0001628280-22-027667 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		50,098,304
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,033	$ 84,344
Accounts receivable, net of allowance for doubtful accounts of $371 and $352, respectively	23,592	22,005
Income taxes receivable	29,457	30,188
Prepaid expenses and other	11,915	29,830
Current assets held for sale	19,742	0
Total current assets	117,739	166,367
Investments	12,784	13,661
Property, plant and equipment, net	641,407	554,162
Intangible assets, net and goodwill	81,612	69,853
Operating lease right-of-use assets	55,749	56,414
Deferred charges and other assets	13,167	10,298
Non-current assets held for sale	0	19,978
Total assets	922,458	890,733
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	105	0
Accounts payable	35,836	28,542
Advanced billings and customer deposits	11,443	11,128
Accrued compensation	10,721	9,653
Current operating lease liabilities	2,962	3,318
Accrued liabilities and other	14,040	14,611
Current liabilities held for sale	3,834	38
Total current liabilities	78,941	67,290
Long-term debt, less current maturities, net of unamortized loan fees	24,869	0
Other long-term liabilities:
Deferred income taxes	84,639	86,014
Asset retirement obligations	9,727	9,615
Benefit plan obligations	7,711	8,216
Non-current operating lease liabilities	52,001	51,692
Other liabilities	22,059	21,824
Non-current liabilities held for sale	0	3,807
Total other long-term liabilities	176,137	181,168
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,098 and 49,965 issued and outstanding at September 30, 2022 and December 31, 2021, respectively	0	0
Additional paid in capital	56,143	49,351
Retained earnings	586,368	592,924
Total shareholders’ equity	642,511	642,275
Total liabilities and shareholders’ equity	$ 922,458	$ 890,733

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 371	$ 352
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000	96,000
Common stock, shares issued (in shares)	50,098	49,965
Common stock, shares, outstanding (in shares)	50,098	49,965

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 66,924	$ 62,244	$ 197,359	$ 182,635
Operating expenses:
Cost of services exclusive of depreciation and amortization	27,477	25,747	80,572	73,819
Selling, general and administrative	22,227	20,238	69,152	60,711
Restructuring expense	641	1,160	1,031	1,821
Impairment expense	477	0	4,884	99
Depreciation and amortization	17,873	14,248	47,008	40,714
Total operating expenses	68,695	61,393	202,647	177,164
Operating (loss) income	(1,771)	851	(5,288)	5,471
Other (expense) income:
Other (expense) income, net	(1,208)	138	(1,967)	3,076
(Loss) income from continuing operations before income taxes	(2,979)	989	(7,255)	8,547
Income tax benefit	(251)	(5,506)	(699)	(2,519)
(Loss) income from continuing operations	(2,728)	6,495	(6,556)	11,066
Discontinued operations:
(Loss) income from discontinued operations, net of tax	0	(406)	0	99,632
Gain on the sale of discontinued operations, net of tax	0	886,732	0	886,732
Total income from discontinued operations, net of tax	0	886,326	0	986,364
Net (loss) income	(2,728)	892,821	(6,556)	997,430
Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	0	3,620	0	4,706
Comprehensive (loss) income	$ (2,728)	$ 896,441	$ (6,556)	$ 1,002,136
Net (loss) income per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)	$ (0.05)	$ 0.13	$ (0.13)	$ 0.22
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	17.73	0	19.73
Basic net income (loss) per share (in dollars per share)	(0.05)	17.86	(0.13)	19.95
Diluted - Income (loss) from continuing operations (in dollars per share)	(0.05)	0.13	(0.13)	0.22
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	17.68	0	19.67
Diluted net income (loss) per share (in dollars per share)	$ (0.05)	$ 17.81	$ (0.13)	$ 19.89
Weighted average shares outstanding, basic (in shares)	50,183	49,984	50,153	49,984
Weighted average shares outstanding, diluted (in shares)	50,183	50,120	50,153	50,136

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		49,868
Beginning balance at Dec. 31, 2020	$ 577,051		$ 47,317	$ 534,440	$ (4,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	997,430			997,430
Unrealized income on interest rate hedge, net of tax	4,706				4,706
Dividends declared ($18.75 per share)	(936,850)			(936,850)
Stock based compensation (in shares)		118
Stock-based compensation	2,041		2,041
Stock options exercised (in shares)		15
Stock options exercised	85		85
Common stock issued	16		16
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(36)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,627)		(1,627)
Ending balance (in shares) at Sep. 30, 2021		49,965
Ending balance at Sep. 30, 2021	642,852		47,832	595,020	0
Beginning balance (in shares) at Jun. 30, 2021		49,950
Beginning balance at Jun. 30, 2021	682,110		46,681	639,049	(3,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	892,821			892,821
Unrealized income on interest rate hedge, net of tax	3,620				3,620
Dividends declared ($18.75 per share)	(936,850)			(936,850)
Stock based compensation (in shares)		0
Stock-based compensation	1,061		1,061
Stock options exercised (in shares)		15
Stock options exercised	85		85
Common stock issued	5		5
Ending balance (in shares) at Sep. 30, 2021		49,965
Ending balance at Sep. 30, 2021	$ 642,852		47,832	595,020	0
Beginning balance (in shares) at Dec. 31, 2021	49,965	49,965
Beginning balance at Dec. 31, 2021	$ 642,275		49,351	592,924	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,556)			(6,556)
Stock based compensation (in shares)		176
Stock-based compensation	7,751		7,751
Common stock issued (in shares)		1
Common stock issued	27		27
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(44)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	$ (986)		(986)
Ending balance (in shares) at Sep. 30, 2022	50,098	50,098
Ending balance at Sep. 30, 2022	$ 642,511		56,143	586,368	0
Beginning balance (in shares) at Jun. 30, 2022		50,077
Beginning balance at Jun. 30, 2022	643,370		54,274	589,096	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,728)			(2,728)
Stock based compensation (in shares)		25
Stock-based compensation	1,942		1,942
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(4)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	$ (84)		(84)
Ending balance (in shares) at Sep. 30, 2022	50,098	50,098
Ending balance at Sep. 30, 2022	$ 642,511		$ 56,143	$ 586,368	$ 0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares		3 Months Ended	9 Months Ended
	Jul. 02, 2021	Sep. 30, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (in dollars per share)	$ 18.75	$ 18.75	$ 18.75

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (6,556)	$ 997,430
Total income from discontinued operations, net of tax	0	986,364
(Loss) income from continuing operations	(6,556)	11,066
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	47,008	40,714
Stock-based compensation expense	7,299	1,953
Impairment expense	4,884	99
Deferred income taxes	(1,374)	4,180
Bad debt expense	1,252	755
Other, net	1,638	(31)
Changes in assets and liabilities:
Accounts receivable	1,157	(1,195)
Current income taxes	731	(6,870)
Operating lease assets and liabilities, net	618	(214)
Other assets	(1,056)	(8,066)
Accounts payable	(608)	(5,626)
Other deferrals and accruals	1,212	(5,193)
Net cash provided by operating activities - continuing operations	56,205	31,572
Net cash provided by operating activities - discontinued operations	0	121,067
Net cash provided by operating activities	56,205	152,639
Cash flows from investing activities:
Capital expenditures	(132,357)	(118,800)
Proceeds from sale of investments	793	90
Proceeds from sale of assets and other	922	110
Net cash used in investing activities - continuing operations	(130,642)	(118,600)
Net cash provided by investing activities - discontinued operations	0	1,944,063
Net cash (used in) provided by investing activities	(130,642)	1,825,463
Cash flows from financing activities:
Proceeds from credit facility borrowings	25,000	0
Taxes paid for equity award issuances	(986)	(1,627)
Dividends paid, net of dividends reinvested	0	(936,850)
Payments for debt issuance costs	0	(841)
Payments for financing arrangements and other	(888)	(1,081)
Net cash provided by (used in) financing activities - continuing operations	23,126	(940,399)
Net cash used in financing activities - discontinued operations	0	(700,556)
Net cash provided by (used in) financing activities	23,126	(1,640,955)
Net (decrease) increase in cash and cash equivalents	(51,311)	337,147
Cash and cash equivalents, beginning of period	84,344	195,397
Cash and cash equivalents, end of period	33,033	532,544
Supplemental Disclosures of Cash Flow Information
Interest paid	243	10,397
Income taxes paid	$ 0	$ 24,900

Basis of Presentation and Other Information

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Other Information

Shenandoah Telecommunications Company (“Shentel”, “we”, “our”, “us”, or the “Company”) is a provider of a comprehensive

range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021. As discussed in Notes 1 and 16 to the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021, (the "2021 Form 10-K"), the Company determined that an immaterial error existed in our previously issued financial statements. As such, the Company revised its historical unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2021. Refer to the table below for a summary of these revisions.


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(in thousands, except per share amounts)	Pre-Adjustment		Error Correction		Post-Adjustment		Pre-Adjustment		Error Correction		Post-Adjustment
Unaudited Condensed Consolidated Statement of Comprehensive Income:
Cost of services	$	25,426	$	321	$	25,747	$	73,044	$	775	$	73,819
Income (loss) from continuing operations before income taxes	1,310		(321)		989		9,322		(775)		8,547
Income tax benefit	(5,422)		(84)		(5,506)		(2,315)		(204)		(2,519)
Income (loss) from continuing operations	6,732		(237)		6,495		11,637		(571)		11,066
Net income (loss)	893,058		(237)		892,821		998,001		(571)		997,430
Comprehensive income (loss)	896,678		(237)		896,441		1,002,707		(571)		1,002,136
Net income per share, basic and diluted:
Basic - Income from continuing operations	$	0.13	$	—	$	0.13	$	0.23	$	(0.01)	$	0.22
Basic - Net income per share	$	17.86	$	—	$	17.86	$	19.96	$	(0.01)	$	19.95
Diluted - Income from continuing operations	$	0.13	$	—	$	0.13	$	0.23	$	(0.01)	$	0.22
Diluted - Net income per share	$	17.81	$	—	$	17.81	$	19.90	$	(0.01)	$	19.89

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, and the computation of income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.

Adoption of New Accounting Principles

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, “Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance,” ("ASU 2021-10") which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information about the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements and any significant terms and conditions of the agreements, including commitments and contingencies. On July 1, 2022, we adopted ASU 2021-10 and have included the new disclosure requirements in Note 11, Government Grants.

Other than the matter described above, there have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2021 Form 10-K, that would be expected to impact the Company.

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2022

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 one year. Additionally, the Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected weighted average customer life which is approximately six years. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company's unaudited condensed consolidated statements of comprehensive (loss) income.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Beginning Balance	$	8,427	$	7,524	$	8,147	$	7,358
Contract payments	983		710		2,630		2,535
Contract amortization	(729)		(223)		(2,096)		(1,882)
Ending Balance	$	8,681	$	8,011	$	8,681	$	8,011

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 $4.1 million at September 30, 2022 is recorded in other liabilities on the Company's unaudited condensed consolidated balance sheet and is expected to be recognized into revenue at the rate of approximately $0.2 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 Accounting Standards Codification ("ASC") 842, Leases, ("ASC 842"). Our Tower segment leases space on owned cell towers to our Broadband segment, and to other wireless carriers. Revenue from these leases is accounted for under ASC 842. Refer to Note 13, Segment Reporting, for a summary of these revenue streams.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Investments

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
SERP investments at fair value	$	1,739	$	2,317
Cost method investments	10,742		11,004
Equity method investments	303		340
Total investments	$	12,784	$	13,661

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. The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. 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. At December 31, 2021, $0.8 million of SERP investments were presented as prepaid expenses and other (current assets). Those investments were liquidated in July 2022 to pay the current portion of our SERP obligation.

Cost Method Investments: Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at September 30, 2022 and December 31, 2021, respectively. We recognized approximately $13.7 thousand and $0.5 million of patronage income in other income for the three months ended September 30, 2022 and 2021, respectively, and approximately $40.5 thousand and $1.5 million during the nine months ended September 30, 2022 and 2021, respectively. Historically, approximately 75% of the patronage distributions were received in cash and 25% in equity.

Equity Method Investments: At September 30, 2022 and December 31, 2021, 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, through related party transactions. We recognized revenue of $0.1 million and $0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.5 million during the nine months ended September 30, 2022 and 2021, respectively. We recognized cost of service of $19.2 thousand and $30 thousand for the three months ended September 30, 2022 and 2021, respectively, and $73.6 thousand and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	September 30, 2022		December 31, 2021
Land		$	3,771	$	3,771
Land improvements	10 years	3,483		3,478
Buildings and structures	10 - 45 years	97,321		96,323
Cable and fiber	15 - 30 years	558,340		453,405
Equipment and software	4 - 8 years	370,620		391,293
Plant in service		1,033,535		948,270
Plant under construction		124,921		79,963
Total property, plant and equipment		1,158,456		1,028,233
Less: accumulated depreciation and amortization		517,049		474,071
Property, plant and equipment, net		$	641,407	$	554,162

Property, plant and equipment net, increases were primarily attributable to capital expenditures in the Broadband segment due to expansion of Glo Fiber assets and market expansion. Depreciation expense was $17.7 million and $14.1 million during the

three months ended September 30, 2022 and 2021, respectively, and $46.4 million and $40.2 million for the nine months ended September 30, 2022 and 2021, respectively.

In the fourth quarter of 2021, due to the availability of grants awarded under various governmental initiatives in support of rural fiber to the home ("FTTH") broadband network expansion projects, we decided to cease further expansion of our Beam branded fixed wireless edge-out strategy, which is offered under our Broadband segment. During the second quarter of 2022, the Company permanently ceased operating 20 of our 55 Beam fixed wireless sites. Consequently, Shentel recorded an impairment charge of $4.1 million. On August 23, 2022, the Company entered into a definitive asset purchase agreement (the "Spectrum Purchase Agreement") with a wireless carrier pursuant to which the Company agreed to sell certain Federal Communications Commission ("FCC") spectrum licenses and leases utilized in the Company's Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the "Spectrum Transaction"). The Spectrum Transaction is expected to close in the first half of 2023, subject to the receipt of regulatory approvals and other customary closing conditions. As a result of the Spectrum Transaction, the Company plans to cease its Beam operations at the remaining Beam fixed wireless sites upon or prior to the closing of the Spectrum Transaction. As a result of the expected decommissioning of the remaining Beam fixed wireless sites after they cease operations, the Company has revised the useful lives for these sites to reflect operation through the cease of operations date.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	September 30, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		—		—		—
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		64,475		—		64,475

Finite-lived intangibles:
Subscriber relationships	28,425		(26,794)		1,631		28,425		(26,451)		1,974
Other intangibles	463		(323)		140		463		(303)		160
Total finite-lived intangibles	28,888		(27,117)		1,771		28,888		(26,754)		2,134
Total goodwill and intangible assets	$	108,729	$	(27,117)	$	81,612	$	96,607	$	(26,754)	$	69,853

Amortization expense was $0.2 million for both the three months ended September 30, 2022 and 2021 and $0.6 million for both the nine months ended September 30, 2022 and 2021, respectively.

During the third quarter of 2020, the Company was awarded certain indefinite-lived Citizens Broadband Radio Service ("CBRS") spectrum licenses to be used within the Broadband segment. The Company paid an aggregate deposit of $16.1 million with respect to the licenses subject to final approval and issuance by the FCC. The licenses will 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. The FCC approved the Company’s final application for the licenses in the third quarter of 2022, resulting in the issuance of licenses with a deposit value of $12.1 million. The Company recorded these licenses as indefinite-lived intangible assets on the Company's unaudited condensed consolidated balance sheet. These licenses are not subject to the Spectrum Transaction described above. The remaining $4.0 million of the deposit is expected to be returned to the Company in the form of a cash refund in November 2022. The refund amount was recorded in accounts receivable on the Company's unaudited condensed consolidated balance sheet as of September 30, 2022.

