Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 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 Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash | $ 550,932 | $ 462,399 |
Accounts receivable, less allowance for doubtful accounts of $3,045 and $4,606, respectively | 180,510 | 171,230 |
Prepaid income taxes | 7,034 | 13,791 |
Prepaid and other current assets | 3,695 | 4,681 |
Total current assets | 762,028 | 666,757 |
Property and equipment, net | 343,803 | 350,658 |
Broadcast licenses | 1,530,753 | 1,530,703 |
Goodwill | 614,177 | 611,100 |
Other intangible assets, net | 58,197 | 73,784 |
Investments in broadcasting and technology companies | 16,599 | 16,599 |
Other | 13,638 | 11,256 |
Total assets | 3,339,195 | 3,260,857 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 5,860 | 7,840 |
Employee compensation and benefits | 27,701 | 30,144 |
Accrued interest | 23,037 | 26,624 |
Other accrued expenses | 12,476 | 11,970 |
Federal and state income taxes | 8,753 | |
Deferred revenue | 11,959 | 4,004 |
Current portion of long-term debt | 6,417 | |
Total current liabilities | 120,512 | 131,305 |
Long-term debt, less current portion and deferred financing costs | 1,800,234 | 1,831,011 |
Program broadcast obligations, less current portion | 5,701 | 4,277 |
Deferred income taxes | 279,903 | 261,690 |
Accrued pension costs | 34,556 | 37,838 |
Other | 1,799 | 1,839 |
Total liabilities | 2,242,705 | 2,267,960 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Common stock | 906,005 | 902,518 |
Retained earnings | 284,230 | 161,694 |
Accumulated other comprehensive loss, net of income tax benefit | (22,165) | (22,165) |
Stockholders' equity before treasury stock | 1,194,244 | 1,066,691 |
Treasury stock at cost | (72,270) | (49,562) |
Total stockholders’ equity | 1,096,490 | 992,897 |
Total liabilities and stockholders’ equity | 3,339,195 | 3,260,857 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 26,174 | 24,644 |
Treasury stock at cost | (25,484) | (24,232) |
Syndicated Program Film Rights, Current [Member] | ||
Assets: | ||
Current portion of program broadcast rights, net | 19,857 | 14,656 |
Network Programming Obligations, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Program rights obligations | 19,206 | 20,317 |
Syndicated Program Film Obliagtions, Current [Member] | ||
Liabilities and stockholders’ equity: | ||
Program rights obligations | $ 20,273 | $ 15,236 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 3,045 | $ 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 | 25,000,000 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue (less agency commissions) | $ 279,310 | $ 218,977 | $ 755,912 | $ 649,119 |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | ||||
Broadcast | 145,091 | 139,542 | 436,664 | 406,781 |
Corporate and administrative | 11,041 | 8,330 | 30,134 | 24,472 |
Depreciation | 13,350 | 13,085 | 40,587 | 38,555 |
Amortization of intangible assets | 4,998 | 6,460 | 15,587 | 18,684 |
(Gain) loss on disposals of assets, net | (3,572) | 1,660 | (5,187) | (75,139) |
Operating expenses | 170,908 | 169,077 | 517,785 | 413,353 |
Operating income | 108,402 | 49,900 | 238,127 | 235,766 |
Other income (expense): | ||||
Miscellaneous income, net | 930 | 152 | 2,192 | 407 |
Interest expense | (25,104) | (24,207) | (74,185) | (71,189) |
Loss from early extinguishment of debt | (2,851) | |||
Income before income taxes | 84,228 | 25,845 | 166,134 | 162,133 |
Income tax expense | 22,342 | 10,529 | 43,598 | 65,751 |
Net income | $ 61,886 | $ 15,316 | $ 122,536 | $ 96,382 |
Basic per share information: | ||||
Net income (in dollars per share) | $ 0.71 | $ 0.21 | $ 1.39 | $ 1.34 |
Weighted-average shares outstanding (in shares) | 87,765 | 71,636 | 88,191 | 71,777 |
Diluted per share information: | ||||
Net income (in dollars per share) | $ 0.70 | $ 0.21 | $ 1.38 | $ 1.33 |
Weighted-average shares outstanding (in shares) | 88,565 | 72,454 | 88,810 | 72,491 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 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 | 122,536 | 122,536 | |||||
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) | |||||
Share-based compensation (in shares) | |||||||
Share-based compensation | $ 1,530 | $ 4,015 | 5,545 | ||||
Balance (in shares) at Sep. 30, 2018 | 8,569,149 | 89,298,943 | (1,840,114) | (7,276,443) | |||
