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INTANGIBLE ASSETS
12 Months Ended
Jun. 30, 2018
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

(6) INTANGIBLE ASSETS

Identifiable intangible assets as of June 30, 2018 and 2017 were as follows:

 

 

 

 

 

 

 

 

 

 

 

    

Gross Carrying Amount

    

Accumulated
Amortization

    

Net

 

 

(in millions)

June 30, 2018

 

 

 

 

 

 

 

 

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

1,597.0

 

$

(405.6)

 

$

1,191.4

Underlying rights and other

 

 

2.7

 

 

(0.6)

 

 

2.1

Total

 

 

1,599.7

 

 

(406.2)

 

 

1,193.5

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Certifications

 

 

3.5

 

 

 —

 

 

3.5

Underlying rights and other

 

 

15.1

 

 

 —

 

 

15.1

Total

 

$

1,618.3

 

$

(406.2)

 

$

1,212.1

June 30, 2017

 

 

 

 

 

 

 

 

 

Finite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

1,477.7

 

$

(308.6)

 

$

1,169.1

Underlying rights and other

 

 

1.6

 

 

(0.4)

 

 

1.2

Total

 

 

1,479.3

 

 

(309.0)

 

 

1,170.3

Indefinite-Lived Intangible Assets

 

 

 

 

 

 

 

 

 

Certifications

 

 

3.5

 

 

 —

 

 

3.5

Underlying rights and other

 

 

14.8

 

 

 —

 

 

14.8

Total

 

$

1,497.6

 

$

(309.0)

 

$

1,188.6

 

The weighted average remaining amortization period for the Company’s customer relationships asset is 15.1 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 20 years. The amortization of intangible assets for the years ended June 30, 2018, 2017 and 2016 was $97.2 million, $80.0 million, and $75.8 million, respectively.

 

During the years ended June 30, 2018 and 2017, the Company wrote off nil and $0.3 million in fully amortized intangible assets, respectively. Estimated future amortization of finite-lived intangible assets is as follows:

 

 

 

 

 

    

 

 

June 30,

 

(in millions)

2019

 

$

94.6

2020

  

 

89.5

2021

  

 

87.3

2022

  

 

85.3

2023

  

 

83.6

Thereafter

  

 

753.2

Total

 

$

1,193.5

 

In connection with the Company’s acquisition of the McLean Data Center, the Company assumed an operating lease at unfavorable terms when compared to prevailing market rates.  As a result, the Company recorded an unfavorable lease obligation of $9.8 million, in other long-term liabilities, which will be amortized through the term of the lease which ends in March 2024.  Amortization of the liability was $0.5 million for the year ended June 20, 2018.  Estimated future amortization of the lease liability is expected to be $1.6 million for the years ended June 30, 2019, 2020,  2021,  2022, and 2023, and $1.3 million for the year ended June 30, 2024.