% Risk-free interest rate 2.35% Expected term (in years) 6.25% Expected dividend yield 0.99% Equity-based compensation expense for SARs was $0.9 $0.8 three June 30, 2018 2017, $1.8 $1.5 six June 30, 2018 2017, June 30, 2018, $7.1 1.1 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The Company’s effective tax rate was 22.6% 38.6% three June 30, 2018 2017, 21.2% 37.9% six June 30, 2018 2017, three June 30, 2018 35% 21% 2017 $1.2 three June 30, 2018. six June 30, 2018 $2.5 six June 30, 2018. The Company recognized the income tax effects of the 2017 2017 10 No. 118, 740 Income Taxes 2017 2017 740 2017 740 2017 10 may may may 2017 2017 2018. |
Note 13 - Net Income Per Common
Note 13 - Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity awards if such inclusion would be dilutive, calculated using the treasury stock method. The following table sets forth the computation of basic and diluted net income per common share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 43,785 $ 27,860 $ 84,438 $ 59,975 Denominator: Weighted average common shares outstanding - basic 5,687,095 5,678,394 5,694,774 5,677,411 Effect of dilutive equity awards (1) 35,774 67,223 37,860 63,426 Weighted average common shares outstanding - diluted 5,722,869 5,745,617 5,732,634 5,740,837 Ne t Income per Common S hare: Basic $ 7.70 $ 4.91 $ 14.83 $ 10.56 Diluted $ 7.65 $ 4.85 $ 14.73 $ 10.45 _________ ( 1 5,176 2,477 three June 30, 2018 2017, 5,435 1,438 six June 30, 2018 2017, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES Litigation and Legal Matters. no not not Regulation in the Cable Industry. 1996 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 01 X 1934, 10 December 31, 2017 March 1, 2018 ( “2017 10 The December 31, 2017 2017 10 not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. 280 Segment Reporting 280 one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. 606 Revenue from Contracts with Customers . one The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one third not The unit of account for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete. The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third five |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. May 2017, No. 2017 09, Compensation – Stock Compensation (Topic 718 2017 09 718. January 1, 2018. may In January 2017, No. 2017 04, Intangibles - Goodwill and Other (Topic 350 2017 04 two 350 not may two December 15, 2019, January 1, 2018. not may In January 2017, No. 2017 01, Business Combinations (Topic 805 January 1, 2018. not no may In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments one 2016 15 January 1, 2018. not may In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 five January 1, 2018 not 3 2017 Recently Issued But Not Accounting Pronouncements. June 2018, No. 2018 07, Compensation – Stock Compensation (Topic 718 2018 07 718 first 2019, not 2018 07 may In February 2016, No. 2016 02, Leases (Topic 842 2016 02 2016 02 first 2019, |
Note 2 - Revision of Previous22
Note 2 - Revision of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three Months Ended June 30, 2017 As Reported Adjustment As Re vised Condensed Consolidated Statement of Operations and Comprehensive Income Information Costs and expenses Depreciation and amortization $ 46,890 $ 1,132 $ 48,022 Total costs and expenses 182,395 1,132 183,527 Income from operations 58,647 (1,132 ) 57,515 Income before income taxes 46,543 (1,132 ) 45,411 Income tax provision 17,967 (430 ) 17,537 Net income $ 28,576 $ (702 ) $ 27,874 Net income per common share: Basic $ 5.03 $ (0.12 ) $ 4.91 Diluted $ 4.97 $ (0.12 ) $ 4.85 Comprehensive income $ 28,578 $ (702 ) $ 27,876 Six Months Ended June 30, 2017 As Reported Adjustment As Re vised Condensed Consolidated Statement of Operations and Comprehensive Income Information Costs and expenses Selling, general and administrative $ 96,927 $ 523 $ 97,450 Depreciation and amortization 85,295 2,263 87,558 Total costs and expenses 329,468 2,787 332,255 Income from operations 119,001 (2,787 ) 116,214 Income before income taxes 99,577 (2,787 ) 96,790 Income tax provision 37,787 (1,059 ) 36,728 Net income $ 61,790 $ (1,728 ) $ 60,062 Net income per common share: Basic $ 10.88 $ (0.30 ) $ 10.58 Diluted $ 10.76 $ (0.30 ) $ 10.46 Comprehensive income $ 61,794 $ (1,728 ) $ 60,066 Condensed Consolidated Statement of Cash Flows Information Net income $ 61,790 $ (1,728 ) $ 60,062 Depreciation and amortization 85,295 2,263 87,558 Change in accounts receivable, net 1,741 522 2,263 Change in deferred income taxes 7,832 (1,059 ) 6,773 Net cash provided by operating activities $ 130,859 $ - $ 130,859 |
Note 3 - Adoption of New Reve23
