Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 7,573,222 | |
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 | 85,521,216 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash | $ 162 | $ 189 |
Accounts receivable, less allowance for credit losses of $15 and $16, respectively | 614 | 624 |
Current portion of program broadcast rights, net | 11 | 35 |
Income tax refunds receivable | 21 | 21 |
Prepaid income taxes | 107 | 40 |
Prepaid and other current assets | 36 | 54 |
Total current assets | 951 | 963 |
Property and equipment, net | 1,260 | 1,165 |
Operating leases right of use asset | 70 | 70 |
Broadcast licenses | 5,314 | 5,303 |
Goodwill | 2,657 | 2,649 |
Other intangible assets, net | 739 | 825 |
Investments in broadcasting and technology companies | 120 | 117 |
Other | 12 | 16 |
Total assets | 11,123 | 11,108 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 66 | 59 |
Employee compensation and benefits | 88 | 97 |
Accrued interest | 53 | 52 |
Accrued network programming fees | 39 | 34 |
Other accrued expenses | 39 | 44 |
Federal and state income taxes | 17 | 10 |
Current portion of program broadcast obligations | 12 | 37 |
Deferred revenue | 22 | 14 |
Dividends payable | 14 | 13 |
Current portion of operating lease liabilities | 9 | 9 |
Current portion of long-term debt | 15 | 15 |
Total current liabilities | 374 | 384 |
Long-term debt, less current portion and deferred financing costs | 6,690 | 6,740 |
Program broadcast obligations, less current portion | 2 | 5 |
Deferred income taxes | 1,471 | 1,471 |
Accrued pension costs | 21 | 24 |
Operating lease liabilities, less current portion | 63 | 63 |
Other | 14 | 14 |
Total liabilities | 8,635 | 8,701 |
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: | ||
Retained earnings | 988 | 869 |
Accumulated other comprehensive loss, net of income tax benefit | (27) | (27) |
Stockholders' equity before treasury stock | 2,145 | 2,008 |
Total stockholders’ equity | 1,838 | 1,757 |
Total liabilities and stockholders’ equity | 11,123 | 11,108 |
Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 1,141 | 1,127 |
Treasury stock at cost | (277) | (223) |
Class A Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 43 | 39 |
Treasury stock at cost | $ (30) | $ (28) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for credit losses | $ 15 | $ 16 |
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, shares authorized (in shares) | 200,000,000 | |
Common Stock (No Par Value) [Member] | ||
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) | 105,104,057 | 104,286,324 |
Common stock, shares outstanding (in shares) | 85,521,216 | 87,539,056 |
Treasury stock (in shares) | 19,582,841 | 16,747,268 |
Class A Common Stock (No Par Value) [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) | 9,675,139 | 9,424,691 |
Common stock, shares outstanding (in shares) | 7,573,222 | 7,426,512 |
Treasury stock (in shares) | 2,101,917 | 1,998,179 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue (less agency commissions) | $ 868 | $ 547 | $ 1,695 | $ 1,091 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||||
Depreciation | 63 | 50 | ||
Amortization of intangible assets | 104 | 53 | ||
Operating expenses | 650 | 439 | 1,313 | 882 |
Operating income | 218 | 108 | 382 | 209 |
Other expense: | ||||
Miscellaneous expense, net | 0 | (7) | (2) | (6) |
Interest expense | (81) | (47) | (160) | (95) |
Income before income taxes | 137 | 54 | 220 | 108 |
Income tax expense | 38 | 15 | 59 | 30 |
Net income | 99 | 39 | 161 | 78 |
Preferred stock dividends | 13 | 13 | 26 | 26 |
Net income attributable to common stockholders | $ 86 | $ 26 | $ 135 | $ 52 |
Basic per share information: | ||||
Net income attributable to common stockholders (in dollars per share) | $ 0.92 | $ 0.27 | $ 1.45 | $ 0.55 |
Weighted-average shares outstanding (in shares) | 93 | 95 | 93 | 94 |
Diluted per share information: | ||||
Net income attributable to common stockholders (in dollars per share) | $ 0.91 | $ 0.27 | $ 1.44 | $ 0.55 |
Weighted-average shares outstanding (in shares) | 94 | 95 | 94 | 95 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
Broadcasting, Segment [Member] | ||||
Revenue (less agency commissions) | $ 855 | $ 537 | $ 1,659 | $ 1,067 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||||
Cost of goods and services sold | 528 | 354 | 1,058 | 715 |
Operating expenses | 1,212 | 805 | ||
Operating income | 447 | 262 | ||
Other expense: | ||||
Interest expense | 0 | 0 | ||
Production Companies, Segment [Member] | ||||
Revenue (less agency commissions) | 13 | 10 | 36 | 24 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||||
Cost of goods and services sold | 14 | 9 | 40 | 26 |
Operating expenses | 46 | 32 | ||
Operating income | (10) | (8) | ||
Other expense: | ||||
Interest expense | 0 | 0 | ||
Other Segments [Member] | ||||
Revenue (less agency commissions) | 0 | 0 | ||
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | ||||
Corporate and administrative | 25 | 25 | 53 | 43 |
Depreciation | 31 | 25 | 63 | 50 |
Amortization of intangible assets | 52 | 27 | 104 | 53 |
Gain on disposal of assets, net | $ 0 | $ (1) | (5) | (5) |
Operating expenses | 55 | 45 | ||
Operating income | (55) | (45) | ||
Other expense: | ||||
Interest expense | $ (160) | $ (95) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | 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] | Total |
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 | $ 1,110 | $ 862 | $ (26) | $ (188) | $ (39) | $ 1,753 | ||||||||||||||
Net income | 0 | 0 | 39 | 0 | 0 | 0 | 39 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (8) | $ 0 | $ 0 | 0 | (8) | ||||||||||||||
401(k) Plan (in shares) | 0 | 390,389 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 7 | 0 | $ 0 | $ 0 | 0 | 7 | ||||||||||||||
Restricted stock awards (in shares) | 233,425 | 296,042 | (110,412) | (239,597) | 0 | 60,050 | 0 | (18,275) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (2) | $ (4) | $ 0 | $ (6) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) | |||||||
Stock-based compensation | $ 1 | $ 2 | 0 | $ 0 | $ 0 | 0 | 3 | ||||||||||||||
