Antero Midstream Corp Goodwill & Intangibles Disclosure
(4) Intangibles
All customer relationships are subject to amortization and are amortized over a weighted-average period of 16 years, which reflects the remaining economic life of the relationships as of December 31, 2025. The Company recorded amortization expense of $71 million for each of the years ended December 31, 2023, 2024 and 2025.
The carrying amount of customer relationships were as follows:
December 31, | |||||||
(in thousands) | 2024 | | 2025 | ||||
Gross carrying value of customer relationships | $ | 1,555,000 | | 1,555,000 | |||
Accumulated amortization of customer relationships | (410,241) | (480,913) | |||||
Customer relationships | $ | 1,144,759 | 1,074,087 | ||||
Future amortization expense as of December 31, 2025 is as follows (in thousands):
Year ending December 31, 2026 | $ | 70,672 | |||||
Year ending December 31, 2027 | 70,672 | ||||||
Year ending December 31, 2028 | 70,672 | ||||||
Year ending December 31, 2029 | 70,672 | ||||||
Year ending December 31, 2030 | 70,672 | ||||||
Thereafter | 720,727 | ||||||
Total | $ | 1,074,087 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 12, 2020 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.