0001628280-21-003177 | 10-K | XBRL Viewer | Shenandoah Telecommunications Cova

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2020	Feb. 23, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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		49,932,073
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.4
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2021 annual meeting of shareholders (the “2021 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2021 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000354963
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 195,397	$ 101,651
Accounts receivable, net of allowance for doubtful accounts of $614 and $533, respectively	70,393	63,641
Income taxes receivable	0	10,306
Prepaid expenses and other	9,631	11,178
Current assets held for sale	1,133,294	55,077
Total current assets	1,408,715	241,853
Investments	13,769	12,388
Property, plant and equipment, net	440,427	363,087
Goodwill and Intangible assets, net	106,759	88,241
Operating lease right-of-use assets	50,387	42,568
Deferred charges and other assets	11,650	9,267
Non-current assets held for sale	0	1,141,498
Total assets	2,031,707	1,898,902
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	688,463	31,650
Accounts payable	19,599	40,295
Advanced billings and customer deposits	8,594	8,358
Accrued compensation	16,413	10,075
Income taxes payable	6,951	0
Current operating lease liabilities	1,970	1,731
Accrued liabilities and other	13,869	7,556
Current liabilities held for sale	452,202	53,912
Total current liabilities	1,208,061	153,577
Long-term debt, less current maturities, net of unamortized loan fees	0	688,464
Other long-term liabilities:
Deferred income taxes	150,652	137,567
Asset retirement obligations	4,955	6,152
Benefit plan obligations	14,645	12,675
Non-current operating lease liabilities	46,095	42,625
Other liabilities	24,905	16,991
Total other long-term liabilities	241,252	584,433
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 49,868 and 49,671 issued and outstanding at December 31, 2020 and 2019, respectively	0	0
Additional paid in capital	47,317	42,110
Retained earnings	539,783	430,010
Accumulated other comprehensive (loss) income, net of taxes	(4,706)	308
Total shareholders’ equity	582,394	472,428
Total liabilities and shareholders’ equity	2,031,707	1,898,902
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	$ 0	$ 368,423

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 614	$ 533
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)	49,868,000	49,671,000
Common stock, shares outstanding (in shares)	49,868,000	49,671,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Service revenue and other	$ 220,775	$ 206,862	$ 192,683
Operating expenses
Cost of services	88,203	82,949	80,418
Selling, general and administrative	85,016	77,846	70,844
Depreciation and amortization	48,703	46,786	44,390
Total operating expenses	221,922	207,581	195,652
Operating loss	(1,147)	(719)	(2,969)
Other income:
Other income, net	3,187	3,280	3,703
Income before income taxes	2,040	2,561	734
Income tax (benefit) expense	(586)	173	(1,343)
Income from continuing operations	2,626	2,388	2,077
Income from discontinued operations, net of tax	124,097	53,568	44,518
Net income	126,723	55,956	46,595
Other comprehensive income:
Unrealized (loss) income on interest rate hedge, net of tax	(5,014)	(7,972)	50
Comprehensive income	$ 121,709	$ 47,984	$ 46,645
Net income per share, basic and diluted:
Basic - Income from continuing operations (in dollars per share)	$ 0.05	$ 0.05	$ 0.04
Basic - Income from discontinued operations, net of tax (in dollars per share)	2.49	1.07	0.90
Basic net income per share (in dollars per share)	2.54	1.12	0.94
Diluted - Income from continuing operations (in dollars per share)	0.05	0.05	0.04
Diluted - Income from discontinued operations, net of tax (in dollars per share)	2.48	1.07	0.89
Diluted net income per share (in dollars per share)	$ 2.53	$ 1.12	$ 0.93
Weighted average shares outstanding, basic (in shares)	49,901	49,811	49,542
Weighted average shares outstanding, diluted (in shares)	50,024	50,101	50,063
Cash dividend declared per share (in dollars per share)	$ 0.34	$ 0.29	$ 0.27

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2017			49,328,000
Balance at Dec. 31, 2017	$ 352,207			$ 44,787	$ 299,190		$ 8,230
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,595				46,595
Other comprehensive gain (loss), net of tax	50						50
Dividends declared	(13,386)				(13,386)
Dividends reinvested in common stock (in shares)	520			520
Dividends reinvested in common stock			11,000
Stock based compensation (in shares)			206,000
Stock based compensation	5,367			5,367
Stock options exercised (in shares)			113,000
Stock options exercised	787			787
Common stock issued (in shares)			1,000
Common stock issued	26			26
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)			(105,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(4,031)			(4,031)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)			76,000
Balance (in shares) at Dec. 31, 2018			49,630,000
Balance at Dec. 31, 2018	444,232	$ 56,097		47,456	388,496	$ 56,097	8,280
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,956				55,956
Other comprehensive gain (loss), net of tax	(7,972)						(7,972)
Dividends declared	(14,442)				(14,442)
Dividends reinvested in common stock (in shares)	499			499
Dividends reinvested in common stock			14,000
Share repurchases (in shares)			(200,000)
Share repurchases	(7,231)			(7,231)
Stock based compensation (in shares)			184,000
Stock based compensation	4,182			4,182
Stock options exercised (in shares)			29,000
Stock options exercised	81			81
Common stock issued	34			34
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)			(62,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (2,911)			(2,911)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)			76,000
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	126,723				126,723
Other comprehensive gain (loss), net of tax	(5,014)						(5,014)
Dividends declared	(16,950)				(16,950)
Dividends reinvested in common stock (in shares)	(2)			(2)
Stock based compensation (in shares)			156,000
Stock based compensation	6,833			6,833
Stock options exercised	36			36
Common stock issued (in shares)			1,000
Common stock issued	31			31
Annual dividend reinvestment (in shares)			12,000
Annual dividend reinvestment	526			526
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)			(48,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (2,217)			(2,217)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)			76,000
Balance (in shares) at Dec. 31, 2020	49,868,000		49,868,000
Balance at Dec. 31, 2020	$ 582,394			$ 47,317	$ 539,783		$ (4,706)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (in dollars per share)	$ 0.34	$ 0.29	$ 0.27

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 126,723	$ 55,956	$ 46,595
Income from discontinued operations, net of tax	124,097	53,568	44,518
Income from continuing operations	2,626	2,388	2,077
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	47,964	46,313	44,213
Amortization	739	473	176
Accretion of asset retirement obligations	333	410	319
Bad debt expense	1,220	1,743	1,983
Stock based compensation expense, net of amount capitalized	5,907	3,367	4,745
Deferred income taxes	15,310	16,848	3,857
Gain from patronage and investments	(1,311)	(4,769)	(3,112)
Changes in assets and liabilities:
Accounts receivable	(7,318)	(74)	8
Current income taxes	(15,896)	(16,675)	(5,200)
Operating lease right-of-use assets	3,980	7,593	0
Other assets	(3,959)	162	(6,576)
Accounts payable	(663)	(8,426)	12,203
Lease liabilities	(3,067)	(4,987)	0
Other deferrals and accruals	7,494	(2,037)	(494)
Net cash provided by operating activities - continuing operations	53,359	42,329	54,199
Net cash provided by operating activities - discontinued operations	249,508	216,816	211,448
Net cash provided by operating activities	302,867	259,145	265,647
Cash flows from investing activities:
Capital expenditures	(120,450)	(67,048)	(56,631)
Cash disbursed for acquisitions	(1,890)	(10,000)	0
Cash disbursed for deposit on FCC spectrum leases	(16,118)	(16,742)	0
Proceeds from sale of assets and other	370	112	541
Net cash used in investing activities - continuing operations	(138,088)	(93,678)	(56,090)
Net cash used in investing activities - discontinued operations	(17,500)	(71,656)	(131,710)
Net cash used in investing activities	(155,588)	(165,334)	(187,800)
Cash flows from financing activities:
Dividends paid, net of dividends reinvested	(16,424)	(13,943)	(12,863)
Share repurchases	0	(7,231)	0
Taxes paid for equity award issuances	(2,217)	(2,910)	(3,245)
Payments for financing arrangements and other	(769)	36	(2)
Net cash used in financing activities - continuing operations	(19,410)	(24,048)	(16,110)
Net cash used in financing activities - discontinued operations	(34,123)	(53,198)	(55,236)
Net cash used in financing activities	(53,533)	(77,246)	(71,346)
Net increase in cash and cash equivalents	93,746	16,565	6,501
Cash and cash equivalents, beginning of period	101,651	85,086	78,585
Cash and cash equivalents, end of period	$ 195,397	$ 101,651	$ 85,086

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Shenandoah Telecommunications Company and its subsidiaries (collectively, the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic, hybrid fiber coaxial cable, and fixed wireless networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment. Our Tower segment owns 223 cell towers and leases colocation space on those towers to wireless communications providers, including our discontinued wireless operation, refer to Note 3, Discontinued Operations, and Note 15, Segment Reporting, for additional information. 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.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or the U.S., requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results to be reported in future periods could differ from our estimates.

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

Property, plant and equipment: Property, plant and equipment is stated at cost less accumulated depreciation. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including

interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms. Land is not depreciated. Refer to Note 6, Property, Plant and Equipment, for additional information.

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

Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. These assets are evaluated for impairment based on the identification of reporting units. Our reporting units align with our reporting segments. We evaluated our reporting units for impairment during the fourth quarter of 2020, 2019 and 2018, respectively, on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends. We concluded that there were no indicators that a reporting unit impairment was more likely than not during the years ended December 31, 2020, 2019, or 2018.

Long-lived Assets: Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets are amortized or depreciated over their estimated useful lives, as summarized in the respective footnotes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reporting segments. We evaluated our asset groups for impairment during the fourth quarter of 2020. We concluded that there were no indicators that an asset group impairment had been triggered during the years ended December 31, 2020, 2019, or 2018.

Advertising Costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations. Advertising expense for the years ended December 31, 2020, 2019 and 2018 was $2.7 million, $3.5 million and $2.6 million, respectively.

