COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36863
Entity Registrant Name	Cable One, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3060083
Entity Address, Address Line One	210 E. Earll Drive
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85012
City Area Code	602
Local Phone Number	364-6000
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CABO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 3.7
Entity Common Stock, Shares Outstanding		5,619,109
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2023, are incorporated by reference in Part III of this Form 10-K.
Entity Central Index Key	0001632127
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Phoenix, Arizona

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 190,289	$ 215,150
Accounts receivable, net	93,973	74,383
Prepaid and other current assets	58,116	57,172
Total Current Assets	342,378	346,705
Equity investments	1,125,447	1,195,221
Property, plant and equipment, net	1,791,120	1,701,755
Intangible assets, net	2,595,892	2,666,585
Goodwill	928,947	928,947
Other noncurrent assets	63,149	74,677
Total Assets	6,846,933	6,913,890
Current Liabilities:
Accounts payable and accrued liabilities	156,645	164,518
Deferred revenue	27,169	23,706
Current portion of long-term debt	19,023	55,931
Total Current Liabilities	202,837	244,155
Long-term debt	3,626,928	3,752,591
Deferred income taxes	974,467	966,821
Other noncurrent liabilities	169,556	192,350
Total Liabilities	4,973,788	5,155,917
Commitments and contingencies (refer to note 18)
Stockholders' Equity:
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding)	0	0
Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,616,987 and 5,766,011 shares outstanding as of December 31, 2023 and 2022, respectively)	62	62
Additional paid-in capital	607,574	578,154
Retained earnings	1,825,542	1,624,406
Accumulated other comprehensive income (loss)	36,745	50,031
Treasury stock, at cost (558,412 and 409,388 shares held as of December 31, 2023 and 2022, respectively)	(596,778)	(494,680)
Total Stockholders' Equity	1,873,145	1,757,973
Total Liabilities and Stockholders' Equity	$ 6,846,933	$ 6,913,890

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	6,175,399	6,175,399
Common stock, shares outstanding (in shares)	5,616,987	5,766,011
Treasury stock, shares (in shares)	558,412	409,388

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 1,678,081	$ 1,706,043	$ 1,605,836
Costs and Expenses:
Operating (excluding depreciation and amortization)	440,916	470,916	455,352
Selling, general and administrative	354,663	350,310	347,058
Depreciation and amortization	342,891	350,462	339,025
(Gain) loss on asset sales and disposals, net	12,708	9,199	7,829
(Gain) loss on sales of businesses, net	0	(13,833)	0
Total Costs and Expenses	1,151,178	1,167,054	1,149,264
Income from operations	526,903	538,989	456,572
Interest expense	(170,147)	(137,713)	(113,449)
Other income (expense), net	54,640	(25,913)	(6,002)
Income before income taxes and equity method investment income (loss), net	411,396	375,363	337,121
Income tax provision	89,704	126,332	45,765
Income before equity method investment income (loss), net	321,692	249,031	291,356
Equity method investment income (loss), net	(54,256)	(14,913)	468
Net income	$ 267,436	$ 234,118	$ 291,824
Net Income per Common Share:
Basic (in dollars per share)	$ 47.34	$ 39.73	$ 48.49
Diluted (in dollars per share)	$ 45.14	$ 38.06	$ 46.49
Weighted Average Common Shares Outstanding:
Basic (in shares)	5,648,934	5,892,077	6,017,778
Diluted (in shares)	6,062,331	6,314,148	6,387,354
Unrealized gain (loss) on cash flow hedges and other, net of tax	$ (13,286)	$ 132,826	$ 57,888
Comprehensive income	$ 254,150	$ 366,944	$ 349,712

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, at cost
Beginning balance (in shares) at Dec. 31, 2020		6,027,704
Beginning balance at Dec. 31, 2020	$ 1,495,299	$ 62	$ 535,586	$ 1,228,172	$ (140,683)	$ (127,838)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	291,824			291,824
Unrealized gain (loss) on cash flow hedges and other, net of tax	57,888				57,888
Equity-based compensation	$ 20,054		20,054
Issuance of equity awards, net of forfeitures (in shares)		22,569
Withholding tax for equity awards (in shares)	(3,911)	(3,911)
Withholding tax for equity awards	$ (8,517)					(8,517)
Dividends paid to stockholders	(63,453)			(63,453)
Ending balance (in shares) at Dec. 31, 2021		6,046,362
Ending balance at Dec. 31, 2021	1,793,095	$ 62	555,640	1,456,543	(82,795)	(136,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	234,118			234,118
Unrealized gain (loss) on cash flow hedges and other, net of tax	132,826				132,826
Equity-based compensation	22,514		22,514
Issuance of equity awards, net of forfeitures (in shares)		16,753
Repurchases of common stock (in shares)		(294,062)
Repurchase of common stock	$ (353,289)					(353,289)
Withholding tax for equity awards (in shares)	(3,042)	(3,042)
Withholding tax for equity awards	$ (5,036)					(5,036)
Dividends paid to stockholders	$ (66,255)			(66,255)
Ending balance (in shares) at Dec. 31, 2022	5,766,011	5,766,011
Ending balance at Dec. 31, 2022	$ 1,757,973	$ 62	578,154	1,624,406	50,031	(494,680)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	267,436			267,436
Unrealized gain (loss) on cash flow hedges and other, net of tax	(13,286)				(13,286)
Equity-based compensation	$ 29,420		29,420
Issuance of equity awards, net of forfeitures (in shares)		(3,874)
Repurchases of common stock (in shares)	(141,551)	(141,551)
Repurchase of common stock	$ (99,614)					(99,614)
Withholding tax for equity awards (in shares)	(3,599)	(3,599)
Withholding tax for equity awards	$ (2,484)					(2,484)
Dividends paid to stockholders	$ (66,300)			(66,300)
Ending balance (in shares) at Dec. 31, 2023	5,616,987	5,616,987
Ending balance at Dec. 31, 2023	$ 1,873,145	$ 62	$ 607,574	$ 1,825,542	$ 36,745	$ (596,778)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends, per share (in dollars per share)	$ 11.60	$ 11.20	$ 10.50