As described in Note 4, Property, Plant and Equipment, the Company entered into the Spectrum Purchase Agreement to sell FCC spectrum licenses associated with Beam. As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held-for-sale criteria; accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses. The corresponding amounts related to these assets and liabilities were reclassified on the unaudited condensed consolidated balance sheet as of December 31, 2021 for comparability. The Company evaluated the events described here and in Note 4, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company's business.

Other Assets and Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	September 30, 2022		December 31, 2021
Deposit for FCC spectrum licenses	$	—	$	16,118
Prepaid maintenance and software expenses	7,756		8,391
Broadband contract acquisition costs	2,747		2,502
SERP investments	—		801
Other	1,412		2,018
Prepaid expenses and other	$	11,915	$	29,830

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


(in thousands)	September 30, 2022		December 31, 2021
Broadband contract acquisition costs	$	5,934	$	5,645
Prepaid maintenance and software expenses	7,233		4,653
Deferred charges and other assets	$	13,167	$	10,298

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


(in thousands)	September 30, 2022		December 31, 2021
Accrued programming costs	$	2,960	$	3,084
Sales and property taxes payable	1,564		1,065
Restructuring accrual	414		1,761
Other current liabilities	9,102		8,701
Accrued liabilities and other	$	14,040	$	14,611

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


(in thousands)	September 30, 2022		December 31, 2021
Noncurrent portion of deferred lease revenue	$	20,528	$	19,749
Noncurrent portion of financing leases	1,501		1,614
Other	30		461
Other liabilities	$	22,059	$	21,824

During 2021, as a result of the sale of our Wireless assets and operations, we implemented a restructuring plan whereby certain employees were notified of their pending dismissal under the workforce reduction program. We made $1.4 million and $2.0 million in severance payments for the nine months ended September 30, 2022 and 2021, respectively. During the three months ended September 30, 2021, we recognized expenses of $1.2 million and $2.0 million, presented in continuing and discontinued operations, respectively. For the nine months ended September 30, 2021, we recognized expenses of $1.8 million and $2.5 million, presented in continuing and discontinued operations, respectively.

Restructuring charges for the three and nine months ended September 30, 2022 were primarily related to contract termination costs associated with the Spectrum Transaction.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

At September 30, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of thirteen years and a weighted average discount rate of 5.2%.

We recognized $2.6 million and $2.3 million of operating lease expense for the three months ended September 30, 2022 and 2021, respectively, and $8.3 million and $5.7 million of operating lease expense for the nine months ended September 30, 2022 and 2021, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases for both of the three months ended September 30, 2022 and 2021, and $0.4 million of interest and depreciation expense on finance leases for both of the nine months ended September 30, 2022 and 2021. 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 $4.6 million and $4.2 million of operating lease payments for the nine months ended September 30, 2022 and 2021, respectively. We obtained $3.3 million and $7.3 million of leased assets in exchange for new operating lease liabilities recognized for the nine months ended September 30, 2022 and 2021, respectively.

The following table summarizes the expected maturity of lease liabilities at September 30, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2022	$	964	$	20	$	984
2023	5,478		176		5,654
2024	5,130		178		5,308
2025	4,918		180		5,098
2026	4,420		153		4,573
2027 and thereafter	68,958		1,514		70,472
Total lease payments	89,868		2,221		92,089
Less: Interest	34,905		624		35,529
Present value of lease liabilities	$	54,963	$	1,597	$	56,560

We recognized $4.0 million and $2.4 million of operating lease revenue for the three months ended September 30, 2022 and 2021, respectively, and $13.8 million and $7.1 million of operating lease revenue for the nine months ended September 30, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive (loss) income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2022:


(in thousands)	Operating Leases
2022	$	5,181
2023	14,941
2024	13,805
2025	12,895
2026	9,877
2027 and thereafter	30,338
Total	$	87,037

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

The following table summarizes the expected maturity of lease liabilities at September 30, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2022	$	964	$	20	$	984
2023	5,478		176		5,654
2024	5,130		178		5,308
2025	4,918		180		5,098
2026	4,420		153		4,573
2027 and thereafter	68,958		1,514		70,472
Total lease payments	89,868		2,221		92,089
Less: Interest	34,905		624		35,529
Present value of lease liabilities	$	54,963	$	1,597	$	56,560

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2022:


(in thousands)	Operating Leases
2022	$	5,181
2023	14,941
2024	13,805
2025	12,895
2026	9,877
2027 and thereafter	30,338
Total	$	87,037

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

The following table summarizes the expected maturity of lease liabilities at September 30, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2022	$	964	$	20	$	984
2023	5,478		176		5,654
2024	5,130		178		5,308
2025	4,918		180		5,098
2026	4,420		153		4,573
2027 and thereafter	68,958		1,514		70,472
Total lease payments	89,868		2,221		92,089
Less: Interest	34,905		624		35,529
Present value of lease liabilities	$	54,963	$	1,597	$	56,560

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2022:


(in thousands)	Operating Leases
2022	$	5,181
2023	14,941
2024	13,805
2025	12,895
2026	9,877
2027 and thereafter	30,338
Total	$	87,037

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Our Credit Agreement, dated July 1, 2021 (the "Credit Agreement") contains (i) a $100 million, five-year undrawn revolving credit facility, (ii) a $150 million five-year delayed draw amortizing term loan ("Term Loan A-1") and (iii) a $150 million seven-year delayed draw amortizing term loan ("Term Loan A-2"). The following loans were outstanding under the Credit Agreement:


(in thousands)	September 30, 2022		December 31, 2021
Term loan A-1	$	12,500	$	—
Term loan A-2	12,500		—
Total debt	25,000		—
Less: unamortized loan fees	26		—
Total debt, net of unamortized loan fees	$	24,974	$	—

On July 1, 2022, the Company borrowed $12.5 million against both Term Loan A-1 and Term Loan A-2 for a total of $25.0 million.

Both Term Loan A-1 and Term Loan A-2 bear interest at one-month LIBOR plus a margin of 1.50%. The interest rate was 4.64% at September 30, 2022. Our cash payments for interest were $0.2 million and $10.4 million during the nine months ended September 30, 2022 and 2021, respectively.

The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

The International Exchange (ICE) Benchmark Administration ceased the publication of one-week and two-month LIBOR on December 31, 2021 and expects to phase-out the remaining tenors (overnight, one-month, three-month, six-month and 12-month) on June 30, 2023. Our term loans and revolver identify LIBOR as a reference rate for tenors ceasing on June 30, 2023 and maturing after 2023. 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. 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 and the manner in which an alternative reference rate will apply, we cannot yet reasonably estimate the expected financial impact of the LIBOR transition. Any changes to the reference rate will be agreed through an amendment to the Credit Agreement and are expected to reference the Secured Overnight Financing Rate, though the timing of such amendment and applicability to any future amounts owed under the Credit Agreement are not certain at this time.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is not subject to any state or federal income tax audits as of September 30, 2022. The Company's income tax returns are generally open to examination from 2018 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward.

The effective tax rates for the three and nine months ended September 30, 2022 and 2021, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Expected tax (benefit) expense at federal statutory	$	(626)	$	208	$	(1,524)	$	1,795
State income tax (benefit) expense, net of federal tax effect	(148)		82		(361)		551
Revaluation of deferred tax liabilities	(108)		(7,675)		(108)		(6,629)
Stranded tax effects reclassified from other comprehensive income	—		1,620		—		1,620
Excess tax deficiency (benefit) from share-based compensation and other expense, net	631		259		1,294		144
Income tax (benefit) expense	$	(251)	$	(5,506)	$	(699)	$	(2,519)

The Company made no cash payments and received no cash refunds for income taxes for the nine months ended September 30, 2022. The Company's cash payments for income taxes were approximately $24.9 million for the nine months ended September 30, 2021.

- 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.

