Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 7,171,019 | |
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 | 88,632,523 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash | $ 819 | $ 773 |
Accounts receivable, less allowance for credit losses of $10 and $10, respectively | 413 | 425 |
Current portion of program broadcast rights, net | 16 | 24 |
Income tax refunds receivable | 21 | 21 |
Prepaid and other current assets | 29 | 61 |
Total current assets | 1,298 | 1,304 |
Property and equipment, net | 730 | 737 |
Operating leases right of use asset | 56 | 57 |
Broadcast licenses | 3,584 | 3,579 |
Goodwill | 1,466 | 1,460 |
Other intangible assets, net | 376 | 395 |
Investment in broadcasting and technology companies | 95 | 72 |
Other | 55 | 39 |
Total assets | 7,660 | 7,643 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 19 | 10 |
Employee compensation and benefits | 56 | 53 |
Accrued interest | 50 | 37 |
Accrued network programming fees | 31 | 39 |
Other accrued expenses | 19 | 29 |
Federal and state income taxes | 26 | 20 |
Current portion of program broadcast obligations | 17 | 25 |
Deferred revenue | 10 | 22 |
Dividends payable | 13 | 13 |
Current portion of operating lease liabilities | 8 | 7 |
Total current liabilities | 249 | 255 |
Long-term debt, less current portion and deferred financing costs | 3,976 | 3,974 |
Program broadcast obligations, less current portion | 4 | 5 |
Deferred income taxes | 894 | 885 |
Accrued pension costs | 43 | 43 |
Operating lease liabilities, less current portion | 51 | 51 |
Other | 19 | 27 |
Total liabilities | 5,236 | 5,240 |
Commitments and contingencies (Note 10) | ||
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date | 650 | 650 |
Stockholders’ equity: | ||
Common stock | 1,119 | 1,110 |
Retained earnings | 880 | 862 |
Accumulated other comprehensive loss, net of income tax benefit | (39) | (39) |
Stockholders' equity before treasury stock | 1,995 | 1,967 |
Treasury stock at cost | (193) | (188) |
Total stockholders’ equity | 1,774 | 1,753 |
Total liabilities and stockholders’ equity | 7,660 | 7,643 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 35 | 34 |
Treasury stock at cost | $ (28) | $ (26) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for credit losses | $ 10 | $ 10 |
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) | 103,847,337 | 103,100,856 |
Common stock, shares outstanding (in shares) | 88,628,868 | 88,140,259 |
Treasury stock (in shares) | 15,218,469 | 14,960,597 |
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) | 9,169,198 | 8,935,773 |
Common stock, shares outstanding (in shares) | 7,171,019 | 7,048,006 |
Treasury stock (in shares) | 1,998,179 | 1,887,767 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue (less agency commissions): | ||
Revenue (less agency commissions) | $ 544 | $ 534 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||
Corporate and administrative | 18 | 15 |
Depreciation | 25 | 21 |
Amortization of intangible assets | 26 | 26 |
Gain on disposal of assets, net | (4) | (6) |
Operating expenses | 443 | 410 |
Operating income | 101 | 124 |
Other income (expense): | ||
Miscellaneous income, net | 1 | (1) |
Interest expense | (48) | (52) |
Income before income taxes | 54 | 71 |
Income tax expense | 15 | 18 |
Net income | 39 | 53 |
Preferred stock dividends | 13 | 13 |
Net income attributable to common stockholders | $ 26 | $ 40 |
Basic per common share information: | ||
Net income (in dollars per share) | $ 0.28 | $ 0.41 |
Weighted average common shares outstanding (in shares) | 94 | 98 |
Diluted per common share information: | ||
Net income (in dollars per share) | $ 0.27 | $ 0.40 |
Weighted average common shares outstanding (in shares) | 95 | 99 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0 |
Broadcasting, Segment [Member] | ||
Revenue (less agency commissions): | ||
Revenue (less agency commissions) | $ 530 | $ 515 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||
Cost of goods and services sold | 361 | 335 |
Operating expenses | 404 | 372 |
Operating income | 126 | 143 |
Other income (expense): | ||
Interest expense | 0 | 0 |
Production Companies, Segment [Member] | ||
Revenue (less agency commissions): | ||
Revenue (less agency commissions) | 14 | 19 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||
Cost of goods and services sold | 17 | 19 |
Operating expenses | 20 | 22 |
Operating income | (6) | (3) |
Other income (expense): | ||
Interest expense | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Restricted Stock [Member]Common Stock [Member]Common Class A [Member] | Restricted Stock [Member]Common Stock [Member] | Restricted Stock [Member]Retained Earnings [Member] | Restricted Stock [Member]Treasury Stock [Member]Common Class A [Member] | Restricted Stock [Member]Treasury Stock [Member] | Restricted Stock [Member]AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member]Common Stock [Member]Common Class A [Member] | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Restricted Stock Units (RSUs) [Member]Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member]Treasury Stock [Member]Common Class A [Member] | Restricted Stock Units (RSUs) [Member]Treasury Stock [Member] | Restricted Stock Units (RSUs) [Member]AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | 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] | Common Class A [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ 31,000 | $ 1,093,000 | $ 504,000 | $ (26,000) | $ (107,000) | $ (31,000) | $ 1,464,000 | |||||||||||||||
Net income | 0 | 0 | 53,000 | 0 | 0 | 0 | 53,000 | |||||||||||||||
