0001628280-20-015858 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		49,852,361
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 Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 184,050	$ 101,651
Accounts receivable, net of allowance for doubtful accounts of $469 and $533, respectively	67,667	63,641
Income taxes receivable	94	10,306
Prepaid expenses and other	10,579	11,146
Current assets held for sale	1,148,601	55,109
Total current assets	1,410,991	241,853
Investments	13,034	12,388
Property, plant and equipment, net	413,602	363,087
Intangible assets, net and Goodwill	103,856	88,241
Operating lease right-of-use assets	48,844	42,568
Deferred charges and other assets	10,972	9,267
Non-current assets held for sale	0	1,141,498
Total assets	2,001,299	1,898,902
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	696,378	31,650
Accounts payable	25,602	40,295
Advanced billings and customer deposits	8,304	8,189
Accrued compensation	15,154	10,075
Current operating lease liabilities	1,875	1,731
Accrued liabilities and other	13,854	7,391
Current liabilities held for sale	470,943	54,246
Total current liabilities	1,232,110	153,577
Long-term debt, less current maturities, net of unamortized loan fees	0	688,464
Other long-term liabilities:
Deferred income taxes	146,771	137,567
Asset retirement obligations	4,870	6,152
Benefit plan obligations	2,255	2,277
Non-current operating lease liabilities	44,808	42,625
Other liabilities	22,303	16,776
Non-current liabilities held for sale	0	379,036
Total other long-term liabilities	221,007	584,433
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 49,852 and 49,671 issued and outstanding at September 30, 2020 and December 31, 2019, respectively	0	0
Additional paid in capital	45,925	42,110
Retained earnings	507,458	430,010
Accumulated other comprehensive (loss) income, net of taxes	(5,201)	308
Total shareholders’ equity	548,182	472,428
Total liabilities and shareholders’ equity	2,001,299	1,898,902
Allowance for doubtful accounts	$ 469	$ 533

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 469	$ 533
Stockholders' Equity Attributable to Parent [Abstract]
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)	49,852,000	49,852,000
Common stock, shares, outstanding (in shares)	49,671,000	49,671,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues [Abstract]
Service revenue and other	$ 55,173	$ 51,814	$ 162,643	$ 153,285
Operating expenses
Cost of services	22,669	20,947	65,167	62,030
Selling, general and administrative	20,039	19,445	64,227	57,600
Depreciation and amortization	11,995	10,741	36,010	33,807
Total operating expenses	54,703	51,133	165,404	153,437
Operating income (loss)	470	681	(2,761)	(152)
Other income:
Other income, net	1,083	994	3,103	3,328
Income before income taxes	1,553	1,675	342	3,176
Income tax expense (benefit)	141	507	(684)	(108)
Income from continuing operations	1,412	1,168	1,026	3,284
Income from operations of discontinued operations, net of tax	33,509	13,186	76,422	38,130
Net Income	34,921	14,354	77,448	41,414
Other comprehensive income:
Unrealized income (loss) on interest rate hedge, net of tax	539	(1,494)	(5,509)	(8,434)
Comprehensive income	$ 35,460	$ 12,860	$ 71,939	$ 32,980
Net income per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)	$ 0.03	$ 0.02	$ 0.02	$ 0.07
Basic - Income from discontinued operations, net of tax (in dollars per share)	0.67	0.27	1.53	0.76
Basic net income per share (in dollars per share)	0.70	0.29	1.55	0.83
Diluted - Income (loss) from continuing operations (in dollars per share)	0.03	0.02	0.02	0.07
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0.67	0.27	1.53	0.76
Diluted net income per share (in dollars per share)	$ 0.70	$ 0.29	$ 1.55	$ 0.83
Weighted average shares outstanding, basic (in shares)	49,911	49,857	49,889	49,827
Weighted average shares outstanding, diluted (in shares)	50,105	50,129	50,049	50,110

UNAUDITED CONDENSED 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, 2018		49,630,000
Balance at Dec. 31, 2018	$ 444,232		$ 47,456	$ 388,496	$ 8,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,414			41,414
Other comprehensive gain, net of tax	(8,434)				(8,434)
Stock-based compensation (in shares)		184,000
Stock-based compensation	3,433		3,433
Stock options exercised (in shares)		29,000
Stock options exercised	81		81
Common stock issued	25		25
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	(2,912)		(2,912)
Common stock issued to acquire non-controlling interest in nTelos (in shares)		76,000
Balance (in shares) at Sep. 30, 2019		49,857,000
Balance at Sep. 30, 2019	477,839		48,083	429,910	(154)
Balance (in shares) at Dec. 31, 2018		49,630,000
Balance at Dec. 31, 2018	$ 444,232		47,456	388,496	8,280
Balance (in shares) at Dec. 31, 2019	49,671,000	49,671,000
Balance at Dec. 31, 2019	$ 472,428		42,110	430,010	308
Balance (in shares) at Jun. 30, 2019		49,857,000
Balance at Jun. 30, 2019	464,034		47,138	415,556	1,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,354			14,354
Other comprehensive gain, net of tax	(1,494)				(1,494)
Stock-based compensation	936		936
Stock options exercised	0
Common stock issued	9		9
Balance (in shares) at Sep. 30, 2019		49,857,000
Balance at Sep. 30, 2019	$ 477,839		48,083	429,910	(154)
Balance (in shares) at Dec. 31, 2019	49,671,000	49,671,000
Balance at Dec. 31, 2019	$ 472,428		42,110	430,010	308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,448			77,448
Other comprehensive gain, net of tax	(5,509)				(5,509)
Stock-based compensation (in shares)		152,000
Stock-based compensation	5,974		5,974
Common stock issued	23		23
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(47,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (2,182)		(2,182)
Common stock issued to acquire non-controlling interest in nTelos (in shares)		76,000
Balance (in shares) at Sep. 30, 2020	49,671,000	49,852,000
Balance at Sep. 30, 2020	$ 548,182		45,925	507,458	(5,201)
Balance (in shares) at Jun. 30, 2020		49,852,000
Balance at Jun. 30, 2020	511,457		44,659	472,537	(5,739)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	34,921			34,921
Other comprehensive gain, net of tax	538				538
Stock-based compensation	1,259		1,259
Common stock issued	$ 7		7
Balance (in shares) at Sep. 30, 2020	49,671,000	49,852,000
Balance at Sep. 30, 2020	$ 548,182		$ 45,925	$ 507,458	$ (5,201)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 34,921		$ 14,354	$ 77,448	$ 41,414
Income from operations of discontinued operations, net of tax	33,509		13,186	76,422	38,130
Income from continuing operations	1,412		1,168	1,026	3,284
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation				35,522	33,500
Amortization				488	307
Accretion of asset retirement obligations				247	332
Bad debt expense				514	1,215
Stock based compensation expense, net of amount capitalized				5,306	2,769
Deferred income taxes				(279)	0
Gain from patronage and investments				(596)	(3,035)
Changes in assets and liabilities:
Accounts receivable				(1,189)	(269)
Current income taxes				(261)	0
Operating lease right-of-use assets				2,966	2,829
Other assets				(4,122)	(1,382)
Accounts payable				(276)	(2,956)
Lease liabilities				(1,890)	(961)
Other deferrals and accruals				7,344	(4,150)
Net cash provided by operating activities – continuing operations				44,800	31,483
Net cash provided by operating activities – discontinued operations				182,499	161,976
Net cash provided by operating activities				227,299	193,459
Cash flows used in investing activities:
Capital expenditures				(82,740)	(48,826)
Cash disbursed for acquisitions				0	(10,000)
Payments For Deposit On FCC Leases				(16,118)	(16,742)
Proceeds from sale of assets and other				252	100
Net cash used in investing activities – continuing operations				(98,606)	(75,468)
Net cash used in investing activities – discontinued operations				(17,794)	(58,156)
Net cash used in investing activities				(116,400)	(133,624)
Cash flows used in financing activities:
Principal payments on long-term debt				0	0
Taxes paid for equity award issuances				(2,182)	(2,912)
Other				(727)	72
Net cash used in financing activities				(2,909)	(2,840)
Net cash used in financing activities – discontinued operations				(25,591)	(44,666)
Net cash used in financing activities				(28,500)	(47,506)
Net increase in cash and cash equivalents				82,399	12,329
Cash and cash equivalents, beginning of period		$ 97,415		101,651	85,086	$ 85,086
Cash and cash equivalents, end of period	$ 184,050	$ 101,651	$ 97,415	$ 184,050	$ 97,415	$ 101,651

