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Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table indicates the computation of basic and diluted earnings per share:



	Years Ended December 31,
(in thousands, except per share amounts)	2019		2018		2017
Calculation of net income per share:
Net income	$	54,935	$	46,595	$	66,390
Basic weighted average shares outstanding	49,811		49,542		49,150
Basic net income per share	$	1.10	$	0.94	$	1.35

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,811		49,542		49,150
Effect from dilutive shares and options outstanding	290		521		876
Diluted weighted average shares outstanding	50,101		50,063		50,026
Diluted net income per share	$	1.10	$	0.93	$	1.33

Schedule of stock compensation expense

Stock-based compensation expense was as follows:



	Years Ended December 31,
(in thousands)	2019		2018		2017
Stock compensation expense	$	4,182	$	5,367	$	4,184
Capitalized stock compensation	365		408		604
Stock compensation expense, net	$	3,817	$	4,959	$	3,580

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 101,651	$ 85,086
Accounts receivable, net of allowance for doubtful accounts of $533 and $534, respectively	63,541	54,407
Income taxes receivable	10,306	5,282
Inventory, net of allowances of $66 and $113, respectively	5,728	5,265
Prepaid expenses and other	57,805	60,162
Total current assets	239,031	210,202
Investments	12,388	10,788
Property, plant and equipment, net	700,114	701,359
Intangible assets, net	314,147	366,029
Goodwill	149,070	146,497
Operating lease right-of-use assets	392,589	0
Deferred charges and other assets	53,352	49,891
Total assets	1,860,691	1,484,766
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	31,650	20,618
Accounts payable	40,295	35,987
Advanced billings and customer deposits	8,358	7,919
Accrued compensation	10,075	9,452
Current operating lease liabilities	42,567
Accrued liabilities and other	14,391	14,563
Total current liabilities	147,336	88,539
Long-term debt, less current maturities, net of unamortized loan fees	688,464	749,624
Other long-term liabilities:
Deferred income taxes	136,451	127,453
Deferred lease		22,436
Asset retirement obligations	36,914	28,584
Benefit plan obligations	12,675	11,519
Noncurrent operating lease liabilities	352,439
Other liabilities	16,990	14,364
Total other long-term liabilities	555,469	204,356
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 49,671 and 49,630 issued and outstanding at December 31, 2019 and 2018, respectively	0	0
Additional paid in capital	42,110	47,456
Retained earnings	427,004	386,511
Accumulated other comprehensive income, net of taxes	308	8,280
Total shareholders’ equity	469,422	442,247
Total liabilities and shareholders’ equity	$ 1,860,691	$ 1,484,766

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2016		48,935,000
Balance at Dec. 31, 2016	$ 295,894		$ 45,482	$ 243,624	$ 6,788
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,390			66,390
Other comprehensive gain (loss), net of tax	1,442				1,442
Dividends declared	(12,809)			(12,809)
Dividends reinvested in common stock (in shares)		15,000
Dividends reinvested in common stock	552		552
Stock based compensation (in shares)		154,000
Stock based compensation	4,184		4,184
Stock options exercised (in shares)		363,000
Stock options exercised	2,394		2,394
Common stock issued (in shares)		1,000
Common stock issued	21		21
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(216,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(7,846)		(7,846)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)		76,000
Common stock issued to acquire non-controlling interest in nTelos	0
Balance (in shares) at Dec. 31, 2017		49,328,000
Balance at Dec. 31, 2017	350,222		44,787	297,205	8,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,595			46,595
Other comprehensive gain (loss), net of tax	50				50
Dividends declared	(13,386)			(13,386)
Dividends reinvested in common stock (in shares)		11,000
Dividends reinvested in common stock	520		520
Stock based compensation (in shares)		206,000
Stock based compensation	5,367		5,367
Stock options exercised (in shares)		113,000
Stock options exercised	787		787
Common stock issued (in shares)		1,000
Common stock issued	26		26
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(105,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(4,031)		(4,031)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)		76,000
Common stock issued to acquire non-controlling interest in nTelos	$ 0
Balance (in shares) at Dec. 31, 2018	49,630,000	49,630,000
Balance at Dec. 31, 2018	$ 442,247		47,456	386,511	8,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,935			54,935
Other comprehensive gain (loss), net of tax	(7,972)				(7,972)
Dividends declared	(14,442)			(14,442)
Dividends reinvested in common stock (in shares)		14,000
Dividends reinvested in common stock	499		499
Share repurchases (in shares)		(200,000)
Share repurchases	(7,231)	$ (7,231)
Stock based compensation (in shares)		184,000
Stock based compensation	4,182		4,182
Stock options exercised (in shares)		29,000
Stock options exercised	81		81
Common stock issued	34		34
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(62,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(2,911)		(2,911)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)		76,000
Common stock issued to acquire non-controlling interest in nTelos	$ 0
Balance (in shares) at Dec. 31, 2019	49,671,000	49,671,000
Balance at Dec. 31, 2019	$ 469,422		$ 42,110	$ 427,004	$ 308

Goodwill and Intangible Assets - Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2019
Affiliate Contract Expansion - Wireless \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	4 years
Affiliate Contract Expansion - Wireless \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	14 years
FCC spectrum licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	18 years
FCC spectrum licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years
Acquired subscribers - Broadband \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years
Acquired subscribers - Broadband \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Deferred tax assets:
Leases	$ 106,564		$ 0
Asset retirement obligations	9,957		7,797
Net operating loss carry-forwards	10,071	$ 10,100	12,612
Pension liabilities	3,161		2,873
Accruals and stock based compensation	1,935		6,545
Other	1,408		0
Total gross deferred tax assets	133,096		29,827
Less valuation allowance	0		(862)
Net deferred tax assets	133,096		28,965
Deferred tax liabilities:
Property, plant and equipment	110,297		99,902
Leases	105,475		0
Intangible assets	27,201		32,727
Prepaid assets and other	26,574		23,789
Total gross deferred tax liabilities	269,547		156,418
Net deferred tax liabilities	$ 136,451		$ 127,453

Nature of Operations

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Shenandoah Telecommunications Company and its subsidiaries (collectively, the “Company”) is organized into three reporting segments, which provide the following telecommunication services:


–	Our Wireless segment operates as a Sprint affiliate. We provide wireless network services to Sprint through our affiliate agreement in the Mid-Atlantic region of the U.S.

–

Our Broadband segment provides broadband, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, and Kentucky, via fiber optic and hybrid fiber coaxial (“HFC”) cable. The Broadband segment also leases dark fiber and provides Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Broadband segment also provides voice and digital subscriber line (“DSL”) telephone services to customers in Virginia’s Shenandoah County as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. This fiber optic network also supports our Wireless segment operations and these intercompany transactions are reported at their market value.


–	Our Tower segment leases space on 225 owned cell towers to the Company’s Wireless segment and to other wireless communications providers.

Refer to Note 14, Segment Reporting, for additional information.

Derivative and Hedging - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	May 31, 2016
Not Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Notional amount of interest rate swaps	$ 339.8	$ 384.0
Interest Rate Swap, May 2016 \| Not Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Interest rate			1.16%
Percentage hedged	46.00%
Interest Expense \| Interest rate swaps
Derivative [Line Items]
Reclassification of interest expense	$ 1.4

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
External revenue
Total revenue	$ 160,997	$ 155,152	$ 158,914	$ 158,843	$ 161,484	$ 158,731	$ 156,501	$ 154,138	$ 633,906	$ 630,854	$ 611,991
Operating expenses
Selling, general and administrative									112,540	113,222	165,937
Acquisition, integration and migration expenses									0	0	11,030
Depreciation and amortization									159,653	166,405	177,007
Total operating expenses									536,860	537,608	565,481
Operating income	$ 22,880	$ 25,359	$ 24,020	$ 24,787	$ 26,994	$ 28,329	$ 21,169	$ 16,754	97,046	93,246	46,510
Capital expenditures									138,792	136,641	146,489
Wireless
External revenue
Total revenue									443,390	450,459	443,049
Operating expenses
Operating income											28,532
Capital expenditures									71,744	80,010	81,729
Broadband
External revenue
Total revenue									183,552	173,215	161,862
Operating expenses
Operating income											36,811
Capital expenditures									60,627	43,197	57,068
Tower
External revenue
Total revenue									6,964	7,180	7,080
Operating expenses
Operating income											5,607
Capital expenditures									921	6,145	891
Operating Segments \| Wireless
External revenue
Total revenue									443,390	450,459	443,049
Operating expenses
Selling, general and administrative									42,225	46,760	117,561
Acquisition, integration and migration expenses											10,793
Depreciation and amortization									115,731	125,067	137,725
Total operating expenses									354,849	362,455	414,517
Operating income									88,541	88,004
Operating Segments \| Broadband
External revenue
Total revenue									193,944	183,120	173,981
Operating expenses
Selling, general and administrative									32,679	27,741	26,909
Acquisition, integration and migration expenses											0
Depreciation and amortization									41,304	38,317	36,797
Total operating expenses									151,423	141,500	137,170
Operating income									42,521	41,620
Operating Segments \| Tower
External revenue
Total revenue									12,984	12,196	12,029
Operating expenses
Selling, general and administrative									1,166	778	696
Acquisition, integration and migration expenses											0
Depreciation and amortization									2,025	2,454	1,885
Total operating expenses									7,085	7,353	6,422
Operating income									5,899	4,843
Intersegment Eliminations
External revenue
Total revenue									(16,412)	(14,921)	(17,068)
Intersegment Eliminations \| Wireless
External revenue
Total revenue									0	0	0
Intersegment Eliminations \| Broadband
External revenue
Total revenue									10,392	9,905	12,119
Intersegment Eliminations \| Tower
External revenue
Total revenue									6,020	5,016	4,949
Corporate, Non-Segment
Operating expenses
Selling, general and administrative									36,470	37,943	20,771
Acquisition, integration and migration expenses											237
Depreciation and amortization									593	567	600
Total operating expenses									23,503	26,300	7,372
Operating income									(39,915)	(41,221)	(24,440)
Capital expenditures									5,500	7,289	6,801
Postpaid
External revenue
Total revenue									302,031	300,775	311,629
Postpaid \| Operating Segments \| Wireless
External revenue
Total revenue									302,031	300,775	311,629
Postpaid \| Operating Segments \| Broadband
External revenue
Total revenue									0	0	0
Postpaid \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Prepaid
External revenue
Total revenue									53,540	51,602	96,972
Prepaid \| Operating Segments \| Wireless
External revenue
Total revenue									53,540	51,602	96,972
Prepaid \| Operating Segments \| Broadband
External revenue
Total revenue									0	0	0
Prepaid \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Tower lease
External revenue
Total revenue									6,964	7,180	7,080
Tower lease \| Operating Segments \| Wireless
External revenue
Total revenue									0	0	0
Tower lease \| Operating Segments \| Broadband
External revenue
Total revenue									0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Total revenue									6,964	7,180	7,080
Cable, residential and SMB
External revenue
Total revenue									134,187	124,072	114,122
Cable, residential and SMB \| Operating Segments \| Wireless
External revenue
Total revenue									0	0	0
Cable, residential and SMB \| Operating Segments \| Broadband
External revenue
Total revenue									134,187	124,072	114,122
Cable, residential and SMB \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Fiber, enterprise and wholesale
External revenue
Total revenue									20,187	18,218	16,600
Fiber, enterprise and wholesale \| Operating Segments \| Wireless
External revenue
Total revenue									0	0	0
Fiber, enterprise and wholesale \| Operating Segments \| Broadband
External revenue
Total revenue									20,187	18,218	16,600
Fiber, enterprise and wholesale \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Rural local exchange carrier
External revenue
Total revenue									21,074	23,485	24,052
Rural local exchange carrier \| Operating Segments \| Wireless
External revenue
Total revenue									0	0	0
Rural local exchange carrier \| Operating Segments \| Broadband
External revenue
Total revenue									21,074	23,485	24,052
Rural local exchange carrier \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Travel, installation, and other
External revenue
Total revenue									27,080	37,124	31,218
Travel, installation, and other \| Operating Segments \| Wireless
External revenue
Total revenue									20,160	30,572	24,981
Travel, installation, and other \| Operating Segments \| Broadband
External revenue
Total revenue									6,920	6,552	6,237
Travel, installation, and other \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Service revenue and other
External revenue
Total revenue									565,063	562,456	601,673
Service revenue and other \| Wireless
External revenue
Total revenue											433,582
Service revenue and other \| Broadband
External revenue
Total revenue											161,011
Service revenue and other \| Tower
External revenue
Total revenue											7,080
Service revenue and other \| Operating Segments \| Wireless
External revenue
Total revenue									375,731	382,949
Service revenue and other \| Operating Segments \| Broadband
External revenue
Total revenue									182,368	172,327
Service revenue and other \| Operating Segments \| Tower
External revenue
Total revenue									6,964	7,180
Equipment
External revenue
Total revenue									68,843	68,398	10,318
Equipment \| Operating Segments \| Wireless
External revenue
Total revenue									67,659	67,510	9,467
Equipment \| Operating Segments \| Broadband
External revenue
Total revenue									1,184	888	851
Equipment \| Operating Segments \| Tower
External revenue
Total revenue									0	0	0
Cost of services
Operating expenses
Cost of services and cost of goods sold									198,753	194,022	188,721
Cost of services \| Operating Segments \| Wireless
Operating expenses
Cost of services and cost of goods sold									131,745	127,045	125,785
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services and cost of goods sold									76,674	75,066	73,331
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services and cost of goods sold									3,894	4,121	3,841
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services and cost of goods sold									(13,560)	(12,210)	(14,236)
Cost of goods sold
Operating expenses
Cost of services and cost of goods sold									65,914	63,959	22,786
Cost of goods sold \| Operating Segments \| Wireless
Operating expenses
Cost of services and cost of goods sold									65,148	63,583	22,653
Cost of goods sold \| Operating Segments \| Broadband
Operating expenses
Cost of services and cost of goods sold									766	376	133
Cost of goods sold \| Operating Segments \| Tower
Operating expenses
Cost of services and cost of goods sold									0	0	0
Cost of goods sold \| Corporate, Non-Segment
Operating expenses
Cost of services and cost of goods sold									$ 0	$ 0	$ 0

