XML 43 R23.htm IDEA: XBRL DOCUMENT v3.25.0.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Our amortizable intangible assets primarily consist of customer relationships acquired pursuant to business combinations and represent the value of the business relationship with those customers.
The following table summarizes information relating to our acquired amortizable intangible assets: 

As of December 31, 2024As of December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountEstimated Useful Lives
Customer relationships$6,089,050 $(5,137,180)$951,870 $6,073,152 $(4,824,140)$1,249,012 
1 to 18 years
Trade names1,010,000 (1,010,000)— 1,010,300 (1,010,300)— 
4 to 7 years
Other amortizable intangibles51,909 (42,974)8,935 50,495 (40,172)10,323 
1 to 15 years
$7,150,959 $(6,190,154)$960,805 $7,133,947 $(5,874,612)$1,259,335 
Amortization expense for the years ended December 31, 2024, 2023 and 2022 aggregated $315,843, $391,378, and $555,308, respectively.
The following table sets forth the estimated amortization expense on intangible assets for the periods presented:
Estimated amortization expense
Year Ending December 31, 2025$270,357
Year Ending December 31, 2026219,228
Year Ending December 31, 2027173,589
Year Ending December 31, 2028130,285
Year Ending December 31, 202987,387
Goodwill and the value of indefinite-lived cable franchise rights acquired in business combinations are not amortized. Rather, such assets are tested for impairment annually as of October 1, or whenever events or changes in circumstances indicate that it is more likely than not that the assets may be impaired. See Note 2 for additional information. The carrying amount of indefinite-lived cable franchise rights and goodwill is presented below:
Indefinite-lived Cable Franchise RightsGoodwill
Balance as of December 31, 2022 $13,216,355 $8,208,773 
Adjustment related to 2022 acquisition— (1,002)
Goodwill impairment— (163,055)
Balance as of December 31, 202313,216,355 8,044,716 
Adjustment related to the sale of certain cable assets(5,047)(3,499)
Balance as of December 31, 2024$13,211,308 $8,041,217 
Impairment Tests
We assess the recoverability of our goodwill annually as of October 1 ("annual impairment test date"). Based on the quantitative impairment test for our reporting units performed in 2023, the estimated fair value of our Telecommunications reporting unit exceeded its carrying value and no impairment was recorded. However, the carrying value of our News and Advertising reporting unit exceeded its fair value resulting in an impairment charge of $163,055, representing the full carrying amount of the goodwill at the annual impairment test date. Approximately $130,040 of the goodwill was recorded in connection with the acquisition of Cheddar Inc. in 2019. The decrease in the fair value of the News and Advertising reporting unit was primarily due to a decrease in projected cash flows due to the overall decline in the advertising market and an increase in the discount rate used in the discounted cash flow method. No goodwill impairment charges were recognized in 2024.
In our 2024 impairment test for our indefinite-lived cable franchise rights, the fair value (estimated using the multi-period excess earnings model) exceeded their carrying value, with no impairment recorded. Although no impairment was recognized, our fair value estimation relies on certain assumptions like revenue growth rates, long-term growth rates, and discount rates, which are subjective and involve significant judgment. Changes in these assumptions could impact the estimates. For example, if our financial performance deteriorates, or if interest rates increase, it is reasonably possible that a future impairment of our franchise assets could be material. A hypothetical 10% reduction in the fair value of our franchise rights would result in an impairment charge of approximately $1,200,000.