Note 3 - Adoption of New Revenue Recognition Standard (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | December 31, 2017 As Reported ASC 606 Adjustment As Re casted Condensed Consolidated Balance Sheet Information Assets Current Assets: Accounts receivable, net $ 51,141 $ (21,211 ) $ 29,930 Prepaid and other current assets 8,160 2,738 10,898 Total Current Assets 242,384 (18,473 ) 223,911 Other noncurrent assets 6,179 4,776 10,955 Total Assets $ 2,218,329 $ (13,697 ) $ 2,204,632 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued liabilities $ 117,963 $ (108 ) $ 117,855 Deferred revenue 38,266 (23,258 ) 15,008 Total Current Liabilities 170,604 (23,366 ) 147,238 Deferred income taxes 205,636 1,518 207,154 Other noncurrent liabilities 9,991 3,120 13,111 Total Liabilities 1,546,913 (18,728 ) 1,528,185 Stockholders' Equity Retained earnings 723,354 5,032 728,386 Total Stockholders' Equity 671,416 5,031 676,447 Total Liabilities and Stockholders' Equity $ 2,218,329 $ (13,697 ) $ 2,204,632 Three Months Ended June 30, 2017 As Reported / Re vised (1) ASC 606 Adjustment As Re casted Condensed Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 241,042 $ (51 ) $ 240,991 Costs and expenses Operating (excluding depreciation and amortization) 83,849 199 84,048 Selling, general and administrative 51,194 (229 ) 50,965 Total costs and expenses 183,527 (30 ) 183,497 Income from operations 57,515 (21 ) 57,494 Income before income taxes 45,411 (21 ) 45,390 Income tax provision 17,537 (7 ) 17,530 Net income $ 27,874 $ (14 ) $ 27,860 Net income per common share: Basic $ 4.91 $ - $ 4.91 Diluted $ 4.85 $ - $ 4.85 Comprehensive income $ 27,876 $ (14 ) $ 27,862 Six Months Ended June 30, 2017 As Reported/ Re vised (1) ASC 606 Adjustment As Re casted Condensed Consolidated Statement of Operations and Comprehensive Income Information Revenues $ 448,469 $ (44 ) $ 448,425 Costs and expenses Operating (excluding depreciation and amortization) 152,932 199 153,131 Selling, general and administrative 97,450 (101 ) 97,349 Total costs and expenses 332,255 97 332,352 Income from operations 116,214 (141 ) 116,073 Income before income taxes 96,790 (141 ) 96,649 Income tax provision 36,728 (54 ) 36,674 Net income $ 60,062 $ (87 ) $ 59,975 Net income per common share: Basic $ 10.58 $ (0.02 ) $ 10.56 Diluted $ 10.46 $ (0.01 ) $ 10.45 Comprehensive income $ 60,066 $ (87 ) $ 59,979 Condensed Consolidated Statement of Cash Flows Information Net income $ 60,062 $ (87 ) $ 59,975 Change in deferred income taxes 6,773 (54 ) 6,719 Change in deferred revenue 89 92 181 Change in other noncurrent assets and liabilities, net 462 50 512 Net cash provided by operating activities $ 130,859 $ - $ 130,859 |
Note 4 - NewWave Acquisition (T
Note 4 - NewWave Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Assets A cquired Cash and cash equivalents $ 12,220 Accounts receivable 15,027 Prepaid and other current assets 2,286 Property, plant and equipment 192,234 Intangible assets 476,300 Other noncurrent assets 1,184 Total Assets Acquired 699,251 Liabilities A ssumed Accounts payable and accrued liabilities 25,125 Deferred revenue 14,516 Deferred income taxes 6,644 Total Liabilities Assumed 46,285 Net A ssets A cquired 652,966 Purchase price consideration 740,166 Goodwill R ecognized $ 87,200 |
Note 5 - Revenues (Tables)
Note 5 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Residential Data $ 122,471 $ 103,497 $ 242,330 $ 194,018 Video 87,462 84,873 176,219 157,328 Voice 10,504 11,417 21,176 21,284 Business services 38,485 32,493 76,177 59,461 Advertising sales 5,916 5,970 11,158 11,592 Other 3,576 2,741 7,115 4,742 Total revenues $ 268,414 $ 240,991 $ 534,175 $ 448,425 |
Note 6 - Property, Plant and 26
Note 6 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 December 31, 2017 Cable distribution systems $ 1,370,420 $ 1,329,451 Customer premise equipment 201,578 200,175 Other equipment and fixtures 385,033 378,968 Buildings and leasehold improvements 96,898 95,314 Capitalized software 94,399 89,773 Construction in progress 66,089 67,564 Land 11,615 11,585 Property, plant and equipment, gross 2,226,032 2,172,830 Less: Accumulated depreciation (1,406,298 ) (1,340,938 ) Property, plant and equipment, net $ 819,734 $ 831,892 |
Note 7 - Goodwill and Intangi27