Basis of Presentation and Other Information	9 Months Ended
Basis of Presentation and Other Information	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of the unaudited interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited interim condensed consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ. Revision of Prior Period Financial Statements In connection with the preparation of our unaudited condensed consolidated financial statements for the three months ended March 31, 2020, we determined that certain errors existed in our previously issued financial statements. Specifically: •Prepaid and other assets, a component of current assets held for sale, as of December 31, 2019, were understated by $2.7 million, deferred tax liabilities were understated by $0.7 million, and retained earnings were understated by $2.0 million as the result of a failure to properly account for handsets that were utilized as demo phones in certain wireless retail stores within our area of operation. All of the impact to retained earnings is attributable to 2017 and prior years. •Property, plant and equipment, net, classified as held for sale, and deferred income tax liabilities, as of December 31, 2019 were understated by $1.4 million and $0.4 million, respectively. Depreciation, contained within discontinued operations, was overstated by $1.4 million for the year and quarter ended December 31, 2019. Income tax expense and net income were understated by $0.4 million and $1.0 million, respectively, for the year and quarter ended December 31, 2019. We evaluated these errors under the U.S. Securities and Exchange Commission's ("SEC's") authoritative guidance on materiality and the quantification of the effect of prior period misstatements on financial statements, and we have determined that the impact of these errors on our prior period consolidated financial statements is immaterial. However, since the correction of these errors in the first quarter of 2020 could have become material to our results of operations for the year ending December 31, 2020, we revised our prior period financial statements to correct these errors herein. For the year and quarter ended December 31, 2019, the correction of these errors resulted in a $0.02 increase in both basic and diluted earnings per share from discontinued operations. Adoption of New Accounting Principles There have been no developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2019 Annual Report on Form 10-K, that would be expected to impact the Company except for the following: The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments, as of January 1, 2020 using the modified retrospective transition method. ASC 326 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. There was no significant impact to unaudited condensed consolidated financial statements upon adoption. The Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("ASC 350"): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, as of January 1, 2020. ASC 350 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Upon adoption of the standard, implementation costs were capitalized in the period incurred and will be amortized over the term of the hosting arrangement. There was no significant impact to unaudited condensed consolidated financial statements upon adoption. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference London Interbank Offering Rate (LIBOR) or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and therefore would not require reassessment of a previous accounting determination. The Company's Credit Agreement and interest rate swaps have LIBOR as a reference rate. We plan to apply the accounting relief as relevant contract modifications are made to our Credit Agreement and interest rate swap contracts during the course of the reference rate reform transition period. The optional relief can be applied beginning January 1, 2020, and ending December 31, 2022.

Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On August 26, 2020, Sprint Corporation (“Sprint”), an indirect subsidiary of T-Mobile US, Inc., on behalf of and as the direct or indirect owner of Sprint PCS, delivered notice to the Company exercising its option to purchase the assets and operations of our Wireless segment for 90% of the “Entire Business Value” (as defined under our affiliate agreement with Sprint PCS and determined pursuant to the appraisal process set forth therein). Shortly thereafter, the Company committed to a plan to sell the Wireless operations in a manner pursuant to the affiliate agreement’s terms. Our affiliate agreement provides a process and timeline for the sale that is expected to close within one year at a price to be determined through the appraisal process outlined in the affiliate agreement. Under the affiliate agreement, the appraised value should reflect the fair market value that a willing buyer would pay a willing seller for the entire on-going business in a change of control transaction.

On November 3, 2020, the parties aligned in principle on certain elements of the appraisal and sale process. Under the agreement in principle, the appraised valuation will be performed as of July 1, 2020. The appraisal will also value Shentel’s discontinued wireless operations as though Shentel were still an affiliate of Sprint with access to its brands and spectrum, without any regard to T-Mobile’s acquisition of Sprint or its subsequent integration efforts. It is currently expected that the appraisers will complete their assessment of the Entire Business Value on or about January 20, 2021. The transaction is expected to close in the second quarter of 2021, subject to receipt of customary regulatory approvals.

The assets and liabilities that are expected to transfer in the sale are presented as held for sale within our Unaudited Condensed Consolidated Balance Sheets. Under the affiliate agreement, the sale is to be structured as an asset sale for income tax purposes. As a result, no current or deferred tax assets or liabilities are included within the disposal group. While our long-term debt does not transfer in the sale, its provisions require us to repay all of the debt upon consummation of the sale. Our debt is therefore presented outside of the disposal group as a current liability at September 30, 2020. Our related swap liabilities are also presented outside of the disposal group as a current liability at September 30, 2020 because management intends to settle it at consummation.

The expected divestiture of our Wireless operations represents a strategic shift in the Company’s business and qualifies as a discontinued operation. As a result, the operating results and cash flows related to the Wireless segment have been reflected as discontinued operations in our Unaudited Condensed Consolidated Statements of Comprehensive Income and the Unaudited Condensed Consolidated Statements of Cash Flows. Similarly, the results of our Wireless operations are no longer presented as a reporting segment. Because repayment of the debt is contractually triggered by the sale, the related interest expense is presented within discontinued operations under the relevant authoritative guidance. Consistent with the internal reporting provided to our chief operating decision maker, we previously allocated certain corporate management overhead costs to the former Wireless segment which may no longer be allocated to discontinued operations under the relevant authoritative guidance. Accordingly, we have elected to recast our segment reporting footnote to reflect the reattribution of these expenses in all presented periods in a manner that is also consistent with our updated internal reporting.

The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the unaudited condensed consolidated balance sheets, are as follows:


(in thousands)	September 30, 2020		December 31, 2019
ASSETS
Inventory	$	4,240	$	5,728
Prepaid expenses and other	48,555		49,381
Property, plant and equipment, net	300,098		—
Intangible assets, net	186,885		—
Goodwill	146,383		—
Operating lease right-of-use assets	421,868		—
Deferred charges and other assets	40,572		—
Current assets held for sale	$	1,148,601	$	55,109

Property, plant and equipment, net	$	—	$	338,427
Intangible assets, net	—		228,593
Goodwill	—		146,383
Operating lease right-of-use assets	—		384,010
Deferred charges and other assets	—		44,085
Non-current assets held for sale	$	—	$	1,141,498

LIABILITIES
Advanced billings and customer deposits	$	—	$	169
Current operating lease liabilities	422,415		47,077
Accrued liabilities and other	5,333		7,000
Asset retirement obligations	33,168		—
Retirement plan obligations	10,027		—
Current liabilities held for sale	$	470,943	$	54,246

Non-current operating lease liabilities	$	—	$	337,661
Asset retirement obligations	—		30,762
Retirement plan obligations	—		10,398
Other non-current liabilities	—		215
Non-current liabilities held for sale	$	—	$	379,036

Income (loss) from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following:


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue:	2020		2019		2020		2019
Service revenue and other	$	100,963	$	91,314	$	302,488	$	283,214
Equipment revenue	9,862		15,975		32,222		47,814
Total revenue	110,825		107,289		334,710		331,028
Operating expenses:
Cost of services	28,567		32,277		95,242		95,846
Cost of goods sold	9,600		15,571		31,565		45,740
Selling, general and administrative	7,696		8,879		25,931		28,774
Depreciation and amortization	15,077		25,886		62,804		86,350
Total operating expenses	60,940		82,613		215,542		256,710
Operating income	49,885		24,676		119,168		74,318
Other (expense) income:
Interest expense	(4,638)		(7,442)		(15,868)		(22,877)
Other	130		44		391		130
Income before income taxes	45,377		17,278		103,691		51,571
Income tax expense	11,868		4,092		27,269		13,441
Income from discontinued operations, net of tax	$	33,509	$	13,186	$	76,422	$	38,130

Our Broadband and Tower segments recognize revenue for their respective provision of cell site backhaul service and leased colocation space to the discontinued Wireless operations. That revenue is earned under contracts executed at our estimate of fair market value, which will transfer upon consummation of the sale. Accordingly, we expect to have a level of continuing involvement with the discontinued operations via these pre-existing contractual arrangements. Revenue recognized within continuing operations pursuant to these agreements is disclosed in Note 14, Segment Reporting. Because the right to use space on our owned cell towers and the related lease liability will be transferred in the sale, they have been included in our disposal group above under the relevant authoritative guidance. These right of use assets and lease liabilities were previously eliminated within our consolidated financial statements. Total assets and total liabilities as of December 31, 2019 therefore increased by $34 million as a result.

Under the relevant authoritative guidance, consummation of the sale will trigger or accelerate the recognition of certain expense related to: contingent deal advisory fees, recognition of our interest rate swap losses in net income, and loss on debt extinguishment. Our estimate of the related range of reasonably possible expense extends from $0 if the sale is not consummated to $40 million.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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 provides voice and digital subscriber line (“DSL”) telephone services to customers in Virginia’s Shenandoah County as a 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, which we estimate to be about one year. Additionally, the Company incurs commission and installation costs related to in-house and third-party vendors which are capitalized and amortized over the expected weighted average customer life which is approximately five years.

