Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 24, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SHENANDOAH TELECOMMUNICATIONS CO/VA/ | ' |
Entity Central Index Key | '0000354963 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 24,016,499 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $61,955 | $71,086 |
Accounts receivable, net | 24,255 | 25,274 |
Income taxes receivable | 10,329 | 4,705 |
Materials and supplies | 8,807 | 9,789 |
Prepaid expenses and other | 5,602 | 4,749 |
Deferred income taxes | 1,022 | 832 |
Total current assets | 111,970 | 116,435 |
Investments, including $2,325 and $2,064 carried at fair value | 8,976 | 8,214 |
Property, plant and equipment, net | 395,456 | 365,474 |
Other Assets | ' | ' |
Intangible assets, net | 71,673 | 74,942 |
Deferred charges and other assets, net | 9,424 | 5,675 |
Net other assets | 81,097 | 80,617 |
Total assets | 597,499 | 570,740 |
Current Liabilities | ' | ' |
Current maturities of long-term debt | 0 | 1,977 |
Accounts payable | 23,631 | 31,729 |
Advanced billings and customer deposits | 11,161 | 11,190 |
Accrued compensation | 3,852 | 2,671 |
Accrued liabilities and other | 9,823 | 10,573 |
Total current liabilities | 48,467 | 58,140 |
Long-term debt, less current maturities | 230,200 | 230,200 |
Other Long-Term Liabilities | ' | ' |
Deferred income taxes | 64,954 | 57,896 |
Deferred lease payable | 5,884 | 4,903 |
Asset retirement obligations | 6,214 | 5,896 |
Other liabilities | 6,893 | 5,857 |
Total other liabilities | 83,945 | 74,552 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | 25,908 | 24,688 |
Accumulated other comprehensive income (loss) | 2,046 | -863 |
Retained earnings | 206,933 | 184,023 |
Total shareholders' equity | 234,887 | 207,848 |
Total liabilities and shareholders' equity | $597,499 | $570,740 |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Investments at fair value | $2,325 | $2,064 |
UNAUDITED_CONDENSED_CONSOLIDAT2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME [Abstract] | ' | ' | ' | ' |
Operating revenues | $77,513 | $72,876 | $230,976 | $213,077 |
Operating expenses: | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 31,778 | 32,995 | 93,006 | 92,067 |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 17,481 | 17,680 | 49,966 | 47,788 |
Depreciation and amortization | 14,992 | 16,794 | 45,034 | 47,860 |
Total operating expenses | 64,251 | 67,469 | 188,006 | 187,715 |
Operating income | 13,262 | 5,407 | 42,970 | 25,362 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -2,050 | -2,323 | -6,270 | -5,641 |
Gain (loss) on investments, net | 348 | 212 | 526 | 815 |
Non-operating income, net | 377 | 169 | 1,356 | 616 |
Income from continuing operations before income taxes | 11,937 | 3,465 | 38,582 | 21,152 |
Income tax expense | 5,220 | 2,050 | 15,672 | 9,608 |
Net income from continuing operations | 6,717 | 1,415 | 22,910 | 11,544 |
Losses from discontinued operations, net of tax benefit of $0, $29, $0 and $97, respectively | 0 | -54 | 0 | -157 |
Net income | 6,717 | 1,361 | 22,910 | 11,387 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized (loss) gain on interest rate hedge, net of tax | -398 | -1,136 | 2,909 | -1,136 |
Comprehensive income | $6,319 | $225 | $25,819 | $10,251 |
Basic and diluted net income (loss) per share: | ' | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.28 | $0.06 | $0.95 | $0.48 |
Losses from discontinued operations (in dollars per share) | $0 | $0 | $0 | ($0.01) |
Net income (in dollars per share) | $0.28 | $0.06 | $0.95 | $0.47 |
Weighted average shares outstanding, basic (in shares) | 24,010 | 23,875 | 23,993 | 23,858 |
Weighted average shares, diluted (in shares) | 24,125 | 23,956 | 24,078 | 23,905 |
UNAUDITED_CONDENSED_CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued operations: | ' | ' | ' | ' |
Earnings (loss) from discontinued operations, tax benefits | $0 | $29 | $0 | $97 |
UNAUDITED_CONDENSED_CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, unless otherwise specified | ||||
Balance at Dec. 31, 2011 | $22,043 | $175,616 | $0 | $197,659 |
Balance (in shares) at Dec. 31, 2011 | 23,838 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 0 | 16,303 | 0 | 16,303 |
Other comprehensive income (loss), net of tax | 0 | 0 | -863 | -863 |
Dividends declared | 0 | -7,896 | 0 | -7,896 |
Dividends reinvested in common stock | 493 | 0 | 0 | 493 |
Dividends reinvested in common stock (in shares) | 37 | ' | ' | ' |
Stock based compensation | 1,842 | 0 | 0 | 1,842 |
Stock options exercised | 404 | 0 | 0 | 404 |
Stock options exercised (in shares) | 55 | ' | ' | ' |
Common stock issued for share awards | 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 45 | ' | ' | ' |
Common stock issued | 10 | 0 | 0 | 10 |
Common stock issued (in shares) | 1 | ' | ' | ' |
Common stock repurchased | -143 | 0 | 0 | -143 |
Common stock repurchased (in shares) | -13 | ' | ' | ' |
Net excess tax benefit from stock options exercised | 39 | 0 | 0 | 39 |
Balance at Dec. 31, 2012 | 24,688 | 184,023 | -863 | 207,848 |
Balance (in shares) at Dec. 31, 2012 | 23,963 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 0 | 22,910 | 0 | 22,910 |
Other comprehensive income (loss), net of tax | 0 | 0 | 2,909 | 2,909 |
Stock based compensation | 1,540 | 0 | 0 | 1,540 |
Stock options exercised | 939 | 0 | 0 | 939 |
Stock options exercised (in shares) | 52 | ' | ' | ' |
Common stock issued for share awards | 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 68 | ' | ' | ' |
Common stock issued | 8 | 0 | 0 | 8 |
Common stock issued (in shares) | 0 | ' | ' | ' |
Common stock repurchased | -1,297 | 0 | 0 | -1,297 |
Common stock repurchased (in shares) | -66 | ' | ' | ' |
Net excess tax benefit from stock options exercised | 30 | 0 | 0 | 30 |
