Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Other Intangible Assets

v3.25.4
Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2025
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

(7)  Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

Formula 1

MotoGP

  ​ ​ ​

Other

  ​ ​ ​

Total

 

amounts in millions

Balance at January 1, 2024

$

3,956

NA

3,956

Acquisition of QuintEvents

NA

252

252

Impairments

NA

(73)

(73)

Other

NA

(1)

(1)

Balance at December 31, 2024

$

3,956

NA

178

4,134

Acquisition of MotoGP

3,061

3,061

Liberty Live Split-Off

(179)

(179)

Other

8

1

9

Balance at December 31, 2025

$

3,956

3,069

7,025

Intangible Assets Subject to Amortization

Intangible assets subject to amortization are comprised of the following:

December 31, 2025

December 31, 2024

 

  ​ ​ ​

Gross

  ​ ​ ​

  ​ ​ ​

Net

  ​ ​ ​

Gross

  ​ ​ ​

  ​ ​ ​

Net

 

carrying

Accumulated

carrying

carrying

Accumulated

carrying

 

Useful life

amount

amortization

amount

amount

amortization

amount

 

years

amounts in millions

 

FIA Agreement

35

$

3,630

(1,632)

1,998

3,630

(1,473)

2,157

FIM Agreement

36

1,657

(23)

1,634

Customer relationships

5 - 36

2,988

(1,549)

1,439

 

1,854

 

(1,441)

 

413

Other

various

 

264

(233)

31

 

381

 

(262)

 

119

Total

$

8,539

 

(3,437)

 

5,102

 

5,865

 

(3,176)

 

2,689

Amortization expense was $322 million, $290 million and $327 million for the years ended December 31, 2025, 2024 and 2023, respectively. Based on its amortizable intangible assets as of December 31, 2025, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):

2026

  ​ ​ ​

$

363

2027

$

354

2028

$

337

2029

$

321

2030

$

270

Impairments

The Company performed a quantitative analysis of QuintEvents during the fourth quarter of 2024. Based on near-term business trends and their impact on long-term assumptions, we concluded that the estimated fair value of QuintEvents was less than its carrying value. As a result, QuintEvents recognized a goodwill impairment loss of $73 million during the year ended December 31, 2024. The fair value was determined using a discounted cash flow (income approach) calculation (Level 3).