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 | $ 1,119 | 880 | $ (28) | $ (193) | (39) | 1,774 | ||||||||||||||
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 | $ 1,110 | 862 | $ (26) | $ (188) | (39) | 1,753 | ||||||||||||||
Net income | 78 | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 9,169,198 | 103,898,352 | (1,998,179) | (15,235,460) | |||||||||||||||||
Balance at Jun. 30, 2021 | $ 36 | $ 1,122 | 899 | $ (28) | $ (193) | (39) | 1,797 | ||||||||||||||
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 | $ 1,119 | 880 | $ (28) | $ (193) | (39) | 1,774 | ||||||||||||||
Net income | 0 | 0 | 39 | 0 | 0 | 0 | 39 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (7) | $ 0 | $ 0 | 0 | (7) | ||||||||||||||
401(k) Plan (in shares) | 0 | 3,655 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Restricted stock awards (in shares) | 0 | 47,360 | 0 | (16,991) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | $ 1 | $ 3 | 0 | $ 0 | $ 0 | 0 | 4 | ||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 9,169,198 | 103,898,352 | (1,998,179) | (15,235,460) | |||||||||||||||||
Balance at Jun. 30, 2021 | $ 36 | $ 1,122 | 899 | $ (28) | $ (193) | (39) | 1,797 | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 9,424,691 | 104,286,324 | (1,998,179) | (16,747,268) | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 39 | $ 1,127 | 869 | $ (28) | $ (223) | (27) | 1,757 | ||||||||||||||
Net income | 0 | 0 | 62 | 0 | 0 | 0 | 62 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (8) | $ 0 | $ 0 | 0 | (8) | ||||||||||||||
401(k) Plan (in shares) | 0 | 307,885 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 7 | 0 | $ 0 | $ 0 | 0 | 7 | ||||||||||||||
Restricted stock awards (in shares) | 250,448 | 333,382 | (103,738) | (138,959) | 0 | 108,921 | 0 | (32,958) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (2) | $ (3) | $ 0 | $ (5) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) | |||||||
Stock-based compensation | $ 2 | $ 3 | 0 | $ 0 | $ 0 | 0 | 5 | ||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 9,675,139 | 105,036,512 | (2,101,917) | (16,919,185) | |||||||||||||||||
Balance at Mar. 31, 2022 | $ 41 | $ 1,137 | 910 | $ (30) | $ (227) | (27) | 1,804 | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 9,424,691 | 104,286,324 | (1,998,179) | (16,747,268) | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 39 | $ 1,127 | 869 | $ (28) | $ (223) | (27) | 1,757 | ||||||||||||||
Net income | 161 | ||||||||||||||||||||
Common stock dividends | (15) | ||||||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 9,675,139 | 105,104,057 | (2,101,917) | (19,582,841) | |||||||||||||||||
Balance at Jun. 30, 2022 | $ 43 | $ 1,141 | 988 | $ (30) | $ (277) | (27) | 1,838 | ||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 9,675,139 | 105,036,512 | (2,101,917) | (16,919,185) | |||||||||||||||||
Balance at Mar. 31, 2022 | $ 41 | $ 1,137 | 910 | $ (30) | $ (227) | (27) | 1,804 | ||||||||||||||
Net income | 0 | 0 | 99 | 0 | 0 | 0 | 99 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (8) | $ 0 | $ 0 | 0 | (8) | ||||||||||||||
Restricted stock awards (in shares) | 0 | 67,545 | 0 | (17,463) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | $ 2 | $ 4 | 0 | $ 0 | $ 0 | 0 | 6 | ||||||||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (2,646,193) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (50) | 0 | (50) | ||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 9,675,139 | 105,104,057 | (2,101,917) | (19,582,841) | |||||||||||||||||
Balance at Jun. 30, 2022 | $ 43 | $ 1,141 | $ 988 | $ (30) | $ (277) | $ (27) | $ 1,838 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 161 | $ 78 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 63 | 50 |
Amortization of intangible assets | 104 | 53 |
Amortization of deferred loan costs | 8 | 6 |
Amortization of restricted stock awards | 11 | 7 |
Amortization of program broadcast rights | 25 | 17 |
Payments on program broadcast obligations | (26) | (18) |
Common stock contributed to 401(k) plan | 0 | 1 |
Deferred income taxes | 0 | 21 |
Gain on disposal of assets, net | (5) | (5) |
Other | 6 | 1 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10 | 17 |
Income taxes receivable or prepaid | (67) | (9) |
Other current assets | 18 | 51 |
Accounts payable | 7 | 23 |
Employee compensation, benefits and pension cost | (8) | 13 |
Accrued network fees and other expenses | 7 | (34) |
Accrued interest | 1 | 0 |
Income taxes payable | 7 | (20) |
Deferred revenue | 8 | (14) |
Net cash provided by operating activities | 330 | 238 |
Investing activities: | ||
Acquisitions of television businesses and licenses, net of cash acquired | (40) | (41) |
Purchases of property and equipment | (159) | (121) |
Proceeds from asset sales | 2 | 3 |
Proceeds from Repack reimbursement (Note 1) | 5 | 7 |
Investment in broadcast, production and technology companies | (9) | (25) |
Net cash used in investing activities | (201) | (177) |
Financing activities: | ||
Repayments of borrowings on long-term debt | (58) | 0 |
Repurchase of common stock | (50) | 0 |
Payment of common stock dividends | (16) | (15) |
Payment of preferred stock dividends | (26) | (26) |
Deferred and other loan costs | 0 | (1) |
Payment of taxes related to net share settlement of equity awards | (6) | (7) |
Net cash used in financing activities | (156) | (49) |
Net (decrease) increase in cash | (27) | 12 |
Cash at beginning of period | 189 | 773 |