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Feb. 28, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill			$ 149,070	$ 146,497
Waived Management Fees Under Affiliate Agreement Amount Expected To Collect Monthly			4,200
Waived management fees, included in affiliate contract expanse accumulated amortization			38,800	37,800	$ 36,100
Cumulative waived management fees			137,200
Amortization expense			20,500	$ 24,600	$ 27,500
Waived Management Fees Under Affiliate Agreement Amount Expected To Collect			118,400
Big sandy acquisition
Business Acquisition [Line Items]
Aggregate purchase price	$ 10,000
Property, plant and equipment acquired	4,600
Goodwill	2,600
Customer relationships \| Big sandy acquisition
Business Acquisition [Line Items]
Subscriber relationship acquired	$ 2,800
FCC Spectrum Licenses
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired		$ 13,800
Finite-lived Intangible Assets Acquired		$ 4,700
Maximum
Business Acquisition [Line Items]
Waived management fees, included in affiliate contract expanse accumulated amortization			$ 255,600

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

We adopted ASC 842 on January 1, 2019 using the modified retrospective method. We applied the package of practical expedients and, as a result, did not reassess prior conclusions regarding lease identification, lease classification and initial direct costs under the new standard. In those circumstances where the Company is the lessee, we elected to account for non-lease components associated with our leases (e.g., maintenance costs) and lease components as a single lease component for substantially all of our asset classes.

We lease various cell sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments, such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and ROU asset.

The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. At December 31, 2019, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%. Under the new lease standard, leases are remeasured upon certain events or modifications.

Adoption of the new lease standard did not materially impact the Company's consolidated net earnings, cash flows, liquidity, or loan covenants.

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard was as follows:



(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

In addition to recognizing the operating lease liabilities and right-of-use assets, ASC 842 also reclassified prepaid and deferred rent balances, off-market leases, and lease incentives into the right-of-use assets.

During 2019, we recognized $69.2 million of operating lease expense and $0.6 million of interest and depreciation expense on finance leases. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $63.1 million of operating lease payments during 2019. We also obtained $74.8 million of leased assets in exchange for new operating lease liabilities during 2019.

The following table summarizes the expected maturity of lease liabilities at December 31, 2019



(in thousands)	Operating Leases		Finance Leases		Total
2020	$	59,790	$	174	$	59,964
2021	65,556		174		65,730
2022	63,772		174		63,946
2023	60,301		174		60,475
2024	55,644		174		55,818
2025 and thereafter	189,857		1,532		191,389
Total lease payments	494,920		2,402		497,322
Less: Interest	99,914		717		100,631
Present value of lease liabilities	$	395,006	$	1,685	$	396,691

Our commitments under leases existing as of December 31, 2018 were approximately $55.1 million for the year ending December 31, 2019, $104.4 million in total for the years ending December 31, 2020 and 2021, $97.6 million in total for the years ending December 31, 2022 and 2023 and $168.5 million in total for years thereafter.

The Company's finance lease liabilities are presented in the accrued liabilities and other and the other liabilities lines of the consolidated balance sheets. The related finance lease assets are included in the property, plant and equipment line.

We recognized $8.1 million of operating lease revenue during 2019 related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the consolidated statements of comprehensive income. Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at December 31, 2019:



(in thousands)	Operating Leases
2020	$	7,074
2021	4,914
2022	3,902
2023	2,270
2024	1,245
2025 and thereafter	3,853
Total	$	23,258

Leases

Adoption of the new lease standard did not materially impact the Company's consolidated net earnings, cash flows, liquidity, or loan covenants.

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard was as follows:



(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

The following table summarizes the expected maturity of lease liabilities at December 31, 2019



(in thousands)	Operating Leases		Finance Leases		Total
2020	$	59,790	$	174	$	59,964
2021	65,556		174		65,730
2022	63,772		174		63,946
2023	60,301		174		60,475
2024	55,644		174		55,818
2025 and thereafter	189,857		1,532		191,389
Total lease payments	494,920		2,402		497,322
Less: Interest	99,914		717		100,631
Present value of lease liabilities	$	395,006	$	1,685	$	396,691



(in thousands)	Operating Leases
2020	$	7,074
2021	4,914
2022	3,902
2023	2,270
2024	1,245
2025 and thereafter	3,853
Total	$	23,258

Leases

Adoption of the new lease standard did not materially impact the Company's consolidated net earnings, cash flows, liquidity, or loan covenants.

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard was as follows:



(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

The following table summarizes the expected maturity of lease liabilities at December 31, 2019



(in thousands)	Operating Leases		Finance Leases		Total
2020	$	59,790	$	174	$	59,964
2021	65,556		174		65,730
2022	63,772		174		63,946
2023	60,301		174		60,475
2024	55,644		174		55,818
2025 and thereafter	189,857		1,532		191,389
Total lease payments	494,920		2,402		497,322
Less: Interest	99,914		717		100,631
Present value of lease liabilities	$	395,006	$	1,685	$	396,691



(in thousands)	Operating Leases
2020	$	7,074
2021	4,914
2022	3,902
2023	2,270
2024	1,245
2025 and thereafter	3,853
Total	$	23,258

Long-Term Debt - Financial Covenants in Credit Agreements (Details)		12 Months Ended
	Dec. 18, 2015 USD ($)	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
Total leverage ratio, actual		2.4
Debt service coverage ratio, actual		5.8
Minimum liquidity balance, actual		$ 176,400,000
Total Leverage Ratio		3.50
Debt Service Coverage Ratio		2.00
Minimum liquidity balance	$ 25,000,000	$ 25,000,000

Schedule II Valuation and Qualifying Accounts and Reserves (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 534	$ 466	$ 759
Recoveries added to allowance	649	631	616
Bad debt expense	1,743	1,983	2,179
Write-offs	(2,393)	(2,546)	(3,088)
Balance at End of Year	$ 533	$ 534	$ 466

Goodwill and Intangible Assets Goodwill and Intangible Assets - Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 17,857
2021	15,153
2022	13,709
2023	13,499
2024	13,499
Thereafter	43,772
Total	$ 117,489

Derivative and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax (Expense) Benefit
Balance as of December 31, 2018	$ (4,973)
Net change in unrealized gain (loss)	1,630
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	1,017
Net current period other comprehensive income (loss)	2,647
Balance as of December 31, 2019	(2,326)	$ (4,973)
Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2018	8,280
Net change in unrealized gain (loss)	(4,910)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(3,062)
Net current period other comprehensive income (loss)	(7,972)	50	$ 1,442
Balance as of December 31, 2019	308	8,280
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Gains (Losses) on Cash Flow Hedges
Balance as of December 31, 2018	13,253
Net change in unrealized gain (loss)	(6,540)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(4,079)
Net current period other comprehensive income (loss)	(10,619)
Balance as of December 31, 2019	$ 2,634	$ 13,253

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Principles of consolidation	The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or the U.S., 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. Due to the inherent uncertainty involved in making estimates, actual results to be reported in future periods could differ from our estimates.
Cash and cash equivalents	Cash equivalents may include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.
Inventories	The Company's inventories consist primarily of items held for resale such as devices and accessories. The Company values its inventory at the lower of cost or net realizable value. Inventory cost is computed on an average cost basis. Net realizable value is determined by reviewing current replacement cost, marketability and obsolescence.
Property, plant and equipment	Property, plant and equipment is stated at cost less accumulated depreciation. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms.
Goodwill and Indefinite-lived Intangible Assets	Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights provide us with the non-exclusive right to provide video services in a specified area. Spectrum licenses are issued by the Federal Communications Commission (“FCC”) which provide us the exclusive right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at nominal costs. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. These assets are evaluated for impairment based on the identification of reporting units. Our reporting units effectively align with our new reporting segments. We evaluated our reporting units for impairment both before and after our realignment of reporting segments and reporting units during the fourth quarter of 2019 on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends.
Finite-lived Intangible Assets	Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets are amortized or depreciated over their estimated useful lives, as summarized in the respective footnotes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our new reporting segments. We evaluated our asset groups for impairment both before and after our realignment of reporting segments and asset groups during the fourth quarter of 2019.
Advertising Costs	Advertising Costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations.
Retirement plans	The nTelos Pension Plan was assumed in the 2016 acquisition of nTelos. This frozen plan covers certain employees who met eligibility requirements and were employed by nTelos prior to October 1, 2003. Benefits under the plan vested after five years of plan service and were based on years of service and an average of the five highest consecutive years of compensation subject to certain reductions if the employee elects to receive the benefit prior to age 65. Effective December 31, 2012, nTelos amended the Pension Plan to freeze future benefit plan accruals for participants.
New Accounting Standards	We implemented Accounting Standards Codification ("ASC") 842-Leases, ("ASC 842"), on January 1, 2019 using the modified retrospective method and thus did not retroactively adjust prior periods. ASC 842 replaced previous leasing guidance with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. The new standard required lessees to recognize most leases on their balance sheet as liabilities, with corresponding right-of-use, or ROU assets. See Note 8, Leases for more information. We adopted ASU No. 2018-02-Income Statement - Reporting Comprehensive Income, ("ASC 220"), as of January 1, 2019. We elected not to reclassify stranded income tax effects from accumulated other comprehensive income (OCI) to retained earnings and have implemented this election as its accounting policy as of January 1, 2019. The Company utilizes the portfolio approach as its policy to release the income tax effects from accumulated OCI as the entire portfolio is liquidated, sold, or extinguished. We implemented ASC 606-Revenue from Contracts with Customers, ("ASC 606"), on January 1, 2018 using the modified retrospective method and thus did not retroactively adjust prior periods. This new pronouncement provided us with a single revenue recognition model for recognizing revenue from contracts with customers and significantly expanded the disclosure requirements for revenue arrangements. We have disclosed our results under both the new and old standards for the first year after adoption. See Note 3, Revenue from Contracts with Customers for more information. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments, which requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost (including trade accounts receivable), net investments in leases, and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. Furthermore, the CECL model requires financial assets with similar risk characteristics to be analyzed on a collective basis. ASC 326 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. The Company intends to adopt this standard as of January 1, 2020. The Company does not expect there to be a significant impact to consolidated financial statements upon the adoption.
Investment	SERP Investments at Fair Value: As noted above, the SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants following their retirement. Changes to the investments’ fair value are presented in Other income (expense). The SERP’s investments are held in index funds for which the net asset value is used as a practical expedient for fair value. Cost Method Investments: Our investment in CoBank’s Class A common stock represented substantially all of our cost method investments with a balance of $8.7 million and $7.7 million at December 31, 2019 and 2018, respectively. We invested in the CoBank cooperative in connection with our Credit Facility discussed in Note 9, Long-Term Debt. We receive equity-based patronage distributions in the form of both equity and cash, which are recognized in Other income (expense) and totaled $4.2 million in 2019 and $2.8 million in both 2018 and 2017. Historically, approximately 75% of the patronage distributions are received in cash and 25% in additional shares of common stock. Information regarding investments carried at cost is reviewed for evidence of impairment. Impairments, if any, are charged to earnings and a new cost basis for the investment is established. Equity Method Investments:
Commitments and contingencies	Commitments and Contingencies

