INNOVATE Corp.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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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.
Sep 30, 2025 · Filed Nov 12, 2025
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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, 2024 | $105.3 | $21.4 | $126.7 |
| Translation adjustments | 0.2 | — | 0.2 |
| Balance as of September 30, 2025 | $105.5 | $21.4 | $126.9 |
Indefinite-lived Intangible Assets
The carrying amounts of indefinite-lived intangible assets were as follows (in millions):
| September 30,2025 | December 31, 2024 | |
|---|---|---|
| Federal Communications Commission ("FCC") licenses | $107.9 | $107.7 |
| Total | $107.9 | $107.7 |
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 · September 30, 2025 | ||||
|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Net | ||||
| Trade names | 15 years | $25.1 | $(12.2) | $12.9 |
| Customer relationships and contracts | 11 years | 87.5 | (53.0) | 34.5 |
| Channel sharing arrangements | 35 years | 12.6 | (2.4) | 10.2 |
| Other | 10 years | 3.7 | (2.2) | 1.5 |
| Total | $128.9 | $(69.8) | $59.1 | |
| Weighted-Average Original Useful Life · December 31, 2024 | ||||
|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Net | ||||
| Trade names | 15 years | $25.1 | $(11.0) | $14.1 |
| Customer relationships and contracts | 11 years | 87.4 | (49.1) | 38.3 |
| Channel sharing arrangements | 35 years | 12.6 | (2.2) | 10.4 |
| Other | 10 years | 3.9 | (2.0) | 1.9 |
| Total | $129.0 | $(64.3) | $64.7 | |
Amortization expense for definite-lived intangible assets was $1.8 million and $2.0 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for definite-lived intangible assets was $5.7 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense is included in Depreciation and amortization in the Condensed Consolidated Statements of Operations.
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