Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 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 Public Float | ' | ' | $372,000,000 |
Entity Common Stock, Shares Outstanding | ' | 24,044,188 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $38,316 | $71,086 |
Accounts receivable, net | 25,824 | 25,274 |
Income taxes receivable | 16,576 | 4,705 |
Materials and supplies | 10,715 | 9,789 |
Prepaid expenses and other | 5,580 | 4,546 |
Assets held for sale | 0 | 203 |
Deferred income taxes | 963 | 832 |
Total current assets | 97,974 | 116,435 |
Investments, including $2,528 and $2,064 carried at fair value | 9,332 | 8,214 |
Property, plant and equipment, net | 408,963 | 365,474 |
Other Assets | ' | ' |
Intangible assets, net | 70,816 | 74,932 |
Deferred charges and other assets, net | 9,921 | 5,685 |
Other assets, net | 80,737 | 80,617 |
Total assets | 597,006 | 570,740 |
Current Liabilities | ' | ' |
Current maturities of long-term debt | 5,750 | 1,977 |
Accounts payable | 12,604 | 31,729 |
Advanced billings and customer deposits | 11,661 | 11,190 |
Accrued compensation | 4,192 | 2,671 |
Accrued liabilities and other | 9,787 | 10,573 |
Total current liabilities | 43,994 | 58,140 |
Long-term debt, less current maturities | 224,250 | 230,000 |
Other Long-Term Liabilities | ' | ' |
Deferred income taxes | 74,547 | 57,896 |
Deferred lease payable | 6,156 | 4,903 |
Asset retirement obligations | 6,485 | 5,896 |
Other liabilities | 7,259 | 6,057 |
Total other liabilities | 94,447 | 74,752 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Common stock, no par value, authorized 48,000 shares; issued and outstanding 24,040 shares in 2013 and 23,962 shares in 2012 | 26,759 | 24,688 |
Accumulated other comprehensive income (loss) | 2,594 | -863 |
Retained earnings | 204,962 | 184,023 |
Total shareholders' equity | 234,315 | 207,848 |
Total liabilities and shareholders' equity | $597,006 | $570,740 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Current Assets | ' | ' |
Investments at fair value | $2,528 | $2,064 |
Shareholders Equity | ' | ' |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 48,000 | 48,000 |
Common stock, shares issued (in shares) | 24,040 | 23,962 |
Common stock, shares outstanding (in shares) | 24,040 | 23,962 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Operating revenues | $308,942 | $288,075 | $251,145 |
Operating expenses | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | 125,140 | 117,407 | 106,640 |
Impairment charge on goodwill | 0 | 10,952 | 0 |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 67,673 | 60,646 | 56,445 |
Depreciation and amortization | 60,722 | 64,412 | 55,770 |
Total operating expenses | 253,535 | 253,417 | 218,855 |
Operating income (loss) | 55,407 | 34,658 | 32,290 |
Other income (expense) | ' | ' | ' |
Interest expense | -8,468 | -7,850 | -8,289 |
Gain (loss) on investments, net | 756 | 858 | -696 |
Non-operating income, net | 1,769 | 945 | 900 |
Income from continuing operations before income taxes | 49,464 | 28,611 | 24,205 |
Income tax expense | 19,878 | 12,008 | 10,667 |
Net income from continuing operations | 29,586 | 16,603 | 13,538 |
Loss from discontinued operations of Converged Services, net of tax benefits of $0, $196 and $359, respectively | 0 | -300 | -545 |
Net income | 29,586 | 16,303 | 12,993 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate hedge, net of tax | 3,457 | -863 | 0 |
Comprehensive income | $33,043 | $15,440 | $12,993 |
Basic and diluted net income per share: | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $1.23 | $0.69 | $0.57 |
Loss from discontinued operations, net of income taxes (in dollars per share) | $0 | ($0.01) | ($0.02) |
Net income (in dollars per share) | $1.23 | $0.68 | $0.55 |
Weighted average shares outstanding (in shares) | 24,001 | 23,877 | 23,781 |
Weighted average shares outstanding, diluted (in shares) | 24,115 | 24,019 | 23,826 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued operations: | ' | ' | ' |
Loss from operations of Converged Services, tax benefits | $0 | $196 | $359 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2010 | $19,833 | $170,472 | $0 | $190,305 |
Balance (in shares) at Dec. 31, 2010 | 23,767,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 0 | 12,993 | 0 | 12,993 |
Dividends declared | 0 | -7,849 | 0 | -7,849 |
Dividends reinvested in common stock | 529 | 0 | 0 | 529 |
Dividends reinvested in common stock (in shares) | 51,000 | ' | ' | ' |
Stock based compensation | 1,718 | 0 | 0 | 1,718 |
Common stock issued through exercise of incentive stock options | 37 | 0 | 0 | 37 |
Common stock issued through exercise of incentive stock options (in shares) | 5,000 | ' | ' | ' |
Common stock issued for share awards | 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 19,000 | ' | ' | ' |
Common stock issued | 13 | 0 | 0 | 13 |
Common stock issued (in shares) | 1,000 | ' | ' | ' |
Common stock repurchased | -92 | 0 | 0 | -92 |
Common stock repurchased (in shares) | -5,000 | ' | ' | ' |
Net excess tax benefit from stock options exercised | 5 | 0 | 0 | 5 |
Balance at Dec. 31, 2011 | 22,043 | 175,616 | 0 | 197,659 |
Balance (in shares) at Dec. 31, 2011 | 23,838,000 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 0 | 16,303 | 0 | 16,303 |
Other comprehensive income | 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) | 37,000 | ' | ' | ' |
Stock based compensation | 1,842 | 0 | 0 | 1,842 |
Common stock issued through exercise of incentive stock options | 404 | 0 | 0 | 404 |
Common stock issued through exercise of incentive stock options (in shares) | 55,000 | ' | ' | ' |
Common stock issued for share awards | 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 45,000 | ' | ' | ' |
Common stock issued | 10 | 0 | 0 | 10 |
Common stock issued (in shares) | 1,000 | ' | ' | ' |
Common stock repurchased | -143 | 0 | 0 | -143 |
Common stock repurchased (in shares) | -13,000 | ' | ' | ' |
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 | 23,962,000 | ' | ' | 23,962,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 0 | 29,586 | 0 | 29,586 |
Other comprehensive income | 0 | 0 | 3,457 | 3,457 |
Dividends declared | 0 | -8,647 | 0 | -8,647 |
Dividends reinvested in common stock | 475 | 0 | 0 | 475 |
Dividends reinvested in common stock (in shares) | 20,000 | ' | ' | ' |
Stock based compensation | 1,938 | 0 | 0 | 1,938 |
Common stock issued through exercise of incentive stock options | 1,186 | 0 | 0 | 1,186 |
Common stock issued through exercise of incentive stock options (in shares) | 66,000 | ' | ' | ' |
Common stock issued for share awards | 0 | 0 | 0 | 0 |
Common stock issued for share awards (in shares) | 68,000 | ' | ' | ' |
Common stock issued | 10 | 0 | 0 | 10 |
Common stock issued (in shares) | 1,000 | ' | ' | ' |
Common stock repurchased | -1,600 | 0 | 0 | -1,600 |
Common stock repurchased (in shares) | -77,000 | ' | ' | ' |
Net excess tax benefit from stock options exercised | 62 | 0 | 0 | 62 |
Balance at Dec. 31, 2013 | $26,759 | $204,962 | $2,594 | $234,315 |
Balance (in shares) at Dec. 31, 2013 | 24,040,000 | ' | ' | 24,040,000 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.36 | $0.33 | $0.33 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | $29,586 | $16,303 | $12,993 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Impairments on assets held for sale | 0 | 0 | 645 |
Goodwill impairment | 0 | 10,952 | 0 |
Depreciation | 56,583 | 57,961 | 45,350 |
Amortization | 4,139 | 6,452 | 10,420 |
Provision for bad debt | 2,019 | 2,870 | 3,243 |
Stock based compensation expense | 1,938 | 1,842 | 1,718 |
Excess tax benefits on stock option exercises | -101 | -106 | -5 |
Deferred income taxes | 14,266 | 6,504 | 15,973 |
Net (gain) loss on disposal of equipment | 753 | 426 | -1,360 |
Realized (gain) loss on disposal of investments | 1 | -66 | 27 |
Unrealized (gains) losses on investments | -391 | -191 | 132 |
Net (gain) loss from patronage and equity Investments | -837 | -894 | 233 |
Write-off of unamortized loan fees | 0 | 780 | 0 |
Other | 2,272 | 1,526 | 257 |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | -2,594 | -8,246 | -1,891 |
Materials and supplies | -927 | -2,321 | -1,080 |
Income taxes receivable | -11,871 | 7,790 | -9,919 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable | -2,145 | -4,690 | -596 |
Deferred lease payable | 1,253 | 729 | 416 |
Other prepaids, deferrals and accruals | 320 | -647 | 4,371 |
Net cash provided by operating activities | 94,264 | 96,974 | 80,927 |
Cash Flows from Investing Activities | ' | ' | ' |
Acquisition of property, plant and equipment | -117,028 | -89,053 | -74,663 |
Proceeds from sale of equipment | 331 | 102 | 675 |
Proceeds from sales of assets | 25 | 3,803 | 2,986 |
Purchase of investment securities | -12 | 0 | -84 |
Proceeds from sale of investment securities | 121 | 1,227 | 475 |
Net cash used in investing activities | -116,563 | -83,921 | -70,611 |
Cash Flows From Financing Activities | ' | ' | ' |
Principal payments on long-term debt | -1,977 | -178,397 | -14,538 |
Amounts borrowed under debt agreements | 0 | 230,000 | 0 |
Cash paid for debt issuance costs | 0 | -2,418 | 0 |
Dividends paid, net of dividends reinvested | -8,191 | -7,403 | -7,320 |
Excess tax benefits on stock option exercises | 101 | 106 | 5 |
Repurchases of stock | -1,600 | -143 | -92 |
Proceeds from exercise of incentive stock options | 1,196 | 414 | 50 |
Net cash provided by (used in) financing activities | -10,471 | 42,159 | -21,895 |
Net increase (decrease) in cash and cash equivalents | -32,770 | 55,212 | -11,579 |
Cash and cash equivalents: | ' | ' | ' |
Beginning | 71,086 | 15,874 | 27,453 |
Ending | 38,316 | 71,086 | 15,874 |
Cash payments for: | ' | ' | ' |
Interest, net of capitalized interest of $396 in 2013, $486 in 2012, and $215 in 2011 | 8,077 | 6,598 | 7,076 |
Income taxes paid (refunded), net | $17,483 | ($2,482) | $4,248 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Disclosures of Cash Flow Information Cash payments for: | ' | ' | ' |
Interest, net of capitalized interest | $396 | $486 | $215 |
Other cash flow information: | ' | ' | ' |
Exchange of equipment for new equipment purchase | 14,533 | 20,307 | 2,923 |
Increase (Decrease) in accounts payable | $7,635 | $24,675 | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
Note 1. Summary of Significant Accounting Policies | |||||||||||||||||||||||||
Description of business: Shenandoah Telecommunications Company and its subsidiaries (collectively, the “Company”) provide wireless personal communications service (“PCS”) under the Sprint brand, and telephone service, cable television, unregulated communications equipment sales and services, and Internet access under the Shentel brand. In addition, the Company leases towers and operates and maintains an interstate fiber optic network. Pursuant to a management agreement with Sprint and its related parties (collectively, “Sprint”), the Company is the exclusive Sprint PCS Affiliate providing wireless mobility communications network products and services on the 800 and 1900 megahertz spectrum ranges in the geographic area extending from Altoona, Harrisburg and York, Pennsylvania, south through Western Maryland and the panhandle of West Virginia to Harrisonburg, Virginia. The Company is licensed to use the Sprint brand name in this territory, and operates its network under the Sprint radio spectrum license (See Note 7). The Company's other operations are located in the four-state region surrounding the Northern Shenandoah Valley of Virginia. | |||||||||||||||||||||||||
A summary of the Company's significant accounting policies follows: | |||||||||||||||||||||||||
Principles of consolidation: The consolidated financial statements include the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of estimates: Management of the Company has made a number of estimates and assumptions related to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management reviews its estimates, including those related to recoverability and useful lives of assets as well as liabilities for income taxes and pension benefits. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those reported estimates. | |||||||||||||||||||||||||
Cash and cash equivalents: The Company considers all temporary cash investments purchased with a maturity of three months or less to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. At times, these investments may be in excess of FDIC insurance limits. Cash equivalents were comprised of $20.0 million of institutional cash management funds and $20.0 million of U.S. Treasury bills at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Accounts receivable: Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical write-off experience and industry and local economic data. The Company reviews its allowance for doubtful accounts monthly. Past due balances meeting specific criteria are reviewed individually for collectability. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts receivable are concentrated among customers within the Company's geographic service area and large telecommunications companies. Changes in the allowance for doubtful accounts for trade accounts receivable for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 1,113 | $ | 838 | $ | 460 | |||||||||||||||||||
Bad debt expense | 2,019 | 2,870 | 3,243 | ||||||||||||||||||||||
Losses charged to allowance | (2,390 | ) | (2,854 | ) | (3,304 | ) | |||||||||||||||||||
Recoveries added to allowance | 182 | 259 | 439 | ||||||||||||||||||||||
Balance at end of year | $ | 924 | $ | 1,113 | $ | 838 | |||||||||||||||||||
Investments: The classifications of debt and equity securities are determined by management at the date individual investments are acquired. The appropriateness of such classification is periodically reassessed. The Company monitors the fair value of all investments, and based on factors such as market conditions, financial information and industry conditions, the Company will reflect impairments in values as is warranted. The classification of those securities and the related accounting policies are as follows: | |||||||||||||||||||||||||
Investments Carried at Fair Value: Investments in stock and bond mutual funds and investment trusts held within the Company’s rabbi trust, which is related to the Company’s unfunded Supplemental Executive Retirement Plan, are reported at net asset value, which approximates fair value. Unrealized gains and losses are recognized in earnings. | |||||||||||||||||||||||||
Investments Carried at Cost: Investments in common stock in which the Company does not have a significant ownership (less than 20%) and for which there is no ready market, are carried at cost. Information regarding investments carried at cost is reviewed for evidence of impairment in value. Impairments are charged to earnings and a new cost basis for the investment is established. | |||||||||||||||||||||||||
Equity Method Investments: Investments in partnerships and in unconsolidated corporations where the Company's ownership is 20% or more, or where the Company otherwise has the ability to exercise significant influence, are reported under the equity method. Under this method, the Company's equity in earnings or losses of investees is reflected in earnings. Distributions received reduce the carrying value of these investments. The Company recognizes a loss when there is a decline in value of the investment which is other than a temporary decline. | |||||||||||||||||||||||||
Materials and supplies: New and reusable materials are carried in inventory at the lower of average cost or market value. Inventory held for sale, such as telephones and accessories, are carried at the lower of average cost or market value. Non-reusable material is carried at estimated salvage value. | |||||||||||||||||||||||||
Property, plant and equipment: Property, plant and equipment is stated at cost. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest on major capital projects during the period of their construction. Expenditures, including those on leased assets, which extend the useful life or increase its utility, are capitalized. Maintenance expense is recognized when repairs are performed. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Depreciation and amortization is not included in the income statement line items “Cost of goods and services” or “Selling, general and administrative.” Depreciable lives are assigned to assets based on their estimated useful lives. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms. The Company takes technology changes into consideration as it assigns the estimated useful lives, and monitors the remaining useful lives of asset groups to reasonably match the remaining economic life with the useful life and makes adjustments when necessary. | |||||||||||||||||||||||||
Valuation of long-lived assets: Long‑lived assets, such as property, plant, and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. | |||||||||||||||||||||||||
Fair value: Financial instruments presented 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 long-term debt. | |||||||||||||||||||||||||
The Company measures its interest rate swaps at fair value based on information provided by the counterparty and third party software, and recognizes it on the Company’s consolidated balance sheet. Changes in the fair value of the swap acquired in 2010 were recognized in interest expense, as the Company did not designate this swap agreement as a cash flow hedge for accounting purposes. Changes in the fair value of the swap acquired in 2012 are recognized in other comprehensive income, as this swap was designated as a cash flow hedge for accounting purposes. The Company entered into these swaps to manage a portion of its exposure to interest rate movements by converting a portion of its long-term debt from variable to fixed rates. | |||||||||||||||||||||||||
Asset retirement obligations: The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from acquisition, construction, development and/or normal use of the assets. The Company also records a corresponding asset, which is depreciated over the life of the tangible long-lived asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The Company records the retirement obligation on towers owned and cell site improvements where there is a legal obligation to remove the tower or cell site improvements and restore the site to its original condition, as required by certain operating leases and applicable zoning ordinances of certain jurisdictions, at the time the Company discontinues its use. The obligations are estimated and vary based on the size of the towers. The Company’s cost to remove the tower or cell site improvements is amortized over the life of the tower or cell site assets. Changes in the liability for asset removal obligations for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 5,896 | $ | 7,610 | $ | 6,542 | |||||||||||||||||||
Additional liabilities accrued | 1,189 | 1,148 | 556 | ||||||||||||||||||||||
Changes to prior estimates | - | (2,265 | ) | - | |||||||||||||||||||||