Our Broadband segment also provides Ethernet and Wavelength fiber optic services to enterprise and carrier customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting enterprise or carrier customers to our fiber network. Those amounts are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the respective contract.

The Broadband segment also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842 Leases.

Our Tower segment leases space on owned cell towers to our Wireless segment, and to other wireless carriers. Revenue from these leases is accounted for under ASC 842.

Refer to Note 14, Segment Reporting, for a summary of these revenue streams.

Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Beginning Balance	$	12,780	$	10,476	$	11,005	$	10,091
Contract payments	2,195		1,840		6,128		4,996
Contract amortization	(1,013)		(1,399)		(3,171)		(4,170)
Ending Balance	$	13,962	$	10,917	$	13,962	$	10,917

Future performance obligations

On September 30, 2020, the Company had approximately $2.9 million allocated to unsatisfied performance obligations that will be satisfied at the rate of approximately $0.8 million per year.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments

9 Months Ended

Sep. 30, 2020

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	September 30, 2020		December 31, 2019
SERP investments at fair value	$	2,255	$	2,278
Cost method investments	10,240		9,497
Equity method investments	539		613
Total investments	$	13,034	$	12,388

SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related 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.

Cost Method Investments: Our investment in CoBank’s Class A common stock represented substantially all of our cost method investments with a balance of $9.5 million and $8.7 million at September 30, 2020 and December 31, 2019, respectively. We recognized approximately $1.0 million and $0.9 million of patronage income in Other income (expense) in the three months ended September 30, 2020 and 2019, respectively, and approximately $3.0 million and $2.7 million in the nine months ended September 30, 2020 and 2019, respectively. Historically, approximately 75% of the patronage distributions were in cash and 25% in equity.

Equity Method Investments: At September 30, 2020, the Company had 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 $0.2 million from providing service to ValleyNet during both of the three months ended September 30, 2020 and 2019, and approximately $0.7 million during both of the nine months ended September 30, 2020 and 2019. We recognized cost

of service of $0.7 million and $0.8 million for the use of ValleyNet’s network during the three months ended September 30, 2020 and 2019, respectively, and approximately $2.2 million and $2.4 million in the nine months ended September 30, 2020 and 2019, respectively.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives				September 30, 2020		December 31, 2019
Land					$	6,806	$	6,297
Buildings and structures	10	-	40	years	88,996		85,835
Cable and fiber	15	-	30	years	368,144		334,260
Equipment and software	3	-	20	years	314,859		278,873
Plant in service					778,805		705,265
Plant under construction					54,678		31,226
Total property, plant and equipment					833,483		736,491
Less: accumulated amortization and depreciation					419,881		373,404
Property, plant and equipment, net					$	413,602	$	363,087

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Other intangible assets consisted of the following:


	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	2,687	$	—	$	2,687	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	13,839		—		13,839		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	78,314		—		78,314		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	20,777		(280)		20,497		4,659		(97)		4,562
Acquired subscribers - Cable	28,065		(25,900)		2,165		28,065		(25,600)		2,465
Other intangibles	463		(270)		193		463		(250)		213
Total finite-lived intangibles	49,305		(26,450)		22,855		33,187		(25,947)		7,240
Total intangible assets	$	130,306	$	(26,450)	$	103,856	$	114,188	$	(25,947)	$	88,241

During the three months ended September 30, 2020, the Company completed the purchase of certain CBRS spectrum licenses for an aggregate cost of $16.1 million, within our Broadband segment. Spectrum licenses in the CBRS band are issued by the Federal Communications Commission (“FCC”) and provide us priority access rights over general access users other than incumbents, in that specific band, in accordance with the FCC’s three-tier CBRS band spectrum sharing framework to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services.

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

Amortization expense was $0.2 million and $0.1 million during the three months ended September 30, 2020 and 2019, respectively, and $0.5 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively.

Other Assets and Accrued Liabilities

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	September 30, 2020		December 31, 2019
Prepaid maintenance expenses	$	4,630	$	3,065
Broadband contract acquisition and fulfillment costs	4,082		4,898
Interest rate swaps	—		1,382
Other	1,867		1,801
Prepaid expenses and other	$	10,579	$	11,146

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


(in thousands)	September 30, 2020		December 31, 2019
Broadband contract acquisition and fulfillment costs	$	9,880	$	6,107
Prepaid expenses and other	1,092		1,908
Interest rate swaps	—		1,252
Deferred charges and other assets	$	10,972	$	9,267

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


(in thousands)	September 30, 2020		December 31, 2019
Interest rate swaps	$	4,710	$	—
Accrued programming costs	2,997		3,023
Sales and property taxes payable	1,515		919
Other current liabilities	4,632		3,449
Accrued liabilities and other	$	13,854	$	7,391

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


(in thousands)	September 30, 2020		December 31, 2019
Non-current portion of deferred lease revenue	$	18,420	$	12,449
FCC spectrum license obligations	1,688		1,699
Non-current portion of financing leases	1,537		1,591
Other	658		1,037
Other liabilities	$	22,303	$	16,776

Market expectations of the projected LIBOR decreased significantly during 2020, which drove the fair value of our interest rate swaps to a liability. Refer to Note 10, Derivatives and Hedging for more information.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Leases At September 30, 2020, our operating leases had a weighted average remaining lease term of 23 years and a weighted average discount rate of 4.7%. Our finance leases had a weighted average remaining lease term of 14 years and a weighted average discount rate of 5.2%.

During the three and nine months ended September 30, 2020, we recognized $2.3 million and $5.1 million of operating lease expense, respectively. Comparatively, during the three and nine months ended September 30, 2019, we recognized $1.4 million and $2.9 million of operating lease expense, respectively.

We recognized $0.1 million and $0.4 million of interest and depreciation expense on finance leases during the three and nine months ended September 30, 2020 and $0.1 million and $0.5 million during the three and nine months ended September 30, 2019, respectively.

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 $1.2 million and $3.2 million of operating lease payments during the three and nine months ended September 30, 2020, respectively. We remitted $2.9 million of operating lease payments during the nine months ended September 30, 2019. We also obtained $2.4 million and $9.2 million of leased assets in exchange for new operating lease liabilities during the three and nine months ended September 30, 2020, respectively. We obtained $0.7 million of leased assets in exchange for new operating lease liabilities during the nine months ended September 30, 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at September 30, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2020	$	755	$	63	$	818
2021	4,174		174		4,348
2022	3,959		174		4,133
2023	3,548		174		3,722
2024	3,193		174		3,367
2025 and thereafter	67,236		1,529		68,765
Total lease payments	82,865		2,288		85,153
Less: Interest	36,182		656		36,838
Present value of lease liabilities	$	46,683	$	1,632	$	48,315

We recognized $2.7 million and $6.9 million of operating lease revenue during the three and nine months ended September 30, 2020, respectively, and $2.1 million and $6.1 million during the three and nine months ended September 30, 2019, respectively, 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 unaudited condensed 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 September 30, 2020:


(in thousands)	Operating Leases
2020	$	1,885
2021	6,020
2022	4,957
2023	3,339
2024	2,090
2025 and thereafter	4,722
Total	$	23,013

Leases

The following table summarizes the expected maturity of lease liabilities at September 30, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2020	$	755	$	63	$	818
2021	4,174		174		4,348
2022	3,959		174		4,133
2023	3,548		174		3,722
2024	3,193		174		3,367
2025 and thereafter	67,236		1,529		68,765
Total lease payments	82,865		2,288		85,153
Less: Interest	36,182		656		36,838
Present value of lease liabilities	$	46,683	$	1,632	$	48,315

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2020:


(in thousands)	Operating Leases
2020	$	1,885
2021	6,020
2022	4,957
2023	3,339
2024	2,090
2025 and thereafter	4,722
Total	$	23,013

Leases

The following table summarizes the expected maturity of lease liabilities at September 30, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2020	$	755	$	63	$	818
2021	4,174		174		4,348
2022	3,959		174		4,133
2023	3,548		174		3,722
2024	3,193		174		3,367
2025 and thereafter	67,236		1,529		68,765
Total lease payments	82,865		2,288		85,153
Less: Interest	36,182		656		36,838
Present value of lease liabilities	$	46,683	$	1,632	$	48,315

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2020:


(in thousands)	Operating Leases
2020	$	1,885
2021	6,020
2022	4,957
2023	3,339
2024	2,090
2025 and thereafter	4,722
Total	$	23,013

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

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


(in thousands)	September 30, 2020		December 31, 2019
Term loan A-1	$	236,721	$	258,571
Term loan A-2	469,727		473,469
	706,448		732,040
Less: unamortized loan fees	10,070		11,926
Total debt, net of unamortized loan fees	$	696,378	$	720,114

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 $14.5 million and $21.6 million during the nine months ended September 30, 2020 and 2019, respectively.

