Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | GRAY TELEVISION INC | |
Entity Central Index Key | 43,196 | |
Trading Symbol | gtn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 82,022,500 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,729,035 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash | $ 510,577 | $ 462,399 |
Accounts receivable trade, less allowance for doubtful accounts of $3,024 and $4,606, respectively | 176,712 | 171,230 |
Prepaid income taxes | 25,848 | 13,791 |
Prepaid and other current assets | 4,376 | 4,681 |
Total current assets | 722,405 | 666,757 |
Property and equipment, net | 342,996 | 350,658 |
Broadcast licenses | 1,530,703 | 1,530,703 |
Goodwill | 611,100 | 611,100 |
Other intangible assets, net | 63,196 | 73,784 |
Investments in broadcasting and technology companies | 16,599 | 16,599 |
Other | 14,446 | 11,256 |
Total assets | 3,301,445 | 3,260,857 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 6,119 | 7,840 |
Employee compensation and benefits | 25,830 | 30,144 |
Accrued interest | 26,662 | 26,624 |
Other accrued expenses | 10,841 | 11,970 |
Federal and state income taxes | 19,168 | 8,753 |
Deferred revenue | 5,038 | 4,004 |
Current portion of long-term debt | 37,000 | 6,417 |
Total current liabilities | 154,191 | 131,305 |
Long-term debt, less current portion and deferred financing costs | 1,799,229 | 1,831,011 |
Program broadcast obligations, less current portion | 3,377 | 4,277 |
Deferred income taxes | 272,541 | 261,690 |
Accrued pension costs | 37,317 | 37,838 |
Other | 1,832 | 1,839 |
Total liabilities | 2,268,487 | 2,267,960 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock | 904,871 | 902,518 |
Retained earnings | 222,344 | 161,694 |
Accumulated other comprehensive loss, net of income tax benefit | (22,165) | (22,165) |
Stockholders' equity before treasury stock | 1,130,712 | 1,066,691 |
Treasury stock at cost | (72,270) | (49,562) |
Total stockholders’ equity | 1,032,958 | 992,897 |
Total liabilities and stockholders’ equity | 3,301,445 | 3,260,857 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 25,662 | 24,644 |
Treasury stock at cost | (25,484) | (24,232) |
Network Programming Obligations, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Program rights obligations | 18,259 | 20,317 |
Syndicated Program Film Rights, Current [Member] | ||
Assets: | ||
Current portion of program broadcast rights, net | 4,892 | 14,656 |
Syndicated Program Film Obliagtions, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Program rights obligations | $ 5,274 | $ 15,236 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 3,024 | $ 4,606 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 89,298,943 | 88,788,664 |
Common stock, shares outstanding (in shares) | 82,022,500 | 83,253,588 |
Treasury stock (in shares) | 7,276,443 | 5,535,076 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 8,569,149 | 8,349,069 |
Common stock, shares outstanding (in shares) | 6,729,035 | 6,598,377 |
Treasury stock (in shares) | 1,840,114 | 1,750,692 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue (less agency commissions) | $ 250,344 | $ 226,681 | $ 476,602 | $ 430,142 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Broadcast | 141,919 | 133,683 | 291,573 | 267,239 |
Corporate and administrative | 10,833 | 8,432 | 19,093 | 16,142 |
Depreciation | 13,543 | 12,841 | 27,237 | 25,470 |
Amortization of intangible assets | 5,153 | 6,657 | 10,589 | 12,224 |
Gain on disposals of assets, net | (794) | (77,326) | (1,615) | (76,799) |
Operating expenses | 170,654 | 84,287 | 346,877 | 244,276 |
Operating income | 79,690 | 142,394 | 129,725 | 185,866 |
Other income (expense): | ||||
Miscellaneous income, net | 702 | 162 | 1,262 | 255 |
Interest expense | (24,831) | (23,791) | (49,081) | (46,982) |
Loss from early extinguishment of debt | (311) | (2,851) | ||
Income before income taxes | 55,561 | 118,454 | 81,906 | 136,288 |
Income tax expense | 14,856 | 47,893 | 21,256 | 55,222 |
Net income | $ 40,705 | $ 70,561 | $ 60,650 | $ 81,066 |
Basic per share information: | ||||
Net income (in dollars per share) | $ 0.46 | $ 0.98 | $ 0.69 | $ 1.13 |
Weighted-average shares outstanding (in shares) | 87,765 | 71,821 | 88,408 | 71,849 |
Diluted per share information: | ||||
Net income (in dollars per share) | $ 0.46 | $ 0.97 | $ 0.68 | $ 1.12 |
Weighted-average shares outstanding (in shares) | 88,305 | 72,501 | 88,937 | 72,510 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member]Common Class A [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 8,349,069 | 88,788,664 | (1,750,692) | (5,535,076) | |||
Balance at Dec. 31, 2017 | $ 24,644 | $ 902,518 | $ 161,694 | $ (24,232) | $ (49,562) | $ (22,165) | $ 992,897 |
Net income | 60,650 | 60,650 | |||||
Restricted stock awards (in shares) | 220,080 | 391,836 | (89,422) | (107,456) | |||
Restricted stock awards | $ (1,252) | $ (1,757) | (3,009) | ||||
Restricted stock unit awards (in shares) | 209,500 | (82,201) | |||||
Restricted stock unit awards | $ (1,344) | (1,344) | |||||
Forfeiture of restricted stock awards (in shares) | (91,057) | ||||||
Forfeitures | $ (528) | (528) | |||||
Repurchase of common stock (in shares) | (1,551,710) | ||||||
Repurchase of common stock | $ (19,607) | (19,607) | |||||
Stock-based compensation (in shares) | |||||||
Stock-based compensation | $ 1,018 | $ 2,881 | 3,899 | ||||
