Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000043196 | |
Entity Registrant Name | GRAY TELEVISION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-13796 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-0285030 | |
Entity Address, Address Line One | 4370 Peachtree Road, NE | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30319 | |
City Area Code | 404 | |
Local Phone Number | 504-9828 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock (no par value) | |
Trading Symbol | GTN.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 7,048,006 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | common stock (no par value) | |
Trading Symbol | GTN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 89,740,619 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash | $ 379 | $ 212 |
Accounts receivable trade, less allowance for credit losses of $15 and $11, respectively | 354 | 411 |
Current portion of program broadcast rights, net | 8 | 25 |
Prepaid and other current assets | 18 | 24 |
Total current assets | 759 | 672 |
Property and equipment, net | 732 | 725 |
Operating leases right of use asset | 59 | 50 |
Broadcast licenses | 3,574 | 3,573 |
Goodwill | 1,446 | 1,446 |
Other intangible assets, net | 408 | 460 |
Investments in broadcasting and technology companies | 49 | 31 |
Other | 13 | 15 |
Total assets | 7,040 | 6,972 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 86 | 11 |
Employee compensation and benefits | 55 | 67 |
Accrued interest | 35 | 37 |
Accrued network programming fees | 37 | 30 |
Other accrued expenses | 22 | 32 |
Federal and state income taxes | 23 | 13 |
Current portion of program broadcast obligations | 9 | 28 |
Deferred revenue | 10 | 9 |
Dividends payable | 13 | 13 |
Current portion of operating lease liabilities | 7 | 6 |
Total current liabilities | 297 | 246 |
Long-term debt, less current portion and deferred financing costs | 3,703 | 3,697 |
Program broadcast obligations, less current portion | 6 | 7 |
Deferred income taxes | 824 | 810 |
Accrued pension costs | 37 | 38 |
Operating lease liabilities, less current portion | 54 | 45 |
Other | 11 | 15 |
Total liabilities | 4,932 | 4,858 |
Commitments and contingencies (Note 9) | ||
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date, ($650 aggregate liquidation value at each date) | 650 | 650 |
Stockholders’ equity: | ||
Common stock | 1,104 | 1,093 |
Retained earnings | 542 | 504 |
Accumulated other comprehensive loss, net of income tax benefit | (31) | (31) |
Stockholders' equity before treasury stock | 1,646 | 1,597 |
Treasury stock at cost | (162) | (107) |
Total stockholders’ equity | 1,458 | 1,464 |
Total liabilities and stockholders’ equity | 7,040 | 6,972 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 31 | 31 |
Treasury stock at cost | $ (26) | $ (26) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for credit losses | $ 15 | $ 11 |
Series A Perpetual Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Series A Perpetual Preferred Stock, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Series A Perpetual Preferred Stock, shares issued (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, shares outstanding (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, liquidation value | $ 650 | $ 650 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 103,068,640 | 101,746,860 |
Common stock, shares outstanding (in shares) | 89,740,619 | 92,685,362 |
Treasury stock (in shares) | 13,328,021 | 9,088,498 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 8,935,773 | 8,768,959 |
Common stock, shares outstanding (in shares) | 7,048,006 | 6,881,192 |
Treasury stock (in shares) | 1,887,767 | 1,887,767 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues (less agency commissions) | ||||
Revenue (less agency commissions) | $ 451 | $ 508 | $ 985 | $ 1,026 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Corporate and administrative | 17 | 21 | 32 | 69 |
Depreciation | 21 | 20 | 42 | 40 |
Amortization of intangible assets | 26 | 28 | 52 | 57 |
Gain on disposals of assets, net | (7) | (3) | (13) | (13) |
Operating expenses | 386 | 389 | 796 | 867 |
Operating income | 65 | 119 | 189 | 159 |
Other income (expense): | ||||
Miscellaneous (expense) income, net | (2) | 1 | (3) | 4 |
Interest expense | (46) | (58) | (98) | (116) |
Income before income taxes | 17 | 62 | 88 | 47 |
Income tax expense | 6 | 18 | 24 | 21 |
Net income | 11 | 44 | 64 | 26 |
Preferred stock dividends | 13 | 13 | 26 | 26 |
Net (loss) income attributable to common stockholders | $ (2) | $ 31 | $ 38 | $ 0 |
Basic per common share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.02) | $ 0.31 | $ 0.39 | $ 0 |
Weighted-average shares outstanding (in shares) | 97 | 100 | 98 | 100 |
Diluted per common share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.02) | $ 0.31 | $ 0.39 | $ 0 |
Weighted-average shares outstanding (in shares) | 97 | 101 | 98 | 100 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Broadcasting, Segment [Member] | ||||
Revenues (less agency commissions) | ||||
Revenue (less agency commissions) | $ 449 | $ 499 | $ 964 | $ 980 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | 324 | 314 | 659 | 670 |
Operating expenses | 733 | 747 | ||
Operating income | 231 | 233 | ||
Other income (expense): | ||||
Interest expense | 0 | 0 | ||
Production Companies, Segment [Member] | ||||
Revenues (less agency commissions) | ||||
Revenue (less agency commissions) | 2 | 9 | 21 | 46 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | $ 5 | $ 9 | 24 | 44 |
Operating expenses | 30 | 50 | ||
Operating income | (9) | (4) | ||
Other income (expense): | ||||
Interest expense | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Common Stock [Member]Common Class A [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member]Common Class A [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) | 8,569,149 | 89,298,943 | (1,840,114) | (7,276,443) | |||
Balance (in shares) at Dec. 31, 2018 | 8,569,149 | 89,298,943 | (1,840,114) | (7,276,443) | |||
Balance at Dec. 31, 2018 | $ 27 | $ 907 | $ 372 | $ (26) | $ (72) | $ (21) | $ 1,187 |
Net income | 0 | 0 | (18) | 0 | 0 | 0 | (18) |
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) |
Acquisitions of television businesses and licenses (in shares) | 0 | 11,499,945 | 0 | 0 | |||
Acquisitions of television businesses and licenses | $ 0 | $ 170 | 0 | $ 0 | $ 0 | 0 | 170 |
401(k) Plan (in shares) | 0 | 196,509 | 0 | 0 | |||
401(k) Plan | $ 0 | $ 4 | 0 | $ 0 | $ 0 | 0 | 4 |
Restricted stock awards (in shares) | 199,810 | 677,602 | (47,653) | (123,167) | |||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ (3) | 0 | (3) |
Stock-based compensation | 0 | 2 | 0 | 0 | 0 | 0 | 2 |
Adoption of ASU 2018-02 | $ 0 | $ 0 | 2 | $ 0 | $ 0 | (2) | 0 |
