0001628280-23-004441 | 10-K | XBRL Viewer | Shenandoah Telecommunications Cova

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		50,204,452
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 0.8
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2023 annual meeting of shareholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2023 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000354963
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	RSM US LLP
Auditor Location	Fort Lauderdale, Florida
Auditor Firm ID	49

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,061	$ 84,344
Accounts receivable, net of allowance for doubtful accounts of $776 and $352, respectively	20,615	22,005
Income taxes receivable	29,755	30,188
Prepaid expenses and other	11,509	29,830
Current assets held for sale	22,622	0
Total current assets	128,562	166,367
Investments	12,971	13,661
Property, plant and equipment, net	687,553	554,162
Goodwill and intangible assets, net	81,515	89,831
Operating lease right-of-use assets	53,859	56,414
Deferred charges and other assets	13,259	10,298
Total assets	977,719	890,733
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	648	0
Accounts payable	49,173	28,542
Advanced billings and customer deposits	12,425	11,128
Accrued compensation	9,616	9,653
Current operating lease liabilities	2,829	3,318
Accrued liabilities and other	17,906	14,649
Current liabilities held for sale	3,824	0
Total current liabilities	96,421	67,290
Long-term debt, less current maturities, net of unamortized loan fees	74,306	0
Other long-term liabilities:
Deferred income taxes	84,600	86,014
Asset retirement obligations	9,932	9,615
Benefit plan obligations	3,758	8,216
Non-current operating lease liabilities	50,477	51,692
Other liabilities	20,218	25,631
Total other long-term liabilities	168,985	181,168
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,110 and 49,965 issued and outstanding at December 31, 2022 and 2021, respectively	0	0
Additional paid in capital	57,453	49,351
Retained earnings	580,554	592,924
Total shareholders’ equity	638,007	642,275
Total liabilities and shareholders’ equity	$ 977,719	$ 890,733

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 776	$ 352
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	50,110,000	49,965,000
Common stock, shares outstanding (in shares)	50,110,000	49,965,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 267,371	$ 245,239	$ 220,775
Operating expenses
Cost of services exclusive of depreciation and amortization	107,546	102,299	89,657
Selling, general and administrative	92,392	82,451	85,016
Restructuring expense	1,251	1,727	0
Impairment expense	5,241	5,986	0
Depreciation and amortization	68,899	55,206	48,703
Total operating expenses	275,329	247,669	223,376
Operating loss	(7,958)	(2,430)	(2,601)
Other (expense) income:
Other (expense) income, net	(1,348)	8,665	3,187
(Loss) income from continuing operations before income taxes	(9,306)	6,235	586
Income tax benefit	(927)	(1,694)	(990)
(Loss) income from continuing operations	(8,379)	7,929	1,576
Discontinued operations:
Income from discontinued operations, net of tax	0	94,667	124,097
Gain on the sale of discontinued operations, net of tax	0	896,235	0
Total income from discontinued operations, net of tax	0	990,902	124,097
Net (loss) income	(8,379)	998,831	125,673
Other comprehensive income (loss):
Unrealized income (loss) on interest rate hedge, net of tax	0	4,706	(5,014)
Comprehensive (loss) income	$ (8,379)	$ 1,003,537	$ 120,659
Net (loss) income per share, basic and diluted:
Basic - (Loss) income from continuing operations (in dollars per share)	$ (0.17)	$ 0.16	$ 0.03
Basic - Income from discontinued operations, net of tax (in dollars per share)	0	19.81	2.49
Basic net (loss) income per share (in dollars per share)	(0.17)	19.97	2.52
Diluted - (Loss) income from continuing operations (in dollars per share)	(0.17)	0.16	0.03
Diluted - Income from discontinued operations, net of tax (in dollars per share)	0	19.76	2.48
Diluted net (loss) income per share (in dollars per share)	$ (0.17)	$ 19.92	$ 2.51
Weighted average shares outstanding, basic (in shares)	50,155	50,026	49,901
Weighted average shares outstanding, diluted (in shares)	50,155	50,149	50,024
Cash dividends declared per share (in dollars per share)	$ 0.08	$ 18.82	$ 0.34

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2019		49,671,000
Beginning balance at Dec. 31, 2019	$ 468,135		$ 42,110	$ 425,717	$ 308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	125,673			125,673
Net loss on interest rate swaps, net of tax	(5,014)				(5,014)
Dividends declared	(16,950)			(16,950)
Dividends reinvested in common stock	(2)		(2)
Stock based compensation (in shares)		156,000
Stock-based compensation	6,833		6,833
Stock options exercised	36		36
Common stock issued (in shares)		1,000
Common stock issued	31		31
Annual dividend reinvestment (in shares)		12,000
Annual dividend reinvestment	526		526
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(48,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(2,217)		(2,217)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)		76,000
Ending balance (in shares) at Dec. 31, 2020		49,868,000
Ending balance at Dec. 31, 2020	577,051		47,317	534,440	(4,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	998,831			998,831
Net loss on interest rate swaps, net of tax	4,706				4,706
Dividends declared	(940,347)			(940,347)
Stock based compensation (in shares)		133,000
Stock-based compensation	3,661		3,661
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(36,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	$ (1,627)		(1,627)
Ending balance (in shares) at Dec. 31, 2021	49,965,000	49,965,000
Ending balance at Dec. 31, 2021	$ 642,275		49,351	592,924	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(8,379)			(8,379)
Dividends declared	(3,991)			(3,991)
Stock based compensation (in shares)		194,000
Stock-based compensation	9,178		9,178
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(49,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	$ (1,076)		(1,076)
Ending balance (in shares) at Dec. 31, 2022	50,110,000	50,110,000
Ending balance at Dec. 31, 2022	$ 638,007		$ 57,453	$ 580,554	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (8,379)	$ 998,831	$ 125,673
Income from discontinued operations, net of tax	0	990,902	124,097
(Loss) income from continuing operations	(8,379)	7,929	1,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	68,175	54,389	47,964
Amortization	724	817	739
Accretion of asset retirement obligations	531	421	333
Bad debt expense	1,972	1,028	1,220
Stock-based compensation expense, net of amount capitalized	8,528	3,408	5,907
Deferred income taxes	(1,414)	22,263	14,906
Restructuring expense	1,251	1,727	0
Impairment expense	5,241	5,986	0
Other, net	(824)	481	(1,311)
Changes in assets and liabilities:
Accounts receivable	(583)	163	(7,318)
Current income taxes	434	(25,149)	(15,896)
Operating lease right-of-use assets	6,322	4,779	3,980
Other assets	(451)	(7,005)	(2,505)
Accounts payable	19	2,976	(663)
Lease liabilities	(5,471)	(4,333)	(3,067)
Other deferrals and accruals	(1,180)	(6,427)	7,494
Net cash provided by operating activities - continuing operations	74,895	63,453	53,359
Net cash (used in) provided by operating activities - discontinued operations	0	(314,387)	249,508
Net cash provided by (used in) operating activities	74,895	(250,934)	302,867
Cash flows from investing activities:
Capital expenditures	(189,609)	(160,101)	(120,450)
Cash disbursed for acquisitions	0	0	(1,890)
Refund received (cash disbursed) for deposit on FCC spectrum leases	3,996	0	(16,118)
Proceeds from sale of assets and other	1,434	366	370
Net cash used in investing activities - continuing operations	(184,179)	(159,735)	(138,088)
Net cash provided by (used in) investing activities - discontinued operations	0	1,944,089	(17,500)
Net cash (used in) provided by investing activities	(184,179)	1,784,354	(155,588)
Cash flows from financing activities:
Proceeds from term loan borrowings	75,000	0	0
Payments for debt issuance costs	0	(841)	0
Dividends paid, net of dividends reinvested	(3,991)	(940,256)	(16,424)
Taxes paid for equity award issuances	(1,076)	(1,627)	(2,217)
Payments for financing arrangements and other	(932)	(1,193)	(769)
Net cash provided by (used in) financing activities - continuing operations	69,001	(943,917)	(19,410)
Net cash used in financing activities - discontinued operations	0	(700,556)	(34,123)
Net cash provided by (used in) financing activities	69,001	(1,644,473)	(53,533)
Net (decrease) increase in cash and cash equivalents	(40,283)	(111,053)	93,746
Cash and cash equivalents, beginning of period	84,344	195,397	101,651
Cash and cash equivalents, end of period	$ 44,061	$ 84,344	$ 195,397

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment. Our Tower segment owns 222 cell towers and leases colocation space on those towers to wireless communications providers, refer to Note 14, Segment Reporting, for additional information.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

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

Revenue recognition: The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers, (“ASC 606”).

Our Broadband segment provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as an RLEC.

These contracts are generally cancellable at the customer’s discretion without penalty at any time. Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. 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. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. 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 customer benefit period.

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 initial contract term.

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

Advertising Costs: The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations. Advertising expense for the years ended December 31, 2022, 2021 and 2020 was $6.8 million, $4.4 million and $2.7 million, respectively.

Fair value measurements: The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3).

The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models.

The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. The carrying amount of the Company's debt balance from term loans, which have a floating interest rate, approximate fair value.

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

Allowance for doubtful accounts: Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.

Investments: The Company investments measured at fair value primarily consist of Supplemental executive retirement plan (“SERP”) 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 six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation.

The Company's investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank.

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

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

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

Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting units align with our reportable segments. We evaluated our reporting units for impairment on October 1, 2022 on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends. We concluded that there were no indicators that a reporting unit impairment was more likely than not.

We evaluated our cable franchise rights for impairment on October 1, 2022 utilizing a quantitative assessment. Our quantitative assessment compared an estimated fair value of the cable franchise rights to their book value. To estimate fair value we used a greenfield model, a method under the income approach, which reflected the expected discounted cash flows of a notional start-up business with no assets other than the cable franchise rights being valued. The primary assumptions utilized in the analysis include assumptions regarding revenue growth, the amount and timing of capital expenditures, EBITDA margins and the discount rate utilized. We concluded that no impairment existed.

