Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001632127 | |
Entity Registrant Name | CABLE ONE, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36863 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3060083 | |
Entity Address, Address Line One | 210 E. Earll Drive | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85012 | |
City Area Code | 602 | |
Local Phone Number | 364-6000 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | CABO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,728,335 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 241,894 | $ 125,271 |
Accounts receivable, net | 35,386 | 38,452 |
Income taxes receivable | 16,028 | 2,146 |
Prepaid and other current assets | 24,476 | 15,619 |
Total Current Assets | 317,784 | 181,488 |
Property, plant and equipment, net | 1,210,306 | 1,201,271 |
Intangible assets, net | 1,301,228 | 1,312,381 |
Goodwill | 429,597 | 429,597 |
Other noncurrent assets | 39,444 | 27,094 |
Total Assets | 3,298,359 | 3,151,831 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 131,119 | 136,993 |
Deferred revenue | 24,886 | 23,640 |
Current portion of long-term debt | 28,935 | 28,909 |
Total Current Liabilities | 184,940 | 189,542 |
Long-term debt | 1,805,700 | 1,711,937 |
Deferred income taxes | 295,732 | 303,314 |
Interest rate swap liability | 175,524 | 78,612 |
Other noncurrent liabilities | 25,572 | 26,857 |
Total Liabilities | 2,487,468 | 2,310,262 |
Commitments and contingencies (refer to note 14) | ||
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding) | 0 | 0 |
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,887,899 shares issued; and 5,724,857 and 5,715,377 shares outstanding as of March 31, 2020 and December 31, 2019, respectively) | 59 | 59 |
Additional paid-in capital | 54,419 | 51,198 |
Retained earnings | 1,036,877 | 980,355 |
Accumulated other comprehensive loss | (152,783) | (68,158) |
Treasury stock, at cost (163,042 and 172,522 shares held as of March 31, 2020 and December 31, 2019, respectively) | (127,681) | (121,885) |
Total Stockholders' Equity | 810,891 | 841,569 |
Total Liabilities and Stockholders' Equity | $ 3,298,359 | $ 3,151,831 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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) | 5,724,857 | 5,715,377 |
Treasury stock, shares (in shares) | 163,042 | 172,522 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 321,196 | $ 278,605 |
Costs and Expenses: | ||
Operating (excluding depreciation and amortization) | 105,928 | 94,518 |
Selling, general and administrative | 62,884 | 61,443 |
Depreciation and amortization | 65,279 | 53,844 |
(Gain) loss on asset sales and disposals, net | (5,621) | 1,103 |
Total Costs and Expenses | 228,470 | 210,908 |
Income from operations | 92,726 | 67,697 |
Interest expense | (18,674) | (18,096) |
Other income, net | 1,734 | 1,802 |
Income before income taxes | 75,786 | 51,403 |
Income tax provision | 6,460 | 12,664 |
Net income | $ 69,326 | $ 38,739 |
Net income per common share: | ||
Basic (in dollars per share) | $ 12.17 | $ 6.83 |
Diluted (in dollars per share) | $ 12.05 | $ 6.78 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 5,697,904 | 5,674,120 |
Diluted (in shares) | 5,755,059 | 5,716,585 |
Unrealized loss on cash flow hedges and other, net of tax | $ (84,625) | $ (29,069) |
Comprehensive income (loss) | $ (15,299) | $ 9,670 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 5,703,402 | |||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ 8 | $ 0 | $ 0 | $ 8 | $ 59 | $ 38,898 | $ 850,292 | $ (96) | $ (113,795) | $ 775,358 |
Net income | 0 | 0 | 38,739 | 0 | 0 | 38,739 | ||||||
Unrealized loss on cash flow hedges and other, net of tax | 0 | 0 | 0 | (29,069) | 0 | (29,069) | ||||||
Equity-based compensation | $ 0 | 3,021 | 0 | 0 | 0 | 3,021 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 5,222 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Withholding tax for equity awards (in shares) | (3,310) | (3,310) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (2,554) | $ (2,554) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (11,395) | 0 | 0 | (11,395) | ||||||
Repurchases of common stock (in shares) | (5,984) | |||||||||||
Repurchases of common stock | $ 0 | 0 | 0 | 0 | (5,073) | (5,073) | ||||||
Balance (in shares) at Mar. 31, 2019 | 5,699,330 | |||||||||||
Balance at Mar. 31, 2019 | $ 59 | 41,919 | 877,644 | (29,165) | (121,422) | 769,035 | ||||||
Balance (in shares) at Dec. 31, 2019 | 5,715,377 | |||||||||||
Balance at Dec. 31, 2019 | $ 59 | 51,198 | 980,355 | (68,158) | (121,885) | 841,569 | ||||||
Net income | 0 | 0 | 69,326 | 0 | 0 | 69,326 | ||||||
Unrealized loss on cash flow hedges and other, net of tax | 0 | 0 | 0 | (84,625) | 0 | (84,625) | ||||||
Equity-based compensation | $ 0 | 3,221 | 0 | 0 | 0 | 3,221 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 13,252 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Withholding tax for equity awards (in shares) | (3,772) | (3,772) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (5,796) | $ (5,796) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (12,804) | 0 | 0 | $ (12,804) | ||||||
Repurchases of common stock (in shares) | 0 | |||||||||||
Balance (in shares) at Mar. 31, 2020 | 5,724,857 | |||||||||||
Balance at Mar. 31, 2020 | $ 59 | $ 54,419 | $ 1,036,877 | $ (152,783) | $ (127,681) | $ 810,891 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retained Earnings [Member] | ||
Dividends, per share (in dollars per share) | $ 2.25 | $ 2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 69,326 | $ 38,739 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 65,279 | 53,844 |
Amortization of debt issuance costs | 1,106 | 1,118 |
Equity-based compensation | 3,221 | 3,021 |
Increase in deferred income taxes | (20,108) | (7,102) |
(Gain) loss on asset sales and disposals, net | (5,621) | 1,103 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Decrease in accounts receivable, net | 3,066 | 2,831 |
(Increase) decrease in income taxes receivable | (13,882) | 6,055 |
Increase in prepaid and other current assets | (8,857) | (8,341) |
Increase (decrease) in accounts payable and accrued liabilities | (13,789) | 1,442 |
Increase in deferred revenue | 1,246 | 820 |
Other, net | (2,703) | (3,356) |
Net cash provided by operating activities | 118,500 | 104,378 |
Cash flows from investing activities: | ||
Purchase of business, net of cash acquired | 0 | (356,917) |
Capital expenditures | (64,757) | (46,627) |
Decrease in accrued expenses related to capital expenditures | (8,238) | (7,751) |
Proceeds from sales of property, plant and equipment | 518 | 6,326 |
Issuance of note receivable | (3,540) | 0 |
Net cash used in investing activities | (76,017) | (404,969) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 100,000 | 250,000 |
Payment of debt issuance costs | 0 | (2,410) |
Payments on long-term debt | (7,260) | (4,531) |
Repurchases of common stock | 0 | (5,073) |
Payment of withholding tax for equity awards | (5,796) | (2,554) |
Dividends paid to stockholders | (12,804) | (11,395) |