Balance at Sep. 30, 2018 | $ 26,174 | $ 906,005 | $ 284,230 | $ (25,484) | $ (72,270) | $ (22,165) | $ 1,096,490 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income | $ 122,536 | $ 96,382 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 40,587 | 38,555 |
Amortization of intangible assets | 15,587 | 18,684 |
Amortization of deferred loan costs | 3,472 | 3,466 |
Accretion of original issue discount and premium related to long-term debt, net | (458) | (458) |
Amortization of restricted stock awards | 5,016 | 4,303 |
Amortization of program broadcast rights | 15,913 | 15,444 |
Payments on program broadcast obligations | (16,177) | (15,569) |
Deferred income taxes | 43,820 | 64,121 |
(Gain) loss on disposals of assets, net | (5,187) | (75,139) |
Loss from early extinguishment of debt | 2,851 | |
Other | (2,223) | (1,172) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (9,280) | (18,587) |
Prepaid income taxes | 6,757 | (1,311) |
Other current assets | 805 | 371 |
Accounts payable | (1,979) | (1,774) |
Employee compensation, benefits and pension cost | (2,443) | (6,512) |
Accrued network fees and other expenses | (582) | (519) |
Accrued interest | (3,587) | (9,376) |
Income taxes payable | (34,358) | 1,763 |
Deferred revenue | 7,955 | (1,177) |
Net cash provided by operating activities | 186,174 | 114,346 |
Investing activities | ||
Acquisitions of television businesses and licenses | (50) | (415,438) |
Proceeds from FCC spectrum auction | 90,824 | |
Purchases of property and equipment | (34,894) | (21,426) |
Proceeds from Repack (Note 1) | 6,238 | |
Proceeds from asset sales | 216 | 148 |
Acquisition prepayments | (4,843) | 14,259 |
Net increase in acquisition prepayments and other | (140) | (4,701) |
Net cash used in investing activities | (33,473) | (336,334) |
Financing activities | ||
Proceeds from borrowings on long-term debt | 641,438 | |
Repayments of borrowings on long-term debt | (40,208) | (561,037) |
Payments for the repurchase of common stock | (19,607) | (4,000) |
Deferred and other loan costs | (4,981) | |
Payments for taxes related to net share settlement of equity awards | (4,353) | (1,767) |
Net cash (used in) provided by financing activities | (64,168) | 69,653 |
Net increase (decrease) in cash | 88,533 | (152,335) |
Cash at beginning of period | 462,399 | 325,189 |
Cash at end of period | $ 550,932 | $ 172,854 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Basis of Presentation 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, September 30, 2018 September 30, 2018 2017 10 10 X. not one 10 December 31, 2017 ( “2017 10 nine September 30, 2018 not may December 31, 2018. On June 23, 2018, 92 #1 #2 85 92 #1 62 #1 #2 92% 1976, fourth 2018. 8. Commitments 11. Subsequent Events 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 September 30, 2018, 57 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 nine September 30, 2018 2017, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,636 88,191 71,777 Common stock equivalents for stock options and restricted stock 800 818 619 714 Weighted-average shares outstanding-diluted 88,565 72,454 88,810 72,491 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2018 December 31, 2017 three nine September 30, 2018 2017 not three nine September 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 September 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,878 $ 50,458 Buildings and improvements 159,024 156,924 7 to 40 Equipment 532,422 511,878 3 to 20 743,324 719,260 Accumulated depreciation (399,521 ) (368,602 ) Total property and equipment, net $ 343,803 $ 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 Nine Months Ended September 30 September 30 2018 2017 2018 2017 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ 112 $ 22 $ 216 $ 90,972 Proceeds from Repack 4,392 - 6,238 - Net book value of assets disposed (932 ) (1,682 ) (1,267 ) (15,833 ) Total $ 3,572 $ (1,660 ) $ 5,187 $ 75,139 Purchase of property and equipment: Recurring purchases - operations $ 16,098 $ 20,983 Repack 17,256 443 Repack related 1,540 - Total $ 34,894 $ 21,426 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. July 2018, 2018 11, Leases (Topic 842 no September 30, 2018, 1%. 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 nine September 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 | 9 Months Ended |
