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Goodwill and Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The Company’s intangible assets consisted of the following:

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

Gross Carrying

 

 

Accumulated

 

 

Net

 

 

Gross Carrying

 

 

Accumulated

 

 

Net

 

(dollars in millions)

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amount

 

 

Amortization

 

 

Amount

 

Intangible assets subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

862.1

 

 

$

(165.2

)

 

$

696.9

 

 

$

862.1

 

 

$

(140.7

)

 

$

721.4

 

Trade names

 

 

109.5

 

 

 

(24.4

)

 

 

85.1

 

 

 

109.5

 

 

 

(20.5

)

 

 

89.0

 

Technology

 

 

6.0

 

 

 

(1.3

)

 

 

4.7

 

 

 

6.0

 

 

 

(1.0

)

 

 

5.0

 

  Total

 

 

977.6

 

 

 

(190.9

)

 

 

786.7

 

 

 

977.6

 

 

 

(162.2

)

 

 

815.4

 

Intangible assets not subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses and spectrum usage rights

 

 

7.0

 

 

 

 

 

 

7.0

 

 

 

6.9

 

 

 

 

 

 

6.9

 

Perpetual licenses

 

 

6.8

 

 

 

 

 

 

6.8

 

 

 

6.8

 

 

 

 

 

 

6.8

 

Total intangible assets

 

$

991.4

 

 

$

(190.9

)

 

$

800.5

 

 

$

991.3

 

 

$

(162.2

)

 

$

829.1

 

Schedule of Estimated Useful Lives for Finite-lived Intangible Assets

The estimated useful lives for each finite-lived intangible asset class are as follows:

 

Customer relationships

 

15 years

Trade names

 

3 to 10 years

Technology

 

7 years

Schedule of Estimated Amortization Expense

The annual estimated amortization expense for future years is as follows:

 

(dollars in millions)

 

 

 

Nine months ended December 31, 2023

 

$

86.0

 

2024

 

 

105.4

 

2025

 

 

93.6

 

2026

 

 

86.5

 

2027

 

 

79.3

 

Thereafter

 

 

335.9

 

Total

 

$

786.7