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+ Details

Stock Compensation and (Loss) Earnings per Share

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation and (Loss) Earnings per Share

The Company granted approximately 518,000 restricted stock units ("RSUs") at market prices ranging from $18.84 to $25.92 to employees and members of the board of directors during the nine months ended September 30, 2022. Additionally, approximately 100,000 Relative Total Shareholder Return (“RTSR”) awards were granted to employees at a value of $23.83 per award during the nine months ended September 30, 2022. The Company incurred $1.8 million and $1.2 million in stock-based compensation expense for the three months ended September 30, 2022 and 2021 and $7.3 million and $2.0 million in stock-based compensation expense for the nine months ended September 30, 2022 and 2021, respectively. Stock-based compensation expense is presented in selling, general and administrative costs in our unaudited condensed consolidated statements of comprehensive (loss) income.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Calculation of net (loss) income per share:
(Loss) income from continuing operations	$	(2,728)	$	6,495	$	(6,556)	$	11,066
Total income from discontinued operations, net of tax	—		886,326		—		986,364
Net (loss) income	$	(2,728)	$	892,821	$	(6,556)	$	997,430
Basic weighted average shares outstanding	50,183		49,984		50,153		49,984
Basic net (loss) income per share - continuing operations	$	(0.05)	$	0.13	$	(0.13)	$	0.22
Basic net income per share - discontinued operations	$	—	$	17.73	$	—	$	19.73
Basic net (loss) income per share	$	(0.05)	$	17.86	$	(0.13)	$	19.95

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,183		49,984		50,153		49,984
Effect from dilutive shares and options outstanding	—		136		—		152
Diluted weighted average shares outstanding	50,183		50,120		50,153		50,136
Diluted net (loss) income per share - continuing operations	$	(0.05)	$	0.13	$	(0.13)	$	0.22
Diluted net income per share - discontinued operations	$	—	$	17.68	$	—	$	19.67
Diluted net (loss) income per share	$	(0.05)	$	17.81	$	(0.13)	$	19.89

There were approximately 252,000 and 165,000 potentially dilutive equity awards for the three and nine months ended September 30, 2022; however, these securities were excluded from the calculation of diluted weighted average shares

outstanding due to the fact that they were anti-dilutive as a result of the Company's net loss for the period. There were fewer than 215,000 anti-dilutive equity awards outstanding for the three and nine months ended September 30, 2021.

On July 2, 2021, the Company’s Board of Directors declared a special dividend of $18.75 per share on the issued and outstanding shares of the Company’s common stock (the “Special Dividend”). The Special Dividend was paid on August 2, 2021. The total payout to Shentel shareholders, including amounts reinvested in the Company’s stock via the Company’s Dividend Reinvestment Plan, was approximately $937 million.

On August 4, 2021, in accordance with the 2014 Equity Incentive Plan, the Company's Board of Directors adopted a resolution to modify the outstanding equity awards to offset the loss in intrinsic value caused by the disposition of wireless and the decline in the Company's share price following the special dividend. No other terms or conditions of the outstanding equity awards were modified, no incremental expense was required to be recognized, and there was no significant impact to dilutive securities.

Government Grants	9 Months Ended
Government Grants	Sep. 30, 2022
Government Grants [Abstract]
Government Grants	Government Grants During the fourth quarter of 2021, the Virginia Department of Housing and Community Development ("VA DHCD"), in partnership with five counties in Virginia, awarded the Company up to approximately $57.8 million in grants under the Virginia Telecommunication Initiative ("VATI") to strategically expand the Company's broadband network in order to provide broadband services to unserved residences in the partnering counties in Virginia. In July 2022, the State of West Virginia awarded Shentel $1.1 million under the Major Broadband Projects Strategies (“MBPS”) program to extend the Company’s broadband network in Lewis County, West Virginia. Also in July 2022, the Maryland Department of Housing and Community Development ("MD DHCD"), in partnership with Frederick County, Maryland, awarded the Company up to approximately $10.2 million in grants to expand the Company's broadband network to unserved homes and businesses. To receive such grant distributions, we entered into agreements with each partnering county in Virginia and expect to complete similar agreement in Maryland and West Virginia. These agreements outline certain build-out milestones. The network is required to meet certain performance conditions for a subsequent five year period to ensure that minimum download and upload speeds are able to be provided to the underserved residences. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. The grant is treated as a reduction to the corresponding property, plant and equipment asset balance and is recognized through depreciation expense over the life of the corresponding asset. Reimbursable amounts are dependent upon the actual construction costs. The Company has not recognized any amounts under these programs as of September 30, 2022 and December 31, 2021.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026 and commitments for FCC spectrum licenses to access Educational Broadband Service (“EBS”) spectrum channels through 2039 (which have been classified as held for sale). From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the unaudited condensed consolidated financial statements of the Company.

Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Three Months Ended September 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	48,700	$	—	$	—	$	48,700
Commercial Fiber	9,522		—		—		9,522
RLEC & Other	4,139		—		—		4,139
Tower lease	—		4,610		—		4,610
Service revenue and other	62,361		4,610		—		66,971
Intercompany revenue and other	25		67		(139)		(47)
Total revenue	62,386		4,677		(139)		66,924
Operating expenses
Cost of services	26,193		1,384		(100)		27,477
Selling, general and administrative	13,946		258		8,023		22,227
Restructuring expense	169		—		472		641
Impairment expense	477		—		—		477
Depreciation and amortization	16,791		445		637		17,873
Total operating expenses	57,576		2,087		9,032		68,695
Operating income (loss)	$	4,810	$	2,590	$	(9,171)	$	(1,771)

Three Months Ended September 30, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	44,783	$	—	$	—	$	44,783
Commercial Fiber	9,059		—		—		9,059
RLEC & Other	3,972		—		—		3,972
Tower lease	—		4,356		—		4,356
Service revenue and other	57,814		4,356		—		62,170
Intercompany revenue and other	99		93		(118)		74
Total revenue	57,913		4,449		(118)		62,244
Operating expenses
Cost of services	24,333		1,504		(90)		25,747
Selling, general and administrative	11,898		314		8,026		20,238
Restructuring expense	71		—		1,089		1,160
Depreciation and amortization	12,211		468		1,569		14,248
Total operating expenses	48,513		2,286		10,594		61,393
Operating income (loss)	$	9,400	$	2,163	$	(10,712)	$	851

Nine Months Ended September 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	143,512	$	—	$	—	$	143,512
Commercial Fiber	27,924		—		—		27,924
RLEC & Other	11,952		—		—		11,952
Tower lease	—		13,971		—		13,971
Service revenue and other	183,388		13,971		—		197,359
Intercompany revenue and other	124		255		(379)		—
Total revenue	183,512		14,226		(379)		197,359
Operating expenses
Cost of services	76,801		4,054		(283)		80,572
Selling, general and administrative	41,376		982		26,794		69,152
Restructuring expense	629		—		402		1,031
Impairment expense	4,884		—		—		4,884
Depreciation and amortization	42,724		1,562		2,722		47,008
Total operating expenses	166,414		6,598		29,635		202,647
Operating income (loss)	$	17,098	$	7,628	$	(30,014)	$	(5,288)

Nine Months Ended September 30, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	131,702	$	—	$	—	$	131,702
Commercial Fiber	21,975		—		—		21,975
RLEC & Other	11,208		—		—		11,208
Tower lease	—		8,525		—		8,525
Service revenue and other	164,885		8,525		—		173,410
Revenue for service provided to the discontinued Wireless operations	4,409		5,203		(387)		9,225
Total revenue	169,294		13,728		(387)		182,635
Operating expenses
Cost of services	70,050		4,070		(301)		73,819
Selling, general and administrative	35,429		886		24,396		60,711
Restructuring expense	203		—		1,618		1,821
Impairment expense	99		—		—		99
Depreciation and amortization	35,648		1,398		3,668		40,714
Total operating expenses	141,429		6,354		29,381		177,164
Operating income (loss)	$	27,865	$	7,374	$	(29,768)	$	5,471

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated (loss) income for continuing operations before income taxes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Total consolidated operating income (loss)	$	(1,771)	$	851	$	(5,288)	$	5,471
Other (expense) income, net	(1,208)		138		(1,967)		3,076
Income (loss) from continuing operations before income taxes	$	(2,979)	$	989	$	(7,255)	$	8,547

The Company’s chief operating decision maker (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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On July 1, 2021, pursuant to the previously announced Asset Purchase Agreement (the “Purchase Agreement”), dated May 28, 2021, between Shentel and T-Mobile, Shentel completed the sale to T-Mobile of its Wireless assets and operations for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint, and net of certain transaction expenses (the “Transaction”).