Sep. 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 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 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Market and service type: Advertising: Local $ 106,929 $ 110,033 $ 325,319 $ 330,547 National 29,199 31,027 83,584 86,822 Political 48,018 4,005 71,863 9,034 Total advertising 184,146 145,065 480,766 426,403 Retransmission consent 91,603 70,150 262,461 207,094 Other 3,561 3,762 12,685 15,622 Total revenue $ 279,310 $ 218,977 $ 755,912 $ 649,119 Sales channel: Direct $ 138,731 $ 117,998 $ 407,455 $ 352,811 Advertising agency intermediary 140,579 100,979 348,457 296,308 Total revenue $ 279,310 $ 218,977 $ 755,912 $ 649,119 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 also sell internet advertising on our stations’ websites. 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. $11.7 September 30, 2018 fourth 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3 . Long-term Debt As of September 30, 2018 December 31, 2017, 2017 5.125% 2024 “2024 5.875% 2026 “2026 September 30, December 31, 2018 2017 Long-term debt including current portion: 2017 Senior Credit Facility 595,026 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,820,026 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (9,890 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (5,994 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (8,637 ) (9,473 ) Unamortized premium - 2026 Notes 4,729 5,187 Less current portion - (6,417 ) Net carrying value $ 1,800,234 $ 1,831,011 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 100,000 On February 7, 2017, “2017 September 30, 2018, 2017 $695.0 $595.0 “2017 $100.0 “2017 For all of our interest bearing obligations, we made interest payments of approximately $74.4 $77.5 nine September 30, 2018 2017, not nine September 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% September 30, 2018, 2017 4.4%. 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 September 30, 2018, no The 2017 2017 2026 2024 September 30, 2018 December 31, 2017, On July 27, 2018, $37.0 2017 2017 2017 2017 Transactions Related to the Raycom Merger In connection with the Raycom Merger, we expect to ( 1 $100 five $200 fifth 2 $1.4 “2018 seventh $750.0 2027 “2027 2018 2027 11, Subsequent Events |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 9 Months Ended |
Sep. 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 W ithout 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 September 30, 2018 December 31, 2017. no September 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 and (viii) deferred revenue. The carrying amount of our long-term debt was $1.8 $1.8 $1.8 $1.9 September 30, 2018 December 31, 2017. third September 30, 2018 December 31, 2017 2 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5. As of September 30, 2018, 245.0 200.0 25.0 20.0 September 30, 2018, 82.0 6.7 No 10 one nine September 30, 2018, not In each of March November 2004, 2.0 March 2006, 5.0 “2004 2006 September 30, 2018, 279,200 no November 6, 2016, $75.0 December 31, 2019 ( “2016 2016 “401 nine September 30, 2018, 2016 1,551,710 $12.64 $19.6 September 30, 2018, $49.5 2016 not may Under our various employee benefit plans, we may, September 30, 2018, 7,078,916 1,703,064 Transactions Related to the Raycom Merger Please refer to Note 8, Commitments |
Note 6 - Retirement Plans
Note 6 - Retirement Plans | 9 Months Ended |
Sep. 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) or cost for our defined benefit pension plans for the three nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ - $ - $ - $ - Interest cost 1,106 1,167 3,318 3,502 Expected return on plan assets (1,536 ) (1,412 ) (4,609 ) (4,236 ) Loss amortization 169 121 509 363 Net periodic (benefit) cost $ (261 ) $ (124 ) $ (782 ) $ (371 ) During the nine September 30, 2018, $2.5 2018, not During the three nine September 30, 2018, $1.5 $5.0 401 2018, $1.5 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 “2017 2007 “2007 three nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Stock-based compensation expense, gross $ 1,645 $ 1,531 $ 5,544 $ 4,303 Forfeitures - - (528 ) - Income tax benefit at our statutory rate associated with share-based compensation (418 ) (597 ) (1,274 ) (1,678 ) Stock-based compensation expense, net $ 1,227 $ 934 $ 3,742 $ 2,625 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 nine September 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 nine September 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 nine September 30, 2018 2017 Nine Months Ended September 30, 2018 September 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 Outstanding - 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 September 30, 2018 December 31, 2017, 274,746 $1.99 September 30, 2018 December 31, 2017, not $4.3 September 30, 2018. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 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 2018 2019, Pending Merger with Raycom Media On June 23, 2018, 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 In connection with the Raycom Merger, we expect to ( 1 $100 five $200 fifth 2 2018 seventh 2027 2018 2027 The consummation of the Raycom Merger is subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of approval from the Federal Communications Commission and the expiration or early termination of the waiting period applicable to the Raycom Merger under the Hart-Scott-Rodino Antitrust Improvements Act. Either party may not June 30, 2019, September 30, 2019 |
Note 9 - Goodwill and Intangibl
Note 9 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9 . Goodwill and Intangible Assets As of September 30, 2018 December 31, 2018, As of September 30, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,452 $ (53,699 ) $ 1,530,753 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 614,177 - 614,177 611,100 - 611,100 $ 2,198,629 $ (53,699 ) $ 2,144,930 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (5,488 ) $ 646 $ 6,134 $ (3,551 ) $ 2,583 Other definite lived intangible assets 143,446 (85,895 ) 57,551 143,446 (72,245 ) 71,201 $ 149,580 $ (91,383 ) $ 58,197 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,348,209 $ (145,082 ) $ 2,203,127 $ 2,345,082 $ (129,495 ) $ 2,215,587 Amortization expense for the nine September 30, 2018 2017 $15.6 $18.7 September 30, 2018, 2018 $5.0 five 2019, $15.4 2020, $12.4 2021, $8.3 2022, $4.8 2023, $2.9 may During the third 2018 $3.1 Impairment of goodwill and broadcast licenses Our intangible assets are primarily comprised of broadcast licenses. There were no nine September 30, 2018 2017. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . Income Taxes For the three nine September 30, 2018 2017, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Income tax expense $ 22,342 $ 10,529 $ 43,598 $ 65,751 Effective income tax rate 26.5% 40.7% 26.2% 40.6% 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 nine September 30, 2018, 21.0% 26.2% 4.5%, 1.0%, 0.3%. nine September 30, 2017, 35.0% 40.6% 4.3% 1.3%. We made income tax payments (net of refunds) of approximately $26.8 $1.2 nine September 30, 2018 2017, |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Raycom Merger - Debt Financing Transactions In connection with the Raycom Merger, we expect to ( 1 $100 five “2018 $200 fifth 2 2018 seventh not December 15, 2018, 1.25% 2018 December 16, 2018 January 15, 2019. 2.5% January 16, 2019 In addition, Escrow Issuer expects to issue the 2027 2027 7.0%. 2027 2027 2026 2024 2027 May 15, 2027. May 15 November 15 The proceeds of the 2018 2027 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
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 nine September 30, 2018 2017, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,636 88,191 71,777 Common stock equivalents for stock options and restricted stock 800 818 619 714 Weighted-average shares outstanding-diluted 88,565 72,454 88,810 72,491 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2018 December 31, 2017 three nine September 30, 2018 2017 not three nine September 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 September 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,878 $ 50,458 Buildings and improvements 159,024 156,924 7 to 40 Equipment 532,422 511,878 3 to 20 743,324 719,260 Accumulated depreciation (399,521 ) (368,602 ) Total property and equipment, net $ 343,803 $ 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 Nine Months Ended September 30 September 30 2018 2017 2018 2017 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ 112 $ 22 $ 216 $ 90,972 Proceeds from Repack 4,392 - 6,238 - Net book value of assets disposed (932 ) (1,682 ) (1,267 ) (15,833 ) Total $ 3,572 $ (1,660 ) $ 5,187 $ 75,139 Purchase of property and equipment: Recurring purchases - operations $ 16,098 $ 20,983 Repack 17,256 443 Repack related 1,540 - Total $ 34,894 $ 21,426 |