As shown below, as of September 30, 2020, the Company was in compliance with the financial covenants in its credit agreements.


	Actual		Covenant Requirement
Total leverage ratio	2.1		3.25	or Lower
Debt service coverage ratio	5.9		2.00	or Higher
Minimum liquidity balance (in millions)	$	258.8	$25.0	or Higher

Rate quotations provided by a group of banks that sustain LIBOR will no longer be required after 2021. As a result, it is uncertain whether LIBOR will continue to be quoted after 2021. Our term loans and interest rate swaps identify LIBOR as a reference rate and mature after 2021. Alternative reference rates that replace LIBOR may not yield the same or similar economic results over the terms of the financial instruments. The transition from LIBOR could result in us paying higher or lower interest rates on our current LIBOR-indexed term loans, affect the fair value of the derivative instruments we hold, or affect our ability to effectively use interest rate swaps to manage interest rate risk. Our Credit Agreement includes provisions that provide for the identification of a LIBOR replacement rate. Due to the uncertainty regarding the transition from LIBOR-indexed financial instruments, including when it will happen, and the manner in which an alternative reference rate will apply, we cannot yet reasonably estimate the expected financial impact of the LIBOR transition.

As discussed in Note 2, Discontinued Operations, the terms of our long term debt agreements require us to repay all of our debt upon consummation of the sale of our Wireless operations. Management also intends to settle the related interest rate swaps upon consummation. Both are therefore presented outside of the disposal group as a current liability at September 30, 2020.

Derivatives and Hedging

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 43.0% of outstanding debt with outstanding notional amounts totaling $303.5 million and $339.8 million, as of September 30, 2020 and December 31, 2019, respectively.

The fair value of these instruments was estimated using an income approach and observable market inputs. The hedge was determined to be highly effective and therefore all of the change in its fair value was recognized through other comprehensive income. During the three months ended September 30, 2020, the change in fair market value was immaterial. During the nine months ended September 30, 2020 the fair market value decreased $7.3 million due to a decline in the one month LIBOR. Derivative balances are presented as follows in our unaudited condensed consolidated statement of cash flows:


(in thousands)	September 30, 2020		December 31, 2019
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	—	$	1,382
Deferred charges and other assets, net	—		1,252
Accrued liabilities and other	4,710		—
Total derivatives designated as hedging instruments	$	4,710	$	2,634

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, 2019	$	2,634	$	(2,326)	$	308
Net change in unrealized (loss) gain	(8,300)		2,074		(6,226)
Amounts reclassified to interest expense	956		(239)		717
Net current period other comprehensive (loss) income	(7,344)		1,835		(5,509)
Balance as of September 30, 2020	$	(4,710)	$	(491)	$	(5,201)

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is not subject to any state or federal income tax audits as of September 30, 2020. The Company's returns are generally open to examination from 2016 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward.

The effective tax rates for the three and nine months ended September 30, 2020 and 2019, differ from the statutory U.S. federal income tax rate of 21.0% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Expected tax expense at federal statutory	$	326	$	352	$	72	$	667
State income taxes net of federal tax effect	70		73		15		138
Excess tax benefit from share based compensation and other, net	(255)		82		(771)		(913)
Total income taxes for continuing operations	$	141	$	507	$	(684)	$	(108)

Cash payments for income taxes totaled $5.4 million and $6.1 million for the nine months ended September 30, 2020 and 2019, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings per Share & Stock Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Earnings per Share & Stock Compensation

Earnings per Share & Stock CompensationThe Company granted approximately 81 thousand restricted stock units (RSUs) to employees during the nine months ended September 30, 2020. Approximately 70 thousand and 11 thousand of these RSUs were granted during the first and second quarter of 2020, respectively, at market prices of $48.47 and $52.70 in those respective quarters. The Company also granted approximately 14 thousand RSUs to members of the board of directors at a market price of $48.47 per award in the first quarter of 2020. Additionally, approximately 40 thousand Relative Total Shareholder Return (“RTSR”) awards were granted to employees at a value of $56.32 per award in the first quarter of 2020. Under the terms of the award agreements, the RSUs granted to employees vest over the anniversary date of the grants through 2024. The RSUs granted to the members of the board of directors vest fully on the first anniversary of the grant date. Pursuant to the terms of the RTSR awards, the Company’s stock performance over a three-year period, ending December 31, 2022, will be compared to a group of peer companies, and the actual number of shares to be issued will be determined based upon the performance of the Company’s stock as compared with that of the peer group. The actual number of shares to be issued ranges from zero shares (if the Company’s stock performance is in the bottom 25% of the peer group) to 150% of the awards granted (if the Company’s stock performance is in the top 25% of the peer group). The Company's stock-based compensation award vesting is subject to requirements relating to continued

employment with the Company through the service or performance periods, and to special vesting provisions in case of a change of control, death, disability or retirement.

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:


	Three Months Ended September 30,				Nine Months Ended September 30, 2020
(in thousands, except per share amounts)	2020		2019		2020		2019
Calculation of net income per share:
Income from continuing operations	$	1,412	$	1,168	$	1,026	$	3,284
Income from discontinued operations, net of tax	$	33,509	$	13,186	$	76,422	$	38,130
Net income	$	34,921	$	14,354	$	77,448	$	41,414

Basic weighted average shares outstanding	49,911		49,857		49,889		49,827
Basic net income per share - continuing operations	$	0.03	$	0.02	$	0.02	$	0.07
Basic net income per share - discontinued operations	$	0.67	$	0.27	$	1.53	$	0.76
Basic net income per share	$	0.70	$	0.29	$	1.55	$	0.83

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,911		49,857		49,889		49,827
Effect from dilutive shares and options outstanding	194		272		160		283
Diluted weighted average shares outstanding	50,105		50,129		50,049		50,110
Diluted net income per share - continuing operations	0.03		0.02		0.02		0.07
Diluted net income per share - discontinued operations	0.67		0.27		1.53		0.76
Diluted net income per share	$	0.70	$	0.29	$	1.55	$	0.83

There were fewer than 110,000 anti-dilutive awards outstanding during the three and nine months ended 2020 and 2019.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
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.

Segment Reporting

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Reporting

Similarly, the results of our Wireless operations are no longer presented as a reporting segment. Consistent with the internal reporting provided to our chief operating decision maker, we previously allocated certain corporate management overhead costs to the former Wireless segment which may no longer be allocated to discontinued operations under the relevant authoritative guidance. Accordingly, we have recast our reporting of the remaining segments to reflect the reattribution of these expenses in all presented periods in a manner consistent with our updated internal reporting.

Three Months Ended September 30, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB (1)	$	37,469	$	—	$	—	$	37,469
Fiber, enterprise and wholesale	4,707		—		—		4,707
Rural local exchange carrier	4,426		—		—		4,426
Installation and other	2,008		—		—		2,008
Tower lease	—		1,864		—		1,864
Service revenue and other	48,610		1,864		—		50,474
Revenue for service provided to the discontinued Wireless operations	2,100		2,637		(38)		4,699
Total revenue	50,710		4,501		(38)		55,173
Operating expenses
Cost of services	21,326		1,283		60		22,669
Selling, general and administrative	9,792		330		9,917		20,039
Depreciation and amortization	10,106		467		1,422		11,995
Total operating expenses	41,224		2,080		11,399		54,703
Operating income (loss)	$	9,486	$	2,421	$	(11,437)	$	470

_______________________________________________________

(1) SMB refers to Small and Medium Businesses.

