Goodwill and Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]

Goodwill and Intangible Assets and Liabilities

Note 9. Goodwill and Intangible Assets and Liabilities

There were no changes in the carrying amount of goodwill occurring during the three months ended March 31, 2022. The balance of goodwill recorded in our Fiber Infrastructure segment as of March 31, 2022 and December 31, 2021 is as follows:

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2021	$	601,878	$	601,878
Goodwill at March 31, 2022	$	601,878	$	601,878

(Thousands)	March 31, 2022						December 31, 2021
	Original Cost			Accumulated Amortization			Original Cost			Accumulated Amortization
Finite life intangible assets:
Customer lists	$	416,104		$	(111,579	)	$	416,104		$	(105,861	)
Contracts		52,536			(9,850	)		52,536			(8,209	)
Underlying Rights		10,497			(525	)		10,497			(437	)
Total intangible assets	$	479,137					$	479,137
Less: accumulated amortization		(121,954	)					(114,507	)
Total intangible assets, net	$	357,183					$	364,630
Finite life intangible liabilities:
Below-market leases	$	191,154			(16,042	)	$	191,154			(13,368	)
Finite life intangible liabilities:
Below-market leases	$	191,154					$	191,154
Less: accumulated amortization		(16,042	)					(13,368	)
Total intangible liabilities, net	$	175,112					$	177,786

As of March 31, 2022, the remaining weighted average amortization period of the Company’s intangible assets was 14.7 years.

Amortization expense for the three months ended March 31, 2022 and 2021 was $7.4 million and $4.8 million, respectively. Amortization expense is estimated to be $29.7 million for the full year of 2022, $29.8 million in 2023, $29.7 million in 2024, $29.7 million in 2025, and $29.7 million for 2026.

We recognize the amortization of below-market leases in revenue. Revenue related to the amortization of the below-market leases for the three months ended March 31, 2022 was $2.7 million. During the three months ended March 31, 2021, $2.7 million was recorded as a benefit to amortization expense, and subsequently reclassified to revenue during the fourth quarter of 2021. As of March 31, 2022, the remaining weighted average amortization period of the Company’s intangible liabilities was 17.7 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2022, $10.7 million in 2023, $10.7 million in 2024, $10.7 million in 2025, and $10.7 million in 2026.