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


($ in thousands)	December 31, 2020		December 31, 2019
Pension Plan	$	7,961	$	6,824
Postretirement Plan	3,997		3,573
SERP Plan	2,687		2,278
Total	$	14,645	$	12,675

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

As of December 31, 2020 and 2019, the fair value of our Pension Plan assets were $27.0 million and $24.1 million, respectively. These investments are held in index funds, and are valued based on the net asset value per share. Our Pension Plan's projected benefit obligation was $34.9 million and $30.9 million, at December 31, 2020 and 2019, respectively. The Pension Plan liability was discounted at 2.41% and 3.16% at December 31, 2020 and 2019, respectively.

The postretirement benefit plan is a frozen, unfunded, defined benefit plan. It covers certain health care benefits for certain retirees who were employed by an acquiree and meet eligibility requirements. The postretirement plan liability was discounted at 2.32% and 3.12% at December 31, 2020 and 2019, respectively.

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

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

Share Repurchase Program: On November 4, 2019, our program to repurchase up to $80 million of common stock became effective and expired on the 2020 anniversary. During the fourth quarter of 2019, we repurchased 200,410 shares under the program at an average price of $36.08; there were no repurchases made during the year ended December 31, 2020. Our common shares have zero par value and our policy is to record the entire repurchase as a reduction of additional paid-in capital. Repurchased shares are canceled and revert to a status of “authorized and unissued” under Virginia law.

New Accounting Standards

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 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. This standard 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 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.

We implemented Accounting Standards Codification ("ASC") 842-Leases, ("ASC 842"), on January 1, 2019 using the modified retrospective method and thus did not retroactively adjust prior periods. ASC 842 replaced previous leasing guidance with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. The new standard required lessees to recognize most leases on their balance sheet as liabilities, along with the corresponding right-of-use, or ROU, assets. See Note 9, Leases for more information.

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

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On August 26, 2020, Sprint Corporation ("Sprint"), an indirect subsidiary of T-Mobile US, Inc., ("T-Mobile"), 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 operations for 90% of the “Entire Business Value” (as defined under our affiliate agreement and determined pursuant to the appraisal process set forth therein). Shortly thereafter, the Company committed to a plan to sell the discontinued Wireless operations.

The final and binding appraisal process was completed on February 1, 2021. Expected sale proceeds are $1.95 billion based upon the appraisal process and other agreements between the parties.

We expect to enter into a definitive asset purchase agreement with T-Mobile during the first quarter 2021 and expect that the transaction will close during the second quarter 2021, subject to customary closing conditions and required regulatory approvals.

The assets and liabilities that are expected to transfer in the sale are presented as held for sale within our Consolidated Balance Sheets. This disposal group excludes the accounts receivable and certain current liabilities generated by our Wireless operations because they are expected to be settled separately from the sale. Such accounts receivable totaled $51.7 million and $51.0 million at December 31, 2020 and December 31, 2019, respectively, and such current liabilities totaled $6.1 million and $27.7 million at December 31, 2020 and December 31, 2019, respectively. During the fourth quarter of 2020 and subsequent thereto, the parties agreed that our pension and postretirement plan liabilities due to certain current and former Wireless employees would not transfer in the sale. Our identification of assets and liabilities held for sale as of December 31, 2020 and 2019 has been updated accordingly, and could change again based on the terms of the final asset purchase agreement.

The transaction is 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 December 31, 2020. Our related interest rate swap liabilities are also presented outside of the disposal group as a current liability at December 31, 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. Accordingly, the operating results and cash flows from our Wireless operations have been reflected as discontinued operations in our Consolidated Statements of Comprehensive Income and the 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 elected to recast our segment reporting note, 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 consolidated balance sheets, are as follows:


(in thousands)	December 31, 2020		December 31, 2019
ASSETS
Inventory	$	5,746	$	5,728
Prepaid expenses and other	47,003		49,349
Property, plant and equipment, net	299,647		—
Intangible assets, net	176,459		—
Goodwill	146,383		—
Operating lease right-of-use assets	421,586		—
Deferred charges and other assets	36,470		—
Current assets held for sale	$	1,133,294	$	55,077

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

Total assets held for sale	$	1,133,294	$	1,196,575

LIABILITIES
Current operating lease liabilities	$	409,887	$	47,077
Accrued liabilities and other	8,770		6,835
Asset retirement obligations	33,545		—
Current liabilities held for sale	$	452,202	$	53,912

Non-current operating lease liabilities	$	—	$	337,661
Asset retirement obligations	—		30,762
Non-current liabilities held for sale	$	—	$	368,423

Total liabilities held for sale	$	452,202	$	422,335

Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following for the years ended December 31, 2020, 2019 and 2018:


(in thousands)
Revenue:	2020		2019		2018
Service revenue and other	$	401,035	$	375,730	$	382,948
Equipment revenue	41,338		67,659		67,510
Total revenue	442,373		443,389		450,458
Operating expenses:
Cost of services	116,394		128,482		125,082
Cost of goods sold	40,642		65,148		63,583
Selling, general and administrative	34,011		39,128		43,563
Depreciation and amortization	62,930		111,467		122,014
Total operating expenses	253,977		344,225		354,242
Operating income	188,396		99,164		96,216
Other (expense) income:
Interest expense	(20,455)		(29,286)		(34,838)
Income before income taxes	167,941		69,878		61,378
Income tax expense	43,844		16,310		16,860
Income from discontinued operations, net of tax	$	124,097	$	53,568	$	44,518

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 15, 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 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, severance costs, 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 $35.9 million.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Our Broadband segment provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic, hybrid fiber coaxial cable, and fixed wireless networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties 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, charged upfront without transfer of commensurate goods or services to the customer, 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 commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber 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. A related contract liability of $2.8 million was recognized at December 31, 2020, which we expect to recognize into revenue at the rate of approximately $0.8 million per year.

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.

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

Refer to Note 15, Segment Reporting, for a summary of these revenue streams.

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


(in thousands)	2020		2019
Beginning Balance	$	11,005	$	10,091
Contract payments	8,154		6,518
Contract amortization	(4,490)		(5,604)
Ending Balance	$	14,669	$	11,005

- 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

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	December 31, 2020		December 31, 2019
SERP Investments at fair value	$	2,687	$	2,278
Cost method investments	10,536		9,497
Equity method investments	546		613
Total investments	$	13,769	$	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 $9.8 million and $8.7 million at December 31, 2020 and 2019, respectively. We recognized approximately $4.2 million, $4.2 million and $2.8 million of patronage income in Other income (expense) in 2020, 2019 and 2018, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity.

Equity Method Investments: At December 31, 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 $0.9 million, $1.0 million, and $1.7 million from providing service to ValleyNet during 2020, 2019, and 2018, respectively. We recognized Cost of service of $2.7 million, $3.0 million, and $3.4 million for the use of ValleyNet’s network during 2020, 2019, and 2018, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	December 31, 2020		December 31, 2019
Land		$	3,909	$	3,677
Land improvements	10 years	2,910		2,620
Buildings and structures	10 - 40 years	91,335		85,835
Cable and fiber	15 - 30 years	390,209		334,260
Equipment and software	4 - 8 years	331,047		278,873
Plant in service		819,410		705,265
Plant under construction		49,417		31,226
Total property, plant and equipment		868,827		736,491
Less: accumulated amortization and depreciation		428,400		373,404
Property, plant and equipment, net		$	440,427	$	363,087

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Other intangible assets consisted of the following:


	December 31, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	29,958		—		29,958		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	94,433		—		94,433		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	6,811		(340)		6,471		4,659		(97)		4,562
Subscriber relationships	28,425		(26,000)		2,425		28,065		(25,600)		2,465
Other intangibles	463		(277)		186		463		(250)		213
Total finite-lived intangibles	35,699		(26,617)		9,082		33,187		(25,947)		7,240
Total goodwill and intangible assets	$	133,376	$	(26,617)	$	106,759	$	114,188	$	(25,947)	$	88,241

We acquired Canaan Cable ("Canaan") on December 31, 2020. The $2.1 million acquisition price was allocated as follows: $1.1 million of property, plant and equipment; $0.4 million to subscriber relationships; and $0.6 million of goodwill. We remitted $1.89 million of the acquisition price at closing. The remaining $210 thousand was accrued and represents a non-cash investing and financing activity.

During the third quarter of 2020, the Company completed the purchase of certain indefinite-lived 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.

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

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

For the years ended December 31, 2020, 2019 and 2018, amortization expense was approximately $0.7 million, $0.5 million and $0.2 million, respectively.

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


						Estimated Useful Life
FCC spectrum licenses						18 - 30 years
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2020:


(in thousands)	Amortization of Intangible Assets

2021	$	782
2022	782
2023	782
2024	782
2025	778
Thereafter	5,176
Total	$	9,082

Other Assets and Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	December 31, 2020		December 31, 2019
Prepaid maintenance expenses	$	4,018	$	3,065
Broadband contract acquisition and fulfillment costs	4,417		4,898
Interest rate swaps	—		1,382
Other	1,196		1,833
Prepaid expenses and other	$	9,631	$	11,178

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


(in thousands)	December 31, 2020		December 31, 2019
Broadband contract acquisition and fulfillment costs	$	10,252	$	6,107
Prepaid expenses and other	1,398		1,908
Interest rate swaps	—		1,252
Deferred charges and other assets	$	11,650	$	9,267

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


(in thousands)	December 31, 2020		December 31, 2019
Interest rate swaps	$	4,048	$	—
Accrued programming costs	2,868		3,023
Sales and property taxes payable	1,072		919
Other current liabilities	5,881		3,614
Accrued liabilities and other	$	13,869	$	7,556

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


(in thousands)	December 31, 2020		December 31, 2019
Noncurrent portion of deferred lease revenue	$	18,687	$	12,449
FCC spectrum license obligations	3,845		1,699
Noncurrent portion of financing leases	1,492		1,591
Other	881		1,252
Other liabilities	$	24,905	$	16,991

Asset Retirement Obligations:

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Balance at beginning of year	$	6,152	$	8,808	$	4,619
Additional liabilities accrued	262		593		1,273
Changes to prior estimates	(1,633)		(3,659)		2,568
Payments	—		—		—
Accretion expense	332		410		348
Balance at end of year	$	5,113	$	6,152	$	8,808

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

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

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

The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. At December 31, 2020, our operating leases had a weighted average remaining lease term of twenty-three years and a weighted average discount rate of

4.7%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

During 2020, we recognized $6.6 million of operating lease expense and $0.6 million of interest and depreciation expense on finance leases. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $4.4 million of operating lease payments during 2020. We also obtained $6.8 million of leased assets in exchange for new operating lease liabilities recognized during 2020.

