Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets consist of the following:


	June 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	77,874	$	—	$	77,874	$	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 and other	528		—		528		217		—		217
Total indefinite-lived intangibles	76,984		—		76,984		76,673		—		76,673

Finite-lived intangibles:
Subscriber relationships	42,447		(27,951)		14,496		28,425		(27,370)		1,055
Other intangibles	510		(375)		135		510		(359)		151
Total finite-lived intangibles	42,957		(28,326)		14,631		28,935		(27,729)		1,206
Total goodwill and intangible assets	$	197,815	$	(28,326)	$	169,489	$	108,852	$	(27,729)	$	81,123

Shentel recognized $74.6 million of goodwill, $14.0 million of subscriber relationships and $0.2 million of other intangible assets as a result of the Horizon Transaction. The goodwill recognized primarily consists of synergies expected from combining the operations of Horizon and Shentel and intangible assets acquired that do not qualify for separate recognition, including an assembled workforce. None of the goodwill recognized is expected to be deductible for income tax purposes. Amortization expense was $0.5 million and $0.1 million during the three months ended June 30, 2024 and 2023, respectively, and $0.6 million and $0.2 million during the six months ended June 30, 2024 and 2023, respectively.