Balance (in shares) at Jun. 30, 2018 | 8,569,149 | 89,298,943 | (1,840,114) | (7,276,443) | |||
Balance at Jun. 30, 2018 | $ 25,662 | $ 904,871 | $ 222,344 | $ (25,484) | $ (72,270) | $ (22,165) | $ 1,032,958 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income | $ 60,650 | $ 81,066 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 27,237 | 25,470 |
Amortization of intangible assets | 10,589 | 12,224 |
Amortization of deferred loan costs | 2,315 | 2,309 |
Accretion of original issue discount and premium related to long-term debt, net | (305) | (305) |
Amortization of restricted stock and stock option awards | 3,371 | 2,772 |
Amortization of program broadcast rights | 10,604 | 10,235 |
Payments on program broadcast obligations | (10,866) | (10,393) |
Deferred income taxes | 10,852 | 53,732 |
Gain on disposals of assets, net | (1,615) | (76,799) |
Loss from early extinguishment of debt | 2,851 | |
Other | (555) | (949) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,482) | (22,360) |
Prepaid income taxes | (12,057) | (990) |
Other current assets | 443 | (507) |
Accounts payable | (1,720) | (2,920) |
Employee compensation, benefits and pension cost | (4,314) | (8,517) |
Accrued network fees and other expenses | (3,183) | (3,462) |
Accrued interest | 39 | (5,917) |
Income taxes payable | 10,415 | 1,580 |
Deferred revenue | 1,034 | 24 |
Net cash provided by operating activities | 97,452 | 59,144 |
Investing activities | ||
Acquisitions of television businesses and licenses | (386,438) | |
Purchases of property and equipment | (19,915) | (10,415) |
Proceeds from asset sales | 104 | 126 |
Proceeds from FCC Repack (Note 1) | 1,846 | |
Acquisition prepayments | (4,145) | (11,731) |
Other | 4 | (4,759) |
Net cash used in investing activities | (22,106) | (413,217) |
Financing activities | ||
Proceeds from borrowings on long-term debt | 641,438 | |
Repayments of borrowings on long-term debt | (3,208) | (559,433) |
Payments for the repurchase of common stock | (19,607) | (4,000) |
Deferred and other loan costs | (4,994) | |
Payments for taxes related to net share settlement of equity awards | (4,353) | (1,767) |
Net cash (used in) provided by financing activities | (27,168) | 71,244 |
Net increase (decrease) in cash | 48,178 | (282,829) |
Cash at beginning of period | 462,399 | 325,189 |
Cash at end of period | $ 510,577 | $ 42,360 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2017, December 31, 2017, June 30, 2018 June 30, 2018 2017, 10 10 X. not one 10 December 31, 2017 ( “2017 10 six June 30, 2018, not may December 31, 2018. Overview We are a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States. As of June 30, 2018, 57 200 100 June 30, 2018, 10.4% Revenue Recognition We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet. Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second fourth two fourth Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Earnings Per Share We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2018 2017, Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,821 88,408 71,849 Common stock equivalents for stock options and restricted shares 540 680 529 661 Weighted-average shares outstanding-diluted 88,305 72,501 88,937 72,510 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of June 30, 2018 December 31, 2017 three six June 30, 2018 2017 not three six June 30, 2018 2017. Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated June 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 157,667 156,924 7 to 40 Equipment 528,442 511,878 3 to 20 738,055 719,260 Accumulated depreciation (395,059 ) (368,602 ) Total property and equipment, net $ 342,996 $ 350,658 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750.0 may six thirty six 2017 three The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Gain on disposal of assets, net: Proceeds from sale of assets $ 63 $ 90,900 $ 104 $ 90,950 Proceeds from FCC - Repack 909 - 1,846 - Net book value of assets disposed (178 ) (13,574 ) (335 ) (14,151 ) Total $ 794 $ 77,326 $ 1,615 $ 76,799 Purchase of property and equipment: Recurring purchases - operations $ 9,704 $ 10,287 Repack 10,211 128 Total $ 19,915 $ 10,415 Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 Recent Accounting Pronouncements In February 2016, 2016 02 Leases 842 2016 02 840, December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles – Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 not December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2017 not December 15, 2018, not not Adoption of Accounting Standards and Reclassifications In January 2016, 2016 01 Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 2016 01 may February 2018, 2018 03 Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825 10 2018 03 2016 01. 