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Goodwill and Intangibles, Net | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles, Net | 8. Goodwill and Intangibles, Net On an annual basis, in the fourth quarter, the Company performs its goodwill impairment review in accordance with ASC 350. Estimating the fair value of a reporting unit requires various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, and industry and general economic data from third-party sources. Discount rate assumptions are based on an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. After considering all quantitative and qualitative factors, the Company has determined that, other than noted below, it is more likely than not that the reporting units' fair values exceed their carrying values as of the assessment date. The Company also considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Further, the Company assessed the current market capitalization, forecasts and the amount by which the fair values exceeded the carrying values. Goodwill The carrying amounts of goodwill by segment were as follows (in millions):
|  | Infrastructure |  | Spectrum |  | Total
Balance at December 31, 2020 |  | $ | 89.6 |  |  | $ | 21.4 |  |  | $ | 111.0 |
Acquisition |  | 16.7 |  |  | — |  |  | 16.7 |
Translation |  | (0.3) |  |  | — |  |  | (0.3) |
Balance at December 31, 2021 |  | $ | 106.0 |  |  | $ | 21.4 |  |  | $ | 127.4 |
Translation |  | (0.3) |  |  | — |  |  | (0.3) |
Balance as of December 31, 2022 |  | $ | 105.7 |  |  | $ | 21.4 |  |  | $ | 127.1 |
Indefinite-lived Intangible Assets The carrying amounts of indefinite-lived intangible assets as of the periods indicated were as follows (in millions):
|  | December 31,
|  | 2022 |  | 2021
FCC licenses |  | $ | 106.3 |  |  | $ | 106.5 |
Total |  | $ | 106.3 |  |  | $ | 106.5 |
For the years ended December 31, 2022 and 2021, the Company recorded impairment charges of $0.2 million and $0.7 million, respectively, which are reflected in Other operating loss in the Consolidated Statements of Operations. The impairment charges related to non-core FCC licenses which were sold or expired, in order to bring their carrying value equal to the agreed upon sales price prior to the execution of the sale or expiration. The weighted-average period prior to the next renewal for FCC licenses was 6.6 years and 3.0 years as of December 31, 2022 and 2021, respectively, after taking into consideration licenses that were successfully renewed shortly after year-end. 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 our 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 as of the periods indicated were as follows (in millions):
|  |  |  | December 31,
|  | Weighted-Average Original Useful Life |  | 2022 |  | 2021
|  |  | Gross Carrying Amount | Accumulated Amortization | Net |  | Gross Carrying Amount | Accumulated Amortization | Net
Trade names |  | 14 years |  | $ | 25.4 |  |  | $ | (8.0) |  |  | $ | 17.4 |  |  | $ | 25.4 |  |  | $ | (6.3) |  |  | $ | 19.1 |
Customer relationships and contracts |  | 11 years |  | 87.6 |  |  | (35.4) |  |  | 52.2 |  |  | 87.7 |  |  | (21.6) |  |  | 66.1 |
Channel sharing arrangements |  | 35 years |  | 12.6 |  |  | (1.4) |  |  | 11.2 |  |  | 12.6 |  |  | (1.1) |  |  | 11.5 |
Other |  | 12 years |  | 4.1 |  |  | (1.1) |  |  | 3.0 |  |  | 8.5 |  |  | (3.3) |  |  | 5.2 |
Total |  |  |  | $ | 129.7 |  |  | $ | (45.9) |  |  | $ | 83.8 |  |  | $ | 134.2 |  |  | $ | (32.3) |  |  | $ | 101.9 |
For the year ended December 31, 2022, the Company recorded impairment charges to definite lived intangible assets of $1.5 million, which are reflected in Other operating loss in our Consolidated Statements of Operations. The impairment charges related to the HC2 Network Program License Agreement ("PLA") due to a decline in performance. Amortization expense for definite lived intangible assets was $16.6 million and $12.6 million for the years ended December 31, 2022 and 2021, respectively, and was included in Depreciation and amortization in our Consolidated Statements of Operations. Amortization Future estimated annual amortization expense for intangible assets as of December 31, 2022 is as follows (in millions):
|  | Estimated Amortization
2023 |  | $ | 11.1 |
2024 |  | 7.4 |
2025 |  | 7.3 |
2026 |  | 6.9 |
2027 |  | 4.7 |
Thereafter |  | 46.4 |
Total |  | $ | 83.8 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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