XML 28 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Goodwill and Intangible Assets and Liabilities
 3 Months Ended
Mar. 31, 2023
Goodwill And Intangible Assets And Liabilities Disclosure [Abstract]  
Goodwill and Intangible Assets and Liabilities Goodwill and Intangible Assets and Liabilities
Changes in the carrying amount of goodwill occurring during the three months ended March 31, 2023 are as follows:
(Thousands)Fiber InfrastructureTotal
Goodwill at December 31, 2022$672,878 $672,878 
Accumulated impairment charges as of December 31, 2022(311,500)(311,500)
Balance at December 31, 2022$361,378 $361,378 
Goodwill at March 31, 2023$672,878 $672,878 
Accumulated impairment charges as of March 31, 2023(311,500)(311,500)
Balance at March 31, 2023$361,378 $361,378 
(Thousands)March 31, 2023December 31, 2022
Original
Cost
Accumulated
Amortization
Original
Cost
Accumulated
Amortization
Finite life intangible assets:
Customer lists$416,104 $(134,443)$416,104 $(128,728)
Contracts52,536 (16,417)52,536 (14,776)
Underlying Rights10,497 (875)10,497 (787)
    
Total intangible assets$479,137  $479,137  
Less: accumulated amortization(151,735) (144,291) 
Total intangible assets, net$327,402  $334,846  
    
Finite life intangible liabilities:    
Below-market leases$191,154 (26,736)$191,154 (24,062)
    
Finite life intangible liabilities:    
Below-market leases$191,154  $191,154  
Less: accumulated amortization(26,736) (24,062) 
Total intangible liabilities, net$164,418  $167,092  
As of March 31, 2023, the remaining weighted average amortization period of the Company’s intangible assets was 14.0 years.
Amortization expense for the three months ended March 31, 2023 and 2022 was $7.4 million and $7.4 million, respectively. Amortization expense is estimated to be $29.8 million for the full year of 2023, $29.7 million in 2024, $29.7 million in 2025, $29.7 million in 2026, and $29.7 million for 2027.
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, 2023 and 2022 was $2.7 million and $2.7 million, respectively. As of March 31, 2023, the remaining weighted average amortization period of the Company’s intangible liabilities was 16.7 years. Revenue due to the amortization of the below-market leases is estimated to be $10.7 million for the full year of 2023, $10.7 million in 2024, $10.7 million in 2025, $10.7 million in 2026, and $10.7 million in 2027.