Net cash provided by financing activities | 74,140 | 224,037 |
Increase (decrease) in cash and cash equivalents | 116,623 | (76,554) |
Cash and cash equivalents, beginning of period | 125,271 | 264,113 |
Cash and cash equivalents, end of period | 241,894 | 187,559 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 17,152 | 9,421 |
Cash paid for income taxes, net of refunds received | $ (930) | $ (59) |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business. March 31, 2020, On January 8, 2019, October 1, 2019, 2 Basis of Presentation. 10 01 X 1934, 2019 10 The December 31, 2019 2019 10 not may not Principles of Consolidation. Segment Reporting. 280 Segment Reporting 280 Use of Estimates. may Recently Adopted Accounting Pronouncements. August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal -Use Software (Subtopic 350 40 2018 15 January 1, 2020 In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 January 1, 2020 not Recently Issued But Not Accounting Pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 2021. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 December 15, 2020, may |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The following table shows the change in carrying value of goodwill as a result of the Clearwave and Fidelity acquisitions during 2019 Goodwill Balance at December 31, 2018 $ 172,129 Clearwave acquisition goodwill recognized 185,885 Fidelity acquisition goodwill recognized 71,583 Balance at December 31, 2019 $ 429,597 Clearwave. January 8, 2019, The following table summarizes the allocation of the Clearwave purchase price consideration as of the acquisition date, reflecting all measurement period adjustments recorded in 2019 Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 1,913 Accounts receivable 1,294 Prepaid and other current assets 311 Property, plant and equipment 120,472 Intangible assets 89,700 Other noncurrent assets 3,533 Total Assets Acquired $ 217,223 Liabilities Assumed Accounts payable and accrued liabilities $ 2,128 Deferred revenue, short-term portion 4,322 Deferred income taxes 32,771 Other noncurrent liabilities 5,057 Total Liabilities Assumed $ 44,278 Net assets acquired $ 172,945 Purchase price consideration 358,830 Goodwill recognized $ 185,885 The measurement period ended on January 7, 2020, no 2020. Fidelity. October 1, 2019, The following table summarizes the allocation of the Fidelity purchase price consideration as of the acquisition date, reflecting all measurement period adjustments recorded in 2019 Preliminary Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 4,869 Accounts receivable 3,691 Prepaid and other current assets 1,756 Property, plant and equipment 173,904 Intangible assets 288,000 Other noncurrent assets 1,895 Total Assets Acquired $ 474,115 Liabilities Assumed Accounts payable and accrued liabilities $ 8,795 Deferred revenue, short-term portion 1,796 Other noncurrent liabilities 3,715 Total Liabilities Assumed $ 14,306 Net assets acquired $ 459,809 Purchase price consideration 531,392 Goodwill recognized $ 71,583 No three March 31, 2020. September 30, 2020. |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. The Company’s revenues by product line were as follows (in thousands): Three Months Ended March 31, 2020 2019 Residential Data $ 154,990 $ 129,812 Video 85,322 83,802 Voice 12,427 9,624 Business services 57,862 47,143 Other 10,595 8,224 Total revenues $ 321,196 $ 278,605 Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. These fees were $6.3 million and $4.1 million for the three March 31, 2020 2019, Other revenues are comprised primarily of advertising sales, customer late charges and reconnect fees. Net accounts receivable from contracts with customers totaled $31.6 million and $32.3 million at March 31, 2020 December 31, 2019, Deferred commissions totaled $8.9 million and $8.6 million at March 31, 2020 December 31, 2019, three March 31, 2020 2019, March 31, 2020 Current deferred revenue liabilities, consisting of refundable customer prepayments, up-front charges and installation fees, were $24.9 million and $23.6 million at March 31, 2020 December 31, 2019, March 31, 2020, $23.6 December 31, 2019, three March 31, 2020. March 31, 2020 December 31, 2019, |
Note 4 - Operating Assets and L
Note 4 - Operating Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Operating Assets and Liabilities [Text Block] | 4. Accounts receivable consisted of the following (in thousands): March 31, 2020 December 31, 2019 Trade receivables $ 34,646 $ 33,467 Other receivables 3,737 6,186 Less: Allowance for credit losses (2,997 ) (1,201 ) Total accounts receivable, net $ 35,386 $ 38,452 The following table shows the change in the allowance for credit losses during the periods presented (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 1,201 $ 2,045 Additions - charged to costs and expenses 2,118 1,570 Deductions (2,271 ) (4,754 ) Recoveries of amounts previously written off 1,949 2,090 Ending balance $ 2,997 $ 951 Prepaid and other current assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid repairs and maintenance $ 7,196 $ 551 Prepaid insurance 847 1,548 Prepaid rent 3,035 1,499 Prepaid software 4,621 4,672 Deferred commissions 3,654 3,586 All other current assets 5,123 3,763 Total prepaid and other current assets $ 24,476 $ 15,619 Other noncurrent assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 15,275 $ 16,924 Investments 7,806 206 Deferred commissions 5,252 5,042 Note receivable 3,540 - Debt issuance costs 2,288 2,427 All other noncurrent assets 5,283 2,495 Total other noncurrent assets $ 39,444 $ 27,094 Accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accounts payable $ 25,131 $ 36,351 Accrued programming costs 19,615 19,620 Accrued compensation and related benefits 13,259 23,189 Accrued sales and other operating taxes 9,637 9,501 Accrued franchise fees 3,662 4,201 Subscriber deposits 6,495 6,550 Operating lease liabilities 4,218 4,601 Interest rate swap liability 26,448 11,045 Accrued insurance costs 6,670 6,174 Cash overdrafts 4,737 5,801 All other accrued liabilities 11,247 9,960 Total accounts payable and accrued liabilities $ 131,119 $ 136,993 Other noncurrent liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Operating lease liabilities 10,048 11,146 Accrued compensation and related benefits 6,390 7,154 Deferred revenue 6,061 5,514 All other noncurrent liabilities 3,073 3,043 Total other noncurrent liabilities $ 25,572 $ 26,857 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property, plant and equipment consisted of the following (in thousands): March 31, 2020 December 31, 2019 Cable distribution systems $ 1,820,201 $ 1,779,964 Customer premise equipment 271,856 266,190 Other equipment and fixtures 453,467 444,799 Buildings and improvements 115,254 113,331 Capitalized software 102,794 99,988 Construction in progress 81,552 93,352 Land 13,350 13,361 Right-of-use assets 10,268 10,187 Property, plant and equipment, gross 2,868,742 2,821,172 Less: Accumulated depreciation and amortization (1,658,436 ) (1,619,901 ) Property, plant and equipment, net $ 1,210,306 $ 1,201,271 Depreciation and amortization expense for property, plant and equipment was $54.1 million and $49.7 million for the three March 31, 2020 2019, In January 2019, |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. The carrying amount of goodwill was $429.6 million at both March 31, 2020 December 31, 2019. not Intangible assets consisted of the following (dollars in thousands): March 31, 2020 December 31, 2019 Useful Life Range (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Franchise renewals 1 – 25 $ 2,927 $ 2,927 $ - $ 2,927 $ 2,895 $ 32 Customer relationships 14 – 17 362,000 48,341 313,659 362,000 37,470 324,530 Trademarks and trade names 2.7 – 3 4,300 1,802 2,498 4,300 1,552 2,748 Total finite-lived intangible assets $ 369,227 $ 53,070 $ 316,157 $ 369,227 $ 41,917 $ 327,310 Indefinite-Lived Intangible Assets Franchise agreements $ 978,371 $ 978,371 Trade name 6,700 6,700 Total indefinite-lived intangible assets $ 985,071 $ 985,071 Total intangible assets, net $ 1,301,228 $ 1,312,381 Intangible asset amortization expense was $11.2 million and $4.1 million for the three March 31, 2020 2019, As of March 31, 2020, Year Ending December 31, Amount 2020 (remaining nine months) $ 33,281 2021 39,059 2022 34,314 2023 27,845 2024 23,083 Thereafter 158,575 Total $ 316,157 Actual amortization expense in future periods may |
Note 7 - Debt
Note 7 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The carrying amount of long-term debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Senior Credit Facilities (as defined below) $ 1,845,965 $ 1,753,045 Finance lease liabilities 5,844 5,943 Total debt 1,851,809 1,758,988 Less: Unamortized debt issuance costs (17,174 ) (18,142 ) Less: Current portion of long-term debt (28,935 ) (28,909 ) Total long-term debt $ 1,805,700 $ 1,711,937 The second 2” 1” 2” 3” May 8, 2024 ( 2, 1, 2 3, 9 2019 10 In January 2020, $22.0 third third $22.0 third March 31, 2020, In March 2020, March 31, 2020. March 31, 2020 March 31, 2020, A summary of the Company’s outstanding term loans as of March 31, 2020 Instrument Draw Date Original Principal Amortization Per Annum (1) Outstanding Principal Final Maturity Date Balance Due Upon Maturity Benchmark Rate Applicable Margin (2) Interest Rate Term Loan A-2 5/8/2019 $ 700,000 Varies ( 4 ) $ 689,652 5/8/2024 $ 513,945 LIBOR 1.50% 2.49% 10/1/2019 (3) Term Loan B-1 5/1/2017 500,000 1.0% 486,250 5/1/2024 466,250 LIBOR 1.75% 2.74% Term Loan B-2 1/7/2019 250,000 1.0% 247,500 1/7/2026 233,125 LIBOR 2.00% 2.99% Term Loan B-3 6/14/2019 325,000 1.0% 322,563 1/7/2026 303,875 LIBOR 2.00% 2.99% Total $ 1,775,000 $ 1,745,965 $ 1,517,195 ( 1 Payable in equal quarterly installments (expressed as a percentage of the original aggregate principal amount). All loans may ( 2 ) The Term Loan A- 2 ( 3 On May 8, 2019, October 1, 2019, ( 4 Per annum amortization rates for years one five The Company recorded debt issuance cost amortization of $1.1 million for both the three March 31, 2020 2019 March 31, 2020 December 31, 2019, As of March 31, 2020, Year Ending December 31, Amount 2020 (remaining nine months) $ 21,241 2021 37,106 2022 54,677 2023 81,033 2024 1,109,158 Thereafter 542,750 Total $ 1,845,965 The Company was in compliance with all debt covenants as of March 31, 2020. |
Note 8 - Interest Rate Swaps
Note 8 - Interest Rate Swaps | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. The Company is party to two A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands): Entry Date Effective Date Maturity Date (1) Notional Amount Settlement Type Settlement Frequency Fixed Base Rate Swap A 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653% Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739% Total $ 1,200,000 ( 1 Each swap may The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands): March 31, 2020 December 31, 2019 Liabilities: Current portion: Accounts payable and accrued liabilities $ 26,448 $ 11,045 Noncurrent portion: Interest rate swap liability $ 175,524 $ 78,612 Total $ 201,972 $ 89,657 Stockholders’ Equity: Accumulated other comprehensive loss $ 152,185 $ 67,556 The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income is as follows (in thousands): Three Months Ended March 31, 2020 2019 Interest expense $ 2,084 $ 68 Unrealized loss on cash flow hedges, gross $ (112,315 ) $ (38,586 ) Less: Tax effect 27,686 9,517 Unrealized loss on cash flow hedges, net of tax $ (84,629 ) $ (29,069 ) The Company does not |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fina ncial Assets and Liabilities. March 31, 2020 not The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of March 31, 2020 March 31, 2020 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 211,344 $ 211,344 Level 1 Commercial paper $ 10,047 $ 9,962 Level 2 Liabilities: Long-term debt ( including current portion ) : Term loans $ 1,745,965 $ 1,712,242 Level 2 Revolving Credit Facility borrowings $ 100,000 $ 100,000 Level 2 Other noncurrent liabilities ( including current portion ) : Interest rate swaps $ 201,972 $ 201,972 Level 2 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 three 2 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 three March 31, 2020 2019. |
Note 10 - Treasury Stock
Note 10 - Treasury Stock | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 10. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 163,042 held at March 31, 2020 Share Repurchase Program. July 1, 2015, may March 31, 2020, three March 31, 2020. Tax Withholding for Equity Awards . three March 31, 2020 2019 |
Note 11 - Equity-based Compensa
Note 11 - Equity-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. The Amended and Restated Cable One, Inc. 2015 “2015 2015 March 31, 2020, 2015 Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award, with forfeitures recognized as incurred. Equity-based compensation expense was $3.2 million and $3.0 million for the three March 31, 2020 2019, three March 31, 2020. March 31, 2020. Restricted Stock Awards. three March 31, 2020 Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2019 38,873 $ 728.77 Granted 9,985 $ 1,533.78 Forfeited (5,207 ) $ 735.85 Vested and issued (10,332 ) $ 668.01 Outstanding as of March 31, 2020 33,319 $ 987.75 Vested and deferred as of March 31, 2020 5,678 $ 527.85 Equity-based compensation expense for restricted stock was $2.5 million and $1.8 million for the three March 31, 2020 2019, March 31, 2020, Stock Appreciation Rights. three March 31, 2020 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, 2019 90,410 $ 676.41 $ 153.90 $ 73,419 7.5 Granted - $ - $ - $ - - Exercised (12,798 ) $ 521.25 $ 113.27 $ 13,333 - Forfeited (6,141 ) $ 828.40 $ 194.44 Outstanding as of March 31, 2020 71,471 $ 691.13 $ 157.69 $ 68,103 7.4 Exercisable as of March 31, 2020 36,446 $ 564.37 $ 125.09 $ 39,349 6.5 Equity-based compensation expense for SARs was $0.7 million and $1.2 million for the three March 31, 2020 2019, March 31, 2020, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. On March 27, 2020, 19 100% 2021. 2018, 2019 2020 five The Company’s effective tax rate was 8.5% and 24.6% for the three March 31, 2020 2019, |