Preferred stock dividends | $ 0 | $ 0 | (13,000) | $ 0 | $ 0 | 0 | (13,000) | |||||||||||||||
401(k) Plan (in shares) | 0 | 430,899 | 0 | 0 | ||||||||||||||||||
401(k) Plan | $ 0 | $ 4,000 | 0 | $ 0 | $ 0 | 0 | 4,000 | |||||||||||||||
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 | $ (2,000) | 0 | (2,000) | |||||||||||||||
Restricted stock awards (in shares) | 166,814 | 248,543 | 0 | (118,550) | ||||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ 0 | $ (2,000) | $ 0 | $ (2,000) | |||||||||||||||
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 | $ (6,000) | 0 | (6,000) | |||||||||||||||
Share-based compensation | $ 0 | $ 4,000 | 0 | $ 0 | $ 0 | 0 | 4,000 | |||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | ||||||||||||||||||
Balance at Mar. 31, 2020 | $ 31,000 | $ 1,101,000 | 544,000 | $ (26,000) | $ (117,000) | (31,000) | 1,502,000 | |||||||||||||||
Common stock dividends | $ 0 | (8,000) | ||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 8,935,773 | 103,100,856 | (1,887,767) | (14,960,597) | ||||||||||||||||||
Balance at Dec. 31, 2020 | $ 34,000 | $ 1,110,000 | 862,000 | $ (26,000) | $ (188,000) | (39,000) | 1,753,000 | |||||||||||||||
Net income | 0 | 0 | 39,000 | 0 | 0 | 0 | 39,000 | |||||||||||||||
Preferred stock dividends | $ 0 | $ 0 | (13,000) | $ 0 | $ 0 | 0 | (13,000) | |||||||||||||||
401(k) Plan (in shares) | 0 | 390,389 | 0 | 0 | ||||||||||||||||||
401(k) Plan | $ 0 | $ 7,000 | 0 | $ 0 | $ 0 | 0 | 7,000 | |||||||||||||||
Restricted stock awards (in shares) | 0 | 60,050 | 0 | (18,275) | 233,425 | 296,042 | (110,412) | (239,597) | ||||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,000) | $ 0 | $ (1,000) | $ 0 | $ 0 | 0 | $ (2,000) | $ (4,000) | 0 | (6,000) | ||||||||
Repurchase of common stock | 0 | |||||||||||||||||||||
Share-based compensation | $ 1,000 | $ 2,000 | 0 | $ 0 | $ 0 | 0 | 3,000 | |||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 9,169,198 | 103,847,337 | (1,998,179) | (15,218,469) | ||||||||||||||||||
Balance at Mar. 31, 2021 | $ 35,000 | $ 1,119,000 | 880,000 | $ (28,000) | $ (193,000) | (39,000) | 1,774,000 | |||||||||||||||
Common stock dividends | $ 0 | $ 0 | $ (8,000) | $ 0 | $ 0 | $ 0 | $ (8,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income | $ 39 | $ 53 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 25 | 21 |
Amortization of intangible assets | 26 | 26 |
Amortization of deferred loan costs | 3 | 3 |
Amortization of restricted stock awards | 4 | 4 |
Amortization of program broadcast rights | 9 | 9 |
Payments on program broadcast obligations | (9) | (10) |
Common stock contributed to 401(k) plan | 1 | 0 |
Deferred income taxes | 9 | 9 |
Gain on disposal of assets, net | (4) | (6) |
Other | (5) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 12 | 26 |
Other current assets | 31 | (12) |
Accounts payable | 10 | 12 |
Employee compensation, benefits and pension cost | 10 | (20) |
Accrued network fees and other expenses | (19) | (3) |
Accrued interest | 12 | 9 |
Income taxes payable | 5 | 9 |
Deferred revenue | (12) | 1 |
Net cash provided by operating activities | 147 | 131 |
Investing activities | ||
Acquisitions of television businesses and licenses, net of cash acquired | (40) | (1) |
Purchases of property and equipment | (13) | (27) |
Proceeds from asset sales | 0 | 1 |
Proceeds from Repack reimbursement (Note 1) | 4 | 6 |
Investments in broadcast, production and technology companies | (24) | 0 |
Other | 0 | (3) |
Net cash used in investing activities | (73) | (24) |
Financing activities | ||
Payments for the repurchase of common stock | 0 | (6) |
Payment of common stock dividends | (8) | 0 |
Payment of preferred stock dividends | (13) | (13) |
Deferred and other loan costs | (1) | 0 |
Payment for taxes related to net share settlement of equity awards | (6) | (4) |
Net cash used in financing activities | (28) | (23) |
Net increase in cash | 46 | 84 |
Cash and restricted cash at beginning of period | 773 | 212 |
Cash at end of period | $ 819 | $ 296 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, December 31, 2020, March 31, 2021 three March 31, 2021 2020, 10 10 X. not not 10 December 31, 2020 ( “2020 10 three March 31, 2021, not may December 31, 2021. Overview. 94 24% 2020, first 70 first second 86 Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not Use of Estimates. 19” Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99 Accumulated Other Comprehensive Loss. March 31, 2021 December 31, 2020, three March 31, 2021 2020 March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) Property and Equipment. Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737 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 gain or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may 48 37 2017 2021. 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 March 31, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27 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 of the COVID- 19 not March 31, 2021. The following table provides a roll-forward 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): Three Months Ended March 31, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12 In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and statements of cash flows have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 $21 million of revenue in the three March 31, 2021 December 31, 2020. March 31, 2021 December 31, 2020, Disaggregation of Revenue. Three Months Ended March 31, 2021 2020 Market and service type: Broadcast advertising: Local $ 203 $ 199 National 57 51 Political 9 36 Total advertising 269 286 Retransmission consent 247 213 Production companies 14 19 Other 14 16 Total revenue $ 544 $ 534 Sales Channel: Direct $ 357 $ 327 Advertising agency intermediary 187 207 Total revenue $ 544 $ 534 |