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 income	$ 267,436	$ 234,118	$ 291,824
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	342,891	350,462	339,025
Non-cash interest expense, net	9,019	9,518	9,157
Equity-based compensation	29,420	22,514	20,054
Write-off of debt issuance costs	3,340	0	2,131
Change in deferred income taxes	11,479	68,378	28,993
(Gain) loss on asset sales and disposals, net	12,708	9,199	7,829
(Gain) loss on sales of businesses, net	0	(13,833)	0
Equity method investment (income) loss, net	54,256	14,913	(468)
Fair value adjustments	(39,514)	40,400	48,027
Gain on step acquisition	0	0	(33,406)
Changes in operating assets and liabilities:
Accounts receivable, net	(19,590)	2,734	19,656
Prepaid and other current assets	(2,227)	(3,971)	(5,595)
Accounts payable and accrued liabilities	(10,664)	(157)	(23,184)
Deferred revenue	3,463	(389)	2,543
Other	1,153	4,154	(2,245)
Net cash provided by operating activities	663,170	738,040	704,341
Cash flows from investing activities:
Purchase of businesses, net of cash acquired	0	0	(2,065,982)
Cash paid for debt and equity investments	(29,410)	(50,385)	(95,800)
Dividends received	0	0	68,706
Proceeds from sales of equity investments	56,730	0	5,325
Capital expenditures	(371,028)	(414,095)	(391,934)
Change in accrued expenses related to capital expenditures	3,324	3,358	7,407
Purchase of wireless licenses	(2,750)	0	0
Proceeds from sales of property, plant and equipment	1,230	3,628	708
Proceeds from sales of operations	0	9,227	0
Net cash used in investing activities	(341,904)	(448,267)	(2,471,570)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	638,000	0	1,695,850
Payment of debt issuance costs	(8,096)	0	(13,742)
Payments on long-term debt	(807,633)	(38,845)	(30,501)
Repurchases of common stock	(99,614)	(353,289)	0
Payment of withholding tax for equity awards	(2,484)	(5,036)	(8,517)
Dividends paid to stockholders	(66,300)	(66,255)	(63,453)
Deposits received for asset construction	0	0	1,485
Net cash provided by (used in) financing activities	(346,127)	(463,425)	1,581,122
Change in cash and cash equivalents	(24,861)	(173,652)	(186,107)
Cash and cash equivalents, beginning of period	215,150	388,802	574,909
Cash and cash equivalents, end of period	190,289	215,150	388,802
Supplemental cash flow disclosures:
Cash paid for interest, net of capitalized interest	160,224	127,158	102,891
Cash paid for income taxes, net of refunds received	$ 92,456	$ 23,379	$ (1,243)

DESCRIPTION OF BUSINESS	12 Months Ended
DESCRIPTION OF BUSINESS	Dec. 31, 2023
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Cable One, Inc., together with its wholly owned subsidiaries (collectively, “Cable One” or the “Company”), is a fully integrated provider of data, video and voice services to residential and business subscribers in 24 Western, Midwestern and Southern U.S. states. At the end of 2023, Cable One provided services to approximately 1.1 million residential and business customers, of which approximately 1,059,000 subscribed to data services, 142,000 subscribed to video services and 119,000 subscribed to voice services. On May 3, 2021, the Company acquired the remaining approximately 85% equity interest in Hargray Acquisition Holdings, LLC, a data, video and voice services provider ("Hargray"), that it did not already own for approximately $2.0 billion in cash on a debt-free basis (the "Hargray Acquisition"). The transaction was funded through a combination of cash on hand and proceeds from new indebtedness. On December 30, 2021, the Company acquired certain assets and assumed certain liabilities from Cable America Missouri, LLC, a data, video and voice services provider ("CableAmerica"), for $113.1 million in cash on a debt-free basis. The transaction was funded with cash on hand. On January 1, 2022, the Company closed a joint venture transaction in which the Company contributed certain fiber operations (including certain fiber assets of Hargray and a majority of the operations of Delta Communications, L.L.C. ("Clearwave")) and certain unaffiliated third-party investors contributed cash to a newly formed entity, Clearwave Fiber LLC ("Clearwave Fiber"). The operations contributed by the Company generated approximately 3% of Cable One's consolidated revenues for the three months ended December 31, 2021. The Company's approximately 58% investment in Clearwave Fiber was valued at $440.0 million as of the closing date. Clearwave Fiber is reported on Cable One’s balance sheet under the equity method of accounting, with the proportionate share of its net income (loss) each period reflected within Cable One's consolidated financial statements on a one quarter lag. The Company also engaged in other various strategic equity investment activity during 2021, 2022 and 2023. Refer to notes 3 and 6 for further details on the Company's acquisitions and equity investments, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the rules and regulations of the Securities and Exchange Commission. The Company’s results of operations for the years ended December 31, 2023, 2022 and 2021 may not be indicative of the Company’s future results. Certain reclassifications have been made to prior period amounts to conform to the current year presentation.

Principles of Consolidation. The consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Segment Reporting. Accounting Standards Codification (“ASC”) 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.

Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.

Revenue Recognition. The Company recognizes revenue in accordance with ASC 606 - Revenue from Contracts with Customers. Residential revenues are generated through individual and bundled subscriptions for data, video and voice services. Such subscriptions are generally on month-to-month terms, and generally without penalty for cancellation. As bundled subscriptions are typically offered at discounted rates, the sales price is allocated amongst the respective product lines based on the relative selling price at which each service is sold under standalone service agreements. Business revenues are generated through individual and bundled subscriptions for data, video and voice services under contracts with terms ranging from one month to several years.

The Company also generally receives an allocation of scheduled advertising time as part of its distribution agreements with cable and broadcast networks, which the Company sells to local, regional and national advertisers under contracts with terms that are typically less than one year. In instances where the available advertising time is sold directly by the Company’s internal sales force, the Company is acting as principal in these arrangements and the advertising that is sold is reported as revenue on a gross basis. In instances where advertising time is sold by contracted third-party agencies, the Company is not acting as principal and the advertising sold is therefore reported net of agency fees. Advertising revenues are recognized when the related advertisements are aired.

