Note 10 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

10. Goodwill and Intangible Assets

During the six-months ended June 30, 2020, we acquired FCC licenses to improve and extend the operations of our television stations. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2020 is as follows (in millions):

	Net Balance at									Net Balance at
	December 31,									June 30,
	2019		Additions		Impairments		Amortization			2020
Goodwill	$	1,446	$	-	$	-	$	-		$	1,446
Broadcast licenses		3,573		1		-		-			3,574
Finite-lived intangible assets		460		-		-		(52	)		408
Total intangible assets net of accumulated amortization	$	5,479	$	1	$	-	$	(52	)	$	5,428

As of June 30, 2020 and December 31, 2019, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of June 30, 2020							As of December 31, 2019
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	3,628	$	(54	)	$	3,574	$	3,627	$	(54	)	$	3,573
Goodwill		1,446		-			1,446		1,446		-			1,446
	$	5,074	$	(54	)	$	5,020	$	5,073	$	(54	)	$	5,019
Intangible assets subject to amortization:
Network affiliation agreements	$	56	$	(22	)	$	34	$	56	$	(17	)	$	39
Other definite lived intangible assets		615		(241	)		374		615		(194	)		421
	$	671	$	(263	)	$	408	$	671	$	(211	)	$	460
Total intangibles	$	5,745	$	(317	)	$	5,428	$	5,744	$	(265	)	$	5,479

Amortization expense for the six-months ended June 30, 2020 and 2019 was $52 million and $57 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2020 will be approximately $51 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2021, $98 million; 2022, $94 million; 2023, $88 million; 2024, $24 million; and 2025, $15 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.