Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Common Stock - Class A [Member] | Common Stock - Class B [Member] | ||
Entity Registrant Name | 'GENERAL COMMUNICATION INC | ' | ' |
Entity Central Index Key | '0000808461 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock Shares Outstanding | ' | 37,295,000 | 3,166,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $57,933 | $24,491 |
Receivables | 202,287 | 150,436 |
Less allowance for doubtful receivables | 2,842 | 3,215 |
Net receivables | 199,445 | 147,221 |
Deferred income taxes | 42,800 | 12,897 |
Prepaid expenses | 12,413 | 8,441 |
Inventories | 8,880 | 12,098 |
Other current assets | 299 | 1,678 |
Total current assets | 321,770 | 206,826 |
Property and equipment in service, net of depreciation | 919,260 | 838,247 |
Construction in progress | 125,473 | 94,418 |
Net property and equipment | 1,044,733 | 932,665 |
Cable certificates | 191,635 | 191,635 |
Goodwill | 215,384 | 77,294 |
Wireless licenses | 91,567 | 25,967 |
Restricted cash | 11,912 | 30,933 |
Other intangible assets, net of amortization | 15,915 | 16,560 |
Deferred loan and senior notes costs, net of amortization of $6,020 and $4,554 at September 30, 2013 and December 31, 2012, respectively | 12,654 | 11,189 |
Other assets | 87,877 | 13,453 |
Total other assets | 626,944 | 367,031 |
Total assets | 1,993,447 | 1,506,522 |
Current liabilities: | ' | ' |
Current maturities of obligations under long-term debt and capital leases | 8,088 | 7,923 |
Accounts payable | 56,127 | 52,384 |
Deferred revenue | 26,230 | 25,218 |
Accrued payroll and payroll related obligations | 26,781 | 19,440 |
Accrued interest | 21,758 | 6,786 |
Accrued liabilities | 15,880 | 15,242 |
Subscriber deposits | 1,344 | 1,366 |
Total current liabilities | 156,208 | 128,359 |
Long-term debt, net | 1,012,867 | 875,123 |
Obligations under capital leases, excluding current maturities | 67,918 | 72,725 |
Obligation under capital lease due to related party, excluding current maturity | 1,885 | 1,892 |
Deferred income taxes | 161,722 | 123,661 |
Long-term deferred revenue | 91,074 | 89,815 |
Other liabilities | 32,118 | 25,511 |
Total liabilities | 1,523,792 | 1,317,086 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Paid-in capital | 29,591 | 25,832 |
Retained earnings | 123,913 | 107,584 |
Total General Communication, Inc. stockholders' equity | 163,837 | 157,178 |
Non-controlling interests | 305,818 | 32,258 |
Total stockholdersb equity | 469,655 | 189,436 |
Total liabilities and stockholdersb equity | 1,993,447 | 1,506,522 |
Common Stock - Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 8,525 | 22,703 |
Less cost of 90 and 177 Class A common shares held in treasury at September 30, 2013 and December 31, 2012, respectively | -866 | -1,617 |
Total stockholdersb equity | 8,525 | 22,703 |
Common Stock - Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 2,674 | 2,676 |
Total stockholdersb equity | $2,674 | $2,676 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred loan and senior notes costs, accumulated amortization | $6,020 | $4,554 |
Common Stock - Class A [Member] | ' | ' |
Common Stock, no par (USD per share) | ' | ' |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 37,443,000 | 38,534,000 |
Common Stock, Shares Outstanding | 37,353,000 | 38,357,000 |
Treasury Stock, Shares | 90,000 | 177,000 |
Common Stock - Class B [Member] | ' | ' |
Common Stock, no par (USD per share) | ' | ' |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued | 3,166,000 | 3,169,000 |
Common Stock, Shares Outstanding | 3,166,000 | 3,169,000 |
Treasury Stock, Shares | 0 | 0 |
CONSOLIDATED_INCOME_STATEMENTS
CONSOLIDATED INCOME STATEMENTS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $220,427 | $178,494 | $596,304 | $526,505 |
Cost of goods sold (exclusive of depreciation and amortization shown separately below) | 74,730 | 62,754 | 205,039 | 177,687 |
Selling, general and administrative expenses | 69,547 | 58,228 | 197,965 | 181,258 |
Depreciation and amortization expense | 37,466 | 32,120 | 105,861 | 97,850 |
Operating income | 38,684 | 25,392 | 87,439 | 69,710 |
Other expense: | ' | ' | ' | ' |
Interest expense (including amortization of deferred loan fees) | -17,522 | -16,765 | -51,850 | -50,868 |
Loss on extinguishment of debt | 0 | 0 | -103 | 0 |
Other | -180 | 166 | -127 | 125 |
Other expense | -17,702 | -16,599 | -52,080 | -50,743 |
Income before income tax expense | 20,982 | 8,793 | 35,359 | 18,967 |
Income tax expense | -970 | -5,270 | -8,157 | -10,387 |
Net income | 20,012 | 3,523 | 27,202 | 8,580 |
Net income (loss) attributable to non-controlling interests | 11,107 | -177 | 10,873 | -531 |
Net income attributable to General Communication, Inc. | 8,905 | 3,700 | 16,329 | 9,111 |
Common Stock - Class A [Member] | ' | ' | ' | ' |
Other expense: | ' | ' | ' | ' |
Net income attributable to General Communication, Inc. | 8,211 | 3,419 | 15,070 | 8,420 |
Net income per common share | ' | ' | ' | ' |
Basic net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.40 | $0.22 |
Diluted net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.39 | $0.22 |
Common Stock - Class B [Member] | ' | ' | ' | ' |
Other expense: | ' | ' | ' | ' |
Net income attributable to General Communication, Inc. | $694 | $281 | $1,259 | $691 |
Net income per common share | ' | ' | ' | ' |
Basic net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.40 | $0.22 |
Diluted net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.39 | $0.22 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Class A Shares held in Treasury [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Common Stock - Class B [Member] | Common Stock - Class A [Member] |
In Thousands, unless otherwise specified | |||||||
Beginning balances, total stockholders' equity at Dec. 31, 2011 | $173,647 | ($2,225) | $32,795 | $97,911 | $16,308 | $2,679 | $26,179 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 8,580 | ' | ' | 9,111 | -531 | ' | ' |
Common stock repurchases and retirements | -13,189 | ' | ' | ' | ' | ' | -13,189 |
Shares issued under stock option plan | 1,929 | ' | ' | ' | ' | ' | 1,929 |
Issuance of restricted stock awards | 0 | ' | -10,621 | ' | ' | ' | 10,621 |
Share-based compensation expense | 3,989 | ' | 3,989 | ' | ' | ' | ' |
Issuance of treasury shares related to deferred compensation payment | 580 | 511 | 69 | ' | ' | ' | ' |
Other | 7 | 7 | ' | 0 | ' | -3 | 3 |
Ending balances, total stockholders' equity at Sep. 30, 2012 | 175,543 | -1,707 | 26,232 | 107,022 | 15,777 | 2,676 | 25,543 |
Beginning balances, total stockholders' equity at Dec. 31, 2012 | 189,436 | -1,617 | 25,832 | 107,584 | 32,258 | 2,676 | 22,703 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 27,202 | ' | ' | 16,329 | 10,873 | ' | ' |
Common stock repurchases and retirements | -15,388 | ' | ' | ' | ' | ' | -15,518 |
Treasury Stock, Retired, Cost Method, Amount | ' | -130 | ' | ' | ' | ' | ' |
Shares issued under stock option plan | 333 | ' | ' | ' | ' | ' | 333 |
Issuance of restricted stock awards | 0 | ' | -1,005 | ' | ' | ' | 1,005 |
Share-based compensation expense | 4,764 | ' | 4,764 | ' | ' | ' | ' |
Issuance of treasury shares related to deferred compensation payment | 621 | 621 | ' | ' | ' | ' | ' |
Investment by non-controlling interest | 272,198 | ' | ' | ' | 272,198 | ' | ' |
Distribution to non-controlling interest | -9,511 | ' | ' | ' | -9,511 | ' | ' |
Other | 0 | ' | ' | ' | ' | -2 | 2 |
Ending balances, total stockholders' equity at Sep. 30, 2013 | $469,655 | ($866) | $29,591 | $123,913 | $305,818 | $2,674 | $8,525 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $27,202 | $8,580 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization expense | 105,861 | 97,850 |
Deferred income tax expense | 8,157 | 10,387 |
Loss on extinguishment of debt | 103 | 0 |
Share-based compensation expense | 4,729 | 3,990 |
Other noncash income and expense items | 4,672 | 5,986 |
Change in operating assets and liabilities | -9,888 | -21,627 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 140,836 | 105,166 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -135,515 | -104,351 |
Purchase of business | -100,000 | 0 |
Restricted cash | 19,021 | 5,465 |
Grant proceeds | 2,405 | 5,492 |
Purchases of other assets and intangible assets | -3,149 | -3,741 |
Other | 412 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -216,826 | -97,135 |
Cash flows from financing activities: | ' | ' |
Borrowing on Senior Credit Facility | 227,000 | 60,000 |
Repayment of debt and capital lease obligations | -95,920 | -62,659 |
Purchase of treasury stock to be retired | -15,388 | -13,189 |
Distribution to non-controlling interest | -5,390 | 0 |
Payment of debt issuance costs | -2,990 | 0 |
Borrowing of other long-term debt | 1,787 | 3,980 |
Proceeds from stock option exercises | 333 | 1,929 |
Other | 0 | 76 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 109,432 | -9,863 |
Net increase (decrease) in cash and cash equivalents | 33,442 | -1,832 |
Cash and cash equivalents at beginning of period | 24,491 | 29,387 |
Cash and cash equivalents at end of period | $57,933 | $27,555 |
Business_and_Summary_of_Signif
Business and Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||
Business and Summary of Significant Accounting Principles | ' | |||||||||||||
Business and Summary of Significant Accounting Principles | ||||||||||||||
In the following discussion, GCI and its direct and indirect subsidiaries are referred to as “we,” “us” and “our.” | ||||||||||||||
(a) | Business | |||||||||||||
GCI, an Alaska corporation, was incorporated in 1979. We offer the following services primarily in Alaska: | ||||||||||||||
• | Postpaid and prepaid wireless telephone services and sale of wireless telephone handsets and accessories, | |||||||||||||
• | Video services, | |||||||||||||
• | Internet access services, | |||||||||||||
• | Wholesale wireless, including postpaid and prepaid wireless plans for resale by other carriers and roaming for certain wireless carriers, | |||||||||||||
• | Origination and termination of wireline traffic for certain common carriers, | |||||||||||||
• | Local and long-distance voice services, | |||||||||||||
• | Data network services, | |||||||||||||
• | Broadband services, including our SchoolAccess® offering to rural school districts, our ConnectMD® offering to rural hospitals and health clinics, and managed video conferencing, | |||||||||||||
• | Managed services to certain commercial customers, | |||||||||||||
• | Sales and service of dedicated communications systems and related equipment, and | |||||||||||||
• | Lease, service arrangements and maintenance of capacity on our fiber optic cable systems used in the transmission of services within Alaska and between Alaska and the remaining United States and foreign countries. | |||||||||||||
(b) | Principles of Consolidation | |||||||||||||
Our consolidated financial statements include the consolidated accounts of GCI and its wholly owned subsidiaries, The Alaska Wireless Network, LLC ("AWN") of which we own a two-third interest and four variable interest entities (“VIEs”) for which we are the primary beneficiary after providing certain loans and guarantees. These VIEs are Terra GCI Investment Fund, LLC (“TIF”), Terra GCI 2 Investment Fund, LLC (“TIF 2”), Terra GCI 2-USB Investment Fund, LLC (“TIF 2-USB”) and Terra GCI 3 Investment Fund, LLC (“TIF 3”). TIF became a VIE on August 30, 2011. TIF 2 and TIF 2-USB became VIEs on October 3, 2012. TIF 3 became a VIE on December 11, 2012. We also include in our consolidated financial statements non-controlling interests in consolidated subsidiaries for which our ownership is less than 100 percent. All significant intercompany transactions between non-regulated affiliates of our company are eliminated. Intercompany transactions generated between regulated and non-regulated affiliates of our company are not eliminated in consolidation. | ||||||||||||||
(c) | Non-controlling Interests | |||||||||||||
Non-controlling interests represent the equity ownership interests in consolidated subsidiaries not owned by us. Non-controlling interests are adjusted for contributions, distributions, and loss attributable to the non-controlling interest partners of the consolidated entities. Income and loss is allocated to the non-controlling interests based on the respective governing documents. | ||||||||||||||
(d) | Acquisition | |||||||||||||
On July 22, 2013, we closed the transactions under the Asset Purchase and Contribution Agreement (“Wireless Agreement”) entered into on June 4, 2012 by and among Alaska Communications Systems Group, Inc. (“ACS”), GCI, ACS Wireless, Inc., a wholly owned subsidiary of ACS, GCI Wireless Holdings, LLC, a wholly owned subsidiary of GCI, and AWN, pursuant to which the parties agreed to contribute the respective wireless network assets of GCI, ACS and their affiliates to AWN. This transaction provides a statewide network with the spectrum mix, scale, advanced technology and cost structure necessary to compete with Verizon Wireless and AT&T Mobility in Alaska. AWN will provide wholesale services to GCI and ACS. GCI and ACS will use the AWN network in order to continue to sell services to their respective retail customers. GCI and ACS will continue to compete against each other and other wireless providers in the retail market. | ||||||||||||||