Long-lived assets: Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reportable segments. We evaluated our asset groups for impairment during the fourth quarter of 2022 and concluded that there were no indicators that an asset group impairment was more likely than not, with the exception of those described in Note 5, Property, Plant and Equipment.

Asset retirement obligations: Certain of the Company’s lease agreements contain provisions requiring the Company to restore facilities or remove property in the event that the lease agreement is not renewed. The Company records an estimate for the cost to comply with these provisions based on what a willing third party would charge for the retirement activity on the date of recognizing the asset retirement obligation. Upon retirement of the related asset and performance of the asset retirement activities, the Company derecognizes the asset retirement obligation and records a gain or loss to reflect the difference between the Company's estimate and the actual cost to retire the asset.

Benefit plan obligations: The Benefit Plan Obligations caption includes the following:


($ in thousands)	December 31, 2022		December 31, 2021
Pension plan	$	—	$	2,393
Postretirement medical benefits plan	1,869		3,506
Supplemental executive retirement plan	1,889		2,317
Total	$	3,758	$	8,216

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

As of December 31, 2022 and 2021, the fair value of our pension plan assets were $21.3 million and $31.1 million, respectively. These investments are held in mutual funds, and are valued based on the net asset value per share. Our Pension Plan's projected benefit obligation was $24.7 million and $33.5 million, at December 31, 2022 and 2021, respectively. The Pension Plan liability was discounted at 4.90% and 2.74% at December 31, 2022 and 2021, respectively.

On October 13, 2021, the Company adopted a resolution to terminate its pension plan. The expected termination will result in a payout of all existing obligations either through lump sum payments or through the purchase of annuity contracts at the option of the pension plan's participants. The Company expects the pension plan termination to be completed by December 31, 2023. Consequently, the net benefit plan obligation for the pension plan, with a balance of approximately $3.4 million, is presented in accrued liabilities and other in the Company's consolidated balance sheet at December 31, 2022.

The postretirement medical benefits plan is a frozen, unfunded, defined benefit plan. The postretirement plan liability was discounted at 5.00% and 2.70% at December 31, 2022 and 2021, respectively.

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

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

The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.

Income taxes: The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

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

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.

Stock-based compensation: The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded using the straight-line method consistent with the recipient's respective service period. The fair value for the Company's restricted stock units (“RSUs”) are determined using the Company's stock price and the fair value for the Company's Relative Total Shareholder Return (“RTSR”) awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company's share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.

Segments: The Company’s chief operating decision maker (“CODM”) regularly reviews the Company’s results to assess performance and allocates resources at the level of the Company's two operating segments, Broadband and Tower. Given the differences in the characteristics of the Company's operating segments, management has determined that the operating segments cannot be combined into one reportable segment. As such, the Company has two reportable segments, Broadband and Tower.

New Accounting Standards

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard 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. We adopted ASU 2021-10 in 2022 and have included the new disclosure requirements in Note 12, Government Grants.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Our Broadband segment provides broadband data, video and voice services to residential, SMB and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as an RLEC.

Contract Assets

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company's consolidated statements of comprehensive (loss) income.

The following tables present the activity of current and non-current contract assets:


(in thousands)	2022		2021
Beginning Balance	$	8,147	$	7,358
Commission payments	3,355		3,229
Contract asset amortization	(2,856)		(2,440)
Ending Balance	$	8,646	$	8,147

Contract Liabilities

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are changed upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits in its consolidated balance sheets and the Company’s non-current contract liabilities are included in other liabilities in its consolidated balance sheets. The current contract liabilities at December 31, 2021 were recognized within revenues in the Company’s consolidated statement of comprehensive (loss) income during 2022. Shentel anticipates the current contract liability balance of $9.5 million as of December 31, 2022 to be recognized within revenues in the next twelve months and the non-current contract liability balance of $1.9 million to be recognized within revenues after twelve months.

No customers accounted for more than 10% of revenue for the years ended December 31, 2022, 2021, and 2020 and no customer made up more than 10% of accounts receivable at December 31, 2022 and 2021.

Refer to Note 14, Segment Reporting, for a summary of the Company's 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
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-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
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-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

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	December 31, 2022		December 31, 2021
SERP investments at fair value	$	1,889	$	2,317
Cost method investments	10,749		11,004
Equity method investments	333		340
Total investments	$	12,971	$	13,661

SERP investments at fair value: 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’s Class A common stock, derived from the CoBank patronage program, represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at December 31, 2022 and 2021, respectively. We recognized approximately $70.7 thousand, $2.0 million and $4.2 million of patronage income in other income (expense) in 2022, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity.

Equity method investments: At December 31, 2022, 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 $0.7 million, $0.7 million, and $0.9 million from providing service to ValleyNet during 2022, 2021, and 2020, respectively. We recognized cost of service of $0.1 million, $1.2 million, and $2.7 million for the use of ValleyNet’s network during 2022, 2021, and 2020, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


(in thousands)	Estimated Useful Lives	December 31, 2022		December 31, 2021
Land		$	3,722	$	3,771
Land improvements	10 years	3,483		3,478
Buildings and structures	10 - 45 years	93,461		96,323
Cable and fiber	15 - 30 years	593,771		453,405
Equipment and software	4 - 8 years	317,347		391,293
Plant in service		1,011,784		948,270
Plant under construction		144,534		79,963
Total property, plant and equipment		1,156,318		1,028,233
Less: accumulated depreciation and amortization		(468,765)		(474,071)
Property, plant and equipment, net		$	687,553	$	554,162

Property, plant and equipment, net increased due primarily to capital expenditures in the Broadband segment driven by our Glo Fiber market expansion. The Company's accounts payable as of December 31, 2022 included amounts associated with capital expenditures of approximately $43.8 million. Cash flows for accounts payable and capital expenditures exclude this activity. Depreciation and amortization expense was $68.2 million, $54.4 million, and $48.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. In 2022, the Company improved internal controls over property, plant, and equipment. The enhanced controls identified fully depreciated assets no longer held by the Company. Accordingly, the Company made adjustments to reduce the cost of buildings and structures, cable and fiber, and equipment and software by $0.3 million, $0.1 million, and $62.9 million, respectively, with an offset to accumulated depreciation at December 31, 2022.

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 FCC spectrum licenses and leases utilized in the Company's Beam branded fixed wireless service for total consideration of approximately $21.5 million, composed of $17.7 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 ceased its remaining Beam operations in the fourth quarter of 2022 and accelerated depreciation for remaining Beam network assets. Shentel recorded $7.4 million in accelerated depreciation for the year ended December 31, 2022.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company’s goodwill and intangible assets consist of the following:


	December 31, 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		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	—		—		—		6,811		(672)		6,139
Subscriber relationships	28,425		(26,910)		1,515		28,425		(26,451)		1,974
Other intangibles	488		(329)		159		463		(303)		160
Total finite-lived intangibles	28,913		(27,239)		1,674		35,699		(27,426)		8,273
Total goodwill and intangible assets	$	108,754	$	(27,239)	$	81,515	$	117,257	$	(27,426)	$	89,831

Amortization expense was $0.7 million, $0.8 million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, 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 the licenses with a deposit value of $12.1 million. The Company recorded these licenses as indefinite-lived intangible assets. These licenses are not subject to the Spectrum Transaction described above. The remaining $4.0 million of the deposit was returned to the Company in the form of a cash refund in the fourth quarter of 2022.

As described in Note 5, 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 Company evaluated the events described here and in Note 5, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company’s business.

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


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2022:


(in thousands)	Amortization of Intangible Assets

2023	$	489
2024	489
2025	483
2026	103
2027	65
Thereafter	45
Total	$	1,674

Other Assets and Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

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


(in thousands)	December 31, 2022		December 31, 2021
Deposit for FCC spectrum licenses	$	—	$	16,118
Prepaid maintenance expenses	7,444		8,391
Broadband contract acquisition costs	2,809		2,502
SERP investments	—		801
Other	1,256		2,018
Prepaid expenses and other	$	11,509	$	29,830

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


(in thousands)	December 31, 2022		December 31, 2021
Broadband contract acquisition costs	$	5,837	$	5,645
Prepaid expenses and other	7,422		4,653
Deferred charges and other assets	$	13,259	$	10,298

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


(in thousands)	December 31, 2022		December 31, 2021
Accrued programming costs	3,306		$	3,084
Pension plan	3,341		—
Restructuring accrual	146		1,761
Other current liabilities	11,113		9,804
Accrued liabilities and other	$	17,906	$	14,649

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


(in thousands)	December 31, 2022		December 31, 2021
Noncurrent portion of deferred revenue	$	18,679	$	19,749
Noncurrent portion of financing leases	1,500		1,614
FCC spectrum license obligations	—		3,807
Other	39		461
Other liabilities	$	20,218	$	25,631

Restructuring activities

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 $1.7 million and $2.1 million in severance payments for the years ended December 31, 2022 and 2021, respectively. For the year ended December 31, 2021, we recognized expenses of $1.7 million and $2.2 million, presented in continuing and discontinued operations, respectively.

Asset Retirement Obligations:

Our asset retirement obligations (“ARO”) arise from certain of our leases and generally require us to remove our towers from ground leases. Current ARO liabilities are recorded in accrued liabilities and other in the Company’s consolidated balance sheets. Below is a summary of our current and non-current asset retirement obligations:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Balance at beginning of year	$	9,824	$	5,113	$	6,152
Additional asset retirement obligations recorded and changes to prior estimates	1,198		4,290		(1,371)
Liabilities settled	(185)		—		—
Accretion expense	531		421		332
Balance at end of year	$	11,368	$	9,824	$	5,113

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

At December 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of thirteen years and a weighted average discount rate of 5.2%.

