Shenandoah Telecommunications (SHEN) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		49,965,151
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 248,789	$ 195,397
Accounts receivable, net of allowance for doubtful accounts of $502 and $614, respectively	63,182	70,393
Income taxes receivable	2,795	0
Prepaid expenses and other	13,185	9,631
Current assets held for sale	1,101,193	1,133,294
Total current assets	1,429,144	1,408,715
Investments	13,793	13,769
Property, plant and equipment, net	495,599	440,427
Goodwill and Intangible assets, net	106,345	106,759
Operating lease right-of-use assets	54,254	50,387
Deferred charges and other assets	16,097	11,650
Total assets	2,115,232	2,031,707
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	672,601	688,463
Accounts payable	23,538	19,599
Advanced billings and customer deposits	9,081	8,594
Accrued compensation	12,102	16,413
Income taxes payable	0	6,951
Current operating lease liabilities	2,272	1,970
Accrued liabilities and other	13,936	13,869
Current liabilities held for sale	423,008	452,202
Total current liabilities	1,156,538	1,208,061
Other long-term liabilities:
Deferred income taxes	179,416	150,652
Asset retirement obligations	5,490	4,955
Benefit plan obligations	12,763	14,645
Non-current operating lease liabilities	49,249	46,095
Other liabilities	23,989	24,905
Total other long-term liabilities	270,907	241,252
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 49,950 and 49,868 issued and outstanding at June 30, 2021 and December 31, 2020, respectively	0	0
Additional paid in capital	46,681	47,317
Retained earnings	644,726	539,783
Accumulated other comprehensive loss, net of taxes	(3,620)	(4,706)
Total shareholders’ equity	687,787	582,394
Total liabilities and shareholders’ equity	$ 2,115,232	$ 2,031,707

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 502	$ 614
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	49,950,000	49,868,000
Common Stock, Shares, Outstanding (in shares)	49,950,000	49,868,000

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Service revenue and other	$ 60,700	$ 54,336	$ 120,391	$ 107,470
Operating expenses
Cost of services	24,335	22,181	47,618	42,498
Selling, general and administrative	20,320	22,092	40,473	44,188
Restructuring expense	43	0	661	0
Depreciation and amortization	13,299	11,930	26,565	24,015
Total operating expenses	57,997	56,203	115,317	110,701
Operating income (loss)	2,703	(1,867)	5,074	(3,231)
Other (expense) income:
Other income, net	1,338	1,271	2,938	2,020
Income (loss) before income taxes	4,041	(596)	8,012	(1,211)
Income tax expense (benefit)	2,185	(60)	3,107	(825)
Income (loss) from continuing operations	1,856	(536)	4,905	(386)
Income from discontinued operations, net of tax	51,566	29,783	100,038	42,913
Net income	53,422	29,247	104,943	42,527
Other comprehensive income:
Unrealized income (loss) on interest rate hedge, net of tax	313	59	1,086	(6,047)
Comprehensive income	$ 53,735	$ 29,306	$ 106,029	$ 36,480
Net income per share, basic and diluted:
Basic - Income from continuing operations (in dollars per share)	$ 0.04	$ (0.01)	$ 0.10	$ (0.01)
Basic - Income from discontinued operations, net of tax (in dollars per share)	1.03	0.59	2	0.86
Basic net income per share (in dollars per share)	1.07	0.58	2.10	0.85
Diluted - Income from continuing operations (in dollars per share)	0.04	(0.01)	0.10	(0.01)
Diluted - Income from discontinued operations, net of tax (in dollars per share)	1.03	0.59	2	0.86
Diluted net income per share (in dollars per share)	$ 1.07	$ 0.58	$ 2.10	$ 0.85
Weighted average shares outstanding, basic (in shares)	49,945	49,902	49,945	49,878
Weighted average shares outstanding, diluted (in shares)	50,075	49,902	50,067	49,878

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock (no par value)	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2019		49,671,000
Beginning balance at Dec. 31, 2019	$ 472,428		$ 42,110	$ 430,010	$ 308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42,527			42,527
Other comprehensive gain (loss), net of tax	(6,047)				(6,047)
Stock based compensation (in shares)		152,000
Stock based compensation	4,716		4,716
Common stock issued	15		15
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(47,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(2,182)		(2,182)
Common stock issued to acquire a non-controlling interests of nTelos (in shares)		76,000
Ending balance (in shares) at Jun. 30, 2020		49,852,000
Ending balance at Jun. 30, 2020	511,457		44,659	472,537	(5,739)
Beginning balance (in shares) at Mar. 31, 2020		49,842,000
Beginning balance at Mar. 31, 2020	480,650		43,158	443,290	(5,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	29,247			29,247
Other comprehensive gain (loss), net of tax	59				59
Stock based compensation (in shares)		15,000
Stock based compensation	1,731		1,731
Common stock issued	7		7
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(5,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	(237)		(237)
Ending balance (in shares) at Jun. 30, 2020		49,852,000
Ending balance at Jun. 30, 2020	$ 511,457		44,659	472,537	(5,739)
Beginning balance (in shares) at Dec. 31, 2020	49,868,000	49,868,000
Beginning balance at Dec. 31, 2020	$ 582,394		47,317	539,783	(4,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	104,943			104,943
Other comprehensive gain (loss), net of tax	1,086				1,086
Stock based compensation (in shares)		118,000
Stock based compensation	980		980
Common stock issued	11		11
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(36,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (1,627)		(1,627)
Ending balance (in shares) at Jun. 30, 2021	49,950,000	49,950,000
Ending balance at Jun. 30, 2021	$ 687,787		46,681	644,726	(3,620)
Beginning balance (in shares) at Mar. 31, 2021		49,943,000
Beginning balance at Mar. 31, 2021	633,954		46,583	591,304	(3,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	53,422			53,422
Other comprehensive gain (loss), net of tax	313				313
Stock based compensation (in shares)		9,000
Stock based compensation	234		234
Common stock issued	5		5
Shares retired for settlement of employee taxes upon issuance of vested equity awards (in shares)		(2,000)
Shares retired for settlement of employee taxes upon issuance of vested equity awards	$ (141)		(141)
Ending balance (in shares) at Jun. 30, 2021	49,950,000	49,950,000
Ending balance at Jun. 30, 2021	$ 687,787		$ 46,681	$ 644,726	$ (3,620)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 104,943	$ 42,527
Income from discontinued operations, net of tax	100,038	42,913
Income (loss) from continuing operations	4,905	(386)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	26,144	23,694
Amortization	421	321
Accretion of asset retirement obligations	184	163
Bad debt expense	448	436
Stock based compensation expense, net of amount capitalized	834	4,169
Deferred income taxes	3,251	(499)
Gain from patronage and investments	(833)	(236)
Changes in assets and liabilities:
Accounts receivable	4,369	278
Current income taxes	(1,305)	(335)
Operating lease right-of-use assets	1,870	(3,621)
Other assets	(6,524)	(2,300)
Accounts payable	560	(359)
Lease liabilities	(2,298)	(1,069)
Other deferrals and accruals	(3,852)	9,047
Net cash provided by operating activities - continuing operations	28,174	29,303
Net cash provided by operating activities - discontinued operations	125,011	99,636
Net cash provided by operating activities	153,185	128,939
Cash flows from investing activities:
Capital expenditures	(79,562)	(52,888)
Cash disbursed for deposit on FCC spectrum leases	0	(1,200)
Proceeds from sale of assets and other	189	264
Net cash used in investing activities - continuing operations	(79,373)	(53,824)
Net cash used in investing activities - discontinued operations	(928)	(13,716)
Net cash used in investing activities	(80,301)	(67,540)
Cash flows from financing activities:
Payments for debt issuance costs	(53)	0
Taxes paid for equity award issuances	(1,627)	(2,182)
Payments for financing arrangements and other	(751)	(95)
Net cash used in financing activities - continuing operations	(2,431)	(2,277)
Net cash used in financing activities - discontinued operations	(17,061)	(17,061)
Net cash used in financing activities	(19,492)	(19,338)
Net increase in cash and cash equivalents	53,392	42,061
Cash and cash equivalents, beginning of period	195,397	101,651
Cash and cash equivalents, end of period	$ 248,789	$ 143,712