Balance (in shares) | 8,768,959 | 101,672,999 | (1,887,767) | (7,399,610) | |||
Balance (in shares) at Mar. 31, 2019 | 8,768,959 | 101,672,999 | (1,887,767) | (7,399,610) | |||
Balance at Mar. 31, 2019 | $ 27 | $ 1,083 | 343 | $ (26) | $ (75) | (23) | 1,329 |
Balance (in shares) at Dec. 31, 2018 | 8,569,149 | 89,298,943 | (1,840,114) | (7,276,443) | |||
Balance at Dec. 31, 2018 | $ 27 | $ 907 | 372 | $ (26) | $ (72) | (21) | 1,187 |
Net income | 26 | ||||||
Balance (in shares) | 8,768,959 | 101,714,180 | (1,887,767) | (7,428,814) | |||
Balance (in shares) at Jun. 30, 2019 | 8,768,959 | 101,714,180 | (1,887,767) | (7,428,814) | |||
Balance at Jun. 30, 2019 | $ 27 | $ 1,086 | 377 | $ (26) | $ (75) | (26) | 1,363 |
Balance (in shares) | 8,768,959 | 101,672,999 | (1,887,767) | (7,399,610) | |||
Balance (in shares) at Mar. 31, 2019 | 8,768,959 | 101,672,999 | (1,887,767) | (7,399,610) | |||
Balance at Mar. 31, 2019 | $ 27 | $ 1,083 | 343 | $ (26) | $ (75) | (23) | 1,329 |
Net income | 0 | 0 | 44 | 0 | 0 | 0 | 44 |
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) |
Restricted stock awards (in shares) | 0 | 41,181 | 0 | (29,204) | |||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 |
Stock-based compensation | 0 | 3 | 0 | 0 | 0 | 0 | 3 |
Adoption of ASU 2018-02 | $ 0 | $ 0 | 3 | $ 0 | $ 0 | (3) | 0 |
Balance (in shares) | 8,768,959 | 101,714,180 | (1,887,767) | (7,428,814) | |||
Balance (in shares) at Jun. 30, 2019 | 8,768,959 | 101,714,180 | (1,887,767) | (7,428,814) | |||
Balance at Jun. 30, 2019 | $ 27 | $ 1,086 | 377 | $ (26) | $ (75) | (26) | 1,363 |
Balance (in shares) | 8,768,959 | 101,714,180 | (1,887,767) | (7,428,814) | |||
Balance (in shares) | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | |||
Balance (in shares) at Dec. 31, 2019 | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | |||
Balance at Dec. 31, 2019 | $ 31 | $ 1,093 | 504 | $ (26) | $ (107) | (31) | 1,464 |
Net income | 0 | 0 | 53 | 0 | 0 | 0 | 53 |
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) |
401(k) Plan (in shares) | 0 | 430,899 | 0 | 0 | |||
401(k) Plan | $ 0 | $ 4 | 0 | $ 0 | $ 0 | 0 | 4 |
Restricted stock awards (in shares) | 166,814 | 248,543 | 0 | (118,550) | |||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ (2) | 0 | (2) |
Stock-based compensation | $ 0 | $ 4 | 0 | $ 0 | $ 0 | 0 | 4 |
2007 Long Term Incentive Plan - stock options exercised (in shares) | 0 | 274,746 | 0 | (154,935) | |||
2007 Long Term Incentive Plan - stock options exercised | $ 0 | $ 0 | 0 | $ 0 | $ (2) | 0 | (2) |
Forfeiture of restricted stock awards (in shares) | 0 | (85,630) | 0 | 0 | |||
Forfeiture of restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 |
Repurchase of common stock (in shares) | 0 | 0 | 0 | (500,923) | |||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (6) | 0 | (6) |
Balance (in shares) | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||
Balance (in shares) at Mar. 31, 2020 | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||
Balance at Mar. 31, 2020 | $ 31 | $ 1,101 | 544 | $ (26) | $ (117) | (31) | 1,502 |
Balance (in shares) at Dec. 31, 2019 | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | |||
Balance at Dec. 31, 2019 | $ 31 | $ 1,093 | 504 | $ (26) | $ (107) | (31) | 1,464 |
Net income | 64 | ||||||
Balance (in shares) | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) | |||
Balance (in shares) at Jun. 30, 2020 | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) | |||
Balance at Jun. 30, 2020 | $ 31 | $ 1,104 | 542 | $ (26) | $ (162) | (31) | 1,458 |
Balance (in shares) | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||
Balance (in shares) at Mar. 31, 2020 | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||
Balance at Mar. 31, 2020 | $ 31 | $ 1,101 | 544 | $ (26) | $ (117) | (31) | 1,502 |
Net income | 0 | 0 | 11 | 0 | 0 | 0 | 11 |
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) |
Restricted stock awards (in shares) | 0 | 78,722 | 0 | (17,296) | |||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 |
Stock-based compensation | $ 0 | $ 3 | 0 | $ 0 | $ 0 | 0 | 3 |
Repurchase of common stock (in shares) | 0 | 0 | 0 | (3,335,255) | |||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (43) | 0 | (43) |
Balance (in shares) | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) | |||
Vesting of restricted stock units (in shares) | 0 | 374,500 | 0 | (112,564) | |||
Vesting of restricted stock units | $ 0 | $ 0 | 0 | $ 0 | $ (2) | 0 | (2) |
Balance (in shares) at Jun. 30, 2020 | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) | |||
Balance at Jun. 30, 2020 | $ 31 | $ 1,104 | $ 542 | $ (26) | $ (162) | $ (31) | $ 1,458 |
Balance (in shares) | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net income | $ 64 | $ 26 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 42 | 40 |
Amortization of intangible assets | 52 | 57 |
Amortization of deferred loan costs | 6 | 6 |
Amortization of restricted stock and stock option awards | 7 | 5 |
Amortization of program broadcast rights | 19 | 20 |
Payments on program broadcast obligations | (20) | (24) |
Common stock contributed to 401(k) | 5 | 4 |
Deferred income taxes | 13 | 12 |
Gain on disposals of assets, net | (13) | (13) |
Other | 2 | (7) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 57 | 41 |
Other current assets | 6 | (15) |
Accounts payable | 75 | 0 |
Employee compensation, benefits and pension cost | (12) | (14) |
Accrued network fees and other expenses | (5) | (42) |
Accrued interest | (2) | 4 |
Income taxes payable | 10 | 1 |
Deferred revenue | 1 | 4 |
Net cash provided by operating activities | 307 | 105 |
Investing activities | ||
Acquisitions of television businesses and licenses, net of cash acquired | (1) | (2,789) |
Proceeds from sale of television station | 0 | 231 |
Purchases of property and equipment | (51) | (44) |
Proceeds from asset sales | 1 | 3 |
Proceeds from FCC Repack (Note 1) | 14 | 17 |
Acquisition prepayments | 0 | (14) |
Other | (22) | (3) |
Net cash used in investing activities | (59) | (2,599) |
Financing activities | ||
Proceeds from borrowings on long-term debt | 0 | 1,400 |
Repayments of borrowings on long-term debt | 0 | (7) |
Payments for the repurchase of common stock | (49) | 0 |
Payment of preferred stock dividends | (26) | (13) |
Deferred and other loan costs | 0 | (50) |
Payments for taxes related to net share settlement of equity awards | (6) | (4) |
Net cash (used in) provided by financing activities | (81) | 1,326 |
Net increase (decrease) in cash | 167 | (1,168) |
Cash and restricted cash at beginning of period | 212 | 1,419 |