The following table summarizes the expected maturity of lease liabilities at December 31, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2021	$	4,046	$	174	$	4,220
2022	4,282		174		4,456
2023	3,826		174		4,000
2024	3,477		174		3,651
2025	3,250		174		3,424
2026 and thereafter	64,739		1,354		66,093
Total lease payments	83,620		2,224		85,844
Less: Interest	35,555		636		36,191
Present value of lease liabilities	$	48,065	$	1,588	$	49,653

We recognized $9.1 million of operating lease revenue during 2020 related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the consolidated statements of comprehensive income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at December 31, 2020:


(in thousands)	Operating Leases
2021	$	6,292
2022	5,236
2023	3,618
2024	2,410
2025	1,320
2026 and thereafter	3,805
Total	$	22,681

Leases

4.7%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

The following table summarizes the expected maturity of lease liabilities at December 31, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2021	$	4,046	$	174	$	4,220
2022	4,282		174		4,456
2023	3,826		174		4,000
2024	3,477		174		3,651
2025	3,250		174		3,424
2026 and thereafter	64,739		1,354		66,093
Total lease payments	83,620		2,224		85,844
Less: Interest	35,555		636		36,191
Present value of lease liabilities	$	48,065	$	1,588	$	49,653

Below is a summary of our minimum rental receipts under the lease agreements in place at December 31, 2020:


(in thousands)	Operating Leases
2021	$	6,292
2022	5,236
2023	3,618
2024	2,410
2025	1,320
2026 and thereafter	3,805
Total	$	22,681

Leases

4.7%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

The following table summarizes the expected maturity of lease liabilities at December 31, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2021	$	4,046	$	174	$	4,220
2022	4,282		174		4,456
2023	3,826		174		4,000
2024	3,477		174		3,651
2025	3,250		174		3,424
2026 and thereafter	64,739		1,354		66,093
Total lease payments	83,620		2,224		85,844
Less: Interest	35,555		636		36,191
Present value of lease liabilities	$	48,065	$	1,588	$	49,653

Below is a summary of our minimum rental receipts under the lease agreements in place at December 31, 2020:


(in thousands)	Operating Leases
2021	$	6,292
2022	5,236
2023	3,618
2024	2,410
2025	1,320
2026 and thereafter	3,805
Total	$	22,681

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

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


(in thousands)	December 31, 2020		December 31, 2019
Term loan A-1	$	229,437	$	258,571
Term loan A-2	468,481		473,469
	697,918		732,040
Less: unamortized loan fees	9,455		11,926
Total debt, net of unamortized loan fees	$	688,463	$	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 $18.6 million and $27.6 million during 2020 and 2019, respectively.

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

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

The financial covenants of the Credit Facility include:

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

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

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

As shown below, as of December 31, 2020, the Company was in compliance with the financial covenants in its credit agreements.


	Actual		Covenant Requirement
Total leverage ratio	2.0		3.25 or Lower
Debt service coverage ratio	6.6		2.0 or Higher
Minimum liquidity balance (in millions)	$	270.4	$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 3, 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, which is expected to occur during the first half of 2021. 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 December 31, 2020.

Derivative and Hedging

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging

Derivatives and Hedging

The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 41% of outstanding debt with outstanding notional amounts totaling $289.4 million and $339.8 million December 31, 2020 and 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. Derivative balances are presented as follows in our consolidated balance sheet:


(in thousands)	December 31, 2020		December 31, 2019
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	—	$	1,382
Deferred charges and other assets	—		1,252
Accrued liabilities and other	4,048		—
Total derivatives designated as hedging instruments	$	4,048	$	2,634

Market expectations of the projected LIBOR decreased significantly during 2020, which drove the fair value of our interest rate swaps to a liability.

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	(8,444)		2,806		(5,638)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	1,762		(1,138)		624
Net current period other comprehensive (loss) income	(6,682)		1,668		(5,014)
Balance as of December 31, 2020	$	(4,048)	$	(658)	$	(4,706)

As of December 31, 2020, the Company estimates that $3.2 million will be reclassified as a reduction of interest expense during the next twelve months.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

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


	Years Ended December 31,
(in thousands)	2020			2019			2018
Current (benefit) expense
Federal taxes	$	(13,748)		$	(16,393)		$	(6,033)
State taxes	(2,148)			(282)			833
Total current provision	(15,896)			(16,675)			(5,200)
Deferred expense (benefit)
Federal taxes	13,729			16,453			4,433
State taxes	1,581			395			(576)
Total deferred provision	15,310			16,848			3,857
Income tax (benefit) expense	$	(586)		$	173		$	(1,343)
Effective tax rate	(28.7)		%	6.8		%	(183.0)		%

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Expected tax expense at federal statutory	$	428	$	538	$	154
State income taxes, net of federal tax effect	54		15		(202)
Revaluation of U.S. deferred income taxes	—		—		(760)
Excess tax benefit from share based compensation and other, net	(1,068)		(380)		(535)
Income tax (benefit) expense	$	(586)	$	173	$	(1,343)

The effective tax rate in 2020 decreased from 2019, primarily as a result of higher excess tax benefits from share based compensation.

The Company's cash payments for income taxes were $11.2 million in the year ended December 31, 2020. The Company received cash refunds for income taxes of $9.5 million in the year ended December 31, 2019.

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


(in thousands)	December 31, 2020		December 31, 2019
Deferred tax assets:
Leases	$	123,129	$	106,564
Asset retirement obligations	10,403		9,957
Net operating loss carry-forwards	7,723		10,071
Pension liabilities	3,868		3,161
Accruals and stock based compensation	3,093		1,935
Other	5,002		1,408
Total gross deferred tax assets	153,218		133,096
Less valuation allowance	—		—
Net deferred tax assets	153,218		133,096

Deferred tax liabilities:
Property, plant and equipment	127,602		110,676
Leases	126,458		105,475
Intangible assets	25,722		27,201
Prepaid assets and other	24,088		27,311
Total gross deferred tax liabilities	303,870		270,663
Net deferred tax liabilities	$	150,652	$	137,567

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

The Company has a deferred tax asset of $7.7 million related to federal and various state net operating losses. As of December 31, 2020, the Company had approximately $36.7 million of federal net operating losses expiring through 2027. The Company also had approximately $0.1 million of state net operating losses expiring through 2036.

As of December 31, 2020 and 2019, the Company had no unrecognized tax benefits.

The Company is not currently subject to state or federal income tax audits as of December 31, 2020. The Company's returns are generally open to examination from 2017 forward and the net operating losses acquired from nTelos are open to examination from 2002 forward.

- 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

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Earnings per Share & Stock Compensation

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

The Company granted approximately 96 thousand restricted stock units (RSUs) to employees and directors during 2020 at an average market price of $49.02. The Company also granted, approximately 40 thousand Relative Total Shareholder Return (“RTSR”) awards to employees at an average value of $56.32 during 2020.

Restricted stock units generally have service requirements only or performance and service requirements with vesting periods ranging from one year for directors to four years for employees. RTSR awards vest over three years. The performance factor applied to the RTSR awards is based upon the Company's stock performance compared to a group of peer companies. The actual number of shares to be issued and can range from 0% to 150% of the awards granted.

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

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2020		2019		2018
Stock compensation expense	$	6,227	$	3,732	$	5,153
Capitalized stock compensation	320		365		408
Stock compensation expense, net	$	5,907	$	3,367	$	4,745

As of both December 31, 2020 and 2019, there was $3.7 million of total unrecognized compensation cost related to non-vested incentive awards that are expected to be recognized over a weighted average period of 2.6 years.

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


	Years Ended December 31,
(in thousands, except per share amounts)	2020		2019		2018
Calculation of net income per share:
Income from continuing operations	$	2,626	$	2,388	$	2,077
Income from discontinued operations, net of tax	$	124,097	$	53,568	$	44,518
Net income	$	126,723	$	55,956	$	46,595
Basic weighted average shares outstanding	49,901		49,811		49,542
Basic net income per share - continuing operations	$	0.05	$	0.05	$	0.04
Basic net income per share - discontinued operations	$	2.49	$	1.07	$	0.90
Basic net income per share	$	2.54	$	1.12	$	0.94

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,901		49,811		49,542
Effect from dilutive shares and options outstanding	123		290		521
Diluted weighted average shares outstanding	50,024		50,101		50,063
Diluted net income per share - continuing operations	$	0.05	$	0.05	$	0.04
Diluted net income per share - discontinued operations	$	2.48	$	1.07	$	0.89
Diluted net income per share	$	2.53	$	1.12	$	0.93

There were fewer than 110 thousand anti-dilutive awards outstanding during 2020, 2019, and 2018.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

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 Consolidated Statements of Comprehensive Income and the Consolidated Statements of Cash Flows.

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. The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company.

