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Goodwill and Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets and Liabilities

Note 10. Goodwill and Intangible Assets and Liabilities

Changes in the carrying amount of goodwill occurring during the six months ended June 30, 2019, are as follows:

(Thousands)

 

Fiber Infrastructure

 

 

Total

 

Goodwill at December 31, 2018

 

$

692,385

 

 

$

692,385

 

Goodwill purchase accounting adjustments - See Note 5

 

 

(1,269

)

 

 

(1,269

)

Goodwill associated with 2019 acquisitions - See Note 5

 

 

1,717

 

 

 

1,717

 

Goodwill at June 30, 2019

 

 

692,833

 

 

 

692,833

 

The carrying value of the intangible assets is as follows:

(Thousands)

 

June 30, 2019

 

 

December 31, 2018

 

 

 

Original

Cost

 

 

Cumulative Translation Adjustment

 

 

Accumulated Amortization

 

 

Original

Cost

 

 

Cumulative Translation Adjustment

 

 

Accumulated Amortization

 

Indefinite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name

 

$

2,000

 

 

$

-

 

 

$

-

 

 

$

2,000

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finite life intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer lists(3)

 

 

450,597

 

 

 

-

 

 

 

(81,190

)

 

 

451,997

 

 

 

-

 

 

 

(69,393

)

Tenant contracts(3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37,386

 

 

 

411

 

 

 

(3,293

)

Network(1)(3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,541

 

 

 

144

 

 

 

(1,192

)

Acquired below-market leases(3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,509

 

 

 

-

 

 

 

(289

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible assets

 

 

452,597

 

 

 

 

 

 

 

 

 

 

 

506,988

 

 

 

 

 

 

 

 

 

Less: Accumulated amortization

 

 

(81,190

)

 

 

 

 

 

 

 

 

 

 

(74,167

)

 

 

 

 

 

 

 

 

Total intangible assets, net

 

$

371,407

 

 

 

 

 

 

 

 

 

 

$

432,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finite life intangible liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired above-market leases(3)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

3,440

 

 

$

(182

)

 

$

(624

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible liabilities

 

 

-

 

 

 

 

 

 

 

 

 

 

 

3,258

 

 

 

 

 

 

 

 

 

Less: Accumulated amortization

 

 

-

 

 

 

 

 

 

 

 

 

 

 

(624

)

 

 

 

 

 

 

 

 

Total intangible liabilities, net(2)

 

$

-

 

 

 

 

 

 

 

 

 

 

$

2,634

 

 

 

 

 

 

 

 

 

(1)

Reflects the potential to lease additional tower capacity on the existing towers due to their geographical location and capacity that currently exists on these towers as of the valuation date.

(2)

Recorded in accounts payable, accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

(3)

Uniti Towers’ Latin American intangible assets were sold on April 2, 2019. See Note 5.

As of June 30, 2019, the remaining weighted average amortization period of the Company’s intangible assets was 17.8 years. Amortization expense for the three and six months ended June 30, 2019 was $6.1 million and $12.4 million, respectively. Amortization expense for the three and six months ended June 30, 2018 was $6.2 million and $12.7 million, respectively. 

Amortization expense is estimated to be $24.5 million for the full year of 2019, $23.8 million in 2020, $23.3 million in 2021, $22.9 million in 2022, and $22.8 million for 2023.