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Note 10 - Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
1
0
.     Goodwill and Intangible Assets
 
During the years ended
December
31,
2016
and
2015,
we acquired and disposed of various television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances increased during each of these years. See Note
2
“Acquisitions and Dispositions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the years ended
December
31,
2016
and
2015
is as follows (in thousands):
 
 
 
Net Balance at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Balance at
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
2015
 
 
Acquisitions
 
 
Dispositions
 
 
Impairment
 
 
Amortization
 
 
2016
 
Goodwill
  $
423,236
    $
72,296
    $
(10,214
)   $
-
    $
-
    $
485,318
 
Broadcast licenses
   
1,114,626
     
251,035
     
(25,356
)    
-
     
-
     
1,340,305
 
Finite-lived
intangible assets
   
53,280
     
19,566
     
-
     
-
     
(16,596
)    
56,250
 
Total intangible assets
net of accumulated
amortization
  $
1,591,142
    $
342,897
    $
(35,570
)   $
-
    $
(16,596
)   $
1,881,873
 
 
 
 
Net Balance at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Balance at
 
 
 
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
2014
 
 
Acquisitions
 
 
Dispositions
 
 
Impairment
 
 
Amortization
 
 
2015
 
Goodwill
  $
374,390
    $
48,916
    $
(70
)   $
-
    $
-
    $
423,236
 
Broadcast licenses
   
1,023,580
     
91,192
     
(146
)    
-
     
-
     
1,114,626
 
Finite-lived
intangible assets
   
47,802
     
17,845
     
(385
)    
-
     
(11,982
)    
53,280
 
Total intangible assets
net of accumulated
amortization
  $
1,445,772
    $
157,953
    $
(601
)   $
-
    $
(11,982
)   $
1,591,142
 
 
A summary of changes in our goodwill, on a gross basis, for the years ended
December
31,
2016
and
2015
is as follows (in thousands):
 
 
 
As of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
 
 
December 31, 2015
 
 
Acquisitions
 
 
Dispositions
 
 
Impairment
 
 
December 31, 2016
 
Goodwill, gross
  $
521,832
    $
72,296
    $
(10,214
)   $
-
    $
583,914
 
Accumulated goodwill impairment
   
(98,596
)    
-
     
-
     
-
     
(98,596
)
Goodwill, net
  $
423,236
    $
72,296
    $
(10,214
)   $
-
    $
485,318
 
 
 
 
As of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
 
 
 
December 31, 2014
 
 
Acquisitions
 
 
Dispositions
 
 
Impairment
 
 
December 31, 2015
 
Goodwill, gross
  $
472,986
    $
48,916
    $
(70
)   $
-
    $
521,832
 
Accumulated goodwill impairment
   
(98,596
)    
-
     
-
     
-
     
(98,596
)
Goodwill, net
  $
374,390
    $
48,916
    $
(70
)   $
-
    $
423,236
 
 
As of
December
31,
2016
and
2015,
our intangible assets and related accumulated amortization consisted of the following (in thousands):
 
 
 
As of December 31, 2016
 
 
As of December 31, 2015
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Gross
 
 
Amortization
 
 
Net
 
 
Gross
 
 
Amortization
 
 
Net
 
Intangible assets not currently
subject to amortization:
                                               
Broadcast licenses
  $
1,394,004
    $
(53,699
)   $
1,340,305
    $
1,168,325
    $
(53,699
)   $
1,114,626
 
Goodwill
   
485,318
     
-
     
485,318
     
423,236
     
-
     
423,236
 
    $
1,879,322
    $
(53,699
)   $
1,825,623
    $
1,591,561
    $
(53,699
)   $
1,537,862
 
                                                 
Intangible assets subject
to amortization:
                                               
Network affiliation
agreements
  $
1,264
    $
(1,264
)   $
-
    $
1,264
    $
(1,264
)   $
-
 
Other finite-lived
intangible assets
   
105,792
     
(49,542
)    
56,250
     
86,696
     
(33,416
)    
53,280
 
    $
107,056
    $
(50,806
)   $
56,250
    $
87,960
    $
(34,680
)   $
53,280
 
                                                 
Total intangibles
  $
1,986,378
    $
(104,505
)   $
1,881,873
    $
1,679,521
    $
(88,379
)   $
1,591,142
 
 
Amortization expense for the years ended
December
31,
2016,
2015
and
2014
was
$16.6
million,
$12.0
million and
$8.3
million, respectively. Based on the our intangible assets subject to amortization, as of
December
31,
2016,
we expect that amortization expense for the succeeding
five
years will be as follows:
2017,
$16.3
million;
2018,
$11.5
million;
2019,
$9.0
million;
2020,
$6.1
million; and
2021,
$3.2
million. If and when acquisitions and dispositions occur in the future, actual amounts
may
vary from these estimates.
 
Impairment of goodwill and broadcast license
 
As of
December
31,
2016
and
2015,
we tested our goodwill, broadcast licenses and other intangible asset recorded values for potential impairment and concluded that the balances were reasonably stated. As a result, we did
not
record an impairment expense for our goodwill, broadcast licenses or other intangible assets during
2016,
2015
or
2014.
 
See Note
1
“Description of Business and Summary of Significant Accounting Policies” for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets.