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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)Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

SiriusXM Holdings

Formula 1

Other

Total

amounts in millions

Balance at January 1, 2021

$

15,082

3,956

180

19,218

Acquisitions (a)

30

30

Balance at December31, 2021

15,112

3,956

180

19,248

Acquisitions (b)

97

97

Other

(4)

(4)

Balance at December31, 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.

Other Intangible Assets Not Subject to Amortization

Other intangible assets not subject to amortization, not separately disclosed, are trademarks ($1,242 million) at December31, 2022 and 2021 and franchise rights owned by Braves Holdings ($124 million and $143million) as of December31, 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’ Federal Communications Commission (“FCC”) 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:

December31,2022

December31,2021

Gross

Net

Gross

Net

carrying

Accumulated

carrying

carrying

Accumulated

carrying

amount

amortization

amount

amount

amortization

amount

amountsinmillions

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