XM Radio 2009 Annual Report Download - page 171
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Reclassifications
Certain amounts in our prior period consolidated financial statements have been reclassified to conform to our
current period presentation.
(4) Goodwill
We allocated the consideration paid in connection with the Merger to the fair value of acquired assets and
assumed liabilities, respectively, and in 2008 recorded goodwill in the amount of $6,601,046. During 2008, we
recorded an impairment charge of $4,766,190, resulting in a carrying value of $1,834,856 at December 31, 2008.
There has not been any change in the carrying value of goodwill during 2009.
(5) Intangible Assets
Intangible assets consisted of the following:
Weighted
Average
Useful Lives
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
December 31, 2009 December 31, 2008
Indefinite life intangible assets
FCC licenses . . ......... Indefinite $2,083,654 $ — $2,083,654 $2,083,654 $ — $2,083,654
Trademark ............. Indefinite 250,000 — 250,000 250,000 — 250,000
Definite life intangible assets
Subscriber relationships. . . . 9 years $ 380,000 $ (91,186) $ 288,814 $ 380,000 $(29,226) $ 350,774
Proprietary software . . . . . . 6 years 16,552 (6,823) 9,729 16,552 (2,285) 14,267
Developed technology . . . . . 10 years 2,000 (283) 1,717 2,000 (83) 1,917
Licensing agreements . . . . . 9.1 years 75,000 (13,906) 61,094 75,000 (4,090) 70,910
Leasehold interests ....... 7.4years 132 (25) 107 908 (105) 803
Total intangible assets . . . $2,807,338 $(112,223) $2,695,115 $2,808,114 $(35,789) $2,772,325
Indefinite Life Intangible Assets
We have identified our FCC licenses and the XM trademark as indefinite life intangible assets after considering
the expected use of the assets, the regulatory and economic environment within which they are being used, and the
effects of obsolescence on their use.
F-17
SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)