Note 7 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2018 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Finite-Lived Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 2,931 $ 2,883 $ 48 Customer relationships 14 160,000 13,333 146,667 Trademarks and trade names 2.7 1,300 569 731 Total Finite-Lived Intangible Assets $ 164,231 $ 16,785 $ 147,446 Indefinite-Lived Intangible Assets Franchise agreements $ 812,371 December 31, 2017 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Finite-Lived Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,138 $ 3,886 $ 252 Customer relationships 14 160,000 7,619 152,381 Trademarks and trade names 2.7 1,300 325 975 Total Finite-Lived Intangible Assets $ 165,438 $ 11,830 $ 153,608 Indefinite-Lived Intangible Assets Franchise agreements $ 812,137 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2018 (remaining six months) $ 5,963 2019 11,925 2020 11,437 2021 11,436 2022 11,433 Thereafter 95,252 Total $ 147,446 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2018 December 31, 2017 Notes $ 450,000 $ 450,000 Senior Credit Facilities 738,750 744,375 Capital lease obligation 259 267 Total debt 1,189,009 1,194,642 Less unamortized debt issuance costs (19,594 ) (19,585 ) Less current portion (17,500 ) (14,375 ) Total long-term debt $ 1,151,915 $ 1,160,682 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2018 (remaining six months) $ 8,758 2019 20,642 2020 26,892 2021 30,017 2022 180,017 Thereafter 922,683 Total $ 1,189,009 |
Note 9 - Fair Value Measureme29
Note 9 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2018 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents : Money market investments $ 16,456 $ 16,456 Level 1 Commercial paper $ 179,554 $ 179,511 Level 2 Liabilities : Long-term debt, including current portion: Notes $ 450,000 $ 457,875 Level 2 Senior Credit Facilities $ 738,750 $ 738,750 - |
Note 11 - Equity-based Compen30
Note 11 - Equity-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2017 51,290 $ 472.89 Granted 14,455 $ 692.25 Forfeited (1,011 ) $ 610.54 Vested and issued (24,454 ) $ 394.51 Outstanding as of June 30, 2018 40,280 $ 595.79 Vested and unissued as of June 30, 2018 4,138 $ 493.43 |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Grant Date Fair Aggregate Intrinsic Value ( in thousands ) Weighted Average Remaining Contractual Term (in y ears) Outstanding as of December 31, 2017 102,458 $ 477.62 $ 100.91 $ 23,173 8.1 Granted 14,500 $ 702.40 $ 168.84 $ - 9.5 Exercised (12,707 ) $ 431.96 $ 89.64 Forfeited (2,249 ) $ 422.31 $ 87.22 Outstanding as of June 30, 2018 102,002 $ 516.48 $ 112.27 $ 22,115 7.9 Vested and exercisable as of June 30, 2018 15,263 $ 490.48 $ 104.35 $ 3,706 7.6 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | 2018 Expected volatility 22.53% Risk-free interest rate 2.35% Expected term (in years) 6.25% Expected dividend yield 0.99% |
Note 13 - Net Income Per Comm31
Note 13 - Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 43,785 $ 27,860 $ 84,438 $ 59,975 Denominator: Weighted average common shares outstanding - basic 5,687,095 5,678,394 5,694,774 5,677,411 Effect of dilutive equity awards (1) 35,774 67,223 37,860 63,426 Weighted average common shares outstanding - diluted 5,722,869 5,745,617 5,732,634 5,740,837 Ne t Income per Common S hare: Basic $ 7.70 $ 4.91 $ 14.83 $ 10.56 Diluted $ 7.65 $ 4.85 $ 14.73 $ 10.45 |
Note 1 - Description of Busin32
Note 1 - Description of Business and Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Number of States in which Entity Operates | 21 |
Number of Reportable Segments | 1 |
Data [Member] | |
Number of Customers | 653,876 |
Video [Member] | |
Number of Customers | 340,112 |
Voice [Member] | |
Number of Customers | 129,683 |
Note 2 - Revision of Previous33
Note 2 - Revision of Previously Issued Financial Statements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Expenses Excluding Depreciation and Amortization | $ 91,783 | $ 84,048 | $ 186,522 | $ 153,131 |
Selling, General and Administrative Expense, Total | 54,196 | 50,965 | 105,145 | 97,349 |
Depreciation, Depletion and Amortization, Nonproduction, Total | 49,033 | 48,022 | 97,811 | 87,558 |
Change in Accounting Principle for the Capitalization of Certain Labor and Supervisory Activities [Member] | ||||
Operating Expenses Excluding Depreciation and Amortization | (3,600) | (3,800) | (7,500) | (7,700) |
Selling, General and Administrative Expense, Total | 100 | 100 | 100 | 100 |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 700 | $ 200 | $ 1,400 | $ 500 |
Note 2 - Revision of Previous34
Note 2 - Revision of Previously Issued Financial Statements - Revisions on Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Depreciation and amortization | $ 49,033 | $ 48,022 | $ 97,811 | $ 87,558 | |
Total costs and expenses | 197,746 | 183,497 | 398,846 | 332,352 | |
Income from operations | 70,668 | 57,494 | 135,329 | 116,073 | |
Income before income taxes | 56,597 | 45,390 | 107,152 | 96,649 | |
Income tax provision | 12,812 | 17,530 | 22,714 | 36,674 | |
Net income | $ 43,785 | $ 27,860 | $ 84,438 | $ 59,975 | |
Basic (in dollars per share) | $ 7.70 | $ 4.91 | $ 14.83 | $ 10.56 | |
Diluted (in dollars per share) | $ 7.65 | $ 4.85 | $ 14.73 | $ 10.45 | |
Comprehensive income | $ 43,785 | $ 27,862 | $ 84,439 | $ 59,979 | |
Selling, general and administrative | $ 54,196 | 50,965 | 105,145 | 97,349 | |
Change in accounts receivable, net | 4,351 | (2,263) | |||
Change in deferred income taxes | 9,559 | 6,719 | |||