Cash at end of period | $ 379 | $ 251 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2019, December 31, 2019, June 30, 2020 June 30, 2020 2019, 10 10 X. not not 10 December 31, 2019 ( “2019 10 three six June 30, 2020, not may December 31, 2020. Overview. 94 24% 2019, first 69 first second 87 Use of Estimates. 19” Investments in Broadcasting, Production and Technology Companies. not 825 10 Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2020 2019, Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 97 100 98 100 Common stock equivalents for stock options and restricted shares - 1 - - Weighted-average shares outstanding-diluted 97 101 98 100 Accumulated Other Comprehensive Loss. June 30, 2020 December 31, 2019, six June 30, 2020 six June 30, 2019 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income June 30, 2020 December 31, 2019 June 30, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 ) Property and Equipment . Estimated June 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 303 291 7 to 40 Equipment 795 776 3 to 20 1,217 1,186 Accumulated depreciation (485 ) (461 ) Total property and equipment, net $ 732 $ 725 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may seven thirty-seven 2017 2020. The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ - $ 1 $ 1 $ 3 Proceeds from FCC - Repack 8 5 14 17 Net book value of assets disposed (1 ) (2 ) (2 ) (4 ) Other - (1 ) - (3 ) Total $ 7 $ 3 $ 13 $ 13 Purchase of property and equipment: Recurring purchases - operations $ 37 $ 14 Repack 14 30 Total $ 51 $ 44 Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may We are closely monitoring the potential impact from COVID- 19 19 not June 30, 2020. 19 Impact of COVID- 19 1A. 10 The following table provides a rollforward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Six Months Ended June 30, 2020 Beginning balance $ 11 Provision for credit losses 5 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 15 Recent Accounting Pronouncements. January 2020, 2020 01, Investments Equity Securities (Topic 321 323 815 2020 01 2020 01 321, 323, 815. 2020 01 first 2022, 2020 01 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740. 2019 12 first 2022, 2019 12 Adoption of Accounting Standard January 1, 2020, 2016 13, Financial Instruments-Credit Losses 326 Measurement of Credit Losses 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Revenue Recognition . We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied in the manner stated above. These deposits are recorded as deposit liabilities on our balance sheet. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $9 million of revenue in the six June 30, 2020 December 31, 2019. June 30, 2020 December 31, 2019, Disaggregation of Revenue . Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Market and service type: Advertising: Local (including internet/digital/mobile) $ 162 $ 226 $ 361 $ 437 National 36 56 87 106 Political 21 5 57 8 Total advertising 219 287 505 551 Retransmission consent 220 201 433 405 Production companies 2 9 21 46 Other 10 11 26 24 Total revenue $ 451 $ 508 $ 985 $ 1,026 Sales channel: Direct $ 306 $ 307 $ 633 $ 640 Advertising agency intermediary 145 201 352 386 Total revenue $ 451 $ 508 $ 985 $ 1,026 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. Long-term Debt As of June 30, 2020 December 31, 2019, “2019 2024 “2024 2026 “2026 2027 “2027 June 30, December 31, 2020 2019 Long-term debt : 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2024 Notes 525 525 2026 Notes 700 700 2027 Notes 750 750 Total outstanding principal, including current portion 3,760 3,760 Unamortized deferred loan costs - 2019 Term Loan (39 ) (44 ) Unamortized deferred loan costs - 2024 Notes (4 ) (5 ) Unamortized deferred loan costs - 2026 Notes (7 ) (7 ) Unamortized deferred loan costs - 2027 Notes (11 ) (11 ) Unamortized premium - 2026 Notes 4 4 Long-term debt, less deferred financing costs 3,703 3,697 Less current portion - - Long-term debt, less current portion and deferred financing costs $ 3,703 $ 3,697 Borrowing availability under Revolving Credit Facility $ 200 $ 200 As of June 30, 2020, 2019 2019 January 2, 2026. June 30, 2020, 2017 2017 February 7, 2024. As of June 30, 2020, 2020 5 Minimum Principal Maturities Year 2019 Senior 2024 Notes 2026 Notes 2027 Notes Total Remainder of 2020 $ - $ - $ - $ - $ - 2021 - - - - - 2022 - - - - - 2023 - - - - - 2024 595 525 - - 1,120 2025 - - - - - Thereafter 1,190 - 700 750 2,640 Total $ 1,785 $ 525 $ 700 $ 750 $ 3,760 As of June 30, 2020, no 2019 2024 2026 2027 June 30, 2020 December 31, 2019, For all of our interest bearing obligations, we made interest payments of approximately $95 million and $105 million during the six June 30, 2020 2019, not six June 30, 2020 2019. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4 . Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” 3” 2 1 2” Fair Value of Other Financial Instruments . not The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount of our long-term debt was $3.7 June 30, 2020 December 31, 2019. June 30, 2020 December 31, 2019, third June 30, 2020 December 31, 2019 2 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 5 . Stockholders’ Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. For the six June 30, 2020 2019, not On January 2, 2019, On November 5, 2019, December 31, 2022 ( “2019 2019 2019 “401k On December 15, 2019, “2019 10b 18 10b5 1 1934. 2019 2020, 2019 2019 second 2020. Subsequent to the termination of the 2019 June 30, 2020, 2019 Under our various employee benefit plans, we may, June 30, 2020, |
Note 6 - Retirement Plans
Note 6 - Retirement Plans | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 6 . Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income in our income statement. During the six June 30, 2020, not not 2020, During the three six June 30, 2020, 401 three March 31, 2020, 2019 2019 2019 December 31, 2019. 