Cash at end of period | $ 162 | $ 785 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021, December 31, 2021, June 30, 2022 June 30, 2022 2021, 10 10 X. not two not 10 December 31, 2021 ( “2021 10 three six June 30, 2022, not may December 31, 2022. Overview. 113 36 first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not Use of Estimates. 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, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Weighted-average shares outstanding-basic 93 95 93 94 Common stock equivalents for stock options and restricted shares 1 - 1 1 Weighted-average shares outstanding-diluted 94 95 94 95 Accumulated Other Comprehensive Loss. June 30, 2022 December 31, 2021, six June 30, 2022 2021 June 30, 2022 December 31, 2021 June 30, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 ) Property and Equipment. Estimated June 30, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 280 $ 277 Buildings and improvements 455 453 7 to 40 Equipment 972 961 3 to 20 Construction in progress 198 63 1,905 1,754 Accumulated depreciation (645 ) (589 ) Total property and equipment, net $ 1,260 $ 1,165 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, 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, 2022 2021 2022 2021 Gain on disposal of assets, net: Proceeds from sale of assets $ (2 ) $ (3 ) $ (2 ) $ (3 ) Proceeds from FCC - Repack - (3 ) (5 ) (7 ) Net book value of assets disposed 2 4 2 5 Other - 1 - - Total $ - $ (1 ) $ (5 ) $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 67 $ 39 Assembly Atlanta development 92 80 Repack - 2 Total $ 159 $ 121 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 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): Six Months Ended June 30, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) 1 Amounts written off - (1 ) Ending balance $ 15 $ 10 Recent Accounting Pronouncements. March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2020 04, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standard described above, once implemented, certain amounts in our disclosures of revenues have been reclassified to conform to the current presentation. Beginning in 2022, |
Note 2 - Revenue
Note 2 - Revenue | 6 Months Ended |
Jun. 30, 2022 | |
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 sheets. 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 sheets. 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 $13 million of revenue in the six June 30, 2022 December 31, 2021. June 30, 2022 December 31, 2021, Disaggregation of Revenue. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Market and service type: Broadcast Advertising: Core advertising $ 366 $ 279 $ 731 $ 539 Political 90 6 116 15 Total advertising 456 285 847 554 Retransmission consent 382 242 775 489 Production companies 13 10 36 24 Other 17 10 37 24 Total revenue $ 868 $ 547 $ 1,695 $ 1,091 Sales channel: Direct $ 536 $ 358 $ 1,087 $ 715 Advertising agency intermediary 332 189 608 376 Total revenue $ 868 $ 547 $ 1,695 $ 1,091 |
Note 3 - Acquisition
Note 3 - Acquisition | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Acquisition On April 1, 2022, 10 The following table summarizes the preliminary values of the assets acquired and resulting goodwill of the Telemundo Atlanta Transaction (in millions): Accounts receivable, net $ 1 Property and equipment and other assets 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 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 3 to 40 years. Amounts related to network affiliation and 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 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-term Debt As of June 30, 2022 December 31, 2021, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 June 30, December 31, 2022 2021 Long-term debt : 2019 Senior Credit Facility: 2017 Term Loan $ 545 $ 595 2019 Term Loan 1,190 1,190 2021 Term Loan 1,493 1,500 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 2031 Notes 1,300 1,300 Total outstanding principal, including current portion 6,778 6,835 Unamortized deferred loan costs - 2017 Term Loan (6 ) (7 ) Unamortized deferred loan costs - 2019 Term Loan (23 ) (27 ) Unamortized deferred loan costs - 2021 Term Loan (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (4 ) (5 ) Unamortized deferred loan costs - 2027 Notes (8 ) (8 ) Unamortized deferred loan costs - 2030 Notes (12 ) (13 ) Unamortized deferred loan costs - 2031 Notes (17 ) (18 ) Unamortized premium - 2026 Notes 2 3 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,690 $ 6,740 Borrowing availability under Revolving Credit Facility $ 496 $ 497 As of June 30, 2022, 2017 2019 2021 2019 2019 2017 2019 2021 February 7, 2024, January 2, 2026 December 1, 2028, As of June 30, 2022, 2022 5 Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2022 $ 8 $ - $ - $ - $ - $ 8 2023 15 - - - - 15 2024 560 - - - - 560 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 Thereafter 1,410 - - 800 1,300 3,510 Total $ 3,228 $ 700 $ 750 $ 800 $ 1,300 $ 6,778 As of June 30, 2022, no 2019 2026 2027 2030 2031 June 30, 2022 December 31, 2021, For all of our interest bearing obligations, we made interest payments of approximately $153 million and $89 million during the six June 30, 2022 2021, six June 30, 2022, not six June 30, 2021. In the six June 30, 2022, 2021 2017 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 December 31, 2021. At June 30, 2022 December 31, 2021, third 2 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
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 Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record on each of March 15 June 15, 2022 2021, March 31 June 30, 2022 2021. six June 30, 2022 2021 On May 5, 2022, 2022 “2022 2022 2017 2022 may, June 30, 2022, December 31, 2021, During the six June 30, 2022, June 30, 2022, |
Note 7 - Retirement Plans
Note 7 - Retirement Plans | 6 Months Ended |
Jun. 30, 2022 | |
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 condensed consolidated statements of operations. During the six June 30, 2022, not not 2022, During the six June 30, 2022, 2021 401 2021 December 31, 2021. June 30, 2022, 2022, |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