Net cash provided by operating activities | $ 196,602 | 130,859 | |||
Error Correction Related to Labor Capitalization [Member] | |||||
Depreciation and amortization | 48,022 | 87,558 | |||
Total costs and expenses | 183,527 | 332,255 | |||
Income from operations | 57,515 | 116,214 | |||
Income before income taxes | 45,411 | 96,790 | |||
Income tax provision | 17,537 | 36,728 | |||
Net income | $ 27,874 | $ 60,062 | |||
Basic (in dollars per share) | $ 4.91 | $ 10.58 | |||
Diluted (in dollars per share) | $ 4.85 | $ 10.46 | |||
Comprehensive income | $ 27,876 | $ 60,066 | |||
Selling, general and administrative | 97,450 | ||||
Change in accounts receivable, net | 2,263 | ||||
Change in deferred income taxes | 6,773 | ||||
Net cash provided by operating activities | 130,859 | ||||
Previously Reported [Member] | |||||
Total costs and expenses | [1] | 183,527 | 332,255 | ||
Income from operations | [1] | 57,515 | 116,214 | ||
Income before income taxes | [1] | 45,411 | 96,790 | ||
Income tax provision | [1] | 17,537 | 36,728 | ||
Net income | [1] | $ 27,874 | $ 60,062 | ||
Basic (in dollars per share) | [1] | $ 4.91 | $ 10.58 | ||
Diluted (in dollars per share) | [1] | $ 4.85 | $ 10.46 | ||
Comprehensive income | [1] | $ 27,876 | $ 60,066 | ||
Selling, general and administrative | [1] | 51,194 | 97,450 | ||
Change in deferred income taxes | 6,773 | ||||
Net cash provided by operating activities | 130,859 | ||||
Previously Reported [Member] | Error Correction Related to Labor Capitalization [Member] | |||||
Depreciation and amortization | 46,890 | 85,295 | |||
Total costs and expenses | 182,395 | 329,468 | |||
Income from operations | 58,647 | 119,001 | |||
Income before income taxes | 46,543 | 99,577 | |||
Income tax provision | 17,967 | 37,787 | |||
Net income | $ 28,576 | $ 61,790 | |||
Basic (in dollars per share) | $ 5.03 | $ 10.88 | |||
Diluted (in dollars per share) | $ 4.97 | $ 10.76 | |||
Comprehensive income | $ 28,578 | $ 61,794 | |||
Selling, general and administrative | 96,927 | ||||
Change in accounts receivable, net | 1,741 | ||||
Change in deferred income taxes | 7,832 | ||||
Net cash provided by operating activities | 130,859 | ||||
Restatement Adjustment [Member] | |||||
Total costs and expenses | (30) | 97 | |||
Income from operations | (21) | (141) | |||
Income before income taxes | (21) | (141) | |||
Income tax provision | (7) | (54) | |||
Net income | $ (14) | $ (87) | |||
Basic (in dollars per share) | $ (0.02) | ||||
Diluted (in dollars per share) | $ (0.01) | ||||
Comprehensive income | $ (14) | $ (87) | |||
Selling, general and administrative | (229) | (101) | |||
Change in deferred income taxes | (54) | ||||
Net cash provided by operating activities | |||||
Restatement Adjustment [Member] | Error Correction Related to Labor Capitalization [Member] | |||||
Depreciation and amortization | 1,132 | 2,263 | |||
Total costs and expenses | 1,132 | 2,787 | |||
Income from operations | (1,132) | (2,787) | |||
Income before income taxes | (1,132) | (2,787) | |||
Income tax provision | (430) | (1,059) | |||
Net income | $ (702) | $ (1,728) | |||
Basic (in dollars per share) | $ (0.12) | $ (0.30) | |||
Diluted (in dollars per share) | $ (0.12) | $ (0.30) | |||
Comprehensive income | $ (702) | $ (1,728) | |||
Selling, general and administrative | 523 | ||||
Change in accounts receivable, net | 522 | ||||
Change in deferred income taxes | (1,059) | ||||
Net cash provided by operating activities | |||||
[1] | Refer to note 2 for details regarding the revision. |
Note 3 - Adoption of New Reve35
Note 3 - Adoption of New Revenue Recognition Standard - Impact of ASC 606 Adoption (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Accounts receivable, net | $ 34,281 | $ 34,281 | $ 29,930 | |||
Prepaid and other current assets | 18,104 | 18,104 | 10,898 | |||
Total Current Assets | 264,920 | 264,920 | 223,911 | |||
Other noncurrent assets | 11,458 | 11,458 | 10,955 | |||
Total Assets | 2,228,058 | 2,228,058 | 2,204,632 | |||
Accounts payable and accrued liabilities | 94,444 | 94,444 | 117,855 | |||
Deferred revenue | 18,791 | 18,791 | 15,008 | |||
Total Current Liabilities | 130,735 | 130,735 | 147,238 | |||
Deferred income taxes | 216,713 | 216,713 | 207,154 | |||
Other noncurrent liabilities | 12,762 | 12,762 | 13,111 | |||
Total Liabilities | 1,512,125 | 1,512,125 | 1,528,185 | |||
Retained earnings | 792,784 | 792,784 | 728,386 | |||
Total Stockholders' Equity | 715,933 | 715,933 | 676,447 | |||
Total Liabilities and Stockholders' Equity | 2,228,058 | 2,228,058 | 2,204,632 | |||
Revenues | 268,414 | $ 240,991 | 534,175 | $ 448,425 | ||
Operating (excluding depreciation and amortization) | 91,783 | 84,048 | 186,522 | 153,131 | ||
Selling, general and administrative | 54,196 | 50,965 | 105,145 | 97,349 | ||
