2022 Q4 Form 10-Q Financial Statement

#000155837022016465 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $296.0M $296.6M
YoY Change -7.07% -6.89%
Cost Of Revenue $133.7M $141.2M
YoY Change -3.03% -0.9%
Gross Profit $162.3M $155.4M
YoY Change -10.14% -11.75%
Gross Profit Margin 54.84% 52.39%
Selling, General & Admin $80.04M $72.84M
YoY Change 12.45% 13.63%
% of Gross Profit 49.31% 46.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.61M $75.66M
YoY Change 5.95% 2.57%
% of Gross Profit 49.05% 48.69%
Operating Expenses $159.6M $148.5M
YoY Change 9.11% 131.66%
Operating Profit -$20.72M $6.897M
YoY Change -160.36% -78.78%
Interest Expense -$33.24M -$32.07M
YoY Change 19.07% -25.72%
% of Operating Profit -465.0%
Other Income/Expense, Net $3.953M $2.984M
YoY Change -59.49% 30.14%
Pretax Income -$50.00M -$8.235M
YoY Change -409.18% -1844.7%
Income Tax -$9.244M -$978.0K
% Of Pretax Income
Net Earnings -$45.49M $292.6M
YoY Change -401.44% -6297.88%
Net Earnings / Revenue -15.37% 98.65%
Basic Earnings Per Share -$0.41 $2.45
Diluted Earnings Per Share -$0.41 $2.620M
COMMON SHARES
Basic Shares Outstanding 115.4M 115.4M
Diluted Shares Outstanding 111.7M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $413.8M $462.0M
YoY Change 96.64% 82.16%
Cash & Equivalents $325.9M $462.0M
Short-Term Investments $87.95M $0.00
Other Short-Term Assets $63.00M $156.6M
YoY Change -23.99% 89.77%
Inventory
Prepaid Expenses
Receivables $119.7M $116.0M
Other Receivables $1.670M $0.00
Total Short-Term Assets $598.1M $734.6M
YoY Change 39.81% 55.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.234B $2.176B
YoY Change 10.63% 14.16%
Goodwill $929.6M $929.6M
YoY Change -8.25% -8.26%
Intangibles
YoY Change
Long-Term Investments $10.30M $10.28M
YoY Change -90.6% -90.59%
Other Assets $61.32M $57.63M
YoY Change 5.5% -57.19%
Total Long-Term Assets $3.289B $3.234B
YoY Change 0.12% -0.72%
TOTAL ASSETS
Total Short-Term Assets $598.1M $734.6M
Total Long-Term Assets $3.289B $3.234B
Total Assets $3.887B $3.969B
YoY Change 4.7% 6.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.10M $30.45M
YoY Change -19.19% -36.48%
Accrued Expenses $95.21M $209.7M
YoY Change -2.27% 129.03%
Deferred Revenue $46.66M $48.47M
YoY Change -12.0% -12.19%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.83M $10.28M
YoY Change 61.25% 48.01%
Total Short-Term Liabilities $266.9M $303.5M
YoY Change -6.53% -5.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.129B $2.126B
YoY Change 0.5% 0.51%
Other Long-Term Liabilities $171.0M $237.7M
YoY Change -38.38% -66.59%
Total Long-Term Liabilities $2.300B $2.364B
YoY Change 8.57% -16.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $266.9M $303.5M
Total Long-Term Liabilities $2.300B $2.364B
Total Liabilities $2.842B $2.944B
YoY Change -1.21% -11.53%
SHAREHOLDERS EQUITY
Retained Earnings -$11.87M $23.27M
YoY Change -91.62% -114.85%
Common Stock $721.6M $730.3M
YoY Change -2.73% 12.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.038B $1.025B
YoY Change
Total Liabilities & Shareholders Equity $3.887B $3.969B
YoY Change 4.7% 6.44%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$45.49M $292.6M
YoY Change -401.44% -6297.88%
Depreciation, Depletion And Amortization $79.61M $75.66M
YoY Change 5.95% 2.57%
Cash From Operating Activities $5.579M $76.63M
YoY Change -75.62% -30.43%
INVESTING ACTIVITIES
Capital Expenditures $123.0M -$164.0M
YoY Change -187.34% 13.69%
Acquisitions
YoY Change
Other Investing Activities -$12.25M $534.0M
YoY Change -125.76% -922.11%
Cash From Investing Activities -$135.3M $370.0M
YoY Change 44.96% -276.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.506M -2.587M
YoY Change -109.11% 69.2%
NET CHANGE
Cash From Operating Activities 5.579M 76.63M
Cash From Investing Activities -135.3M 370.0M
Cash From Financing Activities -6.506M -2.587M
Net Change In Cash -136.2M 444.0M
YoY Change -14391.4% -541.24%
FREE CASH FLOW
Cash From Operating Activities $5.579M $76.63M
Capital Expenditures $123.0M -$164.0M
Free Cash Flow -$117.4M $240.7M
YoY Change -171.72% -5.41%

