Goodwill, Customer Relationships and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023
	(Dollars in millions)
Goodwill	$	6,955	6,955
Other intangible assets, less accumulated amortization of $1,958 and $1,966	$	99	103

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.

As of March 31, 2024, the gross carrying amount of goodwill, customer relationships and other intangible assets was $9.0 billion. The amortization expense for finite-lived intangible assets for the three months ended March 31, 2024 and 2023 totaled $13 million and $17 million, respectively.

We estimate that total amortization expense for intangible assets for the years ending December 31, 2024 through 2028 will be as follows:

	(Dollars in millions)
2024 (remaining nine months)	$	25
2025	26
2026	15
2027	11
2028	8