We recognized $7.6 million, $7.1 million and $6.6 million of operating lease expense for the years ended December 31, 2022, 2021 and 2020, respectively. We recognized $0.6 million of interest and depreciation expense on finance leases for each of the years ended December 31, 2022, 2021 and 2020. 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 $6.1 million, $5.6 million, and $4.4 million of operating lease payments during the years ended December 31, 2022, 2021 and 2020, respectively. We also obtained $2.5 million, $11.1 million and $6.8 million of leased assets in exchange for new operating lease liabilities, including new and modified agreements, recognized during the years ended December 31, 2022, 2021 and 2020, respectively.

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	4,987	$	176	$	5,163
2024	5,102		178		5,280
2025	4,897		180		5,077
2026	4,405		153		4,558
2027	3,634		155		3,789
2028 and thereafter	64,443		1,359		65,802
Total lease payments	87,468		2,201		89,669
Less: interest	(34,162)		(604)		(34,766)
Present value of lease liabilities	$	53,306	$	1,597	$	54,903

We recognized $18.4 million, $11.1 million, and $9.1 million of operating lease revenue for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of comprehensive (loss) income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:


(in thousands)	Operating Leases
2023	$	15,100
2024	13,710
2025	12,791
2026	9,754
2027	8,258
2028 and thereafter	21,572
Total	$	81,185

Leases

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	4,987	$	176	$	5,163
2024	5,102		178		5,280
2025	4,897		180		5,077
2026	4,405		153		4,558
2027	3,634		155		3,789
2028 and thereafter	64,443		1,359		65,802
Total lease payments	87,468		2,201		89,669
Less: interest	(34,162)		(604)		(34,766)
Present value of lease liabilities	$	53,306	$	1,597	$	54,903

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:


(in thousands)	Operating Leases
2023	$	15,100
2024	13,710
2025	12,791
2026	9,754
2027	8,258
2028 and thereafter	21,572
Total	$	81,185

Leases

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	4,987	$	176	$	5,163
2024	5,102		178		5,280
2025	4,897		180		5,077
2026	4,405		153		4,558
2027	3,634		155		3,789
2028 and thereafter	64,443		1,359		65,802
Total lease payments	87,468		2,201		89,669
Less: interest	(34,162)		(604)		(34,766)
Present value of lease liabilities	$	53,306	$	1,597	$	54,903

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:


(in thousands)	Operating Leases
2023	$	15,100
2024	13,710
2025	12,791
2026	9,754
2027	8,258
2028 and thereafter	21,572
Total	$	81,185

Debt

12 Months Ended

Dec. 31, 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 (the “Revolver”), (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” and collectively with Term Loan A-1, the “Term Loans”). The following loans were outstanding under the Credit Agreement:


(in thousands)	December 31, 2022		December 31, 2021
Term loan A-1	$	37,500	$	—
Term loan A-2	37,500		—
Total debt	75,000		—
Less: unamortized loan fees	(46)		—
Total debt, net of unamortized loan fees	$	74,954	$	—

Both Term Loan A-1 and Term Loan A-2 bear interest at one-month LIBOR plus a margin of 1.50%. The margin of 1.50% is variable and determined by the Company’s net leverage ratio. Interest is paid monthly. The interest rate was 4.39% at December 31, 2022. Our cash payments for interest were $0.6 million, $10.4 million and $18.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Interest paid in 2021 and 2020 was incurred and paid under a prior credit agreement which was repaid in connection with the sale of the Wireless business in 2021. Refer to Note 15, Discontinued Operations, for details concerning the sale of the Wireless business. Shentel is charged commitment fees on unutilized portions

of its Revolver and Term Loans. The Company recorded $0.7 million related to these fees for the year ended December 31, 2022, which is included in other (expense) income, net in the consolidated statements of comprehensive (loss) income.

The Credit Agreement contains a borrowing deadline of June 30, 2023, after which the Company will not be able to borrow against the undrawn portion of the Term Loans. The Company expects to borrow the remaining $225.0 million available under the Term Loans by the borrowing deadline.

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

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

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of December 31, 2022, Term Loan A-1 requires quarterly principal repayments of $0.2 million from September 30, 2023 through June 30, 2024; then increasing to $0.5 million quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of December 31, 2022, Term Loan A-2 requires quarterly principal repayments of $0.1 million through March 31, 2028, with the remaining balance due June 30, 2028. These scheduled payments are also summarized below:


(in thousands)	Amount
2023	$	656
2024	1,781
2025	2,250
2026	34,125
2027	375
2028 and thereafter	35,813
Total	$	75,000

Shentel has not made any borrowings under its Revolver as of December 31, 2022. In the event borrowings are made in the future, the entire outstanding principal amount borrowed is due June 30, 2026.

The International Exchange (ICE) Benchmark Administration ceased the publication of one-week and two-month LIBOR on December 31, 2021 and the remaining tenors (overnight, one-month, three-month, six-month and 12-month) will cease to be published 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1C
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


	Years Ended December 31,
(in thousands)	2022			2021			2020
Current expense (benefit)
Federal taxes	$	673		$	(21,392)		$	(13,748)
State taxes	(186)			(2,565)			(2,148)
Total current provision	487			(23,957)			(15,896)
Deferred (benefit) expense
Federal taxes	(1,119)			25,518			13,325
State taxes	(295)			(3,255)			1,581
Total deferred (benefit) expense	(1,414)			22,263			14,906
Income tax benefit	$	(927)		$	(1,694)		$	(990)
Effective tax rate	10.0		%	(27.2)		%	(168.9)		%

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Expected tax (benefit) expense at federal statutory	$	(1,954)	$	1,310	$	24
State income taxes, net of federal tax effect	(410)		438		54
Revaluation of deferred tax liabilities	—		(5,206)		—
Stranded tax effects reclassified from other comprehensive income	—		1,620		—
Excess tax expense (benefit) from share based compensation and other expense, net	818		144		(1,068)
Valuation allowance	619		—		—
Income tax benefit	$	(927)	$	(1,694)	$	(990)

The change in effective tax rate between 2022 and 2021 was primarily a result of decreased income tax benefit due to a one-time benefit realized in 2021 as a result of the 2021 disposition of Wireless assets and operations (see Note 15, Discontinued Operations).

The Company's cash payments for income taxes were $0.1 million and $11.2 million for the years ended December 31, 2022 and 2021, respectively. The Company's cash refunds for income taxes were $9.5 million for the year ended December 31, 2020.

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


(in thousands)	December 31, 2022		December 31, 2021
Deferred tax assets:
Leases	$	14,809	$	15,483
Asset retirement obligations	2,972		2,581
Net operating loss carry-forwards	28,398		5,878
Pension liabilities	978		2,148
Accruals and stock-based compensation	3,087		2,572
Other	5,767		6,300
Total gross deferred tax assets	56,011		34,962
Less valuation allowance	(619)		—
Net deferred tax assets	55,392		34,962

Deferred tax liabilities:
Property, plant and equipment	109,852		92,449
Leases	14,541		15,410
Intangible assets	12,867		10,710
Prepaid assets and other	2,732		2,407
Total gross deferred tax liabilities	139,992		120,976
Net deferred tax liabilities	$	84,600	$	86,014

The Company has a deferred tax asset of $28.4 million related to federal and various state net operating losses. As of December 31, 2022, the Company had approximately $125.6 million of federal net operating losses, including approximately $97.8 million of federal net operating losses generated after 2017. Federal net operating losses generated prior to 2018 expire through 2027. The Company also had approximately $40.0 million of state net operating losses, which can be carried forward indefinitely. The Company's income tax benefit for the year ended December 31, 2022 included tax expense of $0.6 million for a valuation allowance on deferred tax assets related to federal net operating losses expected to expire unutilized. The Company had no valuation allowances on deferred tax assets as of December 31, 2021.

As of December 31, 2022 and 2021, the Company had no unrecognized tax benefits.

The Company is not currently subject to state or federal income tax audits as of December 31, 2022. The Company's returns are generally open to examination from 2019 forward and the net operating losses acquired from nTelos are open to examination from 2003 forward.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock Compensation, Earnings per Share, and Dividends

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation, Earnings per Share, and Dividends

The Company's 2014 Stock Incentive Plan (the “Plan”) allows for the grant of equity based incentive compensation to all employees. The Plan authorizes grants of up to an additional 4,200,000 shares over a ten-year period beginning in 2014. Under the Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation; both options to acquire stock and stock awards were granted. As of December 31, 2022, the only forms of stock awards outstanding are RSUs and RTSRs.

The Company granted approximately 518,000 RSUs at a weighted average grant price of $21.56 to employees and directors during the year ended December 31, 2022. Approximately 153,000 RSUs with a weighted average grant price of $27.50 vested and 53,000 RSUs with a weighted average grant price of $25.89 were forfeited during the year ended December 31, 2022. The total fair value of RSUs vested was $3.3 million during the year ended December 31, 2022. Approximately 649,000 RSUs with a weighted average grant price of $23.39 remained outstanding as of December 31, 2022.

The Company granted approximately 100,000 RTSRs at a weighted average grant price of $23.83 to employees during the year ended December 31, 2022. Approximately 46,000 RTSRs with a weighted average grant price of $33.83 vested and 6,000 RTSRs with a weighted average grant price of $36.28 were forfeited during the year ended December 31, 2022. The total fair

value of RSUs vested was $1.2 million during the year ended December 31, 2022. Approximately 202,000 RTSRs with a weighted average grant price of $29.46 remained outstanding as of December 31, 2022. As described above, the amount of RTSRs issued are adjusted on the vesting date. The amounts above exclude the adjustment and issuance of RTSRs based on actual performance, which totaled approximately 9,000 awards for the year ended December 31, 2022.

The Company's RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RTSR awards vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Company's stock performance compared to a group of peer companies. The actual number of shares to be issued can range from 0% to 150% of the awards granted.

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Stock compensation expense	$	9,142	$	3,552	$	6,227
Capitalized stock compensation	614		144		320
Stock compensation expense, net	$	8,528	$	3,408	$	5,907

As of December 31, 2022, there was $9.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.4 years.