Three Months Ended September 30, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	33,696	$	—	$	—	$	33,696
Fiber, enterprise and wholesale	5,163		—		—		5,163
Rural local exchange carrier	5,080		—		—		5,080
Installation and other	2,073		—		—		2,073
Tower lease	—		1,851		—		1,851
Service revenue and other	46,012		1,851		—		47,863
Revenue for service provided to the discontinued Wireless operations	2,669		1,289		(7)		3,951
Total revenue	48,681		3,140		(7)		51,814
Operating expenses
Cost of services	20,032		927		(12)		20,947
Selling, general and administrative	8,790		192		10,463		19,445
Depreciation and amortization	8,617		691		1,433		10,741
Total operating expenses	37,439		1,810		11,884		51,133
Operating income (loss)	$	11,242	$	1,330	$	(11,891)	$	681

Nine Months Ended September 30, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	108,242	$	—	$	—	$	108,242
Fiber, enterprise and wholesale	15,858		—		—		15,858
Rural local exchange carrier	13,784		—		—		13,784
Installation and other	5,928		—		—		5,928
Tower lease	—		5,490		—		5,490
Service revenue and other	143,812		5,490		—		149,302
Revenue for service provided to the discontinued Wireless operations	6,818		7,000		(477)		13,341
Total revenue	150,630		12,490		(477)		162,643
Operating expenses
Cost of services	61,572		3,537		58		65,167
Selling, general and administrative	28,960		1,095		34,172		64,227
Depreciation and amortization	30,448		1,414		4,148		36,010
Total operating expenses	120,980		6,046		38,378		165,404
Operating income (loss)	$	29,650	$	6,444	$	(38,855)	$	(2,761)

Nine Months Ended September 30, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	99,703	$	—	$	—	$	99,703
Fiber, enterprise and wholesale	14,912		—		—		14,912
Rural local exchange carrier	15,899		—		—		15,899
Installation and other	6,002		—		—		6,002
Tower lease	—		5,365		—		5,365
Service revenue and other	136,516		5,365		—		141,881
Revenue for service provided to the discontinued Wireless operations	7,597		3,830		(23)		11,404
Total revenue	144,113		9,195		(23)		153,285
Operating expenses
Cost of services	59,348		2,704		(22)		62,030
Selling, general and administrative	24,316		634		32,650		57,600
Depreciation and amortization	27,243		2,102		4,462		33,807
Total operating expenses	110,907		5,440		37,090		153,437
Operating income (loss)	$	33,206	$	3,755	$	(37,113)	$	(152)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Total consolidated operating income (loss)	$	470	$	681	$	(2,761)	$	(152)
Other income, net	1,083		994		3,103		3,328
Income from continuing operations before income taxes	$	1,553	$	1,675	$	342	$	3,176

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend Declaration On October 27, 2020, the Company's Board of Directors approved a dividend of $0.34 per common share. The dividend will be payable on December 1, 2020 to shareholders of record as of the close of business on November 12, 2020.

Basis of Presentation and Other Information (Policies)	9 Months Ended
Basis of Presentation and Other Information (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019.
Use of Estimates	The preparation of the unaudited interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited interim condensed consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ.
Adoption of New Accounting Policies	There have been no developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2019 Annual Report on Form 10-K, that would be expected to impact the Company except for the following: The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments, as of January 1, 2020 using the modified retrospective transition method. ASC 326 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. There was no significant impact to unaudited condensed consolidated financial statements upon adoption. The Company adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software ("ASC 350"): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, as of January 1, 2020. ASC 350 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Upon adoption of the standard, implementation costs were capitalized in the period incurred and will be amortized over the term of the hosting arrangement. There was no significant impact to unaudited condensed consolidated financial statements upon adoption. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference London Interbank Offering Rate (LIBOR) or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and therefore would not require reassessment of a previous accounting determination. The Company's Credit Agreement and interest rate swaps have LIBOR as a reference rate. We plan to apply the accounting relief as relevant contract modifications are made to our Credit Agreement and interest rate swap contracts during the course of the reference rate reform transition period. The optional relief can be applied beginning January 1, 2020, and ending December 31, 2022.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the unaudited condensed consolidated balance sheets, are as follows:


(in thousands)	September 30, 2020		December 31, 2019
ASSETS
Inventory	$	4,240	$	5,728
Prepaid expenses and other	48,555		49,381
Property, plant and equipment, net	300,098		—
Intangible assets, net	186,885		—
Goodwill	146,383		—
Operating lease right-of-use assets	421,868		—
Deferred charges and other assets	40,572		—
Current assets held for sale	$	1,148,601	$	55,109

Property, plant and equipment, net	$	—	$	338,427
Intangible assets, net	—		228,593
Goodwill	—		146,383
Operating lease right-of-use assets	—		384,010
Deferred charges and other assets	—		44,085
Non-current assets held for sale	$	—	$	1,141,498

LIABILITIES
Advanced billings and customer deposits	$	—	$	169
Current operating lease liabilities	422,415		47,077
Accrued liabilities and other	5,333		7,000
Asset retirement obligations	33,168		—
Retirement plan obligations	10,027		—
Current liabilities held for sale	$	470,943	$	54,246

Non-current operating lease liabilities	$	—	$	337,661
Asset retirement obligations	—		30,762
Retirement plan obligations	—		10,398
Other non-current liabilities	—		215
Non-current liabilities held for sale	$	—	$	379,036

Income (loss) from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following:


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue:	2020		2019		2020		2019
Service revenue and other	$	100,963	$	91,314	$	302,488	$	283,214
Equipment revenue	9,862		15,975		32,222		47,814
Total revenue	110,825		107,289		334,710		331,028
Operating expenses:
Cost of services	28,567		32,277		95,242		95,846
Cost of goods sold	9,600		15,571		31,565		45,740
Selling, general and administrative	7,696		8,879		25,931		28,774
Depreciation and amortization	15,077		25,886		62,804		86,350
Total operating expenses	60,940		82,613		215,542		256,710
Operating income	49,885		24,676		119,168		74,318
Other (expense) income:
Interest expense	(4,638)		(7,442)		(15,868)		(22,877)
Other	130		44		391		130
Income before income taxes	45,377		17,278		103,691		51,571
Income tax expense	11,868		4,092		27,269		13,441
Income from discontinued operations, net of tax	$	33,509	$	13,186	$	76,422	$	38,130

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Amortized and Capitalized Contract Cost

Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Beginning Balance	$	12,780	$	10,476	$	11,005	$	10,091
Contract payments	2,195		1,840		6,128		4,996
Contract amortization	(1,013)		(1,399)		(3,171)		(4,170)
Ending Balance	$	13,962	$	10,917	$	13,962	$	10,917

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments [Abstract]

Other Investments

Investments consist of the following:


(in thousands)	September 30, 2020		December 31, 2019
SERP investments at fair value	$	2,255	$	2,278
Cost method investments	10,240		9,497
Equity method investments	539		613
Total investments	$	13,034	$	12,388

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives				September 30, 2020		December 31, 2019
Land					$	6,806	$	6,297
Buildings and structures	10	-	40	years	88,996		85,835
Cable and fiber	15	-	30	years	368,144		334,260
Equipment and software	3	-	20	years	314,859		278,873
Plant in service					778,805		705,265
Plant under construction					54,678		31,226
Total property, plant and equipment					833,483		736,491
Less: accumulated amortization and depreciation					419,881		373,404
Property, plant and equipment, net					$	413,602	$	363,087

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Resulting from Acquisition

Other intangible assets consisted of the following:


	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	2,687	$	—	$	2,687	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	13,839		—		13,839		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	78,314		—		78,314		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	20,777		(280)		20,497		4,659		(97)		4,562
Acquired subscribers - Cable	28,065		(25,900)		2,165		28,065		(25,600)		2,465
Other intangibles	463		(270)		193		463		(250)		213
Total finite-lived intangibles	49,305		(26,450)		22,855		33,187		(25,947)		7,240
Total intangible assets	$	130,306	$	(26,450)	$	103,856	$	114,188	$	(25,947)	$	88,241

Schedule of Finite-Lived Intangible Assets

Other intangible assets consisted of the following:


	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	2,687	$	—	$	2,687	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	13,839		—		13,839		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	78,314		—		78,314		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	20,777		(280)		20,497		4,659		(97)		4,562
Acquired subscribers - Cable	28,065		(25,900)		2,165		28,065		(25,600)		2,465
Other intangibles	463		(270)		193		463		(250)		213
Total finite-lived intangibles	49,305		(26,450)		22,855		33,187		(25,947)		7,240
Total intangible assets	$	130,306	$	(26,450)	$	103,856	$	114,188	$	(25,947)	$	88,241

Other Assets and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	September 30, 2020		December 31, 2019
Prepaid maintenance expenses	$	4,630	$	3,065
Broadband contract acquisition and fulfillment costs	4,082		4,898
Interest rate swaps	—		1,382
Other	1,867		1,801
Prepaid expenses and other	$	10,579	$	11,146

Schedule of Other Assets, Noncurrent

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


(in thousands)	September 30, 2020		December 31, 2019
Broadband contract acquisition and fulfillment costs	$	9,880	$	6,107
Prepaid expenses and other	1,092		1,908
Interest rate swaps	—		1,252
Deferred charges and other assets	$	10,972	$	9,267

Summary of Accrued Liabilities and Other

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


(in thousands)	September 30, 2020		December 31, 2019
Interest rate swaps	$	4,710	$	—
Accrued programming costs	2,997		3,023
Sales and property taxes payable	1,515		919
Other current liabilities	4,632		3,449
Accrued liabilities and other	$	13,854	$	7,391

Other Noncurrent Liabilities

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


(in thousands)	September 30, 2020		December 31, 2019
Non-current portion of deferred lease revenue	$	18,420	$	12,449
FCC spectrum license obligations	1,688		1,699
Non-current portion of financing leases	1,537		1,591
Other	658		1,037
Other liabilities	$	22,303	$	16,776

