| Goodwill and Other Intangible Assets |
(8)ÌýÌýGoodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
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Formula 1 |
ÌýÌýÌýÌý |
Other |
ÌýÌýÌýÌý |
Total |
Ìý |
|
​ |
amounts in millions |
​ |
Balance at January 1, 2023 |
$ |
3,956 |
​ |
176 |
​ |
4,132 |
​ |
Atlanta Braves Holdings Split-Off |
​ |
— |
​ |
(176) |
​ |
(176) |
​ |
Balance at December 31, 2023 |
​ |
3,956 |
​ |
— |
​ |
3,956 |
​ |
Acquisition of QuintEvents |
​ |
— |
​ |
252 |
​ |
252 |
​ |
Impairments |
​ |
— |
​ |
(73) |
​ |
(73) |
​ |
Other |
​ |
— |
​ |
(1) |
​ |
(1) |
​ |
Balance at DecemberÌý31, 2024 |
$ |
3,956 |
​ |
178 |
​ |
4,134 |
​ |
​
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Intangible Assets Subject to Amortization
Intangible assets subject to amortization are comprised of the following:
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|
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|
​ |
​ |
DecemberÌý31,Ìý2024 |
​ |
DecemberÌý31,Ìý2023 |
Ìý |
​ |
ÌýÌýÌýÌý |
Gross |
ÌýÌýÌýÌý |
​ |
ÌýÌýÌýÌý |
Net |
ÌýÌýÌýÌý |
Gross |
ÌýÌýÌýÌý |
​ |
ÌýÌýÌýÌý |
Net |
Ìý |
​ |
​ |
carrying |
​ |
Accumulated |
​ |
carrying |
​ |
carrying |
​ |
Accumulated |
​ |
carrying |
Ìý |
​ |
​ |
amount |
​ |
amortization |
​ |
amount |
​ |
amount |
​ |
amortization |
​ |
amount |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
FIA Agreement |
​ |
$ |
3,630 |
​ |
(1,473) |
​ |
2,157 |
​ |
3,630 |
​ |
(1,304) |
​ |
2,326 |
​ |
Customer relationships |
​ |
​ |
1,854 |
Ìý |
(1,441) |
Ìý |
413 |
Ìý |
1,854 |
Ìý |
(1,349) |
Ìý |
505 |
​ |
Other |
​ |
Ìý |
381 |
Ìý |
(262) |
Ìý |
119 |
Ìý |
255 |
Ìý |
(228) |
Ìý |
27 |
​ |
Total |
​ |
$ |
5,865 |
Ìý |
(3,176) |
Ìý |
2,689 |
Ìý |
5,739 |
Ìý |
(2,881) |
Ìý |
2,858 |
​ |
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The FIA Agreement is amortized over 35 years and customer relationships are amortized over 20 years. Amortization expense was $290Ìýmillion, $327Ìýmillion and $360Ìýmillion for the years ended DecemberÌý31, 2024, 2023 and 2022, respectively. Based on its amortizable intangible assets as of DecemberÌý31, 2024, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):
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