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


	Years Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Calculation of net income per share:
(Loss) income from continuing operations	$	(8,379)	$	7,929	$	1,576
Income from discontinued operations, net of tax	$	—	$	990,902	$	124,097
Net (loss) income	$	(8,379)	$	998,831	$	125,673
Basic weighted average shares outstanding	50,155		50,026		49,901
Basic net (loss) income per share - continuing operations	$	(0.17)	$	0.16	$	0.03
Basic net income per share - discontinued operations	$	—	$	19.81	$	2.49
Basic net (loss) income per share	$	(0.17)	$	19.97	$	2.52

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,155		50,026		49,901
Effect from dilutive shares and options outstanding	—		123		123
Diluted weighted average shares outstanding	50,155		50,149		50,024
Diluted net (loss) income per share - continuing operations	$	(0.17)	$	0.16	$	0.03
Diluted net income per share - discontinued operations	$	—	$	19.76	$	2.48
Diluted net (loss) income per share	$	(0.17)	$	19.92	$	2.51

There were approximately 365,000, 259,000, and 30,000 anti-dilutive awards outstanding for the years ended December 31, 2022, 2021 and 2020, respectively.

The Company paid a special dividend of $18.75 per share on August 2, 2021 (the “Special Dividend”). The total amount paid pursuant to the Special Dividend to Shentel shareholders, including amounts reinvested in the Company’s stock via the Company’s Dividend Reinvestment Plan, was approximately $937 million.

Government Grants

12 Months Ended

Dec. 31, 2022

Government Grants [Abstract]

Government Grants

Government GrantsIn 2021, Shentel commenced negotiations with various governmental entities to receive awards under broadband infrastructure grant programs to strategically expand the Company's broadband network in order to provide broadband services to unserved residences in the partnering counties in Virginia, Maryland and West Virginia. Throughout 2021 and 2022, in partnership with

counties in the respective states, Shentel has been awarded grants under the Virginia Telecommunication Initiative (“VATI”) and the Rural Digital Opportunity Fund (“RDOF”) in Virginia, the Connect Maryland Network Infrastructure Grant Program (“Connect MD”) in Maryland, and the Major Broadband Projects Strategies (“MBPS”) in West Virginia.

The following table summarizes the awards under each program:


(in thousands)	Awards
VATI	$	58,918
RDOF	887
Connect MD	10,200
MBPS	1,349
Total	$	71,354

To receive such grant distributions, we entered into agreements with each partnering county in Virginia and Maryland and expect to complete similar agreement in West Virginia. These agreements outline certain build-out milestones. The network is required to meet certain performance conditions 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 a reduction in 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 December 31, 2022 and 2021.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026. For the years ended December 31, 2022, 2021 and 2020 we paid $5.2 million, $3.4 million and $1.4 million, respectively, for the programming, marketing and IT software license purchase commitments. The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2022:


(in thousands)	Purchase Commitments
2023	$	4,684
2024	3,267
2025	1,993
2026	1,044
2027	609
2028 and thereafter	109
Total	$	11,706

The Company is subject to claims and legal actions that may arise in the ordinary course of business. The Company does not believe that any of these pending claims or legal actions are either probable or reasonably possible of a material loss.

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting The divestiture of our Wireless operations on July 1, 2021 represented a strategic shift in the Company’s business which therefore qualified the segment as a discontinued operation. As a result, for all periods presented, the operating results and cash flows related to the Wireless segment were reflected as a discontinued operation in our consolidated statements of comprehensive (loss) income and the consolidated statements of cash flows. The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company. Intercompany revenue is primarily derived from services provided to the discontinued operation, for periods prior to the divestiture.

Year ended December 31, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	193,974	$	—	$	—	$	193,974
Commercial Fiber	38,821		—		—		38,821
RLEC & Other	16,035		—		—		16,035
Tower lease	—		18,541		—		18,541
Service revenue and other	248,830		18,541		—		267,371
Intercompany revenue and other	185		378		(563)		—
Total revenue	249,015		18,919		(563)		267,371
Operating expenses
Cost of services	102,267		5,712		(433)		107,546
Selling, general and administrative	56,776		1,279		34,337		92,392
Restructuring expense	849		—		402		1,251
Impairment expense	5,241		—		—		5,241
Depreciation and amortization	63,175		2,416		3,308		68,899
Total operating expenses	228,308		9,407		37,614		275,329
Operating income (loss)	$	20,707	$	9,512	$	(38,177)	$	(7,958)

Capital expenditures	$	188,729	$	620	$	260	$	189,609

Year ended December 31, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	177,530	$	—	$	—	$	177,530
Commercial Fiber	30,842		—		—		30,842
RLEC & Other	15,249		—		—		15,249
Tower lease	—		12,393		—		12,393
Service revenue and other	223,621		12,393		—		236,014
Revenue for service provided to the discontinued Wireless operations	4,459		5,311		(545)		9,225
Total revenue	228,080		17,704		(545)		245,239
Operating expenses
Cost of services	97,283		5,438		(422)		102,299
Selling, general and administrative	47,840		1,197		33,414		82,451
Restructuring expense	202		—		1,525		1,727
Impairment expense	5,986		—		—		5,986
Depreciation and amortization	47,937		2,053		5,216		55,206
Total operating expenses	199,248		8,688		39,733		247,669
Operating income (loss)	$	28,832	$	9,016	$	(40,278)	$	(2,430)

Capital expenditures	$	156,131	$	977	$	2,993	$	160,101

Year ended December 31, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	154,956	$	—	$	—	$	154,956
Commercial Fiber	24,431		—		—		24,431
RLEC & Other	15,971		—		—		15,971
Tower lease	—		7,402		—		7,402
Service revenue and other	195,358		7,402		—		202,760
Revenue for service provided to the discontinued Wireless operations	8,989		9,653		(627)		18,015
Total revenue	204,347		17,055		(627)		220,775
Operating expenses
Cost of services	84,893		4,896		(132)		89,657
Selling, general and administrative	39,472		1,430		44,114		85,016
Depreciation and amortization	41,076		1,906		5,721		48,703
Total operating expenses	165,441		8,232		49,703		223,376
Operating income (loss)	$	38,906	$	8,823	$	(50,330)	$	(2,601)

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

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Total consolidated operating loss	$	(7,958)	$	(2,430)	$	(2,601)
Other (expense) income, net	(1,348)		8,665		3,187
(Loss) income from continuing operations before income taxes	$	(9,306)	$	6,235	$	586

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

- 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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On July 1, 2021, pursuant to the 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 consolidated balance sheets, and discontinued operations within our historical consolidated statements of comprehensive (loss) income.

Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following for the years ended December 31, 2021 and 2020:


(in thousands)
Revenue:	2021		2020
Service revenue and other	$	201,076	$	401,035
Equipment revenue	12,253		41,338
Total revenue	213,329		442,373
Operating expenses:
Cost of services	38,144		116,394
Cost of goods sold	11,964		40,642
Selling, general and administrative	17,514		34,011
Severance expense	465		—
Depreciation and amortization	—		62,930
Total operating expenses	68,087		253,977
Operating income	145,242		188,396
Other (expense) income:
Debt extinguishment	(11,032)		—
Interest expense and other, net	(9,178)		(20,455)
Gain on sale of disposition of Wireless assets and operations	1,227,531		—
Income before income taxes	1,352,563		167,941
Income tax expense	361,661		43,844
Income from discontinued operations, net of tax	$	990,902	$	124,097

There was no material income from discontinued operations for the year ended December 31, 2022.

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

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

Schedule II Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts

Changes in the Company’s allowance for doubtful accounts for accounts receivable for the years ended December 31, 2022, 2021 and 2020 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Bad debt expense		Write-offs		Balance at End of Year
Year Ended December 31, 2022
Allowance for doubtful accounts	$	352	$	414	$	1,972	$	(1,962)	$	776
Year Ended December 31, 2021
Allowance for doubtful accounts	$	614	$	530	$	1,028	$	(1,820)	$	352
Year Ended December 31, 2020
Allowance for doubtful accounts	$	533	$	758	$	1,220	$	(1,897)	$	614

