XML 34 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets
9 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

9.

Intangible Assets

Our intangible assets are comprised of both indefinite-lived and finite-lived intangible assets. Intangible assets with indefinite lives and goodwill are not amortized; rather, they are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. We perform our annual impairment tests of our indefinite-lived intangible assets and goodwill during the fourth quarter of each fiscal year. We also reevaluate the useful life of indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The results of our annual indefinite-lived intangible assets and goodwill impairment assessments in the fourth quarter of 2019 indicated no impairment. As of September 30, 2020, as a result of COVID-19, we reviewed the carrying value of our indefinite-lived intangible assets and goodwill and concluded there were no impairments.

As of both September 30, 2020 and December 31, 2019, our goodwill balance was $0.6 million.

Our intangible assets, other than goodwill, as of September 30, 2020 and December 31, 2019 were as follows (in thousands, except for weighted average remaining useful life):

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

As of September 30, 2020

 

 

As of December 31, 2019

 

 

 

Remaining

 

 

Gross

 

 

 

 

 

 

Net

 

 

Gross

 

 

 

 

 

 

Net

 

 

 

Useful Life

 

 

Carrying

 

 

Accumulated

 

 

Carrying

 

 

Carrying

 

 

Accumulated

 

 

Carrying

 

 

 

(in years)

 

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amount

 

 

Amortization

 

 

Amount

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

3.4

 

 

$

48,572

 

 

$

(29,787)

 

 

$

18,785

 

 

$

42,591

 

 

$

(25,191)

 

 

$

17,400

 

Other intangible assets

 

 

8.0

 

 

 

1,500

 

 

 

-

 

 

 

1,500

 

 

 

1,500

 

 

 

-

 

 

 

1,500

 

Service customer relationships

 

 

 

 

 

 

8,081

 

 

 

(8,081

)

 

 

-

 

 

 

8,081

 

 

 

(8,081

)

 

 

-

 

OEM and dealer relationships

 

 

 

 

 

 

6,724

 

 

 

(6,724

)

 

 

-

 

 

 

6,724

 

 

 

(6,724

)

 

 

-

 

Total amortized intangible assets

 

 

 

 

 

 

64,877

 

 

 

(44,592)

 

 

 

20,285

 

 

 

58,896

 

 

 

(39,996)

 

 

 

18,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC Licenses

 

 

 

 

 

 

32,283

 

 

 

-

 

 

 

32,283

 

 

 

32,283

 

 

 

-

 

 

 

32,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible assets

 

 

 

 

 

$

97,160

 

 

$

(44,592)

 

 

$

52,568

 

 

$

91,179

 

 

$

(39,996

)

 

$

51,183

 

 

 

Amortization expense was $1.6 million and $4.6 million, respectively, for the three and nine month periods ended September 30, 2020 and $1.2 million and $4.2 million, respectively, for the prior-year periods.

Amortization expense for each of the next five years and thereafter is estimated to be as follows (in thousands):

 

 

Amortization

 

Years ending December 31,

Expense

 

2020 (period from October 1 to December 31)

$

1,817

 

2021

$

7,168

 

2022

$

4,637

 

2023

$

2,159

 

2024

$

873

 

Thereafter

$

3,631

 

 

Actual future amortization expense could differ from the estimated amount as a result of future investments and other factors.