Note 3 - Acquisitions
Note 3 - Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Acquisitions Lubbock Transactions December 31, 2020, 142 two Due to the proximity of the acquisition date to the date of the filing of our annual report on Form 10 first 2021. Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24 These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not Pending Acquisitions. January 31, 2021, 2019 The completion of the Quincy Transaction is subject to the satisfaction or waiver of certain customary conditions, including, among others: (i) the receipt of approval from the FCC and the expiration or early termination of the waiting period applicable to the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, may not January 31, 2022, May 1, 2022 On April 29, 2021, seven third 2021. |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-term Debt As of March 31, 2021 December 31, 2020, 2019 2026 “2026 2027 “2027 2030 “2030 March 31, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (33 ) (34 ) Unamortized deferred loan costs - 2026 Notes (6 ) (6 ) Unamortized deferred loan costs - 2027 Notes (10 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less current portion and deferred financing costs $ 3,976 $ 3,974 Borrowing availability under 2019 Revolving Credit Facility $ 299 $ 200 On February 19, 2021, first “2019 January 2, 2026 March 31, 2021, 2019 “2017 “2019 As of March 31, 2021, 2019 2019 January 2, 2026. March 31, 2021, 2017 2.4%. 2017 February 7, 2024. 2019 As of March 31, 2021, 2021 five Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035 As of March 31, 2021, no 2019 2026 2027 2030 March 31, 2021 December 31, 2020, For all of our interest bearing obligations, we made interest payments of approximately $32 million and $39 million during the three March 31, 2021 2020, not three March 31, 2021 2020. |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both March 31, 2021 December 31, 2020. At each of March 31, 2021 December 31, 2020 third 2 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. 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. On February 24, 2021, March 15, 2021, March 31, 2021. three March 31, 2020, not Under our various employee benefit plans, we may, March 31, 2021, December 31, 2020, During the three March 31, 2021, not March 31, 2021, |
Note 7 - Retirement Plans
Note 7 - Retirement Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 7. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous income in our income statement. During the three March 31, 2021, not not 2021, During the three March 31, 2021, 2020 401 2020 December 31, 2020. 2021, |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plan, is the 2017 “2017 three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Stock-based compensation expense, gross $ 4 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 3 All shares of common stock and Class A common stock underlying Restricted stock, restricted stock units and performance awards are counted as issued at target levels under the 2017 During the three March 31, 2021, 2017 ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, of which 32,118 shares will vest on each of January 31, 2022 2023 January 31, 2024; ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● 247,497 shares of restricted common stock with a grant date fair value per share of $18.21 to certain employees, of which 82,499 shares will vest on each of January 31, 2022, 2023 2024; ● 48,545 shares of restricted common stock with a grant date fair value per share of $18.21 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● restricted stock units representing 95,115 shares of our common stock, to certain employees, which will vest on March 1, 2022; ● 40,715 vested shares of our Class A common stock with a grant date fair value per share of $19.87 to an employee, upon the achievement of certain performance measures. During the three March 31, 2020, 2017 ● 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 vested on January 31, 2021, January 31, 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 vested on January 31, 2021, January 31, 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 vested on March 1, 2021, March 1, 2022 2023. A summary of restricted common stock and Class A common stock activities for the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 296,042 18.21 248,543 21.69 Forfeited - - (85,630 ) 15.53 Vested (502,241 ) 16.10 (260,004 ) 14.20 Outstanding - end of period 711,334 $ 17.94 880,456 $ 17.57 Restricted Class A common stock: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 17.67 166,814 19.87 Vested (248,539 ) 15.00 (136,056 ) 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 19.05 90,184 18.92 Vested (60,052 ) 18.92 - - Outstanding - end of period 125,247 $ 19.02 488,184 $ 18.34 ( 1 |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Leases, Lessee Disclosure [Text Block] | 9. 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 March 31, 2021, 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 three March 31, 2021. As of March 31, 2021, three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Lease expense Operating lease expense $ 3 $ 3 Short-term lease expense 1 1 Total lease expense $ 4 $ 4 The maturities of operating lease liabilities as of March 31, 2021, 2021 five Year ending December 31, Operating Leases Remainder of 2021 $ 8 2022 10 2023 8 2024 8 2025 7 Thereafter 42 Total lease payments $ 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Legal Proceedings and Claims. not Pending Acquisitions. 