Payments made | (909 | ) | (846 | ) | - | ||||||||||||||||||||
Accretion expense | 309 | 249 | 512 | ||||||||||||||||||||||
Balance at end of year | $ | 6,485 | $ | 5,896 | $ | 7,610 | |||||||||||||||||||
Cost in excess of net assets of businesses acquired (goodwill) and intangible assets: In connection with the acquisition of a business, a portion of the purchase price may be allocated to identifiable intangible assets with indefinite lives, such as franchise rights, and goodwill, which is the excess of the total purchase price over the fair values of the net tangible and identifiable intangible assets. Goodwill and intangible assets with indefinite lives are assessed annually, at November 30, for impairment and in interim periods if certain events occur indicating that the carrying value may be impaired. No impairments were required to be recorded in the year ended December 31, 2011. In the fourth quarter of 2012, the Company determined that goodwill in the Cable segment had become impaired, and an impairment charge of $11.0 million was recognized. The Company determined that no impairment of Cable segment franchise rights was required for the years ended December 31, 2013 or 2012. The fair value of cable franchise rights, which is determined by a “greenfield” analysis, was determined to exceed its $64.1 million carrying value by approximately $6.1 million at December 31, 2013, up from $3.4 million of excess fair value at December 31, 2012. | |||||||||||||||||||||||||
The following table presents the goodwill balance allocated by segment and changes in the balances for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
CATV | Wireline | Total | |||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 10,952 | $ | 10 | $ | 10,962 | |||||||||||||||||||
Impairment recognized | (10,952 | ) | - | (10,952 | ) | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
No activity | - | - | - | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
Intangible assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accum- | Accum- | ||||||||||||||||||||||||
Gross | ulated | Gross | ulated | ||||||||||||||||||||||
Carrying | Amort- | Carrying | Amort- | ||||||||||||||||||||||
Amount | ization | Net | Amount | ization | Net | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Business contracts | $ | 2,069 | $ | (479 | ) | $ | 1,590 | $ | 2,069 | $ | (354 | ) | $ | 1,715 | |||||||||||
Cable franchise rights | 122 | (122 | ) | - | 122 | (122 | ) | - | |||||||||||||||||
Acquired subscriber base | 32,325 | (27,197 | ) | 5,128 | 32,325 | (23,206 | ) | 9,119 | |||||||||||||||||
$ | 34,516 | $ | (27,798 | ) | $ | 6,718 | $ | 34,516 | $ | (23,682 | ) | $ | 10,834 | ||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||
Cable franchise rights | $ | 64,059 | $ | - | $ | 64,059 | $ | 64,059 | $ | - | $ | 64,059 | |||||||||||||
Railroad crossing rights | 39 | - | 39 | 39 | - | 39 | |||||||||||||||||||
$ | 64,098 | $ | - | $ | 64,098 | $ | 64,098 | $ | - | $ | 64,098 | ||||||||||||||
Total intangibles | $ | 98,614 | $ | (27,798 | ) | $ | 70,816 | $ | 98,614 | $ | (23,682 | ) | $ | 74,932 | |||||||||||
For the years ended December 31, 2013, 2012 and 2011, amortization expense related to intangible assets was approximately $4.1 million, $6.5 million and $10.4 million, respectively. During 2012, the Company determined that, beginning in early 2013, it would not continue to provide service under two franchises acquired in 2010, and the Company reclassified and began amortizing the franchise rights associated with these markets over the expected remaining period during which services would be provided. | |||||||||||||||||||||||||
Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: | |||||||||||||||||||||||||
Year Ending | |||||||||||||||||||||||||
December 31, | Amount | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | $ | 2,566 | |||||||||||||||||||||||
2015 | 1,411 | ||||||||||||||||||||||||
2016 | 943 | ||||||||||||||||||||||||
2017 | 514 | ||||||||||||||||||||||||
2018 | 196 | ||||||||||||||||||||||||
Retirement plans: The Company maintains a Supplemental Executive Retirement Plan (“SERP”) for selected employees. This is an unfunded defined contribution plan. The Company created and funded a rabbi trust to hold assets equal to the liabilities under this plan. The Company ceased making employer contributions to this plan during 2010. Participant balances and earnings on them continue to be maintained for this plan. | |||||||||||||||||||||||||
The Company maintains a defined contribution 401(k) plan under which substantially all employees may defer a portion of their earnings on a pretax basis, up to the allowable federal maximum. The Company may make matching and discretionary contributions to this plan. | |||||||||||||||||||||||||
Neither the rabbi trust nor the defined contribution 401(k) plan directly holds Company stock in the plan’s portfolio. | |||||||||||||||||||||||||
Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the recoverability of tax assets generated on a state-by-state basis from net operating losses apportioned to that state. Management uses a more likely than not threshold to make that determination and has concluded that at December 31, 2013 and 2012, a valuation allowance against certain state deferred tax assets is necessary, as discussed in Note 6. | |||||||||||||||||||||||||
Revenue recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered or products have been delivered, the price to the buyer is fixed and determinable and collectability is reasonably assured. Revenues are recognized by the Company based on the various types of transactions generating the revenue. For services, revenue is recognized as the services are performed. For equipment sales, revenue is recognized when the sales transaction is complete. | |||||||||||||||||||||||||
Under the Sprint Management Agreement, postpaid wireless service revenues are reported net of an 8% Management Fee and a 12% Net Service Fee for 2011, 2012 and early 2013, retained by Sprint. The Net Service Fee increased to its 14% maximum effective August 1, 2013. Prepaid wireless service revenues are reported net of a 6% Management Fee retained by Sprint. See Note 7 for additional information about the Management Fee and Net Service Fee. | |||||||||||||||||||||||||
The Company enters into revenue arrangements that may involve multiple revenue-generating activities, i.e., the delivery or performance of multiple products, services, and/or rights to use assets. In accounting for these arrangements, separate contracts with the same party, entered into at or near the same time, will be presumed to be a bundled transaction, and the consideration will be measured and allocated to the separate units based on their relative fair values. The Company has evaluated each arrangement entered into by the Company for each sales channel, and the Company continues to monitor arrangements with its sales channels to determine if any changes in revenue recognition need to be made. Substantially all of the activation fee revenue recognized at the time a related wireless handset is sold is classified as equipment revenue. | |||||||||||||||||||||||||
Earnings per share: Basic net income per share was computed on the weighted average number of shares outstanding. Diluted net income 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 748 thousand, 661 thousand, and 503 thousand shares and options outstanding at December 31, 2013, 2012 and 2011, respectively, 129 thousand, 343 thousand and 352 thousand were anti-dilutive, respectively. These options have been excluded from the computation of diluted earnings per share shown below. There were no adjustments to net income in the computation of diluted earnings per share for any of the years presented. | |||||||||||||||||||||||||
The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic income per share | |||||||||||||||||||||||||
Net income | $ | 29,586 | $ | 16,303 | $ | 12,993 | |||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Basic income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 | |||||||||||||||||||
Effect of stock options outstanding: | |||||||||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Assumed exercise, at the strike price at the beginning of year | 485 | 343 | 231 | ||||||||||||||||||||||
Assumed repurchase of shares under treasury stock method | (371 | ) | (201 | ) | (186 | ) | |||||||||||||||||||
Diluted weighted average shares | 24,115 | 24,019 | 23,826 | ||||||||||||||||||||||
Diluted income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 | |||||||||||||||||||
Recently Issued Accounting Standards: | |||||||||||||||||||||||||
As of December 31, 2013, there were no recently issued but not yet effective accounting pronouncements that would have a material impact on the Company’s financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
Note 2. Discontinued Operations | |||||||||||||
The Company announced its intention to sell its Converged Services operation in 2008. Subsequently, the assets and liabilities related to this operation have been presented as held for sale in the consolidated balance sheet, and its operating results have been presented as discontinued operations. Following a series of sales of properties during 2011 and 2012, the Company completed the disposition of all remaining properties during 2013. | |||||||||||||
Discontinued operations included the following amounts of operating revenue and loss before income taxes: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Operating revenues | $ | - | $ | 1,091 | $ | 10,516 | |||||||
Loss before income taxes | $ | - | $ | (496 | ) | $ | (904 | ) |
Investments
Investments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments [Abstract] | ' | ||||||||
Investments | ' | ||||||||
Note 3. Investments | |||||||||
The Company has three classifications of investments: investments carried at fair value, investments carried at cost, and equity method investments. See Note 1 for definitions of each classification of investment. | |||||||||
At December 31, 2013 and 2012, investments carried at fair value consisted of: | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Taxable bond funds | $ | 10 | $ | 728 | |||||
Domestic equity funds | 2,419 | 1,265 | |||||||
International equity funds | 99 | 71 | |||||||
$ | 2,528 | $ | 2,064 | ||||||
Investments carried at fair value were acquired under a rabbi trust arrangement related to the Company’s SERP. The Company purchases investments in the trust to mirror the investment elections of participants in the SERP; gains and losses on the investments in the trust are reflected as increases or decreases in the liability owed to the participants. The Company recorded unrealized gains of $391 thousand and $191 thousand during 2013 and 2012, respectively. During 2011, the Company recorded unrealized losses of $132 thousand. Sales of investments resulted in the recognition of $1 thousand of realized losses in 2013, $66 thousand of realized gains in 2012 and $27 thousand of realized losses in 2011. Fair values for these investments are determined by quoted market prices (“level 1 fair values”) for the underlying mutual funds, which may be based upon net asset value. | |||||||||
At December 31, 2013 and 2012, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following: | |||||||||
2013 | 2012 | ||||||||
Cost method: | (in thousands) | ||||||||
CoBank | $ | 3,343 | $ | 2,968 | |||||
Other | 766 | 756 | |||||||
4,109 | 3,724 | ||||||||
Equity method: | |||||||||
Burton Partnership | 2,365 | 2,086 | |||||||
Other | 330 | 340 | |||||||
2,695 | 2,426 | ||||||||
Total other investments | $ | 6,804 | $ | 6,150 | |||||
The Company’s investment in CoBank increased $375 thousand and $221 thousand in the years ended December 31, 2013 and 2012, respectively, due to the ongoing patronage earned from the outstanding investment and loan balances the Company has with CoBank. | |||||||||
In the year ended December 31, 2013, the Company received distributions from its equity investments totaling $121 thousand in cash. Equity method investments had a net gain of $364 thousand in the year ended December 31, 2013, including $279 thousand from the Burton Partnership, a private equity fund. | |||||||||
The Company’s ownership interests in equity method investees were unchanged during 2013, except for a $36 thousand disposal of an investment included in Other. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Note 4. Property, Plant and Equipment | ||||||||||
Property, plant and equipment consisted of the following at December 31, 2013 and 2012: | ||||||||||
Estimated | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Land | $ | 3,415 | $ | 3,345 | ||||||
Buildings and structures | 10 – 40 years | 96,700 | 75,664 | |||||||
Cable and wire | 4 – 40 years | 187,293 | 175,833 | |||||||
Equipment and software | 2 – 16.7 years | 346,072 | 331,374 | |||||||
Plant in service | $ | 633,480 | $ | 586,216 | ||||||
Plant under construction | 23,181 | 25,469 | ||||||||
Total property, plant and equipment | 656,661 | 611,685 | ||||||||
Less accumulated amortization and depreciation | 247,698 | 246,211 | ||||||||
Property, plant and equipment, net | $ | 408,963 | $ | 365,474 | ||||||
The Company traded in certain base station PCS equipment for 4G LTE base station equipment in 2013 and 2012, and received credits of $14.5 million and $20.3 million, respectively, against the fair value purchase price of the new equipment. The Company adjusted depreciation on equipment to be traded in so that the net book value at trade-in approximated the credit to be received. |
LongTerm_Debt_and_Revolving_Li
Long-Term Debt and Revolving Lines of Credit | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-Term Debt and Revolving Lines of Credit [Abstract] | ' | |||||||||||||
Long-Term Debt and Revolving Lines of Credit | ' | |||||||||||||
Note 5. Long-Term Debt and Revolving Lines of Credit | ||||||||||||||
Total debt consists of the following at December 31, 2013 and 2012: | ||||||||||||||
Interest Rate | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
CoBank (term loan) | Fixed | 7.37 | % | $ | - | $ | 1,876 | |||||||
CoBank Term Loan A | Variable | 2.67 | % | 230,000 | 230,000 | |||||||||
Other debt | Various | - | 101 | |||||||||||
230,000 | 231,977 | |||||||||||||
Current maturities | 5,750 | 1,977 | ||||||||||||
Total long-term debt | $ | 224,250 | $ | 230,000 | ||||||||||
On September 14, 2012, the Company executed an Amended and Restated Credit Agreement with CoBank and with the participation of 16 additional Farm Credit institutions, for the purpose of refinancing the Company’s existing outstanding debt, funding capital expenditures to upgrade the Company’s wireless network in conjunction with Sprint’s wireless network upgrade project known as Network Vision, and other corporate needs. | ||||||||||||||
The Amended and Restated Credit Agreement provides for three facilities, a Term Loan Facility, a Revolver Facility, and an Incremental Term Loan Facility. The Term Loan Facility had two parts, the Fixed Term Loan Facility and the Term Loan A Facility. The Fixed Term Loan Facility was repaid in August 2013. The Term Loan A Facility requires quarterly principal repayments of $5.75 million beginning on December 31, 2014, with the remaining expected balance of approximately $120.75 million due at maturity on September 30, 2019. The Term Loan A Facility bears interest at 30-day LIBOR, currently 0.17%, plus a spread determined by the Company’s Total Leverage Ratio, currently 2.50%. The spread decreased from 2.75% during the second quarter of 2013 based on improvements in the Company’s leverage ratio at March 31, 2013. The Company may elect to use rates other than the 30-day LIBOR as the base, but does not currently expect to do so. | ||||||||||||||
The Revolver Facility provides for $50 million in immediate availability for future capital expenditures and general corporate needs. In addition, the Credit Agreement permits the Company to enter into one or more Incremental Term Loan Facilities, or to increase the Revolver Facility, in the aggregate principal amount not to exceed $100 million subject to compliance with certain covenants. No draw has been made or is currently contemplated under either of these facilities. When and if a draw is made, the maturity date and interest rate options would be substantially identical to the Term Loan A Facility. Repayment provisions would be agreed to at the time of each draw under the Incremental Term Loan Facility. | ||||||||||||||
The Credit Agreement contains affirmative and negative covenants customary to secured credit facilities, including covenants restricting the ability of the Company and its subsidiaries, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions, dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments, and change the nature of the Company’s and its subsidiaries’ businesses. | ||||||||||||||
Indebtedness outstanding under any of the facilities may be accelerated by an Event of Default, as defined in the Credit Agreement. | ||||||||||||||
The Facilities are secured by a pledge by the Company of its stock in its subsidiaries, a guarantee by the Company’s subsidiaries other than Shenandoah Telephone Company or Shentel Converged Services, Inc., and a security interest in all of the assets of the guarantors. | ||||||||||||||
The Company is subject to certain financial covenants to be measured on a trailing twelve month basis each calendar quarter unless otherwise specified. These covenants include: | ||||||||||||||
· | a limitation on the Company’s total leverage ratio, defined as indebtedness divided by earnings before interest, taxes, depreciation and amortization, or EBITDA, of less than or equal to 3.00 to 1.00 from the closing date through March 31, 2014, then 2.50 to 1.00 from April 1, 2014 through March 31, 2015, and 2.00 to 1.00 thereafter; | |||||||||||||
· | a minimum debt service coverage ratio, defined as EBITDA divided by the sum of all scheduled principal payments on the Term Loans and regularly scheduled principal payments on other indebtedness plus cash interest expense, greater than 2.50 to 1.00 at all times; | |||||||||||||
· | a minimum equity to assets ratio, defined as consolidated total assets minus consolidated total liabilities, divided by consolidated total assets, of at least 0.30 to 1.00 from the amendment date through December 31, 2013; then at least 0.325 to 1.00 through December 31, 2014, and at least 0.35 to 1.00 thereafter, measured at each fiscal quarter end; | |||||||||||||