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of consolidation	The accompanying consolidated financial statements include the accounts of Shenandoah Telecommunications Company and all of its wholly owned subsidiaries. All intercompany accounts and transactions for continuing operations have been eliminated in consolidation.
Use of estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. Due to the inherent uncertainty involved in making estimates, actual results to be reported in future periods could differ from our estimates.
Revenue recognition	The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers, (“ASC 606”). Our Broadband segment provides broadband data, video and voice services to residential, small and midsize businesses (“SMB”) and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as an RLEC. These contracts are generally cancellable at the customer’s discretion without penalty at any time. Transaction price is measured as the amount billed, which is generally determined by list prices for goods and services less discounts offered. 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. A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. 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 customer benefit period. 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 initial contract term. The Broadband segment also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under ASC 842, Leases (“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.
Advertising Costs	The Company expenses advertising costs and marketing production costs as incurred and includes such costs within selling, general and administrative expenses in the consolidated statements of operations.
Fair value measurements	The Company measures certain assets and liabilities at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the fair value hierarchy to evaluate inputs used in determining the fair value of its assets and liabilities. The three levels of inputs used to measure fair value are (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3). The Company remeasures long-lived assets such as property, plant and equipment, intangible assets and goodwill at fair value when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables or discounted cash flow models. The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments. The carrying amount of the Company's debt balance from term loans, which have a floating interest rate, approximate fair value.
Cash and cash equivalents	Cash equivalents include all investments with an original maturity of three months or less. The Company places its temporary cash investments with high credit quality financial institutions. Generally, such investments are in excess of FDIC or SIPC insurance limits.
Allowance for doubtful accounts	Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.
Investments	The Company investments measured at fair value primarily consist of Supplemental executive retirement plan (“SERP”) 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 six months after retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation. The Company's investments measured at cost primarily consist of CoBank’s Class A common stock derived from the CoBank patronage program. The investment is recognized as the Company’s initial investment in CoBank plus subsequent patronage distributions received from CoBank. SERP investments at fair value: 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’s Class A common stock, derived from the CoBank patronage program, represented substantially all of our cost method investments with a balance of $10.0 million and $10.3 million at December 31, 2022 and 2021, respectively. We recognized approximately $70.7 thousand, $2.0 million and $4.2 million of patronage income in other income (expense) in 2022, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity method investments: At December 31, 2022, 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 $0.7 million, $0.7 million, and $0.9 million from providing service to ValleyNet during 2022, 2021, and 2020, respectively. We recognized cost of service of $0.1 million, $1.2 million, and $2.7 million for the use of ValleyNet’s network during 2022, 2021, and 2020, respectively.
Property, plant and equipment	Property, plant and equipment is stated at cost less accumulated depreciation and amortization. The Company capitalizes all costs associated with the purchase, deployment and installation of property, plant and equipment, including interest costs and internal labor costs on major capital projects during the period of their construction. Maintenance expense is recognized as incurred when repairs are performed that do not extend the life of property, plant and equipment. Expenses for major renewals and improvements, which significantly extend the useful lives of existing property and equipment, are capitalized and depreciated. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Labor costs associated with customer installation activities at existing service locations are expensed as incurred under industry specific guidance. Leasehold improvements are amortized over the lesser of their useful lives or respective lease terms. Land is not depreciated. Refer to Note 5, Property, Plant and Equipment, for additional information.
Indefinite-lived Intangible Assets	Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Cable franchise rights provide us with the non-exclusive right to provide video services in a specified area. Spectrum licenses are issued by the Federal Communications Commission (“FCC”) and provide us with either an exclusive or priority access right to utilize designated radio frequency spectrum within specific geographic service areas to provide wireless communication services. While some cable franchises and spectrum licenses are issued for a fixed time (generally ten years and up to fifteen years, respectively), renewals have been granted routinely and at nominal costs. The Company believes it will be able to meet all requirements necessary to secure renewal of its cable franchise rights and spectrum licenses. Moreover, the Company has determined that there are currently no legal, regulatory, contractual, competitive, economic or other factors that limit the useful lives of our cable franchises or spectrum licenses and as a result, we account for cable franchise rights and spectrum licenses as indefinite-lived intangible assets.Indefinite-lived intangible assets are not amortized, but rather, are subject to impairment testing annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill is evaluated for impairment based on the identification of reporting units. Our reporting units align with our reportable segments. We evaluated our reporting units for impairment on October 1, 2022 on the basis of qualitative factors. Our consideration of qualitative factors included but was not limited to macroeconomic conditions, industry and market conditions, company specific events, changes in circumstances, after tax cash flows and market capitalization trends.
Long-lived assets	Finite-lived intangible assets, property, plant, and equipment, and other long-lived assets held for use are amortized or depreciated over their estimated useful lives, as summarized in the respective notes below. These assets are evaluated for impairment based on the identification of asset groups. Our asset groups align with our reportable segments. We evaluated our asset groups for impairment during the fourth quarter of 2022 and concluded that there were no indicators that an asset group impairment was more likely than not, with the exception of those described in Note 5, Property, Plant and Equipment.
Asset retirement obligations	Certain of the Company’s lease agreements contain provisions requiring the Company to restore facilities or remove property in the event that the lease agreement is not renewed. The Company records an estimate for the cost to comply with these provisions based on what a willing third party would charge for the retirement activity on the date of recognizing the asset retirement obligation. Upon retirement of the related asset and performance of the asset retirement activities, the Company derecognizes the asset retirement obligation and records a gain or loss to reflect the difference between the Company's estimate and the actual cost to retire the asset.
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and right-of-use asset.The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Leases	The Company leases various telecommunications sites, warehouses, retail stores, and office facilities for use in our business. These agreements include fixed rental payments as well as variable rental payments such as those based on relevant inflation indices. The accounting lease term includes optional renewal periods that we are reasonably certain to exercise based on our assessment of relevant contractual and economic factors. The related lease payments are discounted at lease commencement using the Company's incremental borrowing rate in order to measure the lease liability and right-of-use asset.The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the observable unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
Income taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generating future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in prior carryback years if available and tax planning strategies in making this assessment. Based upon the level of historical taxable income, projections for future taxable income over the periods for which the deferred tax assets are deductible, and the option to elect out of bonus depreciation on in-serviced fixed assets, the Company believes it more likely than not that the net deferred tax assets will be realized. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.
Stock-based compensation	The cost of employee services received in exchange for share-based awards classified as equity is measured using the estimated fair value of the award on the date of the grant, and the related expense is recorded using the straight-line method consistent with the recipient's respective service period. The fair value for the Company's restricted stock units (“RSUs”) are determined using the Company's stock price and the fair value for the Company's Relative Total Shareholder Return (“RTSR”) awards are determined using a Monte Carlo simulation. The Company records forfeitures for its RSUs and RTSRs as they occur. Certain of the Company's share-based awards contain retirement clauses which state that awards will continue to vest without the requirement of continuous employment after a participant achieves certain service- and age-based requirements (“Retirement Eligibility”). The Company accelerates expense associated with eligible awards for employees who have achieved Retirement Eligibility on the later of the grant date or the date in which Retirement Eligibility is achieved.
Segments	The Company’s chief operating decision maker (“CODM”) regularly reviews the Company’s results to assess performance and allocates resources at the level of the Company's two operating segments, Broadband and Tower. Given the differences in the characteristics of the Company's operating segments, management has determined that the operating segments cannot be combined into one reportable segment. As such, the Company has two reportable segments, Broadband and Tower.
New Accounting Standards	In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard 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. We adopted ASU 2021-10 in 2022 and have included the new disclosure requirements in Note 12, Government Grants.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Defined Benefit Plans Disclosures

Benefit plan obligations: The Benefit Plan Obligations caption includes the following:


($ in thousands)	December 31, 2022		December 31, 2021
Pension plan	$	—	$	2,393
Postretirement medical benefits plan	1,869		3,506
Supplemental executive retirement plan	1,889		2,317
Total	$	3,758	$	8,216

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Amortized and Capitalized Contract Cost

The following tables present the activity of current and non-current contract assets:


(in thousands)	2022		2021
Beginning Balance	$	8,147	$	7,358
Commission payments	3,355		3,229
Contract asset amortization	(2,856)		(2,440)
Ending Balance	$	8,646	$	8,147

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Other Investments

Investments consist of the following:


(in thousands)	December 31, 2022		December 31, 2021
SERP investments at fair value	$	1,889	$	2,317
Cost method investments	10,749		11,004
Equity method investments	333		340
Total investments	$	12,971	$	13,661

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


(in thousands)	Estimated Useful Lives	December 31, 2022		December 31, 2021
Land		$	3,722	$	3,771
Land improvements	10 years	3,483		3,478
Buildings and structures	10 - 45 years	93,461		96,323
Cable and fiber	15 - 30 years	593,771		453,405
Equipment and software	4 - 8 years	317,347		391,293
Plant in service		1,011,784		948,270
Plant under construction		144,534		79,963
Total property, plant and equipment		1,156,318		1,028,233
Less: accumulated depreciation and amortization		(468,765)		(474,071)
Property, plant and equipment, net		$	687,553	$	554,162

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Resulting from Acquisition

The Company’s goodwill and intangible assets consist of the following:


	December 31, 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		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	—		—		—		6,811		(672)		6,139
Subscriber relationships	28,425		(26,910)		1,515		28,425		(26,451)		1,974
Other intangibles	488		(329)		159		463		(303)		160
Total finite-lived intangibles	28,913		(27,239)		1,674		35,699		(27,426)		8,273
Total goodwill and intangible assets	$	108,754	$	(27,239)	$	81,515	$	117,257	$	(27,426)	$	89,831

Schedule of Finite-Lived Intangible Assets

The Company’s goodwill and intangible assets consist of the following:


	December 31, 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		13,839		—		13,839
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		78,314		—		78,314

Finite-lived intangibles:
FCC spectrum licenses	—		—		—		6,811		(672)		6,139
Subscriber relationships	28,425		(26,910)		1,515		28,425		(26,451)		1,974
Other intangibles	488		(329)		159		463		(303)		160
Total finite-lived intangibles	28,913		(27,239)		1,674		35,699		(27,426)		8,273
Total goodwill and intangible assets	$	108,754	$	(27,239)	$	81,515	$	117,257	$	(27,426)	$	89,831

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

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


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table summarizes expected amortization of intangible assets at December 31, 2022:


(in thousands)	Amortization of Intangible Assets

2023	$	489
2024	489
2025	483
2026	103
2027	65
Thereafter	45
Total	$	1,674

Other Assets and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

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


(in thousands)	December 31, 2022		December 31, 2021
Deposit for FCC spectrum licenses	$	—	$	16,118
Prepaid maintenance expenses	7,444		8,391
Broadband contract acquisition costs	2,809		2,502
SERP investments	—		801
Other	1,256		2,018
Prepaid expenses and other	$	11,509	$	29,830

Schedule of Other Assets, Noncurrent

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


(in thousands)	December 31, 2022		December 31, 2021
Broadband contract acquisition costs	$	5,837	$	5,645
Prepaid expenses and other	7,422		4,653
Deferred charges and other assets	$	13,259	$	10,298

Summary of Accrued Liabilities and Other

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


(in thousands)	December 31, 2022		December 31, 2021
Accrued programming costs	3,306		$	3,084
Pension plan	3,341		—
Restructuring accrual	146		1,761
Other current liabilities	11,113		9,804
Accrued liabilities and other	$	17,906	$	14,649

Other Noncurrent Liabilities

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


(in thousands)	December 31, 2022		December 31, 2021
Noncurrent portion of deferred revenue	$	18,679	$	19,749
Noncurrent portion of financing leases	1,500		1,614
FCC spectrum license obligations	—		3,807
Other	39		461
Other liabilities	$	20,218	$	25,631

