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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 09, 2019
Document and Entity Information
Entity Registrant Name	ATN International, Inc.
Entity Central Index Key	0000879585
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		15,993,769
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 171,483	$ 191,836
Restricted cash	1,071	1,071
Short-term investments	5,280	393
Accounts receivable, net of allowances of $16.7 million and $16.5 million, respectively	46,161	38,305
Inventory, materials and supplies	6,239	6,305
Prepayments and other current assets	30,910	37,855
Total current assets	261,144	275,765
Fixed Assets:
Property, plant and equipment	1,201,404	1,188,916
Less accumulated depreciation	(581,606)	(562,064)
Net fixed assets	619,798	626,852
Telecommunication licenses, net	93,686	93,686
Goodwill	63,970	63,970
Customer relationships, net	8,783	9,323
Operating lease right-of-use assets	68,185
Other assets	47,264	37,708
Total assets	1,162,830	1,107,304
Current Liabilities:
Current portion of long-term debt	4,688	4,688
Accounts payable and accrued liabilities	72,394	80,873
Dividends payable	2,719	2,720
Accrued taxes	32,099	31,795
Current portion of operating lease liabilities	8,351
Advance payments and deposits	21,066	20,574
Total current liabilities	141,317	140,650
Deferred income taxes	8,362	10,276
Operating lease liabilities	58,835
Other liabilities	48,952	46,760
Long-term debt, excluding current portion	85,380	86,294
Total liabilities	342,846	283,980
Commitments and contingencies (Note 15)
ATN International, Inc. Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 17,294,690 and 17,274,215 shares issued, respectively, 15,993,920 and 16,002,699 shares outstanding respectively	172	172
Treasury stock, at cost; 1,300,770 and 1,271,516 shares, respectively	(50,116)	(48,547)
Additional paid-in capital	183,079	181,778
Retained earnings	559,319	563,593
Accumulated other comprehensive income	(1,433)	(1,609)
Total ATN International, Inc. stockholders’ equity	691,021	695,387
Non-controlling interests	128,963	127,937
Total equity	819,984	823,324
Total liabilities and equity	$ 1,162,830	$ 1,107,304

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 16.7	$ 16.5
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	17,294,690	17,274,215
Common stock, shares outstanding	15,993,920	16,002,699
Treasury stock, shares	1,300,770	1,271,516

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUE:
Total revenue	$ 103,300	$ 104,475
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Termination and access fees	27,888	25,914
Engineering and operations	19,032	18,152
Sales, marketing and customer service	9,390	8,562
General and administrative	23,816	25,540
Transaction-related charges	40	27
Depreciation and amortization	20,718	21,305
Loss on disposition of long-lived assets	302	284
Loss on damaged assets and other hurricane related charges, net of insurance recovery		482
Total operating expenses	101,186	100,266
Income from operations	2,114	4,209
OTHER INCOME (EXPENSE)
Interest income	928	366
Interest expense	(1,281)	(2,204)
Other income (expenses)	187	(753)
Other expense, net	(166)	(2,591)
INCOME BEFORE INCOME TAXES	1,948	1,618
Income tax provisions	1,213	3,921
NET INCOME (LOSS)	735	(2,303)
Net income attributable to non-controlling interests, net of tax expense of $0.4 million and $0.3 million, respectively.	(2,316)	(3,252)
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$ (1,581)	$ (5,555)
NET LOSS PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:
Basic (in dollars per share)	$ (0.10)	$ (0.35)
Diluted (in dollars per share)	$ (0.10)	$ (0.35)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	16,001	16,019
Diluted (in shares)	16,001	16,019
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK (in dollars per share)	$ 0.17	$ 0.17
Wireless
REVENUE:
Total revenue	$ 41,613	$ 50,548
Wireline
REVENUE:
Total revenue	60,197	48,096
Renewable Energy
REVENUE:
Total revenue	$ 1,490	$ 5,831

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Noncontrolling interest income tax expense	$ 0.4	$ 0.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 735	$ (2,303)
Other comprehensive income:
Foreign currency translation adjustment	237	(1,032)
Unrealized gain (loss) on derivatives	(61)	139
Other comprehensive income (loss), net of tax	176	(893)
Comprehensive income (loss)	911	(3,196)
Less: Comprehensive income attributable to non-controlling interests	(2,316)	(3,252)
Comprehensive income attributable to ATN International, Inc.	$ (1,405)	$ (6,448)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total ATNI Stockholders' Equity	Common Stock	Treasury Stock, at cost	Additional Paid In Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-Controlling Interests	Total
Balance, beginning of period at Dec. 31, 2017	$ 688,727	$ 170	$ (36,110)	$ 167,973	$ 552,948	$ 3,746	$ 141,496	$ 830,223
Increase (Decrease) in Stockholders' Equity
Issuance of 12,500 shares of common stock upon exercise of stock options for the quarter ended March 31,2018	498			498				498
Purchase of common stock (28,242 and 41,827 shares) upon exercise of stock options for the quarter ended March 31, 2019 and 2018 respectively)	(2,538)		(2,538)					(2,538)
Stock-based compensation	1,576			1,576				1,576
Dividends declared on common stock	(2,696)				(2,696)		(12,484)	(15,180)
Repurchase of non-controlling interests							(3)	(3)
Comprehensive income:
Net income (loss)	(5,555)				(5,555)		3,252	(2,303)
Other comprehensive loss	(893)					(893)		(893)
Comprehensive income (loss)	(6,448)						3,252	(3,196)
Balance, end of period at Mar. 31, 2018	680,607	170	(38,648)	170,047	546,388	2,650	133,408	814,015
Increase (Decrease) in Stockholders' Equity
Cumulative effect adjustment due to adoption of new accounting	1,488				1,691	(203)	1,147	2,635
Balance, beginning of period at Dec. 31, 2018	695,387	172	(48,547)	181,778	563,593	(1,609)	127,937	823,324
Increase (Decrease) in Stockholders' Equity
Purchase of common stock (28,242 and 41,827 shares) upon exercise of stock options for the quarter ended March 31, 2019 and 2018 respectively)	(1,569)		(1,569)					(1,569)
Stock-based compensation	1,301			1,301				1,301
Dividends declared on common stock	(2,693)				(2,693)		(1,553)	(4,246)
Repurchase of non-controlling interests							(225)	(225)
Investments made by minority shareholders in consolidated affiliates							488	488
Comprehensive income:
Net income (loss)	(1,581)				(1,581)		2,316	735
Other comprehensive loss	176					176		176
Comprehensive income (loss)	(1,405)						2,316	911
Balance, end of period at Mar. 31, 2019	$ 691,021	$ 172	$ (50,116)	$ 183,079	$ 559,319	$ (1,433)	$ 128,963	$ 819,984

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Issuance of shares of common stock upon exercise of stock options		12,500
Purchase of shares of common stock	28,242	41,827
Dividends declared on common stock (dollars per per share)	$ 0.17	$ 0.17

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 735	$ (2,303)
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	20,718	21,305
Provision for doubtful accounts	1,285	796
Amortization and write off of debt discount and debt issuance costs	160	197
Stock-based compensation	1,301	1,576
Deferred income taxes	(1,914)	(1,089)
Loss on disposition of long-lived assets	302	284
Unrealized (gain) loss on foreign currency	(64)	364
Other non-cash activity	(17)	85
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(9,102)	(5,061)
Materials and supplies, prepayments, and other current assets	90	3,991
Prepaid income taxes	5,158
Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities	(3,188)	(2,306)
Accrued taxes	1,620	3,292
Other assets	324	(581)
Other liabilities	1,362	1,994
Net cash provided by operating activities	18,770	22,544
Cash flows from investing activities:
Capital expenditures	(17,641)	(21,041)
Hurricane rebuild capital expenditures	(123)	(30,851)
Hurricane insurance proceeds		34,606
Receipt of government grants		5,400
Purchase of other investments	(10,000)
Purchase of short-term investments	(5,000)
Proceeds from sale of investments	141	4,809
Net cash used in investing activities	(32,623)	(7,077)
Cash flows from financing activities:
Dividends paid on common stock	(2,720)	(2,724)
Distribution to non-controlling interests	(1,540)	(12,424)
Principal repayments of term loan	(949)	(938)
Stock-based compensation share repurchases	(1,569)	(2,041)
Repurchases of non-controlling interests	(225)	(3)
Investments made by minority shareholders in consolidated affiliates	488
Net cash used in financing activities	(6,515)	(18,130)
Effect of foreign currency exchange rates on cash and cash equivalents	15	(31)
Net change in cash, cash equivalents, and restricted cash	(20,353)	(2,694)
Total cash, cash equivalents, and restricted cash, beginning of period	192,907	219,890
Total cash, cash equivalents, and restricted cash, end of period	172,554	217,196
Noncash investing activity:
Purchases of property, plant and equipment included in accounts payable and accrued expenses	$ 8,129	$ 20,068

ORGANIZATION AND BUSINESS OPERATIONS

3 Months Ended

Mar. 31, 2019

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company is a holding company that, directly and through its subsidiaries, owns and operates telecommunications and renewable energy businesses in North America, India, Bermuda and the Caribbean. The Company was incorporated in Delaware in 1987, began trading publicly in 1991 and spun off more than a half of its operations to stockholders in 1998. Since that time, the Company has engaged in many strategic acquisitions and investments to help grow its operations, using the cash generated from its established operating units to re-invest in its existing businesses and to make strategic investments in earlier stage businesses. The Company looks for businesses that offer growth opportunities or potential strategic benefits, but that require additional capital investment in order to execute on their business plans. The Company holds controlling positions with respect to some of its investments and minority positions in others. These strategic investments frequently offer a product and service development component in addition to the prospects of generating returns on its invested capital. The Company has identified three operating segments to manage and review its operations, and to facilitate investor presentations of its results, as follows:

US Telecom. In the United States, the Company offers wireless and wireline services. The Company offers wholesale wireless voice and data roaming services to national, regional, local and selected international wireless carriers in rural markets located principally in the Southwest and Midwest United States. The Company also provides retail wireless, wireline services and wholesale long-distance voice services to telecommunications carriers in the areas in which it offers wireline services.

International Telecom. The Company’s international wireless services include voice and data services to retail customers in Bermuda, Guyana and the US Virgin Islands. The Company’s international wireline services include voice and data services in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands, as well as video services in Bermuda, the Cayman Islands, and the US Virgin Islands. In addition, the Company offers wholesale long‑distance voice services to other telecommunications carriers in the countries in which it offers international wireline services.