Revenue from Contracts with Customers - Adjustments to Previously Reported Consolidated Financial Statements from the Adoption of Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 160,997	$ 155,152	$ 158,914	$ 158,843	$ 161,484	$ 158,731	$ 156,501	$ 154,138	$ 633,906	$ 630,854	$ 611,991
Selling, general and administrative									112,540	113,222	165,937
Assets
Prepaid expenses and other	57,805				60,162				57,805	60,162		$ 48,582
Deferred charges and other assets	53,352				49,891				53,352	49,891
Liabilities
Advanced billing and customer deposits					7,919					7,919
Deferred income taxes	136,451				127,453				136,451	127,453
Other long-term liabilities	16,990				14,364				16,990	14,364		$ 16,008
Retained earnings	$ 427,004				386,511				427,004	386,511
Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, general and administrative										175,753
Assets
Prepaid expenses and other					22,204					22,204
Deferred charges and other assets					12,083					12,083
Liabilities
Advanced billing and customer deposits					24,414					24,414
Deferred income taxes					103,404					103,404
Other long-term liabilities					15,550					15,550
Retained earnings					319,926					319,926
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, general and administrative										(62,531)
Assets
Prepaid expenses and other					37,958					37,958
Deferred charges and other assets					37,808					37,808
Liabilities
Advanced billing and customer deposits					(16,495)					(16,495)
Deferred income taxes					24,049					24,049
Other long-term liabilities					(1,186)					(1,186)
Retained earnings					$ 66,585					66,585
Service revenue and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue									565,063	562,456	601,673
Service revenue and other \| Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue										632,340
Service revenue and other \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue										(69,884)
Equipment revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue									$ 68,843	68,398	$ 10,318
Equipment revenue \| Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue										8,298
Equipment revenue \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue										60,100
Cost of services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										194,022
Cost of services \| Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										193,860
Cost of services \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										162
Cost of goods sold
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										63,959
Cost of goods sold \| Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										28,377
Cost of goods sold \| Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating expenses										$ 35,582

Long-Term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Maturities of Long-term Debt [Abstract]
2020	$ 34,122
2021	34,122
2022	37,764
2023	172,515
2024	4,988
2025	448,529
Total	$ 732,040	$ 785,236

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts

Changes in the Company’s allowance for doubtful accounts for accounts receivable for the years ended December 31, 2019, 2018 and 2017 are summarized below:



(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Bad debt expense		Write-offs			Balance at End of Year
Year Ended December, 31 2019
Allowance for doubtful accounts	$	534	$	649	$	1,743	$	(2,393	)	$	533
Year Ended December, 31 2018
Allowance for doubtful accounts	$	466	$	631	$	1,983	$	(2,546	)	$	534
Year Ended December, 31 2017
Allowance for doubtful accounts	$	759	$	616	$	2,179	$	(3,088	)	$	466

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 149,070	$ 146,497
Wireless
Goodwill [Line Items]
Goodwill	146,383	146,383
Broadband
Goodwill [Line Items]
Goodwill	$ 2,687	$ 114

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Interest rate swaps	$ 1,252	$ 8,323
Wireless contract asset	39,819	32,351
Broadband contract acquisition and fulfillment costs	6,107	5,457
Prepaid expenses and other	6,174	3,760
Deferred charges and other assets	$ 53,352	$ 49,891

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Sales and property taxes payable	$ 3,789		$ 4,281
Asset retirement obligations	148		582
Accrued programming costs	3,023		2,886
Financing leases	94		0
FCC spectrum license obligations	105		0
Other current liabilities	7,232		6,814
Accrued liabilities and other	$ 14,391	$ 14,151	$ 14,563

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
SERP Investments at fair value	$ 2,278	$ 1,779
Virginia Independent Telephone Alliance
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	23.20%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%
CoBank
Schedule of Equity Method Investments [Line Items]
SERP Investments at fair value	$ 8,700	7,700
Other nonoperating income (expense)		4,200	$ 2,800
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 1,000	1,700	2,200
Related party costs	$ 3,000	$ 3,400	$ 3,700

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 7,074
2021	4,914
2022	3,902
2023	2,270
2024	1,245
2025 and thereafter	3,853
Total	$ 23,258

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense at federal statutory	$ 14,918	$ 13,044	$ 4,640
State income taxes, net of federal tax effect	4,709	4,748	(1,129)
Revaluation of U.S. deferred income taxes	0	(760)	(53,449)
Excess tax benefit from share based compensation and other, net	(3,523)	(1,515)	(3,195)
Income tax expense (benefit)	$ 16,104	$ 15,517	$ (53,133)

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company files a consolidated U.S. federal income tax return and various state income tax returns. The provision for the federal and state income taxes attributable to income (loss) consists of the following components:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Current (benefit) expense
Federal taxes	$	(1,205	)	$	2,875		$	1,552
State taxes	5,665			6,434			(630		)
Total current provision	4,460			9,309			922
Deferred expense (benefit)
Federal taxes	12,183			6,708			(52,886		)
State taxes	(539		)	(500		)	(1,169		)
Total deferred provision	11,644			6,208			(54,055		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)
Effective tax rate	22.7		%	25.0		%

A reconciliation of income taxes determined by applying the federal and state tax rates to income (loss) is as follows:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Expected tax expense at federal statutory	$	14,918		$	13,044		$	4,640
State income taxes, net of federal tax effect	4,709			4,748			(1,129		)
Revaluation of U.S. deferred income taxes	—			(760		)	(53,449		)
Excess tax benefit from share based compensation and other, net	(3,523		)	(1,515		)	(3,195		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)

The effective tax rate in 2019 decreased slightly from 2018, primarily as a result of the larger discrete excess tax benefit from share based compensation and other, net. Deferred taxes were revalued in 2017 to reflect the change from a 35% federal statutory rate to 21% as a result of the 2017 Tax Cut and Jobs Act. As a result, the effective tax rate in 2017 is not meaningful.

The Company's cash payments for income taxes were $9.5 million in the year ended December 31, 2019. The Company received cash refunds for income taxes of $2.7 million in the year ended December 31, 2018.

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:



(in thousands)	December 31, 2019		December 31, 2018
Deferred tax assets:
Leases	$	106,564	$	—
Asset retirement obligations	9,957		7,797
Net operating loss carry-forwards	10,071		12,612
Pension liabilities	3,161		2,873
Accruals and stock based compensation	1,935		6,545
Other	1,408		—
Total gross deferred tax assets	133,096		29,827
Less valuation allowance	—		(862		)
Net deferred tax assets	133,096		28,965

Deferred tax liabilities:
Property, plant and equipment	110,297		99,902
Leases	105,475		—
Intangible assets	27,201		32,727
Prepaid assets and other	26,574		23,789
Total gross deferred tax liabilities	269,547		156,418
Net deferred tax liabilities	$	136,451	$	127,453

In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods for which the deferred tax assets are deductible, the Company believes it more likely than not that the net deferred tax assets will be realized.

The Company has a deferred tax asset of $10.1 million related to federal and various state net operating losses. As of December 31, 2019, the Company had approximately $46.2 million of federal net operating losses expiring through 2027. The Company also had approximately $19.0 million of state net operating losses expiring through 2036.

As of December 31, 2019 and 2018, the Company had no unrecognized tax benefits.

The Company is not currently subject to state or federal income tax audits as of December 31, 2019. The Company's returns are generally open to examination from 2016 forward and the net operating losses acquired from nTelos are open to examination from 2002 forward.

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 56,097,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 56,097,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,498,691		$ 1,403,118
Less: accumulated amortization and depreciation	798,577		701,759
Property, plant and equipment, net	700,114	$ 703,148	701,359
Decrease in depreciation	3,000
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	6,976		6,723
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 232,730		213,657
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	40 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 334,260		309,928
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	15 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	40 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 867,898		791,401
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	3 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	20 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,441,864		1,321,709
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 56,827		$ 81,409

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill by segment consisted of the following:



(in thousands)	December 31, 2019		December 31, 2018
Wireless	$	146,383	$	146,383
Broadband	2,687		114
Total Goodwill	$	149,070	$	146,497

We acquired Big Sandy Broadband, Inc. (“Big Sandy”) on February 28, 2019. The $10 million acquisition price was allocated as follows: $4.6 million of property, plant and equipment; $2.8 million of subscriber relationships; and $2.6 million of goodwill.

Other intangible assets consisted of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other			Net		Gross Carrying Amount		Accumulated Amortization and Other			Net
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—		$	64,334	$	64,334	$	—		$	64,334
FCC spectrum licenses	13,839		—			13,839		—		—			—
Railroad crossing rights	141		—			141		141		—			141
Total indefinite-lived intangibles	78,314		—			78,314		64,475		—			64,475

Finite-lived intangibles:
Sprint affiliate contract expansion - Wireless	455,305		(226,712		)	228,593		455,305		(167,830		)	287,475
FCC spectrum licenses	4,659		(97		)	4,562		—		—			—
Favorable leases - Wireless	—		—			—		15,743		(1,919		)	13,824
Acquired subscribers - Cable	28,065		(25,600		)	2,465		25,265		(25,250		)	15
Other intangibles	463		(250		)	213		463		(223		)	240
Total finite-lived intangibles	488,492		(252,659		)	235,833		496,776		(195,222		)	301,554
Total intangible assets	$	566,806	$	(252,659	)	$	314,147	$	561,251	$	(195,222	)	$	366,029

In 2016, we acquired nTelos Holdings Corp. and immediately transferred certain of the acquired assets to Sprint in an interrelated nonmonetary exchange. In the exchange, we received a corresponding expansion of our Sprint Affiliate Area, future billings associated with Sprint subscribers already in that expanded area, and an increase in the price that Sprint would pay to buy our Wireless asset group in the event that either party chooses not to renew the affiliate agreement. Sprint also agreed to waive up to $4.2 million of our monthly management fee, not to exceed $255.6 million in total, over a multi-year period. We accounted for these collective rights as an ACE intangible, which is amortized over the expected benefit period and further reduced as management fees are waived by Sprint. We realized management fee waivers of $38.8 million, $37.8 million and $36.1 million for the years ended December 31, 2019, 2018 and 2017, respectively, and $137.2 million since the date of the business combination.

During 2017 and 2018, we entered into purchase agreements with Sprint to further expand our affiliate territory to include areas around Parkersburg, West Virginia, and Richmond, Virginia, respectively. The relevant portion of these payments were also capitalized as ACE intangible assets.

Amounts paid in connection with the acquisition of a business are presented as amortization expense in our income statement. Amounts paid to Sprint outside of a business combination are accounted for as consideration paid to a customer with amortization presented as a reduction of Service and other revenue in our consolidated statements of comprehensive income.

During the third quarter of 2019, the Company purchased certain indefinite-lived spectrum licenses for $13.8 million and finite-lived spectrum licenses for $4.7 million.

For the years ended December 31, 2019, 2018 and 2017, amortization of intangible assets was approximately $20.5 million, $24.6 million and $27.5 million, respectively.

Our finite-lived intangible assets are amortized over the following estimated useful lives:



		Estimated Useful Life
Affiliate contract expansion - Wireless		4 - 14 years
FCC spectrum licenses		18 - 20 years
Acquired subscribers - Broadband		3 - 10 years
Other intangibles		15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2019:



(in thousands)	Amortization of Intangible Assets (1)

2020	$	17,857
2021	15,153
2022	13,709
2023	13,499
2024	13,499
Thereafter	43,772
Total	$	117,489

_______________________________________________________

(1) The Company expects to further reduce affiliate contract expansion by approximately $118.4 million as waived management fees are received from Sprint.

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 160,997	$ 155,152	$ 158,914	$ 158,843	$ 161,484	$ 158,731	$ 156,501	$ 154,138	$ 633,906	$ 630,854	$ 611,991
Operating income	22,880	25,359	24,020	24,787	26,994	28,329	21,169	16,754	97,046	93,246	46,510
Net income	$ 13,521	$ 14,354	$ 13,150	$ 13,910	$ 14,852	$ 15,534	$ 9,626	$ 6,583	$ 54,935	$ 46,595	$ 66,390
Net income per share - basic (in dollars per share)	$ 0.27	$ 0.29	$ 0.26	$ 0.28	$ 0.31	$ 0.31	$ 0.19	$ 0.13	$ 1.10	$ 0.94	$ 1.35
Net income per share - diluted (in dollars per share)	$ 0.27	$ 0.29	$ 0.26	$ 0.28	$ 0.30	$ 0.31	$ 0.19	$ 0.13	$ 1.10	$ 0.93	$ 1.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting

Effective November 30, 2019, we realigned our reporting segment structure to align with how our CEO and chief operating decision maker (“CODM”) allocates resources and evaluates operating performance. These changes follow an organizational shift during 2019 from a business line to a functional structure, better delineate between our key products, and better enable peer comparisons by both our CODM and our investors.

Refer to Note 1, Nature of Operations for a description of the business activities pursued by each of our reporting segments.

The tables below reflect the results of operations of the Company’s reportable segments consistent with internal reporting used by the Company. The prior year periods have been recast to reflect the segment changes.

