茄子污污视频

Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

v3.22.4
Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2022
Goodwill and Other Intangible Assets

(8)听听Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

Sirius听XM Holdings

Formula 1

听听听听

Other

听听听听

Total

amounts in millions

Balance at January 1, 2021

$

15,082

3,956

180

19,218

Acquisitions (a)

30

30

Balance at December听31, 2021

15,112

3,956

180

19,248

Acquisitions (b)

97

97

Other

(4)

(4)

Balance at December听31, 2022

$

15,209

3,956

176

19,341

(a) Sirius XM Holdings recorded goodwill related to an acquisition in April 2021 and recorded adjustments to contingent consideration for the prior year acquisition of Stitcher.
(b) During January 2022 and May 2022, Sirius XM Holdings completed immaterial acquisitions for total cash consideration of approximately $136 million. 听

Other Intangible Assets Not Subject to Amortization

Other intangible assets not subject to amortization, not separately disclosed, are trademarks ($1,242 million) at December听31, 2022 and 2021 and franchise rights owned by Braves Holdings ($124 million and $143听million) as of December听31, 2022 and 2021. We identified these assets as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use. Sirius XM Holdings鈥 Federal Communications Commission (鈥淔CC鈥) licenses for its Sirius satellites expire in 2025 and 2030 and the FCC licenses for its XM satellites expire in 2023, 2026 and 2029. Prior to expiration, Sirius XM Holdings is required to apply for a renewal of its FCC licenses. The renewal and extension of its licenses is reasonably certain at minimal cost, which is expensed as incurred. Each of the FCC licenses authorizes Sirius XM Holdings to use the broadcast spectrum, which is a renewable, reusable resource that does not deplete or exhaust over time.

Intangible Assets Subject to Amortization

Intangible assets subject to amortization are comprised of the following:

December听31,听2022

December听31,听2021

听听听听

Gross

听听听听

听听听听

Net

听听听听

Gross

听听听听

听听听听

Net

carrying

Accumulated

carrying

carrying

Accumulated

carrying

amount

amortization

amount

amount

amortization

amount

amounts听in听millions

FIA Agreement

$

3,630

(1,125)

2,505

3,630

(936)

2,694

Customer relationships

3,054

(1,936)

1,118

3,053

(1,679)

1,374

Licensing agreements

359

(272)

87

355

(243)

112

Other

2,191

(1,613)

578

1,933

(1,316)

617

Total

$

9,234

(4,946)

4,288

8,971

(4,174)

4,797

The FIA Agreement is amortized over 35 years, customer relationships are amortized over 10-15 years and licensing agreements are amortized over 15 years. Amortization expense was $782听million, $802听million and $815听million for the years ended December听31, 2022, 2021 and 2020, respectively. Based on its amortizable intangible assets as of December听31, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

2023

听听听听

$

732

2024

$

610

2025

$

358

2026

$

333

2027

$

279

Impairments

Due to an increase in projected costs related to royalty rates from streaming, increasing uncertainty surrounding the projected demand for advertising and a decrease in listening hours, impairment losses of $956 million and $20 million were recorded during the year ended December 31, 2020 related to Pandora鈥檚 goodwill and trademark, respectively. The fair value of the Pandora and Off-platform reporting unit was determined using a combination of market multiples (market approach) and discounted cash flow (income approach) calculations (Level 3). The discounted cash flow model relies on making assumptions, such as the extent of the economic downturn related to the COVID-19 pandemic, the expected timing of recovery, expected growth in profitability and discount rate. Additionally, assumptions related to guideline company financial multiples used in the market approach decreased based on current market observations.

A quantitative assessment of Pandora鈥檚 goodwill and trademark during the fourth quarter of 2022 indicated the estimated fair values of such assets were in excess of their respective carrying values. As of December 31, 2022, accumulated goodwill impairment losses for Liberty totaled $956 million and related entirely to the Sirius XM Holdings reportable segment.