The unit of accounting for revenue recognition is a performance obligation, which is a requirement to transfer a distinct good or service to a customer. Customers are billed for the services to which they subscribe based upon published or contracted rates, with the sales price being allocated to each performance obligation. For arrangements with multiple performance obligations, the sales price is allocated based on the relative standalone selling price for each subscribed service. Generally, performance obligations are satisfied, and revenue is recognized, over the period of time in which customers simultaneously receive and consume the Company’s defined performance obligations, which are delivered in a similar pattern of transfer. Advertising revenue is recognized at the point in time when the underlying performance obligation is complete.

The Company also incurs certain incremental costs to acquire residential and business customers, such as commission costs and third-party costs to service specific customers. These costs are capitalized as contract assets and amortized over the applicable period. For commissions, the amortization period is the average customer tenure, which is approximately five years for both residential and business customers. All other costs are amortized over the requisite contract period.

Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the consolidated statements of operations and comprehensive income.

Concentrations of Credit Risk. Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. Concentration of credit risk with respect to the Company’s cash balance is limited. The Company maintains or invests its cash with highly qualified financial institutions. With respect to the Company’s receivables, credit risk is limited due to the large number of customers, individually small balances and short payment terms.

Programming Costs. The Company’s programming costs are fees paid to license the programming that is distributed to video customers and are recorded in the period the services are provided. Programming costs are recorded based on the Company’s contractual agreements with its programming vendors, which are generally multi-year agreements that provide for the Company to make payments to the programming vendors at agreed upon rates based on the number of subscribers to which the Company provides the programming service. From time to time, these agreements expire, and programming continues to be distributed to customers, while the parties negotiate new contractual terms. These scenarios are often pursuant to an extension, however, in the absence of an extension, the Company will continue to pay and record costs based on the use of estimates of the ultimate contractual terms expected to be negotiated or the prior contractual terms. Differences between actual amounts determined upon resolution of negotiations and amounts recorded during these interim periods are recorded in the period of resolution.

Advertising Costs. The Company expenses advertising costs as incurred. The total amount of such advertising expense recorded was $51.7 million, $42.4 million and $40.1 million in 2023, 2022 and 2021, respectively.

Cash Equivalents. The Company considers all highly liquid investments with original maturities at purchase of three months or less to be cash equivalents. These investments are carried at cost plus accrued interest and dividends, which approximates market value.

Allowance for Credit Losses. Accounts receivable is reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses generally when the account is turned over for collection to an outside collection agency.

Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured using significant unobservable inputs are valued using various valuation techniques, including Monte Carlo simulations.

The Company measures certain assets, including property, plant and equipment, intangible assets and goodwill, at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

The carrying amounts reported in the Company’s consolidated financial statements for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short-term nature of these financial instruments.

Equity Investments. Equity investments that do not provide the Company the ability to exert significant influence over the operating or financial decisions of the investee are accounted for under the fair value measurement alternative. This method requires the initial fair value of the investment to be recorded as an asset within the consolidated balance sheet and any dividends received from the investee to be recorded as other income within the consolidated statement of operations and comprehensive income. If observable price changes for identical or similar investments in the same investee are identified, the recorded carrying value will be adjusted to its current estimated fair value, with the change recorded within other income or expense.

Equity investments that do provide the Company with the ability to exert significant influence over the operating or financial decisions of the investee are accounted for under the equity method. The equity method requires the initial fair value of the investment to be recorded as an asset within the consolidated balance sheet. Based on its ownership percentage, the Company then recognizes its proportionate share of the investee’s net income (loss) each period within equity method investment income (loss) in the consolidated statement of operations and comprehensive income and a corresponding increase (decrease) to the investment’s carrying value within the consolidated balance sheet. As permitted by GAAP, the Company elected to recognize its proportionate share of such net income (loss) for each of its equity method investments on a one quarter lag because the investees' quarterly financial information is not prepared in time for the Company's financial reporting. Additionally, any dividends received from an equity method investee are accounted for as a reduction in the carrying value of the investment within the consolidated balance sheet. Dividends deemed to be a return on investment are classified as operating cash flows within the consolidated statements of cash flows, while dividends deemed to be a return of investment are classified as investing cash flows. Further, any material difference between the carrying value of an equity method investment and the Company’s underlying equity in the net assets of the investee attributable to depreciable property, plant and equipment and/or amortizable intangible assets will result in an adjustment to the amount of net income (loss) recognized by the Company each period.

For each of the Company’s equity investments, the Company assesses each investment for indicators of impairment on a quarterly basis based primarily on the investee’s most recently available financial and operating information. If it is determined that the fair value of an investment has fallen below its carrying value, the carrying value is adjusted down to fair value and an impairment loss equal to the amount of the adjustment is recognized within the period’s consolidated statement of operations and comprehensive income.

Upon the sale of an equity investment, the difference between the proceeds received and carrying value of the investment is recognized as a gain (loss) within other income (expense) in the consolidated statement of operations and comprehensive income.

Property, Plant and Equipment. Property, plant and equipment is recorded at cost less accumulated depreciation and amortization. Costs for replacements and major improvements are capitalized while costs for maintenance and repairs are expensed as incurred. Depreciation and amortization are calculated using the straight-line method for all assets, with the exception of capitalized internal and external labor, which are depreciated using an accelerated method. The estimated useful life ranges for each category of property, plant and equipment are as follows (in years):


Cable distribution systems(1)			5 – 25
Customer premise equipment			3 – 5
Other equipment and fixtures			3 – 10
Buildings and improvements			10 – 20
Capitalized software			3 – 7
Right-of-use (“ROU”) assets			1 – 5

(1)The weighted average useful life of cable distribution systems is approximately 12 years.

The costs of leasehold improvements are amortized over the lesser of their useful lives or the remaining terms of the respective leases.

Costs associated with the installation and upgrade of services and acquiring and deploying of customer premise equipment, including materials, internal and external labor costs and related indirect and overhead costs, are capitalized.