Year ended December 31, 2019:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	302,031	$	—	$	—	—			$	302,031
Prepaid	53,540		—		—		—			53,540
Tower lease	—		—		6,964		—			6,964
Cable, residential and SMB	—		134,187		—		—			134,187
Fiber, enterprise and wholesale	—		20,187		—		—			20,187
Rural local exchange carrier	—		21,074		—		—			21,074
Travel, installation, and other	20,160		6,920		—		—			27,080
Service revenue and other	375,731		182,368		6,964		—			565,063
Equipment	67,659		1,184		—		—			68,843
Total external	443,390		183,552		6,964		—			633,906
Revenue from other segments	—		10,392		6,020		(16,412		)	—
Total revenue	443,390		193,944		12,984		(16,412		)	633,906
Operating expenses
Cost of services	131,745		76,674		3,894		(13,560		)	198,753
Cost of goods sold	65,148		766		—		—			65,914
Selling, general and administrative	42,225		32,679		1,166		36,470			112,540
Depreciation and amortization	115,731		41,304		2,025		593			159,653
Total operating expenses	354,849		151,423		7,085		23,503			536,860
Operating income (loss)	$	88,541	$	42,521	$	5,899	$	(39,915	)	$	97,046

Capital expenditures	$	71,744	$	60,627	$	921	$	5,500		$	138,792

Year ended December 31, 2018:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	300,775	$	—	$	—	—			$	300,775
Prepaid	51,602		—		—		—			51,602
Tower lease	—		—		7,180		—			7,180
Cable, residential and SMB	—		124,072		—		—			124,072
Fiber, enterprise and wholesale	—		18,218		—		—			18,218
Rural local exchange carrier	—		23,485		—		—			23,485
Travel, installation, and other	30,572		6,552		—		—			37,124
Service revenue and other	382,949		172,327		7,180		—			562,456
Equipment	67,510		888		—		—			68,398
Total external	450,459		173,215		7,180		—			630,854
Revenue from other segments	—		9,905		5,016		(14,921		)	—
Total revenue	450,459		183,120		12,196		(14,921		)	630,854
Operating expenses
Cost of services	127,045		75,066		4,121		(12,210		)	194,022
Cost of goods sold	63,583		376		—		—			63,959
Selling, general and administrative	46,760		27,741		778		37,943			113,222
Depreciation and amortization	125,067		38,317		2,454		567			166,405
Total operating expenses	362,455		141,500		7,353		26,300			537,608
Operating income (loss)	$	88,004	$	41,620	$	4,843	$	(41,221	)	$	93,246

Capital expenditures	$	80,010	$	43,197	$	6,145	$	7,289		$	136,641

Year ended December 31, 2017:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	311,629	$	—	$	—	—			$	311,629
Prepaid	96,972		—		—		—			96,972
Tower lease	—		—		7,080		—			7,080
Cable, residential and SMB	—		114,122		—		—			114,122
Fiber, enterprise and wholesale	—		16,600		—		—			16,600
Rural local exchange carrier	—		24,052		—		—			24,052
Travel, installation, and other	24,981		6,237		—		—			31,218
Service revenue and other	433,582		161,011		7,080		—			601,673
Equipment	9,467		851		—		—			10,318
Total external	443,049		161,862		7,080		—			611,991
Revenue from other segments	—		12,119		4,949		(17,068		)	—
Total revenue	443,049		173,981		12,029		(17,068		)	611,991
Operating expenses
Cost of services	125,785		73,331		3,841		(14,236		)	188,721
Cost of goods sold	22,653		133		—		—			22,786
Selling, general and administrative	117,561		26,909		696		20,771			165,937
Integration and acquisition expenses	10,793		—		—		237			11,030
Depreciation and amortization	137,725		36,797		1,885		600			177,007
Total operating expenses	414,517		137,170		6,422		7,372			565,481
Operating income (loss)	$	28,532	$	36,811	$	5,607	$	(24,440	)	$	46,510

Capital expenditures	$	81,729	$	57,068	$	891	$	6,801		$	146,489

A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Total consolidated operating income	$	97,046		$	93,246		$	46,510
Interest expense	(29,468		)	(34,847		)	(38,237		)
Other	3,461			3,713			4,984
Income before income taxes	$	71,039		$	62,112		$	13,257

The Company’s CODM does not currently review total assets by segment since the assets are centrally managed and some of the assets are shared by the segments, accordingly total assets by segment are not provided.

As of January 1, 2018, the Company records stock compensation expense to Corporate. Previously, stock compensation expense was allocated among all segments.

Other Assets and Accrued Liabilities

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

Prepaid expenses and other, classified as current assets, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Prepaid rent	$	—	$	11,245
Prepaid maintenance expenses	3,329		3,981
Interest rate swaps	1,382		4,930
Wireless contract asset	44,844		33,323
Broadband contract acquisition and fulfillment costs	4,898		4,634
Other	3,352		2,049
Prepaid expenses and other	$	57,805	$	60,162

Deferred charges and other assets, classified as long-term assets, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Interest rate swaps	$	1,252	$	8,323
Wireless contract asset	39,819		32,351
Broadband contract acquisition and fulfillment costs	6,107		5,457
Prepaid expenses and other	6,174		3,760
Deferred charges and other assets	$	53,352	$	49,891

Accrued liabilities and other, classified as current liabilities, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Sales and property taxes payable	$	3,789	$	4,281
Asset retirement obligations	148		582
Accrued programming costs	3,023		2,886
Financing leases	94		—
FCC spectrum license obligations	105		—
Other current liabilities	7,232		6,814
Accrued liabilities and other	$	14,391	$	14,563

Other liabilities, classified as long-term liabilities, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Noncurrent portion of deferred lease revenue	$	12,449	$	12,593
FCC spectrum license obligations	1,699		—
Noncurrent portion of financing leases	1,591		—
Other	1,251		1,771
Other liabilities	$	16,990	$	14,364

Asset Retirement Obligations:

Our asset retirement obligations arise from certain of our leases and generally require us to remove our network equipment from colocation sites, and to remove our towers from ground leases. Below is a summary:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Balance at beginning of year	$	29,166		$	21,703		$	21,507
Additional liabilities accrued	2,741			3,357			2,404
Changes to prior estimates	3,902			3,504			(1,695		)
Payments	(224		)	(443		)	(1,296		)
Accretion expense	1,477			1,045			783
Balance at end of year	$	37,062		$	29,166		$	21,703

Stock Compensation - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Net Income (Loss) Attributable to Parent	$ 13,521	$ 14,354	$ 13,150	$ 13,910	$ 14,852	$ 15,534	$ 9,626	$ 6,583	$ 54,935	$ 46,595	$ 66,390
Basic weighted average shares outstanding (in shares)									49,811	49,542	49,150
Basic net income per share (in dollars per share)	$ 0.27	$ 0.29	$ 0.26	$ 0.28	$ 0.31	$ 0.31	$ 0.19	$ 0.13	$ 1.10	$ 0.94	$ 1.35
Effect from dilutive shares and options outstanding (in shares)									290	521	876
Weighted average shares outstanding, diluted (in shares)									50,101	50,063	50,026
Diluted net income per share (in dollars per share)	$ 0.27	$ 0.29	$ 0.26	$ 0.28	$ 0.30	$ 0.31	$ 0.19	$ 0.13	$ 1.10	$ 0.93	$ 1.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Prepaid rent	$ 0		$ 11,245
Prepaid maintenance expenses	3,329		3,981
Interest rate swaps	1,382		4,930
Wireless contract asset	44,844		33,323
Broadband contract acquisition and fulfillment costs	4,898		4,634
Other	3,352		2,049
Prepaid expenses and other	$ 57,805	$ 48,582	$ 60,162

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 04, 2019
Finite-Lived Intangible Assets [Line Items]
Advertising expense		$ 14,300,000	$ 15,200,000	$ 15,500,000
Fair value of projected benefit obligations	$ 12,675,000	$ 12,675,000	$ 11,519,000
Stock repurchase amount authorized					$ 80,000,000
Share repurchases (in shares)	200,410
Stock repurchased during period (in dollars per share)	$ 36.08
Common stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Ntelos Holding, Corp \| Pension Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of pension plan assets	$ 24,100,000	$ 24,100,000	$ 20,700,000
Fair value of projected benefit obligations	$ 30,900,000	$ 30,900,000	$ 25,800,000
Discount rate	3.16%	3.16%	4.18%
Wireless
Finite-Lived Intangible Assets [Line Items]
Advertising expense		$ 10,800,000	$ 12,600,000	$ 13,500,000
nTelos Pension Plan
Finite-Lived Intangible Assets [Line Items]
Pension benefits, vesting period		5 years
Vesting reductions, threshold age of recipient		65 years
Fair value of projected benefit obligations	$ 6,824,000	$ 6,824,000	5,131,000
OPEB Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of projected benefit obligations	$ 3,573,000	$ 3,573,000	$ 3,193,000
Discount rate	3.12%	3.12%	4.15%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to income (loss) consists of the following components:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Current (benefit) expense
Federal taxes	$	(1,205	)	$	2,875		$	1,552
State taxes	5,665			6,434			(630		)
Total current provision	4,460			9,309			922
Deferred expense (benefit)
Federal taxes	12,183			6,708			(52,886		)
State taxes	(539		)	(500		)	(1,169		)
Total deferred provision	11,644			6,208			(54,055		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)
Effective tax rate	22.7		%	25.0		%

Reconciliation of Income Taxes

A reconciliation of income taxes determined by applying the federal and state tax rates to income (loss) is as follows:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Expected tax expense at federal statutory	$	14,918		$	13,044		$	4,640
State income taxes, net of federal tax effect	4,709			4,748			(1,129		)
Revaluation of U.S. deferred income taxes	—			(760		)	(53,449		)
Excess tax benefit from share based compensation and other, net	(3,523		)	(1,515		)	(3,195		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)

Deferred Tax Assets and Liabilities



(in thousands)	December 31, 2019		December 31, 2018
Deferred tax assets:
Leases	$	106,564	$	—
Asset retirement obligations	9,957		7,797
Net operating loss carry-forwards	10,071		12,612
Pension liabilities	3,161		2,873
Accruals and stock based compensation	1,935		6,545
Other	1,408		—
Total gross deferred tax assets	133,096		29,827
Less valuation allowance	—		(862		)
Net deferred tax assets	133,096		28,965

Deferred tax liabilities:
Property, plant and equipment	110,297		99,902
Leases	105,475		—
Intangible assets	27,201		32,727
Prepaid assets and other	26,574		23,789
Total gross deferred tax liabilities	269,547		156,418
Net deferred tax liabilities	$	136,451	$	127,453

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Management fee, percent fee	8.00%
Net service fee, percent fee	8.60%
Management fee retained, percent fee	6.00%
Remaining performance obligations	$ 3.4
Revenue remaining performance obligation, per year	$ 0.8
Broadband
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized contract cost, amortization period	4 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reimbursement payment, cost of equipment and commissions, benefit period for recognition	21 months
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reimbursement payment, cost of equipment and commissions, benefit period for recognition	53 months
Sprint
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Monthly revenue from contract with customer	$ 1.5
Customer concentration risk \| Revenue \| Sprint
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk	70.00%	71.00%	72.00%
Customer concentration risk \| Accounts receivable \| Sprint
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk	80.00%	80.00%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2019	Feb. 19, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		49,783,639
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1.8
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2020 annual meeting of shareholders (the “2020 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2020 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The comparative information was not retrospectively modified and the impact of the adoption of ASC 606 on the consolidated statements of comprehensive income was as follows:



	Year Ended December, 31 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Revenue:
Service revenue and other	$	562,456	$	632,340	$	(69,884	)
Equipment revenue	68,398		8,298		60,100
Operating expenses:
Cost of services	194,022		193,860		162
Cost of goods sold	63,959		28,377		35,582
Selling, general and administrative	113,222		175,753		(62,531		)



	As of December 31, 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Assets
Prepaid expenses and other	$	60,162	$	22,204	$	37,958
Deferred charges and other assets, net	49,891		12,083		37,808
Liabilities
Advanced billing and customer deposits	7,919		24,414		(16,495		)
Deferred income taxes	127,453		103,404		24,049
Other long-term liabilities	14,364		15,550		(1,186		)
Retained earnings	386,511		319,926		66,585

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard was as follows:



(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at December 31, 2019



(in thousands)	Operating Leases		Finance Leases		Total
2020	$	59,790	$	174	$	59,964
2021	65,556		174		65,730
2022	63,772		174		63,946
2023	60,301		174		60,475
2024	55,644		174		55,818
2025 and thereafter	189,857		1,532		191,389
Total lease payments	494,920		2,402		497,322
Less: Interest	99,914		717		100,631
Present value of lease liabilities	$	395,006	$	1,685	$	396,691

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at December 31, 2019



(in thousands)	Operating Leases		Finance Leases		Total
2020	$	59,790	$	174	$	59,964
2021	65,556		174		65,730
2022	63,772		174		63,946
2023	60,301		174		60,475
2024	55,644		174		55,818
2025 and thereafter	189,857		1,532		191,389
Total lease payments	494,920		2,402		497,322
Less: Interest	99,914		717		100,631
Present value of lease liabilities	$	395,006	$	1,685	$	396,691

Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

minimum rental receipts under the lease agreements in place at December 31, 2019:



(in thousands)	Operating Leases
2020	$	7,074
2021	4,914
2022	3,902
2023	2,270
2024	1,245
2025 and thereafter	3,853
Total	$	23,258

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities and long-term debt. The scheduled payments under those obligations are summarized in the respective notes above. We are also committed to make annual payments of approximately $108.0 thousand on our FCC spectrum license obligation through 2039. The Company is subject to claims and legal actions that may arise in the ordinary course of business. The Company does not believe that any of these pending claims or legal actions are either probable or reasonably possible of a material loss.