3. 14. |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. Goodwill and Intangible Assets A summary of changes in our goodwill and other intangible assets, on a net basis, for the three March 31, 2021 Net Balance at Net Balance at December 31, March 31, 2020 Net Additions Impairments Amortization 2021 Goodwill $ 1,460 $ 6 $ - $ - $ 1,466 Broadcast licenses 3,579 5 - - 3,584 Finite-lived intangible assets 395 7 - (26 ) 376 Total intangible assets net of accumulated amortization $ 5,434 $ 18 $ - $ (26 ) $ 5,426 A summary of the changes in our goodwill, on a gross basis, for the three March 31, 2021, As of As of December 31, March 31, 2020 Net Additions Impairments 2021 Goodwill, gross $ 1,559 $ 6 $ - $ 1,565 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 6 $ - $ 1,466 As of March 31, 2021 December 31, 2020, As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,638 $ (54 ) $ 3,584 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,466 - 1,466 1,460 - 1,460 $ 5,104 $ (54 ) $ 5,050 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 67 $ (31 ) $ 36 $ 67 $ (28 ) $ 39 Other finite-lived intangible assets 651 (311 ) 340 644 (288 ) 356 $ 718 $ (342 ) $ 376 $ 711 $ (316 ) $ 395 Total intangible assets $ 5,822 $ (396 ) $ 5,426 $ 5,804 $ (370 ) $ 5,434 Amortization expense for each of the three March 31, 2021 2020 2021 $77 five 2022, 2023, 2024, 2025, 2026, $17 may |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. For the three March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Income tax expense $ 15 $ 18 Effective income tax rate 28 % 25 % 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 three March 31, 2021, 5%; three March 31, 2020, 5%; 1%; During the first 2021, no 2021, March 31, 2021, 2023 2037. On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, |
Note 13 - Segment Information
Note 13 - Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company operates in two 94 Production As of and for the three months ended March 31, 2021: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 530 $ 14 $ - $ 544 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 361 17 18 396 Depreciation and amortization 47 3 1 51 Gain on disposal of assets, net (4 ) - - (4 ) Operating expenses 404 20 19 443 Operating income (loss) $ 126 $ (6 ) $ (19 ) $ 101 Interest expense $ - $ - $ 48 $ 48 Capital expenditures (excluding business combinations) $ 13 $ - $ - $ 13 Goodwill $ 1,425 $ 41 $ - $ 1,466 Total Assets $ 6,613 $ 123 $ 924 $ 7,660 For the three months ended March 31, 2020: Revenue (less agency commissions) $ 515 $ 19 $ - $ 534 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 335 19 15 369 Depreciation and amortization 43 3 1 47 Gain on disposal of assets, net (6 ) - - (6 ) Operating expenses 372 22 16 410 Operating income (loss) $ 143 $ (3 ) $ (16 ) $ 124 Interest expense $ - $ - $ 52 $ 52 Capital expenditures (excluding business combinations) $ 27 $ - $ - $ 27 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total Assets $ 6,631 $ 141 $ 871 $ 7,643 |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Acquisition of Doraville Land. April 7, 2021 Acquisition of Meredith May 3, 2021, fourth 2021. 17 12 11 one The merger agreement contains certain termination rights for both parties. Upon termination under specific circumstances, Meredith would be required to pay us a termination fee of $36 million, including in the event that Meredith enters into a definitive agreement with respect to a superior proposal or an adverse recommendation is issued by Meredith’s board of directors with respect to the transaction. If the required Meredith shareholder vote is not not Also on May 3, 2021, “2021 “2021 2021 2019 2021 2021 second 2021 2019 The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Investment, Policy [Policy Text Block] | Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. 19” |
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 March 31, 2021 2020, Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. March 31, 2021 December 31, 2020, three March 31, 2021 2020 March 31, 2021 December 31, 2020 March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737 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 gain or loss is reflected in income or expense for the period. In April 2017, $1.7 March 2018 $1.0 $750 may 48 37 2017 2021. 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 March 31, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27 |
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 of the COVID- 19 not March 31, 2021. The following table provides a roll-forward 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): Three Months Ended March 31, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12 |
New Accounting Pronouncements, Policy [Policy Text Block] | In January 2021, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and statements of cash flows have also been reclassified to conform to the current presentation. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended March 31, 2021 2020 Weighted-average common shares outstanding-basic 94 98 Common stock equivalents for stock options and restricted stock 1 1 Weighted-average common shares outstanding-diluted 95 99 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2021 2020 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) |
