Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

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 nine-months ended September 30, 2022 is as follows (in millions):

	Net Balance at December 31, 2021		Acquisitions And Adjustments, Net		Impairments		Amortization			Net Balance at September 30, 2022
Broadcast licenses	$	5,303	$	23	$	-	$	-		$	5,326
Goodwill		2,649		8		-		-			2,657
Finite-lived intangible assets		825		18		-		(156	)		687
Total intangible assets net of accumulated amortization	$	8,777	$	49	$	-	$	(156	)	$	8,670

A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2022, is as follows (in millions):

	As of							As of
	December 31,			Net				September 30,
	2021			Additions		Impairments		2022
Goodwill, gross	$	2,748		$	8	$	-	$	2,756
Accumulated goodwill impairment		(99	)		-		-		(99	)
Goodwill, net	$	2,649		$	8	$	-	$	2,657

As of September 30, 2022 and December 31, 2021, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of September 30, 2022							As of December 31, 2021
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,380	$	(54	)	$	5,326	$	5,356	$	(53	)	$	5,303
Goodwill		2,657		-			2,657		2,649		-			2,649
	$	8,037	$	(54	)	$	7,983	$	8,005	$	(53	)	$	7,952
Intangible assets subject to amortization:
Network affiliation agreements	$	218	$	(77	)	$	141	$	204	$	(44	)	$	160
Other finite lived intangible assets		1,055		(509	)		546		1,051		(386	)		665
	$	1,273	$	(586	)	$	687	$	1,255	$	(430	)	$	825
Total intangibles	$	9,310	$	(640	)	$	8,670	$	9,260	$	(483	)	$	8,777

Amortization expense for the nine-month periods ended September 30, 2022 and 2021 was $156 million and $81 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2022, we expect that amortization expense for the remainder of 2022 would be approximately $51 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2023, $197 million; 2024, $132 million; 2025, $121 million; 2026, $91 million; and 2027, $49 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.