v3.26.1
Goodwill and Intangibles, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles, Net
8. Goodwill and Intangibles, Net

Goodwill

The carrying amounts of goodwill by segment were as follows (in millions):
 
Infrastructure
SpectrumTotal
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,
20252024
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 LifeDecember 31, 2025
Gross Carrying AmountAccumulated AmortizationNet
Trade names15 years$25.2 $(12.6)$12.6 
Customer relationships and contracts11 years87.6 (54.3)33.3 
Channel sharing arrangements35 years12.6 (2.5)10.1 
Other10 years3.6 (2.3)1.3 
Total$129.0 $(71.7)$57.3 

Weighted-Average Original Useful LifeDecember 31, 2024
Gross Carrying AmountAccumulated AmortizationNet
Trade names15 years$25.1 $(11.0)$14.1 
Customer relationships and contracts11 years87.4 (49.1)38.3 
Channel sharing arrangements35 years12.6 (2.2)10.4 
Other10 years3.9 (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 
20274.9 
20284.9 
20294.7 
20304.5 
Thereafter31.6 
Total$57.3