Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

Property, plant and equipment, net increases were primarily attributable to capital expenditures in the Broadband segment due to expansion of Glo Fiber assets and market expansion. The Company’s accounts payable as of June 30, 2023 and December 31, 2022 included amounts associated with capital expenditures of approximately $38.9 million and $43.8 million, respectively. Depreciation and amortization expense was $16.2 million and $14.6 million during the three months ended June 30, 2023 and 2022, respectively, and $31.7 million and $28.7 million during the six months ended June 30, 2023 and 2022, respectively.

On August 23, 2022, the Company entered into a definitive asset purchase agreement (the “Spectrum Purchase Agreement”) with a wireless carrier pursuant to which the Company agreed to sell certain Federal Communications Commission (“FCC”) spectrum licenses and leases previously utilized in the Company’s Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the “Spectrum Transaction”). The Spectrum Transaction closed on July 6, 2023.