The Amended and Restated Credit Agreement required the Company to obtain interest rate protection within 90 days of the amendment date for at least 33% of the aggregate principal balance of the Term Loan A then outstanding, for not less than three years after such date. In September 2012, the Company entered into a pay fixed, receive variable interest rate swap (the 2012 swap) agreement covering approximately 76% of the outstanding principal of the Term Loan A balance through its maturity. The 2012 swap fixes the effective rate on this portion of the debt at 1.13% over our margin, currently 2.50%, for an effective fixed rate of 3.63% at December 31, 2013. The Company has applied hedge accounting to this swap agreement. The Company also had an existing pay fixed, receive variable interest rate swap agreement (the 2010 swap). This agreement was executed in 2010 and expired in July 2013. The Company did not elect to apply hedge accounting to the 2010 swap. | ||||||||||||||
During 2012, the Company wrote-off approximately $0.8 million, pre-tax, of existing unamortized transaction costs as a result of replacing certain lenders from the original credit agreement. | ||||||||||||||
As of December 31, 2013, the Company was in compliance with the financial covenants in its credit agreements. | ||||||||||||||
The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2013 are as follows: | ||||||||||||||
Year | Amount | |||||||||||||
(in thousands) | ||||||||||||||
2014 | $ | 5,750 | ||||||||||||
2015 | 23,000 | |||||||||||||
2016 | 23,000 | |||||||||||||
2017 | 23,000 | |||||||||||||
2018 | 23,000 | |||||||||||||
Later years | 132,250 | |||||||||||||
$ | 230,000 | |||||||||||||
The Company has no fixed rate debt instruments as of December 31, 2013. The estimated fair value of fixed rate debt instruments as of December 31, 2012 was approximately equal to its carrying value, given the short remaining term to maturity. The estimated fair value of the variable rate debt approximates its carrying value. The fair value of the Company’s interest rate swaps was an asset of $4.3 million and a liability of $1.7 million at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||
The Company receives patronage credits from CoBank and certain of its affiliated Farm Credit institutions, which are not reflected in the stated rates shown above. Patronage credits are a distribution of profits of CoBank as approved by its Board of Directors. During both the first quarters of 2013 and 2012, the Company received patronage credits on its outstanding CoBank debt balance. The Company accrued $1.4 million in the year ended December 31, 2013, in anticipation of the early 2014 distribution of the credits by CoBank. Patronage credits have historically been paid in a mix of cash and shares of CoBank stock. The 2013 payout mix was 75% cash and 25% shares. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 6. Income Taxes | |||||||||||||
Total income taxes for the years ended December 31, 2013, 2012 and 2011 were allocated as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
Income tax benefit on discontinued operations | - | (196 | ) | (359 | ) | ||||||||
Shareholders’ equity, for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (101 | ) | (106 | ) | (5 | ) | |||||||
Other comprehensive income for changes in cash flow hedge | 2,315 | (574 | ) | ||||||||||
$ | 22,092 | $ | 11,132 | $ | 10,303 | ||||||||
The Company and its subsidiaries file income tax returns in several jurisdictions. The provision for the federal and state income taxes attributable to income from continuing operations consists of the following components: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current expense (benefit) | |||||||||||||
Federal taxes | $ | 3,404 | $ | 3,741 | $ | (8,539 | ) | ||||||
State taxes | 2,305 | 1,868 | 3,233 | ||||||||||
Total current provision (benefit) | 5,709 | 5,609 | (5,306 | ) | |||||||||
Deferred expense (benefit) | 8 | $ | 10,667 | ||||||||||
Federal taxes | 12,317 | 5,618 | 15,749 | ||||||||||
State taxes | 1,852 | 781 | 224 | ||||||||||
Total deferred provision | 14,169 | 6,399 | 15,973 | ||||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
A reconciliation of income taxes determined by applying the federal and state tax rates to income from continuing operations is as follows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Computed “expected” tax expense (35%) | $ | 17,312 | $ | 10,014 | $ | 8,472 | |||||||
State income taxes, net of federal tax effect | 2,702 | 1,722 | 2,247 | ||||||||||
Other, net | (136 | ) | 272 | (52 | ) | ||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
The effective rates vary among the years presented primarily due to state income taxes. Changes in the mix of income and/or losses among the Company’s subsidiaries, which file separate state returns for various states, result in variations in the effective tax rates. Furthermore, the Company completed a legal entity restructuring during the year ended December 31, 2012 that reduced the effective tax rate from the prior year. | |||||||||||||
Net deferred tax assets and liabilities consist of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Lease obligations | $ | 2,139 | $ | 1,374 | |||||||||
Deferred activation charges | 107 | 105 | |||||||||||
Allowance for doubtful accounts | 370 | 441 | |||||||||||
Inventory reserves | 259 | 244 | |||||||||||
State net operating loss carry-forwards, net of federal tax | 650 | 782 | |||||||||||
Accrued pension costs | 1,018 | 879 | |||||||||||
Loss on investments, net | - | 438 | |||||||||||
Accrued compensation costs | 1,140 | 996 | |||||||||||
Asset retirement obligations | 2,601 | 2,356 | |||||||||||
Intangible assets | 7,757 | 7,966 | |||||||||||
Goodwill | 2,660 | 4,091 | |||||||||||
Deferred revenues | 1,873 | 1,401 | |||||||||||
Other, net | - | 549 | |||||||||||
Total gross deferred tax assets | 20,574 | 21,622 | |||||||||||
Less valuation allowance | (591 | ) | (538 | ) | |||||||||
Net deferred tax assets | 19,983 | 21,084 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Plant and equipment | $ | 84,772 | 72,747 | ||||||||||
Franchise rights | 5,942 | 4,211 | |||||||||||
Section 481a deferred revenues | 493 | 737 | |||||||||||
Deferred financing costs | 128 | 453 | |||||||||||
Prepaid insurance | 241 | - | |||||||||||
Gain on investments, net | 115 | - | |||||||||||
Other, net | 1,876 | - | |||||||||||
Total gross deferred tax liabilities | 93,567 | 78,148 | |||||||||||
Net deferred tax liabilities | $ | 73,584 | $ | 57,064 | |||||||||
In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods for which the deferred tax assets are deductible, management believes it more likely than not that the state net operating loss carry-forwards from its Converged Services segment will not be realized. The Company has a deferred tax asset of $650 thousand related to various state net operating losses, and carries this asset at $59 thousand, net of the valuation allowance of $591 thousand. | |||||||||||||
As of December 31, 2013 and 2012, the Company had no unrecognized tax benefits. It is the Company’s policy to record interest and penalties related to unrecognized tax benefits in income before 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 December 31, 2013. |
Significant_Contractual_Relati
Significant Contractual Relationship | 12 Months Ended |
Dec. 31, 2013 | |
Significant Contractual Relationship [Abstract] | ' |
Significant Contractual Relationship | ' |
Note 7. Significant Contractual Relationship | |
In 1999, the Company executed a Management Agreement (the “Agreement”) with Sprint whereby the Company committed to construct and operate a PCS network using CDMA air interface technology. Under the Agreement, the Company was the exclusive PCS Affiliate of Sprint providing wireless mobility communications network products and services on the 1900 MHz band in its territory which extends from Altoona, York and Harrisburg, Pennsylvania, and south along the Interstate 81 corridor through Western Maryland, the panhandle of West Virginia, to Harrisonburg, Virginia. The Company is authorized to use the Sprint brand in its territory, and operate its network under Sprint’s radio spectrum licenses. As an exclusive PCS Affiliate of Sprint, the Company has the exclusive right to build, own and maintain its portion of Sprint’s nationwide PCS network, in the aforementioned areas, to Sprint’s specifications. The initial term of the Agreement was for 20 years and was automatically renewable for three 10-year options, unless terminated by either party under provisions outlined in the Agreement. Upon non-renewal by either party, the Company has either the right or the obligation to sell the business at 80% of “Entire Business Value” (“EBV”) as defined in the Agreement. EBV is defined as i) the fair market value of a going concern paid by a willing buyer to a willing seller; ii) valued as if the business will continue to utilize existing brands and operate under existing agreements; and, iii) valued as if Manager (Shentel) owns the spectrum. Determination of EBV is made by an independent appraisal process. | |
The Agreement has been amended numerous times, most recently during 2013. During 2010, the Company acquired the right to receive a share of revenues from approximately 50,000 Virgin Mobile customers in our service area and began selling Virgin Mobile and Boost prepaid products and services in its PCS network coverage area. Prepaid revenues received from Sprint are reported gross of expenses passed through from Sprint. The Company pays handset subsidies to Sprint for the difference between the selling price of handsets and their cost, in the aggregate and as a net cost. Many of the revenue and expense components reported to us by Sprint are based on Sprint’s national averages for prepaid services, rather than being specifically determined by customers homed in our geographic service areas. In December 2012, Sprint paid the Company $11.8 million to reimburse the Company for handset subsidies and other costs per gross add that had been calculated incorrectly by Sprint from inception of the prepaid program through September 30, 2012. | |
The Company recognizes amortization on the $6.9 million capitalized purchase price of the acquired subscriber base for the 50,000 acquired Virgin Mobile subscribers. The amortization of the acquired subscriber base will approximate the life of the customers acquired, gradually decreasing over the expected four year life of this asset. | |
During 2012, the Company amended its Agreement with Sprint in order to build a 4G LTE network in the Company’s service area. The Company is mirroring Sprint’s Network Vision architecture using Alcatel Lucent equipment. During 2012, the Company upgraded 224 cell sites to the new technology, and during 2013, completed upgrades to substantially all of its 526 base stations. | |
In addition to adding 4G services to the Company’s network, the Company received access to additional 1900 and 800 MHz spectrum, extended the initial term of the contract five years from 2019 to 2024 and increased the cap on the Net Service Fee. Effective August 1, 2013, the Net Service Fee increased to its 14% maximum. | |
During 2013, the Company amended its Agreement with Sprint in order to allow Sprint to recover the capital costs incurred in providing the Company hardware and software components of the network. These components control and direct LTE traffic between LTE devices in the Company’s service area and the internet, in order to assure interoperability of the Company’s network with Sprint’s PCS network. The Company pays a one-time fee of $9.23 per LTE device activated in the Company’s service area. The Company incurred $1.3 million of these fees during 2013. | |
Under the Sprint agreements, Sprint provides the Company significant support services such as customer service, billing, collections, long distance, national network operations support, inventory logistics support, use of the Sprint brand names, national advertising, national distribution and product development. Cost of equipment transactions between the Company and Sprint relate to inventory purchased and subsidized costs of handsets. These costs also included transactions related to subsidized costs on handsets and commissions paid to Sprint for sales of handsets through Sprint’s national distribution programs. | |
The Company's PCS subsidiary is dependent upon Sprint’s ability to execute certain functions such as billing, customer care, collections and other operating activities under the Company's agreements with Sprint. Due to the high degree of integration within many of the Sprint systems, and the Company’s dependency on these systems, in many cases it would be difficult for the Company to perform these services in-house or to outsource the services to another provider. If Sprint is unable to perform any such service, the change could result in increased operating expenses and have an adverse impact on the Company's operating results and cash flow. In addition, the Company's ability to attract and maintain a sufficient customer base is critical to generating positive cash flow from operations and profits for its PCS operation. Changes in technology, increased competition, or economic conditions in the wireless industry or the economy in general, individually and/or collectively, could have an adverse effect on the Company's financial position and results of operations. | |
The Sprint agreements require the Company to maintain certain minimum network performance standards and to meet other performance requirements. The Company was in compliance in all material respects with these requirements as of December 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 8. Related Party Transactions | |
ValleyNet, an equity method investee of the Company, resells capacity on the Company’s fiber network under an operating lease agreement. Facility lease revenue from ValleyNet was approximately $3.0 million, $3.2 million and $3.1 million in the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013 and 2012, the Company had accounts receivable from ValleyNet of approximately $0.2 million and $0.3 million, respectively. The Company's PCS operating subsidiary leases capacity through ValleyNet. Payment for usage of these facilities was $1.7 million, $0.8 million and $0.8 million in the years ended December 31, 2013, 2012 and 2011, respectively. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Retirement Plans [Abstract] | ' |
Retirement Plans | ' |
Note 9. Retirement Plans | |
The Company maintains a defined contribution 401(k) plan. The Company's matching and employer discretionary contributions to the defined contribution 401(k) plan were approximately $2.3 million, $2.4 million and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The Company maintains an unfunded, nonqualified Supplemental Executive Retirement Plan (the “SERP”) for named executives. In 2010, the Company curtailed future participation in the SERP. Current participants may remain in the SERP and continue to earn returns (either gains or losses) on invested balances, but the Company will make no further contributions to the SERP and no new participants will be eligible to join the SERP. | |
At December 31, 2013 and 2012, the total liability due to participants in the SERP was $2.5 million and $2.1 million, respectively. | |
In order to provide some protection to the participants, the Company created a rabbi trust to hold assets sufficient to pay obligations under the SERP. Assets within the trust were invested to mirror participant elections as to investment options (a mix of stock and bond mutual funds); investment income, gains and losses in the trust were used to determine investment returns on the participants’ balances in the SERP. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Incentive Plans [Abstract] | ' | ||||||||||||
Stock Incentive Plans | ' | ||||||||||||
Note 10. Stock Incentive Plans | |||||||||||||
The Company maintained two shareholder-approved Company Stock Incentive Plans providing for the grant of equity based incentive compensation to essentially all employees. The 1995 Plan authorized grants of up to 1,440,000 shares of common stock over a ten-year period beginning in 1996. The term of the 1995 Plan expired in February of 2006, and the last outstanding award of options was exercised in 2012. The 2005 Plan authorizes grants of up to 1,440,000 shares over a ten-year period beginning in 2005. Under both Plans, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights, and other forms of equity based compensation; both options to acquire stock and stock awards were granted. The option price for all grants has been the current market price at the time of the grant. | |||||||||||||
Option Awards | |||||||||||||
During 2013, 2012 and 2011, the Company granted stock options to certain management employees. These grants consisted of incentive and non-qualified stock options, vesting 25% annually on the first through fourth anniversaries of the grant date, and having a maximum ten year life. Options granted prior to 2010 had various vesting schedules and maximum lives. In addition, during 2013 the Company granted stock options to a recently hired officer. This grant consisted of both incentive and non-qualified stock options, vesting 25% annually on the third, fourth, fifth and sixth anniversaries of the grant date, and having a maximum seven year life. These grants were accounted for as equity-classified stock options. | |||||||||||||
The fair values of these grants were estimated at the respective grant dates using a Black-Scholes option-pricing model with the following assumptions (for 2013, the assumptions shown represent the weighted average of the two valuations): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend rate | 2.38 | % | 3.05 | % | 1.99 | % | |||||||
Risk-free interest rate | 1.15 | % | 1.22 | % | 2.73 | % | |||||||
Expected lives of options | 6.14 years | 6.25 years | 6.25 years | ||||||||||
Price volatility | 40.66 | % | 38.8 | % | 38.45 | % | |||||||
Volatility is based on the historical volatility of the price of the Company’s stock over the expected term of the options. The expected term represents the period of time that the options granted are expected to be outstanding. The risk free rate is based on the U.S. Treasury yield curve, in effect at the date the fair value of the options is calculated, with an equivalent term. | |||||||||||||
Management has made an estimate of expected forfeitures and recognizes compensation costs only for those awards expected to vest. Compensation cost recognized in 2013, 2012 and 2011 totaled $612 thousand, $561 thousand and $601 thousand, respectively, and the income tax benefit for option-based compensation arrangements recognized in 2013, 2012 and 2011 was $134 thousand, $129 thousand and $80 thousand, respectively. | |||||||||||||
A summary of outstanding options at December 31, 2013, 2012 and 2011, and changes during the years ended on those dates, is as follows: | |||||||||||||
Options | Weighted | Fair Value Per | |||||||||||
Average Grant | Option | ||||||||||||
Price Per Option | |||||||||||||
Outstanding December 31, 2010 | 341,108 | 19.69 | |||||||||||
Granted | 81,343 | 16.58 | $ | 5.62 | |||||||||
Cancelled | (10,557 | ) | 21.87 | ||||||||||
Exercised | (5,000 | ) | 7.34 | ||||||||||
Outstanding December 31, 2011 | 406,894 | $ | 19.16 | ||||||||||
Granted | 151,522 | 10.82 | $ | 3.02 | |||||||||
Cancelled | (8,728 | ) | 25.26 | ||||||||||