2018 03 June 15, 2018 first 2018. not not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not three six June 30, 2018 2017. not In addition to the reclassification of our net pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Adoption of New Accounting Standard: ASC Topic 606, On January 1, 2018, 606 Revenue from Contracts with Customers, as amended not not Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Market and service type: Advertising: Local $ 112,921 $ 117,917 $ 218,390 $ 220,514 National 29,873 30,981 54,385 55,795 Political 18,070 3,708 23,845 5,029 Total advertising 160,864 152,606 296,620 281,338 Retransmission consent 85,307 69,371 170,858 136,944 Other 4,173 4,704 9,124 11,860 Total revenue $ 250,344 $ 226,681 $ 476,602 $ 430,142 Sales channel: Direct $ 135,302 $ 120,292 $ 268,724 $ 234,814 Advertising agency intermediary 115,042 106,389 207,878 195,328 Total revenue $ 250,344 $ 226,681 $ 476,602 $ 430,142 Advertising Revenue Broadcast advertising revenue is generated primarily from the broadcast of television advertising time to local, national and political advertisers. Most advertising contracts are short-term, and generally run only for a few weeks. Our performance obligation is satisfied when the advertisement is broadcast or appears on our stations’ websites or mobile applications. Advertising revenue is recognized when the performance obligation is satisfied and then billed to the customer in the period the revenue is recognized. We have an unconditional right to receive payment of the amount billed generally within 30 We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements may We generate advertising revenue either by the efforts of our direct sales employees or through third We record revenue and expense for non-monetary trade transactions involving the exchange of tangible goods or services with our customers. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services received. Retransmission Consent Revenue We enter into license agreements with cable, satellite, multichannel video programming distributors and digital delivery system (or “OTT”) customers (collectively “MVPD”) that provide them the right to use our broadcast signal for retransmission across the MVPD system for an agreed period of time. These agreements represent a sales and usage based functional intellectual property license based on the number of subscribers to the licensee’s delivery systems. Our performance obligation is to provide the licensee with access to our intellectual property when it is broadcast. The duration of the typical retransmission consent contract is three 30 Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is not not not Other Revenues Other revenues consist of production, tower rental and other miscellaneous items. Production revenue is derived from the production of programming. Production revenue is recognized as the programming is produced. Tower rental income is recognized monthly over the life of the lease. All of our leases under which we are lessor are considered operating leases. Other revenue is comprised of one Accounts Receivable and Deposit Liability When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts due to us under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as deposit liabilities. Once the advertisements have been broadcast, the revenues are earned, and we record these revenues and reduce the balance in this deposit liabilities. Our deposit libilities of $3.8 January 1, 2018 2018. $4.8 June 30, 2018 2018. Expedients We expense direct and agency commissions when incurred because our advertising contracts are one one The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did not |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . Long-term Debt As of June 30, 2018 December 31, 2017, 2017 5.125% 2024 “2024 5.875% 2026 “2026 June 30, December 31, 2018 2017 Long-term debt : 2017 Senior Credit Facility $ 632,026 $ 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,857,026 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (10,519 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (6,244 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (8,915 ) (9,473 ) Unamortized premium - 2026 Notes 4,881 5,187 Carrying value of long-term debt 1,836,229 1,837,428 Less current portion (37,000 ) (6,417 ) Carrying value of long-term debt, less current portion $ 1,799,229 $ 1,831,011 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 100,000 On February 7, 2017, “2017 June 30, 2018, 2017 $732.0 $632.0 “2017 $100.0 “2017 For all of our interest bearing obligations, we made interest payments of approximately $47.0 $50.9 six June 30, 2018 2017, not six June 30, 2018 2017. Borrowings under the 2017 2.25% 1.25% 2017 5.25 1.00, 2.25% 1.25% 5.25 1.00, 2.5% 1.5% June 30, 2018, 2017 4.3%. Borrowings under the 2017 1.50% 0.50%, first 2017 0.50% 1.00%. 2017 may 0.375% 0.50% 2017 February 7, 2022, 2017 February 7, 2024. Our obligations under the 2017 2017 no 2024 2026 not 2024 2026 June 30, 2018, no The 2017 2017 2026 2024 June 30, 2018 December 31, 2017, On July 27, 2018, $37.0 2017 2017 2017 2017 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” 3” 2 1 2” Equity Investments Without Readily Determinable Fair Values We have equity investments in privately held broadcasting and technology companies for which there is no 321, Investments – Equity Securities The carrying amount of our equity investments without readily determinable fair values was $16.6 June 30, 2018 December 31, 2017. no June 30, 2018. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount of our long-term debt was $1.8 $1.8 $1.8 $1.9 June 30, 2018 December 31, 2017. third June 30, 2018 December 31, 2017 2 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. As of June 30, 2018, 245.0 200.0 25.0 20.0 June 30, 2018, 82.0 6.7 No 10 one six June 30, 2018 2017, not In each of March November 2004, 2.0 March 2006, 5.0 “2004 2006 June 30, 2018, 279,200 no November 6, 2016, $75.0 December 31, 2019 ( “2016 2016 “401 six June 30, 2018, 2016 1,551,710 $12.64 $19.6 June 30, 2018, $49.5 2016 not may Under our various employee benefit plans, we may, June 30, 2018, 7,078,916 1,703,064 |
