Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Note 12. Goodwill and Intangible Assets

As part of the transaction with Everstream (see Note 7), we reclassified the associated assets and liabilities held for sale, including $17.8 million of goodwill and $10.7 million of intangible assets.

Changes in the carrying amount of goodwill occurring during the year ended December 31, 2020 and 2019, are as follows:

(Thousands)	Fiber Infrastructure			Total
Goodwill at December 31, 2018	$	692,385		$	692,385
Goodwill purchase accounting adjustments		(1,269	)		(1,269	)
Goodwill associated with 2019 acquisitions		(444	)		(444	)
Goodwill at December 31, 2019		690,672			690,672
Goodwill impairment (Note 3)		(71,000	)		(71,000	)
Goodwill reclassified to held for sale		(17,794	)		(17,794	)
Goodwill at December 31, 2020	$	601,878		$	601,878

The carrying value of our other intangible assets is as follows:

(Thousands)	December 31, 2020						December 31, 2019
	Cost			Accumulated Amortization			Cost			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	-		$	-		$	2,000		$	-

Finite life intangible assets:
Customer lists		416,104			(82,989	)		450,603			(93,794	)
Contracts (Note 6)		48,269			(1,068	)
In-place lease ⁽¹⁾		-			-			50,705			(845	)
Underlying rights ⁽¹⁾		10,497			(87	)		124,696			(1,386	)

Total intangible assets		474,870						628,004
Less: accumulated amortization		(84,145	)					(96,025	)
Total intangible assets, net	$	390,725					$	531,979

Finite life intangible liabilities:
Acquired below-market leases	$	190,086		$	(2,200	)	$	-		$	-

Total intangible liabilities		190,086						-
Less: accumulated amortization		(2,200	)					-
Total intangible liabilities, net	$	187,886					$	-

⁽¹⁾	The Propco's intangible assets were sold on July 1, 2020. See Note 6.

As of December 31, 2020, the remaining weighted average amortization period of the Company’s intangible assets and liabilities was 15.8 years and 18.9 years, respectively. Amortization expense for the years ended December 31, 2020, 2019 and 2018 was $28.2 million, $27.2 million and $25.5 million, respectively. Amortization expense is estimated to be $18.7 million in 2021, $18.7 million in 2022, $18.7 million in 2023, $18.6 million in 2024 and $18.6 million in 2025.