SHENANDOAH TELECOMMUNICATIONS CO/VA/ Goodwill & Intangibles Disclosure
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| (in thousands) | Gross Carrying Amount | Accumulated Amortization and Other | Net | Gross Carrying Amount | Accumulated Amortization and Other | Net | |||||||||||||||||||||||||||||
| Goodwill | $ | 67,538 | $ | — | $ | 67,538 | $ | 67,055 | $ | — | $ | 67,055 | |||||||||||||||||||||||
| Indefinite-lived intangibles: | |||||||||||||||||||||||||||||||||||
| Cable franchise rights | $ | 64,334 | $ | — | $ | 64,334 | $ | 64,334 | $ | — | $ | 64,334 | |||||||||||||||||||||||
| FCC spectrum licenses | 12,122 | — | 12,122 | 12,122 | — | 12,122 | |||||||||||||||||||||||||||||
| Railroad crossing rights and other | 557 | — | 557 | 526 | — | 526 | |||||||||||||||||||||||||||||
| Total indefinite-lived intangibles | 77,013 | — | 77,013 | 76,982 | — | 76,982 | |||||||||||||||||||||||||||||
| Finite-lived intangibles: | |||||||||||||||||||||||||||||||||||
| Subscriber relationships | 43,012 | (30,792) | 12,220 | 42,447 | (28,882) | 13,565 | |||||||||||||||||||||||||||||
| Other intangibles | 537 | (417) | 120 | 510 | (389) | 121 | |||||||||||||||||||||||||||||
| Total finite-lived intangibles | 43,549 | (31,209) | 12,340 | 42,957 | (29,271) | 13,686 | |||||||||||||||||||||||||||||
| Total goodwill and intangible assets | $ | 188,100 | $ | (31,209) | $ | 156,891 | $ | 186,994 | $ | (29,271) | $ | 157,723 | |||||||||||||||||||||||
| Estimated Useful Life | ||||||||
| Subscriber relationships | 3 - 10 years | |||||||
| Other intangibles | 15 - 20 years | |||||||
| (in thousands) | Amortization of Intangible Assets | |||||||
| 2026 | $ | 1,604 | ||||||
| 2027 | 1,566 | |||||||
| 2028 | 1,518 | |||||||
| 2029 | 1,517 | |||||||
| 2030 | 1,508 | |||||||
| 2031 and thereafter | 4,627 | |||||||
| Total | $ | 12,340 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 15, 2018 | |
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.