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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

The assets and liabilities related to Shentel’s VIE arrangements included in the Company’s consolidated balance sheets were as follows:


(in thousands)	December 31, 2025
ASSETS

Restricted cash and cash equivalents	$	20,945
Accounts receivable	12,580
Prepaid expenses and other	5,344

Property, plant and equipment, net	793,874
Intangible assets, net	8,234
Operating lease right-of-use assets	10,199
Deferred charges and other assets	129,635
Total assets	$	980,811

LIABILITIES
Current liabilities:
Accounts payable	$	7,561
Advanced billings and customer deposits	8,953

Current operating lease liabilities	1,236
Accrued liabilities and other	2,658

Long-term debt, less current maturities, net of unamortized loan fees	554,288

Non-current operating lease liabilities	4,925
Other liabilities	28,703

Total liabilities	$	608,324

Schedule of Accounts Receivable, Allowance for Credit Loss

Changes in the Company’s allowance for credit losses for accounts receivable for the years ended December 31, 2025, 2024 and 2023 are summarized below:


(in thousands)	Balance at Beginning of Year		Recoveries added to allowance		Provision for Credit Losses		Write-offs		Balance at End of Year
Year Ended December 31, 2025
Allowance for credit losses	$	1,156	$	299	$	1,452	$	(2,078)	$	829
Year Ended December 31, 2024
Allowance for credit losses	$	886	$	599	$	2,132	$	(2,461)	$	1,156
Year Ended December 31, 2023
Allowance for credit losses	$	776	$	424	$	2,852	$	(3,166)	$	886

Schedule of Defined Benefit Plans Disclosures

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


($ in thousands)	December 31, 2025		December 31, 2024
Supplemental executive retirement plans	$	3,190	$	2,812
Postretirement medical benefits plans	960		1,889
Pension plan obligation	—		244
Total	$	4,150	$	4,945

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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