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at September 30, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2020	$	755	$	63	$	818
2021	4,174		174		4,348
2022	3,959		174		4,133
2023	3,548		174		3,722
2024	3,193		174		3,367
2025 and thereafter	67,236		1,529		68,765
Total lease payments	82,865		2,288		85,153
Less: Interest	36,182		656		36,838
Present value of lease liabilities	$	46,683	$	1,632	$	48,315

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at September 30, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2020	$	755	$	63	$	818
2021	4,174		174		4,348
2022	3,959		174		4,133
2023	3,548		174		3,722
2024	3,193		174		3,367
2025 and thereafter	67,236		1,529		68,765
Total lease payments	82,865		2,288		85,153
Less: Interest	36,182		656		36,838
Present value of lease liabilities	$	46,683	$	1,632	$	48,315

Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2020:


(in thousands)	Operating Leases
2020	$	1,885
2021	6,020
2022	4,957
2023	3,339
2024	2,090
2025 and thereafter	4,722
Total	$	23,013

Debt (Tables)

9 Months Ended

Sep. 30, 2020

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 outstanding term loans:


(in thousands)	September 30, 2020		December 31, 2019
Term loan A-1	$	236,721	$	258,571
Term loan A-2	469,727		473,469
	706,448		732,040
Less: unamortized loan fees	10,070		11,926
Total debt, net of unamortized loan fees	$	696,378	$	720,114

Financial Covenants in Credit Agreements

As shown below, as of September 30, 2020, the Company was in compliance with the financial covenants in its credit agreements.


	Actual		Covenant Requirement
Total leverage ratio	2.1		3.25	or Lower
Debt service coverage ratio	5.9		2.00	or Higher
Minimum liquidity balance (in millions)	$	258.8	$25.0	or Higher

- 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=120391452&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=119993939&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=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative and Hedging (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

Derivative balances are presented as follows in our unaudited condensed consolidated statement of cash flows:


(in thousands)	September 30, 2020		December 31, 2019
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	—	$	1,382
Deferred charges and other assets, net	—		1,252
Accrued liabilities and other	4,710		—
Total derivatives designated as hedging instruments	$	4,710	$	2,634

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, 2019	$	2,634	$	(2,326)	$	308
Net change in unrealized (loss) gain	(8,300)		2,074		(6,226)
Amounts reclassified to interest expense	956		(239)		717
Net current period other comprehensive (loss) income	(7,344)		1,835		(5,509)
Balance as of September 30, 2020	$	(4,710)	$	(491)	$	(5,201)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Expected tax expense at federal statutory	$	326	$	352	$	72	$	667
State income taxes net of federal tax effect	70		73		15		138
Excess tax benefit from share based compensation and other, net	(255)		82		(771)		(913)
Total income taxes for continuing operations	$	141	$	507	$	(684)	$	(108)

Earnings per Share & Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2020

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:


	Three Months Ended September 30,				Nine Months Ended September 30, 2020
(in thousands, except per share amounts)	2020		2019		2020		2019
Calculation of net income per share:
Income from continuing operations	$	1,412	$	1,168	$	1,026	$	3,284
Income from discontinued operations, net of tax	$	33,509	$	13,186	$	76,422	$	38,130
Net income	$	34,921	$	14,354	$	77,448	$	41,414

Basic weighted average shares outstanding	49,911		49,857		49,889		49,827
Basic net income per share - continuing operations	$	0.03	$	0.02	$	0.02	$	0.07
Basic net income per share - discontinued operations	$	0.67	$	0.27	$	1.53	$	0.76
Basic net income per share	$	0.70	$	0.29	$	1.55	$	0.83

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,911		49,857		49,889		49,827
Effect from dilutive shares and options outstanding	194		272		160		283
Diluted weighted average shares outstanding	50,105		50,129		50,049		50,110
Diluted net income per share - continuing operations	0.03		0.02		0.02		0.07
Diluted net income per share - discontinued operations	0.67		0.27		1.53		0.76
Diluted net income per share	$	0.70	$	0.29	$	1.55	$	0.83

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Selected Financial Data for Segments

Three Months Ended September 30, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB (1)	$	37,469	$	—	$	—	$	37,469
Fiber, enterprise and wholesale	4,707		—		—		4,707
Rural local exchange carrier	4,426		—		—		4,426
Installation and other	2,008		—		—		2,008
Tower lease	—		1,864		—		1,864
Service revenue and other	48,610		1,864		—		50,474
Revenue for service provided to the discontinued Wireless operations	2,100		2,637		(38)		4,699
Total revenue	50,710		4,501		(38)		55,173
Operating expenses
Cost of services	21,326		1,283		60		22,669
Selling, general and administrative	9,792		330		9,917		20,039
Depreciation and amortization	10,106		467		1,422		11,995
Total operating expenses	41,224		2,080		11,399		54,703
Operating income (loss)	$	9,486	$	2,421	$	(11,437)	$	470

_______________________________________________________

(1) SMB refers to Small and Medium Businesses.

Three Months Ended September 30, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	33,696	$	—	$	—	$	33,696
Fiber, enterprise and wholesale	5,163		—		—		5,163
Rural local exchange carrier	5,080		—		—		5,080
Installation and other	2,073		—		—		2,073
Tower lease	—		1,851		—		1,851
Service revenue and other	46,012		1,851		—		47,863
Revenue for service provided to the discontinued Wireless operations	2,669		1,289		(7)		3,951
Total revenue	48,681		3,140		(7)		51,814
Operating expenses
Cost of services	20,032		927		(12)		20,947
Selling, general and administrative	8,790		192		10,463		19,445
Depreciation and amortization	8,617		691		1,433		10,741
Total operating expenses	37,439		1,810		11,884		51,133
Operating income (loss)	$	11,242	$	1,330	$	(11,891)	$	681

Nine Months Ended September 30, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	108,242	$	—	$	—	$	108,242
Fiber, enterprise and wholesale	15,858		—		—		15,858
Rural local exchange carrier	13,784		—		—		13,784
Installation and other	5,928		—		—		5,928
Tower lease	—		5,490		—		5,490
Service revenue and other	143,812		5,490		—		149,302
Revenue for service provided to the discontinued Wireless operations	6,818		7,000		(477)		13,341
Total revenue	150,630		12,490		(477)		162,643
Operating expenses
Cost of services	61,572		3,537		58		65,167
Selling, general and administrative	28,960		1,095		34,172		64,227
Depreciation and amortization	30,448		1,414		4,148		36,010
Total operating expenses	120,980		6,046		38,378		165,404
Operating income (loss)	$	29,650	$	6,444	$	(38,855)	$	(2,761)

Nine Months Ended September 30, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Cable, residential and SMB	$	99,703	$	—	$	—	$	99,703
Fiber, enterprise and wholesale	14,912		—		—		14,912
Rural local exchange carrier	15,899		—		—		15,899
Installation and other	6,002		—		—		6,002
Tower lease	—		5,365		—		5,365
Service revenue and other	136,516		5,365		—		141,881
Revenue for service provided to the discontinued Wireless operations	7,597		3,830		(23)		11,404
Total revenue	144,113		9,195		(23)		153,285
Operating expenses
Cost of services	59,348		2,704		(22)		62,030
Selling, general and administrative	24,316		634		32,650		57,600
Depreciation and amortization	27,243		2,102		4,462		33,807
Total operating expenses	110,907		5,440		37,090		153,437
Operating income (loss)	$	33,206	$	3,755	$	(37,113)	$	(152)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Total consolidated operating income (loss)	$	470	$	681	$	(2,761)	$	(152)
Other income, net	1,083		994		3,103		3,328
Income from continuing operations before income taxes	$	1,553	$	1,675	$	342	$	3,176

Basis of Presentation and Other Information - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other	$ 10,579	$ 11,146		$ 10,579		$ 11,146
Retained earnings	507,458	430,010		507,458		430,010
Property, plant and equipment, net	413,602	363,087		413,602		363,087
Deferred income taxes	146,771	137,567		146,771		137,567
Depreciation expense	(11,995)		$ (10,741)	(36,010)	$ (33,807)
Income tax expense (benefit)	141		507	(684)	(108)
Net income	$ 34,921		$ 14,354	$ 77,448	$ 41,414
Increase (decrease) in earnings per share, basic (in dollars per share)	$ 0.70		$ 0.29	$ 1.55	$ 0.83
Increase (decrease) in earnings per share, diluted (in dollars per share)	$ 0.70		$ 0.29	$ 1.55	$ 0.83
Revision of Prior Period, Error Correction, Adjustment \| Prior Period Errors
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other		2,700				2,700
Deferred tax liabilities, net		700				700
Retained earnings		2,000				2,000
Property, plant and equipment, net		1,400				1,400
Deferred income taxes		400				400
Depreciation expense		1,400				1,400
Income tax expense (benefit)		400				400
Net income		$ 1,000				$ 1,000
Increase (decrease) in earnings per share, basic (in dollars per share)		$ 0.02				$ 0.02
Increase (decrease) in earnings per share, diluted (in dollars per share)		$ 0.02				$ 0.02