Basis of Presentation and Other

Basis of Presentation and Other Information	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of the unaudited interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingencies at the date of the unaudited interim condensed consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ. Adoption of New Accounting Principles There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2020 Annual Report on Form 10-K, that would be expected to impact the Company.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On August 26, 2020, Sprint Corporation ("Sprint"), an indirect subsidiary of T-Mobile US, Inc., ("T-Mobile"), on behalf of and as the direct or indirect owner of Sprint PCS, delivered notice to the Company exercising its option to purchase the assets and operations of our Wireless operations for 90% of the “Entire Business Value” (as defined under our affiliate agreement and determined pursuant to the appraisal process set forth therein). Shortly thereafter, the Company committed to a plan to sell the discontinued Wireless operations. On July 1, 2021, pursuant to the previously announced Asset Purchase Agreement (the “Purchase Agreement”), dated May 28, 2021, between Shentel and T-Mobile, Shentel completed the sale to T-Mobile of its Wireless assets and operations for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint, and net of certain transaction expenses (the “Transaction”). The Company’s Wireless assets and operations were classified as discontinued operations after Sprint delivered notice to the Company exercising its option to purchase the Wireless assets and operations on August 26, 2020. The assets and liabilities that transferred in the sale were presented as held for sale within our unaudited condensed consolidated balance sheets, and discontinued operations within our unaudited condensed consolidated statements of comprehensive income. This disposal group excludes the accounts receivable and certain current liabilities generated by our Wireless operations because they are expected to be settled separately from the sale. Such accounts receivable totaled $49.1 million and $51.7 million at June 30, 2021 and December 31, 2020, respectively, and such current liabilities totaled $8.0 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively. The transaction is structured as an asset sale for income tax purposes. As a result, no current or deferred tax assets or liabilities are included within the disposal group. While our long-term debt does not transfer in the sale, its provisions required us to repay all of the debt upon consummation of the sale. Our debt is therefore presented outside of the disposal group as a current liability. Our related interest rate swap liabilities are also presented outside of the disposal group as a current liability, because management terminated them at consummation. Because repayment of the debt is contractually triggered by the sale, the related interest expense is presented within discontinued operations under the relevant authoritative guidance. The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the consolidated balance sheets, are as follows: (in thousands) June 30, December 31, ASSETS Inventory $ 1,823 $ 5,746 Prepaid expenses and other 42,562 47,003 Property, plant and equipment, net 298,471 299,647 Intangible assets, net 155,748 176,459 Goodwill 146,383 146,383 Operating lease right-of-use assets 417,754 421,586 Deferred charges and other assets 38,452 36,470 Current assets held for sale $ 1,101,193 $ 1,133,294 LIABILITIES Current operating lease liabilities $ 383,633 $ 409,887 Accrued liabilities and other 5,202 8,770 Asset retirement obligations 34,173 33,545 Current liabilities held for sale $ 423,008 $ 452,202 Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following: (in thousands) Three Months Ended Six Months Ended Revenue: 2021 2020 2021 2020 Service revenue and other $ 100,402 $ 110,138 $ 201,076 $ 201,526 Equipment revenue 5,854 9,610 12,253 22,360 Total revenue 106,256 119,748 213,329 223,886 Operating expenses: Cost of services 18,717 33,192 38,144 66,631 Cost of goods sold 5,743 9,437 11,964 21,965 Selling, general and administrative 6,812 9,348 17,514 18,278 Restructuring expense 254 — 465 — Depreciation and amortization — 22,901 — 47,727 Total operating expenses 31,526 74,878 68,087 154,601 Operating income 74,730 44,870 145,242 69,285 Other (expense) income: Interest expense (4,317) (4,742) (8,701) (10,970) Income before income taxes 70,413 40,128 136,541 58,315 Income tax expense 18,847 10,345 36,503 15,402 Income from discontinued operations, net of tax $ 51,566 $ 29,783 $ 100,038 $ 42,913 Under the relevant authoritative guidance, consummation of the sale will trigger or accelerate the recognition of certain expense related to contingent deal advisory fees, severance costs, recognition of our interest rate swap losses in net income, and loss on debt extinguishment. We estimate these expenses to be approximately $34 million.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Our Broadband segment provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic, hybrid fiber coaxial cable, and fixed wireless networks. The Broadband segment also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These contracts are generally cancellable at the customer’s discretion without penalty at any time. We allocate the total transaction price in these transactions based upon the standalone selling price of each distinct good or service. We generally recognize these revenues over time as customers simultaneously receive and consume the benefits of the service, with the exception of equipment sales and home wiring, which are recognized as revenue at a point in time when control transfers and when installation is complete, respectively. Installation fees, charged upfront without transfer of commensurate goods or services to the customer, are allocated to services and are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the contract, which we estimate to be about one year. Additionally, the Company incurs commission and installation costs related to in-house and third-party vendors which are capitalized and amortized over the expected weighted average customer life which is approximately six years. Our Broadband segment also provides Ethernet and Wavelength fiber optic services to commercial fiber customers under capacity agreements, and the related revenue is recognized over time. In some cases, non-refundable upfront fees are charged for connecting commercial fiber customers to our fiber network. Those amounts are recognized ratably over the longer of the contract term or the period in which the unrecognized fee remains material to the respective contract. A related contract liability of $3.7 million at June 30, 2021, is expected to be recognized into revenue at the rate of approximately $0.2 million per year. The Broadband segment also leases dedicated fiber optic strands to customers as part of “dark fiber” agreements, which are accounted for as leases under Accounting Standards Codification 842, Leases, ("ASC 842"). Our Tower segment leases space on owned cell towers to our Wireless and Broadband segments, and to other wireless carriers. Revenue from these leases is accounted for under ASC 842. Refer to Note 14, Segment Reporting , for a summary of these revenue streams. Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning Balance $ 15,215 $ 11,663 $ 14,669 $ 11,005 Contract payments 1,410 2,248 3,215 3,933 Contract amortization (1,335) (1,131) (2,594) (2,158) Ending Balance $ 15,290 $ 12,780 $ 15,290 $ 12,780

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Investments Investments consist of the following: (in thousands) June 30, December 31, SERP Investments at fair value $ 2,228 $ 2,687 Cost method investments 11,025 10,536 Equity method investments 540 546 Total investments $ 13,793 $ 13,769 SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation . Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense. At June 30, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments : Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.3 million and $9.8 million at June 30, 2021 and December 31, 2020, respectively. We recognized approximately $1.0 million of patronage income in Other income (expense) during both of the three months ended June 30, 2021 and 2020, respectively, and approximately $2.0 million during both of the six months ended June 30, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At June 30, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $0.2 million and $0.3 million from providing service to ValleyNet during the three months ended June 30, 2021 and 2020, respectively, and $0.4 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. We recognized cost of service of $0.6 million for the use of ValleyNet’s network during both of the three months ended June 30, 2021 and 2020, and $1.1 million and $1.4 million during the six months ended June 30, 2021 and 2020, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consisted of the following: ($ in thousands) Estimated Useful Lives June 30, December 31, Land $ 3,771 $ 3,909 Land improvements 10 years 3,141 2,910 Buildings and structures 10 - 40 years 93,912 91,335 Cable and fiber 15 - 30 years 414,599 390,209 Equipment and software 4 - 8 years 351,556 331,047 Plant in service 866,979 819,410 Plant under construction 80,023 49,417 Total property, plant and equipment 947,002 868,827 Less: accumulated amortization and depreciation 451,403 428,400 Property, plant and equipment, net $ 495,599 $ 440,427 Property, plant and equipment net, increased due primarily to capital expenditures in the Broadband segment driven by our Glo Fiber and Beam market expansions.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Other intangible assets consisted of the following: June 30, 2021 December 31, 2020 (in thousands) Gross Accumulated Amortization and Other Net Gross 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 29,958 — 29,958 29,958 — 29,958 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 94,433 — 94,433 94,433 — 94,433 Finite-lived intangibles: FCC spectrum licenses 6,811 (515) 6,296 6,811 (340) 6,471 Subscriber relationships 28,425 (26,226) 2,199 28,425 (26,000) 2,425 Other intangibles 463 (290) 173 463 (277) 186 Total finite-lived intangibles 35,699 (27,031) 8,668 35,699 (26,617) 9,082 Total goodwill and intangible assets $ 133,376 $ (27,031) $ 106,345 $ 133,376 $ (26,617) $ 106,759 For the six months ended June 30, 2021 and 2020, amortization expense was approximately $0.4 million and $0.3 million, respectively.