Note 13 - Net Income Per Common
Note 13 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation 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 (dollars in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 69,326 $ 38,739 Denominator: Weighted average common shares outstanding - basic 5,697,904 5,674,120 Effect of dilutive equity-based compensation awards (1) 57,155 42,465 Weighted average common shares outstanding - diluted 5,755,059 5,716,585 Net Income per Common Share: Basic $ 12.17 $ 6.83 Diluted $ 12.05 $ 6.78 ( 1 Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation. The excluded number of anti-dilutive equity-based compensation awards totaled 0 and 2,739 for the three March 31, 2020 2019, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Contractual Obligations. not March 31, 2020, no 2019 10 In addition, the Company incurs recurring utility pole rental costs and fees imposed by various governmental authorities, including franchise fees, as part of its operations. However, these costs are not 7 January 2020 third March 31, 2020, Litigation and Legal Matters. no Regulation in the C ompany’s Industry. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 01 X 1934, 2019 10 The December 31, 2019 2019 10 not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. 280 Segment Reporting 280 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal -Use Software (Subtopic 350 40 2018 15 January 1, 2020 In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13 January 1, 2020 not Recently Issued But Not Accounting Pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 2021. In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 December 15, 2020, may |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Goodwill Balance at December 31, 2018 $ 172,129 Clearwave acquisition goodwill recognized 185,885 Fidelity acquisition goodwill recognized 71,583 Balance at December 31, 2019 $ 429,597 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 1,913 Accounts receivable 1,294 Prepaid and other current assets 311 Property, plant and equipment 120,472 Intangible assets 89,700 Other noncurrent assets 3,533 Total Assets Acquired $ 217,223 Liabilities Assumed Accounts payable and accrued liabilities $ 2,128 Deferred revenue, short-term portion 4,322 Deferred income taxes 32,771 Other noncurrent liabilities 5,057 Total Liabilities Assumed $ 44,278 Net assets acquired $ 172,945 Purchase price consideration 358,830 Goodwill recognized $ 185,885 Preliminary Purchase Price Allocation Assets Acquired Cash and cash equivalents $ 4,869 Accounts receivable 3,691 Prepaid and other current assets 1,756 Property, plant and equipment 173,904 Intangible assets 288,000 Other noncurrent assets 1,895 Total Assets Acquired $ 474,115 Liabilities Assumed Accounts payable and accrued liabilities $ 8,795 Deferred revenue, short-term portion 1,796 Other noncurrent liabilities 3,715 Total Liabilities Assumed $ 14,306 Net assets acquired $ 459,809 Purchase price consideration 531,392 Goodwill recognized $ 71,583 |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2020 2019 Residential Data $ 154,990 $ 129,812 Video 85,322 83,802 Voice 12,427 9,624 Business services 57,862 47,143 Other 10,595 8,224 Total revenues $ 321,196 $ 278,605 |
Note 4 - Operating Assets and_2
Note 4 - Operating Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2020 December 31, 2019 Trade receivables $ 34,646 $ 33,467 Other receivables 3,737 6,186 Less: Allowance for credit losses (2,997 ) (1,201 ) Total accounts receivable, net $ 35,386 $ 38,452 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Three Months Ended March 31, 2020 2019 Beginning balance $ 1,201 $ 2,045 Additions - charged to costs and expenses 2,118 1,570 Deductions (2,271 ) (4,754 ) Recoveries of amounts previously written off 1,949 2,090 Ending balance $ 2,997 $ 951 |
Prepaid and Other Current Assets [Table Text Block] | March 31, 2020 December 31, 2019 Prepaid repairs and maintenance $ 7,196 $ 551 Prepaid insurance 847 1,548 Prepaid rent 3,035 1,499 Prepaid software 4,621 4,672 Deferred commissions 3,654 3,586 All other current assets 5,123 3,763 Total prepaid and other current assets $ 24,476 $ 15,619 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 15,275 $ 16,924 Investments 7,806 206 Deferred commissions 5,252 5,042 Note receivable 3,540 - Debt issuance costs 2,288 2,427 All other noncurrent assets 5,283 2,495 Total other noncurrent assets $ 39,444 $ 27,094 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Accounts payable $ 25,131 $ 36,351 Accrued programming costs 19,615 19,620 Accrued compensation and related benefits 13,259 23,189 Accrued sales and other operating taxes 9,637 9,501 Accrued franchise fees 3,662 4,201 Subscriber deposits 6,495 6,550 Operating lease liabilities 4,218 4,601 Interest rate swap liability 26,448 11,045 Accrued insurance costs 6,670 6,174 Cash overdrafts 4,737 5,801 All other accrued liabilities 11,247 9,960 Total accounts payable and accrued liabilities $ 131,119 $ 136,993 |
Other Noncurrent Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Operating lease liabilities 10,048 11,146 Accrued compensation and related benefits 6,390 7,154 Deferred revenue 6,061 5,514 All other noncurrent liabilities 3,073 3,043 Total other noncurrent liabilities $ 25,572 $ 26,857 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 December 31, 2019 Cable distribution systems $ 1,820,201 $ 1,779,964 Customer premise equipment 271,856 266,190 Other equipment and fixtures 453,467 444,799 Buildings and improvements 115,254 113,331 Capitalized software 102,794 99,988 Construction in progress 81,552 93,352 Land 13,350 13,361 Right-of-use assets 10,268 10,187 Property, plant and equipment, gross 2,868,742 2,821,172 Less: Accumulated depreciation and amortization (1,658,436 ) (1,619,901 ) Property, plant and equipment, net $ 1,210,306 $ 1,201,271 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2020 December 31, 2019 Useful Life Range (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Franchise renewals 1 – 25 $ 2,927 $ 2,927 $ - $ 2,927 $ 2,895 $ 32 Customer relationships 14 – 17 362,000 48,341 313,659 362,000 37,470 324,530 Trademarks and trade names 2.7 – 3 4,300 1,802 2,498 4,300 1,552 2,748 Total finite-lived intangible assets $ 369,227 $ 53,070 $ 316,157 $ 369,227 $ 41,917 $ 327,310 Indefinite-Lived Intangible Assets Franchise agreements $ 978,371 $ 978,371 Trade name 6,700 6,700 Total indefinite-lived intangible assets $ 985,071 $ 985,071 Total intangible assets, net $ 1,301,228 $ 1,312,381 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2020 (remaining nine months) $ 33,281 2021 39,059 2022 34,314 2023 27,845 2024 23,083 Thereafter 158,575 Total $ 316,157 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Senior Credit Facilities (as defined below) $ 1,845,965 $ 1,753,045 Finance lease liabilities 5,844 5,943 Total debt 1,851,809 1,758,988 Less: Unamortized debt issuance costs (17,174 ) (18,142 ) Less: Current portion of long-term debt (28,935 ) (28,909 ) Total long-term debt $ 1,805,700 $ 1,711,937 |