Schedule of Change in Asset Retirement Obligation


	Years Ended December 31,
(in thousands)	2022		2021		2020
Balance at beginning of year	$	9,824	$	5,113	$	6,152
Additional asset retirement obligations recorded and changes to prior estimates	1,198		4,290		(1,371)
Liabilities settled	(185)		—		—
Accretion expense	531		421		332
Balance at end of year	$	11,368	$	9,824	$	5,113

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	4,987	$	176	$	5,163
2024	5,102		178		5,280
2025	4,897		180		5,077
2026	4,405		153		4,558
2027	3,634		155		3,789
2028 and thereafter	64,443		1,359		65,802
Total lease payments	87,468		2,201		89,669
Less: interest	(34,162)		(604)		(34,766)
Present value of lease liabilities	$	53,306	$	1,597	$	54,903

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	4,987	$	176	$	5,163
2024	5,102		178		5,280
2025	4,897		180		5,077
2026	4,405		153		4,558
2027	3,634		155		3,789
2028 and thereafter	64,443		1,359		65,802
Total lease payments	87,468		2,201		89,669
Less: interest	(34,162)		(604)		(34,766)
Present value of lease liabilities	$	53,306	$	1,597	$	54,903

Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:


(in thousands)	Operating Leases
2023	$	15,100
2024	13,710
2025	12,791
2026	9,754
2027	8,258
2028 and thereafter	21,572
Total	$	81,185

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following loans were outstanding under the Credit Agreement:


(in thousands)	December 31, 2022		December 31, 2021
Term loan A-1	$	37,500	$	—
Term loan A-2	37,500		—
Total debt	75,000		—
Less: unamortized loan fees	(46)		—
Total debt, net of unamortized loan fees	$	74,954	$	—

Maturities of Long-term Debt

These scheduled payments are also summarized below:


(in thousands)	Amount
2023	$	656
2024	1,781
2025	2,250
2026	34,125
2027	375
2028 and thereafter	35,813
Total	$	75,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Federal and State Income Taxes

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


	Years Ended December 31,
(in thousands)	2022			2021			2020
Current expense (benefit)
Federal taxes	$	673		$	(21,392)		$	(13,748)
State taxes	(186)			(2,565)			(2,148)
Total current provision	487			(23,957)			(15,896)
Deferred (benefit) expense
Federal taxes	(1,119)			25,518			13,325
State taxes	(295)			(3,255)			1,581
Total deferred (benefit) expense	(1,414)			22,263			14,906
Income tax benefit	$	(927)		$	(1,694)		$	(990)
Effective tax rate	10.0		%	(27.2)		%	(168.9)		%

Reconciliation of Income Taxes

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Expected tax (benefit) expense at federal statutory	$	(1,954)	$	1,310	$	24
State income taxes, net of federal tax effect	(410)		438		54
Revaluation of deferred tax liabilities	—		(5,206)		—
Stranded tax effects reclassified from other comprehensive income	—		1,620		—
Excess tax expense (benefit) from share based compensation and other expense, net	818		144		(1,068)
Valuation allowance	619		—		—
Income tax benefit	$	(927)	$	(1,694)	$	(990)

Deferred Tax Assets and Liabilities


(in thousands)	December 31, 2022		December 31, 2021
Deferred tax assets:
Leases	$	14,809	$	15,483
Asset retirement obligations	2,972		2,581
Net operating loss carry-forwards	28,398		5,878
Pension liabilities	978		2,148
Accruals and stock-based compensation	3,087		2,572
Other	5,767		6,300
Total gross deferred tax assets	56,011		34,962
Less valuation allowance	(619)		—
Net deferred tax assets	55,392		34,962

Deferred tax liabilities:
Property, plant and equipment	109,852		92,449
Leases	14,541		15,410
Intangible assets	12,867		10,710
Prepaid assets and other	2,732		2,407
Total gross deferred tax liabilities	139,992		120,976
Net deferred tax liabilities	$	84,600	$	86,014

Stock Compensation, Earnings per Share, and Dividends (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense

Stock-based compensation expense was as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Stock compensation expense	$	9,142	$	3,552	$	6,227
Capitalized stock compensation	614		144		320
Stock compensation expense, net	$	8,528	$	3,408	$	5,907

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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


	Years Ended December 31,
(in thousands, except per share amounts)	2022		2021		2020
Calculation of net income per share:
(Loss) income from continuing operations	$	(8,379)	$	7,929	$	1,576
Income from discontinued operations, net of tax	$	—	$	990,902	$	124,097
Net (loss) income	$	(8,379)	$	998,831	$	125,673
Basic weighted average shares outstanding	50,155		50,026		49,901
Basic net (loss) income per share - continuing operations	$	(0.17)	$	0.16	$	0.03
Basic net income per share - discontinued operations	$	—	$	19.81	$	2.49
Basic net (loss) income per share	$	(0.17)	$	19.97	$	2.52

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,155		50,026		49,901
Effect from dilutive shares and options outstanding	—		123		123
Diluted weighted average shares outstanding	50,155		50,149		50,024
Diluted net (loss) income per share - continuing operations	$	(0.17)	$	0.16	$	0.03
Diluted net income per share - discontinued operations	$	—	$	19.76	$	2.48
Diluted net (loss) income per share	$	(0.17)	$	19.92	$	2.51

Government Grants (Tables)

12 Months Ended

Dec. 31, 2022

Government Grants [Abstract]

Schedule of Awards Under Each Program

The following table summarizes the awards under each program:


(in thousands)	Awards
VATI	$	58,918
RDOF	887
Connect MD	10,200
MBPS	1,349
Total	$	71,354

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Long-term Purchase Commitment

The Company is obligated to make the following future minimum payments under the non-cancelable terms of these commitments as of December 31, 2022:


(in thousands)	Purchase Commitments
2023	$	4,684
2024	3,267
2025	1,993
2026	1,044
2027	609
2028 and thereafter	109
Total	$	11,706

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Selected Financial Data for Segments

The tables below reflect the results of operations of the Company's reportable segments in continuing operations, consistent with internal reporting used by the Company. Intercompany revenue is primarily derived from services provided to the discontinued operation, for periods prior to the divestiture.

Year ended December 31, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	193,974	$	—	$	—	$	193,974
Commercial Fiber	38,821		—		—		38,821
RLEC & Other	16,035		—		—		16,035
Tower lease	—		18,541		—		18,541
Service revenue and other	248,830		18,541		—		267,371
Intercompany revenue and other	185		378		(563)		—
Total revenue	249,015		18,919		(563)		267,371
Operating expenses
Cost of services	102,267		5,712		(433)		107,546
Selling, general and administrative	56,776		1,279		34,337		92,392
Restructuring expense	849		—		402		1,251
Impairment expense	5,241		—		—		5,241
Depreciation and amortization	63,175		2,416		3,308		68,899
Total operating expenses	228,308		9,407		37,614		275,329
Operating income (loss)	$	20,707	$	9,512	$	(38,177)	$	(7,958)

Capital expenditures	$	188,729	$	620	$	260	$	189,609

Year ended December 31, 2021:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	177,530	$	—	$	—	$	177,530
Commercial Fiber	30,842		—		—		30,842
RLEC & Other	15,249		—		—		15,249
Tower lease	—		12,393		—		12,393
Service revenue and other	223,621		12,393		—		236,014
Revenue for service provided to the discontinued Wireless operations	4,459		5,311		(545)		9,225
Total revenue	228,080		17,704		(545)		245,239
Operating expenses
Cost of services	97,283		5,438		(422)		102,299
Selling, general and administrative	47,840		1,197		33,414		82,451
Restructuring expense	202		—		1,525		1,727
Impairment expense	5,986		—		—		5,986
Depreciation and amortization	47,937		2,053		5,216		55,206
Total operating expenses	199,248		8,688		39,733		247,669
Operating income (loss)	$	28,832	$	9,016	$	(40,278)	$	(2,430)

Capital expenditures	$	156,131	$	977	$	2,993	$	160,101

Year ended December 31, 2020:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB	$	154,956	$	—	$	—	$	154,956
Commercial Fiber	24,431		—		—		24,431
RLEC & Other	15,971		—		—		15,971
Tower lease	—		7,402		—		7,402
Service revenue and other	195,358		7,402		—		202,760
Revenue for service provided to the discontinued Wireless operations	8,989		9,653		(627)		18,015
Total revenue	204,347		17,055		(627)		220,775
Operating expenses
Cost of services	84,893		4,896		(132)		89,657
Selling, general and administrative	39,472		1,430		44,114		85,016
Depreciation and amortization	41,076		1,906		5,721		48,703
Total operating expenses	165,441		8,232		49,703		223,376
Operating income (loss)	$	38,906	$	8,823	$	(50,330)	$	(2,601)

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

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Total consolidated operating loss	$	(7,958)	$	(2,430)	$	(2,601)
Other (expense) income, net	(1,348)		8,665		3,187
(Loss) income from continuing operations before income taxes	$	(9,306)	$	6,235	$	586

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following for the years ended December 31, 2021 and 2020:


(in thousands)
Revenue:	2021		2020
Service revenue and other	$	201,076	$	401,035
Equipment revenue	12,253		41,338
Total revenue	213,329		442,373
Operating expenses:
Cost of services	38,144		116,394
Cost of goods sold	11,964		40,642
Selling, general and administrative	17,514		34,011
Severance expense	465		—
Depreciation and amortization	—		62,930
Total operating expenses	68,087		253,977
Operating income	145,242		188,396
Other (expense) income:
Debt extinguishment	(11,032)		—
Interest expense and other, net	(9,178)		(20,455)
Gain on sale of disposition of Wireless assets and operations	1,227,531		—
Income before income taxes	1,352,563		167,941
Income tax expense	361,661		43,844
Income from discontinued operations, net of tax	$	990,902	$	124,097

- 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.