Property, Plant and Equipment [Table Text Block] | Estimated March 31, December 31, Useful Lives 2021 2020 (in years) Property and equipment: Land $ 124 $ 123 Buildings and improvements 306 305 7 to 40 Equipment 850 834 3 to 20 1,280 1,262 Accumulated depreciation (550 ) (525 ) Total property and equipment, net $ 730 $ 737 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended March 31, 2021 2020 Gain on disposal of fixed assets, net: Proceeds from sale of assets $ - $ (1 ) Proceeds from Repack (4 ) (6 ) Net book value of assets disposed 1 1 Other (1 ) - Total $ (4 ) $ (6 ) Purchase of property and equipment: Recurring purchases - operations $ 12 $ 21 Repack 1 6 Total $ 13 $ 27 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2021 March 31, 2020 Beginning balance $ 10 $ 11 Provision for credit losses - 1 Amounts written off - - Amounts recovered from previous write-offs - - Ending balance $ 10 $ 12 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Market and service type: Broadcast advertising: Local $ 203 $ 199 National 57 51 Political 9 36 Total advertising 269 286 Retransmission consent 247 213 Production companies 14 19 Other 14 16 Total revenue $ 544 $ 534 Sales Channel: Direct $ 357 $ 327 Advertising agency intermediary 187 207 Total revenue $ 544 $ 534 |
Note 3 - Acquisitions (Tables)
Note 3 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (33 ) (34 ) Unamortized deferred loan costs - 2026 Notes (6 ) (6 ) Unamortized deferred loan costs - 2027 Notes (10 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less current portion and deferred financing costs $ 3,976 $ 3,974 Borrowing availability under 2019 Revolving Credit Facility $ 299 $ 200 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Stock-based compensation expense, gross $ 4 $ 4 Income tax benefit at our statutory rate associated with stock-based compensation (1 ) (1 ) Stock-based compensation expense, net $ 3 $ 3 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Three Months Ended March 31, 2021 2020 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 296,042 18.21 248,543 21.69 Forfeited - - (85,630 ) 15.53 Vested (502,241 ) 16.10 (260,004 ) 14.20 Outstanding - end of period 711,334 $ 17.94 880,456 $ 17.57 Restricted Class A common stock: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 17.67 166,814 19.87 Vested (248,539 ) 15.00 (136,056 ) 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 19.05 90,184 18.92 Vested (60,052 ) 18.92 - - Outstanding - end of period 125,247 $ 19.02 488,184 $ 18.34 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Lease expense Operating lease expense $ 3 $ 3 Short-term lease expense 1 1 Total lease expense $ 4 $ 4 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2021 $ 8 2022 10 2023 8 2024 8 2025 7 Thereafter 42 Total lease payments $ 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59 |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block] | Net Balance at Net Balance at December 31, March 31, 2020 Net Additions Impairments Amortization 2021 Goodwill $ 1,460 $ 6 $ - $ - $ 1,466 Broadcast licenses 3,579 5 - - 3,584 Finite-lived intangible assets 395 7 - (26 ) 376 Total intangible assets net of accumulated amortization $ 5,434 $ 18 $ - $ (26 ) $ 5,426 As of As of December 31, March 31, 2020 Net Additions Impairments 2021 Goodwill, gross $ 1,559 $ 6 $ - $ 1,565 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 6 $ - $ 1,466 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of March 31, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,638 $ (54 ) $ 3,584 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,466 - 1,466 1,460 - 1,460 $ 5,104 $ (54 ) $ 5,050 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 67 $ (31 ) $ 36 $ 67 $ (28 ) $ 39 Other finite-lived intangible assets 651 (311 ) 340 644 (288 ) 356 $ 718 $ (342 ) $ 376 $ 711 $ (316 ) $ 395 Total intangible assets $ 5,822 $ (396 ) $ 5,426 $ 5,804 $ (370 ) $ 5,434 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, 2021 2020 Income tax expense $ 15 $ 18 Effective income tax rate 28 % 25 % |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the three months ended March 31, 2021: Broadcast Companies Other Consolidated Revenue (less agency commissions) $ 530 $ 14 $ - $ 544 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 361 17 18 396 Depreciation and amortization 47 3 1 51 Gain on disposal of assets, net (4 ) - - (4 ) Operating expenses 404 20 19 443 Operating income (loss) $ 126 $ (6 ) $ (19 ) $ 101 Interest expense $ - $ - $ 48 $ 48 Capital expenditures (excluding business combinations) $ 13 $ - $ - $ 13 Goodwill $ 1,425 $ 41 $ - $ 1,466 Total Assets $ 6,613 $ 123 $ 924 $ 7,660 For the three months ended March 31, 2020: Revenue (less agency commissions) $ 515 $ 19 $ - $ 534 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 335 19 15 369 Depreciation and amortization 43 3 1 47 Gain on disposal of assets, net (6 ) - - (6 ) Operating expenses 372 22 16 410 Operating income (loss) $ 143 $ (3 ) $ (16 ) $ 124 Interest expense $ - $ - $ 52 $ 52 Capital expenditures (excluding business combinations) $ 27 $ - $ - $ 27 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total Assets $ 6,631 $ 141 $ 871 $ 7,643 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted-average common shares outstanding-basic (in shares) | 94 | 98 |
Common stock equivalents for stock options and restricted stock (in shares) | 1 | 1 |
Weighted-average common shares outstanding-diluted (in shares) | 95 | 99 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Increase in pension liability | $ (52) | $ (52) |
Income tax benefit | (13) | (13) |
Accumulated other comprehensive loss | $ (39) | $ (39) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2021 | |
Property and equipment, gross | $ 1,262 | $ 1,280 |
