Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	Year Ended December 31,
	2021			2020		2019
Current:
Federal	$	74		$	39	$	8
State and local		26			20		13
Current income tax expense		100			59		21
Deferred:
Federal		(12	)		64		54
State and local		(10	)		11		1
Deferred income tax expense		(22	)		75		55
Total income tax expense	$	78		$	134	$	76

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

	December 31,
	2021			2020
Deferred tax liabilities:
Net book value of property and equipment	$	146		$	92
Broadcast licenses, goodwill and other intangible assets		1,373			878
Total deferred tax liabilities		1,519			970
Deferred tax assets:
Liability for accrued vacation		5			4
Liability for accrued bonus		9			5
Deferred payroll taxes		2			3
Allowance for credit losses		4			3
Liability for pension plan		6			11
Federal operating loss carryforwards		2			38
State and local operating loss carryforwards		24			21
Acquisition costs		2			2
Restricted stock		4			4
Investments		4			4
Interest expense limitation		4			4
Other		4			1
Total deferred tax assets		70			100
Valuation allowance for deferred tax assets		(22	)		(15	)
Net deferred tax assets		48			85
Deferred tax liabilities, net of deferred tax assets	$	1,471		$	885

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

	Year Ended December 31,
	2021			2020			2019
Statutory federal rate applied to income before income tax expense	$	35		$	114		$	53
Current year permanent items		33			3			13
State and local taxes, net of federal tax benefit		10			27			13
Change in valuation allowance		-			1			(2	)
Net operating loss carryback		-			(7	)		-
Other items, net		-			(4	)		(1	)
Income tax expense as recorded	$	78		$	134		$	76
Effective income tax rate		46	%		25	%		30	%