2020, |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7 . Stock -based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 “2017 three six June 30, 2020 2019 Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Stock-based compensation expense, gross $ 3 $ 2 $ 7 $ 5 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) (2 ) (1 ) Stock-based compensation expense, net $ 2 $ 1 $ 5 $ 4 All shares of common stock and Class A common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2017 During the six June 30, 2020, 2017 ● 78,722 shares of restricted common stock with a grant date fair value of $11.56 to our non-employee directors that will vest on April 30, 2021; ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, of which 27,802 shares will vest on each of January 31, 2021 2022 January 31, 2023; ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● 207,787 shares of restricted common stock with a grant date fair value per share of $21.69 to certain employees, of which 69,262 shares will vest on each of January 31, 2021 2022 January 31, 2023; ● 40,756 shares of restricted common stock with a grant date fair value per share of $21.69 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● Restricted stock units representing 90,184 shares of our common stock, to certain employees, of which 60,052 shares will vest on March 1, 2021; March 1, 2022 2023; ● Restricted stock units representing 3,000 shares of our common stock to an employee, which vested on June 1, 2020. During the six June 30, 2019, 2017 ● 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, of which 33,302 shares that vested on January 31, 2020, January 31, 2021 January 31, 2022; ● 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, subject to the achievement of certain performance measures, that will vest on January 31, 2022; ● 340,993 shares of restricted common stock with a grant date fair value per share of $14.85 to certain employees that will vest on January 2, 2021; ● 277,048 shares of restricted common stock with a grant date fair value of $16.55 to certain employees, of which 92,349 shares that vested on January 31, 2020, January 31, 2021, January 31, 2022; ● 48,338 shares of restricted common stock with a grant date fair value per share of $16.55 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2022; ● 11,223 shares of restricted common stock with a grant date fair value per share of $17.83 to an employee that vested on February 15, 2020; ● 41,181 shares of restricted common stock with a grant date fair value of $22.10 to our non-employee directors that vested on April 30, 2020; ● Restricted stock units representing 398,000 shares of our common stock with a grant date fair value of $18.21 that vested on June 1, 2020. A summary of restricted common stock and Class A common stock activity for the six June 30, 2020 2019, Six Months Ended June 30, 2020 June 30, 2019 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 977,547 $ 15.45 578,894 $ 13.14 Granted (1) 327,265 $ 19.25 718,783 $ 16.08 Vested (301,185 ) $ 15.28 (352,810 ) $ 12.98 Forfeited (85,630 ) $ 15.53 - $ 0.00 Outstanding - end of period (1) 917,997 $ 16.86 944,867 $ 15.44 Restricted stock - Class A common: Outstanding - beginning of period (1) 449,284 $ 13.55 407,786 $ 11.82 Granted (1) 166,814 $ 19.87 199,810 $ 15.36 Vested (136,056 ) $ 12.32 (158,312 ) $ 11.38 Outstanding - end of period (1) 480,042 $ 16.10 449,284 $ 13.55 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ 0.00 Granted 93,184 $ 18.77 398,000 $ 18.21 Vested (374,500 ) $ 18.18 - $ 0.00 Forfeited (26,500 ) $ 18.21 - $ 0.00 Outstanding - end of period 90,184 $ 18.92 398,000 $ 18.21 ( 1 At December 31, 2019, first 2020, June 30, 2020, not |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Leases, Lessee Disclosure [Text Block] | 8 . Leases We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not may We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of June 30, 2020, one not one Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the six June 30, 2020. As of June 30, 2020, three six June 30, 2020 2019, Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 3 $ 3 $ 6 $ 6 Short-term lease expense - - 1 1 Total lease expense $ 3 $ 3 $ 7 $ 7 The maturities of operating lease liabilities as of June 30, 2020, 2020 five Year ending December 31, Operating Leases Remainder of 2020 $ 5 2021 10 2022 10 2023 8 2024 8 Thereafter 47 Total lease payments 88 Less: Imputed interest (27 ) Present value of lease liabilities $ 61 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . Commitments and Contingencies We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not |
Note 10 - Goodwill and Intangib
Note 10 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 0 . Goodwill and Intangible Assets During the six June 30, 2020, six June 30, 2020 Net Balance at Net Balance at December 31, June 30, 2019 Additions Impairments Amortization 2020 Goodwill $ 1,446 $ - $ - $ - $ 1,446 Broadcast licenses 3,573 1 - - 3,574 Finite-lived intangible assets 460 - - (52 ) 408 Total intangible assets net of accumulated amortization $ 5,479 $ 1 $ - $ (52 ) $ 5,428 As of June 30, 2020 December 31, 2019, As of June 30, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,628 $ (54 ) $ 3,574 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,446 - 1,446 1,446 - 1,446 $ 5,074 $ (54 ) $ 5,020 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 56 $ (22 ) $ 34 $ 56 $ (17 ) $ 39 Other definite lived intangible assets 615 (241 ) 374 615 (194 ) 421 $ 671 $ (263 ) $ 408 $ 671 $ (211 ) $ 460 Total intangibles $ 5,745 $ (317 ) $ 5,428 $ 5,744 $ (265 ) $ 5,479 Amortization expense for the six June 30, 2020 2019 2020 five 2021, 2022, 2023, 2024, 2025, may |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 1 . Income Taxes For the three six June 30, 2020 2019, Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Income tax expense $ 6 $ 18 $ 24 $ 21 Effective income tax rate 35 % 29 % 27 % 45 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21% to our effective income tax rate. For the six June 30, 2020, six June 30, 2019, 2 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five not |
Note 12 - Segment Information
Note 12 - Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 2 . Segment information The Company operates in two business segments: broadcasting and production companies. The broadcasting segment currently operates television stations located across 94 Production As of and for the six months ended June 30, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 964 $ 21 $ - $ 985 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 659 24 32 715 Depreciation and amortization 87 6 1 94 (Gain) loss on disposal of assets, net (13 ) - - (13 ) Operating expenses 733 30 33 796 Operating income (loss) $ 231 $ (9 ) $ (33 ) $ 189 Interest expense $ - $ - $ 98 $ 98 Capital expenditures (excluding business combinations) $ 51 $ - $ - $ 51 Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,414 $ 130 $ 496 $ 7,040 For the six months ended June 30, 2019: Revenue (less agency commissions) $ 980 $ 46 $ - $ 1,026 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 670 44 69 783 Depreciation and amortization 90 6 1 97 (Gain) loss on disposal of assets, net (13 ) - - (13 ) Operating expenses 747 50 70 867 Operating income (loss) $ 233 $ (4 ) $ (70 ) $ 159 Interest expense $ - $ - $ 116 $ 116 Capital expenditures (excluding business combinations) $ 39 $ - $ 5 $ 44 As of December 31, 2019: Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,530 $ 153 $ 289 $ 6,972 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. 19” |