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. July 2018, 2018 11, Leases (Topic 842 no September 30, 2018, 1%. 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 nine September 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) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Weighted-average shares outstanding-basic 87,765 71,636 88,191 71,777 Common stock equivalents for stock options and restricted stock 800 818 619 714 Weighted-average shares outstanding-diluted 88,565 72,454 88,810 72,491 |
Property, Plant and Equipment [Table Text Block] | Estimated September 30, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,878 $ 50,458 Buildings and improvements 159,024 156,924 7 to 40 Equipment 532,422 511,878 3 to 20 743,324 719,260 Accumulated depreciation (399,521 ) (368,602 ) Total property and equipment, net $ 343,803 $ 350,658 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ 112 $ 22 $ 216 $ 90,972 Proceeds from Repack 4,392 - 6,238 - Net book value of assets disposed (932 ) (1,682 ) (1,267 ) (15,833 ) Total $ 3,572 $ (1,660 ) $ 5,187 $ 75,139 Purchase of property and equipment: Recurring purchases - operations $ 16,098 $ 20,983 Repack 17,256 443 Repack related 1,540 - Total $ 34,894 $ 21,426 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Market and service type: Advertising: Local $ 106,929 $ 110,033 $ 325,319 $ 330,547 National 29,199 31,027 83,584 86,822 Political 48,018 4,005 71,863 9,034 Total advertising 184,146 145,065 480,766 426,403 Retransmission consent 91,603 70,150 262,461 207,094 Other 3,561 3,762 12,685 15,622 Total revenue $ 279,310 $ 218,977 $ 755,912 $ 649,119 Sales channel: Direct $ 138,731 $ 117,998 $ 407,455 $ 352,811 Advertising agency intermediary 140,579 100,979 348,457 296,308 Total revenue $ 279,310 $ 218,977 $ 755,912 $ 649,119 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, 2018 2017 Long-term debt including current portion: 2017 Senior Credit Facility 595,026 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal 1,820,026 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (9,890 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (5,994 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (8,637 ) (9,473 ) Unamortized premium - 2026 Notes 4,729 5,187 Less current portion - (6,417 ) Net carrying value $ 1,800,234 $ 1,831,011 Borrowing availability under the Revolving Credit Facility $ 100,000 $ 100,000 |
Note 6 - Retirement Plans (Tabl
Note 6 - Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Service cost $ - $ - $ - $ - Interest cost 1,106 1,167 3,318 3,502 Expected return on plan assets (1,536 ) (1,412 ) (4,609 ) (4,236 ) Loss amortization 169 121 509 363 Net periodic (benefit) cost $ (261 ) $ (124 ) $ (782 ) $ (371 ) |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Stock-based compensation expense, gross $ 1,645 $ 1,531 $ 5,544 $ 4,303 Forfeitures - - (528 ) - Income tax benefit at our statutory rate associated with share-based compensation (418 ) (597 ) (1,274 ) (1,678 ) Stock-based compensation expense, net $ 1,227 $ 934 $ 3,742 $ 2,625 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nine Months Ended September 30, 2018 September 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 Outstanding - 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 Intangi_2
Note 9 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of September 30, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,452 $ (53,699 ) $ 1,530,753 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 614,177 - 614,177 611,100 - 611,100 $ 2,198,629 $ (53,699 ) $ 2,144,930 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (5,488 ) $ 646 $ 6,134 $ (3,551 ) $ 2,583 Other definite lived intangible assets 143,446 (85,895 ) 57,551 143,446 (72,245 ) 71,201 $ 149,580 $ (91,383 ) $ 58,197 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,348,209 $ (145,082 ) $ 2,203,127 $ 2,345,082 $ (129,495 ) $ 2,215,587 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Income tax expense $ 22,342 $ 10,529 $ 43,598 $ 65,751 Effective income tax rate 26.5% 40.7% 26.2% 40.6% |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 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 Asset and Liability, Percent | 1.00% |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted-average shares outstanding-basic (in shares) | 87,765 | 71,636 | 88,191 | 71,777 |
Common stock equivalents for stock options and restricted stock (in shares) | 800 | 818 | 619 | 714 |