Balance at Sep. 30, 2013 | $25,908 | $206,933 | $2,046 | $234,887 |
Balance (in shares) at Sep. 30, 2013 | 24,017 | ' | ' | ' |
UNAUDITED_CONDENSED_CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | ' |
Dividends declared per share (in dollars per share) | $0.33 |
UNAUDITED_CONDENSED_CONSOLIDAT6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $22,910 | $11,387 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 41,749 | 42,692 |
Amortization | 3,285 | 5,168 |
Provision for bad debt | 1,504 | 2,135 |
Stock based compensation expense | 1,540 | 1,425 |
Excess tax benefits on stock awards | -69 | -106 |
Deferred income taxes | 4,950 | -4,473 |
Net loss on disposal of equipment | 234 | 64 |
Realized (gain) loss on disposal of investments | 1 | -35 |
Unrealized (gains) on investments | -233 | -250 |
Net (gain) loss from patronage and equity investments | -627 | -764 |
Write-off unamortized loan fees | 0 | 780 |
Other | 1,976 | 1,215 |
(Increase) decrease in: | ' | ' |
Accounts receivable | -510 | -5,298 |
Materials and supplies | 982 | 220 |
Income taxes receivable | -5,609 | 12,495 |
Increase (decrease) in: | ' | ' |
Accounts payable | 885 | -1,671 |
Deferred lease payable | 981 | 446 |
Income taxes payable | 0 | 12,984 |
Other prepaids, deferrals and accruals | -431 | -959 |
Net cash provided by operating activities | 73,518 | 77,455 |
Cash Flows from Investing Activities | ' | ' |
Purchase and construction of property, plant and equipment | -80,784 | -53,611 |
Proceeds from sales of assets | 271 | 161 |
Cash received from sales of Converged Services' properties | 25 | 3,265 |
Purchase of investment securities | -13 | 0 |
Proceeds from sale of investment securities | 110 | 1,203 |
Net cash used in investing activities | -80,391 | -48,982 |
Cash Flows from Financing Activities | ' | ' |
Principal payments on long-term debt | -1,977 | -177,655 |
Amount borrowed under debt agreements | 0 | 230,000 |
Cash paid for debt issuance costs | 0 | -2,418 |
Excess tax benefits on stock awards | 69 | 106 |
Repurchases of stock | -1,297 | -144 |
Proceeds from stock issuances | 947 | 411 |
Net cash (used in) / provided by financing activities | -2,258 | 50,300 |
Net (decrease) increase in cash and cash equivalents | -9,131 | 78,773 |
Cash and cash equivalents: | ' | ' |
Beginning | 71,086 | 15,874 |
Ending | 61,955 | 94,647 |
Cash paid (received) for: | ' | ' |
Interest | 6,476 | 4,738 |
Income taxes | $16,330 | ($11,491) |
UNAUDITED_CONDENSED_CONSOLIDAT7
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Other cash flow information: | ' | ' |
Exchange of equipment for new equipment purchase | $14,242,000 | ' |
Capital expenditures | $16,000,000 | $25,000,000 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The interim condensed consolidated financial statements of Shenandoah Telecommunications Company and Subsidiaries (collectively, the “Company”) are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of the interim results have been reflected therein. All such adjustments were of a normal and recurring nature. These statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The balance sheet information at December 31, 2012 was derived from the audited December 31, 2012 consolidated balance sheet. Operating revenues and income from operations for any interim period are not necessarily indicative of results that may be expected for the entire year. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
2. Discontinued Operations | |
In September 2008, the Company announced its intention to sell its Converged Services operation, the related assets and liabilities were reclassified as held for sale in the consolidated balance sheet and the historical operating results were reclassified as discontinued operations, and depreciation and amortization on long-lived assets was discontinued. | |
As of June 30, 2013, all properties had been disposed of. Revenues and losses before taxes associated with discontinued operations were $96 thousand and $83 thousand, respectively, for the three months ended September 30, 2012, and $1,061 thousand and $254 thousand, respectively, for the nine months ended September 30, 2012. Comparable amounts for 2013 were not significant. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
3. Property, Plant and Equipment | |||||||||
Property, plant and equipment consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Plant in service | $ | 619,302 | $ | 586,216 | |||||
Plant under construction | 21,535 | 25,469 | |||||||
640,837 | 611,685 | ||||||||
Less accumulated amortization and depreciation | 245,381 | 246,211 | |||||||
Net property, plant and equipment | $ | 395,456 | $ | 365,474 | |||||
During the first quarter of 2012, the Company entered into agreements with Sprint and Alcatel-Lucent to begin updating the Company’s Wireless network. The update uses base station equipment acquired from Alcatel-Lucent in conjunction with Sprint’s wireless network upgrade plan known as Network Vision. Beginning in the second quarter of 2012, the Company began replacing cell site equipment at a number of its cell sites. As of September 30, 2013, 500 of its 525 sites had been upgraded. The remaining 25 sites will be upgraded when outstanding leasing and zoning issues are resolved. The Company accelerated depreciation on these assets so that net book value at time of trade-in would equal the value to be realized upon trade-in. During 2012, the Company recognized approximately $8.4 million of accelerated depreciation expense for Network Vision related activities, including $7.1 million in the first nine months of 2012; the first nine months of 2013 included $3.1 million of accelerated depreciation expense. |
Earnings_per_share
Earnings per share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings per share [Abstract] | ' |
