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Intangible Assets | 6 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Wireless licenses are considered indefinite-lived intangible assets. Indefinite-lived intangible assets are not subject to amortization but instead are tested for impairment annually, or more frequently if an event indicates that the asset might be impaired. There were no triggering events indicating impairment during the six months ended September 30, 2022. During the six months ended September 30, 2022, the Company acquired wireless licenses for cash consideration of $4.7 million, after receiving FCC approval, of which $3.7 million was spent on licenses acquired, including costs associated with license swaps, by entering into agreements with several third parties in multiple U.S. markets and $1.0 million was paid to the U.S. Treasury for Anti-Windfall payments, i.e. payments to cover any shortfall of channels needed in a given county to reach the requisite 240 channels required to be surrendered to secure a broadband license for such county. As of September 30, 2022 and March 31, 2022, the Company recorded initial deposits to incumbents amounting to approximately $10.7 million and $8.0 million, respectively, that are refundable if the FCC does not approve the sale, swap or retuning of the spectrum. Of the $10.7 million initial refundable deposit balance as of September 30, 2022, $10.1 million was included in prepaid expenses and other current assets and the remaining $0.6 million in other assets in the Consolidated Balance Sheets. Of the $8.0 million initial refundable deposit balance as of March 31, 2022, $7.6 million was included in prepaid expenses and other current assets and the remaining $0.4 million in other assets in the Consolidated Balance Sheets. As of September 30, 2022 and March 31, 2022, the Company recorded deferred charges of $7.2 million and $3.4 million, respectively, related to closed retuning deals, of which $0.5 million and $0.2 million was recorded in prepaid expenses and other current assets and $6.7 million and $3.1 million, respectively, was recorded in other assets. During the six months ended September 30, 2022, the Company applied for, and was granted by the FCC, broadband licenses for 45 counties in connection with the long-term lease agreement with Evergy. The Company recorded the new broadband licenses collectively at their estimated accounting cost basis of approximately $4.9 million. In connection with receiving the broadband licenses, the Company disposed of $1.3 million of the value ascribed to the narrowband licenses it relinquished to the FCC for the same 45 counties. The total carrying value of narrowband licenses included the cost to acquire the original narrowband licenses, Anti-Windfall payments paid to cover the shortfall in each county and the clearing costs. As a result of the exchanges of narrowband licenses for broadband licenses, the Company recorded a gain on disposal of intangible assets of $2.9 million and $3.6 million, for the three and six months ended September 30, 2022, respectively. Intangible assets consist of the following activity for the six months ended September 30, 2022 (in thousands):
| Wireless Licenses
Balance at March 31, 2022 | $ | 151,169
Acquisitions | 4,748
Exchanges – broadband licenses received | 4,860
Exchanges – narrowband licenses surrendered | (1,308) |
Balance at September 30, 2022 | $ | 159,469

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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