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. The following table provides our stock-based compensation expense and related income tax benefit for the three six June 30, 2022 2021 Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock-based compensation expense, gross $ 6 $ 4 $ 11 $ 7 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) (3 ) (1 ) Stock-based compensation expense, net $ 4 $ 3 $ 8 $ 6 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 2022 A summary of restricted common stock and Class A common stock activity for the six June 30, 2022 2021, Six Months Ended June 30, 2022 June 30, 2021 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) 1,035,728 $ 19.69 917,533 $ 16.84 Granted (1) 400,927 $ 21.68 343,402 $ 18.73 Vested (341,918 ) $ 19.03 (580,963 ) $ 15.48 Outstanding - end of period (1) 1,094,737 $ 20.62 679,972 $ 18.96 Restricted stock - Class A common: Outstanding - beginning of period (1) 720,421 $ 18.22 480,042 $ 16.10 Granted (1) 250,448 $ 20.52 233,425 $ 17.67 Vested (229,758 ) $ 16.99 (248,539 ) $ 15.00 Outstanding - end of period (1) 741,111 $ 19.38 464,928 $ 17.47 Restricted stock units - common stock: Outstanding - beginning of period 125,247 $ 19.02 90,184 $ 18.92 Granted 259,079 $ 23.87 95,115 $ 19.05 Vested (108,921 ) $ 19.03 (60,052 ) $ 18.92 Forfeited (1,260 ) $ 19.05 - $ 0.00 Outstanding - end of period 274,145 $ 23.60 125,247 $ 19.02 ( 1 |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, 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, 2022. As of June 30, 2022, three six June 30, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Lease expense Operating lease expense $ 4 $ 3 $ 8 $ 6 Short-term lease expense - - 1 1 Total lease expense $ 4 $ 3 $ 9 $ 7 The maturities of operating lease liabilities as of June 30, 2022, 2022 five Year ending December 31, Operating Leases Remainder of 2022 $ 7 2023 13 2024 12 2025 11 2026 9 Thereafter 48 Total lease payments 100 Less: Imputed interest (28 ) Present value of lease liabilities $ 72 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Legal Matters not Assembly Atlanta June 1, 2022, Assembly Atlanta is expected to be a 135 43 Under the terms of the lease, NBCU will manage all studio and production facilities on-site within the Assembly Studios complex, including Gray’s own studio facilities and Gray’s Third Rail Studios. This arrangement is expected to leverage NBCU’s extensive experience and expertise in managing studio lots, ensure consistency across all the studio operations and leasing opportunities for third In addition to the Assembly Studios complex, current plans for Assembly Atlanta include mixed use and commercial buildings around a town center concept, when completed in the next five seven third 2022, 2023. |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six June 30, 2022 Net Balance at Net Balance at December 31, Acquisitions June 30, 2021 and Adjustments Impairments Amortization 2022 Goodwill $ 2,649 $ 8 $ - $ - $ 2,657 Broadcast licenses 5,303 11 - - 5,314 Finite-lived intangible assets 825 18 - (104 ) 739 Total intangible assets net of accumulated amortization $ 8,777 $ 37 $ - $ (104 ) $ 8,710 A summary of the changes in our goodwill, on a gross basis, for the six June 30, 2022, As of As of December 31, Acquisitions June 30, 2021 and Adjustments Impairments 2022 Goodwill, gross $ 2,748 $ 8 $ - $ 2,756 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 8 $ - $ 2,657 As of June 30, 2022 December 31, 2021, As of June 30, 2022 As of December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,367 $ (53 ) $ 5,314 $ 5,356 $ (53 ) $ 5,303 Goodwill 2,657 - 2,657 2,649 - 2,649 $ 8,024 $ (53 ) $ 7,971 $ 8,005 $ (53 ) $ 7,952 Intangible assets subject to amortization: Network affiliation agreements $ 218 $ (66 ) $ 152 $ 204 $ (44 ) $ 160 Other definite lived intangible assets 1,055 (468 ) 587 1,051 (386 ) 665 $ 1,273 $ (534 ) $ 739 $ 1,255 $ (430 ) $ 825 Total intangibles $ 9,297 $ (587 ) $ 8,710 $ 9,260 $ (483 ) $ 8,777 Amortization expense for the six June 30, 2022 2021 2022 five 2023, 2024, 2025, 2026, 2027, may |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. For the three six June 30, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income tax expense $ 38 $ 15 $ 59 $ 30 Effective income tax rate 28 % 28 % 27 % 28 % 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, 2022, six June 30, 2021, 5% During the six June 30, 2022, 2022, June 30, 2022, On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, |
Note 13 - Segment Information
Note 13 - Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company operates in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes the production of television content. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions): Production As of and for the six months ended June 30, 2022: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,659 $ 36 $ - $ 1,695 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,058 40 53 1,151 Depreciation and amortization 159 6 2 167 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 1,212 46 55 1,313 Operating income (loss) $ 447 $ (10 ) $ (55 ) $ 382 Interest expense $ - $ - $ 160 $ 160 Capital expenditures (excluding business combinations) $ 66 $ 93 $ - $ 159 Goodwill $ 2,612 $ 45 $ - $ 2,657 Total assets $ 10,570 $ 343 $ 210 $ 11,123 For the six months ended June 30, 2021: Revenue (less agency commissions) $ 1,067 $ 24 $ - $ 1,091 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 715 26 43 784 Depreciation and amortization 95 6 2 103 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 805 32 45 882 Operating income (loss) $ 262 $ (8 ) $ (45 ) $ 209 Interest expense $ - $ - $ 95 $ 95 Capital expenditures (excluding business combinations) $ 28 $ 6 $ 87 $ 121 As of December 31, 2021: Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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. |
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, 2022 2021, Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Weighted-average shares outstanding-basic 93 95 93 94 Common stock equivalents for stock options and restricted shares 1 - 1 1 Weighted-average shares outstanding-diluted 94 95 94 95 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. June 30, 2022 December 31, 2021, six June 30, 2022 2021 June 30, 2022 December 31, 2021 June 30, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Estimated June 30, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 280 $ 277 Buildings and improvements 455 453 7 to 40 Equipment 972 961 3 to 20 Construction in progress 198 63 1,905 1,754 Accumulated depreciation (645 ) (589 ) Total property and equipment, net $ 1,260 $ 1,165 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, 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, 2022 2021 2022 2021 Gain on disposal of assets, net: Proceeds from sale of assets $ (2 ) $ (3 ) $ (2 ) $ (3 ) Proceeds from FCC - Repack - (3 ) (5 ) (7 ) Net book value of assets disposed 2 4 2 5 Other - 1 - - Total $ - $ (1 ) $ (5 ) $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 67 $ 39 Assembly Atlanta development 92 80 Repack - 2 Total $ 159 $ 121 |
