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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

The changes in the Company's goodwill consisted of the following:

 

 

 

 

 

(dollars in millions)

 

IT Services and Hardware

 

 

Network

 

 

Total Company

 

Goodwill, balance as of December 31, 2021

 

$

157.4

 

 

$

488.9

 

 

$

646.3

 

Activity during the year:

 

 

 

 

 

 

 

 

 

Adjustments to prior year Merger

 

 

2.5

 

 

 

2.2

 

 

 

4.7

 

Acquisition of Agile

 

 

 

 

 

39.4

 

 

 

39.4

 

Adjustments to postretirement and other benefit obligations (Note 11)

 

 

19.6

 

 

 

15.4

 

 

 

35.0

 

Currency translations

 

 

(1.9

)

 

 

 

 

 

(1.9

)

Goodwill, balance as of December 31, 2022

 

 

177.6

 

 

 

545.9

 

 

 

723.5

 

Activity during the year:

 

 

 

 

 

 

 

 

 

Adjustments to prior year acquisition of Agile

 

 

 

 

 

(4.4

)

 

 

(4.4

)

Acquisition of OTT

 

 

 

 

 

1.1

 

 

 

1.1

 

Currency translations

 

 

0.8

 

 

 

 

 

 

0.8

 

Goodwill, balance as of December 31, 2023

 

$

178.4

 

 

$

542.6

 

 

$

721.0

 

 

 

 

 

 

 

 

 

 

 

Schedule of Intangible Assets

The Company’s intangible assets consisted of the following:

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

 

Gross

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

Carrying

 

 

Accumulated

 

 

Net

 

 

Carrying

 

 

Accumulated

 

 

Net

 

(dollars in millions)

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amount

 

 

Amortization

 

 

Amount

 

Intangible assets subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Customer relationships

 

$

863.5

 

 

$

(239.3

)

 

$

624.2

 

 

$

862.1

 

 

$

(140.7

)

 

$

721.4

 

      Trade names

 

 

109.8

 

 

 

(36.2

)

 

 

73.6

 

 

 

109.5

 

 

 

(20.5

)

 

 

89.0

 

      Technology

 

 

6.1

 

 

 

(1.9

)

 

 

4.2

 

 

 

6.0

 

 

 

(1.0

)

 

 

5.0

 

  Total

 

 

979.4

 

 

 

(277.4

)

 

 

702.0

 

 

 

977.6

 

 

 

(162.2

)

 

 

815.4

 

Intangible assets not subject to amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      FCC licenses and spectrum usage rights

 

 

7.1

 

 

 

 

 

 

7.1

 

 

 

6.9

 

 

 

 

 

 

6.9

 

      Perpetual licenses

 

 

6.8

 

 

 

 

 

 

6.8

 

 

 

6.8

 

 

 

 

 

 

6.8

 

Total intangible assets

 

$

993.3

 

 

$

(277.4

)

 

$

715.9

 

 

$

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)

 

 

 

Year ended December 31,

 

 

 

2024

 

$

105.6

 

2025

 

 

93.8

 

2026

 

 

86.6

 

2027

 

 

79.4

 

2028

 

 

72.0

 

Thereafter

 

 

264.6

 

Total

 

$

702.0