Exercised | (55,000 | ) | 7.34 | ||||||||||
Outstanding December 31, 2012 | 494,688 | $ | 17.82 | ||||||||||
Granted | 133,048 | 13.84 | $ | 4.33 | |||||||||
Cancelled | (10,591 | ) | 25.26 | ||||||||||
Exercised | (66,638 | ) | 16.82 | ||||||||||
Outstanding December 31, 2013 | 550,507 | $ | 16.71 | ||||||||||
There were options for 553,514 shares outstanding at December 31, 2013 at a weighted average exercise price of $16.76 per share, an aggregate intrinsic value of $4.9 million and a weighted-average remaining contractual life of 6.3 years. There were options for 217,156 shares exercisable at December 31, 2013 at a weighted average exercise price of $20.49 per share, an aggregate intrinsic value of $1.1 million and a weighted-average remaining contractual life of 4.3 years. The aggregate intrinsic value represents the total pretax intrinsic value of in-the-money options, based on the Company’s closing stock price of $25.67 as of December 31, 2013. | |||||||||||||
During 2013, the total fair value of options vested was $0.6 million; the total intrinsic value of options exercised was $0.3 million. The total cash received as a result of employee stock option exercises was $1.2 million. The tax benefit realized from these exercises was $0.1 million. | |||||||||||||
As of December 31, 2013, the total compensation cost related to non-vested options not yet recognized is $0.6 million, which will be recognized over a weighted-average period of 3.1 years. | |||||||||||||
Stock Awards | |||||||||||||
In September 2007, the Company granted 68,130 performance shares to all members of the Board of Directors and essentially all employees during 2007. Directors and senior management in the aggregate were granted 23,404 performance shares (“management shares”); all other employees in the aggregate were granted 44,726 performance shares (“employee shares”). Management shares can vest at the fifth, sixth, seventh or eighth anniversary of the grant date if, for the thirty day period ending on the day prior to the respective anniversary date, the average closing price of a share of the Company’s common stock exceeds a defined target price. The target price for each anniversary date is equal to the grant date market price ($20.50 per share) plus $1.64 for each year since the grant date. Shares will vest only if the target price is achieved and the recipient has remained employed through, or reached normal retirement age before, the anniversary date that the target price is achieved on. No shares have vested under these awards. In September 2013, employee shares expired without vesting and were cancelled. | |||||||||||||
The Company estimated expected forfeitures of 40% for management shares and 35% for employee shares. During 2011, the Company revised its estimate of management share forfeitures to 15%, adding $48 thousand to recorded compensation expense. During 2013, the Company finalized its adjustment for employee share forfeitures to 39%, which lowered recorded compensation expense by $40 thousand. | |||||||||||||
In June 2010, the Company made grants of 34,142 non-vested shares to 16 management employees. The shares vest 25% annually. The award was valued at the market price of the Company’s common stock on the date of grant ($16.50 per share). The Company also made a grant of 7,272 non-vested shares to the non-employee members of the Company’s Board of Directors, valued at the market price of the Company’s common stock on the grant date ($16.50 per share). The shares vest 33% annually. | |||||||||||||
In February 2011, 2012 and 2013 the Company made grants of 54,075 and 66,384 and 62,283 non-vested shares to 18, 17 and 18 management employees, respectively. The shares vest 25% annually. The awards were valued at the market price of the Company’s common stock on the date of grant ($16.58, $10.82 and $13.84 per share, respectively). The Company also made grants of non-vested shares to the non-employee members of the Company’s Board of Directors. The Company granted 8,448, 14,784 and 11,560 shares in 2011, 2012 and 2013, respectively, valued at the market price of the Company’s common stock on the grant date ($16.58, $10.82 and $13.84 per share, respectively). The shares vest 33% annually. | |||||||||||||
In April 2011, May 2012 and May 2013, the Company made grants of non-vested shares to selected other employees. The Company granted 16,184 shares, of which 8,159 were vested and distributed immediately, in April 2011; granted 38,186 shares, of which 14,040 were vested and distributed immediately, in May 2012; and granted 24,843 shares, of which 9,567 were vested and distributed immediately, in May 2013. The remaining shares in each award vest in various schedules over four years. The awards were valued at the market price of the Company’s common stock on the date of grant ($18.06, $10.51 and $17.48 per share in 2011, 2012 and 2013, respectively). | |||||||||||||
A summary of outstanding share grants at December 31, 2013, 2012, and 2011, and changes during the years ended on those dates, is as follows: | |||||||||||||
Shares | |||||||||||||
Outstanding December 31, 2010 | 94,100 | ||||||||||||
Granted | 78,707 | ||||||||||||
Cancelled | (6,733 | ) | |||||||||||
Vested and issued | (18,931 | ) | |||||||||||
Outstanding December 31, 2011 | 147,143 | ||||||||||||
Granted | 119,354 | ||||||||||||
Cancelled | (8,098 | ) | |||||||||||
Vested and issued | (45,045 | ) | |||||||||||
Outstanding December 31, 2012 | 213,354 | ||||||||||||
Granted | 98,686 | ||||||||||||
Cancelled | (30,994 | ) | |||||||||||
Vested and issued | (67,956 | ) | |||||||||||
Outstanding December 31, 2013 | 213,090 | ||||||||||||
Compensation cost recognized for share awards during 2013, 2012 and 2011, was $1.3 million, $1.3 million and $1.1 million, respectively. The income tax benefit for share-based compensation arrangements was $0.5 million, $0.3 million, and $0.4 million for 2013, 2012 and 2011. | |||||||||||||
As of December 31, 2013, the total compensation cost related to non-vested share awards not yet recognized is $1.9 million which will be recognized over a weighted-average period of 2.4 years. |
Major_Customer
Major Customer | 12 Months Ended |
Dec. 31, 2013 | |
Major Customer [Abstract] | ' |
Major Customer | ' |
Note 11. Major Customer | |
The Company has one major customer relationship that is a significant source of revenue. Approximately 59% of total operating revenues for the years ended December 31, 2013 and December 31, 2012, and 57% of total operating revenues for the year ended December 31, 2011, were generated by or through Sprint and its customers using the Company's portion of Sprint’s nationwide PCS network. No other customer relationship generated more than 1.5% of the Company’s total operating revenues for the years ended December 31, 2013, 2012 or 2011. |
Shareholder_Rights_Plan
Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Shareholder Rights Plan [Abstract] | ' |
Shareholder Rights Plan | ' |
Note 12. Shareholder Rights Plan | |
Effective as of February 8, 2008, the Board of Directors adopted a Shareholder Rights Plan (the “Plan”) to replace an expiring plan which was adopted in 1998. Under certain circumstances, holders of each right (granted at one right per share of outstanding common stock) will be entitled to purchase for $40 one half a share of the Company’s common stock (or, in certain circumstances, $80 worth of cash, property or other securities of the Company for $40). The rights are neither exercisable nor traded separately from the Company’s common stock. The rights are only exercisable if a person or group becomes or attempts to become, the beneficial owner of 15% or more of the Company’s common stock. Under the terms of the Plan, such a person or group would not be entitled to the benefits of the rights. The Plan provides that the Board of Directors may redeem the outstanding rights at any time for $.001 per right, and except with respect to the redemption price of the rights, any of the provisions of the Rights Agreement may be amended by the Board of Directors of the Company. The Plan provides for the Board of Directors to appoint a committee (the “TIDE Committee”) that is comprised of independent directors of the Company to review and evaluate the Shareholder Rights Plan in order to consider whether it continues to be in the interest of the Company and its shareholders at least every three years. Following each such review, the TIDE Committee will communicate its conclusions to the full Board of Directors, including any recommendation as to whether the Plan should be modified or the Rights should be redeemed. In January 2014, the TIDE Committee recommended to the full Board of Directors, and the Board of Directors approved, that the Plan be maintained as originally adopted. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Commitments [Abstract] | ' | ||||
Lease Commitments | ' | ||||
Note 13. Lease Commitments | |||||
The Company leases land, buildings and tower space under various non-cancelable agreements, which expire between the years 2014 and 2039 and require various minimum annual rental payments. These leases typically include renewal options and escalation clauses. In general, tower leases have five or ten year initial terms with four renewal terms of five years each. The other leases generally contain certain renewal options for periods ranging from five to twenty years. | |||||
Future minimum lease payments under non-cancelable operating leases, including renewals that are reasonably assured at the inception of the lease, with initial variable lease terms in excess of one year as of December 31, 2013, are as | |||||
follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2014 | $ | 13,114 | |||
2015 | 13,120 | ||||
2016 | 13,048 | ||||
2017 | 13,187 | ||||
2018 | 12,872 | ||||
2019 and beyond | 75,478 | ||||
$ | 140,819 | ||||
The Company’s total rent expense was $15.6 million, $13.1 million, and $12.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
As lessor, the Company has leased buildings, tower space and telecommunications equipment to other entities under various non-cancelable agreements, which require various minimum annual payments. The total minimum rental receipts at December 31, 2013 are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2014 | $ | 5,038 | |||
2015 | 4,523 | ||||
2016 | 2,968 | ||||
2017 | 2,005 | ||||
2018 | 727 | ||||
2019 and beyond | 1,037 | ||||
$ | 16,298 | ||||
The Company’s total rent income was $5.6 million, $6.1 million, and $6.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Total rent income includes month-to-month leases which are excluded from the table above. During 2013, rent income was reduced by a $0.8 million write-off of straight-line rent assets associated with the termination of iDEN leases. The termination of these leases resulted in a decrease in total minimum rental receipts for all years in the table above. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
Note 14. Derivative Instruments and Hedging Activities | |||||||||||||
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. | |||||||||||||
In August 2010, the Company entered into a pay fixed, receive variable interest rate swap of $63.3 million of notional principal. 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 were recorded in interest expense each reporting period. The total outstanding notional amount of interest rate swaps not designated as cash flow hedges was $52.2 million as of December 31, 2012. This swap expired in July 2013. Changes in fair value recorded in interest expense for the years ended December 31, 2013 and 2012, were decreases of $239 thousand and $213 thousand, respectively. | |||||||||||||
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 December 31, 2013 and 2012. | |||||||||||||
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 qualify as cash flow hedges are reclassified to interest expense as interest payments are accrued on the Company’s variable-rate debt. As of December 31, 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 hedge interest rate 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 December 31, 2013 and 2012 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Fair Value as of | |||||||||||||
Balance Sheet | December 31, | December 31, | |||||||||||
Location | 2013 | 2012 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | - | $ | 239 | ||||||||
Total derivatives not designated as cash flow hedges | $ | - | $ | 239 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | 1,590 | $ | 1,613 | ||||||||
Deferred charges and other assets, net | (5,926 | ) | (177 | ) | |||||||||
Total derivatives designated as hedging instruments | $ | (4,336 | ) | $ | 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 changes in accumulated other comprehensive income by component for the twelve months ended December 31, 2013 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Gains and | Income | Accumulated | |||||||||||
(Losses) on | Taxes | Other | |||||||||||
Cash Flow | Comprehensive | ||||||||||||
Hedges | Income (Loss) | ||||||||||||
Balance as of December 31, 2012 | $ | (1,436 | ) | $ | 573 | $ | (863 | ) | |||||
Other comprehensive income before reclassifications | 4,111 | (1,647 | ) | 2,464 | |||||||||
Amounts reclassified from accumulated other comprehensive income (to interest expense) | 1,661 | (668 | ) | 993 | |||||||||
Net current period other comprehensive income | 5,772 | (2,315 | ) | 3,457 | |||||||||
Balance as of December 31, 2013 | $ | 4,336 | $ | (1,742 | ) | $ | 2,594 |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Note 15. Segment Reporting | |||||||||||||||||||||||||
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 of Sprint. 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, and leases fiber optic facilities throughout its service area. | |||||||||||||||||||||||||
The Wireline segment provides regulated and unregulated voice services, DSL internet access, and long distance access services throughout Shenandoah County and portions of Rockingham, Frederick, Warren and Augusta counties in 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: | |||||||||||||||||||||||||
Year ended December 31, 2013 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 182,955 | $ | 70,529 | $ | 15,506 | - | - | $ | 268,990 | |||||||||||||||
Other revenues | 10,842 | 10,771 | 18,339 | - | - | 39,952 | |||||||||||||||||||
Total external revenues | 193,797 | 81,300 | 33,845 | - | - | 308,942 | |||||||||||||||||||
Internal revenues | 4,328 | 123 | 20,074 | - | (24,525 | ) | - | ||||||||||||||||||
Total operating revenues | 198,125 | 81,423 | 53,919 | - | (24,525 | ) | 308,942 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 72,995 | 50,151 | 24,219 | - | (22,225 | ) | 125,140 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 36,828 | 23,189 | 6,950 | 3,006 | (2,300 | ) | 67,673 | ||||||||||||||||||
Depreciation and amortization | 28,177 | 22,663 | 9,848 | 34 | - | 60,722 | |||||||||||||||||||
Total operating expenses | 138,000 | 96,003 | 41,017 | 3,040 | (24,525 | ) | 253,535 | ||||||||||||||||||
Operating income (loss) | $ | 60,125 | $ | (14,580 | ) | $ | 12,902 | $ | (3,040 | ) | $ | - | $ | 55,407 | |||||||||||
Year ended December 31, 2012 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 162,912 | $ | 66,010 | $ | 15,021 | - | - | $ | 243,943 | |||||||||||||||
Other revenues | 13,398 | 10,024 | 20,710 | - | - | 44,132 | |||||||||||||||||||
Total external revenues | 176,310 | 76,034 | 35,731 | - | - | 288,075 | |||||||||||||||||||
Internal revenues | 3,328 | 289 | 18,927 | - | (22,544 | ) | - | ||||||||||||||||||
Total operating revenues | 179,638 | 76,323 | 54,658 | - | (22,544 | ) | 288,075 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 63,906 | 48,978 | 24,785 | 25 | (20,287 | ) | 117,407 | ||||||||||||||||||
Goodwill impairment | - | 10,952 | - | - | - | 10,952 | |||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 30,716 | 22,335 | 6,859 | 2,993 | (2,257 | ) | 60,646 | ||||||||||||||||||
Depreciation and amortization | 31,660 | 23,519 | 9,171 | 62 | - | 64,412 | |||||||||||||||||||
Total operating expenses | 126,282 | 105,784 | 40,815 | 3,080 | (22,544 | ) | 253,417 | ||||||||||||||||||
Operating income (loss) | $ | 53,356 | $ | (29,461 | ) | $ | 13,843 | $ | (3,080 | ) | $ | - | $ | 34,658 | |||||||||||
Year ended December 31, 2011 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 137,118 | $ | 59,051 | $ | 14,428 | - | - | $ | 210,597 | |||||||||||||||
Other revenues | 13,129 | 8,733 | 18,686 | - | - | 40,548 | |||||||||||||||||||
Total external revenues | 150,247 | 67,784 | 33,114 | - | - | 251,145 | |||||||||||||||||||
Internal revenues | 3,191 | 276 | 16,414 | - | (19,881 | ) | - | ||||||||||||||||||
Total operating revenues | 153,438 | 68,060 | 49,528 | - | (19,881 | ) | 251,145 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 56,705 | 47,417 | 19,702 | 125 | (17,309 | ) | 106,640 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 29,455 | 18,827 | 7,528 | 3,207 | (2,572 | ) | 56,445 | ||||||||||||||||||
Depreciation and amortization | 23,906 | 23,198 | 8,453 | 213 | - | 55,770 | |||||||||||||||||||
Total operating expenses | 110,066 | 89,442 | 35,683 | 3,545 | (19,881 | ) | 218,855 | ||||||||||||||||||
Operating income (loss) | $ | 43,372 | $ | (21,382 | ) | $ | 13,845 | $ | (3,545 | ) | $ | - | $ | 32,290 | |||||||||||
A reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before income taxes is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Total consolidated operating income | $ | 55,407 | $ | 34,658 | $ | 32,290 | |||||||||||||||||||
Interest expense | (8,468 | ) | (7,850 | ) | (8,289 | ) | |||||||||||||||||||
Non-operating income, net | 2,525 | 1,803 | 204 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 49,464 | $ | 28,611 | $ | 24,205 | |||||||||||||||||||
The Company’s assets by segment are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Wireless | $ | 229,038 | $ | 179,929 | |||||||||||||||||||||
Cable | 199,184 | 202,436 | |||||||||||||||||||||||
Wireline | 92,455 | 88,776 | |||||||||||||||||||||||
Other | 435,804 | 458,650 | |||||||||||||||||||||||
Combined totals | 956,481 | 929,791 | |||||||||||||||||||||||
Inter-segment eliminations | (359,475 | ) | (359,051 | ) | |||||||||||||||||||||
Consolidated totals | $ | 597,006 | $ | 570,740 | |||||||||||||||||||||
Quarterly_Results_unaudited
Quarterly Results (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Results (unaudited) [Abstract] | ' | ||||||||||||||||||||
Quarterly Results (unaudited) | ' | ||||||||||||||||||||
Note 16. Quarterly Results (unaudited) | |||||||||||||||||||||
The following table shows selected quarterly results for the Company. | |||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||
For the year ended December 31, 2013 | First | Second | Third | Fourth | Total | ||||||||||||||||
Operating revenues | $ | 76,010 | $ | 77,454 | $ | 77,513 | $ | 77,965 | $ | 308,942 | |||||||||||
Operating income | 15,209 | 14,500 | 13,262 | 12,436 | 55,407 | ||||||||||||||||
