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Note 10 - Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
1 0. | Goodwill and Intangible Assets
During the six-months ended June 30, 2020, we acquired FCC licenses to improve and extend the operations of our television stations. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six-months ended June 30, 2020 is as follows (in millions):
|  | Net Balance at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Balance at |
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  | June 30, |
|  | 2019 |  |  | Additions |  |  | Impairments |  |  | Amortization |  |  | 2020 |
Goodwill |  | $ | 1,446 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,446 |
Broadcast licenses |  |  | 3,573 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 3,574 |
Finite-lived intangible assets |  |  | 460 |  |  |  | - |  |  |  | - |  |  |  | (52 | ) |  |  | 408 |
Total intangible assets net of accumulated amortization |  | $ | 5,479 |  |  | $ | 1 |  |  | $ | - |  |  | $ | (52 | ) |  | $ | 5,428 |
As of June 30, 2020 and December 31, 2019, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of June 30, 2020 |  |  | As of December 31, 2019 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 3,628 |  |  | $ | (54 | ) |  | $ | 3,574 |  |  | $ | 3,627 |  |  | $ | (54 | ) |  | $ | 3,573 |
Goodwill |  |  | 1,446 |  |  |  | - |  |  |  | 1,446 |  |  |  | 1,446 |  |  |  | - |  |  |  | 1,446 |
|  | $ | 5,074 |  |  | $ | (54 | ) |  | $ | 5,020 |  |  | $ | 5,073 |  |  | $ | (54 | ) |  | $ | 5,019 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 56 |  |  | $ | (22 | ) |  | $ | 34 |  |  | $ | 56 |  |  | $ | (17 | ) |  | $ | 39 |
Other definite lived intangible assets |  |  | 615 |  |  |  | (241 | ) |  |  | 374 |  |  |  | 615 |  |  |  | (194 | ) |  |  | 421 |
|  | $ | 671 |  |  | $ | (263 | ) |  | $ | 408 |  |  | $ | 671 |  |  | $ | (211 | ) |  | $ | 460 |
Total intangibles |  | $ | 5,745 |  |  | $ | (317 | ) |  | $ | 5,428 |  |  | $ | 5,744 |  |  | $ | (265 | ) |  | $ | 5,479 |
Amortization expense for the six-months ended June 30, 2020 and 2019 was $52 million and $57 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the remainder of 2020 will be approximately $51 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2021, $98 million; 2022, $94 million; 2023, $88 million; 2024, $24 million; and 2025, $15 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

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