Renewable Energy. In India, the Company provides distributed generation solar power to corporate, utility and municipal customers. Through November 6, 2018, the Company also provided distributed generation solar power in the United States in Massachusetts, California and New Jersey.

The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which the Company reports its revenue and the markets it served as of March 31, 2019:


Segment	Services	Markets	Tradenames
US Telecom	Wireless	United States (rural markets)	Choice, Choice NTUA Wireless, Commnet, WestNet, Geoverse
	Wireline	United States	Essextel, Deploycom
International Telecom	Wireline	Bermuda, Cayman Islands, Guyana, US Virgin Islands	Fireminds, GTT+, One, Logic, Viya
	Wireless	Bermuda, Guyana, US Virgin Islands	GTT+, One, Viya
	Video Services	Bermuda, Cayman Islands, US Virgin Islands	Logic, One, Viya
Renewable Energy	Solar	India	Vibrant Energy

The Company actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, that meet its return on investment and other criteria. In addition, the Company considers non-controlling investments in earlier stage businesses that it considers strategically relevant, and which may offer long-term growth potential for the Company, either individually, or as research and development businesses that can support the Company’s operating subsidiaries in new product and service development and offerings. The Company provides management, technical, financial, regulatory, and marketing services to its subsidiaries and typically receives a management fee equal to a percentage of their revenues, which is eliminated in consolidation. For further information about the Company’s financial segments and geographical information about its operating revenues and assets, also see Note 14 to the Consolidated Financial Statements included in this Report.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for such periods. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. The condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and certain entities, which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), and subsequently issued related updates, (collectively known as ASC 606), which provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this standard on January 1, 2018. Refer to Note 3 to the Consolidated Financial Statements in this Report. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted this standard on January 1, 2018. Upon adoption the Company held $20.1 million of equity investments that did not have readily determinable fair values. As a result these investments are measured at cost less impairments, adjusted for observable price changes of similar investments of the same issuer. The Company has not adjusted the cost of these investments since acquisition. Upon adoption, the Company held $0.6 million of equity investments with readily determinable fair values and reclassified $0.2 million of unrealized gains on this investment to retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and subsequently issued related updates (“ASU 2016-02”), which provide comprehensive lease accounting guidance. The standard requires entities to recognize lease assets and liabilities on the balance sheet as well as disclosure of key information about leasing arrangements. ASU 2016-02 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted ASC 2016-02 on January 1, 2019 utilizing the optional transition method with a cumulative adjustment on the date of adoption and not adjusting prior periods. Refer to Note 4 of the Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which provides further clarification on eight cash flow classification issues. The Company adopted this standard on January 1, 2018. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”). The amendments in ASU 2016-18 are intended to reduce diversity in practice related to the classification and presentation of changes in restricted cash or restricted cash equivalents on the statement of cash flows. The amendments in ASU 2016-18 require that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018. In October 2016 the FASB issued ASU 2016-16, “Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory”. The new standard eliminates all intra-entity sales of assets other than inventory, the exception under current standards that permits the tax effects of intra-entity asset transfers to be deferred until the transferred asset is sold to a third party or otherwise recovered through use. As a result, a reporting entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new standard was effective for the Company on January 1, 2018. There was not a material impact to the Company’s Consolidated Financial Statements upon adoption. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. The new guidance requires the service cost component to be presented separately from the other components of net benefit costs. Service cost will be presented with other employee compensation cost within income from operations. The other components of net benefit cost, such as interest cost, expected return on plan assets, amortization of prior service cost and gains or losses are required to be presented in other income. The Company adopted this standard on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The standard: (a) expands and refines hedge accounting for both financial and non-financial risk components, (b) aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and (c) includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this standard on January 1, 2019. There was not a material impact to the Company’s Consolidated Financial Statements upon adoption. In February 2018, the FASB issued ASU 2018-02 “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” (“ASU 2018-02”). The standard gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that were impacted by the 2017 Tax Cuts and Jobs Act. The guidance is effective for all entities for fiscal years beginning after December 31, 2018 and interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied in the period of adoption or retrospectively to each impacted period. The Company adopted this standard on January 1, 2018. The impact of the adoption results in a $0.8 million reclassification from accumulated other comprehensive income to retained earnings, which is offset by an equivalent valuation allowance, the net impact is zero. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). This standard requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. ASU 2018-15 is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. The Company prospectively adopted this standard in the fourth quarter of 2018. The Company capitalized $0.5 million and $0.6 million of implementation costs during the three months ended March 31, 2019 and December 31, 2018, respectively, and none of those amounts were amortized at March 31, 2019.

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2019

Revenue Recognition

Revenue Recognition

3. REVENUE RECOGNITION

Impacts of adoption in the current period

The Company adopted ASC 606 on January 1, 2018 using the modified retrospective method. The Company elected the practical expedient to apply the new guidance only to contracts that were not substantially complete at the adoption date. The cumulative effect of adopting ASC 606 resulted in a contract asset of $1.6 million, of which $1.2 million was recorded in prepayments and other current assets, and $0.4 million was recorded in other assets, a contract liability of $0.2 million recorded in advance payments and deposits, contract acquisition costs of $1.5 million of which $0.9 million was recorded in prepayments and other current assets and $0.6 million was recorded in other assets, and a deferred tax liability of $0.3 million with the offset of $1.5 million recorded to retained earnings and $1.1 million recorded to minority interest.

Contract Assets and Liabilities

The Company recognizes contract assets and liabilities on its balance sheet. Contract assets represent unbilled amounts typically resulting from retail wireless contracts with both a multiyear service period and a promotional discount. In these contracts the revenue recognized exceeds the amount billed to the customer. The current portion of the contract asset is recorded in prepayments and other current assets and the noncurrent portion is included in other assets on the Company’s balance sheet. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Retail revenue for postpaid customers is generally billed one month in advance and recognized over the period that the corresponding service is rendered to customers. To the extent the service is not provided by the reporting date the amount is recognized as a contract liability. Prepaid service, including mobile voice and data services, sold to customers is recorded as deferred revenue prior to the commencement of services. Contract liabilities are recorded in advanced payments and deposits on its balance sheets. Contract assets and liabilities consisted of the following (in thousands):


		March 31, 2019		December 31, 2018		$ Change	% Change
Contract asset – current	$	2,010	$	1,900	$	110	6%
Contract asset – noncurrent		779		802		(23)	-3%
Contract liabilities		(15,239)		(13,787)		(1,452)	11%
Net contract liability	$	(12,450)	$	(11,085)	$	(1,365)	12%

The contract asset – current is included in prepayments and other current assets, the contract asset – noncurrent is included in other assets, and the contract liabilities are included in advance payments and deposits on the Company’s balance sheet. The increase in the Company’s net contract liability was due to the timing of customer prepayments and contract billings. During the three months ended March 31, 2019, the Company recognized revenue of $9.1 million related to its December 31, 2018 contract liability and amortized $0.6 million of the December 31, 2018 contract asset into revenue. The Company did not recognize any revenue in the three months ended March 31, 2019 related to performance obligations that were satisfied or partially satisfied in previous periods.

Contract Acquisition Costs

The March 31, 2019 balance sheet includes current contract acquisition costs of $1.5 million in prepayments and other current assets and long term contract acquisition costs of $0.9 million in other assets. During the three months ended March 31, 2019, the Company amortized $0.5 million of contract acquisition cost.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear retail wireless contracts that include a promotional discount. The transaction price allocated to unsatisfied performance obligations was $11.9 million and $12.1 million at March 31, 2019 and December 31, 2018, respectively. The Company expects to satisfy the remaining performance obligations and recognize the transaction price within 24 months. The Company has certain retail, wholesale, and renewable energy contracts where transaction price is allocated to remaining performance obligations. However, the Company omits these contracts from the disclosure by applying the right to invoice, one year or less, and wholly unsatisfied performance obligation practical expedients.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 14 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision makers for evaluating the financial performance of operating segments and other information that is used for performance evaluation and resource allocations. This includes revenue from wireline, wireless and renewable energy, as well as domestic versus international wireline and wireless services. This disaggregation of revenue depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

LEASES

3 Months Ended

Mar. 31, 2019

LEASES

LEASES

4. LEASES

The Company’s significant accounting policies are detailed in “Note 2 – Summary of Significant Accounting Policies” within Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018. The Company’s accounting policies are updated as a result of adopting ASU 2016-02 “Leases (Topic 842)” (“ASC 842”) on January 1, 2019. The adoption of ASC 842 impacted the accounting for leases as further described below.

The Company adopted ASC 842 on January 1, 2019, utilizing the optional transition method with a cumulative adjustment on the date of adoption. Under this approach, the guidance was applied to leases that had commenced as of January 1, 2019 with a cumulative effect adjustment as of that date and prior periods were not adjusted. Upon adoption, the Company recognized an operating lease right-of-use (“ROU”) asset of $70.8 million, a short-term lease liability of $8.2 million, and a long-term lease liability of $61.2 million. The adoption had no impact on retained earnings or other components of equity.

The Company elected the package of practical expedients. Under the package of practical expedients, for existing leases, the Company does not reassess: i) whether the arrangement contains a lease; ii) lease classification and; iii) initial direct costs.

The Company determines if an agreement is a lease at inception. Operating leases are included in ROU assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. Finance leases are included in property and equipment in the Company’s consolidated balance sheets. To date the Company has prepaid its financing leases. As a result, there is no interest cost, lease liability, or discount rate applicable to financing leases.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value is calculated using the Company’s incremental borrowing rate based on the information available at the commencement date, as our leases do not contain an implicit rate. The Company utilized assumptions based on its existing borrowing facilities and other market specific data to determine its incremental borrowing rate. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include renewal options to extend the lease. The Company includes renewal options that are reasonably certain to be exercised in the initial lease term. When determining whether a lease term is reasonably certain to be exercised, the Company considers several factors, including the present and anticipated future needs of its customers being serviced by the asset. Lease expense is recognized on a straight-line basis over the lease term. The Company does not separate non-lease components from lease components.

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between three and ten years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):



		Three months ended March 31,2019
Operating lease cost:
Operating lease cost	$	3,516
Short-term lease cost		713
Variable lease cost		961
Total operating lease cost	$	5,190

Finance lease cost:
Amortization of right-of-use asset	$	593
Variable costs		296
Total finance lease cost	$	889

During the three months ended March 31, 2019, the Company paid $3.2 million of operating cash flows, which were included in the measurement of lease liabilities. Also during the three months ended March 31, 2019, the Company recorded $0.2 million of lease liabilities arising from right-of-use assets. At March 31, 2019, finance leases with a cost of $27.4 million and accumulated amortization of $7.9 million were included in property, plant and equipment.