Net income | 8,351 | 7,842 | 6,717 | 6,676 | 29,586 | ||||||||||||||||
Net income per share – basic and diluted | 0.35 | 0.33 | 0.28 | 0.27 | 1.23 | ||||||||||||||||
For the year ended December 31, 2012 | First | Second | Third | Fourth | Total | ||||||||||||||||
Operating revenues | $ | 68,823 | $ | 71,378 | $ | 72,876 | $ | 74,998 | $ | 288,075 | |||||||||||
Operating income | 8,817 | 11,137 | 5,407 | 9,297 | 34,658 | ||||||||||||||||
Net income from continuing operations | 4,408 | 5,722 | 1,415 | 5,058 | 16,603 | ||||||||||||||||
Net income | 4,466 | 5,560 | 1,361 | 4,916 | 16,303 | ||||||||||||||||
Net income from continuing operations per share – basic and diluted | $ | 0.19 | $ | 0.24 | $ | 0.06 | $ | 0.21 | $ | 0.69 | |||||||||||
Net income per share – basic and diluted | 0.19 | 0.23 | 0.06 | 0.21 | 0.68 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Principles of consolidation: | ' | ||||||||||||||||||||||||
Principles of consolidation: The consolidated financial statements include the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
Use of estimates: | ' | ||||||||||||||||||||||||
Use of estimates: Management of the Company has made a number of estimates and assumptions related to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management reviews its estimates, including those related to recoverability and useful lives of assets as well as liabilities for income taxes and pension benefits. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those reported estimates. | |||||||||||||||||||||||||
Cash and cash equivalents: | ' | ||||||||||||||||||||||||
Cash and cash equivalents: The Company considers all temporary cash investments purchased with a maturity of three months or less to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. At times, these investments may be in excess of FDIC insurance limits. Cash equivalents were comprised of $20.0 million of institutional cash management funds and $20.0 million of U.S. Treasury bills at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Accounts receivable: | ' | ||||||||||||||||||||||||
Accounts receivable: Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical write-off experience and industry and local economic data. The Company reviews its allowance for doubtful accounts monthly. Past due balances meeting specific criteria are reviewed individually for collectability. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts receivable are concentrated among customers within the Company's geographic service area and large telecommunications companies. Changes in the allowance for doubtful accounts for trade accounts receivable for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 1,113 | $ | 838 | $ | 460 | |||||||||||||||||||
Bad debt expense | 2,019 | 2,870 | 3,243 | ||||||||||||||||||||||
Losses charged to allowance | (2,390 | ) | (2,854 | ) | (3,304 | ) | |||||||||||||||||||
Recoveries added to allowance | 182 | 259 | 439 | ||||||||||||||||||||||
Balance at end of year | $ | 924 | $ | 1,113 | $ | 838 | |||||||||||||||||||
Investments: | ' | ||||||||||||||||||||||||
Investments: The classifications of debt and equity securities are determined by management at the date individual investments are acquired. The appropriateness of such classification is periodically reassessed. The Company monitors the fair value of all investments, and based on factors such as market conditions, financial information and industry conditions, the Company will reflect impairments in values as is warranted. The classification of those securities and the related accounting policies are as follows: | |||||||||||||||||||||||||
Investments Carried at Fair Value: Investments in stock and bond mutual funds and investment trusts held within the Company’s rabbi trust, which is related to the Company’s unfunded Supplemental Executive Retirement Plan, are reported at net asset value, which approximates fair value. Unrealized gains and losses are recognized in earnings. | |||||||||||||||||||||||||
Investments Carried at Cost: Investments in common stock in which the Company does not have a significant ownership (less than 20%) and for which there is no ready market, are carried at cost. Information regarding investments carried at cost is reviewed for evidence of impairment in value. Impairments are charged to earnings and a new cost basis for the investment is established. | |||||||||||||||||||||||||
Equity Method Investments: Investments in partnerships and in unconsolidated corporations where the Company's ownership is 20% or more, or where the Company otherwise has the ability to exercise significant influence, are reported under the equity method. Under this method, the Company's equity in earnings or losses of investees is reflected in earnings. Distributions received reduce the carrying value of these investments. The Company recognizes a loss when there is a decline in value of the investment which is other than a temporary decline. | |||||||||||||||||||||||||
Materials and supplies: | ' | ||||||||||||||||||||||||
Materials and supplies: New and reusable materials are carried in inventory at the lower of average cost or market value. Inventory held for sale, such as telephones and accessories, are carried at the lower of average cost or market value. Non-reusable material is carried at estimated salvage value. | |||||||||||||||||||||||||
Property, plant and equipment: | ' | ||||||||||||||||||||||||
Property, plant and equipment: Property, plant and equipment is stated at cost. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest on major capital projects during the period of their construction. Expenditures, including those on leased assets, which extend the useful life or increase its utility, are capitalized. Maintenance expense is recognized when repairs are performed. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Depreciation and amortization is not included in the income statement line items “Cost of goods and services” or “Selling, general and administrative.” Depreciable lives are assigned to assets based on their estimated useful lives. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms. The Company takes technology changes into consideration as it assigns the estimated useful lives, and monitors the remaining useful lives of asset groups to reasonably match the remaining economic life with the useful life and makes adjustments when necessary. | |||||||||||||||||||||||||
Fair value: | ' | ||||||||||||||||||||||||
Fair value: Financial instruments presented 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 long-term debt. | |||||||||||||||||||||||||
Asset retirement obligations: | ' | ||||||||||||||||||||||||
Asset retirement obligations: The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that results from acquisition, construction, development and/or normal use of the assets. The Company also records a corresponding asset, which is depreciated over the life of the tangible long-lived asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The Company records the retirement obligation on towers owned and cell site improvements where there is a legal obligation to remove the tower or cell site improvements and restore the site to its original condition, as required by certain operating leases and applicable zoning ordinances of certain jurisdictions, at the time the Company discontinues its use. The obligations are estimated and vary based on the size of the towers. The Company’s cost to remove the tower or cell site improvements is amortized over the life of the tower or cell site assets. Changes in the liability for asset removal obligations for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 5,896 | $ | 7,610 | $ | 6,542 | |||||||||||||||||||
Additional liabilities accrued | 1,189 | 1,148 | 556 | ||||||||||||||||||||||
Changes to prior estimates | - | (2,265 | ) | - | |||||||||||||||||||||
Payments made | (909 | ) | (846 | ) | - | ||||||||||||||||||||
Accretion expense | 309 | 249 | 512 | ||||||||||||||||||||||
Balance at end of year | $ | 6,485 | $ | 5,896 | $ | 7,610 | |||||||||||||||||||
Cost in excess of net assets of businesses acquired (goodwill) and intangible assets: | ' | ||||||||||||||||||||||||
Cost in excess of net assets of businesses acquired (goodwill) and intangible assets: In connection with the acquisition of a business, a portion of the purchase price may be allocated to identifiable intangible assets with indefinite lives, such as franchise rights, and goodwill, which is the excess of the total purchase price over the fair values of the net tangible and identifiable intangible assets. Goodwill and intangible assets with indefinite lives are assessed annually, at November 30, for impairment and in interim periods if certain events occur indicating that the carrying value may be impaired. No impairments were required to be recorded in the year ended December 31, 2011. In the fourth quarter of 2012, the Company determined that goodwill in the Cable segment had become impaired, and an impairment charge of $11.0 million was recognized. The Company determined that no impairment of Cable segment franchise rights was required for the years ended December 31, 2013 or 2012. The fair value of cable franchise rights, which is determined by a “greenfield” analysis, was determined to exceed its $64.1 million carrying value by approximately $6.1 million at December 31, 2013, up from $3.4 million of excess fair value at December 31, 2012. | |||||||||||||||||||||||||
The following table presents the goodwill balance allocated by segment and changes in the balances for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
CATV | Wireline | Total | |||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 10,952 | $ | 10 | $ | 10,962 | |||||||||||||||||||
Impairment recognized | (10,952 | ) | - | (10,952 | ) | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
No activity | - | - | - | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
Intangible assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accum- | Accum- | ||||||||||||||||||||||||
Gross | ulated | Gross | ulated | ||||||||||||||||||||||
Carrying | Amort- | Carrying | Amort- | ||||||||||||||||||||||
Amount | ization | Net | Amount | ization | Net | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Business contracts | $ | 2,069 | $ | (479 | ) | $ | 1,590 | $ | 2,069 | $ | (354 | ) | $ | 1,715 | |||||||||||
Cable franchise rights | 122 | (122 | ) | - | 122 | (122 | ) | - | |||||||||||||||||
Acquired subscriber base | 32,325 | (27,197 | ) | 5,128 | 32,325 | (23,206 | ) | 9,119 | |||||||||||||||||
$ | 34,516 | $ | (27,798 | ) | $ | 6,718 | $ | 34,516 | $ | (23,682 | ) | $ | 10,834 | ||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||
Cable franchise rights | $ | 64,059 | $ | - | $ | 64,059 | $ | 64,059 | $ | - | $ | 64,059 | |||||||||||||
Railroad crossing rights | 39 | - | 39 | 39 | - | 39 | |||||||||||||||||||
$ | 64,098 | $ | - | $ | 64,098 | $ | 64,098 | $ | - | $ | 64,098 | ||||||||||||||
Total intangibles | $ | 98,614 | $ | (27,798 | ) | $ | 70,816 | $ | 98,614 | $ | (23,682 | ) | $ | 74,932 | |||||||||||
For the years ended December 31, 2013, 2012 and 2011, amortization expense related to intangible assets was approximately $4.1 million, $6.5 million and $10.4 million, respectively. During 2012, the Company determined that, beginning in early 2013, it would not continue to provide service under two franchises acquired in 2010, and the Company reclassified and began amortizing the franchise rights associated with these markets over the expected remaining period during which services would be provided. | |||||||||||||||||||||||||
Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: | |||||||||||||||||||||||||
Year Ending | |||||||||||||||||||||||||
December 31, | Amount | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | $ | 2,566 | |||||||||||||||||||||||
2015 | 1,411 | ||||||||||||||||||||||||
2016 | 943 | ||||||||||||||||||||||||
2017 | 514 | ||||||||||||||||||||||||
2018 | 196 | ||||||||||||||||||||||||
Retirement plans: | ' | ||||||||||||||||||||||||
Retirement plans: The Company maintains a Supplemental Executive Retirement Plan (“SERP”) for selected employees. This is an unfunded defined contribution plan. The Company created and funded a rabbi trust to hold assets equal to the liabilities under this plan. The Company ceased making employer contributions to this plan during 2010. Participant balances and earnings on them continue to be maintained for this plan. | |||||||||||||||||||||||||
The Company maintains a defined contribution 401(k) plan under which substantially all employees may defer a portion of their earnings on a pretax basis, up to the allowable federal maximum. The Company may make matching and discretionary contributions to this plan. | |||||||||||||||||||||||||
Neither the rabbi trust nor the defined contribution 401(k) plan directly holds Company stock in the plan’s portfolio. | |||||||||||||||||||||||||
Income taxes: | ' | ||||||||||||||||||||||||
Income taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the recoverability of tax assets generated on a state-by-state basis from net operating losses apportioned to that state. Management uses a more likely than not threshold to make that determination and has concluded that at December 31, 2013 and 2012, a valuation allowance against certain state deferred tax assets is necessary, as discussed in Note 6. | |||||||||||||||||||||||||
Revenue recognition: | ' | ||||||||||||||||||||||||
Revenue recognition: The Company recognizes revenue when persuasive evidence of an arrangement exists, services have been rendered or products have been delivered, the price to the buyer is fixed and determinable and collectability is reasonably assured. Revenues are recognized by the Company based on the various types of transactions generating the revenue. For services, revenue is recognized as the services are performed. For equipment sales, revenue is recognized when the sales transaction is complete. | |||||||||||||||||||||||||
Under the Sprint Management Agreement, postpaid wireless service revenues are reported net of an 8% Management Fee and a 12% Net Service Fee for 2011, 2012 and early 2013, retained by Sprint. The Net Service Fee increased to its 14% maximum effective August 1, 2013. Prepaid wireless service revenues are reported net of a 6% Management Fee retained by Sprint. See Note 7 for additional information about the Management Fee and Net Service Fee. | |||||||||||||||||||||||||
The Company enters into revenue arrangements that may involve multiple revenue-generating activities, i.e., the delivery or performance of multiple products, services, and/or rights to use assets. In accounting for these arrangements, separate contracts with the same party, entered into at or near the same time, will be presumed to be a bundled transaction, and the consideration will be measured and allocated to the separate units based on their relative fair values. The Company has evaluated each arrangement entered into by the Company for each sales channel, and the Company continues to monitor arrangements with its sales channels to determine if any changes in revenue recognition need to be made. Substantially all of the activation fee revenue recognized at the time a related wireless handset is sold is classified as equipment revenue. | |||||||||||||||||||||||||
Earnings per share: | ' | ||||||||||||||||||||||||
Earnings per share: Basic net income per share was computed on the weighted average number of shares outstanding. Diluted net income 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 748 thousand, 661 thousand, and 503 thousand shares and options outstanding at December 31, 2013, 2012 and 2011, respectively, 129 thousand, 343 thousand and 352 thousand were anti-dilutive, respectively. These options have been excluded from the computation of diluted earnings per share shown below. There were no adjustments to net income in the computation of diluted earnings per share for any of the years presented. | |||||||||||||||||||||||||
The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic income per share | |||||||||||||||||||||||||
Net income | $ | 29,586 | $ | 16,303 | $ | 12,993 | |||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Basic income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 | |||||||||||||||||||
Effect of stock options outstanding: | |||||||||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Assumed exercise, at the strike price at the beginning of year | 485 | 343 | 231 | ||||||||||||||||||||||
Assumed repurchase of shares under treasury stock method | (371 | ) | (201 | ) | (186 | ) | |||||||||||||||||||
Diluted weighted average shares | 24,115 | 24,019 | 23,826 | ||||||||||||||||||||||
Diluted income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Changes in Allowance for Doubtful Accounts for Trade Accounts Receivable | ' | ||||||||||||||||||||||||
Changes in the allowance for doubtful accounts for trade accounts receivable for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 1,113 | $ | 838 | $ | 460 | |||||||||||||||||||
Bad debt expense | 2,019 | 2,870 | 3,243 | ||||||||||||||||||||||
Losses charged to allowance | (2,390 | ) | (2,854 | ) | (3,304 | ) | |||||||||||||||||||
Recoveries added to allowance | 182 | 259 | 439 | ||||||||||||||||||||||
Balance at end of year | $ | 924 | $ | 1,113 | $ | 838 | |||||||||||||||||||
Changes in Liability for Asset Removal Obligations | ' | ||||||||||||||||||||||||
Changes in the liability for asset removal obligations for the years ended December 31, 2013, 2012 and 2011 are summarized below (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Balance at beginning of year | $ | 5,896 | $ | 7,610 | $ | 6,542 | |||||||||||||||||||
Additional liabilities accrued | 1,189 | 1,148 | 556 | ||||||||||||||||||||||
Changes to prior estimates | - | (2,265 | ) | - | |||||||||||||||||||||
Payments made | (909 | ) | (846 | ) | - | ||||||||||||||||||||
Accretion expense | 309 | 249 | 512 | ||||||||||||||||||||||
Balance at end of year | $ | 6,485 | $ | 5,896 | $ | 7,610 | |||||||||||||||||||
Goodwill Activity | ' | ||||||||||||||||||||||||
The following table presents the goodwill balance allocated by segment and changes in the balances for the years ended December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
CATV | Wireline | Total | |||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 10,952 | $ | 10 | $ | 10,962 | |||||||||||||||||||
Impairment recognized | (10,952 | ) | - | (10,952 | ) | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
No activity | - | - | - | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | - | $ | 10 | $ | 10 | |||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets consist of the following at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Accum- | Accum- | ||||||||||||||||||||||||
Gross | ulated | Gross | ulated | ||||||||||||||||||||||
Carrying | Amort- | Carrying | Amort- | ||||||||||||||||||||||
Amount | ization | Net | Amount | ization | Net | ||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||