Earnings per share | ' |
4. Earnings per share | |
Basic net income (loss) per share was computed on the weighted average number of shares outstanding. Diluted net income (loss) per share was computed under the treasury stock method, assuming the conversion as of the beginning of the period, for all dilutive stock options. Of 764 thousand and 668 thousand shares and options outstanding at September 30, 2013 and 2012, respectively, 293 thousand and 346 thousand were anti-dilutive, respectively. These options have been excluded from the computations of diluted earnings per share for their respective period. There were no adjustments to net income for either period. |
Investments_Carried_at_Fair_Va
Investments Carried at Fair Value | 9 Months Ended |
Sep. 30, 2013 | |
Investments Carried at Fair Value [Abstract] | ' |
Investments Carried at Fair Value | ' |
5. Investments Carried at Fair Value | |
Investments include $2.3 million and $2.1 million of investments carried at fair value as of September 30, 2013 and December 31, 2012, respectively, consisting of equity, bond and money market mutual funds. These investments were acquired under a rabbi trust arrangement related to a non-qualified supplemental retirement plan maintained by the Company. During the nine months ended September 30, 2013, the Company recognized $1 thousand in net losses on dispositions of investments, recognized $28 thousand in dividend and interest income from investments, and recorded net unrealized gains of $233 thousand on these investments. Fair values for these investments held under the rabbi trust were determined by level 1 quoted market prices for the underlying mutual funds. |
Financial_Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments [Abstract] | ' |
Financial Instruments | ' |
6. Financial Instruments | |
Financial instruments on the consolidated balance sheets that approximate fair value include: cash and cash equivalents, receivables, investments carried at fair value, payables, accrued liabilities, interest rate swaps and variable rate long-term debt. |
Derivative_Instruments_Hedging
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income | ' | ||||||||||||
7. Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income | |||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to cash flows and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps (both those designated as cash flow hedges as well as those not designated as cash flow hedges) involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||
The Company entered into a pay-fixed, receive-variable interest rate swap of $63.3 million of notional principal in August 2010. This interest rate swap was not designated as a cash flow hedge. Changes in the fair value of interest rate swaps not designated as cash flow hedges are recorded in interest expense each reporting period. Changes in fair value recorded in interest expense for the three months ended September 30, 2013 and 2012 were decreases of $33 thousand and $55 thousand, respectively; for the nine months ended September 30, 2013 and 2012, the changes were decreases of $239 thousand and $106 thousand, respectively. This swap expired in July 2013. | |||||||||||||
The Company entered into a pay-fixed, receive-variable interest rate swap of $174.6 million of notional principal in September 2012. This interest rate swap was designated as a cash flow hedge. The total outstanding notional amount of cash flow hedges was $174.6 million as of September 30, 2013. | |||||||||||||
The effective portion of changes in the fair value of interest rate swaps designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company uses its derivatives to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings through interest expense. No hedge ineffectiveness was recognized during any of the periods presented. | |||||||||||||
Amounts reported in accumulated other comprehensive income related to the interest rate swap designated and that qualifies as a cash flow hedge are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 30, 2013, the Company estimates that $1.6 million will be reclassified as an increase to interest expense during the next twelve months due to the interest rate swap since the fixed interest rate paid on the hedge exceeds the variable interest rate on the debt. | |||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheet as of September 30, 2013 and December 31, 2012 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Derivatives | |||||||||||||
Fair Value as of | |||||||||||||
Balance Sheet | September 30, | December 31, | |||||||||||
Location | 2013 | 2012 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | - | $ | 239 | ||||||||
$ | - | $ | 239 | ||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | 1,598 | $ | 1,613 | ||||||||
Deferred charges, and other assets net | (5,019 | ) | (177 | ) | |||||||||
Total derivatives designated as hedging instruments | $ | (3,421 | ) | $ | 1,436 | ||||||||
The fair value of interest rate swaps is determined using a pricing model with inputs that are observable in the market (level 2 fair value inputs). | |||||||||||||
The table below presents change in accumulated other comprehensive income by component for the nine months ended September 30, 2013 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Gains and (Losses) on Cash Flow Hedges | Income | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Taxes | |||||||||||||
Balance as of December 31, 2012 | $ | (1,436 | ) | $ | 573 | $ | (863 | ) | |||||
Other comprehensive income before reclassifications | 3,623 | (1,452 | ) | 2,171 | |||||||||
Amounts reclassified from accumulated other comprehensive income (to interest expense) | 1,234 | (496 | ) | 738 | |||||||||