The weighted average remaining lease terms and discount rates as of March 31, 2019 are noted in the table below:



Weighted average remaining lease term
Operating leases		7.3 years
Financing leases		12.1 years

Weighted average discount rate
Operating leases		4.9%
Financing leases		n/a

Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands):


		Operating Leases
2019 (excluding the three months ended March 31, 2019)	$	8,356
2020		12,746
2021		11,591
2022		10,816
2023		10,097
Thereafter		27,319
Total lease payments		80,925
Less imputed interest		(13,739)
Total	$	67,186

Maturities of lease liabilities as of December 31, 2018 were as follows (in thousands):


		Operating Leases
2019	$	11,801
2020		12,650
2021		11,491
2022		10,713
2023		9,990
Thereafter		27,325
Total lease payments	$	83,970

As of March 31, 2019, the Company did not have any material operating or finance leases that have not yet commenced.

USE OF ESTIMATES	3 Months Ended
USE OF ESTIMATES	Mar. 31, 2019
USE OF ESTIMATES
USE OF ESTIMATES	5. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates relate to the allowance for doubtful accounts, useful lives of the Company’s fixed and finite-lived intangible assets, allocation of purchase price to assets acquired and liabilities assumed in business combinations, fair value of indefinite-lived intangible assets, goodwill, assessing the impairment of assets, revenue, and income taxes. Actual results could differ significantly from those estimates.

IMPACT OF HURRICANES IRMA AND MARIA	3 Months Ended
IMPACT OF HURRICANES IRMA AND MARIA	Mar. 31, 2019
IMPACT OF HURRICANES IRMA AND MARIA
IMPACT OF HURRICANES IRMA AND MARIA	6. IMPACT OF HURRICANES IRMA AND MARIA During September 2017, the US Virgin Islands economy, the Company’s customer base and its operations in the US Virgin Islands were severely impacted by Hurricanes Irma and Maria (collectively, the “Hurricanes”). Both the Company’s wireless and wireline networks and commercial operations were severely damaged by these storms and as a result of the significant damage to the wireline network and the lack of consistent commercial power in the territory, the Company was unable to provide most of its wireline services, which comprise the majority of its revenue in this business, from mid-September 2017 through a majority of 2018. The Company received insurance recoveries of $34.6 million in February 2018 to aid its recovery from the impact of the Hurricanes. During the three months ended March 31, 2018 and March 31, 2019, the Company spent $30.9 million and $0.1 million, respectively, for network restoration and resiliency enhancements that allowed the reconnection of a significant majority of affected households and businesses as of the period end. The Company expects that its wireline network restoration work is substantially complete, however, returning the Company’s revenue to pre-Hurricane levels may take significant time as a result of population movements, the negative economic impact the Hurricanes had on the local economy, and the Company’s subscriber base’s future appetite for continued wireline services.

DISPOSITIONS, PLATFORM AND MINORITY INVESTMENTS

3 Months Ended

Mar. 31, 2019

DISPOSITIONS PLATFORM AND MINORITY INVESTMENTS

DISPOSITIONS, PLATFORM AND MINORITY INVESTMENTS

7. DISPOSITIONS, PLATFORM AND MINORITY INVESTMENTS

Dispositions

Renewable Energy

On November 6, 2018, the Company completed the sale of its US solar business that owned and managed distributed generation solar power projects operated under the Ahana name in Massachusetts, California and New Jersey (the “US Solar Operations”) to CleanCapital Holdco 4, LLC. The transaction had a total value of approximately $122.6 million, which included a cash purchase price of $65.3 million and the assumption of approximately $57.3 million in debt, and is subject to certain other post-closing adjustments (the “US Solar Transaction”). The Company is finalizing working capital adjustments. Approximately $6.5 million of the purchase price will be held in escrow for a period of twelve months after the closing to secure the Company’s indemnification obligation. The table below identifies the assets and liabilities transferred (in thousands):


Consideration Received	$	65,286
Assets and liabilities disposed
Cash		3,049
Accounts receivable		1,248
Prepayments and other current assets		801
Property, plant and equipment		94,678
Restricted cash		8,407
Other assets		38
Current portion of long-term debt		(6,992)
Accounts payable and accrued liabilities		(938)
Accrued taxes		586
Long-term debt, excluding current portion		(48,038)
Net assets disposed		52,839

Consideration less net assets disposed		12,447

Transaction costs		(2,133)

Gain	$	10,314

The Company allocated $1.1 million of the gain to non-controlling interests within the consolidated income statement. During the year ended December 31, 2018, the Company incurred $2.1 million of transaction related charges pertaining to legal, accounting and consulting services associated with the transaction. The US Solar Operations do not qualify as a discontinued operation because the disposition did not represent a strategic shift that would have a major effect on the Company’s operations and financial results. As a result, the historical results are included in continuing operations.

Platform Investments

US Telecom

During the second quarter of 2018, the Company invested in a new platform, based in the United States, to develop in-building wireless network technology that enables building owners to capitalize on the growing demand for better indoor wireless solutions. Also during the second quarter of 2018, the Company provided funding for another new platform, based in the United States, seeking to “build to suit” large scale fiber networks to serve the telecommunications and content provider industries in need of lower latency long haul fiber transit services. Both of these investments are consolidated in the Company’s results.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

In accordance with the provisions of fair value accounting, a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:


Level 1		Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 assets and liabilities include money market funds, debt and equity securities and derivative contracts that are traded in an active exchange market.

Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange‑traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes corporate obligations and non‑exchange traded derivative contracts.

Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments and intangible assets that have been impaired whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and liabilities of the Company measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 are summarized as follows (in thousands):


			March 31, 2019
			Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Certificates of deposit	$	—	$	380	$	—	$	380
Money market funds		2,615		—		—		2,615
Short term investments		5,280		—		—		5,280
Other investments		—		—		10,000		10,000
Commercial paper		—		13,975		—		13,975
Interest rate swap		—		70		—		70
Total assets and liabilities measured at fair value	$	7,895	$	14,425	$	10,000	$	32,320


	December 31, 2018
			Significant Other
	Quoted Prices in		Observable
	Active Markets		Inputs
Description	(Level 1)		(Level 2)		Total
Certificates of deposit	$	—	$	380	$	380
Money market funds		2,266		—		2,266
Short term investments		393		—		393
Commercial paper		—		13,972		13,972
Interest rate swap		—		140		140
Total assets and liabilities measured at fair value	$	2,659	$	14,492	$	17,151

Certificate of Deposit

As of March 31, 2019 and December 31, 2018, this asset class consisted of a time deposit at a financial institution denominated in US dollars. The asset class is classified within Level 2 of the fair value hierarchy because the fair value was based on observable market data.

Money Market Funds

As of March 31, 2019 and December 31, 2018, this asset class consisted of a money market portfolio that comprises Federal government and US Treasury securities. The asset class is classified within Level 1 of the fair value hierarchy because its underlying investments are valued using quoted market prices in active markets for identical assets.

Short Term Investments and Commercial Paper

As of March 31, 2019 and December 31, 2018, these asset classes consisted of short term foreign and US corporate bonds, equity securities, and commercial paper. Corporate bonds and commercial paper are classified within Level 2 of the fair value hierarchy because the fair value is based on observable market data. Equity securities are classified within Level 1 because fair value is based on quoted market prices in active markets for identical assets. The Company held equity securities with a fair value of $0.3 million at March 31, 2019, unchanged from December 31, 2018.

Other Investments

In the first quarter of 2019, the Company made a significant investment in an early stage venture and acquired a convertible debt instrument for $10 million. The Company elected to fair value the investment upon acquisition.

Other Fair Value Disclosures

The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these financial instruments. The fair value of the interest rate swap is measured using Level 2 inputs.

At March 31, 2019, the Company holds $33.1 million of equity and convertible debt securities consisting of non-controlling investments in privately held companies. These investments, over which the Company does not have the ability to exercise significant influence, are without readily determinable fair values. The investments are measured at cost, less any impairment, adjusted for observable price changes of similar investments of the same issuer. Fair value is not estimated for these investments if there are no identified events or changes in circumstances that may have an effect on the fair value of the investment. The carrying value of the strategic investments was $23.1 million at December 31, 2018. As of March 31, 2019 no impairments or price adjustments were recorded on the investments. These investments are included with other assets on the consolidated balance sheets.