Capitalized labor costs include the direct costs of engineers and technical personnel involved in the design and implementation of plant and infrastructure; the costs of technicians involved in the installation and upgrades of services and customer premise equipment; and the costs of support personnel directly involved in capitalizable activities, such as project managers and supervisors. These costs are capitalized based on internally developed standards by position, which are updated annually (or more frequently if required). These standards are developed utilizing a combination of actual costs incurred where applicable, operational data and management judgment. Overhead costs are capitalized based on standards developed from historical information. Indirect and overhead costs include payroll taxes; insurance and other benefits; and vehicle, tool and supply expense related to installation activities. Costs for repairs and maintenance, disconnecting service or reconnecting service are expensed as incurred.

The Company capitalizes certain internal and external costs incurred to acquire or develop internal-use, on-premises and cloud-based software, including costs associated with coding, software configuration, upgrades and enhancements.

Evaluation of Long-Lived Assets. The recoverability of property, plant and equipment and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered to not be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value is reduced for estimated disposal costs.

Finite-Lived Intangible Assets. Finite-lived intangible assets consist of customer relationships, trademarks and trade names and wireless licenses and are amortized using a straight-line or accelerated method over the respective estimated periods for which the assets will provide economic benefit to the Company.

Indefinite-Lived Intangible Assets. The Company’s intangible asset with an indefinite life is from franchise agreements that it has with state and local governments. Franchise agreements allow the Company to contract and operate its business within specified geographic areas. The Company expects its franchise agreements to provide substantial benefit for a period that extends beyond the foreseeable horizon, and the Company has historically been able to obtain renewals and extensions of such agreements without material modifications to the agreements for nominal costs. These costs are expensed as incurred.

The Company has identified a single unit of accounting for its franchise agreements for use in impairment assessments based on the Company’s current operations and use of its assets.

The Company assesses its indefinite-lived intangible asset for impairment as of October 1st of each year, or more frequently whenever events or substantive changes in circumstances indicate that the asset might be impaired. The Company evaluates the unit of accounting used to test for impairment periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The impairment assessment may first consider qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, the Company estimates the fair value of its franchise agreements primarily based on a multi-period excess earnings method (“MPEEM”) analysis which involves significant judgment. When analyzing the fair value indicated under the MPEEM approach, the Company also considers multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA” and as adjusted, “Adjusted EBITDA”) generated by the underlying assets, current market transactions and profitability information. If the fair value of the indefinite-lived intangible asset was determined to be less than the carrying amount, the Company would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the asset.

Goodwill. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including an assembled workforce, noncontractual relationships and other agreements. The Company assesses its goodwill for impairment as of October 1st of each year, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value.

The Company tests goodwill for impairment at the reporting unit level, for which it has identified a single goodwill reporting unit based on the chief operating decision maker’s performance monitoring and resource allocation process and the similarity of its geographic divisions.

The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value. Any excess amount is recorded as an impairment charge in the current period (limited to the amount of goodwill recorded).

Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee medical and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. Accruals for expected loss are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts accrued.

Equity-Based Compensation. The Company measures compensation expense related to equity-based awards based on the grant date fair value of the awards. The Company recognizes the expense on a straight-line basis over the requisite service period, which is generally the vesting period of the award, with forfeitures recognized as incurred.

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 consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis 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 records deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such 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 recent financial operations. This evaluation is made on an ongoing basis. In the event the Company were to determine that it was not able to realize all or a portion of its deferred tax assets in the future, the Company would record a valuation allowance, which would impact the provision for income taxes.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the tax return. Changes in the estimate are recorded in the period in which such determination is made.

Asset Retirement Obligations. Certain of the Company’s franchise agreements and lease agreements contain provisions requiring the Company to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. The Company expects to continually renew its franchise agreements and therefore cannot reasonably estimate any liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in the Company incurring significant expense in complying with restoration or removal provisions. Retirement obligations related to the Company’s lease agreements are de minimis. The Company does not have any significant liabilities related to asset retirement obligations recorded in the consolidated financial statements.

Business Combination Purchase Price Allocation. The application of the acquisition method under ASC 805 - Business Combinations requires the Company to allocate the purchase price amongst the acquisition date fair values of identifiable assets acquired and liabilities assumed in a business combination. The Company determines fair values using the income approach, market approach and/or cost approach depending on the nature of the asset or liability being valued and the reliability of available information. The income approach estimates fair value by discounting associated lifetime expected future cash flows to their present value and relies on significant assumptions regarding future revenues, expenses, working capital levels and discount rates. The market approach estimates fair value by analyzing recent actual market transactions for similar assets or liabilities. The cost approach estimates fair value based on the expected cost to replace or reproduce the asset or liability and relies on assumptions regarding the occurrence and extent of any physical, functional and/or economic obsolescence.

Recently Adopted Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) and other reference rates that are to be discontinued. The Company applied the updated guidance when it transitioned certain of its debt instruments and interest rate swaps from LIBOR to the Secured Overnight Financing Rate ("SOFR") during 2023. The adoption of ASU 2020-04 did not have a material impact on the Company's consolidated financial statements.

Recently Issued But Not Yet Adopted Accounting Pronouncements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures around tax rate reconciliations, income taxes payments and other tax-related information. The ASU is effective for annual periods beginning after December 15, 2024 and can be applied on either a prospective or retrospective basis. The Company currently plans to adopt ASU 2023-09 in the first quarter of 2025 on a prospective basis and does not expect the updated guidance to have a material impact on its consolidated financial statements.

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

The Company accounts for certain acquisitions as business combinations pursuant to ASC 805 - Business Combinations. In accordance with ASC 805, the Company uses its best estimates and assumptions to assign fair value to the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date based on the information that is available as of the acquisition date. The Company believes that the information available provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed for each acquisition, however, preliminary measurements of fair value for each acquisition are subject to change during the measurement period, and such changes could be material. The Company expects to finalize the valuation after each acquisition as soon as practicable but no later than one year after the acquisition date.

Customer relationships and franchise agreements acquired in acquisitions are valued using the MPEEM of the income approach. Significant assumptions used in the valuations include projected revenue growth rates, customer attrition rates, future EBITDA margins, future capital expenditures, synergies and appropriate discount rates.

Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets that do not qualify for separate recognition, including an assembled workforce, noncontractual relationships and other agreements. As an indefinite-lived asset, goodwill is not amortized but rather is subject to impairment testing on at least an annual basis.

