Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2019 and December 31, 2018 shown below (in thousands):



	Goodwill
Balance as of Dec. 31, 2017	$	2,579,417
KFMB Stations acquisition	17,446
Balance as of Dec. 31, 2018	2,596,863
Recent Acquisitions	355,368
Disposition of a business unit	(1,644		)
Balance as of Dec. 31, 2019	$	2,950,587

The change in goodwill during both years is primarily attributable to the acquisitions discussed in Note 2.

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2019 and 2018 (in thousands):



	Gross		Accumulated Amortization			Net
Dec. 31, 2019
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	2,090,732		—			2,090,732
Amortizable intangible assets:
Retransmission agreements	256,533		(105,212		)	151,321
Network affiliation agreements	309,496		(48,174		)	261,322
Other	73,305		(15,066		)	58,239
Total indefinite-lived and amortizable intangible assets	$	2,730,066	$	(168,452	)	$	2,561,614
Dec. 31, 2018
Indefinite-lived intangibles:
Television station FCC licenses	1,384,186		—			1,384,186
Amortizable intangible assets:
Retransmission agreements	121,594		(79,274		)	42,320
Network affiliation agreements	110,390		(30,802		)	79,588
Other	28,865		(8,882		)	19,983
Total indefinite-lived and amortizable intangible assets	$	1,645,035	$	(118,958	)	$	1,526,077

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements and brand names from our Justice & Quest acquisition which are also amortized on a straight-line basis over their useful lives. As a result of adopting new lease accounting guidance in 2019, we reclassified $8.1 million and $0.6 million of gross asset and accumulated amortization, respectively, related to a favorable lease intangible asset to Right-of-use assets for operating leases. The $7.5 million net asset balance of this asset is now recorded as a right-of-use lease asset. The remaining change in gross intangible asset values in 2019 are a result of the acquisitions discussed in Note 2. Certain of those assets are valued on a preliminary basis as we continue to review underlying assumptions and valuation methodologies utilized to calculate their respective fair values.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2019 (in thousands):



2020	$	73,439
2021	67,351
2022	64,209
2023	57,793
2024	51,330
Thereafter	156,760
Total	$	470,882