The assets and liabilities that transferred in the Transaction (the "disposal group") were presented as held for sale within our historical unaudited condensed consolidated balance sheets, and discontinued operations within our historical unaudited condensed consolidated statements of comprehensive (loss) income.

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


(in thousands)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Revenue:
Service revenue and other	$	—	$	201,076
Equipment revenue	—		12,253
Total revenue	—		213,329
Operating expenses:
Cost of services	—		38,144
Cost of goods sold	—		11,964
Selling, general and administrative	—		17,514
Severance expense	—		465
Total operating expenses	—		68,087
Operating income	—		145,242
Other (expense) income:
Debt extinguishment	(11,032)		(11,032)
Interest expense and other, net	(733)		(9,434)
Gain on sale of disposition of Wireless assets and operations	1,224,815		1,224,815
Income before income taxes	1,213,050		1,349,591
Income tax expense	326,724		363,227
Income from discontinued operations, net of tax	$	886,326	$	986,364

There was no material income from discontinued operations for the three and nine months ended September 30, 2022.

Basis of Presentation and Other Information (Policies)	9 Months Ended
Basis of Presentation and Other Information (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adoption of New Accounting Principles	Adoption of New Accounting Principles In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, “Government Assistance (Topic 832), Disclosures by Business Entities About Government Assistance,” ("ASU 2021-10") which requires entities to provide disclosures on material government assistance transactions for annual reporting periods. The disclosures include information about the nature of the assistance, the related accounting policies used to account for government assistance, the effect of government assistance on the entity’s financial statements and any significant terms and conditions of the agreements, including commitments and contingencies. On July 1, 2022, we adopted ASU 2021-10 and have included the new disclosure requirements in Note 11, Government Grants. Other than the matter described above, there have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2021 Form 10-K, that would be expected to impact the Company.
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. The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. 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. At December 31, 2021, $0.8 million of SERP investments were presented as prepaid expenses and other (current assets). Those investments were liquidated in July 2022 to pay the current portion of our SERP obligation. Cost Method Investments: Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at September 30, 2022 and December 31, 2021, respectively. We recognized approximately $13.7 thousand and $0.5 million of patronage income in other income for the three months ended September 30, 2022 and 2021, respectively, and approximately $40.5 thousand and $1.5 million during the nine months ended September 30, 2022 and 2021, respectively. Historically, approximately 75% of the patronage distributions were received in cash and 25% in equity. Equity Method Investments: At September 30, 2022 and December 31, 2021, 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, through related party transactions. We recognized revenue of $0.1 million and $0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.5 million during the nine months ended September 30, 2022 and 2021, respectively. We recognized cost of service of $19.2 thousand and $30 thousand for the three months ended September 30, 2022 and 2021, respectively, and $73.6 thousand and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively.

Basis of Presentation and Other Information (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Refer to the table below for a summary of these revisions.


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
(in thousands, except per share amounts)	Pre-Adjustment		Error Correction		Post-Adjustment		Pre-Adjustment		Error Correction		Post-Adjustment
Unaudited Condensed Consolidated Statement of Comprehensive Income:
Cost of services	$	25,426	$	321	$	25,747	$	73,044	$	775	$	73,819
Income (loss) from continuing operations before income taxes	1,310		(321)		989		9,322		(775)		8,547
Income tax benefit	(5,422)		(84)		(5,506)		(2,315)		(204)		(2,519)
Income (loss) from continuing operations	6,732		(237)		6,495		11,637		(571)		11,066
Net income (loss)	893,058		(237)		892,821		998,001		(571)		997,430
Comprehensive income (loss)	896,678		(237)		896,441		1,002,707		(571)		1,002,136
Net income per share, basic and diluted:
Basic - Income from continuing operations	$	0.13	$	—	$	0.13	$	0.23	$	(0.01)	$	0.22
Basic - Net income per share	$	17.86	$	—	$	17.86	$	19.96	$	(0.01)	$	19.95
Diluted - Income from continuing operations	$	0.13	$	—	$	0.13	$	0.23	$	(0.01)	$	0.22
Diluted - Net income per share	$	17.81	$	—	$	17.81	$	19.90	$	(0.01)	$	19.89

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Amortized and Capitalized Contract Cost

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Beginning Balance	$	8,427	$	7,524	$	8,147	$	7,358
Contract payments	983		710		2,630		2,535
Contract amortization	(729)		(223)		(2,096)		(1,882)
Ending Balance	$	8,681	$	8,011	$	8,681	$	8,011

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Schedule of Other Investments

Investments consist of the following:


(in thousands)	September 30, 2022		December 31, 2021
SERP investments at fair value	$	1,739	$	2,317
Cost method investments	10,742		11,004
Equity method investments	303		340
Total investments	$	12,784	$	13,661

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	September 30, 2022		December 31, 2021
Land		$	3,771	$	3,771
Land improvements	10 years	3,483		3,478
Buildings and structures	10 - 45 years	97,321		96,323
Cable and fiber	15 - 30 years	558,340		453,405
Equipment and software	4 - 8 years	370,620		391,293
Plant in service		1,033,535		948,270
Plant under construction		124,921		79,963
Total property, plant and equipment		1,158,456		1,028,233
Less: accumulated depreciation and amortization		517,049		474,071
Property, plant and equipment, net		$	641,407	$	554,162

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consist of the following:


	September 30, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		—		—		—
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		64,475		—		64,475

Finite-lived intangibles:
Subscriber relationships	28,425		(26,794)		1,631		28,425		(26,451)		1,974
Other intangibles	463		(323)		140		463		(303)		160
Total finite-lived intangibles	28,888		(27,117)		1,771		28,888		(26,754)		2,134
Total goodwill and intangible assets	$	108,729	$	(27,117)	$	81,612	$	96,607	$	(26,754)	$	69,853

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consist of the following:


	September 30, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		—		—		—
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		64,475		—		64,475

Finite-lived intangibles:
Subscriber relationships	28,425		(26,794)		1,631		28,425		(26,451)		1,974
Other intangibles	463		(323)		140		463		(303)		160
Total finite-lived intangibles	28,888		(27,117)		1,771		28,888		(26,754)		2,134
Total goodwill and intangible assets	$	108,729	$	(27,117)	$	81,612	$	96,607	$	(26,754)	$	69,853

Other Assets and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	September 30, 2022		December 31, 2021
Deposit for FCC spectrum licenses	$	—	$	16,118
Prepaid maintenance and software expenses	7,756		8,391
Broadband contract acquisition costs	2,747		2,502
SERP investments	—		801
Other	1,412		2,018
Prepaid expenses and other	$	11,915	$	29,830

Schedule of Other Assets, Noncurrent

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


(in thousands)	September 30, 2022		December 31, 2021
Broadband contract acquisition costs	$	5,934	$	5,645
Prepaid maintenance and software expenses	7,233		4,653
Deferred charges and other assets	$	13,167	$	10,298

Summary of Accrued Liabilities and Other

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


(in thousands)	September 30, 2022		December 31, 2021
Accrued programming costs	$	2,960	$	3,084
Sales and property taxes payable	1,564		1,065
Restructuring accrual	414		1,761
Other current liabilities	9,102		8,701
Accrued liabilities and other	$	14,040	$	14,611

Schedule of Other Noncurrent Liabilities

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


(in thousands)	September 30, 2022		December 31, 2021
Noncurrent portion of deferred lease revenue	$	20,528	$	19,749
Noncurrent portion of financing leases	1,501		1,614
Other	30		461
Other liabilities	$	22,059	$	21,824

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at September 30, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2022	$	964	$	20	$	984
2023	5,478		176		5,654
2024	5,130		178		5,308
2025	4,918		180		5,098
2026	4,420		153		4,573
2027 and thereafter	68,958		1,514		70,472
Total lease payments	89,868		2,221		92,089
Less: Interest	34,905		624		35,529
Present value of lease liabilities	$	54,963	$	1,597	$	56,560