Net current period other comprehensive income | 4,857 | (1,948 | ) | 2,909 | |||||||||
Balance as of September 30, 2013 | $ | 3,421 | $ | (1,375 | ) | $ | 2,046 |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
8. Segment Information | |||||||||||||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers. The Company has three reportable segments, which the Company operates and manages as strategic business units organized by lines of business: (1) Wireless, (2) Cable, and (3) Wireline. A fourth segment, Other, primarily includes Shenandoah Telecommunications Company, the parent holding company. | |||||||||||||||||||||||||
The Wireless segment provides digital wireless service to a portion of a four-state area covering the region from Harrisburg, York and Altoona, Pennsylvania, to Harrisonburg, Virginia, as a Sprint PCS Affiliate. This segment also owns cell site towers built on leased land, and leases space on these towers to both affiliates and non-affiliated service providers. | |||||||||||||||||||||||||
The Cable segment provides video, internet and voice services in Virginia, West Virginia and Maryland. | |||||||||||||||||||||||||
The Wireline segment provides regulated and unregulated voice services, DSL internet access, and long distance access services throughout Shenandoah County and portions of northwestern Rockingham County and Augusta County, Virginia, and leases fiber optic facilities throughout the northern Shenandoah Valley of Virginia, northern Virginia and adjacent areas along the Interstate 81 corridor, including portions of West Virginia and Maryland. | |||||||||||||||||||||||||
Selected financial data for each segment is as follows: | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 45,938 | $ | 17,630 | $ | 3,860 | $ | - | $ | - | $ | 67,428 | |||||||||||||
Other | 2,550 | 2,874 | 4,661 | - | - | 10,085 | |||||||||||||||||||
Total external revenues | 48,488 | 20,504 | 8,521 | - | - | 77,513 | |||||||||||||||||||
Internal revenues | 1,090 | 19 | 5,127 | - | (6,236 | ) | - | ||||||||||||||||||
Total operating revenues | 49,578 | 20,523 | 13,648 | - | (6,236 | ) | 77,513 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 17,969 | 13,333 | 6,099 | - | (5,623 | ) | 31,778 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 9,317 | 6,188 | 1,777 | 812 | (613 | ) | 17,481 | ||||||||||||||||||
Depreciation and amortization | 6,799 | 5,682 | 2,502 | 9 | - | 14,992 | |||||||||||||||||||
Total operating expenses | 34,085 | 25,203 | 10,378 | 821 | (6,236 | ) | 64,251 | ||||||||||||||||||
Operating income (loss) | $ | 15,493 | $ | (4,680 | ) | $ | 3,270 | $ | (821 | ) | $ | - | $ | 13,262 | |||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 41,517 | $ | 16,509 | $ | 3,741 | $ | - | $ | - | $ | 61,767 | |||||||||||||
Other | 3,307 | 2,413 | 5,389 | - | - | 11,109 | |||||||||||||||||||
Total external revenues | 44,824 | 18,922 | 9,130 | - | - | 72,876 | |||||||||||||||||||
Internal revenues | 837 | 79 | 4,597 | - | (5,513 | ) | - | ||||||||||||||||||
Total operating revenues | 45,661 | 19,001 | 13,727 | - | (5,513 | ) | 72,876 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 19,121 | 12,521 | 6,302 | 2 | (4,951 | ) | 32,995 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 9,651 | 6,199 | 1,752 | 640 | (562 | ) | 17,680 | ||||||||||||||||||
Depreciation and amortization | 8,643 | 5,908 | 2,233 | 10 | - | 16,794 | |||||||||||||||||||
Total operating expenses | 37,415 | 24,628 | 10,287 | 652 | (5,513 | ) | 67,469 | ||||||||||||||||||
Operating income (loss) | $ | 8,246 | $ | (5,627 | ) | $ | 3,440 | $ | (652 | ) | $ | - | $ | 5,407 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 136,365 | $ | 52,575 | $ | 11,680 | $ | - | $ | - | $ | 200,620 | |||||||||||||
Other | 7,897 | 7,875 | 14,584 | - | - | 30,356 | |||||||||||||||||||
Total external revenues | 144,262 | 60,450 | 26,264 | - | - | 230,976 | |||||||||||||||||||
Internal revenues | 3,238 | 121 | 14,935 | - | (18,294 | ) | - | ||||||||||||||||||
Total operating revenues | 147,500 | 60,571 | 41,199 | - | (18,294 | ) | 230,976 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 53,354 | 37,974 | 18,282 | - | (16,604 | ) | 93,006 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 27,152 | 17,192 | 5,147 | 2,165 | (1,690 | ) | 49,966 | ||||||||||||||||||
Depreciation and amortization | 20,608 | 17,094 | 7,308 | 24 | - | 45,034 | |||||||||||||||||||
Total operating expenses | 101,114 | 72,260 | 30,737 | 2,189 | (18,294 | ) | 188,006 | ||||||||||||||||||
Operating income (loss) | $ | 46,386 | $ | (11,689 | ) | $ | 10,462 | $ | (2,189 | ) | $ | - | $ | 42,970 | |||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 120,107 | $ | 48,918 | $ | 11,272 | $ | - | $ | - | $ | 180,297 | |||||||||||||
Other | 9,991 | 7,446 | 15,343 | - | - | 32,780 | |||||||||||||||||||
Total external revenues | 130,098 | 56,364 | 26,615 | - | - | 213,077 | |||||||||||||||||||
Internal revenues | 2,495 | 233 | 13,803 | - | (16,531 | ) | - | ||||||||||||||||||
Total operating revenues | 132,593 | 56,597 | 40,418 | - | (16,531 | ) | 213,077 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 52,432 | 36,381 | 18,048 | 25 | (14,819 | ) | 92,067 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 25,746 | 16,427 | 5,107 | 2,220 | (1,712 | ) | 47,788 | ||||||||||||||||||
Depreciation and amortization | 23,153 | 17,963 | 6,691 | 53 | - | 47,860 | |||||||||||||||||||
Total operating expenses | 101,331 | 70,771 | 29,846 | 2,298 | (16,531 | ) | 187,715 | ||||||||||||||||||
Operating income (loss) | $ | 31,262 | $ | (14,174 | ) | $ | 10,572 | $ | (2,298 | ) | $ | - | $ | 25,362 | |||||||||||
A reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before income taxes is as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total consolidated operating income | $ | 13,262 | $ | 5,407 | |||||||||||||||||||||
