Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

3. Goodwill and Intangible Assets

Goodwill

As of March 31, 2025 and December 31, 2024, the goodwill balance totaled $566.7 million. No impairment losses were recognized in goodwill for the three months ended March 31, 2025 and 2024.

Intangible Assets

The Company’s intangible assets consisted of the following:


	March 31, 2025							December 31, 2024
	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	$	(221.4	)	$	323.6	$	545.0	$	(208.2	)	$	336.8
Trade names		22.4		(20.7	)		1.7		22.4		(20.6	)		1.8
Technology		1.1		(0.5	)		0.6		1.1		(0.5	)		0.6
Total		568.5		(242.6	)		325.9		568.5		(229.3	)		339.2
Intangible assets not subject to amortization
FCC licenses and spectrum usage rights		7.4		—			7.4		7.4		—			7.4
Perpetual licenses		6.8		—			6.8		6.8		—			6.8
Total intangible assets	$	582.7	$	(242.6	)	$	340.1	$	582.7	$	(229.3	)	$	353.4

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 $13.3 million and $16.2 million for the three months ended March 31, 2025 and 2024, respectively. No impairment losses were recognized on intangible assets for the three months ended March 31, 2025 and 2024.

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)
Nine months ending December 31, 2025	$	40.1
2026		48.9
2027		44.4
2028		39.8
2029		35.2
Thereafter		117.5
Total	$	325.9