Goodwill and Intangibles, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

8. Goodwill and Intangibles, Net

Goodwill

The carrying amounts of goodwill by segment were as follows (in millions):


	Infrastructure		Spectrum		Total
Balance at December 31, 2022	$	105.7	$	21.4	$	127.1

Translation adjustments	—		—		—
Balance as of December 31, 2023	$	105.7	$	21.4	$	127.1




Translation adjustments	(0.4)		—		(0.4)
Balance as of December 31, 2024	$	105.3	$	21.4	$	126.7

Indefinite-lived Intangible Assets

The carrying amounts of indefinite-lived intangible assets were as follows (in millions):


	December 31,
	2024		2023
FCC licenses	$	107.7	$	106.3

Total	$	107.7	$	106.3

During the year ended December 31, 2024, the Spectrum segment completed the purchases of five Low Power Television licenses and stations for an aggregate consideration of $1.5 million, with $0.3 million payable on or before April 12, 2025. The acquisitions were accounted for as asset acquisitions.

The weighted-average period prior to the next renewal for FCC licenses was 5.4 years and 6.2 years as of December 31, 2024 and 2023, respectively, after taking into consideration licenses that were successfully renewed shortly after year-end. While broadcast television licenses are issued for a fixed period of time (generally eight years), renewals of these licenses have occurred routinely and at nominal cost. In addition, the Company does not believe that the expiration or non-renewal of any of its FCC licenses would have a material adverse effect on the expected future cash flows and profitability.

Definite Lived Intangible Assets

The gross carrying amounts and accumulated amortization of definite lived intangible assets by major intangible asset class were as follows (in millions):


	Weighted-Average Original Useful Life	December 31, 2024
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.1		$	(11.0)	$	14.1
Customer relationships and contracts	11 years	87.4			(49.1)		38.3
Channel sharing arrangements	35 years	12.6			(2.2)		10.4
Other	10 years	3.9			(2.0)		1.9
Total		$	129.0		$	(64.3)	$	64.7


	Weighted-Average Original Useful Life	December 31, 2023
		Gross Carrying Amount		Accumulated Amortization			Net
Trade names	15 years	$	25.2		$	(9.4)	$	15.8
Customer relationships and contracts	11 years	87.6			(44.2)		43.4
Channel sharing arrangements	35 years	12.6			(1.8)		10.8
Other	12 years	3.9			(1.3)		2.6
Total		$	129.3		$	(56.7)	$	72.6

Amortization expense for definite lived intangible assets was $7.9 million and $11.1 million for the years ended December 31, 2024 and 2023, respectively. Amortization expense is included in Depreciation and amortization in the Consolidated Statements of Operations.

Amortization

Future estimated annual amortization expense for intangible assets as of December 31, 2024, is as follows (in millions):


	Estimated Amortization
2025	$	7.4
2026	6.7
2027	4.9
2028	4.9
2029	4.7
Thereafter	36.1
Total	$	64.7