Accumulated depreciation | (525) | (550) |
Total property and equipment, net | 737 | 730 |
Land [Member] | ||
Property and equipment, gross | 123 | 124 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 305 | 306 |
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 | $ 834 | $ 850 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from sale of assets | $ 0 | $ (1) |
Proceeds from Repack | (4) | (6) |
Net book value of assets disposed | 1 | 1 |
Other | (1) | 0 |
Gain on disposal of assets, net | (4) | (6) |
Recurring purchases - operations | 12 | 21 |
Repack | 1 | 6 |
Total | $ 13 | $ 27 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning balance | $ 10 | $ 11 |
Provision for credit losses | 0 | 1 |
Amounts written off | 0 | 0 |
Amounts recovered from previous write-offs | 0 | 0 |
Ending balance | $ 10 | $ 12 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 21 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 8 | $ 21 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 544 | $ 534 |
Sales Channel, Directly to Consumer [Member] | ||
Revenue | 357 | 327 |
Sales Channel, Through Intermediary [Member] | ||
Revenue | 187 | 207 |
Local Advertising [Member] | ||
Revenue | 203 | 199 |
National Advertising [Member] | ||
Revenue | 57 | 51 |
Political Advertising [Member] | ||
Revenue | 9 | 36 |
Advertising [Member] | ||
Revenue | 269 | 286 |
Retransmission Consent [Member] | ||
Revenue | 247 | 213 |
Production Companies [Member] | ||
Revenue | 14 | 19 |
Service, Other [Member] | ||
Revenue | $ 14 | $ 16 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Millions | Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 29, 2021 |
Quincy Television Stations in Seven Markets [Member] | Subsequent Event [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 380 | |||
The 2020 Acquisitions [Member] | ||||
Payments to Acquire Businesses, Gross | $ 24 | |||
The 2020 Acquisitions [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||
The 2020 Acquisitions [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |||
Quincy [Member] | ||||
Payments to Acquire Businesses, Gross | $ 925 | |||
Business Combination, Consideration Transferred, Total | 925 | |||
Business Acquisition, Termination Option, Fee | $ 25 |
Note 3 - Acquisitions - Acquisi
Note 3 - Acquisitions - Acquisitions (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Operating lease right of use asset | $ 1 | |
Goodwill | 1,466 | $ 1,460 |
Other liabilities | (1) | |
Alaska Transactions [Member] | ||
Property and equipment | 6 | |
Goodwill | 6 | |
Broadcast licenses | 5 | |
Other intangible assets | 7 | |
Total | $ 24 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Feb. 19, 2021 | Jan. 02, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 32,000 | $ 39,000 | ||
Interest Costs Capitalized | $ 0 | $ 0 | ||
2026 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||
2030 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||
The Amended 2019 Senior Credit Facility [Member] | ||||
Debt Instrument, Commitments | $ 2,100,000 | |||
The Amended 2019 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | ||||
Debt Instrument, Commitments | 595,000 | |||
The Amended 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | ||||
Debt Instrument, Commitments | 1,200,000 | |||
The Amended 2019 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000 | $ 200,000 | ||
Debt Instrument, Commitments | $ 299,000 | |||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | |||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% |
Note 4 - Long-term Debt - Long-
Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 4,035 | $ 4,035 |
Unamortized premium | 3 | 3 |
Long-term debt, less current portion and deferred financing costs | 3,976 | 3,974 |
Borrowing availability under 2019 Revolving Credit Facility | 299 | 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 |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (6) | (6) |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (10) | (10) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (13) | (14) |
The 2019 Senior Credit Facility [Member] | ||
Long-term debt, gross | 1,785 | |
Unamortized deferred loan costs | $ (33) | $ (34) |
Note 4 - Long-term Debt - Aggre
Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Remainder of 2021 | $ 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 595 | |
2025 | 0 | |
2026 | 1,890 | |
Thereafter | 1,550 | |
Total Debt | 4,035 | $ 4,035 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 595 | |
2025 | 0 | |
2026 | 1,190 | |
Thereafter | 0 | |
Total Debt | 1,785 | |
2026 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 750 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 800 | |
Total Debt | $ 800 | $ 800 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 3,976 | $ 3,974 |
Long-term Debt, Fair Value | $ 4,100 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | Feb. 24, 2021$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2020shares |
Capital Units, Authorized (in shares) | 245,000,000 | |||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | ||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | |||
Common Stock, Voting Rights, Votes Per Share | 1 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | $ 0 | ||
Dividends, Common Stock, Total | $ | $ 8,000 | $ 8,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,260,467 | 4,006,948 | ||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 0 | 6,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 204,000 | |||
Common Class A [Member] | ||||
Common Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | ||
