Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

A summary of the final allocation of total purchase consideration is presented as follows (in thousands):


	Bell		Packet (1)		Axtel (2)
	Provisional		Final
Cash and cash equivalents	$	—	$	1,068	$	—
Accounts receivable	—		5,098		—
Other current assets	803		299		14,048
Property, plant and equipment	538,717		27,945		76,407
Operating lease right-of-use assets	14,359		1,519		1,646
Intangible assets	75,631		58,500		22,750
Goodwill	170,548		230,620		78,902
Deferred tax and other assets	722		138		—
Total assets acquired	800,780		325,187		193,753
Accounts payable and accrued liabilities	(895)		(1,275)		(238)
Other current liabilities	—		(860)		—
Operating lease liabilities	(13,340)		(1,519)		(1,586)
Finance lease liabilities	(80,026)		(27,945)		—
Deferred tax and other liabilities	(4,495)		(3,290)		(2,911)
Net assets acquired	$	702,024	$	290,298	$	189,018

(1)For the Packet Acquisition, the adjustments made from the provisional amounts reported as of March 31, 2020 primarily resulted in a decrease in intangible assets of $10.1 million and an increase in goodwill of $7.5 million. The changes in fair value of acquired assets and liabilities assumed did not have a significant impact on the Company's results of operations for any reporting periods prior to December 31, 2020.

(2)For the Axtel Acquisition, there were no purchase price allocation adjustments since the provisional amounts reported as of March 31, 2020.

Acquired Identifiable Intangible Assets

The following table presents certain information on the acquired intangible assets (in thousands):


Intangible Assets	Fair Value		Estimated Useful Lives (Years)	Weighted-average Estimated Useful Lives (Years)
Bell:
Customer relationships	$	75,631	15.0	15.0
Packet:
Trade names	1,300		3.0	3.0
Existing technology	5,100		3.0	3.0
Customer relationships	52,100		10.0	10.0
Axtel:
Customer relationships	22,750		15.0	15.0

The fair values of customer relationships acquired from these acquisitions were estimated from applying an income approach, by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The Company applied a discount rate of 8.0% for Bell, 8.0% for Packet and 13.3% for Axtel, which reflects the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.