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 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): Six Months Ended June 30, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) 1 Amounts written off - (1 ) Ending balance $ 15 $ 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. March 2020, 2020 04, Reference Rate Reform (Topic 848 January 2021, 2020 04, 2021 01, Reference Rate Reform (Topic 848 848. may March 12, 2020, In addition to the accounting standard described above, once implemented, certain amounts in our disclosures of revenues have been reclassified to conform to the current presentation. Beginning in 2022, |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Weighted-average shares outstanding-basic 93 95 93 94 Common stock equivalents for stock options and restricted shares 1 - 1 1 Weighted-average shares outstanding-diluted 94 95 94 95 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2022 2021 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (36 ) $ (36 ) Income tax benefit (9 ) (9 ) Accumulated other comprehensive loss $ (27 ) $ (27 ) |
Property, Plant and Equipment [Table Text Block] | Estimated June 30, December 31, Useful Lives 2022 2021 (in years) Property and equipment: Land $ 280 $ 277 Buildings and improvements 455 453 7 to 40 Equipment 972 961 3 to 20 Construction in progress 198 63 1,905 1,754 Accumulated depreciation (645 ) (589 ) Total property and equipment, net $ 1,260 $ 1,165 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Gain on disposal of assets, net: Proceeds from sale of assets $ (2 ) $ (3 ) $ (2 ) $ (3 ) Proceeds from FCC - Repack - (3 ) (5 ) (7 ) Net book value of assets disposed 2 4 2 5 Other - 1 - - Total $ - $ (1 ) $ (5 ) $ (5 ) Purchase of property and equipment: Recurring purchases - operations $ 67 $ 39 Assembly Atlanta development 92 80 Repack - 2 Total $ 159 $ 121 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Six Months Ended June 30, 2022 2021 Beginning balance $ 16 $ 10 Provision for credit losses (1 ) 1 Amounts written off - (1 ) Ending balance $ 15 $ 10 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Market and service type: Broadcast Advertising: Core advertising $ 366 $ 279 $ 731 $ 539 Political 90 6 116 15 Total advertising 456 285 847 554 Retransmission consent 382 242 775 489 Production companies 13 10 36 24 Other 17 10 37 24 Total revenue $ 868 $ 547 $ 1,695 $ 1,091 Sales channel: Direct $ 536 $ 358 $ 1,087 $ 715 Advertising agency intermediary 332 189 608 376 Total revenue $ 868 $ 547 $ 1,695 $ 1,091 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable, net $ 1 Property and equipment and other assets 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, December 31, 2022 2021 Long-term debt : 2019 Senior Credit Facility: 2017 Term Loan $ 545 $ 595 2019 Term Loan 1,190 1,190 2021 Term Loan 1,493 1,500 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 2031 Notes 1,300 1,300 Total outstanding principal, including current portion 6,778 6,835 Unamortized deferred loan costs - 2017 Term Loan (6 ) (7 ) Unamortized deferred loan costs - 2019 Term Loan (23 ) (27 ) Unamortized deferred loan costs - 2021 Term Loan (5 ) (5 ) Unamortized deferred loan costs - 2026 Notes (4 ) (5 ) Unamortized deferred loan costs - 2027 Notes (8 ) (8 ) Unamortized deferred loan costs - 2030 Notes (12 ) (13 ) Unamortized deferred loan costs - 2031 Notes (17 ) (18 ) Unamortized premium - 2026 Notes 2 3 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,690 $ 6,740 Borrowing availability under Revolving Credit Facility $ 496 $ 497 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2022 $ 8 $ - $ - $ - $ - $ 8 2023 15 - - - - 15 2024 560 - - - - 560 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 Thereafter 1,410 - - 800 1,300 3,510 Total $ 3,228 $ 700 $ 750 $ 800 $ 1,300 $ 6,778 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Stock-based compensation expense, gross $ 6 $ 4 $ 11 $ 7 Income tax benefit at our statutory rate associated with stock-based compensation (2 ) (1 ) (3 ) (1 ) Stock-based compensation expense, net $ 4 $ 3 $ 8 $ 6 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Six Months Ended June 30, 2022 June 30, 2021 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) 1,035,728 $ 19.69 917,533 $ 16.84 Granted (1) 400,927 $ 21.68 343,402 $ 18.73 Vested (341,918 ) $ 19.03 (580,963 ) $ 15.48 Outstanding - end of period (1) 1,094,737 $ 20.62 679,972 $ 18.96 Restricted stock - Class A common: Outstanding - beginning of period (1) 720,421 $ 18.22 480,042 $ 16.10 Granted (1) 250,448 $ 20.52 233,425 $ 17.67 Vested (229,758 ) $ 16.99 (248,539 ) $ 15.00 Outstanding - end of period (1) 741,111 $ 19.38 464,928 $ 17.47 Restricted stock units - common stock: Outstanding - beginning of period 125,247 $ 19.02 90,184 $ 18.92 Granted 259,079 $ 23.87 95,115 $ 19.05 Vested (108,921 ) $ 19.03 (60,052 ) $ 18.92 Forfeited (1,260 ) $ 19.05 - $ 0.00 Outstanding - end of period 274,145 $ 23.60 125,247 $ 19.02 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Lease expense Operating lease expense $ 4 $ 3 $ 8 $ 6 Short-term lease expense - - 1 1 Total lease expense $ 4 $ 3 $ 9 $ 7 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2022 $ 7 2023 13 2024 12 2025 11 2026 9 Thereafter 48 Total lease payments 100 Less: Imputed interest (28 ) Present value of lease liabilities $ 72 |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Net Balance at Net Balance at December 31, Acquisitions June 30, 2021 and Adjustments Impairments Amortization 2022 Goodwill $ 2,649 $ 8 $ - $ - $ 2,657 Broadcast licenses 5,303 11 - - 5,314 Finite-lived intangible assets 825 18 - (104 ) 739 Total intangible assets net of accumulated amortization $ 8,777 $ 37 $ - $ (104 ) $ 8,710 |
