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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by business segment was as follows:
(in thousands) |  | Local Media |  | National Media |  | Total
Gross balance as of December 31, 2017 |  | $ | 708,133 |  |  | $ | 267,957 |  |  | $ | 976,090 |
Accumulated impairment losses |  | (216,914) |  |  | (50,403) |  |  | (267,317) |
Net balance as of December 31, 2017 |  | 491,219 |  |  | 217,554 |  |  | 708,773 |
Katz acquisition adjustments |  | — |  |  | (5,812) |  |  | (5,812) |
Triton acquisition |  | — |  |  | 83,876 |  |  | 83,876 |
Balance as of December 31, 2018 |  | $ | 491,219 |  |  | $ | 295,618 |  |  | $ | 786,837 |
Gross balance as of December 31, 2018 |  | $ | 708,133 |  |  | $ | 346,021 |  |  | $ | 1,054,154 |
Accumulated impairment losses |  | (216,914) |  |  | (50,403) |  |  | (267,317) |
Net balance as of December 31, 2018 |  | 491,219 |  |  | 295,618 |  |  | 786,837 |
Sale of Cracked |  | — |  |  | (29,403) |  |  | (29,403) |
Removal of Cracked accumulated impairment loss due to sale |  | — |  |  | 29,403 |  |  | 29,403 |
Television stations acquisitions |  | 435,726 |  |  | — |  |  | 435,726 |
Omny acquisition |  | — |  |  | 5,336 |  |  | 5,336 |
Triton acquisition adjustment |  | — |  |  | (3,220) |  |  | (3,220) |
Balance as of December 31, 2019 |  | $ | 926,945 |  |  | $ | 297,734 |  |  | $ | 1,224,679 |
Gross balance as of December 31, 2019 |  | $ | 1,143,859 |  |  | $ | 318,734 |  |  | $ | 1,462,593 |
Accumulated impairment losses |  | (216,914) |  |  | (21,000) |  |  | (237,914) |
Net balance as of December 31, 2019 |  | 926,945 |  |  | 297,734 |  |  | 1,224,679 |
Television stations acquisitions adjustments |  | 2,500 |  |  | — |  |  | 2,500 |
KCDO Acquisition |  | 1,679 |  |  | — |  |  | 1,679 |
Sale of WPIX |  | (24,997) |  |  | — |  |  | (24,997) |
Sale of Weathersphere |  | (633) |  |  | — |  |  | (633) |
Omny acquisition adjustment |  | — |  |  | (16) |  |  | (16) |
Balance as of December 31, 2020 |  | $ | 905,494 |  |  | $ | 297,718 |  |  | $ | 1,203,212 |
Gross balance as of December 31, 2020 |  | $ | 1,122,408 |  |  | $ | 318,718 |  |  | $ | 1,441,126 |
Accumulated impairment losses |  | (216,914) |  |  | (21,000) |  |  | (237,914) |
Net balance as of December 31, 2020 |  | $ | 905,494 |  |  | $ | 297,718 |  |  | $ | 1,203,212 |
Other intangible assets consisted of the following:
|  | As of December 31,
(in thousands) |  | 2020 |  | 2019
Amortizable intangible assets: |  |  |  |
Carrying amount: |  |  |  |
Television network affiliation relationships |  | $ | 616,244 |  |  | $ | 616,244 |
Customer lists and advertiser relationships |  | 102,900 |  |  | 104,300 |
Other |  | 104,445 |  |  | 102,956 |
Total carrying amount |  | 823,589 |  |  | 823,500 |
Accumulated amortization: |  |  |  |
Television network affiliation relationships |  | (113,950) |  |  | (82,917) |
Customer lists and advertiser relationships |  | (53,232) |  |  | (42,012) |
Other |  | (37,778) |  |  | (23,811) |
Total accumulated amortization |  | (204,960) |  |  | (148,740) |
Net amortizable intangible assets |  | 618,629 |  |  | 674,760 |
Indefinite-lived intangible assets — FCC licenses |  | 356,815 |  |  | 385,915 |
Total other intangible assets |  | $ | 975,444 |  |  | $ | 1,060,675 |
On April 4, 2019, we acquired assets from an independent station in Stuart, Florida, for $23.6 million in cash. The value attributed to the acquired FCC license totaled $19.2 million and $4.1 million of value was attributed to other intangible assets. Estimated amortization expense of intangible assets for each of the next five years is $54.9 million in 2021, $49.7 million in 2022, $44.0 million in 2023, $42.7 million in 2024, $41.0 million in 2025 and $386.3 million in later years. Goodwill and indefinite-lived intangible assets are tested for impairment annually and any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit, or respective indefinite-lived intangible assets, is below its carrying value. Such indicators of impairment include, but are not limited to, changes in business climate or other factors resulting in low cash flow related to such assets. We determine fair values using market data, appraised values and discounted cash flow analyses. The use of a discounted cash flow analysis requires significant judgment to estimate the future cash flows derived from the business and the period of time over which those cash flows will occur, as well as to determine an appropriate discount rate. The determination of the discount rate is based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. While we believe the estimates and judgments used in determining the fair values were appropriate, different assumptions with respect to future cash flows, long-term growth rates and discount rates, could produce different estimates of fair value. If the fair value of a reporting unit, or respective FCC license, is less than its carrying value, then an impairment exists and an impairment charge is recorded. In the fourth quarter of 2020 and 2019, we completed our annual impairment tests on goodwill and FCC licenses. The results of the tests indicated that the estimated fair value of our reporting units and FCC licenses exceeded their respective carrying values.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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