Note 6 - Retirement Plans
Note 6 - Retirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6 . Retirement Plans The following table provides the components of net periodic benefit cost or income for our defined benefit pension plans for the three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Interest cost $ 1,106 $ 1,528 $ 2,212 $ 2,335 Expected return on plan assets (1,536 ) (1,848 ) (3,072 ) (2,824 ) Loss amortization 169 158 339 242 Net periodic income, net $ (261 ) $ (162 ) $ (521 ) $ (247 ) During the six June 30, 2018, not 2018, $2.0 During the three six June 30, 2018, $1.6 $3.5 401 2018, $3.2 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7 . Stock -based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 “2017 2007 “2007 three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Stock-based compensation expense, gross $ 1,742 $ 1,434 $ 3,899 $ 2,772 Forfeitures (528 ) - (528 ) - Income tax benefit at our statutory rate associated with stock-based compensation (308 ) (559 ) (856 ) (1,081 ) Stock-based compensation expense, net $ 906 $ 875 $ 2,515 $ 1,691 All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the 2017 2007 During the six June 30, 2018, 2017 ● 110,040 $12.65 36,680 February 28, 2019, 2020 2021; ● 110,040 $12.65 February 28, 2021; ● 318,196 $15.25 131,106 February 28, 2019; 69,651 February 28, 2020; 69,652 February 28, 2021; ● 73,640 May 31, 2019. During the six June 30, 2017, ● Under the 2007 307,943 102,648 January 31, 2018; 86,783 January 31, 2019; 86,781 January 31, 2020; ● Under the 2007 198,220 66,073 January 31, 2018; 66,073 January 31, 2019; 66,074 January 31, 2020; ● Under the 2017 76,856 January 31, 2018. A summary of restricted common stock and Class A common stock activity for the six June 30, 2018 2017, Six Months Ended June 30, 2018 June 30, 2017 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 503,685 $ 11.14 396,033 $ 12.06 Granted 391,836 $ 14.63 307,943 $ 10.40 Vested (225,570 ) $ 11.21 (200,291 ) $ 11.82 Forfeited (91,057 ) $ 13.27 - $ - Outstanding - end of period 578,894 $ 13.14 503,685 $ 11.14 Restricted stock - Class A common: Outstanding - beginning of period 462,632 $ 10.63 415,082 $ 10.15 Granted (1) 220,080 $ 12.65 275,076 $ 10.84 Vested (274,926 ) $ 10.48 (227,526 ) $ 10.00 Restricted stock - end of period 407,786 $ 11.82 462,632 $ 10.63 Restricted stock units - common stock: Outstanding - beginning of period 209,500 $ 15.70 Vested (209,500 ) $ 15.70 Outstanding - end of period - $ - ( 1 At June 30, 2018 December 31, 2017, 274,746 $1.99 June 30, 2018 December 31, 2017, not $3.8 June 30, 2018. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8 . Commitments and Contingencies From time to time, we are or may not one Pending Acquisition – Sioux Falls On May 1, 2018, 110 $32.5 third 2018, Pending Merger with Raycom Media On June 23, 2018, 142 92 24 400 165 100 one 62 92% one two The aggregate consideration consists of 11,500,000 $2.85 650,000 $1,000 We have agreed to file a registration statement, following the effective time of the Raycom Merger, covering the resale of the shares of the common stock issuable in the Raycom Merger. Shares of the New Preferred Stock will be issuable to holders of warrants to purchase shares of Raycom capital stock outstanding immediately prior to the effective time of the Merger. The New Preferred Stock will accrue dividends at 8% 8.5% not $1,000 Also on June 23, 2018, $2.525 2017 The consummation of the Raycom Merger is subject to the satisfaction or waiver of certain customary conditions, including: (i) the receipt of approval from the Federal Communications Commission, (ii) the expiration or early termination of the waiting period applicable to the Raycom Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, third fourth 2018. may not June 30, 2019, September 30, 2019 |
Note 9 - Goodwill and Intangibl
Note 9 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9 . Goodwill and Intangible Assets As of June 30, 2018 December 31, 2017, As of June 30, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 611,100 - 611,100 611,100 - 611,100 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (4,842 ) $ 1,292 6,134 $ (3,551 ) $ 2,583 Other definite lived intangible assets 143,446 (81,542 ) 61,904 143,446 (72,245 ) 71,201 $ 149,580 $ (86,384 ) $ 63,196 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,345,082 $ (140,083 ) $ 2,204,999 $ 2,345,082 $ (129,495 ) $ 2,215,587 Amortization expense for the six June 30, 2018 2017 $10.6 $12.2 2018 $10.0 five 2019, $15.4 2020, $12.4 2021, $8.3 2022, $4.8 2023, $2.9 may Impairment of goodwill and broadcast licenses Our intangible assets are primarily comprised of broadcast licenses. There were no six June 30, 2018. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . Income Taxes For the three six June 30, 2018 2017, Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Income tax expense $ 14,856 $ 47,893 $ 21,256 $ 55,222 Effective income tax rate 26.7 % 40.4 % 26.0 % 40.5 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21.0% 2018 35.0% 2017 six June 30, 2018, 21.0% 26.0% 4.7%, 1.0%, 0.7%. six June 30, 2017, 35.0% 40.5% 4.3% 1.3%, 0.1%. We made income tax payments (net of refunds) of approximately $12.0 $0.9 six June 30, 2018 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet. Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second fourth two fourth |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2018 2017, Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,821 88,408 71,849 Common stock equivalents for stock options and restricted shares 540 680 529 661 Weighted-average shares outstanding-diluted 88,305 72,501 88,937 72,510 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of June 30, 2018 December 31, 2017 three six June 30, 2018 2017 not three six June 30, 2018 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated June 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 157,667 156,924 7 to 40 Equipment 528,442 511,878 3 to 20 738,055 719,260 Accumulated depreciation (395,059 ) (368,602 ) Total property and equipment, net $ 342,996 $ 350,658 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750.0 may six thirty six 2017 three The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Gain on disposal of assets, net: Proceeds from sale of assets $ 63 $ 90,900 $ 104 $ 90,950 Proceeds from FCC - Repack 909 - 1,846 - Net book value of assets disposed (178 ) (13,574 ) (335 ) (14,151 ) Total $ 794 $ 77,326 $ 1,615 $ 76,799 Purchase of property and equipment: Recurring purchases - operations $ 9,704 $ 10,287 Repack 10,211 128 Total $ 19,915 $ 10,415 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, 2016 02 Leases 842 2016 02 840, December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles – Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 not December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2017 not December 15, 2018, not not Adoption of Accounting Standards and Reclassifications In January 2016, 2016 01 Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 2016 01 may February 2018, 2018 03 Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825 10 2018 03 2016 01. 2018 03 June 15, 2018 first 2018. not not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not three six June 30, 2018 2017. not In addition to the reclassification of our net pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,821 88,408 71,849 Common stock equivalents for stock options and restricted shares 540 680 529 661 Weighted-average shares outstanding-diluted 88,305 72,501 88,937 72,510 |
Property, Plant and Equipment [Table Text Block] | Estimated June 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 157,667 156,924 7 to 40 Equipment 528,442 511,878 3 to 20 738,055 719,260 Accumulated depreciation (395,059 ) (368,602 ) Total property and equipment, net $ 342,996 $ 350,658 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Gain on disposal of assets, net: Proceeds from sale of assets $ 63 $ 90,900 $ 104 $ 90,950 Proceeds from FCC - Repack 909 - 1,846 - Net book value of assets disposed (178 ) (13,574 ) (335 ) (14,151 ) Total $ 794 $ 77,326 $ 1,615 $ 76,799 Purchase of property and equipment: Recurring purchases - operations $ 9,704 $ 10,287 Repack 10,211 128 Total $ 19,915 $ 10,415 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Market and service type: Advertising: Local $ 112,921 $ 117,917 $ 218,390 $ 220,514 National 29,873 30,981 54,385 55,795 Political 18,070 3,708 23,845 5,029 Total advertising 160,864 152,606 296,620 281,338 Retransmission consent 85,307 69,371 170,858 136,944 Other 4,173 4,704 9,124 11,860 Total revenue $ 250,344 $ 226,681 $ 476,602 $ 430,142 Sales channel: Direct $ 135,302 $ 120,292 $ 268,724 $ 234,814 Advertising agency intermediary 115,042 106,389 207,878 195,328 Total revenue $ 250,344 $ 226,681 $ 476,602 $ 430,142 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2018 2017 Long-term debt : 2017 Senior Credit Facility $ 632,026 $ 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,857,026 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (10,519 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (6,244 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (8,915 ) (9,473 ) Unamortized premium - 2026 Notes 4,881 5,187 Carrying value of long-term debt 1,836,229 1,837,428 Less current portion (37,000 ) (6,417 ) Carrying value of long-term debt, less current portion $ 1,799,229 $ 1,831,011 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 100,000 |
Note 6 - Retirement Plans (Tabl
Note 6 - Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Interest cost $ 1,106 $ 1,528 $ 2,212 $ 2,335 Expected return on plan assets (1,536 ) (1,848 ) (3,072 ) (2,824 ) Loss amortization 169 158 339 242 Net periodic income, net $ (261 ) $ (162 ) $ (521 ) $ (247 ) |
Note 7 - Stock-based Compensa22
Note 7 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Stock-based compensation expense, gross $ 1,742 $ 1,434 $ 3,899 $ 2,772 Forfeitures (528 ) - (528 ) - Income tax benefit at our statutory rate associated with stock-based compensation (308 ) (559 ) (856 ) (1,081 ) Stock-based compensation expense, net $ 906 $ 875 $ 2,515 $ 1,691 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Six Months Ended June 30, 2018 June 30, 2017 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 503,685 $ 11.14 396,033 $ 12.06 Granted 391,836 $ 14.63 307,943 $ 10.40 Vested (225,570 ) $ 11.21 (200,291 ) $ 11.82 Forfeited (91,057 ) $ 13.27 - $ - Outstanding - end of period 578,894 $ 13.14 503,685 $ 11.14 Restricted stock - Class A common: Outstanding - beginning of period 462,632 $ 10.63 415,082 $ 10.15 Granted (1) 220,080 $ 12.65 275,076 $ 10.84 Vested (274,926 ) $ 10.48 (227,526 ) $ 10.00 Restricted stock - end of period 407,786 $ 11.82 462,632 $ 10.63 Restricted stock units - common stock: Outstanding - beginning of period 209,500 $ 15.70 Vested (209,500 ) $ 15.70 Outstanding - end of period - $ - |