Under the terms of the Wireless Agreement, we contributed our wireless network assets and certain rights to use capacity to AWN. Additionally, ACS contributed its wireless network assets and certain rights to use capacity to AWN. As consideration for the contributed business assets and liabilities, ACS received $100.0 million in cash, a one-third ownership percentage in AWN and entitlements to receive preferential cash distributions totaling $190.0 million over the first four years of AWN’s operations ("Preference Period") contingent on the future cash flows of AWN. The preferential cash distribution is cumulative and may be paid beyond the Preference Period until the entire $190.0 million is paid. ACS's preferential cash distributions are expected to be higher than that which they would receive from their one-third interest. We received a two-third ownership percentage in AWN, as well as entitlements to receive all remaining cash distributions after ACS’s preferential cash distributions during the Preference Period. The distributions to each member are subject to adjustment based on the number of ACS and GCI wireless subscribers, with the aggregate adjustment capped at $21.8 million for each member over the Preference Period. Following the Preference Period, we and ACS will receive distributions proportional to our ownership interests. | ||||||||||||||
We accounted for the acquisition of AWN using the acquisition method of accounting for business combinations with GCI treated as the acquiring entity. Accordingly, the assets and liabilities contributed from ACS were recorded at estimated fair values as of the date of acquisition. We used a combination of the discounted cash flows and market method to value the wireless licenses. We used the cost approach to value the acquired fixed assets and right-to-use assets. We used a discounted cash flow method to determine the fair value of the non-controlling interest. The assets and liabilities contributed to AWN by GCI were measured at their carrying amount immediately prior to the contribution as GCI is maintaining control over the assets and liabilities. | ||||||||||||||
We have not completed our analysis of the valuation, therefore, the amounts recorded and classifications used for the assets acquired and liabilities assumed are provisional and subject to change. We will finalize the amounts recognized as we obtain the information necessary to complete our analysis. The following table summarizes the preliminary purchase price and the estimated fair value of ACS’s assets acquired and liabilities assumed, effective July 23, 2013 (amounts in thousands): | ||||||||||||||
Purchase price: | ||||||||||||||
Cash consideration paid | $ | 100,000 | ||||||||||||
Fair value of the one-third ownership interest of AWN | 272,198 | |||||||||||||
Total purchase price | $ | 372,198 | ||||||||||||
Purchase price allocation: | ||||||||||||||
Acquired assets | ||||||||||||||
Current assets | $ | 17,132 | ||||||||||||
Property and equipment, including construction in progress | 82,865 | |||||||||||||
Goodwill | 138,090 | |||||||||||||
Wireless licenses | 65,600 | |||||||||||||
Other assets | 74,523 | |||||||||||||
Fair value of liabilities assumed | (6,012 | ) | ||||||||||||
Total fair value of assets acquired and liabilities assumed | $ | 372,198 | ||||||||||||
Goodwill in the amount of $138.1 million was recorded as a result of the acquisition and assigned to our Wireless segment. The recorded amount is provisional and subject to change as we obtain the necessary information to complete our analysis. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill is primarily the result of synergies expected from the combination and to obtain access to wireless spectrum. Other assets is primarily comprised of capacity rights to use. | ||||||||||||||
The acquisition resulted in additional revenues of $27.7 million for the three and nine months ended September 30, 2013. It is impracticable for us to determine the amount of earnings of the acquired business included in our Consolidated Income Statement for the three and nine months ended September 30, 2013, due to the significant transfer of personnel, fixed assets and other expenses into and between newly created and historical cost centers that has occurred subsequent to the acquisition. | ||||||||||||||
Unaudited pro forma financial information does not purport to be indicative of the actual results that would have occurred if the acquisition had actually been completed on January 1, 2012, nor is it necessarily indicative of the future revenue of the combined company. The following unaudited pro forma financial information is presented as if the acquisition occurred on January 1, 2012 (amounts in thousands): | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Pro forma consolidated revenue | $ | 229,706 | 213,118 | 681,926 | 630,376 | |||||||||
Supplemental pro forma earnings have not been provided as it would be impracticable due to the nature of GCI's and ACS's respective wireless operations prior to the business combination. GCI and ACS were unable to disaggregate the components of expenses related to their wireless operations contributed to AWN and thus the amounts would require estimates so significant as to render the disclosure irrelevant. | ||||||||||||||
Transaction costs of $4.6 million were incurred during 2012 and 2013 of which $1.6 million were recorded in selling, general and administrative expense the nine months ended September 30, 2013. | ||||||||||||||
(e) | Recently Issued Accounting Pronouncements | |||||||||||||
There were various updates recently issued which represented technical corrections to the accounting literature or application to specific industries. None of the updates are expected to a have a material impact on our consolidated financial position, results of operations or cash flows. | ||||||||||||||
(f) | Recently Adopted Accounting Pronouncements | |||||||||||||
Accounting Standards Update (“ASU”) 2012-2, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” allows an entity to assess qualitative factors (such as changes in management, key personnel, strategy, key technology or customers) to determine if it is more likely than not that an indefinite-lived intangible asset is impaired and thus whether it is necessary to perform the quantitative impairment test in accordance with GAAP. The adoption of ASU 2012-2 on January 1, 2013 did not have a material impact on our income statements, financial position or cash flows. | ||||||||||||||
ASU 2012-4, “Technical Corrections and Improvements” includes amendments that cover a wide range of topics in the Accounting Standards Codification (“ASC”). These amendments include technical corrections and improvements to the ASC and conforming amendments related to fair value measurements. The adoption of ASU 2012-4 on January 1, 2013 did not have a material impact on our income statements, financial position or cash flows. | ||||||||||||||
(g) | Regulatory Accounting | |||||||||||||
We account for our regulated operations in accordance with the accounting principles for regulated enterprises. These accounting principles recognize the economic effects of rate regulation by recording cost and a return on investment as such amounts are recovered through rates authorized by regulatory authorities. Accordingly, plant and equipment is depreciated over lives approved by regulators and certain costs and obligations are deferred based upon approvals received from regulators to permit recovery of such amounts in future years. Our cost studies and depreciation rates for our regulated operations are subject to periodic audits that could result in a change to recorded revenues. | ||||||||||||||
(h) Earnings per Common Share | ||||||||||||||
We compute net income attributable to GCI per share of Class A and Class B common stock using the “two class” method. Therefore, basic net income per share is computed by dividing net income applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The computation of the dilutive net income per share of Class A common stock assumes the conversion of Class B common stock to Class A common stock, while the dilutive net income per share of Class B common stock does not assume the conversion of those shares. Additionally, in applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. Our restricted stock grants are entitled to dividends and meet the criteria of a participating security. | ||||||||||||||
Undistributed earnings for each year are allocated based on the contractual participation rights of Class A and Class B common shares as if the earnings for the year had been distributed. In accordance with our Articles of Incorporation, if and when dividends are declared on our common stock in accordance with Alaska corporate law, equivalent dividends shall be paid with respect to the shares of Class A and Class B common stock. Both classes of common stock have identical dividend rights and would therefore share equally in our net assets in the event of liquidation. As such, we have allocated undistributed earnings on a proportionate basis. | ||||||||||||||
Earnings per common share (“EPS”) and common shares used to calculate basic and diluted EPS consist of the following (amounts in thousands, except per share amounts): | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Class A | Class B | Class A | Class B | |||||||||||
Basic net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings | $ | 8,211 | 694 | $ | 3,419 | 281 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares | 37,434 | 3,166 | 38,600 | 3,170 | ||||||||||
outstanding | ||||||||||||||
Basic net income attributable to GCI | $ | 0.22 | 0.22 | $ | 0.09 | 0.09 | ||||||||
common stockholders per common share | ||||||||||||||
Diluted net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings for | $ | 8,211 | 694 | $ | 3,419 | 281 | ||||||||
basic computation | ||||||||||||||
Reallocation of undistributed earnings as a | 694 | — | 281 | — | ||||||||||
result of conversion of Class B to Class A | ||||||||||||||
shares | ||||||||||||||
Reallocation of undistributed earnings as a | — | 6 | — | (2 | ) | |||||||||
result of conversion of dilutive securities | ||||||||||||||
Net income adjusted for allocation of | $ | 8,905 | 700 | $ | 3,700 | 279 | ||||||||
undistributed earnings and effect of | ||||||||||||||
share based compensation that may be settled | ||||||||||||||
in cash or shares | ||||||||||||||
Denominator: | ||||||||||||||
Number of shares used in basic computation | 37,434 | 3,166 | 38,600 | 3,170 | ||||||||||
Conversion of Class B to Class A common | 3,166 | — | 3,170 | — | ||||||||||
shares outstanding | ||||||||||||||
Unexercised stock options | 176 | — | 230 | — | ||||||||||
Number of shares used in per share computation | 40,776 | 3,166 | 42,000 | 3,170 | ||||||||||
Diluted net income attributable to GCI | $ | 0.22 | 0.22 | $ | 0.09 | 0.09 | ||||||||
common stockholders per common share | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Class A | Class B | Class A | Class B | |||||||||||
Basic net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings | $ | 15,070 | 1,259 | $ | 8,420 | 691 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares | 37,887 | 3,167 | 38,614 | 3,170 | ||||||||||
outstanding | ||||||||||||||
Basic net income attributable to GCI | $ | 0.4 | 0.4 | $ | 0.22 | 0.22 | ||||||||
common stockholders per common share | ||||||||||||||
Diluted net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings for | $ | 15,070 | 1,259 | $ | 8,420 | 691 | ||||||||
basic computation | ||||||||||||||
Reallocation of undistributed earnings as a | 1,259 | — | 691 | — | ||||||||||
result of conversion of Class B to Class A | ||||||||||||||
shares | ||||||||||||||
Reallocation of undistributed earnings as a | — | (10 | ) | — | (6 | ) | ||||||||
result of conversion of dilutive securities | ||||||||||||||
Effect of share based compensation that | (26 | ) | — | — | — | |||||||||
may be settled in cash or shares | ||||||||||||||
Net income adjusted for allocation of | $ | 16,303 | 1,249 | $ | 9,111 | 685 | ||||||||
undistributed earnings and effect of | ||||||||||||||
share based compensation that may be settled | ||||||||||||||
in cash or shares | ||||||||||||||
Denominator: | ||||||||||||||
Number of shares used in basic computation | 37,887 | 3,167 | 38,614 | 3,170 | ||||||||||
Conversion of Class B to Class A common | 3,167 | — | 3,170 | — | ||||||||||
shares outstanding | ||||||||||||||
Unexercised stock options | 175 | — | 235 | — | ||||||||||
Effect of share based compensation that may | 90 | — | 158 | — | ||||||||||
be settled in cash or shares | ||||||||||||||
Number of shares used in per share computation | 41,319 | 3,167 | 42,177 | 3,170 | ||||||||||
Diluted net income attributable to GCI | $ | 0.39 | 0.39 | $ | 0.22 | 0.22 | ||||||||
common stockholders per common share | ||||||||||||||
