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Note 12 - Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
12. | Goodwill and Intangible Assets
During the six-months ended June 30, 2019, we completed the 2019 Acquisitions that included the acquisition of goodwill, broadcast licenses and finite-lived intangible assets. See Note 3 “Acquisitions and Divestitures” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2019 is as follows (in millions):
|  | Net Balance at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Balance at |
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | June 30, |
|  | 2018 |  |  | Additions |  |  | Dispositions |  |  | Impairments |  |  | Amortization |  |  | 2019 |
Goodwill |  | $ | 612 |  |  | $ | 1,069 |  |  | $ | (229 | ) |  | $ | - |  |  | $ | - |  |  | $ | 1,452 |
Broadcast licenses |  |  | 1,530 |  |  |  | 2,028 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,558 |
Finite-lived intangible assets |  |  | 53 |  |  |  | 501 |  |  |  | - |  |  |  | - |  |  |  | (57 | ) |  |  | 497 |
Total intangible assets net of accumulated amortization |  | $ | 2,195 |  |  | $ | 3,598 |  |  | $ | (229 | ) |  | $ | - |  |  | $ | (57 | ) |  | $ | 5,507 |
A summary of the changes in our goodwill, on a gross basis, for the six-months ended June 30, 2019, is as follows (in millions):
|  | As of |  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of |
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  | June 30, |
|  | 2018 |  |  | Additions |  |  | Dispositions |  |  | Impairments |  |  | 2019 |
Goodwill, gross |  | $ | 711 |  |  | $ | 1,069 |  |  | $ | (229 | ) |  | $ | - |  |  | $ | 1,551 |
Accumulated goodwill impairmant |  |  | (99 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (99 | )
Goodwill, net |  | $ | 612 |  |  | $ | 1,069 |  |  | $ | (229 | ) |  | $ | - |  |  | $ | 1,452 |
As of June 30, 2019 and December 31, 2018, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of June 30, 2019 |  |  | As of December 31, 2018 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 3,612 |  |  | $ | (54 | ) |  | $ | 3,558 |  |  | $ | 1,583 |  |  | $ | (53 | ) |  | $ | 1,530 |
Goodwill |  |  | 1,452 |  |  |  | - |  |  |  | 1,452 |  |  |  | 612 |  |  |  | - |  |  |  | 612 |
|  | $ | 5,064 |  |  | $ | (54 | ) |  | $ | 5,010 |  |  | $ | 2,195 |  |  | $ | (53 | ) |  | $ | 2,142 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 54 |  |  | $ | (11 | ) |  | $ | 43 |  |  | $ | 6 |  |  | $ | (6 | ) |  | $ | - |
Other definite lived intangible assets |  |  | 596 |  |  |  | (142 | ) |  |  | 454 |  |  |  | 143 |  |  |  | (90 | ) |  |  | 53 |
|  | $ | 650 |  |  | $ | (153 | ) |  | $ | 497 |  |  | $ | 149 |  |  | $ | (96 | ) |  | $ | 53 |
Total intangibles |  | $ | 5,714 |  |  | $ | (207 | ) |  | $ | 5,507 |  |  | $ | 2,344 |  |  | $ | (149 | ) |  | $ | 2,195 |
Amortization expense for the six-months ended June 30, 2019 and 2018 was $57 million and $11 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2019 will be approximately $56 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2020, $99 million; 2021, $95 million; 2022, $91 million; 2023, $85 million; and 2024, $22 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates. Impairment of goodwill and broadcast licenses Our intangible assets are primarily comprised of broadcast licenses. There were no triggering events that required a test of our goodwill or intangible assets for impairment during the six-month period ended June 30, 2019.

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