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Note 11 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
11. | Goodwill and Intangible Assets
A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2022 is as follows (in millions):
|  | Net Balance at December 31, 2021 |  |  | Acquisitions And Adjustments, Net |  |  | Impairments |  |  | Amortization |  |  | Net Balance at September 30, 2022 |
Broadcast licenses |  | $ | 5,303 |  |  | $ | 23 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,326 |
Goodwill |  |  | 2,649 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 2,657 |
Finite-lived intangible assets |  |  | 825 |  |  |  | 18 |  |  |  | - |  |  |  | (156 | ) |  |  | 687 |
Total intangible assets net of accumulated amortization |  | $ | 8,777 |  |  | $ | 49 |  |  | $ | - |  |  | $ | (156 | ) |  | $ | 8,670 |
A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2022, is as follows (in millions):
|  | As of |  |  |  |  |  |  |  |  |  |  | As of |
|  | December 31, |  |  | Net |  |  |  |  |  |  | September 30, |
|  | 2021 |  |  | Additions |  |  | Impairments |  |  | 2022 |
Goodwill, gross |  | $ | 2,748 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 2,756 |
Accumulated goodwill impairment |  |  | (99 | ) |  |  | - |  |  |  | - |  |  |  | (99 | )
Goodwill, net |  | $ | 2,649 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 2,657 |
As of September 30, 2022 and December 31, 2021, our intangible assets and related accumulated amortization consisted of the following (in millions):
|  | As of September 30, 2022 |  |  | As of December 31, 2021 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Gross |  |  | Amortization |  |  | Net |  |  | Gross |  |  | Amortization |  |  | Net |
Intangible assets not currently subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadcast licenses |  | $ | 5,380 |  |  | $ | (54 | ) |  | $ | 5,326 |  |  | $ | 5,356 |  |  | $ | (53 | ) |  | $ | 5,303 |
Goodwill |  |  | 2,657 |  |  |  | - |  |  |  | 2,657 |  |  |  | 2,649 |  |  |  | - |  |  |  | 2,649 |
|  | $ | 8,037 |  |  | $ | (54 | ) |  | $ | 7,983 |  |  | $ | 8,005 |  |  | $ | (53 | ) |  | $ | 7,952 |
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Network affiliation agreements |  | $ | 218 |  |  | $ | (77 | ) |  | $ | 141 |  |  | $ | 204 |  |  | $ | (44 | ) |  | $ | 160 |
Other finite lived intangible assets |  |  | 1,055 |  |  |  | (509 | ) |  |  | 546 |  |  |  | 1,051 |  |  |  | (386 | ) |  |  | 665 |
|  | $ | 1,273 |  |  | $ | (586 | ) |  | $ | 687 |  |  | $ | 1,255 |  |  | $ | (430 | ) |  | $ | 825 |
Total intangibles |  | $ | 9,310 |  |  | $ | (640 | ) |  | $ | 8,670 |  |  | $ | 9,260 |  |  | $ | (483 | ) |  | $ | 8,777 |
Amortization expense for the nine-month periods ended September 30, 2022 and 2021 was $156 million and $81 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2022, we expect that amortization expense for the remainder of 2022 would be approximately $51 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2023, $197 million; 2024, $132 million; 2025, $121 million; 2026, $91 million; and 2027, $49 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

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