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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Cash $ 21 $ 61
Accounts receivable, less allowance for credit losses of $31 and $16, respectively 339 650
Current portion of program broadcast rights, net 27 27
Income tax refund receivable 21 22
Prepaid income taxes 34 43
Prepaid and other current assets 53 54
Total current assets 495 857
Property and equipment, net 1,610 1,466
Operating leases right of use asset 77 75
Broadcast licenses 5,320 5,331
Goodwill 2,643 2,663
Other intangible assets, net 462 636
Investments in broadcasting, production and technology companies 101 104
Deferred pension asset 9 5
Other 18 15
Total assets 10,735 11,152
Accounts payable 26 55
Employee compensation and benefits 82 98
Accrued interest 92 60
Accrued network programming fees 39 39
Other accrued expenses 44 50
Federal and state income taxes 12 15
Current portion of program broadcast obligations 28 29
Deferred revenue 51 24
Dividends payable 14 14
Current portion of operating lease liabilities 11 10
Current portion of long-term debt 15 15
Total current liabilities 414 409
Long-term debt, less current portion and deferred financing costs 6,171 6,440
Program broadcast obligations, less current portion 1 1
Deferred income taxes 1,397 1,454
Operating lease liabilities, less current portion 70 68
Other 30 14
Total liabilities 8,083 8,386
Commitments and contingencies (Note 10)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares, at each date and $650 aggregate liquidation value, at each date 650 650
Stockholders’ equity:    
Retained earnings 1,114 1,242
Accumulated other comprehensive loss, net of income tax benefit (17) (12)
Stockholders' equity before treasury stock 2,315 2,425
Total stockholders’ equity 2,002 2,116
Total liabilities and stockholders’ equity 10,735 11,152
Common Stock (No Par Value) [Member]    
Stockholders’ equity:    
Common stock 1,172 1,150
Treasury stock at cost, common stock (281) (278)
Class A Common Stock (No Par Value) [Member]    
Stockholders’ equity:    
Common stock 46 45
Treasury stock at cost, common stock $ (32) $ (31)