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Note 7 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

7. GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $944.9 million at September 30, 2021 and $430.5 at December 31, 2020, with the $514.3 million increase attributable to goodwill recognized in the Hargray Acquisition. The Company has not historically recorded any impairment of goodwill.

Intangible assets consisted of the following (dollars in thousands):

		*September 30, 2021*						*December 31, 2020*
	*Useful Life*	*Gross*				*Net*		*Gross*				*Net*
	*Range*	*Carrying*		*Accumulated*		*Carrying*		*Carrying*		*Accumulated*		*Carrying*
	*(in years)*	*Amount*		*Amortization*		*Amount*		*Amount*		*Amortization*		*Amount*
Finite-Lived Intangible Assets
Customer relationships	13.5 – 17	$	841,700	$	132,811	$	708,889	$	369,700	$	81,865	$	287,835
Trademarks and trade names	2.7 – 4.2		14,300		4,302		9,998		4,300		2,552		1,748
Wireless licenses	10 – 15		1,418		71		1,347		1,418		15		1,403
Total finite-lived intangible assets		$	857,418	$	137,184	$	720,234	$	375,418	$	84,432	$	290,986

Indefinite-Lived Intangible Assets
Franchise agreements						$	2,089,712					$	979,712
Trade names							7,500						7,500
Total indefinite-lived intangible assets						$	2,097,212					$	987,212

Total intangible assets, net						$	2,817,446					$	1,278,198

Intangible asset amortization expense was $23.3 million and $11.6 million for the three months ended September 30, 2021 and 2020, respectively, and $52.8 million and $33.9 million for the nine months ended September 30, 2021 and 2020, respectively.

The future amortization of existing finite-lived intangible assets as of September 30, 2021 was as follows (in thousands):

Year Ending December 31,	*Amount*
2021 (remaining three months)	$	21,692
2022		87,321
2023		76,094
2024		69,745
2025		64,814
Thereafter		400,568
Total	$	720,234

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.