Weighted average shares associated with outstanding share awards for the three and nine months ended September 30, 2013 and 2012, which have been excluded from the computations of diluted EPS, because the effect of including these share awards would have been anti-dilutive, consist of the following (shares, in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Shares associated with anti-dilutive unexercised | 82 | 82 | 86 | 88 | ||||||||||
stock options | ||||||||||||||
Share based compensation that may be settled in cash or shares, the effect of which is anti-dillutive | 90 | 158 | — | — | ||||||||||
Total excluded from diluted EPS calculation | 172 | 240 | 86 | 88 | ||||||||||
Shares associated with contingent awards for the three and nine months ended September 30, 2012, which have been excluded from the computations of diluted EPS because the contingencies of these awards had not been met at September 30, 2012, consist of the following (shares, in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Shares associated with contingent awards | — | 58 | — | 58 | ||||||||||
(i) Common Stock | ||||||||||||||
Following are the changes in issued common stock for the nine months ended September 30, 2013 and 2012 (shares, in thousands): | ||||||||||||||
Class A | Class B | |||||||||||||
Balances at December 31, 2011 | 39,296 | 3,171 | ||||||||||||
Class B shares converted to Class A | 2 | (2 | ) | |||||||||||
Shares issued upon stock option exercises | 284 | — | ||||||||||||
Share awards issued | 516 | — | ||||||||||||
Shares retired | (980 | ) | — | |||||||||||
Shares acquired to settle minimum statutory tax | (292 | ) | — | |||||||||||
withholding requirements | ||||||||||||||
Other | (8 | ) | — | |||||||||||
Balances at September 30, 2012 | 38,818 | 3,169 | ||||||||||||
Balances at December 31, 2012 | 38,534 | 3,169 | ||||||||||||
Class B shares converted to Class A | 3 | (3 | ) | |||||||||||
Shares issued upon stock option exercises | 54 | — | ||||||||||||
Share awards issued | 664 | — | ||||||||||||
Shares retired | (1,795 | ) | — | |||||||||||
Shares acquired to settle minimum statutory tax | (17 | ) | — | |||||||||||
withholding requirements | ||||||||||||||
Balances at September 30, 2013 | 37,443 | 3,166 | ||||||||||||
GCI’s Board of Directors has authorized a common stock buyback program for the repurchase of GCI’s Class A and Class B common stock in order to reduce the outstanding shares of Class A and Class B common stock. We are authorized to increase our repurchase limit $5.0 million per quarter indefinitely and to use stock option exercise proceeds to repurchase additional shares. If stock repurchases are less than the total approved quarterly amount the difference may be carried forward and used to repurchase additional shares in future quarters. The cost of the repurchased common stock reduced Common Stock on our Consolidated Balance Sheets. | ||||||||||||||
During the three months ended September 30, 2013 and 2012, we repurchased 242,000 and 111,000 shares, respectively, of our Class A common stock under the stock buyback program at a cost of $2.2 million and $1.0 million, respectively. During the nine months ended September 30, 2013 and 2012, we repurchased 1.7 million and 1.0 million shares, respectively, of our Class A common stock under the stock buyback program at a cost of $15.1 million and $10.0 million, respectively. Under this program we are currently authorized to make up to $101.2 million of repurchases as of September 30, 2013. The repurchased stock was constructively retired as of September 30, 2013. | ||||||||||||||
We expect to continue the repurchases for an indefinite period dependent on leverage, liquidity, company performance, and market conditions and subject to continued oversight by GCI’s Board of Directors. The open market repurchases have complied and will continue to comply with the restrictions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. | ||||||||||||||
(j) Revenue Recognition | ||||||||||||||
We recorded high cost support revenue under the Universal Service Fund (“USF”) program of $14.9 million and $10.7 million for the three months ended September 30, 2013 and 2012, respectively, and $36.0 million and $31.8 million for the nine months ended September 30, 2013 and 2012, respectively. At September 30, 2013, we have $46.8 million in high cost support accounts receivable. | ||||||||||||||
As an Eligible Telecommunications Carrier ("ETC"), we receive support from the Universal Service Fund ("USF") to support the provision of wireline local access and wireless service in high cost areas. On November 29, 2011, the FCC published a final rule to reform the methodology for distributing USF high cost support for voice and broadband services, as well as to the access charge regime for terminating traffic between carriers (“High Cost Order”). The High Cost Order defined the division of support to Alaska between Urban and Remote areas. Our Remote high cost support revenue recognition policy is described in Note 1(t) of our December 31, 2012 annual report on Form 10-K. | ||||||||||||||
The High Cost Order mandated that as of January 1, 2012, Urban high cost support payments were frozen at the monthly average of the subject CETC’s 2011 annual support. A 20% annual phase down commenced July 1, 2012, decreasing support 20% each annual period until no support is paid starting July 1, 2016. If a successor funding mechanism is not operational on July 1, 2014, the phase down will stop at 60% and the subject CETCs will continue to receive annual support payments at the 60% level until a successor funding mechanism is operational. Urban high cost support is not dependent upon line counts. | ||||||||||||||
We apply the proportional performance revenue recognition method to account for the impact of the declining payments while our level of service provided and associated costs remain constant. Included in the original calculation were the scheduled Urban high cost support payments from October 2011 through June 2014 net of our Urban accounts receivable balance at September 30, 2011. An equal amount of this result was recognized as Urban support revenue each period through the six months ended June 30, 2013. When the original calculation was performed we could not predict the likelihood of a successor funding mechanism being operational on July 1, 2014; therefore we did not included projected support payments beyond June 2014. At September 30, 2013, we believe a successor funding mechanism may be operational in January 2015 therefore we have updated our calculation to include the scheduled Urban high cost support payments from July 2013 through January 2017 net of the remaining Urban accounts receivable balance at September 30, 2011. | ||||||||||||||
For both Remote and Urban high cost support revenue our ability to collect our accrued USF support is contingent upon continuation of the USF program and upon our eligibility to participate in that program, which is subject to change by future regulatory, legislative or judicial actions. We adjust revenue and the account receivable in the period the FCC makes a program change or we assess the likelihood that such a change has increased or decreased revenue. We do not recognize revenue until our ETC status has been approved by the RCA. | ||||||||||||||
(k) Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include the allowance for doubtful receivables, unbilled revenues, accrual of the USF high cost remote area program support, share-based compensation, inventory at lower of cost or market, reserve for future customer credits, liability for incurred but not reported medical insurance claims, valuation allowances for deferred income tax assets, depreciable and amortizable lives of assets, the carrying value of long-lived assets including goodwill, cable certificates and wireless licenses, our effective tax rate, purchase price allocations, deferred lease expense, asset retirement obligations, the accrual of cost of goods sold (exclusive of depreciation and amortization expense) (“Cost of Goods Sold”), depreciation and the accrual of contingencies and litigation. Actual results could differ from those estimates. | ||||||||||||||
(l) Classification of Taxes Collected from Customers | ||||||||||||||
We report sales, use, excise, and value added taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction between us and a customer on a net basis in our Consolidated Income Statements. The following are certain surcharges reported on a gross basis in our Consolidated Income Statements (amounts in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Surcharges reported gross | $ | 1,116 | 1,214 | 3,549 | 4,094 | |||||||||
Recovered_Sheet1
Consolidated Statements of Cash Flows and Supplemental Disclosures | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
Consolidated Statements of Cash Flows Supplemental Disclosures | ' | ||||||
Consolidated Statements of Cash Flows Supplemental Disclosures | |||||||
Changes in operating assets and liabilities consist of (amounts in thousands): | |||||||
Nine Months Ended September 30, | 2013 | 2012 | |||||
Increase in accounts receivable, net | $ | (41,962 | ) | (52,020 | ) | ||
Increase in prepaid expenses | (1,066 | ) | (312 | ) | |||
(Increase) decrease in inventories | 3,218 | (4,426 | ) | ||||
Decrease in other current assets | 1,379 | 1,167 | |||||
Decrease in other assets | (197 | ) | 3,337 | ||||
Increase (decrease) in accounts payable | 6,114 | (3,768 | ) | ||||
Increase in deferred revenues | 1,012 | 1,900 | |||||
Increase (decrease) in accrued payroll and payroll related obligations | 7,234 | (1,320 | ) | ||||
Increase in accrued liabilities | 1,259 | 14,616 | |||||
Increase in accrued interest | 14,972 | 14,678 | |||||
Decrease in subscriber deposits | (22 | ) | (125 | ) | |||
Increase (decrease) in long-term deferred revenue | (739 | ) | 5,739 | ||||
Decrease in components of other long-term liabilities | (1,090 | ) | (1,093 | ) | |||
Total change in operating assets and liabilities | $ | (9,888 | ) | (21,627 | ) | ||
The following items are for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
Net cash paid or received: | 2013 | 2012 | |||||
Interest paid, net of amounts capitalized | $ | 40,417 | 37,874 | ||||
The following items are non-cash investing and financing activities for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
2013 | 2012 | ||||||
Non-cash additions for purchases of property and | $ | 17,013 | 20,854 | ||||
equipment | |||||||
Asset retirement obligation additions to property and | $ | 1,066 | 644 | ||||
equipment | |||||||
Deferred compensation distribution denominated in | $ | 621 | 511 | ||||
shares | |||||||
Net assets acquired with equity in AWN (see Note 1(d)) | $ | 272,198 | — | ||||
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||
Intangible Assets and Goodwill | |||||||||||||
In connection with our 2013 organizational realignment, it was necessary to reclassify goodwill to conform to the current period’s segment presentation. See Note 7, “Segments” of this Form 10-Q for further discussion of our change in segments. Goodwill will be re-allocated to the segments using a relative fair value approach which is not yet final. Goodwill allocated to our Wireless and Wireline segments as of September 30, 2013 is preliminarily estimated at $153.8 million and $61.6 million, respectively. Goodwill allocated to our Wireless and Wireline segments as of September 30, 2012 is preliminarily estimated at $15.7 million and $59.2 million, respectively. Wireless licenses and goodwill allocated to the Wireless segment increased substantially in the current quarter as a result of the consummation of the AWN transaction. See Note 1(d), "Acquisition" of this Form 10-Q for further discussion of the AWN transaction. Goodwill assigned to our Wireline segment increased in the fourth quarter of 2012 due to contingent payments to former shareholders of United Utilities, Inc., our wholly owned subsidiary. The amount recorded at December 31, 2012 was the final contingent payment. | |||||||||||||
Amortization expense for amortizable intangible assets was as follows (amounts in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 1,451 | 1,275 | 4,338 | 3,900 | ||||||||
Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2013 | $ | 5,309 | |||||||||||
2014 | 5,015 | ||||||||||||
2015 | 3,489 | ||||||||||||
2016 | 1,874 | ||||||||||||
2017 | 937 | ||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Long-Term Debt | ' | |
Long-Term Debt | ||
On April 30, 2013, GCI Holdings, Inc. (“Holdings”), a wholly owned subsidiary of GCI, entered into a Third Amended and Restated Credit and Guarantee Agreement with Credit Agricole Corporate and Investment Bank, as administrative agent ("Amended Senior Credit Facility"). The Amended Senior Credit Facility provides up to $240.0 million in delayed draw term loans and a $150.0 million revolving credit facility. The Amended Senior Credit Facility replaced the Senior Credit Facility described in Note 6(c) of our December 31, 2012 annual report on Form 10-K. At closing Holdings borrowed $100.0 million of the delayed draw term loan and used the proceeds to pay down all of the outstanding debt under the previous Senior Credit Facility, pay loan fees and for general corporate purposes. The Amended Senior Credit Facility will mature on April 30, 2018. | ||