Business contracts | $ | 2,069 | $ | (479 | ) | $ | 1,590 | $ | 2,069 | $ | (354 | ) | $ | 1,715 | |||||||||||
Cable franchise rights | 122 | (122 | ) | - | 122 | (122 | ) | - | |||||||||||||||||
Acquired subscriber base | 32,325 | (27,197 | ) | 5,128 | 32,325 | (23,206 | ) | 9,119 | |||||||||||||||||
$ | 34,516 | $ | (27,798 | ) | $ | 6,718 | $ | 34,516 | $ | (23,682 | ) | $ | 10,834 | ||||||||||||
Non-amortizing intangible assets: | |||||||||||||||||||||||||
Cable franchise rights | $ | 64,059 | $ | - | $ | 64,059 | $ | 64,059 | $ | - | $ | 64,059 | |||||||||||||
Railroad crossing rights | 39 | - | 39 | 39 | - | 39 | |||||||||||||||||||
$ | 64,098 | $ | - | $ | 64,098 | $ | 64,098 | $ | - | $ | 64,098 | ||||||||||||||
Total intangibles | $ | 98,614 | $ | (27,798 | ) | $ | 70,816 | $ | 98,614 | $ | (23,682 | ) | $ | 74,932 | |||||||||||
Amortization Expense for Intangible Assets | ' | ||||||||||||||||||||||||
Aggregate amortization expense for intangible assets for the periods shown is expected to be as follows: | |||||||||||||||||||||||||
Year Ending | |||||||||||||||||||||||||
December 31, | Amount | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | $ | 2,566 | |||||||||||||||||||||||
2015 | 1,411 | ||||||||||||||||||||||||
2016 | 943 | ||||||||||||||||||||||||
2017 | 514 | ||||||||||||||||||||||||
2018 | 196 | ||||||||||||||||||||||||
Computation of basic and diluted earnings per share | ' | ||||||||||||||||||||||||
The following tables show the computation of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||
Basic income per share | |||||||||||||||||||||||||
Net income | $ | 29,586 | $ | 16,303 | $ | 12,993 | |||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Basic income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 | |||||||||||||||||||
Effect of stock options outstanding: | |||||||||||||||||||||||||
Weighted average shares outstanding | 24,001 | 23,877 | 23,781 | ||||||||||||||||||||||
Assumed exercise, at the strike price at the beginning of year | 485 | 343 | 231 | ||||||||||||||||||||||
Assumed repurchase of shares under treasury stock method | (371 | ) | (201 | ) | (186 | ) | |||||||||||||||||||
Diluted weighted average shares | 24,115 | 24,019 | 23,826 | ||||||||||||||||||||||
Diluted income per share | $ | 1.23 | $ | 0.68 | $ | 0.55 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued operations | ' | ||||||||||||
Discontinued operations included the following amounts of operating revenue and loss before income taxes: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Operating revenues | $ | - | $ | 1,091 | $ | 10,516 | |||||||
Loss before income taxes | $ | - | $ | (496 | ) | $ | (904 | ) | |||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments [Abstract] | ' | ||||||||
Investments Carried at Fair Value | ' | ||||||||
At December 31, 2013 and 2012, investments carried at fair value consisted of: | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Taxable bond funds | $ | 10 | $ | 728 | |||||
Domestic equity funds | 2,419 | 1,265 | |||||||
International equity funds | 99 | 71 | |||||||
$ | 2,528 | $ | 2,064 | ||||||
Other Investments | ' | ||||||||
At December 31, 2013 and 2012, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following: | |||||||||
2013 | 2012 | ||||||||
Cost method: | (in thousands) | ||||||||
CoBank | $ | 3,343 | $ | 2,968 | |||||
Other | 766 | 756 | |||||||
4,109 | 3,724 | ||||||||
Equity method: | |||||||||
Burton Partnership | 2,365 | 2,086 | |||||||
Other | 330 | 340 | |||||||
2,695 | 2,426 | ||||||||
Total other investments | $ | 6,804 | $ | 6,150 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Property, plant and equipment consisted of the following at December 31, 2013 and 2012: | ||||||||||
Estimated | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Land | $ | 3,415 | $ | 3,345 | ||||||
Buildings and structures | 10 – 40 years | 96,700 | 75,664 | |||||||
Cable and wire | 4 – 40 years | 187,293 | 175,833 | |||||||
Equipment and software | 2 – 16.7 years | 346,072 | 331,374 | |||||||
Plant in service | $ | 633,480 | $ | 586,216 | ||||||
Plant under construction | 23,181 | 25,469 | ||||||||
Total property, plant and equipment | 656,661 | 611,685 | ||||||||
Less accumulated amortization and depreciation | 247,698 | 246,211 | ||||||||
Property, plant and equipment, net | $ | 408,963 | $ | 365,474 |
LongTerm_Debt_and_Revolving_Li1
Long-Term Debt and Revolving Lines of Credit (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-Term Debt and Revolving Lines of Credit [Abstract] | ' | |||||||||||||
Long-term debt | ' | |||||||||||||
Total debt consists of the following at December 31, 2013 and 2012: | ||||||||||||||
Interest Rate | 2013 | 2012 | ||||||||||||
(in thousands) | ||||||||||||||
CoBank (term loan) | Fixed | 7.37 | % | $ | - | $ | 1,876 | |||||||
CoBank Term Loan A | Variable | 2.67 | % | 230,000 | 230,000 | |||||||||
Other debt | Various | - | 101 | |||||||||||
230,000 | 231,977 | |||||||||||||
Current maturities | 5,750 | 1,977 | ||||||||||||
Total long-term debt | $ | 224,250 | $ | 230,000 | ||||||||||
Maturities of long-term debt | ' | |||||||||||||
The aggregate maturities of long-term debt for each of the five years subsequent to December 31, 2013 are as follows: | ||||||||||||||
Year | Amount | |||||||||||||
(in thousands) | ||||||||||||||
2014 | $ | 5,750 | ||||||||||||
2015 | 23,000 | |||||||||||||
2016 | 23,000 | |||||||||||||
2017 | 23,000 | |||||||||||||
2018 | 23,000 | |||||||||||||
Later years | 132,250 | |||||||||||||
$ | 230,000 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Allocation of income tax expense | ' | ||||||||||||
Total income taxes for the years ended December 31, 2013, 2012 and 2011 were allocated as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
Income tax benefit on discontinued operations | - | (196 | ) | (359 | ) | ||||||||
Shareholders’ equity, for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes | (101 | ) | (106 | ) | (5 | ) | |||||||
Other comprehensive income for changes in cash flow hedge | 2,315 | (574 | ) | ||||||||||
$ | 22,092 | $ | 11,132 | $ | 10,303 | ||||||||
Components of federal and state income taxes | ' | ||||||||||||
The Company and its subsidiaries file income tax returns in several jurisdictions. The provision for the federal and state income taxes attributable to income from continuing operations consists of the following components: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Current expense (benefit) | |||||||||||||
Federal taxes | $ | 3,404 | $ | 3,741 | $ | (8,539 | ) | ||||||
State taxes | 2,305 | 1,868 | 3,233 | ||||||||||
Total current provision (benefit) | 5,709 | 5,609 | (5,306 | ) | |||||||||
Deferred expense (benefit) | 8 | $ | 10,667 | ||||||||||
Federal taxes | 12,317 | 5,618 | 15,749 | ||||||||||
State taxes | 1,852 | 781 | 224 | ||||||||||
Total deferred provision | 14,169 | 6,399 | 15,973 | ||||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
Reconciliation of income taxes | ' | ||||||||||||
A reconciliation of income taxes determined by applying the federal and state tax rates to income from continuing operations is as follows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Computed “expected” tax expense (35%) | $ | 17,312 | $ | 10,014 | $ | 8,472 | |||||||
State income taxes, net of federal tax effect | 2,702 | 1,722 | 2,247 | ||||||||||
Other, net | (136 | ) | 272 | (52 | ) | ||||||||
Income tax expense on continuing operations | $ | 19,878 | $ | 12,008 | $ | 10,667 | |||||||
Deferred tax assets and liabilities | ' | ||||||||||||
Net deferred tax assets and liabilities consist of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Lease obligations | $ | 2,139 | $ | 1,374 | |||||||||
Deferred activation charges | 107 | 105 | |||||||||||
Allowance for doubtful accounts | 370 | 441 | |||||||||||
Inventory reserves | 259 | 244 | |||||||||||
State net operating loss carry-forwards, net of federal tax | 650 | 782 | |||||||||||
Accrued pension costs | 1,018 | 879 | |||||||||||
Loss on investments, net | - | 438 | |||||||||||
Accrued compensation costs | 1,140 | 996 | |||||||||||
Asset retirement obligations | 2,601 | 2,356 | |||||||||||
Intangible assets | 7,757 | 7,966 | |||||||||||
Goodwill | 2,660 | 4,091 | |||||||||||
Deferred revenues | 1,873 | 1,401 | |||||||||||
Other, net | - | 549 | |||||||||||
Total gross deferred tax assets | 20,574 | 21,622 | |||||||||||
Less valuation allowance | (591 | ) | (538 | ) | |||||||||
Net deferred tax assets | 19,983 | 21,084 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Plant and equipment | $ | 84,772 | 72,747 | ||||||||||
Franchise rights | 5,942 | 4,211 | |||||||||||
Section 481a deferred revenues | 493 | 737 | |||||||||||
Deferred financing costs | 128 | 453 | |||||||||||
Prepaid insurance | 241 | - | |||||||||||
Gain on investments, net | 115 | - | |||||||||||
Other, net | 1,876 | - | |||||||||||
Total gross deferred tax liabilities | 93,567 | 78,148 | |||||||||||
Net deferred tax liabilities | $ | 73,584 | $ | 57,064 |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stock Incentive Plans [Abstract] | ' | ||||||||||||
Stock Options Valuation Assumptions | ' | ||||||||||||
The fair values of these grants were estimated at the respective grant dates using a Black-Scholes option-pricing model with the following assumptions (for 2013, the assumptions shown represent the weighted average of the two valuations): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividend rate | 2.38 | % | 3.05 | % | 1.99 | % | |||||||
Risk-free interest rate | 1.15 | % | 1.22 | % | 2.73 | % | |||||||
Expected lives of options | 6.14 years | 6.25 years | 6.25 years | ||||||||||
Price volatility | 40.66 | % | 38.8 | % | 38.45 | % | |||||||
Summary of Outstanding Options | ' | ||||||||||||
A summary of outstanding options at December 31, 2013, 2012 and 2011, and changes during the years ended on those dates, is as follows: | |||||||||||||
Options | Weighted | Fair Value Per | |||||||||||
Average Grant | Option | ||||||||||||
Price Per Option | |||||||||||||
Outstanding December 31, 2010 | 341,108 | 19.69 | |||||||||||
Granted | 81,343 | 16.58 | $ | 5.62 | |||||||||
Cancelled | (10,557 | ) | 21.87 | ||||||||||
Exercised | (5,000 | ) | 7.34 | ||||||||||
Outstanding December 31, 2011 | 406,894 | $ | 19.16 | ||||||||||
Granted | 151,522 | 10.82 | $ | 3.02 | |||||||||
Cancelled | (8,728 | ) | 25.26 | ||||||||||
Exercised | (55,000 | ) | 7.34 | ||||||||||
Outstanding December 31, 2012 | 494,688 | $ | 17.82 | ||||||||||
Granted | 133,048 | 13.84 | $ | 4.33 | |||||||||
Cancelled | (10,591 | ) | 25.26 | ||||||||||
Exercised | (66,638 | ) | 16.82 | ||||||||||
Outstanding December 31, 2013 | 550,507 | $ | 16.71 | ||||||||||
Share Grant Activity | ' | ||||||||||||
A summary of outstanding share grants at December 31, 2013, 2012, and 2011, and changes during the years ended on those dates, is as follows: | |||||||||||||
Shares | |||||||||||||
Outstanding December 31, 2010 | 94,100 | ||||||||||||
Granted | 78,707 | ||||||||||||
Cancelled | (6,733 | ) | |||||||||||
Vested and issued | (18,931 | ) | |||||||||||
Outstanding December 31, 2011 | 147,143 | ||||||||||||
Granted | 119,354 | ||||||||||||
Cancelled | (8,098 | ) | |||||||||||
Vested and issued | (45,045 | ) | |||||||||||
Outstanding December 31, 2012 | 213,354 | ||||||||||||
Granted | 98,686 | ||||||||||||
Cancelled | (30,994 | ) | |||||||||||
Vested and issued | (67,956 | ) | |||||||||||
Outstanding December 31, 2013 | 213,090 |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Commitments [Abstract] | ' | ||||
Future Minimum Lease Payments | ' | ||||
Future minimum lease payments under non-cancelable operating leases, including renewals that are reasonably assured at the inception of the lease, with initial variable lease terms in excess of one year as of December 31, 2013, are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2014 | $ | 13,114 | |||
2015 | 13,120 | ||||
2016 | 13,048 | ||||
2017 | 13,187 | ||||
2018 | 12,872 | ||||
2019 and beyond | 75,478 | ||||
$ | 140,819 | ||||
Future Minimum Payments Receivable | ' | ||||
The total minimum rental receipts at December 31, 2013 are as follows: | |||||
Year Ending | Amount | ||||
(in thousands) | |||||
2014 | $ | 5,038 | |||
2015 | 4,523 | ||||
2016 | 2,968 | ||||
2017 | 2,005 | ||||
2018 | 727 | ||||
2019 and beyond | 1,037 | ||||
$ | 16,298 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments and Hedging Activities [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 December 31, 2013 and 2012 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Fair Value as of | |||||||||||||
Balance Sheet | December 31, | December 31, | |||||||||||
Location | 2013 | 2012 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | - | $ | 239 | ||||||||
Total derivatives not designated as cash flow hedges | $ | - | $ | 239 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Accrued liabilities and other | $ | 1,590 | $ | 1,613 | ||||||||
Deferred charges and other assets, net | (5,926 | ) | (177 | ) | |||||||||
Total derivatives designated as hedging instruments | $ | (4,336 | ) | $ | 1,436 | ||||||||
Schedule of derivative financial instruments designated as cash flow hedges on the consolidated income statements | ' | ||||||||||||
The table below presents changes in accumulated other comprehensive income by component for the twelve months ended December 31, 2013 (in thousands; amounts in parentheses indicate debits): | |||||||||||||
Gains and | Income | Accumulated | |||||||||||
(Losses) on | Taxes | Other | |||||||||||
Cash Flow | Comprehensive | ||||||||||||
Hedges | Income (Loss) | ||||||||||||
Balance as of December 31, 2012 | $ | (1,436 | ) | $ | 573 | $ | (863 | ) | |||||
Other comprehensive income before reclassifications | 4,111 | (1,647 | ) | 2,464 | |||||||||
Amounts reclassified from accumulated other comprehensive income (to interest expense) | 1,661 | (668 | ) | 993 | |||||||||
Net current period other comprehensive income | 5,772 | (2,315 | ) | 3,457 | |||||||||
Balance as of December 31, 2013 | $ | 4,336 | $ | (1,742 | ) | $ | 2,594 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Selected Financial Data for Segments | ' | ||||||||||||||||||||||||
Selected financial data for each segment is as follows: | |||||||||||||||||||||||||
Year ended December 31, 2013 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 182,955 | $ | 70,529 | $ | 15,506 | - | - | $ | 268,990 | |||||||||||||||
Other revenues | 10,842 | 10,771 | 18,339 | - | - | 39,952 | |||||||||||||||||||
Total external revenues | 193,797 | 81,300 | 33,845 | - | - | 308,942 | |||||||||||||||||||
Internal revenues | 4,328 | 123 | 20,074 | - | (24,525 | ) | - | ||||||||||||||||||
Total operating revenues | 198,125 | 81,423 | 53,919 | - | (24,525 | ) | 308,942 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 72,995 | 50,151 | 24,219 | - | (22,225 | ) | 125,140 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 36,828 | 23,189 | 6,950 | 3,006 | (2,300 | ) | 67,673 | ||||||||||||||||||
Depreciation and amortization | 28,177 | 22,663 | 9,848 | 34 | - | 60,722 | |||||||||||||||||||
Total operating expenses | 138,000 | 96,003 | 41,017 | 3,040 | (24,525 | ) | 253,535 | ||||||||||||||||||
Operating income (loss) | $ | 60,125 | $ | (14,580 | ) | $ | 12,902 | $ | (3,040 | ) | $ | - | $ | 55,407 | |||||||||||
Year ended December 31, 2012 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 162,912 | $ | 66,010 | $ | 15,021 | - | - | $ | 243,943 | |||||||||||||||
Other revenues | 13,398 | 10,024 | 20,710 | - | - | 44,132 | |||||||||||||||||||
Total external revenues | 176,310 | 76,034 | 35,731 | - | - | 288,075 | |||||||||||||||||||
Internal revenues | 3,328 | 289 | 18,927 | - | (22,544 | ) | - | ||||||||||||||||||
Total operating revenues | 179,638 | 76,323 | 54,658 | - | (22,544 | ) | 288,075 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 63,906 | 48,978 | 24,785 | 25 | (20,287 | ) | 117,407 | ||||||||||||||||||
Goodwill impairment | - | 10,952 | - | - | - | 10,952 | |||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 30,716 | 22,335 | 6,859 | 2,993 | (2,257 | ) | 60,646 | ||||||||||||||||||
Depreciation and amortization | 31,660 | 23,519 | 9,171 | 62 | - | 64,412 | |||||||||||||||||||
Total operating expenses | 126,282 | 105,784 | 40,815 | 3,080 | (22,544 | ) | 253,417 | ||||||||||||||||||
Operating income (loss) | $ | 53,356 | $ | (29,461 | ) | $ | 13,843 | $ | (3,080 | ) | $ | - | $ | 34,658 | |||||||||||
Year ended December 31, 2011 | Consolidated | ||||||||||||||||||||||||
(In thousands) | Wireless | Cable | Wireline | Other | Eliminations | Totals | |||||||||||||||||||
External revenues | |||||||||||||||||||||||||
Service revenues | $ | 137,118 | $ | 59,051 | $ | 14,428 | - | - | $ | 210,597 | |||||||||||||||
Other revenues | 13,129 | 8,733 | 18,686 | - | - | 40,548 | |||||||||||||||||||
Total external revenues | 150,247 | 67,784 | 33,114 | - | - | 251,145 | |||||||||||||||||||
Internal revenues | 3,191 | 276 | 16,414 | - | (19,881 | ) | - | ||||||||||||||||||
Total operating revenues | 153,438 | 68,060 | 49,528 | - | (19,881 | ) | 251,145 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Costs of goods and services, exclusive of depreciation and amortization shown separately below | 56,705 | 47,417 | 19,702 | 125 | (17,309 | ) | 106,640 | ||||||||||||||||||
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | 29,455 | 18,827 | 7,528 | 3,207 | (2,572 | ) | 56,445 | ||||||||||||||||||
Depreciation and amortization | 23,906 | 23,198 | 8,453 | 213 | - | 55,770 | |||||||||||||||||||
Total operating expenses | 110,066 | 89,442 | 35,683 | 3,545 | (19,881 | ) | 218,855 | ||||||||||||||||||
Operating income (loss) | $ | 43,372 | $ | (21,382 | ) | $ | 13,845 | $ | (3,545 | ) | $ | - | $ | 32,290 | |||||||||||
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: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Total consolidated operating income | $ | 55,407 | $ | 34,658 | $ | 32,290 | |||||||||||||||||||
Interest expense | (8,468 | ) | (7,850 | ) | (8,289 | ) | |||||||||||||||||||
Non-operating income, net | 2,525 | 1,803 | 204 | ||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 49,464 | $ | 28,611 | $ | 24,205 | |||||||||||||||||||
Assets by Segment | ' | ||||||||||||||||||||||||
The Company’s assets by segment are as follows: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Wireless | $ | 229,038 | $ | 179,929 | |||||||||||||||||||||
Cable | 199,184 | 202,436 | |||||||||||||||||||||||
Wireline | 92,455 | 88,776 | |||||||||||||||||||||||
Other | 435,804 | 458,650 | |||||||||||||||||||||||
Combined totals | 956,481 | 929,791 | |||||||||||||||||||||||
Inter-segment eliminations | (359,475 | ) | (359,051 | ) | |||||||||||||||||||||
Consolidated totals | $ | 597,006 | $ | 570,740 |
Quarterly_Results_unaudited_Ta
Quarterly Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Results (unaudited) [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
The following table shows selected quarterly results for the Company. | |||||||||||||||||||||
(in thousands except per share data) | |||||||||||||||||||||