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at September 30, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2022	$	964	$	20	$	984
2023	5,478		176		5,654
2024	5,130		178		5,308
2025	4,918		180		5,098
2026	4,420		153		4,573
2027 and thereafter	68,958		1,514		70,472
Total lease payments	89,868		2,221		92,089
Less: Interest	34,905		624		35,529
Present value of lease liabilities	$	54,963	$	1,597	$	56,560

Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Below is a summary of our minimum rental receipts under the lease agreements in place at September 30, 2022:


(in thousands)	Operating Leases
2022	$	5,181
2023	14,941
2024	13,805
2025	12,895
2026	9,877
2027 and thereafter	30,338
Total	$	87,037

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following loans were outstanding under the Credit Agreement:


(in thousands)	September 30, 2022		December 31, 2021
Term loan A-1	$	12,500	$	—
Term loan A-2	12,500		—
Total debt	25,000		—
Less: unamortized loan fees	26		—
Total debt, net of unamortized loan fees	$	24,974	$	—

- 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

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Expected tax (benefit) expense at federal statutory	$	(626)	$	208	$	(1,524)	$	1,795
State income tax (benefit) expense, net of federal tax effect	(148)		82		(361)		551
Revaluation of deferred tax liabilities	(108)		(7,675)		(108)		(6,629)
Stranded tax effects reclassified from other comprehensive income	—		1,620		—		1,620
Excess tax deficiency (benefit) from share-based compensation and other expense, net	631		259		1,294		144
Income tax (benefit) expense	$	(251)	$	(5,506)	$	(699)	$	(2,519)

Stock Compensation and (Loss) Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Calculation of net (loss) income per share:
(Loss) income from continuing operations	$	(2,728)	$	6,495	$	(6,556)	$	11,066
Total income from discontinued operations, net of tax	—		886,326		—		986,364
Net (loss) income	$	(2,728)	$	892,821	$	(6,556)	$	997,430
Basic weighted average shares outstanding	50,183		49,984		50,153		49,984
Basic net (loss) income per share - continuing operations	$	(0.05)	$	0.13	$	(0.13)	$	0.22
Basic net income per share - discontinued operations	$	—	$	17.73	$	—	$	19.73
Basic net (loss) income per share	$	(0.05)	$	17.86	$	(0.13)	$	19.95

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,183		49,984		50,153		49,984
Effect from dilutive shares and options outstanding	—		136		—		152
Diluted weighted average shares outstanding	50,183		50,120		50,153		50,136
Diluted net (loss) income per share - continuing operations	$	(0.05)	$	0.13	$	(0.13)	$	0.22
Diluted net income per share - discontinued operations	$	—	$	17.68	$	—	$	19.67
Diluted net (loss) income per share	$	(0.05)	$	17.81	$	(0.13)	$	19.89

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Selected Financial Data for Segments

Three Months Ended September 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	48,700	$	—	$	—	$	48,700
Commercial Fiber	9,522		—		—		9,522
RLEC & Other	4,139		—		—		4,139
Tower lease	—		4,610		—		4,610
Service revenue and other	62,361		4,610		—		66,971
Intercompany revenue and other	25		67		(139)		(47)
Total revenue	62,386		4,677		(139)		66,924
Operating expenses
Cost of services	26,193		1,384		(100)		27,477
Selling, general and administrative	13,946		258		8,023		22,227
Restructuring expense	169		—		472		641
Impairment expense	477		—		—		477
Depreciation and amortization	16,791		445		637		17,873
Total operating expenses	57,576		2,087		9,032		68,695
Operating income (loss)	$	4,810	$	2,590	$	(9,171)	$	(1,771)

Three Months Ended September 30, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	44,783	$	—	$	—	$	44,783
Commercial Fiber	9,059		—		—		9,059
RLEC & Other	3,972		—		—		3,972
Tower lease	—		4,356		—		4,356
Service revenue and other	57,814		4,356		—		62,170
Intercompany revenue and other	99		93		(118)		74
Total revenue	57,913		4,449		(118)		62,244
Operating expenses
Cost of services	24,333		1,504		(90)		25,747
Selling, general and administrative	11,898		314		8,026		20,238
Restructuring expense	71		—		1,089		1,160
Depreciation and amortization	12,211		468		1,569		14,248
Total operating expenses	48,513		2,286		10,594		61,393
Operating income (loss)	$	9,400	$	2,163	$	(10,712)	$	851

Nine Months Ended September 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	143,512	$	—	$	—	$	143,512
Commercial Fiber	27,924		—		—		27,924
RLEC & Other	11,952		—		—		11,952
Tower lease	—		13,971		—		13,971
Service revenue and other	183,388		13,971		—		197,359
Intercompany revenue and other	124		255		(379)		—
Total revenue	183,512		14,226		(379)		197,359
Operating expenses
Cost of services	76,801		4,054		(283)		80,572
Selling, general and administrative	41,376		982		26,794		69,152
Restructuring expense	629		—		402		1,031
Impairment expense	4,884		—		—		4,884
Depreciation and amortization	42,724		1,562		2,722		47,008
Total operating expenses	166,414		6,598		29,635		202,647
Operating income (loss)	$	17,098	$	7,628	$	(30,014)	$	(5,288)

Nine Months Ended September 30, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	131,702	$	—	$	—	$	131,702
Commercial Fiber	21,975		—		—		21,975
RLEC & Other	11,208		—		—		11,208
Tower lease	—		8,525		—		8,525
Service revenue and other	164,885		8,525		—		173,410
Revenue for service provided to the discontinued Wireless operations	4,409		5,203		(387)		9,225
Total revenue	169,294		13,728		(387)		182,635
Operating expenses
Cost of services	70,050		4,070		(301)		73,819
Selling, general and administrative	35,429		886		24,396		60,711
Restructuring expense	203		—		1,618		1,821
Impairment expense	99		—		—		99
Depreciation and amortization	35,648		1,398		3,668		40,714
Total operating expenses	141,429		6,354		29,381		177,164
Operating income (loss)	$	27,865	$	7,374	$	(29,768)	$	5,471

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated (loss) income for continuing operations before income taxes is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Total consolidated operating income (loss)	$	(1,771)	$	851	$	(5,288)	$	5,471
Other (expense) income, net	(1,208)		138		(1,967)		3,076
Income (loss) from continuing operations before income taxes	$	(2,979)	$	989	$	(7,255)	$	8,547

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

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


(in thousands)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Revenue:
Service revenue and other	$	—	$	201,076
Equipment revenue	—		12,253
Total revenue	—		213,329
Operating expenses:
Cost of services	—		38,144
Cost of goods sold	—		11,964
Selling, general and administrative	—		17,514
Severance expense	—		465
Total operating expenses	—		68,087
Operating income	—		145,242
Other (expense) income:
Debt extinguishment	(11,032)		(11,032)
Interest expense and other, net	(733)		(9,434)
Gain on sale of disposition of Wireless assets and operations	1,224,815		1,224,815
Income before income taxes	1,213,050		1,349,591
Income tax expense	326,724		363,227
Income from discontinued operations, net of tax	$	886,326	$	986,364