Discontinued Operations - Narrative (Details) - USD ($)		9 Months Ended	12 Months Ended
Discontinued Operations - Narrative (Details) - USD ($)	Aug. 26, 2020	Sep. 30, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in assets			$ 34,000,000
Increase in liabilities			$ 34,000,000
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accelerated expenses		$ 0
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accelerated expenses		$ 40,000,000
Affiliated Entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of business percentage	90.00%

Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Inventory	$ 4,240	$ 5,728
Deferred charges and other assets	40,572
Current assets held for sale	1,148,601	55,109
Deferred charges and other assets	0	44,085
Non-current assets held for sale	0	1,141,498
LIABILITIES
Advanced billings and customer deposits	0	169
Current liabilities held for sale	470,943	54,246
Non-current liabilities held for sale	0	379,036
Discontinued Operations, Disposed of by Sale
ASSETS
Prepaid expenses and other	48,555	49,381
Property, plant and equipment, net	300,098	0
Intangible assets, net	186,885	0
Goodwill	146,383	0
Operating lease right-of-use assets	421,868	0
Deferred charges and other assets		0
Current assets held for sale	1,148,601	55,109
Property, plant and equipment, net	0	338,427
Intangible assets, net	0	228,593
Goodwill	0	146,383
Operating lease right-of-use assets	0	384,010
Non-current assets held for sale	0	1,141,498
LIABILITIES
Current operating lease liabilities	422,415	47,077
Accrued liabilities and other	5,333	7,000
Asset retirement obligations	33,168	0
Retirement plan obligations	10,027	0
Current liabilities held for sale	470,943	54,246
Non-current operating lease liabilities	0	337,661
Asset retirement obligations	0	30,762
Retirement plan obligations	0	10,398
Other non-current liabilities	0	215
Non-current liabilities held for sale	$ 0	$ 379,036

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues [Abstract]
Total revenue	$ 110,825	$ 107,289	$ 334,710	$ 331,028
Operating expenses
Selling, general and administrative	7,696	8,879	25,931	28,774
Depreciation and amortization	15,077	25,886	62,804	86,350
Total operating expenses	60,940	82,613	215,542	256,710
Total consolidated operating income (loss)	49,885	24,676	119,168	74,318
Other income:
Interest expense	(4,638)	(7,442)	(15,868)	(22,877)
Other	130	44	391	130
Income before income taxes	45,377	17,278	103,691	51,571
Income tax expense	(11,868)	(4,092)	(27,269)	(13,441)
Income from discontinued operations, net of tax	33,509	13,186	76,422	38,130
Service revenue and other
Revenues [Abstract]
Total revenue	100,963	91,314	302,488	283,214
Equipment revenue
Revenues [Abstract]
Total revenue	9,862	15,975	32,222	47,814
Cost of services
Operating expenses
Cost of services and cost of goods sold	28,567	32,277	95,242	95,846
Cost of goods sold
Operating expenses
Cost of services and cost of goods sold	$ 9,600	$ 15,571	$ 31,565	$ 45,740

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Weighted average customer life	5 years
Remaining performance obligations	$ 2.9
Revenue remaining performance obligation, per year	$ 0.8

Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 12,780	$ 10,476	$ 11,005	$ 10,091
Contract payments	2,195	1,840	6,128	4,996
Contract amortization	(1,013)	(1,399)	(3,171)	(4,170)
Ending Balance	$ 13,962	$ 10,917	$ 13,962	$ 10,917

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments [Abstract]
SERP investments at fair value	$ 2,255	$ 2,278
Cost method investments	10,240	9,497
Equity method investments	539	613
Total investments	$ 13,034	$ 12,388

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 2,255		$ 2,255		$ 2,278
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%		20.00%
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 9,500		$ 9,500		$ 8,700
Other nonoperating income (expense)	1,000	$ 900	3,000	$ 2,700
Percentage of patronage credit paid in cash		75.00%		75.00%
Percentage of patronage credit paid in share		25.00%		25.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	200	$ 200	700	$ 700
Related party costs	$ 700	$ 800	$ 2,200	$ 2,400

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 833,483	$ 736,491
Less: accumulated amortization and depreciation	419,881	373,404
Property, plant and equipment, net	413,602	363,087
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	6,806	6,297
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 88,996	85,835
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	$ 368,144	334,260
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	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 314,859	278,873
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	$ 778,805	705,265
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 54,678	$ 31,226

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangibles	$ 78,314	$ 78,314
Gross Carrying Amount	49,305	33,187
Accumulated Amortization and Other	(26,450)	(25,947)
Net	22,855	7,240
Total intangible assets, gross carrying amount	130,306	114,188
Intangible assets, net	103,856	88,241
Broadband
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,687	2,687
Net	2,687	2,687
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	20,777	4,659
Accumulated Amortization and Other	(280)	(97)
Net	20,497	4,562
Acquired subscribers - Cable
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	28,065	28,065
Accumulated Amortization and Other	(25,900)	(25,600)
Net	2,165	2,465
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	463	463
Accumulated Amortization and Other	(270)	(250)
Net	193	213
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangibles	64,334	64,334
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangibles	13,839	13,839
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived intangibles	$ 141	$ 141

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Feb. 28, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Amortization of intangible assets		$ 0.2	$ 0.1	$ 0.5	$ 0.3
FCC spectrum licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		$ (16.1)
Big sandy acquisition
Business Acquisition [Line Items]
Aggregate purchase price	$ 10.0
Property, plant and equipment acquired	4.6
Goodwill	2.6
Customer relationships \| Big sandy acquisition
Business Acquisition [Line Items]
Subscriber relationship acquired	$ 2.8

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 4,630	$ 3,065
Broadband contract acquisition and fulfillment costs	4,082	4,898
Interest rate swaps	0	1,382
Other	1,867	1,801
Prepaid expenses and other	$ 10,579	$ 11,146

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition and fulfillment costs	$ 9,880	$ 6,107
Prepaid expenses and other	1,092	1,908
Interest rate swaps	0	1,252
Deferred charges and other assets	$ 10,972	$ 9,267

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Interest rate swaps	$ 4,710	$ 0
Accrued programming costs	2,997	3,023
Sales and property taxes payable	1,515	919
Other current liabilities	4,632	3,449
Accrued liabilities and other	$ 13,854	$ 7,391

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Non-current portion of deferred lease revenue	$ 18,420	$ 12,449
FCC spectrum license obligations	1,688	1,699
Non-current portion of financing leases	1,537	1,591
Other	658	1,037
Other liabilities	$ 22,303	$ 16,776

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term	23 years		23 years
Operating lease, weighted average discount rate, percent	4.70%		4.70%
Finance lease, weighted average remaining lease term	14 years		14 years
Finance lease, weighted average discount rate, percent	5.20%		5.20%
Operating lease, cost	$ 2.3	$ 1.4	$ 5.1	$ 2.9
Finance lease, cost	0.1	0.1	0.4	0.5
Operating lease, payments	1.2		3.2	2.9
Right-of-use asset obtained in exchange for operating lease liability	2.4		9.2	0.7
Sublease income	$ 2.7	$ 2.1	$ 6.9	$ 6.1

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Operating Leases
2020	$ 755
2021	4,174
2022	3,959
2023	3,548
2024	3,193
2025 and thereafter	67,236
Total lease payments	82,865
Less: Interest	36,182
Present value of lease liabilities	46,683
Finance Leases
2020	63
2021	174
2022	174
2023	174
2024	174
2025 and thereafter	1,529
Total lease payments	2,288
Less: Interest	656
Present value of lease liabilities	1,632
Total
2020	818
2021	4,348
2022	4,133
2023	3,722
2024	3,367
2025 and thereafter	68,765
Total lease payments	85,153
Less: Interest	36,838
Present value of lease liabilities	$ 48,315

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
2020	$ 1,885
2021	6,020
2022	4,957
2023	3,339
2024	2,090
2025 and thereafter	4,722
Total	$ 23,013

Debt - Narrative (Details) - USD ($)	9 Months Ended
Debt - Narrative (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Cash payments for interest	$ 14,500,000	$ 21,600,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Term of credit facility	5 years
Term loan A-1 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term loan A-2 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 706,448	$ 732,040
Less: unamortized loan fees	10,070	11,926
Total debt, net of unamortized loan fees	696,378	720,114
Term loan A-1
Debt Instrument [Line Items]
Total	236,721	258,571
Term loan A-2
Debt Instrument [Line Items]
Total	$ 469,727	$ 473,469

