Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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.