Acquisition costs incurred by the Company are not included as components of consideration transferred and instead are accounted for as expenses in the period in which the costs are incurred. The Company incurred $1.3 million, $3.2 million and $10.8 million of acquisition-related costs in 2023, 2022 and 2021, respectively. These costs are included within selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income.

The following acquisitions occurred during the periods presented:

CableAmerica. On December 30, 2021, the Company acquired certain assets and assumed certain liabilities of CableAmerica, a data, video and voice services provider, for $113.1 million in cash on a debt-free basis.

Acquired identifiable intangible assets associated with the CableAmerica acquisition consisted of the following (dollars in thousands):


	Fair Value		Useful Life (in years)
Customer relationships	$	15,400	14.0
Trademark and trade name	$	500	3.0
Franchise agreements	$	49,600	Indefinite

No residual value was assigned to the acquired finite-lived intangible assets. The customer relationships are amortized on an accelerated basis commensurate with future anticipated cash flows. The trademark and trade name are amortized on a straight-line basis. The total weighted average original amortization period for the acquired finite-lived intangible assets is 13.7 years. The CableAmerica acquisition resulted in the recognition of $25.6 million of goodwill, which is deductible for tax purposes.

Hargray. On May 3, 2021, the Company acquired the remaining approximately 85% equity interest in Hargray, a data, video and voice services provider, that it did not already own for an approximately $2.0 billion cash purchase price, which implied a $2.2 billion total enterprise value for Hargray on a debt-free basis.

The following table summarizes the allocation of the Hargray purchase price consideration as of the acquisition date, reflecting all measurement period adjustments (in thousands):


	Purchase Price Allocation
Assets Acquired
Cash and cash equivalents	$	17,652
Accounts receivable	17,929
Income taxes receivable	720
Prepaid and other current assets	8,006
Property, plant and equipment	456,633
Intangible assets	1,592,000
Other noncurrent assets	7,576
Total Assets Acquired	2,100,516

Liabilities Assumed
Accounts payable and accrued liabilities	38,227
Deferred revenue (short-term portion)	8,462
Deferred income taxes	441,377
Other noncurrent liabilities	9,886
Total Liabilities Assumed	497,952

Net assets acquired	1,602,564
Purchase price consideration(1)	2,117,110
Goodwill recognized	$	514,546

(1)Consists of approximately $2.0 billion of cash for the additional approximately 85% equity interest in Hargray that the Company did not already own and the $146.6 million May 3, 2021 fair value of the Company’s existing approximately 15% equity investment in Hargray. The Company recognized a $33.4 million non-cash gain within other income in the consolidated statement of operations and comprehensive income upon the acquisition in 2021, representing the difference between the existing equity investment’s fair value and $113.2 million carrying value. The fair value of the existing investment was calculated as approximately 15% of the fair value of Hargray’s total equity value (determined using the discounted cash flow method of the income approach, less debt), excluding the impact of any synergies or control premium that would be realized by a controlling interest.

Acquired identifiable intangible assets associated with the Hargray Acquisition consist of the following (dollars in thousands):


	Fair Value		Useful Life (in years)
Customer relationships	$	472,000	13.7
Trademark and trade name	$	10,000	4.2
Franchise agreements	$	1,110,000	Indefinite

No residual value was assigned to the acquired finite-lived intangible assets. The customer relationships are amortized on an accelerated basis commensurate with future anticipated cash flows. The trademark and trade name are amortized on a straight-line basis. The total weighted average original amortization period for the acquired finite-lived intangible assets is 13.5 years. The Hargray Acquisition resulted in the recognition of $514.5 million of goodwill, which is not deductible for tax purposes.

The following unaudited pro forma combined results of operations information has been prepared as if the Hargray Acquisition had occurred on January 1, 2021 (in thousands, except per share data):


	(Unaudited)
	Year Ended
	December 31, 2021
Revenues	$	1,708,734
Net income	$	230,685
Net income per common share:
Basic	$	38.33
Diluted	$	36.51

The unaudited pro forma combined results of operations information reflects the following pro forma adjustments (dollars in thousands):


	(Unaudited)
	Year Ended
	December 31, 2021
Depreciation and amortization	$	(6,152)
Interest expense	$	(2,804)
Acquisition costs	$	(15,403)
Gain on step acquisition	$	(33,400)
Income tax provision	$	33,577
Weighted average common shares outstanding - diluted	71,219

The unaudited pro forma combined results of operations information is provided for informational purposes only and is not necessarily intended to represent the results that would have been achieved had the Hargray Acquisition been consummated on January 1, 2020 or indicative of the results that may be achieved in the future.

REVENUES

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues by product line and other revenue-related disclosures were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Residential:
Data	$	979,296	$	934,564	$	835,725
Video	257,966		325,200		339,707
Voice	37,088		43,096		47,519
Business services	304,527		305,286		308,767
Other	99,204		97,897		74,118
Total revenues	$	1,678,081	$	1,706,043	$	1,605,836

Franchise and other regulatory fees	$	26,864	$	31,226	$	31,418
Deferred commission amortization	$	5,676	$	5,092	$	5,405

Other revenues are comprised primarily of regulatory revenues, advertising sales, late charges and reconnect fees.

Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the consolidated statements of operations and comprehensive income.

Net accounts receivable from contracts with customers totaled $68.0 million and $45.8 million at December 31, 2023 and 2022, respectively.

A significant portion of the Company’s revenues are derived from customers who may cancel their subscriptions at any time without penalty. As such, the amount of deferred revenue related to unsatisfied performance obligations is not necessarily indicative of the future revenue to be recognized from the Company’s existing customers. Revenues from customers with contractually specified terms and non-cancelable service periods are recognized over the terms of the underlying contracts, which generally range from one to five years.

Contract Costs. The Company capitalizes the incremental costs incurred in obtaining customers, such as commission costs and certain third-party costs. Commission expense is recognized using a portfolio approach over the calculated average residential and business customer tenure. Commission amortization expense is included within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

Contract Liabilities. As residential and business customers are billed for subscription services in advance of the service period, the timing of revenue recognition differs from the timing of billing. Deferred revenue liabilities are recorded when the Company collects payments in advance of providing the associated services. Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. As of December 31, 2023, the Company’s remaining performance obligations pertain to the refundable customer prepayments and consist of providing future data, video and voice services to customers. The $23.7 million of current deferred revenue at December 31, 2022 was recognized within revenues in the consolidated statement of operations and comprehensive income during 2023. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers.

