Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.24.3
Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Our intangible assets include the following:
    September 30, 2024 December 31, 2023
  Weighted
Average
Useful Lives		 Gross
Carrying
Value		 Accumulated Amortization Net 
Carrying
Value		 Gross
Carrying
Value		 Accumulated Amortization Net 
Carrying
Value
Recorded to Sirius XM Reporting Unit:
Indefinite life intangible assets:              
FCC licenses Indefinite $ 8,600  $ —  $ 8,600  $ 8,600  $ —  $ 8,600 
Trademarks Indefinite 930  —  930  930  —  930 
Definite life intangible assets:              
Customer relationships
15 years
 570  (446) 124  570  (418) 152 
OEM relationships 15 years 220  (160) 60  220  (149) 71 
Licensing agreements 15 years 285  (241) 44  285  (228) 57 
Software and technology 7 years 28  (23) 5  28  (22) 6 
Due to Acquisitions recorded to Pandora
and Off-platform Reporting Unit:
Indefinite life intangible assets:
Trademarks Indefinite 312  —  312  312  —  312 
Definite life intangible assets:
Customer relationships 8 years 442  (318) 124  442  (279) 163 
Software and technology 5 years 391  (380) 11  391  (372) 19 
Total intangible assets   $ 11,778  $ (1,568) $ 10,210  $ 11,778  $ (1,468) $ 10,310 

Indefinite Life Intangible Assets
We have identified our Federal Communications Commission (“FCC”) licenses and XM and Pandora trademarks as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use.
We hold FCC licenses to operate our satellite digital audio radio service and provide ancillary services. Each of the FCC licenses authorizes us to use radio spectrum, a reusable resource that does not deplete or exhaust over time.
Our annual impairment assessment of our identifiable indefinite lived intangible assets is performed as of the fourth quarter of each year. An assessment is performed at other times if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. If the carrying value of the intangible assets exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. As a result of the Sirius XM goodwill impairment discussed in Note 6, we evaluated our FCC licenses, Sirius XM trademark, and Pandora trademark for impairment using a quantitative assessment during the quarter ended September 30, 2024. The results of the assessment indicated that the estimated fair values for these indefinite-lived assets exceeded their carrying values and no impairment loss was recognized for intangible assets with indefinite lives during the three and nine months ended September 30, 2024 and 2023.
Definite Life Intangible Assets
Amortization expense for all definite life intangible assets was $32 and $49 for the three months ended September 30, 2024 and 2023, respectively, and $101 and $150 for the nine months ended September 30, 2024 and 2023, respectively. There were no retirements or impairments of definite lived intangible assets during the three and nine months ended September 30, 2024 and 2023.
The expected amortization expense for each of the fiscal years 2024 through 2028 and for periods thereafter is as follows:
Years ending December 31, Amount
2024 (remaining) $ 31 
2025 124 
2026 123 
2027 75 
2028 15 
Thereafter — 
Total definite life intangible assets, net $ 368