| Intangible Assets |
(7) Intangible Assets
Goodwill
Changes in the carrying amount of goodwill are as follows:
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Sirius XM Holdings |
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Formula 1 |
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Other |
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Total |
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amounts in millions |
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Balance at January 1, 2020 |
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$ |
15,082 |
|
3,956 |
|
180 |
|
19,218 |
|
Acquisition (a) |
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6 |
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— |
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— |
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6 |
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Balance at March 31, 2021 |
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$ |
15,088 |
|
3,956 |
|
180 |
|
19,224 |
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| (a) |
During the three months ended March 31, 2021, Sirius XM Holdings recorded additional goodwill related to adjustments to contingent consideration for the prior year acquisition of Stitcher. |
Intangible Assets Subject to Amortization
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March 31, 2021 |
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December 31, 2020 |
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Gross |
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Net |
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Gross |
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Net |
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carrying |
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Accumulated |
|
carrying |
|
carrying |
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Accumulated |
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carrying |
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amount |
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amortization |
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amount |
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amount |
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amortization |
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amount |
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amounts in millions |
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FIA Agreement |
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$ |
3,630 |
|
(791) |
|
2,839 |
|
3,630 |
|
(742) |
|
2,888 |
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Customer relationships |
|
|
3,053 |
|
(1,461) |
|
1,592 |
|
3,053 |
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(1,389) |
|
1,664 |
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Licensing agreements |
|
|
356 |
|
(226) |
|
130 |
|
355 |
|
(221) |
|
134 |
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Other |
|
|
1,799 |
|
(1,128) |
|
671 |
|
1,748 |
|
(1,056) |
|
692 |
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Total |
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$ |
8,838 |
|
(3,606) |
|
5,232 |
|
8,786 |
|
(3,408) |
|
5,378 |
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Amortization expense for intangible assets with finite useful lives was $199 million and $198 million for the three months ended March 31, 2021 and 2020, respectively. Based on its amortizable intangible assets as of March 31, 2021, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions):
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Remainder of 2021 |
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$ |
604 |
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2022 |
|
$ |
763 |
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2023 |
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$ |
544 |
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2024 |
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$ |
404 |
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2025 |
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$ |
350 |
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