For the year ended December 31, 2013 | First | Second | Third | Fourth | Total | ||||||||||||||||
Operating revenues | $ | 76,010 | $ | 77,454 | $ | 77,513 | $ | 77,965 | $ | 308,942 | |||||||||||
Operating income | 15,209 | 14,500 | 13,262 | 12,436 | 55,407 | ||||||||||||||||
Net income | 8,351 | 7,842 | 6,717 | 6,676 | 29,586 | ||||||||||||||||
Net income per share – basic and diluted | 0.35 | 0.33 | 0.28 | 0.27 | 1.23 | ||||||||||||||||
For the year ended December 31, 2012 | First | Second | Third | Fourth | Total | ||||||||||||||||
Operating revenues | $ | 68,823 | $ | 71,378 | $ | 72,876 | $ | 74,998 | $ | 288,075 | |||||||||||
Operating income | 8,817 | 11,137 | 5,407 | 9,297 | 34,658 | ||||||||||||||||
Net income from continuing operations | 4,408 | 5,722 | 1,415 | 5,058 | 16,603 | ||||||||||||||||
Net income | 4,466 | 5,560 | 1,361 | 4,916 | 16,303 | ||||||||||||||||
Net income from continuing operations per share – basic and diluted | $ | 0.19 | $ | 0.24 | $ | 0.06 | $ | 0.21 | $ | 0.69 | |||||||||||
Net income per share – basic and diluted | 0.19 | 0.23 | 0.06 | 0.21 | 0.68 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
State | |||
Description of business [Abstract] | ' | ' | ' |
Non Sprint operations, number of states | 4 | ' | ' |
Cash and cash equivalents: | ' | ' | ' |
Cash equivalents | $20,000,000 | $20,000,000 | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 1,113,000 | 838,000 | 460,000 |
Bad debt expense | 2,019,000 | 2,870,000 | 3,243,000 |
Losses charged to allowance | -2,390,000 | -2,854,000 | -3,304,000 |
Recoveries added to allowance | 182,000 | 259,000 | 439,000 |
Balance at end of year | 924,000 | 1,113,000 | 838,000 |
Asset Retirement Obligation [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 5,896,000 | 7,610,000 | 6,542,000 |
Additional liabilities acrued | 1,189,000 | 1,148,000 | 556,000 |
Changes to prior estimates | 0 | -2,265,000 | 0 |
Payments made | -909,000 | -846,000 | 0 |
Accretion expense | 309,000 | 249,000 | 512,000 |
Balance at end of year | $6,485,000 | $5,896,000 | $7,610,000 |
Minimum [Member] | ' | ' | ' |
Description of business [Abstract] | ' | ' | ' |
Megahertz spectrum used | 800 | ' | ' |
Investments: [Abstract] | ' | ' | ' |
Ownership percentage to consider Investments Carried at Equity Method Investments (in hundredths) | 20.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Description of business [Abstract] | ' | ' | ' |
Megahertz spectrum used | 1,900 | ' | ' |
Investments: [Abstract] | ' | ' | ' |
Ownership percentage to consider Investments Carried at Cost (in hundredths) | 20.00% | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Franchise | |||
Goodwill [Roll Forward] | ' | ' | ' |
Balance as of year end | $10,000 | $10,962,000 | ' |
No activity | 0 | ' | ' |
Impairment recognized | 0 | -10,952,000 | 0 |
Balance at end of period | 10,000 | 10,000 | 10,962,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 34,516,000 | 34,516,000 | ' |
Accumulated amortization | -27,798,000 | -23,682,000 | ' |
Net | 6,718,000 | 10,834,000 | ' |
Number of franchises no longer supported | 2 | ' | ' |
Amortization expense | 4,100,000 | 6,500,000 | 10,400,000 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross Carrying Amount | 64,098,000 | 64,098,000 | ' |
Net | 64,098,000 | 64,098,000 | ' |
Total intangibles, gross carrying amount | 98,614,000 | 98,614,000 | ' |
Total net | 70,816,000 | 74,932,000 | ' |
Amortization expense for intangible assets [Abstract] | ' | ' | ' |
2014 | 2,566,000 | ' | ' |
2015 | 1,411,000 | ' | ' |
2016 | 943,000 | ' | ' |
2017 | 514,000 | ' | ' |
2018 | 196,000 | ' | ' |
Management Fee [Abstract] | ' | ' | ' |
Management fee (in hundredths) | 8.00% | ' | ' |
Net service fee (in hundredths) | 12.00% | 12.00% | 12.00% |
Maximum net service fee (in hundredths) | 14.00% | ' | ' |
Management fee retained (in hundredths) | 6.00% | ' | ' |
Cable Franchise Rights [Member] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross Carrying Amount | 64,059,000 | 64,059,000 | ' |
Net | 64,059,000 | 64,059,000 | ' |
Fair value amount exceeding the carring amount | 6,100,000 | 3,400,000 | ' |
Railroad Crossing Rights [Member] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross Carrying Amount | 39,000 | 39,000 | ' |
Net | 39,000 | 39,000 | ' |
Business Contracts [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 2,069,000 | 2,069,000 | ' |
Accumulated amortization | -479,000 | -354,000 | ' |
Net | 1,590,000 | 1,715,000 | ' |
Cable Franchise Rights [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 122,000 | 122,000 | ' |
Accumulated amortization | -122,000 | -122,000 | ' |
Net | 0 | 0 | ' |
Acquired subscriber base [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross carrying amount | 32,325,000 | 32,325,000 | ' |
Accumulated amortization | -27,197,000 | -23,206,000 | ' |
Net | 5,128,000 | 9,119,000 | ' |
CATV Segment [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Balance as of year end | 0 | 10,952,000 | ' |
No activity | 0 | ' | ' |
Impairment recognized | ' | -10,952,000 | ' |
Balance at end of period | 0 | 0 | ' |
Wireline [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Balance as of year end | 10,000 | 10,000 | ' |
No activity | 0 | ' | ' |
Impairment recognized | ' | 0 | ' |
Balance at end of period | $10,000 | $10,000 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies, Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding (in shares) | 748 | ' | ' | ' | 661 | ' | ' | ' | 748 | 661 | 503 |
Antidilutive shares and options excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 129 | 343 | 352 |
Net income | $6,676 | $6,717 | $7,842 | $8,351 | $4,916 | $1,361 | $5,560 | $4,466 | $29,586 | $16,303 | $12,993 |
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 24,001 | 23,877 | 23,781 |
Basic income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.23 | $0.68 | $0.55 |
Effect of stock options outstanding [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed exercise, at the strike price at the beginning of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 485 | 343 | 231 |
Assumed repurchase of shares under treasury stock method (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -371 | -201 | -186 |
Diluted weighted average shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 24,115 | 24,019 | 23,826 |
Diluted income per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.23 | $0.68 | $0.55 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued operations including amounts of operating revenue and income (loss) before income taxes [Abstract] | ' | ' | ' |
Operating revenues | $0 | $1,091 | $10,516 |
Loss before income taxes | $0 | ($496) | ($904) |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investments at fair value | $2,528 | $2,064 | ' |
Unrealized losses | ' | ' | 132 |
Unrealized gains | 391 | 191 | ' |
Losses on sale of investments | 1 | ' | 27 |
Gain on sale of investments | ' | 66 | ' |
Investments [Line Items] | ' | ' | ' |
Cost method investments | 4,109 | 3,724 | ' |
Equity method investments | 2,695 | 2,426 | ' |
Total other investments | 6,804 | 6,150 | ' |
Increase in cost method investments | 375 | 221 | ' |
Distributions from equity investments | 121 | ' | ' |
Change in value of equity method investment | 364 | ' | ' |
Burton Partnership [Member] | ' | ' | ' |
Investments [Line Items] | ' | ' | ' |
Equity method investments | 2,365 | 2,086 | ' |
Change in value of equity method investment | 279 | ' | ' |
Other [Member] | ' | ' | ' |
Investments [Line Items] | ' | ' | ' |
Equity method investments | 330 | 340 | ' |
Disposal of other investment | 36 | ' | ' |
CoBank [Member] | ' | ' | ' |
Investments [Line Items] | ' | ' | ' |
Cost method investments | 3,343 | 2,968 | ' |
Other [Member] | ' | ' | ' |
Investments [Line Items] | ' | ' | ' |
Cost method investments | 766 | 756 | ' |
Taxable Bond Funds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investments at fair value | 10 | 728 | ' |
Domestic equity funds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investments at fair value | 2,419 | 1,265 | ' |
International Equity Funds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Investments at fair value | $99 | $71 | ' |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | $656,661 | $611,685 | ' |
Less accumulated amortization and depreciation | 247,698 | 246,211 | ' |
Property, plant and equipment, net | 408,963 | 365,474 | ' |
Equipment exchange credit for new equipment purchase | 14,533 | 20,307 | 2,923 |
Land [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 3,415 | 3,345 | ' |
Building and Structures [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 96,700 | 75,664 | ' |
Building and Structures [Member] | Minimum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Building and Structures [Member] | Maximum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '40 years | ' | ' |
Cable and Wire [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 187,293 | 175,833 | ' |
Cable and Wire [Member] | Minimum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '4 years | ' | ' |
Cable and Wire [Member] | Maximum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '40 years | ' | ' |
Equipment and Software [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 346,072 | 331,374 | ' |
Equipment and Software [Member] | Minimum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '2 years | ' | ' |
Equipment and Software [Member] | Maximum [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Estimated useful lives | '16 years 8 months 12 days | ' | ' |
Plant in Service [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | 633,480 | 586,216 | ' |
Plant under Construction [Member] | ' | ' | ' |
Property, plant and equipment [Abstract] | ' | ' | ' |
Total property, plant and equipment | $23,181 | $25,469 | ' |
LongTerm_Debt_and_Revolving_Li2
Long-Term Debt and Revolving Lines of Credit (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Facility | CoBank (term loan) [Member] | CoBank (term loan) [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | CoBank Term Loan A [Member] | Other Debt [Member] | Other Debt [Member] | Revolving Credit Facility [Member] | |||
Loan | Amendment date through December 31, 2013 [Member] | Through December 31, 2014 [Member] | January 1, 2015 and Thereafter [Member] | December 31, 2013 to March 31, 2014 [Member] | April 1, 2014 through March 31, 2015 [Member] | April 1, 2015 and Thereafter [Member] | |||||||||||
Institution | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, Total | $230,000,000 | $231,977,000 | ' | $0 | $1,876,000 | $230,000,000 | ' | $230,000,000 | ' | ' | ' | ' | ' | ' | $0 | $101,000 | ' |
Current maturities | 5,750,000 | 1,977,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 224,250,000 | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (in hundredths) | ' | ' | ' | 7.37% | ' | 2.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of aggregate principal balance on which Entity Obtain Interest Rate Protection (in hundredths) | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum days to obtain interest rate protection | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum time to maintain interest rate protection | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | 2.50% | 2.75% | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Additional Farm Credit Institutions | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities included in Credit Agreement | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of term loans included in Credit Agreement | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required periodic installments | ' | ' | ' | ' | ' | 5,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected final payment | ' | ' | ' | ' | ' | 120,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | 30-Sep-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | '30-day LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
Aggregate principal amount of incremental term loan facilities, maximum | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trailing month basis of financial covenants | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of indebtedness to EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2.5 | 2 | ' | ' | ' |
Minimum debt service coverage ratio | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum equity to assets ratio | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.325 | 0.35 | ' | ' | ' | ' | ' | ' |
Derivative asset, fair value | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liability, fair value | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of loan on which entity entered in pay fixed receive fixed interest rate swap (in hundredths) | 76.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative effective interest rate (in hundredths) | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fixed interest rate (in hundredths) | 3.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of effective interest rate on portion of debt (in hundredths) | 1.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, expiry date | 31-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized loan fees | 0 | 780,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 5,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Later years | 132,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, Total | 230,000,000 | 231,977,000 | ' | 0 | 1,876,000 | 230,000,000 | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | 0 | 101,000 | ' |
Accured in anticipation of early 2014 distrubtion of patronage credit | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of patronage credit paid in cash (in hundredths) | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of patronage credit paid in shares (in hundredths) | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax allocation [Abstract] | ' | ' | ' |
Income tax expense on continuing operations | $19,878 | $12,008 | $10,667 |
Income tax benefit on discontinued operations | 0 | -196 | -359 |
Shareholder's equity, for compensation expense for tax purposes in excess of amounts recognized for financial report purposes | -101 | -106 | -5 |
Other comprehensive income for changes in cash flow hedge | 2,315 | -574 | ' |
Income tax expense continuing operations and discontinued operations | 22,092 | 11,132 | 10,303 |
Current expense (benefit) [Abstract] | ' | ' | ' |
Federal taxes | 3,404 | 3,741 | -8,539 |
State taxes | 2,305 | 1,868 | 3,233 |
Total current provision (benefit) | 5,709 | 5,609 | -5,306 |
Deferred expense (benefit) [Abstract] | ' | ' | ' |
Federal taxes | 12,317 | 5,618 | 15,749 |
State taxes | 1,852 | 781 | 224 |
Total deferred provision | 14,169 | 6,399 | 15,973 |
Income tax expense on continuing operations | 19,878 | 12,008 | 10,667 |
Reconciliation of income taxes [Abstract] | ' | ' | ' |
Computed "expected" tax expense at 35% | 17,312 | 10,014 | 8,472 |
State income taxes, net of federal tax effect | 2,702 | 1,722 | 2,247 |
Other, net | -136 | 272 | -52 |
Income tax expense on continuing operations | 19,878 | 12,008 | 10,667 |
Federal statutory income tax rate (in hundredths) | 35.00% | ' | ' |
Deferred tax assets [Abstract] | ' | ' | ' |
Lease obligations | 2,139 | 1,374 | ' |
Deferred activation charges | 107 | 105 | ' |
Allowance for doubtful accounts | 370 | 441 | ' |
Inventory reserves | 259 | 244 | ' |
State net operating loss carry-forwards, net of federal tax | 650 | 782 | ' |
Accrued pension costs | 1,018 | 879 | ' |
Loss on investments, net | 0 | 438 | ' |
Accrued compensation costs | 1,140 | 996 | ' |
Asset retirement obligations | 2,601 | 2,356 | ' |
Intangible assets | 7,757 | 7,966 | ' |
Goodwill | 2,660 | 4,091 | ' |
Deferred revenues | 1,873 | 1,401 | ' |
Other, net | 0 | 549 | ' |
Total gross deferred tax assets | 20,574 | 21,622 | ' |
Less valuation allowance | -591 | -538 | ' |
Net deferred tax assets | 19,983 | 21,084 | ' |
Deferred tax liabilities [Abstract] | ' | ' | ' |
Plant and equipment | 84,772 | 72,747 | ' |
Franchise rights | 5,942 | 4,211 | ' |
Section 481a deferred revenues | 493 | 737 | ' |
Deferred financing costs | 128 | 453 | ' |
Prepaid insurance | 241 | 0 | ' |
Gain on investments, net | 115 | 0 | ' |
Other, net | 1,876 | 0 | ' |
Total gross deferred tax liabilities | 93,567 | 78,148 | ' |
Net deferred tax liabilities | 73,584 | 57,064 | ' |
Increase in valuation allowance | 53 | ' | ' |
Deferred tax asset related to various state net operating losses net of valuation allowance | 59 | ' | ' |
Unrecognized tax benefits | $0 | $0 | ' |
Significant_Contractual_Relati1
Significant Contractual Relationship (Details) (USD $) | 5 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 08, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
Site | Subscriber Base [Member] | Minimum [Member] | Maximum [Member] | ||||
Renewal | Right | Megahertz | Megahertz | ||||
Significant Contractual Relationship [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Megahertz spectrum used | ' | ' | ' | ' | ' | 800 | 1,900 |
Initial term of contract | ' | '20 years | ' | ' | ' | ' | ' |
Number of contract renewals | ' | 3 | ' | ' | ' | ' | ' |
Length of renewals | ' | '10 years | ' | ' | ' | ' | ' |
Right or obligation to sell business (in hundredths) | ' | 80.00% | ' | ' | ' | ' | ' |
Net service fee (in hundredths) | ' | 12.00% | 12.00% | 12.00% | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Virgin Mobile rights acquired to receive customers share of revenues | ' | ' | ' | ' | 50,000 | ' | ' |
Proceeds from reimbursement of handset subsidies and other costs incorrectly calculated from inception | ' | ' | $11.80 | ' | ' | ' | ' |
Gross carrying amount | ' | ' | ' | ' | 6.9 | ' | ' |
Weighted average useful life | ' | ' | '4 years | ' | ' | ' | ' |
Number of cell sites upgraded to new technology | ' | 224 | ' | ' | ' | ' | ' |
Additional term of contract | ' | '5 years | ' | ' | ' | ' | ' |
Expected future net service fee (in hundredths) | 14.00% | ' | ' | ' | ' | ' | ' |
One-time fee per device for the amended Sprint agreement | ' | $9.23 | ' | ' | ' | ' | ' |
Servcive fees incurred during the period | ' | $1.30 | ' | ' | ' | ' | ' |
Number of base stations upgraded to new technology | ' | 526 | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (ValleyNet [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ValleyNet [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from related parties | $3 | $3.20 | $3.10 |
Accounts receivable, related parties | 0.2 | 0.3 | ' |
Expenses from transactions with related party | $1.70 | $0.80 | $0.80 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401 (k) Plan [Member] | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' |
Contribution to plan | $2.30 | $2.40 | $1.90 |
SERP [Member] | ' | ' | ' |
Defined Contribution Plans [Line Items] | ' | ' | ' |
Liability due to participants | $2.50 | $2.10 | ' |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2007 | Dec. 31, 2013 | Sep. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2007 | Dec. 31, 2013 | Sep. 30, 2007 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | 31-May-13 | 31-May-12 | Apr. 30, 2011 | Feb. 28, 2013 | Feb. 29, 2012 | Feb. 28, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Jun. 30, 2010 |