The interest rate on our Amended Senior Credit Facility is London Interbank Offered Rate (“LIBOR”) plus the following Applicable Margin set forth opposite each applicable Total Leverage Ratio below. | ||
Total Leverage Ratio (as defined) | Applicable Margin | |
>=5 | 3.00% | |
>=0 but <5.5 | 2.75% | |
>=5 but <5.0 | 2.50% | |
>=0 but <4.5 | 2.25% | |
<4.0 | 2.00% | |
Borrowings under the Amended Senior Credit Facility are subject to certain financial covenants and restrictions on indebtedness. Our Amended Senior Credit Facility Total Leverage Ratio (as defined) may not exceed 6.5 to one through June 30, 2014 and shall not exceed 5.95 to one any time thereafter; the Senior Leverage Ratio (as defined) may not exceed 3.00 to one; and our Interest Coverage Ratio (as defined) must not be less than 2.50 to one at any time. | ||
The terms of the Amended Senior Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default. At any time after the occurrence of an event of default under the Amended Senior Credit Facility, the lenders may, among other options, declare any amounts outstanding under the Amended Senior Credit Facility immediately due and payable and terminate any commitment to make further loans under the Amended Senior Credit Facility. The obligations under the Amended Senior Credit Facility are secured by a security interest on substantially all of the assets of Holdings and the subsidiary guarantors, as defined in the Amended Senior Credit Facility, and on the stock of Holdings. | ||
The amendment to our Senior Credit Facility in April 2013 was a partial substantial modification of our existing Senior Credit Facility resulting in a $0.1 million write-off of previously deferred loan fees on our Consolidated Income Statement for the nine months ended September 30, 2013. Net deferred loan fees of $0.7 million associated with the portion of our previous Senior Credit Facility that was determined not to have been substantially modified are being amortized over the life of the Amended Senior Credit Facility. | ||
In connection with the Amended Senior Credit Facility, we paid loan fees and other expenses of $0.4 million that were expensed immediately on our Consolidated Income Statement for the nine months ended September 30, 2013 and $3.0 million that were deferred and are being amortized over the life of the Amended Senior Credit Facility. | ||
In July 2013, we borrowed $100.0 million under the delayed draw term loan resulting in a total of $200.0 million borrowed under the delayed draw term loan as of September 30, 2013. Additionally, we have borrowed $27.0 million under the revolving portion and have $0.5 million of letters of credit outstanding under the Amended Senior Credit Facility at September 30, 2013, which leaves $162.5 million available for borrowing as of September 30, 2013. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. At September 30, 2013 and December 31, 2012, the fair values of cash and cash equivalents, net receivables, inventories, accounts payable, accrued payroll and payroll related obligations, accrued interest, accrued liabilities, and subscriber deposits approximate their carrying value due to the short-term nature of these financial instruments. The carrying amounts and approximate fair values of our financial instruments at September 30, 2013 and December 31, 2012 follow (amounts in thousands): | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Current and long-term debt and capital lease obligations | $ | 1,090,758 | 1,090,281 | 957,663 | 979,594 | ||||||||
Other liabilities | $ | 31,608 | 30,246 | 25,511 | 24,766 | ||||||||
The following methods and assumptions were used to estimate fair values: | |||||||||||||
Current and long-term debt and capital lease obligations: The fair values of the $325.0 million in aggregate principal amount of 6.75% Senior Notes due 2021 issued by GCI, Inc., our wholly owned subsidiary, the $425.0 million in aggregate principal amount of 8.63% Senior Notes due 2019 issued by GCI, Inc., Rural Utilities Service debt, CoBank mortgage note payable, and capital leases are based upon quoted market prices for the same or similar issues or on the current rates offered to us for the same remaining maturities. The fair value of our Amended Senior Credit Facility is estimated to approximate the carrying value because this instrument is subject to variable interest rates. | |||||||||||||
Other Liabilities: Lease escalation liabilities are valued at the discounted amount of future cash flows using quoted market prices on current rates offered to us. Deferred compensation liabilities are carried at fair value, which is the amount payable as of the balance sheet date. Asset retirement obligations are recorded at their fair value and, over time, the liability is accreted to its present value each period. | |||||||||||||
Fair Value Measurements | |||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 are as follows (amounts in thousands): | |||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||
September 30, 2013 Assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Deferred compensation plan assets | $ | 2,059 | — | — | |||||||||
(mutual funds) | |||||||||||||
Total assets at fair value | $ | 2,059 | — | — | |||||||||
December 31, 2012 Assets | |||||||||||||
Deferred compensation plan assets | $ | 1,758 | — | — | |||||||||
(mutual funds) | |||||||||||||
Total assets at fair value | $ | 1,758 | — | — | |||||||||
The valuation of our mutual funds is determined using quoted market prices in active markets utilizing market observable inputs. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Stockholders' Equity Note [Abstract] | ' | ||||||
Stockholdersb Equity | ' | ||||||
Stockholders’ Equity | |||||||
Shared-Based Compensation | |||||||
Our Amended and Restated 1986 Stock Option Plan ("Stock Option Plan"), provides for the grant of options and restricted stock awards (collectively "award") for a maximum of 15.7 million shares of GCI Class A common stock, subject to adjustment upon the occurrence of stock dividends, stock splits, mergers, consolidations or certain other changes in corporate structure or capitalization. If an award expires or terminates, the shares subject to the award will be available for further grants of awards under the Stock Option Plan. The Compensation Committee of GCI’s Board of Directors administers the Stock Option Plan. Substantially all restricted stock awards granted vest over periods of up to three years. There have been no options granted since 2010. The requisite service period of our awards is generally the same as the vesting period. Options granted pursuant to the Stock Option Plan are only exercisable if at the time of exercise the option holder is our employee, non-employee director, or a consultant or advisor working on our behalf. New shares are issued when restricted stock awards are granted or stock option agreements are exercised. We have 3.0 million shares available for grant under the Stock Option Plan at September 30, 2013. | |||||||
The total fair value of options vesting during the nine months ended September 30, 2013 and 2012, was $78,000 and $0.6 million, respectively. The total intrinsic values, determined as of the date of exercise, of options exercised in the nine months ended September 30, 2013 and 2012, were $0.1 million and $1.1 million, respectively. We received $0.3 million and $1.9 million in cash from stock option exercises in the nine months ended September 30, 2013 and 2012, respectively. | |||||||
A summary of nonvested restricted stock award activity under the Stock Option Plan for the nine months ended September 30, 2013, follows (share amounts in thousands): | |||||||
Shares | Weighted | ||||||
Average | |||||||
Grant Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2013 | 1,127 | $ | 9.59 | ||||
Granted | 664 | $ | 8.27 | ||||
Vested | (119 | ) | $ | 7.87 | |||
Forfeited | (15 | ) | $ | 8.5 | |||
Nonvested at September 30, 2013 | 1,657 | ||||||
The following is a summary of our share-based compensation expense for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
2013 | 2012 | ||||||
Share-based compensation expense | $ | 4,764 | 3,989 | ||||
Adjustment to fair value of liability classified awards | (35 | ) | 1 | ||||
Total share-based compensation expense | $ | 4,729 | 3,990 | ||||
Share-based compensation expense is classified as Selling, General and Administrative Expense in our Consolidated Income Statements. Unrecognized share-based compensation expense was $7.4 million relating to 1.7 million unvested restricted stock awards and $43,000 relating to 19,000 unvested stock options as of September 30, 2013. We expect to recognize share-based compensation expense over a weighted average period of 1 year for stock options and 2 years for restricted stock awards. |
Segments
Segments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segments | ' | ||||||||||||||||||
Segments | |||||||||||||||||||
Effective January 1, 2013, we refocused our business and now have two reportable segments, Wireless and Wireline. The Wireless segment’s revenue is derived from wholesale wireless services. The Wireline segment’s revenue includes all of our other revenue, specifically a full range of retail wireless, data, video and voice services to residential, local, national and global businesses, governmental entities and public and private educational institutions; wholesale data and voice services to other common carrier customers; Internet, data network and managed services to rural schools and health organizations and regulated voice services to residential and commercial customers in 61 rural communities primarily in Southwest Alaska. This change reflects our plan to strategically focus on our wireless network and is how our chief operating decision maker now measures performance and makes resource allocation decisions. Prior to 2013 we had operated our business under five reportable segments – Consumer, Network Access, Commercial, Managed Broadband and Regulated Operations. The historical segment data has been reclassified to conform to the revised reportable segments. | |||||||||||||||||||
Wireless plan fee and excess usage revenues from external customers are allocated between our Wireless and Wireline segments. The Wireless segment records the Cost of Goods Sold related to wireless equipment sales up to an agreed-upon amount after which it is recorded in the Wireline segment. Selling, general and administrative expenses are charged to the Wireless segment based upon a shared services agreement. The remaining selling, general and administrative expenses are charged to the Wireline segment. | |||||||||||||||||||
We evaluate performance and allocate resources based on earnings before depreciation and amortization expense, net interest expense, income taxes, share-based compensation expense, accretion expense, income or loss attributable to non-controlling interest, non-cash right-to-use expense and non-cash contribution adjustment (“Adjusted EBITDA”). Management believes that this measure is useful to investors and other users of our financial information in evaluating operating profitability as an analytical indicator of income generated to service debt and fund capital expenditures. In addition, multiples of current or projected earnings before depreciation and amortization, net interest expense, and income taxes (“EBITDA”) are used to estimate current or prospective enterprise value. The accounting policies of the reportable segments are the same as those described in Note 1, “Business and Summary of Significant Accounting Policies” of this Form 10-Q. We have no intersegment sales. | |||||||||||||||||||
We earn all revenues through sales of services and products within the United States. All of our long-lived assets are located within the United States of America, except approximately 82% of our undersea fiber optic cable systems which transit international waters and all of our satellite transponders. | |||||||||||||||||||
Net assets in the Wireless segment increased substantially in the current quarter as a result of the consummation of the AWN transaction. See Note 1(d), "Acquisition" of this Form 10-Q for further discussion of the AWN transaction. | |||||||||||||||||||
Summarized financial information for our reportable segments for the three and nine months ended September 30, 2013 and 2012 follows (amounts in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Wireless | Wireline | Total Reportable Segments | Wireless | Wireline | Total Reportable Segments | ||||||||||||||
30-Sep-13 | |||||||||||||||||||
Revenues | $ | 68,097 | 152,330 | 220,427 | 137,493 | 458,811 | 596,304 | ||||||||||||
Adjusted EBITDA | $ | 37,260 | 41,457 | 78,717 | 66,722 | 132,783 | 199,505 | ||||||||||||
30-Sep-12 | |||||||||||||||||||
Revenues | $ | 32,262 | 146,232 | 178,494 | 92,066 | 434,439 | 526,505 | ||||||||||||
Adjusted EBITDA | $ | 13,194 | 46,255 | 59,449 | 38,857 | 134,842 | 173,699 | ||||||||||||
A reconciliation of reportable segment Adjusted EBITDA to consolidated income before income taxes follows (amounts in thousands): | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Reportable segment Adjusted EBITDA | $ | 78,717 | 59,449 | 199,505 | 173,699 | ||||||||||||||