Debt - Financial Covenants in Credit Agreements (Details)	3 Months Ended
	Sep. 30, 2020 USD ($)
Actual
Total leverage ratio	2.1
Debt service coverage ratio	5.9
Minimum liquidity balance (in millions)	$ 258,800,000
Covenant Requirement
Total Leverage Ratio	3.25
Debt Service Coverage Ratio	2.00
Minimum liquidity balance	$ 25,000,000.0

Derivatives and Hedging - Narrative (Details) - Not Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Increase (decrease) in fair value	$ (7.3)
Interest rate swaps
Derivative [Line Items]
Interest rate	1.16%
Percentage hedged	43.00%
Notional amount of interest rate swaps	$ 303.5	$ 339.8

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	$ 1,252
Interest rate swaps \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset	4,710	2,634
Interest rate swaps \| Designated as Hedging Instrument \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative asset	0	1,382
Interest rate swaps \| Designated as Hedging Instrument \| Deferred charges and other assets, net
Derivatives, Fair Value [Line Items]
Derivative asset	0	1,252
Interest rate swaps \| Designated as Hedging Instrument \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative asset	$ 4,710	$ 0

Derivatives and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax (Expense) Benefit
Balance as of December 31, 2019			$ (2,326)
Net change in unrealized (loss) gain			2,074
Amounts reclassified to interest expense			(239)
Net current period other comprehensive (loss) income			1,835
Balance as of September 30, 2020	$ (491)		(491)
Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2019			308
Net change in unrealized (loss) gain			(6,226)
Amounts reclassified to interest expense			717
Net current period other comprehensive (loss) income	538	$ (1,494)	(5,509)	$ (8,434)
Balance as of September 30, 2020	(5,201)		(5,201)
Gains (Losses) on Cash Flow Hedges
Gains (Losses) on Cash Flow Hedges
Balance as of December 31, 2019			2,634
Net change in unrealized (loss) gain			(8,300)
Amounts reclassified to interest expense			956
Net current period other comprehensive (loss) income			(7,344)
Balance as of September 30, 2020	$ (4,710)		$ (4,710)

Income Taxes - Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Expected tax expense at federal statutory	$ 326	$ 352	$ 72	$ 667
State income taxes net of federal tax effect	70	73	15	138
Excess tax benefit from share based compensation and other, net	(255)	82	(771)	(913)
Total income taxes for continuing operations	$ 141	$ 507	$ (684)	$ (108)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income taxes paid, net	$ 5.4	$ 6.1

Earnings per Share & Stock Compensation - Narrative (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than) (in shares)	110,000			110,000	110,000	110,000
Relative Total Shareholder Return Awards (RTSRs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share performance period					3 years
Bottom portion of peer percent group (as a percent)					25.00%
Top portion of peer percent group (as a percent)					25.00%
Relative Total Shareholder Return Awards (RTSRs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, issued (in shares)					0
Relative Total Shareholder Return Awards (RTSRs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)					150.00%
Employee \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		11,000	70,000		81,000
Restricted stock units granted (in dollars per share)		$ 52.70	$ 48.47
Employee \| Relative Total Shareholder Return Awards (RTSRs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			40,000
Restricted stock units granted (in dollars per share)			$ 56.32
Director \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			14,000
Restricted stock units granted (in dollars per share)			$ 48.47

Earnings per Share & Stock Compensation - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Income from continuing operations	$ 1,412	$ 1,168	$ 1,026	$ 3,284
Income from operations of discontinued operations, net of tax	33,509	13,186	76,422	38,130
Net income	$ 34,921	$ 14,354	$ 77,448	$ 41,414
Basic weighted average shares outstanding (in shares)	49,911	49,857	49,889	49,827
Basic net income per share - continuing operations (in dollars per share)	$ 0.03	$ 0.02	$ 0.02	$ 0.07
Basic net income per share - discontinued operations (in dollars per share)	0.67	0.27	1.53	0.76
Basic net income per share (in dollars per share)	$ 0.70	$ 0.29	$ 1.55	$ 0.83
Effect from dilutive shares and options outstanding (in shares)	194	272	160	283
Diluted weighted average shares outstanding (in shares)	50,105	50,129	50,049	50,110
Diluted net income per share - continuing operations (in dollars per share)	$ 0.03	$ 0.02	$ 0.02	$ 0.07
Diluted net income per share - discontinued operations (in dollars per share)	0.67	0.27	1.53	0.76
Diluted net income per share (in dollars per share)	$ 0.70	$ 0.29	$ 1.55	$ 0.83

Commitments and Contingencies Narrative (Details)	Sep. 30, 2020 USD ($)
FCC spectrum licenses
Other Commitments [Line Items]
Other commitment, annual payments	$ 108,000.0

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
External revenue
Service revenue and other	$ 55,173	$ 51,814	$ 162,643	$ 153,285
Operating expenses
Cost of services	22,669	20,947	65,167	62,030
Selling, general and administrative	20,039	19,445	64,227	57,600
Depreciation and amortization	11,995	10,741	36,010	33,807
Operating income (loss)	470	681	(2,761)	(152)
Operating Segments
Operating expenses
Selling, general and administrative	20,039	19,445	64,227	57,600
Depreciation and amortization	11,995	10,741	36,010	33,807
Total operating expenses	54,703	51,133	165,404	153,437
Operating income (loss)	470	681	(2,761)	(152)
Operating Segments \| Broadband
External revenue
Service revenue and other	50,710	48,681	150,630	144,113
Operating expenses
Selling, general and administrative	9,792	8,790	28,960	24,316
Depreciation and amortization	10,106	8,617	30,448	27,243
Total operating expenses	41,224	37,439	120,980	110,907
Operating income (loss)	9,486	11,242	29,650	33,206
Operating Segments \| Tower
External revenue
Service revenue and other	4,501	3,140	12,490	9,195
Operating expenses
Selling, general and administrative	330	192	1,095	634
Depreciation and amortization	467	691	1,414	2,102
Total operating expenses	2,080	1,810	6,046	5,440
Operating income (loss)	2,421	1,330	6,444	3,755
Intersegment Eliminations
External revenue
Service revenue and other	4,699	3,951	13,341	11,404
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other	2,100	2,669	6,818	7,597
Intersegment Eliminations \| Tower
External revenue
Service revenue and other	2,637	1,289	7,000	3,830
Intersegment Eliminations \| Corporate and Other
External revenue
Service revenue and other	(38)	(7)	(477)	(23)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	9,917	10,463	34,172	32,650
Depreciation and amortization	1,422	1,433	4,148	4,462
Total operating expenses	11,399	11,884	38,378	37,090
Operating income (loss)	(11,437)	(11,891)	(38,855)	(37,113)
Tower lease \| Operating Segments
External revenue
Service revenue and other	1,864	1,851	5,490	5,365
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other	1,864	1,851	5,490	5,365
Cable, residential and SMB \| Operating Segments
External revenue
Service revenue and other	37,469	33,696	108,242	99,703
Cable, residential and SMB \| Operating Segments \| Broadband
External revenue
Service revenue and other	37,469	33,696	108,242	99,703
Cable, residential and SMB \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Fiber, enterprise and wholesale \| Operating Segments
External revenue
Service revenue and other	4,707	5,163	15,858	14,912
Fiber, enterprise and wholesale \| Operating Segments \| Broadband
External revenue
Service revenue and other	4,707	5,163	15,858	14,912
Fiber, enterprise and wholesale \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Rural local exchange carrier \| Operating Segments
External revenue
Service revenue and other	4,426	5,080	13,784	15,899
Rural local exchange carrier \| Operating Segments \| Broadband
External revenue
Service revenue and other	4,426	5,080	13,784	15,899
Rural local exchange carrier \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Installation and other \| Operating Segments
External revenue
Service revenue and other	2,008	2,073	5,928	6,002
Installation and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	2,008	2,073	5,928	6,002
Installation and other \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Service revenue and other \| Operating Segments
External revenue
Service revenue and other	50,474	47,863	149,302	141,881
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	48,610	46,012	143,812	136,516
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other	1,864	1,851	5,490	5,365
Cost of services \| Operating Segments
Operating expenses
Cost of services	22,669	20,947	65,167	62,030
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services	21,326	20,032	61,572	59,348
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services	1,283	927	3,537	2,704
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services	$ 60	$ (12)	$ 58	$ (22)

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating income (loss)	$ 470	$ 681	$ (2,761)	$ (152)
Other income, net	1,083	994	3,103	3,328
Income from continuing operations before income taxes	$ 1,553	$ 1,675	$ 342	$ 3,176

Subsequent Events (Details)	Oct. 27, 2020 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.34