Year ended December 31, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	154,956	$	—	$	—	$	154,956
Commercial Fiber	24,431		—		—		24,431
RLEC & Other	15,971		—		—		15,971
Tower lease	—		7,402		—		7,402
Service revenue and other	195,358		7,402		—		202,760
Revenue for service provided to the discontinued Wireless operations	8,989		9,653		(627)		18,015
Total revenue	204,347		17,055		(627)		220,775
Operating expenses
Cost of services	83,439		4,896		(132)		88,203
Selling, general and administrative	39,472		1,430		44,114		85,016
Depreciation and amortization	41,076		1,906		5,721		48,703
Total operating expenses	163,987		8,232		49,703		221,922
Operating income (loss)	$	40,360	$	8,823	$	(50,330)	$	(1,147)

Capital expenditures	$	117,246	$	2,001	$	1,203	$	120,450

Year ended December 31, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	142,290	$	—	$	—	$	142,290
Commercial Fiber	23,004		—		—		23,004
RLEC & Other	18,257		—		—		18,257
Tower lease	—		6,965		—		6,965
Service revenue and other	183,551		6,965		—		190,516
Revenue for service provided to the discontinued Wireless operations	10,392		6,020		(66)		16,346
Total revenue	193,943		12,985		(66)		206,862
Operating expenses
Cost of services	79,235		3,777		(63)		82,949
Selling, general and administrative	33,545		937		43,364		77,846
Depreciation and amortization	38,566		1,976		6,244		46,786
Total operating expenses	151,346		6,690		49,545		207,581
Operating income (loss)	$	42,597	$	6,295	$	(49,611)	$	(719)

Capital expenditures	$	60,627	$	921	$	5,500	$	67,048

Year ended December 31, 2018:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	131,512	$	—	$	—	$	131,512
Commercial Fiber	22,090		—		—		22,090
RLEC & Other	19,612		—		—		19,612
Tower lease	—		7,180		—		7,180
Service revenue and other	173,214		7,180		—		180,394
Revenue for service provided to the discontinued Wireless operations	9,906		5,016		(2,633)		12,289
Total revenue	183,120		12,196		(2,633)		192,683
Operating expenses
Cost of services	76,731		3,687		—		80,418
Selling, general and administrative	28,103		704		42,037		70,844
Depreciation and amortization	35,992		2,406		5,992		44,390
Total operating expenses	140,826		6,797		48,029		195,652
Operating income (loss)	$	42,294	$	5,399	$	(50,662)	$	(2,969)

Capital expenditures	$	43,197	$	6,145	$	7,289	$	56,631

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Total consolidated operating loss	$	(1,147)	$	(719)	$	(2,969)
Other income, net	3,187		3,280		3,703
Income from continuing operations before income taxes	$	2,040	$	2,561	$	734

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

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)

The following table reflects selected quarterly results for the Company.


	Three Months Ended
(in thousands, except per share data)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Revenue	$	53,134	$	54,336	$	55,173	$	58,132
Operating (loss) income	(1,364)		(1,867)		470		1,614
Income (loss) from continuing operations	150		(536)		1,412		1,600
Income from discontinued operations, net of tax	13,129		29,784		33,509		47,675
Net income	13,279		29,248		34,921		49,275

Basic - (Loss) income from continuing operations	$	—	$	(0.01)	$	0.03	$	0.03
Basic - Income from discontinued operations, net of tax	$	0.27	$	0.59	$	0.67	$	0.96
Basic net income per share	$	0.27	$	0.58	$	0.70	$	0.99

Diluted - (Loss) income from continuing operations	$	—	$	(0.01)	$	0.03	$	0.03
Diluted - Income from discontinued operations, net of tax	$	0.27	$	0.59	$	0.67	$	0.95
Diluted net income per share	$	0.27	$	0.58	$	0.70	$	0.98

	Three Months Ended
(in thousands except per share data)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Revenue	$	49,895	$	51,551	$	51,814	$	53,602
Operating (loss) income	(1,765)		915		681		(550)
Income (loss) from continuing operations	607		1,509		1,168		(896)
Income from discontinued operations, net of tax	13,303		11,640		13,186		15,439
Net income	13,910		13,149		14,354		14,543

Basic - Income (loss) from continuing operations	$	0.01	$	0.03	$	0.02	$	(0.01)
Basic - Income from discontinued operations, net of tax	$	0.27	$	0.23	$	0.27	$	0.30
Basic net income per share	$	0.28	$	0.26	$	0.29	$	0.29

Diluted - Income (loss) from continuing operations	$	0.01	$	0.03	$	0.02	$	(0.01)
Diluted - Income from discontinued operations, net of tax	$	0.27	$	0.23	$	0.27	$	0.30
Diluted net income per share	$	0.28	$	0.26	$	0.29	$	0.29

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

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

Schedule II Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts

Changes in the Company’s allowance for doubtful accounts for accounts receivable for the years ended December 31, 2020, 2019 and 2018 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Bad debt expense		Write-offs		Balance at End of Year
Year Ended December 31, 2020
Allowance for doubtful accounts	$	533	$	758	$	1,220	$	(1,897)	$	614
Year Ended December 31, 2019
Allowance for doubtful accounts	$	534	$	649	$	1,743	$	(2,393)	$	533
Year Ended December 31, 2018
Allowance for doubtful accounts	$	466	$	631	$	1,983	$	(2,546)	$	534

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of consolidation	The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation.
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or the U.S., requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results to be reported in future periods could differ from our estimates.
Cash and cash equivalents	Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.
Property, plant and equipment	Property, plant and equipment is stated at cost less accumulated depreciation. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated over the lesser of their useful lives or respective lease terms. Land is not depreciated.
Indefinite-lived Intangible Assets	Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights provide us with the non-exclusive right to provide video services in a specified area. Spectrum licenses are issued by the Federal Communications Commission (“FCC”) and provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at nominal costs. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets. Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. These assets are evaluated for impairment based on the identification of reporting units. Our reporting units align with our reporting segments. We evaluated our reporting units for impairment during the fourth quarter of 2020, 2019 and 2018, respectively, on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends.
Long-lived Assets	Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets are amortized or depreciated over their estimated useful lives, as summarized in the respective footnotes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reporting segments. We evaluated our asset groups for impairment during the fourth quarter of 2020.
Advertising Costs	Advertising Costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations.
Retirement plans	The pension plan is frozen and covers certain employees who were employed by nTelos prior to October 1, 2003. Benefits under the plan vested after five years of plan service and were based on years of service and an average of the five highest consecutive years of compensation subject to certain reductions if the employee elects to receive the benefit prior to age 65. This plan was amended on December 31, 2012, to freeze future benefit plan accruals for participants.
New Accounting Standards	New Accounting Standards 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 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. This standard 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 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. We implemented Accounting Standards Codification ("ASC") 842-Leases, ("ASC 842"), on January 1, 2019 using the modified retrospective method and thus did not retroactively adjust prior periods. ASC 842 replaced previous leasing guidance with a comprehensive lease measurement and recognition standard and expanded disclosure requirements. The new standard required lessees to recognize most leases on their balance sheet as liabilities, along with the corresponding right-of-use, or ROU, assets. See Note 9, Leases for more information. We adopted ASU No. 2018-02-Income Statement - Reporting Comprehensive Income, ("ASC 220"), as of January 1, 2019. We elected not to reclassify stranded income tax effects from accumulated other comprehensive income (OCI) to retained earnings. We utilize the portfolio approach as our policy to release the income tax effects from accumulated OCI as the entire portfolio is liquidated, sold, or extinguished.
Investment	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 $9.8 million and $8.7 million at December 31, 2020 and 2019, respectively. We recognized approximately $4.2 million, $4.2 million and $2.8 million of patronage income in Other income (expense) in 2020, 2019 and 2018, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At December 31, 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 $0.9 million, $1.0 million, and $1.7 million from providing service to ValleyNet during 2020, 2019, and 2018, respectively. We recognized Cost of service of $2.7 million, $3.0 million, and $3.4 million for the use of ValleyNet’s network during 2020, 2019, and 2018, respectively.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Defined Benefit Plans Disclosures

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


($ in thousands)	December 31, 2020		December 31, 2019
Pension Plan	$	7,961	$	6,824
Postretirement Plan	3,997		3,573
SERP Plan	2,687		2,278
Total	$	14,645	$	12,675

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 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 consolidated balance sheets, are as follows:


(in thousands)	December 31, 2020		December 31, 2019
ASSETS
Inventory	$	5,746	$	5,728
Prepaid expenses and other	47,003		49,349
Property, plant and equipment, net	299,647		—
Intangible assets, net	176,459		—
Goodwill	146,383		—
Operating lease right-of-use assets	421,586		—
Deferred charges and other assets	36,470		—
Current assets held for sale	$	1,133,294	$	55,077

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

Total assets held for sale	$	1,133,294	$	1,196,575

LIABILITIES
Current operating lease liabilities	$	409,887	$	47,077
Accrued liabilities and other	8,770		6,835
Asset retirement obligations	33,545		—
Current liabilities held for sale	$	452,202	$	53,912

Non-current operating lease liabilities	$	—	$	337,661
Asset retirement obligations	—		30,762
Non-current liabilities held for sale	$	—	$	368,423

Total liabilities held for sale	$	452,202	$	422,335

Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following for the years ended December 31, 2020, 2019 and 2018:


(in thousands)
Revenue:	2020		2019		2018
Service revenue and other	$	401,035	$	375,730	$	382,948
Equipment revenue	41,338		67,659		67,510
Total revenue	442,373		443,389		450,458
Operating expenses:
Cost of services	116,394		128,482		125,082
Cost of goods sold	40,642		65,148		63,583
Selling, general and administrative	34,011		39,128		43,563
Depreciation and amortization	62,930		111,467		122,014
Total operating expenses	253,977		344,225		354,242
Operating income	188,396		99,164		96,216
Other (expense) income:
Interest expense	(20,455)		(29,286)		(34,838)
Income before income taxes	167,941		69,878		61,378
Income tax expense	43,844		16,310		16,860
Income from discontinued operations, net of tax	$	124,097	$	53,568	$	44,518

- 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)

12 Months Ended

Dec. 31, 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:


(in thousands)	2020		2019
Beginning Balance	$	11,005	$	10,091
Contract payments	8,154		6,518
Contract amortization	(4,490)		(5,604)
Ending Balance	$	14,669	$	11,005

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Other Investments

Investments consist of the following:


(in thousands)	December 31, 2020		December 31, 2019
SERP Investments at fair value	$	2,687	$	2,278
Cost method investments	10,536		9,497
Equity method investments	546		613
Total investments	$	13,769	$	12,388

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	December 31, 2020		December 31, 2019
Land		$	3,909	$	3,677
Land improvements	10 years	2,910		2,620
Buildings and structures	10 - 40 years	91,335		85,835
Cable and fiber	15 - 30 years	390,209		334,260
Equipment and software	4 - 8 years	331,047		278,873
Plant in service		819,410		705,265
Plant under construction		49,417		31,226
Total property, plant and equipment		868,827		736,491
Less: accumulated amortization and depreciation		428,400		373,404
Property, plant and equipment, net		$	440,427	$	363,087

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Resulting from Acquisition

Other intangible assets consisted of the following:


	December 31, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	29,958		—		29,958		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	94,433		—		94,433		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	6,811		(340)		6,471		4,659		(97)		4,562
Subscriber relationships	28,425		(26,000)		2,425		28,065		(25,600)		2,465
Other intangibles	463		(277)		186		463		(250)		213
Total finite-lived intangibles	35,699		(26,617)		9,082		33,187		(25,947)		7,240
Total goodwill and intangible assets	$	133,376	$	(26,617)	$	106,759	$	114,188	$	(25,947)	$	88,241

Schedule of Finite-Lived Intangible Assets

Other intangible assets consisted of the following:


	December 31, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	2,687	$	—	$	2,687
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	29,958		—		29,958		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	94,433		—		94,433		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	6,811		(340)		6,471		4,659		(97)		4,562
Subscriber relationships	28,425		(26,000)		2,425		28,065		(25,600)		2,465
Other intangibles	463		(277)		186		463		(250)		213
Total finite-lived intangibles	35,699		(26,617)		9,082		33,187		(25,947)		7,240
Total goodwill and intangible assets	$	133,376	$	(26,617)	$	106,759	$	114,188	$	(25,947)	$	88,241

Schedule of Finite Lived Intangible Assets, Amortization, Estimated Useful Lives

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


						Estimated Useful Life
FCC spectrum licenses						18 - 30 years
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes expected amortization of intangible assets at December 31, 2020:


(in thousands)	Amortization of Intangible Assets

2021	$	782
2022	782
2023	782
2024	782
2025	778
Thereafter	5,176
Total	$	9,082

Other Assets and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	December 31, 2020		December 31, 2019
Prepaid maintenance expenses	$	4,018	$	3,065
Broadband contract acquisition and fulfillment costs	4,417		4,898
Interest rate swaps	—		1,382
Other	1,196		1,833
Prepaid expenses and other	$	9,631	$	11,178

Schedule of Other Assets, Noncurrent

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


(in thousands)	December 31, 2020		December 31, 2019
Broadband contract acquisition and fulfillment costs	$	10,252	$	6,107
Prepaid expenses and other	1,398		1,908
Interest rate swaps	—		1,252
Deferred charges and other assets	$	11,650	$	9,267

Summary of Accrued Liabilities and Other

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


(in thousands)	December 31, 2020		December 31, 2019
Interest rate swaps	$	4,048	$	—
Accrued programming costs	2,868		3,023
Sales and property taxes payable	1,072		919
Other current liabilities	5,881		3,614
Accrued liabilities and other	$	13,869	$	7,556

Other Noncurrent Liabilities

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


(in thousands)	December 31, 2020		December 31, 2019
Noncurrent portion of deferred lease revenue	$	18,687	$	12,449
FCC spectrum license obligations	3,845		1,699
Noncurrent portion of financing leases	1,492		1,591
Other	881		1,252
Other liabilities	$	24,905	$	16,991

Schedule of Change in Asset Retirement Obligation

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Balance at beginning of year	$	6,152	$	8,808	$	4,619
Additional liabilities accrued	262		593		1,273
Changes to prior estimates	(1,633)		(3,659)		2,568
Payments	—		—		—
Accretion expense	332		410		348
Balance at end of year	$	5,113	$	6,152	$	8,808

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at December 31, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2021	$	4,046	$	174	$	4,220
2022	4,282		174		4,456
2023	3,826		174		4,000
2024	3,477		174		3,651
2025	3,250		174		3,424
2026 and thereafter	64,739		1,354		66,093
Total lease payments	83,620		2,224		85,844
Less: Interest	35,555		636		36,191
Present value of lease liabilities	$	48,065	$	1,588	$	49,653

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at December 31, 2020:


(in thousands)	Operating Leases		Finance Leases		Total
2021	$	4,046	$	174	$	4,220
2022	4,282		174		4,456
2023	3,826		174		4,000
2024	3,477		174		3,651
2025	3,250		174		3,424
2026 and thereafter	64,739		1,354		66,093
Total lease payments	83,620		2,224		85,844
Less: Interest	35,555		636		36,191
Present value of lease liabilities	$	48,065	$	1,588	$	49,653

Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

minimum rental receipts under the lease agreements in place at December 31, 2020:


(in thousands)	Operating Leases
2021	$	6,292
2022	5,236
2023	3,618
2024	2,410
2025	1,320
2026 and thereafter	3,805
Total	$	22,681

Debt (Tables)

12 Months Ended

Dec. 31, 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 term loans:


(in thousands)	December 31, 2020		December 31, 2019
Term loan A-1	$	229,437	$	258,571
Term loan A-2	468,481		473,469
	697,918		732,040
Less: unamortized loan fees	9,455		11,926
Total debt, net of unamortized loan fees	$	688,463	$	720,114

Financial Covenants in Credit Agreements

As shown below, as of December 31, 2020, the Company was in compliance with the financial covenants in its credit agreements.


	Actual		Covenant Requirement
Total leverage ratio	2.0		3.25 or Lower
Debt service coverage ratio	6.6		2.0 or Higher
Minimum liquidity balance (in millions)	$	270.4	$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.

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+ Details

Derivative and Hedging (Tables)

12 Months Ended

Dec. 31, 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 consolidated balance sheet:


(in thousands)	December 31, 2020		December 31, 2019
Balance sheet location of derivative financial instruments:
Prepaid expenses and other	$	—	$	1,382
Deferred charges and other assets	—		1,252
Accrued liabilities and other	4,048		—
Total derivatives designated as hedging instruments	$	4,048	$	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	(8,444)		2,806		(5,638)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	1,762		(1,138)		624
Net current period other comprehensive (loss) income	(6,682)		1,668		(5,014)
Balance as of December 31, 2020	$	(4,048)	$	(658)	$	(4,706)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Federal and State Income Taxes

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


	Years Ended December 31,
(in thousands)	2020			2019			2018
Current (benefit) expense
Federal taxes	$	(13,748)		$	(16,393)		$	(6,033)
State taxes	(2,148)			(282)			833
Total current provision	(15,896)			(16,675)			(5,200)
Deferred expense (benefit)
Federal taxes	13,729			16,453			4,433
State taxes	1,581			395			(576)
Total deferred provision	15,310			16,848			3,857
Income tax (benefit) expense	$	(586)		$	173		$	(1,343)
Effective tax rate	(28.7)		%	6.8		%	(183.0)		%

Reconciliation of Income Taxes

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Expected tax expense at federal statutory	$	428	$	538	$	154
State income taxes, net of federal tax effect	54		15		(202)
Revaluation of U.S. deferred income taxes	—		—		(760)
Excess tax benefit from share based compensation and other, net	(1,068)		(380)		(535)
Income tax (benefit) expense	$	(586)	$	173	$	(1,343)

Deferred Tax Assets and Liabilities


(in thousands)	December 31, 2020		December 31, 2019
Deferred tax assets:
Leases	$	123,129	$	106,564
Asset retirement obligations	10,403		9,957
Net operating loss carry-forwards	7,723		10,071
Pension liabilities	3,868		3,161
Accruals and stock based compensation	3,093		1,935
Other	5,002		1,408
Total gross deferred tax assets	153,218		133,096
Less valuation allowance	—		—
Net deferred tax assets	153,218		133,096

Deferred tax liabilities:
Property, plant and equipment	127,602		110,676
Leases	126,458		105,475
Intangible assets	25,722		27,201
Prepaid assets and other	24,088		27,311
Total gross deferred tax liabilities	303,870		270,663
Net deferred tax liabilities	$	150,652	$	137,567

Earnings per Share & Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2020		2019		2018
Stock compensation expense	$	6,227	$	3,732	$	5,153
Capitalized stock compensation	320		365		408
Stock compensation expense, net	$	5,907	$	3,367	$	4,745

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Years Ended December 31,
(in thousands, except per share amounts)	2020		2019		2018
Calculation of net income per share:
Income from continuing operations	$	2,626	$	2,388	$	2,077
Income from discontinued operations, net of tax	$	124,097	$	53,568	$	44,518
Net income	$	126,723	$	55,956	$	46,595
Basic weighted average shares outstanding	49,901		49,811		49,542
Basic net income per share - continuing operations	$	0.05	$	0.05	$	0.04
Basic net income per share - discontinued operations	$	2.49	$	1.07	$	0.90
Basic net income per share	$	2.54	$	1.12	$	0.94

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	49,901		49,811		49,542
Effect from dilutive shares and options outstanding	123		290		521
Diluted weighted average shares outstanding	50,024		50,101		50,063
Diluted net income per share - continuing operations	$	0.05	$	0.05	$	0.04
Diluted net income per share - discontinued operations	$	2.48	$	1.07	$	0.89
Diluted net income per share	$	2.53	$	1.12	$	0.93

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Selected Financial Data for Segments

The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company.

