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Derivatives and Hedging | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging Shentel has pay fixed (2.90%) receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms that became effective in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as cash flow hedges, representing 50% of the Company’s outstanding debt under Term Loan A-1 and Term Loan A-2. The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans. Prior to August 2025, the Swaps were determined to be highly effective hedges and therefore all change in the fair value of the Swaps was recognized in accumulated other comprehensive income. In August 2025, certain future interest rate payments that represent forecasted hedged transactions became probable of not occurring. Amounts related to these forecasted hedged transactions were reclassified from accumulated other comprehensive income on the Company’s unaudited condensed consolidated balance sheets to other income, net in the Company’s unaudited condensed consolidated statements of operations. Amounts related to future interest rate payments that remain probable of occurring will continue to be recorded in accumulated other comprehensive income. The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2):
(in thousands) | September 30, 2025 |  | December 31, 2024
Balance sheet line item of derivative financial instruments: |  |  |
Prepaid expenses and other | $ | 885 |  |  | $ | 1,766 |
Deferred charges and other assets | — |  |  | 721 |
Total derivatives designated as hedging instruments | $ | 885 |  |  | $ | 2,487 |
The table below summarizes changes in accumulated other comprehensive income by component:
(in thousands) |  | Gain on Swaps |  | Income tax expense |  | Accumulated Other Comprehensive Income, net of taxes
Balance, June 30, 2025 |  | $ | 1,354 |  |  | $ | (354) |  |  | $ | 1,000 |
Net change in unrealized gain |  | 263 |  |  | (76) |  |  | 187 |
Amounts reclassified from accumulated other comprehensive income |  | (1,113) |  |  | 279 |  |  | (834) |
Net current period other comprehensive (loss) income |  | (850) |  |  | 203 |  |  | (647) |
Balance, September 30, 2025 |  | $ | 504 |  |  | $ | (151) |  |  | $ | 353 |
(in thousands) |  | Gain on Swaps |  | Income tax expense |  | Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2024 |  | $ | 2,487 |  |  | $ | (634) |  |  | $ | 1,853 |
Net change in unrealized gain |  | 210 |  |  | (63) |  |  | 147 |
Amounts reclassified from accumulated other comprehensive income |  | (2,193) |  |  | 546 |  |  | (1,647) |
Net current period other comprehensive (loss) income |  | (1,983) |  |  | 483 |  |  | (1,500) |
Balance, September 30, 2025 |  | $ | 504 |  |  | $ | (151) |  |  | $ | 353 |
(in thousands) |  | Gain on Swaps |  | Income tax expense |  | Accumulated Other Comprehensive Income, net of taxes
Balance, June 30, 2024 |  | $ | 4,550 |  |  | $ | (1,145) |  |  | $ | 3,405 |
Net change in unrealized loss |  | (2,226) |  |  | 540 |  |  | (1,686) |
Amounts reclassified from accumulated other comprehensive income |  | (946) |  |  | 230 |  |  | (716) |
Net current period other comprehensive (loss) income |  | (3,172) |  |  | 770 |  |  | (2,402) |
Balance, September 30, 2024 |  | $ | 1,378 |  |  | $ | (375) |  |  | $ | 1,003 |
(in thousands) |  | Gain on Swaps |  | Income tax expense |  | Accumulated Other Comprehensive Income, net of taxes
Balance, December 31, 2023 |  | $ | 2,241 |  |  | $ | (573) |  |  | $ | 1,668 |
Net change in unrealized gain |  | 619 |  |  | (140) |  |  | 479 |
Amounts reclassified from accumulated other comprehensive income |  | (1,482) |  |  | 338 |  |  | (1,144) |
Net current period other comprehensive (loss) income |  | (863) |  |  | 198 |  |  | (665) |
Balance, September 30, 2024 |  | $ | 1,378 |  |  | $ | (375) |  |  | $ | 1,003 |

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