Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

On July 1, 2021, pursuant to the Asset Purchase Agreement (the “Purchase Agreement”), dated May 28, 2021, between Shentel and T-Mobile, Shentel completed the sale to T-Mobile of its Wireless assets and operations for cash consideration of approximately $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint, and net of certain transaction expenses (the “Transaction”).

The assets and liabilities that transferred in the Transaction (the “disposal group”) were presented as held for sale within our historical consolidated balance sheets, and discontinued operations within our historical consolidated statements of comprehensive income (loss).

Income from discontinued operations, net of tax in the consolidated statements of comprehensive income (loss) consist of the following for December 31, 2021:


(in thousands)
Revenue:	2021
Service revenue and other	$	201,076
Equipment revenue	12,253
Total revenue	213,329
Operating expenses:
Cost of services	38,144
Cost of goods sold	11,964
Selling, general and administrative	17,514
Severance expense	465
Depreciation and amortization	—
Total operating expenses	68,087
Operating income	145,242
Other (expense) income:
Debt extinguishment	(11,032)
Interest expense and other, net	(9,178)
Gain on sale of disposition of Wireless assets and operations	1,227,531
Income before income taxes	1,352,563
Income tax expense	361,661
Income from discontinued operations, net of tax	$	990,902

There was no material income from discontinued operations for the years ended December 31, 2023 and 2022.