The fair value of long-term debt is estimated using Level 2 inputs. At March 31, 2019, the fair value of long-term debt, including the current portion, was $90.6 million and its book value was $90.1 million. At December 31, 2018, the fair value of long-term debt, including the current portion, was $91.6 million and its book value was $91.0 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2019
LONG-TERM DEBT
LONG-TERM DEBT	9. LONG-TERM DEBT At March 31, 2019, the Company had a credit facility with CoBank, ACB and a syndicate of other lenders that provided for a $225 million revolving credit facility (the “Credit Facility”) that included (i) up to $10 million under the Credit Facility for standby or trade letters of credit, (ii) up to $25 million under the Credit Facility for letters of credit that were necessary or desirable to qualify for disbursements from the FCC’s mobility fund and (iii) up to $10 million under a swingline sub-facility. The Credit Facility had a maturity date of December 31, 2019. The Credit Facility also provided for the incurrence by the Company of incremental term loan facilities, when combined with increases to revolving loan commitments, in an aggregate amount not to exceed $200 million (the “Accordion”). Amounts borrowed under the Credit Facility bore interest at a rate equal to, at the Company’s option, either (i) the London Interbank Offered Rate (LIBOR) plus an applicable margin ranging between 1.50% to 1.75% or (ii) a base rate plus an applicable margin ranging from 0.50% to 0.75%. Swingline loans bore interest at the base rate plus the applicable margin for base rate loans. The base rate was equal to the higher of (i) 1.00% plus the higher of (x) the one-week LIBOR and (y) the one-month LIBOR; (ii) the federal funds effective rate (as defined in the Credit Facility) plus 0.50% per annum; and (iii) the prime rate (as defined in the Credit Facility). The applicable margin was determined based on the ratio (as further defined in the Credit Facility) of the Company’s indebtedness to EBITDA. Under the terms of the Credit Facility, the Company also paid a fee ranging from 0.175% to 0.250% of the average daily-unused portion of the Credit Facility over each calendar quarter. The Credit Facility contained customary representations, warranties and covenants, including a financial covenant that imposed a maximum ratio of indebtedness to EBITDA as well as covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The Company’s investment in “unrestricted” subsidiaries was limited to $400 Million less the aggregate amount of certain dividend payments to its stockholders. Amounts borrowed under the Accordion were also subject to proforma compliance with a net leverage ratio financial covenant. As of March 31, 2019, the Company was in compliance with all of the financial covenants and had no borrowings under the Credit Facility. On April 10, 2019, the Company entered into a Third Amendment and Confirmation Agreement, with CoBank, ACB and the same syndicate of lenders to modify the terms of the Credit Facility (the “New Credit Facility”), which provide for a $200 million revolving credit facility that includes (i) up to $75 million under the New Credit Facility for standby or trade letters of credit and (ii) up to $10 million under a swingline sub-facility. Upon the closing of the New Credit Facility, approximately $8.0 million of performance letters of credit were issued, outstanding and undrawn. The New Credit Facility continues to provide for the Accordion. The New Credit Facility matures on April 10, 2024. Amounts borrowed under the New Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the LIBOR plus an applicable margin ranging between 1.25% to 2.25% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.25%. Swingline loans will bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the higher of (x) the LIBOR (as defined in the Credit Agreement) for an interest period of one month and (y) the LIBOR for an interest period of one week; (ii) the Federal Funds Effective Rate (as defined in the New Credit Facility) plus 0.50% per annum; and (iii) the Prime Rate (as defined in the New Credit Facility). The applicable margin is determined based on the Company’s Total Net Leverage Ratio (as defined in the New Credit Facility). Under the terms of the New Credit Facility, the Company must also pay a fee ranging from 0.150% to 0.375% of the average daily unused portion of the New Credit Facility over each calendar quarter. The New Credit Facility contains customary representations, warranties and covenants, including a financial covenant that imposes a maximum ratio of indebtedness to EBITDA as well as covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The Company’s investments in “unrestricted” subsidiaries and certain dividend payments to its stockholders are not limited unless the Company’s Total Net Leverage Ratio is equal to or greater than 1.75:1.0. The Total Net Leverage Ratio provides limited relief in the event of a Qualifying Acquisition (as defined in the New Credit Facility). Amounts borrowed under the Accordion are also subject to proforma compliance with a net leverage ratio financial covenant. Viya Debt The Company, and certain of its subsidiaries, have entered into a $60.0 million loan agreement (the “Viya Debt”) with Rural Telephone Finance Cooperative (“RTFC”). The Viya Debt agreement contains customary representations, warranties and affirmative and negative covenants (including limitations on additional debt, guaranties, sale of assets and liens) and a financial covenant that limits the maximum ratio of indebtedness to annual operating cash flow to 3.5 to 1.0 (the “Net Leverage Ratio”). This covenant is tested on an annual basis at the end of each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% and principal repayment is not required until maturity on July 1, 2026. Prepayment of the Viya Debt may be subject to a fee under certain circumstances. The debt is secured by certain assets of the Viya subsidiaries and is guaranteed by the Company. With RTFC’s consent, the Company funded the restoration of Viya’s network, following the Hurricanes, through an intercompany loan arrangement with a $75.0 million limit. The Company was not in compliance with the Net Leverage Ratio covenant for the year ending December 31, 2018 and received a waiver from the RTFC on February 25, 2019. The Company paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per annum over the term of the Viya debt. The fee was recorded as a reduction to the Viya debt carrying amount and will be amortized over the life of the loan. As of March 31, 2019, $60.0 million of the Viya Debt remained outstanding and $0.7 million of the rate lock fee was unamortized. One Communications Debt The Company has an outstanding loan from HSBC Bank Bermuda Limited (the “One Communications Debt”) which is scheduled to mature on May 22, 2022 and bears interest at the one-month LIBOR plus a margin ranging between 2.5% to 2.75% paid quarterly. The One Communications Debt contains customary representations, warranties and affirmative and negative covenants (including limitations on additional debt, guaranties, sale of assets and liens) and financial covenants that limit the ratio of tangible net worth to long term debt and total net debt to EBITDA and require a minimum debt service coverage ratio (net cash generated from operating activities plus interest expense less net capital expenditures to debt repayments plus interest expense). The Company was in compliance with its covenants as of March 31, 2019. As a condition of the One Communications Debt, the Company was required to enter into a hedging arrangement with a notional amount equal to at least 30% of the outstanding loan balance and a term corresponding to the term of the One Communications Debt. As such, the Company entered into an amortizing interest rate swap that has been designated as a cash flow hedge, had an original notional amount of $11.0 million, an interest rate of 1.874%, and expires in March 2022. As of March 31, 2019, the swap has an unamortized notional amount of $9.3 million. The Company capitalized $0.3 million of fees associated with the One Communications Debt which are amortized over the life of the debt and are recorded as a reduction to the debt carrying amount. As of March 31, 2019, $30.9 million of the One Communications Debt was outstanding, there were no borrowings under the overdraft facility, and $0.2 million of the capitalized fees remain unamortized. Ahana Debt The Company’s US solar operations were issued $20.6 million in aggregate principal amount of 4.427% senior notes due in 2029 (the “Series A Notes”) and $45.2 million in aggregate principal amount of 5.327% senior notes due in 2031 (the “Series B Notes”). These operations were also issued a loan from Public Service Electric & Gas (the “PSE&G Loan” and collectively with the Series A Notes and Series B notes, the “Ahana Debt”) which bore interest at 11.3% due in 2027. For the Series A Notes and Series B Notes, interest and principal were payable semi-annually, until their respective maturity dates, and were secured by certain US solar assets and guaranteed by certain subsidiaries. Repayment of the PSE&G Loan Debt could have been made in either cash or Solar Renewable Energy Credits (“SRECs”), at the Company’s discretion, with the value of the SRECs being fixed at the time of the loan’s closing. Historically, the Company made all repayments of the PSE&G Loan using SRECs. The Company capitalized $2.8 million of fees associated with the Ahana Debt which were recorded as a reduction to the debt carrying amount and amortized over the life of the notes. On November 6, 2018, the Company consummated the US Solar Transaction which included the transfer of the Ahana Debt to the purchaser.

GOVERNMENT GRANTS	3 Months Ended
GOVERNMENT GRANTS	Mar. 31, 2019
GOVERNMENT GRANTS
GOVERNMENT GRANTS	10. GOVERNMENT GRANTS Universal Service Fund The USF is a subsidy program managed by the FCC. USF funds are disbursed to telecommunication providers through four programs: the High Cost Program; Low Income Program; Schools and Libraries Program (“E-Rate”); and Rural Health Care Program. The Company participates in each of these programs as further described below. All of the funding programs are subject to certain operational and reporting compliance requirements. The Company believes it is in compliance will all applicable requirements. The FCC’s Mobility Funds and Connect America Funds are administered through the High Cost Program. The High-Cost Support program subsidizes telecommunications services in rural and remote areas. The FCC created the Phase I Mobility Fund (“Phase I Mobility Fund”), a one-time award meant to support wireless coverage in underserved geographic areas in the United States. The Company received $21.1 million of Phase I Mobility Fund support to its wholesale wireless business (the “Mobility Funds”) to be used to expand voice and broadband networks in certain geographic areas in order to offer either 3G or 4G service. Of these funds, $7.2 million was recorded as an offset to the cost of the property, plant, and equipment associated with these projects and, consequentially, a reduction of future depreciation expense. The remaining $13.9 million received offset operating expenses from inception of the program through part of the third quarter of 2018. The Mobility Funds projects and their operating results are included within the Company’s US Telecom segment. As part of the receipt of the Mobility Funds, the Company committed to comply with certain additional FCC construction and other requirements. If the requirements are not met, the funds may be subject to claw back provisions. The Company currently expects to comply with all applicable requirements related to these funds. During each of the three month periods ended March 31, 2019 and 2018, the Company recorded $4.1 million of revenue from High Cost Support in its International Telecom segment. Also, during each of the three month periods ended March 31, 2019 and 2018, the Company recorded $0.3 million of High Cost Support revenue in its US Telecom segment. The Company is subject to certain operational, reporting and construction requirements as a result of this funding and the Company believes that it is in compliance with all of these requirements. In August 2018, the Company was awarded $79.9 million over 10 years under the Connect America Fund Phase II Auction. The funding requires the Company to provide fixed broadband and voice services to certain eligible areas in the United States. The Company is subject to operational and reporting requirements under the program. The Company determined the award is a revenue grant, and as a result will record the funding as revenue upon receipt. The Company expects to begin receiving funds under the Connect America Fund Phase II program during mid-2019. The E-Rate program provides discounted telecommunication access to eligible schools and libraries. The E-Rate program (i) awards special construction funding to build network connectivity for eligible participants, and (ii) pays for discounted recurring charges for eligible broadband services. The special construction funding is used to reimburse construction costs and is distributed upon completion of a project. As of March 31, 2019, the Company was awarded approximately $15.4 million of E-Rate grants with construction completion obligations between June 2019 and June 2020. Once these projects are constructed the Company is obligated to provide service to the E-Rate program participants. The Company is in various stages of constructing the networks and has not received any of the funds. The Company expects to meet all requirements associated with these grants. The Company also receives funding to provide discounted telecommunication services to eligible customers under the E-Rate, Lifeline, and Rural Health Care Support Programs. During the three months ended March 31, 2019 and 2018, the Company recorded revenue of $1.5 million, and $2.2 million, respectively, in the aggregate from these programs. The Company is subject to certain operational and reporting requirements under the above mentioned programs and it believes that it is in compliance with all of these requirements. Tribal Bidding Credit As part of the broadcast television spectrum incentive auction, the FCC implemented a tribal lands bidding credit to encourage deployment of wireless services utilizing 600 MHz spectrum on the lands of federally recognized tribes. The Company received a bidding credit of $7.4 million under this program in 2018. A portion of these funds will be used to offset network capital costs and a portion will be used to offset the costs of supporting the networks. The Company’s current estimate is that it will use $5.4 million to offset capital costs and, consequently, reduce future depreciation expense and $2.0 million to offset the cost of supporting the network which will reduce future operating expense. The credits are subject to certain requirements, including deploying service by January 2021 and meeting minimum coverage metrics. If the requirements are not met the funds may be subject to claw back provisions. The Company currently expects to comply with all applicable requirements related to these funds.