Less depreciation and amortization | (37,466 | ) | (32,120 | ) | (105,861 | ) | (97,850 | ) | |||||||||||
expense | |||||||||||||||||||
Less share-based compensation | (1,823 | ) | (1,395 | ) | (4,729 | ) | (3,990 | ) | |||||||||||
expense | |||||||||||||||||||
Less non-cash contribution expense | — | — | — | (960 | ) | ||||||||||||||
Less accretion expense | (178 | ) | (201 | ) | (460 | ) | (541 | ) | |||||||||||
Less facility rights to use | (563 | ) | — | (563 | ) | — | |||||||||||||
Other | (3 | ) | (341 | ) | (453 | ) | (648 | ) | |||||||||||
Consolidated operating income | 38,684 | 25,392 | 87,439 | 69,710 | |||||||||||||||
Less other expense | (17,702 | ) | (16,599 | ) | (52,080 | ) | (50,743 | ) | |||||||||||
Consolidated income before | $ | 20,982 | 8,793 | 35,359 | 18,967 | ||||||||||||||
income tax expense | |||||||||||||||||||
Related_Party_Transaction_Note
Related Party Transaction (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transaction | ' |
Related Party Transaction | |
Upon closing of the AWN acquisition on July 22, 2013, ACS became a related party for financial statement reporting purposes. We have paid ACS $9.5 million and received $4.8 million in payments from ACS since the acquisition date. At September 30, 2013 we have $7.2 million in receivables from ACS and $5.4 million in payables to ACS. We also have long term capacity exchanges with ACS for which no money is exchanged. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||
Variable Interest Entities | ' | ||||||||||
Variable Interest Entities | |||||||||||
We have entered into several arrangements under the New Markets Tax Credit (“NMTC”) program with US Bancorp to help fund a $59.3 million project to extend terrestrial broadband service for the first time to rural Northwestern Alaska communities via a high capacity hybrid fiber optic and microwave network. When completed, the project, called TERRA-Northwest (“TERRA-NW”), will connect to the TERRA-Southwest network and provide a high capacity backbone connection from the served communities to the Internet. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (“Act”) to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments. On August 30, 2011, we entered into the first arrangement (“NMTC #1”). On October 3, 2012, we entered into the second arrangement (“NMTC #2”). On December 11, 2012, we entered into the third arrangement (“NMTC #3”) | |||||||||||
US Bancorp is the sole investor in TIF, TIF 2, TIF 2-USB and TIF 3, and as such, is entitled to substantially all of the benefits derived from the NMTCs. All of the loan proceeds to Unicom, Inc. (“Unicom”), our wholly owned subsidiary, net of syndication and arrangement fees, are restricted for use on TERRA-NW. Restricted cash of $11.9 million and $30.9 million was held by Unicom at September 30, 2013 and December 31, 2012, respectively, and is included in our Consolidated Balance Sheets. We began construction on TERRA-NW in 2012 and expect to complete all current phases of the project in 2014. We began offering service on Phase 1 of this new facility on January 3, 2013. | |||||||||||
These transactions include put/call provisions whereby we may be obligated or entitled to repurchase US Bancorp’s interests in TIF, TIF 2, TIF 2-USB and/or TIF 3. We believe that US Bancorp will exercise the put options in August 2018, October 2019 and December 2019, at the end of the compliance periods for NMTC #1, NMTC #2 and NMTC #3, respectively. The NMTCs are subject to 100% recapture for a period of seven years as provided in the Internal Revenue Code. We are required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangements. Non-compliance with applicable requirements could result in projected tax benefits not being realized by US Bancorp. We have agreed to indemnify US Bancorp for any loss or recapture of NMTCs until such time as our obligation to deliver tax benefits is relieved. There have been no credit recaptures as of September 30, 2013. The value attributed to the puts/calls is nominal. | |||||||||||
We have determined that TIF, TIF 2, TIF 2-USB and TIF 3 are VIEs. The ongoing activities of the VIEs – collecting and remitting interest and fees and NMTC compliance – were all considered in the initial design and are not expected to significantly affect economic performance throughout the life of the VIEs. Management considered the contractual arrangements that obligate us to deliver tax benefits and provide various other guarantees to US Bancorp, US Bancorp’s lack of a material interest in the underlying economics of the project, and the fact that we are obligated to absorb losses of the VIEs. We concluded that we are the primary beneficiary of each and consolidated the VIEs in accordance with the accounting standard for consolidation. | |||||||||||
US Bancorp’s contributions, net of syndication fees and other direct costs incurred in structuring the NMTC arrangements, are included in Non-controlling Interests on the Consolidated Balance Sheets. Incremental costs to maintain the structure during the compliance period are recognized as incurred to selling, general and administrative expense. | |||||||||||
The following table summarizes the impact of the VIEs consolidated as of September 30, 2013 and December 31, 2012 (amounts in thousands): | |||||||||||
September 30, 2013 | |||||||||||
Assets | Equity | ||||||||||
Carrying Value | Classification | Carrying Value | Classification | ||||||||
$ | 3,327 | Restricted cash1 | $ | 31,906 | Non-controlling interests | ||||||
29,628 | Net property and equipment | 1,049 | Retained earnings attributable to General Communication, Inc. common stockholders | ||||||||
$ | 32,955 | $ | 32,955 | ||||||||
December 31, 2012 | |||||||||||
Assets | Equity | ||||||||||
Carrying Value | Classification | Carrying Value | Classification | ||||||||
$ | 22,348 | Restricted cash1 | $ | 32,258 | Non-controlling interests | ||||||
10,607 | Net property and equipment | 697 | Retained earnings attributable to General Communication, Inc. common stockholders | ||||||||
$ | 32,955 | $ | 32,955 | ||||||||
1 An additional $8.6 million in restricted cash is held at Unicom for use only on TERRA-NW. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Operating Leases as Lessee | |||||
We acquired a large number of operating leases as part of the AWN transaction resulting in a material increase to our existing operating leases. A summary of incremental future minimum lease payments resulting from that transaction follows (amounts in thousands): | |||||
Years ending December 31: | |||||
2013 | $ | 498 | |||
2014 | 3,520 | ||||
2015 | 2,910 | ||||
2016 | 1,970 | ||||
2017 | 1,686 | ||||
2018 and thereafter | 1,664 | ||||
Total minimum lease payments | $ | 12,248 | |||
TERRA-NW | |||||
As a requirement of NMTC #1, NMTC #2 and NMTC #3, we have guaranteed completion of TERRA-NW by December 31, 2014. We plan to fund an additional $20.7 million for TERRA-NW. We began construction in 2012 and expect to complete all current phases of the project in 2014. We began offering service on Phase 1 of this new facility on January 3, 2013. | |||||
AWN Member Distribution Adjustment | |||||
As part of the AWN transaction, distributions to each member are subject to adjustment based on the number of ACS and GCI wireless subscribers, with the aggregate adjustment capped at $21.8 million for each member over the Preference Period. See Note 1(d), "Acquisition" of this Form 10-Q for further discussion of the AWN transaction. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Intelsat Lease Amendment | |
On October 17, 2013, through our subsidiary GCI Communication Corp. we amended our transponder capacity lease agreement with Intelsat, Ltd. (“Intelsat”) to lease transponder capacity on Intelsat’s Galaxy 18 spacecraft. As a result, we expect to increase our existing capital lease asset and liability by $9.4 million during the three months ending December 31, 2013. | |
Denali Media Holdings | |
On November 1, 2013, we closed the transaction under the asset purchase agreements, pursuant to which Denali Media Holdings, Corp., a wholly owned subsidiary of GCI, through its wholly owned subsidiaries, Denali Media Anchorage, Corp. and Denali Media Southeast, Corp., agreed to purchase three Alaska broadcast stations: CBS affiliate KTVA-TV of Anchorage and NBC affiliates KATH-TV in Juneau and KSCT-TV of Sitka, for a total of $7.6 million (“Media Agreements”). We are evaluating the accounting treatment for this transaction. |
Business_and_Summary_of_Signif1
Business and Summary of Significant Accounting Principles (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
Our consolidated financial statements include the consolidated accounts of GCI and its wholly owned subsidiaries, The Alaska Wireless Network, LLC ("AWN") of which we own a two-third interest and four variable interest entities (“VIEs”) for which we are the primary beneficiary after providing certain loans and guarantees. These VIEs are Terra GCI Investment Fund, LLC (“TIF”), Terra GCI 2 Investment Fund, LLC (“TIF 2”), Terra GCI 2-USB Investment Fund, LLC (“TIF 2-USB”) and Terra GCI 3 Investment Fund, LLC (“TIF 3”). TIF became a VIE on August 30, 2011. TIF 2 and TIF 2-USB became VIEs on October 3, 2012. TIF 3 became a VIE on December 11, 2012. We also include in our consolidated financial statements non-controlling interests in consolidated subsidiaries for which our ownership is less than 100 percent. All significant intercompany transactions between non-regulated affiliates of our company are eliminated. Intercompany transactions generated between regulated and non-regulated affiliates of our company are not eliminated in consolidation. | |
Non-controlling Interests | ' |
Non-controlling Interests | |
Non-controlling interests represent the equity ownership interests in consolidated subsidiaries not owned by us. Non-controlling interests are adjusted for contributions, distributions, and loss attributable to the non-controlling interest partners of the consolidated entities. Income and loss is allocated to the non-controlling interests based on the respective governing documents | |
Acquisition | ' |
We accounted for the acquisition of AWN using the acquisition method of accounting for business combinations with GCI treated as the acquiring entity. Accordingly, the assets and liabilities contributed from ACS were recorded at estimated fair values as of the date of acquisition. We used a combination of the discounted cash flows and market method to value the wireless licenses. We used the cost approach to value the acquired fixed assets and right-to-use assets. We used a discounted cash flow method to determine the fair value of the non-controlling interest. The assets and liabilities contributed to AWN by GCI were measured at their carrying amount immediately prior to the contribution as GCI is maintaining control over the assets and liabilities. | |
We have not completed our analysis of the valuation, therefore, the amounts recorded and classifications used for the assets acquired and liabilities assumed are provisional and subject to change. We will finalize the amounts recognized as we obtain the information necessary to complete our analysis. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
Accounting Standards Update (“ASU”) 2012-2, “Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment” allows an entity to assess qualitative factors (such as changes in management, key personnel, strategy, key technology or customers) to determine if it is more likely than not that an indefinite-lived intangible asset is impaired and thus whether it is necessary to perform the quantitative impairment test in accordance with GAAP. The adoption of ASU 2012-2 on January 1, 2013 did not have a material impact on our income statements, financial position or cash flows. | |
ASU 2012-4, “Technical Corrections and Improvements” includes amendments that cover a wide range of topics in the Accounting Standards Codification (“ASC”). These amendments include technical corrections and improvements to the ASC and conforming amendments related to fair value measurements. The adoption of ASU 2012-4 on January 1, 2013 did not have a material impact on our income statements, financial position or cash flows | |
Regulatory Accounting | ' |
Regulatory Accounting | |
We account for our regulated operations in accordance with the accounting principles for regulated enterprises. These accounting principles recognize the economic effects of rate regulation by recording cost and a return on investment as such amounts are recovered through rates authorized by regulatory authorities. Accordingly, plant and equipment is depreciated over lives approved by regulators and certain costs and obligations are deferred based upon approvals received from regulators to permit recovery of such amounts in future years. Our cost studies and depreciation rates for our regulated operations are subject to periodic audits that could result in a change to recorded revenues | |
Earnings per Common Share | ' |
