0001558370-21-006628 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-12593
Entity Registrant Name	ATN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0728886
Entity Address, Address Line One	500 Cummings Center
Entity Address, City or Town	Beverly
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01915
City Area Code	978
Local Phone Number	619-1300
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ATNI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,921,222
Entity Central Index Key	0000879585
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 91,259	$ 103,925
Restricted cash	1,072	1,072
Accounts receivable, net of allowances for credit losses of $13.0 million and $12.1 million, respectively	41,600	44,152
Customer receivable	2,365	1,227
Inventory, materials and supplies	6,185	5,504
Prepayments and other current assets	52,796	49,450
Assets held for sale		34,735
Total current assets	195,277	240,065
Fixed Assets:
Property, plant and equipment	1,264,279	1,252,780
Less accumulated depreciation	(736,208)	(716,318)
Net fixed assets	528,071	536,462
Telecommunication licenses, net	114,083	114,083
Goodwill	60,690	60,691
Customer relationships, net	5,560	5,913
Operating lease right-of-use assets	61,762	63,235
Customer receivable - long term	21,056	9,614
Other assets	71,223	53,648
Total assets	1,057,722	1,083,711
Current Liabilities:
Current portion of long-term debt	3,750	3,750
Current portion of Customer receivable credit facility	1,101
Accounts payable and accrued liabilities	74,529	96,205
Dividends payable	2,708	2,703
Accrued taxes	8,495	7,501
Current portion of lease liabilities	12,446	12,371
Advance payments and deposits	24,727	24,681
Liabilities held for sale		717
Total current liabilities	127,756	147,928
Deferred income taxes	8,171	10,675
Lease liabilities, excluding current portion	50,902	51,082
Other liabilities	50,738	50,617
Customer receivable credit facility, net of current portion	9,713
Long-term debt, excluding current portion	68,173	69,073
Total liabilities	315,453	329,375
Commitments and contingencies (Note 14)
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; 17,449,541 and 17,383,898 shares issued, respectively, 15,920,141 and 15,898,477 shares outstanding, respectively	172	172
Treasury stock, at cost; 1,529,400 and 1,485,421 shares, respectively	(61,677)	(59,456)
Additional paid-in capital	186,930	187,754
Retained earnings	516,897	516,901
Accumulated other comprehensive income	269	278
Total ATN International, Inc. stockholders' equity	642,591	645,649
Non-controlling interests	99,678	108,687
Total equity	742,269	754,336
Total liabilities and equity	$ 1,057,722	$ 1,083,711

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances (in dollars)	$ 13.0	$ 12.1
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	17,449,541	17,383,898
Common stock, shares outstanding	15,920,141	15,898,477
Treasury stock, shares	1,529,400	1,485,421

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE:
Total revenue	$ 124,510	$ 110,905
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Selling, general and administrative	37,693	34,427
Transaction-related charges	730	44
Depreciation and amortization	20,508	22,518
Loss on disposition of long-lived assets	117	15
Total operating expenses	121,161	103,606
Income from operations	3,349	7,299
OTHER INCOME (EXPENSE)
Interest income	(6)	243
Interest expense	(1,147)	(1,156)
Other income (expense)	2,375	(2,901)
Other income (expense), net	1,222	(3,814)
INCOME BEFORE INCOME TAXES	4,571	3,485
Income tax provisions	295	1,109
NET INCOME	4,276	2,376
Net income attributable to non-controlling interests, net of tax expense of $0.1 million and $0.3 million, respectively.	(1,570)	(3,390)
NET INCOME (LOSS) ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$ 2,706	$ (1,014)
NET INCOME (LOSS) PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:
Basic (in dollars per share)	$ 0.17	$ (0.06)
Diluted (in dollars per share)	$ 0.17	$ (0.06)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	15,902	16,001
Diluted (in shares)	15,952	16,001
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK (in dollars per share)	$ 0.17	$ 0.17
Communication services
REVENUE:
Total revenue	$ 110,636	$ 107,904
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	49,507	46,602
Other
REVENUE:
Total revenue	13,874	$ 3,001
Construction
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	$ 12,606

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Noncontrolling interest income tax expense	$ 0.1	$ 0.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 4,276	$ 2,376
Other comprehensive income (loss):
Foreign currency translation adjustment	(40)	(4,425)
Unrealized gain (loss) on derivatives	31	(177)
Other comprehensive income (loss), net of tax	(9)	(4,602)
Comprehensive income	4,267	(2,226)
Less: Comprehensive income attributable to non-controlling interests	(1,570)	(3,390)
Comprehensive income (loss) attributable to ATN International, Inc.	$ 2,697	$ (5,616)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONDENSED 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, 2019	$ 676,122	$ 172	$ (51,129)	$ 188,471	$ 541,890	$ (3,282)	$ 129,961	$ 806,083
Increase (Decrease) in Stockholders' Equity
Issuance of shares of common stock upon exercise of stock options	(3,229)		(3,229)					(3,229)
Stock-based compensation	1,196			1,196			(36)	1,160
Dividends declared on common stock	(2,715)				(2,715)			(2,715)
Distributions to non-controlling interests							(4,220)	(4,220)
Repurchase of non-controlling interests							(1,774)	(1,774)
Comprehensive income:
Net income (loss)	(1,014)				(1,014)		3,390	2,376
Other comprehensive income (loss)	(4,602)					(4,602)		(4,602)
Comprehensive income	(5,616)						3,390	(2,226)
Balance, end of period at Mar. 31, 2020	665,758	172	(54,358)	189,667	538,161	(7,884)	127,321	793,079
Balance, beginning of period at Dec. 31, 2020	645,649	172	(59,456)	187,754	516,901	278	108,687	754,336
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock	(2,221)		(2,221)					(2,221)
Stock-based compensation	1,262			1,262			74	1,336
Dividends declared on common stock	(2,710)				(2,710)			(2,710)
Distributions to non-controlling interests							(1,530)	(1,530)
Repurchase of non-controlling interests	(2,086)			(2,086)			(9,123)	(11,209)
Comprehensive income:
Net income (loss)	2,706				2,706		1,570	4,276
Other comprehensive income (loss)	(9)					(9)		(9)
Comprehensive income	2,697						1,570	4,267
Balance, end of period at Mar. 31, 2021	$ 642,591	$ 172	$ (61,677)	$ 186,930	$ 516,897	$ 269	$ 99,678	$ 742,269

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Issuance of shares of common stock upon exercise of stock options		62,892
Purchase of shares of common stock	43,978
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, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 4,276	$ 2,376
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	20,508	22,518
Provision for doubtful accounts	1,122	1,260
Amortization of debt discount and debt issuance costs	168	126
Stock-based compensation	1,336	1,160
Deferred income taxes	(2,504)	(1,135)
(Gain) loss on equity investments	(2,188)	1,775
Loss on disposition of long-lived assets	117	15
Unrealized (gain) loss on foreign currency	(81)	739
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	1,430	(10,887)
Customer receivable	(12,579)
Materials and supplies, prepayments, and other current assets	(253)	431
Prepaid income taxes		399
Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities	(7,648)	(4,055)
Accrued taxes	1,810	355
Other assets	(242)	298
Other liabilities	51	84
Net cash provided by operating activities	5,323	15,459
Cash flows from investing activities:
Capital expenditures	(19,495)	(14,061)
Reimbursable capital expenditures	(6,185)
Receipt of government grants	3,292
Divestiture of businesses, net of transferred cash of $0.9 million	18,597
Purchases of strategic investments	(4,155)	(2,768)
Net cash used in investing activities	(7,946)	(16,829)
Cash flows from financing activities:
Dividends paid on common stock	(2,703)	(2,721)
Distributions to non-controlling interests	(3,530)	(4,220)
Payment of debt issuance costs	53	(1,010)
Principal repayments of term loan	(938)	(938)
Purchases of common stock - stock-based compensation	(1,677)	(1,625)
Purchases of common stock - share repurchase plan	(540)	(1,600)
Repurchases of non-controlling interests	(11,522)	(1,774)
Customer receivable credit facility borrowing	10,814
Net cash used in financing activities	(10,043)	(13,888)
Effect of foreign currency exchange rates on cash and cash equivalents		(115)
Net change in cash, cash equivalents, and restricted cash	(12,666)	(15,373)
Total cash, cash equivalents, and restricted cash, beginning of period	104,997	162,358
Total cash, cash equivalents, and restricted cash, end of period	92,331	146,985
Noncash investing activity:
Purchases of property, plant and equipment included in accounts payable and accrued expenses	$ 10,075	$ 8,393

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net of transferred cash	$ 0.9

ORGANIZATION AND BUSINESS OPERATIONS

3 Months Ended

Mar. 31, 2021

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company strives to be a leading platform for the operation of, and investment in, smaller and specialty market communications services and technology companies. The Company has a long track record of delivering critical infrastructure-based solutions to underserved markets. The Company’s majority-owned operating subsidiaries provide facilities-based communications services, along with related information technology solutions, in the United States, Bermuda, and the Caribbean. The Company also has non-controlling investments in several communications and technology companies, and it continues to consider opportunities to make controlling and minority investments in businesses that it believes have the potential for generating substantial and relatively steady cash flows over extended periods of time or have technologies or business models that might prove valuable to the Company’s main operating subsidiaries or create significant longer term growth potential for the Company as a whole.

At the holding company level, the Company oversees the allocation of capital within and among its subsidiaries, affiliates, new investments, and stockholders. The Company also has developed significant operational expertise and resources that it uses to augment the capabilities of its individual operating subsidiaries. Over the past ten years, the Company has built a platform of resources and expertise to support its operating subsidiaries and to improve their quality of service, and customer acquisition, retention, and satisfaction while maintaining optimal operating efficiencies. The Company has a number of shared service functions, including billing, network and engineering and customer service, and the parent company also employs personnel with specialized skills that provide greater economies of scale and expertise than would typically be available at the operating subsidiary level.

The Company was incorporated in Delaware in 1987, began trading publicly in 1991 and spun off more than half of its operations to stockholders in 1998. The Company actively evaluates potential acquisitions, investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes have the potential for generating steady excess cash flows over extended periods of time. 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 us, either individually, or as research and development businesses that can support the Company’s operating subsidiaries in new technology, product, and service development and offerings. The Company has used the cash generated from its established operating units, and any asset sales, to re-invest in its existing businesses, to make strategic investments in additional businesses, and to return cash to the Company’s investors. The Company provides management, technical, financial, regulatory, and marketing services to its subsidiaries and typically receives a management fee calculated as 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, see Notes 1 and 14 to the Consolidated Financial Statements included in this Report.

Through March 31, 2021, the Company had identified three operating segments to manage and review its operations and to facilitate investor presentations of its results. These three operating segments are as follows:

●

International Telecom. Businesses contained in the Company’s international telecom segment offer a mix of fixed data, internet and voice services (“Fixed”) as well as retail mobility (“Mobility”) services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands. The Company offers fixed video services in Bermuda, the Cayman Islands, and the US Virgin Islands and managed information technology services (“Managed Services”) to enterprise customers in all its markets. The Company also offers services to other telecom providers (“Carrier Services”), such as international long-distance, transport and access services, and roaming from such telecom providers’ customers traveling in its network service areas.

●

US Telecom. In the United States, primarily in the Southwest, the Company offers Carrier Services, including wholesale roaming services, the leasing of critical network infrastructure such as towers and transport facilities, and site maintenance. The Company also provides Fixed, Mobility, and Managed

Services to its retail and enterprise customers, and private network services to enterprise customers, municipalities and other service providers.

●

Renewable Energy. In India, the Company provided distributed generation solar power to commercial and industrial customers through January 27, 2021. See Sale of Renewable Energy Operations for further details

The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the three months ended March 31, 2021:


Segment	Services	Markets	Tradenames
International Telecom	Mobility	Bermuda, Guyana, US Virgin Islands	One, GTT+, Viya
	Fixed	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT+, Viya
	Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT+, Viya
	Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT+, Viya
US Telecom	Mobility	United States (rural markets)	Choice, Choice NTUA Wireless, Geoverse
	Fixed	United States	Commnet, Choice, Choice NTUA Wireless, Deploycom
	Carrier Services	United States	Commnet, Essextel
	Managed Services	United States	Choice
Renewable Energy (1)	Solar	India	Vibrant Energy

(1)

See Sale of Renewable Energy Operations for further details.

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, see Note 13 to the Consolidated Financial Statements included in this Report.

COVID-19

The Company is continuing to monitor and assess the effects of the ongoing COVID-19 pandemic on its commercial operations, the safety of its employees and their families, its sales force and customers and any potential impact on the Company’s revenue in 2021.

The preparation of the condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates estimates, judgments and methodologies. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted financial information in context with the information and estimates reasonably available to the Company and the unknown future impacts of COVID-19 as of March 31, 2021 and through the date of this report. The accounting

matters assessed included, but were not limited to, the Company’s allowance for credit losses, the carrying value of the Company’s goodwill and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. The Company assessed the impacts of COVID-19 on its consolidated financial statements as of and for the three months ended March 31, 2021, in particular the impacts on lines of revenues, operating expenses as well as the deferral and savings on other operating expenses and capital expenditures. During the three months ended March 31, 2021, while the Company’s International Telecom segment experienced strengthened demand for both its Mobility and Fixed services, its Carrier Services revenue declined as a result of a reduction in roaming revenue due to pandemic-related travel and stay-at-home restrictions in these markets as compared to the same period in 2020. Such restrictions also resulted in decreased Mobility and Carrier Services revenues within the Company’s US Telecom segment during the three months ended March 31, 2021 as compared to the same period of 2020. However, in response to certain anticipated impacts, the Company was able to implement operating expense savings during 2020 and the first quarter of 2021, particularly with respect to the Company’s International Telecom segment, that when coupled with Company-wide travel expense savings and capital expenditure deferrals, acted to offset much of the revenue loss or additional credit loss allowances caused by anticipated customer non-payment activity in the year. As a result, the Company’s assessment did not indicate that there was a material impact to the Company’s consolidated financial statements as of and for the three months ended March 31, 2021. However, the Company’s future assessments of the impacts of COVID-19 for the remainder of 2021 or the Company’s ability to realize continued operational expense savings, as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods. For example, the local economies of many of the Company’s Caribbean markets are tourism-dependent and the decline in global travel activity resulting from COVID-19 may continue to impact the Company’s revenue and cash flows for certain services in these markets as the Company’s retail and enterprise customers may be unable to pay for services, and the Company’s international roaming revenue may decline. Apart from government issued travel restrictions, we currently cannot assess how COVID-19 may influence our subscribers’ procurement behavior for our services or how that behavior will impact our revenues in the foreseeable future.

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2021

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 the periods described therein. 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, 2020, filed with the SEC on March 1, 2021.

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests 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.

Presentation of Revenue

Effective January 1, 2020, the Company changed its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align the Company’s financial performance with the views of management and industry competitors, and to facilitate a more constructive dialogue with the investment community.

Specifically, the previously disclosed revenue categories of wireless and wireline revenue are being represented as Mobility, Fixed and Carrier Services revenue within the Company’s segment information and are included within communications services revenue within its Statements of Operations. Managed services revenue, which was previously

a component of wireline revenue, along with revenue from the Company’s Renewable Energy operations, is now included in other revenue. Construction revenue is also included as a component of other revenue.

Presentation of Operating Expenses

Effective January 1, 2021, the Company changed its presentation of operating expenses in the Condensed Consolidated Statement of Operations by combining the previously disclosed Termination and Access Fees with Engineering and Operations as the newly represented Cost of Services. In addition, the previously disclosed Sales, Marketing and Customer Service expenses are now combined with the previously disclosed General and Administrative expenses within the newly represented Selling, general and administrative expenses. The change in presentation was made to better align the Company’s results with industry standards. Cost of construction services continues to be broken out separately and all depreciation and amortization continues to be shown separately.

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires entities to use a new forward-looking, expected loss model to estimate credit losses. It also requires additional disclosure relating to the credit quality of trade and other receivables, including information relating to management’s estimate of credit allowances. The Company adopted ASU 2016-13 using the modified retrospective approach on its January 1, 2020 effective date. Refer to Note 3 of the Condensed Consolidated Financial Statements in this Report.

On December 18, 2019, the FASB issued new guidance that simplifies the accounting for income taxes. Amendments include the removal of certain exceptions to the general principles of ASC 740, Income taxes. The Company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events and circumstances.

REVENUE RECOGNITION AND RECEIVABLES

3 Months Ended

Mar. 31, 2021

REVENUE RECOGNITION AND RECEIVABLES

REVENUE RECOGNITION AND RECEIVABLES

3. REVENUE RECOGNITION AND RECEIVABLES

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 sheets.

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 the Company’s balance sheets.

In July 2019, August 2020 and May 2021, the Company entered into a Network Build and Maintenance Agreement (the “FirstNet Agreement”) with AT&T Mobility, LLC (“AT&T”) and the First and Second Amendments to the FirstNet Agreement, respectively (the “FirstNet Transaction”). In connection with the FirstNet Transaction, the Company will build a portion of AT&T’s network for the First Responder Network Authority (“FirstNet”) as well as a commercial wireless network in or near the Company’s current operating area in the Southwestern United States. The FirstNet Transaction includes construction and service performance obligations. The Company allocated the transaction price of the FirstNet Agreement to each performance obligation based on the relative standalone selling price of each performance obligation in the contract. The standalone selling price is the estimated price the Company would charge for

the good or service in a separate transaction with similar customers in similar circumstances. The current portion receivables under this agreement are recorded in Customer receivable and the long-term portion is recorded in Customer receivable long-term on the Company’s balance sheet.

The Company has certain wholesale roaming agreements that contain stand ready performance obligations and management allocates transaction value to performance obligations based on the standalone selling price. The standalone selling price is the estimated price the Company would charge for the good or service with similar customers in similar circumstances. Management determined the performance obligations were obligations to make the service continuously available and will recognize revenue evenly over the service period.

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


	March 31, 2021		December 31, 2020			$ Change	% Change
Contract asset – current	$	3,044	$	2,478	$	566	23	%
Contract asset – noncurrent		1,141		910		231	25	%
Contract liability – current		(17,159)		(18,544)		1,385	7	%
Contract liability – noncurrent		(2,255)		(2,193)		(62)	(3)	%
Net contract liability	$	(15,229)	$	(17,349)	$	2,120	12	%

The contract asset – current is included in prepayments and other current assets and the contract asset – noncurrent is included in other assets on the Company’s balance sheet. The contract liability – current is included in advance payments and deposits and the contract liability – noncurrent is included in other liabilities on the Company’s balance sheet. The decrease in the Company’s net contract liability was due to the timing of customer prepayments, contract billings, and the FirstNet Transaction. During the three months ended March 31, 2021, the Company recognized revenue of $15.1 million related to its December 31, 2020 contract liability and amortized $0.7 million of the December 31, 2020 contract asset into revenue. The Company did not recognize any revenue in the three months ended March 31, 2021 related to performance obligations that were satisfied or partially satisfied in previous periods.

Contract Acquisition Costs

The March 31, 2021 balance sheet includes current contract acquisition costs of $1.7 million in prepayments and other current assets and long term contract acquisition costs of $1.5 million in other assets. During the three months ended March 31, 2021, the Company amortized $0.6 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, which include a promotional discount, and the Company’s construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $273 million and $299 million at March 31, 2021 and December 31, 2020, respectively. The Company expects to satisfy approximately 60% of the remaining performance obligations and recognize the transaction price within 24 months and the remainder thereafter.

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 its 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 13 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 Communication Services and other revenue. Communication Services

revenue is further disaggregated into Mobility, Fixed, Carrier Services, and other services. Other revenue is further disaggregated into renewable energy, managed services and construction revenue. This disaggregation of revenue depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Receivables

The Company adopted ASU 2016-13 on January 1, 2020. The standard requires that certain financial assets be measured at amortized cost reflecting an allowance for estimated credit losses expected to occur over the life of the assets. The estimate of credit losses is based on all relevant information including historical information, current conditions, and reasonable and supportable forecasts that affect the collectability of the amounts. The Company adopted ASU 2016-13 using the modified retrospective approach, however, there was no impact of adoption on retained earnings.

The standard impacted the Company’s calculation of credit losses from trade receivables. Historically, the Company recorded credit losses subsequent to the initial revenue transaction. After adoption of ASU 2016-13, the Company will record an estimate of future credit losses in conjunction with the revenue transaction based on the information available including historical experience and management’s expectations of future conditions. Those estimates will be updated as additional information becomes available. Our allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. There was no significant impact to the Company’s operating results due to the adoption of this standard.

At March 31, 2021, the Company had gross accounts receivable of $78.0 million and an allowance for credit losses of $13.0 million. The receivable under the FirstNet Agreement totaled $23.4 million of which $2.4 million was current and $21.0 million was long-term. At December 31, 2020, the Company had gross accounts receivable of $67.1 million and an allowance for credit losses of $12.1 million. The receivable under the FirstNet Agreement totaled $10.8 million of which $1.2 million was current and $9.6 million was long-term. The Company monitors receivables through the use of historical operating data adjusted for expectation of future performance as appropriate. Activity in the allowance for credit losses is below:


	Three months ended March 31, 2021		Three months ended March 31, 2020

Balance at beginning of period	$	12,121	$	12,724
Current period provision for expected losses		1,122		1,260
Write-offs charged against the allowance		(354)		(1,525)
Recoveries collected		124		208
Balance at end of period	$	13,013	$	12,667

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

3 Months Ended

Mar. 31, 2021

LEASES

LEASES

4. LEASES

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between 3 and 10 years, some of which include additional renewal options.

Supplemental lease information

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



	March 31, 2021		March 31, 2020
Operating lease cost:
Operating lease cost	$	4,225	$	4,047
Short-term lease cost		408		543
Variable lease cost		1,065		803
Total operating lease cost	$	5,698	$	5,393

Finance lease cost:
Amortization of right-of-use asset	$	574	$	571
Variable costs		196		272
Total finance lease cost	$	770	$	843

During each of the three month periods ended March 31, 2021 and 2020, the Company paid $3.5 million for operating lease liabilities. During the three months ended March 31, 2021, the Company recorded $2.2 million of operating lease liabilities arising from ROU assets. During the three months ended March 31, 2020 the Company did not record any additional lease liabilities arising from ROU assets.

At March 31, 2021, finance leases with a cost of $26.5 million and accumulated amortization of $10.1 million were included in property, plant and equipment. During the three months ended March 31, 2021, the Company paid $0.1 million for finance lease liabilities and recorded $1.1 million of additional finance lease liabilities. At March 31, 2021, finance leases had a lease liability of $2.2 million, of which $0.4 million was current. At December 31, 2020, finance leases with a cost of $25.4 million and accumulated amortization of $9.5 million were included in property, plant and equipment

The weighted average remaining lease terms and discount rates as of March 31, 2021 and December 31, 2020 are noted in the table below:


	March 31, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases		5.8 years		5.9 years
Financing leases		10.6 years		10.9 years

Weighted-average discount rate
Operating leases		4.9%		5.0%
Financing leases		4.2%		3.3%

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):


	Operating Leases		Financing Leases
2021 (excluding the three months ended March 31, 2021)	$	11,043	$	377
2022		14,479		502
2023		12,086		502
2024		11,033		380
2025		8,133		281
Thereafter		13,638		522
Total lease payments		70,412		2,564
Less imputed interest		(9,619)		(339)
Total	$	60,793	$	2,225

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Financing Leases
2021	$	14,877	$	334
2022		14,202		333
2023		11,799		333
2024		10,633		211
2025		7,816		—
Thereafter		13,094		—
Total lease payments		72,421		1,211
Less imputed interest		(10,097)		(82)
Total	$	62,324	$	1,129

As of March 31, 2021, the Company did not have any material operating or finance leases that have not yet commenced.

USE OF ESTIMATES

3 Months Ended

Mar. 31, 2021

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 credit losses, 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. See Note 1 for a discussion of the impact of COVID-19 on the use of these estimates.

DISPOSITIONS

3 Months Ended

Mar. 31, 2021

DISPOSITIONS AND PLATFORM INVESTMENTS

DISPOSITIONS AND PLATFORM INVESTMENTS

6. DISPOSITIONS

Disposition of International Solar Business

On November 19, 2020, the Company entered into an agreement to sell 67% of the outstanding equity interests of its India solar operations that owns and operates distributed generation solar power projects under the Vibrant name in India, or the Vibrant Transaction. The Company will retain a 33% ownership interest in the India solar operations subsequent to the transaction. The sale agreement contains representations, warranties and covenants of the parties that are customary for transactions of this type. The sale was completed in January 2021. The post-sale results of the

Company’s ownership interest in Vibrant are recorded through the equity method of accounting within the Corporate and Other operating segment. As such, the Company’s consolidated financial statements will not include revenue and operating expenses from Vibrant, but instead, “other income (expense)” within the Corporate and Other operating segment will include its share of Vibrant’s profits or losses. The Company will continue to present the historical results of its Renewable Energy segment for comparative purposes.

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


Consideration Received	$	35,218
Assets and liabilities disposed
Current assets		4,899
Property, plant and equipment		45,891
Other assets		439
Current liabilities		(759)
Net assets disposed	$	50,470

Consideration less net assets disposed		(15,252)

Foreign currency losses reclassified from accumulated other comprehensive income		6,258

Loss on sale		21,510
Transaction costs		1,283
Loss on sale including transaction costs	$	(22,793)

The Company reported a loss on sale of $21.5 million during the year ended December 31, 2020 and Vibrant’s assets and liabilities were reported as held for sale at December 31, 2020. The Company recorded transaction costs of $1.3 million on the Vibrant Transaction, of which $0.7 million was recorded during the year ended December 31, 2020 and $0.6 million was recorded during the three months ended March 31, 2021. The consideration received includes $19.5 million of cash, $3.9 million of receivables related to the amounts held in escrow and earn out consideration, and $11.8 million of an equity method investment in Vibrant. The Company is finalizing working capital adjustments and the purchase price escrow will be held in escrow for a period of twelve months after the closing to secure the Company’s indemnification obligations. The Company has 24 months after the close of the transaction to satisfy the conditions necessary to receive the earn out consideration.

The Vibrant Transaction does not qualify as discontinued operations because the disposition was not a strategic shift which will have a major effect on the Company’s operations, the historical results and financial position of the operations are presented within continuing operations.

FAIR VALUE MEASUREMENTS AND INVESTMENTS

3 Months Ended

Mar. 31, 2021

FAIR VALUE MEASUREMENTS AND INVESTMENTS

FAIR VALUE MEASUREMENTS AND INVESTMENTS

7. FAIR VALUE MEASUREMENTS AND INVESTMENTS

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, 2021 and December 31, 2020 are summarized as follows (in thousands):


	March 31, 2021
	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		2,955		—		—		2,955
Other investments		—		—		2,110		2,110
Interest rate swap		—		(126)		—		(126)
Total assets and liabilities measured at fair value	$	2,955	$	254	$	2,110	$	5,319


	December 31, 2020
	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		2,785		—		—		2,785
Other investments		—		—		13,357		13,357
Interest rate swap		—		(157)		—		(157)
Total assets and liabilities measured at fair value	$	2,785	$	223	$	13,357	$	16,365

During the three months ended March 31, 2021, other investments measured using Level 3 inputs decreased $11.2 million. The decrease was the result of transferring $11.0 million out of Level 3 due to the conversion of a

convertible debt instrument. At December 31, 2020, the Company accounted for a convertible debt instrument at fair value. During the three months ended March 31, 2021, that instrument was converted to equity and the Company began accounting for the investment under the cost method of accounting. Refer to Other Investments below. Also, during the three months ended March 31, 2021, the fair value of the remaining Level 3 investments decreased $0.2 million due to $0.3 million of cash distributions and $0.1 million of income recognized in the other income line of the Company’s statement of operations.

Certificate of Deposit

As of March 31, 2021 and December 31, 2020 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, 2021 and December 31, 2020, 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.

Other Investments

In 2019, the Company made a $14.4 million investment in a renewable energy partnership. In 2020, the Company received an investment tax credit of $12.0 million from its investment and will receive future cash distributions from the partnership’s operations. The Company elected the deferral method to account for the credit and elected the fair value option to account for the equity investment. The Company’s investment had a fair value of $2.1 million at March 31, 2021, and $2.3 million at December 31, 2020. The asset is classified within Level 3 of the fair value hierarchy. The Company used the income approach to fair value the investment and the inputs consisted of a discount rate and future cash flows calculated based on the investment attributes.

Also in 2019, the Company made an investment in an early-stage venture through the acquisition of a convertible debt instrument. The instrument converted into equity during the first quarter of 2021. Upon conversion the Company will account for the investment under the cost method of accounting as the investment does not have a readily determinable fair value. Prior to conversion, the Company accounted for the investment under the fair value option using Level 3 inputs. During the three months ended March 31, 2021, the Company recorded a gain of $2.5 million on the conversion and invested an additional $3.0 million of cash, increasing its book value from $11.0 million at December 31, 2020 to $16.5 million at March 31, 2021.

The Company also holds investments in equity 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 investments was $1.3 million at March 31, 2021 and December 31, 2020, respectively. These investments are included with other assets on the consolidated balance sheets.

Equity Method Investments

In the first quarter of 2020, the Company increased its ownership in one investment of a privately held company to approximately 24% of the outstanding voting equity through an additional $2.8 million investment. With this investment the Company obtained the ability to exercise significant influence over the investee and began accounting for the investment under the equity method of accounting including the recording of its share of the investee’s earnings or losses. The carrying value of the investment was $17.3 million and $17.9 million at March 31, 2021 and December 31, 2020, respectively. The value decreased $0.6 million from the December 31, 2020 balance due to $0.4 million of the

Company’s share of investee losses, and currency losses of $0.2 million. The investment is included with other assets on the consolidated balance sheets.

In the first quarter of 2021, the Company began to account for its former India solar operations under the equity method of accounting. Subsequent to the close of the Vibrant Transaction in January 2021, the Company invested an additional $1.2 million into its operations and distributed $0.3 million to a minority investment partner. The book value of the investment was $12.7 million at March 31, 2021.

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.

The fair value of long-term debt and the customer receivable credit facility is estimated using Level 2 inputs. At March 31, 2021, the fair value of long-term debt and the customer receivable credit facility, including the current portion, was $83.1 million and its book value was $82.7 million. At December 31, 2020, the fair value of long-term debt, including the current portion, was $73.3 million and its book value was $72.8 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

Mar. 31, 2021

LONG-TERM DEBT

LONG-TERM DEBT

8. LONG-TERM DEBT

On April 10, 2019, the Company entered into the credit facility with CoBank, ACB and a syndicate of other lenders (the “2019 Credit Facility”). The 2019 Credit Facility provides for a $200 million revolving credit facility that includes (i) up to $75 million for standby or trade letters of credit and (ii) up to $10 million under a swingline sub-facility. Approximately $16.0 million of performance letters of credit have been issued and remain outstanding and undrawn as of March 31, 2021. The 2019 Credit Facility matures on April 10, 2024.

Amounts borrowed under the 2019 Credit Facility bear 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 1.25% to 2.25% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.25%. Swingline loans 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) LIBOR for an interest period of one month and (y) LIBOR for an interest period of one week; (ii) the Federal Funds Effective Rate (as defined in the 2019 Credit Facility) plus 0.50% per annum; and (iii) the Prime Rate (as defined in the 2019 Credit Facility). The applicable margin is determined based on the Total Net Leverage Ratio (as defined in the 2019 Credit Facility). Under the terms of the 2019 Credit Facility, the Company must also pay a fee ranging from 0.150% to 0.375% of the average daily unused portion of the 2019 Credit Facility over each calendar quarter.

The 2019 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 Total Net Leverage Ratio is equal to or greater than 1.75 to 1.0. The Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 2.75 to 1.0. In the event of a Qualifying Acquisition (as defined in the 2019 Credit Facility), the Total Net Leverage Ratio increases to 3.25 to 1.0 for the subsequent three fiscal quarters.

The 2019 Credit Facility also provides 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 Accordion are also subject to proforma compliance with a net leverage ratio financial covenant.

As of March 31, 2021, the Company was in compliance with all of the financial covenants, had no outstanding borrowings and, net of the $16.0 million of outstanding performance letters of credit, had $184.0 million of availability under the 2019 Credit Facility.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into receivables credit facility with the Company, Commnet Wireless, and CoBank, ACB (the “Receivables Credit Facility”).

The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75.0 million and the proceeds may be used to acquire certain receivables from Commnet Wireless. The receivables to be financed and sold under the Receivables Credit Facility, which provide the loan security, relate to the obligations of AT&T under the FirstNet Agreement. The delayed draw period will expire on December 31, 2021.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrues at a rate based on (i) LIBOR plus 2.50%, (ii) a base rate plus 1.50% or (iii) a fixed annual interest rate to be quoted by CoBank. If the Company selects a variable interest rate option, it is required to enter an interest rate swap fixing the interest rate.

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of March 31, 2021, the Company had $10.8 million outstanding, of which $1.1 million was current, and $64.2 million of availability under the Receivables Credit Facility. The Company capitalized $0.9 million of fees associated with the Receivables Credit Facility which are being amortized over the life of the debt and $0.8 million were unamortized at March 31, 2021.

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% per annum 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 Company’s Viya subsidiaries and is guaranteed by the Company. With RTFC’s consent, the Company funded the restoration of Viya’s network, following Hurricanes Irma and Maria in 2017, through an intercompany loan arrangement with a $75.0 million limit. The Company was not in compliance with the Net Leverage Ratio covenant of the Viya Debt agreement for the year ending December 31, 2020 and received a waiver from the RTFC on February 25, 2021.

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 is being amortized over the life of the loan.

As of March 31, 2021, $60.0 million of the Viya Debt remained outstanding and $0.5 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% per annum 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, tested annually as of and for the twelve months ended December 31st, 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 (as defined in the One Communications Debt agreement). The Company was in compliance with its covenants as of December 31, 2020.

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, which had an original notional amount of $11.0 million, has an interest rate of 1.874%, and expires in March 2022. As of March 31, 2021, the swap had an unamortized notional amount of $7.1 million.

The Company capitalized $0.3 million of fees associated with the One Communications Debt which are being amortized over the life of the debt and are recorded as a reduction to the debt carrying amount.

As of March 31, 2021, $12.5 million of the One Communications Debt was outstanding and $0.1 million of the capitalized fees remained unamortized.

GOVERNMENT GRANTS

3 Months Ended

Mar. 31, 2021

GOVERNMENT GRANTS

GOVERNMENT GRANTS

9. GOVERNMENT GRANTS

Universal Service Fund

The Federal Universal Service Fund (“USF”) is a subsidy program managed by the Federal Communications Commission (“FCC”). USF funds are disbursed to telecommunication providers through four programs: the High Cost Program; Low Income Program (“Lifeline Program”); Schools and Libraries Program (“E-Rate Program”); and Rural Health Care Support Program. The Company participates in the High Cost Program, Lifeline Program, E-Rate Program, and Rural Health Care Support Program as further described below. All of these funding programs are subject to certain operational and reporting compliance requirements. The Company believes it is in compliance with all applicable requirements.

During each of the three month periods ended March 31, 2021 and 2020, the Company recorded $4.1 million of revenue from the High Cost Program in its International Telecom segment for its US Virgin Islands operations under the “Viya” name. In 2018, the FCC initiated a proceeding to reform the High Cost Program in the US Virgin Islands and Puerto Rico in which it proposed to allocate USF funding of up to $18.7 million per year (inclusive of the $16.4 million per year currently allocated to Viya) for 10 years to supplant the $16.4 million that Viya currently receives per year. While Viya applied for Connect USVI Fund support allocated for the US Virgin Islands, on November 16, 2020, the FCC announced that Viya was not the recipient of the provisional award and that the FCC had provisionally accepted a bid of approximately $8.5 million per year for a term of 10 years. Viya has challenged this decision and its challenge remains pending before the FCC. If Viya’s challenge is not granted, pursuant to the terms of the program, Viya’s USF support will be reduced, to two-thirds of the legacy total amount, or $10.9 million, during the first year following the finalization of the award and to one-third of the legacy total amount, or $5.5 million, during the second year. Thereafter, Viya will not receive High Cost Program support.

Also, during each of the three month periods ended March 31, 2021 and 2020, the Company recorded $0.3 million of High Cost Program 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. Under this program, the Company is required to provide fixed broadband and voice services to certain eligible areas in the United States and is subject to operational and reporting requirements. The Company determined the award is a revenue grant, and as a result the Company will record the funding as revenue upon receipt. The Company recorded $1.9 million in each of the three-month periods ended March 31, 2021 and 2020 from the Connect America Fund Phase II program.

The Company also receives construction grants to build network connectivity for eligible communities. The funding is used to reimburse construction costs and is distributed upon completion of a project. As of December 31, 2020, the Company has been awarded approximately $16.8 million of such grants. The Company was awarded $6.5 million of additional grants in the three months ended March 31, 2021. The Company has completed its construction obligations on $10.2 million of these projects and $13.1 million of such construction obligations remain with completion deadlines beginning in June 2021. Once these projects are constructed, the Company is obligated to provide service to the participants. The Company receives funds upon construction completion. The Company received $1.3 million during the three months ended March 31, 2021. 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 Program, Lifeline Program, and Rural Health Care Support Program. During the three months ended March 31, 2021 and 2020, the Company recorded revenue of $2.1 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.

CARES Act

As of December 31, 2020, the Company had received $16.3 million of funding under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). During the three months ended March 31, 2021, the Company received an additional $2.4 million of funding. In total the Company received $18.7 of funding under this program. The funding was utilized to construct network infrastructure in the Company’s US Telecom segment. The construction was completed as of March 31, 2021 and $18.4 million of the funding was recorded as a reduction to property, plant and equipment and subsequent reduction to depreciation expense. The remaining $0.3 million was recorded as a reduction to operating expense in the three months ended March 31, 2021.

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 $6.1 million to offset capital costs, consequently reducing future depreciation expense and $1.3 million to offset the cost of supporting the network which will reduce future operating expense. Through March 31, 2021, the Company has spent $6.1 million on capital expenditures and has recorded $0.3 million in offsets to the cost of supporting the network. 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 believes it is in compliance with all applicable requirements related to these funds.

CBRS Auction

During the third quarter of 2020, the Company participated in the FCC’s Citizens Broadband Radio Service (CBRS) auction for Priority Access Licenses (PALs) in the 3.5 GHz spectrum band. These PALs are licensed on a county-by-county basis and are awarded for a 10-year renewable term. The Company was a winning bidder for PALs located strategically throughout the United States at a total cost of approximately $20.4 million. In connection with the

awarded licenses, the Company will have to achieve certain CBRS spectrum build out obligations. The Company currently expects to comply with all applicable requirements related to these licenses.

RDOF

In the 2020 Rural Digital Opportunity Fund Phase I Auction (“RDOF”), pending the FCC’s conclusion of the award process, we expect to receive approximately $20.1 million over 10 years to provide broadband coverage to over 10,000 households. Once confirmed, we will be obligated to provide broadband and voice services to certain eligible areas in the United States.

RETIREMENT PLANS

3 Months Ended

Mar. 31, 2021

RETIREMENT PLANS

RETIREMENT PLANS

10. RETIREMENT PLANS

The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans 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, 2021				March 31, 2020
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	54	$	35	$	423	$	32
Non-operating expense
Interest cost		572		41		879		45
Expected return on plan assets		(687)		—		(1,158)		—
Actuarial (gain)/ loss		—		—		(7)		(15)
Net periodic pension expense (benefit)	$	(61)	$	76	$	137	$	62

In the first quarter of 2020, the Company began the process of winding up one of its pension plans. At December 31, 2020 this plan had assets of $15.6 million and a projected benefit obligation of $15.6 million.

The Company was not required to make contributions to its pension plans during the three months ended March 31, 2021 and 2020. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions to its pension plans during the three months ended March 31, 2021 and 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES

3 Months Ended

Mar. 31, 2021

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 6.5% and 31.8%, respectively.

The effective tax rate for the three months ended March 31, 2021 was primarily impacted by the following items: (i) the mix of income generated among the jurisdictions in which the Company operates and (ii) a discrete expense of $0.5 million for interest on unrecognized tax positions.

The effective tax rate for the three months ended March 31, 2020 was primarily impacted by the following items: (i) the remeasurement of a forecasted domestic loss at a higher tax rate due to carryback provisions as provided by the CARES Act, (ii) the mix of income generated among the jurisdictions in which the Company operates along with the exclusion of losses in the US Virgin Islands and India where the Company cannot benefit from those losses as required by ASC 740-270-30-36(a), (iii) discrete items including a $0.5 million expense for interest on unrecognized tax positions, a $0.4 million expense to record a valuation allowance against an investment write-down which cannot be benefitted for tax purposes, and a $0.3 million benefit (net) related to the remeasurement of existing losses and temporary differences at a higher tax rate due to carryback provisions as provided by the CARES Act.

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 the Company operates. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from the Company’s 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.

- Definition

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

+ References + Details

NET INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2021

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

12. NET INCOME (LOSS) PER SHARE

For each of the three months ended March 31, 2021 and 2020, the calculations of basic and diluted weighted average shares of common stock outstanding do not include 5,000 shares relating to stock options as the effects of those options were anti-dilutive.

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2021

SEGMENT REPORTING

SEGMENT REPORTING

13. SEGMENT REPORTING

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

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


For the Three Months Ended March 31, 2021

	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Communication Services
Mobility	$	21,821	$	2,860	$	—	$	—	$	24,681
Fixed		58,748		6,370		—		—		65,118
Carrier Services		1,883		18,736		—		—		20,619
Other		218		—		—		—		218
Total Communication Services Revenue		82,670		27,966		—		—		110,636
Other
Renewable Energy		—		—		418		—		418
Managed Services		1,150		—		—		—		1,150
Construction		—		12,306		—		—		12,306
Total Other Revenue		1,150		12,306		418		—		13,874
Total Revenue		83,820		40,272		418		—		124,510
Depreciation and amortization		13,826		5,193		188		1,301		20,508
Non-cash stock-based compensation		37		15		22		1,262		1,336
Operating income (loss)		13,116		(534)		(662)		(8,571)		3,349


For the Three Months Ended March 31, 2020

	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Communication Services
Mobility	$	20,230	$	2,403	$	—	$	—	$	22,633
Fixed		57,741		4,825		—		—		62,566
Carrier Services		2,298		20,071		—		—		22,369
Other		336		—		—		—		336
Total Communication Services Revenue		80,605		27,299		—		—		107,904
Other
Renewable Energy		—		—		1,322		—		1,322
Managed Services		1,679		—		—				1,679
Total Other Revenue		1,679		—		1,322		—		3,001
Total Revenue		82,284		27,299		1,322		—		110,905
Depreciation and amortization		14,315		5,886		614		1,703		22,518
Non-cash stock-based compensation		(37)		—		—		1,197		1,160
Operating income (loss)		13,477		2,193		(456)		(7,915)		7,299

(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, 2021 and December 31, 2020 consists of the following (in thousands):



	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
March 31, 2021
Cash, Cash equivalents, and Investments	$	40,505	$	29,389	$	5,822	$	15,543	$	91,259
Total current assets		100,470		67,739		9,716		17,352		195,277
Fixed assets, net		448,690		67,829		—		11,552		528,071
Goodwill		25,421		35,269		—		—		60,690
Total assets		634,344		302,966		22,369		98,043		1,057,722
Total current liabilities		77,100		33,216		356		17,084		127,756
Total debt		71,923		10,814		—		—		82,737
December 31, 2020
Cash, Cash equivalents, and Investments	$	45,848	$	26,921	$	4,311	$	26,845	$	103,925
Total current assets		107,315		65,806		39,057		27,887		240,065
Fixed assets, net		449,888		73,717		—		12,857		536,462
Goodwill		25,421		35,270		—		—		60,691
Total assets		642,834		265,797		39,045		136,035		1,083,711
Total current liabilities		80,875		43,200		1,038		22,815		147,928
Total debt		72,823		—		—		—		72,823


	Capital Expenditures

		International		US		Renewable		Corporate and
Three months ended March 31,		Telecom		Telecom		Energy		Other (1)		Consolidated
2021	$	10,506	$	14,939	$	—	$	235	$	25,680
2020		10,465		1,972		720		904		14,061

(1)

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
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+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

14. 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.

In 1990, the Company’s Guyana subsidiary, GTT, was awarded a license to provide domestic 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 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 October 5, 2020, the Prime Minister of Guyana formally implemented telecommunications legislation previously passed by the Guyana Parliament in 2016 that introduces material changes to many features of Guyana’s existing telecommunications regulatory regime with the intention of creating a more competitive market. At that time, the Company was issued a new

license to provide domestic and international voice as well as data services and mobile services in Guyana. Two of the Company’s competitors were issued service licenses as well. While the Company has requested details of its competitors’ licenses, such information has not been made public by the Guyana Telecommunications Agency, and the Company is not yet able to ascertain whether the licenses issued to its competitors permit any competitors to provide services that have been subject to GTT’s exclusive rights contained in its 1990 license.

On October 23, 2020, the Government of Guyana also brought into effect new telecommunications regulations called for by the telecommunications legislation. The regulations include new requirements for the market as a whole, which impose costly additional regulatory fees and impact the Company’s operations, administrative reporting and services. There can be no assurance that these regulations will be effectively implemented, or that they will be administered in a fair and transparent manner.

Historically, GTT has been subject to other long-standing litigation proceedings and disputes in Guyana that have not yet been resolved. 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 operations 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 of Guyana. 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. There have been limited further discussions on this subject and GTT has not been given the opportunity to review recommendations made by the NFMU to the Minister on spectrum fee methodology, if any.

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 and GTT intervened in the suit in order to oppose Digicel’s claims. 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 monetary 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. Prior to the declaration of COVID-19 related travel and business restrictions in Guyana, the consolidated cases were scheduled to proceed to trial in 2020. GTT expects to resume the litigation following the lifting of COVID-19 related restrictions and intends to prosecute these matters vigorously; however, the Company cannot accurately predict at this time when the consolidated suit will go to trial.

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, 2021 for these matters.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2021
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 the periods described therein. 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, 2020, filed with the SEC on March 1, 2021. The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests 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. Presentation of Revenue Effective January 1, 2020, the Company changed its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align the Company’s financial performance with the views of management and industry competitors, and to facilitate a more constructive dialogue with the investment community. Specifically, the previously disclosed revenue categories of wireless and wireline revenue are being represented as Mobility, Fixed and Carrier Services revenue within the Company’s segment information and are included within communications services revenue within its Statements of Operations. Managed services revenue, which was previously a component of wireline revenue, along with revenue from the Company’s Renewable Energy operations, is now included in other revenue. Construction revenue is also included as a component of other revenue. Presentation of Operating Expenses Effective January 1, 2021, the Company changed its presentation of operating expenses in the Condensed Consolidated Statement of Operations by combining the previously disclosed Termination and Access Fees with Engineering and Operations as the newly represented Cost of Services. In addition, the previously disclosed Sales, Marketing and Customer Service expenses are now combined with the previously disclosed General and Administrative expenses within the newly represented Selling, general and administrative expenses. The change in presentation was made to better align the Company’s results with industry standards. Cost of construction services continues to be broken out separately and all depreciation and amortization continues to be shown separately.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires entities to use a new forward-looking, expected loss model to estimate credit losses. It also requires additional disclosure relating to the credit quality of trade and other receivables, including information relating to management’s estimate of credit allowances. The Company adopted ASU 2016-13 using the modified retrospective approach on its January 1, 2020 effective date. Refer to Note 3 of the Condensed Consolidated Financial Statements in this Report. On December 18, 2019, the FASB issued new guidance that simplifies the accounting for income taxes. Amendments include the removal of certain exceptions to the general principles of ASC 740, Income taxes. The Company adopted this guidance in 2021 using a prospective method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements; however, the impact in future periods will be dependent on the extent of future events and circumstances.

ORGANIZATION AND BUSINESS OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2021

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
International Telecom	Mobility	Bermuda, Guyana, US Virgin Islands	One, GTT+, Viya
	Fixed	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT+, Viya
	Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT+, Viya
	Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT+, Viya
US Telecom	Mobility	United States (rural markets)	Choice, Choice NTUA Wireless, Geoverse
	Fixed	United States	Commnet, Choice, Choice NTUA Wireless, Deploycom
	Carrier Services	United States	Commnet, Essextel
	Managed Services	United States	Choice
Renewable Energy (1)	Solar	India	Vibrant Energy

REVENUE RECOGNITION AND RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2021

REVENUE RECOGNITION AND RECEIVABLES

Summary of contracts asset and liabilities

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


	March 31, 2021		December 31, 2020			$ Change	% Change
Contract asset – current	$	3,044	$	2,478	$	566	23	%
Contract asset – noncurrent		1,141		910		231	25	%
Contract liability – current		(17,159)		(18,544)		1,385	7	%
Contract liability – noncurrent		(2,255)		(2,193)		(62)	(3)	%
Net contract liability	$	(15,229)	$	(17,349)	$	2,120	12	%

Schedule of activity in allowances for credit losses


	Three months ended March 31, 2021		Three months ended March 31, 2020

Balance at beginning of period	$	12,121	$	12,724
Current period provision for expected losses		1,122		1,260
Write-offs charged against the allowance		(354)		(1,525)
Recoveries collected		124		208
Balance at end of period	$	13,013	$	12,667

LEASES (Tables)

3 Months Ended

Mar. 31, 2021

LEASES

Summary of components of lease expense

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



	March 31, 2021		March 31, 2020
Operating lease cost:
Operating lease cost	$	4,225	$	4,047
Short-term lease cost		408		543
Variable lease cost		1,065		803
Total operating lease cost	$	5,698	$	5,393

Finance lease cost:
Amortization of right-of-use asset	$	574	$	571
Variable costs		196		272
Total finance lease cost	$	770	$	843

Summary of weighted-average remaining lease term and discount rate

The weighted average remaining lease terms and discount rates as of March 31, 2021 and December 31, 2020 are noted in the table below:


	March 31, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases		5.8 years		5.9 years
Financing leases		10.6 years		10.9 years

Weighted-average discount rate
Operating leases		4.9%		5.0%
Financing leases		4.2%		3.3%

Summary of maturities of operating lease liabilities

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):


	Operating Leases		Financing Leases
2021 (excluding the three months ended March 31, 2021)	$	11,043	$	377
2022		14,479		502
2023		12,086		502
2024		11,033		380
2025		8,133		281
Thereafter		13,638		522
Total lease payments		70,412		2,564
Less imputed interest		(9,619)		(339)
Total	$	60,793	$	2,225

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Financing Leases
2021	$	14,877	$	334
2022		14,202		333
2023		11,799		333
2024		10,633		211
2025		7,816		—
Thereafter		13,094		—
Total lease payments		72,421		1,211
Less imputed interest		(10,097)		(82)
Total	$	62,324	$	1,129

Summary of maturities of finance lease liabilities


	Operating Leases		Financing Leases
2021 (excluding the three months ended March 31, 2021)	$	11,043	$	377
2022		14,479		502
2023		12,086		502
2024		11,033		380
2025		8,133		281
Thereafter		13,638		522
Total lease payments		70,412		2,564
Less imputed interest		(9,619)		(339)
Total	$	60,793	$	2,225


	Operating Leases		Financing Leases
2021	$	14,877	$	334
2022		14,202		333
2023		11,799		333
2024		10,633		211
2025		7,816		—
Thereafter		13,094		—
Total lease payments		72,421		1,211
Less imputed interest		(10,097)		(82)
Total	$	62,324	$	1,129

DISPOSITIONS (Tables)

3 Months Ended

Mar. 31, 2021

DISPOSITIONS AND PLATFORM INVESTMENTS

Schedule of assets and liabilities transferred


Consideration Received	$	35,218
Assets and liabilities disposed
Current assets		4,899
Property, plant and equipment		45,891
Other assets		439
Current liabilities		(759)
Net assets disposed	$	50,470

Consideration less net assets disposed		(15,252)

Foreign currency losses reclassified from accumulated other comprehensive income		6,258

Loss on sale		21,510
Transaction costs		1,283
Loss on sale including transaction costs	$	(22,793)

- Definition

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

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+ Details

FAIR VALUE MEASUREMENTS AND INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2021

FAIR VALUE MEASUREMENTS AND INVESTMENTS

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, 2021 and December 31, 2020 are summarized as follows (in thousands):


	March 31, 2021
	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		2,955		—		—		2,955
Other investments		—		—		2,110		2,110
Interest rate swap		—		(126)		—		(126)
Total assets and liabilities measured at fair value	$	2,955	$	254	$	2,110	$	5,319


	December 31, 2020
	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		2,785		—		—		2,785
Other investments		—		—		13,357		13,357
Interest rate swap		—		(157)		—		(157)
Total assets and liabilities measured at fair value	$	2,785	$	223	$	13,357	$	16,365

RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2021

RETIREMENT PLANS

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


	Three months ended
	March 31, 2021				March 31, 2020
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	54	$	35	$	423	$	32
Non-operating expense
Interest cost		572		41		879		45
Expected return on plan assets		(687)		—		(1,158)		—
Actuarial (gain)/ loss		—		—		(7)		(15)
Net periodic pension expense (benefit)	$	(61)	$	76	$	137	$	62

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021

	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Communication Services
Mobility	$	21,821	$	2,860	$	—	$	—	$	24,681
Fixed		58,748		6,370		—		—		65,118
Carrier Services		1,883		18,736		—		—		20,619
Other		218		—		—		—		218
Total Communication Services Revenue		82,670		27,966		—		—		110,636
Other
Renewable Energy		—		—		418		—		418
Managed Services		1,150		—		—		—		1,150
Construction		—		12,306		—		—		12,306
Total Other Revenue		1,150		12,306		418		—		13,874
Total Revenue		83,820		40,272		418		—		124,510
Depreciation and amortization		13,826		5,193		188		1,301		20,508
Non-cash stock-based compensation		37		15		22		1,262		1,336
Operating income (loss)		13,116		(534)		(662)		(8,571)		3,349


For the Three Months Ended March 31, 2020

	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
Revenue
Communication Services
Mobility	$	20,230	$	2,403	$	—	$	—	$	22,633
Fixed		57,741		4,825		—		—		62,566
Carrier Services		2,298		20,071		—		—		22,369
Other		336		—		—		—		336
Total Communication Services Revenue		80,605		27,299		—		—		107,904
Other
Renewable Energy		—		—		1,322		—		1,322
Managed Services		1,679		—		—				1,679
Total Other Revenue		1,679		—		1,322		—		3,001
Total Revenue		82,284		27,299		1,322		—		110,905
Depreciation and amortization		14,315		5,886		614		1,703		22,518
Non-cash stock-based compensation		(37)		—		—		1,197		1,160
Operating income (loss)		13,477		2,193		(456)		(7,915)		7,299

(1)

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

Schedule of segment balance sheet data and capital expenditures

Selected balance sheet data for each of the Company’s segments as of March 31, 2021 and December 31, 2020 consists of the following (in thousands):



	International		US		Renewable		Corporate and
	Telecom		Telecom		Energy		Other (1)		Consolidated
March 31, 2021
Cash, Cash equivalents, and Investments	$	40,505	$	29,389	$	5,822	$	15,543	$	91,259
Total current assets		100,470		67,739		9,716		17,352		195,277
Fixed assets, net		448,690		67,829		—		11,552		528,071
Goodwill		25,421		35,269		—		—		60,690
Total assets		634,344		302,966		22,369		98,043		1,057,722
Total current liabilities		77,100		33,216		356		17,084		127,756
Total debt		71,923		10,814		—		—		82,737
December 31, 2020
Cash, Cash equivalents, and Investments	$	45,848	$	26,921	$	4,311	$	26,845	$	103,925
Total current assets		107,315		65,806		39,057		27,887		240,065
Fixed assets, net		449,888		73,717		—		12,857		536,462
Goodwill		25,421		35,270		—		—		60,691
Total assets		642,834		265,797		39,045		136,035		1,083,711
Total current liabilities		80,875		43,200		1,038		22,815		147,928
Total debt		72,823		—		—		—		72,823


	Capital Expenditures

		International		US		Renewable		Corporate and
Three months ended March 31,		Telecom		Telecom		Energy		Other (1)		Consolidated
2021	$	10,506	$	14,939	$	—	$	235	$	25,680
2020		10,465		1,972		720		904		14,061

(1)

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

ORGANIZATION AND BUSINESS OPERATIONS (Details)	3 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS (Details)	Mar. 31, 2021 segment
ORGANIZATION AND BUSINESS OPERATIONS
Number of Operating Segments	3

REVENUE RECOGNITION AND RECEIVABLES - Contract Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Contract Assets and Liabilities
Contract Asset - current	$ 2,478
Change in contract asset - current	566
Contract Asset - current	$ 3,044
% of change in contract asset - current	23.00%
Contract asset, noncurrent	$ 910
Change in contract asset - noncurrent	231
Contract asset, noncurrent	$ 1,141
% of change in contract asset - noncurrent	25.00%
Contract liability- current	$ (18,544)
Change in contract liabilities - current	1,385
Contract liability- current	$ (17,159)
% of change in contract liabilities - current	7.00%
Contract liability- noncurrent	$ (2,193)
Change in contract liabilities - noncurrent	(62)
Contract liability- noncurrent	$ (2,255)
% of change in contract liabilities - Noncurrent	(3.00%)
Net contract liability	$ (17,349)
Change in net contract liability	2,120
Net contract liability	$ (15,229)
% of change in net contract liability	12.00%
Revenue recognized related to contract liability	$ 15,100
Amortization of contract assets	700
Revenue recognized in the period related to performance obligations that were satisfied or partially satisfied in previous periods	$ 0
Retail revenue period for billing postpaid customers in advance	1 month

REVENUE RECOGNITION AND RECEIVABLES - Contract Acquisition Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Contract Acquisition Costs
Amortization of contract acquisition cost	$ 0.6
Prepayments and other current assets
Contract Acquisition Costs
Short-term contract acquisition costs	1.7
Other Assets
Contract Acquisition Costs
Long-term contract acquisition costs	$ 1.5

REVENUE RECOGNITION AND RECEIVABLES - Remaining Performance Obligations - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations		$ 299.0
Percentage of performance obligations to be satisfied	60.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 273.0
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

REVENUE RECOGNITION AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable
Gross accounts receivable	$ 78,000	$ 67,100
Allowance for credit loss	13,000	12,100
Customer receivable, current	2,365	1,227
Customer receivable - long term	21,056	9,614
Retained earnings	516,897	516,901
FirstNet agreement
Accounts Receivable
Customer receivable	23,400	10,800
Customer receivable, current	2,400	1,200
Customer receivable - long term	$ 21,000	$ 9,600
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Accounts Receivable
Retained earnings			$ 0

REVENUE RECOGNITION AND RECEIVABLES - Allowance for Credit Losses Rollforward - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE RECOGNITION AND RECEIVABLES
Beginning Balance	$ 12,121	$ 12,724
Current period provision for expected losses	1,122	1,260
Write-offs charged against the allowance	(354)	(1,525)
Recoveries collected	124	208
Ending Balance	$ 13,013	$ 12,667

LEASES - Narrative (Details)	Mar. 31, 2021
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

LEASES - Components of Lease Expense and Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
LEASES
Operating lease cost	$ 4,225	$ 4,047
Short-term lease cost	408	543
Variable lease cost	1,065	803
Total operating lease cost	5,698	5,393
Payments for lease liabilities	3,500	3,500
Lease liabilities arising from ROU	2,200
Finance lease cost:
Amortization of right-of-use asset	574	571
Variable costs	196	272
Total finance lease cost	770	$ 843
Finance leases cost included in property, plant and equipment	26,500		$ 25,400
Accumulated amortization related to finance leases	10,100		9,500
Principal payments, finance lease liabilities	100
Additional finance lease liabilities recognized	1,100
Total	2,225		$ 1,129
Finance lease liability, current	$ 400

LEASES - Weighted average remaining lease terms and discount rates (Details)	Mar. 31, 2021	Dec. 31, 2020
LEASES
Operating leases, weighted average remaining lease term	5 years 9 months 18 days	5 years 10 months 24 days
Financing leases, weighted average remaining lease term	10 years 7 months 6 days	10 years 10 months 24 days
Operating leases, weighted average discount rate	4.90%	5.00%
Financing leases, weighted average discount rate	4.20%	3.30%

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
LEASES
2021 (excluding the three months ended March 31, 2021)	$ 11,043
Next Twelve Months	14,479	$ 14,877
Year Two	12,086	14,202
Year Three	11,033	11,799
Year Four	8,133	10,633
Thereafter	13,638
Year Five		7,816
Thereafter		13,094
Total lease payments	70,412	72,421
Less imputed interest	(9,619)	(10,097)
Total	$ 60,793	$ 62,324
Operating Lease, Liability, Statement of Financial Position [Extensible List]	atni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent	atni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent
Finance lease liability
2021 (excluding the three months ended March 31, 2021)	$ 377
Next Twelve Months	502	$ 334
Year two	502	333
Year three	380	333
Year four	281	211
Thereafter	522
Total lease payments	2,564	1,211
Less imputed interest	(339)	(82)
Total	$ 2,225	$ 1,129
Finance Lease, Liability, Statement of Financial Position [Extensible List]	atni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent	atni:LeaseLiabilityCurrent atni:LeaseLiabilityNoncurrent

DISPOSITIONS - Disposition - Vibrant Energy (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	4 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Nov. 19, 2020
Assets and liabilities disposed
Current assets		$ 34,735			$ 34,735
Current liabilities		(717)			(717)
Vibrant Energy Holdings Pte. Ltd \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposition
Consideration received	$ 35,218
Assets and liabilities disposed
Current assets	4,899
Property, plant and equipment	45,891
Other assets	439
Current liabilities	(759)
Net assets disposed	50,470
Consideration less net assets disposed	(15,252)
Foreign currency losses reclassified from accumulated other comprehensive income	6,258
Loss on sale	21,510
Transaction costs	1,283
Loss on sale including transaction costs	(22,793)
Vibrant Energy Holdings Pte. Ltd \| Held for sale
Disposition
Percentage of equity interest sold						67.00%
Percentage of equity interest retained						33.00%
Assets and liabilities disposed
Loss on sale					$ 21,500
Transaction costs		$ 700	$ 600	$ 1,300
Cash	19,500
Accounts receivable	3,900
Equity method investment	$ 11,800
Earn out consideration receivable period	24 months

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Recurring (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair value measurements
Total assets and liabilities measured at fair value	$ 5,319	$ 16,365
Certificate of deposit
Fair value measurements
Cash and cash equivalents	380	380
Money market funds
Fair value measurements
Cash and cash equivalents	2,955	2,785
Other investments
Fair value measurements
Investments	2,110	13,357
Interest rate swap
Fair value measurements
Derivative liabilities	(126)	(157)
Level 1
Fair value measurements
Total assets and liabilities measured at fair value	2,955	2,785
Level 1 \| Money market funds
Fair value measurements
Cash and cash equivalents	2,955	2,785
Level 2
Fair value measurements
Total assets and liabilities measured at fair value	254	223
Level 2 \| Certificate of deposit
Fair value measurements
Cash and cash equivalents	380	380
Level 2 \| Interest rate swap
Fair value measurements
Derivative liabilities	(126)	(157)
Level 3
Fair value measurements
Total assets and liabilities measured at fair value	2,110	13,357
Level 3 \| Other investments
Fair value measurements
Investments	$ 2,110	$ 13,357

FAIR VALUE MEASUREMENTS AND INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Fair value measurements
(Gain) loss on equity investments		$ (2,188)	$ 1,775
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		1,530	4,220
Privately Held Investment
Fair value measurements
Payments to acquire equity method investment		3,000	$ 2,800
Ownership percentage			24.00%
Carrying value		16,500			$ 11,000
Decrease in carrying value of equity method investment		600
(Gain) loss on equity investments		400
Currency losses		200
Gain from conversion		2,500
India solar operations
Fair value measurements
Payments to acquire equity method investment	$ 1,200
Carrying value		12,700
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ 300
Other Assets \| Privately Held Investment
Fair value measurements
Carrying value		17,300			17,900
Other investments
Fair value measurements
Other investments measured using level 3 inputs		11,200
Transferring out of level 3		11,000
Fair value of the remaining level 3 investments		200
Cash distributions		300
Income recognized		100
Other investments \| Renewable energy partnership
Fair value measurements
Investment Tax Credit				$ 12,000
Equity investments		2,100			2,300
Investment cost				$ 14,400
Carrying Value
Fair value measurements
Long-term debt		82,700			72,800
Carrying Value \| Other Assets
Fair value measurements
Investments		1,300			1,300
Level 2 \| Estimated Fair Value
Fair value measurements
Long-term debt		$ 83,100			$ 73,300

LONG-TERM DEBT (Details) $ in Thousands				3 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Mar. 26, 2020 USD ($)	Apr. 10, 2019 USD ($)	May 22, 2017 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Jul. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 01, 2016 USD ($)
Long-term debt
Current portion of Customer receivable credit facility				$ 1,101
Outstanding borrowings				82,737	$ 72,823
Borrowings				10,814
One Communications Debt
Long-term debt
Financing costs			$ 300
Outstanding debt				12,500
Unamortized financing costs				100
One Communications Debt \| Minimum
Long-term debt
Percentage of notional amount required for hedging arrangement			30.00%
One Communications Debt \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)			2.50%
One Communications Debt \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)			2.75%
Viya Debt
Long-term debt
Term loan assumed									$ 60,000
Net leverage ratio									3.5
Stated interest rate								4.00%	4.00%
Financing costs								$ 900
Intercompany debt limit						$ 75,000
Outstanding debt				60,000
Unamortized financing costs				500
Revolver loan \| Credit facility
Long-term debt
Maximum borrowing capacity		$ 200,000
Remaining borrowing capacity				184,000
Net leverage ratio		1.75
Net leverage ratio, if qualifying event		3.25
Borrowings outstanding				0
Revolver loan \| Credit facility \| Minimum
Long-term debt
Commitment fee (as a percent)		0.15%
Revolver loan \| Credit facility \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)		1.25%
Revolver loan \| Credit facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)		0.25%
Revolver loan \| Credit facility \| Maximum
Long-term debt
Commitment fee (as a percent)		0.375%
Net leverage ratio		2.75
Revolver loan \| Credit facility \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)		2.25%
Revolver loan \| Credit facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)		1.25%
Letter of credit sub-facility \| Credit facility
Long-term debt
Maximum borrowing capacity		$ 75,000
Performance letters of credit issued and outstanding				16,000
Swingline sub-facility \| Credit facility
Long-term debt
Maximum borrowing capacity		$ 10,000
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		$ 200,000
Commnet Finance \| Senior secured delayed draw term loan
Long-term debt
Maximum borrowing capacity	$ 75,000
Commnet Finance \| Senior secured delayed draw term loan \| Receivable credit facility
Long-term debt
Remaining borrowing capacity				64,200
Current portion of Customer receivable credit facility				1,100
Outstanding borrowings				10,800
Financing costs				900
Amortization of financing costs				800
Commnet Finance \| Senior secured delayed draw term loan \| Receivable credit facility \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)	2.50%
Commnet Finance \| Senior secured delayed draw term loan \| Receivable credit facility \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	1.50%
Cash flow hedge \| Interest rate swap
Long-term debt
Notional amount				$ 7,100			$ 11,000
Interest rate (as a percent)							1.874%

GOVERNMENT GRANTS (Details) $ in Thousands		1 Months Ended	3 Months Ended			12 Months Ended
GOVERNMENT GRANTS (Details) $ in Thousands	Nov. 16, 2020 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) item MW	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2018 USD ($)
Government Grants
Revenue			$ 124,510		$ 110,905
Universal Service Fund programs
Government Grants
Number of fund disbursement programs \| item			4
High-Cost Support Program \| Grant Reduction During First Year
Government Grants
Amount of reduction in grant amount awarded	$ 10,900
High-Cost Support Program \| US Telecom
Government Grants
Revenue			$ 300		300
High-Cost Support Program \| International Telecom
Government Grants
Revenue			4,100		4,100
Grant Funds Awarded	$ 8,500						$ 16,400
Grant fund term	10 years						10 years
High-Cost Support Program \| International Telecom \| Grant Reduction During First Year
Government Grants
Ratio of reduction in grant amount	0.67
High-Cost Support Program \| International Telecom \| Grant Reduction During Second Year
Government Grants
Ratio of reduction in grant amount	0.33
Amount of reduction in grant amount awarded	$ 5,500
High-Cost Support Program \| International Telecom \| Maximum
Government Grants
Proposed grant award							$ 18,700
E-Rate, Lifeline and Rural Health Care Support Programs
Government Grants
Revenue			2,100		2,200
Network Connectivity for Eligible Communities
Government Grants
Grant Funds Awarded			6,500			$ 16,800
Offsetting operating activities			1,300
Construction obligation completed		$ 10,200
Construction obligation yet to be completed		$ 13,100
CARES Act
Government Grants
Grant Funds Awarded			2,400			16,300
Proceeds from grant funds awarded			18,700
Grant funds used to offset fixed asset related costs			18,400
Grant funds used to offset operating expenses			$ 300
Tribal Bidding Credit
Government Grants
Wireless service spectrum (in Mhz) \| MW			600
Revenue							7,400
Grant funds used to offset fixed asset related costs			$ 6,100
Grant funds used to offset operating expenses			1,300
Offsetting operating activities			300
Amount spent on capital expenditure			6,100
Connect America Fund Phase II Auction
Government Grants
Revenue			$ 1,900		$ 1,900
Grant Funds Awarded							$ 79,900
Grant fund term							10 years
CBRS Auction
Government Grants
Initial term of licenses				10 years
Payment for PALs				$ 20,400
RDOF
Government Grants
Grant funds expected to be awarded						$ 20,100
Grant fund term						10 years
Number of households to receive broadband coverage \| item						10,000

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Components of the plan's net periodic pension cost
Projected benefit obligation			$ 15,600
Plan Net Assets			$ 15,600
Pension Plans
Components of the plan's net periodic pension cost
Service cost	$ 54	$ 423
Interest cost	572	879
Expected return on plan assets	(687)	(1,158)
Actuarial (gain)/ loss		(7)
Net periodic pension expense (benefit)	(61)	137
Postretirement Benefits
Components of the plan's net periodic pension cost
Service cost	35	32
Interest cost	41	45
Actuarial (gain)/ loss		(15)
Net periodic pension expense (benefit)	$ 76	$ 62

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Effective tax rate (as a percent)	6.50%	31.80%
Interest on unrecognized tax position	$ 0.5	$ 0.5
Change in valuation allowance		0.4
Benefit (net) related to remeasurement of existing losses		$ 0.3

NET INCOME (LOSS) PER SHARE (Details) - shares	3 Months Ended
NET INCOME (LOSS) PER SHARE (Details) - shares	Mar. 31, 2021	Mar. 31, 2020
Stock options
Anti-dilutive common shares not included for computation of earnings per share
Anti-dilutive potential shares excluded from the computation of diluted weighted average shares outstanding (in shares)	5,000	5,000

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment reporting
Number of reportable segments \| segment	3
Revenue
Revenue	$ 124,510	$ 110,905
Depreciation and amortization	20,508	22,518
Non-cash stock-based compensation	1,336	1,160
Operating income (loss)	3,349	7,299
Segment Assets
Cash, Cash equivalents, and Investments	91,259		$ 103,925
Total current assets	195,277		240,065
Fixed assets, net	528,071		536,462
Goodwill	60,690		60,691
Total assets	1,057,722		1,083,711
Total current liabilities	127,756		147,928
Total debt	82,737		72,823
Capital Expenditures
Capital expenditures	25,680	14,061
Communication services
Revenue
Revenue	110,636	107,904
Mobility
Revenue
Revenue	24,681	22,633
Fixed
Revenue
Revenue	65,118	62,566
Carrier services
Revenue
Revenue	20,619	22,369
Other
Revenue
Revenue	218	336
Other
Revenue
Revenue	13,874	3,001
Renewable Energy
Revenue
Revenue	418	1,322
Managed Services
Revenue
Revenue	1,150	1,679
Construction
Revenue
Revenue	12,306
Corporate and Other
Revenue
Depreciation and amortization	1,301	1,703
Non-cash stock-based compensation	1,262	1,197
Operating income (loss)	(8,571)	(7,915)
Segment Assets
Cash, Cash equivalents, and Investments	15,543		26,845
Total current assets	17,352		27,887
Fixed assets, net	11,552		12,857
Total assets	98,043		136,035
Total current liabilities	17,084		22,815
Capital Expenditures
Capital expenditures	235	904
International Telecom \| Operating segments
Revenue
Revenue	83,820	82,284
Depreciation and amortization	13,826	14,315
Non-cash stock-based compensation	37	(37)
Operating income (loss)	13,116	13,477
Segment Assets
Cash, Cash equivalents, and Investments	40,505		45,848
Total current assets	100,470		107,315
Fixed assets, net	448,690		449,888
Goodwill	25,421		25,421
Total assets	634,344		642,834
Total current liabilities	77,100		80,875
Total debt	71,923		72,823
Capital Expenditures
Capital expenditures	10,506	10,465
International Telecom \| Operating segments \| Communication services
Revenue
Revenue	82,670	80,605
International Telecom \| Operating segments \| Mobility
Revenue
Revenue	21,821	20,230
International Telecom \| Operating segments \| Fixed
Revenue
Revenue	58,748	57,741
International Telecom \| Operating segments \| Carrier services
Revenue
Revenue	1,883	2,298
International Telecom \| Operating segments \| Other
Revenue
Revenue	218	336
International Telecom \| Operating segments \| Other
Revenue
Revenue	1,150	1,679
International Telecom \| Operating segments \| Managed Services
Revenue
Revenue	1,150	1,679
US Telecom \| Operating segments
Revenue
Revenue	40,272	27,299
Depreciation and amortization	5,193	5,886
Non-cash stock-based compensation	15
Operating income (loss)	(534)	2,193
Segment Assets
Cash, Cash equivalents, and Investments	29,389		26,921
Total current assets	67,739		65,806
Fixed assets, net	67,829		73,717
Goodwill	35,269		35,270
Total assets	302,966		265,797
Total current liabilities	33,216		43,200
Total debt	10,814
Capital Expenditures
Capital expenditures	14,939	1,972
US Telecom \| Operating segments \| Communication services
Revenue
Revenue	27,966	27,299
US Telecom \| Operating segments \| Mobility
Revenue
Revenue	2,860	2,403
US Telecom \| Operating segments \| Fixed
Revenue
Revenue	6,370	4,825
US Telecom \| Operating segments \| Carrier services
Revenue
Revenue	18,736	20,071
US Telecom \| Operating segments \| Other
Revenue
Revenue	12,306
US Telecom \| Operating segments \| Construction
Revenue
Revenue	12,306
Renewable Energy \| Operating segments
Revenue
Revenue	418	1,322
Depreciation and amortization	188	614
Non-cash stock-based compensation	22
Operating income (loss)	(662)	(456)
Segment Assets
Cash, Cash equivalents, and Investments	5,822		4,311
Total current assets	9,716		39,057
Total assets	22,369		39,045
Total current liabilities	356		$ 1,038
Capital Expenditures
Capital expenditures		720
Renewable Energy \| Operating segments \| Other
Revenue
Revenue	418	1,322
Renewable Energy \| Operating segments \| Renewable Energy
Revenue
Revenue	$ 418	$ 1,322

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions		3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 05, 2020 item	Mar. 31, 2021 USD ($)	Dec. 31, 2011 USD ($)
Contingency related to spectrum fees
Commitments and contingencies
Spectrum fees paid			$ 2.6
Litigation proceedings and disputes in Guyana
Commitments and contingencies
Number of competitors issued service licenses \| item	2
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%