RETIREMENT PLANS

3 Months Ended

Mar. 31, 2019

RETIREMENT PLANS

RETIREMENT PLANS

11. RETIREMENT PLANS

The Company has noncontributory defined benefit pension plans for eligible employees in its International Telecom segment who meet certain eligibility criteria. The Company also has a noncontributory defined medical, dental, vision, and life benefit plan for eligible employees in its International Telecom segment who meet certain eligibility criteria. The Company recorded the net periodic benefit cost identified below (in thousands):



	Three months ended
	March 31, 2019				March 31, 2018
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	447	$	37	$	448	$	37
Non-operating expense
Interest cost		841		40		820		40
Expected return on plan assets		(1,263)		—		(1,209)		—
Actuarial gain/ loss		7		(17)		30		(17)
Net periodic pension expense	$	32	$	60	$	89	$	60

The Company is not required to contributions to its pension and postretirement benefit plans. However, the Company periodically evaluates whether to make discretionary contributions. No contributions were made during the three months ended March 31, 2019 and 2018.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2019
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company’s effective tax rate for the three months ended March 31, 2019 and 2018 was 62.3% and 242.3%, respectively. The effective tax rate for the three months ended March 31, 2019 was primarily impacted by the following items: (i) a $0.5 million net increase of unrecognized tax positions recognized discretely, (ii) a $0.1 million provision for stock compensation recognized discretely, and (iii) the mix of income generated among the jurisdictions in which the Company operates along with the exclusion of losses in jurisdictions where the Company cannot benefit from those losses as required by ASC 740-270-30-36(a), in the US Virgin Islands. The effective tax rate for the three months ended March 31, 2018 was primarily impacted by the following items: (i) a $0.7 million provision for the intercompany sale of assets from the United States to the US Virgin Islands, (ii) a $0.3 million net increase in unrecognized tax benefits recognized discretely, and (iii) the mix of income generated among the jurisdictions in which the Company operates along with the exclusion of losses in jurisdictions where we cannot benefit from those losses as required by ASC 740-270-30-36(a), primarily in the US Virgin Islands and India. The Company’s effective tax rate is based upon estimated income before provision for income taxes for the year, composition of the income in different countries, and adjustments, if any, in the applicable quarterly periods for potential tax consequences, benefits and/or resolutions of tax contingencies. The Company’s consolidated tax rate will continue to be impacted by any transactional or one-time items in the future and the mix of income in any given year generated among the jurisdictions in which it operates. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from its accrued positions as a result of uncertain and complex application of tax law and regulations. Additionally, the recognition and measurement of certain tax benefits include estimates and judgment by management. Accordingly, the Company could record additional provisions or benefits for US federal, state, and foreign tax matters in future periods as new information becomes available.

NET INCOME (LOSS) PER SHARE	3 Months Ended
NET INCOME (LOSS) PER SHARE	Mar. 31, 2019
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE	13. NET INCOME (LOSS) PER SHARE For the three months ended March 31, 2019 and 2018, the calculation of basic and diluted weighted average shares of common stock outstanding do not include 42,000 shares and 189,000 shares, respectively, relating to stock options as the effects of those options were anti-dilutive.

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2019

SEGMENT REPORTING

SEGMENT REPORTING

14. SEGMENT REPORTING

The Company has the following three reportable and operating segments: i) US Telecom, ii) International Telecom, and iii) Renewable Energy.

The following tables provide information for each operating segment (in thousands):


For the Three Months Ended March 31, 2019

	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Wireless	$	20,437	$	21,176	$	—	$	—	$	41,613
Wireline		1,056		59,141		—		—		60,197
Renewable Energy		—		—		1,490		—		1,490
Total Revenue		21,493		80,317		1,490		—		103,300
Depreciation and amortization		5,598		13,015		616		1,489		20,718
Non-cash stock-based compensation		—		11		—		1,290		1,301
Operating income (loss)		(3,506)		13,878		(203)		(8,055)		2,114


For the Three Months Ended March 31, 2018

	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Wireless	$	27,401	$	23,147	$	—	$	—	$	50,548
Wireline		1,098		46,998		—		—		48,096
Renewable Energy		—		—		5,831		—		5,831
Total Revenue		28,499		70,145		5,831		—		104,475
Depreciation and amortization		6,513		11,671		1,774		1,347		21,305
Non-cash stock-based compensation		—		29		29		1,518		1,576
Operating income (loss)		5,224		5,640		1,936		(8,591)		4,209

(1)

Corporate and Other items refer to corporate overhead costs and consolidating adjustments

Selected balance sheet data for each of the Company’s segments as of March 31, 2019 and December 31, 2018 consists of the following (in thousands):



	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
March 31, 2019
Cash, Cash equivalents, and Investments	$	14,858	$	40,731	$	56,874	$	64,300	$	176,763
Total current assets		38,580		89,785		74,533		58,246		261,144
Fixed assets, net		75,004		477,147		44,866		22,781		619,798
Goodwill		35,269		25,421		3,280		—		63,970
Total assets		217,756		648,736		123,624		172,714		1,162,830
Total current liabilities		25,517		78,649		2,149		35,002		141,317
Total debt		—		90,068		—		—		90,068
December 31, 2018
Cash, Cash equivalents, and Investments	$	19,118	$	32,390	$	62,678	$	78,043	$	192,229
Total current assets		36,801		75,304		80,553		83,107		275,765
Fixed assets, net		78,102		482,770		45,599		20,381		626,852
Goodwill		35,269		25,421		3,280		—		63,970
Total assets		172,634		622,454		130,427		181,789		1,107,304
Total current liabilities		15,783		82,575		3,465		38,827		140,650
Total debt		—		90,970		12		—		90,982


	Capital Expenditures

		US		International		Renewable		Corporate and
Three months ended March 31,		Telecom		Telecom (2)		Energy		Other (1)		Consolidated
2019	$	3,075	$	11,356	$	609	$	2,724	$	17,764
2018		4,751		43,996		854		2,291		51,892

(1)

Corporate and other items refer to corporate overhead costs and consolidating adjustments

(2)

Includes $0.1 million and $30.9 million of expenditures in the first quarter of 2019 and 2018, respectively, used to rebuild the Company’s damaged networks in the US Virgin Islands which was impacted by the Hurricanes. These expenditures were financed, in part, by the $34.6 million of insurance proceeds the Company received during the first quarter of 2018.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Regulatory and Litigation Matters The Company and its subsidiaries are subject to certain regulatory and legal proceedings and other claims arising in the ordinary course of business, some of which involve claims for damages and taxes that are substantial in amount. The Company believes that, except for the items discussed below, for which the Company is currently unable to predict the final outcome, the disposition of proceedings currently pending will not have a material adverse effect on the Company’s financial position or results of operations. The Company’s Guyana subsidiary, GTT, holds a license to provide domestic fixed services and international voice and data services in Guyana on an exclusive basis until December 2030. Since 2001, the Government of Guyana has stated its intention to introduce additional competition into Guyana’s telecommunications sector. In connection therewith, the Company and GTT have met on several occasions with officials of the Government of Guyana to discuss potential modifications of GTT’s exclusivity and other rights under the existing agreement and license. On July 18, 2016, the Guyana Parliament passed telecommunications legislation, and on August 5, 2016, the legislation was signed into law that introduces material changes to many features of Guyana’s existing telecommunications regulatory regime with the intention of creating a more competitive market. The legislation does not have the effect of terminating the Company’s exclusive license. Instead the legislation as passed requires the Minister of Telecommunications to conduct further proceedings and issue implementing orders to enact the various provisions of the legislation, including the issuance of competing licenses. The Company cannot predict the manner in which or when the legislation will be implemented by the Minister of Telecommunications. In January 2018 the Government of Guyana and the Company met to discuss modifications of the Company’s exclusivity rights and other rights under its existing agreement and license. Those discussions are on-going, however, there can be no assurance that those discussions will be concluded before the Government issues new licenses contemplated by the legislation or at all, or that such discussions will satisfactorily address the Company’s contractual exclusivity rights. Although the Company believes that it would be entitled to damages or other compensation for any involuntary termination of its contractual exclusivity rights, it cannot guarantee that the Company would prevail in a proceeding to enforce its rights or that its actions would effectively halt any unilateral action by the Government. Historically, GTT has been subject to other litigation proceedings and disputes in Guyana that, while not conclusively resolved, to the Company’s knowledge have not been the subject of discussions or other significant activity in the last five years. It is possible, but the Company believes unlikely, that these disputes, as discussed below, may be revived. The Company believes that none of these additional proceedings would, in the event of an adverse outcome, have a material impact on the Company’s consolidated financial position, results of operation or liquidity. In a letter dated September 8, 2006, the National Frequency Management Unit (“NFMU”) agreed that total spectrum fees in Guyana should not increase for the years 2006 and 2007. However, that letter implied that spectrum fees in 2008 and onward may be increased beyond the amount GTT agreed to with the Government. GTT has objected to the NFMU’s proposed action and reiterated its position that an increase in fees prior to development of an acceptable methodology would violate the Government’s prior agreement. In 2011, GTT paid the NFMU $2.6 million representing payments in full for 2008, 2009 and 2010. However, by letter dated November 23, 2011, the NFMU stated that it did not concur with GTT’s inference that the amount was payment in full for the specified years as it was NFMU’s continued opinion that the final calculation for spectrum fees was not agreed upon and was still an outstanding issue. By further letter dated November 24, 2011, the NFMU further rejected a proposal that was previously submitted jointly by GTT and another communications provider that outlined a recommended methodology for the calculation of these fees. The NFMU stated that it would prepare its own recommendation for consideration by the Minister of Telecommunications, who would decide the matter. GTT has paid undisputed spectrum fees according to the methodology used for its 2011 payments, and has reserved amounts payable according to this methodology. GTT has not had the opportunity to have significant discussions with the NFMU on the matter and is not aware whether the NFMU has made any recommendation to the Minister. On May 8, 2009, a GTT competitor, Digicel, filed a lawsuit in Guyana challenging the legality of GTT’s exclusive license rights under Guyana’s constitution. Digicel initially filed this lawsuit against the Attorney General of Guyana. On May 13, 2009, GTT petitioned to intervene in the suit in order to oppose Digicel’s claims and GTT’s petition was granted on May 18, 2009. GTT filed an answer to the charge on June 22, 2009. The case remains pending. The Company believes that any legal challenge to GTT’s exclusive license rights granted in 1990 is without merit and the Company intends to defend vigorously against such legal challenge. GTT has filed several lawsuits in the High Court of Guyana asserting that, despite its denials, Digicel is engaged in international bypass in violation of GTT’s exclusive license rights, the interconnection agreement between the parties, and the laws of Guyana. GTT is seeking injunctive relief to stop the illegal bypass activity and money damages. Digicel filed counterclaims alleging that GTT has violated the terms of the interconnection agreement and Guyana laws. These suits, filed in 2010 and 2012, have been consolidated with Digicel’s constitutional challenge described above and is scheduled to proceed to trial in the second quarter of 2019. GTT intends to prosecute these matters vigorously. GTT is also involved in several legal claims regarding its tax filings with the Guyana Revenue Authority dating back to 1991 regarding the deductibility of intercompany advisory fees as well as other tax assessments. The Company maintains that any liability GTT might be found to have with respect to the disputed tax assessments, totaling $44.1 million, would be offset in part by the amounts necessary to ensure that GTT’s return on investment was no less than 15% per annum for the relevant periods. The Company believes that some adverse outcome is probable and has accordingly accrued $5.0 million as of March 31, 2019 for these matters.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On April 10, 2019, the Company amended its outstanding credit facility. See Note 9.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for such periods. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. The condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and certain entities, which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), and subsequently issued related updates, (collectively known as ASC 606), which provides a single, comprehensive revenue recognition model for all contracts with customers. The revenue standard is based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this standard on January 1, 2018. Refer to Note 3 to the Consolidated Financial Statements in this Report. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The Company adopted this standard on January 1, 2018. Upon adoption the Company held $20.1 million of equity investments that did not have readily determinable fair values. As a result these investments are measured at cost less impairments, adjusted for observable price changes of similar investments of the same issuer. The Company has not adjusted the cost of these investments since acquisition. Upon adoption, the Company held $0.6 million of equity investments with readily determinable fair values and reclassified $0.2 million of unrealized gains on this investment to retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and subsequently issued related updates (“ASU 2016-02”), which provide comprehensive lease accounting guidance. The standard requires entities to recognize lease assets and liabilities on the balance sheet as well as disclosure of key information about leasing arrangements. ASU 2016-02 became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted ASC 2016-02 on January 1, 2019 utilizing the optional transition method with a cumulative adjustment on the date of adoption and not adjusting prior periods. Refer to Note 4 of the Condensed Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which provides further clarification on eight cash flow classification issues. The Company adopted this standard on January 1, 2018. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” (“ASU 2016-18”). The amendments in ASU 2016-18 are intended to reduce diversity in practice related to the classification and presentation of changes in restricted cash or restricted cash equivalents on the statement of cash flows. The amendments in ASU 2016-18 require that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard on January 1, 2018. In October 2016 the FASB issued ASU 2016-16, “Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory”. The new standard eliminates all intra-entity sales of assets other than inventory, the exception under current standards that permits the tax effects of intra-entity asset transfers to be deferred until the transferred asset is sold to a third party or otherwise recovered through use. As a result, a reporting entity would recognize the tax expense from the sale of the asset in the seller’s tax jurisdiction when the transfer occurs. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The new standard was effective for the Company on January 1, 2018. There was not a material impact to the Company’s Consolidated Financial Statements upon adoption. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. The new guidance requires the service cost component to be presented separately from the other components of net benefit costs. Service cost will be presented with other employee compensation cost within income from operations. The other components of net benefit cost, such as interest cost, expected return on plan assets, amortization of prior service cost and gains or losses are required to be presented in other income. The Company adopted this standard on January 1, 2018. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815) – Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The standard: (a) expands and refines hedge accounting for both financial and non-financial risk components, (b) aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and (c) includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this standard on January 1, 2019. There was not a material impact to the Company’s Consolidated Financial Statements upon adoption. In February 2018, the FASB issued ASU 2018-02 “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” (“ASU 2018-02”). The standard gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that were impacted by the 2017 Tax Cuts and Jobs Act. The guidance is effective for all entities for fiscal years beginning after December 31, 2018 and interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied in the period of adoption or retrospectively to each impacted period. The Company adopted this standard on January 1, 2018. The impact of the adoption results in a $0.8 million reclassification from accumulated other comprehensive income to retained earnings, which is offset by an equivalent valuation allowance, the net impact is zero. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). This standard requires entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The guidance may be applied retrospectively or prospectively to implementation costs incurred after the date of adoption. ASU 2018-15 is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. The Company prospectively adopted this standard in the fourth quarter of 2018. The Company capitalized $0.5 million and $0.6 million of implementation costs during the three months ended March 31, 2019 and December 31, 2018, respectively, and none of those amounts were amortized at March 31, 2019.

