0001558370-24-003375 | 10-K | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

RETIREMENT PLANS

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans


	2023		2022		2021
Discount Rate – Pension Benefit Obligation	4.3	%	5.4	%	2.9	%
Discount Rate – Pension Benefit Cost	5.4	%	2.9	%	2.6	%
Discount Rate – Postretirement Benefit Obligation	5.2	%	5.4	%	2.8	%
Discount Rate – Postretirement Benefit Cost	5.2	%	2.8	%	2.5	%
Expected long-term return on plan assets	5.3	%	5.2	%	5.3	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2023 and 2022 (in thousands):


	2023				2022

	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:	$	66,175	$	3,624	$	100,624	$	5,343
Service cost		90		65		151		124
Interest cost		3,323		182		2,373		139
Benefits and settlements paid		(6,899)		(309)		(18,490)		(396)
Actuarial (gain) loss		1,460		63		(16,758)		(1,586)
Settlement		-		—		(1,725)		-
Balance at end of year	$	64,149	$	3,625	$	66,175	$	3,624
Plan net assets:
Balance at beginning of year:	$	71,552	$	—	$	103,718	$	—
Actual return on plan assets		7,142		—		(13,188)		—
Company contributions		207		309		—		396
Benefits and settlements paid		(7,397)		(309)		(18,978)		(396)
Balance at end of year	$	71,504	$	—	$	71,552	$	—
Over/ (Under) funded status of plan	$	7,355	$	(3,625)	$	5,377	$	(3,624)

Schedule of funded status of the Company's pension and other retirement benefit plans


	2023

	Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits

Projected benefit obligation	$	53,075	$	11,074	$	3,341	$	284
Plan Net Assets		62,142		9,362		—		—
Over/ (Under) funded status of plan	$	9,067	$	(1,712)	$	(3,341)	$	(284)


	2022

	GTT Pension Benefit		Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits

Projected benefit obligation	$	2,038	$	52,832	$	11,305	$	3,337	$	287
Plan Net Assets		2,038		60,132		9,382		—		—
Over/ (Under) funded status of plan	$	—	$	7,300	$	(1,923)	$	(3,337)	$	(287)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2023 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	2,642	$	2,642	$	—
Common stock		12,680		12,680		—
Mutual funds - fixed income		8,836		8,836		—
Mutual funds - equities		9,527		9,527		—
Fixed income securities		33,728		—		33,728
Other		4,091		4,091		—
Total	$	71,504	$	37,776	$	33,728

The fair values for the pension plan’s net assets, by asset category, at December 31, 2022 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	7,572	$	7,572	$	—
Common stock		17,974		17,974		—
Mutual funds - fixed income		10,732		10,732		—
Mutual funds - equities		5,228		5,228		—
Fixed income securities		22,913		—		22,913
Other		7,133		7,133		—
Total	$	71,552	$	48,639	$	22,913

Schedule of weighted-average asset allocations, by asset category


	2023		2022
Cash, cash equivalents, money markets and other	4	%	11	%
Common stock	18		25
Mutual funds - fixed income	12		15
Mutual funds - equities	13		7
Fixed income securities	47		32
Other	6		10
Total	100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):


	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Accrued and current liabilities	$	—	$	310	$	—	$	294
Other Liabilities		1,712		3,318		1,923		3,068
Other Assets		9,070		—		7,303		—
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

Schedule of amounts recognized in accumulated other comprehensive income


	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Accrued and current liabilities	$	—	$	310	$	—	$	294
Other Liabilities		1,712		3,318		1,923		3,068
Other Assets		9,070		—		7,303		—
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

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

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	2023				2022				2021
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	90	$	65	$	151	$	124	$	229	$	143
Non-operating expense
Interest cost		3,323		182		2,373		139		2,043		127
Expected return on plan assets		(2,936)		—		(3,814)		—		(3,366)		—
Amortization of actuarial (gain) loss		(43)		(113)		—		—		—		—
Settlement		—		—		1,725		—		34		—
Net periodic pension cost	$	434	$	134	$	435	$	263	$	(1,060)	$	270

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):


	Pension		Postretirement
Fiscal Year	Benefits		Benefits
2024	$	5,365	$	317
2025		4,899		333
2026		4,969		238
2027		5,026		265
2028		4,775		265
2029-2033		23,351		1,483
Total	$	48,385	$	2,901

Schedule of Multi-employer pension plan


Plan name	Alaska Electrical Pension Plan
Number of employees covered	541
Pension Protection Act zone status at the plan's year-end:
December 31, 2022	Green
December 31, 2021	Green
Plan subject to funding improvement plan	No
Plan subject to rehabilitation plan	No
Employer subject to contribution surcharge	No
Company contributions to the plan for the year ended:
December 31, 2023	$ 6.2 million
December 31, 2022	$ 6.6 million
December 31, 2021	$ 3.1 million
Name and expiration date of collective bargaining agreements requiring contributions to the plan:
Collective Bargaining Agreement Between Alaska
Communications Systems and Local Union 1547 IBEW	June 30, 2025
Outside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	June 30, 2026
Inside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	April 30, 2026

INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
United States-Federal	$ 921	$ 302	$ 460
United States-State	404	20	2
Foreign	6,646	6,657	4,272
Total current income tax expense	7,971	6,979	4,734
Deferred:
United States-Federal	(7,786)	(4,527)	(5,800)
United States-State	(2,781)	(1,895)	(1,402)
Foreign	(6,189)	(1,030)	590
Total deferred income tax expense (benefit)	(16,756)	(7,452)	(6,612)
Consolidated:
United States-Federal	(6,865)	(4,225)	(5,340)
United States-State	(2,377)	(1,875)	(1,400)
Foreign	457	5,627	4,862
Total income tax expense (benefit)	(8,785)	(473)	$ (1,878)
Deferred tax assets:
Accounts receivable and inventory allowances	2,552	2,567
Basis in investments	3,795	4,387
Accrued expenses	7,331	7,063
Deferred revenue	26,768	27,526
Employee benefits	4,515	6,690
Other, net	14,764	6,892
Net operating losses	78,876	63,713
Tax Credits	5,659	2,995
Operating lease liability	23,370	24,451
Total deferred tax asset	167,630	146,284
Deferred tax liabilities:
Acquired intangible assets, property and equipment	105,729	106,529
Right-of-use asset	27,099	27,796
Prepaid expense	250	197
Total deferred tax liabilities	133,078	134,522
Valuation allowance	(43,118)	(35,759)
Net deferred tax liabilities	(8,566)	(23,997)
Deferred tax assets:
Total deferred tax asset	11,209	4,653
Deferred tax liabilities:
Total deferred tax liabilities	(19,775)	(28,650)
Net deferred tax liabilities	$ (8,566)	$ (23,997)

ACQUISITIONS AND DISPOSITIONS - Disposition - Vibrant Energy (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended				24 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Assets and liabilities disposed
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)
Vibrant
Disposition
Equity Method Investments	$ 11,800
Vibrant \| Disposal group, disposed of by sale, not discontinued operations
Disposition
Percentage of equity interest sold	67.00%
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) gain on sale	(21,510)	$ 2,600	$ (700)	$ (1,600)	$ (21,500)
Transaction costs	(1,283)			$ (600)	$ (700)	$ (1,300)
Loss on sale including transaction costs	(22,793)
Cash	19,500
Accounts receivable	$ 3,900
Amount received previously held in escrow			$ 1,800

CONSOLIDATED INCOME STATEMENTS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED INCOME STATEMENTS
Non-controlling interest, net of tax (benefit) expense	$ (2.3)	$ (0.8)	$ (0.4)

REVENUE AND RECEIVABLES

12 Months Ended

Dec. 31, 2023

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES

3. REVENUE AND RECEIVABLES

Revenue Accounted for in Accordance with Other Guidance

The Company records revenue in accordance with ASC 606 from contracts with customers and ASC 842 from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government grant revenue is disclosed in Note 9.

Timing of Revenue Recognition

Revenue accounted for in accordance with ASC 606 consisted of the following for the periods presented below.


	Year Ended
	2023		2022		2021
Services transferred over time
US Telecom	$	326,966	$	301,309	$	188,405
International Telecom		347,769		332,507		319,357
Solar		-		-		418
Total		674,735		633,816		508,180
Goods and services transferred at a point in time
US Telecom		18,059		29,203		46,433
International Telecom		17,086		14,934		10,928
Total		35,145		44,137		57,361
Total revenue accounted for under ASC 606		709,880		677,953		565,541

Contract Assets and Liabilities

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


	December 31, 2023		December 31, 2022			$ Change	% Change
Contract asset – current	$	3,616	$	2,932	$	684		23.3	%
Contract asset – noncurrent		5,509		3,775		1,734		45.9	%
Contract liability – current		(30,990)		(27,284)		(3,706)		13.6	%
Contract liability – noncurrent		(64,035)		(72,543)		8,508		(11.7)	%
Net contract liability	$	(85,900)	$	(93,120)	$	7,220		(7.8)	%

The contract asset-current is included in prepayments and other current assets, the contract asset-noncurrent is included in other assets, the contract liability-current is included in advance payments and deposits, and the contract liability-noncurrent is included in deferred revenue, long-term on the Company’s balance sheet. The decrease in the Company’s net contract liability was due to the recognition of contract liabilities as revenue during the year ended December 31, 2023. During the year ended December 31, 2023, the Company recognized revenue of $27.6 million related to its December 31, 2022 contract liability and amortized $3.0 million of the December 31, 2022 contract asset into revenue. During the year ended December 31, 2022, the Company recognized revenue of $25.1 million related to its December 31, 2021 contract liability and amortized $3.6 million of the December 31, 2021 contract asset into revenue. The Company did not recognize any revenue in the years ended December 31, 2022 and 2021 related to performance obligations that were satisfied or partially satisfied in previous periods.

Contract Acquisition Costs

The December 31, 2023 balance sheet includes contract acquisition costs of $11.3 million in other assets. The December 31, 2022 balance sheet includes contract acquisition costs of $8.3 million. During the years ended December 31, 2023, 2022 and 2021 the Company amortized $5.6 million, $3.5 million and $2.8 million, respectively, of contract acquisition cost.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear mobility contracts, which include a promotional discount, and the Company’s construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $494 million and $312 million at December 31, 2023 and December 31, 2022, respectively. The Company expects to satisfy approximately 35% of the remaining performance obligations and recognize the transaction price within 24 months and approximately $53 million annually from 2026 through 2031.

The Company has certain mobility and carrier services contracts where transaction price is allocated to remaining performance obligations. However, the Company omits these contracts from the disclosure by applying the right to invoice, one year or less, any wholly unsatisfied performance obligation practical expedients.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 14 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision maker 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 revenue, Construction revenue and Other revenue. Communication Services is further disaggregated into Mobility, Fixed, Carrier Services, and Other revenue. Construction revenue represents revenue generated within our US Telecom segment for the construction of network cell sites related to the FirstNet Agreement. Other revenue is further disaggregated Managed Services. Each of the revenue streams is presented for the Company’s International Telecom and US Telecom segments. This disaggregation of revenue depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Receivables

At December 31, 2023, the Company had gross accounts receivable of $207.9 million and an allowance for credit losses of $16.4 million. The receivable under the FirstNet Agreement totaled $52.9 million, of which $7.2 million was current and $45.7 million was long-term. The December 31, 2023 accounts receivable also includes $49.3 million related to participation in certain government funded programs. (Refer to Note 9). At December 31, 2022, the Company had gross accounts receivable of $154.5 million and an allowance for credit losses of $15.2 million. The receivable under the FirstNet Agreement totaled $52.5 million of which $5.8 million was current and $46.7 million was long-term. The Company monitors receivables through the use of historical operating data adjusted for expectation of future

performance as appropriate. The December 31, 2022 accounts receivable also includes $5.7 million related to participation in certain government funded programs. Activity in the allowance for credit losses is below:


	Year ended
	December 31, 2023		December 31, 2022

Balance at beginning of period	$	15,171	$	13,885
Current period provision for expected losses		5,012		6,695
Write-offs charged against the allowance		(4,340)		(5,518)
Recoveries collected		519		109
Balance at end of period	$	16,362	$	15,171

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

INCOME TAXES - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense
Tax computed at statutory U.S. federal income tax rates	$ (5,783)	$ (1,681)	$ (4,760)
Non-controlling interest	(62)	844	(158)
Foreign tax rate differential	(8,853)	(6,525)	(4,520)
Over (under) provided in prior periods	(179)	(437)	(78)
Nondeductible expenses	1,806	2,111	1,429
Capitalized transactions costs	56	134	898
Change in tax reserves	2,783	4,052	2,524
State Taxes, net of federal benefit	(1,776)	(1,126)	(1,399)
Change in valuation allowance	2,467	2,117	3,575
Investment Tax Credit	84	84	101
Stock-based compensation	812	696	510
Deferred income tax revaluation	(140)	(742)
Total income tax expense (benefit)	$ (8,785)	$ (473)	$ (1,878)

RETIREMENT PLANS - Net Assets and Allocations (Details) - Pension benefits - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension plan assets
Fair value of plan assets	$ 71,504	$ 71,552	$ 103,718
Weighted-average asset allocations (as a percent)	100.00%	100.00%
Level 1
Pension plan assets
Fair value of plan assets	$ 37,776	$ 48,639
Level 2
Pension plan assets
Fair value of plan assets	33,728	22,913
Cash, cash equivalents, money markets and other
Pension plan assets
Fair value of plan assets	$ 2,642	$ 7,572
Weighted-average asset allocations (as a percent)	4.00%	11.00%
Cash, cash equivalents, money markets and other \| Level 1
Pension plan assets
Fair value of plan assets	$ 2,642	$ 7,572
Common Stock
Pension plan assets
Fair value of plan assets	$ 12,680	$ 17,974
Weighted-average asset allocations (as a percent)	18.00%	25.00%
Common Stock \| Level 1
Pension plan assets
Fair value of plan assets	$ 12,680	$ 17,974
Mutual funds - fixed income
Pension plan assets
Fair value of plan assets	$ 8,836	$ 10,732
Weighted-average asset allocations (as a percent)	12.00%	15.00%
Mutual funds - fixed income \| Level 1
Pension plan assets
Fair value of plan assets	$ 8,836	$ 10,732
Mutual funds - equities
Pension plan assets
Fair value of plan assets	$ 9,527	$ 5,228
Weighted-average asset allocations (as a percent)	13.00%	7.00%
Mutual funds - equities \| Level 1
Pension plan assets
Fair value of plan assets	$ 9,527	$ 5,228
Fixed income securities
Pension plan assets
Fair value of plan assets	$ 33,728	$ 22,913
Weighted-average asset allocations (as a percent)	47.00%	32.00%
Fixed income securities \| Level 2
Pension plan assets
Fair value of plan assets	$ 33,728	$ 22,913
Other plan assets
Pension plan assets
Fair value of plan assets	$ 4,091	$ 7,133
Weighted-average asset allocations (as a percent)	6.00%	10.00%
Other plan assets \| Level 1
Pension plan assets
Fair value of plan assets	$ 4,091	$ 7,133

RETIREMENT PLANS - Multi-employer pension plan (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
RETIREMENT PLANS
Number of employee covered \| employee	541
Contribution cost \| $	$ 6.2	$ 6.6	$ 3.1

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 14, 2023	Jun. 07, 2023	Jun. 06, 2023
Stock-based compensation
Number of shares reserved to be granted under the plan						1,432,070
Number of shares available for grant	1,411,190
Treasury Stock
Shares Repurchased	460,279	57,115	139,784
Purchases of common stock	$ 14,999	$ 942	$ 10,546
Shares repurchased to satisfy tax withholdings and exercise obligations	36,951	33,401	33,271
Aggregate cost to satisfy tax withholdings and exercise obligations	$ 1,473	$ 1,169	$ 1,713
Average Repurchase Price (in dollars per share)	$ 39.86	$ 35.01	$ 51.49
Stock-based compensation, additional disclosures
Cash proceeds received upon exercise of options			$ 383
2016 Repurchase Plan
Treasury Stock
Shares Repurchased	423,328	23,714	244,798
Purchases of common stock	$ 14,999	$ 942	$ 10,546
Average Repurchase Price (in dollars per share)	$ 35.43	$ 39.70	$ 43.08
2023 Repurchase plan
Treasury Stock
Authorized amount				$ 25,000
Value of shares available for repurchase	$ 25,000
Employee Stock Option
Stock-based compensation
Expiration term	10 years
Vesting period	4 years
Number of Options
Outstanding at the beginning of the period		5,000
Granted	0
Expired		(5,000)
Outstanding at the end of the period			5,000
Weighted Avg. Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 71.43
Outstanding at the end of the period (in dollars per share)			$ 71.43
Weighted Average Remaining Contractual Term
Outstanding	0 years
Vested and expected to vest		0 years
Exercisable		0 years
Restricted Stock
Stock-based compensation
Vesting period	4 years
Unamortized stock based compensation
Unamortized stock based compensation	$ 7,900
Weighted-average period for recognition of unamortized stock-based compensation cost	2 years 4 months 24 days
Stock compensation expense
Stock compensation expense	$ 5,400	$ 6,800	$ 5,400
Shares
Unvested at the beginning of the period (in shares)	260,497	228,068
Granted (in shares)	151,560	152,430
Forfeited (in shares)	(9,354)	(12,486)
Vested and issued (in shares)	(118,419)	(107,515)
Unvested at the end of the period (in shares)	284,284	260,497	228,068
Weighted Avg. Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 43.86	$ 51.05
Granted (in dollars per share)	38.08	38.59
Forfeited (in dollars per share)	41.95	46.52
Vested and issued (in dollars per share)	44.99	51.33
Unvested at the end of the period (in dollars per share)	$ 40.37	$ 43.86	$ 51.05
Restricted Stock \| Management
Stock compensation expense
Stock compensation expense	$ 700	$ 600	$ 400
Performance Stock
Unamortized stock based compensation
Unamortized stock based compensation	$ 3,200
Weighted-average period for recognition of unamortized stock-based compensation cost	1 year 9 months 18 days
Stock compensation expense
Stock compensation expense	$ 2,500	$ 1,500	$ 700
Shares
Unvested at the beginning of the period (in shares)	99,450	43,000
Granted (in shares)	59,100	56,450
Unvested at the end of the period (in shares)	158,550	99,450	43,000
Weighted Avg. Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 52.54	$ 59.77
Granted (in dollars per share)	45.10	47.03
Unvested at the end of the period (in dollars per share)	$ 49.77	$ 52.54	$ 59.77
2008 Plan
Stock-based compensation
Number of shares reserved to be granted under the plan					0

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Acquisitions and Dispositions

Schedule of pro forma results of operations


(unaudited)		Year ended December 31, 2021
		As		Pro-
		Reported		Forma
Revenue	$	602,707	$	738,472
Net loss attributable to ATN International, Inc. Stockholders		(22,108)		(20,022)
Earnings per share:
Basic		(1.52)		(1.26)
Diluted		(1.52)		(1.26)

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)

Sacred Wind Enterprises

Acquisitions and Dispositions

Schedule of preliminary allocation of the total consideration transferred to the acquired assets and assumed liabilities

The table below represents the purchase price allocation of the total consideration transferred to the acquired assets and assumed liabilities based on management’s estimate of their acquisition date fair values (amounts in thousands):


Consideration Transferred	$	44,560
Purchase price allocation:
Cash and cash equivalents		2,619
Restricted cash		6,747
Current assets		4,888
Operating lease right of use assets		989
Fixed assets		85,255
Intangible assets		1,232
Current liabilities		(10,176)
Lease liabilities		(967)
Deferred taxes		(14,388)
Debt		(31,639)
Net assets acquired	$	44,560

Alaska communications

Acquisitions and Dispositions

Schedule of preliminary allocation of the total consideration transferred to the acquired assets and assumed liabilities

The table below represents the allocation of the total consideration transferred to the acquired assets and assumed liabilities based on management’s estimate of their acquisition date fair values (amounts in thousands):


Consideration Transferred	$	353,280
Noncontrolling interests		470
Total value to allocate		353,750

Purchase price allocation:
Cash and cash equivalents		10,553
Restricted cash		1,326
Short-term investments		434
Accounts receivable		30,453
Inventory, materials and supplies		1,374
Prepayments and other current assets		8,038
Fixed assets		408,694
Telecommunication licenses		683
Intangible assets		44,333
Operating lease right-of-use assets		60,402
Other assets		2,387
Accounts payable and accrued liabilities		(39,188)
Accrued taxes		(3,766)
Advance payments and deposits		(15,842)
Current portion of lease liabilities		(2,425)
Deferred income taxes		(17,040)
Lease liabilities, excluding current portion		(44,234)
Other liabilities		(92,432)
Net assets acquired	$	353,750

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

RETIREMENT PLANS - Amounts in Consolidated Financials (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Amounts recognized on the consolidated balance sheets
Other Liabilities	$ 1,712	$ 1,923
Other Assets	9,070	7,303
Accumulated other comprehensive income, net of tax	8,592	6,191
Amounts recognized in accumulated other comprehensive loss
Unrecognized net actuarial gain	8,842	6,268
Accumulated other comprehensive income, pre-tax	8,842	6,268
Accumulated other comprehensive income, net of tax	8,592	6,191
Postretirement benefits
Amounts recognized on the consolidated balance sheets
Accrued and current liabilities	310	294
Other Liabilities	3,318	3,068
Accumulated other comprehensive income, net of tax	1,415	1,589
Amounts recognized in accumulated other comprehensive loss
Unrecognized net actuarial gain	1,614	1,614
Accumulated other comprehensive income, pre-tax	1,614	1,614
Accumulated other comprehensive income, net of tax	$ 1,415	$ 1,589

REVENUE AND RECEIVABLES - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract Assets and Liabilities
Contract Asset - current	$ 3,616	$ 2,932
Change in contract asset - current	$ 684
% of change in contract asset - current	23.30%
Contract Asset - noncurrent	$ 5,509	3,775
Change in contract asset - noncurrent	$ 1,734
% of change in contract asset - noncurrent	45.90%
Contract liability- current	$ (30,990)	(27,284)
Change in contract liabilities - current	$ (3,706)
% of change in contract liabilities - current	13.60%
Contract liability- noncurrent	$ (64,035)	(72,543)
Change in contract liabilities - noncurrent	$ 8,508
% of change in contract liabilities - Noncurrent	(11.70%)
Net contract liability	$ (85,900)	(93,120)
Change in net contract liability	$ 7,220
% of change in net contract liability	(7.80%)
Revenue recognized related to contract liability	$ 27,600	25,100
Amortization of contract assets	$ 3,000	3,600
Revenue recognized in the period related to performance obligations that were satisfied or partially satisfied in previous periods		$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2023
Customer relationships \| Minimum
Intangible assets
Intangible assets useful lives	5 years
Customer relationships \| Maximum
Intangible assets
Intangible assets useful lives	13 years
Trade name licenses \| Minimum
Intangible assets
Intangible assets useful lives	6 years
Trade name licenses \| Maximum
Intangible assets
Intangible assets useful lives	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair value Instruments - Recurring (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Redeemable common units
Fair value measurements
Investment, Type [Extensible Enumeration]	Alaska communications	Alaska communications
Warrant
Fair value measurements
Investment, Type [Extensible Enumeration]	Alaska communications	Alaska communications
Recurring basis
Fair value measurements
Total assets and liabilities measured at fair value	$ (21,561)	$ (36,055)
Recurring basis \| Short Term Investments
Fair value measurements
Investments	300	300
Recurring basis \| Other investments
Fair value measurements
Investments	1,197	1,616
Recurring basis \| Employee Benefit Investments
Fair value measurements
Investments	3,014
Recurring basis \| Redeemable common units
Fair value measurements
Derivative liabilities	(11,063)	(22,557)
Recurring basis \| Redeemable common units \| Alloy Inc
Fair value measurements
Derivative liabilities	(14,760)	(14,760)
Recurring basis \| Warrant
Fair value measurements
Derivative liabilities	(249)	(654)
Recurring basis \| Level 1
Fair value measurements
Total assets and liabilities measured at fair value	3,314	300
Recurring basis \| Level 1 \| Short Term Investments
Fair value measurements
Investments	300	300
Recurring basis \| Level 1 \| Employee Benefit Investments
Fair value measurements
Investments	3,014
Recurring basis \| Level 3
Fair value measurements
Total assets and liabilities measured at fair value	(24,875)	(36,355)
Recurring basis \| Level 3 \| Other investments
Fair value measurements
Investments	1,197	1,616
Recurring basis \| Level 3 \| Redeemable common units
Fair value measurements
Derivative liabilities	(11,063)	(22,557)
Recurring basis \| Level 3 \| Redeemable common units \| Alloy Inc
Fair value measurements
Derivative liabilities	(14,760)	(14,760)
Recurring basis \| Level 3 \| Warrant
Fair value measurements
Derivative liabilities	$ (249)	$ (654)

RETIREMENT PLANS - Rate Assumptions (Details)	12 Months Ended
RETIREMENT PLANS - Rate Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Weighted-average rates assumed in the actuarial calculations for the pension plan
Discount rate for benefit obligation	4.30%	5.40%	2.90%
Discount rate for benefit cost	5.40%	2.90%	2.60%
Expected long-term return on plan assets	5.30%	5.20%	5.30%
Postretirement benefits
Weighted-average rates assumed in the actuarial calculations for the pension plan
Discount rate for benefit obligation	5.20%	5.40%	2.80%
Discount rate for benefit cost	5.20%	2.80%	2.50%
Postretirement benefits \| Medical benefit plan
Health care cost trend rates
Trend rate	12.00%
Ultimate rate	4.00%
Postretirement benefits \| Dental benefit plan
Health care cost trend rates
Trend rate	4.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 22, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units		$ 85,917	$ 92,469	$ 72,936
Warrants value		300	700
Redeemable common units
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units		25,823	37,317	22,640
Fair value of common units		11,100	22,500
Allocated losses		11,000	4,300
(Decrease) increase in book value			(500)	4,200
Redeemable preferred units
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units		$ 60,094	55,152	$ 50,296
Percentage of preferred dividend		9.00%
Unpaid dividend		$ 11,800	6,800
Alaska communications
Reconciliation from basic to diluted weighted average common shares outstanding
Percentage of additional equity interest	3.00%
Alaska communications \| Redeemable common units
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units	$ 22,600
Alaska communications \| Redeemable preferred units
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units	$ 48,300
Percentage of preferred dividend	9.00%
Sacred Wind Enterprises \| Redeemable common units
Reconciliation from basic to diluted weighted average common shares outstanding
Redeemable units		14,800
Fair value of common units		$ 14,800	$ 14,800

RETIREMENT PLANS - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of the plan's net periodic pension cost
Settlements	$ 369	$ 1,725
Pension benefits
Components of the plan's net periodic pension cost
Service cost	90	151	$ 229
Interest cost	3,323	2,373	2,043
Expected return on plan assets	(2,936)	(3,814)	(3,366)
Amortization of actuarial (gain) loss	(43)
Settlements		1,725	34
Net periodic pension cost	434	435	(1,060)
Postretirement benefits
Components of the plan's net periodic pension cost
Service cost	65	124	143
Interest cost	182	139	127
Amortization of actuarial (gain) loss	(113)
Net periodic pension cost	$ 134	$ 263	$ 270

FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed Assets
Total plant in service	$ 1,899,463	$ 1,841,295
Total property, plant, and equipment	2,092,278	1,977,978
Less: Accumulated depreciation	(1,011,619)	(922,024)
Net fixed assets	1,080,659	1,055,954
Depreciation and amortization	141,600	135,100	$ 102,700
Capital expenditure grants	31,900	2,900
Capitalized implementation costs	8,100	5,600
Amortization of implementation costs	$ 2,200	1,900
Minimum
Fixed Assets
Useful Life	3 years
Maximum
Fixed Assets
Useful Life	39 years
Telecommunications equipment and towers
Fixed Assets
Total plant in service	$ 1,539,533	1,479,633
Capital leased assets, cost	36,100	26,600
Capital leased assets, net	$ 8,700	$ 13,700
Telecommunications equipment and towers \| Minimum
Fixed Assets
Useful Life	5 years	5 years
Telecommunications equipment and towers \| Maximum
Fixed Assets
Useful Life	15 years	15 years
Office and computer equipment
Fixed Assets
Total plant in service	$ 148,693	$ 151,804
Office and computer equipment \| Minimum
Fixed Assets
Useful Life	3 years	3 years
Office and computer equipment \| Maximum
Fixed Assets
Useful Life	10 years	10 years
Buildings
Fixed Assets
Total plant in service	$ 138,243	$ 136,145
Buildings \| Minimum
Fixed Assets
Useful Life	15 years	15 years
Buildings \| Maximum
Fixed Assets
Useful Life	39 years	39 years
Transportation vehicles
Fixed Assets
Total plant in service	$ 27,480	$ 27,879
Transportation vehicles \| Minimum
Fixed Assets
Useful Life	3 years	3 years
Transportation vehicles \| Maximum
Fixed Assets
Useful Life	10 years	10 years
Leasehold improvements
Fixed Assets
Total plant in service	$ 22,424	$ 22,934
Land
Fixed Assets
Total plant in service	11,652	11,308
Furniture and fixtures
Fixed Assets
Total plant in service	$ 11,438	$ 11,592
Furniture and fixtures \| Minimum
Fixed Assets
Useful Life	5 years	5 years
Furniture and fixtures \| Maximum
Fixed Assets
Useful Life	10 years	10 years
Construction in progress
Fixed Assets
Total property, plant, and equipment	$ 192,815	$ 136,683

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in valuation and qualifying accounts
Balance at Beginning of Year	$ 50,930	$ 47,527	$ 43,135
Charged to Costs and Expenses	13,339	9,348	7,478
Deductions	4,789	5,945	3,086
Balance at End of Year	59,480	50,930	47,527
Valuation allowance on net operating losses and other deferred taxes
Movement in valuation and qualifying accounts
Balance at Beginning of Year	35,759	33,642	31,014
Charged to Costs and Expenses	8,327	2,653	2,628
Deductions	968	536
Balance at End of Year	43,118	35,759	33,642
Allowance for credit losses
Movement in valuation and qualifying accounts
Balance at Beginning of Year	15,171	13,885	12,121
Charged to Costs and Expenses	5,012	6,695	4,850
Deductions	3,821	5,409	3,086
Balance at End of Year	$ 16,362	$ 15,171	$ 13,885

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pending litigation, adverse outcome
Commitments and contingencies
Accrued contingent liability	$ 16.3

EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

EQUITY

Schedule of shares repurchased



	Shares	Aggregate Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2023	423,328	$	14,999	$	35.43
2022	23,714		942		39.70
2021	244,798		10,546		43.08

Schedule of repurchases of shares from employees to satisfy tax withholding and stock exercise obligations



	Shares	Aggregate Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2023	36,951	$	1,473	$	39.86
2022	33,401		1,169		35.01
2021	33,271		1,713		51.49

Summary of restricted stock activity


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2023	260,497	$	43.86
Granted	151,560		38.08
Forfeited	(9,354)		41.95
Vested and issued	(118,419)		44.99
Unvested as of December 31, 2023	284,284	$	40.37


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2022	228,068	$	51.05
Granted	152,430		38.59
Forfeited	(12,486)		46.52
Vested and issued	(107,515)		51.33
Unvested as of December 31, 2022	260,497	$	43.86

Schedule of performance stock activity


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2023	99,450	$	52.54
Granted	59,100		45.10
Forfeited	—		—
Vested and issued	—		—
Unvested as of December 31, 2023	158,550	$	49.77


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2022	43,000	$	59.77
Granted	56,450		47.03
Forfeited	—		—
Vested and issued	—		—
Unvested as of December 31, 2022	99,450	$	52.54

Summary of stock option activity


	Year Ended December 31, 2022
				Weighted Average
				Remaining
	Number of	Weighted Avg.		Contractual	Aggregate
	Options	Exercise Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2022	5,000	$	71.43
Granted	—		—
Forfeited	—		—
Expired	(5,000)		—
Exercised	—		—
Outstanding at December 31, 2022	—		—	—	$	—
Vested and expected to vest as of December 31, 2022	—		—	—	$	—
Exercisable at December 31, 2022	—		—	—	$	—

REVENUE AND RECEIVABLES - Remaining Performance Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations		$ 312
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 494
Percentage of performance obligations to be satisfied	35.00%
Period to satisfy the remaining performance obligations and recognize the transaction price	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 53
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 50
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 50
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 50
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 50
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue Recognition
Transaction price allocated to unsatisfied performance obligations	$ 50
Period to satisfy the remaining performance obligations and recognize the transaction price	12 months

REVENUE AND RECEIVABLES - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 709,880	$ 677,953	$ 565,541
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	674,735	633,816	508,180
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	35,145	44,137	57,361
US Telecom \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	326,966	301,309	188,405
US Telecom \| Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	18,059	29,203	46,433
International Telecom \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	347,769	332,507	319,357
International Telecom \| Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,086	$ 14,934	10,928
Solar \| Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue			$ 418

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Fair value Instruments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Fair value measurements
Long-term debt	$ 562.9	$ 467.2
Level 2 \| Total
Fair value measurements
Long-term debt	$ 571.6	$ 473.7

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

4. LEASES

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The terms of the leases vary and some include additional renewal options.

Supplemental lease information

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


	Year ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost:
Operating lease cost	$	23,232	$	24,531	$	20,386
Short-term lease cost		2,866		2,575		2,402
Variable lease cost		4,896		3,186		3,874
Total operating lease cost	$	30,994	$	30,292	$	26,662

Finance lease cost:
Amortization of right-of-use asset	$	2,930	$	3,060	$	2,561
Variable costs		814		838		792
Interest costs		372		381		—
Total finance lease cost	$	4,116	$	4,279	$	3,353

During the year ended December 31, 2023 and 2022, the Company paid $19.8 million and $22.6 million, respectively, related to operating lease liabilities. Also during the years ended December 31, 2023 and 2022, the Company recorded $16.7 million and $7.1 million, respectively, of lease liabilities arising from ROU assets. In addition, during the year ended December 31, 2022, the Company acquired $1.0 million of operating lease assets and $1.0 million of lease liabilities in acquisitions. During the year ended December 31, 2021, the Company acquired $60.4 million of operating lease right of use assets and $46.7 million of lease liabilities in acquisitions. Refer to Note 5.

At December 31, 2023, finance leases with a cost of $31.7 million and accumulated amortization of $16.4 million were included in property, plant and equipment. During the year ended December 31, 2023, the Company paid $4.8 million for finance lease liabilities, of which $3.4 million was classified as an investing cash outflow. At December 31, 2023, finance leases had a lease liability of $5.6 million, of which $1.8 million was current. At December 31, 2022, finance leases with a cost of $26.6 million and accumulated amortization of $13.5 million were included in property, plant and equipment. Additionally, during the year ended December 31, 2022, the Company disposed of finance leases with a net book value of $2.3 million recording a loss of $1.0 million. At December 31, 2022, finance leases had a lease

liability of $5.5 million, of which $1.1 million was current. During the year ended December 31, 2022, the Company paid $1.1 million for finance lease liabilities and recorded $0.4 million of additional finance lease liabilities.

The weighted average remaining lease terms and discount rates as of December 31, 2023 and December 31, 2022 are noted in the table below:


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases		13.3 years		12.4 years
Financing leases		9.2 years		9.3 years

Weighted-average discount rate
Operating leases		6.3%		6.0%
Financing leases		6.6%		6.7%

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Leases		Financing Leases
2024		18,048		2,030
2025		16,022		1,488
2026		11,755		601
2027		9,327		534
2028		7,807		505
Thereafter		80,637		2,145
Total lease payments		143,596		7,303
Less imputed interest		(57,133)		(1,662)
Total	$	86,463	$	5,641

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

As of December 31, 2023, the Company entered into a finance lease for an undersea fiber optic cable in its International Telecom segment. The Company will make total lease payments of $14.4 million, of which $10.2 million was paid at December 31, 2023. The lease will commence in the second quarter of 2024.

Lessor Disclosure

The Company is the lessor in agreements to lease the use of its network assets including its cell sites and buildings. For the years ended December 31, 2023, 2022, and 2021 the Company recorded $7.8 million, $6.3 million,

and $4.5 million, respectively, of lease income from agreements in which the Company is the lessor. Lease income is classified as Carrier Services revenue in the statement of operations.

The following table presents the maturities of future undiscounted lease payments for the periods indicated:


2024	$	7,039
2025		6,760
2026		6,398
2027		5,212
2028		4,865
Thereafter		12,510
Total future lease payments	$	42,784

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fixed assets
Accrued asset retirement obligations	$ 11.4	$ 10.3
Minimum
Fixed assets
Useful life	3 years
Maximum
Fixed assets
Useful life	39 years

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

11. INCOME TAXES

The components of income before income taxes for the years ended December 31, 2023, 2022 and 2020 are as follows (in thousands):


	2023		2022		2021
Domestic	$	(57,289)	$	(37,777)	$	(38,407)
Foreign		29,750		29,721		15,720
Total	$	(27,539)	$	(8,056)	$	(22,687)

The following is a reconciliation from the tax computed at statutory income tax rates to the Company’s income tax expense for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	2023		2022		2021
Tax computed at statutory US federal income tax rates	$	(5,783)	$	(1,681)	$	(4,760)
Noncontrolling interest		(62)		844		(158)
Foreign tax rate differential		(8,853)		(6,525)		(4,520)
Over (under) provided in prior periods		(179)		(437)		(78)
Nondeductible expenses		1,806		2,111		1,429
Capitalized transactions costs		56		134		898
Change in tax reserves		2,783		4,052		2,524
State Taxes, net of federal benefit		(1,776)		(1,126)		(1,399)
Change in valuation allowance		2,467		2,117		3,575
Investment Tax Credit		84		84		101
Stock-based compensation		812		696		510
Deferred income tax revaluation		(140)		(742)		-
Total Income Tax Expense	$	(8,785)	$	(473)	$	(1,878)

The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

\
	2023		2022		2021
Current:
United States—Federal	$	921	$	302	$	460
United States—State		404		20		2
Foreign		6,646		6,657		4,272
Total current income tax expense	$	7,971	$	6,979	$	4,734
Deferred:
United States—Federal	$	(7,786)	$	(4,527)	$	(5,800)
United States—State		(2,781)		(1,895)		(1,402)
Foreign		(6,189)		(1,030)		590
Total deferred income tax expense (benefit)	$	(16,756)	$	(7,452)	$	(6,612)
Consolidated:
United States—Federal	$	(6,865)	$	(4,225)	$	(5,340)
United States—State		(2,377)		(1,875)		(1,400)
Foreign		457		5,627		4,862
Total income tax expense (benefit)	$	(8,785)	$	(473)	$	(1,878)

The significant components of deferred tax assets and liabilities are as follows as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Deferred tax assets:
Accounts receivable and inventory allowances	$	2,552	$	2,567
Basis in investments		3,795		4,387
Accrued expenses		7,331		7,063
Deferred revenue		26,768		27,526
Employee benefits		4,515		6,690
Other, net		14,764		6,892
Net operating losses		78,876		63,713
Tax Credits		5,659		2,995
Operating lease liability		23,370		24,451
Total deferred tax asset		167,630		146,284

Deferred tax liabilities:
Acquired intangible assets, property and equipment		105,729		106,529
Right-of-use asset		27,099		27,796
Prepaid expense		250		197
Total deferred tax liabilities		133,078		134,522

Valuation allowance		(43,118)		(35,759)

Net deferred tax liabilities	$	(8,566)	$	(23,997)

Deferred tax assets and liabilities are reflected in the accompanying consolidated balance sheets as follows (in thousands):


	2023		2022
Deferred tax assets:
Long term	$	11,209	$	4,653
Total deferred tax asset	$	11,209	$	4,653
Deferred tax liabilities:
Long term	$	(19,775)	$	(28,650)
Total deferred tax liabilities	$	(19,775)	$	(28,650)
Net deferred tax liabilities	$	(8,566)	$	(23,997)

The Company’s effective tax rate for the years ended December 31, 2023 and 2022 was 31.9% and 5.9%, respectively.

The effective tax rate for the year ended December 31, 2023 was primarily impacted by the following items: (i) a $2.8 million net increase of unrecognized tax positions, (ii) a $2.5 million net increase related to valuation allowances placed on certain deferred tax assets and (iii) the mix of income generated among the jurisdictions in which the Company operates along with the exclusion of losses in jurisdictions where valuation allowances have been established for deferred tax assets as required by ASC 740-270-30-36(a), primarily in the US Virgin Islands.

The effective tax rate for the year ended December 31, 2022 was primarily impacted by the following items: (i) a $4.1 million net increase of unrecognized tax positions, (ii) a $2.1 million net increase for permanently non-deductible expenses, (iii) a $2.1 million net increase related to valuation allowances placed on certain deferred tax assets and (iv) the mix of income generated among the jurisdictions in which the Company operates along with the exclusion of losses in jurisdictions where valuation allowances have been established for deferred tax assets as required by ASC 740-270-30-36(a), primarily in the US Virgin Islands.

As of December 31, 2023, the Company estimated that it had gross federal, state and foreign net operating loss (“NOL”) carryforwards of $155.4 million, $152.7 million and $165.8 million respectively. Of these, $173.8 million will expire between 2029 and 2042 and $300.2 million may be carried forward indefinitely.

The Company assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to realize the existing deferred tax assets. A significant piece of negative evidence evaluated is cumulative losses incurred in certain reporting jurisdictions over the three-year period ended December 31, 2023. Other negative evidence examined includes, but is not limited to, losses expected in early future years, a history of tax benefits expiring unused, uncertainties whose unfavorable resolution would adversely affect future results, and brief carryback, carry forward periods. On the basis of this evaluation, the Company believed it was more likely than not that the benefit from some of these federal, state, and foreign deferred taxes would not be realized.

In recognition of this risk at December 31, 2023 the Company has provided a valuation allowance against certain domestic and foreign deferred tax assets of $43.1 million. The valuation allowance primarily relates to net operating losses, with the remaining amount applicable to other net deferred tax assets which the Company does not expect to be able to realize.

As of December 31, 2023 The Company had an estimated $185.3 million of undistributed earnings attributable to foreign subsidiaries for which no provision for state income taxes or foreign withholding taxes have been made because it is expected that such earnings will be reinvested outside the U.S. indefinitely unless repatriation can be done substantially tax-free. The Company will generally be free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings due to a dividends received deduction implemented as part of the Tax Act for earnings distributed after January 1, 2018. Additionally, due to the one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiary earnings, the majority of previously unremitted earnings have already been

subjected to U.S. federal income tax. The Company continues to assert indefinite reinvestment on outside basis differences in our non-U.S. subsidiaries, additionally any determination of the amount of the unrecognized deferred tax liability on outside basis differences is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios and the variation due to multiple potential assumptions relating to the timing of any future repatriation.

The Company had unrecognized tax benefits (including interest and penalty) of $49.9 million as of December 31, 2023, $48.6 million as of December 31, 2022 and, $51.3 million as of December 31, 2021. The net increase of the reserve during the year ended December 31, 2023 was attributable to an increase in tax positions for prior periods of $2.7 million, a net increase in tax positions for the current period of $2.6 million, partially offset by a lapse in statute of a prior year position of $4.0 million.

The following shows the activity related to unrecognized tax benefits (not including interest and penalty) during the three years ended December 31, 2023 (in thousands):


Gross unrecognized uncertain tax benefits at December 31, 2020	$	33,878
Increase in unrecognized tax benefits taken during a prior period		(216)
Increase in unrecognized tax benefits taken during the current period		3,880
Increase in unrecognized tax benefits acquired as part of a business combination		8,275
Lapse in statute of limitations		(2,103)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2021	$	43,714
Increase in unrecognized tax benefits taken during a prior period		—
Increase in unrecognized tax benefits taken during the current period		5,080
Increase in unrecognized tax benefits acquired as part of a business combination		(6,825)
Lapse in statute of limitations		(2,050)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2022	$	39,919
Increase in unrecognized tax benefits taken during a prior period		—
Increase in unrecognized tax benefits taken during the current period		2,598
Increase in unrecognized tax benefits acquired as part of a business combination		—
Lapse in statute of limitations		(2,449)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2023	$	40,068

The Company’s accounting policy is to classify interest and penalties related to income tax matters as part of income tax expense. The accrued amounts for interest and penalties are $9.8 million as of December 31, 2023, $8.7 million as of December 31, 2022, and $7.6 million as of December 31, 2021.

The majority of unrecognized uncertain tax benefits (including interest and penalty) would impact the effective tax rate if recognized.

The Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease in the next 12 months, primarily due to the lapse of a statute of limitations applicable to a tax position taken on a prior year tax return.

The Company and its subsidiaries file income tax returns in the US and in various, state and local and foreign jurisdictions. The statute of limitations related to the consolidated US federal income tax return is closed for all tax years up to and including 2016. The expiration of the statute of limitations related to the various state and foreign income tax returns that the Company and subsidiaries file varies by jurisdiction.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total ATNI Stockholders' Equity	Common Stock	Treasury Stock, at cost	Additional Paid In Capital	Retained Earnings	Other Comprehensive Income/(Loss)	Non-Controlling Interests	Total
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	(12,258)		(12,258)					(12,258)
Stock-based compensation	6,182			6,182			334	6,516
Exercise of stock options	383			383				383
Noncontrolling interest in equity acquired							796	796
Dividends declared on common stock	(10,780)				(10,780)		(5,468)	(16,248)
Repurchase of non-controlling interests	(2,187)			(2,187)			(10,809)	(12,996)
Accrued dividend - redeemable preferred units	(1,962)				(1,962)			(1,962)
Deemed dividend - redeemable common units	(6,164)				(6,164)		6,164
Comprehensive income:
Net income (loss)	(22,108)				(22,108)		1,299	(20,809)
Other comprehensive income (loss)	4,495					4,495		4,495
Total comprehensive income (loss)	(17,613)				(22,108)	4,495	1,299	(16,314)
Balance, end of period at Dec. 31, 2021	601,250	172	(71,714)	192,132	475,887	4,773	101,003	702,253
Increase (Decrease) in Stockholders' Equity
Issuance of common units	1	1						1
Purchase of shares of common stock	(2,111)		(2,111)					(2,111)
Stock-based compensation	6,779			6,779			572	7,351
Dividends declared on common stock	(11,346)				(11,346)		(3,531)	(14,877)
Investments made by minority shareholders in consolidated affiliates							22	22
Repurchase of non-controlling interests	(462)			(462)			(4,429)	(4,891)
Accrued dividend - redeemable preferred units	(4,856)				(4,856)			(4,856)
Deemed dividend - redeemable common units	(4,234)				(4,234)		4,317	83
Comprehensive income:
Net income (loss)	(5,645)				(5,645)		(1,938)	(7,583)
Other comprehensive income (loss)	1,437					1,437		1,437
Total comprehensive income (loss)	(4,208)				(5,645)	1,437	(1,938)	(6,146)
Balance, end of period at Dec. 31, 2022	580,813	173	(73,825)	198,449	449,806	6,210	96,016	676,829
Increase (Decrease) in Stockholders' Equity
Purchase of shares of common stock	(16,622)		(16,622)					(16,622)
Stock-based compensation	7,857			7,857			678	8,535
Dividends declared on common stock	(13,566)				(13,566)		(4,039)	(17,605)
Repurchase of non-controlling interests	(509)			(509)			(2,681)	(3,190)
Accrued dividend - redeemable preferred units	(4,942)				(4,942)			(4,942)
Deemed dividend - redeemable common units	522				522		10,972	11,494
Comprehensive income:
Net income (loss)	(14,538)				(14,538)		(4,216)	(18,754)
Other comprehensive income (loss)	2,058					2,058		2,058
Total comprehensive income (loss)	(12,480)				(14,538)	2,058	(4,216)	(16,696)
Balance, end of period at Dec. 31, 2023	$ 541,073	$ 173	$ (90,447)	$ 205,797	$ 417,282	$ 8,268	$ 96,730	$ 637,803

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Roll forward of investments
Beginning balance	$ 38,169	$ 48,444
Sale of Investments(1)		(13,212)
Income (loss) recognized	2,840	(1,799)
Contributions / (distributions)	320	2,006
Foreign currency loss	1,578	(2,040)
Gain recognized		4,770
Ending balance	42,907	38,169
Investments without a readily determinable fair value
Roll forward of investments
Beginning balance	22,590	17,820
Income (loss) recognized	2,431
Contributions / (distributions)	425
Transfers	16,264
Gain recognized		4,770
Ending balance	41,710	22,590
Fair value investments
Roll forward of investments
Beginning balance	1,616	1,925
Income (loss) recognized	316	435
Contributions / (distributions)	(735)	(744)
Ending balance	1,197	1,616
Equity investments
Roll forward of investments
Beginning balance	13,963	28,699
Sale of Investments(1)		(13,212)
Income (loss) recognized	93	(2,234)
Contributions / (distributions)	630	2,750
Foreign currency loss	1,578	(2,040)
Transfers	$ (16,264)
Ending balance		$ 13,963

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Finite-lived intangible assets

Schedule of changes in the carrying amount of goodwill, by operating segment

The table below discloses goodwill recorded in each of the Company’s segments and accumulated impairment changes (in thousands):


	International		US
	Telecom		Telecom		Consolidated
Balance at December 31, 2022
Gross	$	25,423	$	35,268	$	60,691
Accumulated Impairment		(20,587)		—		(20,587)
Net		4,836		35,268		40,104
Balance at December 31, 2023
Gross		25,423		35,268		60,691
Accumulated Impairment		(20,587)		—		(20,587)
Net	$	4,836	$	35,268	$	40,104

Schedule of changes in the carrying amount of the Company's telecommunications licenses, by operating segment

The changes in the carrying amount of the Company’s telecommunications licenses, by operating segment, were as follows (in thousands):


	International		US
	Telecom		Telecom		Consolidated
Balance at December 31, 2021	$	34,798	$	78,968	$	113,766
Acquired licenses		—		1,068		1,068
Dispositions		—		(1,136)		(1,136)
Balance at December 31, 2022	$	34,798	$	78,900	$	113,698
Acquired licenses		—		—		—
Dispositions		—		(379)		(379)
Balance at December 31, 2023	$	34,798	$	78,521	$	113,319

Customer relationships

Finite-lived intangible assets

Schedule of future amortization of intangible assets

Future amortization of customer relationships is as follows (in thousands):




	International Telecom		US Telecom
2024	$	576	$	5,748
2025		576		2,779
2026		576		—
2027		576		—
2028		275		—
Thereafter		62		—
Total	$	2,641	$	8,527

Trade name licenses

Finite-lived intangible assets

Schedule of future amortization of intangible assets


	International Telecom		US Telecom
2024	$	307	$	964
2025		307		879
2026		209		769
2027		37		718
2028		—		657
Thereafter		—		3,570
Total	$	860	$	7,557

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2023
Goodwill
Goodwill	$ 40,104	$ 40,104
Goodwill impairment	0	0	$ 20,587
US Telecom
Goodwill
Goodwill	35,268	35,268		$ 35,300
Amount by which fair value exceeded its carrying value				16.00%
International Telecom
Goodwill
Goodwill	$ 4,836	$ 4,836
Goodwill impairment			$ 20,600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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+ Details

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	Dec. 31, 2022 $ / shares shares
CONSOLIDATED STATEMENTS OF EQUITY
Issuance of common units (in shares)	107,515
Purchase of shares of common stock	57,115
Dividends declared on common stock (in dollars per share) \| $ / shares	$ 0.72

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 01, 2023 USD ($)	Dec. 31, 2020 USD ($)
Segment reporting
Number of reportable segments \| segment	2
Number of operating segments \| segment	2
Revenue
Revenue	$ 762,216	$ 725,745	$ 602,707
Depreciation and amortization	141,627	135,137	102,731
Amortization of intangibles from acquisitions	12,636	13,016	7,775
Non-cash stock-based compensation	8,535	7,406	6,581
Operating income (loss)	13,175	7,942	(15,026)
Segment Assets
Cash, cash equivalents, and restricted cash	62,167	59,728	80,697		$ 104,997
Total current assets	281,272	229,688
Fixed Assets, net	1,080,659	1,055,954
Goodwill	40,104	40,104
Total assets	1,783,714	1,707,869
Total current liabilities	293,194	233,180
Total debt, including current portion	516,870	421,900
Capital Expenditures
Capital expenditures	196,168	168,019
Communication services
Revenue
Revenue	735,082	692,221	549,620
Mobility
Revenue
Revenue	112,523	110,018	102,301
Mobility - Business
Revenue
Revenue	16,860	16,058	8,385
Mobility - Consumer
Revenue
Revenue	95,663	93,960	93,916
Fixed
Revenue
Revenue	472,773	438,384	328,643
Fixed - Business
Revenue
Revenue	214,537	196,638	120,741
Fixed - Consumer
Revenue
Revenue	258,236	241,746	207,902
Carrier services
Revenue
Revenue	142,881	142,323	117,730
Other communication services
Revenue
Revenue	6,905	1,496	946
Construction.
Revenue
Revenue	10,629	15,762	35,889
Other revenue
Revenue
Revenue	16,505	17,762	17,198
Renewable Energy
Revenue
Revenue			417
Managed Services
Revenue
Revenue	16,505	17,762	16,781
Corporate and Other
Revenue
Revenue			417
Depreciation and amortization	2,613	3,549	5,269
Non-cash stock-based compensation	7,857	6,779	6,182
Operating income (loss)	(34,723)	(38,414)	(34,909)
Segment Assets
Cash, cash equivalents, and restricted cash	2,239	6,935
Total current assets	11,035	8,326
Fixed Assets, net	4,915	7,538
Total assets	91,619	83,662
Total current liabilities	37,357	26,687
Total debt, including current portion	159,009	99,000
Capital Expenditures
Capital expenditures		1,045
Corporate and Other \| Other revenue
Revenue
Revenue			417
Corporate and Other \| Renewable Energy
Revenue
Revenue			417
International Telecom
Segment Assets
Goodwill	4,836	4,836
International Telecom \| Operating segments
Revenue
Revenue	370,733	355,581	342,859
Depreciation and amortization	57,420	56,568	53,858
Amortization of intangibles from acquisitions	1,253	1,572	1,648
Non-cash stock-based compensation	431	240	128
Operating income (loss)	53,420	52,011	33,899
Segment Assets
Cash, cash equivalents, and restricted cash	26,354	26,418
Total current assets	107,469	105,324
Fixed Assets, net	481,911	462,447
Goodwill	4,836	4,835
Total assets	672,171	643,664
Total current liabilities	86,540	86,738
Total debt, including current portion	64,254	59,659
Capital Expenditures
Capital expenditures	76,379	70,385
International Telecom \| Operating segments \| Communication services
Revenue
Revenue	365,406	350,651	337,713
International Telecom \| Operating segments \| Mobility
Revenue
Revenue	108,486	102,431	93,367
International Telecom \| Operating segments \| Mobility - Business
Revenue
Revenue	16,333	14,830	6,983
International Telecom \| Operating segments \| Mobility - Consumer
Revenue
Revenue	92,153	87,601	86,384
International Telecom \| Operating segments \| Fixed
Revenue
Revenue	239,168	233,311	233,463
International Telecom \| Operating segments \| Fixed - Business
Revenue
Revenue	71,215	69,903	67,458
International Telecom \| Operating segments \| Fixed - Consumer
Revenue
Revenue	167,953	163,408	166,005
International Telecom \| Operating segments \| Carrier services
Revenue
Revenue	14,686	13,459	9,937
International Telecom \| Operating segments \| Other communication services
Revenue
Revenue	3,066	1,450	946
International Telecom \| Operating segments \| Other revenue
Revenue
Revenue	5,327	4,930	5,146
International Telecom \| Operating segments \| Managed Services
Revenue
Revenue	5,327	4,930	5,146
US Telecom
Segment Assets
Goodwill	35,268	35,268		$ 35,300
US Telecom \| Operating segments
Revenue
Revenue	391,483	370,164	259,431
Depreciation and amortization	81,594	75,020	43,604
Amortization of intangibles from acquisitions	11,383	11,444	6,127
Non-cash stock-based compensation	247	387	271
Operating income (loss)	(5,522)	(5,655)	(14,016)
Segment Assets
Cash, cash equivalents, and restricted cash	33,574	26,375
Total current assets	162,768	116,038
Fixed Assets, net	593,833	585,969
Goodwill	35,268	35,269
Total assets	1,019,924	980,543
Total current liabilities	169,297	119,755
Total debt, including current portion	293,607	263,241
Capital Expenditures
Capital expenditures	119,789	96,589
US Telecom \| Operating segments \| Communication services
Revenue
Revenue	369,676	341,570	211,907
US Telecom \| Operating segments \| Mobility
Revenue
Revenue	4,037	7,587	8,934
US Telecom \| Operating segments \| Mobility - Business
Revenue
Revenue	527	1,228	1,402
US Telecom \| Operating segments \| Mobility - Consumer
Revenue
Revenue	3,510	6,359	7,532
US Telecom \| Operating segments \| Fixed
Revenue
Revenue	233,605	205,073	95,180
US Telecom \| Operating segments \| Fixed - Business
Revenue
Revenue	143,322	126,735	53,283
US Telecom \| Operating segments \| Fixed - Consumer
Revenue
Revenue	90,283	78,338	41,897
US Telecom \| Operating segments \| Carrier services
Revenue
Revenue	128,195	128,864	107,793
US Telecom \| Operating segments \| Other communication services
Revenue
Revenue	3,839	46
US Telecom \| Operating segments \| Construction.
Revenue
Revenue	10,629	15,762	35,889
US Telecom \| Operating segments \| Other revenue
Revenue
Revenue	11,178	12,832	11,635
US Telecom \| Operating segments \| Managed Services
Revenue
Revenue	$ 11,178	$ 12,832	$ 11,635

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net of transferred cash	$ 0.0	$ 0.0

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(Amounts in Thousands)


	Balance at		Charged to				Balance
	Beginning		Costs and				at End
	of Year		Expenses		Deductions		of Year
YEAR ENDED, December 31, 2021
Description:
Valuation allowance on net operating losses and other deferred taxes	$	31,014	$	2,628	$	—	$	33,642
Allowance for credit losses		12,121		4,850		3,086		13,885
	$	43,135	$	7,478	$	3,086	$	47,527
YEAR ENDED, December 31, 2022
Description:
Valuation allowance on net operating losses and other deferred taxes	$	33,642	$	2,653	$	536	$	35,759
Allowance for credit losses		13,885		6,695		5,409		15,171
	$	47,527	$	9,348	$	5,945	$	50,930
YEAR ENDED, December 31, 2023
Description:
Valuation allowance on net operating losses and other deferred taxes	$	35,759	$	8,327	$	968	$	43,118
Allowance for credit losses		15,171		5,012		3,821		16,362
	$	50,930	$	13,339	$	4,789	$	59,480

FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

FIXED ASSETS:

Schedule of property, plant and equipment

As of December 31, 2023 and 2022, property, plant and equipment consisted of the following (in thousands):


	Useful Life
	(in Years)	2023		2022
Telecommunications equipment and towers	5 -15	$	1,539,533	$	1,479,633
Office and computer equipment	3 -10		148,693		151,804
Buildings	15-39		138,243		136,145
Transportation vehicles	3 -10		27,480		27,879
Leasehold improvements	Shorter of useful life or lease term		22,424		22,934
Land	—		11,652		11,308
Furniture and fixtures	5 -10		11,438		11,592
Total property, plant and equipment			1,899,463		1,841,295
Construction in progress			192,815		136,683
Total property, plant and equipment			2,092,278		1,977,978
Less: Accumulated depreciation			(1,011,619)		(922,024)
Net fixed assets		$	1,080,659	$	1,055,954

LONG-TERM DEBT (Details) $ in Thousands							1 Months Ended	12 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Jul. 13, 2023 USD ($)	Dec. 23, 2022 USD ($)	Dec. 22, 2022	Jun. 15, 2022 USD ($)	Jul. 22, 2021 USD ($)	Apr. 10, 2019 USD ($)	Oct. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2023 USD ($) derivative	Nov. 07, 2022 USD ($)	Oct. 12, 2022 USD ($)	May 05, 2022	Mar. 26, 2020 USD ($)	Dec. 31, 2016 USD ($)	Jul. 01, 2016 USD ($)
Long-term debt
Outstanding borrowings								$ 516,870	$ 421,900
Current portion of long-term debt								24,290	6,173
Long-term debt, excluding current portion								492,580	415,727
Current portion of customer receivable credit facility								7,110	6,073
Revolving credit facility - borrowings								$ 159,414	$ 115,250	$ 97,000
Alaska credit facility \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)		0.10%
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%
GTT Credit Facility
Long-term debt
Term of debt								5 years
Fixed interest rate								7.50%
GTT Term Loan Facility
Long-term debt
Maximum borrowing capacity													$ 2,900
Borrowings outstanding								$ 0
GTT Overdraft Facility
Long-term debt
Maximum borrowing capacity													$ 5,700
Borrowings outstanding								4,500
Viya Debt
Long-term debt
Term loan assumed																	$ 60,000
Net leverage ratio														7.0			3.5
Fixed interest rate																4.00%	4.00%
Financing costs																$ 900
Outstanding debt								60,000
Unamortized financing costs								200
Revolver loan \| 2019 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity						$ 200,000
Repayments of debt	$ 139,500
Revolver loan \| 2019 CoBank Credit Facility \| Minimum
Long-term debt
Commitment fee (as a percent)						0.15%
Revolver loan \| 2019 CoBank Credit Facility \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)						1.25%
Revolver loan \| 2019 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)						0.25%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum
Long-term debt
Commitment fee (as a percent)						0.375%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate (as a percent)						2.25%
Revolver loan \| 2019 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)						1.25%
Letter of credit sub-facility
Long-term debt
Borrowings outstanding								31,600
Letter of credit sub-facility \| 2019 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity						$ 75,000
Letter of credit sub-facility \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	25,000
Swingline sub-facility \| 2019 CoBank 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 \| 2019 CoBank Credit Facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)						0.50%
Swingline sub-facility \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	$ 20,000
Base rate before one-week or one-month LIBOR (as a percent)	1.00%
Swingline sub-facility \| 2023 CoBank Credit Facility \| Federal Funds Effective Rate
Long-term debt
Basis spread on variable rate (as a percent)	0.50%
2023 CoBank Credit Facility
Long-term debt
Financing costs								4,200
Unamortized financing costs								3,800
2023 CoBank Credit Facility \| 2023 CoBank Credit Facility \| Minimum
Long-term debt
Commitment fee (as a percent)	0.25%
2023 CoBank Credit Facility \| 2023 CoBank Credit Facility \| Maximum
Long-term debt
Commitment fee (as a percent)	0.50%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility
Long-term debt
Maximum borrowing capacity	$ 170,000
Remaining borrowing capacity								136,400
Borrowings outstanding								33,600
Term of debt	5 years
Revolving credit facility - borrowings	$ 13,600
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	1.75%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	0.75%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum
Long-term debt
Net leverage ratio	3.25
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	3.50%
2023 CoBank Revolving Loan \| 2023 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	2.50%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility
Long-term debt
Face amount of debt	$ 130,000
Borrowings outstanding								129,200
Term of debt	6 years
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	2.00%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Minimum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	1.00%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)	3.75%
2023 CoBank Term Loan \| 2023 CoBank Credit Facility \| Maximum \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)	2.75%
Senior secured delayed draw term loan \| Receivable credit facility
Long-term debt
Maximum borrowing capacity															$ 75,000
Remaining borrowing capacity								15,000
Current portion of customer receivable credit facility								7,100
Borrowings outstanding								46,500
Financing costs															$ 800
Unamortized financing costs								500
Senior secured delayed draw term loan \| Sacred Wind Term Debt
Long-term debt
Outstanding borrowings								28,200				$ 31,600
Current portion of long-term debt								3,400
Long-term debt, excluding current portion								$ 24,800
Senior secured delayed draw term loan \| Sacred Wind Term Debt \| Minimum
Long-term debt
Fixed interest rate								0.88%
Senior secured delayed draw term loan \| Sacred Wind Term Debt \| Maximum
Long-term debt
Fixed interest rate								5.00%
Interest rate swap \| Alaska credit facility
Long-term debt
Number of derivative instruments \| derivative											2
Interest rate swap \| Alaska credit facility \| SOFR
Long-term debt
Notional amount											$ 200,000
Interest rate swap \| 2023 CoBank Credit Facility \| 2023 CoBank Credit Facility
Long-term debt
Notional amount							$ 50,000
Interest rate swap \| 2023 CoBank Credit Facility \| 2023 CoBank Credit Facility \| SOFR
Long-term debt
Derivative, Term of debt							2 years
Interest rate (in percent)							4.896%
Interest rate swap One \| Alaska credit facility \| SOFR
Long-term debt
Interest rate (in percent)											4.8695%
Interest rate swap Two \| Alaska credit facility \| SOFR
Long-term debt
Interest rate (in percent)											4.898%
Alaska communications \| Alaska credit facility
Long-term debt
Face amount of debt					$ 283,000
Fixed charge coverage ratio					1.25
Net total leverage ratio					4.00
Financing costs								$ 7,300
Unamortized financing costs								3,900
Consolidated EBITDA					12 months
Alaska communications \| Alaska credit facility \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)					0.10%
Alaska communications \| Alaska credit facility \| Base rate
Long-term debt
Basis spread on variable rate (as a percent)					1.00%
Alaska communications \| Alaska credit facility \| Minimum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)					3.00%
Alaska communications \| Alaska credit facility \| Maximum \| SOFR
Long-term debt
Basis spread on variable rate (as a percent)					4.00%
Alaska communications \| Alaska Term Facility
Long-term debt
Face amount of debt					$ 210,000
Alaska communications \| Revolver loan \| Alaska credit facility
Long-term debt
Maximum borrowing capacity		$ 75,000			35,000
Remaining borrowing capacity								40,000
Borrowings outstanding								228,600
Revolving credit facility - borrowings								35,000
Alaska communications \| Term loans \| Alaska credit facility
Long-term debt
Outstanding borrowings		$ 230,000			210,000
Alaska communications \| Secured delayed draw term loan \| Alaska credit facility
Long-term debt
Remaining borrowing capacity								0
Outstanding borrowings								$ 6,000
Fixed charge coverage ratio				4.0
Maximum borrowing capacity				$ 7,500
Alaska communications \| Incremental term loans \| Alaska credit facility \| Minimum
Long-term debt
Maximum borrowing capacity					$ 70,000
Alaska communications \| Designated as cash flow hedges \| Interest rate swap
Long-term debt
Interest rate (in percent)					1.6735%
Period of fourth quarter of 2023 To third quarter 2024 \| Alaska communications \| Alaska credit facility
Long-term debt
Periodic payment, principal					$ 1,400
Debt Instrument, From Fourth Quarter of 2024 To Third Quarter of 2026 \| Alaska communications \| Alaska credit facility
Long-term debt
Periodic payment, principal					$ 2,900
Period of second quarter of 2024 \| Alaska credit facility
Long-term debt
Net total leverage ratio					3.75

RETIREMENT PLANS - Expected future service (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension benefits
Estimated Pension Benefits
2024	$ 5,365
2025	4,899
2026	4,969
2027	5,026
2028	4,775
2029- 2033	23,351
Total	48,385
Postretirement benefits
Estimated Pension Benefits
2024	317
2025	333
2026	238
2027	265
2028	265
2029- 2033	1,483
Total	$ 2,901

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Cash
Deposit with non-insured institutions	$ 21.8
Guyanese dollars
Cash
Cash (in GYD)	$ 5.7	$ 4.9

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

FIXED ASSETS

12 Months Ended

Dec. 31, 2023

FIXED ASSETS:

FIXED ASSETS:

6. FIXED ASSETS:

As of December 31, 2023 and 2022, property, plant and equipment consisted of the following (in thousands):


	Useful Life
	(in Years)	2023		2022
Telecommunications equipment and towers	5 -15	$	1,539,533	$	1,479,633
Office and computer equipment	3 -10		148,693		151,804
Buildings	15-39		138,243		136,145
Transportation vehicles	3 -10		27,480		27,879
Leasehold improvements	Shorter of useful life or lease term		22,424		22,934
Land	—		11,652		11,308
Furniture and fixtures	5 -10		11,438		11,592
Total property, plant and equipment			1,899,463		1,841,295
Construction in progress			192,815		136,683
Total property, plant and equipment			2,092,278		1,977,978
Less: Accumulated depreciation			(1,011,619)		(922,024)
Net fixed assets		$	1,080,659	$	1,055,954

Depreciation and amortization of fixed assets, using the straight-line method over the assets’ estimated useful life, for the years ended December 31, 2023, 2022 and 2021 was $141.6 million, $135.1 million and $102.7 million, respectively. Included within telecommunication equipment and towers are certain right to use assets under capital lease with a cost of $36.1 million and $26.6 million and net book value of and $8.7 million and $13.7 million, as of December 31, 2023 and 2022, respectively.

For the years ended December 31, 2023 and 2022, the Company received capital expenditure grants of $31.9 million and $2.9 million, respectively, which are reflected in the balance sheet as a reduction to property, plant and equipment.

The Company had $8.1 million and $5.6 million of capitalized implementation costs at December 31, 2023 and 2022, respectively. The Company amortized $2.2 million and $1.9 million of implementation costs during the year ended December 31, 2023 and 2022, respectively.

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards
Effective tax rate (as a percent)	31.90%	5.90%
Increase unrecognized tax benefits	$ 2,800	$ 4,100
Net increase for permanently non-deductible expenses		2,100
Income tax benefit to record a valuation allowance adjustment on an indefinite lived intangible asset	2,467	2,117	$ 3,575
Operating loss carryforward that will expire	173,800
Operating loss carryforward with no expiration	300,200
Valuation allowance	43,118	35,759
Undistributed earnings of foreign subsidiaries	185,300
Unrecognized benefits, including interest and penalties	49,900	48,600	51,300
Increase from prior period positions	2,700
Lapse in statute of a prior year position	4,000
Increase in unrecognized tax benefits taken during the current period	2,598	5,080	3,880
Decrease in unrecognized tax benefits acquired as part of a business combination		6,825
Interest and penalties accrued	9,800	$ 8,700	$ 7,600
Federal
Operating loss carryforwards
Operating loss carryforwards	155,400
State
Operating loss carryforwards
Operating loss carryforwards	152,700
Foreign
Operating loss carryforwards
Operating loss carryforwards	$ 165,800

ORGANIZATION AND BUSINESS OPERATIONS (Details)	12 Months Ended
ORGANIZATION AND BUSINESS OPERATIONS (Details)	Dec. 31, 2023 segment
ORGANIZATION AND BUSINESS OPERATIONS
Number of operating segments	2

REVENUE AND RECEIVABLES - Contract Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract Acquisition Costs
Amortization of contract acquisition cost	$ 5.6	$ 3.5	$ 2.8
Prepayments and other current assets
Contract Acquisition Costs
Short-term contract acquisition costs	$ 11.3	$ 8.3

GOODWILL AND INTANGIBLE ASSETS - Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 01, 2023	Dec. 31, 2022
Changes in the carrying amount of goodwill, by operating segment
Goodwill, Gross	$ 60,691		$ 60,691
Accumulated impairment	(20,587)		(20,587)
Goodwill, Total	40,104		40,104
International Telecom
Changes in the carrying amount of goodwill, by operating segment
Goodwill, Gross	25,423		25,423
Accumulated impairment	(20,587)		(20,587)
Goodwill, Total	4,836		4,836
US Telecom
Changes in the carrying amount of goodwill, by operating segment
Goodwill, Gross	35,268		35,268
Goodwill, Total	$ 35,268	$ 35,300	$ 35,268

- Definition

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 49,225	$ 54,660
Restricted cash	12,942	5,068
Short-term investments	300	300
Accounts receivable, net of allowances for credit losses of $16.4 million and $15.2 million, respectively	138,616	86,816
Customer receivable	7,249	5,803
Inventory, materials and supplies	19,133	17,902
Prepayments and other current assets	53,807	59,139
Total current assets	281,272	229,688
Fixed Assets, net	1,080,659	1,055,954
Telecommunication licenses, net	113,319	113,698
Goodwill	40,104	40,104
Intangible assets, net	19,585	31,992
Operating lease right-of-use assets	99,335	108,702
Customer receivable - long term	45,676	46,706
Other assets	103,764	81,025
Total assets	1,783,714	1,707,869
Current Liabilities:
Current portion of long-term debt	24,290	6,173
Current portion of customer receivable credit facility	7,110	6,073
Accounts payable and accrued liabilities	182,069	155,224
Dividends payable	3,701	3,310
Accrued taxes	10,876	7,335
Current portion of lease liabilities	15,164	15,457
Advance payments and deposits	49,984	39,608
Total current liabilities	293,194	233,180
Deferred income taxes	19,775	28,650
Lease liabilities, excluding current portion	76,936	83,319
Deferred revenue, long-term	64,035	72,543
Other liabilities	74,531	65,877
Customer receivable credit facility, net of current portion	38,943	39,275
Long-term debt, excluding current portion	492,580	415,727
Total liabilities	1,059,994	938,571
Total redeemable noncontrolling interests	85,917	92,469
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; 17,702,476 and 17,584,057 shares issued, respectively, 15,421,481 and 15,763,341 shares outstanding, respectively	173	173
Treasury stock, at cost; 2,280,995 and 1,820,716 shares, respectively	(90,447)	(73,825)
Additional paid-in capital	205,797	198,449
Retained earnings	417,282	449,806
Accumulated other comprehensive income	8,268	6,210
Total ATN International, Inc. stockholders' equity	541,073	580,813
Noncontrolling interests	96,730	96,016
Total equity	637,803	676,829
Total liabilities, redeemable noncontrolling interests and equity	1,783,714	1,707,869
Redeemable preferred units
Current Liabilities:
Total redeemable noncontrolling interests	60,094	55,152
Redeemable common units
Current Liabilities:
Total redeemable noncontrolling interests	$ 25,823	$ 37,317

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

7. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests goodwill for impairment at each of its reporting units on an annual basis, which has been determined to be as of October 1st. The Company’s reporting units are one level below its operating segments. The Company also tests goodwill between annual tests if an event occurs or circumstances change that indicate that the fair value of a reporting unit may be below its carrying value.

The Company’s qualitative goodwill impairment test includes, but is not limited to, assessing macroeconomic conditions, industry and market considerations, technological changes and trends, and overall financial performance of the reporting unit. The Company’s quantitative test for goodwill impairment involves a comparison of the estimated fair value of a reporting unit to its carrying amount, including goodwill. The Company determines the fair value of a reporting unit using the income approach. The income approach is based on a discounted cash flow (“DCF”) model. The DCF model requires the exercise of significant judgment, including judgments and assumptions about appropriate discount rates and revenue growth. Discount rates are based on a weighted-average cost of capital (“WACC”), which

represents the average rate a business must pay its providers of debt and equity. The revenue growth and cash flows employed in the DCF model were derived from internal earnings and forecasts and external market forecasts.

For its annual impairment analysis, as of October 1, 2023, the Company performed a quantitative analysis for the goodwill held in its US Telecom and International Telecom segments. The US Telecom segment holds $35.3 million of goodwill and the quantitative analysis, using an income approach, indicated that the fair value of the reporting unit, including goodwill, exceeded its carrying value by 16%. The Company’s analysis noted that its US Telecom segment continues to shift away from wholesale roaming and retail operations towards carrier managed services and fixed broadband services. Additionally, the reporting unit is executing several significant network upgrade projects concurrently. The success of these initiatives may materially impact the results of the reporting unit valuation. The inability to meet forecasts may result in an impairment loss. For the International Telecom segment the quantitative analysis was completed using a DCF model and determined that the fair value of each reporting unit significantly exceeded its carrying value, including goodwill. The impairment analysis concluded that no impairment was necessary in 2023.

For its annual impairment analysis, as of October 1, 2022, the Company performed a quantitative analysis for the goodwill held in its US Telecom and a qualitative analysis for the goodwill held in its International Telecom segment. The Company’s analysis concluded that no impairment was necessary in 2022.

During the year ended December 31, 2021, the Company recorded an impairment of $20.6 million in its International Telecom segment. The Company’s impairment analysis for its remaining reporting units determined that no impairment was necessary in 2021.

The table below discloses goodwill recorded in each of the Company’s segments and accumulated impairment changes (in thousands):


	International		US
	Telecom		Telecom		Consolidated
Balance at December 31, 2022
Gross	$	25,423	$	35,268	$	60,691
Accumulated Impairment		(20,587)		—		(20,587)
Net		4,836		35,268		40,104
Balance at December 31, 2023
Gross		25,423		35,268		60,691
Accumulated Impairment		(20,587)		—		(20,587)
Net	$	4,836	$	35,268	$	40,104

Telecommunications Licenses

The Company tests those telecommunications licenses that are indefinite-lived for impairment on an annual basis, which has been determined to be as of October 1st. The Company also tests telecommunication licenses that are indefinite-lived between annual tests if an event occurs or circumstances change that indicate that the fair value of a reporting unit may be below its carrying value.

The Company’s qualitative impairment test includes, but is not limited to, assessing macroeconomic conditions, industry and market considerations, technological changes and trends, overall financial performance, and legal and regulatory changes. The Company’s quantitative test for impairment involves a comparison of the estimated fair value of an asset to its carrying amount. The Company determines the fair value using either a market or income approach. The market approach uses prices generated by market transactions involving comparable assets. The income approach uses a DCF model. The DCF requires the exercise of significant judgement including Level 3 valuation inputs.

The Company performed a quantitative assessment for certain International Telecom reporting units and qualitative assessments for its remaining reporting units during its annual impairment assessment of its indefinite lived telecommunication licenses in 2023. The quantitative assessment was performed using a Greenfield Approach. The Greenfield Approach assumes a company initially owns only the telecommunication licenses, and then makes investments required to build an operation comparable to the one that currently utilizes the licenses. The projected cash flows are based on certain factors, including revenue growth rates, margins, subscriber churn rates, and other operational data. The Company used a WACC of 11.5% in the analysis. The Company determined that there were no indications of potential impairment. The Company performed qualitative assessments for its annual impairment assessment of its indefinite lived telecommunications licenses for 2022 and determined that there were no indications of potential impairments.

The changes in the carrying amount of the Company’s telecommunications licenses, by operating segment, were as follows (in thousands):


	International		US
	Telecom		Telecom		Consolidated
Balance at December 31, 2021	$	34,798	$	78,968	$	113,766
Acquired licenses		—		1,068		1,068
Dispositions		—		(1,136)		(1,136)
Balance at December 31, 2022	$	34,798	$	78,900	$	113,698
Acquired licenses		—		—		—
Dispositions		—		(379)		(379)
Balance at December 31, 2023	$	34,798	$	78,521	$	113,319

The licenses acquired during 2022 are expected to be available for use into perpetuity. The Company recognized a gain of $0.3 million for license dispositions in 2023 and no gain or loss on the disposition in 2021.

Customer Relationships

The customer relationships are being amortized on an accelerated basis, over the expected period during which their economic benefits are to be realized. The Company recorded $11.1 million, $11.6 million, and $7.0 million of amortization related to customer relationships during the years ended December 31, 2023, 2022, and 2021, respectively.

Future amortization of customer relationships is as follows (in thousands):




	International Telecom		US Telecom
2024	$	576	$	5,748
2025		576		2,779
2026		576		—
2027		576		—
2028		275		—
Thereafter		62		—
Total	$	2,641	$	8,527

Other Intangible Assets

Other intangible assets includes $8.4 million and $9.7 million of trade names on the Company’s balance sheet as of December 31, 2023 and 2022, respectively. The Company recorded $1.3 million, $1.3 million, and $0.8 million of amortization related to trade names during the years ended December 31, 2023, 2022, and 2021, respectively.

The tradenames have definite lives and future amortization of the tradenames are as follows:


	International Telecom		US Telecom
2024	$	307	$	964
2025		307		879
2026		209		769
2027		37		718
2028		—		657
Thereafter		—		3,570
Total	$	860	$	7,557

LONG-TERM DEBT - Debt Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Book Value	$ 516,870	$ 421,900
Total Debt
Debt Instrument [Line Items]
2024	24,290
2025	19,844
2026	316,594
2027	13,473
2028	140,665
Thereafter	10,191
Total	525,057
Debt Discounts	(8,187)
Book Value	516,870
Customer receivable credit facility
Debt Instrument [Line Items]
2024	7,110
2025	7,428
2026	7,761
2027	8,111
2028	8,478
Thereafter	7,650
Total	46,538
Debt Discounts	(485)
Book Value	46,053
Corporate and Other
Debt Instrument [Line Items]
2024	3,250
2025	4,875
2026	8,125
2027	9,750
2028	136,807
Total	162,807
Debt Discounts	(3,798)
Book Value	159,009	99,000
US Telecom \| Operating segments
Debt Instrument [Line Items]
Book Value	293,607	263,241
US Telecom \| Operating segments \| Total Debt
Debt Instrument [Line Items]
2024	16,538
2025	14,969
2026	248,469
2027	3,723
2028	3,858
Thereafter	10,191
Total	297,748
Debt Discounts	(4,142)
Book Value	293,606
International Telecom \| Operating segments
Debt Instrument [Line Items]
Book Value	64,254	$ 59,659
International Telecom \| Operating segments \| Total Debt
Debt Instrument [Line Items]
2024	4,502
2026	60,000
Total	64,502
Debt Discounts	(247)
Book Value	$ 64,255

LEASES - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Year 1	$ 18,048	$ 19,417
Year 2	16,022	17,836
Year 3	11,755	14,805
Year 4	9,327	10,505
Year 5	7,807	8,096
Thereafter	80,637	76,452
Total lease payments	143,596	147,111
Less imputed interest	(57,133)	(53,794)
Total	$ 86,463	$ 93,317
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability, Current, Lease Liability, Noncurrent	Lease Liability, Current, Lease Liability, Noncurrent
Finance lease liability
Year 1	$ 2,030	$ 1,403
Year 2	1,488	1,342
Year 3	601	978
Year 4	534	504
Year 5	505	495
Thereafter	2,145	2,651
Total lease payments	7,303	7,373
Less imputed interest	(1,662)	(1,914)
Total	$ 5,641	$ 5,459
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability, Current, Lease Liability, Noncurrent	Lease Liability, Current, Lease Liability, Noncurrent
Finance Lease, Principal Payments	$ 1,375	$ 1,069
Maturities of future undiscounted lease payments
2024	7,039
2025	6,760
2026	6,398
2027	5,212
2028	4,865
Thereafter	12,510
Total future lease payments	42,784
International Telecom
Finance lease liability
Total lease payments	14,400
Finance Lease, Principal Payments	10,200
Network asset
Finance lease liability
Lease income	$ 7,800	$ 6,300	$ 4,500
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues

SEGMENT REPORTING - Revenue and Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue and long lived assets
Revenue	$ 762,216	$ 725,745	$ 602,707
Long-Lived Assets	1,502,442	1,478,180	1,375,986
US
Revenue and long lived assets
Revenue	391,870	370,204	259,430
Long-Lived Assets	938,650	927,177	840,251
Guyana
Revenue and long lived assets
Revenue	119,915	113,816	108,338
Long-Lived Assets	195,030	174,719	152,627
US Virgin Islands
Revenue and long lived assets
Revenue	95,129	93,264	94,310
Long-Lived Assets	213,553	209,101	210,448
Bermuda
Revenue and long lived assets
Revenue	114,096	110,337	104,671
Long-Lived Assets	102,227	100,125	107,885
Other Foreign Countries
Revenue and long lived assets
Revenue	41,206	38,124	35,958
Long-Lived Assets	$ 52,982	$ 67,058	$ 64,775

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Activity related to unrecognized tax benefits
Gross unrecognized tax benefits at the beginning of the period	$ 39,919	$ 43,714	$ 33,878
Increase in unrecognized tax benefits taken during a prior period			(216)
Increase in unrecognized tax benefits taken during the current period	2,598	5,080	3,880
Increase in unrecognized tax benefits acquired as part of a business combination			8,275
Increase in unrecognized tax benefits acquired as part of a business combination		(6,825)
Lapse in statute of limitations	(2,449)	(2,050)	(2,103)
Gross unrecognized tax benefits at the end of the period	$ 40,068	$ 39,919	$ 43,714

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

SEGMENT REPORTING

14. SEGMENT REPORTING

Through December 31, 2023, the Company has the following two reportable and operating segments: i) International Telecom and ii) US Telecom.

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


For the Year Ended December 31, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	16,333	$	527	$	—	$	16,860
Mobility - Consumer		92,153		3,510		—		95,663
Total Mobility		108,486		4,037		—		112,523
Fixed - Business		71,215		143,322		—		214,537
Fixed - Consumer		167,953		90,283		—		258,236
Total Fixed		239,168		233,605		—		472,773
Carrier Services		14,686		128,195		—		142,881
Other		3,066		3,839		—		6,905
Total Communication Services Revenue		365,406		369,676		—		735,082
Construction		—		10,629		—		10,629
Other
Managed Services		5,327		11,178		—		16,505
Total Other Revenue		5,327		11,178		—		16,505
Total Revenue		370,733		391,483		—		762,216
Depreciation		57,420		81,594		2,613		141,627
Amortization of intangibles from acquisitions		1,253		11,383		—		12,636
Non-cash stock-based compensation		431		247		7,857		8,535
Operating income (loss)		53,420		(5,522)		(34,723)		13,175


For the Year Ended December 31, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	14,830	$	1,228	$	—	$	16,058
Mobility - Consumer		87,601		6,359		—		93,960
Total Mobility		102,431		7,587		—		110,018
Fixed - Business		69,903		126,735		—		196,638
Fixed - Consumer		163,408		78,338		—		241,746
Total Fixed		233,311		205,073		—		438,384
Carrier Services		13,459		128,864		—		142,323
Other		1,450		46		—		1,496
Total Communication Services Revenue		350,651		341,570		—		692,221
Construction		—		15,762		—		15,762
Other
Managed Services		4,930		12,832		—		17,762
Total other revenue		4,930		12,832		—		17,762
Total Revenue		355,581		370,164		—		725,745
Depreciation and amortization		56,568		75,020		3,549		135,137
Amortization of intangibles from acquisitions		1,572		11,444		—		13,016
Non-cash stock-based compensation		240		387		6,779		7,406
Operating income (loss)		52,011		(5,655)		(38,414)		7,942


For the Year Ended December 31, 2021

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	6,983	$	1,402	$	—	$	8,385
Mobility - Consumer		86,384		7,532		—		93,916
Total Mobility		93,367		8,934		—		102,301
Fixed - Business		67,458		53,283		—		120,741
Fixed - Consumer		166,005		41,897		—		207,902
Total Fixed		233,463		95,180		—		328,643
Carrier Services		9,937		107,793		—		117,730
Other		946		—		—		946
Total Communication Services Revenue		337,713		211,907		—		549,620
Construction		—		35,889		—		35,889
Other
Renewable Energy		—		—		417		417
Managed Services		5,146		11,635		—		16,781
Total Other Revenue		5,146		11,635		417		17,198
Total Revenue		342,859		259,431		417		602,707
Depreciation		53,858		43,604		5,269		102,731
Amortization of intangibles from acquisitions		1,648		6,127		—		7,775
Non-cash stock-based compensation		128		271		6,182		6,581
Operating income (loss)		33,899		(14,016)		(34,909)		(15,026)


	International		US		Corporate and
	Telecom		Telecom		Other		Consolidated
December 31, 2023
Cash, cash equivalents, and restricted cash	$	26,354	$	33,574	$	2,239	$	62,167
Total current assets		107,469		162,768		11,035		281,272
Fixed assets, net		481,911		593,833		4,915		1,080,659
Goodwill		4,836		35,268		—		40,104
Total assets		672,171		1,019,924		91,619		1,783,714
Total current liabilities		86,540		169,297		37,357		293,194
Total debt, including current portion		64,254		293,607		159,009		516,870
December 31, 2022
Cash, cash equivalents, and restricted cash	$	26,418	$	26,375	$	6,935	$	59,728
Total current assets		105,324		116,038		8,326		229,688
Fixed assets, net		462,447		585,969		7,538		1,055,954
Goodwill		4,835		35,269		—		40,104
Total assets		643,664		980,543		83,662		1,707,869
Total current liabilities		86,738		119,755		26,687		233,180
Total debt, including current portion		59,659		263,241		99,000		421,900


	Capital Expenditures

		International		US		Corporate and
Year ended December 31,		Telecom		Telecom		Other (1)		Consolidated
2023	$	76,379	$	119,789	$	—	$	196,168
2022		70,385		96,589		1,045		168,019

(1)	Corporate and other refers to corporate overhead expenses and consolidating adjustments. See Note 5 for a discussion of the Company’s disposition of its International Solar Business.

The table below identifies the Company’s revenues and long-lived assets by geographic location. The Company attributes revenue to geographic location based on location of the customer (in thousands):


	2023				2022				2021
			Long-Lived				Long-Lived				Long-Lived
	Revenues		Assets		Revenues		Assets		Revenues		Assets

US	$	391,870	$	938,650	$	370,204	$	927,177	$	259,430	$	840,251
Guyana		119,915		195,030		113,816		174,719		108,338		152,627
US Virgin Islands		95,129		213,553		93,264		209,101		94,310		210,448
Bermuda		114,096		102,227		110,337		100,125		104,671		107,885
Other Foreign Countries		41,206		52,982		38,124		67,058		35,958		64,775
	$	762,216	$	1,502,442	$	725,745	$	1,478,180	$	602,707	$	1,375,986

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net loss	$ (18,754)	$ (7,583)	$ (20,809)
Other comprehensive income:
Foreign currency translation adjustment net of tax expense of $0, $(0.2) million, and $0.4 million	229	(1,385)	(689)
Projected pension and postretirement benefit obligations, net of tax expense of $0 million, $(0.2) million and $(0.1) million, respectively	2,035	2,428	5,014
Reclassification of loss on pension settlement, net of $(0.2) and $(0.8) million of tax	195	915
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0.2 million, and $0	1,348	(500)
Unrealized gain on derivatives net of tax expense of $0.6 million, $0, and $0	(1,749)	(21)	170
Other comprehensive income (loss), net of tax	2,058	1,437	4,495
Comprehensive loss	(16,696)	(6,146)	(16,314)
Less: Comprehensive (income) loss attributable to noncontrolling interests	4,216	1,938	(1,299)
Comprehensive loss attributable to ATN International, Inc.	$ (12,480)	$ (4,208)	$ (17,613)

ACQUISITIONS AND DISPOSITIONS - Acquisition of Sacred Wind Enterprises (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 07, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash transferred, net of cash acquired and other		$ (1,314)	$ 18,044	$ 340,152
Revenue		762,216	725,745	602,707
Pre-tax income (loss)		27,539	8,056	22,687
Transaction-related charges		$ 551	4,798	$ 10,221
Minimum
Business Acquisition [Line Items]
Useful life		3 years
Minimum \| Trade name licenses
Business Acquisition [Line Items]
Intangible assets useful lives		6 years
Maximum
Business Acquisition [Line Items]
Useful life		39 years
Maximum \| Trade name licenses
Business Acquisition [Line Items]
Intangible assets useful lives		15 years
Sacred Wind Enterprises
Business Acquisition [Line Items]
Consideration Transferred	$ 44,560
Cash transferred, net of cash acquired and other	16,700
Cash acquired from acquisition	9,400
Redeemable non-controlling interest	14,800
Contingent consideration	$ 3,700
Working capital adjustments received		$ 1,300
Business combination equity interest	6.00%
Earn-out consideration		7,900
Deferred revenue from long term customer contracts	$ 6,500
Revenue			3,300
Pre-tax income (loss)			200
Transaction-related charges			$ 800
Change in amount of contingent consideration		$ 4,200
Assumed debt	31,639
Sacred Wind Enterprises \| Trade name licenses
Business Acquisition [Line Items]
Intangible assets	$ 600
Intangible assets useful lives	5 years
Sacred Wind Enterprises \| Minimum \| Telecommunication Equipment
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	7.00%
Useful life	1 year
Sacred Wind Enterprises \| Maximum \| Telecommunication Equipment
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	12.00%
Useful life	25 years

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE:
Total revenue	$ 762,216	$ 725,745	$ 602,707
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Selling, general and administrative	242,697	224,399	181,702
Stock-based compensation	8,535	7,406	6,581
Transaction-related charges	551	4,798	10,221
Restructuring expenses	11,228
Depreciation and amortization	141,627	135,137	102,731
Amortization of intangibles from acquisitions	12,636	13,016	7,775
Goodwill impairment	0	0	20,587
(Gain) loss on disposition of assets and contingent consideration	1,699	4,389	2,759
Total operating expenses	749,041	717,803	617,733
Income from operations	13,175	7,942	(15,026)
OTHER INCOME (EXPENSE)
Interest income	476	174	132
Interest expense	(42,686)	(20,417)	(9,614)
Other income	1,496	4,245	1,821
Other income (expense)	(40,714)	(15,998)	(7,661)
LOSS BEFORE INCOME TAXES	(27,539)	(8,056)	(22,687)
Income tax benefit	(8,785)	(473)	(1,878)
NET LOSS	(18,754)	(7,583)	(20,809)
Net (income) loss attributable to noncontrolling interests, net of tax (benefit) expense of $(2.3) million, $(0.8) million and $(0.4) million respectively	4,216	1,938	(1,299)
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$ (14,538)	$ (5,645)	$ (22,108)
Basic (in dollars per share)	$ (1.25)	$ (0.67)	$ (1.52)
Diluted (in dollars per share)	$ (1.25)	$ (0.67)	$ (1.52)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	15,595	15,751	15,867
Diluted (in shares)	15,595	15,751	15,867
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK	$ 0.87	$ 0.72	$ 0.68
Communication services
REVENUE:
Total revenue	$ 735,082	$ 692,221	$ 549,620
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	319,723	312,895	249,322
Construction
REVENUE:
Total revenue	10,629	15,762	35,889
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of services	10,345	15,763	36,055
Other
REVENUE:
Total revenue	$ 16,505	$ 17,762	$ 17,198

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

Schedule of quarterly repayments


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
December 31, 2025 – June 30, 2026	$1,625,000 (5% per annum)
December 31, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Schedule of future principal repayments annual maturities of the Company's debt instruments

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
	Telecom		Telecom		Other		Debt		Credit Facility
2024	$	16,538	$	4,502	$	3,250	$	24,290	$	7,110
2025		14,969		—		4,875		19,844		7,428
2026		248,469		60,000		8,125		316,594		7,761
2027		3,723		—		9,750		13,473		8,111
2028		3,858		—		136,807		140,665		8,478
Thereafter		10,191		—		—		10,191		7,650
Total		297,748		64,502		162,807		525,057		46,538
Debt Discounts		(4,142)		(247)		(3,798)		(8,187)		(485)
Book Value	$	293,606	$	64,255	$	159,009	$	516,870	$	46,053

- Definition

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

+ References

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+ Details

EQUITY

12 Months Ended

Dec. 31, 2023

EQUITY

EQUITY

10. EQUITY

Common Stock

The Company has paid quarterly dividends on its Common Stock since January 1999.

Treasury Stock

On December 14, 2023, the Company’s Board of Directors authorized the repurchase of up to $25.0 million of its Common Stock, from time to time, on the open market or in privately negotiated transactions (the “2023 Repurchase Plan”). The 2023 Repurchase Plan replaced the previously approved 2016 Repurchase Plan and, as of December 31, 2023, had all $25.0 million available to repurchase the Company’s Common Stock.

During the years ended December 31, 2023, 2022 and 2021 (and prior to the effectiveness of the 2023 Repurchase Plan), the Company repurchased the following shares under the 2016 Repurchase Plan:



	Shares	Aggregate Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2023	423,328	$	14,999	$	35.43
2022	23,714		942		39.70
2021	244,798		10,546		43.08

During the years ended December 31, 2023, 2022 and 2021, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options:



	Shares	Aggregate Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2023	36,951	$	1,473	$	39.86
2022	33,401		1,169		35.01
2021	33,271		1,713		51.49

Stock-Based Compensation

On June 6, 2023, the Company established the ATN International, Inc. 2023 Equity Incentive Plan (the “2023 Equity Incentive Plan”) and reserved 1,432,070 shares for the grant of restricted stock units, performance stock units and stock options and awards of shares of Common Stock that are not subject to restrictions or forfeiture. The 2023 Equity Incentive Plan replaces the previously approved ATN International, Inc. 2008 Equity Incentive Plan (the “2008 Equity Incentive Plan”). No additional grants shall be made under the 2008 Equity Incentive Plan on or after the effective date of the 2023 Equity Incentive Plan. Outstanding grants under the 2008 Equity Incentive Plan shall continue in effect according to their terms. As of December 31, 2023, the Company has 1,411,190 shares available for grants under the 2023 Equity Incentive Plan.

Restricted Stock

Restricted stock, previously granted under the 2008 Equity Incentive Plan and to be granted under the 2023 Equity Incentive Plan, vests over four years.

The following table summarizes restricted stock activity during the years ended December 31, 2023 and 2022:


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2023	260,497	$	43.86
Granted	151,560		38.08
Forfeited	(9,354)		41.95
Vested and issued	(118,419)		44.99
Unvested as of December 31, 2023	284,284	$	40.37


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2022	228,068	$	51.05
Granted	152,430		38.59
Forfeited	(12,486)		46.52
Vested and issued	(107,515)		51.33
Unvested as of December 31, 2022	260,497	$	43.86

In connection with the grant of restricted stock, the Company recognized $5.4 million, $6.8 million and $5.4 million of compensation expense within its income statements for the years ended December 31, 2023, 2022, and 2021, respectively. The Company also recognized $0.7 million, $0.6 million and $0.4 million of compensation expense within its income statement for the years ended December 31, 2023, 2022, and 2021, respectively, for common stock of the Company’s subsidiaries granted to the management team of those subsidiaries.

The unvested shares as of December 31, 2023 represent $7.9 million in unamortized stock-based compensation which will be recognized over a weighted average period of 2.4 years.

Performance-Based Stock

Performance-based stock, previously granted under the 2008 Equity Incentive Plan and to be granted under the 2023 Equity Incentive Plan, vests on the third anniversary of the grant date.

The following table summarizes performance stock activity during the years ended December 31, 2023 and 2022:


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2023	99,450	$	52.54
Granted	59,100		45.10
Forfeited	—		—
Vested and issued	—		—
Unvested as of December 31, 2023	158,550	$	49.77


		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2022	43,000	$	59.77
Granted	56,450		47.03
Forfeited	—		—
Vested and issued	—		—
Unvested as of December 31, 2022	99,450	$	52.54

In connection with the grant of performance-based stock, the Company recognized $2.5 million, $1.5 million and $0.7 million of compensation expense, during the years ended December 31, 2023, 2022 and 2021, respectively. All 158,550 shares remained unvested as of December 31, 2023 and represent $3.2 million in unamortized stock based compensation as of that date which will be recognized ratably over the next 1.8 years.

Stock Options

Stock options have a term of 10 years and vest annually and ratably over a period of four years.

There was no stock option activity during the year ended December 31, 2023. The following table summarizes stock option activity for the year ended December 31, 2022:


	Year Ended December 31, 2022
				Weighted Average
				Remaining
	Number of	Weighted Avg.		Contractual	Aggregate
	Options	Exercise Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2022	5,000	$	71.43
Granted	—		—
Forfeited	—		—
Expired	(5,000)		—
Exercised	—		—
Outstanding at December 31, 2022	—		—	—	$	—
Vested and expected to vest as of December 31, 2022	—		—	—	$	—
Exercisable at December 31, 2022	—		—	—	$	—

The Company has not granted any options since 2017. The Company did not recognize any compensation expense, related to granted stock options, during the three years ended December 31, 2023.

- Definition

The entire disclosure for equity.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACQUISITIONS AND DISPOSITIONS - Preliminary allocation (Details) - USD ($) $ in Thousands	Nov. 07, 2022	Jul. 22, 2021	Dec. 31, 2022	Dec. 31, 2021
Purchase price allocation:
Operating lease right-of-use assets			$ 1,000	$ 60,400
Lease liabilities			$ (1,000)	$ (46,700)
Sacred Wind Enterprises
Business Acquisition [Line Items]
Consideration Transferred	$ 44,560
Purchase price allocation:
Cash and cash equivalents	2,619
Restricted cash	6,747
Current assets	4,888
Operating lease right-of-use assets	989
Fixed assets	85,255
Intangible assets	1,232
Current liabilities	(10,176)
Lease liabilities	(967)
Deferred taxes	(14,388)
Debt	(31,639)
Net assets acquired	$ 44,560
Alaska communications
Business Acquisition [Line Items]
Consideration Transferred		$ 353,280
Noncontrolling interests		470
Total value to allocate		353,750
Purchase price allocation:
Cash and cash equivalents		10,553
Restricted cash		1,326
Short-term investments		434
Accounts receivable		30,453
Inventory, materials and supplies		1,374
Prepayments and other current assets		8,038
Operating lease right-of-use assets		60,402
Fixed assets		408,694
Telecommunication licenses		683
Intangible assets		44,333
Other assets		2,387
Accounts payable and accrued liabilities		(39,188)
Accrued taxes		(3,766)
Advance payments and deposits		(15,842)
Current portion of lease liabilities		(2,425)
Deferred taxes		(17,040)
Lease liabilities, excluding current portion		(44,234)
Other liabilities		(92,432)
Net assets acquired		$ 353,750

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (18,754)	$ (7,583)	$ (20,809)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	141,627	135,137	102,731
Amortization of intangibles	12,636	13,016	7,775
Provision for doubtful accounts	5,012	6,693	4,850
Amortization of debt discount and debt issuance costs	2,431	2,014	1,275
(Gain) loss on disposition of assets and contingent consideration	1,699	4,387	2,759
Stock-based compensation	8,535	7,406	6,581
Deferred income taxes	(16,756)	(7,452)	(6,612)
Loss on pension settlement	369	1,725
(Gain) loss on investments	(4,201)	(5,656)	86
Goodwill impairment	0	0	20,587
Unrealized gain on foreign currency			(81)
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable	(19,785)	(10,385)	(4,900)
Customer receivable	(416)	(8,713)	(32,955)
Prepaid income taxes	739	6,206	84
Accrued taxes	7,062	2,981	(3,953)
Materials and supplies, prepayments, and other current assets	7,666	(15,525)	(5,297)
Accounts payable and accrued liabilities, advance payments and deposits and other current liabilities	2,430	(125)	11,681
Other assets	(10,079)	(9,979)	(226)
Other liabilities	(8,583)	(11,235)	(3,028)
Net cash provided by operating activities	111,632	102,912	80,548
Cash flows from investing activities:
Capital expenditures	(163,297)	(160,114)	(96,442)
Government capital programs - Amounts disbursed	(32,871)	(7,905)	(9,700)
Government capital programs - Amounts received	31,873	2,853	7,517
Purchases of strategic investments	(1,055)	(2,750)	(6,399)
Sale of businesses, net of transferred cash of $0		1,835	18,597
Spectrum sales and deposits refunded	576	1,136
Proceeds from strategic investments		15,745
Purchase of spectrum; including deposits		(1,068)
Acquisition of businesses	1,314	(18,044)	(340,152)
Purchase of investments - employee benefit plan	(2,124)
Proceeds from investments - employee benefit plan	472
Proceeds from sale of assets		1,067
Net cash used in investing activities	(165,112)	(167,245)	(426,579)
Cash flows from financing activities:
Dividends paid on common stock	(13,178)	(10,708)	(10,813)
Distributions to noncontrolling interests	(4,039)	(3,531)	(7,468)
Payment of debt issuance costs	(3,906)	(873)	(6,568)
Finance lease payments	(1,375)	(1,069)
Term loan - repayments	(6,959)	(5,222)	(8,758)
Term loan - borrowings	130,000	20,000	210,000
Revolving credit facility - borrowings	159,414	115,250	97,000
Revolving credit facility - repayments	(185,293)	(72,250)	(33,500)
Proceeds from mezzanine equity			71,533
Proceeds from customer receivable credit facility	7,300	15,425	37,321
Repayment of customer receivable credit facility	(6,712)	(4,960)	(1,828)
Purchases of common stock - stock- based compensation	(1,473)	(1,169)	(1,713)
Purchases of common stock - share repurchase plan	(14,999)	(942)	(10,546)
Proceeds from exercise of stock options			383
Investments made by minority shareholders in consolidated affiliates		22
Repurchases of noncontrolling interests	(2,861)	(4,891)	(13,312)
Contingent consideration paid for business acquisition		(1,718)
Net cash provided by financing activities	55,919	43,364	321,731
Net change in cash, cash equivalents, and restricted cash	2,439	(20,969)	(24,300)
Total cash, cash equivalents, and restricted cash, beginning of period	59,728	80,697	104,997
Total cash, cash equivalents, and restricted cash, end of period	62,167	59,728	80,697
Supplemental cash flow information:
Interest paid	39,251	19,924	8,231
Taxes paid	2,898	3,241	3,969
Dividends declared, not paid	3,701	3,310	2,672
Noncash investing activity:
Amounts accrued for reimbursable capital expenditures from government capital programs	31,769
Amounts accrued for non-reimbursable capital expenditures	$ 25,521	$ 27,811	$ 22,093

GOVERNMENT SUPPORT AND SPECTRUM MATTERS (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 15, 2022 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Mobility Fund [Line Items]
Revenue from contract with customer			$ 709,880	$ 677,953	$ 565,541
Reimbursable capital expenditures			32,871	7,905	9,700
Amounts accrued for reimbursable capital expenditures from government capital programs			31,769
Government capital programs - Amounts received			31,873	2,853	7,517
Payment for PALs				1,068
USF, CAF II, RDOF and Other Programs \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			107,592	68,247	46,649
USF, CAF II, RDOF and Other Programs \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			100,771	60,333	32,742
USF, CAF II, RDOF and Other Programs \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			$ 6,821	7,914	13,907
Universal Service Fund programs
Mobility Fund [Line Items]
Number Of Fund Disbursement Programs \| item			4
Grant received per year		$ 5,500
High cost support program \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			$ 14,831	12,321	16,356
High cost support program \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			9,260	4,459	2,449
High cost support program \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			5,571	7,862	13,907
CAF II \| Grant receivable through December 2025
Mobility Fund [Line Items]
Amount that has been funded or will be funded			27,700
CAF II \| Grant receivable from January 2026 through July 2028
Mobility Fund [Line Items]
Amount that has been funded or will be funded			8,000
CAF II \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			27,260	27,264	16,330
CAF II \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			27,260	27,264	16,330
TBCP
Mobility Fund [Line Items]
Grant funds awarded during the period			192,600
Vija's annual USF support
Mobility Fund [Line Items]
Amount that has been funded or will be funded							$ 10,900	$ 16,400
Vija's annual USF support \| Grant Receivable July 2022 Through June 2023
Mobility Fund [Line Items]
Amount that has been funded or will be funded						$ 5,500
RDOF
Mobility Fund [Line Items]
Grant Funds Expected To Be Awarded			$ 22,700
Grant Fund Term			10 years
Number Of Households To Receive Broadband Coverage \| item			10,000
RDOF \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			$ 2,432	1,954
RDOF \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			2,432	1,954
ECF \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			26,346
ECF \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			26,346
RHC \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			11,995	11,018	5,778
RHC \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			11,995	11,018	5,778
Other Programs \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			24,728	15,690	8,185
Other Programs \| US Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			23,478	15,638	$ 8,185
Other Programs \| International Telecom \| Communication services
Mobility Fund [Line Items]
Revenue from contract with customer			1,250	$ 52
Remove And Replace Program
Mobility Fund [Line Items]
Amount that has been funded or will be funded			47,300
Amount of cost reimbursement allocated	$ 207,000
Reimbursement period	1 year
Capital expenditure incurred to date	$ 17,500
Capital expenditure incurred within twelve months			15,700
Capital expenditure accrued			31,800
Proceeds from grant funds awarded			17,100
Proceeds from grant funds awarded classified as operating cash inflows			4,300
Proceeds from grant funds awarded classified as investing cash inflows			12,800
Network Connectivity for Eligible Communities
Mobility Fund [Line Items]
Grant funds awarded during the period			$ 34,526

LEASES - Components of Lease Expense and Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease cost	$ 23,232	$ 24,531	$ 20,386
Short-term lease cost	2,866	2,575	2,402
Variable lease cost	4,896	3,186	3,874
Total operating lease cost	30,994	30,292	26,662
Lease liabilities arising from ROU	16,700	7,100
Finance lease cost:
Amortization of right-of-use asset	2,930	3,060	2,561
Variable costs	814	838	792
Interest costs	372	381
Total finance lease cost	4,116	4,279	3,353
Payments for lease liabilities	19,800	22,600
Gain on lease termination	300
Finance leases cost included in property, plant and equipment	31,700	26,600
Accumulated amortization related to finance leases	16,400	13,500
Operating lease right-of-use assets		1,000	60,400
Lease liabilities		1,000	$ 46,700
Principal payments, finance lease liabilities	1,375	1,069
Payments for finance leases	4,800
Investing cash flows for finance lease liabilities	3,400
Finance lease, disposed		2,300
Loss on sale of finance lease		1,000
Finance lease liability	5,641	5,459
Finance lease liability, current	$ 1,800	1,100
Additional finance lease liability		$ 400

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT

LONG-TERM DEBT

8. LONG-TERM DEBT

2023 CoBank Credit Facility

On July 13, 2023, the Company, along with certain of its subsidiaries as guarantors, entered into a new Credit Agreement with CoBank, ACB and a syndicate of other lenders (as may be amended from time to time, the “2023 CoBank Credit Facility”).

The 2023 CoBank Credit Facility provides for a five-year $170 million revolving credit facility (the “2023 CoBank Revolving Loan”) and a six-year $130 million term loan facility (the “2023 CoBank Term Loan”). The Company may use (i) up to $25 million under the 2023 CoBank Credit Facility for letters of credit, and (ii) up to $20 million under a swingline sub-facility. Upon the closing of the 2023 CoBank Credit Facility, the Company drew all of the 2023 CoBank Term Loan and approximately $13.6 million of the 2023 CoBank Revolving Loan. These borrowings were used to repay $139.5 million of debt outstanding under the 2019 CoBank Credit Facility at close.

The 2023 CoBank Term Loan must be repaid in quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on July 13, 2029. The 2023 CoBank Revolving Loan may be repaid at any time on or prior to its maturity on July 13, 2028. All amounts outstanding under the 2023 CoBank Credit Facility will be due and payable upon the earlier of the maturity date or the acceleration of the loans and commitments upon an event of default.


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
December 31, 2025 – June 30, 2026	$1,625,000 (5% per annum)
December 31, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Amounts borrowed under the 2023 CoBank Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York (SOFR) plus an applicable margin ranging between 2.00% to 3.75% for the 2023 CoBank Term Loan or 1.75% to 3.50% for Revolving Loans or (ii) a base rate plus an applicable margin ranging from 1.00% to 2.75% for the Term Loan or 0.75% to 2.50% for the 2023 CoBank Revolving Loans. Swingline loans will bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the one-month SOFR rate (ii) the federal funds effective rate (as defined in the 2023 CoBank Credit Agreement) plus 0.50% per annum; and (iii) the prime rate (as defined in the 2023 CoBank Credit Agreement). The applicable margin is determined based on the ratio (as further defined in the 2023 CoBank Credit Agreement) of the Company’s indebtedness to EBITDA. Under the terms of the 2023 CoBank Credit Agreement, the Company must also pay a fee ranging from 0.25% to 0.50% on the average daily unused portion of the 2023 CoBank Credit Facility over each calendar quarter.

The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum ratio of indebtedness to EBITDA, as well as customary representations, warranties and covenants, including 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 Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 3.25 to 1.0. The 2023 CoBank Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

The Company capitalized $4.2 million of fees associated with the 2023 CoBank Credit Facility which are being amortized over the life of the debt and $3.8 million were unamortized as of December 31, 2023.

The Company had $129.2 million outstanding under the 2023 CoBank Term Loan as of December 31, 2023. Under the 2023 CoBank Revolving Loan, the Company had $33.6 million outstanding and $136.4 million of availability as of December 31, 2023. The Company was in compliance with all financial covenants as of December 31, 2023.

In October 2023, the Company entered a two year, forward starting 1-month floating to fixed SOFR interest rate swap agreement. The swap was effective November 13, 2023 in a non-amortizing notional amount of $50.0 million, has a fixed SOFR rate of 4.896% and matures on November 13, 2025.

2019 CoBank Credit Facility

On April 10, 2019, the Company entered into a credit facility, with CoBank, ACB and a syndicate of other lenders (as amended, the “2019 CoBank Credit Facility”). The 2019 CoBank Credit Facility provided for a $200 million revolving credit facility that included (i) up to $75 million for standby or trade letters of credit and (ii) up to $10 million under a swingline sub-facility. In connection with the execution of the 2023 CoBank Credit Facility, as defined above, outstanding borrowings under the 2019 CoBank Credit Facility were repaid in full.

Amounts borrowed under the 2019 CoBank Credit Facility bore interest at a rate equal to, at the Company’s option, either (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging between 1.25% to 2.25% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.25%. Swingline loans bore interest at the base rate plus the applicable margin for base rate loans. The base rate was equal to the higher of (i) 1.00% plus the higher of (x) 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 CoBank Credit Facility) plus 0.50% per annum; and (iii) the Prime Rate (as defined in the 2019 CoBank Credit Facility). The applicable margin was determined based on the Total Net Leverage Ratio (as defined in the 2019 CoBank Credit Facility). Under the terms of the 2019 CoBank Credit Facility, the Company also paid a commitment fee ranging from 0.150% to 0.375% of the average daily unused portion of the 2019 CoBank Credit Facility over each calendar quarter.

Letter of Credit Facility

On November 14, 2022, the Company entered into a General Agreement of Indemnity to issue performance Standby Letters of Credit on behalf of the Company and its subsidiaries. As of December 31, 2023, $31.6 million of Standby Letters of Credit had been issued under this agreement.

Alaska Credit Facility

On July 22, 2021, Alaska Communications entered into a Credit Agreement (the “Alaska Credit Facility”) with Fifth Third Bank, National Association, as Administrative Agent, and a syndicate of lenders to provide a $35.0 million revolving facility (the “Alaska Revolving Facility”) and a $210.0 million initial term loan facility (the “Alaska Term Loan”).

On December 23, 2022, Alaska Communications entered into a First Amendment Agreement (the “ACS Amendment”). The ACS Amendment amends the Alaska Credit Facility to increase its Revolving Credit Commitment from $35.0 million to $75.0 million and Term Loan Commitment from $210.0 million to $230.0 million. As a part of the transaction, the Term Loan commitment was fully funded as the outstanding Revolving Credit Commitment balance was transferred.

As of December 31, 2023, Alaska Communications had drawn $35.0 million on its Revolving Credit Commitment and had $40.0 million available to draw. The Term Loan balance was $228.6 million and principal payments commenced in the fourth quarter of 2023. Both facilities mature on July 22, 2026.

In addition to the above changes, the ACS Amendment replaced the calculation of interest from an applicable margin applied to LIBOR with the same applicable margin applied to the Secured Overnight Financing Rate (“SOFR”) plus a 10-basis point adjustment.

The Company capitalized $7.3 million of fees associated with the Alaska Credit Facility which are being amortized over the life of the debt and $3.9 million were unamortized as of December 31, 2023.

The Alaska Credit Facility also provides for incremental facilities up to an aggregate principal amount of the greater of $70.0 million and Alaska Communications’ trailing twelve-month Consolidated EBITDA (as defined in the Alaska Credit Facility).

The key terms and conditions of the Alaska Credit Facility include the following:

●

Amounts outstanding bear an interest rate of the forward-looking SOFR rate with a one-month interest period, plus the SOFR Spread Adjustment of 10 basis points, plus a margin ranging from 3.00% to 4.00% based on Alaska Communications’ Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) or an alternate base rate may be selected at a margin that is 1% lower than the counterpart SOFR margin;

●

Principal repayments are due quarterly and commenced in the fourth quarter of 2023 in quarterly amounts as follows: from the fourth quarter of 2023 through the third quarter of 2024, $1.4 million; and from the fourth quarter of 2024 through the third quarter of 2026, $2.9 million. The remaining unpaid balance is due on the final maturity date;

●

Alaska Communications is required to maintain financial ratios as defined in the Alaska Credit Facility, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.00 to 1, stepping down to 3.75 to 1 beginning with the second quarter of 2024; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25 to 1; and

●

The Alaska Credit Facility is non-recourse to the Company and is secured by substantially all of the personal property and certain material real property owned by Alaska Communications.

Alaska Communication’s interest rate swap, which had been designated as a cash flow hedge with an interest rate of 1.6735%, expired on June 30, 2022. In November 2023, Alaska Communications entered two forward starting 1-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the agreements is $200.0 million, with fixed SOFR rates of 4.8695% and 4.8980% and both agreements mature on June 30, 2025.

Alaska Term Facility

On June 15, 2022, Alaska Communications Systems Holdings, the parent company of Alaska Communications, entered into a secured lending arrangement with Bristol Bay Industrial, LLC (the “Alaska Term Facility”).

The Alaska Term Facility provides for a secured delayed draw term loan in an aggregate principal amount of up to $7.5 million and the proceeds may be used to pay certain invoices from a contractor for work performed in connection with a fiber build. Interest on the Alaska Term Facility accrues at a fixed rate of 4.0% and is payable commencing on March 31, 2023. Scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility matures on June 30, 2024.

The Alaska Term Facility contains events of default customary for facilities of this type.

As of December 31, 2023, the Company had $6.0 million outstanding and no available borrowings under the Alaska Term Facility.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into a 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.

On December 19, 2023, CoBank amended the Receivables Credit Facility and extended the delayed draw period to December 31, 2024.

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 accrue at a fixed annual interest rate to be quoted by CoBank.

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 December 31, 2023, Commnet Wireless had $46.5 million outstanding, of which $7.1 million was current, and $15.0 million of availability under the Receivables Credit Facility. Commnet Wireless capitalized $0.8 million in fees associated with the Receivables Credit Facility which are being amortized over the life of the debt and $0.5 million were unamortized as of December 31, 2023.

GTT Credit Facilities

On October 12, 2022, GTT received approval from Republic Bank (Guyana) Limited for a $2.9 million term facility and a $5.7 million overdraft facility (the “GTT Credit Facilities”) subject to the approval from the Minister of Finance at the Bank of Guyana, which was received on March 31, 2023.

The GTT Credit Facilities are secured by real estate assets and carry a fixed interest rate of 7.5% which will be reviewed by the bank from time to time and subject to change at the bank’s discretion. The term facility is repayable over

five years in equal monthly installments of principal and interest, commencing one month after funds are advanced. The overdraft facility will expire on October 31, 2024.

As of December 31, 2023, $4.5 million was outstanding under the overdraft facility and there were no outstanding amounts under the term facility.

Sacred Wind Term Debt

In connection with the Sacred Wind acquisition completed on November 7, 2022, the Company assumed $31.6 million of term debt (the “Sacred Wind Term Debt”) with the United States of America acting through the Administrator of the Rural Utilities Service (“RUS”). The loan agreements are dated as of October 23, 2006 and March 17, 2016. RUS provides financial assistance in the form of loans under the Rural Electrification Act of 1936 to furnish or improve telecommunications and/or broadband services in rural areas.

The Sacred Wind Term Debt is secured by substantially all assets of Sacred Wind and an underlying mortgage to the United States of America. These mortgage notes are to be repaid in equal monthly installments covering principal and interest beginning after date of issue and expiring by 2035.

The Sacred Wind Term Debt contains certain restrictions on the declaration or payment of dividends, redemption of capital stock or investment in affiliated companies without the consent by the RUS noteholders. The agreements also contain a financial covenant which Sacred Wind was not in compliance with as of December 31, 2021. Sacred Wind submitted a corrective action plan to comply with the financial covenant as of December 31, 2025. On May 5, 2022, Sacred Wind’s corrective action plan was accepted by the RUS. As of December 31, 2023, the Company was in compliance with that corrective action plan.

As of December 31, 2023, $28.2 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.4 million was current and $24.8 million was long term.

The mortgage notes carry fixed interest rates ranging from 0.88% to 5.0%.

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 Viya subsidiaries and is guaranteed by us.

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 December 31, 2023, $60.0 million of the Viya Debt remained outstanding and $0.2 million of the rate lock fee was unamortized.

On May 5, 2022, RTFC agreed to amend the Net Leverage Ratio to 7.0 to 1.0 through the maturity date of July 1, 2026. The Ratio is tested annually, and the Company was in compliance with the Net Leverage Ratio as of December 31, 2023.

One Communications Debt

The Company had an outstanding loan from HSBC Bank Bermuda Limited (the “One Communications Debt”) which matured and was repaid in full on December 22, 2022. This loan bore interest at the one-month LIBOR plus a margin ranging between 2.5% to 2.75% per annum paid quarterly.

Debt Maturity

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
	Telecom		Telecom		Other		Debt		Credit Facility
2024	$	16,538	$	4,502	$	3,250	$	24,290	$	7,110
2025		14,969		—		4,875		19,844		7,428
2026		248,469		60,000		8,125		316,594		7,761
2027		3,723		—		9,750		13,473		8,111
2028		3,858		—		136,807		140,665		8,478
Thereafter		10,191		—		—		10,191		7,650
Total		297,748		64,502		162,807		525,057		46,538
Debt Discounts		(4,142)		(247)		(3,798)		(8,187)		(485)
Book Value	$	293,606	$	64,255	$	159,009	$	516,870	$	46,053

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. 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. Historically, the Company’s subsidiary, GTT, has been subject to other long-standing litigation proceedings and disputes in Guyana that have not yet been resolved. 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 matters currently pending will not have a material adverse effect on the Company’s financial position or results of operations.

Beginning in 2006, the National Frequency Management Unit (now the Telecommunications Agency , or the “NFMU/TA”) and GTT have been engaged in discussions regarding the amount of and methodology for calculation of spectrum fees payable by GTT in Guyana. Since that time, GTT has made payments of, undisputed spectrum fees as amounts invoiced by the NFMU/TA. There have been limited further discussions on the subject of a revised spectrum fee methodology with the Telecommunications Agency and GTT awaits the determination of such fees.

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. 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, however, the Company cannot accurately predict at this time when the consolidated suit will reach a court of final determination.

GTT is also involved in several legal claims regarding its tax filings with the Guyana Revenue Authority (the “GRA”) dating back to 1991 regarding the deductibility of intercompany advisory fees as well as other tax assessments. GTT’s position has been upheld by various High Court rulings with respect to all outstanding matters. Several High Court rulings in the favor of GTT have been appealed by the GRA and the Company believes that some adverse outcome in these or pending unheard matters could occur.

In February 2020, the Company’s Alaska Communications subsidiary received a draft audit report from USAC in connection with USAC’s inquiry into Alaska Communications’ funding requests under the Rural Health Care Support Program for certain customers for the time period of July 2012 through June 2017. The draft audit report alleges violations of the FCC’s rules for establishing rural rates and urban rates, the provisioning and billing of ineligible services and products, and violations of the FCC’s competitive bidding rules. Alaska Communications has provided USAC with extensive comments in response to its draft audit report seeking correction of numerous factual and legal errors that it believed it had identified. As a result of these conversations and comments being submitted by Alaska Communications, USAC’s auditors may revise their findings, including the amounts they recommend USAC seek to recover. USAC’s auditors are expected to issue a final audit report incorporating Alaska Communications’ responses that will be sent to USAC’s Rural Health Care Division to review and determine if corrective action would be appropriate. In the event that the Company disagrees with USAC’s final audit report, the Company can appeal that decision to USAC’s Rural Health Care Division and/or the FCC. At this time, the Company cannot predict the contents or timing of the final USAC audit report, the outcome of the audit or the impact on the Company’s business, financial condition, results of operations, or liquidity.

Alaska Communications also received a Letter of Inquiry on March 18, 2018, and subsequent follow up information requests, from the FCC Enforcement Bureau requesting historical information regarding Alaska Communications’ participation in the FCC’s Rural Health Care Support Program. The Company is engaged in discussions with the FCC’s Enforcement Bureau and will continue to work constructively to provide it the information it is seeking. Any adverse outcome with respect to the FCC Enforcement Bureau’s inquiry may have an adverse impact on the Company’s business, financial condition, results of operations, or liquidity.

With respect to all of the foregoing matters, the Company believes that some adverse outcome is probable and has accordingly accrued $16.3 million as of December 31, 2023 for these and other potential liabilities arising in various

claims, legal actions and regulatory proceedings arising in the ordinary course of business. The Company also faces contingencies that are reasonably possible to occur that cannot currently be estimated. It is the Company’s policy to expense costs associated with loss contingencies, including any related legal fees, as they are incurred.

Other Obligations

The Company has obligations under non-cancellable contracts for network facilities and transport services, agreements for software licensing, as well as certain agreements to purchase goods or services. Future minimum payments required under these commitments are as follows at December 31, 2023 (in thousands):


2024	$	121,989
2025		74,457
2026		32,220
2027		19,005
2028		13,816
Thereafter		106,373
Total obligations	$	367,860

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive income (loss)
Beginning Balance	$ 580,813
Unrecognized actuarial gain, net of tax	2,035	$ 2,428	$ 5,014
Pension settlement, net of tax	195	915
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0.2 million, and $0	1,348	(500)
Foreign currency translation adjustment	229	(1,385)	(689)
Interest rate swap	(1,749)	(21)	170
Ending Balance	541,073	580,813
Projected pension benefit obligation, tax expense (benefit)	0	(200)	(100)
Reclassification of loss on pension settlement, net of tax	(200)	(800)
Reclassification of foreign currency losses, net of tax expense	0	200	0
Unrealized gain on derivatives net of tax expense	600	0	0
Other Comprehensive Income/(Loss)
Accumulated other comprehensive income (loss)
Beginning Balance	6,210	4,773	278
Unrecognized actuarial gain, net of tax	2,035	2,428	5,014
Pension settlement, net of tax	195	915
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0.2 million, and $0	1,348	(500)
Foreign currency translation adjustment	229	(1,385)	(689)
Interest rate swap	(1,749)	(21)	170
Ending Balance	8,268	6,210	4,773
Projected Pension and Postretirement Benefit Obligations
Accumulated other comprehensive income (loss)
Beginning Balance	7,787	4,444	(570)
Unrecognized actuarial gain, net of tax	2,035	2,428	5,014
Pension settlement, net of tax	195	915
Ending Balance	10,017	7,787	4,444
Translation Adjustment
Accumulated other comprehensive income (loss)
Beginning Balance	(1,577)	308	997
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0.2 million, and $0	1,348	(500)
Foreign currency translation adjustment	229	(1,385)	(689)
Ending Balance		(1,577)	308
Other
Accumulated other comprehensive income (loss)
Beginning Balance		21	(149)
Interest rate swap	(1,749)	$ (21)	170
Ending Balance	$ (1,749)		$ 21

REVENUE AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable
Gross accounts receivable	$ 207,900	$ 154,500
Customer receivable, current	7,249	5,803
Customer receivable - long term	45,676	46,706
Allowance for credit loss	16,400	15,200
Receivable for government funded programs	49,300	5,700
FirstNet agreement
Accounts Receivable
Customer receivable	52,900	52,500
Customer receivable, current	7,200	5,800
Customer receivable - long term	$ 45,700	$ 46,700

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

5. ACQUISITIONS AND DISPOSITIONS

US Telecom

Acquisition of Sacred Wind Enterprises

On November 7, 2022, the Company’s wholly owned subsidiary Alloy acquired all of the issued and outstanding stock of Sacred Wind Enterprises, Inc. (“Sacred Wind”), Inc., a rural telecommunications provider in New Mexico for $44.6 million of consideration (“Sacred Wind Transaction”). The purchase price allocation was finalized during the year ended December 31, 2023. As part of the Sacred Wind Transaction, the Company transferred consideration of $16.7 million of cash, net of $9.4 million of cash acquired, $14.8 million of redeemable noncontrolling interests, and $3.7 million of contingent consideration. During the year ended December 31, 2023, the Company received $1.3 million as final settlement of working capital amounts. The Company funded the acquisition with borrowings under its CoBank Credit Facility and assumed $31.6 million of Sacred Wind debt, to the United States of America administered through the Rural Utilities Service. Upon completion of the Sacred Wind Transaction, the former Sacred Wind shareholders will own 6% of the Alloy equity. This equity is classified as redeemable noncontrolling interests in the Company’s financial statements because the holders have an option, beginning in 2026, to put the equity interest to a subsidiary of the Company at the then fair market value. The redeemable noncontrolling interests do not have preference relative to other equity units and participate in gains and losses in Alloy. The contingent consideration is earned based on certain operating metrics of Sacred Wind beginning in 2025 through 2027. During the year ended December 31, 2023, Sacred Wind made substantial progress toward achieving the relevant operating metrics and, as a result, the contingent consideration increased by $4.2 million to $7.9 million. Such increase in the contingent consideration is included in the Loss on Disposition of Assets and Contingent Consideration on the Company’s Consolidated Income Statement. The fair value of the contingent consideration was calculated using discounted cash flow analysis based on a range of probability weighted outcomes.


Consideration Transferred	$	44,560
Purchase price allocation:
Cash and cash equivalents		2,619
Restricted cash		6,747
Current assets		4,888
Operating lease right of use assets		989
Fixed assets		85,255
Intangible assets		1,232
Current liabilities		(10,176)
Lease liabilities		(967)
Deferred taxes		(14,388)
Debt		(31,639)
Net assets acquired	$	44,560

The acquired fixed assets are comprised of telecommunication equipment located in the Southwest United States. The fixed assets were valued using the income and cost approaches. Cash flows were discounted between 7% and 12% based on the risk associated with the cash flows to determine fair value under the income approach. The fixed assets have useful lives ranging from 1 to 25 years. The intangible assets include a $0.6 million trade name. The estimated fair value of the trade name was determined using the relief from royalty method. The useful life of the trade name is 5 years. The acquired receivables consist of trade receivables incurred in the ordinary course of business. The Company expects to collect the full amount of the receivables. Other liabilities includes $6.5 million of deposits received under government grant programs and will be used to construct fixed assets in future periods.

The Company’s statement of operations for the year ended December 31, 2022 includes $3.3 million of revenue and $0.2 million of losses before taxes attributable to the Sacred Wind Transaction. The Company incurred $0.8 million of transaction related charges pertaining to legal, accounting, consulting services, and employee related costs associated with the transaction during the year ended December 31, 2022.

Acquisition of Alaska Communications

On July 22, 2021 (“Closing Date”), the Company completed the acquisition of Alaska Communications pursuant to the terms of the Merger Agreement whereby Alaska Communications became a consolidated subsidiary of the Company. At completion of the Merger, each Alaska Communications common share was converted into the right to receive $3.40 per share in cash representing a total value of $353.3 million of cash and consideration payable, (“Merger Consideration”). The consideration transferred consists of $339.5 million of cash, net of $11.9 million of cash and restricted cash acquired and $1.9 million of accrued consideration representing amounts payable related to stock compensation payable within one year of the close date. The cash consideration was used to purchase $186.8 million of Alaska Communications equity and repay $164.6 million of existing Alaska Communications debt.

The Company funded the acquisition with cash on hand, debt, and a contribution from the Freedom 3 Investors. The Company borrowed, through multiple financing transactions a net of $283 million. On the Closing Date, the lenders advanced to Merger Sub (a) the full $210 million aggregate amount of the Alaska Term Loan (as defined below) in a single borrowing and (b) $10 million of the Alaska Revolving Facility (as defined below). The Company incurred $6.6 million of debt issuance and debt discount costs. Also, to fund the Merger Consideration in part, the Company drew a net $63.0 million under its revolving credit facility under the 2019 CoBank Credit Facility (as defined below). Lastly, the Freedom 3 Investors contributed $71.5 million in conjunction with the Merger. The Company has accounted for the Freedom 3 Investment as redeemable noncontrolling interests in its consolidated financial statements. The redeemable

noncontrolling interests consists of $22.6 million of redeemable common units and $48.3 million of redeemable preferred units. The common units contain a put option allowing the holder to sell the common units to a subsidiary of the Company at the then fair market value. The put option begins at the earlier of a future initial public offering of the Alaska Communications operations or July 2028. The redeemable preferred units carry a 9% preferred dividend which compounds quarterly. The preferred units contain a put option allowing the holder to sell the preferred units to a subsidiary of the Company at the unpaid issue price plus unpaid dividends. The put option begins at the earlier of a future initial public offering of the Alaska Communications operations or July 2028. Lastly, the Company issued warrants in the Alaska Communications operations allowing the holders to purchase an additional 3% of the common units at a fixed price.

As a result of the Alaska Transaction, the Company owns 52% of the common equity of Alaska Communications and controls its operations and management.


Consideration Transferred	$	353,280
Noncontrolling interests		470
Total value to allocate		353,750

Purchase price allocation:
Cash and cash equivalents		10,553
Restricted cash		1,326
Short-term investments		434
Accounts receivable		30,453
Inventory, materials and supplies		1,374
Prepayments and other current assets		8,038
Fixed assets		408,694
Telecommunication licenses		683
Intangible assets		44,333
Operating lease right-of-use assets		60,402
Other assets		2,387
Accounts payable and accrued liabilities		(39,188)
Accrued taxes		(3,766)
Advance payments and deposits		(15,842)
Current portion of lease liabilities		(2,425)
Deferred income taxes		(17,040)
Lease liabilities, excluding current portion		(44,234)
Other liabilities		(92,432)
Net assets acquired	$	353,750

The acquired fixed assets are comprised of telecommunication equipment located in the Alaska and the Western United States. The fixed assets were valued using the income and cost approaches. Cash flows were discounted between 4% and 14% based on the risk associated with the cash flows to determine fair value under the income approach. The fixed assets have useful lives ranging from 2 to 30 years. The intangible assets consist of $34.9 million of customer relationships and $9.5 million of trade name. The intangibles were valued using an income approach based on data specific to Alaska Communications as well as market participant assumptions where appropriate. The estimated fair value of the customer relationships was determined using the multi-period excess earnings method. The estimated fair value of the trade name was determined using the relief from royalty method. The useful lives of the customer relationships and trade name are 5 and 15 years, respectively. The acquired receivables consist of trade receivables incurred in the ordinary course of business. The Company expects to collect the full amount of the receivables. Other liabilities includes $81.5 million of deferred revenue from long term customer contracts. The Company adopted ASU 2021-08 in 2021, which requires contract liabilities to be accounted for consistently with how they were recognized and

measured in the acquiree’s financial statements. As a result, the acquired deferred revenue was recorded at Alaska Communications’ book value as of the Closing Date.

The Company’s statement of operations for the year ended December 31, 2021 includes $110.5 million of revenue and $4.7 million of losses before taxes attributable to the Alaska Transaction, excluding transaction fees. The Company incurred $10.5 million of transaction related charges pertaining to legal, accounting, consulting services, and employee related costs associated with the transaction, of which $9.6 million and $0.9 million were incurred during the year ended December 31, 2021 and 2020, respectively.

The following table reflects unaudited pro forma operating results of the Company for the year ended December 31, 2021 assuming that the Alaska Transaction occurred on January 1, 2020. The unaudited pro forma amounts adjust Alaska Communications’ results to reflect the depreciation and amortization that would have been recorded assuming the fair value adjustments to fixed assets and intangible assets had been applied from January 1, 2020. Additionally, all transaction costs associated with the Alaska Transaction were recorded on January 1, 2020 in the unaudited pro forma results. Lastly, the unaudited pro forma results were adjusted to reflect changes to the acquired entities’ financial structure related to the transaction. Specifically, the pre-Close debt of $164.6 million, and associated interest, was removed and $283.0 million of transaction debt, and associated interest, was included in the unaudited pro forma results. In addition, the pro forma results included the allocation of income and accrual of preferred dividends to the redeemable noncontrolling interest.


(unaudited)		Year ended December 31, 2021
		As		Pro-
		Reported		Forma
Revenue	$	602,707	$	738,472
Net loss attributable to ATN International, Inc. Stockholders		(22,108)		(20,022)
Earnings per share:
Basic		(1.52)		(1.26)
Diluted		(1.52)		(1.26)

The unaudited pro forma adjustments increased net loss attributable to ATN International, Inc. Stockholders by $2.1 million for the year ended December 31, 2021. The increase was due to an increase from the net income of the Alaska Communications operations excluding transaction costs less increased acquisition related depreciation and amortization expenses.

The unaudited pro forma data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred if the acquisitions had been consummated on these dates or of future operating results of the combined company following this transaction.

Renewable Energy

Disposition of International Solar Business

In January 2021, the Company completed the sale of 67% of the outstanding equity in its business that owns and operates distributed generation solar power projects operated under the Vibrant name in India (the “Vibrant Transaction”). 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 do not include revenue and operating expenses from Vibrant, but instead, “other income (expense)” within the Corporate and Other operating segment includes the Company’s share of Vibrant’s profits or losses. The Company will continue to present the historical results of its Renewable Energy segment for comparative purposes.


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 due to the Vibrant Transaction and the assets and liabilities subject to the Vibrant Transaction 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 year ended December 31, 2021. The consideration received includes $19.5 million of cash and $3.9 million of receivables related to the amounts held in escrow and earn out consideration. The Company has recorded $11.8 million pursuant to an equity method investment with respect to its remaining ownership interest in Vibrant. The Company completed its assessment of earn out and escrow amounts in 2023. During the year ended December 31, 2023, the Company recorded a gain of $2.6 million related to contingent consideration. During the years ended December 31, 2022 and 2021, the Company recorded losses of $0.7 million and $1.6 million related to the contingent consideration assessment. During 2022, the Company received $1.8 million of amounts previously held in escrow.

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, and as a result, the historical results and financial position of the operations are presented within continuing operations.

GOODWILL AND INTANGIBLE ASSETS - Customer Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-lived intangible assets
Amortization of intangibles	$ 12,636	$ 13,016	$ 7,775
Future Amortization
Total	19,585	31,992
Customer relationships \| International Telecom
Finite-lived intangible assets
Amortization of intangibles	11,100	11,600	7,000
Future Amortization
2024	576
2025	576
2026	576
2027	576
2028	275
Thereafter	62
Total	2,641
Customer relationships \| US Telecom
Future Amortization
2024	5,748
2025	2,779
Total	8,527
Trade name licenses
Finite-lived intangible assets
Other intangible assets	8,400	9,700
Amortization of intangibles	1,300	$ 1,300	$ 800
Trade name licenses \| International Telecom
Future Amortization
2024	307
2025	307
2026	209
2027	37
Total	860
Trade name licenses \| US Telecom
Future Amortization
2024	964
2025	879
2026	769
2027	718
2028	657
Thereafter	3,570
Total	$ 7,557

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling Interests - Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Increase (decrease) in temporary equity
Beginning balance	$ 92,469	$ 72,936
Issuance of 591 common units		14,760
Accrued preferred dividend	4,942	4,856
Allocated net loss	(10,972)	(4,317)
Change in fair value	(522)	4,234
Ending balance	85,917	92,469
Redeemable common units
Increase (decrease) in temporary equity
Beginning balance	37,317	22,640
Issuance of 591 common units		14,760
Allocated net loss	(10,972)	(4,317)
Change in fair value	(522)	4,234
Ending balance	25,823	$ 37,317
Issuance of redeemable units (in shares)		591
Redeemable preferred units
Increase (decrease) in temporary equity
Beginning balance	55,152	$ 50,296
Accrued preferred dividend	4,942	4,856
Ending balance	$ 60,094	$ 55,152

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

ACQUISITIONS AND DISPOSITIONS - Acquisition of Alaska Communications (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 22, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Redeemable units		$ 85,917	$ 92,469	$ 72,936
Amount drawn from revolving credit facility		7,300	15,425	37,321
Revenue		762,216	725,745	602,707
Pre-tax income (loss)		27,539	8,056	22,687
Transaction-related charges		$ 551	4,798	10,221
Minimum
Business Acquisition [Line Items]
Useful life		3 years
Maximum
Business Acquisition [Line Items]
Useful life		39 years
Customer relationships \| Minimum
Business Acquisition [Line Items]
Intangible assets useful lives		5 years
Customer relationships \| Maximum
Business Acquisition [Line Items]
Intangible assets useful lives		13 years
Trade name licenses \| Minimum
Business Acquisition [Line Items]
Intangible assets useful lives		6 years
Trade name licenses \| Maximum
Business Acquisition [Line Items]
Intangible assets useful lives		15 years
Redeemable common units
Business Acquisition [Line Items]
Redeemable units		$ 25,823	37,317	22,640
Fair value of units		11,100	22,500
Redeemable preferred units
Business Acquisition [Line Items]
Redeemable units		$ 60,094	$ 55,152	50,296
Percentage of preferred dividend		9.00%
Alaska communications
Business Acquisition [Line Items]
Price of common share	$ 3.40
Consideration Transferred	$ 353,280
Cash consideration	339,500
Cash acquired from acquisition	$ 11,900
Percentage of additional equity interest	3.00%
Accrued consideration	$ 1,900
Payment for purchase of Alaska Communications equity	186,800
Repayment of Alaska Communications debt	164,600
Mezzanine equity contribution received from Freedom 3 Investors	$ 71,500
Percentage of voting interest	52.00%
Deferred revenue from long term customer contracts	$ 81,500
Revenue				110,500
Pre-tax income (loss)				4,700
Transaction-related charges	10,500			$ 9,600	$ 900
Alaska communications \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	34,900
Alaska communications \| Trade name licenses
Business Acquisition [Line Items]
Intangible assets	$ 9,500
Alaska communications \| Trade name licenses \| Minimum
Business Acquisition [Line Items]
Intangible assets useful lives	5 years
Alaska communications \| Trade name licenses \| Maximum
Business Acquisition [Line Items]
Intangible assets useful lives	15 years
Alaska communications \| Telecommunication Equipment \| Minimum
Business Acquisition [Line Items]
Useful life	2 years
Alaska communications \| Telecommunication Equipment \| Maximum
Business Acquisition [Line Items]
Useful life	30 years
Alaska communications \| Valuation income and cost approach \| Telecommunication Equipment \| Minimum
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	4.00%
Alaska communications \| Valuation income and cost approach \| Telecommunication Equipment \| Maximum
Business Acquisition [Line Items]
Discounted rate used for cash flows (as a percent)	14.00%
Alaska communications \| Redeemable common units
Business Acquisition [Line Items]
Redeemable units	$ 22,600
Alaska communications \| Redeemable preferred units
Business Acquisition [Line Items]
Redeemable units	$ 48,300
Percentage of preferred dividend	9.00%
Alaska credit facility \| Alaska communications
Business Acquisition [Line Items]
Face amount of debt	$ 283,000
Debt issuance and debt discount costs	6,600
Alaska revolving facility \| Alaska communications
Business Acquisition [Line Items]
Face amount of debt	10,000
Amount drawn from revolving credit facility	63,000
Alaska Term Facility \| Alaska communications
Business Acquisition [Line Items]
Face amount of debt	$ 210,000

LONG-TERM DEBT - Quarterly Payments Dates (Details) - 2023 CoBank Term Loan - 2023 CoBank Credit Facility	Jul. 13, 2023 USD ($)
Quarterly Payment, December 31, 2023 - June 30, 2025
Debt Instrument [Line Items]
Quarterly repayments	$ 812,500
Interest rate	2.50%
Quarterly Payment, December 31, 2025 - June 30, 2026
Debt Instrument [Line Items]
Quarterly repayments	$ 1,625,000
Interest rate	5.00%
Quarterly Payment, December 31, 2026 - June 30, 2029
Debt Instrument [Line Items]
Quarterly repayments	$ 2,437,500
Interest rate	7.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOVERNMENT SUPPORT AND SPECTRUM PROGRAMS (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Summary of revenues


	Year Ended
	2023		2022		2021
Services transferred over time
US Telecom	$	326,966	$	301,309	$	188,405
International Telecom		347,769		332,507		319,357
Solar		-		-		418
Total		674,735		633,816		508,180
Goods and services transferred at a point in time
US Telecom		18,059		29,203		46,433
International Telecom		17,086		14,934		10,928
Total		35,145		44,137		57,361
Total revenue accounted for under ASC 606		709,880		677,953		565,541

Network Connectivity for Eligible Communities

Disaggregation of Revenue [Line Items]

Schedule of grant funds


	Amount
Grants awarded, December 31, 2022	$	80,197
New grants		34,526
Construction complete		(8,305)
Transferred grants		(6,269)
Grants awarded, December 31, 2023	$	100,149

Communication services

Disaggregation of Revenue [Line Items]

Summary of revenues


	Year ended
	December 31, 2023

	US Telecom		International Telecom		Total

High cost support	$	9,260	$	5,571	$	14,831
CAF II		27,260		—		27,260
RDOF		2,432		—		2,432
ECF		26,346		—		26,346
RHC		11,995		—		11,995
Other		23,478		1,250		24,728
Total	$	100,771	$	6,821	$	107,592


	Year ended
	December 31, 2022

	US Telecom		International Telecom		Total

High cost support	$	4,459	$	7,862	$	12,321
CAF II		27,264		—		27,264
RDOF		1,954		—		1,954
RHC		11,018		—		11,018
Other		15,638		52		15,690
Total	$	60,333	$	7,914	$	68,247


	Year ended
	December 31, 2021

	US Telecom		International Telecom		Total

High cost support	$	2,449	$	13,907	$	16,356
CAF II		16,330		—		16,330
RHC		5,778		—		5,778
Other		8,185		—		8,185
Total	$	32,742	$	13,907	$	46,649

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computation of basic and diluted earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to ATN International, Inc. stockholders- Basic	$ (14,538)	$ (5,645)	$ (22,108)
Less: Preferred dividends	(4,942)	(4,856)	(1,962)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$ (19,480)	$ (10,501)	$ (24,070)
Denominator:
Weighted-average shares outstanding- Basic	15,595	15,751	15,867
Weighted-average shares outstanding- Diluted	15,595	15,751	15,867

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
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-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2023

RETIREMENT PLANS

RETIREMENT PLANS

12. RETIREMENT PLANS

The Company has noncontributory defined benefit pension plans as well as noncontributory postretirement benefit plans offering defined medical, dental, vision, and life benefits for certain of its employees. The Company’s pension and other postretirement benefit plans are closed to new participants and only grandfathered participants continue to accrue additional benefits. Also, in 2020 the Company began the process of winding up one of its benefit plans. The Company reviews the funded status of its pension plans and makes contributions based on that analysis. The benefits are based on the participants’ compensation during their employment and the credited service years earned by participants. The Company funds the other postretirement benefit plans as benefits are paid.

The weighted-average rates assumed in the actuarial calculations for the pension and other postretirement benefit plans are as follows as of December 31, 2023, 2022 and 2021:


	2023		2022		2021
Discount Rate – Pension Benefit Obligation	4.3	%	5.4	%	2.9	%
Discount Rate – Pension Benefit Cost	5.4	%	2.9	%	2.6	%
Discount Rate – Postretirement Benefit Obligation	5.2	%	5.4	%	2.8	%
Discount Rate – Postretirement Benefit Cost	5.2	%	2.8	%	2.5	%
Expected long-term return on plan assets	5.3	%	5.2	%	5.3	%

The expected long-term rate of return on plan assets was determined based on several factors including input from pension investment consultants, projected long-term returns of equity and bond indices, and historical returns over the life of the related obligations of the fund. The Company, in conjunction with its pension investment consultants, reviews its asset allocation periodically and rebalances its investments when appropriate in an effort to earn the expected long-term returns. The Company will continue to evaluate its long-term rate of return assumptions at least annually and will adjust them as necessary.

The annual salary increase assumption is no longer applicable as the plan participants no longer accrue additional service.

The discount rate was determined based on a review of market data including yields on high quality corporate bonds with maturities approximating the remaining life of the project benefit obligations.

The other postretirement benefit plans healthcare cost trend assumptions is based on health care trend rates. The 2023 assumed medical health care cost trend rate is 12% trending to an ultimate rate of 4% in 2074. The assumed dental care cost trend rate is 4% in 2023 and remains at this rate until 2074.

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2023 and 2022 (in thousands):


	2023				2022

	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:	$	66,175	$	3,624	$	100,624	$	5,343
Service cost		90		65		151		124
Interest cost		3,323		182		2,373		139
Benefits and settlements paid		(6,899)		(309)		(18,490)		(396)
Actuarial (gain) loss		1,460		63		(16,758)		(1,586)
Settlement		-		—		(1,725)		-
Balance at end of year	$	64,149	$	3,625	$	66,175	$	3,624
Plan net assets:
Balance at beginning of year:	$	71,552	$	—	$	103,718	$	—
Actual return on plan assets		7,142		—		(13,188)		—
Company contributions		207		309		—		396
Benefits and settlements paid		(7,397)		(309)		(18,978)		(396)
Balance at end of year	$	71,504	$	—	$	71,552	$	—
Over/ (Under) funded status of plan	$	7,355	$	(3,625)	$	5,377	$	(3,624)

The Company reports an asset or liability on its balance sheet equal to the funded status of its pension and other postretirement benefit plans. Plans in an overfunded status are aggregated and recorded as a net pension benefit asset in other assets. Plans in an underfunded status are aggregated and recorded as a net postretirement benefit liability in other liabilities. The funded status of the Company’s pension and other retirement benefit plans is below (in thousands):


	2023

	Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits

Projected benefit obligation	$	53,075	$	11,074	$	3,341	$	284
Plan Net Assets		62,142		9,362		—		—
Over/ (Under) funded status of plan	$	9,067	$	(1,712)	$	(3,341)	$	(284)


	2022

	GTT Pension Benefit		Viya Pension Benefit		Alaska Pension Benefit		Viya Postretirement Benefits		Alaska Postretirement Benefits

Projected benefit obligation	$	2,038	$	52,832	$	11,305	$	3,337	$	287
Plan Net Assets		2,038		60,132		9,382		—		—
Over/ (Under) funded status of plan	$	—	$	7,300	$	(1,923)	$	(3,337)	$	(287)

The Company’s investment policy for its pension assets is to have a reasonably balanced investment approach, with a long-term bias toward debt investments. The Company’s strategy allocates plan assets among equity, debt and other assets to achieve long-term returns without significant risk to principal. The pension fund has limitations from investing in the equity, debt or other securities of the employer, its subsidiaries or associates of the employer or any company of which the employer is a subsidiary or an associate.

The fair values for the pension plan’s net assets, by asset category, at December 31, 2023 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	2,642	$	2,642	$	—
Common stock		12,680		12,680		—
Mutual funds - fixed income		8,836		8,836		—
Mutual funds - equities		9,527		9,527		—
Fixed income securities		33,728		—		33,728
Other		4,091		4,091		—
Total	$	71,504	$	37,776	$	33,728

The fair values for the pension plan’s net assets, by asset category, at December 31, 2022 are as follows (in thousands):


Asset Category	Total		Level 1		Level 2
Cash, cash equivalents, money markets and other	$	7,572	$	7,572	$	—
Common stock		17,974		17,974		—
Mutual funds - fixed income		10,732		10,732		—
Mutual funds - equities		5,228		5,228		—
Fixed income securities		22,913		—		22,913
Other		7,133		7,133		—
Total	$	71,552	$	48,639	$	22,913

The plan’s weighted-average asset allocations at December 31, 2023 and 2022, by asset category are as follows:


	2023		2022
Cash, cash equivalents, money markets and other	4	%	11	%
Common stock	18		25
Mutual funds - fixed income	12		15
Mutual funds - equities	13		7
Fixed income securities	47		32
Other	6		10
Total	100	%	100	%

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):


	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Accrued and current liabilities	$	—	$	310	$	—	$	294
Other Liabilities		1,712		3,318		1,923		3,068
Other Assets		9,070		—		7,303		—
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

Amounts recognized in accumulated other comprehensive income consist of (in thousands):


	As of December 31,
	2023				2022
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits

Unrecognized net actuarial gain	$	8,842	$	1,614	$	6,268	$	1,614
Accumulated other comprehensive income, pre-tax		8,842		1,614		6,268		1,614
Accumulated other comprehensive income, net of tax		8,592		1,415		6,191		1,589

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	2023				2022				2021
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	90	$	65	$	151	$	124	$	229	$	143
Non-operating expense
Interest cost		3,323		182		2,373		139		2,043		127
Expected return on plan assets		(2,936)		—		(3,814)		—		(3,366)		—
Amortization of actuarial (gain) loss		(43)		(113)		—		—		—		—
Settlement		—		—		1,725		—		34		—
Net periodic pension cost	$	434	$	134	$	435	$	263	$	(1,060)	$	270

The Company is currently evaluating whether it will make any contributions to its pension and postretirement benefit plans during the year ending December 31, 2024.

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):


	Pension		Postretirement
Fiscal Year	Benefits		Benefits
2024	$	5,365	$	317
2025		4,899		333
2026		4,969		238
2027		5,026		265
2028		4,775		265
2029-2033		23,351		1,483
Total	$	48,385	$	2,901

Multi-employer Defined Benefit Plan

Certain employees of the Company’s US Telecom participate in the Alaska Electrical Pension Plan (“AEPF”). The Company pays the AEPF a contractual hourly amount based on employee classification or base compensation. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer.

The following table provides additional information about the AEPF multi-employer pension plan.


Plan name	Alaska Electrical Pension Plan
Number of employees covered	541
Pension Protection Act zone status at the plan's year-end:
December 31, 2022	Green
December 31, 2021	Green
Plan subject to funding improvement plan	No
Plan subject to rehabilitation plan	No
Employer subject to contribution surcharge	No
Company contributions to the plan for the year ended:
December 31, 2023	$ 6.2 million
December 31, 2022	$ 6.6 million
December 31, 2021	$ 3.1 million
Name and expiration date of collective bargaining agreements requiring contributions to the plan:
Collective Bargaining Agreement Between Alaska
Communications Systems and Local Union 1547 IBEW	June 30, 2025
Outside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	June 30, 2026
Inside Agreement Alaska Electrical Construction between
Local Union 1547 IBEW and Alaska Chapter National
Electrical Contractors Association Inc.	April 30, 2026

The Company’s contributions to the plan in 2023 and 2022 represent greater than 5% of the total contributions to the plan. The Company cannot accurately project any change in the plan status in future years given the uncertainty of economic conditions or the effect of actuarial valuations versus actual performance in the market. Minimum required future contributions to the AEPF are subject to the number of employees in each classification and base compensation of employees in future years.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

RETIREMENT PLANS - Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension benefits
Projected benefit obligations:
Balance at beginning of year	$ 66,175	$ 100,624
Service cost	90	151	$ 229
Interest cost	3,323	2,373	2,043
Benefits and settlements paid	(6,899)	(18,490)
Actuarial (gain) loss	1,460	(16,758)
Settlement		(1,725)
Balance at end of year	64,149	66,175	100,624
Plan net assets:
Balance at beginning of year	71,552	103,718
Actual return on plan assets	7,142	(13,188)
Company contributions	207
Benefits and settlements paid	(7,397)	(18,978)
Balance at end of year	71,504	71,552	103,718
Funded status of plan
Projected benefit obligation	64,149	66,175	100,624
Plan Net Assets	71,504	71,552	103,718
Over/ (Under) funded status of plan	7,355	5,377
Pension benefits \| GT&T Pension Benefit
Projected benefit obligations:
Balance at beginning of year	2,038
Balance at end of year		2,038
Plan net assets:
Balance at beginning of year	2,038
Balance at end of year		2,038
Funded status of plan
Projected benefit obligation		2,038
Plan Net Assets		2,038
Pension benefits \| Viya Pension Benefit
Projected benefit obligations:
Balance at beginning of year	52,832
Balance at end of year	53,075	52,832
Plan net assets:
Balance at beginning of year	60,132
Balance at end of year	62,142	60,132
Funded status of plan
Projected benefit obligation	53,075	52,832
Plan Net Assets	62,142	60,132
Over/ (Under) funded status of plan	9,067	7,300
Pension benefits \| Alaska Pension Benefit
Projected benefit obligations:
Balance at beginning of year	11,305
Balance at end of year	11,074	11,305
Plan net assets:
Balance at beginning of year	9,382
Balance at end of year	9,362	9,382
Funded status of plan
Projected benefit obligation	11,074	11,305
Plan Net Assets	9,362	9,382
Over/ (Under) funded status of plan	(1,712)	(1,923)
Postretirement benefits
Projected benefit obligations:
Balance at beginning of year	3,624	5,343
Service cost	65	124	143
Interest cost	182	139	127
Benefits and settlements paid	(309)	(396)
Actuarial (gain) loss	63	(1,586)
Balance at end of year	3,625	3,624	5,343
Plan net assets:
Company contributions	309	396
Benefits and settlements paid	(309)	(396)
Funded status of plan
Projected benefit obligation	3,625	3,624	$ 5,343
Over/ (Under) funded status of plan	(3,625)	(3,624)
Postretirement benefits \| Viya Pension Benefit
Projected benefit obligations:
Balance at beginning of year	3,337
Balance at end of year	3,341	3,337
Funded status of plan
Projected benefit obligation	3,341	3,337
Over/ (Under) funded status of plan	(3,341)	(3,337)
Postretirement benefits \| Alaska Pension Benefit
Projected benefit obligations:
Balance at beginning of year	287
Balance at end of year	284	287
Funded status of plan
Projected benefit obligation	284	287
Over/ (Under) funded status of plan	$ (284)	$ (287)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowances	$ 16.4	$ 15.2
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	17,702,476	17,584,057
Common stock, shares outstanding	15,421,481	15,763,341
Treasury stock, shares	2,280,995	1,820,716

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 15, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 394
Entity Common Stock, Shares Outstanding		15,481,207
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Boston, Massachusetts
Entity Central Index Key	0000879585
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2023, 2022 and 2020 are as follows (in thousands):


	2023		2022		2021
Domestic	$	(57,289)	$	(37,777)	$	(38,407)
Foreign		29,750		29,721		15,720
Total	$	(27,539)	$	(8,056)	$	(22,687)

Schedule of reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense

The following is a reconciliation from the tax computed at statutory income tax rates to the Company’s income tax expense for the years ended December 31, 2023, 2022 and 2021 (in thousands):


	2023		2022		2021
Tax computed at statutory US federal income tax rates	$	(5,783)	$	(1,681)	$	(4,760)
Noncontrolling interest		(62)		844		(158)
Foreign tax rate differential		(8,853)		(6,525)		(4,520)
Over (under) provided in prior periods		(179)		(437)		(78)
Nondeductible expenses		1,806		2,111		1,429
Capitalized transactions costs		56		134		898
Change in tax reserves		2,783		4,052		2,524
State Taxes, net of federal benefit		(1,776)		(1,126)		(1,399)
Change in valuation allowance		2,467		2,117		3,575
Investment Tax Credit		84		84		101
Stock-based compensation		812		696		510
Deferred income tax revaluation		(140)		(742)		-
Total Income Tax Expense	$	(8,785)	$	(473)	$	(1,878)

Schedule of components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

\
	2023		2022		2021
Current:
United States—Federal	$	921	$	302	$	460
United States—State		404		20		2
Foreign		6,646		6,657		4,272
Total current income tax expense	$	7,971	$	6,979	$	4,734
Deferred:
United States—Federal	$	(7,786)	$	(4,527)	$	(5,800)
United States—State		(2,781)		(1,895)		(1,402)
Foreign		(6,189)		(1,030)		590
Total deferred income tax expense (benefit)	$	(16,756)	$	(7,452)	$	(6,612)
Consolidated:
United States—Federal	$	(6,865)	$	(4,225)	$	(5,340)
United States—State		(2,377)		(1,875)		(1,400)
Foreign		457		5,627		4,862
Total income tax expense (benefit)	$	(8,785)	$	(473)	$	(1,878)

Schedule of significant components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities are as follows as of December 31, 2023 and 2022 (in thousands):


	2023		2022
Deferred tax assets:
Accounts receivable and inventory allowances	$	2,552	$	2,567
Basis in investments		3,795		4,387
Accrued expenses		7,331		7,063
Deferred revenue		26,768		27,526
Employee benefits		4,515		6,690
Other, net		14,764		6,892
Net operating losses		78,876		63,713
Tax Credits		5,659		2,995
Operating lease liability		23,370		24,451
Total deferred tax asset		167,630		146,284

Deferred tax liabilities:
Acquired intangible assets, property and equipment		105,729		106,529
Right-of-use asset		27,099		27,796
Prepaid expense		250		197
Total deferred tax liabilities		133,078		134,522

Valuation allowance		(43,118)		(35,759)

Net deferred tax liabilities	$	(8,566)	$	(23,997)

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are reflected in the accompanying consolidated balance sheets as follows (in thousands):


	2023		2022
Deferred tax assets:
Long term	$	11,209	$	4,653
Total deferred tax asset	$	11,209	$	4,653
Deferred tax liabilities:
Long term	$	(19,775)	$	(28,650)
Total deferred tax liabilities	$	(19,775)	$	(28,650)
Net deferred tax liabilities	$	(8,566)	$	(23,997)

Schedule of activity related to unrecognized tax benefits

The following shows the activity related to unrecognized tax benefits (not including interest and penalty) during the three years ended December 31, 2023 (in thousands):


Gross unrecognized uncertain tax benefits at December 31, 2020	$	33,878
Increase in unrecognized tax benefits taken during a prior period		(216)
Increase in unrecognized tax benefits taken during the current period		3,880
Increase in unrecognized tax benefits acquired as part of a business combination		8,275
Lapse in statute of limitations		(2,103)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2021	$	43,714
Increase in unrecognized tax benefits taken during a prior period		—
Increase in unrecognized tax benefits taken during the current period		5,080
Increase in unrecognized tax benefits acquired as part of a business combination		(6,825)
Lapse in statute of limitations		(2,050)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2022	$	39,919
Increase in unrecognized tax benefits taken during a prior period		—
Increase in unrecognized tax benefits taken during the current period		2,598
Increase in unrecognized tax benefits acquired as part of a business combination		—
Lapse in statute of limitations		(2,449)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2023	$	40,068

INCOME TAXES - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of income before income taxes
Domestic	$ (57,289)	$ (37,777)	$ (38,407)
Foreign	29,750	29,721	15,720
LOSS BEFORE INCOME TAXES	$ (27,539)	$ (8,056)	$ (22,687)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and certain entities, which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities since it is determined that the Company is the primary beneficiary of these entities.

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 on trade receivables, 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 and income taxes. Actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all investments with an original maturity of three months or less at date of purchase to be cash equivalents. The Company places its cash and temporary investments with banks and other institutions that it believes have a high credit quality. At December 31, 2023, the Company had $21.8 million of its cash on deposit with noninsured institutions such as corporate money market issuers and cash held in foreign banks. The Company’s cash and cash equivalents are not subject to any restrictions (see Note 8). As of December 31, 2023 and 2022, the Company held $5.7 million and $4.9 million, respectively, of its cash in Guyana dollars. While there are risks associated with the conversion of Guyana dollars to US dollars due to limited liquidity in the Guyana foreign currency markets, to date it has not prevented the Company from converting Guyana dollars into US dollars within a given three month period or from converting at a price that reasonably approximates the reported exchange rate.

Restricted Cash

The Company classifies cash that is legally restricted as to withdrawal or usage as restricted cash. Restricted cash as of December 31, 2023 and December 31, 2022 primarily relates to cash that is restricted for regulatory purposes.

Short Term Investments

The Company's short-term investments consist of corporate bonds, which have remaining maturities of more than three months at the date of purchase, and equity securities classified as available for sale, which are stated at fair value. Unrealized gains and losses are recorded in other income. The estimated fair values of investments are based on quoted market prices as of the end of the reporting period.

Allowance for Credit Losses

The Company records an estimate of future credit losses in conjunction with the revenue transactions based on information available including historical experience, credit worthiness of customers, the Company’s historical experience with customers, current market and economic conditions, and management’s expectations of future conditions. That estimate is updated as additional information becomes available. Uncollectible amounts are charged against the allowance account. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.

Inventory, Materials and Supplies

Inventory, materials and supplies primarily include handsets and other equipment held for sale to customers. These balances are recorded at the lower of cost, determined on the basis of specific identification, or market, determined using replacement value.

Fixed Assets

The Company’s fixed assets are recorded at cost and depreciated using the straight-line method generally between 3 and 39 years. Expenditures for major renewals and betterments that extend the useful lives of fixed assets are capitalized to fixed assets. Repairs and replacements of minor items of property are charged to period operating expense as incurred. The cost of fixed assets in service and under construction includes internal and external costs necessary to bring an asset to the condition and location necessary for its intended use. Grants received for the construction of assets are recognized as a reduction of the cost of fixed assets, a subsequent reduction of depreciation expense over the useful lives of those assets within the income statement and as an investing cash flow in the statements of cash flows.

The Company capitalizes certain costs of developing and purchasing new information systems in accordance with internal use software guidance. These costs are depreciated over the useful life of the information system. The Company also incurs implementation costs associated with cloud computing arrangements. If these implementation costs do not meet internal use software capitalization guidance, the implementation costs are recorded as prepaid assets and expensed through operating expense over the life of the arrangement.

The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred if a reasonable estimate of fair value can be made. In periods subsequent to initial measurement, period-to-period changes in the liability for an asset retirement obligation resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows are recognized. The increase in the carrying value of the associated long-lived asset is depreciated over the corresponding estimated economic life. Other liabilities within the consolidated balance sheets include accruals of $11.4 million and $10.3 million as of December 31, 2023 and 2022, respectively, for estimated costs associated with asset retirement obligations.

In accordance with the authoritative guidance for accounting for the impairment or disposal of long-lived assets, the Company evaluates the carrying value of long-lived assets, including property and equipment, in relation to the operating performance and future undiscounted cash flows of the underlying business whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss exists when estimated undiscounted cash flows attributable to an asset are less than its carrying amount. If an asset is deemed to be impaired, the amount of the impairment loss recognized represents the asset’s carrying value in excess of its estimated fair value, based on management’s assumptions and projections.

Management’s estimate of the future cash flows attributable to its long-lived assets and the fair value of its businesses involve significant uncertainty. Those estimates are based on management’s assumptions of future results, growth trends and industry conditions. If those estimates are not met, the Company could have additional impairment charges in the future, and the amounts may be material.

The Company did not record any fixed asset impairments for the years ended December 31, 2023, 2022 or 2021.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill is recognized in business combinations equal to the amount by which the cost of acquired net assets exceeded the fair value of those net assets on the date of acquisition. The Company allocates goodwill to reporting units at the time of acquisition and bases that allocation on which reporting units will benefit from the acquired assets and liabilities. Reporting units are defined as operating segments or one level below an operating segment, referred to as a component. The Company has determined that its reporting units are components of its multiple operating segments. The Company assesses goodwill for impairment on an annual basis in the fourth quarter or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The assessment begins with a qualitative analysis to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the reporting unit passes this analysis, the impairment assessment is complete and no impairment is recorded. If the reporting unit does not pass the analysis, or if a quantitative analysis is elected to be applied, the Company performs additional quantitative analysis by calculating the fair value of the reporting unit. If the fair value exceeds the carrying value, the test is complete and no impairment is recorded. If the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit an impairment charge is recorded equal to the excess, but not more than the total amount of goodwill allocated to the reporting unit.

A significant majority of the Company’s telecommunications licenses are not amortized and are carried at their historical costs. The Company believes that telecommunications licenses generally have an indefinite life based on the historical ability to renew such licenses, that such renewals may be obtained indefinitely and at little cost, and that the related technology used is not expected to be replaced in the foreseeable future. The Company has elected to perform its annual testing of its telecommunications licenses in the fourth quarter of each fiscal year, or more often if events or circumstances indicate that there may be impairment. The assessment begins with a qualitative analysis to determine whether it is more likely than not that the license fair value exceeds its carrying value. If the reporting unit passes this analysis, the impairment assessment is complete and no impairment is recorded. If the reporting unit does not pass the analysis, the Company performs additional quantitative analysis to calculate the fair value of the license. If the carrying value of the license exceeds the license fair value an impairment charge is recorded. As a part of the impairment test the Company assesses the appropriateness of the application of the indefinite-lived assertion. If the value of these assets were impaired by some factor, such as an adverse change in the subsidiary’s operating market, the Company may be required to record an impairment charge.

The Company performed its annual impairment assessment of its goodwill and indefinite-lived intangible assets (telecommunications licenses) for the years ended December 31, 2023 and 2022 and no impairment were identified . See Note 7 for a discussion of the Company’s impairment of a portion of its goodwill within its International Telecom segment during the year ended December 31, 2021.

Other Intangible Assets

Intangible assets resulting from the acquisitions of entities accounted for using the purchase method of accounting are estimated by management based on the fair value of the assets acquired. These include acquired customer relationships and trade names. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions by management, including revenue growth rates, customer attrition rates, royalty rates, discount rates and projected future cash flows.

Customer relationships and trade names are amortized over their estimated lives ranging from 5-13 years and 6-15 years, respectively, based on the pattern in which economic benefit of the customer relationship is estimated to be realized. The Company evaluates intangible assets subject to amortization annually for impairment.

Debt

Debt is measured at amortized cost. Debt issuance costs are recorded as a reduction to the carrying value of the debt and are amortized as interest expense in the consolidated income statements over the period of the debt. Except for interest costs incurred for the construction of a qualifying asset which are capitalized during the period the assets are prepared for their intended use, interest costs are expensed.

Redeemable Noncontrolling Interests

The redeemable noncontrolling interests in the accompanying consolidated balance sheets reflect common and preferred units issued in conjunction with the Company’s acquisition of Alaska Communication and common units issued in conjunction with the Company’s acquisition of Sacred Wind. (Refer to Note 5). Generally, the holders of these instruments have the ability to sell the instrument to a subsidiary of the Company in a future period. The common redeemable noncontrolling interests are recorded at the greater of historical cost or fair value. Historical cost is calculated as the original investment adjusted for subsequent capital contributions and distributions as well as the applicable share of earnings or losses. The fair value is calculated using a market approach and level 3 inputs. If the historical cost is more than the fair value at the end of the reporting period no adjustment is recorded, if the fair value is greater than the historical cost the value of the instrument is adjusted to the fair value with the offsetting amount recorded to retained earnings. The preferred redeemable noncontrolling interests are recorded at cost plus accrued dividends.

Noncontrolling Interests

The noncontrolling interests in the accompanying consolidated balance sheets reflect the original investments made by minority stockholders in certain subsidiaries of the Company. Noncontrolling interests acquired in a business combination are initially recorded at fair value. Subsequently, noncontrolling interests are adjusted for additional capital contributions, the minority stockholder’s proportional share of the earnings or losses, distributions to the minority stockholders and repurchases, by the Company, of such interests.

Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss), by component, were as follows (in thousands):


	Projected
	Pension and
	Postretirement Benefit		Translation
	Obligations		Adjustment		Other		Total

Balance at December 31, 2020	$	(570)	$	997	$	(149)	$	278
Unrecognized actuarial gain, net of tax of $(0.1) million		5,014		—		—		5,014
Foreign currency translation adjustment		—		(689)		—		(689)
Interest rate swap		—		—		170		170
Balance at December 31, 2021		4,444		308		21		4,773
Unrecognized actuarial gain, net of tax of $(0.2) million		2,428		—		—		2,428
Pension settlement, net of tax of $(0.8) million		915		—		—		915
Reclassification of foreign currency losses on investments sold, net of tax of $0.2 million		—		(500)		—		(500)
Foreign currency translation adjustment		—		(1,385)		—		(1,385)
Interest rate swap		—		—		(21)		(21)
Balance at December 31, 2022		7,787		(1,577)		—		6,210
Unrecognized actuarial gain, net of tax of $0		2,035		—		—		2,035
Pension settlement, net of tax of $(0.2) million		195		—		—		195
Reclassification of foreign currency losses on investments, net of tax of $0		—		1,348		—		1,348
Foreign currency translation adjustment		—		229		—		229
Interest rate swap, net of tax of $0.6 million		—		—		(1,749)		(1,749)
Balance at December 31, 2023	$	10,017	$	—	$	(1,749)	$	8,268

Amounts reclassified from accumulated other comprehensive income to net income for pension and other postretirement benefits plans were $0.2 million, $0.9 million, and $(34) thousand for the years ended December 31, 2023, 2022, and 2021, respectively. Additionally, $1.3 million and $(0.5) million was reclassified from accumulated other comprehensive income to net income as a result of the foreign currency translation adjustments losses on assets sold during the years ended December 31, 2023 and 2022, respectively.

Revenue Recognition

The Company earns revenue from its telecommunication operations. The Company recognizes revenue through the following steps:

Identification of the contract with a customer

Identification of the performance obligations in the contract

Determination of the transaction price

Allocation of the transaction price to the performance obligations in the contract

Recognize revenue when, or as, the Company satisfies performance obligations

Revenue Recognition- Communications Services

Communication services consists of Mobility, Fixed, and Carrier Services revenue. Mobility revenue consists of revenue generated from providing mobile communication services to consumer and business subscribers over the Company’s wireless networks and the sale of related equipment to its subscribers. The service revenue generated is recognized over time as the service is rendered and revenues from equipment are recognized when the equipment is delivered to the customer.

Fixed Communications revenue is primarily generated by fixed data and voice telecommunications services to both business and consumer subscribers. The service includes consumer broadband and high speed data solutions for businesses, as well as video services. Revenue from these contracts is recognized over time as the service is rendered to the customer. Fixed revenue also includes revenue from government grants and is recognized in accordance with the grant terms and conditions.

For both Fixed and Mobility revenue contracts, management considers transactions where customers purchase subsidized or discounted equipment and services to be a single contract. For these contracts, the transaction price is allocated to the equipment and service based on their standalone selling prices. The standalone selling price is based on the amount the Company charges for the equipment and service to similar customers. Equipment revenue is recognized when the equipment is delivered to customers and service revenue is recognized as service is rendered.

Carrier Services revenue is generated from providing services to other telecommunications providers such as wholesale roaming, the leasing of critical network infrastructure such as tower and transport facilities, site maintenance, and international long-distance services. Revenue is recognized over time as the service is rendered to the customer.

In July 2019 the Company entered into a Network Build and Maintenance Agreement (the “FirstNet Agreement”) with AT&T Mobility, LLC (“AT&T”) to 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 western United States (the “FirstNet Transaction”). 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 construction revenue is recognized when the assets are delivered and the service revenue is recognized over time as the service is rendered to the customer. The current portion of receivables under this agreement is recorded in customer receivable and the long-term portion is recorded in customer receivable long-term on the Company’s balance sheet

In May 2023, the Company amended its current roaming agreement and entered into a carrier management services agreement with Verizon Wireless (“Verizon CMS Agreement”). The transaction includes service performance obligations under which revenue is recognized over time. The Company allocates the transaction price of these agreements to each performance obligation based on the relative standalone selling price of each performance obligation in the contracts. 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 Company’s Mobility, Carrier Services, and Fixed communications contracts occasionally include promotional discounts such as free service periods or discounted products. If a contract contains a substantive termination penalty, the transaction price is allocated to the performance obligations based on a standalone selling price resulting in accelerated revenue recognition and the establishment of a contract asset that will be recognized over the life of the contract. If a contract includes a promotional discount but no substantive termination penalty, the discount is recorded in the promotional period and no contract asset is established. The Company’s customers also have the option

to purchase additional telecommunication services. Generally, these options are not performance obligations and are excluded from the transaction price because they do not provide the customers with a material right.

The Company may charge upfront fees for activation and installation of some of its products and services. These fees are reviewed to determine if they represent a separate performance obligation. If they do not represent a separate performance obligation, the transaction price associated with them is recognized over the life of the customer. If the fees represent a performance obligation they are recognized when delivered to the customer based on the standalone selling price.

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.

The Company also enters into build and maintenance agreements with its customers. The agreements include construction and service performance obligations. The Company allocates the transaction price 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.

Sales and use and state excise taxes collected from customers that are remitted to the governmental authorities are reported on a net basis and excluded from the revenues and sales.

Revenue Recognition- Construction

Construction revenue is generated from construction services provided to telecommunications customers. The Company recognizes revenue at a point in time when the product is delivered to the customer.

Revenue Recognition-Other Revenue

Other revenue consists of Managed Services revenue. Managed services revenue is generated from information technology services such as network, application, infrastructure, and hosting services to both business and consumer customers. The revenue is recognized as the service is delivered to customers.

Contract Assets and Liabilities

The Company recognizes contract assets and liabilities on its balance sheet. Contract assets represent unbilled amounts typically resulting from consumer mobility contracts with both a multiyear service period and a promotional discount. In these contracts the revenue recognized exceeds the amount billed to the customer. The current portion of the contract asset is recorded in prepayments and other current assets and the noncurrent portion is included in other assets on the Company’s balance sheet.

Contract liabilities consist of advance payments and billings in excess of revenue recognized. Retail revenue for postpaid customers is generally billed one month in advance and recognized over the period that the corresponding service is rendered to customers. To the extent the service is not provided by the reporting date the amount is recognized as a contract liability. Prepaid service, including mobile voice and data services, sold to customers is recorded as deferred revenue prior to the commencement of services. The Company also records deferred revenue associated with prepaid service agreements to provide data capacity to customers. For these service agreements, a contract liability is established and recognized as revenue on a straight-line basis over the life of the agreement. The current portion of contract liabilities is recorded in advanced payments and deposits and the noncurrent portion is included in other liabilities on the Company’s balance sheets.

The Company acquired $92.7 million of contract liabilities in its acquisition of Alaska Communications. This balance is being amortized into revenue over the remaining life of the revenue contracts. At December 31, 2023, $68.7 million of this balance remains as a contract liability.

Contract Acquisition Costs

The Company pays sales commissions to its employees and agents for obtaining customer contracts. These costs are incremental because they would not have been incurred if the contract was not obtained. The Company recognizes an asset for these costs in Other assets on the Company’s consolidated balance sheets and subsequently amortizes the asset on a systematic basis consistent with the pattern of the transfer of the services to the customer. The amortization period, which is between 2 and 6 years, considers both the original contract period as well as anticipated contract renewals as appropriate. The amortization period also includes contract renewals when renewal commissions are not commensurate with new commissions. The Company estimates contract renewals based on its actual renewals in recent periods. When the expected amortization period is one year or less the Company utilizes the practical expedient and expenses the costs as incurred.

Leases

The Company determines if an agreement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current portion of operating lease liabilities, and operating lease liabilities in the Company’s consolidated balance sheets. Finance leases are included in property and equipment in the Company’s consolidated balance sheets.

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

The Company assists third parties in the government grant funding application process. Under these arrangements the Company is identified as a sub-recipient of the grant. The Company evaluates these agreements under lease accounting guidance. Generally, the Company provides construction and network operation services to the grant recipient. During the construction phase the Company records cash receipts and disbursements on its balance sheet and will not record a gain or loss on construction. Upon construction completion, the Company will record a finance lease asset which will include payments made to the lessor and exclude lease incentives.

Operating Expenses

Cost of communication services and other. Cost of communication services and other are charges that the Company incurs for voice and data transport circuits (in particular, the circuits between its Mobility sites) and its switches, internet capacity, video programming costs, access fees it pays to terminate its calls, telecommunication spectrum fees and direct costs associated within its Managed Services business. Cost of communication services also include expenses associated with developing, operating, upgrading and supporting the Company’s telecommunications networks, including the salaries and benefits paid to employees directly involved in the development and operation of those businesses, as well as credit loss allowances and the cost of handsets and customer resale equipment incurred by its retail businesses.

Cost of construction revenue. Cost of constructions revenue include the expenses associated with constructing and making the FirstNet sites available for delivery to ATT.

Selling, general and administrative. Selling, general and administrative expenses include salaries and benefits we pay to sales personnel, customer service expenses and the costs associated with the development and implementation of our promotional and marketing campaigns. Selling, general and administrative expenses also include salaries, benefits and related costs for general corporate functions including executive management, finance and administration, legal and regulatory, facilities, information technology and human resources as well as internal costs associated with our performance of due-diligence and integration related costs associated with acquisition activities.

Transaction-related charges. Transaction-related charges include the costs, such as legal, tax, accounting and consulting fees directly associated with acquisition and disposition-related activities, which are expensed as incurred. Transaction-related charges also include certain internal personnel costs incurred as a result of the completion of the acquisition or disposition.

Restructuring expenses. In order to reduce the Company’s US Telecom and International Telecom segments’ cost structure to an optimal level needed to support the segment’s operations going forward, the Company incurred certain network termination and reduction in force costs totaling $11.2 million for the year ended December 31, 2023. A summary of the costs is below:


		US		International
		Telecom		Telecom		Total
Employee termination benefits	$	1,960	$	3,491	$	5,451
Contract termination costs		5,777		—		5,777
Total	$	7,737	$	3,491	$	11,228

The charge is recorded in Restructuring Expenses on the Company’s Consolidated Income Statements. During the year ended December 31, 2023, the Company paid $5.7 million, recorded a gain of $0.3 million on lease termination, and accrued $5.8 million of the restructuring expenses. In conjunction with the restructuring, the Company terminated $5.6 million of lease right of use assets and $5.9 million of lease liabilities from its balance sheet.

Depreciation and amortization expenses. Depreciation and amortization expenses represent the depreciation and amortization charges the Company records on its property and equipment and on certain intangible assets.

Amortization of intangibles from acquisitions. Amortization of intangibles from acquisitions include the amortization of customer relationships and trade names related to the Company’s completed acquisitions.

Goodwill impairment. The Company assesses goodwill for impairment on an annual basis, or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. If the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit an impairment charge is recorded equal to the excess, but not more than the total amount of goodwill allocated to the reporting unit.

(Gain) loss on disposition of assets and contingent consideration. The Company sells or disposes assets from time to time. A gain or loss is recorded by comparing the carrying amount of the assets to the proceeds received. The Company also records losses on assets held for sale if the expected sale price exceeds the carrying value of the assets. A gain or loss is also recorded on changes in the fair value of asset or liability classified contingent consideration from business combinations in the postcombination period.

Accounting for Grants

In 2021, the Company adopted Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which required entities to make specific annual disclosures about transactions with a government. The Company receives funding from the US Government and its agencies under stimulus, the Universal Service Fund (“USF”), the Secure and Trusted Communications Networks Reimbursement Program, and other programs. These funding programs are generally designed to fund telecommunications operations and infrastructure expansion into rural or underserved areas. The funding programs are evaluated to determine if they represent funding related to revenue, capital expenditures or operating activities. Funding for revenue and operating activities are recorded as revenue or contra expense in the Company’s consolidated income statement as the services are provided. Funding for capital expenditures is recorded as a reduction to property, plant and equipment on the Company’s consolidated balance sheets and a future reduction in depreciation expense in the consolidated income statements. Government funding related to revenue and operations are recorded as operating cash inflows and grants for capital expenditures are recorded as investing cash inflows.

The Company monitors government funding for grant requirements to ensure that conditions related to grants have been met and there is reasonable assurance that the Company will be able to retain the grant proceeds and to ensure that any contingencies that may arise from not meeting the conditions are appropriately recognized. See Note 9, Government Support and Spectrum Programs.

Income Taxes

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

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related authority. It is possible that the ultimate resolution of these uncertain matters may be greater or less than the amount that the Company estimated. If payment of these amounts proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period in which it is determined that the liabilities are no longer necessary. If the estimate of tax liabilities proves to be more than the ultimate assessment, a further charge to expense would result.

The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets.

The Company does not provide for United States income taxes on earnings of foreign subsidiaries as such earnings are considered to be indefinitely reinvested.

Credit Concentrations and Significant Customers

Historically, the Company has been dependent on a limited number of customers for its wholesale roaming business. For the years ended December 31, 2023 and 2022, no individual customer accounted for more than 10% of consolidated revenue in that year.

For the years ended December 31, 2023, and 2022, no customers accounted for more than 10% of the Company’s consolidated accounts receivable. In addition, at December 31, 2023, the Company recorded $47.3 million of receivables under the FCC’s Replace and Remove Program.

Foreign Currency Gains and Losses

The Company translate the assets and liabilities of its foreign subsidiaries from their respective functional currencies, primarily the Guyana Dollar, to US dollars at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income. Income statement accounts are translated using the monthly average exchange rates during the year.

Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is reported in other income on the income statement.

Employee Benefit Plans

Pension and Postretirement Benefit Plans

The Company sponsors pension and other postretirement benefit plans for employees of certain subsidiaries. Net periodic pension expense is recognized in the Company’s income statement. The service cost component of net periodic pension expense is presented with other employee compensation within income from operations. Other components of net periodic pension expense, such as interest cost, expected return on plan assets, and amortization of actuarial gains and losses are presented in other income. The Company recognizes a pension or other postretirement benefit plan’s funded status as either an asset or liability in its consolidated balance sheet. Actuarial gains and losses are deferred, reported as a component of other comprehensive income, and amortized through net periodic pension expense in subsequent periods.

Multi-employer Defined Benefit Plan

Certain of the Company’s employees in the US Telecom segment participate in a multi-employer defined pension plan. The Company pays and expenses a contractual hourly amount based on employee classification or base compensation. The accumulated benefits and plan assets are not determined for, or allocated separately to, individual employers.

Fair Value of Financial Instruments

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 December 31, 2023 and 2022 are summarized as follows:


	December 31, 2023
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,197		1,197
Employee benefit plan investments		3,014		—		3,014
Alaska Communications redeemable common units		—		(11,063)		(11,063)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(249)		(249)
Total assets and liabilities measured at fair value	$	3,314	$	(24,875)	$	(21,561)


	December 31, 2022
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,616		1,616
Alaska Communications redeemable common units		—		(22,557)		(22,557)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,355)	$	(36,055)

Money Market Funds

As of December 31, 2021, 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

The Company holds investments in equity securities consisting of noncontrolling investments in privately held companies. The investments are accounted for using equity method accounting, the measurement alternative for investments without a readily determinable fair value, or fair value. In the first quarter of 2021, the Company began to account for its former India solar operations under the equity method of accounting. The fair value investments are valued using level 3 inputs and the Company used the income approach to fair value the investment. The inputs consisted of a discount rate and future cash flows calculated based on the investment attributes. A roll forward of the investments is below:


	Investments Without a Readily Determinable Fair Value		Fair Value Investments		Equity Investments		Total
Balance, December 31, 2021	$	17,820	$	1,925	$	28,699	$	48,444
Sale of Investments(1)		—		—		(13,212)		(13,212)
Income (Loss) recognized		—		435		(2,234)		(1,799)
Contributions / (distributions)		—		(744)		2,750		2,006
Foreign currency loss		—		—		(2,040)		(2,040)
Gain recognized		4,770		—		—		4,770
Balance, December 31, 2022	$	22,590	$	1,616	$	13,963	$	38,169
Income (Loss) recognized		2,431		316		93		2,840
Contributions / (distributions)		425		(735)		630		320
Foreign currency loss		—		—		1,578		1,578
Transfers		16,264		—		(16,264)		—
Balance, December 31, 2023	$	41,710	$	1,197	$	-	$	42,907

(1)

During 2022, the Company sold an investment previously accounted for using the equity method for $15.7 million of cash. The investment had a book value of $13.2 and the Company recognized a gain of $2.5 million on the transaction.

During the year ended December 31, 2023, the Company lost the ability to exert significant influence over its India solar investment. As a result, the Company transferred $16.3 million from equity method investments to investments without a readily determinable fair value and the accounting for the investment changed to the cost method from the equity method of accounting. Before transitioning to the cost method, the Company recorded income of $0.1 million and reclassified $1.3 million from accumulated other comprehensive income into income.

These investments are included with other assets on the consolidated balance sheets.

Employee benefit plan investments

The Company has deferred compensation arrangements available to covered employees. The obligations of the plans will be settled in cash and the assets are recorded in other current assets on the consolidated balance sheets.

Redeemable Common Units and Warrants

The Company issued redeemable common units, and warrants to purchase additional common units, in a subsidiary of the Company in conjunction with its acquisition of Alaska Communications. The Company also issued redeemable common units in a subsidiary in conjunction with its acquisition of Sacred Wind. (Refer to Note 5). The instruments are redeemable at the option of the holder. Both the common units and warrants to purchase common units are recorded at fair value in the Company’s financial statements. The Sacred Wind put option begins in November 2026 and the Alaska Communications put options begin at the earlier of a qualifying initial public offering of Alaska

Communications or July 2028. The Company calculates the fair value of the instruments using a discounted cash flows and market approach with level 3 inputs.

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 is estimated using Level 2 inputs. At December 31, 2023, the fair value of long-term debt, including the current portion, was $571.6 million and its book value was $562.9 million. At December 31, 2022, the fair value of long-term debt, including the current portion, was $473.7 million and its book value was $467.2 million.z

Net Loss Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Year ended December 31,
	2023		2022		2021
Numerator:
Net loss attributable to ATN International, Inc. stockholders- Basic		(14,538)		(5,645)		(22,108)
Less: Preferred dividends		(4,942)		(4,856)		(1,962)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$	(19,480)	$	(10,501)	$	(24,070)

Denominator:
Weighted-average shares outstanding- Basic		15,595		15,751		15,867
Weighted-average shares outstanding- Diluted		15,595		15,751		15,867

Redeemable Noncontrolling Interests

Sacred Wind Enterprises

In connection with the Sacred Wind Transaction (see Note 5), the Company has accounted for equity consideration issued as redeemable noncontrolling interests in its consolidated financial statements. The redeemable noncontrolling interests consists of $14.8 million of redeemable common units. The common units contain a put option allowing the holder to sell the common units to a subsidiary of the Company at the then fair market value. The fair value of the common units is $14.8 million as of December 31, 2023 and 2022.

Alaska Communications

In connection with the Alaska Transaction (see Note 5), the Company has accounted for the Freedom 3 Investment as redeemable noncontrolling interests in its consolidated financial statements. The redeemable noncontrolling interests consists of redeemable common units and redeemable preferred units. The common units contain a put option allowing the holder to sell the common units to a subsidiary of the Company at the then fair market value. The put option begins at the earlier of a future initial public offering of the Alaska Communications operations or July 2028. The fair value of the common units was $11.1 million and $22.5 million as of December 31, 2023 and 2022, respectively. The redeemable preferred equity carries a 9% preferred dividend which compounds quarterly. The

preferred units contain a put option allowing the holder to sell the preferred units to a subsidiary of the Company at the unpaid issuance price plus unpaid dividends. The put option begins at the earlier of a future initial public offering of the Alaska Communications operations or July 2028. The preferred units had a book value of $60.1 million and $55.2 million as of December 31, 2023 and 2022, respectively. The preferred units book value includes an unpaid preferred dividend of $11.8 million and $6.8 million as of December 31, 2023 and 2022, respectively. Lastly, the Company issued warrants in the Alaska Communications operations allowing the holders to purchase an additional 3% of the common units at a fixed price. The value of the warrants was $0.3 million and $0.7 million as of December 31, 2023 and 2022, respectively.

For the year ended December 31, 2023 and 2022 the Company allocated losses of $11.0 million and $4.3 million, respectively, to the redeemable common units representing their proportionate share of operating losses. The Company then compared the book value of the common units to the fair value and the fair value exceeded the book value. As a result, the book value was decreased by $0.5 million and increased by $4.2 million during the years ended December 31, 2022 and 2021, respectively.

The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for year ended December 31, 2023 and 2022:


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469
Accrued preferred dividend		4,942		—		4,942
Allocated net loss		—		(10,972)		(10,972)
Change in fair value		—		(522)		(522)
Balance, December 31, 2023	$	60,094	$	25,823	$	85,917


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2021	$	50,296	$	22,640	$	72,936
Issuance of 591 common units		—		14,760		14,760
Accrued preferred dividend		4,856		—		4,856
Allocated net loss		—		(4,317)		(4,317)
Change in fair value		—		4,234		4,234
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469

Stock-Based Compensation

The Company applies the fair value recognition provision of ASU 2018-07, “Compensation—Stock Compensation (Topic 718)” and is expensing the fair value of all stock-based compensation over the vesting periods of such awards within selling, general and administrative expenses in its Income Statement.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values

determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Postcombination changes in the fair value of asset or liability classified contingent consideration are recorded in operating income. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In October 2021, the FASB issued ASC 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” (ASU 2021-08). ASU 2021-08 provides guidance for recognizing and measuring contract assets and contract liabilities acquired in a business combination. Under the standard, revenue contracts are accounted for consistent with how they were recognized and measured in the acquiree’s financial statements. This is a change from previous standards which require contract asset and liabilities to be recognized at fair value. The Company prospectively adopted this standard in the fourth quarter of 2021 and will apply it to all acquisitions during the year ended December 31, 2021 and thereafter. The adoption will generally result in the Company recognizing larger contract liabilities in business combinations. Refer to Note 5.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which required entities to make specific annual disclosures about transactions with a government. The new standard is effective for fiscal years beginning after December 15, 2021. The Company adopted the standard in the fourth quarter of 2021 and it did not have a material impact on the Company’s disclosures. Going forward the Company will evaluate the disclosure requirements based on its participation in government programs.

In December 2023, the FASB released ASU 2023-09, titled "Enhancements to Income Tax Disclosures," with the aim of improving the clarity and usefulness of income tax disclosures. The update focuses primarily on enhancing disclosures related to rate reconciliation and income taxes paid. ASU 2023-09 becomes effective for annual reporting periods starting after December 15, 2024, with early adoption permitted. While the changes prescribed by ASU 2023-09 are implemented prospectively, retrospective application is also allowed. The Company has chosen not to early adopt this standard and is currently assessing its potential impact on our consolidated financial statements and accompanying disclosures.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which requires that a public entity disclose, on an interim and annual basis, significant segment expense categories and amounts that are regularly provided to its chief operating decision maker (CODM) and included in each reported measure of segment profit or loss. An entity must also disclose, by reportable segment, the amount and composition of other expenses. The standard requires an entity disclose the title and position of its CODM and explain how the CODM uses these reported measures in assessing segment performance and determining how to allocate resources. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 31, 2024, with retrospective application. The standard allows early adoption of these requirements and we are currently evaluating the disclosure impacts of our adoption.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value measurements
Sale of a portion of the business		$ 15,700
Equity method investments without a readily determinable fair value transferred to the cost method	$ 16,300
Investment book value		13,200
Equity method investment, realized gain (loss)		2,500
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0.2 million, and $0	1,348	$ (500)
Equity investments
Fair value measurements
Income recorded from equity method investments	$ 100

ORGANIZATION AND BUSINESS OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

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


International Telecom			US Telecom
Services	Markets	Tradenames	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT, Viya	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya	Carrier Services	United States	Alaska Communications, Commnet, Essextel, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT, Viya, Brava	Managed Services	United States	Alaska Communications, Choice

GOVERNMENT SUPPORT AND SPECTRUM MATTERS - Construction (Details) - Network Connectivity for Eligible Communities $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Mobility Fund [Line Items]
Grants awarded	$ 80,197
New grants	34,526
Construction complete	(8,305)
Transferred grants	(6,269)
Grants awarded	$ 100,149

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Foreign currency translation adjustment, tax expense	$ 0.0	$ (0.2)	$ 0.4
Projected pension benefit obligation, tax expense (benefit)	0.0	(0.2)	(0.1)
Reclassification of loss on pension settlement, net of tax	(0.2)	(0.8)
Reclassification of foreign currency losses, net of tax expense	0.0	0.2	0.0
Unrealized gain on derivatives net of tax expense	$ 0.6	$ 0.0	$ 0.0

ORGANIZATION AND BUSINESS OPERATIONS

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

1. ORGANIZATION AND BUSINESS OPERATIONS

The Company is a leading provider of digital infrastructure and communications services with a focus on rural and remote markets in the United States, and internationally, including Bermuda and the Caribbean region.

The Company has developed significant operational expertise and resources that it uses to augment its capabilities in its local markets. With this support, the Company’s operating subsidiaries are able to improve their quality of service with greater economies of scale and expertise than would typically be available in the size markets they operate in. The Company provides management, technical, financial, regulatory, and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit the Company’s profile of telecommunications businesses and have the potential to complement the Company’s “First-to-Fiber” and “Glass & Steel™” approach in markets while keeping a focus on generating excess operating cash flows over extended periods of time. The Company uses the cash generated from its operations to maintain an appropriate ratio of debt and cash on hand and to re-invest in organic growth, to fund capital expenditures, to return cash to its stockholders through dividends or stock repurchases, and make strategic investments or acquisitions.

As of December 31, 2023, the Company offered the following types of services to its customers:

●

Mobile Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment (such as handsets) to both business and consumer customers.

●

Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to business and consumer customers. These services include consumer broadband and high-speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.

●

Carrier Telecommunication Services. The Company delivers services to other telecommunications providers including the leasing of critical network infrastructure such as tower and transport facilities, wholesale roaming and long distance voice services, site maintenance and international long-distance services.

●

Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed services in its existing markets.

Through December 31, 2023, the Company identified two operating segments to manage and review its operations and to facilitate investor presentations of its results. These operating segments are as follows:

●

International Telecom. In the Company’s international markets, it offers fixed services, mobility services, carrier services and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

●

US Telecom. In the United States, the Company offers fixed services, carrier services, and managed services to business customers and consumers in Alaska and the western United States. As of December 31, 2023 the Company provided mobility services to retail customers in the western United States.

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 2023:


International Telecom			US Telecom
Services	Markets	Tradenames	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One, Logic, GTT, Viya	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands	One, GTT, Viya	Carrier Services	United States	Alaska Communications, Commnet, Essextel, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	Fireminds, One, Logic, GTT, Viya, Brava	Managed Services	United States	Alaska Communications, Choice

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Short Term Investments

Allowance for Credit Losses

Inventory, Materials and Supplies

Fixed Assets

The Company did not record any fixed asset impairments for the years ended December 31, 2023, 2022 or 2021.

Goodwill and Indefinite-Lived Intangible Assets

Other Intangible Assets

Debt

Noncontrolling Interests

Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss), by component, were as follows (in thousands):


	Projected
	Pension and
	Postretirement Benefit		Translation
	Obligations		Adjustment		Other		Total

Balance at December 31, 2020	$	(570)	$	997	$	(149)	$	278
Unrecognized actuarial gain, net of tax of $(0.1) million		5,014		—		—		5,014
Foreign currency translation adjustment		—		(689)		—		(689)
Interest rate swap		—		—		170		170
Balance at December 31, 2021		4,444		308		21		4,773
Unrecognized actuarial gain, net of tax of $(0.2) million		2,428		—		—		2,428
Pension settlement, net of tax of $(0.8) million		915		—		—		915
Reclassification of foreign currency losses on investments sold, net of tax of $0.2 million		—		(500)		—		(500)
Foreign currency translation adjustment		—		(1,385)		—		(1,385)
Interest rate swap		—		—		(21)		(21)
Balance at December 31, 2022		7,787		(1,577)		—		6,210
Unrecognized actuarial gain, net of tax of $0		2,035		—		—		2,035
Pension settlement, net of tax of $(0.2) million		195		—		—		195
Reclassification of foreign currency losses on investments, net of tax of $0		—		1,348		—		1,348
Foreign currency translation adjustment		—		229		—		229
Interest rate swap, net of tax of $0.6 million		—		—		(1,749)		(1,749)
Balance at December 31, 2023	$	10,017	$	—	$	(1,749)	$	8,268

Revenue Recognition

The Company earns revenue from its telecommunication operations. The Company recognizes revenue through the following steps:

Identification of the contract with a customer

Identification of the performance obligations in the contract

Determination of the transaction price

Allocation of the transaction price to the performance obligations in the contract

Recognize revenue when, or as, the Company satisfies performance obligations

Revenue Recognition- Communications Services

Sales and use and state excise taxes collected from customers that are remitted to the governmental authorities are reported on a net basis and excluded from the revenues and sales.

Revenue Recognition- Construction

Construction revenue is generated from construction services provided to telecommunications customers. The Company recognizes revenue at a point in time when the product is delivered to the customer.

Revenue Recognition-Other Revenue

Contract Assets and Liabilities

Contract Acquisition Costs

Leases

Operating Expenses

Cost of construction revenue. Cost of constructions revenue include the expenses associated with constructing and making the FirstNet sites available for delivery to ATT.


		US		International
		Telecom		Telecom		Total
Employee termination benefits	$	1,960	$	3,491	$	5,451
Contract termination costs		5,777		—		5,777
Total	$	7,737	$	3,491	$	11,228

Accounting for Grants

Income Taxes

The Company does not provide for United States income taxes on earnings of foreign subsidiaries as such earnings are considered to be indefinitely reinvested.

Credit Concentrations and Significant Customers

Foreign Currency Gains and Losses

Employee Benefit Plans

Pension and Postretirement Benefit Plans

Multi-employer Defined Benefit Plan

Fair Value of Financial Instruments


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 December 31, 2023 and 2022 are summarized as follows:


	December 31, 2023
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,197		1,197
Employee benefit plan investments		3,014		—		3,014
Alaska Communications redeemable common units		—		(11,063)		(11,063)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(249)		(249)
Total assets and liabilities measured at fair value	$	3,314	$	(24,875)	$	(21,561)


	December 31, 2022
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,616		1,616
Alaska Communications redeemable common units		—		(22,557)		(22,557)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,355)	$	(36,055)

Money Market Funds

Other Investments


	Investments Without a Readily Determinable Fair Value		Fair Value Investments		Equity Investments		Total
Balance, December 31, 2021	$	17,820	$	1,925	$	28,699	$	48,444
Sale of Investments(1)		—		—		(13,212)		(13,212)
Income (Loss) recognized		—		435		(2,234)		(1,799)
Contributions / (distributions)		—		(744)		2,750		2,006
Foreign currency loss		—		—		(2,040)		(2,040)
Gain recognized		4,770		—		—		4,770
Balance, December 31, 2022	$	22,590	$	1,616	$	13,963	$	38,169
Income (Loss) recognized		2,431		316		93		2,840
Contributions / (distributions)		425		(735)		630		320
Foreign currency loss		—		—		1,578		1,578
Transfers		16,264		—		(16,264)		—
Balance, December 31, 2023	$	41,710	$	1,197	$	-	$	42,907

(1)

These investments are included with other assets on the consolidated balance sheets.

Employee benefit plan investments

Redeemable Common Units and Warrants

Communications or July 2028. The Company calculates the fair value of the instruments using a discounted cash flows and market approach with level 3 inputs.

Other Fair Value Disclosures

Net Loss Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Year ended December 31,
	2023		2022		2021
Numerator:
Net loss attributable to ATN International, Inc. stockholders- Basic		(14,538)		(5,645)		(22,108)
Less: Preferred dividends		(4,942)		(4,856)		(1,962)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$	(19,480)	$	(10,501)	$	(24,070)

Denominator:
Weighted-average shares outstanding- Basic		15,595		15,751		15,867
Weighted-average shares outstanding- Diluted		15,595		15,751		15,867

Redeemable Noncontrolling Interests

Sacred Wind Enterprises

Alaska Communications

The following table provides a roll forward of the activity related to the Company’s redeemable noncontrolling interests for year ended December 31, 2023 and 2022:


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469
Accrued preferred dividend		4,942		—		4,942
Allocated net loss		—		(10,972)		(10,972)
Change in fair value		—		(522)		(522)
Balance, December 31, 2023	$	60,094	$	25,823	$	85,917


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2021	$	50,296	$	22,640	$	72,936
Issuance of 591 common units		—		14,760		14,760
Accrued preferred dividend		4,856		—		4,856
Allocated net loss		—		(4,317)		(4,317)
Change in fair value		—		4,234		4,234
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469

Stock-Based Compensation

Business combinations

Business Combinations

Recent Accounting Pronouncements

ACQUISITIONS AND DISPOSITIONS - Unaudited pro forma operating results (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACQUISITIONS AND DISPOSITIONS
Amount of pre-Close debt, and associated interest removed from pro forma results			$ 164,600
Transaction debt included in pro forma results			283,000
Revenue	$ 762,216	$ 725,745	602,707
Net loss attributable to ATN International, Inc. Stockholders	$ (14,538)	$ (5,645)	$ (22,108)
Net income (loss) per weighted average basic share attributable to ATN International, Inc. stockholders
Basic (in dollars per share)	$ (1.25)	$ (0.67)	$ (1.52)
Diluted (in dollars per share)	$ (1.25)	$ (0.67)	$ (1.52)
Pro Forma
Revenue			$ 738,472
Net loss attributable to ATN International, Inc. Stockholders			$ (20,022)
Earnings Per Share
Basic (in dollars per share)			$ (1.26)
Diluted (in dollars per share)			$ (1.26)
Unaudited pro forma adjustments increased net loss			$ 2,100

REVENUE AND RECEIVABLES - Allowance for Credit Losses Rollforward - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE AND RECEIVABLES
Beginning Balance	$ 15,171	$ 13,885
Current period provision for expected losses	5,012	6,693	$ 4,850
Write-offs charged against the allowance	(4,340)	(5,518)
Recoveries collected	519	109
Ending Balance	$ 16,362	$ 15,171	$ 13,885

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - AOCI reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI reclassifications
Reclassification of foreign currency, net income	$ 1,348	$ (500)
Projected Pension and Postretirement Benefit Obligations
AOCI reclassifications
Amounts reclassified from accumulated other comprehensive income, net of tax	$ 200	$ 900	$ (34)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of changes in accumulated other comprehensive income (loss), by component

Changes in accumulated other comprehensive income (loss), by component, were as follows (in thousands):


	Projected
	Pension and
	Postretirement Benefit		Translation
	Obligations		Adjustment		Other		Total

Balance at December 31, 2020	$	(570)	$	997	$	(149)	$	278
Unrecognized actuarial gain, net of tax of $(0.1) million		5,014		—		—		5,014
Foreign currency translation adjustment		—		(689)		—		(689)
Interest rate swap		—		—		170		170
Balance at December 31, 2021		4,444		308		21		4,773
Unrecognized actuarial gain, net of tax of $(0.2) million		2,428		—		—		2,428
Pension settlement, net of tax of $(0.8) million		915		—		—		915
Reclassification of foreign currency losses on investments sold, net of tax of $0.2 million		—		(500)		—		(500)
Foreign currency translation adjustment		—		(1,385)		—		(1,385)
Interest rate swap		—		—		(21)		(21)
Balance at December 31, 2022		7,787		(1,577)		—		6,210
Unrecognized actuarial gain, net of tax of $0		2,035		—		—		2,035
Pension settlement, net of tax of $(0.2) million		195		—		—		195
Reclassification of foreign currency losses on investments, net of tax of $0		—		1,348		—		1,348
Foreign currency translation adjustment		—		229		—		229
Interest rate swap, net of tax of $0.6 million		—		—		(1,749)		(1,749)
Balance at December 31, 2023	$	10,017	$	—	$	(1,749)	$	8,268

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


	December 31, 2023
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,197		1,197
Employee benefit plan investments		3,014		—		3,014
Alaska Communications redeemable common units		—		(11,063)		(11,063)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(249)		(249)
Total assets and liabilities measured at fair value	$	3,314	$	(24,875)	$	(21,561)


	December 31, 2022
	Significant Other
	Quoted Prices in		Unobservable
	Active Markets		Inputs
Description	(Level 1)		(Level 3)		Total
Short term investments	$	300	$	—	$	300
Other investments		—		1,616		1,616
Alaska Communications redeemable common units		—		(22,557)		(22,557)
Alloy redeemable common units		—		(14,760)		(14,760)
Warrants on Alaska Communications redeemable common units		—		(654)		(654)
Total assets and liabilities measured at fair value	$	300	$	(36,355)	$	(36,055)

Schedule of investments


	Investments Without a Readily Determinable Fair Value		Fair Value Investments		Equity Investments		Total
Balance, December 31, 2021	$	17,820	$	1,925	$	28,699	$	48,444
Sale of Investments(1)		—		—		(13,212)		(13,212)
Income (Loss) recognized		—		435		(2,234)		(1,799)
Contributions / (distributions)		—		(744)		2,750		2,006
Foreign currency loss		—		—		(2,040)		(2,040)
Gain recognized		4,770		—		—		4,770
Balance, December 31, 2022	$	22,590	$	1,616	$	13,963	$	38,169
Income (Loss) recognized		2,431		316		93		2,840
Contributions / (distributions)		425		(735)		630		320
Foreign currency loss		—		—		1,578		1,578
Transfers		16,264		—		(16,264)		—
Balance, December 31, 2023	$	41,710	$	1,197	$	-	$	42,907

Schedule of computation of basic and diluted earnings per share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share (in thousands):


	Year ended December 31,
	2023		2022		2021
Numerator:
Net loss attributable to ATN International, Inc. stockholders- Basic		(14,538)		(5,645)		(22,108)
Less: Preferred dividends		(4,942)		(4,856)		(1,962)
Net Loss attributable to ATN International, Inc. common stockholders- Diluted	$	(19,480)	$	(10,501)	$	(24,070)

Denominator:
Weighted-average shares outstanding- Basic		15,595		15,751		15,867
Weighted-average shares outstanding- Diluted		15,595		15,751		15,867

Schedule of Restructuring expenses


		US		International
		Telecom		Telecom		Total
Employee termination benefits	$	1,960	$	3,491	$	5,451
Contract termination costs		5,777		—		5,777
Total	$	7,737	$	3,491	$	11,228

Schedule of rollforward activity related to the Company's redeemable noncontrolling interests


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469
Accrued preferred dividend		4,942		—		4,942
Allocated net loss		—		(10,972)		(10,972)
Change in fair value		—		(522)		(522)
Balance, December 31, 2023	$	60,094	$	25,823	$	85,917


	Redeemable Preferred Units		Redeemable Common Units		Total Redeemable Noncontrolling Interests
Balance, December 31, 2021	$	50,296	$	22,640	$	72,936
Issuance of 591 common units		—		14,760		14,760
Accrued preferred dividend		4,856		—		4,856
Allocated net loss		—		(4,317)		(4,317)
Change in fair value		—		4,234		4,234
Balance, December 31, 2022	$	55,152	$	37,317	$	92,469

GOVERNMENT SUPPORT AND SPECTRUM PROGRAMS

12 Months Ended

Dec. 31, 2023

GOVERNMENT SUPPORT AND SPECTRUM PROGRAMS

GOVERNMENT SUPPORT AND SPECTRUM PROGRAMS

9. GOVERNMENT SUPPORT AND SPECTRUM PROGRAMS

Universal Service Fund and Connect America Fund Phase II Programs

The Company recognizes revenue from several government funded programs including the Universal Service Fund (“USF”), a subsidy program managed by the Federal Communications Commission (“FCC”), and the Alaska Universal Service Fund (“AUSF”), a similar program managed by the Regulatory Commission of Alaska (the “RCA”). USF funds are disbursed to telecommunication providers through four programs: the High Cost Program; the Low Income Program (“Lifeline Program”); the Schools and Libraries Program (“E-Rate Program”); and the Rural Health Care Support Program (“RHC”).

The Company also recognizes revenue from the Connect America Fund Phase II program (“CAF II”) which offers subsidies to carriers to expand broadband coverage in designated areas. Under CAF II, the Company’s US Telecom segment will receive an aggregate of $27.7 million annually through December 2025 and an aggregate of $8.0 million annually from January 2026 through July 2028.

Both the USF and CAF II programs are subject to certain operational and reporting compliance requirements. The Company believes it is in compliance with these requirements as of December 31, 2023.

The Company also recognizes revenue from the FCC’s Affordable Connectivity Program (“ACP”) and the Emergency Connectivity Fund (“ECF”). The ACP provides eligible low-income consumers with a monthly subsidy for broadband connectivity and the ECF provides schools and libraries with subsidies for broadband connectivity. In January 2024, the FCC announced that, unless Congress authorizes additional funding, the ACP program will end in the second quarter of 2024.

The Company recorded the amounts below as communication services revenue for the reported periods:


	Year ended
	December 31, 2023

	US Telecom		International Telecom		Total

High cost support	$	9,260	$	5,571	$	14,831
CAF II		27,260		—		27,260
RDOF		2,432		—		2,432
ECF		26,346		—		26,346
RHC		11,995		—		11,995
Other		23,478		1,250		24,728
Total	$	100,771	$	6,821	$	107,592


	Year ended
	December 31, 2022

	US Telecom		International Telecom		Total

High cost support	$	4,459	$	7,862	$	12,321
CAF II		27,264		—		27,264
RDOF		1,954		—		1,954
RHC		11,018		—		11,018
Other		15,638		52		15,690
Total	$	60,333	$	7,914	$	68,247


	Year ended
	December 31, 2021

	US Telecom		International Telecom		Total

High cost support	$	2,449	$	13,907	$	16,356
CAF II		16,330		—		16,330
RHC		5,778		—		5,778
Other		8,185		—		8,185
Total	$	32,742	$	13,907	$	46,649

In 2018, the FCC initiated a proceeding to replace the High Cost Program support received by Viya in the US Virgin Islands with a new Connect USVI Fund. On November 16, 2020, the FCC announced that Viya was not the recipient of the Connect USVI Fund award and authorized funding to be issued to the new awardee in June 2021. Pursuant to the terms of the program and effective in July 2021, Viya’s annual USF support was reduced from $16.4 million to $10.9 million. In July 2022, this support was reduced again to $5.5 million for the annual period through June 2023. In April of 2023, the FCC issued an order extending the high cost support in the US Virgin Islands at the current $5.5 million per year received from July 2023 through December 31, 2025. In connection with this order, the FCC requires that the Company maintain its current footprint for voice and broadband services in the US Virgin Islands.

RDOF (“Rural Digital Opportunities Fund”)

The Company expects to receive approximately $22.7 million over 10 years to provide broadband and voice coverage to over 10,000 households in the United States (not including Alaska) under the 2020 Rural Digital Opportunity Fund Phase I Auction (“RDOF”).

Construction Grants

The Company has also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse the Company for its construction costs, is generally distributed upon completion of a project. Completion deadlines begin in 2024 and once these projects are constructed, the Company is obligated to provide service to the participants. The Company expects to meet all requirements associated with these grants. A roll forward of the Company’s grant awards is below (in thousands).


	Amount
Grants awarded, December 31, 2022	$	80,197
New grants		34,526
Construction complete		(8,305)
Transferred grants		(6,269)
Grants awarded, December 31, 2023	$	100,149

In addition, the Company partners with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program ("TBCP") and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by United States government agencies to deploy broadband connectivity in certain underserved areas. The Company was identified as a sub recipient of grants under these programs totaling $192.6 million as of December 31, 2023. Under these grants the Company expects to enter into agreements to construct and operate the networks for the grant recipient. Once construction is complete the Company will hold a long-term lease to operate the network. The operating agreement will require the Company to meet certain minimum service requirements.

Replace and Remove Program

On July 15, 2022, the Company was notified that it was an approved participant in the Federal Communication Commission’s Secure and Trusted Communications Networks Reimbursement Program (the “Replace and Remove Program”), designed to reimburse providers of communications services for reasonable costs incurred in the required removal, replacement, and disposal of covered communications equipment or services, that have been deemed to pose a national security risk, from their networks. Pursuant to the Replace and Remove Program, the Company was allocated up to approximately $207 million in reimbursement amounts to cover documented and approved costs to remove and securely destroy all prohibited communications equipment and services in its U.S. networks and replace such equipment. The Replace and Remove Program requires that the Company complete the project no later than one year from submitting our initial reimbursement request, or by July 2024. At this time, the Company anticipates that it will be able to meet the deadlines and requirements of the program. The Company has incurred capital expenditures of $17.5 million related to this project, of which $15.7 million were incurred in 2023. At December 31, 2023, $31.8 million of capital expenditures were accrued and the Company has a receivable of $47.3 million, including operation costs and capital expenditures, which is expected to be reimbursed within the next twelve months. During the year ended December 31, 2023, the Company has received $17.1 million of reimbursement under the program, of which $4.3 million was classified as operating cash inflows and $12.8 million was classified as investing cash inflows in the statement of cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Acquisition Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retail revenue period for billing postpaid customers in advance	1 month
Contract liability	$ 68.7
Expected amortization period, when the Company utilizes the practical expedient and expenses the costs as incurred	true
Alaska communications
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities in its acquisitions	$ 92.7
Renewable Energy \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period	2 years
Renewable Energy \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization period	6 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 customer
Replace and Remove Program
Credit concentrations and significant customers
Grants receivable \| $	$ 47.3
Revenues. \| Customer concentration
Credit concentrations and significant customers
Number of customers	0	0
Accounts receivable \| Customer concentration
Credit concentrations and significant customers
Number of customers	0	0

REVENUE AND RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE AND RECEIVABLES

Summary of revenues


	Year Ended
	2023		2022		2021
Services transferred over time
US Telecom	$	326,966	$	301,309	$	188,405
International Telecom		347,769		332,507		319,357
Solar		-		-		418
Total		674,735		633,816		508,180
Goods and services transferred at a point in time
US Telecom		18,059		29,203		46,433
International Telecom		17,086		14,934		10,928
Total		35,145		44,137		57,361
Total revenue accounted for under ASC 606		709,880		677,953		565,541

Summary of contracts asset and liabilities

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


	December 31, 2023		December 31, 2022			$ Change	% Change
Contract asset – current	$	3,616	$	2,932	$	684		23.3	%
Contract asset – noncurrent		5,509		3,775		1,734		45.9	%
Contract liability – current		(30,990)		(27,284)		(3,706)		13.6	%
Contract liability – noncurrent		(64,035)		(72,543)		8,508		(11.7)	%
Net contract liability	$	(85,900)	$	(93,120)	$	7,220		(7.8)	%

Schedule of activity in allowances for credit losses


	Year ended
	December 31, 2023		December 31, 2022

Balance at beginning of period	$	15,171	$	13,885
Current period provision for expected losses		5,012		6,695
Write-offs charged against the allowance		(4,340)		(5,518)
Recoveries collected		519		109
Balance at end of period	$	16,362	$	15,171

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

Schedule of information for each operating segment

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


For the Year Ended December 31, 2023

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	16,333	$	527	$	—	$	16,860
Mobility - Consumer		92,153		3,510		—		95,663
Total Mobility		108,486		4,037		—		112,523
Fixed - Business		71,215		143,322		—		214,537
Fixed - Consumer		167,953		90,283		—		258,236
Total Fixed		239,168		233,605		—		472,773
Carrier Services		14,686		128,195		—		142,881
Other		3,066		3,839		—		6,905
Total Communication Services Revenue		365,406		369,676		—		735,082
Construction		—		10,629		—		10,629
Other
Managed Services		5,327		11,178		—		16,505
Total Other Revenue		5,327		11,178		—		16,505
Total Revenue		370,733		391,483		—		762,216
Depreciation		57,420		81,594		2,613		141,627
Amortization of intangibles from acquisitions		1,253		11,383		—		12,636
Non-cash stock-based compensation		431		247		7,857		8,535
Operating income (loss)		53,420		(5,522)		(34,723)		13,175


For the Year Ended December 31, 2022

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	14,830	$	1,228	$	—	$	16,058
Mobility - Consumer		87,601		6,359		—		93,960
Total Mobility		102,431		7,587		—		110,018
Fixed - Business		69,903		126,735		—		196,638
Fixed - Consumer		163,408		78,338		—		241,746
Total Fixed		233,311		205,073		—		438,384
Carrier Services		13,459		128,864		—		142,323
Other		1,450		46		—		1,496
Total Communication Services Revenue		350,651		341,570		—		692,221
Construction		—		15,762		—		15,762
Other
Managed Services		4,930		12,832		—		17,762
Total other revenue		4,930		12,832		—		17,762
Total Revenue		355,581		370,164		—		725,745
Depreciation and amortization		56,568		75,020		3,549		135,137
Amortization of intangibles from acquisitions		1,572		11,444		—		13,016
Non-cash stock-based compensation		240		387		6,779		7,406
Operating income (loss)		52,011		(5,655)		(38,414)		7,942


For the Year Ended December 31, 2021

	International		US		Corporate and
	Telecom		Telecom		Other (1)		Consolidated
Revenue
Communication Services
Mobility - Business	$	6,983	$	1,402	$	—	$	8,385
Mobility - Consumer		86,384		7,532		—		93,916
Total Mobility		93,367		8,934		—		102,301
Fixed - Business		67,458		53,283		—		120,741
Fixed - Consumer		166,005		41,897		—		207,902
Total Fixed		233,463		95,180		—		328,643
Carrier Services		9,937		107,793		—		117,730
Other		946		—		—		946
Total Communication Services Revenue		337,713		211,907		—		549,620
Construction		—		35,889		—		35,889
Other
Renewable Energy		—		—		417		417
Managed Services		5,146		11,635		—		16,781
Total Other Revenue		5,146		11,635		417		17,198
Total Revenue		342,859		259,431		417		602,707
Depreciation		53,858		43,604		5,269		102,731
Amortization of intangibles from acquisitions		1,648		6,127		—		7,775
Non-cash stock-based compensation		128		271		6,182		6,581
Operating income (loss)		33,899		(14,016)		(34,909)		(15,026)

(1)	Corporate and other refers to corporate overhead expenses and consolidating adjustments. See Note 5 for a discussion of the Company’s disposition of its International Solar Business.

Schedule of selected balance sheet data for each segment


	International		US		Corporate and
	Telecom		Telecom		Other		Consolidated
December 31, 2023
Cash, cash equivalents, and restricted cash	$	26,354	$	33,574	$	2,239	$	62,167
Total current assets		107,469		162,768		11,035		281,272
Fixed assets, net		481,911		593,833		4,915		1,080,659
Goodwill		4,836		35,268		—		40,104
Total assets		672,171		1,019,924		91,619		1,783,714
Total current liabilities		86,540		169,297		37,357		293,194
Total debt, including current portion		64,254		293,607		159,009		516,870
December 31, 2022
Cash, cash equivalents, and restricted cash	$	26,418	$	26,375	$	6,935	$	59,728
Total current assets		105,324		116,038		8,326		229,688
Fixed assets, net		462,447		585,969		7,538		1,055,954
Goodwill		4,835		35,269		—		40,104
Total assets		643,664		980,543		83,662		1,707,869
Total current liabilities		86,738		119,755		26,687		233,180
Total debt, including current portion		59,659		263,241		99,000		421,900

Schedule of segment capital expenditures


	Capital Expenditures

		International		US		Corporate and
Year ended December 31,		Telecom		Telecom		Other (1)		Consolidated
2023	$	76,379	$	119,789	$	—	$	196,168
2022		70,385		96,589		1,045		168,019

(1)	Corporate and other refers to corporate overhead expenses and consolidating adjustments. See Note 5 for a discussion of the Company’s disposition of its International Solar Business.

Schedule of revenues and long lived assets by geographic location


	2023				2022				2021
			Long-Lived				Long-Lived				Long-Lived
	Revenues		Assets		Revenues		Assets		Revenues		Assets

US	$	391,870	$	938,650	$	370,204	$	927,177	$	259,430	$	840,251
Guyana		119,915		195,030		113,816		174,719		108,338		152,627
US Virgin Islands		95,129		213,553		93,264		209,101		94,310		210,448
Bermuda		114,096		102,227		110,337		100,125		104,671		107,885
Other Foreign Countries		41,206		52,982		38,124		67,058		35,958		64,775
	$	762,216	$	1,502,442	$	725,745	$	1,478,180	$	602,707	$	1,375,986

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Summary of components of lease expense

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


	Year ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost:
Operating lease cost	$	23,232	$	24,531	$	20,386
Short-term lease cost		2,866		2,575		2,402
Variable lease cost		4,896		3,186		3,874
Total operating lease cost	$	30,994	$	30,292	$	26,662

Finance lease cost:
Amortization of right-of-use asset	$	2,930	$	3,060	$	2,561
Variable costs		814		838		792
Interest costs		372		381		—
Total finance lease cost	$	4,116	$	4,279	$	3,353

Summary of weighted-average remaining lease term and discount rate


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term
Operating leases		13.3 years		12.4 years
Financing leases		9.2 years		9.3 years

Weighted-average discount rate
Operating leases		6.3%		6.0%
Financing leases		6.6%		6.7%

Summary of maturities of operating lease liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Leases		Financing Leases
2024		18,048		2,030
2025		16,022		1,488
2026		11,755		601
2027		9,327		534
2028		7,807		505
Thereafter		80,637		2,145
Total lease payments		143,596		7,303
Less imputed interest		(57,133)		(1,662)
Total	$	86,463	$	5,641

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

Summary of maturities of finance lease liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):


	Operating Leases		Financing Leases
2024		18,048		2,030
2025		16,022		1,488
2026		11,755		601
2027		9,327		534
2028		7,807		505
Thereafter		80,637		2,145
Total lease payments		143,596		7,303
Less imputed interest		(57,133)		(1,662)
Total	$	86,463	$	5,641

Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands):


	Operating Leases		Financing Leases
2023	$	19,417	$	1,403
2024		17,836		1,342
2025		14,805		978
2026		10,505		504
2027		8,096		495
Thereafter		76,452		2,651
Total lease payments		147,111		7,373
Less imputed interest		(53,794)		(1,914)
Total	$	93,317	$	5,459

Schedule of maturities of future undiscounted lease payments


2024	$	7,039
2025		6,760
2026		6,398
2027		5,212
2028		4,865
Thereafter		12,510
Total future lease payments	$	42,784

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restructuring expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Employee termination benefits	$ 5,451
Contract termination costs	5,777
Restructuring Charges, Total	11,228
Restructuring paid	5,700
Gain on lease termination	300
Restructuring expenses accrued	5,800
Right of use assets terminated	5,600
Lease liabilities terminated	5,900
US Telecom
Employee termination benefits	1,960
Contract termination costs	5,777
Restructuring Charges, Total	7,737
International Telecom
Employee termination benefits	3,491
Restructuring Charges, Total	$ 3,491

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

Schedule of contractual commitments


2024	$	121,989
2025		74,457
2026		32,220
2027		19,005
2028		13,816
Thereafter		106,373
Total obligations	$	367,860

COMMITMENTS AND CONTINGENCIES - Other Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Contractual obligation
2024	$ 121,989
2025	74,457
2026	32,220
2027	19,005
2028	13,816
Thereafter	106,373
Total obligations	$ 367,860

LEASES - Weighted average remaining lease terms and discount rates (Details)	Dec. 31, 2023	Dec. 31, 2022
LEASES
Operating leases, weighted average remaining lease term	13 years 3 months 18 days	12 years 4 months 24 days
Financing leases, weighted average remaining lease term	9 years 2 months 12 days	9 years 3 months 18 days
Operating leases, weighted average discount rate	6.30%	6.00%
Financing leases, weighted average discount rate	6.60%	6.70%

GOODWILL AND INTANGIBLE ASSETS - Change In Carrying Amount Of Telecommunications Licenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying amount of the company's telecommunications licenses, by operating segment
Balance at the beginning of the period	$ 113,698
Balance at the end of the period	$ 113,319	$ 113,698
US Telecom
Telecommunications licenses
Weighted Average Cost Of Capital Rate	11.50%
Telecommunications Licenses
Changes in the carrying amount of the company's telecommunications licenses, by operating segment
Balance at the beginning of the period	$ 113,698	113,766
Acquired licenses		1,068
Dispositions	(379)	(1,136)
Balance at the end of the period	113,319	113,698	$ 113,766
Gain of license dispositions	300		0
Telecommunications Licenses \| International Telecom
Changes in the carrying amount of the company's telecommunications licenses, by operating segment
Balance at the beginning of the period	34,798	34,798
Balance at the end of the period	34,798	34,798	34,798
Telecommunications Licenses \| US Telecom
Changes in the carrying amount of the company's telecommunications licenses, by operating segment
Balance at the beginning of the period	78,900	78,968
Acquired licenses		1,068
Dispositions	(379)	(1,136)
Balance at the end of the period	$ 78,521	$ 78,900	$ 78,968