Summary of Term Loans [Table Text Block] | Instrument Draw Date Original Principal Amortization Per Annum (1) Outstanding Principal Final Maturity Date Balance Due Upon Maturity Benchmark Rate Applicable Margin (2) Interest Rate Term Loan A-2 5/8/2019 $ 700,000 Varies ( 4 ) $ 689,652 5/8/2024 $ 513,945 LIBOR 1.50% 2.49% 10/1/2019 (3) Term Loan B-1 5/1/2017 500,000 1.0% 486,250 5/1/2024 466,250 LIBOR 1.75% 2.74% Term Loan B-2 1/7/2019 250,000 1.0% 247,500 1/7/2026 233,125 LIBOR 2.00% 2.99% Term Loan B-3 6/14/2019 325,000 1.0% 322,563 1/7/2026 303,875 LIBOR 2.00% 2.99% Total $ 1,775,000 $ 1,745,965 $ 1,517,195 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2020 (remaining nine months) $ 21,241 2021 37,106 2022 54,677 2023 81,033 2024 1,109,158 Thereafter 542,750 Total $ 1,845,965 |
Note 8 - Interest Rate Swaps (T
Note 8 - Interest Rate Swaps (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Entry Date Effective Date Maturity Date (1) Notional Amount Settlement Type Settlement Frequency Fixed Base Rate Swap A 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653% Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739% Total $ 1,200,000 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2020 December 31, 2019 Liabilities: Current portion: Accounts payable and accrued liabilities $ 26,448 $ 11,045 Noncurrent portion: Interest rate swap liability $ 175,524 $ 78,612 Total $ 201,972 $ 89,657 Stockholders’ Equity: Accumulated other comprehensive loss $ 152,185 $ 67,556 Three Months Ended March 31, 2020 2019 Interest expense $ 2,084 $ 68 Unrealized loss on cash flow hedges, gross $ (112,315 ) $ (38,586 ) Less: Tax effect 27,686 9,517 Unrealized loss on cash flow hedges, net of tax $ (84,629 ) $ (29,069 ) |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2020 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 211,344 $ 211,344 Level 1 Commercial paper $ 10,047 $ 9,962 Level 2 Liabilities: Long-term debt ( including current portion ) : Term loans $ 1,745,965 $ 1,712,242 Level 2 Revolving Credit Facility borrowings $ 100,000 $ 100,000 Level 2 Other noncurrent liabilities ( including current portion ) : Interest rate swaps $ 201,972 $ 201,972 Level 2 |
Note 11 - Equity-based Compen_2
Note 11 - Equity-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2019 38,873 $ 728.77 Granted 9,985 $ 1,533.78 Forfeited (5,207 ) $ 735.85 Vested and issued (10,332 ) $ 668.01 Outstanding as of March 31, 2020 33,319 $ 987.75 Vested and deferred as of March 31, 2020 5,678 $ 527.85 |
Share-based Payment Arrangement, Stock Appreciation Right, 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, 2019 90,410 $ 676.41 $ 153.90 $ 73,419 7.5 Granted - $ - $ - $ - - Exercised (12,798 ) $ 521.25 $ 113.27 $ 13,333 - Forfeited (6,141 ) $ 828.40 $ 194.44 Outstanding as of March 31, 2020 71,471 $ 691.13 $ 157.69 $ 68,103 7.4 Exercisable as of March 31, 2020 36,446 $ 564.37 $ 125.09 $ 39,349 6.5 |
Note 13 - Net Income Per Comm_2
Note 13 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Numerator: Net income $ 69,326 $ 38,739 Denominator: Weighted average common shares outstanding - basic 5,697,904 5,674,120 Effect of dilutive equity-based compensation awards (1) 57,155 42,465 Weighted average common shares outstanding - diluted 5,755,059 5,716,585 Net Income per Common Share: Basic $ 12.17 $ 6.83 Diluted $ 12.05 $ 6.78 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) $ in Millions | Oct. 01, 2019USD ($) | Jan. 08, 2019USD ($) | Mar. 31, 2020 | Jan. 01, 2020USD ($) |
Number of States in which Entity Operates | 21 | |||
Number of Customers | 921,000 | |||
Number of Reportable Segments | 1 | |||
Accounting Standards Update 2018-15 [Member] | ||||
Capitalized Contract Cost, Net, Total | $ 2.7 | |||
Clearwave [Member] | ||||
Payments to Acquire Businesses, Gross | $ 358.8 | |||
Fidelity [Member] | ||||
Payments to Acquire Businesses, Gross | $ 531.4 | |||
Data [Member] | ||||
Number of Customers | 793,000 | |||
Video [Member] | ||||
Number of Customers | 303,000 | |||
Voice [Member] | ||||
Number of Customers | 136,000 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Millions | Oct. 01, 2019 | Jan. 08, 2019 |
Clearwave [Member] | ||
Payments to Acquire Businesses, Gross | $ 358.8 | |
Fidelity [Member] | ||
Payments to Acquire Businesses, Gross | $ 531.4 |
Note 2 - Acquisitions - Change
Note 2 - Acquisitions - Change in Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Balance at December 31, 2018 | $ 172,129 |
Balance at December 31, 2019 | 429,597 |
Clearwave [Member] | |
Acquisition goodwill recognized | 185,885 |
Fidelity [Member] | |
Acquisition goodwill recognized | $ 71,583 |
Note 2 - Acquisitions - Allocat
Note 2 - Acquisitions - Allocation of Purchase Price Consideration (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Jan. 08, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 429,597 | $ 429,597 | $ 172,129 | ||
Clearwave [Member] | |||||
Cash and cash equivalents | $ 1,913 | ||||
Accounts receivable | 1,294 | ||||
Prepaid and other current assets | 311 | ||||
Property, plant and equipment | 120,472 | ||||
Intangible assets | 89,700 | ||||
Other noncurrent assets | 3,533 | ||||
Total Assets Acquired | 217,223 | ||||
Accounts payable and accrued liabilities | 2,128 | ||||
Deferred revenue, short-term portion | 4,322 | ||||
Deferred income taxes | 32,771 | ||||
Other noncurrent liabilities | 5,057 | ||||
Total Liabilities Assumed | 44,278 | ||||
Net assets acquired | 172,945 | ||||
Purchase price consideration | 358,830 | ||||
Goodwill, Ending Balance | $ 185,885 | ||||
Fidelity [Member] | |||||
Cash and cash equivalents | $ 4,869 | ||||
Accounts receivable | 3,691 | ||||
Prepaid and other current assets | 1,756 | ||||
Property, plant and equipment | 173,904 | ||||
Intangible assets | 288,000 | ||||
Other noncurrent assets | 1,895 | ||||
Total Assets Acquired | 474,115 | ||||
Accounts payable and accrued liabilities | 8,795 | ||||
Deferred revenue, short-term portion | 1,796 | ||||
Other noncurrent liabilities | 3,715 | ||||
Total Liabilities Assumed | 14,306 | ||||
Net assets acquired | 459,809 | ||||
Purchase price consideration | 531,392 | ||||
Goodwill, Ending Balance | $ 71,583 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 321,196 | $ 278,605 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 31,600 | $ 32,300 | |
Capitalized Contract Cost, Net, Total | 8,900 | 8,600 | |
Contract with Customer, Liability, Current | 24,886 | 23,640 | |
Contract with Customer, Liability, Revenue Recognized | 21,700 | ||
Prepaid Expenses and Other Current Assets [Member] | |||
Capitalized Contract Cost, Net, Current | $ 3,700 | ||
Capitalized Contract Cost, Amortization Period (Month) | 12 months | ||
Other Noncurrent Liabilities [Member] | |||
Contract with Customer, Liability, Noncurrent | $ 6,061 | $ 5,514 | |
Selling, General and Administrative Expenses [Member] | |||
Capitalized Contract Cost, Amortization | 1,400 | 1,000 | |