Facts In Submission

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dei Entity Address Address Line1
EntityAddressAddressLine1
2116 South 17th Street
dei Entity Address City Or Town
EntityAddressCityOrTown
Mattoon
dei Entity Address State Or Province
EntityAddressStateOrProvince
IL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
61938-5973
dei City Area Code
CityAreaCode
217
dei Local Phone Number
LocalPhoneNumber
235-3311
dei Security12b Title
Security12bTitle
Common Stock - $0.01 par value
dei Trading Symbol
TradingSymbol
CNSL
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
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CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.
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CY2022Q3 cnsl Fiber Network Route Miles
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Reclassifications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain amounts in our 2021 condensed consolidated financial statements have been reclassified to conform to the current year presentation primarily related to the presentation of the financial results for our wireless partnership interests as discontinued operations.</p>
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
523000
CY2022Q3 cnsl Net Income Loss Continuing Operations Before Earnings Allocated To Participating Securities
NetIncomeLossContinuingOperationsBeforeEarningsAllocatedToParticipatingSecurities
-17684000
CY2021Q3 cnsl Net Income Loss Continuing Operations Before Earnings Allocated To Participating Securities
NetIncomeLossContinuingOperationsBeforeEarningsAllocatedToParticipatingSecurities
-13340000
cnsl Net Income Loss Continuing Operations Before Earnings Allocated To Participating Securities
NetIncomeLossContinuingOperationsBeforeEarningsAllocatedToParticipatingSecurities
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cnsl Net Income Loss Continuing Operations Before Earnings Allocated To Participating Securities
NetIncomeLossContinuingOperationsBeforeEarningsAllocatedToParticipatingSecurities
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CY2022Q3 us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
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us-gaap Undistributed Continuing Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedContinuingOperationEarningsLossAllocationToParticipatingSecuritiesBasic
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CY2022Q3 us-gaap Undistributed Earnings Loss From Continuing Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromContinuingOperationsAvailableToCommonShareholdersBasic
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CY2021Q3 us-gaap Undistributed Earnings Loss From Continuing Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromContinuingOperationsAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss From Continuing Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromContinuingOperationsAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss From Continuing Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-147065000
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
312560000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
24889000
CY2022Q3 us-gaap Undistributed Discontinued Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedDiscontinuedOperationEarningsLossAllocationToParticipatingSecuritiesBasic
9612000
us-gaap Undistributed Discontinued Operation Earnings Loss Allocation To Participating Securities Basic
UndistributedDiscontinuedOperationEarningsLossAllocationToParticipatingSecuritiesBasic
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CY2022Q3 us-gaap Undistributed Earnings Loss From Discontinued Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
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CY2021Q3 us-gaap Undistributed Earnings Loss From Discontinued Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss From Discontinued Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss From Discontinued Operations Available To Common Shareholders Basic
UndistributedEarningsLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
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CY2022Q3 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
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CY2021Q3 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
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us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111697000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111695000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83003000
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.15
CY2021Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.14
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.45
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.77
CY2022Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
2.60
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.09
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
2.72
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.30
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.45
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
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CY2022Q3 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
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CY2021Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
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CY2022Q3 us-gaap Long Term Investments
LongTermInvestments
10283000
CY2021Q4 us-gaap Long Term Investments
LongTermInvestments
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CY2021Q4 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
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CY2022Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
0
CY2021Q4 cnsl Equity Method Investments Number Of Entitys Investments
EquityMethodInvestmentsNumberOfEntitysInvestments
3
CY2022Q3 cnsl Number Of Investments For Which Portion Of Interest Was Sold To One Of Its Partners
NumberOfInvestmentsForWhichPortionOfInterestWasSoldToOneOfItsPartners
1
cnsl Discontinued Operation Taxable Gain Recognized On Sale
DiscontinuedOperationTaxableGainRecognizedOnSale
467000000.0
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12932000
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2022Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
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CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2164557000
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
33470000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
37745000
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2125994000
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2118853000
CY2022Q3 cnsl Debt Instrument Covenant Leverage Ratio
DebtInstrumentCovenantLeverageRatio
5.12
CY2022Q3 cnsl Derivative Number Of Swap Agreements That Provide For Entity And Counterparties To Post Collateral
DerivativeNumberOfSwapAgreementsThatProvideForEntityAndCounterpartiesToPostCollateral
0
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3217000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7971000
us-gaap Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
3100000
us-gaap Sales Type Lease Selling Profit Loss
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CY2022Q3 us-gaap Dividends Paidinkind
DividendsPaidinkind
19400000
CY2022Q3 cnsl Payments Of Dividends Shares
PaymentsOfDividendsShares
19400
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
5400000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10050000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2939000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7160000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
15400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2718000
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4900000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4900000
CY2022Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4700000
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4700000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.242
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.115
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.013
CY2021Q3 cnsl Increase Tax Expense Noncash Pik Interest Discount Issuance Costs And Fv Adjustments On Cpr
IncreaseTaxExpenseNoncashPikInterestDiscountIssuanceCostsAndFvAdjustmentsOnCpr
3600000
cnsl Increase Tax Expense Noncash Pik Interest Discount Issuance Costs And Fv Adjustments On Cpr
IncreaseTaxExpenseNoncashPikInterestDiscountIssuanceCostsAndFvAdjustmentsOnCpr
34700000
CY2022Q3 cnsl Effective Tax Rate Exclusive Of Taxable Adjustment
EffectiveTaxRateExclusiveOfTaxableAdjustment
0.282
CY2021Q3 cnsl Effective Tax Rate Exclusive Of Taxable Adjustment
EffectiveTaxRateExclusiveOfTaxableAdjustment
0.239
cnsl Effective Tax Rate Exclusive Of Taxable Adjustment
EffectiveTaxRateExclusiveOfTaxableAdjustment
0.261
cnsl Effective Tax Rate Exclusive Of Taxable Adjustment
EffectiveTaxRateExclusiveOfTaxableAdjustment
0.256
cnsl Loss Contingencies Number Of Subsidiaries In Receipt Of Assessment Notice
LossContingenciesNumberOfSubsidiariesInReceiptOfAssessmentNotice
2
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
2100000
CY2020Q4 cnsl Number Of Poles Sold In Joint Venture
NumberOfPolesSoldInJointVenture
343000
CY2020Q4 cnsl Number Of Poles Sold Solely Owned
NumberOfPolesSoldSolelyOwned
3800
CY2020Q4 cnsl Loss From Pole Sale Agreement
LossFromPoleSaleAgreement
1900000

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