Investment, Policy [Policy Text Block] | Investments in Broadcasting, Production and Technology Companies. not 825 10 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three six June 30, 2020 2019, Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 97 100 98 100 Common stock equivalents for stock options and restricted shares - 1 - - Weighted-average shares outstanding-diluted 97 101 98 100 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. June 30, 2020 December 31, 2019, six June 30, 2020 six June 30, 2019 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income June 30, 2020 December 31, 2019 June 30, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment . Estimated June 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 303 291 7 to 40 Equipment 795 776 3 to 20 1,217 1,186 Accumulated depreciation (485 ) (461 ) Total property and equipment, net $ 732 $ 725 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may seven thirty-seven 2017 2020. The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ - $ 1 $ 1 $ 3 Proceeds from FCC - Repack 8 5 14 17 Net book value of assets disposed (1 ) (2 ) (2 ) (4 ) Other - (1 ) - (3 ) Total $ 7 $ 3 $ 13 $ 13 Purchase of property and equipment: Recurring purchases - operations $ 37 $ 14 Repack 14 30 Total $ 51 $ 44 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Allowance for Credit Losses. Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may We are closely monitoring the potential impact from COVID- 19 19 not June 30, 2020. 19 Impact of COVID- 19 1A. 10 The following table provides a rollforward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions): Six Months Ended June 30, 2020 Beginning balance $ 11 Provision for credit losses 5 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 15 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. January 2020, 2020 01, Investments Equity Securities (Topic 321 323 815 2020 01 2020 01 321, 323, 815. 2020 01 first 2022, 2020 01 In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740. 2019 12 first 2022, 2019 12 Adoption of Accounting Standard January 1, 2020, 2016 13, Financial Instruments-Credit Losses 326 Measurement of Credit Losses 120 120 2016 13 not In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets have also been reclassified to conform to the current presentation. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Weighted-average shares outstanding-basic 97 100 98 100 Common stock equivalents for stock options and restricted shares - 1 - - Weighted-average shares outstanding-diluted 97 101 98 100 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2020 2019 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (42 ) $ (42 ) Income tax benefit (11 ) (11 ) Accumulated other comprehensive loss $ (31 ) $ (31 ) |
Property, Plant and Equipment [Table Text Block] | Estimated June 30, December 31, Useful Lives 2020 2019 (in years) Property and equipment: Land $ 119 $ 119 Buildings and improvements 303 291 7 to 40 Equipment 795 776 3 to 20 1,217 1,186 Accumulated depreciation (485 ) (461 ) Total property and equipment, net $ 732 $ 725 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Gain (loss) on disposal of assets, net: Proceeds from sale of assets $ - $ 1 $ 1 $ 3 Proceeds from FCC - Repack 8 5 14 17 Net book value of assets disposed (1 ) (2 ) (2 ) (4 ) Other - (1 ) - (3 ) Total $ 7 $ 3 $ 13 $ 13 Purchase of property and equipment: Recurring purchases - operations $ 37 $ 14 Repack 14 30 Total $ 51 $ 44 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended June 30, 2020 Beginning balance $ 11 Provision for credit losses 5 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 15 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Market and service type: Advertising: Local (including internet/digital/mobile) $ 162 $ 226 $ 361 $ 437 National 36 56 87 106 Political 21 5 57 8 Total advertising 219 287 505 551 Retransmission consent 220 201 433 405 Production companies 2 9 21 46 Other 10 11 26 24 Total revenue $ 451 $ 508 $ 985 $ 1,026 Sales channel: Direct $ 306 $ 307 $ 633 $ 640 Advertising agency intermediary 145 201 352 386 Total revenue $ 451 $ 508 $ 985 $ 1,026 |
Note 3 - Long-term Debt (Tables
Note 3 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, 2020 2019 Long-term debt : 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2024 Notes 525 525 2026 Notes 700 700 2027 Notes 750 750 Total outstanding principal, including current portion 3,760 3,760 Unamortized deferred loan costs - 2019 Term Loan (39 ) (44 ) Unamortized deferred loan costs - 2024 Notes (4 ) (5 ) Unamortized deferred loan costs - 2026 Notes (7 ) (7 ) Unamortized deferred loan costs - 2027 Notes (11 ) (11 ) Unamortized premium - 2026 Notes 4 4 Long-term debt, less deferred financing costs 3,703 3,697 Less current portion - - Long-term debt, less current portion and deferred financing costs $ 3,703 $ 3,697 Borrowing availability under Revolving Credit Facility $ 200 $ 200 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Minimum Principal Maturities Year 2019 Senior 2024 Notes 2026 Notes 2027 Notes Total Remainder of 2020 $ - $ - $ - $ - $ - 2021 - - - - - 2022 - - - - - 2023 - - - - - 2024 595 525 - - 1,120 2025 - - - - - Thereafter 1,190 - 700 750 2,640 Total $ 1,785 $ 525 $ 700 $ 750 $ 3,760 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Stock-based compensation expense, gross $ 3 $ 2 $ 7 $ 5 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) (2 ) (1 ) Stock-based compensation expense, net $ 2 $ 1 $ 5 $ 4 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Six Months Ended June 30, 2020 June 30, 2019 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period (1) 977,547 $ 15.45 578,894 $ 13.14 Granted (1) 327,265 $ 19.25 718,783 $ 16.08 Vested (301,185 ) $ 15.28 (352,810 ) $ 12.98 Forfeited (85,630 ) $ 15.53 - $ 0.00 Outstanding - end of period (1) 917,997 $ 16.86 944,867 $ 15.44 Restricted stock - Class A common: Outstanding - beginning of period (1) 449,284 $ 13.55 407,786 $ 11.82 Granted (1) 166,814 $ 19.87 199,810 $ 15.36 Vested (136,056 ) $ 12.32 (158,312 ) $ 11.38 Outstanding - end of period (1) 480,042 $ 16.10 449,284 $ 13.55 Restricted stock units - common stock: Outstanding - beginning of period 398,000 $ 18.21 - $ 0.00 Granted 93,184 $ 18.77 398,000 $ 18.21 Vested (374,500 ) $ 18.18 - $ 0.00 Forfeited (26,500 ) $ 18.21 - $ 0.00 Outstanding - end of period 90,184 $ 18.92 398,000 $ 18.21 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Lease expense Operating lease expense $ 3 $ 3 $ 6 $ 6 Short-term lease expense - - 1 1 Total lease expense $ 3 $ 3 $ 7 $ 7 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2020 $ 5 2021 10 2022 10 2023 8 2024 8 Thereafter 47 Total lease payments 88 Less: Imputed interest (27 ) Present value of lease liabilities $ 61 |
Note 10 - Goodwill and Intang_2
