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Goodwill, Customer Relationships and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill, Customer Relationships and Other Intangible Assets | Goodwill, Customer Relationships and Other Intangible Assets Goodwill, customer relationships and other intangible assets consisted of the following:
| As of December 31,
| 2022 |  | 2021
| (Dollars in millions)
Goodwill | $ | 9,360 |  |  | 9,360 |
Customer relationships, less accumulated amortization of $— and $5,699 (1) | $ | — |  |  | — |
Other intangible assets, less accumulated amortization of $1,924 and $1,876 | 138 |  |  | 199 |
Total other intangible assets, net | $ | 138 |  |  | 199 |
_______________________________________________________________________________ (1)Customer relationships with a gross carrying value of $5.7 billion became fully amortized during 2021 and were retired during the first quarter of 2022. As of December 31, 2022, the gross carrying amount of goodwill, customer relationships and other intangible assets was $11.4 billion. Substantially all of our goodwill was derived from Lumen's acquisition of us where the purchase price exceeded the fair value of the net assets acquired. We are required to assess our goodwill for impairment annually, or under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may be impairment. We are required to write down the value of goodwill only when our assessment determines the carrying value of equity of our reporting unit exceeds its fair value. Our annual impairment assessment date for goodwill is October 31, at which date we assess goodwill at our reporting unit. In reviewing the criteria for reporting units, we have determined that we are one reporting unit. At October 31, 2022, 2021 and 2020, we estimated the fair value of equity by considering both a market approach and a discounted cash flow method. The market approach method includes the use of comparable multiples of publicly traded companies whose services are comparable to ours. The discounted cash flow method is based on the present value of projected cash flows and a terminal value, equal to the present value of all normalized cash flows after the projection period. Based on our assessment performed, the estimated fair value of our equity exceeded our carrying value of equity by approximately 24%, 42% and 48% at October 31, 2022, 2021 and 2020, respectively. We concluded that goodwill was not impaired as of October 31, 2022, 2021 and 2020. Our fair value estimates for evaluating goodwill incorporated significant judgments and assumptions including forecast revenues and expenses, cost of capital, and control premiums. In developing market multiples, we also considered observed trends of our industry participants and other qualitative factors that required significant judgment. Alternative estimates, judgments, and interpretations of these factors could have resulted in different conclusions regarding the need for an impairment charge. We annually review the estimated lives and methods used to amortize our other intangible assets. The actual amounts of amortization expense may differ materially from our estimates, depending on the results of our annual reviews. As of December 31, 2022, the weighted average remaining useful life was 2 years for capitalized software. Total amortization expense for intangible assets for the years ended December 31, 2022, 2021 and 2020 was $79 million, $176 million and $481 million, respectively. We estimate that total amortization expense for intangible assets for the years ending December 31, 2023 through 2027 will be as follows:
| (Dollars in millions)
Year ending December 31, |
2023 | $ | 61 |
2024 | 33 |
2025 | 15 |
2026 | 9 |
2027 | 7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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