INNOVATE Corp
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
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(8) Goodwill and Intangibles, Net
- Goodwill and Intangibles, Net
Goodwill
The carrying amounts of goodwill by segment were as follows (in millions):
| Infrastructure | Spectrum | Total | |
|---|---|---|---|
| Balance as of December 31, 2023 | $105.7 | $21.4 | $127.1 |
| Translation adjustments | (0.1) | — | (0.1) |
| Balance as of June 30, 2024 | $105.6 | $21.4 | $127.0 |
Indefinite-lived Intangible Assets
The carrying amounts of indefinite-lived intangible assets were as follows (in millions):
| June 30,2024 | December 31, 2023 | |
|---|---|---|
| FCC licenses | $106.3 | $106.3 |
| Total | $106.3 | $106.3 |
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 · June 30, 2024 · December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Net · Gross Carrying Amount · Accumulated Amortization · Net | |||||||
| Trade names | 15 years | $25.2 | $(10.2) | $15.0 | $25.2 | $(9.4) | $15.8 |
| Customer relationships and contracts | 11 years | 87.6 | (46.7) | 40.9 | 87.6 | (44.2) | 43.4 |
| Channel sharing arrangements | 35 years | 12.6 | (2.0) | 10.6 | 12.6 | (1.8) | 10.8 |
| Other | 10 years | 3.9 | (1.6) | 2.3 | 3.9 | (1.3) | 2.6 |
| Total | $129.3 | $(60.5) | $68.8 | $129.3 | $(56.7) | $72.6 | |
Amortization expense for definite lived intangible assets was $1.9 million and $3.4 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense for definite lived intangible assets was $3.8 million and $7.4 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.
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