Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets consist of the following:


	September 30, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	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		—		—		—
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		64,475		—		64,475

Finite-lived intangibles:
Subscriber relationships	28,425		(26,794)		1,631		28,425		(26,451)		1,974
Other intangibles	463		(323)		140		463		(303)		160
Total finite-lived intangibles	28,888		(27,117)		1,771		28,888		(26,754)		2,134
Total goodwill and intangible assets	$	108,729	$	(27,117)	$	81,612	$	96,607	$	(26,754)	$	69,853

Amortization expense was $0.2 million for both the three months ended September 30, 2022 and 2021 and $0.6 million for both the nine months ended September 30, 2022 and 2021, respectively.

During the third quarter of 2020, the Company was awarded certain indefinite-lived Citizens Broadband Radio Service ("CBRS") spectrum licenses to be used within the Broadband segment. The Company paid an aggregate deposit of $16.1 million with respect to the licenses subject to final approval and issuance by the FCC. The licenses will provide us priority access rights over general access users other than incumbents, in that specific band, in accordance with the FCC’s three-tier CBRS band spectrum sharing framework. The FCC approved the Company’s final application for the licenses in the third quarter of 2022, resulting in the issuance of licenses with a deposit value of $12.1 million. The Company recorded these licenses as indefinite-lived intangible assets on the Company's unaudited condensed consolidated balance sheet. These licenses are not subject to the Spectrum Transaction described above. The remaining $4.0 million of the deposit is expected to be returned to the Company in the form of a cash refund in November 2022. The refund amount was recorded in accounts receivable on the Company's unaudited condensed consolidated balance sheet as of September 30, 2022.

As described in Note 4, Property, Plant and Equipment, the Company entered into the Spectrum Purchase Agreement to sell FCC spectrum licenses associated with Beam. As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held-for-sale criteria; accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses. The corresponding amounts related to these assets and liabilities were reclassified on the unaudited condensed consolidated balance sheet as of December 31, 2021 for comparability. The Company evaluated the events described here and in Note 4, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company's business.