ORGANIZATION AND BUSINESS OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2019

ORGANIZATION AND BUSINESS OPERATIONS

Schedule of the operating activities of the Company's principal subsidiaries, the segments in which the Company reports its revenue and markets served


Segment	Services	Markets	Tradenames
US Telecom	Wireless	United States (rural markets)	Choice, Choice NTUA Wireless, Commnet, WestNet, Geoverse
	Wireline	United States	Essextel, Deploycom
International Telecom	Wireline	Bermuda, Cayman Islands, Guyana, US Virgin Islands	Fireminds, GTT+, One, Logic, Viya
	Wireless	Bermuda, Guyana, US Virgin Islands	GTT+, One, Viya
	Video Services	Bermuda, Cayman Islands, US Virgin Islands	Logic, One, Viya
Renewable Energy	Solar	India	Vibrant Energy

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2019

Revenue Recognition

Summary of contracts asset and liabilities

Contract assets and liabilities consisted of the following (in thousands):


		March 31, 2019		December 31, 2018		$ Change	% Change
Contract asset – current	$	2,010	$	1,900	$	110	6%
Contract asset – noncurrent		779		802		(23)	-3%
Contract liabilities		(15,239)		(13,787)		(1,452)	11%
Net contract liability	$	(12,450)	$	(11,085)	$	(1,365)	12%

LEASES (Tables)

3 Months Ended

Mar. 31, 2019

LEASES

Summary of components of lease expense

The components of lease expense were as follows (in thousands):



		Three months ended March 31,2019
Operating lease cost:
Operating lease cost	$	3,516
Short-term lease cost		713
Variable lease cost		961
Total operating lease cost	$	5,190

Finance lease cost:
Amortization of right-of-use asset	$	593
Variable costs		296
Total finance lease cost	$	889

Summary of weighted-average remaining lease term and discount rate

The weighted average remaining lease terms and discount rates as of March 31, 2019 are noted in the table below:



Weighted average remaining lease term
Operating leases		7.3 years
Financing leases		12.1 years

Weighted average discount rate
Operating leases		4.9%
Financing leases		n/a

Summary of maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2019 were as follows (in thousands):


		Operating Leases
2019 (excluding the three months ended March 31, 2019)	$	8,356
2020		12,746
2021		11,591
2022		10,816
2023		10,097
Thereafter		27,319
Total lease payments		80,925
Less imputed interest		(13,739)
Total	$	67,186

Summary of maturities of lease liabilities as of December 31, 2018

Maturities of lease liabilities as of December 31, 2018 were as follows (in thousands):


		Operating Leases
2019	$	11,801
2020		12,650
2021		11,491
2022		10,713
2023		9,990
Thereafter		27,325
Total lease payments	$	83,970

DISPOSITIONS, PLATFORM AND MINORITY INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2019

DISPOSITIONS PLATFORM AND MINORITY INVESTMENTS

Schedule of assets and liabilities transferred

The table below identifies the assets and liabilities transferred (in thousands):


Consideration Received	$	65,286
Assets and liabilities disposed
Cash		3,049
Accounts receivable		1,248
Prepayments and other current assets		801
Property, plant and equipment		94,678
Restricted cash		8,407
Other assets		38
Current portion of long-term debt		(6,992)
Accounts payable and accrued liabilities		(938)
Accrued taxes		586
Long-term debt, excluding current portion		(48,038)
Net assets disposed		52,839

Consideration less net assets disposed		12,447

Transaction costs		(2,133)

Gain	$	10,314

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENTS

Schedule of assets and liabilities of the entity measured at fair value on a recurring basis

Assets and liabilities of the Company measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 are summarized as follows (in thousands):


			March 31, 2019
			Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Certificates of deposit	$	—	$	380	$	—	$	380
Money market funds		2,615		—		—		2,615
Short term investments		5,280		—		—		5,280
Other investments		—		—		10,000		10,000
Commercial paper		—		13,975		—		13,975
Interest rate swap		—		70		—		70
Total assets and liabilities measured at fair value	$	7,895	$	14,425	$	10,000	$	32,320


	December 31, 2018
			Significant Other
	Quoted Prices in		Observable
	Active Markets		Inputs
Description	(Level 1)		(Level 2)		Total
Certificates of deposit	$	—	$	380	$	380
Money market funds		2,266		—		2,266
Short term investments		393		—		393
Commercial paper		—		13,972		13,972
Interest rate swap		—		140		140
Total assets and liabilities measured at fair value	$	2,659	$	14,492	$	17,151

RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2019

RETIREMENT PLANS

Schedule of components of the plan's net periodic pension cost

The Company recorded the net periodic benefit cost identified below (in thousands):



	Three months ended
	March 31, 2019				March 31, 2018
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	447	$	37	$	448	$	37
Non-operating expense
Interest cost		841		40		820		40
Expected return on plan assets		(1,263)		—		(1,209)		—
Actuarial gain/ loss		7		(17)		30		(17)
Net periodic pension expense	$	32	$	60	$	89	$	60

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2019

SEGMENT REPORTING

Schedule of information for each operating segment

The following tables provide information for each operating segment (in thousands):


For the Three Months Ended March 31, 2019

	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Wireless	$	20,437	$	21,176	$	—	$	—	$	41,613
Wireline		1,056		59,141		—		—		60,197
Renewable Energy		—		—		1,490		—		1,490
Total Revenue		21,493		80,317		1,490		—		103,300
Depreciation and amortization		5,598		13,015		616		1,489		20,718
Non-cash stock-based compensation		—		11		—		1,290		1,301
Operating income (loss)		(3,506)		13,878		(203)		(8,055)		2,114


For the Three Months Ended March 31, 2018

	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Wireless	$	27,401	$	23,147	$	—	$	—	$	50,548
Wireline		1,098		46,998		—		—		48,096
Renewable Energy		—		—		5,831		—		5,831
Total Revenue		28,499		70,145		5,831		—		104,475
Depreciation and amortization		6,513		11,671		1,774		1,347		21,305
Non-cash stock-based compensation		—		29		29		1,518		1,576
Operating income (loss)		5,224		5,640		1,936		(8,591)		4,209

(1)

Corporate and Other items refer to corporate overhead costs and consolidating adjustments

Schedule of selected balance sheet data for each segment

Selected balance sheet data for each of the Company’s segments as of March 31, 2019 and December 31, 2018 consists of the following (in thousands):



	US		International		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
March 31, 2019
Cash, Cash equivalents, and Investments	$	14,858	$	40,731	$	56,874	$	64,300	$	176,763
Total current assets		38,580		89,785		74,533		58,246		261,144
Fixed assets, net		75,004		477,147		44,866		22,781		619,798
Goodwill		35,269		25,421		3,280		—		63,970
Total assets		217,756		648,736		123,624		172,714		1,162,830
Total current liabilities		25,517		78,649		2,149		35,002		141,317
Total debt		—		90,068		—		—		90,068
December 31, 2018
Cash, Cash equivalents, and Investments	$	19,118	$	32,390	$	62,678	$	78,043	$	192,229
Total current assets		36,801		75,304		80,553		83,107		275,765
Fixed assets, net		78,102		482,770		45,599		20,381		626,852
Goodwill		35,269		25,421		3,280		—		63,970
Total assets		172,634		622,454		130,427		181,789		1,107,304
Total current liabilities		15,783		82,575		3,465		38,827		140,650
Total debt		—		90,970		12		—		90,982

Schedule of segment capital expenditures


	Capital Expenditures

		US		International		Renewable		Corporate and
Three months ended March 31,		Telecom		Telecom (2)		Energy		Other (1)		Consolidated
2019	$	3,075	$	11,356	$	609	$	2,724	$	17,764
2018		4,751		43,996		854		2,291		51,892

(1)

Corporate and other items refer to corporate overhead costs and consolidating adjustments

(2)

ORGANIZATION AND BUSINESS OPERATIONS (Details)	3 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS (Details)	Mar. 31, 2019 segment
ORGANIZATION AND BUSINESS OPERATIONS
Number of Operating Segments	3

BASIS OF PRESENTATION - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Jan. 01, 2016
Recent accounting pronouncements
Equity investments with readily determinable fair values	$ 300	$ 300
Accumulated other comprehensive income	(1,433)	(1,609)
Retained earnings	559,319	563,593
ASU 2016-01
Recent accounting pronouncements
Equity investments that do not have readily determinable fair values				$ 20,100
Equity investments with readily determinable fair values				600
ASU 2018-15 \| Early Adoption
Recent accounting pronouncements
Capitalized implementation costs	500	$ 600
Amortization of implementation costs	$ 0
Adjustment \| ASU 2016-01
Recent accounting pronouncements
Accumulated other comprehensive income				(200)
Retained earnings				$ 200
Adjustment \| ASU 2018-02 \| Early Adoption
Recent accounting pronouncements
Accumulated other comprehensive income			$ (800)
Retained earnings			800
Valuation allowance			$ 800

REVENUE RECOGNITION - IMPACTS OF ADOPTION IN THE CURRENT PERIOD - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Contracts
Contract liability	$ 15,239	$ 13,787
Deferred income taxes	8,362	10,276
Retained earnings	559,319	563,593
Minority interest	$ 128,963	$ 127,937
Change \| ASU 2014-09
Contracts
Contract asset			$ 1,600
Contract liability			200
Contract acquisition costs			1,500
Deferred income taxes			300
Retained earnings			1,500
Minority interest			1,100
Change \| ASU 2014-09 \| Prepayments and other current assets
Contracts
Contract asset			1,200
Contract acquisition costs			900
Change \| ASU 2014-09 \| Other assets
Contracts
Contract asset			400
Contract acquisition costs			$ 600

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Contract Assets and Liabilities
Contract asset, current	$ 2,010	$ 1,900
Change in contract asset - current	$ 110
% of change in contract asset - current	6.00%
Contract asset, noncurrent	$ 779	802
Change in contract Asset – noncurrent	$ (23)
% of change in contract Asset – noncurrent	(3.00%)
Contract liabilities	$ (15,239)	(13,787)
Change in contract liabilities	$ (1,452)
% of change in contract liabilities	11.00%
Net contract liability	$ (12,450)	$ (11,085)
Change in net contract liability	$ (1,365)
% of change in net contract liability	12.00%
Revenue recognized related to contract liability	$ 9,100
Amortization of contract assets	$ 600

REVENUE RECOGNITION - Contract Acquisition Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Contract Acquisition Costs
Amortization of contract acquisition cost	$ 0.5
Prepayments and other current assets
Contract Acquisition Costs
Short-term contract acquisition costs	1.5
Other assets
Contract Acquisition Costs
Long-term contract acquisition costs	$ 0.9

REVENUE RECOGNITION - Remaining Performance Obligations - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations		$ 12.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-31
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 11.9
Period to satisfy the remaining performance obligations and recognize the transaction price	24 months
Right to invoice and wholly unsatisfied performance obligation practical expedients	true

LEASES (Details) - USD ($) Unit12 in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019	Mar. 31, 2018
LEASES
Operating lease right-of-use asset	$ 68,185
Short-term lease liability	8,351
Long-term lease liability	$ 58,835
Cumulative effect adjustment due to adoption of new accounting			$ 2,635
Package of practical expedients	true
Hindsight practical expedient	true
Interest cost applicable to financing leases	$ 0
Lease liability applicable to financing leases	$ 0
Discount rate applicable to financing leases	0.00%
Operating lease, existence of option to extend	true
Finance lease, existence of option to extend	true
Minimum
LEASES
Operating lease, lease term	3 years
Finance lease, lease term	3 years
Maximum
LEASES
Operating lease, lease term	10 years
Finance lease, lease term	10 years
Restatement Adjustment \| ASC 842
LEASES
Operating lease right-of-use asset		$ 70,800
Short-term lease liability		8,200
Long-term lease liability		61,200
Cumulative effect adjustment due to adoption of new accounting		$ 0

LEASES - Components of Lease Expense and Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
LEASES
Operating lease cost	$ 3,516
Short-term lease cost	713
Variable lease cost	961
Total operating lease cost	5,190
Operating cash flows, which were included in the measurement of lease liabilities	3,200
Lease liabilities arising from right-of-use assets	200
Finance lease cost:
Amortization of right-of-use asset	593
Variable costs	296
Total finance lease cost	889
Finance leases cost included in property, plant and equipment	$ 27,400
Property, plant and equipment	us-gaap:PropertyPlantAndEquipmentGross
Accumulated depreciation related to finance leases	$ 7,900

LEASES - Weighted average remaining lease terms and discount rates (Details)	Mar. 31, 2019
LEASES
Operating leases, weighted average remaining lease term	7 years 3 months 18 days
Financing leases, weighted average remaining lease term	12 years 1 month 6 days
Operating leases, weighted average discount rate	4.90%

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
LEASES
2019 (excluding the three months ended March 31, 2019)	$ 8,356
2020	12,746
2021	11,591
2022	10,816
2023	10,097
Thereafter	27,319
Total lease payments	80,925
Less imputed interest	(13,739)
Total	$ 67,186
Maturities of lease liabilities as of December 31, 2018
2019		$ 11,801
2020		12,650
2021		11,491
2022		10,713
2023		9,990
Thereafter		27,325
Total lease payments		$ 83,970

IMPACT OF HURRICANES IRMA AND MARIA (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018
IMPACT OF THE HURRICANES IRMA AND MARIA
Insurance proceeds			$ 34,606
Payment for network repairs and resiliency enhancements		$ 123	30,851
HURRICANES IRMA AND MARIA
IMPACT OF THE HURRICANES IRMA AND MARIA
Insurance proceeds	$ 34,600
Payment for network repairs and resiliency enhancements		$ 100	$ 30,900

DISPOSITIONS, PLATFORM AND MINORITY INVESTMENTS (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - U.S. Solar Operations - USD ($) $ in Thousands		12 Months Ended
	Nov. 06, 2018	Dec. 31, 2018
Disposition
Cash proceeds	$ 65,286
Debt assumption	57,300
Receivables, escrowed	6,500
Total value of disposal consideration	122,600
Assets and liabilities disposed
Cash	3,049
Accounts receivable	1,248
Prepayments and other current assets	801
Property, plant and equipment	94,678
Restricted cash	8,407
Other assets	38
Current portion of long-term debt	(6,992)
Accounts payable and accrued liabilities	(938)
Accrued taxes	586
Long-term debt, excluding current portion	(48,038)
Net assets disposed	52,839
Consideration less net assets disposed	12,447
Transaction costs:	(2,133)
Gain	10,314
Gain to non-controlling interests	$ 1,100
Transaction-related charges		$ 2,100

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair value measurements
Equity investments with readily determinable fair values	$ 300	$ 300
Purchase of other investments	10,000
Impairment or price adjustments for strategic investments	0
Carrying Value
Fair value measurements
Long-term debt	90,100	91,000
Carrying Value \| Other Assets
Fair value measurements
Strategic investments	33,100	23,100
Level 2 \| Estimated Fair Value
Fair value measurements
Long-term debt	90,600	91,600
Recurring basis
Fair value measurements
Total assets and liabilities measured at fair value	32,320	17,151
Recurring basis \| Interest rate swap
Fair value measurements
Derivative liabilities	70	140
Recurring basis \| Certificate of deposit
Fair value measurements
Cash and cash equivalents	380	380
Recurring basis \| Money market funds
Fair value measurements
Cash and cash equivalents	2,615	2,266
Recurring basis \| Short Term Investments
Fair value measurements
Investments	5,280	393
Recurring basis \| Other investments
Fair value measurements
Investments	10,000
Recurring basis \| Commercial paper
Fair value measurements
Investments	13,975	13,972
Recurring basis \| Level 1
Fair value measurements
Total assets and liabilities measured at fair value	7,895	2,659
Recurring basis \| Level 1 \| Money market funds
Fair value measurements
Cash and cash equivalents	2,615	2,266
Recurring basis \| Level 1 \| Short Term Investments
Fair value measurements
Investments	5,280	393
Recurring basis \| Level 2
Fair value measurements
Total assets and liabilities measured at fair value	14,425	14,492
Recurring basis \| Level 2 \| Interest rate swap
Fair value measurements
Derivative liabilities	70	140
Recurring basis \| Level 2 \| Certificate of deposit
Fair value measurements
Cash and cash equivalents	380	380
Recurring basis \| Level 2 \| Commercial paper
Fair value measurements
Investments	13,975	$ 13,972
Recurring basis \| Level 3
Fair value measurements
Total assets and liabilities measured at fair value	10,000
Recurring basis \| Level 3 \| Other investments
Fair value measurements
Investments	$ 10,000

LONG-TERM DEBT (Details) $ in Millions			3 Months Ended
LONG-TERM DEBT (Details) $ in Millions	Apr. 10, 2019 USD ($)	May 22, 2017 USD ($)	Mar. 31, 2019 USD ($)	Jul. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 19, 2016 USD ($)	Jul. 01, 2016 USD ($)	Dec. 24, 2014
PSE&G
Long-term debt
Stated interest rate								11.30%
One Communications Debt
Long-term debt
Financing costs		$ 0.3
Outstanding debt			$ 30.9
Unamortized financing costs			0.2
One Communications Debt \| Minimum
Long-term debt
Percentage of notional amount required for hedging arrangement		30.00%
One Communications Debt \| Minimum \| Three month LIBOR
Long-term debt
Basis spread on variable rate (as a percent)		2.50%
One Communications Debt \| Maximum \| Three month LIBOR
Long-term debt
Basis spread on variable rate (as a percent)		2.75%
Viya Debt
Long-term debt
Term loan assumed							$ 60.0
Net leverage ratio							3.5
Stated interest rate					4.00%		4.00%
Financing costs					$ 0.9
Intercompany debt limit			75.0
Outstanding debt			60.0
Unamortized financing costs			0.7
Revolver loan \| Credit facility
Long-term debt
Maximum borrowing capacity			225.0
Maximum investment in unrestricted subsidiaries			400.0
Borrowings outstanding			$ 0.0
Revolver loan \| Credit facility \| Minimum
Long-term debt
Commitment fee (as a percent)			0.175%
Revolver loan \| Credit facility \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)			1.50%
Revolver loan \| Credit facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)			0.50%
Revolver loan \| Credit facility \| Maximum
Long-term debt
Commitment fee (as a percent)			0.25%
Revolver loan \| Credit facility \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)			1.75%
Revolver loan \| Credit facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)			0.75%
Letter of credit sub-facility \| Credit facility
Long-term debt
Maximum borrowing capacity			$ 10.0
Swingline sub-facility \| Credit facility
Long-term debt
Maximum borrowing capacity			$ 10.0
Base rate before one-week or one-month LIBOR (as a percent)			1.00%
Swingline sub-facility \| Credit facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)			0.50%
Term loans \| Credit facility
Long-term debt
Maximum borrowing capacity			$ 200.0
Mobility Funds \| Letter of credit sub-facility \| Credit facility
Long-term debt
Maximum borrowing capacity			25.0
Ahana Operations \| Series A Notes
Long-term debt
Secured debt principal amount						$ 20.6
Stated interest rate						4.427%
Ahana Operations \| Series B Notes
Long-term debt
Secured debt principal amount						$ 45.2
Stated interest rate						5.327%
Ahana Operations \| Series A and Series B Notes
Long-term debt
Financing costs						$ 2.8
Overdraft Facility \| One Communications Debt
Long-term debt
Borrowings outstanding			0.0
Cash flow hedge \| Interest rate swap
Long-term debt
Notional amount			$ 9.3	$ 11.0
Interest rate (as a percent)				1.874%
Subsequent event \| Revolver loan \| New Credit facility
Long-term debt
Maximum borrowing capacity	$ 200.0
Net leverage ratio	1.75
Subsequent event \| Revolver loan \| New Credit facility \| Minimum
Long-term debt
Commitment fee (as a percent)	0.15%
Subsequent event \| Revolver loan \| New Credit facility \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)	1.25%
Subsequent event \| Revolver loan \| New Credit facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	0.25%
Subsequent event \| Revolver loan \| New Credit facility \| Maximum
Long-term debt
Commitment fee (as a percent)	0.375%
Subsequent event \| Revolver loan \| New Credit facility \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)	2.25%
Subsequent event \| Revolver loan \| New Credit facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	1.25%
Subsequent event \| Letter of credit sub-facility \| New Credit facility
Long-term debt
Maximum borrowing capacity	$ 75.0
Performance letters of credit issued and outstanding	8.0
Subsequent event \| Swingline sub-facility \| New Credit facility
Long-term debt
Maximum borrowing capacity	$ 10.0
Base rate before one-week or one-month LIBOR (as a percent)	1.00%
Subsequent event \| Swingline sub-facility \| New Credit facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)	0.50%

GOVERNMENT GRANTS (Details) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
GOVERNMENT GRANTS (Details) $ in Millions	Aug. 31, 2018 USD ($)	Mar. 31, 2019 USD ($) item	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Universal Service Fund programs
Government Grants
Number of fund disbursement programs \| item		4
Mobility Funds
Government Grants
Mobility Funds received		$ 21.1
Mobility Funds \| U.S. Telecom
Government Grants
Grant funds used to offset fixed asset related costs		7.2
Grant funds used to offset operating expenses		13.9
High-Cost Support Program \| U.S. Telecom
Government Grants
Revenue		0.3	$ 0.3
High-Cost Support Program \| International Telecom
Government Grants
Revenue		4.1	4.1
E-Rate, Lifeline and Rural Health Care Support Programs
Government Grants
Revenue		1.5	$ 2.2
E-Rate
Government Grants
Grant Funds Awarded		$ 15.4
Tribal Bidding Credit
Government Grants
Wireless service spectrum (in Mhz)		600
Revenue				$ 7.4
Grant funds used to offset fixed asset related costs		$ 5.4
Grant funds used to offset operating expenses		$ 2.0
Connect America Fund Phase II Auction
Government Grants
Grant Funds Awarded	$ 79.9
Grant fund term	10 years

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of the plan's net periodic pension cost
Company contributions	$ 0	$ 0
Pension Plans
Components of the plan's net periodic pension cost
Service cost	447	448
Interest cost	841	820
Expected return on plan assets	(1,263)	(1,209)
Actuarial gain/ loss	7	30
Net periodic pension cost	32	89
Postretirement Benefits
Components of the plan's net periodic pension cost
Service cost	37	37
Interest cost	40	40
Actuarial gain/ loss	(17)	(17)
Net periodic pension cost	$ 60	$ 60

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018
INCOME TAXES
Effective tax rate (as a percent)	62.30%	242.30%
Increase (net) in unrecognized tax benefits recognized discretely	$ 0.5	$ 0.3
Provision for the intercompany sale of assets		$ 0.7
Provision for stock compensation recognized	$ 0.1

NET INCOME (LOSS) PER SHARE (Details) - shares	3 Months Ended
NET INCOME (LOSS) PER SHARE (Details) - shares	Mar. 31, 2019	Mar. 31, 2018
NET INCOME (LOSS) PER SHARE
Anti-dilutive potential shares excluded from the computation of diluted weighted average shares outstanding (in shares)	42,000	189,000

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Mar. 31, 2019 USD ($) segment	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment reporting
Number of reportable segments \| segment	3
Revenue
Revenue	$ 103,300	$ 104,475
Depreciation and amortization	20,718	21,305
Non-cash stock-based compensation	1,301	1,576
Operating income (loss)	2,114	4,209
Segment Assets
Cash, Cash equivalents, and Investments	176,763		$ 192,229
Total current assets	261,144		275,765
Fixed assets, net	619,798		626,852
Goodwill	63,970		63,970
Total assets	1,162,830		1,107,304
Total current liabilities	141,317		140,650
Total debt	90,068		90,982
Capital Expenditures
Capital expenditures	17,764	51,892
Hurricane rebuild capital expenditures	123	30,851
Hurricane insurance proceeds		34,606
Wireless
Revenue
Revenue	41,613	50,548
Wireline
Revenue
Revenue	60,197	48,096
Renewable Energy
Revenue
Revenue	1,490	5,831
Corporate and Other
Revenue
Depreciation and amortization	1,489	1,347
Non-cash stock-based compensation	1,290	1,518
Operating income (loss)	(8,055)	(8,591)
Segment Assets
Cash, Cash equivalents, and Investments	64,300		78,043
Total current assets	58,246		83,107
Fixed assets, net	22,781		20,381
Total assets	172,714		181,789
Total current liabilities	35,002		38,827
Capital Expenditures
Capital expenditures	2,724	2,291
U.S. Telecom \| Operating segments
Revenue
Revenue	21,493	28,499
Depreciation and amortization	5,598	6,513
Operating income (loss)	(3,506)	5,224
Segment Assets
Cash, Cash equivalents, and Investments	14,858		19,118
Total current assets	38,580		36,801
Fixed assets, net	75,004		78,102
Goodwill	35,269		35,269
Total assets	217,756		172,634
Total current liabilities	25,517		15,783
Capital Expenditures
Capital expenditures	3,075	4,751
U.S. Telecom \| Operating segments \| Wireless
Revenue
Revenue	20,437	27,401
U.S. Telecom \| Operating segments \| Wireline
Revenue
Revenue	1,056	1,098
International Telecom \| Operating segments
Revenue
Revenue	80,317	70,145
Depreciation and amortization	13,015	11,671
Non-cash stock-based compensation	11	29
Operating income (loss)	13,878	5,640
Segment Assets
Cash, Cash equivalents, and Investments	40,731		32,390
Total current assets	89,785		75,304
Fixed assets, net	477,147		482,770
Goodwill	25,421		25,421
Total assets	648,736		622,454
Total current liabilities	78,649		82,575
Total debt	90,068		90,970
Capital Expenditures
Capital expenditures	11,356	43,996
Hurricane rebuild capital expenditures	100	30,900
Hurricane insurance proceeds		34,600
International Telecom \| Operating segments \| Wireless
Revenue
Revenue	21,176	23,147
International Telecom \| Operating segments \| Wireline
Revenue
Revenue	59,141	46,998
Renewable Energy \| Operating segments
Revenue
Revenue	1,490	5,831
Depreciation and amortization	616	1,774
Non-cash stock-based compensation		29
Operating income (loss)	(203)	1,936
Segment Assets
Cash, Cash equivalents, and Investments	56,874		62,678
Total current assets	74,533		80,553
Fixed assets, net	44,866		45,599
Goodwill	3,280		3,280
Total assets	123,624		130,427
Total current liabilities	2,149		3,465
Total debt			$ 12
Capital Expenditures
Capital expenditures	609	854
Renewable Energy \| Operating segments \| Renewable Energy
Revenue
Revenue	$ 1,490	$ 5,831

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2011
Contingency related to spectrum fees
Commitments and contingencies
Spectrum fees paid		$ 2.6
Litigation proceedings and disputes in Guyana
Commitments and contingencies
Period for which litigation proceedings and other disputes have not been the subject of discussions or other significant activity	5 years
Legal claims regarding tax filings with the Guyana Revenue Authority
Commitments and contingencies
Future payments related to disputed tax assessments	$ 44.1
Accrued contingent liability	$ 5.0
Legal claims regarding tax filings with the Guyana Revenue Authority \| Minimum
Commitments and contingencies
Percentage of return on investment ensured by the government of Guyana	15.00%