Plan | The 1995 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | The 2005 Plan [Member] | |||
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | Non Vested Shares [Member] | ||||||
Maximum [Member] | Management Shares [Member] | Officer [Member] | Management Shares [Member] | Management Shares [Member] | Management Shares [Member] | Employee Shares [Member] | Employee Shares [Member] | Directors and Senior Management [Member] | Employee Share [Member] | Management Shares [Member] | Management Shares [Member] | Management Shares [Member] | Management Shares [Member] | Management Shares [Member] | Employee Shares [Member] | Employee Shares [Member] | Employee Shares [Member] | Non Employee Director Shares [Member] | Non Employee Director Shares [Member] | Non Employee Director Shares [Member] | Non Employee Director Shares [Member] | Non Employee Director Shares [Member] | Directors and Senior Management [Member] | ||||||||||||||
Employee | Employee | Employee | Employee | ||||||||||||||||||||||||||||||||||
Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stock Incentive Plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance (in shares) | ' | ' | ' | 1,440,000 | 1,440,000 | ' | ' | ' | ' | ' | ' | 68,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life of award | ' | ' | ' | '10 years | '10 years | ' | ' | ' | '10 years | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options annual vesting percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend rate (in hundredths) | ' | ' | ' | ' | ' | 2.38% | 3.05% | 1.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate (in hundredths) | ' | ' | ' | ' | ' | 1.15% | 1.22% | 2.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected lives of options | ' | ' | ' | ' | ' | '6 years 3 months | '6 years 3 months | '6 years 3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price volatility (in hundredths) | ' | ' | ' | ' | ' | 40.66% | 38.80% | 38.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Expense | ' | ' | ' | ' | ' | $612,000 | $561,000 | $601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | $1,300,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation income tax benefit | ' | ' | ' | ' | ' | 134,000 | 129,000 | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 300,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to non-vested | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period | ' | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of year (in shares) | 748,000 | 661,000 | 503,000 | ' | ' | 494,688 | 406,894 | 341,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | 133,048 | 151,522 | 81,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | -10,591 | -8,728 | -10,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | ' | ' | ' | ' | -66,638 | -55,000 | -5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in shares) | 748,000 | 661,000 | 503,000 | ' | ' | 550,507 | 494,688 | 406,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, weighted average grant price per option [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | ' | ' | ' | ' | ' | $17.82 | $19.16 | $19.69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | $13.84 | $10.82 | $16.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancelled (in dollars per share) | ' | ' | ' | ' | ' | $25.26 | $25.26 | $21.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | $16.82 | $7.34 | $7.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at end of period (in dollars per share) | ' | ' | ' | ' | ' | $16.71 | $17.82 | $19.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value per option (in dollars per share) | ' | ' | ' | ' | ' | $4.33 | $3.02 | $5.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of outstanding options | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life | ' | ' | ' | ' | ' | '6 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options exercisable (in shares) | ' | ' | ' | ' | ' | 217,156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options exercisable (in dollars per share) | ' | ' | ' | ' | ' | $20.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value, options exercisable | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable, weighted average remaining contractual term | ' | ' | ' | ' | ' | '4 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in dollars per share) | ' | ' | ' | ' | ' | $25.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of options vested | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of options exercised | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit realized from exercise of stock options | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation, nonvested awards, compensation cost not yet recognized | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation, nonvested awards, cost not yet recognized, period for recognition | ' | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested number, at beginning of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,354 | 147,143 | 94,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,726 | ' | 23,404 | ' | 98,686 | 119,354 | 78,707 | 62,283 | 66,384 | 54,075 | 34,142 | ' | 24,843 | 38,186 | 16,184 | 11,560 | 14,784 | 8,448 | 7,272 | ' | ' |
Cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,994 | -8,098 | -6,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -67,956 | -45,045 | -18,931 | ' | ' | ' | ' | ' | 9,567 | 14,040 | 8,159 | ' | ' | ' | ' | ' | ' |
Nonvested number at end of year (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,090 | 213,354 | 147,143 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Awards Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period Stock Awards Can Vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.84 | $10.82 | $16.58 | $16.50 | ' | $17.48 | $10.51 | $18.06 | $13.84 | $10.82 | $16.58 | ' | ' | $16.50 |
Premium on grant date fair value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated expected forfeitures (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 35.00% | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeiture rate of awards (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,000 | ' | ' | ' | $40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees participating in grants of non vested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 17 | 18 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based awards vesting annually (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' |
Major_Customer_Details
Major Customer (Details) (Operating Revenues [Member], Sprint Nextel [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer | |||
Concentration Risk [Line Items] | ' | ' | ' |
Number of Major Customer | 1 | ' | ' |
Concentration risk (in hundredths) | 59.00% | 59.00% | 57.00% |
Maximum [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk (in hundredths) | 1.50% | 1.50% | 1.50% |
Shareholder_Rights_Plan_Detail
Shareholder Rights Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Feb. 08, 2008 | |
Shareholder Rights Plan [Abstract] | ' | ' |
Number of rights granted per share owned (in shares) | ' | 1 |
Price per half share of common stock (in dollars per share) | ' | $40 |
Alternate price per half share of common stock (in dollars oer share) | ' | $80 |
Beneficial ownership that triggers the shareholder rights, Minimum (in hundredths) | ' | 15.00% |
Redemption price of rights (in dollars per right) | ' | $0.00 |
Time period for independent directors to review the Shareholders' Rights Plan | '3 years | ' |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
Reduction in rent income | ($800,000) | ' | ' |
Future minimum payments under non-cancelable agreements [Abstract] | ' | ' | ' |
2014 | 13,114,000 | ' | ' |
2015 | 13,120,000 | ' | ' |
2016 | 13,048,000 | ' | ' |
2017 | 13,187,000 | ' | ' |
2018 | 12,872,000 | ' | ' |
2019 and beyond | 75,478,000 | ' | ' |
Total future lease payments | 140,819,000 | ' | ' |
Rent expense | 15,600,000 | 13,100,000 | 12,400,000 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' |
2014 | 5,038,000 | ' | ' |
2015 | 4,523,000 | ' | ' |
2016 | 2,968,000 | ' | ' |
2017 | 2,005,000 | ' | ' |
2018 | 727,000 | ' | ' |
2019 and beyond | 1,037,000 | ' | ' |
Total minimum rental receipts | 16,298,000 | ' | ' |
Rent income | $5,600,000 | $6,100,000 | $6,100,000 |
Towers [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of renewals | 4 | ' | ' |
Term of renewals | '5 years | ' | ' |
Towers [Member] | Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Terms of leases | '5 years | ' | ' |
Towers [Member] | Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Terms of leases | '10 years | ' | ' |
Other [Member] | Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Terms of leases | '5 years | ' | ' |
Other [Member] | Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Terms of leases | '20 years | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gains and (Losses) on Cash Flow Hedges [Member] | Interest Expense [Member] | Interest Expense [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 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 and Hedging Activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swaps not designated as cash flow hedges | ' | $52,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of cash flow hedges | 174,600,000 | 174,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, expiry date | 31-Jul-13 | ' | ' | ' | ' | 31-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of notional principal interest rate swap | ' | ' | ' | ' | ' | ' | 174,600,000 | 63,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives Liabilities, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,590,000 | 1,613,000 | ' | ' | ' | ' | 0 | 239,000 |
Derivative Assets, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,926,000 | -177,000 | ' | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | -4,336,000 | 1,436,000 | ' | ' | ' | ' | 0 | 239,000 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value recorded in interest expense | ' | ' | ' | 239,000 | 213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reclassified as an increase to interest expense during next twelve months | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | 4,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (to interest expense), before tax | ' | ' | 1,661,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income before tax | ' | ' | 5,772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | ' | ' | 4,336,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax | ' | ' | 573,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications, tax | ' | ' | -1,647,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified From accumulated other comprehensive income tax (to interest expense) | ' | ' | -668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income, tax | ' | ' | -2,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Tax | ' | ' | -1,742,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | -863,000 | ' | -863,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications, net of tax | ' | ' | 2,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (to interest expense), net of tax | ' | ' | 993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net current period other comprehensive income, net of tax | ' | ' | 3,457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $2,594,000 | ' | $2,594,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
State | Segment | ||||||||||
State | |||||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Non Sprint operations, number of states | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | $268,990 | $243,943 | $210,597 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 39,952 | 44,132 | 40,548 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 308,942 | 288,075 | 251,145 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating revenues | 77,965 | 77,513 | 77,454 | 76,010 | 74,998 | 72,876 | 71,378 | 68,823 | 308,942 | 288,075 | 251,145 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 125,140 | 117,407 | 106,640 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10,952 | 0 |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 67,673 | 60,646 | 56,445 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 60,722 | 64,412 | 55,770 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 253,535 | 253,417 | 218,855 |
Operating income (loss) | 12,436 | 13,262 | 14,500 | 15,209 | 9,297 | 5,407 | 11,137 | 8,817 | 55,407 | 34,658 | 32,290 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | 12,436 | 13,262 | 14,500 | 15,209 | 9,297 | 5,407 | 11,137 | 8,817 | 55,407 | 34,658 | 32,290 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -8,468 | -7,850 | -8,289 |
Non-operating income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,525 | 1,803 | 204 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 49,464 | 28,611 | 24,205 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 597,006 | ' | ' | ' | 570,740 | ' | ' | ' | 597,006 | 570,740 | ' |
Wireless [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 182,955 | 162,912 | 137,118 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,842 | 13,398 | 13,129 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 193,797 | 176,310 | 150,247 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,328 | 3,328 | 3,191 |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 198,125 | 179,638 | 153,438 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 72,995 | 63,906 | 56,705 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 36,828 | 30,716 | 29,455 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28,177 | 31,660 | 23,906 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 138,000 | 126,282 | 110,066 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 60,125 | 53,356 | 43,372 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | ' | ' | ' | ' | ' | ' | ' | ' | 60,125 | 53,356 | 43,372 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 229,038 | ' | ' | ' | 179,929 | ' | ' | ' | 229,038 | 179,929 | ' |
Cable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 70,529 | 66,010 | 59,051 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,771 | 10,024 | 8,733 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 81,300 | 76,034 | 67,784 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | 123 | 289 | 276 |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 81,423 | 76,323 | 68,060 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 50,151 | 48,978 | 47,417 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,952 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 23,189 | 22,335 | 18,827 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,663 | 23,519 | 23,198 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 96,003 | 105,784 | 89,442 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -14,580 | -29,461 | -21,382 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | ' | ' | ' | ' | ' | ' | ' | ' | -14,580 | -29,461 | -21,382 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 199,184 | ' | ' | ' | 202,436 | ' | ' | ' | 199,184 | 202,436 | ' |
Wireline [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,506 | 15,021 | 14,428 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 18,339 | 20,710 | 18,686 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33,845 | 35,731 | 33,114 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | 20,074 | 18,927 | 16,414 |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 53,919 | 54,658 | 49,528 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 24,219 | 24,785 | 19,702 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 6,950 | 6,859 | 7,528 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,848 | 9,171 | 8,453 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,017 | 40,815 | 35,683 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 12,902 | 13,843 | 13,845 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | ' | ' | ' | ' | ' | ' | ' | ' | 12,902 | 13,843 | 13,845 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 92,455 | ' | ' | ' | 88,776 | ' | ' | ' | 92,455 | 88,776 | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 25 | 125 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | 3,006 | 2,993 | 3,207 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 62 | 213 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,040 | 3,080 | 3,545 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,040 | -3,080 | -3,545 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | ' | ' | ' | ' | ' | ' | ' | ' | -3,040 | -3,080 | -3,545 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 435,804 | ' | ' | ' | 458,650 | ' | ' | ' | 435,804 | 458,650 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total external revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Internal revenues | ' | ' | ' | ' | ' | ' | ' | ' | -24,525 | -22,544 | -19,881 |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | -24,525 | -22,544 | -19,881 |
Operating expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of goods and services, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | -22,225 | -20,287 | -17,309 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Selling, general and administrative, exclusive of depreciation and amortization shown separately below | ' | ' | ' | ' | ' | ' | ' | ' | -2,300 | -2,257 | -2,572 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -24,525 | -22,544 | -19,881 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Reconciliation of income from continuing operations from segments to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consolidated operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | -359,475 | ' | ' | ' | -359,051 | ' | ' | ' | -359,475 | -359,051 | ' |
Total Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets by segment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $956,481 | ' | ' | ' | $929,791 | ' | ' | ' | $956,481 | $929,791 | ' |
Quarterly_Results_unaudited_De
Quarterly Results (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Results (unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $77,965 | $77,513 | $77,454 | $76,010 | $74,998 | $72,876 | $71,378 | $68,823 | $308,942 | $288,075 | $251,145 |
Operating income | 12,436 | 13,262 | 14,500 | 15,209 | 9,297 | 5,407 | 11,137 | 8,817 | 55,407 | 34,658 | 32,290 |
Net income from continuing operations | ' | ' | ' | ' | 5,058 | 1,415 | 5,722 | 4,408 | 29,586 | 16,603 | 13,538 |
Net income | $6,676 | $6,717 | $7,842 | $8,351 | $4,916 | $1,361 | $5,560 | $4,466 | $29,586 | $16,303 | $12,993 |
Net income from continuing operations per share - basic and diluted (in dollars per share) | ' | ' | ' | ' | $0.21 | $0.06 | $0.24 | $0.19 | $1.23 | $0.69 | $0.57 |
Net income per share - basic and diluted (in dollars per share) | $0.27 | $0.28 | $0.33 | $0.35 | $0.21 | $0.06 | $0.23 | $0.19 | $1.23 | $0.68 | $0.55 |