Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

5. Goodwill and Intangible Assets

Goodwill

As of June 30, 2024 and December 31 2023, the goodwill balance totaled $566.7 million. The goodwill balance as of December 31, 2023 is adjusted to reflect the goodwill reclassified to the Network segment from the Disposal Group based on the relative fair value of the retained operations for all comparable periods. No impairment losses were recognized in goodwill for the three and six months ended June 30, 2024 and 2023.

Intangible Assets

The Company’s intangible assets consisted of the following:


	June 30, 2024							December 31, 2023
	Gross Carrying		Accumulated			Net		Gross Carrying		Accumulated			Net
(dollars in millions)	Amount		Amortization			Amount		Amount		Amortization			Amount
Intangible assets subject to amortization
Customer relationships	$	545.0	$	(179.4	)	$	365.6	$	545.0	$	(150.6	)	$	394.4
Trade names		22.4		(19.4	)		3.0		22.4		(15.8	)		6.6
Technology		1.1		(0.3	)		0.8		1.1		(0.3	)		0.8
Total		568.5		(199.1	)		369.4		568.5		(166.7	)		401.8
Intangible assets not subject to amortization
FCC licenses and spectrum usage rights		7.2		—			7.2		7.1		—			7.1
Perpetual licenses		6.8		—			6.8		6.8		—			6.8
Total intangible assets	$	582.5	$	(199.1	)	$	383.4	$	582.4	$	(166.7	)	$	415.7

The finite-lived intangible assets are amortized over their useful lives based on a number of assumptions, including the estimated period of economic benefit and utilization.

Amortization expense for finite-lived intangible assets was $16.2 million and $32.4 million for the three and six months ended June 30, 2024, respectively. Amortization expense for finite-lived intangible assets was $17.3 million and $34.6 million for the three and six months ended June 30, 2023, respectively. No impairment losses were recognized on intangible assets for the three and six months ended June 30, 2024 and 2023.

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

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


(dollars in millions)
Six months ended June 30, 2024	$	30.1
2025		53.5
2026		48.9
2027		44.4
2028		39.8
Thereafter		152.7
Total	$	369.4