Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 130

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 130
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 the Company’s cash and cash equivalents: December 31,Recurring FairValue Measurement20242023 (In thousands) Cash and cash equivalents: Cash$16,913 $32,526  Money market funds76,613 39,344 Level 2Total cash and cash equivalents$93,526 $71,870  

4. Property and Equipment

The following table presents the composition of property and equipment:December 31, Useful Life20242023 (In thousands)Satellite system17.5 years$3,242,845 $3,242,829 Ground system5-7 years76,994 70,497 Equipment3-5 years55,041 51,788 Internally developed software and purchased software3-7 years369,080 332,824 Building and leasehold improvements5-39 years39,157 33,433  Total depreciable property and equipment3,783,117 3,731,371 Less: accumulated depreciation(1,991,387)(1,804,884)Total depreciable property and equipment, net of accumulated depreciation1,791,730 1,926,487 Land8,037 8,037 Construction-in-process:Spare satellites181,762 181,557 Other construction-in-process99,015 79,677 Total property and equipment, net of accumulated depreciation$2,080,544 $2,195,758  Other construction-in-process consisted of the following:December 31, 20242023 (In thousands)Internally developed and purchased software$80,665 $60,467 Equipment5,948 6,859 Ground system12,402 12,351 Total other construction-in-process$99,015 $79,677 

Depreciation expense was $195.9 million, $318.5 million and $301.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. See “Property and Equipment” in Note 2 above for more information with respect to changes in depreciation expense incurred. 

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 5. Intangible Assets and Goodwill

Intangible AssetsThe following table presents identifiable intangible assets: December 31, 2024UsefulLifeGrossCarrying ValueAccumulatedAmortizationNetCarrying Value (In thousands)Indefinite life intangible assets