Schedule of Goodwill [Table Text Block] | As of As of December 31, Acquisitions June 30, 2021 and Adjustments Impairments 2022 Goodwill, gross $ 2,748 $ 8 $ - $ 2,756 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 8 $ - $ 2,657 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of June 30, 2022 As of December 31, 2021 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,367 $ (53 ) $ 5,314 $ 5,356 $ (53 ) $ 5,303 Goodwill 2,657 - 2,657 2,649 - 2,649 $ 8,024 $ (53 ) $ 7,971 $ 8,005 $ (53 ) $ 7,952 Intangible assets subject to amortization: Network affiliation agreements $ 218 $ (66 ) $ 152 $ 204 $ (44 ) $ 160 Other definite lived intangible assets 1,055 (468 ) 587 1,051 (386 ) 665 $ 1,273 $ (534 ) $ 739 $ 1,255 $ (430 ) $ 825 Total intangibles $ 9,297 $ (587 ) $ 8,710 $ 9,260 $ (483 ) $ 8,777 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Income tax expense $ 38 $ 15 $ 59 $ 30 Effective income tax rate 28 % 28 % 27 % 28 % |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the six months ended June 30, 2022: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,659 $ 36 $ - $ 1,695 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 1,058 40 53 1,151 Depreciation and amortization 159 6 2 167 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 1,212 46 55 1,313 Operating income (loss) $ 447 $ (10 ) $ (55 ) $ 382 Interest expense $ - $ - $ 160 $ 160 Capital expenditures (excluding business combinations) $ 66 $ 93 $ - $ 159 Goodwill $ 2,612 $ 45 $ - $ 2,657 Total assets $ 10,570 $ 343 $ 210 $ 11,123 For the six months ended June 30, 2021: Revenue (less agency commissions) $ 1,067 $ 24 $ - $ 1,091 Operating expenses before depreciation, amortization and gain on disposal of assets, net: 715 26 43 784 Depreciation and amortization 95 6 2 103 Gain on disposal of assets, net (5 ) - - (5 ) Operating expenses 805 32 45 882 Operating income (loss) $ 262 $ (8 ) $ (45 ) $ 209 Interest expense $ - $ - $ 95 $ 95 Capital expenditures (excluding business combinations) $ 28 $ 6 $ 87 $ 121 As of December 31, 2021: Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Operating Segments | 2 |
Number of Television Markets with Top-Rated Stations | 80 |
Number of Television Markets with First and/or Second Rated Stations | 100 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Weighted-average shares outstanding-basic (in shares) | 93 | 95 | 93 | 94 |
Common stock equivalents for stock options and restricted shares (in shares) | 1 | 0 | 1 | 1 |
Weighted-average shares outstanding-diluted (in shares) | 94 | 95 | 94 | 95 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accumulated balances of items included in accumulated other comprehensive loss: | ||
Increase in pension liability | $ (36) | $ (36) |
Income tax benefit | (9) | (9) |
Accumulated other comprehensive loss | $ (27) | $ (27) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property and equipment, gross | $ 1,905 | $ 1,754 |
Accumulated depreciation | (645) | (589) |
Total property and equipment, net | 1,260 | 1,165 |
Land [Member] | ||
Property and equipment, gross | 280 | 277 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 455 | 453 |
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 | $ 972 | 961 |
Equipment [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 20 years | |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 198 | $ 63 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Proceeds from sale of assets | $ (2) | $ (3) | $ (2) | $ (3) |
Proceeds from FCC - Repack | 0 | (3) | (5) | (7) |
Net book value of assets disposed | 2 | 4 | 2 | 5 |
Other | 0 | 1 | 0 | 0 |
Gain on disposal of assets, net | 0 | (1) | (5) | (5) |
Recurring purchases - operations | 67 | 39 | ||
Assembly Atlanta development | 92 | 80 | ||
Repack | 0 | 2 | ||
Total | $ 159 | $ 121 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Beginning balance | $ 16 | $ 10 |
Provision for credit losses | (1) | 1 |
Amounts written off | 0 | (1) |
Ending balance | $ 15 | $ 10 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Contract with Customer, Liability, Revenue Recognized | $ 13 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 19 | $ 13 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 868 | $ 547 | $ 1,695 | $ 1,091 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 536 | 358 | 1,087 | 715 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 332 | 189 | 608 | 376 |
Core Advertising [Member] | ||||
Revenue | 366 | 279 | 731 | 539 |
Political Advertising [Member] | ||||
Revenue | 90 | 6 | 116 | 15 |
Advertising [Member] | ||||
Revenue | 456 | 285 | 847 | 554 |
Retransmission Consent [Member] | ||||
Revenue | 382 | 242 | 775 | 489 |
Production Companies [Member] | ||||
Revenue | 13 | 10 | 36 | 24 |
Service, Other [Member] | ||||
Revenue | $ 17 | $ 10 | $ 37 | $ 24 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - Atlanta Telemundo Transaction [Member] $ in Millions | Apr. 01, 2022 USD ($) |
Payments to Acquire Businesses, Gross | $ 31 |
Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year |
Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years |
Note 3 - Acquisition - Prelimin
Note 3 - Acquisition - Preliminary Values of Assets Acquired and Goodwill (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill | $ 2,657 | $ 2,649 | |
Atlanta Telemundo Transaction [Member] | |||
Accounts receivable, net | $ 1 | ||
Property and equipment and other assets | 1 | ||
Goodwill | 10 | ||
Payments to Acquire Businesses, Gross | 31 | ||
Atlanta Telemundo Transaction [Member] | Broadcast Licenses [Member] | |||
Intangible assets | 1 | ||
Atlanta Telemundo Transaction [Member] | Network Affiliation [Member] | |||
Intangible assets | 14 | ||
Atlanta Telemundo Transaction [Member] | Other Intangible Assets [Member] | |||
Intangible assets | $ 4 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 153,000 | $ 89,000 | |
Interest Costs Capitalized | $ 2,000 | $ 0 | |
2026 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |
2027 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | |
2030 Notes [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | |
Notes 2031 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | |
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | ||
Repayments of Debt | $ 50,000 | ||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | ||
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.10% | ||
Repayments of Debt | $ 8,000 |
Note 4 - Long-term Debt - Long-
Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Long-term debt, gross | $ 6,778 | $ 6,835 |
Less current portion | (15) | (15) |
Long-term debt, less deferred financing costs | 6,690 | 6,740 |
Borrowing availability under Revolving Credit Facility | 496 | 497 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 545 | 595 |
Unamortized deferred loan costs | (6) | (7) |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
Unamortized deferred loan costs | (23) | (27) |
The 2021 Term Loan [Member] | ||
Long-term debt, gross | 1,493 | 1,500 |
Unamortized deferred loan costs | (5) | (5) |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (4) | (5) |
Unamortized premium | 2 | 3 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (8) | (8) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (12) | (13) |
Notes 2031 [Member] | ||
Long-term debt, gross | 1,300 | 1,300 |
Unamortized deferred loan costs | $ (17) | $ (18) |
Note 4 - Long-term Debt - Aggre
Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Remainder of 2022 | $ 8 | |
2023 | 15 | |
2024 | 560 | |
2025 | 15 | |
2026 | 1,905 | |
2027 | 765 | |
Thereafter | 3,510 | |
Total Debt | 6,778 | $ 6,835 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2022 | 8 | |
2023 | 15 | |
2024 | 560 | |
2025 | 15 | |
2026 | 1,205 | |
2027 | 15 | |
Thereafter | 1,410 | |
Total Debt | 3,228 | |
2026 Notes [Member] | ||
Remainder of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
2027 | 0 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 750 | |
Thereafter | 0 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
Remainder of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 800 | |
Total Debt | 800 | 800 |
Notes 2031 [Member] | ||
Remainder of 2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 1,300 | |
Total Debt | $ 1,300 | $ 1,300 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Long-Term Debt, Total | $ 6.7 | $ 6.8 |
Long-Term Debt, Fair Value | $ 6.1 | $ 6.9 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) $ / shares | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 $ / shares | May 05, 2022 shares | Dec. 31, 2021 shares | |
Capital Units, Authorized (in shares) | 245,000,000 | 245,000,000 | ||||||
Common Stock, Shares Authorized (in shares) | 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 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 | ||||
Dividends, Common Stock, Total | $ | $ 8 | $ 8 | $ 7 | $ 8 | $ 15 | |||
Number of Additional Shares Authorized (in shares) | 5,500,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 7,500,000 | 7,500,000 | 2,800,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 50 | |||||||
Class A Common Stock (No Par Value) [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 | ||||||
Number of Additional Shares Authorized (in shares) | 2,200,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,800,000 | 2,800,000 | 800,000 | |||||
Common Stock and Class A Common Stock [Member] | ||||||||
Stock Repurchased During Period, Shares (in shares) | 2,600,000 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 50 | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 124 | $ 124 |
Note 7 - Retirement Plans (Deta
Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year | $ 7 | |
Profit Sharing Contribution [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 9 | $ 7 |
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 - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expense, gross | $ 6 | $ 4 | $ 11 | $ 7 |
Income tax benefit at our statutory rate associated with stock-based compensation | (2) | (1) | (3) | (1) |
Stock-based compensation expense, net | $ 4 | $ 3 | $ 8 | $ 6 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Restricted Stock [Member] | ||
Outstanding, Shares (in shares) | 1,035,728 | 917,533 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.69 | $ 16.84 |
Granted, Shares (in shares) | 400,927 | 343,402 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 21.68 | $ 18.73 |
Vested, Shares (in shares) | (341,918) | (580,963) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 19.03 | $ 15.48 |
Outstanding, Shares (in shares) | 1,094,737 | 679,972 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 20.62 | $ 18.96 |
Restricted Stock [Member] | Common Class A [Member] | ||
Outstanding, Shares (in shares) | 720,421 | 480,042 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 18.22 | $ 16.10 |
Granted, Shares (in shares) | 250,448 | 233,425 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 20.52 | $ 17.67 |
Vested, Shares (in shares) | (229,758) | (248,539) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 16.99 | $ 15 |
Outstanding, Shares (in shares) | 741,111 | 464,928 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.38 | $ 17.47 |
Restricted Stock Units (RSUs) [Member] | ||
Outstanding, Shares (in shares) | 125,247 | 90,184 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.02 | $ 18.92 |
Granted, Shares (in shares) | 259,079 | 95,115 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 23.87 | $ 19.05 |
Vested, Shares (in shares) | (108,921) | (60,052) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 19.03 | $ 18.92 |
Forfeited, Shares (in shares) | (1,260) | 0 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 19.05 | $ 0 |
Outstanding, Shares (in shares) | 274,145 | 125,247 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 23.60 | $ 19.02 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Jun. 30, 2022 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 10 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.67% |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating lease expense | $ 4 | $ 3 | $ 8 | $ 6 |
Short-term lease expense | 0 | 0 | 1 | 1 |
Total lease expense | $ 4 | $ 3 | $ 9 | $ 7 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Remainder of 2022 | $ 7 |
2023 | 13 |
2024 | 12 |