Total costs and expenses | 197,746 | 183,497 | 398,846 | 332,352 | ||
Income from operations | 70,668 | 57,494 | 135,329 | 116,073 | ||
Income before income taxes | 56,597 | 45,390 | 107,152 | 96,649 | ||
Income tax provision | 12,812 | 17,530 | 22,714 | 36,674 | ||
Net income | $ 43,785 | $ 27,860 | $ 84,438 | $ 59,975 | ||
Basic (in dollars per share) | $ 7.70 | $ 4.91 | $ 14.83 | $ 10.56 | ||
Diluted (in dollars per share) | $ 7.65 | $ 4.85 | $ 14.73 | $ 10.45 | ||
Comprehensive income | $ 43,785 | $ 27,862 | $ 84,439 | $ 59,979 | ||
Change in deferred income taxes | 9,559 | 6,719 | ||||
Change in deferred revenue | 3,783 | 181 | ||||
Other noncurrent assets and liabilities, net | (645) | 512 | ||||
Net cash provided by operating activities | $ 196,602 | 130,859 | ||||
Previously Reported [Member] | ||||||
Accounts receivable, net | 51,141 | |||||
Prepaid and other current assets | 8,160 | |||||
Total Current Assets | 242,384 | |||||
Other noncurrent assets | 6,179 | |||||
Total Assets | 2,218,329 | |||||
Accounts payable and accrued liabilities | 117,963 | |||||
Deferred revenue | 38,266 | |||||
Total Current Liabilities | 170,604 | |||||
Deferred income taxes | 205,636 | |||||
Other noncurrent liabilities | 9,991 | |||||
Total Liabilities | 1,546,913 | |||||
Retained earnings | 723,354 | |||||
Total Stockholders' Equity | 671,416 | |||||
Total Liabilities and Stockholders' Equity | 2,218,329 | |||||
Revenues | [1] | 241,042 | 448,469 | |||
Operating (excluding depreciation and amortization) | 83,849 | 152,932 | ||||
Selling, general and administrative | [1] | 51,194 | 97,450 | |||
Total costs and expenses | [1] | 183,527 | 332,255 | |||
Income from operations | [1] | 57,515 | 116,214 | |||
Income before income taxes | [1] | 45,411 | 96,790 | |||
Income tax provision | [1] | 17,537 | 36,728 | |||
Net income | [1] | $ 27,874 | $ 60,062 | |||
Basic (in dollars per share) | [1] | $ 4.91 | $ 10.58 | |||
Diluted (in dollars per share) | [1] | $ 4.85 | $ 10.46 | |||
Comprehensive income | [1] | $ 27,876 | $ 60,066 | |||
Change in deferred income taxes | 6,773 | |||||
Change in deferred revenue | 89 | |||||
Other noncurrent assets and liabilities, net | 462 | |||||
Net cash provided by operating activities | 130,859 | |||||
Restatement Adjustment [Member] | ||||||
Accounts receivable, net | (21,211) | |||||
Prepaid and other current assets | 2,738 | |||||
Total Current Assets | (18,473) | |||||
Other noncurrent assets | 4,776 | |||||
Total Assets | (13,697) | |||||
Accounts payable and accrued liabilities | (108) | |||||
Deferred revenue | (23,258) | |||||
Total Current Liabilities | (23,366) | |||||
Deferred income taxes | 1,518 | |||||
Other noncurrent liabilities | 3,120 | |||||
Total Liabilities | (18,728) | |||||
Retained earnings | 5,032 | |||||
Total Stockholders' Equity | 5,031 | |||||
Total Liabilities and Stockholders' Equity | $ (13,697) | |||||
Revenues | (51) | (44) | ||||
Operating (excluding depreciation and amortization) | 199 | 199 | ||||
Selling, general and administrative | (229) | (101) | ||||
Total costs and expenses | (30) | 97 | ||||
Income from operations | (21) | (141) | ||||
Income before income taxes | (21) | (141) | ||||
Income tax provision | (7) | (54) | ||||
Net income | $ (14) | $ (87) | ||||
Basic (in dollars per share) | $ (0.02) | |||||
Diluted (in dollars per share) | $ (0.01) | |||||
Comprehensive income | $ (14) | $ (87) | ||||
Change in deferred income taxes | (54) | |||||
Change in deferred revenue | 92 | |||||
Other noncurrent assets and liabilities, net | 50 | |||||
Net cash provided by operating activities | ||||||
[1] | Refer to note 2 for details regarding the revision. |
Note 4 - NewWave Acquisition (D
Note 4 - NewWave Acquisition (Details Textual) $ in Millions | May 01, 2017USD ($) |
New Wave [Member] | |
Payments to Acquire Businesses, Gross | $ 740.2 |
Note 4 - NewWave Acquisition -
Note 4 - NewWave Acquisition - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | May 01, 2017 |
Goodwill, Ending Balance | $ 172,129 | $ 172,129 | |
New Wave [Member] | |||
Cash and cash equivalents | $ 12,220 | ||
Accounts receivable | 15,027 | ||
Prepaid and other current assets | 2,286 | ||
Property, plant and equipment | 192,234 | ||
Intangible assets | 476,300 | ||
Other noncurrent assets | 1,184 | ||
Total Assets Acquired | 699,251 | ||
Accounts payable and accrued liabilities | 25,125 | ||
Deferred revenue | 14,516 | ||
Deferred income taxes | 6,644 | ||
Total Liabilities Assumed | 46,285 | ||
Net Assets Acquired | 652,966 | ||
Purchase price consideration | 740,166 | ||
Goodwill, Ending Balance | $ 87,200 |
Note 5 - Revenues (Details Text
Note 5 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 268,414 | $ 240,991 | $ 534,175 | $ 448,425 | |
Capitalized Contract Cost, Net, Total | 7,700 | 7,700 | $ 7,500 | ||