Commitments and Contingencies Narrative (Details)	Dec. 31, 2019 USD ($)
FCC Spectrum Licenses
Other Commitments [Line Items]
Other commitment, annual payments	$ 108,000.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 533	$ 534
Inventory reserves	$ 66	$ 113
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	49,671,000	49,630,000
Common stock, shares outstanding (in shares)	49,671,000	49,630,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 54,935	$ 46,595	$ 66,390
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	139,543	142,111	151,063
Amortization of intangible assets	20,535	24,294	25,944
Accretion of asset retirement obligations	1,478	1,045	761
Bad debt expense	1,743	1,983	2,179
Stock based compensation expense, net of amount capitalized	3,817	4,959	3,580
Deferred income taxes	11,644	6,208	(54,055)
Gain from patronage and investments	(4,769)	(3,113)	(3,458)
Amortization of long-term debt issuance costs	3,280	3,666	4,741
Changes in assets and liabilities:
Accounts receivable	(7,664)	239	16,451
Inventory, net	(463)	439	33,339
Current income taxes	(5,024)	12,029	(19,138)
Operating lease right-of-use assets	51,578	0	0
Waived management fee	38,827	37,763	36,056
Other assets	(18,499)	(16,246)	1,439
Accounts payable	12,821	(1,377)	(36,725)
Lease liabilities	(46,746)	0	0
Deferred lease	0	4,723	327
Other deferrals and accruals	2,109	329	(5,964)
Net cash provided by operating activities	259,145	265,647	222,930
Cash flows from investing activities:
Capital expenditures	(138,792)	(136,641)	(146,489)
Cash disbursed for acquisitions	(10,000)	(52,000)	(6,000)
Cash disbursed for FCC spectrum licenses	(16,742)	0	0
Proceeds from sale of assets and other	200	841	994
Net cash used in investing activities	(165,334)	(187,800)	(151,495)
Cash flows from financing activities:
Principal payments on long-term debt	(53,197)	(51,264)	(36,375)
Dividends paid, net of dividends reinvested	(13,943)	(12,866)	(12,257)
Repurchase of common stock	(7,231)	0	0
Proceeds from revolving credit facility borrowings	0	15,000
Proceeds from credit facility borrowings			25,000
Principal payments on revolving credit facility	0	(15,000)	0
Taxes paid for equity award issuances	(2,911)	(3,245)	(5,411)
Payments for debt issuance costs	0	(3,971)	0
Proceeds from exercise of stock options and other	36	0	0
Net cash used in financing activities	(77,246)	(71,346)	(29,043)
Net increase in cash and cash equivalents	16,565	6,501	42,392
Cash and cash equivalents, beginning of period	85,086	78,585	36,193
Cash and cash equivalents, end of period	$ 101,651	$ 85,086	$ 78,585

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2019 cell_site segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments \| segment	3
Number of cell towers built \| cell_site	225

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Defined Benefit Plans Disclosures

Benefit Obligations: The Benefit obligations caption includes the following plans:



($ in thousands)	December 31, 2019		December 31, 2018
nTelos Pension Plan	$	6,824	$	5,131
OPEB Plan	3,573		3,193
SERP Plan	2,278		3,195
Total	$	12,675	$	11,519

Schedule of Finite-Lived Intangible Assets

ntangible assets consisted of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other			Net		Gross Carrying Amount		Accumulated Amortization and Other			Net
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—		$	64,334	$	64,334	$	—		$	64,334
FCC spectrum licenses	13,839		—			13,839		—		—			—
Railroad crossing rights	141		—			141		141		—			141
Total indefinite-lived intangibles	78,314		—			78,314		64,475		—			64,475

Finite-lived intangibles:
Sprint affiliate contract expansion - Wireless	455,305		(226,712		)	228,593		455,305		(167,830		)	287,475
FCC spectrum licenses	4,659		(97		)	4,562		—		—			—
Favorable leases - Wireless	—		—			—		15,743		(1,919		)	13,824
Acquired subscribers - Cable	28,065		(25,600		)	2,465		25,265		(25,250		)	15
Other intangibles	463		(250		)	213		463		(223		)	240
Total finite-lived intangibles	488,492		(252,659		)	235,833		496,776		(195,222		)	301,554
Total intangible assets	$	566,806	$	(252,659	)	$	314,147	$	561,251	$	(195,222	)	$	366,029

Derivative and Hedging (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value



(in thousands)	December 31, 2019		December 31, 2018
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	1,382	$	4,930
Deferred charges and other assets, net	1,252		8,323
Total derivatives designated as hedging instruments	$	2,634	$	13,253

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below summarizes changes in accumulated other comprehensive income (loss) by component:



(in thousands)	Gains (Losses) on Cash Flow Hedges			Income Tax (Expense) Benefit			Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2018	$	13,253		$	(4,973	)	$	8,280
Net change in unrealized gain (loss)	(6,540		)	1,630			(4,910		)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(4,079		)	1,017			(3,062		)
Net current period other comprehensive income (loss)	(10,619		)	2,647			(7,972		)
Balance as of December 31, 2019	$	2,634		$	(2,326	)	$	308

Derivative and Hedging

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging

Derivatives and Hedging

In May 2016, the Company entered into certain pay-fixed (1.16%), receive-variable (one month LIBOR) interest rate swaps that were designated as a cash flow hedge. The Company is hedging approximately 46% of its outstanding debt through these instruments with outstanding notional amounts totaling $339.8 and $384.0 million December 31, 2019 and 2018, respectively.

The hedge was determined to be highly effective and therefore all of the change in its fair value is recognized through Other comprehensive income. The fair value of these instruments was estimated using an income approach and observable market inputs. They were presented as follows:



(in thousands)	December 31, 2019		December 31, 2018
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	1,382	$	4,930
Deferred charges and other assets, net	1,252		8,323
Total derivatives designated as hedging instruments	$	2,634	$	13,253

The table below summarizes changes in accumulated other comprehensive income (loss) by component:



(in thousands)	Gains (Losses) on Cash Flow Hedges			Income Tax (Expense) Benefit			Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2018	$	13,253		$	(4,973	)	$	8,280
Net change in unrealized gain (loss)	(6,540		)	1,630			(4,910		)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(4,079		)	1,017			(3,062		)
Net current period other comprehensive income (loss)	(10,619		)	2,647			(7,972		)
Balance as of December 31, 2019	$	2,634		$	(2,326	)	$	308

As of December 31, 2019, the Company estimates that $1.4 million will be reclassified as a reduction of interest expense during the next twelve months.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Below is a summary of the Wireless segment contract asset:



(in thousands)	2019			2018
Beginning Balance	$	65,674		$	51,103
Contract payments	77,371			61,156
Contract amortization against revenue	(58,382		)	(46,585		)
Ending Balance	$	84,663		$	65,674

Amortized and Capitalized Contract Cost

Below is a summary of Broadband’s capitalized contract acquisition costs:



(in thousands)	2019			2018
Beginning Balance	$	10,091		$	9,841
Contract payments	6,518			5,674
Contract amortization	(5,604		)	(5,424		)
Ending Balance	$	11,005		$	10,091

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The comparative information was not retrospectively modified and the impact of the adoption of ASC 606 on the consolidated statements of comprehensive income was as follows:



	Year Ended December, 31 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Revenue:
Service revenue and other	$	562,456	$	632,340	$	(69,884	)
Equipment revenue	68,398		8,298		60,100
Operating expenses:
Cost of services	194,022		193,860		162
Cost of goods sold	63,959		28,377		35,582
Selling, general and administrative	113,222		175,753		(62,531		)



	As of December 31, 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Assets
Prepaid expenses and other	$	60,162	$	22,204	$	37,958
Deferred charges and other assets, net	49,891		12,083		37,808
Liabilities
Advanced billing and customer deposits	7,919		24,414		(16,495		)
Deferred income taxes	127,453		103,404		24,049
Other long-term liabilities	14,364		15,550		(1,186		)
Retained earnings	386,511		319,926		66,585

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard was as follows:



(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Our syndicated Credit Agreement includes a $75 million, five-year undrawn revolving credit facility, as well as the following term loans:



(in thousands)	December 31, 2019		December 31, 2018
Term loan A-1	258,571		287,699
Term loan A-2	473,469		497,537
	732,040		785,236
Less: unamortized loan fees	11,926		14,994
Total debt, net of unamortized loan fees	$	720,114	$	770,242

Term Loan A-1 bears interest at one-month LIBOR plus a margin of 1.50%, while Term Loan A-2 bears interest at one-month LIBOR plus a margin of 1.75%. LIBOR resets monthly. Our cash payments for interest were $27.6 million and $33.0 million during 2019 and 2018, respectively.

The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company of its wholly owned subsidiaries as collateral, other than Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

The Credit Agreement contains affirmative and negative covenants customary to secured credit facilities, including restrictions on our ability to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments, and change the nature of the Company’s businesses. Total dividends, distributions, and redemptions of capital stock generally cannot exceed the sum of $25 million plus 60% of the Company's consolidated net income from January 1, 2016 to the date of declaration of such dividends, distributions or redemptions.

The financial covenants of the Credit Facility include:


•	a limitation on the Company’s total leverage ratio, calculated as Consolidated EBITDA, as defined by the Credit Facility agreement, of less than or equal to 3.50 to 1.00 from December 31, 2018 through December 31, 2019, then 3.25 to 1.00 through December 31, 2021, and 3.00 to 1.00 thereafter;


•	a minimum debt service coverage ratio, calculated as Consolidated EBITDA minus certain cash tax payments divided by the sum of all scheduled principal payments on the Credit Facility plus cash payments for interest, greater than or equal to 2.00 to 1.00;


•	the Company must maintain a minimum liquidity balance, calculated as availability under the Revolver Facility plus unrestricted cash and cash equivalents, of greater than $25 million at all times.

As shown below, as of December 31, 2019, the Company was in compliance with the financial covenants in its credit agreements.



	Actual		Covenant Requirement
Total leverage ratio	2.4		3.5 or Lower
Debt service coverage ratio	5.8		2.0 or Higher
Minimum liquidity balance (in millions)	$	176.4	$25.0 or Higher

Term Loan A-1 requires quarterly principal repayments of $7.3 million from December 31, 2019 through September 30, 2022; then increasing to $10.9 million quarterly from December 31, 2022 through September 30, 2023, with the remaining balance due November 8, 2023. Term Loan A-2 requires quarterly principal repayments of $1.2 million through September 30, 2025, with the remaining balance due November 8, 2025. These scheduled payments are also summarized below:



	Amount
(in thousands)
2020	$	34,122
2021	34,122
2022	37,764
2023	172,515
2024	4,988
2025	448,529
Total	$	732,040

The estimated fair value of our variable-rate Credit Facility approximates its carrying value due to its floating interest rate structure.

Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

The following table reflects selected quarterly results for the Company.