+ References

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Advertising expense	$ 6,800	$ 4,400	$ 2,700
Fair value of projected benefit obligations	$ 3,758	8,216
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Minimum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life	10 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, useful life	15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Finite-Lived Intangible Assets [Line Items]
Performance obligation period	1 year
Pension Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of projected benefit obligations	$ 0	2,393
Net benefit plan obligation	3,400
Ntelos Holding, Corp \| Pension Plan
Finite-Lived Intangible Assets [Line Items]
Fair value of pension plan assets	21,300	31,100
Fair value of projected benefit obligations	$ 24,700	$ 33,500
Discount rate (as a percent)	4.90%	2.74%
Ntelos Pension Plan
Finite-Lived Intangible Assets [Line Items]
Pension benefits, vesting period	5 years
Vesting reductions, threshold age of recipient	65 years
Postretirement medical benefits plan
Finite-Lived Intangible Assets [Line Items]
Fair value of projected benefit obligations	$ 1,869	$ 3,506
Discount rate (as a percent)	5.00%	2.70%

Summary of Significant Accounting Policies - Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 3,758	$ 8,216
Postretirement medical benefits plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	1,869	3,506
Supplemental executive retirement plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	1,889	2,317
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of projected benefit obligations	$ 0	$ 2,393

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Weighted average benefit period	6 years
Advanced billings and customer deposits	$ 12,425	$ 11,128
Non-current contract liability	$ 18,679	$ 19,749

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,147	$ 7,358
Commission payments	3,355	3,229
Contract asset amortization	(2,856)	(2,440)
Ending Balance	$ 8,646	$ 8,147

Revenue from Contracts with Customers - Future Performance Obligation (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 9,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 1,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	1 year

Investments - Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
SERP investments at fair value	$ 1,889	$ 2,317
Cost method investments	10,749	11,004
Equity method investments	333	340
Total investments	$ 12,971	$ 13,661

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
SERP investments, current	$ 0	$ 801,000
SERP investments at fair value	1,889,000	2,317,000
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	10,000,000	10,300,000
Other nonoperating income (expense)	$ 70,700	2,000,000	$ 4,200,000
Percentage of patronage credit paid in cash	75.00%
Percentage of patronage credit paid in share	25.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 700,000	700,000	900,000
Related party costs	$ 100,000	$ 1,200,000	$ 2,700,000

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,156,318	$ 1,028,233
Less: accumulated depreciation and amortization	(468,765)	(474,071)
Property, plant and equipment, net	687,553	554,162
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,722	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	$ 93,461	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	$ 593,771	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	$ 317,347	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	$ 1,011,784	948,270
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 144,534	$ 79,963

Property, Plant and Equipment - Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 23, 2022 USD ($)	Jun. 30, 2022 USD ($) cell_site	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Accounts payable			$ 49,173	$ 28,542
Depreciation			68,175	$ 54,389	$ 47,964
Number of wireless sites closed \| cell_site		20
Number of wireless sites \| cell_site		55
Impairment of long-lived assets to be disposed of		$ 4,100
Accelerated depreciation			7,400
Buildings and structures
Property, Plant and Equipment [Line Items]
Cost depreciation			300
Cable and fiber
Property, Plant and Equipment [Line Items]
Cost depreciation			100
Equipment and software
Property, Plant and Equipment [Line Items]
Cost depreciation			62,900
Broadband
Property, Plant and Equipment [Line Items]
Accounts payable			$ 43,800
Asset Purchase Agreement
Property, Plant and Equipment [Line Items]
Asset acquisition, consideration transferred	$ 21,500
Payments to acquire productive assets	17,700
Asset acquisition, consideration transferred, liabilities incurred	$ 3,800

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,597	$ 78,314
Gross carrying amount	28,913	35,699
Accumulated amortization and other	(27,239)	(27,426)
Total	1,674	8,273
Total intangible assets, gross carrying amount	108,754	117,257
Intangible assets, net	81,515	89,831
Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	3,244	3,244
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0	6,811
Accumulated amortization and other	0	(672)
Total	0	6,139
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(26,910)	(26,451)
Total	1,515	1,974
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	488	463
Accumulated amortization and other	(329)	(303)
Total	159	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	13,839
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141	$ 141

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Amortization expense			$ 700	$ 800	$ 700
Refund received (cash disbursed) for deposit on FCC spectrum leases			$ 3,996	0	$ (16,118)
Spectrum Purchase Agreements \| Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Indefinite-lived license				13,800
Finite-lived license				5,900
Operating lease liabilities				$ 3,800
FCC spectrum licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 12,100	$ 16,100

Goodwill and Intangible Assets - Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2022
Subscriber relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years
Subscriber relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	15 years
Other intangibles \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years

Goodwill and Intangible Assets - Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 489
2024	489
2025	483
2026	103
2027	65
Thereafter	45
Total	$ 1,674

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Deposit for FCC spectrum licenses	$ 0	$ 16,118
Prepaid maintenance expenses	7,444	8,391
Broadband contract acquisition costs	2,809	2,502
SERP investments	0	801
Other	1,256	2,018
Prepaid expenses and other	$ 11,509	$ 29,830

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,837	$ 5,645
Prepaid expenses and other	7,422	4,653
Deferred charges and other assets	$ 13,259	$ 10,298

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,306	$ 3,084
Pension plan	3,341	0
Restructuring accrual	146	1,761
Other current liabilities	11,113	9,804
Accrued liabilities and other	$ 17,906	$ 14,649

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 18,679	$ 19,749
Noncurrent portion of financing leases	1,500	1,614
FCC spectrum license obligations	0	3,807
Other	39	461
Other liabilities	$ 20,218	$ 25,631
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration]	Other liabilities	Other liabilities

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Restructuring expense	$ 1,251	$ 1,727	$ 0
Workforce Reduction Program
Business Acquisition [Line Items]
Payments for restructuring	$ 1,700	2,100
Workforce Reduction Program \| Continuing Operations
Business Acquisition [Line Items]
Restructuring expense		1,700
Workforce Reduction Program \| Discontinued Operations
Business Acquisition [Line Items]
Restructuring expense		$ 2,200

Other Assets and Accrued Liabilities - Asset Removal Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of year	$ 9,824	$ 5,113	$ 6,152
Additional asset retirement obligations recorded and changes to prior estimates	1,198	4,290	(1,371)
Liabilities settled	(185)	0	0
Accretion expense	531	421	332
Balance at end of year	$ 11,368	$ 9,824	$ 5,113

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease, weighted average remaining lease term	20 years
Operating lease, weighted average discount rate, percent	4.50%
Finance lease, weighted average remaining lease term	13 years
Finance lease, weighted average discount rate, percent	5.20%
Operating lease, cost	$ 7.6	$ 7.1	$ 6.6
Finance lease, cost	0.6	0.6	0.6
Operating lease, payments	6.1	5.6	4.4
Right-of-use asset obtained in exchange for operating lease liability	2.5	11.1	6.8
Sublease income	$ 18.4	$ 11.1	$ 9.1

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 4,987
2024	5,102
2025	4,897
2026	4,405
2027	3,634
2028 and thereafter	64,443
Total lease payments	87,468
Less: interest	(34,162)
Present value of lease liabilities	53,306
Finance Leases
2023	176
2024	178
2025	180
2026	153
2027	155
2028 and thereafter	1,359
Total lease payments	2,201
Less: interest	(604)
Present value of lease liabilities	1,597
Total
2023	5,163
2024	5,280
2025	5,077
2026	4,558
2027	3,789
2028 and thereafter	65,802
Total lease payments	89,669
Less: interest	(34,766)
Present value of lease liabilities	$ 54,903

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 15,100
2024	13,710
2025	12,791
2026	9,754
2027	8,258
2028 and thereafter	21,572
Total	$ 81,185

Debt - Narrative (Details) - USD ($)		9 Months Ended	12 Months Ended			24 Months Ended	30 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2021	Jun. 30, 2024	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2029	Mar. 31, 2027
Debt Instrument [Line Items]
Basis spread on variable rate			4.39%
Interest payments			$ 600,000	$ 10,400,000	$ 18,600,000
Commitment fees			700,000
Remaining borrowing capacity			$ 225,000,000
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one		$ 200,000					$ 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
Term loan A-2 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one						$ 100,000
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

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 75,000	$ 0
Less: unamortized loan fees	(46)	0
Total debt, net of unamortized loan fees	74,954	0
Term loan A-1
Debt Instrument [Line Items]
Total debt	37,500	0
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 37,500	$ 0

- Definition

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

+ References + Details

Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Maturities of Long-term Debt [Abstract]
2023	$ 656
2024	1,781
2025	2,250
2026	34,125
2027	375
2028 and thereafter	35,813
Total	$ 75,000	$ 0

- Definition

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

+ References + Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income taxes net	$ (100,000)	$ (11,200,000)
Proceeds from income tax refunds			$ 9,500,000
Deferred tax assets, operating loss carryforwards, state and local	28,398,000	5,878,000
Valuation allowance on deferred tax	619,000	0
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	125,600,000
Domestic Tax Authority \| Subject to Expiration After 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	97,800,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 40,000,000

Income Taxes - Components of Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current expense (benefit)
Federal taxes	$ 673	$ (21,392)	$ (13,748)
State taxes	(186)	(2,565)	(2,148)
Total current provision	487	(23,957)	(15,896)
Deferred (benefit) expense
Federal taxes	(1,119)	25,518	13,325
State taxes	(295)	(3,255)	1,581
Total deferred (benefit) expense	(1,414)	22,263	14,906
Income tax benefit	$ (927)	$ (1,694)	$ (990)
Effective tax rate	10.00%	(27.20%)	(168.90%)

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax (benefit) expense at federal statutory	$ (1,954)	$ 1,310	$ 24
State income taxes, net of federal tax effect	(410)	438	54
Revaluation of deferred tax liabilities	0	(5,206)	0
Stranded tax effects reclassified from other comprehensive income	0	1,620	0
Excess tax expense (benefit) from share based compensation and other expense, net	818	144	(1,068)
Valuation allowance	619	0	0
Income tax benefit	$ (927)	$ (1,694)	$ (990)

