Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

11. Goodwill and Intangible Assets

During the nine-months ended September 30, 2021, we completed the 2021 Acquisitions and the Flint Divestiture that included the acquisition and divestiture of goodwill, broadcast licenses and definite-lived intangible assets. See Note 3 “Acquisitions and Divestitures” for more information regarding these transactions. Also, during the nine-months ended September 30, 2021, we completed the acquisition of other television station operations, including, in some cases, broadcast licenses that were not material. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2021 is as follows (in millions):

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							September 30,
	2020		Adjustments, Net		Impairments		Amortization			2021
Goodwill	$	1,460	$	173	$	-	$	-		$	1,633
Broadcast licenses		3,579		205		-		-			3,784
Finite-lived intangible assets		395		93		-		(81	)		407
Total intangible assets net of accumulated amortization	$	5,434	$	471	$	-	$	(81	)	$	5,824

A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2021, is as follows (in millions):

	As of							As of
	December 31,			Net				September 30,
	2020			Additions		Impairments		2021
Goodwill, gross	$	1,559		$	173	$	-	$	1,732
Accumulated goodwill impairment		(99	)		-		-		(99	)
Goodwill, net	$	1,460		$	173	$	-	$	1,633

As of September 30, 2021 and December 31, 2020, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of September 30, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	3,838	$	(54	)	$	3,784	$	3,633	$	(54	)	$	3,579
Goodwill		1,633		-			1,633		1,460		-			1,460
	$	5,471	$	(54	)	$	5,417	$	5,093	$	(54	)	$	5,039
Intangible assets subject to amortization:
Network affiliation agreements	$	83	$	(38	)	$	45	$	67	$	(28	)	$	39
Other definite lived intangible assets		717		(355	)		362		644		(288	)		356
	$	800	$	(393	)	$	407	$	711	$	(316	)	$	395
Total intangibles	$	6,271	$	(447	)	$	5,824	$	5,804	$	(370	)	$	5,434

Amortization expense for the nine-month periods ended September 30, 2021 and 2020 was $81 million and $78 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2021, we expect that amortization expense for the remainder of 2021 would be approximately $29 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2022, $112 million; 2023, $105 million; 2024, $40 million; 2025, $30 million; and 2026, $28 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.