Interest expense | (2,050 | ) | (2,323 | ) | |||||||||||||||||||||
Non-operating income (expense), net | 725 | 381 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 11,937 | $ | 3,465 | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total consolidated operating income | $ | 42,970 | $ | 25,362 | |||||||||||||||||||||
Interest expense | (6,270 | ) | (5,641 | ) | |||||||||||||||||||||
Non-operating income (expense), net | 1,882 | 1,431 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 38,582 | $ | 21,152 | |||||||||||||||||||||
The Company's assets by segment are as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Wireless | $ | 204,527 | $ | 179,929 | |||||||||||||||||||||
Cable | 207,405 | 202,436 | |||||||||||||||||||||||
Wireline | 90,892 | 88,776 | |||||||||||||||||||||||
Other | 465,130 | 458,650 | |||||||||||||||||||||||
Combined totals | 967,954 | 929,791 | |||||||||||||||||||||||
Inter-segment eliminations | (370,455 | ) | (359,051 | ) | |||||||||||||||||||||
Consolidated totals | $ | 597,499 | $ | 570,740 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
9. Income Taxes | |
The Company files U.S. federal income tax returns and various state and local income tax returns. With few exceptions, years prior to 2010 are no longer subject to examination. The Company is under audit in the state of Maryland for the 2009, 2010 and 2011 tax years, and in the state of Pennsylvania for the 2009 tax year. No other state or federal income tax audits were in process as of September 30, 2013. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
10. Long-Term Debt | |||||||||
As of September 30, 2013 and December 31, 2012, the Company’s outstanding long-term debt consisted of the following: | |||||||||
(In thousands) | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
CoBank (fixed term loan) | $ | - | $ | 1,876 | |||||
Term Loan A | 230,000 | 230,000 | |||||||
Other debt | 200 | 301 | |||||||
230,200 | 232,177 | ||||||||
Current maturities | - | 1,977 | |||||||
Total long-term debt | $ | 230,200 | $ | 230,200 | |||||
As of September 30, 2013, the Company was in compliance with the covenants in its Credit Agreement. |
Billing_Dispute
Billing Dispute | 9 Months Ended |
Sep. 30, 2013 | |
Billing Dispute [Abstract] | ' |
Billing Dispute | ' |
11. Billing Dispute | |
In early 2012, the Company received notification from an interexchange carrier disputing charges of approximately $3.0 million included in the Company’s intrastate tariffed billings that have been in place since 1998. While the Company believes that its billings were correct and appropriate, it is currently in discussions with the carrier regarding a settlement of the dispute. |
Subsequent_Event_Dividend_Decl
Subsequent Event - Dividend Declaration | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Event - Dividend Declaration | ' |
Subsequent Event - Dividend Declaration | ' |
12. Subsequent Event – Dividend Declaration | |
On October 22, 2013, the Company announced that the Board of Directors had declared a cash dividend of $0.36 per share, an increase of $0.03 per share or 9% over the 2012 dividend. The dividend will be payable December 2, 2013, to shareholders of record on November 6, 2013. The total payout to shareholders will be approximately $8.7 million. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Plant in service | $ | 619,302 | $ | 586,216 | |||||
Plant under construction | 21,535 | 25,469 | |||||||
640,837 | 611,685 | ||||||||
Less accumulated amortization and depreciation | 245,381 | 246,211 | |||||||
Net property, plant and equipment | $ | 395,456 | $ | 365,474 |
Derivative_Instruments_Hedging1
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of derivative financial instruments as well as its classification on the consolidated balance sheet | ' | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as its classification on the consolidated balance sheet as of September 30, 2013 and December 31, 2012 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Derivatives | |||||||||||||
Fair Value as of | |||||||||||||
Balance Sheet | September 30, | December 31, | |||||||||||
Location | 2013 | 2012 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | - | $ | 239 | ||||||||
$ | - | $ | 239 | ||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | 1,598 | $ | 1,613 | ||||||||
Deferred charges, and other assets net | (5,019 | ) | (177 | ) | |||||||||
Total derivatives designated as hedging instruments | $ | (3,421 | ) | $ | 1,436 | ||||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||
The table below presents change in accumulated other comprehensive income by component for the nine months ended September 30, 2013 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Gains and (Losses) on Cash Flow Hedges | Income | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Taxes | |||||||||||||
Balance as of December 31, 2012 | $ | (1,436 | ) | $ | 573 | $ | (863 | ) | |||||
Other comprehensive income before reclassifications | 3,623 | (1,452 | ) | 2,171 | |||||||||
Amounts reclassified from accumulated other comprehensive income (to interest expense) | 1,234 | (496 | ) | 738 | |||||||||
Net current period other comprehensive income | 4,857 | (1,948 | ) | 2,909 | |||||||||
Balance as of September 30, 2013 | $ | 3,421 | $ | (1,375 | ) | $ | 2,046 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||||||
Selected Financial Data for Segments | ' | ||||||||||||||||||||||||
Selected financial data for each segment is as follows: | |||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 45,938 | $ | 17,630 | $ | 3,860 | $ | - | $ | - | $ | 67,428 | |||||||||||||
Other | 2,550 | 2,874 | 4,661 | - | - | 10,085 | |||||||||||||||||||