2025 | 11 |
2026 | 9 |
Thereafter | 48 |
Total lease payments | 100 |
Less: Imputed interest | (28) |
Present value of lease liabilities | $ 72 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - Forecast [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum [Member] | ||
Expected Capital Expenditures To Be Incurred, Net | $ 80 | $ 130 |
Maximum [Member] | ||
Expected Capital Expenditures To Be Incurred, Net | $ 90 | $ 140 |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of Intangible Assets | $ 104 | $ 53 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 103 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 197 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 132 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 121 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 91 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 49 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill | $ 2,657 | $ 2,649 | |
Goodwill, acquisitions and adjustments | 8 | ||
Broadcast licenses | 5,314 | 5,303 | |
Finite-lived intangible assets | 739 | 825 | |
Amortization | (104) | $ (53) | |
Total intangible assets net of accumulated amortization | 8,710 | $ 8,777 | |
Total intangible assets net of accumulated amortization | 37 | ||
Broadcast Licenses [Member] | |||
Acquisition and adjustments | 11 | ||
Finite-Lived Intangible Assets [Member] | |||
Acquisition and adjustments | 18 | ||
Amortization | $ (104) |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Changes in Gross Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Goodwill, gross | $ 2,756 | $ 2,748 |
Goodwill, acquisitions and adjustments | 8 | |
Accumulated goodwill impairment | (99) | (99) |
Goodwill | 2,657 | $ 2,649 |
Goodwill, acquisitions and adjustments | $ 8 |
Note 11 - Goodwill and Intang_6
Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill, gross | $ 2,756 | $ 2,748 |
Goodwill | 2,657 | 2,649 |
Other intangible assets, net | 739 | 825 |
Total intangible assets, gross | 9,297 | 9,260 |
Total intangible assets, accumulated amortization | (587) | (483) |
Total intangible assets, net | 8,710 | 8,777 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 218 | 204 |
Finite-Lived Intangible Assets, Accumulated Amortization | (66) | (44) |
Other intangible assets, net | 152 | 160 |
Other Definite Lived Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,055 | 1,051 |
Finite-Lived Intangible Assets, Accumulated Amortization | (468) | (386) |
Other intangible assets, net | 587 | 665 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,273 | 1,255 |
Finite-Lived Intangible Assets, Accumulated Amortization | (534) | (430) |
Other intangible assets, net | 739 | 825 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 5,367 | 5,356 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (53) | (53) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5,314 | 5,303 |
Goodwill Not Amortizable [Member] | ||
Goodwill, gross | 2,657 | 2,649 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill | 2,657 | 2,649 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 8,024 | 8,005 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (53) | (53) |
Goodwill and Indefinite-Lived Assets, Net | $ 7,971 | $ 7,952 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 28% | 28% | 27% | 28% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5% | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 1% | 2% | ||||
Income Taxes Paid, Net, Total | $ 119 | |||||
Proceeds from Income Tax Refunds | $ 21 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards | $ 337 | $ 337 | ||||
Forecast [Member] | ||||||
Proceeds from Income Tax Refunds | $ 21 | |||||
Forecast [Member] | Minimum [Member] | ||||||
Income Taxes Paid, Net, Total | 70 | |||||
Forecast [Member] | Maximum [Member] | ||||||
Income Taxes Paid, Net, Total | $ 90 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income tax expense | $ 38 | $ 15 | $ 59 | $ 30 |
Effective income tax rate | 28% | 28% | 27% | 28% |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Operating Segments | 2 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue (less agency commissions) | $ 868 | $ 547 | $ 1,695 | $ 1,091 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 1,151 | 784 | |||
Depreciation and amortization | 167 | 103 | |||
Gain on disposal of assets, net | 0 | (1) | (5) | (5) | |
Operating expenses | 650 | 439 | 1,313 | 882 | |
Operating income (loss) | 218 | 108 | 382 | 209 | |
Interest expense | 81 | 47 | 160 | 95 | |
Capital expenditures (excluding business combinations) | 159 | 121 | |||
Goodwill | 2,657 | 2,657 | $ 2,649 | ||
Total assets | 11,123 | 11,123 | 11,108 | ||
Broadcasting, Segment [Member] | |||||
Revenue (less agency commissions) | 855 | 537 | 1,659 | 1,067 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 1,058 | 715 | |||
Depreciation and amortization | 159 | 95 | |||
Gain on disposal of assets, net | (5) | (5) | |||
Operating expenses | 1,212 | 805 | |||
Operating income (loss) | 447 | 262 | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 66 | 28 | |||
Goodwill | 2,612 | 2,612 | 2,604 | ||
Total assets | 10,570 | 10,570 | 10,592 | ||
Production Companies, Segment [Member] | |||||
Revenue (less agency commissions) | 13 | $ 10 | 36 | 24 | |
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 40 | 26 | |||
Depreciation and amortization | 6 | 6 | |||
Gain on disposal of assets, net | 0 | 0 | |||
Operating expenses | 46 | 32 | |||
Operating income (loss) | (10) | (8) | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 93 | 6 | |||
Goodwill | 45 | 45 | 45 | ||
Total assets | 343 | 343 | 269 | ||
Other Segments [Member] | |||||
Revenue (less agency commissions) | 0 | 0 | |||
Operating expenses before depreciation, amortization and gain on disposal of assets, net: | 53 | 43 | |||
Depreciation and amortization | 2 | 2 | |||
Gain on disposal of assets, net | 0 | 0 | |||
Operating expenses | 55 | 45 | |||
Operating income (loss) | (55) | (45) | |||
Interest expense | 160 | 95 | |||
Capital expenditures (excluding business combinations) | 0 | $ 87 | |||
Goodwill | 0 | 0 | 0 | ||
Total assets | $ 210 | $ 210 | $ 247 |