Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	39	$	8	$	43
State and local		20		13		11
Current income tax expense		59		21		54
Deferred:
Federal		64		54		17
State and local		11		1		6
Deferred income tax expense		75		55		23
Total income tax expense	$	134	$	76	$	77

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2020			2019
Deferred tax liabilities:
Net book value of property and equipment	$	92		$	83
Broadcast licenses, goodwill and other intangible assets		878			869
Total deferred tax liabilities		970			952
Deferred tax assets:
Liability for accrued vacation		4			3
Liability for accrued bonus		5			7
Deferred payroll taxes		3			-
Allowance for credit losses		3			3
Liability for pension plan		11			10
Federal operating loss carryforwards		38			87
State and local operating loss carryforwards		21			31
Acquisition costs		2			2
Restricted stock		4			4
Investments		4			4
Interest expense limitation		4			4
Other		1			1
Total deferred tax assets		100			156
Valuation allowance for deferred tax assets		(15	)		(14	)
Net deferred tax assets		85			142
Deferred tax liabilities, net of deferred tax assets	$	885		$	810

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
Statutory federal rate applied to income before income tax expense	$	114		$	53		$	60
Current year permanent items		3			13			3
State and local taxes, net of federal tax benefit		27			13			14
Change in valuation allowance		1			(2	)		-
Net operating loss carryback		(7	)		-			-
Other items, net		(4	)		(1	)		-
Income tax expense as recorded	$	134		$	76		$	77
Effective income tax rate		25	%		30	%		27	%