Significant Judgments. The Company often provides multiple services to a single customer. The provision of customer premise equipment, installation services and service upgrades may be highly integrated and interdependent with the data, video or voice services provided. Judgment is required to determine whether the provision of such customer premise equipment, installation services and service upgrades is considered a distinct service and accounted for separately, or not distinct and accounted for together with the related subscription service.

The transaction price for a bundle of services is frequently less than the sum of the standalone selling prices of each individual service. The Company allocates the sales price for such bundles to each individual service provided based on the relative standalone selling price for each subscribed service. Generally, directly observable standalone selling prices are used for the revenue allocation.

The Company also used significant judgment to determine the appropriate period over which to amortize deferred residential and business commission costs, which was determined to be the average customer tenure. Based on historical data and current expectations, the Company determined the average customer tenure for both residential and business customers to be approximately five years.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-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

OPERATING ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

OPERATING ASSETS AND LIABILITIES

Accounts receivable consisted of the following (in thousands):


	As of December 31,
	2023		2022
Trade receivables	$	72,076	$	48,958
Income taxes receivable	—		1,668
Other receivables(1)	26,006		26,948
Less: Allowance for credit losses	(4,109)		(3,191)
Total accounts receivable, net	$	93,973	$	74,383

(1)Balances include amounts due from Clearwave Fiber for services provided under a transition services agreement of $3.7 million and $15.6 million as of December 31, 2023 and 2022, respectively. The 2023 balance also includes a $11.4 million receivable from the federal government under the Secure and Trusted Communications Networks Reimbursement Program.

The changes in the allowance for credit losses were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Beginning balance	$	3,191	$	2,541	$	1,252
Additions - charged to costs and expenses	9,816		9,170		5,965
Deductions - write-offs	(13,885)		(13,998)		(10,587)
Recoveries collected	4,987		5,478		5,911
Ending balance	$	4,109	$	3,191	$	2,541

Prepaid and other current assets consisted of the following (in thousands):


	As of December 31,
	2023		2022
Prepaid repairs and maintenance	$	2,596	$	4,059
Software implementation costs	1,812		1,349
Prepaid insurance	3,507		3,506
Prepaid rent	2,227		2,125
Prepaid software	9,762		8,897
Deferred commissions	5,371		4,596
Interest rate swap asset	24,511		25,794
Prepaid income tax payments	5,470		—
All other current assets	2,860		6,846
Total prepaid and other current assets	$	58,116	$	57,172

Other noncurrent assets consisted of the following (in thousands):


	As of December 31,
	2023		2022
Operating lease right-of-use assets	$	10,650	$	11,325
Deferred commissions	9,793		8,916
Software implementation costs	7,115		6,472
Debt issuance costs	3,087		1,904
Debt investment	2,228		2,102
Assets held for sale	889		914
Interest rate swap asset	24,453		40,289
All other noncurrent assets	4,934		2,755
Total other noncurrent assets	$	63,149	$	74,677

Accounts payable and accrued liabilities consisted of the following (in thousands):


	As of December 31,
	2023		2022
Accounts payable	$	45,025	$	39,554
Accrued programming costs	18,453		20,456
Accrued compensation and related benefits	20,149		26,515
Accrued sales and other operating taxes	14,518		14,541
Accrued franchise fees	2,952		3,902
Deposits	5,954		6,236
Operating lease liabilities	3,391		3,924
Accrued insurance costs	5,167		5,525
Cash overdrafts	12,058		9,445
Interest payable	6,340		5,801
Income taxes payable	2,579		13,006
All other accrued liabilities	20,059		15,613
Total accounts payable and accrued liabilities	$	156,645	$	164,518

Other noncurrent liabilities consisted of the following (in thousands):


	As of December 31,
	2023		2022
Operating lease liabilities	$	6,768	$	6,733
Accrued compensation and related benefits	8,847		8,973
Deferred revenue	15,066		8,070
MBI Net Option (as defined in note 6)(1)	136,360		164,350
All other noncurrent liabilities	2,515		4,224
Total other noncurrent liabilities	$	169,556	$	192,350

(1)Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 6), consisting of liabilities of $15.2 million and $121.2 million, respectively, as of December 31, 2023 and liabilities of $6.5 million and $157.9 million, respectively, as of December 31, 2022. Refer to notes 6 and 13 for further information on the MBI Net Option (as defined in note 6).

EQUITY INVESTMENTS

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

EQUITY INVESTMENTS

On May 3, 2021, the Company acquired the remaining approximately 85% equity interest in Hargray that it did not already own for an approximately $2.0 billion cash purchase price, which implied a $2.2 billion total enterprise value for Hargray on a debt-free basis, and recognized a $33.4 million non-cash gain as a result of the fair value remeasurement of the Company’s existing equity interest on the acquisition date. On October 1, 2021, the Company made a minority equity investment for a less than 10% ownership interest in Point Broadband Holdings, LLC, a fiber internet service provider ("Point Broadband"), for $25.0 million. On October 18, 2021, the Company completed a minority equity investment for a less than 10% ownership interest in Tristar Acquisition I Corp, a special-purpose acquisition company ("Tristar"), for $20.8 million. On November 5, 2021, the Company invested an additional $50.0 million to acquire preferred units in AMG Technology Investment Group, LLC, a wireless internet service provider (“Nextlink”), increasing its equity interest to approximately 17%.