Earnings per Common Share | |
We compute net income attributable to GCI per share of Class A and Class B common stock using the “two class” method. Therefore, basic net income per share is computed by dividing net income applicable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. The computation of the dilutive net income per share of Class A common stock assumes the conversion of Class B common stock to Class A common stock, while the dilutive net income per share of Class B common stock does not assume the conversion of those shares. Additionally, in applying the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. Our restricted stock grants are entitled to dividends and meet the criteria of a participating security. | |
Undistributed earnings for each year are allocated based on the contractual participation rights of Class A and Class B common shares as if the earnings for the year had been distributed. In accordance with our Articles of Incorporation, if and when dividends are declared on our common stock in accordance with Alaska corporate law, equivalent dividends shall be paid with respect to the shares of Class A and Class B common stock. Both classes of common stock have identical dividend rights and would therefore share equally in our net assets in the event of liquidation. As such, we have allocated undistributed earnings on a proportionate basis. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to estimates and assumptions include the allowance for doubtful receivables, unbilled revenues, accrual of the USF high cost remote area program support, share-based compensation, inventory at lower of cost or market, reserve for future customer credits, liability for incurred but not reported medical insurance claims, valuation allowances for deferred income tax assets, depreciable and amortizable lives of assets, the carrying value of long-lived assets including goodwill, cable certificates and wireless licenses, our effective tax rate, purchase price allocations, deferred lease expense, asset retirement obligations, the accrual of cost of goods sold (exclusive of depreciation and amortization expense) (“Cost of Goods Sold”), depreciation and the accrual of contingencies and litigation. Actual results could differ from those estimates | |
Classification of Taxes Collected from Customers | ' |
Classification of Taxes Collected from Customers | |
We report sales, use, excise, and value added taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction between us and a customer on a net basis in our Consolidated Income Statements |
Business_and_Summary_of_Signif2
Business and Summary of Significant Accounting Principles (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||
Schedule of Purchase Price and Estimated Fair Value | ' | |||||||||||||
The following table summarizes the preliminary purchase price and the estimated fair value of ACS’s assets acquired and liabilities assumed, effective July 23, 2013 (amounts in thousands): | ||||||||||||||
Purchase price: | ||||||||||||||
Cash consideration paid | $ | 100,000 | ||||||||||||
Fair value of the one-third ownership interest of AWN | 272,198 | |||||||||||||
Total purchase price | $ | 372,198 | ||||||||||||
Purchase price allocation: | ||||||||||||||
Acquired assets | ||||||||||||||
Current assets | $ | 17,132 | ||||||||||||
Property and equipment, including construction in progress | 82,865 | |||||||||||||
Goodwill | 138,090 | |||||||||||||
Wireless licenses | 65,600 | |||||||||||||
Other assets | 74,523 | |||||||||||||
Fair value of liabilities assumed | (6,012 | ) | ||||||||||||
Total fair value of assets acquired and liabilities assumed | $ | 372,198 | ||||||||||||
Schedule of Pro Forma Information | ' | |||||||||||||
The following unaudited pro forma financial information is presented as if the acquisition occurred on January 1, 2012 (amounts in thousands): | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Pro forma consolidated revenue | $ | 229,706 | 213,118 | 681,926 | 630,376 | |||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||||
Earnings per common share (“EPS”) and common shares used to calculate basic and diluted EPS consist of the following (amounts in thousands, except per share amounts): | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Class A | Class B | Class A | Class B | |||||||||||
Basic net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings | $ | 8,211 | 694 | $ | 3,419 | 281 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares | 37,434 | 3,166 | 38,600 | 3,170 | ||||||||||
outstanding | ||||||||||||||
Basic net income attributable to GCI | $ | 0.22 | 0.22 | $ | 0.09 | 0.09 | ||||||||
common stockholders per common share | ||||||||||||||
Diluted net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings for | $ | 8,211 | 694 | $ | 3,419 | 281 | ||||||||
basic computation | ||||||||||||||
Reallocation of undistributed earnings as a | 694 | — | 281 | — | ||||||||||
result of conversion of Class B to Class A | ||||||||||||||
shares | ||||||||||||||
Reallocation of undistributed earnings as a | — | 6 | — | (2 | ) | |||||||||
result of conversion of dilutive securities | ||||||||||||||
Net income adjusted for allocation of | $ | 8,905 | 700 | $ | 3,700 | 279 | ||||||||
undistributed earnings and effect of | ||||||||||||||
share based compensation that may be settled | ||||||||||||||
in cash or shares | ||||||||||||||
Denominator: | ||||||||||||||
Number of shares used in basic computation | 37,434 | 3,166 | 38,600 | 3,170 | ||||||||||
Conversion of Class B to Class A common | 3,166 | — | 3,170 | — | ||||||||||
shares outstanding | ||||||||||||||
Unexercised stock options | 176 | — | 230 | — | ||||||||||
Number of shares used in per share computation | 40,776 | 3,166 | 42,000 | 3,170 | ||||||||||
Diluted net income attributable to GCI | $ | 0.22 | 0.22 | $ | 0.09 | 0.09 | ||||||||
common stockholders per common share | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | |||||||||||||
Class A | Class B | Class A | Class B | |||||||||||
Basic net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings | $ | 15,070 | 1,259 | $ | 8,420 | 691 | ||||||||
Denominator: | ||||||||||||||
Weighted average common shares | 37,887 | 3,167 | 38,614 | 3,170 | ||||||||||
outstanding | ||||||||||||||
Basic net income attributable to GCI | $ | 0.4 | 0.4 | $ | 0.22 | 0.22 | ||||||||
common stockholders per common share | ||||||||||||||
Diluted net income per share: | ||||||||||||||
Numerator: | ||||||||||||||
Allocation of undistributed earnings for | $ | 15,070 | 1,259 | $ | 8,420 | 691 | ||||||||
basic computation | ||||||||||||||
Reallocation of undistributed earnings as a | 1,259 | — | 691 | — | ||||||||||
result of conversion of Class B to Class A | ||||||||||||||
shares | ||||||||||||||
Reallocation of undistributed earnings as a | — | (10 | ) | — | (6 | ) | ||||||||
result of conversion of dilutive securities | ||||||||||||||
Effect of share based compensation that | (26 | ) | — | — | — | |||||||||
may be settled in cash or shares | ||||||||||||||
Net income adjusted for allocation of | $ | 16,303 | 1,249 | $ | 9,111 | 685 | ||||||||
undistributed earnings and effect of | ||||||||||||||
share based compensation that may be settled | ||||||||||||||
in cash or shares | ||||||||||||||
Denominator: | ||||||||||||||
Number of shares used in basic computation | 37,887 | 3,167 | 38,614 | 3,170 | ||||||||||
Conversion of Class B to Class A common | 3,167 | — | 3,170 | — | ||||||||||
shares outstanding | ||||||||||||||
Unexercised stock options | 175 | — | 235 | — | ||||||||||
Effect of share based compensation that may | 90 | — | 158 | — | ||||||||||
be settled in cash or shares | ||||||||||||||
Number of shares used in per share computation | 41,319 | 3,167 | 42,177 | 3,170 | ||||||||||
Diluted net income attributable to GCI | $ | 0.39 | 0.39 | $ | 0.22 | 0.22 | ||||||||
common stockholders per common share | ||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||
Weighted average shares associated with outstanding share awards for the three and nine months ended September 30, 2013 and 2012, which have been excluded from the computations of diluted EPS, because the effect of including these share awards would have been anti-dilutive, consist of the following (shares, in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Shares associated with anti-dilutive unexercised | 82 | 82 | 86 | 88 | ||||||||||
stock options | ||||||||||||||
Share based compensation that may be settled in cash or shares, the effect of which is anti-dillutive | 90 | 158 | — | — | ||||||||||
Total excluded from diluted EPS calculation | 172 | 240 | 86 | 88 | ||||||||||
Schedule Of Contingent Awards | ' | |||||||||||||
Shares associated with contingent awards for the three and nine months ended September 30, 2012, which have been excluded from the computations of diluted EPS because the contingencies of these awards had not been met at September 30, 2012, consist of the following (shares, in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Shares associated with contingent awards | — | 58 | — | 58 | ||||||||||
Schedule of Stock by Class | ' | |||||||||||||
Following are the changes in issued common stock for the nine months ended September 30, 2013 and 2012 (shares, in thousands): | ||||||||||||||
Class A | Class B | |||||||||||||
Balances at December 31, 2011 | 39,296 | 3,171 | ||||||||||||
Class B shares converted to Class A | 2 | (2 | ) | |||||||||||
Shares issued upon stock option exercises | 284 | — | ||||||||||||
Share awards issued | 516 | — | ||||||||||||
Shares retired | (980 | ) | — | |||||||||||
Shares acquired to settle minimum statutory tax | (292 | ) | — | |||||||||||
withholding requirements | ||||||||||||||
Other | (8 | ) | — | |||||||||||
Balances at September 30, 2012 | 38,818 | 3,169 | ||||||||||||
Balances at December 31, 2012 | 38,534 | 3,169 | ||||||||||||
Class B shares converted to Class A | 3 | (3 | ) | |||||||||||
Shares issued upon stock option exercises | 54 | — | ||||||||||||
Share awards issued | 664 | — | ||||||||||||
Shares retired | (1,795 | ) | — | |||||||||||
Shares acquired to settle minimum statutory tax | (17 | ) | — | |||||||||||
withholding requirements | ||||||||||||||
Balances at September 30, 2013 | 37,443 | 3,166 | ||||||||||||
Excise And Sales Taxes | ' | |||||||||||||
The following are certain surcharges reported on a gross basis in our Consolidated Income Statements (amounts in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Surcharges reported gross | $ | 1,116 | 1,214 | 3,549 | 4,094 | |||||||||
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Supplemental Disclosures (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||
Cash Flow Operating Capital | ' | ||||||
Changes in operating assets and liabilities consist of (amounts in thousands): | |||||||
Nine Months Ended September 30, | 2013 | 2012 | |||||
Increase in accounts receivable, net | $ | (41,962 | ) | (52,020 | ) | ||
Increase in prepaid expenses | (1,066 | ) | (312 | ) | |||
(Increase) decrease in inventories | 3,218 | (4,426 | ) | ||||
Decrease in other current assets | 1,379 | 1,167 | |||||
Decrease in other assets | (197 | ) | 3,337 | ||||
Increase (decrease) in accounts payable | 6,114 | (3,768 | ) | ||||
Increase in deferred revenues | 1,012 | 1,900 | |||||
Increase (decrease) in accrued payroll and payroll related obligations | 7,234 | (1,320 | ) | ||||
Increase in accrued liabilities | 1,259 | 14,616 | |||||
Increase in accrued interest | 14,972 | 14,678 | |||||
Decrease in subscriber deposits | (22 | ) | (125 | ) | |||
Increase (decrease) in long-term deferred revenue | (739 | ) | 5,739 | ||||
Decrease in components of other long-term liabilities | (1,090 | ) | (1,093 | ) | |||
Total change in operating assets and liabilities | $ | (9,888 | ) | (21,627 | ) | ||
Cash Payments for Interest | ' | ||||||
The following items are for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
Net cash paid or received: | 2013 | 2012 | |||||
Interest paid, net of amounts capitalized | $ | 40,417 | 37,874 | ||||
Schedule of Other Significant Noncash Transactions | ' | ||||||
The following items are non-cash investing and financing activities for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
2013 | 2012 | ||||||
Non-cash additions for purchases of property and | $ | 17,013 | 20,854 | ||||
equipment | |||||||
Asset retirement obligation additions to property and | $ | 1,066 | 644 | ||||
equipment | |||||||
Deferred compensation distribution denominated in | $ | 621 | 511 | ||||
shares | |||||||
Net assets acquired with equity in AWN (see Note 1(d)) | $ | 272,198 | — | ||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Amortization Expense | ' | ||||||||||||
Amortization expense for amortizable intangible assets was as follows (amounts in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Amortization expense | $ | 1,451 | 1,275 | 4,338 | 3,900 | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||
Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2013 | $ | 5,309 | |||||||||||
2014 | 5,015 | ||||||||||||
2015 | 3,489 | ||||||||||||
2016 | 1,874 | ||||||||||||
2017 | 937 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Interest Margin | ' | |
