Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by business segment was as follows:


(in thousands)	Local Media		Scripps Networks		Other		Total

Gross balance as of December 31, 2018	$	708,133	$	232,742	$	113,279	$	1,054,154
Accumulated impairment losses	(216,914)		(21,000)		(29,403)		(267,317)
Net balance as of December 31, 2018	491,219		211,742		83,876		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	$	211,742	$	85,992	$	1,224,679

Gross balance as of December 31, 2019	$	1,143,859	$	232,742	$	85,992	$	1,462,593
Accumulated impairment losses	(216,914)		(21,000)		—		(237,914)
Net balance as of December 31, 2019	926,945		211,742		85,992		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	$	211,742	$	85,976	$	1,203,212

Gross balance as of December 31, 2020	$	1,122,408	$	232,742	$	85,976	$	1,441,126
Accumulated impairment losses	(216,914)		(21,000)		—		(237,914)
Net balance as of December 31, 2020	905,494		211,742		85,976		1,203,212
ION acquisition	—		1,796,148		—		1,796,148
Sale of Triton	—		—		(85,976)		(85,976)
Balance as of December 31, 2021	$	905,494	$	2,007,890	$	—	$	2,913,384

Gross balance as of December 31, 2021	$	1,122,408	$	2,028,890	$	—	$	3,151,298
Accumulated impairment losses	(216,914)		(21,000)		—		(237,914)
Net balance as of December 31, 2021	$	905,494	$	2,007,890	$	—	$	2,913,384

Other intangible assets consisted of the following:


	As of December 31,
(in thousands)	2021		2020

Amortizable intangible assets:
Carrying amount:
Television network affiliation relationships	$	1,060,244	$	616,244
Customer lists and advertiser relationships	217,400		102,900
Other	130,265		104,445
Total carrying amount	1,407,909		823,589
Accumulated amortization:
Television network affiliation relationships	(168,021)		(113,950)
Customer lists and advertiser relationships	(77,711)		(53,232)
Other	(32,881)		(37,778)
Total accumulated amortization	(278,613)		(204,960)
Net amortizable intangible assets	1,129,296		618,629
Indefinite-lived intangible assets — FCC licenses	781,015		356,815
Total other intangible assets	$	1,910,311	$	975,444

Estimated amortization expense of intangible assets for each of the next five years is $94.4 million in 2022, $90.8 million in 2023, $89.5 million in 2024, $87.7 million in 2025, $84.7 million in 2026 and $682.2 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 2021 and 2020, 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.