Other Assets and Accrued Liabil

Other Assets and Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Other Assets and Accrued Liabilities	Other Assets and Accrued Liabilities Prepaid expenses and other, classified as current assets, included the following: (in thousands) June 30, December 31, Prepaid maintenance expenses $ 6,913 $ 4,018 Broadband contract acquisition and fulfillment costs 4,100 4,417 SERP investments 844 — Other 1,328 1,196 Prepaid expenses and other $ 13,185 $ 9,631 Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) June 30, December 31, Broadband contract acquisition and fulfillment costs $ 11,189 $ 10,252 Prepaid expenses and other 4,908 1,398 Deferred charges and other assets $ 16,097 $ 11,650 Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) June 30, December 31, Interest rate swaps $ 2,601 $ 4,048 Accrued programming costs 3,102 2,868 Sales and property taxes payable 1,990 1,072 Restructuring accrual 608 — Other current liabilities 5,635 5,881 Accrued liabilities and other $ 13,936 $ 13,869 Other liabilities, classified as long-term liabilities, included the following: (in thousands) June 30, December 31, Noncurrent portion of deferred lease revenue $ 18,374 $ 18,687 FCC spectrum license obligations 3,826 3,845 Noncurrent portion of financing leases 1,586 1,492 Other 203 881 Other liabilities $ 23,989 $ 24,905 During the three months ended March 31, 2021, we implemented a restructuring plan whereby certain employees will leave the Company by 2022. At the onset of the plan we recognized a restructuring accrual for severance benefits payable to impacted employees totaling $0.8 million. During the three months ended June 30, 2021, we paid approximately $0.6 million of severance benefits and we recognized additional expenses of $0.04 million and $0.3 million, presented in continuing and discontinued operations, respectively. For the six months ended June 30, 2021, $0.7 million and $0.5 million of expense is presented in continuing and discontinued operations, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases We lease various telecommunications sites, fiber optic cable routes, 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. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021: (in thousands) Operating Leases Finance Leases Total 2021 $ 2,625 $ 93 $ 2,718 2022 4,981 175 5,156 2023 4,517 176 4,693 2024 4,177 179 4,356 2025 3,966 181 4,147 2026 and thereafter 66,543 1,551 68,094 Total lease payments 86,809 2,355 89,164 Less: Interest 35,288 675 35,963 Present value of lease liabilities $ 51,521 $ 1,680 $ 53,201 We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 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 income. Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at June 30, 2021: (in thousands) Operating Leases 2021 $ 4,195 2022 7,741 2023 6,202 2024 5,021 2025 3,934 2026 and thereafter 7,417 Total $ 34,510
Leases	Leases We lease various telecommunications sites, fiber optic cable routes, 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. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021: (in thousands) Operating Leases Finance Leases Total 2021 $ 2,625 $ 93 $ 2,718 2022 4,981 175 5,156 2023 4,517 176 4,693 2024 4,177 179 4,356 2025 3,966 181 4,147 2026 and thereafter 66,543 1,551 68,094 Total lease payments 86,809 2,355 89,164 Less: Interest 35,288 675 35,963 Present value of lease liabilities $ 51,521 $ 1,680 $ 53,201 We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 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 income. Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at June 30, 2021: (in thousands) Operating Leases 2021 $ 4,195 2022 7,741 2023 6,202 2024 5,021 2025 3,934 2026 and thereafter 7,417 Total $ 34,510
Leases	Leases We lease various telecommunications sites, fiber optic cable routes, 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. At June 30, 2021, our operating leases had a weighted average remaining lease term of 21.0 years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of 13.8 years and a weighted average discount rate of 5.2%. During each of the three months ended June 30, 2021 and 2020, we recognized $2.0 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.1 million of interest and depreciation expense on finance leases during the three months ended June 30, 2021 and 2020, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.3 million and $1.0 million of operating lease payments during the three months ended June 30, 2021 and 2020, respectively. We also obtained $2.4 million and $1.5 million of leased assets in exchange for new operating lease liabilities recognized during the three months ended June 30, 2021 and 2020, respectively. The following table summarizes the expected maturity of lease liabilities at June 30, 2021: (in thousands) Operating Leases Finance Leases Total 2021 $ 2,625 $ 93 $ 2,718 2022 4,981 175 5,156 2023 4,517 176 4,693 2024 4,177 179 4,356 2025 3,966 181 4,147 2026 and thereafter 66,543 1,551 68,094 Total lease payments 86,809 2,355 89,164 Less: Interest 35,288 675 35,963 Present value of lease liabilities $ 51,521 $ 1,680 $ 53,201 We recognized $2.3 million and $2.1 million of operating lease revenue during the three months ended June 30, 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 income. Substantially all of our lease revenue relates to fixed lease payments. Below is a summary of our minimum rental receipts under the lease agreements in place at June 30, 2021: (in thousands) Operating Leases 2021 $ 4,195 2022 7,741 2023 6,202 2024 5,021 2025 3,934 2026 and thereafter 7,417 Total $ 34,510