Total Leverage Ratio (as defined) | Applicable Margin | |
>=5 | 3.00% | |
>=0 but <5.5 | 2.75% | |
>=5 but <5.0 | 2.50% | |
>=0 but <4.5 | 2.25% | |
<4.0 | 2.00% |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The carrying amounts and approximate fair values of our financial instruments at September 30, 2013 and December 31, 2012 follow (amounts in thousands): | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||
Current and long-term debt and capital lease obligations | $ | 1,090,758 | 1,090,281 | 957,663 | 979,594 | ||||||||
Other liabilities | $ | 31,608 | 30,246 | 25,511 | 24,766 | ||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis | ' | ||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 are as follows (amounts in thousands): | |||||||||||||
Fair Value Measurement at Reporting Date Using | |||||||||||||
September 30, 2013 Assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Deferred compensation plan assets | $ | 2,059 | — | — | |||||||||
(mutual funds) | |||||||||||||
Total assets at fair value | $ | 2,059 | — | — | |||||||||
December 31, 2012 Assets | |||||||||||||
Deferred compensation plan assets | $ | 1,758 | — | — | |||||||||
(mutual funds) | |||||||||||||
Total assets at fair value | $ | 1,758 | — | — | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Stockholders' Equity Note [Abstract] | ' | ||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||
A summary of nonvested restricted stock award activity under the Stock Option Plan for the nine months ended September 30, 2013, follows (share amounts in thousands): | |||||||
Shares | Weighted | ||||||
Average | |||||||
Grant Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2013 | 1,127 | $ | 9.59 | ||||
Granted | 664 | $ | 8.27 | ||||
Vested | (119 | ) | $ | 7.87 | |||
Forfeited | (15 | ) | $ | 8.5 | |||
Nonvested at September 30, 2013 | 1,657 | ||||||
Schedule Of Share-based Compensation | ' | ||||||
The following is a summary of our share-based compensation expense for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||
2013 | 2012 | ||||||
Share-based compensation expense | $ | 4,764 | 3,989 | ||||
Adjustment to fair value of liability classified awards | (35 | ) | 1 | ||||
Total share-based compensation expense | $ | 4,729 | 3,990 | ||||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||
Summarized financial information for our reportable segments for the three and nine months ended September 30, 2013 and 2012 follows (amounts in thousands): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Wireless | Wireline | Total Reportable Segments | Wireless | Wireline | Total Reportable Segments | ||||||||||||||
30-Sep-13 | |||||||||||||||||||
Revenues | $ | 68,097 | 152,330 | 220,427 | 137,493 | 458,811 | 596,304 | ||||||||||||
Adjusted EBITDA | $ | 37,260 | 41,457 | 78,717 | 66,722 | 132,783 | 199,505 | ||||||||||||
30-Sep-12 | |||||||||||||||||||
Revenues | $ | 32,262 | 146,232 | 178,494 | 92,066 | 434,439 | 526,505 | ||||||||||||
Adjusted EBITDA | $ | 13,194 | 46,255 | 59,449 | 38,857 | 134,842 | 173,699 | ||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||
A reconciliation of reportable segment Adjusted EBITDA to consolidated income before income taxes follows (amounts in thousands): | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Reportable segment Adjusted EBITDA | $ | 78,717 | 59,449 | 199,505 | 173,699 | ||||||||||||||
Less depreciation and amortization | (37,466 | ) | (32,120 | ) | (105,861 | ) | (97,850 | ) | |||||||||||
expense | |||||||||||||||||||
Less share-based compensation | (1,823 | ) | (1,395 | ) | (4,729 | ) | (3,990 | ) | |||||||||||
expense | |||||||||||||||||||
Less non-cash contribution expense | — | — | — | (960 | ) | ||||||||||||||
Less accretion expense | (178 | ) | (201 | ) | (460 | ) | (541 | ) | |||||||||||
Less facility rights to use | (563 | ) | — | (563 | ) | — | |||||||||||||
Other | (3 | ) | (341 | ) | (453 | ) | (648 | ) | |||||||||||
Consolidated operating income | 38,684 | 25,392 | 87,439 | 69,710 | |||||||||||||||
Less other expense | (17,702 | ) | (16,599 | ) | (52,080 | ) | (50,743 | ) | |||||||||||
Consolidated income before | $ | 20,982 | 8,793 | 35,359 | 18,967 | ||||||||||||||
income tax expense | |||||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||
Schedule of Variable Interest Entities | ' | ||||||||||
The following table summarizes the impact of the VIEs consolidated as of September 30, 2013 and December 31, 2012 (amounts in thousands): | |||||||||||
September 30, 2013 | |||||||||||
Assets | Equity | ||||||||||
Carrying Value | Classification | Carrying Value | Classification | ||||||||
$ | 3,327 | Restricted cash1 | $ | 31,906 | Non-controlling interests | ||||||
29,628 | Net property and equipment | 1,049 | Retained earnings attributable to General Communication, Inc. common stockholders | ||||||||
$ | 32,955 | $ | 32,955 | ||||||||
December 31, 2012 | |||||||||||
Assets | Equity | ||||||||||
Carrying Value | Classification | Carrying Value | Classification | ||||||||
$ | 22,348 | Restricted cash1 | $ | 32,258 | Non-controlling interests | ||||||
10,607 | Net property and equipment | 697 | Retained earnings attributable to General Communication, Inc. common stockholders | ||||||||
$ | 32,955 | $ | 32,955 | ||||||||
1 An additional $8.6 million in restricted cash is held at Unicom for use only on TERRA-NW. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
A summary of incremental future minimum lease payments resulting from that transaction follows (amounts in thousands): | |||||
Years ending December 31: | |||||
2013 | $ | 498 | |||
2014 | 3,520 | ||||
2015 | 2,910 | ||||
2016 | 1,970 | ||||
2017 | 1,686 | ||||
2018 and thereafter | 1,664 | ||||
Total minimum lease payments | $ | 12,248 | |||
Business_and_Summary_of_Signif3
Business and Summary of Significant Accounting Principles (Narratives) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Business | ' | ' | ' | ' | ' | ' |
Year founded | ' | ' | ' | '1979 | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' |
Purchase of business | $100,000,000 | ' | ' | $100,000,000 | $0 | ' |
Goodwill | ' | 215,384,000 | ' | 215,384,000 | ' | 77,294,000 |
Common Stock | ' | ' | ' | ' | ' | ' |
Authorized amount, repurchase of stock | ' | ' | ' | 5,000,000 | ' | ' |
Stock repurchased during period, value | ' | ' | ' | 15,388,000 | 13,189,000 | ' |
Revenue Recognition | ' | ' | ' | ' | ' | ' |
Revenues | ' | 220,427,000 | 178,494,000 | 596,304,000 | 526,505,000 | ' |
Receivables | ' | 202,287,000 | ' | 202,287,000 | ' | 150,436,000 |
Percentage phase down, decrease in support payments | ' | ' | ' | 20.00% | ' | ' |
Percentage phase down, maximum decrease in support payments | ' | ' | ' | 60.00% | ' | ' |
Total High Cost Support Program [Member] | ' | ' | ' | ' | ' | ' |
Revenue Recognition | ' | ' | ' | ' | ' | ' |
Revenues | ' | 14,900,000 | 10,700,000 | 36,000,000 | 31,800,000 | ' |
Receivables | ' | 46,800,000 | ' | 46,800,000 | ' | ' |
Common Stock - Class A [Member] | ' | ' | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | ' | ' | ' | 1,795,000 | 980,000 | ' |
Stock repurchased during period, value | ' | ' | ' | 15,518,000 | 13,189,000 | ' |
ACS [Member] | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' |
Purchase of business | 100,000,000 | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | 33.30% | ' | ' | ' | ' | ' |
Preferential cash distributions | 190,000,000 | ' | ' | ' | ' | ' |
Preference period | '4 years | ' | ' | ' | ' | ' |
Preferential adjustment maximum | ' | ' | ' | 21,800,000 | ' | ' |
Goodwill | 138,090,000 | ' | ' | ' | ' | ' |
Additional revenue | ' | 27,700,000 | ' | 27,700,000 | ' | ' |
Transaction costs | ' | 4,600,000 | ' | 4,600,000 | ' | 4,600,000 |
Selling, General and Administrative Expenses [Member] | ACS [Member] | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | 1,600,000 | ' | 1,600,000 | ' | ' |
Stock Buyback Program [Member] | ' | ' | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining value authorized to be repurchased | ' | ' | ' | 101,200,000 | ' | ' |
Stock Buyback Program [Member] | Common Stock - Class A [Member] | ' | ' | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | ' | 242,000 | 111,000 | 1,742,000 | 980,000 | ' |
Stock repurchased during period, value | ' | $2,200,000 | $1,000,000 | $15,100,000 | $10,000,000 | ' |
Business_and_Summary_of_Signif4
Business and Summary of Significant Accounting Principles (Business Acquisition) (Details) (USD $) | 0 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase of business | $100,000 | $100,000 | $0 | ' |
Purchase price allocation: | ' | ' | ' | ' |
Goodwill | ' | 215,384 | ' | 77,294 |
ACS [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase of business | 100,000 | ' | ' | ' |
Fair value of the one-third ownership interest of AWN | 272,198 | ' | ' | ' |
Business Combination, Consideration Transferred | 372,198 | ' | ' | ' |
Purchase price allocation: | ' | ' | ' | ' |
Current assets | 17,132 | ' | ' | ' |
Property and equipment, including construction in progress | 82,865 | ' | ' | ' |
Goodwill | 138,090 | ' | ' | ' |
Other assets | 74,523 | ' | ' | ' |
Fair value of liabilities assumed | -6,012 | ' | ' | ' |
Total fair value of assets acquired and liabilities assumed | 372,198 | ' | ' | ' |
ACS [Member] | Wireless Licenses [Member] | ' | ' | ' | ' |
Purchase price allocation: | ' | ' | ' | ' |
Wireless licenses | $65,600 | ' | ' | ' |
Business_and_Summary_of_Signif5
Business and Summary of Significant Accounting Principles (Pro-Forma Information) (Details) (ACS [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
ACS [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Pro forma consolidated revenue | $229,706 | $213,118 | $681,926 | $630,376 |
Business_and_Summary_of_Signif6
Business and Summary of Significant Accounting Principles (Basic EPS calculations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings | $8,905 | $3,700 | $16,329 | $9,111 |
Common Stock - Class A [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings | 8,211 | 3,419 | 15,070 | 8,420 |
Weighted average common shares outstanding | 37,434 | 38,600 | 37,887 | 38,614 |
Basic net income attributable to GCI common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.40 | $0.22 |
Common Stock - Class B [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings | $694 | $281 | $1,259 | $691 |
Weighted average common shares outstanding | 3,166 | 3,170 | 3,167 | 3,170 |
Basic net income attributable to GCI common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.40 | $0.22 |
Business_and_Summary_of_Signif7
Business and Summary of Significant Accounting Principles (Diluted EPS calculations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings for basic computation | $8,905 | $3,700 | $16,329 | $9,111 |
Common Stock - Class A [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings for basic computation | 8,211 | 3,419 | 15,070 | 8,420 |
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 694 | 281 | 1,259 | 691 |
Reallocation of undistributed earnings as a result of conversion of dilutive securities | 0 | 0 | 0 | 0 |
Effect of share based compensation that may be settled in cash or shares | ' | ' | -26 | 0 |
Net income adjusted for allocation of undistributed earnings and effect of share based compensation that may be settled in cash or shares | 8,905 | 3,700 | 16,303 | 9,111 |
Number of shares used in basic computation | 37,434 | 38,600 | 37,887 | 38,614 |
Conversion of Class B to Class A common shares outstanding | 3,166 | 3,170 | 3,167 | 3,170 |
Unexercised stock options | 176 | 230 | 175 | 235 |
Effect of share based compensation that may be settled in cash or shares | ' | ' | 90 | 158 |
Number of shares used in per share computation | 40,776 | 42,000 | 41,319 | 42,177 |
Diluted net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.39 | $0.22 |
Common Stock - Class B [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Allocation of undistributed earnings for basic computation | 694 | 281 | 1,259 | 691 |
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares | 0 | 0 | 0 | 0 |
Reallocation of undistributed earnings as a result of conversion of dilutive securities | 6 | -2 | -10 | -6 |
Effect of share based compensation that may be settled in cash or shares | ' | ' | 0 | 0 |
Net income adjusted for allocation of undistributed earnings and effect of share based compensation that may be settled in cash or shares | $700 | $279 | $1,249 | $685 |
Number of shares used in basic computation | 3,166 | 3,170 | 3,167 | 3,170 |
Conversion of Class B to Class A common shares outstanding | 0 | 0 | 0 | 0 |
Unexercised stock options | 0 | 0 | 0 | 0 |
Effect of share based compensation that may be settled in cash or shares | ' | ' | 0 | 0 |
Number of shares used in per share computation | 3,166 | 3,170 | 3,167 | 3,170 |
Diluted net income attributable to General Communication, Inc. common stockholders per common share (USD per share) | $0.22 | $0.09 | $0.39 | $0.22 |
Business_and_Summary_of_Signif8
Business and Summary of Significant Accounting Principles (Weighted Average Shares outstanding which are anti-dilutive) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares associated with anti-dilutive unexercised stock options | 172 | 240 | 86 | 88 |