Year ended December 31, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	154,956	$	—	$	—	$	154,956
Commercial Fiber	24,431		—		—		24,431
RLEC & Other	15,971		—		—		15,971
Tower lease	—		7,402		—		7,402
Service revenue and other	195,358		7,402		—		202,760
Revenue for service provided to the discontinued Wireless operations	8,989		9,653		(627)		18,015
Total revenue	204,347		17,055		(627)		220,775
Operating expenses
Cost of services	83,439		4,896		(132)		88,203
Selling, general and administrative	39,472		1,430		44,114		85,016
Depreciation and amortization	41,076		1,906		5,721		48,703
Total operating expenses	163,987		8,232		49,703		221,922
Operating income (loss)	$	40,360	$	8,823	$	(50,330)	$	(1,147)

Capital expenditures	$	117,246	$	2,001	$	1,203	$	120,450

Year ended December 31, 2019:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	142,290	$	—	$	—	$	142,290
Commercial Fiber	23,004		—		—		23,004
RLEC & Other	18,257		—		—		18,257
Tower lease	—		6,965		—		6,965
Service revenue and other	183,551		6,965		—		190,516
Revenue for service provided to the discontinued Wireless operations	10,392		6,020		(66)		16,346
Total revenue	193,943		12,985		(66)		206,862
Operating expenses
Cost of services	79,235		3,777		(63)		82,949
Selling, general and administrative	33,545		937		43,364		77,846
Depreciation and amortization	38,566		1,976		6,244		46,786
Total operating expenses	151,346		6,690		49,545		207,581
Operating income (loss)	$	42,597	$	6,295	$	(49,611)	$	(719)

Capital expenditures	$	60,627	$	921	$	5,500	$	67,048

Year ended December 31, 2018:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	131,512	$	—	$	—	$	131,512
Commercial Fiber	22,090		—		—		22,090
RLEC & Other	19,612		—		—		19,612
Tower lease	—		7,180		—		7,180
Service revenue and other	173,214		7,180		—		180,394
Revenue for service provided to the discontinued Wireless operations	9,906		5,016		(2,633)		12,289
Total revenue	183,120		12,196		(2,633)		192,683
Operating expenses
Cost of services	76,731		3,687		—		80,418
Selling, general and administrative	28,103		704		42,037		70,844
Depreciation and amortization	35,992		2,406		5,992		44,390
Total operating expenses	140,826		6,797		48,029		195,652
Operating income (loss)	$	42,294	$	5,399	$	(50,662)	$	(2,969)

Capital expenditures	$	43,197	$	6,145	$	7,289	$	56,631

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Years Ended December 31,
(in thousands)	2020		2019		2018
Total consolidated operating loss	$	(1,147)	$	(719)	$	(2,969)
Other income, net	3,187		3,280		3,703
Income from continuing operations before income taxes	$	2,040	$	2,561	$	734

Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table reflects selected quarterly results for the Company.


	Three Months Ended
(in thousands, except per share data)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
Revenue	$	53,134	$	54,336	$	55,173	$	58,132
Operating (loss) income	(1,364)		(1,867)		470		1,614
Income (loss) from continuing operations	150		(536)		1,412		1,600
Income from discontinued operations, net of tax	13,129		29,784		33,509		47,675
Net income	13,279		29,248		34,921		49,275

Basic - (Loss) income from continuing operations	$	—	$	(0.01)	$	0.03	$	0.03
Basic - Income from discontinued operations, net of tax	$	0.27	$	0.59	$	0.67	$	0.96
Basic net income per share	$	0.27	$	0.58	$	0.70	$	0.99

Diluted - (Loss) income from continuing operations	$	—	$	(0.01)	$	0.03	$	0.03
Diluted - Income from discontinued operations, net of tax	$	0.27	$	0.59	$	0.67	$	0.95
Diluted net income per share	$	0.27	$	0.58	$	0.70	$	0.98

	Three Months Ended
(in thousands except per share data)	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
Revenue	$	49,895	$	51,551	$	51,814	$	53,602
Operating (loss) income	(1,765)		915		681		(550)
Income (loss) from continuing operations	607		1,509		1,168		(896)
Income from discontinued operations, net of tax	13,303		11,640		13,186		15,439
Net income	13,910		13,149		14,354		14,543

Basic - Income (loss) from continuing operations	$	0.01	$	0.03	$	0.02	$	(0.01)
Basic - Income from discontinued operations, net of tax	$	0.27	$	0.23	$	0.27	$	0.30
Basic net income per share	$	0.28	$	0.26	$	0.29	$	0.29

Diluted - Income (loss) from continuing operations	$	0.01	$	0.03	$	0.02	$	(0.01)
Diluted - Income from discontinued operations, net of tax	$	0.27	$	0.23	$	0.27	$	0.30
Diluted net income per share	$	0.28	$	0.26	$	0.29	$	0.29

Nature of Operations (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Mar. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Sep. 30, 2019 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($) $ / shares	Dec. 31, 2020 USD ($) cell_site $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of cell towers built \| cell_site									223
Prepaid expenses and other	$ 9,631				$ 11,178				$ 9,631	$ 11,178
Deferred tax liabilities	24,088				27,311				24,088	27,311
Retained earnings	539,783				430,010				539,783	430,010
Property, plant and equipment, net	440,427				363,087				440,427	363,087
Property, plant and equipment	127,602				110,676				127,602	110,676
Depreciation and amortization									48,703	46,786	$ 44,390
Income tax (benefit) expense									(586)	173	(1,343)
Net Income (Loss) Attributable to Parent	$ 49,275	$ 34,921	$ 29,248	$ 13,279	$ 14,543	$ 14,354	$ 13,149	$ 13,910	$ 126,723	$ 55,956	$ 46,595
Basic - Income from discontinued operations, net of tax (in dollars per share) \| $ / shares	$ 0.96	$ 0.67	$ 0.59	$ 0.27	$ 0.30	$ 0.27	$ 0.23	$ 0.27	$ 2.49	$ 1.07	$ 0.90
Diluted - Income from discontinued operations, net of tax (in dollars per share) \| $ / shares	$ 0.95	$ 0.67	$ 0.59	$ 0.27	$ 0.30	$ 0.27	$ 0.23	$ 0.27	$ 2.48	$ 1.07	$ 0.89
Correction of Error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid expenses and other					$ 2,700					$ 2,700
Deferred tax liabilities					700					700
Retained earnings					2,000					2,000
Property, plant and equipment, net					1,400					1,400
Property, plant and equipment					400					400
Depreciation and amortization					1,400					1,400
Income tax (benefit) expense					400					400
Net Income (Loss) Attributable to Parent					$ 1,000					$ 1,000
Basic - Income from discontinued operations, net of tax (in dollars per share) \| $ / shares					$ 0.02					$ 0.02
Diluted - Income from discontinued operations, net of tax (in dollars per share) \| $ / shares					$ 0.02					$ 0.02

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 04, 2019
Finite-Lived Intangible Assets [Line Items]
Advertising expense		$ 2,700,000	$ 3,500,000	$ 2,600,000
Fair value of projected benefit obligations	$ 12,675,000	$ 14,645,000	$ 12,675,000
Stock repurchase amount authorized					$ 80,000,000
Share repurchases (in shares)	200,410
Stock repurchased during period (in dollars per share)	$ 36.08
Common stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Pension Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of projected benefit obligations	$ 6,824,000	$ 7,961,000	$ 6,824,000
Ntelos Holding, Corp \| Pension Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of pension plan assets	24,100,000	27,000,000.0	24,100,000
Fair value of projected benefit obligations	$ 30,900,000	$ 34,900,000	$ 30,900,000
Discount rate	3.16%	2.41%	3.16%
Ntelos Pension Plan
Finite-Lived Intangible Assets [Line Items]
Pension benefits, vesting period		5 years
Vesting reductions, threshold age of recipient		65 years
Postretirement Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of projected benefit obligations	$ 3,573,000	$ 3,997,000	$ 3,573,000
Discount rate	3.12%	2.32%	3.12%

Summary of Significant Accounting Policies - Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 14,645	$ 12,675
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	7,961	6,824
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	3,997	3,573
SERP Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 2,687	$ 2,278

Discontinued Operations - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
Discontinued Operations - Narrative (Details) - USD ($)	Aug. 26, 2020	Mar. 31, 2020	Dec. 31, 2020	Feb. 01, 2021	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current liabilities held for sale			$ 452,202,000		$ 53,912,000
Current liabilities			1,208,061,000		153,577,000
Increase in assets		$ 34,000,000
Increase in liabilities		$ 34,000,000
Wireless Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable					51,000,000.0
Current liabilities					27,700,000
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current liabilities held for sale			452,202,000		$ 53,912,000
Discontinued Operations, Held-for-sale \| Wireless Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, accounts receivable			51,700,000
Current liabilities held for sale			6,100,000
Subsequent Event \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds				$ 1,950,000,000
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			$ 35,900,000
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	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Current assets held for sale	$ 1,133,294	$ 55,077
Non-current assets held for sale	0	1,141,498
LIABILITIES
Current liabilities held for sale	452,202	53,912
Non-current liabilities held for sale	0	368,423
Discontinued Operations, Held-for-sale
ASSETS
Inventory	5,746	5,728
Prepaid expenses and other	47,003	49,349
Property, plant and equipment, net	299,647	0
Intangible assets, net	176,459	0
Goodwill	146,383	0
Operating lease right-of-use assets	421,586	0
Deferred charges and other assets	36,470	0
Current assets held for sale	1,133,294	55,077
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
Deferred charges and other assets	0	44,085
Non-current assets held for sale	0	1,141,498
Total assets held for sale	1,133,294	1,196,575
LIABILITIES
Current operating lease liabilities	409,887	47,077
Accrued liabilities and other	8,770	6,835
Asset retirement obligations	33,545	0
Current liabilities held for sale	452,202	53,912
Non-current operating lease liabilities	0	337,661
Asset retirement obligations	0	30,762
Non-current liabilities held for sale	0	368,423
Total liabilities held for sale	$ 452,202	$ 422,335

