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Note 11 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
11. | Goodwill and Intangible Assets
During the nine-months ended September 30, 2021, we completed the 2021 Acquisitions and the Flint Divestiture that included the acquisition and divestiture of goodwill, broadcast licenses and definite-lived intangible assets. See Note 3 “Acquisitions and Divestitures” for more information regarding these transactions. Also, during the nine-months ended September 30, 2021, 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, 2021 is as follows (in millions):
|  | Net Balance at |  |  | Acquisitions |  |  |  |  |  |  |  |  |  |  | Net Balance at |
|  | December 31, |  |  | And |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2020 |  |  | Adjustments, Net |  |  | Impairments |  |  | Amortization |  |  | 2021 |
Goodwill |  | $ | 1,460 |  |  | $ | 173 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,633 |
Broadcast licenses |  |  | 3,579 |  |  |  | 205 |  |  |  | - |  |  |  | - |  |  |  | 3,784 |
Finite-lived intangible assets |  |  | 395 |  |  |  | 93 |  |  |  | - |  |  |  | (81 | ) |  |  | 407 |
Total intangible assets net of accumulated amortization |  | $ | 5,434 |  |  | $ | 471 |  |  | $ | - |  |  | $ | (81 | ) |  | $ | 5,824 |
A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2021, is as follows (in millions):
|  | As of |  |  |  |  |  |  |  |  |  |  | As of |
|  | December 31, |  |  | Net |  |  |  |  |  |  | September 30, |
|  | 2020 |  |  | Additions |  |  | Impairments |  |  | 2021 |
Goodwill, gross |  | $ | 1,559 |  |  | $ | 173 |  |  | $ | - |  |  | $ | 1,732 |
Accumulated goodwill impairment |  |  | (99 | ) |  |  | - |  |  |  | - |  |  |  | (99 | )
Goodwill, net |  | $ | 1,460 |  |  | $ | 173 |  |  | $ | - |  |  | $ | 1,633 |
As of September 30, 2021 and December 31, 2020, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of September 30, 2021 |  |  | As of December 31, 2020 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 3,838 |  |  | $ | (54 | ) |  | $ | 3,784 |  |  | $ | 3,633 |  |  | $ | (54 | ) |  | $ | 3,579 |
Goodwill |  |  | 1,633 |  |  |  | - |  |  |  | 1,633 |  |  |  | 1,460 |  |  |  | - |  |  |  | 1,460 |
|  | $ | 5,471 |  |  | $ | (54 | ) |  | $ | 5,417 |  |  | $ | 5,093 |  |  | $ | (54 | ) |  | $ | 5,039 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 83 |  |  | $ | (38 | ) |  | $ | 45 |  |  | $ | 67 |  |  | $ | (28 | ) |  | $ | 39 |
Other definite lived intangible assets |  |  | 717 |  |  |  | (355 | ) |  |  | 362 |  |  |  | 644 |  |  |  | (288 | ) |  |  | 356 |
|  | $ | 800 |  |  | $ | (393 | ) |  | $ | 407 |  |  | $ | 711 |  |  | $ | (316 | ) |  | $ | 395 |
Total intangibles |  | $ | 6,271 |  |  | $ | (447 | ) |  | $ | 5,824 |  |  | $ | 5,804 |  |  | $ | (370 | ) |  | $ | 5,434 |
Amortization expense for the nine-month periods ended September 30, 2021 and 2020 was $81 million and $78 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2021, we expect that amortization expense for the remainder of 2021 would be approximately $29 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2022, $112 million; 2023, $105 million; 2024, $40 million; 2025, $30 million; and 2026, $28 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

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