Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company’s goodwill and intangible assets consist of the following:


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	$	64,334	$	—	$	64,334	$	64,334	$	—	$	64,334
FCC spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	217		—		217		141		—		141
Total indefinite-lived intangibles	76,673		—		76,673		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,370)		1,055		28,425		(26,910)		1,515
Other intangibles	510		(359)		151		488		(329)		159
Total finite-lived intangibles	28,935		(27,729)		1,206		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,852	$	(27,729)	$	81,123	$	108,754	$	(27,239)	$	81,515

Amortization expense was $0.5 million, $0.7 million and $0.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

On August 23, 2022, the Company entered into a definitive asset purchase agreement (the “Spectrum Purchase Agreement”) with a wireless carrier pursuant to which the Company agreed to sell certain FCC spectrum licenses and leases utilized in the Company’s Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the “Spectrum Transaction”).

As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held for sale criteria. Accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses, as of December 31, 2022. Upon the closing of the Spectrum Transaction on July 6, 2023, the respective balances were derecognized, resulting in a gain of $1.3 million recorded in other income (expense). The Company evaluated these events and determined that the Spectrum Transaction does not represent a strategic shift in the Company’s business.

Our finite-lived intangible assets are amortized over the following estimated useful lives:


						Estimated Useful Life
Subscriber relationships						3 - 10 years
Other intangibles						15 - 20 years

The following table summarizes expected amortization of intangible assets at December 31, 2023:


(in thousands)	Amortization of Intangible Assets

2024	$	492
2025	486
2026	105
2027	67
2028	19
Thereafter	37
Total	$	1,206