Capitalized Contract Cost, Net, Current | $ 2,800 | $ 2,800 | |||
Capitalized Contract Cost, Amortization Period | 1 year | 1 year | |||
Contract with Customer, Liability, Current | $ 18,791 | $ 18,791 | 15,008 | ||
Other Noncurrent Liabilities [Member] | |||||
Contract with Customer, Liability, Noncurrent | 2,500 | 2,500 | $ 3,100 | ||
Selling, General and Administrative Expenses [Member] | |||||
Capitalized Contract Cost, Amortization | $ 900 | 900 | $ 1,700 | 1,700 | |
Minimum [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year | |||
Maximum [Member] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years | 5 years | |||
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 4,100 | $ 4,000 | $ 8,200 | $ 7,500 |
Note 5 - Revenues - Revenues by
Note 5 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Residential | ||||
Revenues | $ 268,414 | $ 240,991 | $ 534,175 | $ 448,425 |
Data [Member] | ||||
Residential | ||||
Revenues | 122,471 | 103,497 | 242,330 | 194,018 |
Video [Member] | ||||
Residential | ||||
Revenues | 87,462 | 84,873 | 176,219 | 157,328 |
Voice [Member] | ||||
Residential | ||||
Revenues | 10,504 | 11,417 | 21,176 | 21,284 |
Business Services [Member] | ||||
Residential | ||||
Revenues | 38,485 | 32,493 | 76,177 | 59,461 |
Advertising [Member] | ||||
Residential | ||||
Revenues | 5,916 | 5,970 | 11,158 | 11,592 |
Product and Service, Other [Member] | ||||
Residential | ||||
Revenues | $ 3,576 | $ 2,741 | $ 7,115 | $ 4,742 |
Note 6 - Property, Plant and 40
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Depreciation, Total | $ 46 | $ 45.9 | $ 92.1 | $ 85.4 | ||
Other Noncurrent Assets [Member] | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 4.6 | $ 4.6 | $ 4.6 | |||
Headquarters Building and Adjoining Property [Member] | ||||||
Proceeds from Sale of Property Held-for-sale | $ 10.1 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 6.6 |
Note 6 - Property, Plant and 41
Note 6 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 2,226,032 | $ 2,172,830 |
Less: Accumulated depreciation | (1,406,298) | (1,340,938) |
Property, plant and equipment, net | 819,734 | 831,892 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,370,420 | 1,329,451 |
Equipment [Member] | ||
Property, plant and equipment, gross | 201,578 | 200,175 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 385,033 | 378,968 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 96,898 | 95,314 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 94,399 | 89,773 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 66,089 | 67,564 |
Land [Member] | ||
Property, plant and equipment, gross | $ 11,615 | $ 11,585 |
Note 7 - Goodwill and Intangi42
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | May 01, 2017 | |
Goodwill, Ending Balance | $ 172,129 | $ 172,129 | $ 172,129 | |||
Amortization of Intangible Assets, Total | $ 3,000 | $ 2,100 | $ 5,700 | $ 2,200 | ||
New Wave [Member] | ||||||
Goodwill, Ending Balance | $ 87,200 | |||||
Goodwill, Acquired During Period | $ 87,200 |
Note 7 - Goodwill and Intangi43
Note 7 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Gross carrying amount, amortized intangible assets | $ 164,231 | $ 165,438 |
Accumulated amortization | 16,785 | 11,830 |
Net carrying amount | 147,446 | 153,608 |
Franchise Rights [Member] | ||
Gross carrying amount, indefinite-lived intangible assets | 812,371 | 812,137 |
Use Rights [Member] | ||
Gross carrying amount, amortized intangible assets | 2,931 | 4,138 |
Accumulated amortization | 2,883 | 3,886 |
Net carrying amount | $ 48 | $ 252 |
Customer Relationships [Member] | ||
Useful life (Year) | 14 years | 14 years |
Gross carrying amount, amortized intangible assets | $ 160,000 | $ 160,000 |
Accumulated amortization | 13,333 | 7,619 |
Net carrying amount | $ 146,667 | $ 152,381 |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 2 years 255 days | 2 years 255 days |
Gross carrying amount, amortized intangible assets | $ 1,300 | $ 1,300 |
Accumulated amortization | 569 | 325 |
Net carrying amount | $ 731 | $ 975 |
Minimum [Member] | Use Rights [Member] | ||
Useful life (Year) | 1 year | 1 year |
Maximum [Member] | Use Rights [Member] | ||
Useful life (Year) | 25 years | 25 years |
Note 7 - Goodwill and Intangi44
Note 7 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
2018 (remaining six months) | $ 5,963 | |
2,019 | 11,925 | |
2,020 | 11,437 | |
2,021 | 11,436 | |
2,022 | 11,433 | |
Thereafter | 95,252 | |
Total | $ 147,446 | $ 153,608 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) $ in Thousands | Apr. 23, 2018USD ($) | May 01, 2017USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Apr. 22, 2018 | Jun. 30, 2020 | Dec. 31, 2017USD ($) | Jun. 17, 2015USD ($) |
Debt Issuance Costs, Net, Total | $ 19,594 | $ 19,594 | $ 19,585 | ||||||||
Amortization of Debt Issuance Costs | 1,000 | $ 800 | 2,012 | $ 1,191 | |||||||