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues [Abstract]
Total revenue	$ 442,373	$ 443,389	$ 450,458
Operating expenses
Selling, general and administrative	34,011	39,128	43,563
Depreciation and amortization	62,930	111,467	122,014
Total operating expenses	253,977	344,225	354,242
Operating income	188,396	99,164	96,216
Other income:
Interest expense	(20,455)	(29,286)	(34,838)
Income before income taxes	167,941	69,878	61,378
Income tax expense	43,844	16,310	16,860
Income from discontinued operations, net of tax	124,097	53,568	44,518
Service revenue and other
Revenues [Abstract]
Total revenue	401,035	375,730	382,948
Equipment revenue
Revenues [Abstract]
Total revenue	41,338	67,659	67,510
Cost of services
Operating expenses
Cost of services and cost of goods sold	116,394	128,482	125,082
Cost of goods sold
Operating expenses
Cost of services and cost of goods sold	$ 40,642	$ 65,148	$ 63,583

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Weighted average customer life	5 years
Remaining performance obligations	$ 2.8
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 11,005	$ 10,091
Contract payments	8,154	6,518
Contract amortization	(4,490)	(5,604)
Ending Balance	$ 14,669	$ 11,005

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
SERP Investments at fair value	$ 2,687	$ 2,278
Cost method investments	10,536	9,497
Equity method investments	546	613
Total investments	$ 13,769	$ 12,388

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
SERP Investments at fair value	$ 2,687	$ 2,278
CoBank
Schedule of Equity Method Investments [Line Items]
SERP Investments at fair value	9,800	8,700
Other nonoperating income (expense)	$ 4,200	4,200	$ 2,800
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 900	1,000	1,700
Related party costs	$ 2,700	$ 3,000	$ 3,400

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 868,827	$ 736,491
Less: accumulated amortization and depreciation	428,400	373,404
Property, plant and equipment, net	440,427	363,087
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,909	3,677
Land improvements
Property, plant and equipment [Abstract]
Estimated useful lives	10 years
Total property, plant and equipment	$ 2,910	2,620
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 91,335	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	$ 390,209	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	$ 331,047	278,873
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated useful lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated useful lives	8 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 819,410	705,265
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 49,417	$ 31,226

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 94,433	$ 78,314
Gross carrying amount	35,699	33,187
Accumulated amortization and other	(26,617)	(25,947)
Total	9,082	7,240
Total intangible assets, gross carrying amount	133,376	114,188
Intangible assets, net	106,759	88,241
Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	2,687
Goodwill	3,244	2,687
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	6,811	4,659
Accumulated amortization and other	(340)	(97)
Total	6,471	4,562
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,065
Accumulated amortization and other	(26,000)	(25,600)
Total	2,425	2,465
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	463	463
Accumulated amortization and other	(277)	(250)
Total	186	213
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	29,958	13,839
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141	$ 141

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Dec. 31, 2020	Feb. 28, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Amortization expense					$ 700	$ 500	$ 200
FCC spectrum licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired			$ 16,100
Canaan Cable
Business Acquisition [Line Items]
Aggregate purchase price	$ 2,100
Property, plant and equipment acquired	1,100				1,100
Goodwill	600				600
Remitted portion of acquisition price	1,890
Accrued portion of acquisition price	210
Big sandy acquisition
Business Acquisition [Line Items]
Aggregate purchase price		$ 10,000
Property, plant and equipment acquired		4,600
Goodwill		2,600
Subscriber relationships \| Canaan Cable
Business Acquisition [Line Items]
Subscriber relationship acquired	$ 400				$ 400
Subscriber relationships \| Big sandy acquisition
Business Acquisition [Line Items]
Subscriber relationship acquired		$ 2,800
FCC spectrum licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired				$ 13,800
Finite-lived intangible assets acquired				$ 4,700

Goodwill and Intangible Assets - Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
FCC spectrum licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	18 years
FCC spectrum licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	30 years
Subscriber relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years
Subscriber relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years

Goodwill and Intangible Assets Goodwill and Intangible Assets - Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 782
2022	782
2023	782
2024	782
2025	778
Thereafter	5,176
Total	$ 9,082

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 4,018	$ 3,065
Broadband contract acquisition and fulfillment costs	4,417	4,898
Interest rate swaps	0	1,382
Other	1,196	1,833
Prepaid expenses and other	$ 9,631	$ 11,178

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition and fulfillment costs	$ 10,252	$ 6,107
Prepaid expenses and other	1,398	1,908
Interest rate swaps	0	1,252
Deferred charges and other assets	$ 11,650	$ 9,267

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Interest rate swaps	$ 4,048	$ 0
Accrued programming costs	2,868	3,023
Sales and property taxes payable	1,072	919
Other current liabilities	5,881	3,614
Accrued liabilities and other	$ 13,869	$ 7,556

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 18,687	$ 12,449
FCC spectrum license obligations	3,845	1,699
Noncurrent portion of financing leases	1,492	1,591
Other	881	1,252
Other liabilities	$ 24,905	$ 16,991

Other Assets and Accrued Liabilities - Asset Removal Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 6,152	$ 8,808	$ 4,619
Additional liabilities accrued	262	593	1,273
Changes to prior estimates	(1,633)	(3,659)	2,568
Payments	0	0	0
Accretion expense	332	410	348
Balance at end of year	$ 5,113	$ 6,152	$ 8,808

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)
Leases [Abstract]
Operating lease, weighted average remaining lease term	23 years
Operating lease, weighted average discount rate, percent	4.70%
Finance lease, weighted average remaining lease term	14 years
Finance lease, weighted average discount rate, percent	5.20%
Operating lease, cost	$ 6.6
Finance lease, cost	0.6
Operating lease, payments	4.4
Right-of-use asset obtained in exchange for operating lease liability	6.8
Sublease income	$ 9.1

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 4,046
2022	4,282
2023	3,826
2024	3,477
2025	3,250
2026 and thereafter	64,739
Total lease payments	83,620
Less: Interest	35,555
Present value of lease liabilities	48,065
Finance Leases
2021	174
2022	174
2023	174
2024	174
2025	174
2026 and thereafter	1,354
Total lease payments	2,224
Less: Interest	636
Present value of lease liabilities	1,588
Total
2021	4,220
2022	4,456
2023	4,000
2024	3,651
2025	3,424
2026 and thereafter	66,093
Total lease payments	85,844
Less: Interest	36,191
Present value of lease liabilities	$ 49,653

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 6,292
2022	5,236
2023	3,618
2024	2,410
2025	1,320
2026 and thereafter	3,805
Total	$ 22,681

Debt (Details)	12 Months Ended
Debt (Details)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 18,600,000	$ 27,600,000
Total leverage ratio through December 31, 2019	3.25
Total leverage ratio thereafter	3.00
Debt service coverage ratio, actual	6.6
Covenants minimum liquidity amount	$ 25,000,000
Maximum
Debt Instrument [Line Items]
Amended 2016 credit agreement, limit of dividends paid, distributions and redemption of capital stock	$ 25,000,000
Amended 2016 credit agreement, limit of consolidated net income (as a percent)	60.00%
Total leverage ratio from closing date through December 31, 2018	3.50
Minimum
Debt Instrument [Line Items]
Debt service coverage ratio, actual	2.00
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%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Term of credit facility	5 years

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 697,918	$ 732,040
Less: unamortized loan fees	9,455	11,926
Total debt, net of unamortized loan fees	688,463	720,114
Term loan A-1
Debt Instrument [Line Items]
Total	229,437	258,571
Term loan A-2
Debt Instrument [Line Items]
Total	$ 468,481	$ 473,469

Debt - Financial Covenants in Credit Agreements (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Total leverage ratio, actual	2.0
Debt service coverage ratio, actual	6.6
Minimum liquidity balance, actual	$ 270,400,000
Ratio of indebtedness to EBITDA	3.25
Minimum debt service coverage ratio	2.0
Covenants minimum liquidity amount	$ 25,000,000

Derivative and Hedging - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 3.2
Not Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Percentage hedged	41.00%
Notional amount of interest rate swaps	$ 289.4	$ 339.8
Interest Rate Swap, May 2016 \| Not Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Interest rate	1.16%

Derivative and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 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	4,048	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
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	$ 4,048	$ 0

Derivative and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax (Expense) Benefit
Balance as of December 31, 2019	$ (2,326)
Net change in unrealized (loss) gain	2,806
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,138)
Net current period other comprehensive (loss) income	1,668
Balance as of December 31, 2020	(658)	$ (2,326)
Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2019	308
Net change in unrealized (loss) gain	(5,638)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	624
Net current period other comprehensive (loss) income	(5,014)	(7,972)	$ 50
Balance as of December 31, 2020	(4,706)	308
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	(8,444)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	1,762
Net current period other comprehensive (loss) income	(6,682)
Balance as of December 31, 2020	$ (4,048)	$ 2,634

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes	$ 11,200,000
Proceeds from income tax refunds		$ 9,500,000
Deferred tax assets, operating loss carryforwards, state and local	7,723,000	10,071,000
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	36,700,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 100,000

Income Taxes - Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current (benefit) expense
Federal taxes	$ (13,748)	$ (16,393)	$ (6,033)
State taxes	(2,148)	(282)	833
Total current provision	(15,896)	(16,675)	(5,200)
Deferred expense (benefit)
Federal taxes	13,729	16,453	4,433
State taxes	1,581	395	(576)
Total deferred provision	15,310	16,848	3,857
Income tax (benefit) expense	$ (586)	$ 173	$ (1,343)
Effective tax rate	(28.70%)	6.80%	(183.00%)

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense at federal statutory	$ 428	$ 538	$ 154
State income taxes, net of federal tax effect	54	15	(202)
Revaluation of U.S. deferred income taxes	0	0	(760)
Excess tax benefit from share based compensation and other, net	(1,068)	(380)	(535)
Income tax (benefit) expense	$ (586)	$ 173	$ (1,343)