On January 1, 2022, the Company closed a joint venture transaction in which the Company contributed certain fiber operations (including certain fiber assets of Hargray and a majority of the operations of Clearwave) and certain unaffiliated third-party investors contributed cash to a newly formed entity, Clearwave Fiber. The operations contributed by the Company generated approximately 3% of Cable One's consolidated revenues for the three months ended December 31, 2021. The Company's approximately 58% investment in Clearwave Fiber was valued at $440.0 million as of the closing date. The Company recognized a non-cash gain of $22.1 million associated with this transaction. On March 24, 2022, the Company invested an additional $5.4 million in Point Broadband. On April 1, 2022, the Company contributed its Tallahassee, Florida system to MetroNet Systems, LLC, a fiber internet service provider ("MetroNet"), in exchange for cash consideration of $7.0 million and an equity interest of less than 10% in MetroNet valued at $7.0 million. On June 1, 2022, the Company completed a minority equity investment for a less than 10% ownership interest in Visionary Communications, Inc., an internet service provider ("Visionary"), for $7.2 million. On September 6, 2022, the Company entered into a subscription agreement with Northwest Fiber Holdco, LLC, a fiber internet service provider ("Ziply"), under which the Company agreed to invest up to $50.0 million in Ziply for a less than 10% equity interest. The Company funded $22.2 million in November 2022.

The Company invested an additional $1.6 million in Visionary in 2023 and funded the remaining $27.8 million under the subscription agreement with Ziply during 2023. In July 2023, the Company's equity investment in Wisper ISP, LLC, a wireless internet service provider ("Wisper"), was redeemed for total cash proceeds of $35.9 million (the "Wisper Redemption"), which resulted in the recognition of a $1.8 million gain. Also in July 2023, the Company divested its equity investment in Tristar for total cash proceeds of $20.9 million, which resulted in the recognition of a $3.4 million loss.

The carrying value of the Company’s equity investments without readily determinable fair values are determined based on fair value assessments as of their respective acquisition dates.

The carrying value of the Company's equity investments consisted of the following (dollars in thousands):


	December 31, 2023			December 31, 2022
	Ownership Percentage	Carrying Value		Ownership Percentage	Carrying Value
Cost Method Investments
MetroNet	<10%	$	7,000	<10%	$	7,000
Nextlink	<20%	77,245		<20%	77,245
Point Broadband	<10%	42,623		<10%	30,373
Tristar	—	—		<10%	23,413
Visionary	<10%	8,822		<10%	7,190
Ziply	<10%	50,000		<10%	22,222
Others	<10%	13,926		<10%	13,624
Total cost method investments		$	199,616		$	181,067

Equity Method Investments
Clearwave Fiber	~58%	$	359,876	~58%	$	409,514
MBI(1)	45.0%	565,955		45.0%	571,075
Wisper	—	—		40.4%	33,565
Total equity method investments		$	925,831		$	1,014,154

Total equity investments		$	1,125,447		$	1,195,221

(1)The Company holds a call option to purchase all but not less than all of the remaining equity interests in Mega Broadband Investments Holdings LLC, a data, video and voice services provider (“MBI”), that the Company does not already own between January 1, 2023 and June 30, 2024. Certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the "MBI Net Option") are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s EBITDA volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $136.4 million and $164.4 million as of December 31, 2023 and December 31, 2022, respectively, and was included within other noncurrent liabilities in the consolidated balance sheets. Refer to note 13 for further information on the MBI Net Option.

On December 28, 2021, the Company received a $68.7 million dividend distribution from MBI, which resulted in a corresponding decrease to the carrying value of the MBI investment. The carrying value of MBI exceeded the Company’s underlying equity in MBI’s net assets by approximately $487.5 million and $497.8 million as of December 31, 2023 and 2022, respectively.

Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and which are recorded on a one quarter lag, along with certain other operating information, were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Equity Method Investment Income (Loss)
Clearwave Fiber	$	(49,638)	$	(30,486)	$	—
MBI(1)	(5,120)		13,361		(4,258)
Wisper	502		2,212		4,726
Total	$	(54,256)	$	(14,913)	$	468

Other Income (Expense), Net
Mark-to-market adjustments(2)	$	13,082	$	330	$	2,283
Gain (loss) on sale of equity investments, net	$	(1,558)	$	—	$	—
MBI Net Option change in fair value	$	27,990	$	(40,730)	$	(50,310)

(1)The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. The Company recognized $5.7 million, $26.9 million and $10.3 million of its pro rata share of MBI’s net income and $10.8 million, $13.5 million and $14.5 million of its pro rata share of basis difference amortization during 2023, 2022 and 2021, respectively.

(2)Amount for 2023 includes a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

The following tables present summarized financial information for our equity method investments (in thousands):


	As of December 31,
	2023(1)		2022
Current assets	$	40,592	$	115,476
Noncurrent assets	1,796,600		1,772,135
Total assets	$	1,837,192	$	1,887,611

Current liabilities	$	86,241	$	101,763
Noncurrent liabilities	952,395		859,727
Total liabilities	$	1,038,636	$	961,490

(1)Balances as of December 31, 2023 do not include Wisper, as the Wisper Redemption occurred in July 2023.


	Year Ended December 31,
	2023(1)		2022		2021
Revenues	$	403,438	$	383,435	$	287,355
Total costs and expenses	$	383,294	$	342,752	$	227,656
Income from operations	$	20,144	$	40,683	$	59,699
Net income (loss)	$	(71,872)	$	12,732	$	34,576

(1)Amounts for the year ended December 31, 2023 only include Wisper for the period prior to the July 2023 Wisper Redemption.

The Company assesses each equity investment for indicators of impairment on a quarterly basis. No impairments were recorded for any of the periods presented.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following (in thousands):


	As of December 31,
	2023		2022
Cable distribution systems	$	2,491,903	$	2,454,452
Customer premise equipment	380,820		339,132
Other equipment and fixtures	376,847		450,301
Buildings and improvements	140,063		138,467
Capitalized software	70,928		58,740
Construction in progress	188,774		230,644
Land	13,641		12,541
Right-of-use assets	10,789		11,323
Property, plant and equipment, gross	3,673,765		3,695,600
Less: Accumulated depreciation and amortization	(1,882,645)		(1,993,845)
Property, plant and equipment, net	$	1,791,120	$	1,701,755

The Company contributed $280.0 million of property, plant and equipment, net, to the Clearwave Fiber joint venture on January 1, 2022, and recognized a $22.1 million non-cash gain on the transaction. The Company divested $6.8 million of property, plant and equipment, net, in the dispositions of the Tallahassee, Florida system and certain other non-core assets during the second quarter of 2022 and recognized an $8.3 million net loss.