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,300 | $ 4,100 |
Note 3 - Revenues - Revenues by
Note 3 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 321,196 | $ 278,605 |
Data [Member] | ||
Revenues | 154,990 | 129,812 |
Video [Member] | ||
Revenues | 85,322 | 83,802 |
Voice [Member] | ||
Revenues | 12,427 | 9,624 |
Business Services [Member] | ||
Revenues | 57,862 | 47,143 |
Product and Service, Other [Member] | ||
Revenues | $ 10,595 | $ 8,224 |
Note 4 - Operating Assets and_3
Note 4 - Operating Assets and Liabilities - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Trade receivables | $ 34,646 | $ 33,467 |
Other receivables | 3,737 | 6,186 |
Less: Allowance for credit losses | (2,997) | (1,201) |
Total accounts receivable, net | $ 35,386 | $ 38,452 |
Note 4 - Operating Assets and_4
Note 4 - Operating Assets and Liabilities - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Beginning balance | $ 1,201 | $ 2,045 |
Additions - charged to costs and expenses | 2,118 | 1,570 |
Deductions | (2,271) | (4,754) |
Recoveries of amounts previously written off | 1,949 | 2,090 |
Ending balance | $ 2,997 | $ 951 |
Note 4 - Operating Assets and_5
Note 4 - Operating Assets and Liabilities - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Prepaid repairs and maintenance | $ 7,196 | $ 551 |
Prepaid insurance | 847 | 1,548 |
Prepaid rent | 3,035 | 1,499 |
Prepaid software | 4,621 | 4,672 |
Deferred commissions | 3,654 | 3,586 |
All other current assets | 5,123 | 3,763 |
Total prepaid and other current assets | $ 24,476 | $ 15,619 |
Note 4 - Operating Assets and_6
Note 4 - Operating Assets and Liabilities - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets | $ 15,275 | $ 16,924 |
Investments | 7,806 | 206 |
Deferred commissions | 5,252 | 5,042 |
Note receivable | 3,540 | 0 |
Debt issuance costs | 2,288 | 2,427 |
All other noncurrent assets | 5,283 | 2,495 |
Total other noncurrent assets | $ 39,444 | $ 27,094 |
Note 4 - Operating Assets and_7
Note 4 - Operating Assets and Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total accounts payable and accrued liabilities | $ 131,119 | $ 136,993 |
Accounts Payable and Accrued Liabilities [Member] | ||
Accounts payable | 25,131 | 36,351 |
Accrued programming costs | 19,615 | 19,620 |
Accrued compensation and related benefits | 13,259 | 23,189 |
Accrued sales and other operating taxes | 9,637 | 9,501 |
Accrued franchise fees | 3,662 | 4,201 |
Subscriber deposits | 6,495 | 6,550 |
Operating lease liabilities | 4,218 | 4,601 |
Interest rate swap liability | 26,448 | 11,045 |
Accrued insurance costs | 6,670 | 6,174 |
Cash overdrafts | 4,737 | 5,801 |
All other accrued liabilities | $ 11,247 | $ 9,960 |
Note 4 - Operating Assets and_8
Note 4 - Operating Assets and Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total other noncurrent liabilities | $ 25,572 | $ 26,857 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liabilities | 10,048 | 11,146 |
Accrued compensation and related benefits | 6,390 | 7,154 |
Deferred revenue | 6,061 | 5,514 |
All other noncurrent liabilities | $ 3,073 | $ 3,043 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Total | $ 54.1 | $ 49.7 | |
Headquarters Building and Adjoining Property [Member] | |||
Proceeds from Sale of Property Held-for-sale | $ 6.3 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1.6 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 2,868,742 | $ 2,821,172 |
Less: Accumulated depreciation and amortization | (1,658,436) | (1,619,901) |
Property, plant and equipment, net | 1,210,306 | 1,201,271 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,820,201 | 1,779,964 |
Equipment [Member] | ||
Property, plant and equipment, gross | 271,856 | 266,190 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 453,467 | 444,799 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 115,254 | 113,331 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 102,794 | 99,988 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 81,552 | 93,352 |
Land [Member] | ||
Property, plant and equipment, gross | 13,350 | 13,361 |
Right-of-use Assets [Member] | ||
Property, plant and equipment, gross | $ 10,268 | $ 10,187 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 429,597 | $ 429,597 | $ 172,129 | |
Goodwill, Impairment Loss | 0 | $ 1,000 | ||
Amortization of Intangible Assets, Total | $ 11,200 | $ 4,100 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Gross carrying amount, amortized intangible assets | $ 369,227 | $ 369,227 |
Gross carrying amount, amortized intangible assets | 53,070 | 41,917 |
Net carrying amount | 316,157 | 327,310 |
Indefinite-Lived Intangible Assets | 985,071 | 985,071 |
Intangible assets, net | 1,301,228 | 1,312,381 |
Franchise Rights [Member] | ||
Indefinite-Lived Intangible Assets | 978,371 | 978,371 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets | $ 6,700 | 6,700 |
Use Rights [Member] | ||
Useful life (Year) | 25 years | |
Gross carrying amount, amortized intangible assets | 2,927 | |
Gross carrying amount, amortized intangible assets | $ 2,927 | 2,895 |
Net carrying amount | $ 0 | 32 |
Use Rights [Member] | Minimum [Member] | ||
Useful life (Year) | 1 year | |
Use Rights [Member] | Maximum [Member] | ||
Gross carrying amount, amortized intangible assets | $ 2,927 | |
Customer Relationships [Member] | ||
Useful life (Year) | 17 years | |
Gross carrying amount, amortized intangible assets | 362,000 | |
Gross carrying amount, amortized intangible assets | $ 48,341 | 37,470 |
Net carrying amount | $ 313,659 | 324,530 |
Customer Relationships [Member] | Minimum [Member] | ||
Useful life (Year) | 14 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Gross carrying amount, amortized intangible assets | $ 362,000 | |
Trademarks and Trade Names [Member] | ||
Useful life (Year) | 3 years | |
Gross carrying amount, amortized intangible assets | 4,300 | |
Gross carrying amount, amortized intangible assets | $ 1,802 | 1,552 |
Net carrying amount | $ 2,498 | $ 2,748 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Useful life (Year) | 2 years 8 months 12 days | |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Gross carrying amount, amortized intangible assets | $ 4,300 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (remaining nine months) | $ 33,281 | |
2021 | 39,059 | |
2022 | 34,314 | |
2023 | 27,845 | |
2024 | 23,083 | |
Thereafter | 158,575 | |
Total | $ 316,157 | $ 327,310 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2019 | May 08, 2019 | May 01, 2017 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 31, 2020 | Dec. 31, 2019 | |
Proceeds from Issuance of Long-term Debt, Total | $ 100,000 | $ 250,000 | |||||||
Amortization of Debt Issuance Costs | 1,106 | $ 1,118 | |||||||
Debt Issuance Costs, Net, Total Reductions to Debt and Other, Noncurrent | $ 19,500 | 19,500 | $ 20,600 | ||||||
Debt Issuance Costs, Net, Total | 17,174 | 17,174 | 18,142 | ||||||
Other Noncurrent Assets [Member] | |||||||||
Debt Issuance Costs, Net, Total | 2,300 | 2,300 | $ 2,400 | ||||||
