| Intangible Assets |
(7) Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
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Sirius XM Holdings |
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Formula 1 |
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Other |
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Total |
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amounts in millions |
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Balance at January 1, 2022 |
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$ |
15,112 |
|
3,956 |
|
180 |
|
19,248 |
|
Acquisitions (a) |
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|
97 |
|
— |
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— |
|
97 |
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Other |
|
|
— |
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— |
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(4) |
|
(4) |
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Balance at September 30, 2022 |
|
$ |
15,209 |
|
3,956 |
|
176 |
|
19,341 |
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| (a) |
Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022. |
Intangible Assets Subject to Amortization
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September 30, 2022 |
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December 31, 2021 |
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Gross |
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Net |
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Gross |
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Net |
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|
carrying |
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Accumulated |
|
carrying |
|
carrying |
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Accumulated |
|
carrying |
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amount |
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amortization |
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amount |
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amount |
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amortization |
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amount |
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|
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amounts in millions |
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FIA Agreement |
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$ |
3,630 |
|
(1,078) |
|
2,552 |
|
3,630 |
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(936) |
|
2,694 |
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Customer relationships |
|
|
3,054 |
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(1,870) |
|
1,184 |
|
3,053 |
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(1,679) |
|
1,374 |
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Licensing agreements |
|
|
359 |
|
(267) |
|
92 |
|
355 |
|
(243) |
|
112 |
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Other |
|
|
2,116 |
|
(1,538) |
|
578 |
|
1,933 |
|
(1,316) |
|
617 |
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Total |
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$ |
9,159 |
|
(4,753) |
|
4,406 |
|
8,971 |
|
(4,174) |
|
4,797 |
|
Amortization expense for intangible assets with finite useful lives was $199 million and $205 million for the three months ended September 30, 2022 and 2021, respectively, and $590 million and $606 million for the nine months ended September 30, 2022 and 2021, respectively. Based on its amortizable intangible assets as of September 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):
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Remainder of 2022 |
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$ |
190 |
|
2023 |
|
$ |
755 |
|
2024 |
|
$ |
443 |
|
2025 |
|
$ |
372 |
|
2026 |
|
$ |
356 |
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