INNOVATE Corp.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
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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 at December 31, 2023 | $105.7 | $21.4 | $127.1 |
| Translation adjustments | (0.4) | — | (0.4) |
| Balance as of December 31, 2024 | $105.3 | $21.4 | $126.7 |
| Translation adjustments | 0.3 | — | 0.3 |
| Balance as of December 31, 2025 | $105.6 | $21.4 | $127.0 |
Indefinite-Lived Intangible Assets
The carrying amounts of indefinite-lived intangible assets were as follows (in millions):
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Federal Communications Commission ("FCC") licenses | $107.9 | $107.7 |
| Total | $107.9 | $107.7 |
The weighted-average period prior to the next renewal for FCC licenses was 4.4 years and 5.4 years as of December 31, 2025 and 2024, respectively. While broadcast television licenses are issued for a fixed period of time (generally eight years), renewals of these licenses have occurred routinely and at nominal cost. In addition, the Company does not believe that the expiration or non-renewal of any of its FCC licenses would have a material adverse effect on the expected future cash flows and profitability.
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 · December 31, 2025 | ||||
|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Net | ||||
| Trade names | 15 years | $25.2 | $(12.6) | $12.6 |
| Customer relationships and contracts | 11 years | 87.6 | (54.3) | 33.3 |
| Channel sharing arrangements | 35 years | 12.6 | (2.5) | 10.1 |
| Other | 10 years | 3.6 | (2.3) | 1.3 |
| Total | $129.0 | $(71.7) | $57.3 | |
| 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 $7.5 million and $7.9 million for the years ended December 31, 2025 and 2024, respectively. Amortization expense is included in Depreciation and amortization in the Consolidated Statements of Operations.
Amortization
Future estimated annual amortization expense for intangible assets as of December 31, 2025, is as follows (in millions):
| Estimated Amortization | |
|---|---|
| 2026 | $6.7 |
| 2027 | 4.9 |
| 2028 | 4.9 |
| 2029 | 4.7 |
| 2030 | 4.5 |
| Thereafter | 31.6 |
| Total | $57.3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.