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The prior Credit Agreement included a $75 million, five-year undrawn revolving credit facility, as well as the following term loans: (in thousands) June 30, December 31, Term loan A-1 $ 214,870 $ 229,437 Term loan A-2 465,987 468,481 680,857 697,918 Less: unamortized loan fees 8,256 9,455 Total debt, net of unamortized loan fees $ 672,601 $ 688,463 Term Loan A-1 bore interest at one-month LIBOR plus a margin of 1.50%, while Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.75%. LIBOR resets monthly. Our cash payments for interest were $7.7 million and $10.3 million during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company was in compliance with the financial covenants in its credit agreements. As discussed in Note 2, Discontinued Operations , upon consummation of the Transaction, the Company used approximately $681 million of the proceeds received from the sale to fully repay all outstanding principal amounts under, and terminate, the Credit Agreement. New Credit Agreement : On July 1, 2021, we entered into a new Credit Agreement (the “New Credit Agreement”) with various financial institutions party thereto (the “Lenders”). The New Credit Agreement provides for three credit facilities (collectively, the “Facilities”), in an aggregate amount equal to $400 million: (i) a $100 million five-year revolving credit facility (the “Revolver”), (ii) a $150 million five-year delay draw amortizing term loan (the “Term Loan A-1”) and (iii) a $150 million seven-year delay draw amortizing term loan (the “Term Loan A-2” and, together with the Term Loan A-1, the “Term Loans”). The New Credit Agreement includes a provision under which the Company may request that additional term loans be made to it in an amount not to exceed the sum of (1) the greater of (a) $75 million and (b) 100% of Consolidated EBITDA (as defined in the New Credit Agreement), calculated on a pro forma basis in accordance with the New Credit Agreement, plus (2) an additional unlimited amount subject to a maximum Total Net Leverage Ratio (as defined in the New Credit Agreement) of 4.00:1.00, calculated on a pro forma basis in accordance with the New Credit Agreement, subject to the receipt of commitments from one or more lenders for any such additional term loans and other customary conditions. The availability of the Facilities to the Company is subject to the satisfaction or waiver of certain customary conditions set forth in the New Credit Agreement. The Company may use the proceeds from the Revolver and the Term Loans to finance capital expenditures, provide working capital, and for other general corporate purposes of the Company and its subsidiaries, including the payment of fees and expenses in connection with the foregoing. Rate quotations provided by a group of banks that sustain LIBOR will no longer be required after 2021. As a result, it is uncertain whether LIBOR will continue to be quoted after 2021. Our term loans and revolver identify LIBOR as a reference rate and mature after 2021. Alternative reference rates that replace LIBOR may not yield the same or similar economic results over the terms of the financial instruments. The transition from LIBOR could result in us paying higher or lower interest rates on our current LIBOR-indexed term loans. Our New Credit Agreement includes provisions that provide for the identification of a LIBOR replacement rate. Due to the uncertainty regarding the transition from LIBOR-indexed financial instruments, including when it will happen, and the manner in which an alternative reference rate will apply, we cannot yet reasonably estimate the expected financial impact of the LIBOR transition.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 27% of outstanding debt with outstanding notional amounts totaling $180.4 million and $289.4 million as of June 30, 2021 and December 31, 2020, respectively. The fair value of these instruments was estimated using an income approach and observable market inputs. The hedge was determined to be highly effective and therefore all of the change in its fair value was recognized through other comprehensive income. As discussed in Note 2, Discontinued Operations , upon consummation of the Transaction, the Company used approximately $3 million of the proceeds received from the sale to fully satisfy its obligations under, and terminate, the interest rate swaps. The table below summarizes changes in accumulated other comprehensive income (loss) by component: (in thousands) Gains (Losses) on Income Tax Accumulated Balance as of December 31, 2020 $ (4,048) $ (658) $ (4,706) Net change in unrealized (loss) gain (314) (361) (675) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense 1,761 — 1,761 Net current period other comprehensive (loss) income 1,447 (361) 1,086 Balance as of June 30, 2021 $ (2,601) $ (1,019) $ (3,620)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company files U.S. federal income tax returns and various state income tax returns. The Company is not subject to any state or federal income tax audits as of June 30, 2021. The Company's returns are generally open to examination from 2017 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward. The effective tax rates for the three months ended June 30, 2021 and 2020, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items. Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Expected tax expense (benefit) at federal statutory $ 849 $ (125) $ 1,683 $ (254) State income taxes, net of federal tax effect 154 (27) 469 (55) Revaluation of deferred tax liabilities 1,046 — 1,046 — Excess tax benefit from share based compensation and other expense, net 136 92 (91) (516) Income tax (benefit) expense $ 2,185 $ (60) $ 3,107 $ (825) The Company's cash payments for income taxes were approximately $21.0 million in the six months ended June 30, 2021. The Company had no significant cash payments or refunds for income taxes during the six months ended June 30, 2020.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Earnings per Share	Earnings per Share We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Calculation of net income per share: Income (loss) from continuing operations $ 1,856 $ (536) $ 4,905 $ (386) Income from discontinued operations, net of tax $ 51,566 $ 29,783 $ 100,038 $ 42,913 Net income $ 53,422 $ 29,247 $ 104,943 $ 42,527 Basic weighted average shares outstanding 49,945 49,902 49,945 49,878 Basic net income (loss) per share - continuing operations $ 0.04 $ (0.01) $ 0.10 $ (0.01) Basic net income per share - discontinued operations $ 1.03 $ 0.59 $ 2.00 $ 0.86 Basic net income per share $ 1.07 $ 0.58 $ 2.10 $ 0.85 Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 49,945 49,902 49,945 49,878 Effect from dilutive shares and options outstanding 130 — 122 — Diluted weighted average shares outstanding 50,075 49,902 50,067 49,878 Diluted net income (loss) per share - continuing operations $ 0.04 $ (0.01) $ 0.10 $ (0.01) Diluted net income per share - discontinued operations $ 1.03 $ 0.59 $ 2.00 $ 0.86 Diluted net income per share $ 1.07 $ 0.58 $ 2.10 $ 0.85 There were fewer than 200 thousand anti-dilutive awards outstanding during the three and six months ended June 30, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 8, Leases . We are also committed to make annual payments of approximately $108.0 thousand on our FCC spectrum license obligation through 2039. The Company is subject to claims and legal actions that may arise in the ordinary course of business. The Company does not believe that any of these pending claims or legal actions are either probable or reasonably possible of a material loss.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The divestiture of our Wireless operations represents a strategic shift in the Company’s business and qualifies as a discontinued operation. As a result, the operating results and cash flows related to the Wireless segment have been reflected as discontinued operations in our Unaudited Condensed Consolidated Statements of Comprehensive Income and the Unaudited Condensed Consolidated Statements of Cash Flows. 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. Three Months Ended June 30, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 43,989 $ — $ — $ 43,989 Commercial Fiber 6,531 — — 6,531 RLEC & Other 3,605 — — 3,605 Tower lease — 2,019 — 2,019 Service revenue and other 54,125 2,019 — 56,144 Revenue for service provided to the discontinued Wireless operations 2,102 2,595 (141) 4,556 Total revenue 56,227 4,614 (141) 60,700 Operating expenses Cost of services 23,127 1,318 (110) 24,335 Selling, general and administrative 12,806 338 7,176 20,320 Restructuring expense 27 — 16 43 Depreciation and amortization 11,775 449 1,075 13,299 Total operating expenses 47,735 2,105 8,157 57,997 Operating income (loss) $ 8,492 $ 2,509 $ (8,298) $ 2,703 Three Months Ended June 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 37,684 $ — $ — $ 37,684 Commercial Fiber 6,282 — — 6,282 RLEC & Other 3,982 — — 3,982 Tower lease — 1,829 — 1,829 Service revenue and other 47,948 1,829 — 49,777 Revenue for service provided to the discontinued Wireless operations 2,185 2,430 (56) 4,559 Total revenue 50,133 4,259 (56) 54,336 Operating expenses Cost of services 20,861 1,315 5 22,181 Selling, general and administrative 9,465 238 12,389 22,092 Depreciation and amortization 10,307 477 1,146 11,930 Total operating expenses 40,633 2,030 13,540 56,203 Operating income (loss) $ 9,500 $ 2,229 $ (13,596) $ (1,867) Six Months Ended June 30, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 86,919 $ — $ — $ 86,919 Commercial Fiber 12,916 — — 12,916 RLEC & Other 7,236 — — 7,236 Tower lease — 4,169 — 4,169 Service revenue and other 107,071 4,169 — 111,240 Revenue for service provided to the discontinued Wireless operations 4,310 5,110 (269) 9,151 Total revenue 111,381 9,279 (269) 120,391 Operating expenses Cost of services 45,263 2,566 (211) 47,618 Selling, general and administrative 23,531 572 16,370 40,473 Restructuring expense 132 — 529 661 Depreciation and amortization 23,536 930 2,099 26,565 Total operating expenses 92,462 4,068 18,787 115,317 Operating income (loss) $ 18,919 $ 5,211 $ (19,056) $ 5,074 Six Months Ended June 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 74,693 $ — $ — $ 74,693 Commercial Fiber 12,482 — — 12,482 RLEC & Other 8,026 — — 8,026 Tower lease — 3,626 — 3,626 Service revenue and other 95,201 3,626 — 98,827 Revenue for service provided to the discontinued Wireless operations 4,718 4,363 (438) 8,643 Total revenue 99,919 7,989 (438) 107,470 Operating expenses Cost of services 40,247 2,254 (3) 42,498 Selling, general and administrative 19,169 764 24,255 44,188 Depreciation and amortization 20,341 947 2,727 24,015 Total operating expenses 79,757 3,965 26,979 110,701 Operating income (loss) $ 20,162 $ 4,024 $ (27,417) $ (3,231) A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Total consolidated operating income (loss) $ 2,703 $ (1,867) $ 5,074 $ (3,231) Other income, net 1,338 1,271 2,938 2,020 Income (loss) from continuing operations before income taxes $ 4,041 $ (596) $ 8,012 $ (1,211)

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sale of Wireless assets and operations. On July 1, 2021, we completed the sale of Wireless assets and operations to T-Mobile. Refer to Note 2, Discontinued Operations , for additional information. Termination of Prior Credit Agreement. On July 1, 2021, we terminated the prior credit agreement concurrent with the sale of Wireless assets and operations to T-Mobile. Refer to Note 9, Debt , for additional information. Entry into New Credit Agreement. On July 1, 2021, we entered into the New Credit Agreement post-termination of the prior credit agreement. Refer to Note 9, Debt , for additional information. Termination of Interest Rate Swaps. On July 1, 2021, we terminated the interest rate swaps. Refer to Note 10, Derivatives and Hedging , for additional information. Declaration of the Special Dividend. On July 2, 2021, the Company’s Board of Directors declared a special dividend of $18.75 per share on the issued and outstanding shares of the Company’s common stock (the “Special Dividend”). The Special Dividend is payable on August 2, 2021 to shareholders of record as of the close of business on July 13, 2021. Since the Special Dividend is more than 25% of the current share price, in accordance with NASDAQ rules, the ex-dividend date will be August 3, 2021, the first business day after the payment date. The Company currently expects approximately $14.5 million of the Special Dividend to be reinvested in shares of the Company’s common stock via the Company’s Dividend Reinvestment Plan. The reinvested dividends are expected to be used to purchase shares of the Company’s common stock in market transactions during the thirty days following the dividend payment date. The total payout to Shentel shareholders, before any reinvestment via the Company’s Dividend Reinvestment Plan, will be approximately $937 million.