Unexercised Stock Options [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares associated with anti-dilutive unexercised stock options | 82 | 82 | 86 | 88 |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Shares associated with anti-dilutive unexercised stock options | 90 | 158 | 0 | 0 |
Business_and_Summary_of_Signif9
Business and Summary of Significant Accounting Principles (Shares outstanding which are contingent) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Shares associated with contingent awards | 0 | 58 | 0 | 58 |
Recovered_Sheet2
Business and Summary of Significant Accounting Principles (Changes in issued Common Stock) (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Common Stock - Class A [Member] | ' | ' |
Common Stock [Roll Forward] | ' | ' |
Balance, Beginning | 38,534,000 | 39,296,000 |
Class B shares converted to Class A | 3,000 | 2,000 |
Shares issued upon stock option exercises | 54,000 | 284,000 |
Share awards issued | 664,000 | 516,000 |
Shares retired | -1,795,000 | -980,000 |
Shares acquired to settle minimum statutory tax withholding requirements | -17,000 | -292,000 |
Other | ' | -8,000 |
Balance, Ending | 37,443,000 | 38,818,000 |
Common Stock - Class B [Member] | ' | ' |
Common Stock [Roll Forward] | ' | ' |
Balance, Beginning | 3,169,000 | 3,171,000 |
Class B shares converted to Class A | -3,000 | -2,000 |
Shares issued upon stock option exercises | 0 | 0 |
Share awards issued | 0 | 0 |
Shares retired | 0 | 0 |
Shares acquired to settle minimum statutory tax withholding requirements | 0 | 0 |
Other | ' | 0 |
Balance, Ending | 3,166,000 | 3,169,000 |
Recovered_Sheet3
Business and Summary of Significant Accounting Principles (Surcharges reported gross) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Taxes, Miscellaneous [Abstract] | ' | ' | ' | ' |
Surcharges reported gross | $1,116 | $1,214 | $3,549 | $4,094 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows Supplemental Disclosures ( Changes in operating assets and liabilities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Increase in accounts receivable, net | ($41,962) | ($52,020) |
Increase in prepaid expenses | -1,066 | -312 |
(Increase) decrease in inventories | 3,218 | -4,426 |
Decrease in other current assets | 1,379 | 1,167 |
Decrease in other assets | -197 | 3,337 |
Increase (decrease) in accounts payable | 6,114 | -3,768 |
Increase in deferred revenues | 1,012 | 1,900 |
Increase (decrease) in accrued payroll and payroll related obligations | 7,234 | -1,320 |
Increase in accrued liabilities | 1,259 | 14,616 |
Increase in accrued interest | 14,972 | 14,678 |
Decrease in subscriber deposits | -22 | -125 |
Increase (decrease) in long-term deferred revenue | -739 | 5,739 |
Decrease in components of other long-term liabilities | -1,090 | -1,093 |
Total change in operating assets and liabilities | ($9,888) | ($21,627) |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows Supplemental Disclosures (Net cash paid or received) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Interest paid, net of amounts capitalized | $40,417 | $37,874 |
Consolidated_Statement_of_Cash2
Consolidated Statement of Cash Flows Supplemental Disclosures ( Non-cash investing and financing activities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Non-cash additions for purchases of property and equipment | $17,013 | $20,854 |
Asset retirement obligation additions to property and equipment | 1,066 | 644 |
Deferred compensation distribution denominated in shares | 621 | 511 |
Net assets acquired with equity in AWN (see Note 1(d)) | $272,198 | $0 |
Intangible_Assets_Narratives_D
Intangible Assets (Narratives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Wireless [Member] | Wireless [Member] | Wireline [Member] | Wireline [Member] | ||
Goodwill by Segment [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill | $215,384 | $77,294 | $153,800 | $15,700 | $61,600 | $59,200 |
Intangible_Assets_Amortization
Intangible Assets (Amortization expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $1,451 | $1,275 | $4,338 | $3,900 |
Intangible_Assets_5_year_Futur
Intangible Assets (5 year Future Amortization ) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ' |
2013 | $5,309 |
2014 | 5,015 |
2015 | 3,489 |
2016 | 1,874 |
2017 | $937 |
LongTerm_Debt_Narratives_Detai
Long-Term Debt (Narratives) (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | |
Line of Credit [Member] | After June 30, 2014 [Member] | Notes Payable to Banks [Member] | Revolving Credit Facility [Member] | |||
Line of Credit [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Senior Credit Facility Capacity | ' | ' | ' | ' | $240,000,000 | $150,000,000 |
Senior Credit Facility Term Loan Amount | 200,000,000 | 100,000,000 | 100,000,000 | ' | ' | ' |
Debt Instrument Maturity | 30-Apr-18 | ' | ' | ' | ' | ' |
Total Leverage Ratio | 6.5 | ' | ' | 5.95 | ' | ' |
Senior Leverage Ratio | 3 | ' | ' | ' | ' | ' |
Interest Coverage Ratio | 2.5 | ' | ' | ' | ' | ' |
Write Off Of Deferred Debt Issuance Cost | 100,000 | ' | ' | ' | ' | ' |
Deferred Loan Fees, Net | 700,000 | ' | ' | ' | ' | ' |
Debt Related Commitment | 400,000 | ' | ' | ' | ' | ' |
Amortization of Financing Costs | 3,000,000 | ' | ' | ' | ' | ' |
Senior Credit Facility Revolver Amount | 27,000,000 | ' | ' | ' | ' | ' |
Letters Of Credit Outstanding | 500,000 | ' | ' | ' | ' | ' |
Line Of Credit Facility Remaining Borrowing Capacity | $162,500,000 | ' | ' | ' | ' | ' |
Long_Term_Debt_Schedule_of_Lon
Long Term Debt (Schedule of Long Term Debt Applicable Margin) (Details) (LIBOR) | 9 Months Ended |
Sep. 30, 2013 | |
Greater than or equal to 5.5 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Greater than or equal to 5.0 but less than 5.5 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Greater than or equal to 4.5 but less than 5.0 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Greater than or equal to 4.0 but less than 4.5 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Less than 4.0 | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Financial_Instruments_Narrativ
Financial Instruments (Narratives) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
2021 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term Debt | $325 |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% |
2019 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Long-term Debt | $425 |
Debt Instrument, Interest Rate, Stated Percentage | 8.63% |
Financial_Instruments_Carrying
Financial Instruments (Carrying amounts and fair value of the financial instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Current and long-term debt and capital lease obligations | $1,090,758 | $957,663 |
Other liabilities | 31,608 | 25,511 |
Fair Value | ' | ' |
Current and long-term debt and capital lease obligations | 1,090,281 | 979,594 |
Other liabilities | $30,246 | $24,766 |
Financial_Instruments_Assets_m
Financial Instruments (Assets measured at fair value on a recurring basics) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets (mutual funds) | $2,059 | $1,758 |
Total assets at fair value | 2,059 | 1,758 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets (mutual funds) | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan assets (mutual funds) | 0 | 0 |
Total assets at fair value | $0 | $0 |
Stockholders_Equity_Narratives
Stockholders' Equity (Narratives) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares Authorized | 15,700,000 | ' |
Number of Shares Available for Grant | 3,000,000 | ' |
Cash Received from Exercise of Stock Options | $300,000 | $1,900,000 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options Vested In Period Fair Value | 78,000 | 600,000 |
Total Intrinsic Value | 100,000 | 1,100,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 43,000 | ' |
Unvested stock options | 19,000 | ' |
Weighted average period for recognition of unvested shares | '1 year | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized share-based compensation expense | $7,400,000 | ' |
Unvested restricted stock awards | 1,700,000 | ' |
Weighted average period for recognition of unvested shares | '2 years | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity (Summary of nonvested restricted stock award activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Shares | ' |
Nonvested, Beginning | 1,127 |
Granted | 664 |
Vested | -119 |
Forfeited | -15 |
Nonvested, Ending | 1,657 |
Weighted Average Grant Date Fair Value | ' |
Nonvested, Beginning (USD per share) | $9.59 |
Granted (USD per share) | $8.27 |
Vested (USD per share) | $7.87 |
Forfeited (USD per share) | $8.50 |
Stockholders_Equity_Summary_of1
Stockholders' Equity (Summary of share-based compensation expense) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Share-based compensation expense | $4,764 | $3,989 |
Adjustment to fair value of liability classified awards | -35 | 1 |
Total share-based compensation expense | $4,729 | $3,990 |
Segments_Narrative_Details
Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
community | |
segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Number of rural communities | 61 |
Percentage of long-lived assets not in USA | 82.00% |
Segments_Reportable_segment_re
Segments (Reportable segment revenues) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
External revenues | $220,427 | $178,494 | $596,304 | $526,505 |
Reportable segment Adjusted EBITDA | 78,717 | 59,449 | 199,505 | 173,699 |
Wireless [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Revenues | 68,097 | 32,262 | 137,493 | 92,066 |
Reportable segment Adjusted EBITDA | 37,260 | 13,194 | 66,722 | 38,857 |
Wireline [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total Revenues | 152,330 | 146,232 | 458,811 | 434,439 |
Reportable segment Adjusted EBITDA | $41,457 | $46,255 | $132,783 | $134,842 |
Segments_Reconciliation_of_rep
Segments (Reconciliation of reportable segment adjusted EBITDA) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Reportable segment Adjusted EBITDA | $78,717 | $59,449 | $199,505 | $173,699 |
Less depreciation and amortization expense | -37,466 | -32,120 | -105,861 | -97,850 |
Less share-based compensation expense | -1,823 | -1,395 | -4,729 | -3,990 |
Less non-cash contribution expense | 0 | 0 | 0 | -960 |
Less accretion expense | -178 | -201 | -460 | -541 |
Less facility rights to use | -563 | 0 | -563 | 0 |
Other | -3 | -341 | -453 | -648 |
Operating income | 38,684 | 25,392 | 87,439 | 69,710 |
Less other expense | -17,702 | -16,599 | -52,080 | -50,743 |
Income before income tax expense | $20,982 | $8,793 | $35,359 | $18,967 |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (ACS [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
ACS [Member] | ' |
Related Party Transaction [Line Items] | ' |
Accounts Payable, Related Parties | $5.40 |
Notes Receivable, Related Parties | 7.2 |
Revenue from Related Parties | 4.8 |
Related Party Transaction, Purchases from Related Party | $9.50 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narratives) (Details) (Primary Beneficiary [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Project fund | $59.30 | ' |
Tax credit percentage | 39.00% | ' |
Restricted Cash | $11.90 | $30.90 |
Percentage of recapture | 100.00% | ' |
Recapture period | '7 years | ' |
Variable_Interest_Entities_Sum
Variable Interest Entities (Summary of the impact of the consolidated VIE) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Assets | $32,955 | $32,955 |
Variable Interest Entity, Classification of Carrying Amount, Liabilities and Equity | 32,955 | 32,955 |
Restricted Cash [Member] | Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Assets | 3,327 | 22,348 |
Noncontrolling Interests [Member] | Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Liabilities and Equity | 31,906 | 32,258 |
Construction in Progress [Member] | Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Assets | 29,628 | 10,607 |
Retained Earnings [Member] | Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Liabilities and Equity | 1,049 | 697 |
Unicom [Member] | Restricted Cash [Member] | Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Variable Interest Entity, Classification of Carrying Amount, Assets | $8,600 | $8,600 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' |
Construction costs | $20.70 |
ACS [Member] | ' |
Business Acquisition [Line Items] | ' |
Preferential adjustment maximum | $21.80 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Payments) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2013 | $498 |
2014 | 3,520 |
2015 | 2,910 |
2016 | 1,970 |
2017 | 1,686 |
2018 and thereafter | 1,664 |
Total minimum lease payments | $12,248 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||
Jul. 22, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 17, 2013 | Nov. 01, 2013 | |
Subsequent Event [Member] | Denali Media Holdings [Member] | ||||
Subsequent Event [Member] | |||||
station | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Expected increase in capital lease | ' | ' | ' | $9,400,000 | ' |
Number of broadcast stations acquired | ' | ' | ' | ' | 3 |
Purchase of business | $100,000,000 | $100,000,000 | $0 | ' | $7,600,000 |