Note 10 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block] | Net Balance at Net Balance at December 31, June 30, 2019 Additions Impairments Amortization 2020 Goodwill $ 1,446 $ - $ - $ - $ 1,446 Broadcast licenses 3,573 1 - - 3,574 Finite-lived intangible assets 460 - - (52 ) 408 Total intangible assets net of accumulated amortization $ 5,479 $ 1 $ - $ (52 ) $ 5,428 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of June 30, 2020 As of December 31, 2019 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,628 $ (54 ) $ 3,574 $ 3,627 $ (54 ) $ 3,573 Goodwill 1,446 - 1,446 1,446 - 1,446 $ 5,074 $ (54 ) $ 5,020 $ 5,073 $ (54 ) $ 5,019 Intangible assets subject to amortization: Network affiliation agreements $ 56 $ (22 ) $ 34 $ 56 $ (17 ) $ 39 Other definite lived intangible assets 615 (241 ) 374 615 (194 ) 421 $ 671 $ (263 ) $ 408 $ 671 $ (211 ) $ 460 Total intangibles $ 5,745 $ (317 ) $ 5,428 $ 5,744 $ (265 ) $ 5,479 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Income tax expense $ 6 $ 18 $ 24 $ 21 Effective income tax rate 35 % 29 % 27 % 45 % |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the six months ended June 30, 2020: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 964 $ 21 $ - $ 985 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 659 24 32 715 Depreciation and amortization 87 6 1 94 (Gain) loss on disposal of assets, net (13 ) - - (13 ) Operating expenses 733 30 33 796 Operating income (loss) $ 231 $ (9 ) $ (33 ) $ 189 Interest expense $ - $ - $ 98 $ 98 Capital expenditures (excluding business combinations) $ 51 $ - $ - $ 51 Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,414 $ 130 $ 496 $ 7,040 For the six months ended June 30, 2019: Revenue (less agency commissions) $ 980 $ 46 $ - $ 1,026 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 670 44 69 783 Depreciation and amortization 90 6 1 97 (Gain) loss on disposal of assets, net (13 ) - - (13 ) Operating expenses 747 50 70 867 Operating income (loss) $ 233 $ (4 ) $ (70 ) $ 159 Interest expense $ - $ - $ 116 $ 116 Capital expenditures (excluding business combinations) $ 39 $ - $ 5 $ 44 As of December 31, 2019: Goodwill $ 1,405 $ 41 $ - $ 1,446 Total Assets $ 6,530 $ 153 $ 289 $ 6,972 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Operating Segments | 2 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted-average shares outstanding-basic (in shares) | 97 | 100 | 98 | 100 |
Common stock equivalents for stock options and restricted shares (in shares) | 0 | 1 | 0 | 0 |
Weighted-average shares outstanding-diluted (in shares) | 97 | 101 | 98 | 100 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Increase in pension liability | $ (42) | $ (42) |
Income tax benefit | (11) | (11) |
Accumulated other comprehensive loss | $ (31) | $ (31) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Property and equipment, gross | $ 1,217 | $ 1,186 | |
Accumulated depreciation | (485) | (461) | |
Total property and equipment, net | 732 | $ 732 | 725 |
Land [Member] | |||
Property and equipment, gross | 119 | 119 | |
Building and Building Improvements [Member] | |||
Property and equipment, gross | $ 303 | 291 | |
Building and Building Improvements [Member] | Minimum [Member] | |||
Estimated Useful Lives (Year) | 7 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Estimated Useful Lives (Year) | 40 years | ||
Equipment [Member] | |||
Property and equipment, gross | $ 795 | $ 776 | |
Equipment [Member] | Minimum [Member] | |||
Estimated Useful Lives (Year) | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Estimated Useful Lives (Year) | 20 years |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Proceeds from sale of assets | $ 0 | $ 1 | $ 1 | $ 3 |
Proceeds from FCC - Repack | 8 | 5 | 14 | 17 |
Net book value of assets disposed | (1) | (2) | (2) | (4) |
Other | 0 | (1) | 0 | (3) |
Total | 7 | 3 | 13 | 13 |
Recurring purchases - operations | 37 | 14 | ||
Repack | 14 | 30 | ||
Total | $ 51 | $ 44 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Beginning balance | $ 11 |
Provision for credit losses | 5 |
Amounts written off | (1) |
Amounts recovered from previous write-offs | 0 |
Ending balance | $ 15 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 9 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 8 | $ 9 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 451 | $ 508 | $ 985 | $ 1,026 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 306 | 307 | 633 | 640 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 145 | 201 | 352 | 386 |
Local Advertising [Member] | ||||
Revenue | 162 | 226 | 361 | 437 |
National Advertising [Member] | ||||
Revenue | 36 | 56 | 87 | 106 |
Political Advertising [Member] | ||||
Revenue | 21 | 5 | 57 | 8 |
Advertising [Member] | ||||
Revenue | 219 | 287 | 505 | 551 |
Retransmission Consent [Member] | ||||
Revenue | 220 | 201 | 433 | 405 |
Production Companies [Member] | ||||
Revenue | 2 | 9 | 21 | 46 |
Service, Other [Member] | ||||
Revenue | $ 10 | $ 11 | $ 26 | $ 24 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 95,000 | $ 105,000 | |
Interest Costs Capitalized | $ 0 | $ 0 | |
2024 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||
2026 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
2027 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.70% | ||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% |
Note 3 - Long-term Debt - Long-
Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Long-term debt, gross | $ 3,760 | $ 3,760 |
Long-term debt, less deferred financing costs | 3,703 | 3,697 |
Less current portion | 0 | 0 |
Long-term debt, less current portion and deferred financing costs | 3,703 | 3,697 |
Borrowing availability under Revolving Credit Facility | 200 | 200 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 595 | 595 |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
2024 Notes [Member] | ||
Long-term debt, gross | 525 | 525 |
Unamortized deferred loan costs | (4) | (5) |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (7) | (7) |
Unamortized premium | 4 | 4 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (11) | (11) |
The 2019 Senior Credit Facility [Member] | ||
Long-term debt, gross | 1,785 | |
Unamortized deferred loan costs | $ (39) | $ (44) |
Note 3 - Long-term Debt - Aggre
Note 3 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Remainder of 2020 | $ 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 1,120 | |
2025 | 0 | |
Thereafter | 2,640 | |
Total Debt | 3,760 | $ 3,760 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2020 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 595 | |
2025 | 0 | |
Thereafter | 1,190 | |
Total Debt | 1,785 | |
2024 Notes [Member] | ||
Remainder of 2020 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 525 | |
2025 | 0 | |
Thereafter | 0 | |
Total Debt | 525 | 525 |
