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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:

			December 31, 2024																		December 31, 2023
(in thousands)			Gross Carrying Amount						Accumulated Amortization and Other						Net						Gross Carrying Amount						Accumulated Amortization and Other						Net
Goodwill			$	67,055					$	—					$	67,055					$	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			526						—						526						217						—						217
Total indefinite-lived intangibles			76,982						—						76,982						76,673						—						76,673
Finite-lived intangibles:
Subscriber relationships			42,447						(28,882)						13,565						28,425						(27,370)						1,055
Other intangibles			510						(389)						121						510						(359)						151
Total finite-lived intangibles			42,957						(29,271)						13,686						28,935						(27,729)						1,206
Total goodwill and intangible assets			$	186,994					$	(29,271)					$	157,723					$	108,852					$	(27,729)					$	81,123

Shentel recognized $63.8 million of goodwill, $14.0 million of subscriber relationships and $0.2 million of other intangible assets as a result of the purchase price allocation related to 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 $1.5 million, $0.5 million and $0.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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, 2024:

(in thousands)						Amortization of Intangible Assets
2025						$	1,888
2026						1,507
2027						1,469
2028						1,421
2029						1,420
2030 and thereafter						5,981
Total						$	13,686

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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