Total external revenues | 48,488 | 20,504 | 8,521 | - | - | 77,513 | |||||||||||||||||||
Internal revenues | 1,090 | 19 | 5,127 | - | (6,236 | ) | - | ||||||||||||||||||
Total operating revenues | 49,578 | 20,523 | 13,648 | - | (6,236 | ) | 77,513 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 17,969 | 13,333 | 6,099 | - | (5,623 | ) | 31,778 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 9,317 | 6,188 | 1,777 | 812 | (613 | ) | 17,481 | ||||||||||||||||||
Depreciation and amortization | 6,799 | 5,682 | 2,502 | 9 | - | 14,992 | |||||||||||||||||||
Total operating expenses | 34,085 | 25,203 | 10,378 | 821 | (6,236 | ) | 64,251 | ||||||||||||||||||
Operating income (loss) | $ | 15,493 | $ | (4,680 | ) | $ | 3,270 | $ | (821 | ) | $ | - | $ | 13,262 | |||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 41,517 | $ | 16,509 | $ | 3,741 | $ | - | $ | - | $ | 61,767 | |||||||||||||
Other | 3,307 | 2,413 | 5,389 | - | - | 11,109 | |||||||||||||||||||
Total external revenues | 44,824 | 18,922 | 9,130 | - | - | 72,876 | |||||||||||||||||||
Internal revenues | 837 | 79 | 4,597 | - | (5,513 | ) | - | ||||||||||||||||||
Total operating revenues | 45,661 | 19,001 | 13,727 | - | (5,513 | ) | 72,876 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 19,121 | 12,521 | 6,302 | 2 | (4,951 | ) | 32,995 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 9,651 | 6,199 | 1,752 | 640 | (562 | ) | 17,680 | ||||||||||||||||||
Depreciation and amortization | 8,643 | 5,908 | 2,233 | 10 | - | 16,794 | |||||||||||||||||||
Total operating expenses | 37,415 | 24,628 | 10,287 | 652 | (5,513 | ) | 67,469 | ||||||||||||||||||
Operating income (loss) | $ | 8,246 | $ | (5,627 | ) | $ | 3,440 | $ | (652 | ) | $ | - | $ | 5,407 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 136,365 | $ | 52,575 | $ | 11,680 | $ | - | $ | - | $ | 200,620 | |||||||||||||
Other | 7,897 | 7,875 | 14,584 | - | - | 30,356 | |||||||||||||||||||
Total external revenues | 144,262 | 60,450 | 26,264 | - | - | 230,976 | |||||||||||||||||||
Internal revenues | 3,238 | 121 | 14,935 | - | (18,294 | ) | - | ||||||||||||||||||
Total operating revenues | 147,500 | 60,571 | 41,199 | - | (18,294 | ) | 230,976 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 53,354 | 37,974 | 18,282 | - | (16,604 | ) | 93,006 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 27,152 | 17,192 | 5,147 | 2,165 | (1,690 | ) | 49,966 | ||||||||||||||||||
Depreciation and amortization | 20,608 | 17,094 | 7,308 | 24 | - | 45,034 | |||||||||||||||||||
Total operating expenses | 101,114 | 72,260 | 30,737 | 2,189 | (18,294 | ) | 188,006 | ||||||||||||||||||
Operating income (loss) | $ | 46,386 | $ | (11,689 | ) | $ | 10,462 | $ | (2,189 | ) | $ | - | $ | 42,970 | |||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Wireless | Cable | Wireline | Other | Eliminations | Consolidated | ||||||||||||||||||||
Totals | |||||||||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 120,107 | $ | 48,918 | $ | 11,272 | $ | - | $ | - | $ | 180,297 | |||||||||||||
Other | 9,991 | 7,446 | 15,343 | - | - | 32,780 | |||||||||||||||||||
Total external revenues | 130,098 | 56,364 | 26,615 | - | - | 213,077 | |||||||||||||||||||
Internal revenues | 2,495 | 233 | 13,803 | - | (16,531 | ) | - | ||||||||||||||||||
Total operating revenues | 132,593 | 56,597 | 40,418 | - | (16,531 | ) | 213,077 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 52,432 | 36,381 | 18,048 | 25 | (14,819 | ) | 92,067 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 25,746 | 16,427 | 5,107 | 2,220 | (1,712 | ) | 47,788 | ||||||||||||||||||
Depreciation and amortization | 23,153 | 17,963 | 6,691 | 53 | - | 47,860 | |||||||||||||||||||
Total operating expenses | 101,331 | 70,771 | 29,846 | 2,298 | (16,531 | ) | 187,715 | ||||||||||||||||||
Operating income (loss) | $ | 31,262 | $ | (14,174 | ) | $ | 10,572 | $ | (2,298 | ) | $ | - | $ | 25,362 | |||||||||||
Reconciliation of Income from Continuing Operations from Segments to Consolidated | ' | ||||||||||||||||||||||||
A reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before income taxes is as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total consolidated operating income | $ | 13,262 | $ | 5,407 | |||||||||||||||||||||
Interest expense | (2,050 | ) | (2,323 | ) | |||||||||||||||||||||
Non-operating income (expense), net | 725 | 381 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 11,937 | $ | 3,465 | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Total consolidated operating income | $ | 42,970 | $ | 25,362 | |||||||||||||||||||||
Interest expense | (6,270 | ) | (5,641 | ) | |||||||||||||||||||||
Non-operating income (expense), net | 1,882 | 1,431 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 38,582 | $ | 21,152 | |||||||||||||||||||||
Assets by Segment | ' | ||||||||||||||||||||||||
The Company's assets by segment are as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Wireless | $ | 204,527 | $ | 179,929 | |||||||||||||||||||||
Cable | 207,405 | 202,436 | |||||||||||||||||||||||
Wireline | 90,892 | 88,776 | |||||||||||||||||||||||
Other | 465,130 | 458,650 | |||||||||||||||||||||||
Combined totals | 967,954 | 929,791 | |||||||||||||||||||||||
Inter-segment eliminations | (370,455 | ) | (359,051 | ) | |||||||||||||||||||||
Consolidated totals | $ | 597,499 | $ | 570,740 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
As of September 30, 2013 and December 31, 2012, the Company’s outstanding long-term debt consisted of the following: | |||||||||
(In thousands) | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
CoBank (fixed term loan) | $ | - | $ | 1,876 | |||||
Term Loan A | 230,000 | 230,000 | |||||||
Other debt | 200 | 301 | |||||||
230,200 | 232,177 | ||||||||
Current maturities | - | 1,977 | |||||||