Financial Standby Letter of Credit [Member] | |||||||||
Letters of Credit Outstanding, Amount | $ 22,000 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument, Face Amount | 1,775,000 | 1,775,000 | |||||||
Long-term Debt, Gross | 1,745,965 | 1,745,965 | |||||||
Secured Debt [Member] | Incremental Term Loan B [Member] | |||||||||
Debt Instrument, Term (Year) | 7 years | ||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | |||||||||
Debt Instrument, Face Amount | [1],[2] | 700,000 | 700,000 | ||||||
Long-term Debt, Gross | [1],[2] | $ 689,652 | $ 689,652 | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 450,000 | $ 250,000 | |||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | 2.50% | |||||||
Long Term Debt, Amortization Rate, Year Two | 2.50% | 2.50% | |||||||
Long Term Debt, Amortization Rate, Year Three | 5.00% | 5.00% | |||||||
Long Term Debt, Amortization Rate, Year Four | 7.50% | 7.50% | |||||||
Long Term Debt, Amortization Rate, Year Five | 12.50% | 12.50% | |||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [1],[2],[3] | 1.50% | |||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | CoBank, ACB [Member] | |||||||||
Debt Instrument, Face Amount | $ 700,000 | $ 700,000 | |||||||
Secured Debt [Member] | Term B-1 Loan [Member] | |||||||||
Debt Instrument, Face Amount | 500,000 | 500,000 | |||||||
Long-term Debt, Gross | 486,250 | $ 486,250 | |||||||
Secured Debt [Member] | Term B-1 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 1.75% | |||||||
Secured Debt [Member] | Term B-1 Loan [Member] | CoBank, ACB [Member] | |||||||||
Debt Instrument, Face Amount | 500,000 | $ 500,000 | |||||||
Secured Debt [Member] | Term B-2 Loan [Member] | |||||||||
Debt Instrument, Face Amount | 250,000 | 250,000 | |||||||
Long-term Debt, Gross | 247,500 | $ 247,500 | |||||||
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.00% | |||||||
Secured Debt [Member] | Term B-2 Loan [Member] | CoBank, ACB [Member] | |||||||||
Debt Instrument, Face Amount | 250,000 | $ 250,000 | |||||||
Secured Debt [Member] | Term B-3 Loan [Member] | |||||||||
Debt Instrument, Face Amount | 325,000 | 325,000 | |||||||
Long-term Debt, Gross | 322,563 | $ 322,563 | |||||||
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.00% | |||||||
Secured Debt [Member] | Term B-3 Loan [Member] | CoBank, ACB [Member] | |||||||||
Debt Instrument, Face Amount | 325,000 | $ 325,000 | |||||||
Secured Debt [Member] | Term Loan Borrowings [Member] | |||||||||
Long-term Debt, Gross | 1,800,000 | 1,800,000 | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000 | $ 350,000 | |||||||
Proceeds from Lines of Credit, Total | $ 100,000 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 2.43% | 2.43% | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | Letter of Credit [Member] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 1.63% | 1.63% | |||||||
Long-term Line of Credit, Total | $ 28,700 | $ 28,700 | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | Letter of Credit Issued to Third Party for FCC Performance Obligations with Offseting Collateral [Member] | |||||||||
Collateral Pledged By Third Party | $ 22,000 | ||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | |||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | Senior Credit Facilities Due 2020 [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 221,300 | $ 221,300 | |||||||
[1] | On May 8, 2019, $250 million was drawn. On October 1, 2019, an additional $450 million was drawn. | ||||||||
[2] | Per annum amortization rates for years one through five following the closing date are 2.5%, 2.5%, 5.0%, 7.5% and 12.5%, respectively. | ||||||||
[3] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement). All other applicable margins are fixed. |
Note 7 - Debt - Schedule of Lon
Note 7 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finance lease liabilities | $ 5,844 | $ 5,943 |
Total debt | 1,851,809 | 1,758,988 |
Less: Unamortized debt issuance costs | (17,174) | (18,142) |
Less: Current portion of long-term debt | (28,935) | (28,909) |
Total long-term debt | 1,805,700 | 1,711,937 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Senior Credit Facilities (as defined below) | $ 1,845,965 | $ 1,753,045 |
Note 7 - Debt - Summary of Term
Note 7 - Debt - Summary of Term Loans (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | ||
Balance Due Upon Maturity | $ 1,845,965 | |
Secured Debt [Member] | ||
Original Principal | 1,775,000 | |
Senior Credit Facilities (as defined below) | 1,745,965 | |
Balance Due Upon Maturity | 1,517,195 | |
Secured Debt [Member] | Term Loan A-2 [Member] | ||
Original Principal | 700,000 | [1],[2] |
Senior Credit Facilities (as defined below) | 689,652 | [1],[2] |
Balance Due Upon Maturity | $ 513,945 | [1],[2] |
Interest Rate | 2.49% | [2],[3] |
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 1.50% | [1],[2],[4] |
Secured Debt [Member] | Term B-1 Loan [Member] | ||
Original Principal | $ 500,000 | |
Senior Credit Facilities (as defined below) | 486,250 | |
Balance Due Upon Maturity | $ 466,250 | |
Interest Rate | 2.74% | |
Amortization Per Annum | 1.00% | [5] |
Secured Debt [Member] | Term B-1 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 1.75% | [4] |
Secured Debt [Member] | Term B-2 Loan [Member] | ||
Original Principal | $ 250,000 | |
Senior Credit Facilities (as defined below) | 247,500 | |
Balance Due Upon Maturity | $ 233,125 | |
Interest Rate | 2.99% | |
Amortization Per Annum | 1.00% | [5] |
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 2.00% | [4] |
Secured Debt [Member] | Term B-3 Loan [Member] | ||
Original Principal | $ 325,000 | |
Senior Credit Facilities (as defined below) | 322,563 | |
Balance Due Upon Maturity | $ 303,875 | |
Interest Rate | 2.99% | |
Amortization Per Annum | 1.00% | [5] |
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 2.00% | [4] |
[1] | On May 8, 2019, $250 million was drawn. On October 1, 2019, an additional $450 million was drawn. | |
[2] | Per annum amortization rates for years one through five following the closing date are 2.5%, 2.5%, 5.0%, 7.5% and 12.5%, respectively. | |
[3] | On May 8, 2019, $250.0 million was drawn. On October 1, 2019, an additional $450.0 million was drawn. | |
[4] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement). All other applicable margins are fixed. | |
[5] | Payable in equal quarterly installments (expressed as a percentage of the original aggregate principal amount). All loans may be prepaid at any time without penalty or premium (subject to customary LIBOR breakage provisions). |
Note 7 - Debt - Future Maturiti
Note 7 - Debt - Future Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (remaining nine months) | $ 21,241 |
2021 | 37,106 |
2022 | 54,677 |
2023 | 81,033 |
2024 | 1,109,158 |
Thereafter | 542,750 |
Total | $ 1,845,965 |
Note 8 - Interest Rate Swaps -
Note 8 - Interest Rate Swaps - Interest Rate Swap Agreements (Details) - Cash Flow Hedging [Member] $ in Millions | Mar. 31, 2020USD ($) |
First Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 850 |