2026 Notes [Member] | ||
Remainder of 2020 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 700 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2020 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 750 | |
Total Debt | $ 750 | $ 750 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Long-term Debt, Total | $ 3,703 | $ 3,697 |
Long-term Debt, Fair Value | $ 3,700 | $ 3,900 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | Jan. 02, 2019$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | Nov. 05, 2019USD ($) |
Capital Units, Authorized (in shares) | 245,000,000 | 245,000,000 | ||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||||
Common Stock, Voting Rights, Votes Per Share | 1 | 1 | ||||
Dividends, Common Stock, Total | $ | $ 0 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 43,000 | $ 6,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 4,809,164 | 4,809,164 | ||||
Repurchase Authorization 2019 [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 150,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | 2,930,342 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 13.33 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 39,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 80,000 | $ 80,000 | ||||
Issuers Repurchase Program 2019 [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 905,836 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 11.02 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 10,000 | |||||
Raycom [Member] | Common Stock [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 11,500,000 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 14.74 | |||||
Common Class A [Member] | ||||||
Common Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 | |||
Common Stock, Voting Rights, Votes Per Share | 10 | 10 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,336,440 | 1,336,440 |
Note 6 - Retirement Plans (Deta
Note 6 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Pension Plan [Member] | Gray Pension Plan [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 3 | $ 3 | |
Profit Sharing Contribution [Member] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 7 | 7 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3 | $ 6 | |
Stock Issued During Period, Shares, Employee Benefit Plan (in shares) | 430,899 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount, Common Stock | $ 4 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
2007 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 274,746 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 1.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3 | |||
Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 327,265 | 718,783 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 19.25 | $ 16.08 | |
Restricted Stock [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 166,814 | 199,810 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 19.87 | $ 15.36 | |
Restricted Stock [Member] | Nonemployee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 78,722 | 41,181 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 11.56 | $ 22.10 | ||
Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,223 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 17.83 | |||
Restricted Stock [Member] | Certain Employees One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 340,993 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 14.85 | |||
Restricted Stock [Member] | Certain Employees Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 277,048 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 16.55 | |||
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 92,349 | |||
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 92,350 | |||
Restricted Stock [Member] | Certain Employees Two [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 92,349 | |||
Service Based Restricted Stock [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 207,787 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.69 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,262 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,263 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,262 | |||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 83,407 | 99,905 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.87 | $ 15.36 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,802 | 33,302 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,803 | 33,301 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,802 | 33,302 | ||
Performance Based Restricted Stock [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 40,756 | 48,338 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.69 | $ 16.55 | ||
Performance Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 83,407 | 99,905 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.87 | $ 15.36 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 93,184 | 398,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.77 | $ 18.21 | ||
Restricted Stock Units (RSUs) [Member] | Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,184 | |||
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,052 | |||
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,066 | |||
Restricted Stock Units (RSUs) [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,066 | |||
Restricted Stock Units (RSUs) [Member] | Certain Employees One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,000 | |||
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock-based compensation expense, gross | $ 3 | $ 2 | $ 7 | $ 5 |
Income tax benefit at our statutory rate associated with stock-based compensation | (1) | (1) | (2) | (1) |
Stock-based compensation expense, net | $ 2 | $ 1 | $ 5 | $ 4 |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | [1] | 977,547 | 578,894 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 15.45 | $ 13.14 |
Granted, Shares (in shares) | [1] | 327,265 | 718,783 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 19.25 | $ 16.08 |
Vested, Shares (in shares) | (301,185) | (352,810) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 15.28 | $ 12.98 | |
Forfeited, Shares (in shares) | (85,630) | 0 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 15.53 | $ 0 | |
Outstanding, Shares (in shares) | [1] | 917,997 | 944,867 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 16.86 | $ 15.44 |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | [1] | 449,284 | 407,786 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 13.55 | $ 11.82 |
Granted, Shares (in shares) | [1] | 166,814 | 199,810 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 19.87 | $ 15.36 |
Vested, Shares (in shares) | (136,056) | (158,312) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 12.32 | $ 11.38 | |