Note 9 - Goodwill and Intangi23
Note 9 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of June 30, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 611,100 - 611,100 611,100 - 611,100 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (4,842 ) $ 1,292 6,134 $ (3,551 ) $ 2,583 Other definite lived intangible assets 143,446 (81,542 ) 61,904 143,446 (72,245 ) 71,201 $ 149,580 $ (86,384 ) $ 63,196 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,345,082 $ (140,083 ) $ 2,204,999 $ 2,345,082 $ (129,495 ) $ 2,215,587 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Income tax expense $ 14,856 $ 47,893 $ 21,256 $ 55,222 Effective income tax rate 26.7 % 40.4 % 26.0 % 40.5 % |
Note 1 - Basis of Presentatio25
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2019 | |
Period for Creating Allowance for Doubtful Accounts | 120 days | |
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncement Effect, Lease Obligation Liability | $ 17.6 |
Note 1 - Basis of Presentatio26
Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Weighted-average shares outstanding-basic (in shares) | 87,765 | 71,821 | 88,408 | 71,849 |
Common stock equivalents for stock options and restricted shares (in shares) | 540 | 680 | 529 | 661 |
Weighted-average shares outstanding-diluted (in shares) | 88,305 | 72,501 | 88,937 | 72,510 |
Note 1 - Basis of Presentatio27
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Property and equipment, gross | $ 738,055 | $ 719,260 |
Accumulated depreciation | (395,059) | (368,602) |
Total property and equipment, net | 342,996 | 350,658 |
Land [Member] | ||
Property and equipment, gross | 51,946 | 50,458 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 157,667 | 156,924 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 40 years | |
Equipment [Member] | ||
Property and equipment, gross | $ 528,442 | $ 511,878 |
Equipment [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 20 years |
Note 1 - Basis of Presentatio28
Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Proceeds from sale of assets | $ 63 | $ 90,900 | $ 104 | $ 90,950 |
Proceeds from FCC Repack (Note 1) | 909 | 1,846 | ||
Net book value of assets disposed | (178) | (13,574) | (335) | (14,151) |
Total | $ 794 | $ 77,326 | 1,615 | 76,799 |
Recurring purchases - operations | 9,704 | 10,287 | ||
Repack | 10,211 | 128 | ||
Total | $ 19,915 | $ 10,415 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | Jun. 30, 2018 | Jan. 01, 2018 |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 4.8 | $ 3.8 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | $ 250,344 | $ 226,681 | $ 476,602 | $ 430,142 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 135,302 | 120,292 | 268,724 | 234,814 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 115,042 | 106,389 | 207,878 | 195,328 |
Local Advertising [Member] | ||||
Revenue | 112,921 | 117,917 | 218,390 | 220,514 |
National Advertising [Member] | ||||
Revenue | 29,873 | 30,981 | 54,385 | 55,795 |
Political Advertising [Member] | ||||
Revenue | 18,070 | 3,708 | 23,845 | 5,029 |
Advertising [Member] | ||||
Revenue | 160,864 | 152,606 | 296,620 | 281,338 |
Retransmission Consent [Member] | ||||
Revenue | 85,307 | 69,371 | 170,858 | 136,944 |
Service, Other [Member] | ||||
Revenue | $ 4,173 | $ 4,704 | $ 9,124 | $ 11,860 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2018 | Feb. 07, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 47,000 | $ 50,900 | |||
Interest Costs Capitalized | 0 | 0 | |||
Repayments of Long-term Debt, Total | $ 3,208 | $ 559,433 | |||
2024 Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | |||
2026 Notes [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
The 2017 Senior Credit Facility [Member] | |||||
Debt Agreement, Maximum Borrowing Capacity | $ 732,000 | ||||
Long-term Debt, Gross | 632,026 | $ 635,234 | |||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread Used to Define Base Rate | 1.00% | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | |||||
Debt Instrument, Basis Spread Used to Define Base Rate | 0.50% | ||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | ||||
Long-term Debt, Gross | $ 632,000 | ||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Subsequent Event [Member] | |||||
Repayments of Long-term Debt, Total | $ 37,000 | ||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | 2.25% | ||||
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25 | 2.50% | ||||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Base Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25 | 1.25% | ||||
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25 | 1.50% |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Total outstanding principal | $ 1,857,026 | $ 1,860,234 |
Carrying value of long-term debt | 1,836,229 | 1,837,428 |
Less current portion | (37,000) | (6,417) |
Long-term debt, less current portion and deferred financing costs | 1,799,229 | 1,831,011 |
Borrowing availability under the Revolving Credit Facility | 100,000 | 100,000 |