- Definition

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

+ References + Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Leases	$ 123,129	$ 106,564
Asset retirement obligations	10,403	9,957
Net operating loss carry-forwards	7,723	10,071
Pension liabilities	3,868	3,161
Accruals and stock based compensation	3,093	1,935
Other	5,002	1,408
Total gross deferred tax assets	153,218	133,096
Less valuation allowance	0	0
Net deferred tax assets	153,218	133,096
Deferred tax liabilities:
Property, plant and equipment	127,602	110,676
Leases	126,458	105,475
Intangible assets	25,722	27,201
Prepaid assets and other	24,088	27,311
Total gross deferred tax liabilities	303,870	270,663
Net deferred tax liabilities	$ 150,652	$ 137,567

Earnings per Share & Stock Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) plan $ / shares shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| plan	2
Compensation, nonvested awards, compensation cost not yet recognized \| $	$ 3.7	$ 3.7
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 7 months 6 days	2 years 7 months 6 days
Anti-dilutive awards outstanding (fewer than)(in shares)	110,000	110,000	110,000
The 2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	2,880,000
The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)	3,000,000
Restricted Stock Units (RSUs) \| The 2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted Stock Units (RSUs) \| The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted Stock Units (RSUs) \| Employees And Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	96,000
Granted (in dollars per share) \| $ / shares	$ 49.02
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Relative Total Shareholder Return Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	0.00%
Relative Total Shareholder Return Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)	150.00%
Relative Total Shareholder Return Awards \| Employees And Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	40,000
Granted (in dollars per share) \| $ / shares	$ 56.32

Earnings per Share & Stock Compensation - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock compensation expense	$ 6,227	$ 3,732	$ 5,153
Capitalized stock compensation	320	365	408
Stock compensation expense, net	$ 5,907	$ 3,367	$ 4,745

Earnings per Share & Stock Compensation - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Income from continuing operations	$ 1,600	$ 1,412	$ (536)	$ 150	$ (896)	$ 1,168	$ 1,509	$ 607	$ 2,626	$ 2,388	$ 2,077
Income from discontinued operations, net of tax	47,675	33,509	29,784	13,129	15,439	13,186	11,640	13,303	124,097	53,568	44,518
Net income	$ 49,275	$ 34,921	$ 29,248	$ 13,279	$ 14,543	$ 14,354	$ 13,149	$ 13,910	$ 126,723	$ 55,956	$ 46,595
Basic weighted average shares outstanding (in shares)									49,901	49,811	49,542
Basic - Income from continuing operations (in dollars per share)	$ 0.03	$ 0.03	$ (0.01)	$ 0	$ (0.01)	$ 0.02	$ 0.03	$ 0.01	$ 0.05	$ 0.05	$ 0.04
Basic - Income from discontinued operations, net of tax (in dollars per share)	0.96	0.67	0.59	0.27	0.30	0.27	0.23	0.27	2.49	1.07	0.90
Basic net income per share (in dollars per share)	0.99	0.70	0.58	0.27	0.29	0.29	0.26	0.28	$ 2.54	$ 1.12	$ 0.94
Effect from dilutive shares and options outstanding (in shares)									123	290	521
Weighted average shares outstanding, diluted (in shares)									50,024	50,101	50,063
Diluted - Income from continuing operations (in dollars per share)	0.03	0.03	(0.01)	0	(0.01)	0.02	0.03	0.01	$ 0.05	$ 0.05	$ 0.04
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0.95	0.67	0.59	0.27	0.30	0.27	0.23	0.27	2.48	1.07	0.89
Diluted net income per share (in dollars per share)	$ 0.98	$ 0.70	$ 0.58	$ 0.27	$ 0.29	$ 0.29	$ 0.26	$ 0.28	$ 2.53	$ 1.12	$ 0.93

Commitments and Contingencies Narrative (Details)	Dec. 31, 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								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
External revenue
Service revenue and other	$ 58,132	$ 55,173	$ 54,336	$ 53,134	$ 53,602	$ 51,814	$ 51,551	$ 49,895	$ 220,775	$ 206,862	$ 192,683
Operating expenses
Cost of services									88,203	82,949	80,418
Selling, general and administrative									85,016	77,846	70,844
Depreciation and amortization									48,703	46,786	44,390
Total operating expenses									221,922	207,581	195,652
Operating loss	$ 1,614	$ 470	$ (1,867)	$ (1,364)	$ (550)	$ 681	$ 915	$ (1,765)	(1,147)	(719)	(2,969)
Capital expenditures									120,450	67,048	56,631
Operating Segments \| Broadband
External revenue
Service revenue and other									204,347	193,943	183,120
Operating expenses
Selling, general and administrative									39,472	33,545	28,103
Depreciation and amortization									41,076	38,566	35,992
Total operating expenses									163,987	151,346	140,826
Operating loss									40,360	42,597	42,294
Capital expenditures									117,246	60,627	43,197
Operating Segments \| Tower
External revenue
Service revenue and other									17,055	12,985	12,196
Operating expenses
Selling, general and administrative									1,430	937	704
Depreciation and amortization									1,906	1,976	2,406
Total operating expenses									8,232	6,690	6,797
Operating loss									8,823	6,295	5,399
Capital expenditures									2,001	921	6,145
Intersegment Eliminations
External revenue
Service revenue and other									18,015	16,346	12,289
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other									8,989	10,392	9,906
Intersegment Eliminations \| Tower
External revenue
Service revenue and other									9,653	6,020	5,016
Intersegment Eliminations \| Corporate & Eliminations
External revenue
Service revenue and other									(627)	(66)	(2,633)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative									44,114	43,364	42,037
Depreciation and amortization									5,721	6,244	5,992
Total operating expenses									49,703	49,545	48,029
Operating loss									(50,330)	(49,611)	(50,662)
Capital expenditures									1,203	5,500	7,289
Residential & SMB \| Operating Segments
External revenue
Service revenue and other									154,956	142,290	131,512
Residential & SMB \| Operating Segments \| Broadband
External revenue
Service revenue and other									154,956	142,290	131,512
Residential & SMB \| Operating Segments \| Tower
External revenue
Service revenue and other									0	0	0
Commercial Fiber \| Operating Segments
External revenue
Service revenue and other									24,431	23,004	22,090
Commercial Fiber \| Operating Segments \| Broadband
External revenue
Service revenue and other									24,431	23,004	22,090
Commercial Fiber \| Operating Segments \| Tower
External revenue
Service revenue and other									0	0	0
RLEC & Other \| Operating Segments
External revenue
Service revenue and other									15,971	18,257	19,612
RLEC & Other \| Operating Segments \| Broadband
External revenue
Service revenue and other									15,971	18,257	19,612
RLEC & Other \| Operating Segments \| Tower
External revenue
Service revenue and other									0	0	0
Tower lease \| Operating Segments
External revenue
Service revenue and other									7,402	6,965	7,180
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other									0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other									7,402	6,965	7,180
Service revenue and other \| Operating Segments
External revenue
Service revenue and other									202,760	190,516	180,394
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other									195,358	183,551	173,214
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other									7,402	6,965	7,180
Cost of services
Operating expenses
Cost of services									88,203	82,949	80,418
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services									83,439	79,235	76,731
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services									4,896	3,777	3,687
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services									$ (132)	$ (63)	$ 0

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating loss	$ 1,614	$ 470	$ (1,867)	$ (1,364)	$ (550)	$ 681	$ 915	$ (1,765)	$ (1,147)	$ (719)	$ (2,969)
Other income, net									3,187	3,280	3,703
Income from continuing operations before income taxes									$ 2,040	$ 2,561	$ 734

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 58,132	$ 55,173	$ 54,336	$ 53,134	$ 53,602	$ 51,814	$ 51,551	$ 49,895	$ 220,775	$ 206,862	$ 192,683
Operating (loss) income	1,614	470	(1,867)	(1,364)	(550)	681	915	(1,765)	(1,147)	(719)	(2,969)
Income from continuing operations	1,600	1,412	(536)	150	(896)	1,168	1,509	607	2,626	2,388	2,077
Income from discontinued operations, net of tax	47,675	33,509	29,784	13,129	15,439	13,186	11,640	13,303	124,097	53,568	44,518
Net income	$ 49,275	$ 34,921	$ 29,248	$ 13,279	$ 14,543	$ 14,354	$ 13,149	$ 13,910	$ 126,723	$ 55,956	$ 46,595
Basic - Income from continuing operations (in dollars per share)	$ 0.03	$ 0.03	$ (0.01)	$ 0	$ (0.01)	$ 0.02	$ 0.03	$ 0.01	$ 0.05	$ 0.05	$ 0.04
Basic - Income from discontinued operations, net of tax (in dollars per share)	0.96	0.67	0.59	0.27	0.30	0.27	0.23	0.27	2.49	1.07	0.90
Net income per share - basic (in dollars per share)	0.99	0.70	0.58	0.27	0.29	0.29	0.26	0.28	2.54	1.12	0.94
Diluted - Income from continuing operations (in dollars per share)	0.03	0.03	(0.01)	0	(0.01)	0.02	0.03	0.01	0.05	0.05	0.04
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0.95	0.67	0.59	0.27	0.30	0.27	0.23	0.27	2.48	1.07	0.89
Net income per share - diluted (in dollars per share)	$ 0.98	$ 0.70	$ 0.58	$ 0.27	$ 0.29	$ 0.29	$ 0.26	$ 0.28	$ 2.53	$ 1.12	$ 0.93

Schedule II Valuation and Qualifying Accounts and Reserves (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 533	$ 534	$ 466
Recoveries added to allowance	758	649	631
Bad debt expense	1,220	1,743	1,983
Write-offs	(1,897)	(2,393)	(2,546)
Balance at End of Year	$ 614	$ 533	$ 534