Note 11 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

11.    Goodwill and Intangible Assets

A summary of changes in our goodwill and other intangible assets, on a net basis, for the three-months ended March 31, 2021 is as follows (in millions):

	Net Balance at									Net Balance at
	December 31,									March 31,
	2020		Net Additions		Impairments		Amortization			2021
Goodwill	$	1,460	$	6	$	-	$	-		$	1,466
Broadcast licenses		3,579		5		-		-			3,584
Finite-lived intangible assets		395		7		-		(26	)		376
Total intangible assets net of accumulated amortization	$	5,434	$	18	$	-	$	(26	)	$	5,426

A summary of the changes in our goodwill, on a gross basis, for the three-months ended March 31, 2021, is as follows (in millions):

	As of							As of
	December 31,							March 31,
	2020			Net Additions		Impairments		2021
Goodwill, gross	$	1,559		$	6	$	-	$	1,565
Accumulated goodwill impairment		(99	)		-		-		(99	)
Goodwill, net	$	1,460		$	6	$	-	$	1,466

As of March 31, 2021 and December 31, 2020, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of March 31, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	3,638	$	(54	)	$	3,584	$	3,633	$	(54	)	$	3,579
Goodwill		1,466		-			1,466		1,460		-			1,460
	$	5,104	$	(54	)	$	5,050	$	5,093	$	(54	)	$	5,039
Intangible assets subject to amortization:
Network affiliation agreements	$	67	$	(31	)	$	36	$	67	$	(28	)	$	39
Other finite-lived intangible assets		651		(311	)		340		644		(288	)		356
	$	718	$	(342	)	$	376	$	711	$	(316	)	$	395
Total intangible assets	$	5,822	$	(396	)	$	5,426	$	5,804	$	(370	)	$	5,434

Amortization expense for each of the three-months ended March 31, 2021 and 2020 was $26 million. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2021 will be approximately $77 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2022, $99 million; 2023, $93 million; 2024, $27 million; 2025, $18 million; and 2026, $17 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.