Weighted-average shares outstanding-diluted (in shares) | 88,565 | 72,454 | 88,810 | 72,491 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Property and equipment, gross | $ 743,324 | $ 719,260 |
Accumulated depreciation | (399,521) | (368,602) |
Total property and equipment, net | 343,803 | 350,658 |
Land [Member] | ||
Property and equipment, gross | 51,878 | 50,458 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 159,024 | 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 | $ 532,422 | $ 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 Presentatio_5
Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Proceeds from sale of assets | $ 112 | $ 22 | $ 216 | $ 90,972 |
Proceeds from Repack (Note 1) | 4,392 | 6,238 | ||
Net book value of assets disposed | (932) | (1,682) | (1,267) | (15,833) |
Total | $ 3,572 | $ (1,660) | 5,187 | 75,139 |
Recurring purchases - operations | 16,098 | 20,983 | ||
Repack | 17,256 | 443 | ||
Repack related | 1,540 | |||
Total | $ 34,894 | $ 21,426 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | Sep. 30, 2018 | Jan. 01, 2018 |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 11.7 | $ 3.8 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | $ 279,310 | $ 218,977 | $ 755,912 | $ 649,119 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 138,731 | 117,998 | 407,455 | 352,811 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 140,579 | 100,979 | 348,457 | 296,308 |
Local Advertising [Member] | ||||
Revenue | 106,929 | 110,033 | 325,319 | 330,547 |
National Advertising [Member] | ||||
Revenue | 29,199 | 31,027 | 83,584 | 86,822 |
Political Advertising [Member] | ||||
Revenue | 48,018 | 4,005 | 71,863 | 9,034 |
Advertising [Member] | ||||
Revenue | 184,146 | 145,065 | 480,766 | 426,403 |
Retransmission Consent [Member] | ||||
Revenue | 91,603 | 70,150 | 262,461 | 207,094 |
Service, Other [Member] | ||||
Revenue | $ 3,561 | $ 3,762 | $ 12,685 | $ 15,622 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jul. 27, 2018 | Feb. 07, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 74,400 | $ 77,500 | ||||
Interest Costs Capitalized | 0 | 0 | ||||
Repayments of Long-term Debt, Total | $ 40,208 | $ 561,037 | ||||
2024 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | ||||
Unsecured Debt, Total | $ 525,000 | $ 525,000 | ||||
2026 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | ||||
Unsecured Debt, Total | $ 700,000 | $ 700,000 | ||||
The 2017 Senior Credit Facility [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | 695,000 | |||||
Long-term Debt, Gross | 595,026 | $ 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 | 4.40% | |||||
Long-term Debt, Gross | $ 595,000 | |||||
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% | |||||
The 2018 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Scenario, Forecast [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||
Debt Instrument, Term | 5 years | |||||
The 2018 Senior Credit Facility [Member] | The 2018 Term Loan [Member] | Scenario, Forecast [Member] | ||||||
Long-term Debt, Gross | $ 1,400,000 | |||||
2027 Notes [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||
Unsecured Debt, Total | $ 750,000 |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Total outstanding principal | $ 1,820,026 | $ 1,860,234 |
Less current portion | (6,417) | |
Net carrying value | 1,800,234 | 1,831,011 |
Borrowing availability under the Revolving Credit Facility | 100,000 | 100,000 |
The 2017 Senior Credit Facility [Member] | ||
Senior Credit Facility | 595,026 | 635,234 |
Unamortized deferred loan costs | (9,890) | (11,777) |
2024 Notes [Member] | ||
Unsecured Debt, Total | 525,000 | 525,000 |
Unamortized deferred loan costs | (5,994) | (6,743) |
2026 Notes [Member] | ||
Unsecured Debt, Total | 700,000 | 700,000 |
Unamortized deferred loan costs | (8,637) | (9,473) |
Unamortized premium | $ 4,729 | $ 5,187 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 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 | 1,800,000 | 1,800,000 |
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 | 9 Months Ended | |||||
Sep. 30, 2018USD ($)$ / sharesshares | 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 | |||||
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 | 25,000,000 | ||||
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 | 9 Months Ended |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,500 | |
Capital Accumulation Plan [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,500 | 5,000 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 1,500 | 1,500 |
Gray Pension Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Service cost | ||||
Interest cost | 1,106 | 1,167 | 3,318 | 3,502 |
Expected return on plan assets | (1,536) | (1,412) | (4,609) | (4,236) |
Loss amortization | 169 | 121 | 509 | 363 |
Net periodic (benefit) cost | $ (261) | $ (124) | $ (782) | $ (371) |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 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 | $ 4.3 | |||
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 Compensa_4
Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock-based compensation expense, gross | $ 1,645 | $ 1,531 | $ 5,544 | $ 4,303 |
Forfeitures | (528) | |||
Income tax benefit at our statutory rate associated with share-based compensation | (418) | (597) | (1,274) | (1,678) |
Stock-based compensation expense, net | $ 1,227 | $ 934 | $ 3,742 | $ 2,625 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 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 Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Revolving Credit Facility [Member] | The 2017 Senior Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | The 2018 Senior Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |
Debt Instrument, Term | 5 years | |
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 Intangi_3
Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 4,998 | $ 6,460 | $ 15,587 | $ 18,684 |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 5,000 | 5,000 | ||
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 | 0 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | ||
WCAX-TV [Member] | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 3,100 | |||
Goodwill, Purchase Accounting Adjustments | $ 3,100 |
Note 9 - Goodwill and Intangi_4
Note 9 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill | $ 614,177 | $ 611,100 |
Other intangible assets, net | 58,197 | 73,784 |
Intangible Assets Gross (Including Goodwill) | 2,348,209 | 2,345,082 |
Accumulated Amortization Intangible Assets | (145,082) | (129,495) |
Intangible Assets, Net (Including Goodwill) | 2,203,127 | 2,215,587 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 6,134 | 6,134 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,488) | (3,551) |
Other intangible assets, net | 646 | 2,583 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 143,446 | 143,446 |
Finite-Lived Intangible Assets, Accumulated Amortization | (85,895) | (72,245) |
Other intangible assets, net | 57,551 | 71,201 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 149,580 | 149,580 |
Finite-Lived Intangible Assets, Accumulated Amortization | (91,383) | (75,796) |
Other intangible assets, net | 58,197 | 73,784 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 1,584,452 | 1,584,402 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (53,699) | (53,699) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,530,753 | 1,530,703 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 614,177 | 611,100 |
Goodwill | 614,177 | 611,100 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 2,198,629 | 2,195,502 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (53,699) | (53,699) |
Goodwill and Indefinite-Lived Assets, Net | $ 2,144,930 | $ 2,141,803 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 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 | 26.50% | 40.70% | 26.20% | 40.60% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 4.50% | 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 | 0.30% | |||||
Income Taxes Paid, Net, Total | $ 26.8 | $ 1.2 | ||||
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income tax expense | $ 22,342 | $ 10,529 | $ 43,598 | $ 65,751 |
Effective income tax rate | 26.50% | 40.70% | 26.20% | 40.60% |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jan. 16, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
2027 Notes [Member] | Scenario, Forecast [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Revolving Credit Facility [Member] | The 2017 Senior Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Revolving Credit Facility [Member] | The 2018 Senior Credit Facility [Member] | Scenario, Forecast [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||
Debt Instrument, Term | 5 years | ||
Debt Instrument, Ticking Fee Rate | 1.25% | ||
Debt Instrument, Ticking Fee Rate, Plus LIBOR | 2.50% |