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Note 11 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 1. Goodwill and Intangible Assets During the nine-months ended September 30, 2020, we completed the Alaska Transactions that included the acquisition of goodwill, broadcast licenses and definite-lived intangible assets. See Note 3 “Acquisitions” for more information regarding this transaction. Also during the nine-months ended September 30, 2020, we completed the acquisition of other television station operations, including, in some cases, broadcast licenses that were not material. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2020 is as follows (in millions):
|  | Net Balance at |  |  | Acquisitions |  |  |  |  |  |  |  |  |  |  | Net Balance at |
|  | December 31, |  |  | And |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2019 |  |  | Adjustments, Net |  |  | Impairments |  |  | Amortization |  |  | 2020 |
Goodwill |  | $ | 1,446 |  |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,448 |
Broadcast licenses |  |  | 3,573 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 3,577 |
Definite lived intangible assets |  |  | 460 |  |  |  | 9 |  |  |  | - |  |  |  | (78 | ) |  |  | 391 |
Total intangible assets net of accumulated amortization |  | $ | 5,479 |  |  | $ | 15 |  |  | $ | - |  |  | $ | (78 | ) |  | $ | 5,416 |
A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2020, is as follows (in millions):
|  | As of |  |  |  |  |  |  |  |  |  |  | As of |
|  | December 31, |  |  | Net |  |  |  |  |  |  | September 30, |
|  | 2019 |  |  | Additions |  |  | Impairments |  |  | 2020 |
Goodwill, gross |  | $ | 1,545 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 1,547 |
Accumulated goodwill impairmant |  |  | (99 | ) |  |  | - |  |  |  | - |  |  |  | (99 | )
Goodwill, net |  | $ | 1,446 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 1,448 |
As of September 30, 2020 and December 31, 2019, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of September 30, 2020 |  |  | As of December 31, 2019 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 3,631 |  |  | $ | (54 | ) |  | $ | 3,577 |  |  | $ | 3,627 |  |  | $ | (54 | ) |  | $ | 3,573 |
Goodwill |  |  | 1,448 |  |  |  | - |  |  |  | 1,448 |  |  |  | 1,446 |  |  |  | - |  |  |  | 1,446 |
|  | $ | 5,079 |  |  | $ | (54 | ) |  | $ | 5,025 |  |  | $ | 5,073 |  |  | $ | (54 | ) |  | $ | 5,019 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 62 |  |  | $ | (25 | ) |  | $ | 37 |  |  | $ | 56 |  |  | $ | (17 | ) |  | $ | 39 |
Other definite lived intangible assets |  |  | 618 |  |  |  | (264 | ) |  |  | 354 |  |  |  | 615 |  |  |  | (194 | ) |  |  | 421 |
|  | $ | 680 |  |  | $ | (289 | ) |  | $ | 391 |  |  | $ | 671 |  |  | $ | (211 | ) |  | $ | 460 |
Total intangibles |  | $ | 5,759 |  |  | $ | (343 | ) |  | $ | 5,416 |  |  | $ | 5,744 |  |  | $ | (265 | ) |  | $ | 5,479 |
Amortization expense for the nine-month periods ended September 30, 2020 and 2019 was $78 million and $86 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2020, we expect that amortization expense for the remainder of 2020 would be approximately $26 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2021, $100 million; 2022, $96 million; 2023, $90 million; 2024, $25 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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