Total long-term debt | $ | 230,200 | $ | 230,200 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Discontinued Operations [Abstract] | ' | ' |
Revenue associated with discontinued operations | $96 | $1,061 |
Pretax loss associated with discontinued operations | ($83) | ($254) |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Site | |||
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | $640,837,000 | ' | $611,685,000 |
Less accumulated amortization and depreciation | 245,381,000 | ' | 246,211,000 |
Property, plant and equipment, net | 395,456,000 | ' | 365,474,000 |
Number of sites | 500 | ' | ' |
Total number of cell sites being upgraded | 525 | ' | ' |
Accelerated depreciation expense | 3,100,000 | 7,100,000 | 8,400,000 |
Plant in Service [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 619,302,000 | ' | 586,216,000 |
Plant under Construction [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | $21,535,000 | ' | $25,469,000 |
Earnings_per_share_Details
Earnings per share (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings per share [Abstract] | ' | ' |
Shares and options outstanding (in shares) | 764,000 | 668,000 |
Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 293 | 346 |
Investments_Carried_at_Fair_Va1
Investments Carried at Fair Value (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investments Carried at Fair Value [Abstract] | ' | ' | ' |
Investments at fair value | $2,325 | ' | $2,064 |
Net gains on dispositions of investments | 1 | ' | ' |
Dividend and interest income from investments | 28 | ' | ' |
Net unrealized gains recognized | $233 | $250 | ' |
Derivative_Instruments_Hedging2
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gains and (Losses) on Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | |||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Accrued liabilities and other [Member] | Accrued liabilities and other [Member] | Deferred charges, and other assets net [Member] | Deferred charges, and other assets net [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Accrued liabilities and other [Member] | Accrued liabilities and other [Member] | |||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||
Derivative Instruments, Hedging Activities and Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of cash flow hedges | $174,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value recorded in interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,000 | -55,000 | -239,000 | -106,000 |
Amount reclassified as an increase to interest expense during next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of notional principal interest rate swap | ' | ' | ' | ' | 174,600,000 | 63,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, expiry date | ' | ' | ' | 31-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives Liabilities, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | 1,598,000 | 1,613,000 | ' | ' | ' | ' | 0 | 239,000 | ' | ' | ' | ' |
Derivative Assets, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,019,000 | -177,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | ' | ' | ' | ' | -3,421,000 | 1,436,000 | ' | ' | ' | ' | 0 | 239,000 | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | ' | ' | -1,436,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income Loss Before Reclassifications Before Tax | ' | ' | 3,623,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (to interest expense), before tax | ' | ' | 1,234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income before tax | ' | ' | 4,857,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | ' | ' | 3,421,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax | ' | ' | 573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications, tax | ' | ' | -1,452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified From accumulated other comprehensive income tax (to interest expense) | ' | ' | -496,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income, tax | ' | ' | -1,948,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax | ' | ' | -1,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 2,046,000 | -863,000 | -863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | 2,171,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (to interest expense), net of tax | ' | ' | 738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income, net of tax | ' | ' | 2,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $2,046,000 | ($863,000) | $2,046,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment | State | ||||
State | |||||
Segment Information [Abstract] | ' | ' | ' | ' | ' |
Number of reportable segments | 3 | ' | ' | ' | ' |
Non Sprint-Nextel operations, number of states | 4 | ' | 4 | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | $67,428 | $61,767 | $200,620 | $180,297 | ' |
Other revenues | 10,085 | 11,109 | 30,356 | 32,780 | ' |
Total external revenues | 77,513 | 72,876 | 230,976 | 213,077 | ' |
Internal revenues | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 77,513 | 72,876 | 230,976 | 213,077 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 31,778 | 32,995 | 93,006 | 92,067 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 17,481 | 17,680 | 49,966 | 47,788 | ' |
Depreciation and amortization | 14,992 | 16,794 | 45,034 | 47,860 | ' |
Total operating expenses | 64,251 | 67,469 | 188,006 | 187,715 | ' |
Operating income (loss) | 13,262 | 5,407 | 42,970 | 25,362 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | 13,262 | 5,407 | 42,970 | 25,362 | ' |
Interest expense | -2,050 | -2,323 | -6,270 | -5,641 | ' |
Non-operating income (expense), net | 725 | 381 | 1,882 | 1,431 | ' |
Income from continuing operations before income taxes | 11,937 | 3,465 | 38,582 | 21,152 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | 597,499 | ' | 597,499 | ' | 570,740 |
Wireless [Member] | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | 45,938 | 41,517 | 136,365 | 120,107 | ' |
Other revenues | 2,550 | 3,307 | 7,897 | 9,991 | ' |
Total external revenues | 48,488 | 44,824 | 144,262 | 130,098 | ' |
Internal revenues | 1,090 | 837 | 3,238 | 2,495 | ' |
Total operating revenues | 49,578 | 45,661 | 147,500 | 132,593 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 17,969 | 19,121 | 53,354 | 52,432 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 9,317 | 9,651 | 27,152 | 25,746 | ' |
Depreciation and amortization | 6,799 | 8,643 | 20,608 | 23,153 | ' |
Total operating expenses | 34,085 | 37,415 | 101,114 | 101,331 | ' |
Operating income (loss) | 15,493 | 8,246 | 46,386 | 31,262 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | 15,493 | 8,246 | 46,386 | 31,262 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | 204,527 | ' | 204,527 | ' | 179,929 |
Cable [Member] | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | 17,630 | 16,509 | 52,575 | 48,918 | ' |
Other revenues | 2,874 | 2,413 | 7,875 | 7,446 | ' |
Total external revenues | 20,504 | 18,922 | 60,450 | 56,364 | ' |
Internal revenues | 19 | 79 | 121 | 233 | ' |
Total operating revenues | 20,523 | 19,001 | 60,571 | 56,597 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 13,333 | 12,521 | 37,974 | 36,381 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 6,188 | 6,199 | 17,192 | 16,427 | ' |
Depreciation and amortization | 5,682 | 5,908 | 17,094 | 17,963 | ' |
Total operating expenses | 25,203 | 24,628 | 72,260 | 70,771 | ' |
Operating income (loss) | -4,680 | -5,627 | -11,689 | -14,174 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | -4,680 | -5,627 | -11,689 | -14,174 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | 207,405 | ' | 207,405 | ' | 202,436 |
Wireline [Member] | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | 3,860 | 3,741 | 11,680 | 11,272 | ' |
Other revenues | 4,661 | 5,389 | 14,584 | 15,343 | ' |
Total external revenues | 8,521 | 9,130 | 26,264 | 26,615 | ' |
Internal revenues | 5,127 | 4,597 | 14,935 | 13,803 | ' |
Total operating revenues | 13,648 | 13,727 | 41,199 | 40,418 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 6,099 | 6,302 | 18,282 | 18,048 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 1,777 | 1,752 | 5,147 | 5,107 | ' |
Depreciation and amortization | 2,502 | 2,233 | 7,308 | 6,691 | ' |
Total operating expenses | 10,378 | 10,287 | 30,737 | 29,846 | ' |
Operating income (loss) | 3,270 | 3,440 | 10,462 | 10,572 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | 3,270 | 3,440 | 10,462 | 10,572 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | 90,892 | ' | 90,892 | ' | 88,776 |
Other [Member] | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | 0 | 0 | 0 | 0 | ' |
Other revenues | 0 | 0 | 0 | 0 | ' |
Total external revenues | 0 | 0 | 0 | 0 | ' |
Internal revenues | 0 | 0 | 0 | 0 | ' |
Total operating revenues | 0 | 0 | 0 | 0 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 0 | 2 | 0 | 25 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 812 | 640 | 2,165 | 2,220 | ' |
Depreciation and amortization | 9 | 10 | 24 | 53 | ' |
Total operating expenses | 821 | 652 | 2,189 | 2,298 | ' |
Operating income (loss) | -821 | -652 | -2,189 | -2,298 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | -821 | -652 | -2,189 | -2,298 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | 465,130 | ' | 465,130 | ' | 458,650 |
Eliminations [Member] | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' |
Service revenues | 0 | 0 | 0 | 0 | ' |
Other revenues | 0 | 0 | 0 | 0 | ' |
Total external revenues | 0 | 0 | 0 | 0 | ' |
Internal revenues | -6,236 | -5,513 | -18,294 | -16,531 | ' |
Total operating revenues | -6,236 | -5,513 | -18,294 | -16,531 | ' |
Operating expenses [Abstract] | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | -5,623 | -4,951 | -16,604 | -14,819 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | -613 | -562 | -1,690 | -1,712 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Total operating expenses | -6,236 | -5,513 | -18,294 | -16,531 | ' |
Operating income (loss) | 0 | 0 | 0 | 0 | ' |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' |
Total consolidated operating income | 0 | 0 | 0 | 0 | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | -370,455 | ' | -370,455 | ' | -359,051 |
Total Segments [Member] | ' | ' | ' | ' | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' |
Assets | $967,954 | ' | $967,954 | ' | $929,791 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt | $230,200 | $232,177 |
Current maturities | 0 | 1,977 |
Total long-term debt | 230,200 | 230,200 |
CoBank (fixed term loan) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 0 | 1,876 |
Term Loan A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 230,000 | 230,000 |
Other Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | $200 | $301 |
Billing_Dispute_Details
Billing Dispute (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Customer Disputing Billing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Receivable disputed | $1,504 | $2,135 | $1,500 |
Subsequent_Event_Dividend_Decl1
Subsequent Event - Dividend Declaration (Details) (Subsequent Event [Member], Dividend Declared [Member], USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 22, 2013 |
Subsequent Event [Member] | Dividend Declared [Member] | ' |
Subsequent Event [Line Items] | ' |
Date of declaration | 22-Oct-13 |
Dividend (in dollars per share) | $0.36 |
Increase in dividend (in dollars per share) | $0.03 |
Increase in dividend (in hundredths) | 9.00% |
Date of payment | 2-Dec-13 |
Date of record | 6-Nov-13 |
Dividends payable | $8.70 |