Secured Debt [Member] | |||||||||||
Debt Instrument, Face Amount | $ 750,000 | ||||||||||
Optional Additional Available Credit Facilities | $ 425,000 | ||||||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 1.8 | ||||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | |||||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Long-term Debt, Gross | $ 243,800 | $ 243,800 | |||||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | ||||||||||
Long Term Debt, Amortization Rate, Year Two | 5.00% | ||||||||||
Long Term Debt, Amortization Rate, Year Three | 7.50% | ||||||||||
Long Term Debt, Amortization Rate, Year Four | 10.00% | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.09% | 4.09% | |||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Secured Debt [Member] | Incremental Term Loan A [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | |||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||
Debt Instrument, Term | 7 years | ||||||||||
Long-term Debt, Gross | $ 495,000 | $ 495,000 | |||||||||
Debt Instrument, Amortization Percent on a Quarterly Basis | 1.00% | ||||||||||
Debt Instrument, Prepayment Penalty, Prepaid within Six Months, Percent | 1.00% | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.09% | 4.09% | |||||||||
Debt Issuance Costs, Net, Total | $ 2,100 | ||||||||||
Amortization of Debt Issuance Costs | $ 100 | ||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 2.25% | |||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | Base Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 1.25% | |||||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | Base Rate [Member] | Scenario, Forecast [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||
Senior Unsecured Notes Due 2022 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 450,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Letters of Credit Outstanding, Amount | $ 3,100 | $ 3,100 | |||||||||
Senior Credit Facilities Due 2020 [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||||||||||
Senior Credit Facilities Due 2020 [Member] | Secured Debt [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Long-term Debt, Gross | $ 100,000 | ||||||||||
Senior Credit Facilities Due 2020 [Member] | Letter of Credit [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 196,900 | $ 196,900 |
Note 8 - Long-term Debt - Sched
Note 8 - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Capital lease obligation | $ 259 | $ 267 |
Total debt | 1,189,009 | 1,194,642 |
Less unamortized debt issuance costs | (19,594) | (19,585) |
Less current portion | (17,500) | (14,375) |
Total long-term debt | 1,151,915 | 1,160,682 |
Senior Unsecured Notes Due 2022 [Member] | ||
Notes | 450,000 | 450,000 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Senior Credit Facilities | $ 738,750 | $ 744,375 |
Note 8 - Long-term Debt - Futur
Note 8 - Long-term Debt - Future Maturities (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remaining six months) | $ 8,758 |
2,019 | 20,642 |
2,020 | 26,892 |
2,021 | 30,017 |
2,022 | 180,017 |
Thereafter | 922,683 |
Total | $ 1,189,009 |
Note 9 - Fair Value Measureme48
Note 9 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Deferred Compensation Liability, Current and Noncurrent, Total | $ 18,200 | $ 20,200 | |
Asset Impairment Charges, Total | $ 0 | $ 0 |
Note 9 - Fair Value Measureme49
Note 9 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | $ 738,750 |
Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 738,750 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Notes [Member] | |
Long-term debt, including current portion | 450,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Notes [Member] | |
Long-term debt, including current portion | 457,875 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 16,456 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | 16,456 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 179,554 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 179,511 |
Note 10 - Treasury Stock (Detai
Note 10 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 36 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jul. 01, 2015 | |
Stock Repurchase Program, Authorized Amount | $ 250,000 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 | |||||
Treasury Stock, Shares, Acquired | 30,717 | 34,028 | 199,861 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 20,300 | $ 22,556 | $ 95,800 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 100 | $ 7,201 | $ 438 | |||
Shares Paid for Tax Withholding for Share Based Compensation | 3 | 9,770 | ||||
Treasury Stock, Shares, Ending Balance | 184,562 | 184,562 | 184,562 | 156,457 |
Note 11 - Equity-based Compen51
