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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill consisted of the following:
(in thousands) |  | Local Media |  | Scripps Networks |  | Other |  | Total
Gross balance as of December 31, 2023 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | 7,190 |  |  | $ | 3,158,488 |
Accumulated impairment losses |  | (216,914) |  |  | (973,000) |  |  | — |  |  | (1,189,914) |
Net balance as of December 31, 2023 |  | $ | 905,494 |  |  | $ | 1,055,890 |  |  | $ | 7,190 |  |  | $ | 1,968,574 |
Gross balance as of September 30, 2024 |  | $ | 1,122,408 |  |  | $ | 2,028,890 |  |  | $ | 7,190 |  |  | $ | 3,158,488 |
Accumulated impairment losses |  | (216,914) |  |  | (973,000) |  |  | — |  |  | (1,189,914) |
Net balance as of September 30, 2024 |  | $ | 905,494 |  |  | $ | 1,055,890 |  |  | $ | 7,190 |  |  | $ | 1,968,574 |
Other intangible assets consisted of the following:
(in thousands) |  | As of September 30, 2024 |  | As of December 31, 2023
Amortizable intangible assets: |  |  |  |
Carrying amount: |  |  |  |
Television affiliation relationships |  | $ | 1,060,244 |  |  | $ | 1,060,244 |
Customer lists and advertiser relationships |  | 220,997 |  |  | 220,997 |
Other |  | 137,997 |  |  | 136,452 |
Total carrying amount |  | 1,419,238 |  |  | 1,417,693 |
Accumulated amortization: |  |  |  |
Television affiliation relationships |  | (316,716) |  |  | (276,163) |
Customer lists and advertiser relationships |  | (150,417) |  |  | (132,161) |
Other |  | (72,732) |  |  | (61,606) |
Total accumulated amortization |  | (539,865) |  |  | (469,930) |
Net amortizable intangible assets |  | 879,373 |  |  | 947,763 |
Indefinite-lived intangible assets — FCC licenses |  | 779,415 |  |  | 779,415 |
Total other intangible assets |  | $ | 1,658,788 |  |  | $ | 1,727,178 |
Estimated amortization expense of intangible assets for each of the next five years is $23.3 million for the remainder of 2024, $90.4 million in 2025, $86.3 million in 2026, $83.2 million in 2027, $62.0 million in 2028, $62.0 million in 2029 and $472.2 million in later years. Goodwill and other indefinite-lived intangible assets are tested for impairment annually and any time events occur or changes in circumstances indicate it is more likely than not the fair value of a reporting unit, or respective indefinite-lived intangible asset, is below its carrying value. Such events or changes in circumstances include, but are not limited to, changes in business climate, sustained declines in the price of our stock, or other factors resulting in lower cash flow related to such assets. If the carrying amount exceeds its fair value, then an impairment loss is recognized. The reporting unit valuations used to test goodwill and intangible assets for impairment are dependent on a number of significant estimates and assumptions, including macroeconomic conditions, market growth rates, competitive activities, cost containment, margin expansion and strategic business plans (inputs of which are categorized as Level 3 under the fair value hierarchy). Additionally, future changes in these assumptions and estimates with respect to long-term growth rates and discount rates or future cash flow projections, could result in significantly different estimates of the fair values. During the second quarter of 2023, we determined it was likely that the fair value of our Scripps Networks reporting unit may be below its carrying value at June 30, 2023. Following completion of our second quarter 2023 testing, we recognized a $686 million non-cash goodwill impairment charge. Upon completing our annual impairment test in the fourth quarter of 2023, we determined that the fair value of our Local Media reporting unit exceeded its carrying value by more than 20% and that an additional $266 million goodwill impairment charge was necessary for the Scripps Networks reporting unit. Given that the fair value of the Scripps Networks reporting unit currently approximates carrying value, this reporting unit is more sensitive to changes in assumptions regarding its fair value. While we believe the estimates and judgments used in determining the fair values were appropriate, these estimates of fair value assume certain levels of growth for the business, which, if not achieved, could impact the fair value and possibly result in an impairment of the goodwill in future periods. For example, a 50 basis point increase in the discount rate would reduce the fair value of the Scripps Networks reporting unit by approximately $90 million.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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