The Company classified $0.9 million of property, plant and equipment as held for sale as of both December 31, 2023 and 2022. Such assets are included within other noncurrent assets in the condensed consolidated balance sheets.

Depreciation and amortization expense for property, plant and equipment was $269.4 million, $266.6 million and $264.4 million in 2023, 2022 and 2021, respectively.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $928.9 million as of both December 31, 2023 and 2022. The change in carrying value of goodwill during 2022 was due to the following (in thousands):


	Goodwill
Balance at December 31, 2021	$	967,913
Clearwave Fiber contribution	(39,942)
Hargray measurement period adjustments	2,739
Other divestitures	(1,762)
Balance at December 31, 2022	$	928,947

The Company has not historically recorded any impairment of goodwill.

Intangible assets consisted of the following (dollars in thousands):


		December 31, 2023						December 31, 2022
	Useful Life Range (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships	13.5 – 17	$	784,381	$	295,817	$	488,564	784,381		225,445		558,936
Trademarks and trade names	2.7 – 4.2	11,846		8,782		3,064		11,846		6,675		5,171
Wireless licenses	10 – 15	4,169		451		3,718		1,418		286		1,132
Total finite-lived intangible assets		$	800,396	$	305,050	$	495,346	$	797,645	$	232,406	$	565,239

Indefinite-Lived Intangible Assets
Franchise agreements						$	2,100,546					$	2,100,546
Trademark and trade names						—						800
Total indefinite-lived intangible assets						$	2,100,546					$	2,101,346

Total intangible assets, net						$	2,595,892					$	2,666,585

Intangible asset amortization expense was $73.5 million, $83.9 million and $74.6 million in 2023, 2022 and 2021, respectively.

The future amortization of existing finite-lived intangible assets as of December 31, 2023 was as follows (in thousands):


Year Ending December 31,	Amount
2024	$	66,103
2025	61,115
2026	55,601
2027	51,720
2028	48,121
Thereafter	212,686
Total	$	495,346

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

As a lessee, the Company has operating leases for buildings, equipment, data centers, fiber optic networks and towers and finance leases for buildings and fiber optic networks. These leases have remaining lease terms ranging from less than one year to 42 years, with some including an option to extend the lease for up to ten additional years and some including an option to terminate the lease within one year.

As a lessor, the Company has operating leases for the use of its fiber optic networks, towers and customer premise equipment. These leases have remaining lease terms ranging from less than one year to six years, with some including a lessee option to extend the leases for up to three additional years and some including an option to terminate the lease within one year.

Significant judgment is required when determining whether a fiber optic network access contract contains a lease, defining the duration of the lease term and selecting an appropriate discount rate, as discussed below:

•The Company concluded it was the lessee or lessor for fiber optic network access arrangements only when the asset is specifically identifiable and both substantially all the economic benefit is obtained by the lessee and the lessee’s right to direct the use of the asset exists.

•The Company’s lease terms are only for periods in which there are enforceable rights. For accounting purposes, a lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without requiring permission from the other party with no more than an insignificant penalty. The Company’s lease terms are impacted by options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

•Most of the Company’s leases do not contain an implicit interest rate. Therefore, the Company held discussions with lenders, evaluated its published credit rating and incorporated interest rates on currently held debt in determining discount rates that reflect what the Company would pay to borrow on a collateralized basis over similar terms for its lease obligations.

As of December 31, 2023, additional operating leases that have not yet commenced were not material. Additionally, lessor accounting disclosures were not material as of and for the years ended December 31, 2023, 2022 and 2021.

Lessee Financial Information. The Company’s ROU assets and lease liabilities consisted of the following (in thousands):


	As of December 31,
	2023		2022
ROU Assets
Property, plant and equipment, net:
Finance leases	$	6,909	$	8,054
Other noncurrent assets:
Operating leases	$	10,650	$	11,325

Lease Liabilities
Accounts payable and accrued liabilities:
Operating leases	$	3,391	$	3,924
Current portion of long-term debt:
Finance leases	$	779	$	923
Long-term debt:
Finance leases	$	4,381	$	3,921
Other noncurrent liabilities:
Operating leases	$	6,768	$	6,733
Total:
Finance leases	$	5,160	$	4,844
Operating leases	$	10,159	$	10,657

The components of the Company’s lease expense were as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Finance lease expense:
Amortization of right-of-use assets	$	1,138	$	987	$	945
Interest on lease liabilities	347		335		369
Operating lease expense	4,989		5,318		6,362
Short-term lease expense	544		—		—
Variable lease expense	23		4		—
Total lease expense	$	7,041	$	6,644	$	7,676

Amortization of ROU assets is included within depreciation and amortization expense; interest on lease liabilities is included within interest expense; and operating, short-term and variable lease expense is included within operating expenses and selling, general and administrative expenses in the consolidated statements of operations and comprehensive income.

Supplemental lessee financial information is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - financing cash flows	$	1,077	$	859	$	770
Finance leases - operating cash flows	$	347	$	335	$	369
Operating leases - operating cash flows	$	4,807	$	5,180	$	6,190
Right-of-use assets obtained in exchange for lease liabilities:
Finance leases(1)	$	(8)	$	82	$	1,089
Operating leases(2)	$	4,244	$	4,054	$	7,700

(1)The amount for 2023 includes a $2.3 million reversal as a result of the remeasurement of an ROU asset due to a change in estimated remaining renewal periods.

(2)The amount for 2021 includes $4.3 million of ROU assets acquired in the Hargray Acquisition.


	As of December 31,
	2023		2022
Weighted average remaining lease term:
Finance leases (in years)	8.7		10.1
Operating leases (in years)	3.7		3.8
Weighted average discount rate:
Finance leases	7.23	%	6.04	%
Operating leases	4.86	%	3.59	%

As of December 31, 2023, the future maturities of existing lease liabilities were as follows (in thousands):


Year Ending December 31,	Finance Leases		Operating Leases
2024	$	1,100	$	3,775
2025	978		2,849
2026	857		1,997
2027	617		1,391
2028	551		758
Thereafter	3,018		339
Total	7,121		11,109
Less: Present value discount	(1,961)		(950)
Lease liability	$	5,160	$	10,159