- 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

Basis of Presentation and Other Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unaudited Condensed Consolidated Statement of Comprehensive Income:
Cost of services	$ 27,477	$ 25,747	$ 80,572	$ 73,819
Income (loss) from continuing operations before income taxes	(2,979)	989	(7,255)	8,547
Income tax benefit	(251)	(5,506)	(699)	(2,519)
(Loss) income from continuing operations	(2,728)	6,495	(6,556)	11,066
Net income (loss)	(2,728)	892,821	(6,556)	997,430
Comprehensive income (loss)	$ (2,728)	$ 896,441	$ (6,556)	$ 1,002,136
Net income per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)	$ (0.05)	$ 0.13	$ (0.13)	$ 0.22
Basic net income per share (in dollars per share)	(0.05)	17.86	(0.13)	19.95
Diluted - Income (loss) from continuing operations (in dollars per share)	(0.05)	0.13	(0.13)	0.22
Diluted income per share (in dollars per share)	$ (0.05)	$ 17.81	$ (0.13)	$ 19.89
Pre-Adjustment
Unaudited Condensed Consolidated Statement of Comprehensive Income:
Cost of services		$ 25,426		$ 73,044
Income (loss) from continuing operations before income taxes		1,310		9,322
Income tax benefit		(5,422)		(2,315)
(Loss) income from continuing operations		6,732		11,637
Net income (loss)		893,058		998,001
Comprehensive income (loss)		$ 896,678		$ 1,002,707
Net income per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)		$ 0.13		$ 0.23
Basic net income per share (in dollars per share)		17.86		19.96
Diluted - Income (loss) from continuing operations (in dollars per share)		0.13		0.23
Diluted income per share (in dollars per share)		$ 17.81		$ 19.90
Error Correction
Unaudited Condensed Consolidated Statement of Comprehensive Income:
Cost of services		$ 321		$ 775
Income (loss) from continuing operations before income taxes		(321)		(775)
Income tax benefit		(84)		(204)
(Loss) income from continuing operations		(237)		(571)
Net income (loss)		(237)		(571)
Comprehensive income (loss)		$ (237)		$ (571)
Net income per share, basic and diluted:
Basic - Income (loss) from continuing operations (in dollars per share)		$ 0		$ (0.01)
Basic net income per share (in dollars per share)		0		(0.01)
Diluted - Income (loss) from continuing operations (in dollars per share)		0		(0.01)
Diluted income per share (in dollars per share)		$ 0		$ (0.01)

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Weighted average customer life	6 years
Remaining performance obligations	$ 4.1
Revenue remaining performance obligation, per year	$ 0.2

Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,427	$ 7,524	$ 8,147	$ 7,358
Contract payments	983	710	2,630	2,535
Contract amortization	(729)	(223)	(2,096)	(1,882)
Ending Balance	$ 8,681	$ 8,011	$ 8,681	$ 8,011

Investments - Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments [Abstract]
SERP investments at fair value	$ 1,739	$ 2,317
Cost method investments	10,742	11,004
Equity method investments	303	340
Total investments	$ 12,784	$ 13,661

Investments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Investments - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
SERP investments	$ 0		$ 0		$ 801,000
SERP investments at fair value	1,739,000		1,739,000		2,317,000
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	10,000,000		10,000,000		$ 10,300,000
Other nonoperating income (expense)	$ 13,700	$ 500,000	$ 40,500	$ 1,500,000
Percentage of patronage credit paid in cash	75.00%		75.00%
Percentage of patronage credit paid in share	25.00%		25.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%		20.00%		20.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 100,000	200,000	$ 500,000	500,000
Related party costs	$ 19,200	$ 30,000	$ 73,600	$ 1,100,000

Property, Plant and Equipment - Table (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,158,456	$ 1,028,233
Less: accumulated depreciation and amortization	517,049	474,071
Property, plant and equipment, net	641,407	554,162
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,771	3,771
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,483	3,478
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 97,321	96,323
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	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 558,340	453,405
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	$ 370,620	391,293
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	$ 1,033,535	948,270
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 124,921	$ 79,963

Property, Plant and Equipment - Narrative (Details) $ in Millions		3 Months Ended			9 Months Ended
	Aug. 23, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) cell_site	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation and amortization		$ 17.7		$ 14.1	$ 46.4	$ 40.2
Number of wireless sites closed \| cell_site			20
Number of wireless sites \| cell_site			55
Impairment of long-lived assets to be disposed of			$ 4.1
Asset Purchase Agreement
Property, Plant and Equipment [Line Items]
Asset acquisition, consideration transferred	$ 21.1
Payments to acquire productive assets	17.3
Asset acquisition, consideration transferred, liabilities incurred	$ 3.8

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,597	$ 64,475
Gross carrying amount	28,888	28,888
Accumulated amortization and other	(27,117)	(26,754)
Total	1,771	2,134
Total intangible assets, gross carrying amount	108,729	96,607
Intangible assets, net	81,612	69,853
Goodwill - Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	3,244	3,244
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(26,794)	(26,451)
Total	1,631	1,974
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	463	463
Accumulated amortization and other	(323)	(303)
Total	140	160
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	12,122	0
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141	$ 141

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 0.2	$ 0.2		$ 0.6	$ 0.6
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired		12.1		$ 16.1
FCC Spectrum licenses \| Subsequent Event
Finite-Lived Intangible Assets [Line Items]
Assets refund	$ 4.0
Beam Fixed Wireless Network \| Discontinued Operations, Held-for-sale
Finite-Lived Intangible Assets [Line Items]
Discontinued operation, indefinite-lived intangible assets		13.8			13.8
Discontinued operation, finite-lived intangible assets		5.9			5.9
Discontinued operation, finite-lived intangible assets, liabilities incurred		$ 3.8			$ 3.8

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deposit for FCC spectrum licenses	$ 0	$ 16,118
Prepaid maintenance and software expenses	7,756	8,391
Broadband contract acquisition costs	2,747	2,502
SERP investments	0	801
Other	1,412	2,018
Prepaid expenses and other	$ 11,915	$ 29,830

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,934	$ 5,645
Prepaid maintenance and software expenses	7,233	4,653
Deferred charges and other assets	$ 13,167	$ 10,298

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 2,960	$ 3,084
Sales and property taxes payable	1,564	1,065
Restructuring accrual	414	1,761
Other current liabilities	9,102	8,701
Accrued liabilities and other	$ 14,040	$ 14,611

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 20,528	$ 19,749
Noncurrent portion of financing leases	1,501	1,614
Other	30	461
Other liabilities	$ 22,059	$ 21,824

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Restructuring expense	$ 641	$ 1,160	$ 1,031	$ 1,821
Workforce Reduction Program
Business Acquisition [Line Items]
Payments for restructuring			$ 1,400	2,000
Workforce Reduction Program \| Continuing Operations
Business Acquisition [Line Items]
Restructuring expense		1,200		1,800
Workforce Reduction Program \| Discontinued Operations
Business Acquisition [Line Items]
Restructuring expense		$ 2,000		$ 2,500

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease, weighted average remaining lease term	20 years		20 years
Operating lease, weighted average discount rate, percent	4.40%		4.40%
Finance lease, weighted average remaining lease term	13 years		13 years
Finance lease, weighted average discount rate, percent	5.20%		5.20%
Operating lease, cost	$ 2.6	$ 2.3	$ 8.3	$ 5.7
Finance lease, cost	0.1	0.1	0.4	0.4
Operating lease, payments			4.6	4.2
Right-of-use asset obtained in exchange for operating lease liability			3.3	7.3
Sublease income	$ 4.0	$ 2.4	$ 13.8	$ 7.1

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases
2022	$ 964
2023	5,478
2024	5,130
2025	4,918
2026	4,420
2027 and thereafter	68,958
Total lease payments	89,868
Less: Interest	34,905
Present value of lease liabilities	54,963
Finance Leases
2022	20
2023	176
2024	178
2025	180
2026	153
2027 and thereafter	1,514
Total lease payments	2,221
Less: Interest	624
Present value of lease liabilities	1,597
Total
2022	984
2023	5,654
2024	5,308
2025	5,098
2026	4,573
2027 and thereafter	70,472
Total lease payments	92,089
Less: Interest	35,529
Present value of lease liabilities	$ 56,560

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 5,181
2023	14,941
2024	13,805
2025	12,895
2026	9,877
2027 and thereafter	30,338
Total	$ 87,037

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 25,000	$ 0
Less: unamortized loan fees	26	0
Total debt, net of unamortized loan fees	24,974	0
Term loan A-1
Debt Instrument [Line Items]
Total debt	12,500	0
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 12,500	$ 0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Narrative (Details) - USD ($)			9 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2022	Jul. 01, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Proceeds from secured debt	$ 25,000,000
Basis spread on variable rate			4.64%
Interest paid			$ 243,000	$ 10,397,000
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
Term of credit facility		5 years
Proceeds from secured debt	12,500,000
Term loan A-1 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
Term of credit facility		7 years
Proceeds from secured debt	$ 12,500,000
Term loan A-2 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Term of credit facility		5 years