Outstanding, Shares (in shares) | [1] | 480,042 | 449,284 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 16.10 | $ 13.55 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 398,000 | 0 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 18.21 | $ 0 | |
Granted, Shares (in shares) | 93,184 | 398,000 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 18.77 | $ 18.21 | |
Vested, Shares (in shares) | (374,500) | 0 | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.18 | $ 0 | |
Forfeited, Shares (in shares) | (26,500) | 0 | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 18.21 | $ 0 | |
Outstanding, Shares (in shares) | 90,184 | 398,000 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 18.92 | $ 18.21 | |
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | Jun. 30, 2020 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 11 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.76% |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 99 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating lease expense | $ 3 | $ 3 | $ 6 | $ 6 |
Short-term lease expense | 0 | 0 | 1 | 1 |
Total lease expense | $ 3 | $ 3 | $ 7 | $ 7 |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Jun. 30, 2020USD ($) |
Remainder of 2020 | $ 5 |
2021 | 10 |
2022 | 10 |
2023 | 8 |
2024 | 8 |
Thereafter | 47 |
Total lease payments | 88 |
Less: Imputed interest | (27) |
Present value of lease liabilities | $ 61 |
Note 10 - Goodwill and Intang_3
Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of Intangible Assets, Total | $ 26 | $ 28 | $ 52 | $ 57 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 51 | 51 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 98 | 98 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 94 | 94 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 88 | 88 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 24 | 24 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Six | $ 15 | $ 15 |
Note 10 - Goodwill and Intang_4
Note 10 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill | $ 1,446 | |||
Goodwill, Net additions | 0 | |||
Goodwill | $ 1,446 | 1,446 | ||
Broadcast licenses | 3,573 | |||
Broadcast licenses | 3,574 | 3,574 | ||
Finite-lived intangible assets | 460 | |||
Finite-lived intangible assets, Net additions | 0 | |||
Amortization of Intangible Assets | (26) | $ (28) | (52) | $ (57) |
Finite-lived intangible assets | 408 | 408 | ||
Total intangible assets net of accumulated amortization | 5,479 | |||
Total intangible assets net of accumulated amortization, Net additions | 1 | |||
Total intangible assets net of accumulated amortization | 5,428 | 5,428 | ||
Broadcast Licenses [Member] | ||||
Broadcast licenses | 3,573 | |||
Broadcast licenses, Net additions | 1 | |||
Broadcast licenses | $ 3,574 | $ 3,574 |
Note 10 - Goodwill and Intang_5
Note 10 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill | $ 1,446 | $ 1,446 |
Other intangible assets, net | 408 | 460 |
Intangible Assets Gross (Including Goodwill) | 5,745 | 5,744 |
Accumulated Amortization Intangible Assets | (317) | (265) |
Intangible Assets, Net (Including Goodwill) | 5,428 | 5,479 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 56 | 56 |
Finite-Lived Intangible Assets, Accumulated Amortization | (22) | (17) |
Other intangible assets, net | 34 | 39 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 615 | 615 |
Finite-Lived Intangible Assets, Accumulated Amortization | (241) | (194) |
Other intangible assets, net | 374 | 421 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 671 | 671 |
Finite-Lived Intangible Assets, Accumulated Amortization | (263) | (211) |
Other intangible assets, net | 408 | 460 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 3,628 | 3,627 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,574 | 3,573 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 1,446 | 1,446 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill | 1,446 | 1,446 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 5,074 | 5,073 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) |
Goodwill and Indefinite-Lived Assets, Net | $ 5,020 | $ 5,019 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 35.00% | 29.00% | 27.00% | 45.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | 5.00% | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 1.00% | 3.00% | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 1.00% | |||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 17.00% |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax expense | $ 6 | $ 18 | $ 24 | $ 21 |
Effective income tax rate | 35.00% | 29.00% | 27.00% | 45.00% |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Operating Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue (less agency commissions) | $ 451 | $ 508 | $ 985 | $ 1,026 | |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 715 | 783 | |||
Depreciation and amortization | 94 | 97 | |||
(Gain) loss on disposal of assets, net | (7) | (3) | (13) | (13) | |
Operating expenses | 386 | 389 | 796 | 867 | |
Operating income (loss) | 65 | 119 | 189 | 159 | |
Interest expense | 46 | 58 | 98 | 116 | |
Capital expenditures (excluding business combinations) | 51 | 44 | |||
Goodwill | 1,446 | 1,446 | $ 1,446 | ||
Total Assets | 7,040 | 7,040 | 6,972 | ||
Corporate, Non-Segment [Member] | |||||
Revenue (less agency commissions) | 0 | 0 | |||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 32 | 69 | |||
Depreciation and amortization | 1 | 1 | |||
(Gain) loss on disposal of assets, net | 0 | 0 | |||
Operating expenses | 33 | 70 | |||
Operating income (loss) | (33) | (70) | |||
Interest expense | 98 | 116 | |||
Capital expenditures (excluding business combinations) | 0 | 5 | |||
Goodwill | 0 | 0 | 0 | ||
Total Assets | 496 | 496 | 289 | ||
Broadcasting, Segment [Member] | |||||
Revenue (less agency commissions) | 449 | 499 | 964 | 980 | |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 659 | 670 | |||
Depreciation and amortization | 87 | 90 | |||
(Gain) loss on disposal of assets, net | (13) | (13) | |||
Operating expenses | 733 | 747 | |||
Operating income (loss) | 231 | 233 | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 51 | 39 | |||
Goodwill | 1,405 | 1,405 | 1,405 | ||
Total Assets | 6,414 | 6,414 | 6,530 | ||
Production Companies, Segment [Member] | |||||
Revenue (less agency commissions) | 2 | $ 9 | 21 | 46 | |
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 24 | 44 | |||
Depreciation and amortization | 6 | 6 | |||
(Gain) loss on disposal of assets, net | 0 | 0 | |||
Operating expenses | 30 | 50 | |||
Operating income (loss) | (9) | (4) | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 0 | $ 0 | |||
Goodwill | 41 | 41 | 41 | ||
Total Assets | $ 130 | $ 130 | $ 153 |