	Three Months Ended
(in thousands, except per share data)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Revenue	$	158,843	$	158,914	$	155,152	$	160,997
Operating income	24,787		24,020		25,359		22,880
Net income	13,910		13,150		14,354		13,521

Net income per share - basic	$	0.28	$	0.26	$	0.29	$	0.27
Net income per share - diluted	$	0.28	$	0.26	$	0.29	$	0.27

	Three Months Ended
(in thousands except per share data)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Revenue	$	154,138	$	156,501	$	158,731	$	161,484
Operating income	16,754		21,169		28,329		26,994
Net income	6,583		9,626		15,534		14,852

Net income per share - basic	$	0.13	$	0.19	$	0.31	$	0.31
Net income per share - diluted	$	0.13	$	0.19	$	0.31	$	0.30

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Total revenue	$ 633,906	$ 630,854	$ 611,991
Operating expenses
Selling, general and administrative	112,540	113,222	165,937
Acquisition, integration and migration expenses	0	0	11,030
Depreciation and amortization	159,653	166,405	177,007
Total operating expenses	536,860	537,608	565,481
Operating income	97,046	93,246	46,510
Other income (expense):
Interest expense	(29,468)	(34,847)	(38,237)
Other	3,461	3,713	4,984
Income before income taxes	71,039	62,112	13,257
Income tax expense (benefit)	16,104	15,517	(53,133)
Net income	54,935	46,595	66,390
Other comprehensive income:
Unrealized (loss) gain on interest rate hedge, net of tax	(7,972)
Unrealized (loss) gain on interest rate hedge, net of tax		50	1,442
Comprehensive income	$ 46,963	$ 46,645	$ 67,832
Net income per share, basic and diluted:
Basic net income per share (in dollars per share)	$ 1.10	$ 0.94	$ 1.35
Diluted net income per share (in dollars per share)	$ 1.10	$ 0.93	$ 1.33
Weighted average shares outstanding, basic (in shares)	49,811	49,542	49,150
Weighted average shares outstanding, diluted (in shares)	50,101	50,063	50,026
Cash dividend declared per share (in dollars per share)	$ 0.29	$ 0.27	$ 0.26
Service revenue and other
Revenue:
Total revenue	$ 565,063	$ 562,456	$ 601,673
Equipment revenue
Revenue:
Total revenue	68,843	68,398	10,318
Services
Operating expenses
Cost of services and cost of goods sold	198,753	194,022	188,721
Products
Operating expenses
Cost of services and cost of goods sold	$ 65,914	$ 63,959	$ 22,786

Other Assets and Accrued Liabilities - Asset Removal Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 29,166	$ 21,703	$ 21,507
Additional liabilities accrued	2,741	3,357	2,404
Changes to prior estimates	3,902	3,504	(1,695)
Payments	(224)	(443)	(1,296)
Accretion expense	1,477	1,045	783
Balance at end of year	$ 37,062	$ 29,166	$ 21,703

Stock Compensation - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Stock compensation expense	$ 4,182	$ 5,367	$ 4,184
Capitalized stock compensation	365	408	604
Stock compensation expense, net	$ 3,817	$ 4,959	$ 3,580

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes	$ 9,500,000
Proceeds from income tax refunds	2,700,000
Deferred tax assets, operating loss carryforwards, state and local	10,071,000	$ 10,100,000	$ 12,612,000
Unrecognized tax benefits	0		$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	46,200,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 19,000,000.0

Stock Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock Compensation

The Company maintains two shareholder-approved Company Stock Incentive Plans allowing for the grant of equity based incentive compensation to essentially all employees. The 2005 Plan authorized grants of up to 2,880,000 shares over a ten-year period beginning in 2005. The term of the 2005 Plan expired in February 2014; outstanding awards will continue to vest and options may continue to be exercised, but no additional awards will be granted under the 2005 Plan. The 2014 Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period beginning in 2014. Under these Plans, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights, and other forms of equity based compensation; both options to acquire stock and stock awards were granted.

The fair value of each option award is estimated on the grant date using the Black-Scholes option valuation model, based on several assumptions including the risk-free interest rate, volatility, expected dividend yield and expected term.

The fair value of each restricted stock unit award is calculated using the share price at the date of grant. Restricted stock units generally have service requirements only or performance and service requirements with vesting periods ranging from one to four years. Employees and directors who are granted restricted stock units are not required to pay for the shares but generally must remain employed with the Company, or continue to serve as a member of the Company’s board of directors, until the restrictions lapse, which is typically four years for employees and one year for directors.

The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded using the straight-line method consistent with the recipient's respective service period.

Stock-based compensation expense was as follows:



	Years Ended December 31,
(in thousands)	2019		2018		2017
Stock compensation expense	$	4,182	$	5,367	$	4,184
Capitalized stock compensation	365		408		604
Stock compensation expense, net	$	3,817	$	4,959	$	3,580

As of December 31, 2019 and 2018, there was $3.7 million and $2.7 million, respectively, of total unrecognized compensation cost related to non-vested incentive awards that are expected to be recognized over a weighted average period of 2.4 years.

We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:



	Years Ended December 31,
(in thousands, except per share amounts)	2019		2018		2017
Calculation of net income per share:
Net income	$	54,935	$	46,595	$	66,390
Basic weighted average shares outstanding	49,811		49,542		49,150
Basic net income per share	$	1.10	$	0.94	$	1.35

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,811		49,542		49,150
Effect from dilutive shares and options outstanding	290		521		876
Diluted weighted average shares outstanding	50,101		50,063		50,026
Diluted net income per share	$	1.10	$	0.93	$	1.33

There were fewer than 110 thousand anti-dilutive awards outstanding during 2019, 2018, and 2017.

Leases - Cumulative Effect of Adoption (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets
Prepaid expenses and other	$ 57,805	$ 48,582	$ 60,162
Property, plant and equipment, net	700,114	703,148	701,359
Operating lease right-of-use assets	392,589	369,344	0
Intangible assets, net	314,147	352,201	366,029
Liabilities
Current operating lease liabilities	42,567	38,773
Accrued liabilities and other	14,391	14,151	14,563
Deferred Lease			22,436
Noncurrent operating lease liabilities	352,439	328,156
Other liabilities	$ 16,990	16,008	$ 14,364
Accounting Standards Update 2016-02
Assets
Prepaid expenses and other		(11,580)
Property, plant and equipment, net		1,789
Operating lease right-of-use assets		369,344
Intangible assets, net		(13,828)
Liabilities
Current operating lease liabilities		38,773
Accrued liabilities and other		(412)
Deferred Lease		(22,436)
Noncurrent operating lease liabilities		328,156
Other liabilities		$ 1,644

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:



($ in thousands)	Estimated Useful Lives	December 31, 2019		December 31, 2018
Land		$	6,976	$	6,723
Buildings and structures	10 - 40 years	232,730		213,657
Cable and fiber	15 - 40 years	334,260		309,928
Equipment and software	3 - 20 years	867,898		791,401
Plant in service		1,441,864		1,321,709
Plant under construction		56,827		81,409
Total property, plant and equipment		1,498,691		1,403,118
Less: accumulated amortization and depreciation		798,577		701,759
Property, plant and equipment, net		$	700,114	$	701,359

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of consolidation: The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or the U.S., 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. Due to the inherent uncertainty involved in making estimates, actual results to be reported in future periods could differ from our estimates.

Cash and cash equivalents: Cash equivalents may include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.

Inventories: The Company's inventories consist primarily of items held for resale such as devices and accessories. The Company values its inventory at the lower of cost or net realizable value. Inventory cost is computed on an average cost basis. Net realizable value is determined by reviewing current replacement cost, marketability and obsolescence.

Property, plant and equipment: Property, plant and equipment is stated at cost less accumulated depreciation. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms. Refer to Note 5, Property, Plant and Equipment, for additional information.

Indefinite-lived Intangible Assets: Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights provide us with the non-exclusive right to provide video services in a specified area. Spectrum licenses are issued by the Federal Communications Commission (“FCC”) which provide us the exclusive right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at nominal costs. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that

limit the useful lives of our cable franchises or spectrum licenses and as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets.

Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. These assets are evaluated for impairment based on the identification of reporting units. Our reporting units effectively align with our new reporting segments. We evaluated our reporting units for impairment both before and after our realignment of reporting segments and reporting units during the fourth quarter of 2019 on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends. We concluded that there were no indicators that a reporting unit impairment was more likely than not during the years ended December 31, 2019, 2018 or 2017.

Long-lived Assets: Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets are amortized or depreciated over their estimated useful lives, as summarized in the respective footnotes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our new reporting segments. We evaluated our asset groups for impairment both before and after our realignment of reporting segments and asset groups during the fourth quarter of 2019. We concluded that there were no indicators that an asset group impairment had been triggered during the years ended December 31, 2019, 2018 or 2017.

Advertising Costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations. Advertising expense for the years ended December 31, 2019, 2018 and 2017 was $14.3 million, $15.2 million and $15.5 million, respectively. The Wireless segment's advertising of Sprint products drove the majority of these advertising expenses, at $10.8 million, $12.6 million and $13.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Benefit Obligations: The Benefit obligations caption includes the following plans:



($ in thousands)	December 31, 2019		December 31, 2018
nTelos Pension Plan	$	6,824	$	5,131
OPEB Plan	3,573		3,193
SERP Plan	2,278		3,195
Total	$	12,675	$	11,519

The nTelos Pension Plan was assumed in the 2016 acquisition of nTelos. This frozen plan covers certain employees who met eligibility requirements and were employed by nTelos prior to October 1, 2003. Benefits under the plan vested after five years of plan service and were based on years of service and an average of the five highest consecutive years of compensation subject to certain reductions if the employee elects to receive the benefit prior to age 65. Effective December 31, 2012, nTelos amended the Pension Plan to freeze future benefit plan accruals for participants.

As of December 31, 2019 and 2018, the fair value of our Pension Plan assets were $24.1 million and $20.7 million, respectively. These investments are held in index funds, and are valued based the net asset value per share. Our Pension Plan's projected benefit obligation was $30.9 million and $25.8 million, at December 31, 2019 and 2018, respectively. The Pension Plan liability was discounted at 3.16% and 4.18% at December 31, 2019 and 2018, respectively.

The nTelos postretirement benefit plan was assumed in the 2016 acquisition of nTelos. This frozen plan covers certain health care benefits for certain nTelos retired employees that meet eligibility requirements. This is a defined benefit plan that is unfunded. Our OPEB Plan liability was discounted at 3.12% and 4.15% at December 31, 2019 and 2018, respectively.

The service component of defined benefit plan expense is immaterial and is included in selling, general, and administrative expense. Following our adoption of ASU 2017-17, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on January 1, 2018, all other components of benefit plan expense are presented in Other income (expense) and our policy is to immediately recognize actuarial gains and losses into earnings.

The Supplemental Executive Retirement Plan ("SERP") is a benefit plan that provides deferred compensation to certain employees. The Company holds investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710 Compensation. Changes to the investments’ fair

value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense

Share Repurchase Program: On November 4, 2019, our program to repurchase up to $80 million of common stock became effective. During the fourth quarter of 2019, we repurchased 200,410 shares under the program at an average price of $36.08.

The program is expected to be executed over a twelve month period subject to market conditions and we are not obligated to repurchase the full amount allowed under the program. Our common shares have zero par value and our policy is to record the entire repurchase as a reduction of additional paid-in capital. Repurchased shares are canceled and revert to a status of “authorized and unissued” under Virginia law.

New Accounting Standards

We implemented Accounting Standards Codification ("ASC") 842-Leases, ("ASC 842"), on January 1, 2019 using the modified retrospective method and thus did not retroactively adjust prior periods. ASC 842 replaced previous leasing guidance with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. The new standard required lessees to recognize most leases on their balance sheet as liabilities, with corresponding right-of-use, or ROU assets. See Note 8, Leases for more information.

We adopted ASU No. 2018-02-Income Statement - Reporting Comprehensive Income, ("ASC 220"), as of January 1, 2019. We elected not to reclassify stranded income tax effects from accumulated other comprehensive income (OCI) to retained earnings and have implemented this election as its accounting policy as of January 1, 2019. The Company utilizes the portfolio approach as its policy to release the income tax effects from accumulated OCI as the entire portfolio is liquidated, sold, or extinguished.

We implemented ASC 606-Revenue from Contracts with Customers, ("ASC 606"), on January 1, 2018 using the modified retrospective method and thus did not retroactively adjust prior periods. This new pronouncement provided us with a single revenue recognition model for recognizing revenue from contracts with customers and significantly expanded the disclosure requirements for revenue arrangements. We have disclosed our results under both the new and old standards for the first year after adoption. See Note 3, Revenue from Contracts with Customers for more information.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments, which requires the application of a current expected credit loss (“CECL”) impairment model to financial assets measured at amortized cost (including trade accounts receivable), net investments in leases, and certain off-balance-sheet credit exposures. Under the CECL model, lifetime expected credit losses on such financial assets are measured and recognized at each reporting date based on historical, current, and forecasted information. Furthermore, the CECL model requires financial assets with similar risk characteristics to be analyzed on a collective basis. ASC 326 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years. The Company intends to adopt this standard as of January 1, 2020. The Company does not expect there to be a significant impact to consolidated financial statements upon the adoption.

Investments

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investments

Investments consist of the following:



(in thousands)	December 31, 2019		December 31, 2018
SERP Investments at fair value	2,278		1,779
Cost method investments	9,497		8,487
Equity method investments	613		522
Total investments	$	12,388	$	10,788

SERP Investments at Fair Value: As noted above, the SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants following their retirement. Changes to the investments’ fair value are presented in Other income (expense). The SERP’s investments are held in index funds for which the net asset value is used as a practical expedient for fair value.

Cost Method Investments: Our investment in CoBank’s Class A common stock represented substantially all of our cost method investments with a balance of $8.7 million and $7.7 million at December 31, 2019 and 2018, respectively. We invested in the CoBank cooperative in connection with our Credit Facility discussed in Note 9, Long-Term Debt. We receive equity-based patronage distributions in the form of both equity and cash, which are recognized in Other income (expense) and totaled $4.2 million in 2019 and $2.8 million in both 2018 and 2017. Historically, approximately 75% of the patronage distributions are received in cash and 25% in additional shares of common stock. Information regarding investments carried at cost is reviewed for evidence of impairment. Impairments, if any, are charged to earnings and a new cost basis for the investment is established.

Equity Method Investments: We hold small investments in certain partnerships and unconsolidated corporations where the Company can exert significant influence. At December 31, 2019, the Company had a 23.2% ownership interest in Virginia Independent Telephone Alliance and a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $1.0 million, $1.7 million, and $2.2 million from providing service to ValleyNet during 2019, 2018, and 2017, respectively. We recognized Cost of service of $3.0 million, $3.4 million, and $3.7 million for the use of ValleyNet’s network during 2019, 2018, and 2017, respectively.

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease, weighted average remaining lease term	9 years
Operating lease, weighted average discount rate, percent	4.30%
Finance lease, weighted average remaining lease term	15 years
Finance lease, weighted average discount rate, percent	5.10%
Operating lease, cost	$ 69.2
Finance lease, cost	0.6
Operating lease, payments	63.1
Right-of-use asset obtained in exchange for operating lease liability	74.8
Operating leases, future minimum payments, next rolling twelve months		$ 55.1
Operating leases, future minimum payments, due in two years		104.4
Operating leases, future minimum payments, due in three years		97.6
Operating leases, future minimum payments, due thereafter		$ 168.5
Sublease income	$ 8.1

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
SERP Investments at fair value	$ 2,278	$ 1,779
Cost method investments	9,497	8,487
Equity method investments	613	522
Total investments	$ 12,388	$ 10,788

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite Lived Intangible Assets, Amortization, Estimated Useful Lives [Table Text Block]

Our finite-lived intangible assets are amortized over the following estimated useful lives:



		Estimated Useful Life
Affiliate contract expansion - Wireless		4 - 14 years
FCC spectrum licenses		18 - 20 years
Acquired subscribers - Broadband		3 - 10 years
Other intangibles		15 - 20 years

Changes in Carrying Amount of Goodwill

Goodwill by segment consisted of the following:



(in thousands)	December 31, 2019		December 31, 2018
Wireless	$	146,383	$	146,383
Broadband	2,687		114
Total Goodwill	$	149,070	$	146,497

Intangible Assets Resulting from Acquisition

ntangible assets consisted of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other			Net		Gross Carrying Amount		Accumulated Amortization and Other			Net
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—		$	64,334	$	64,334	$	—		$	64,334
FCC spectrum licenses	13,839		—			13,839		—		—			—
Railroad crossing rights	141		—			141		141		—			141
Total indefinite-lived intangibles	78,314		—			78,314		64,475		—			64,475

Finite-lived intangibles:
Sprint affiliate contract expansion - Wireless	455,305		(226,712		)	228,593		455,305		(167,830		)	287,475
FCC spectrum licenses	4,659		(97		)	4,562		—		—			—
Favorable leases - Wireless	—		—			—		15,743		(1,919		)	13,824
Acquired subscribers - Cable	28,065		(25,600		)	2,465		25,265		(25,250		)	15
Other intangibles	463		(250		)	213		463		(223		)	240
Total finite-lived intangibles	488,492		(252,659		)	235,833		496,776		(195,222		)	301,554
Total intangible assets	$	566,806	$	(252,659	)	$	314,147	$	561,251	$	(195,222	)	$	366,029

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes expected amortization of intangible assets at December 31, 2019:



(in thousands)	Amortization of Intangible Assets (1)

2020	$	17,857
2021	15,153
2022	13,709
2023	13,499
2024	13,499
Thereafter	43,772
Total	$	117,489

_______________________________________________________

(1) The Company expects to further reduce affiliate contract expansion by approximately $118.4 million as waived management fees are received from Sprint.

Schedule of Finite-Lived Intangible Assets

ntangible assets consisted of the following:



	December 31, 2019							December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other			Net		Gross Carrying Amount		Accumulated Amortization and Other			Net
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—		$	64,334	$	64,334	$	—		$	64,334
FCC spectrum licenses	13,839		—			13,839		—		—			—
Railroad crossing rights	141		—			141		141		—			141
Total indefinite-lived intangibles	78,314		—			78,314		64,475		—			64,475

Finite-lived intangibles:
Sprint affiliate contract expansion - Wireless	455,305		(226,712		)	228,593		455,305		(167,830		)	287,475
FCC spectrum licenses	4,659		(97		)	4,562		—		—			—
Favorable leases - Wireless	—		—			—		15,743		(1,919		)	13,824
Acquired subscribers - Cable	28,065		(25,600		)	2,465		25,265		(25,250		)	15
Other intangibles	463		(250		)	213		463		(223		)	240
Total finite-lived intangibles	488,492		(252,659		)	235,833		496,776		(195,222		)	301,554
Total intangible assets	$	566,806	$	(252,659	)	$	314,147	$	561,251	$	(195,222	)	$	366,029

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 12,449		$ 12,593
FCC spectrum license obligations	1,699		0
Noncurrent portion of financing leases	1,591		0
Other	1,251		1,771
Other liabilities	$ 16,990	$ 16,008	$ 14,364

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Other Investments

Investments consist of the following:



(in thousands)	December 31, 2019		December 31, 2018
SERP Investments at fair value	2,278		1,779
Cost method investments	9,497		8,487
Equity method investments	613		522
Total investments	$	12,388	$	10,788

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.29	$ 0.27	$ 0.26

Summary of Significant Accounting Policies - Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 12,675	$ 11,519
nTelos Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	6,824	5,131
OPEB Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	3,573	3,193
SERP Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 2,278	$ 3,195

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt



(in thousands)	December 31, 2019		December 31, 2018
Term loan A-1	258,571		287,699
Term loan A-2	473,469		497,537
	732,040		785,236
Less: unamortized loan fees	11,926		14,994
Total debt, net of unamortized loan fees	$	720,114	$	770,242

Financial Covenants in Credit Agreements

As shown below, as of December 31, 2019, the Company was in compliance with the financial covenants in its credit agreements.



	Actual		Covenant Requirement
Total leverage ratio	2.4		3.5 or Lower
Debt service coverage ratio	5.8		2.0 or Higher
Minimum liquidity balance (in millions)	$	176.4	$25.0 or Higher

Maturities of Long-term Debt



	Amount
(in thousands)
2020	$	34,122
2021	34,122
2022	37,764
2023	172,515
2024	4,988
2025	448,529
Total	$	732,040

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Revenue from Contracts with Customers Revenue from Contract with Customers - Contract Asset Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Contract Asset Balance [Roll Forward]
Beginning Balance	$ 65,674	$ 51,103
Contract payments	77,371	61,156
Contract amortization	(58,382)	(46,585)
Ending Balance	$ 84,663	$ 65,674

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating income	$ 22,880	$ 25,359	$ 24,020	$ 24,787	$ 26,994	$ 28,329	$ 21,169	$ 16,754	$ 97,046	$ 93,246	$ 46,510
Interest expense									(29,468)	(34,847)	(38,237)
Other									3,461	3,713	4,984
Income before income taxes									$ 71,039	$ 62,112	$ 13,257

- Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total	$ 732,040	$ 785,236
Less: unamortized loan fees	11,926	14,994
Total debt, net of unamortized loan fees	720,114	770,242
Term loan A-1
Debt Instrument [Line Items]
Total	258,571	287,699
Term loan A-2
Debt Instrument [Line Items]
Total	$ 473,469	$ 497,537

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Selected Financial Data for Segments

Year ended December 31, 2019:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	302,031	$	—	$	—	—			$	302,031
Prepaid	53,540		—		—		—			53,540
Tower lease	—		—		6,964		—			6,964
Cable, residential and SMB	—		134,187		—		—			134,187
Fiber, enterprise and wholesale	—		20,187		—		—			20,187
Rural local exchange carrier	—		21,074		—		—			21,074
Travel, installation, and other	20,160		6,920		—		—			27,080
Service revenue and other	375,731		182,368		6,964		—			565,063
Equipment	67,659		1,184		—		—			68,843
Total external	443,390		183,552		6,964		—			633,906
Revenue from other segments	—		10,392		6,020		(16,412		)	—
Total revenue	443,390		193,944		12,984		(16,412		)	633,906
Operating expenses
Cost of services	131,745		76,674		3,894		(13,560		)	198,753
Cost of goods sold	65,148		766		—		—			65,914
Selling, general and administrative	42,225		32,679		1,166		36,470			112,540
Depreciation and amortization	115,731		41,304		2,025		593			159,653
Total operating expenses	354,849		151,423		7,085		23,503			536,860
Operating income (loss)	$	88,541	$	42,521	$	5,899	$	(39,915	)	$	97,046

Capital expenditures	$	71,744	$	60,627	$	921	$	5,500		$	138,792

Year ended December 31, 2018:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	300,775	$	—	$	—	—			$	300,775
Prepaid	51,602		—		—		—			51,602
Tower lease	—		—		7,180		—			7,180
Cable, residential and SMB	—		124,072		—		—			124,072
Fiber, enterprise and wholesale	—		18,218		—		—			18,218
Rural local exchange carrier	—		23,485		—		—			23,485
Travel, installation, and other	30,572		6,552		—		—			37,124
Service revenue and other	382,949		172,327		7,180		—			562,456
Equipment	67,510		888		—		—			68,398
Total external	450,459		173,215		7,180		—			630,854
Revenue from other segments	—		9,905		5,016		(14,921		)	—
Total revenue	450,459		183,120		12,196		(14,921		)	630,854
Operating expenses
Cost of services	127,045		75,066		4,121		(12,210		)	194,022
Cost of goods sold	63,583		376		—		—			63,959
Selling, general and administrative	46,760		27,741		778		37,943			113,222
Depreciation and amortization	125,067		38,317		2,454		567			166,405
Total operating expenses	362,455		141,500		7,353		26,300			537,608
Operating income (loss)	$	88,004	$	41,620	$	4,843	$	(41,221	)	$	93,246

Capital expenditures	$	80,010	$	43,197	$	6,145	$	7,289		$	136,641

Year ended December 31, 2017:



(in thousands)	Wireless		Broadband		Tower		Corporate & Eliminations			Consolidated
External revenue
Postpaid	$	311,629	$	—	$	—	—			$	311,629
Prepaid	96,972		—		—		—			96,972
Tower lease	—		—		7,080		—			7,080
Cable, residential and SMB	—		114,122		—		—			114,122
Fiber, enterprise and wholesale	—		16,600		—		—			16,600
Rural local exchange carrier	—		24,052		—		—			24,052
Travel, installation, and other	24,981		6,237		—		—			31,218
Service revenue and other	433,582		161,011		7,080		—			601,673
Equipment	9,467		851		—		—			10,318
Total external	443,049		161,862		7,080		—			611,991
Revenue from other segments	—		12,119		4,949		(17,068		)	—
Total revenue	443,049		173,981		12,029		(17,068		)	611,991
Operating expenses
Cost of services	125,785		73,331		3,841		(14,236		)	188,721
Cost of goods sold	22,653		133		—		—			22,786
Selling, general and administrative	117,561		26,909		696		20,771			165,937
Integration and acquisition expenses	10,793		—		—		237			11,030
Depreciation and amortization	137,725		36,797		1,885		600			177,007
Total operating expenses	414,517		137,170		6,422		7,372			565,481
Operating income (loss)	$	28,532	$	36,811	$	5,607	$	(24,440	)	$	46,510

Capital expenditures	$	81,729	$	57,068	$	891	$	6,801		$	146,489

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Total consolidated operating income	$	97,046		$	93,246		$	46,510
Interest expense	(29,468		)	(34,847		)	(38,237		)
Other	3,461			3,713			4,984
Income before income taxes	$	71,039		$	62,112		$	13,257

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 78,314		$ 64,475
Gross carrying amount	488,492		496,776
Accumulated amortization and other	(252,659)		(195,222)
Total	235,833		301,554
Total intangible assets, gross carrying amount	566,806		561,251
Intangible assets, net	314,147	$ 352,201	366,029
Affiliate contract expansion
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	455,305		455,305
Accumulated amortization and other	(226,712)		(167,830)
Total	228,593		287,475
FCC Spectrum Licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,659		0
Accumulated amortization and other	(97)		0
Total	4,562		0
Favorable leases - Wireless
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0		15,743
Accumulated amortization and other	0		(1,919)
Total	0		13,824
Acquired subscribers - Cable
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,065		25,265
Accumulated amortization and other	(25,600)		(25,250)
Total	2,465		15
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	463		463
Accumulated amortization and other	(250)		(223)
Total	213		240
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334		64,334
FCC Spectrum Licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	13,839		0
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141		$ 141

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Operating Leases
2020	$ 59,790
2021	65,556
2022	63,772
2023	60,301
2024	55,644
2025 and thereafter	189,857
Total lease payments	494,920
Less: Interest	99,914
Present value of lease liabilities	395,006
Finance Leases
2020	174
2021	174
2022	174
2023	174
2024	174
2025 and thereafter	1,532
Total lease payments	2,402
Less: Interest	717
Present value of lease liabilities	1,685
Total
2020	59,964
2021	65,730
2022	63,946
2023	60,475
2024	55,818
2025 and thereafter	191,389
Total lease payments	497,322
Less: Interest	100,631
Present value of lease liabilities	$ 396,691

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Refer to Note 14, Segment Reporting, for a summary of our revenue streams, which are discussed further below.