Common Stock, Voting Rights, Votes Per Share | 10 | |||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | |||
Dividends, Common Stock, Total | $ | $ 0 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,103,015 | 1,336,440 |
Note 7 - Retirement Plans (Deta
Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Profit Sharing Contribution [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 5 | $ 7 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 8 | |
Pension Plan [Member] | Gray Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 4 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 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] | 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] | Common Class A [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 96,355 | 83,407 |
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) | $ 17.20 | $ 19.87 |
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 | |
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 | |
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 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 95,115 | 90,184 |
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) | $ 19.05 | $ 18.92 |
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) | 48,545 | |
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) | $ 18.21 | |
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [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) | 32,118 | |
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [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) | 32,119 | |
Restricted Stock Units (RSUs) [Member] | Certain Employees [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] | Certain Employees [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) | 82,499 | 60,052 |
Restricted Stock Units (RSUs) [Member] | Certain Employees [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) | 95,115 | |
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 | |
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 | |
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) | 96,355 | 83,407 |
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) | $ 17.20 | $ 19.87 |
Performance Based Restricted Stock [Member] | Certain Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,497 | |
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) | $ 18.21 | |
Employee [Member] | Performance Based Restricted Stock [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) | 40,715 | |
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 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation expense, gross | $ 4 | $ 4 |
Income tax benefit at our statutory rate associated with stock-based compensation | (1) | (1) |
Stock-based compensation expense, net | $ 3 | $ 3 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | 917,533 | 977,547 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 16.84 | $ 15.45 | |
Granted, Shares (in shares) | 296,042 | 248,543 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 18.21 | $ 21.69 | |
Forfeited, Shares (in shares) | 0 | (85,630) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 0 | $ 15.53 | |
Vested, Shares (in shares) | (502,241) | (260,004) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 16.10 | $ 14.20 | |
Outstanding, Shares (in shares) | 711,334 | 880,456 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 17.94 | $ 17.57 | |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 480,042 | 449,284 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 16.10 | $ 13.55 | |
Granted, Shares (in shares) | [1] | 233,425 | 166,814 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 17.67 | $ 19.87 | |
Vested, Shares (in shares) | (248,539) | (136,056) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 15 | $ 12.32 | |
Outstanding, Shares (in shares) | 464,928 | 480,042 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 17.47 | $ 16.10 | |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 90,184 | 398,000 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 18.92 | $ 18.21 | |
Granted, Shares (in shares) | 95,115 | 90,184 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 19.05 | $ 18.92 | |
Vested, Shares (in shares) | (60,052) | 0 | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.92 | $ 0 | |
Outstanding, Shares (in shares) | 125,247 | 488,184 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.02 | $ 18.34 | |
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Mar. 31, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 11 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.73% |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 99 years |
Note 9 - Leases - Lease Expense
Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease expense | $ 3 | $ 3 |
Short-term lease expense | 1 | 1 |
Total lease expense | $ 4 | $ 4 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Mar. 31, 2021USD ($) |
Remainder of 2021 | $ 8 |
2022 | 10 |
2023 | 8 |
2024 | 8 |
2025 | 7 |
Thereafter | 42 |
Total lease payments | 83 |
Less: Imputed interest | (24) |
Present value of lease liabilities | $ 59 |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 26 | $ 26 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 77 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 99 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 93 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 27 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 18 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 17 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill | $ 1,460 | |
Goodwill, Net additions | 6 | |
Goodwill | 1,466 | |
