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Discontinued Operations | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations As discussed in Note 1, Basis of Presentation and Other Information above, t he Tower Transaction represented a strategic shift in the Company’s business and the Tower Portfolio has been reclassified as a discontinued operation. As a result, for all periods presented, the assets and liabilities that transferred in the Tower Transaction disposal group are presented as held for sale in our unaudited condensed consolidated balance sheets, and operating results and cash flows related to the Tower Portfolio were reflected as a discontinued operations in our unaudited condensed consolidated statements of comprehensive income and unaudited condensed consolidated statements of cash flows. The carrying amounts of the major classes of assets and liabilities, classified as held for sale in the unaudited condensed consolidated balance sheets, were as follows:
(in thousands) |  |  | December 31, 2023
ASSETS |  |  |
Property, plant and equipment, net |  |  | $ | 29,162 |
Operating lease right-of-use assets |  |  | 37,616 |
Deferred charges and other assets |  |  | 2,137 |
Noncurrent assets held for sale |  |  | $ | 68,915 |
LIABILITIES |  |  |
Accrued liabilities and other current liabilities |  |  | $ | 3,602 |
Current liabilities held for sale |  |  | $ | 3,602 |
Deferred income taxes |  |  | $ | 2,483 |
Asset retirement obligations |  |  | 9,516 |
Non-current operating lease liabilities |  |  | 41,173 |
Other liabilities |  |  | 3,524 |
Noncurrent liabilities held for sale |  |  | $ | 56,696 |
Income from discontinued operations, net of tax in the unaudited condensed consolidated statements of comprehensive income consist of the following for the periods ended:
(in thousands) |  | Three Months Ended March 31,
|  | 2024 |  | 2023
Service revenue and other |  | $ | 4,542 |  |  | $ | 4,576 |
Operating expenses: |  |  |  |
Cost of services |  | 1,059 |  |  | 1,191 |
Selling, general and administrative |  | 572 |  |  | 450 |
Depreciation and amortization |  | 222 |  |  | 513 |
Total operating expenses |  | 1,853 |  |  | 2,154 |
Operating income |  | 2,689 |  |  | 2,422 |
Other income: |  |  |  |
Gain on sale of disposition of Tower Portfolio |  | 294,250 |  |  | — |
Income before income taxes |  | 296,939 |  |  | 2,422 |
Income tax expense |  | 78,153 |  |  | 1,097 |
Income from discontinued operations, net of tax |  | $ | 218,786 |  |  | $ | 1,325 |
Consummation of the sale triggered the recognition of approximately $4.4 million of incremental transaction costs during the three months ended March 31, 2024, for contingent deal advisory fees and legal expenses, which are netted against the gain on sale of disposition of Tower Portfolio.

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- Definition The entire disclosure 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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