- Definition

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

+ References + Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Leases	$ 14,809	$ 15,483
Asset retirement obligations	2,972	2,581
Net operating loss carry-forwards	28,398	5,878
Pension liabilities	978	2,148
Accruals and stock-based compensation	3,087	2,572
Other	5,767	6,300
Total gross deferred tax assets	56,011	34,962
Less valuation allowance	(619)	0
Net deferred tax assets	55,392	34,962
Deferred tax liabilities:
Property, plant and equipment	109,852	92,449
Leases	14,541	15,410
Intangible assets	12,867	10,710
Prepaid assets and other	2,732	2,407
Total gross deferred tax liabilities	139,992	120,976
Net deferred tax liabilities	$ 84,600	$ 86,014

Stock Compensation, Earnings per Share, and Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Aug. 02, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized		$ 9.2
Compensation, nonvested awards, cost not yet recognized, period for recognition		2 years 4 months 24 days
Anti-dilutive awards outstanding (fewer than) (in shares)		365,000	259,000	30,000
Special dividend (in dollars per share)	$ 18.75
Dividends payout	$ 937.0
The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares authorized for issuance (in shares)		4,200,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		518,000
Granted, weighted average grant price (in dollars per share)		$ 21.56
Vested (in shares)		(153,000)
Vested, weighted average grant price (in dollars per share)		$ 27.50
Forfeited (in shares)		(53,000)
Forfeited, weighted average grant price (in dollars per share)		$ 25.89
Fair value of RSUs vested		$ 3.3
Outstanding (in shares)		649,000
Weighted average grant date fair value outstanding (in dollars per share)		$ 23.39
Restricted Stock Units (RSUs) \| The 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		100,000
Granted, weighted average grant price (in dollars per share)		$ 23.83
Vested (in shares)		(46,000)
Vested, weighted average grant price (in dollars per share)		$ 33.83
Forfeited (in shares)		(6,000)
Forfeited, weighted average grant price (in dollars per share)		$ 36.28
Fair value of RSUs vested		$ 1.2
Outstanding (in shares)		202,000
Weighted average grant date fair value outstanding (in dollars per share)		$ 29.46
Award vesting period		3 years
Anti-dilutive awards outstanding (fewer than) (in shares)		9,000
Relative Total Shareholder Return Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)		0.00%
Relative Total Shareholder Return Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (as a percent)		150.00%

Stock Compensation, Earnings per Share, and Dividends - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 9,142	$ 3,552	$ 6,227
Capitalized stock compensation	614	144	320
Stock compensation expense, net	$ 8,528	$ 3,408	$ 5,907

Stock Compensation, Earnings per Share, and Dividends - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
(Loss) income from continuing operations	$ (8,379)	$ 7,929	$ 1,576
Total income from discontinued operations, net of tax	0	990,902	124,097
Net (loss) income	$ (8,379)	$ 998,831	$ 125,673
Basic weighted average shares outstanding (in shares)	50,155	50,026	49,901
Basic net income per share - continuing operations (in dollars per share)	$ (0.17)	$ 0.16	$ 0.03
Basic net income per share - discontinued operations (in dollars per share)	0	19.81	2.49
Basic net income per share (in dollars per share)	$ (0.17)	$ 19.97	$ 2.52
Effect from dilutive shares and options outstanding (in shares)	0	123	123
Weighted average shares outstanding, diluted (in shares)	50,155	50,149	50,024
Diluted net income per share - continuing operations (in dollars per share)	$ (0.17)	$ 0.16	$ 0.03
Diluted net income per share - discontinued operations (in dollars per share)	0	19.76	2.48
Diluted net income per share (in dollars per share)	$ (0.17)	$ 19.92	$ 2.51

Government Grants (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Government Grants [Line Items]
Total	$ 71,354
VIRGINIA \| VATI
Government Grants [Line Items]
Total	58,918
VIRGINIA \| RDOF
Government Grants [Line Items]
Total	887
MARYLAND \| Connect MD
Government Grants [Line Items]
Total	10,200
WEST VIRGINIA \| MBPS
Government Grants [Line Items]
Total	$ 1,349

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Marketing Services and IT Softeware Licences
Other Commitments [Line Items]
Payments for long-term purchase commitment	$ 5.2	$ 3.4	$ 1.4

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Purchase Commitments
2023	$ 4,684
2024	3,267
2025	1,993
2026	1,044
2027	609
2028 and thereafter	109
Total	$ 11,706

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
External revenue
Service revenue and other	$ 267,371	$ 245,239	$ 220,775
Operating expenses
Cost of services exclusive of depreciation and amortization	107,546	102,299	89,657
Selling, general and administrative	92,392	82,451	85,016
Restructuring expense	1,251	1,727	0
Impairment expense	5,241	5,986	0
Depreciation and amortization	68,899	55,206	48,703
Operating loss	(7,958)	(2,430)	(2,601)
Capital expenditures	189,609	160,101	120,450
Operating Segments
Operating expenses
Selling, general and administrative	92,392	82,451	85,016
Restructuring expense	1,251	1,727
Impairment expense	5,241	5,986
Depreciation and amortization	68,899	55,206	48,703
Total operating expenses	275,329	247,669	223,376
Operating loss	(7,958)	(2,430)	(2,601)
Capital expenditures	189,609	160,101	120,450
Operating Segments \| Broadband
External revenue
Service revenue and other	249,015	228,080	204,347
Operating expenses
Selling, general and administrative	56,776	47,840	39,472
Restructuring expense	849	202
Impairment expense	5,241	5,986
Depreciation and amortization	63,175	47,937	41,076
Total operating expenses	228,308	199,248	165,441
Operating loss	20,707	28,832	38,906
Capital expenditures	188,729	156,131	117,246
Operating Segments \| Tower
External revenue
Service revenue and other	18,919	17,704	17,055
Operating expenses
Selling, general and administrative	1,279	1,197	1,430
Restructuring expense	0	0
Impairment expense	0	0
Depreciation and amortization	2,416	2,053	1,906
Total operating expenses	9,407	8,688	8,232
Operating loss	9,512	9,016	8,823
Capital expenditures	620	977	2,001
Intersegment Eliminations
External revenue
Service revenue and other	0	9,225	18,015
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other	185	4,459	8,989
Intersegment Eliminations \| Tower
External revenue
Service revenue and other	378	5,311	9,653
Intersegment Eliminations \| Corporate & Eliminations
External revenue
Service revenue and other	(563)	(545)	(627)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	34,337	33,414	44,114
Restructuring expense	402	1,525
Impairment expense	0	0
Depreciation and amortization	3,308	5,216	5,721
Total operating expenses	37,614	39,733	49,703
Operating loss	(38,177)	(40,278)	(50,330)
Capital expenditures	260	2,993	1,203
Residential & SMB \| Operating Segments
External revenue
Service revenue and other	193,974	177,530	154,956
Residential & SMB \| Operating Segments \| Broadband
External revenue
Service revenue and other	193,974	177,530	154,956
Residential & SMB \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0
Commercial Fiber \| Operating Segments
External revenue
Service revenue and other	38,821	30,842	24,431
Commercial Fiber \| Operating Segments \| Broadband
External revenue
Service revenue and other	38,821	30,842	24,431
Commercial Fiber \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0
RLEC & Other \| Operating Segments
External revenue
Service revenue and other	16,035	15,249	15,971
RLEC & Other \| Operating Segments \| Broadband
External revenue
Service revenue and other	16,035	15,249	15,971
RLEC & Other \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0
Tower lease \| Operating Segments
External revenue
Service revenue and other	18,541	12,393	7,402
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other	0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other	18,541	12,393	7,402
Service revenue and other \| Operating Segments
External revenue
Service revenue and other	267,371	236,014	202,760
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	248,830	223,621	195,358
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other	18,541	12,393	7,402
Cost of services \| Operating Segments
Operating expenses
Cost of services exclusive of depreciation and amortization	107,546	102,299	89,657
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services exclusive of depreciation and amortization	102,267	97,283	84,893
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services exclusive of depreciation and amortization	5,712	5,438	4,896
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services exclusive of depreciation and amortization	$ (433)	$ (422)	$ (132)

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating loss	$ (7,958)	$ (2,430)	$ (2,601)
Other (expense) income, net	(1,348)	8,665	3,187
(Loss) income from continuing operations before income taxes	$ (9,306)	$ 6,235	$ 586

- 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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations, Held-for-sale
Revenue:
Revenue	$ 213,329	$ 442,373
Operating expenses
Selling, general and administrative	17,514	34,011
Severance expense	465	0
Depreciation and amortization	0	62,930
Total operating expenses	68,087	253,977
Operating income	145,242	188,396
Other (expense) income:
Debt extinguishment	(11,032)	0
Interest expense and other, net	(9,178)	(20,455)
Income before income taxes	1,352,563	167,941
Income tax expense	361,661	43,844
Income from discontinued operations, net of tax	990,902	124,097
Discontinued Operations, Held-for-sale \| Service revenue and other
Revenue:
Revenue	201,076	401,035
Discontinued Operations, Held-for-sale \| Equipment revenue
Revenue:
Revenue	12,253	41,338
Discontinued Operations, Held-for-sale \| Cost of services
Operating expenses
Cost of services and cost of goods sold	38,144	116,394
Discontinued Operations, Held-for-sale \| Cost of goods sold
Operating expenses
Cost of services and cost of goods sold	11,964	40,642
Discontinued Operations, Disposed of by Sale
Other (expense) income:
Gain on sale of disposition of Wireless assets and operations	$ 1,227,531	$ 0

Schedule II Valuation and Qualifying Accounts and Reserves (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 352	$ 614	$ 533
Recoveries added to allowance	414	530	758
Bad debt expense	1,972	1,028	1,220
Write-offs	(1,962)	(1,820)	(1,897)
Balance at End of Year	$ 776	$ 352	$ 614