Basis of Presentation and Oth_2

Basis of Presentation and Other Information (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adoption of New Accounting Principles	There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company's unaudited condensed consolidated financial statements and note disclosures, from those disclosed in the Company's 2020 Annual Report on Form 10-K, that would be expected to impact the Company.
Investment	SERP Investments at Fair Value: The Supplemental Executive Retirement Plan (“SERP”) is a benefit plan that provides deferred compensation to certain employees. The Company holds the related investments in a rabbi trust as a source of funding for future payments under the plan. The SERP’s investments were designated as trading securities and will be liquidated and paid out to the participants upon retirement. The benefit obligation to participants is always equal to the value of the SERP assets under ASC 710, Compensation . 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 June 30, 2021, an additional $0.8 million of SERP investments were presented as prepaid expenses and other (current assets) as we intend to liquidate certain investments to pay the current portion of our SERP obligation. Cost Method Investments : Our investment in CoBank ACB’s Class A common stock represented substantially all of our cost method investments with a balance of $10.3 million and $9.8 million at June 30, 2021 and December 31, 2020, respectively. We recognized approximately $1.0 million of patronage income in Other income (expense) during both of the three months ended June 30, 2021 and 2020, respectively, and approximately $2.0 million during both of the six months ended June 30, 2021 and 2020, respectively. Historically, approximately 75% of the patronage distributions were collected in cash and 25% in equity. Equity Method Investments: At June 30, 2021, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). The Company and ValleyNet purchase capacity on one another’s fiber network. We recognized revenue of $0.2 million and $0.3 million from providing service to ValleyNet during the three months ended June 30, 2021 and 2020, respectively, and $0.4 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. We recognized cost of service of $0.6 million for the use of ValleyNet’s network during both of the three months ended June 30, 2021 and 2020, and $1.1 million and $1.4 million during the six months ended June 30, 2021 and 2020, respectively.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The carrying amounts of the major classes of assets and liabilities, which are classified as held for sale in the consolidated balance sheets, are as follows: (in thousands) June 30, December 31, ASSETS Inventory $ 1,823 $ 5,746 Prepaid expenses and other 42,562 47,003 Property, plant and equipment, net 298,471 299,647 Intangible assets, net 155,748 176,459 Goodwill 146,383 146,383 Operating lease right-of-use assets 417,754 421,586 Deferred charges and other assets 38,452 36,470 Current assets held for sale $ 1,101,193 $ 1,133,294 LIABILITIES Current operating lease liabilities $ 383,633 $ 409,887 Accrued liabilities and other 5,202 8,770 Asset retirement obligations 34,173 33,545 Current liabilities held for sale $ 423,008 $ 452,202 Income from discontinued operations, net of tax in the consolidated statements of comprehensive income consist of the following: (in thousands) Three Months Ended Six Months Ended Revenue: 2021 2020 2021 2020 Service revenue and other $ 100,402 $ 110,138 $ 201,076 $ 201,526 Equipment revenue 5,854 9,610 12,253 22,360 Total revenue 106,256 119,748 213,329 223,886 Operating expenses: Cost of services 18,717 33,192 38,144 66,631 Cost of goods sold 5,743 9,437 11,964 21,965 Selling, general and administrative 6,812 9,348 17,514 18,278 Restructuring expense 254 — 465 — Depreciation and amortization — 22,901 — 47,727 Total operating expenses 31,526 74,878 68,087 154,601 Operating income 74,730 44,870 145,242 69,285 Other (expense) income: Interest expense (4,317) (4,742) (8,701) (10,970) Income before income taxes 70,413 40,128 136,541 58,315 Income tax expense 18,847 10,345 36,503 15,402 Income from discontinued operations, net of tax $ 51,566 $ 29,783 $ 100,038 $ 42,913

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Amortized and Capitalized Contract Cost	Below is a summary of the Broadband segment's capitalized contract acquisition and fulfillment costs: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Beginning Balance $ 15,215 $ 11,663 $ 14,669 $ 11,005 Contract payments 1,410 2,248 3,215 3,933 Contract amortization (1,335) (1,131) (2,594) (2,158) Ending Balance $ 15,290 $ 12,780 $ 15,290 $ 12,780

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Other Investments	Investments consist of the following: (in thousands) June 30, December 31, SERP Investments at fair value $ 2,228 $ 2,687 Cost method investments 11,025 10,536 Equity method investments 540 546 Total investments $ 13,793 $ 13,769

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consisted of the following: ($ in thousands) Estimated Useful Lives June 30, December 31, Land $ 3,771 $ 3,909 Land improvements 10 years 3,141 2,910 Buildings and structures 10 - 40 years 93,912 91,335 Cable and fiber 15 - 30 years 414,599 390,209 Equipment and software 4 - 8 years 351,556 331,047 Plant in service 866,979 819,410 Plant under construction 80,023 49,417 Total property, plant and equipment 947,002 868,827 Less: accumulated amortization and depreciation 451,403 428,400 Property, plant and equipment, net $ 495,599 $ 440,427

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Resulting from Acquisition	Other intangible assets consisted of the following: June 30, 2021 December 31, 2020 (in thousands) Gross Accumulated Amortization and Other Net Gross 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 29,958 — 29,958 29,958 — 29,958 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 94,433 — 94,433 94,433 — 94,433 Finite-lived intangibles: FCC spectrum licenses 6,811 (515) 6,296 6,811 (340) 6,471 Subscriber relationships 28,425 (26,226) 2,199 28,425 (26,000) 2,425 Other intangibles 463 (290) 173 463 (277) 186 Total finite-lived intangibles 35,699 (27,031) 8,668 35,699 (26,617) 9,082 Total goodwill and intangible assets $ 133,376 $ (27,031) $ 106,345 $ 133,376 $ (26,617) $ 106,759
Schedule of Finite-Lived Intangible Assets	Other intangible assets consisted of the following: June 30, 2021 December 31, 2020 (in thousands) Gross Accumulated Amortization and Other Net Gross 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 29,958 — 29,958 29,958 — 29,958 Railroad crossing rights 141 — 141 141 — 141 Total indefinite-lived intangibles 94,433 — 94,433 94,433 — 94,433 Finite-lived intangibles: FCC spectrum licenses 6,811 (515) 6,296 6,811 (340) 6,471 Subscriber relationships 28,425 (26,226) 2,199 28,425 (26,000) 2,425 Other intangibles 463 (290) 173 463 (277) 186 Total finite-lived intangibles 35,699 (27,031) 8,668 35,699 (26,617) 9,082 Total goodwill and intangible assets $ 133,376 $ (27,031) $ 106,345 $ 133,376 $ (26,617) $ 106,759

