GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying value of goodwill for each of the Company’s business segments were as follows:


	Property												Services		Total
	U.S. & Canada		Asia-Pacific		Africa		Europe		Latin America		Data Centers
Balance as of January 1, 2024	$	4,638.6	$	562.7	$	497.7	$	3,051.9	$	966.1	$	2,920.0	$	2.0	$	12,639.0



Effect of foreign currency translation	(1.1)		(1.3)		1.6		(68.8)		(12.6)		—		—		(82.2)
Balance as of March 31, 2024	$	4,637.5	$	561.4	$	499.3	$	2,983.1	$	953.5	$	2,920.0	$	2.0	$	12,556.8

The Company’s other intangible assets subject to amortization consisted of the following:


		As of March 31, 2024						As of December 31, 2023
	Estimated Useful Lives (years) (1)	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Acquired network location intangibles (2)	Up to 30	$	5,930.6	$	(2,795.5)	$	3,135.1	$	5,981.5	$	(2,775.8)	$	3,205.7
Acquired tenant-related intangibles	Up to 30	18,728.8		(6,815.0)		11,913.8		18,894.5		(6,698.6)		12,195.9
Acquired licenses and other intangibles	2-30	1,535.5		(465.1)		1,070.4		1,561.1		(442.0)		1,119.1
Total other intangible assets		$	26,194.9	$	(10,075.6)	$	16,119.3	$	26,437.1	$	(9,916.4)	$	16,520.7

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(1)As of March 31, 2024, reflects the change in estimated useful lives as described in note 1.

(2)Beginning January 1, 2024, acquired network location intangibles are amortized over the remaining estimated useful life of the tower, taking into account residual value, generally up to 30 years, as the Company considers these intangibles to be directly related to the tower assets. Prior to January 1, 2024, acquired network location intangibles were amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, or the estimated useful life of the tower, generally up to 20 years.

The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired tower communications infrastructure. The acquired tenant-related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals. Other intangibles represent the value of acquired licenses, trade name and in place leases. In place lease value represents the fair value of costs avoided in securing data center customers, including vacancy periods, legal costs and commissions. In place lease value also includes assumptions on similar costs avoided upon the renewal or extension of existing leases on a basis consistent with occupancy assumptions used in the fair value of other assets.

The Company amortizes its acquired intangible assets on a straight-line basis over their estimated useful lives. As of March 31, 2024, the remaining weighted average amortization period of the Company’s intangible assets was 20 years. Amortization of intangible assets for the three months ended March 31, 2024 and 2023 was $242.5 million and $369.5 million, respectively. Based on current exchange rates, the Company expects to record amortization expense as follows over the remaining current year and the five subsequent years:


Fiscal Year	Amount (1)
Remainder of 2024	$	707.8
2025	921.9
2026	881.5
2027	869.5
2028	858.0
2029	839.0

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(1)As of March 31, 2024, reflects the change in estimated useful lives as described in note 1.