The 2017 Senior Credit Facility [Member] | ||
Senior Credit Facility | 632,026 | 635,234 |
2024 Notes [Member] | ||
Senior Notes | 525,000 | 525,000 |
Unamortized deferred loan costs | (6,244) | (6,743) |
2026 Notes [Member] | ||
Senior Notes | 700,000 | 700,000 |
Unamortized deferred loan costs | (8,915) | (9,473) |
Unamortized premium | 4,881 | 5,187 |
2014 Senior Credit Facility [Member] | ||
Unamortized deferred loan costs | $ (10,519) | $ (11,777) |
Note 4 - Fair Value Measureme33
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 16,600 | $ 16,600 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | |
Long-term Debt, Total | 1,836,229 | 1,837,428 |
Long-term Debt, Fair Value | $ 1,800,000 | $ 1,900,000 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Dec. 31, 2017shares | Nov. 06, 2016USD ($) | Mar. 31, 2006shares | Nov. 30, 2004shares | Mar. 31, 2004shares | |
Capital Units, Authorized | 245,000,000 | ||||||
Common Stock, Shares Authorized | 200,000,000 | 100,000,000 | |||||
Preferred Stock, Shares Authorized | 20,000,000 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 82,022,500 | 83,253,588 | |||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | ||||||
Common Stock, Voting Rights, Votes Per Share | 1 | ||||||
Dividends, Common Stock, Total | $ | $ 0 | $ 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 19,607 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,078,916 | ||||||
March 2004 Authorization [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||||
The 2004-2006 Repurchase Authorization [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,000,000 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 279,200 | ||||||
The 2016 Repurchase Authorization [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 75,000 | ||||||
Treasury Stock, Shares, Acquired | 1,551,710 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 12.64 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 19,600 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 49,500 | ||||||
November 2004 Authorization [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||||||
Common Class A [Member] | |||||||
Common Stock, Shares Authorized | 25,000,000 | 15,000,000 | |||||
Common Stock, Shares, Outstanding, Ending Balance | 6,729,035 | 6,598,377 | |||||
Common Stock, Voting Rights, Votes Per Share | 10 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,703,064 |
Note 6 - Retirement Plans (Deta
Note 6 - Retirement Plans (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | |
Capital Accumulation Plan [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | 3,500 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 3,200 | 3,200 |
Pension Plan [Member] | Gray Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 2,000 | $ 2,000 |
Note 6 - Retirement Plans - Com
Note 6 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest cost | $ 1,106 | $ 1,528 | $ 2,212 | $ 2,335 |
Expected return on plan assets | (1,536) | (1,848) | (3,072) | (2,824) |
Loss amortization | 169 | 158 | 339 | 242 |
Net periodic income, net | $ (261) | $ (162) | $ (521) | $ (247) |
Note 7 - Stock-based Compensa37
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 274,746 | 274,746 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.99 | $ 1.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3.8 | |||
Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | ||
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,040 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.65 | |||
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 36,680 | |||
Performance Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,040 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.65 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 391,836 | 307,943 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.63 | $ 10.40 | ||
Restricted Stock [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 318,196 | 307,943 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.25 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 131,106 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,651 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,652 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 102,648 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 86,783 | |||
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 86,781 | |||
Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 73,640 | 76,856 | ||
Restricted Stock [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 220,080 | 275,076 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 12.65 | $ 10.84 | |
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 198,220 | |||
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,073 | |||
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,073 | |||
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 66,074 | |||
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 7 - Stock-based Compensa38
Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-based compensation expense, gross | $ 1,742 | $ 1,434 | $ 3,899 | $ 2,772 |
Forfeitures | (528) | (528) | ||
Income tax benefit at our statutory rate associated with stock-based compensation | (308) | (559) | (856) | (1,081) |
Stock-based compensation expense, net | $ 906 | $ 875 | $ 2,515 | $ 1,691 |
Note 7 - Stock-based Compensa39
Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | 503,685 | 396,033 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.14 | $ 12.06 | |
Granted, Shares (in shares) | 391,836 | 307,943 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 14.63 | $ 10.40 | |
Vested, Shares (in shares) | (225,570) | (200,291) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 11.21 | $ 11.82 | |
Forfeited, Shares (in shares) | (91,057) | 0 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 13.27 | $ 0 | |
Outstanding, Shares (in shares) | 578,894 | 503,685 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 13.14 | $ 11.14 | |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 462,632 | 415,082 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 10.63 | $ 10.15 | |
Granted, Shares (in shares) | [1] | 220,080 | 275,076 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 12.65 | $ 10.84 |
Vested, Shares (in shares) | (274,926) | (227,526) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 10.48 | $ 10 | |
Outstanding, Shares (in shares) | 407,786 | 462,632 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.82 | $ 10.63 | |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 209,500 | 0 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 15.70 | $ 0 | |
Vested, Shares (in shares) | (209,500) | 0 | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 15.70 | $ 0 | |
Outstanding, Shares (in shares) | |||
Outstanding, Weighted average grant date fair value (in dollars per share) | |||
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 8 - Commitments and Cont40
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Payments to Acquire Businesses, Gross | $ 4,145 | $ 11,731 | |
Scenario, Forecast [Member] | Wells Fargo Bank, National Association, and a Syndicate of Other Lenders [Member] | Unfunded Loan Commitment Letter [Member] | |||
Debt Instrument, Face Amount | $ 2,525,000 | ||
Scenario, Forecast [Member] | New Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Cash, Percentage | 8.00% | ||
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage | 8.50% | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||
KDLT-TV [Member] | Scenario, Forecast [Member] | |||
Business Combination, Consideration Transferred, Total | $ 32,500 | ||
Raycom [Member] | Scenario, Forecast [Member] | |||
Payments to Acquire Businesses, Gross | $ 2,850,000 | ||
Raycom [Member] | Scenario, Forecast [Member] | Common Stock [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 11,500,000 | ||
Raycom [Member] | Scenario, Forecast [Member] | Preferred Stock [Member] | New Preferred Stock [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 650,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Stated Value Per Share | $ 1,000 |
Note 9 - Goodwill and Intangi41
Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 5,153 | $ 6,657 | $ 10,589 | $ 12,224 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 10,000 | 10,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 15,400 | 15,400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 12,400 | 12,400 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8,300 | 8,300 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 4,800 | 4,800 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Six | $ 2,900 | 2,900 | ||
Goodwill, Impairment Loss | 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 |
Note 9 - Goodwill and Intangi42
Note 9 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Goodwill | $ 611,100 | $ 611,100 |
Other intangible assets, net | 63,196 | 73,784 |
Intangible Assets Gross (Including Goodwill) | 2,345,082 | 2,345,082 |
Accumulated Amortization Intangible Assets | (140,083) | (129,495) |
Intangible Assets, Net (Including Goodwill) | 2,204,999 | 2,215,587 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 6,134 | 6,134 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,842) | (3,551) |
Other intangible assets, net | 1,292 | 2,583 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 143,446 | 143,446 |
Finite-Lived Intangible Assets, Accumulated Amortization | (81,542) | (72,245) |
Other intangible assets, net | 61,904 | 71,201 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 149,580 | 149,580 |
Finite-Lived Intangible Assets, Accumulated Amortization | (86,384) | (75,796) |
Other intangible assets, net | 63,196 | 73,784 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 1,584,402 | 1,584,402 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (53,699) | (53,699) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,530,703 | 1,530,703 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 611,100 | 611,100 |
Goodwill | 611,100 | 611,100 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 2,195,502 | 2,195,502 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (53,699) | (53,699) |
Goodwill and Indefinite-Lived Assets, Net | $ 2,141,803 | $ 2,141,803 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 26.70% | 40.40% | 26.00% | 40.50% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.70% | 4.30% | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 1.00% | 1.30% | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent | 0.70% | 0.10% | ||||
Income Taxes Paid, Net, Total | $ 12 | $ 0.9 | ||||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income tax expense | $ 14,856 | $ 47,893 | $ 21,256 | $ 55,222 |
Effective income tax rate | 26.70% | 40.40% | 26.00% | 40.50% |