Other Assets and Accrued Liab_2

Other Assets and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other, classified as current assets, included the following: (in thousands) June 30, December 31, Prepaid maintenance expenses $ 6,913 $ 4,018 Broadband contract acquisition and fulfillment costs 4,100 4,417 SERP investments 844 — Other 1,328 1,196 Prepaid expenses and other $ 13,185 $ 9,631
Schedule of Other Assets, Noncurrent	Deferred charges and other assets, classified as long-term assets, included the following: (in thousands) June 30, December 31, Broadband contract acquisition and fulfillment costs $ 11,189 $ 10,252 Prepaid expenses and other 4,908 1,398 Deferred charges and other assets $ 16,097 $ 11,650
Summary of Accrued Liabilities and Other	Accrued liabilities and other, classified as current liabilities, included the following: (in thousands) June 30, December 31, Interest rate swaps $ 2,601 $ 4,048 Accrued programming costs 3,102 2,868 Sales and property taxes payable 1,990 1,072 Restructuring accrual 608 — Other current liabilities 5,635 5,881 Accrued liabilities and other $ 13,936 $ 13,869
Other Noncurrent Liabilities	Other liabilities, classified as long-term liabilities, included the following: (in thousands) June 30, December 31, Noncurrent portion of deferred lease revenue $ 18,374 $ 18,687 FCC spectrum license obligations 3,826 3,845 Noncurrent portion of financing leases 1,586 1,492 Other 203 881 Other liabilities $ 23,989 $ 24,905

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Expected Maturity of Lease Liabilities, Operating	The following table summarizes the expected maturity of lease liabilities at June 30, 2021: (in thousands) Operating Leases Finance Leases Total 2021 $ 2,625 $ 93 $ 2,718 2022 4,981 175 5,156 2023 4,517 176 4,693 2024 4,177 179 4,356 2025 3,966 181 4,147 2026 and thereafter 66,543 1,551 68,094 Total lease payments 86,809 2,355 89,164 Less: Interest 35,288 675 35,963 Present value of lease liabilities $ 51,521 $ 1,680 $ 53,201
Expected Maturity of Lease Liabilities, Financing	The following table summarizes the expected maturity of lease liabilities at June 30, 2021: (in thousands) Operating Leases Finance Leases Total 2021 $ 2,625 $ 93 $ 2,718 2022 4,981 175 5,156 2023 4,517 176 4,693 2024 4,177 179 4,356 2025 3,966 181 4,147 2026 and thereafter 66,543 1,551 68,094 Total lease payments 86,809 2,355 89,164 Less: Interest 35,288 675 35,963 Present value of lease liabilities $ 51,521 $ 1,680 $ 53,201
Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases	Below is a summary of our minimum rental receipts under the lease agreements in place at June 30, 2021: (in thousands) Operating Leases 2021 $ 4,195 2022 7,741 2023 6,202 2024 5,021 2025 3,934 2026 and thereafter 7,417 Total $ 34,510

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	The prior Credit Agreement included a $75 million, five-year undrawn revolving credit facility, as well as the following term loans: (in thousands) June 30, December 31, Term loan A-1 $ 214,870 $ 229,437 Term loan A-2 465,987 468,481 680,857 697,918 Less: unamortized loan fees 8,256 9,455 Total debt, net of unamortized loan fees $ 672,601 $ 688,463

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The table below summarizes changes in accumulated other comprehensive income (loss) by component: (in thousands) Gains (Losses) on Income Tax Accumulated Balance as of December 31, 2020 $ (4,048) $ (658) $ (4,706) Net change in unrealized (loss) gain (314) (361) (675) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense 1,761 — 1,761 Net current period other comprehensive (loss) income 1,447 (361) 1,086 Balance as of June 30, 2021 $ (2,601) $ (1,019) $ (3,620)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Reconciliation of Income Taxes	Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Expected tax expense (benefit) at federal statutory $ 849 $ (125) $ 1,683 $ (254) State income taxes, net of federal tax effect 154 (27) 469 (55) Revaluation of deferred tax liabilities 1,046 — 1,046 — Excess tax benefit from share based compensation and other expense, net 136 92 (91) (516) Income tax (benefit) expense $ 2,185 $ (60) $ 3,107 $ (825)

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table indicates the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Calculation of net income per share: Income (loss) from continuing operations $ 1,856 $ (536) $ 4,905 $ (386) Income from discontinued operations, net of tax $ 51,566 $ 29,783 $ 100,038 $ 42,913 Net income $ 53,422 $ 29,247 $ 104,943 $ 42,527 Basic weighted average shares outstanding 49,945 49,902 49,945 49,878 Basic net income (loss) per share - continuing operations $ 0.04 $ (0.01) $ 0.10 $ (0.01) Basic net income per share - discontinued operations $ 1.03 $ 0.59 $ 2.00 $ 0.86 Basic net income per share $ 1.07 $ 0.58 $ 2.10 $ 0.85 Effect of stock-based compensation awards outstanding: Basic weighted average shares outstanding 49,945 49,902 49,945 49,878 Effect from dilutive shares and options outstanding 130 — 122 — Diluted weighted average shares outstanding 50,075 49,902 50,067 49,878 Diluted net income (loss) per share - continuing operations $ 0.04 $ (0.01) $ 0.10 $ (0.01) Diluted net income per share - discontinued operations $ 1.03 $ 0.59 $ 2.00 $ 0.86 Diluted net income per share $ 1.07 $ 0.58 $ 2.10 $ 0.85

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2021
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. Three Months Ended June 30, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 43,989 $ — $ — $ 43,989 Commercial Fiber 6,531 — — 6,531 RLEC & Other 3,605 — — 3,605 Tower lease — 2,019 — 2,019 Service revenue and other 54,125 2,019 — 56,144 Revenue for service provided to the discontinued Wireless operations 2,102 2,595 (141) 4,556 Total revenue 56,227 4,614 (141) 60,700 Operating expenses Cost of services 23,127 1,318 (110) 24,335 Selling, general and administrative 12,806 338 7,176 20,320 Restructuring expense 27 — 16 43 Depreciation and amortization 11,775 449 1,075 13,299 Total operating expenses 47,735 2,105 8,157 57,997 Operating income (loss) $ 8,492 $ 2,509 $ (8,298) $ 2,703 Three Months Ended June 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 37,684 $ — $ — $ 37,684 Commercial Fiber 6,282 — — 6,282 RLEC & Other 3,982 — — 3,982 Tower lease — 1,829 — 1,829 Service revenue and other 47,948 1,829 — 49,777 Revenue for service provided to the discontinued Wireless operations 2,185 2,430 (56) 4,559 Total revenue 50,133 4,259 (56) 54,336 Operating expenses Cost of services 20,861 1,315 5 22,181 Selling, general and administrative 9,465 238 12,389 22,092 Depreciation and amortization 10,307 477 1,146 11,930 Total operating expenses 40,633 2,030 13,540 56,203 Operating income (loss) $ 9,500 $ 2,229 $ (13,596) $ (1,867) Six Months Ended June 30, 2021: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 86,919 $ — $ — $ 86,919 Commercial Fiber 12,916 — — 12,916 RLEC & Other 7,236 — — 7,236 Tower lease — 4,169 — 4,169 Service revenue and other 107,071 4,169 — 111,240 Revenue for service provided to the discontinued Wireless operations 4,310 5,110 (269) 9,151 Total revenue 111,381 9,279 (269) 120,391 Operating expenses Cost of services 45,263 2,566 (211) 47,618 Selling, general and administrative 23,531 572 16,370 40,473 Restructuring expense 132 — 529 661 Depreciation and amortization 23,536 930 2,099 26,565 Total operating expenses 92,462 4,068 18,787 115,317 Operating income (loss) $ 18,919 $ 5,211 $ (19,056) $ 5,074 Six Months Ended June 30, 2020: (in thousands) Broadband Tower Corporate & Eliminations Consolidated External revenue Residential & SMB $ 74,693 $ — $ — $ 74,693 Commercial Fiber 12,482 — — 12,482 RLEC & Other 8,026 — — 8,026 Tower lease — 3,626 — 3,626 Service revenue and other 95,201 3,626 — 98,827 Revenue for service provided to the discontinued Wireless operations 4,718 4,363 (438) 8,643 Total revenue 99,919 7,989 (438) 107,470 Operating expenses Cost of services 40,247 2,254 (3) 42,498 Selling, general and administrative 19,169 764 24,255 44,188 Depreciation and amortization 20,341 947 2,727 24,015 Total operating expenses 79,757 3,965 26,979 110,701 Operating income (loss) $ 20,162 $ 4,024 $ (27,417) $ (3,231)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of the total of the reportable segments’ operating income to consolidated income before taxes is as follows: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Total consolidated operating income (loss) $ 2,703 $ (1,867) $ 5,074 $ (3,231) Other income, net 1,338 1,271 2,938 2,020 Income (loss) from continuing operations before income taxes $ 4,041 $ (596) $ 8,012 $ (1,211)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	Aug. 26, 2020	Jun. 30, 2021	Jul. 01, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current liabilities		$ 1,156,538		$ 1,208,061
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Waived management fees			$ 60,000
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accelerated expenses		34,000
Wireless Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable		49,100		51,700
Current liabilities		$ 8,000		$ 6,100
Discontinued Operations, Held-for-sale | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds			$ 1,940,000
Affiliated Entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of business percentage	90.00%

