Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.19.3.a.u2
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets

Goodwill and Indefinite Lived Assets

Changes in the carrying amount of goodwill are as follows:
 
 
GCI Holdings
 
Corporate and other
 
Total
 
 
amounts in thousands
Balance at January 1, 2018
 
$
—

 
25,569

 
25,569

Acquisitions
 
966,044

 
—

 
966,044

Impairment
 
(135,776
)
 
—

 
(135,776
)
Balance at December 31, 2018
 
$
830,268

 
25,569

 
855,837

Impairment
 
—

 
—

 
—

Balance at December 31, 2019
 
$
830,268

 
25,569

 
855,837



As presented in the accompanying consolidated balance sheets, cable certificates and wireless licenses are the other significant indefinite lived intangible assets.

Intangible Assets Subject to Amortization
 
 
December 31, 2019
 
December 31, 2018
 
 
Gross
   
 
    
Net
 
Gross
   
 
    
Net
 
 
carrying
 
Accumulated
 
carrying
 
carrying
 
Accumulated
 
carrying
 
 
amount
 
amortization
 
amount
 
amount
 
amortization
 
amount
 
 
amounts in thousands
Customer relationships
 
$
408,267

 
(95,167
)
 
313,100

 
$
408,267

 
(55,417
)
 
352,850

Other amortizable intangibles
 
139,721

 
(60,842
)
 
78,879

 
122,759

 
(39,603
)
 
83,156

Total
 
$
547,988

 
(156,009
)
 
391,979

 
$
531,026

 
(95,020
)
 
436,006




Amortization expense for intangible assets with finite useful lives was $62.1 million and $53.5 million for the year ended December 31, 2019 and 2018. Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in thousands):
Years ending December 31,
 
2020
$
53,961

2021
$
43,720

2022
$
37,558

2023
$
34,178

2024
$
30,490



Impairments

During the year ended December 31, 2019, the Company recorded an impairment loss of $157.0 million related to its wireless licenses due to increased uncertainty around long-term wireless revenue. The fair value of the wireless licenses was determined using an income approach (level 3).

Due to unanticipated program revenue changes and certain other market factors impacting GCI Holdings operating results, impairment losses of $135.8 million and $65.0 million were recorded during the year ended December 31, 2018 related to goodwill and cable certificates, respectively, related to the GCI Holdings reporting unit. The fair value of the cable certificates and the GCI Holdings reporting unit was determined using an income approach (Level 3).

As of December 31, 2019, the GCI Holdings and Corporate and Other segments have accumulated goodwill impairment losses of $135.8 million and $55.7 million, respectively. Based on the quantitative assessments performed during the fourth quarter and the resulting impairment loss recorded, the estimated fair value of the wireless license does not significantly exceed its carrying value as of December 31, 2019.