Derivative, Fixed Interest Rate | 2.653% |
Second Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 350 |
Derivative, Fixed Interest Rate | 2.739% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 1,200 |
Note 8 - Interest Rate Swaps _2
Note 8 - Interest Rate Swaps - Intersest Rate Swaps on the Condensed Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Interest rate swap liability | $ 175,524 | $ 78,612 | |
Accumulated other comprehensive loss | 152,783 | 68,158 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated other comprehensive loss | 152,185 | 67,556 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Derivative liability | 26,448 | 11,045 | |
Interest Rate Swap [Member] | |||
Unrealized loss on cash flow hedges, gross | (112,315) | $ (38,586) | |
Less: Tax effect | 27,686 | 9,517 | |
Unrealized loss on cash flow hedges, net of tax | (84,629) | (29,069) | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Interest rate swap liability | 175,524 | 78,612 | |
Total | 201,972 | 89,657 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | |||
Derivative liability | 26,448 | $ 11,045 | |
Interest Expense [Member] | Interest Rate Swap [Member] | |||
Interest expense | $ 2,084 | $ 68 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |
Interest rate swaps | $ 201,972 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 1,745,965 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | |
Long-term debt, including current portion | 100,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |
Interest rate swaps | 201,972 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt, including current portion | 1,712,242 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | Revolving Credit Facility [Member] | |
Long-term debt, including current portion | 100,000 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 211,344 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | 211,344 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 10,047 |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 9,962 |
Note 10 - Treasury Stock (Detai
Note 10 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 57 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2015 | |
Treasury Stock, Shares, Ending Balance (in shares) | 163,042 | 163,042 | 172,522 | ||
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 600,000 | ||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 210,631 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 5,073 | $ 104,900 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 5,796 | $ 2,554 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 3,772 | 3,310 |
Note 11 - Equity-based Compen_3
Note 11 - Equity-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 5.2 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 3.1 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Expense | 2.5 | $ 1.8 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 18.6 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Payment Arrangement, Expense | $ 0.7 | 1.2 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 5.7 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expense | $ 3.2 | $ 3 |
The 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 151,367 |
Note 11 - Equity-based Compen_4
Note 11 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Unvested, restricted stock (in shares) | 38,873 | |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 987.75 | $ 728.77 |
Granted, restricted stock (in shares) | 9,985 | |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ 1,533.78 | |
Forfeited, restricted stock (in shares) | (5,207) | |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ 735.85 | |
Vested and issued, restricted stock (in shares) | (10,332) | |
Vested and issued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 668.01 | |
Unvested, restricted stock (in shares) | 33,319 | |
Vested and unissued, restricted stock (in shares) | 5,678 | |
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ 527.85 |
Note 11 - Equity-based Compen_5
Note 11 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Outstanding, stock appreciation rights (in shares) | 90,410 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 676.41 | |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 157.69 | $ 153.90 |
Outstanding, aggregate intrinsic value | $ 68,103 | $ 73,419 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 4 months 24 days | 7 years 6 months |
Granted, stock appreciation rights (in shares) | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Granted, weighted average fair value (in dollars per share) | $ 0 | |
Exercised, stock appreciation rights (in shares) | (12,798) | |
Exercised, weighted average exercise price (in dollars per share) | $ 521.25 | |
Exercised, weighted average fair value (in dollars per share) | $ 113.27 | |
Exercised, aggregate intrinsic value | $ 13,333 | |
Forfeited, stock appreciation rights (in shares) | (6,141) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 828.40 | |
Forfeited, weighted average fair value (in dollars per share) | $ 194.44 | |
Outstanding, stock appreciation rights (in shares) | 71,471 | 90,410 |
Outstanding, weighted average exercise price (in dollars per share) | $ 691.13 | $ 676.41 |
Vested and exercisable, stock appreciation rights (in shares) | 36,446 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 564.37 | |
Vested and exercisable, weighted average fair value (in dollars per share) | $ 125.09 | |
Vested and exercisable, aggregate intrinsic value | $ 39,349 | |
Weighted average remaining contractual term, vested and exercisable (Year) | 6 years 6 months |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 8.50% | 24.60% |
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback Provision of CARES Act | $ (7) | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | (4.2) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ (1.1) |
Note 13 - Net Income Per Comm_3
Note 13 - Net Income Per Common Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 2,739 |
Note 13 - Net Income Per Comm_4
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income | $ 69,326 | $ 38,739 | |
Basic (in shares) | 5,697,904 | 5,674,120 | |
Effect of dilutive equity-based compensation awards (in shares) | [1] | 57,155 | 42,465 |
Diluted (in shares) | 5,755,059 | 5,716,585 | |
Basic (in dollars per share) | $ 12.17 | $ 6.83 | |
Diluted (in dollars per share) | $ 12.05 | $ 6.78 | |
[1] | Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation. The excluded number of anti-dilutive equity-based compensation awards totaled 0 and 2,739 for the three months ended March 31, 2020 and 2019, respectively. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 31, 2020 |
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | Letter of Credit Issued to Third Party for FCC Performance Obligations with Offseting Collateral [Member] | ||
Letters of Credit Outstanding, Amount | $ 0 | |
Collateral Pledged By Third Party | $ 22,000 | |
Financial Standby Letter of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 22,000 |