Discontinued Operations - Carry

Discontinued Operations - Carrying Amounts of the Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Current assets held for sale	$ 1,101,193	$ 1,133,294
LIABILITIES
Current liabilities held for sale	423,008	452,202
Discontinued Operations, Held-for-sale
ASSETS
Inventory	1,823	5,746
Prepaid expenses and other	42,562	47,003
Property, plant and equipment, net	298,471	299,647
Intangible assets, net	155,748	176,459
Goodwill	146,383	146,383
Operating lease right-of-use assets	417,754	421,586
Deferred charges and other assets	38,452	36,470
Current assets held for sale	1,101,193	1,133,294
LIABILITIES
Current operating lease liabilities	383,633	409,887
Accrued liabilities and other	5,202	8,770
Asset retirement obligations	34,173	33,545
Current liabilities held for sale	$ 423,008	$ 452,202

Discontinued Operations - Incom

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses
Discontinued operations expense	$ 254	$ 0	$ 465	$ 0
Discontinued Operations, Held-for-sale
Revenue:
Revenue	106,256	119,748	213,329	223,886
Operating expenses
Selling, general and administrative	6,812	9,348	17,514	18,278
Depreciation and amortization	0	22,901	0	47,727
Total operating expenses	31,526	74,878	68,087	154,601
Operating income	74,730	44,870	145,242	69,285
Other (expense) income:
Interest expense	(4,317)	(4,742)	(8,701)	(10,970)
Income before income taxes	70,413	40,128	136,541	58,315
Income tax expense	18,847	10,345	36,503	15,402
Income from discontinued operations, net of tax	51,566	29,783	100,038	42,913
Discontinued Operations, Held-for-sale | Service revenue and other
Revenue:
Revenue	100,402	110,138	201,076	201,526
Discontinued Operations, Held-for-sale | Equipment revenue
Revenue:
Revenue	5,854	9,610	12,253	22,360
Discontinued Operations, Held-for-sale | Cost of services
Operating expenses
Cost of services and cost of goods sold	18,717	33,192	38,144	66,631
Discontinued Operations, Held-for-sale | Cost of goods sold
Operating expenses
Cost of services and cost of goods sold	$ 5,743	$ 9,437	$ 11,964	$ 21,965

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Weighted average customer life	6 years
Remaining performance obligations	$ 3.7
Revenue remaining performance obligation, per year	$ 0.2

Revenue from Contracts with C_4

Revenue from Contracts with Customers Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 15,215	$ 11,663	$ 14,669	$ 11,005
Contract payments	1,410	2,248	3,215	3,933
Contract amortization	(1,335)	(1,131)	(2,594)	(2,158)
Ending Balance	$ 15,290	$ 12,780	$ 15,290	$ 12,780

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments [Abstract]
SERP Investments at fair value	$ 2,228	$ 2,687
Cost method investments	11,025	10,536
Equity method investments	540	546
Total investments	$ 13,793	$ 13,769

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
SERP investments	$ 844		$ 844		$ 0
SERP Investments at fair value	2,228		2,228		2,687
CoBank
Schedule of Equity Method Investments [Line Items]
SERP Investments at fair value	10,300		10,300		$ 9,800
Other nonoperating income (expense)	$ 1,000	$ 1,000	$ 2,000	$ 2,000
Percentage of patronage credit paid in cash	75.00%		75.00%
Percentage of patronage credit paid in share	25.00%		25.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	20.00%		20.00%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenue from related parties	$ 200	$ 300	$ 400	500
Related party costs	$ 600		$ 1,100	$ 1,400

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 947,002	$ 868,827
Less: accumulated amortization and depreciation	451,403	428,400
Property, plant and equipment, net	495,599	440,427
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,771	3,909
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,141	2,910
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 93,912	91,335
Buildings and structures | Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures | Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	40 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 414,599	390,209
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	$ 351,556	331,047
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	$ 866,979	819,410
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 80,023	$ 49,417

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 94,433	$ 94,433
Gross carrying amount	35,699	35,699
Accumulated amortization and other	(27,031)	(26,617)
Total	8,668	9,082
Total intangible assets, gross carrying amount	133,376	133,376
Intangible assets, net	106,345	106,759
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	6,811	6,811
Accumulated amortization and other	(515)	(340)
Total	6,296	6,471
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(26,226)	(26,000)
Total	2,199	2,425
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	463	463
Accumulated amortization and other	(290)	(277)
Total	173	186
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	29,958	29,958
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 141	$ 141

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.4	$ 0.3

Other Assets and Accrued Liab_3

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 6,913	$ 4,018
Broadband contract acquisition and fulfillment costs	4,100	4,417
SERP investments	844	0
Other	1,328	1,196
Prepaid expenses and other	$ 13,185	$ 9,631

Other Assets and Accrued Liab_4

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition and fulfillment costs	$ 11,189	$ 10,252
Prepaid expenses and other	4,908	1,398
Deferred charges and other assets	$ 16,097	$ 11,650

Other Assets and Accrued Liab_5

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Interest rate swaps	$ 2,601	$ 4,048
Accrued programming costs	3,102	2,868
Sales and property taxes payable	1,990	1,072
Restructuring accrual	608	0
Other current liabilities	5,635	5,881
Accrued liabilities and other	$ 13,936	$ 13,869

Other Assets and Accrued Liab_6

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 18,374	$ 18,687
FCC spectrum license obligations	3,826	3,845
Noncurrent portion of financing leases	1,586	1,492
Other	203	881
Other liabilities	$ 23,989	$ 24,905

Other Assets and Accrued Liab_7

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Restructuring Reserve					$ 800
Payments for restructuring	$ 600
Restructuring expense	43	$ 0	$ 661	$ 0
Discontinued operations expense	$ 254	$ 0	$ 465	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease, weighted average remaining lease term	21 years
Operating lease, weighted average discount rate, percent	4.50%
Finance lease, weighted average remaining lease term	13 years 9 months 18 days
Finance lease, weighted average discount rate, percent	5.20%
Operating lease, cost	$ 2	$ 1.4
Finance lease, cost	0.1	0.1
Operating lease, payments	1.3	1
Right-of-use asset obtained in exchange for operating lease liability	2.4	1.5
Sublease income	$ 2.3	$ 2.1

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Jun. 30, 2021USD ($)
Operating Leases
2021	$ 2,625
2022	4,981
2023	4,517
2024	4,177
2025	3,966
2026 and thereafter	66,543
Total lease payments	86,809
Less: Interest	35,288
Present value of lease liabilities	51,521
Finance Leases
2021	93
2022	175
2023	176
2024	179
2025	181
2026 and thereafter	1,551
Total lease payments	2,355
Less: Interest	675
Present value of lease liabilities	1,680
Total
2021	2,718
2022	5,156
2023	4,693
2024	4,356
2025	4,147
2026 and thereafter	68,094
Total lease payments	89,164
Less: Interest	35,963
Present value of lease liabilities	$ 53,201

Leases - Maturity of Lease Li_2

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
2021	$ 4,195
2022	7,741
2023	6,202
2024	5,021
2025	3,934
2026 and thereafter	7,417
Total	$ 34,510

Debt - Narrative (Details)

Debt - Narrative (Details)	Jul. 01, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Interest payments		$ 7,700,000	$ 10,300,000
Repayments of debt		$ 681,000,000
Term loan A-1 | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Term loan A-2 | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	7 years
Term loan A-2 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
New Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Additional borrowing capacity available upon request	$ 75,000,000
New Credit Agreement | Subsequent Event | Maximum
Debt Instrument [Line Items]
Total net leverage ratio	4
New Credit Agreement | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Term of credit facility		5 years
Revolving Credit Facility | New Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Term of credit facility	5 years