Broadcast licenses | 3,579 | |
Broadcast licenses | 3,584 | |
Finite-lived intangible assets | 395 | |
Finite-lived intangible assets, Net additions | 7 | |
Amortization of Intangible Assets | (26) | $ (26) |
Finite-lived intangible assets | 376 | |
Total intangible assets net of accumulated amortization | 5,434 | |
Total intangible assets net of accumulated amortization, Net additions | 18 | |
Total intangible assets net of accumulated amortization | 5,426 | |
Goodwill, gross | 1,559 | |
Goodwill, impairments | 0 | |
Goodwill, gross | 1,565 | |
Accumulated goodwill impairment | (99) | |
Accumulated goodwill impairment | (99) | |
Broadcast Licenses [Member] | ||
Broadcast licenses | 3,579 | |
Broadcast licenses, Net additions | 5 | |
Broadcast licenses | $ 3,584 |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill, Gross | $ 1,565 | $ 1,559 |
Goodwill | 1,466 | 1,460 |
Other intangible assets, net | 376 | 395 |
Total intangible assets | 5,822 | 5,804 |
Total intangible assets | (396) | (370) |
Total intangible assets | 5,426 | 5,434 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 67 | 67 |
Finite-Lived Intangible Assets, Accumulated Amortization | (31) | (28) |
Other intangible assets, net | 36 | 39 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 651 | 644 |
Finite-Lived Intangible Assets, Accumulated Amortization | (311) | (288) |
Other intangible assets, net | 340 | 356 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 718 | 711 |
Finite-Lived Intangible Assets, Accumulated Amortization | (342) | (316) |
Other intangible assets, net | 376 | 395 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 3,638 | 3,633 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,584 | 3,579 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 1,466 | 1,460 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill | 1,466 | 1,460 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 5,104 | 5,093 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) |
Goodwill and Indefinite-Lived Assets, Net | $ 5,050 | $ 5,039 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 28.00% | 25.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | 5.00% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 2.00% | ||
Income Taxes Paid, Net, Total | $ 28 | ||
Proceeds from Income Tax Refunds | $ 21 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 204 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 567 | ||
Share-based Payment Arrangement, Option [Member] | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 1.00% | ||
Restricted Stock [Member] | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | (2.00%) |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income tax expense | $ 15 | $ 18 |
Effective income tax rate | 28.00% | 25.00% |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Operating Segments | 2 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue (less agency commissions) | $ 544 | $ 534 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 396 | 369 | |
Depreciation and amortization | 51 | 47 | |
Gain on disposal of assets, net | (4) | (6) | |
Operating expenses | 443 | 410 | |
Operating income (loss) | 101 | 124 | |
Interest expense | 48 | 52 | |
Capital expenditures (excluding business combinations) | 13 | 27 | |
Goodwill | 1,466 | $ 1,460 | |
Total Assets | 7,660 | 7,643 | |
Corporate, Non-Segment [Member] | |||
Revenue (less agency commissions) | 0 | 0 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 18 | 15 | |
Depreciation and amortization | 1 | 1 | |
Gain on disposal of assets, net | 0 | 0 | |
Operating expenses | 19 | 16 | |
Operating income (loss) | (19) | (16) | |
Interest expense | 48 | 52 | |
Capital expenditures (excluding business combinations) | 0 | 0 | |
Goodwill | 0 | 0 | |
Total Assets | 924 | 871 | |
Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | 530 | 515 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 361 | 335 | |
Depreciation and amortization | 47 | 43 | |
Gain on disposal of assets, net | (4) | (6) | |
Operating expenses | 404 | 372 | |
Operating income (loss) | 126 | 143 | |
Interest expense | 0 | 0 | |
Capital expenditures (excluding business combinations) | 13 | 27 | |
Goodwill | 1,425 | 1,419 | |
Total Assets | 6,613 | 6,631 | |
Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 14 | 19 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 17 | 19 | |
Depreciation and amortization | 3 | 3 | |
Gain on disposal of assets, net | 0 | 0 | |
Operating expenses | 20 | 22 | |
Operating income (loss) | (6) | (3) | |
Interest expense | 0 | 0 | |
Capital expenditures (excluding business combinations) | 0 | $ 0 | |
Goodwill | 41 | 41 | |
Total Assets | $ 123 | $ 141 |
Note 14 - Subsequent Event (Det
Note 14 - Subsequent Event (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 03, 2021 | Apr. 07, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Payments to Acquire Property, Plant, and Equipment, Total | $ 13 | $ 27 | ||
Subsequent Event [Member] | The 2021 Term Loan [Member] | ||||
Debt Instrument, Face Amount | $ 1,450 | |||
Subsequent Event [Member] | The 2021 Bridge Facility [Member] | ||||
Debt Instrument, Face Amount | $ 1,350 | |||
Subsequent Event [Member] | Meredith Corporation [Member] | ||||
Business Acquisition, Share Price (in dollars per share) | $ 14.50 | |||
Business Combination, Consideration Transferred, Total | $ 2,700 | |||
Business Combination, Termination Fee Receivable | 36 | |||
Business Combination, Termination Fee | $ 125 | |||
Subsequent Event [Member] | GEORGIA | Land [Member] | ||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 83 |