Wireless Segment Revenue

Under the terms of our affiliate agreement with Sprint, we are the exclusive provider to build and operate a portion of Sprint’s nationwide wireless network in a contiguous portion of the Mid-Atlantic states and are licensed to use Sprint’s trademark and FCC spectrum licenses in this Sprint Affiliate Area. In return, we receive a substantial portion of Sprint’s net billings to its subscribers in our Sprint Affiliate Area. Our revenue from this agreement is fully variable and thus our economic risks and rewards under this model are very similar to those of any other wireless carrier.

Under ASC 606, we concluded that Sprint is our customer, rather than Sprint's subscribers. Our sole performance obligation to Sprint under this arrangement is to provide Sprint a series of continuous network access services. All of our consideration for this performance obligation is variable based upon Sprint’s net billings to its subscribers who either originated in, or otherwise use our network in the Affiliate Area, less the 8% management and 8.6% service fees that are retained by Sprint. Our variable revenue from those subscriber billings is further reduced by customer credits, and write-off of Sprint’s subscriber receivables. In the case of Sprint’s prepaid subscribers, our revenue represents the subscriber’s bill reduced by costs to acquire and support those subscribers, based upon national averages from Sprint’s prepaid programs, and a 6% management fee.

We reimburse Sprint for the cost of subsidized handsets that Sprint sells through its national channel in our Sprint Affiliate Area. Similarly, we also reimburse Sprint for commissions that Sprint pays to third-party dealers in our Sprint Affiliate Area. These

reimbursements to Sprint represent consideration payable to our customer, and are thus recorded as a contract asset that amortizes against revenue over the estimated life of Sprint’s relationship with its subscribers in our affiliate area, which ranges from 21 to 53 months. Also included within our contract asset is an allowance for variable consideration, which essentially represents our share of Sprint’s allowance for doubtful accounts due from Sprint’s subscribers. Below is a summary of the Wireless segment contract asset:



(in thousands)	2019			2018
Beginning Balance	$	65,674		$	51,103
Contract payments	77,371			61,156
Contract amortization against revenue	(58,382		)	(46,585		)
Ending Balance	$	84,663		$	65,674

The Wireless segment also sells cell phones and other equipment to Sprint, who in-turn immediately re-sells this equipment to their subscriber, generally under Sprint's equipment financing plan. Shentel is the principal in these transactions, as we control and bear the risk of ownership of the inventory prior to sale. Accordingly, our equipment revenue and cost of equipment sold are presented gross.

Under our affiliate agreement with Sprint, we have historically earned and recognized monthly revenue of $1.5 million for providing service to Sprint customers who pass through our network area ("travel revenue"). While we continue to provide these services to Sprint, the agreed upon payments were suspended by Sprint on April 30, 2019. Accordingly, we have ceased recognizing revenue for the services provided after that date until a new prospective fee can be agreed. We have triggered the final dispute resolution option with Sprint which we expect will lead to a resolution for travel fee revenue in the second quarter of 2020

Total Wireless revenue resulting from our relationship with Sprint accounted for 70%, 71%, and 72% of our total consolidated revenue for 2019, 2018, and 2017, respectively. Approximately 80% of our accounts receivable were due from Sprint at the end of both 2019 and 2018.

Broadband Segment Revenue

Our Broadband segment’s largest source of revenue is the provision of unregulated broadband, video and voice services to residential and small and medium business (“SMB”) customers in portions of Virginia, West Virginia, Maryland, and Kentucky, via fiber optic and hybrid fiber coaxial cable. The Broadband segment also provides voice and digital subscriber line (“DSL”) telephone services to customers in Virginia’s Shenandoah County as a regulated Rural Local Exchange Carrier (“RLEC”).

These contracts are generally cancellable at the customer’s discretion without penalty at any time. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. Installation fees are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, typically about one year.

The Broadband segment incurs commission and installation costs related to in-house and third-party vendors which are capitalized as contract acquisition and fulfillment costs and recognized in selling, general and administrative expense and cost of services, respectively, on a straight-line basis over the expected weighted average customer life of approximately four years. Below is a summary of Broadband’s capitalized contract acquisition costs:



(in thousands)	2019			2018
Beginning Balance	$	10,091		$	9,841
Contract payments	6,518			5,674
Contract amortization	(5,604		)	(5,424		)
Ending Balance	$	11,005		$	10,091

Our Broadband segment also provides Ethernet and Wavelength fiber optic services to enterprise and wholesale customers under capacity agreements, and the related revenue is recognized over time under ASC 606. The Broadband segment also leases dedicated

fiber optic strands to enterprise and wholesale customers as part of “dark fiber” agreements, which are accounted for as operating leases under ASC 842 Leases.

Future performance obligations

On December 31, 2019, the Company had approximately $3.4 million allocated to unsatisfied performance obligations that will be satisfied at the rate of approximately $0.8 million per year.

ASC 606 Adoption Impacts

The Company adopted ASC 606 and all related amendments effective January 1, 2018, using the modified retrospective method. The Company recognized the cumulative effect of applying the new revenue recognition standard as an adjustment to the opening balance of retained earnings. The comparative information was not retrospectively modified and the impact of the adoption of ASC 606 on the consolidated statements of comprehensive income was as follows:



	Year Ended December, 31 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Revenue:
Service revenue and other	$	562,456	$	632,340	$	(69,884	)
Equipment revenue	68,398		8,298		60,100
Operating expenses:
Cost of services	194,022		193,860		162
Cost of goods sold	63,959		28,377		35,582
Selling, general and administrative	113,222		175,753		(62,531		)



	As of December 31, 2018
(in thousands)	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Assets
Prepaid expenses and other	$	60,162	$	22,204	$	37,958
Deferred charges and other assets, net	49,891		12,083		37,808
Liabilities
Advanced billing and customer deposits	7,919		24,414		(16,495		)
Deferred income taxes	127,453		103,404		24,049
Other long-term liabilities	14,364		15,550		(1,186		)
Retained earnings	386,511		319,926		66,585

Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table reflects selected quarterly results for the Company.



	Three Months Ended
(in thousands, except per share data)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Revenue	$	158,843	$	158,914	$	155,152	$	160,997
Operating income	24,787		24,020		25,359		22,880
Net income	13,910		13,150		14,354		13,521

Net income per share - basic	$	0.28	$	0.26	$	0.29	$	0.27
Net income per share - diluted	$	0.28	$	0.26	$	0.29	$	0.27

	Three Months Ended
(in thousands except per share data)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Revenue	$	154,138	$	156,501	$	158,731	$	161,484
Operating income	16,754		21,169		28,329		26,994
Net income	6,583		9,626		15,534		14,852

Net income per share - basic	$	0.13	$	0.19	$	0.31	$	0.31
Net income per share - diluted	$	0.13	$	0.19	$	0.31	$	0.30

Schedule of Error Corrections and Prior Period Adjustments



	Three Months Ended
(in thousands, except per share data)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Revenue	$	158,843	$	158,914	$	155,152	$	160,997
Operating income	24,787		24,020		25,359		22,880
Net income	13,910		13,150		14,354		13,521

Net income per share - basic	$	0.28	$	0.26	$	0.29	$	0.27
Net income per share - diluted	$	0.28	$	0.26	$	0.29	$	0.27

	Three Months Ended
(in thousands except per share data)	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
Revenue	$	154,138	$	156,501	$	158,731	$	161,484
Operating income	16,754		21,169		28,329		26,994
Net income	6,583		9,626		15,534		14,852

Net income per share - basic	$	0.13	$	0.19	$	0.31	$	0.31
Net income per share - diluted	$	0.13	$	0.19	$	0.31	$	0.30

Derivative and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,252	$ 8,323
Interest rate swaps \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset	2,634	13,253
Interest rate swaps \| Designated as Hedging Instrument \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative Asset	1,382	4,930
Interest rate swaps \| Designated as Hedging Instrument \| Deferred charges and other assets, net
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,252	$ 8,323

Long-Term Debt - Narrative (Details)		12 Months Ended
Long-Term Debt - Narrative (Details)	Dec. 18, 2015 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Interest Paid, Excluding Capitalized Interest, Operating Activities		$ 27,600,000	$ 33,000,000.0
Total leverage ratio through December 31, 2019	3.25
Total leverage ratio thereafter	3.00
Debt service coverage ratio, actual		5.8
Minimum liquidity balance	$ 25,000,000	$ 25,000,000
Maximum
Debt Instrument [Line Items]
Amended 2016 credit agreement, limit of dividends paid, distributions and redemption of capital stock		$ 25,000,000
Amended 2016 credit agreement, limit of consolidated net income (as a percent)		60.00%
Total leverage ratio from closing date through December 31, 2018	3.50
Minimum
Debt Instrument [Line Items]
Debt service coverage ratio, actual	2.00
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Term of credit facility	5 years
Term loan A-1
Debt Instrument [Line Items]
Quarterly principal payment period two		$ 7,300,000
Quarterly principal payment period three		$ 10,900,000
Term loan A-1 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term loan A-2
Debt Instrument [Line Items]
Quarterly principal payment period one		$ 1,200,000
Term loan A-2 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%

Other Assets and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other, classified as current assets, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Prepaid rent	$	—	$	11,245
Prepaid maintenance expenses	3,329		3,981
Interest rate swaps	1,382		4,930
Wireless contract asset	44,844		33,323
Broadband contract acquisition and fulfillment costs	4,898		4,634
Other	3,352		2,049
Prepaid expenses and other	$	57,805	$	60,162

Schedule of Other Assets, Noncurrent

Deferred charges and other assets, classified as long-term assets, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Interest rate swaps	$	1,252	$	8,323
Wireless contract asset	39,819		32,351
Broadband contract acquisition and fulfillment costs	6,107		5,457
Prepaid expenses and other	6,174		3,760
Deferred charges and other assets	$	53,352	$	49,891

Summary of Accrued Liabilities and Other

Accrued liabilities and other, classified as current liabilities, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Sales and property taxes payable	$	3,789	$	4,281
Asset retirement obligations	148		582
Accrued programming costs	3,023		2,886
Financing leases	94		—
FCC spectrum license obligations	105		—
Other current liabilities	7,232		6,814
Accrued liabilities and other	$	14,391	$	14,563

Other Noncurrent Liabilities

Other liabilities, classified as long-term liabilities, included the following:



(in thousands)	December 31, 2019		December 31, 2018
Noncurrent portion of deferred lease revenue	$	12,449	$	12,593
FCC spectrum license obligations	1,699		—
Noncurrent portion of financing leases	1,591		—
Other	1,251		1,771
Other liabilities	$	16,990	$	14,364

Schedule of Change in Asset Retirement Obligation [Table Text Block]



	Years Ended December 31,
(in thousands)	2019			2018			2017
Balance at beginning of year	$	29,166		$	21,703		$	21,507
Additional liabilities accrued	2,741			3,357			2,404
Changes to prior estimates	3,902			3,504			(1,695		)
Payments	(224		)	(443		)	(1,296		)
Accretion expense	1,477			1,045			783
Balance at end of year	$	37,062		$	29,166		$	21,703

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:



($ in thousands)	Estimated Useful Lives	December 31, 2019		December 31, 2018
Land		$	6,976	$	6,723
Buildings and structures	10 - 40 years	232,730		213,657
Cable and fiber	15 - 40 years	334,260		309,928
Equipment and software	3 - 20 years	867,898		791,401
Plant in service		1,441,864		1,321,709
Plant under construction		56,827		81,409
Total property, plant and equipment		1,498,691		1,403,118
Less: accumulated amortization and depreciation		798,577		701,759
Property, plant and equipment, net		$	700,114	$	701,359

The Company prospectively changed the estimated useful life of certain towers, antenna, and fiber assets during 2019 based on the Company's experience as well as observable examples in the industry. Depreciation expense was approximately $3.0 million lower as a result for the year ended December 31, 2019.

Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 10,091	$ 9,841
Contract payments	6,518	5,674
Contract amortization	(5,604)	(5,424)
Ending Balance	$ 11,005	$ 10,091

Stock Compensation - Narrative (Details) $ in Millions	12 Months Ended
Stock Compensation - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($) plan shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| plan	2
Compensation, nonvested awards, compensation cost not yet recognized \| $	$ 3.7	$ 2.7
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 4 months 24 days
Awards excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive	110,000	110,000	110,000
The 2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	2,880,000
The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)	3,000,000
Restricted Stock Units (RSUs) \| The 2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted Stock Units (RSUs) \| The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Units (RSUs) \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year

Income Taxes - Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current (benefit) expense
Federal taxes	$ (1,205)	$ 2,875	$ 1,552
State taxes	5,665	6,434	(630)
Total current provision	4,460	9,309	922
Deferred expense (benefit)
Federal taxes	12,183	6,708	(52,886)
State taxes	(539)	(500)	(1,169)
Total deferred provision	11,644	6,208	(54,055)
Income tax expense (benefit)	$ 16,104	$ 15,517	$ (53,133)
Effective tax rate	22.70%	25.00%