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 680,857	$ 697,918
Less: unamortized loan fees	8,256	9,455
Total debt, net of unamortized loan fees	672,601	688,463
Term loan A-1
Debt Instrument [Line Items]
Total	214,870	229,437
Term loan A-2
Debt Instrument [Line Items]
Total	$ 465,987	$ 468,481

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Payments for derivative instruments	$ 3
Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Notional amount of interest rate swaps	$ 180.4	$ 289.4
Interest Rate Swap, May 2016 | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Interest rate	1.16%
Percentage hedged	27.00%

Derivatives and Hedging - Sched

Derivatives and Hedging - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax (Expense) Benefit
Balance as of December 31, 2020			$ (658)
Net change in unrealized (loss) gain			(361)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			0
Net current period other comprehensive (loss) income			(361)
Balance as of June 30, 2021	$ (1,019)		(1,019)
Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2020			(4,706)
Net change in unrealized (loss) gain			(675)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			1,761
Net current period other comprehensive (loss) income	313	$ 59	1,086	$ (6,047)
Balance as of June 30, 2021	(3,620)		(3,620)
Gains (Losses) on Cash Flow Hedges
Gains (Losses) on Cash Flow Hedges
Balance as of December 31, 2020			(4,048)
Net change in unrealized (loss) gain			(314)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			1,761
Net current period other comprehensive (loss) income			1,447
Balance as of June 30, 2021	$ (2,601)		$ (2,601)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense (benefit) at federal statutory	$ 849	$ (125)	$ 1,683	$ (254)
State income taxes, net of federal tax effect	154	(27)	469	(55)
Revaluation of deferred tax liabilities	1,046	0	1,046	0
Excess tax benefit from share based compensation and other expense, net	136	92	(91)	(516)
Income tax (benefit) expense	$ 2,185	$ (60)	$ 3,107	$ (825)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Proceeds from income tax refunds	$ 21	$ 0

Earnings per Share - Basic and

Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Income (loss) from continuing operations	$ 1,856	$ (536)	$ 4,905	$ (386)
Income from discontinued operations, net of tax	51,566	29,783	100,038	42,913
Net income	$ 53,422	$ 29,247	$ 104,943	$ 42,527
Basic weighted average shares outstanding (in shares)	49,945	49,902	49,945	49,878
Basic - Income from continuing operations (in dollars per share)	$ 0.04	$ (0.01)	$ 0.10	$ (0.01)
Basic - Income from discontinued operations, net of tax (in dollars per share)	1.03	0.59	2	0.86
Basic net income per share (in dollars per share)	$ 1.07	$ 0.58	$ 2.10	$ 0.85
Effect from dilutive shares and options outstanding (in shares)	130	0	122	0
Diluted weighted average shares outstanding (in shares)	50,075	49,902	50,067	49,878
Diluted - Income from continuing operations (in dollars per share)	$ 0.04	$ (0.01)	$ 0.10	$ (0.01)
Diluted - Income from discontinued operations, net of tax (in dollars per share)	1.03	0.59	2	0.86
Diluted net income per share (in dollars per share)	$ 1.07	$ 0.58	$ 2.10	$ 0.85

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Anti-dilutive awards outstanding (fewer than)(in shares)	200	200	200	200

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) $ in Thousands	Jun. 30, 2021USD ($)
FCC spectrum licenses
Other Commitments [Line Items]
Other commitment, annual payments	$ 108

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
External revenue
Service revenue and other	$ 60,700	$ 54,336	$ 120,391	$ 107,470
Operating expenses
Cost of services	24,335	22,181	47,618	42,498
Selling, general and administrative	20,320	22,092	40,473	44,188
Restructuring expense	43	0	661	0
Depreciation and amortization	13,299	11,930	26,565	24,015
Operating income (loss)	2,703	(1,867)	5,074	(3,231)
Operating Segments
Operating expenses
Selling, general and administrative	20,320	22,092	40,473	44,188
Restructuring expense	43		661
Depreciation and amortization	13,299	11,930	26,565	24,015
Total operating expenses	57,997	56,203	115,317	110,701
Operating income (loss)	2,703	(1,867)	5,074	(3,231)
Operating Segments | Broadband
External revenue
Service revenue and other	56,227	50,133	111,381	99,919
Operating expenses
Selling, general and administrative	12,806	9,465	23,531	19,169
Restructuring expense	27		132
Depreciation and amortization	11,775	10,307	23,536	20,341
Total operating expenses	47,735	40,633	92,462	79,757
Operating income (loss)	8,492	9,500	18,919	20,162
Operating Segments | Tower
External revenue
Service revenue and other	4,614	4,259	9,279	7,989
Operating expenses
Selling, general and administrative	338	238	572	764
Restructuring expense	0		0
Depreciation and amortization	449	477	930	947
Total operating expenses	2,105	2,030	4,068	3,965
Operating income (loss)	2,509	2,229	5,211	4,024
Intersegment Eliminations
External revenue
Service revenue and other	4,556	4,559	9,151	8,643
Intersegment Eliminations | Broadband
External revenue
Service revenue and other	2,102	2,185	4,310	4,718
Intersegment Eliminations | Tower
External revenue
Service revenue and other	2,595	2,430	5,110	4,363
Intersegment Eliminations | Corporate & Eliminations
External revenue
Service revenue and other	(141)	(56)	(269)	(438)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	7,176	12,389	16,370	24,255
Restructuring expense	16		529
Depreciation and amortization	1,075	1,146	2,099	2,727
Total operating expenses	8,157	13,540	18,787	26,979
Operating income (loss)	(8,298)	(13,596)	(19,056)	(27,417)
Residential & SMB | Operating Segments
External revenue
Service revenue and other	43,989	37,684	86,919	74,693
Residential & SMB | Operating Segments | Broadband
External revenue
Service revenue and other	43,989	37,684	86,919	74,693
Residential & SMB | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Commercial Fiber | Operating Segments
External revenue
Service revenue and other	6,531	6,282	12,916	12,482
Commercial Fiber | Operating Segments | Broadband
External revenue
Service revenue and other	6,531	6,282	12,916	12,482
Commercial Fiber | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
RLEC & Other | Operating Segments
External revenue
Service revenue and other	3,605	3,982	7,236	8,026
RLEC & Other | Operating Segments | Broadband
External revenue
Service revenue and other	3,605	3,982	7,236	8,026
RLEC & Other | Operating Segments | Tower
External revenue
Service revenue and other	0	0	0	0
Tower lease | Operating Segments
External revenue
Service revenue and other	2,019	1,829	4,169	3,626
Tower lease | Operating Segments | Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease | Operating Segments | Tower
External revenue
Service revenue and other	2,019	1,829	4,169	3,626
Service revenue and other | Operating Segments
External revenue
Service revenue and other	56,144	49,777	111,240	98,827
Service revenue and other | Operating Segments | Broadband
External revenue
Service revenue and other	54,125	47,948	107,071	95,201
Service revenue and other | Operating Segments | Tower
External revenue
Service revenue and other	2,019	1,829	4,169	3,626
Cost of services | Operating Segments
Operating expenses
Cost of services	24,335	22,181	47,618	42,498
Cost of services | Operating Segments | Broadband
Operating expenses
Cost of services	23,127	20,861	45,263	40,247
Cost of services | Operating Segments | Tower
Operating expenses
Cost of services	1,318	1,315	2,566	2,254
Cost of services | Corporate, Non-Segment
Operating expenses
Cost of services	$ (110)	$ 5	$ (211)	$ (3)

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Operating income (loss)	$ 2,703	$ (1,867)	$ 5,074	$ (3,231)
Other income, net	1,338	1,271	2,938	2,020
Income (loss) from continuing operations before income taxes	$ 4,041	$ (596)	$ 8,012	$ (1,211)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Jul. 02, 2021USD ($)$ / shares
Subsequent Event [Line Items]
Dividends payable (in dollars per share) | $ / shares	$ 18.75
Dividends payable	$ 937
Forecast
Subsequent Event [Line Items]
Anticipated reinvestment	$ 14.5