Note 11 - Equity-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2.5 | |||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $ 3.3 | 3.3 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | 1.6 | $ 1.6 | 3 | $ 3.3 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 10.5 | $ 10.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 182 days | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | 0.9 | 0.8 | $ 1.8 | 1.5 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 7.1 | $ 7.1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 36 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 2.5 | $ 2.4 | $ 4.8 | $ 4.8 |
The 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 334,870 | 334,870 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 256,735 | 256,735 |
Note 11 - Equity-based Compen52
Note 11 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Unvested, restricted stock (in shares) | shares | 51,290 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 472.89 |
Granted, restricted stock (in shares) | shares | 14,455 |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 692.25 |
Forfeited, restricted stock (in shares) | shares | (1,011) |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 610.54 |
Vested and issued, restricted stock (in shares) | shares | (24,454) |
Vested and issued, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 394.51 |
Unvested, restricted stock (in shares) | shares | 40,280 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 595.79 |
Vested and unissued, restricted stock (in shares) | shares | 4,138 |
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 493.43 |
Note 11 - Equity-based Compen53
Note 11 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Outstanding, stock appreciation rights (in shares) | 102,458 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 477.62 | |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 100.91 | |
Outstanding, aggregate intrinsic value | $ 22,115 | $ 23,173 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 328 days | 8 years 36 days |
Granted, stock appreciation rights (in shares) | 14,500 | |
Granted, weighted average exercise price (in dollars per share) | $ 702.40 | |
Granted, weighted average fair value (in dollars per share) | $ 168.84 | |
Weighted average remaining contractual term, granted (Year) | 9 years 182 days | |
Exercised, stock appreciation rights (in shares) | (12,707) | |
Exercised, weighted average exercise price (in dollars per share) | $ 431.96 | |
Exercised, weighted average fair value (in dollars per share) | $ 89.64 | |
Forfeited, stock appreciation rights (in shares) | (2,249) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 422.31 | |
Forfeited, weighted average fair value (in dollars per share) | $ 87.22 | |
Outstanding, stock appreciation rights (in shares) | 102,002 | 102,458 |
Outstanding, weighted average exercise price (in dollars per share) | $ 516.48 | $ 477.62 |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 112.27 | $ 100.91 |
Vested and exercisable, stock appreciation rights (in shares) | 15,263 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 490.48 | |
Vested and exercisable, weighted average fair value (in dollars per share) | $ 104.35 | |
Vested and exercisable, aggregate intrinsic value | $ 3,706 | |
Weighted average remaining contractual term, vested and exercisable (Year) | 7 years 219 days |
Note 11 - Equity-based Compen54
Note 11 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended |
Jun. 30, 2018 | |
Expected volatility | 22.53% |
Risk-free interest rate | 2.35% |
Expected term (Year) | 6 years 91 days |
Expected dividend yield | 0.99% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.60% | 38.60% | 21.20% | 37.90% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 1.2 | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 2.5 | |||||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 13 - Net Income Per Comm56
Note 13 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,176 | 2,477 | 5,435 | 1,438 |
Note 13 - Net Income Per Comm57
Note 13 - Net Income Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net income | $ 43,785 | $ 27,860 | $ 84,438 | $ 59,975 | |
Basic (in shares) | 5,687,095 | 5,678,394 | 5,694,774 | 5,677,411 | |
Effect of dilutive equity awards (in shares) | [1] | 35,774 | 67,223 | 37,860 | 63,426 |
Weighted average common shares outstanding - diluted (in shares) | 5,722,869 | 5,745,617 | 5,732,634 | 5,740,837 | |
Basic (in dollars per share) | $ 7.70 | $ 4.91 | $ 14.83 | $ 10.56 | |
Diluted (in dollars per share) | $ 7.65 | $ 4.85 | $ 14.73 | $ 10.45 | |
[1] | Equity-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation. The excluded number of anti-dilutive equity-based awards totaled 5,176 and 2,477 for the three months ended June 30, 2018 and 2017, respectively, and 5,435 and 1,438 for the six months ended June 30, 2018 and 2017, respectively. |