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (626)	$ 208	$ (1,524)	$ 1,795
State income tax (benefit) expense, net of federal tax effect	(148)	82	(361)	551
Revaluation of deferred tax liabilities	(108)	(7,675)	(108)	(6,629)
Stranded tax effects reclassified from other comprehensive income	0	1,620	0	1,620
Excess tax deficiency (benefit) from share-based compensation and other expense, net	631	259	1,294	144
Income tax (benefit) expense	$ (251)	$ (5,506)	$ (699)	$ (2,519)

- Definition

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

+ References + Details

Income Taxes - Narrative (Details) - USD ($)	9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Proceeds from income tax refunds	$ 0	$ 24,900,000

Stock Compensation and (Loss) Earnings per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 02, 2021	Jul. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 1,800	$ 1,200	$ 7,299	$ 1,953
Anti-dilutive awards outstanding (fewer than)(in shares)			252,000	215,000	165,000	215,000
Common stock, dividends, per share, declared (in dollar per share)		$ 18.75		$ 18.75		$ 18.75
Dividends payout	$ 937,000
Employees \| Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					100,000
Granted (in dollars per share)					$ 23.83
Employees And Directors \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					518,000
Employees And Directors \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)					$ 18.84
Employees And Directors \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)					$ 25.92

Stock Compensation and (Loss) Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
(Loss) income from continuing operations	$ (2,728)	$ 6,495	$ (6,556)	$ 11,066
Total income from discontinued operations, net of tax	0	886,326	0	986,364
Net (loss) income	$ (2,728)	$ 892,821	$ (6,556)	$ 997,430
Basic weighted average shares outstanding (in shares)	50,183	49,984	50,153	49,984
Basic net income per share - continuing operations (in dollars per share)	$ (0.05)	$ 0.13	$ (0.13)	$ 0.22
Basic net income per share - discontinued operations (in dollars per share)	0	17.73	0	19.73
Basic net income (loss) per share (in dollars per share)	$ (0.05)	$ 17.86	$ (0.13)	$ 19.95
Effect from dilutive shares and options outstanding (in shares)	0	136	0	152
Diluted weighted average shares outstanding (in shares)	50,183	50,120	50,153	50,136
Diluted net income per share - continuing operations (in dollars per share)	$ (0.05)	$ 0.13	$ (0.13)	$ 0.22
Diluted net income per share - discontinued operations (in dollars per share)	0	17.68	0	19.67
Diluted net income (loss) per share (in dollars per share)	$ (0.05)	$ 17.81	$ (0.13)	$ 19.89

Government Grants (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
Government Grants (Details) - USD ($) $ in Millions	Jul. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Other Income [Line Items]
Increase (decrease) in grants receivable		$ 57.8
Grants receivable, performance condition period			5 years
Lewis County, West Virginia
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 1.1
Frederick County, Maryland
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 10.2

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
External revenue
Service revenue and other	$ 66,924	$ 62,244	$ 197,359	$ 182,635
Operating expenses
Cost of services exclusive of depreciation and amortization	27,477	25,747	80,572	73,819
Selling, general and administrative	22,227	20,238	69,152	60,711
Restructuring expense	641	1,160	1,031	1,821
Impairment expense	477	0	4,884	99
Depreciation and amortization	17,873	14,248	47,008	40,714
Operating (loss) income	(1,771)	851	(5,288)	5,471
Operating Segments
Operating expenses
Selling, general and administrative	22,227	20,238	69,152	60,711
Restructuring expense	641	1,160	1,031	1,821
Impairment expense	477		4,884	99
Depreciation and amortization	17,873	14,248	47,008	40,714
Total operating expenses	68,695	61,393	202,647	177,164
Operating (loss) income	(1,771)	851	(5,288)	5,471
Operating Segments \| Broadband
External revenue
Service revenue and other	62,386	57,913	183,512	169,294
Operating expenses
Selling, general and administrative	13,946	11,898	41,376	35,429
Restructuring expense	169	71	629	203
Impairment expense	477		4,884	99
Depreciation and amortization	16,791	12,211	42,724	35,648
Total operating expenses	57,576	48,513	166,414	141,429
Operating (loss) income	4,810	9,400	17,098	27,865
Operating Segments \| Tower
External revenue
Service revenue and other	4,677	4,449	14,226	13,728
Operating expenses
Selling, general and administrative	258	314	982	886
Restructuring expense	0	0	0	0
Impairment expense	0		0	0
Depreciation and amortization	445	468	1,562	1,398
Total operating expenses	2,087	2,286	6,598	6,354
Operating (loss) income	2,590	2,163	7,628	7,374
Intersegment Eliminations
External revenue
Service revenue and other	(47)	74	0	9,225
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other	25	99	124	4,409
Intersegment Eliminations \| Tower
External revenue
Service revenue and other	67	93	255	5,203
Intersegment Eliminations \| Corporate & Eliminations
External revenue
Service revenue and other	(139)	(118)	(379)	(387)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	8,023	8,026	26,794	24,396
Restructuring expense	472	1,089	402	1,618
Impairment expense	0		0	0
Depreciation and amortization	637	1,569	2,722	3,668
Total operating expenses	9,032	10,594	29,635	29,381
Operating (loss) income	(9,171)	(10,712)	(30,014)	(29,768)
Residential & SMB \| Operating Segments
External revenue
Service revenue and other	48,700	44,783	143,512	131,702
Residential & SMB \| Operating Segments \| Broadband
External revenue
Service revenue and other	48,700	44,783	143,512	131,702
Residential & SMB \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Commercial Fiber \| Operating Segments
External revenue
Service revenue and other	9,522	9,059	27,924	21,975
Commercial Fiber \| Operating Segments \| Broadband
External revenue
Service revenue and other	9,522	9,059	27,924	21,975
Commercial Fiber \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
RLEC & Other \| Operating Segments
External revenue
Service revenue and other	4,139	3,972	11,952	11,208
RLEC & Other \| Operating Segments \| Broadband
External revenue
Service revenue and other	4,139	3,972	11,952	11,208
RLEC & Other \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments
External revenue
Service revenue and other	4,610	4,356	13,971	8,525
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other	4,610	4,356	13,971	8,525
Service revenue and other \| Operating Segments
External revenue
Service revenue and other	66,971	62,170	197,359	173,410
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	62,361	57,814	183,388	164,885
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other	4,610	4,356	13,971	8,525
Cost of services \| Operating Segments
Operating expenses
Cost of services exclusive of depreciation and amortization	27,477	25,747	80,572	73,819
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services exclusive of depreciation and amortization	26,193	24,333	76,801	70,050
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services exclusive of depreciation and amortization	1,384	1,504	4,054	4,070
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services exclusive of depreciation and amortization	$ (100)	$ (90)	$ (283)	$ (301)

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Operating income (loss)	$ (1,771)	$ 851	$ (5,288)	$ 5,471
Other (expense) income, net	(1,208)	138	(1,967)	3,076
(Loss) income from continuing operations before income taxes	$ (2,979)	$ 989	$ (7,255)	$ 8,547

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Discontinued Operations - Narrative (Details) $ in Millions	Jul. 01, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Waived management fees	$ 60
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds	$ 1,940

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Revenue:
Total revenue	$ 0	$ 213,329
Operating expenses:
Selling, general and administrative	0	17,514
Severance expense	0	465
Total operating expenses	0	68,087
Operating income	0	145,242
Other (expense) income:
Debt extinguishment	(11,032)	(11,032)
Interest expense and other, net	(733)	(9,434)
Gain on sale of disposition of Wireless assets and operations	1,224,815	1,224,815
Income before income taxes	1,213,050	1,349,591
Income tax expense	326,724	363,227
Income from discontinued operations, net of tax	886,326	986,364
Service revenue and other
Revenue:
Total revenue	0	201,076
Equipment revenue
Revenue:
Total revenue	0	12,253
Cost of services
Operating expenses:
Cost of services and cost of goods sold	0	38,144
Cost of goods sold
Operating expenses:
Cost of services and cost of goods sold	$ 0	$ 11,964