Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 8,191,073 | |
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 | 87,263,755 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Cash | $ 21 | $ 61 |
Accounts receivable, less allowance for credit losses of $31 and $16, respectively | 339 | 650 |
Current portion of program broadcast rights, net | 27 | 27 |
Income tax refund receivable | 21 | 22 |
Prepaid income taxes | 34 | 43 |
Prepaid and other current assets | 53 | 54 |
Total current assets | 495 | 857 |
Property and equipment, net | 1,610 | 1,466 |
Operating leases right of use asset | 77 | 75 |
Broadcast licenses | 5,320 | 5,331 |
Goodwill | 2,643 | 2,663 |
Other intangible assets, net | 462 | 636 |
Investments in broadcasting, production and technology companies | 101 | 104 |
Deferred pension asset | 9 | 5 |
Other | 18 | 15 |
Total assets | 10,735 | 11,152 |
Accounts payable | 26 | 55 |
Employee compensation and benefits | 82 | 98 |
Accrued interest | 92 | 60 |
Accrued network programming fees | 39 | 39 |
Other accrued expenses | 44 | 50 |
Federal and state income taxes | 12 | 15 |
Current portion of program broadcast obligations | 28 | 29 |
Deferred revenue | 51 | 24 |
Dividends payable | 14 | 14 |
Current portion of operating lease liabilities | 11 | 10 |
Current portion of long-term debt | 15 | 15 |
Total current liabilities | 414 | 409 |
Long-term debt, less current portion and deferred financing costs | 6,171 | 6,440 |
Program broadcast obligations, less current portion | 1 | 1 |
Deferred income taxes | 1,397 | 1,454 |
Operating lease liabilities, less current portion | 70 | 68 |
Other | 30 | 14 |
Total liabilities | 8,083 | 8,386 |
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 | 1,114 | 1,242 |
Accumulated other comprehensive loss, net of income tax benefit | (17) | (12) |
Stockholders' equity before treasury stock | 2,315 | 2,425 |
Total stockholders’ equity | 2,002 | 2,116 |
Total liabilities and stockholders’ equity | 10,735 | 11,152 |
Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 1,172 | 1,150 |
Treasury stock at cost, common stock | (281) | (278) |
Class A Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 46 | 45 |
Treasury stock at cost, common stock | $ (32) | $ (31) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for credit losses | $ 31 | $ 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) | 107,179,827 | 105,104,057 |
Common stock, shares outstanding (in shares) | 87,263,755 | 85,467,271 |
Treasury stock (in shares) | 19,916,072 | 19,636,786 |
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) | 10,413,993 | 9,675,139 |
Common stock, shares outstanding (in shares) | 8,191,073 | 7,544,415 |
Treasury stock (in shares) | 2,222,920 | 2,130,724 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue (less agency commissions) | $ 803 | $ 909 | $ 2,417 | $ 2,604 |
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net: | ||||
Depreciation | 106 | 96 | ||
Amortization of intangible assets | 147 | 156 | ||
Impairment of goodwill and other intangible assets | 43 | 0 | 43 | 0 |
(Gain) loss on disposal of assets, net | (6) | (1) | 20 | (6) |
Operating expenses | 719 | 664 | 2,147 | 1,977 |
Operating income | 84 | 245 | 270 | 627 |
Other expense: | ||||
Miscellaneous expense, net | (10) | (1) | (13) | (3) |
Interest expense | (111) | (94) | (324) | (254) |
Loss from early extinguishment of debt | 0 | 0 | (3) | 0 |
(Loss) income before income taxes | (37) | 150 | (70) | 370 |
Income tax expense (benefit) | 3 | 42 | (3) | 101 |
Net (loss) income | (40) | 108 | (67) | 269 |
Preferred stock dividends | 13 | 13 | 39 | 39 |
Net (loss) income attributable to common stockholders | $ (53) | $ 95 | $ (106) | $ 230 |
Basic per share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.57) | $ 1.04 | $ (1.15) | $ 2.47 |
Weighted-average shares outstanding, basic (in shares) | 93 | 91 | 92 | 93 |
Diluted per share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.57) | $ 1.03 | $ (1.15) | $ 2.47 |
Weighted-average shares outstanding, diluted (in shares) | 93 | 92 | 92 | 93 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
Broadcasting, Segment [Member] | ||||
Revenue (less agency commissions) | $ 783 | $ 889 | $ 2,363 | $ 2,548 |
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | 557 | 537 | 1,664 | 1,595 |
Production Companies, Segment [Member] | ||||
Revenue (less agency commissions) | 20 | 20 | 54 | 56 |
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | 18 | 16 | 88 | 56 |
Other Segments [Member] | ||||
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net: | ||||
Corporate and administrative | 23 | 27 | 79 | 80 |
Depreciation | 36 | 33 | 106 | 96 |
Amortization of intangible assets | $ 48 | $ 52 | $ 147 | $ 156 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net (loss) income | $ (40) | $ 108 | $ (67) | $ 269 |
Other comprehensive (loss): | ||||
Adjustment - fair value of interest rate caps | (3) | 0 | (7) | 0 |
Income tax benefit | (1) | 0 | (2) | 0 |
Other comprehensive loss, net | (2) | 0 | (5) | 0 |
Comprehensive (loss) income | $ (42) | $ 108 | $ (72) | $ 269 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ 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, Common [Member] Common Class A [Member] | Restricted Stock [Member] Treasury Stock, Common [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, Common [Member] Common Class A [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [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, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
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 (loss) 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 | ||||||||||||||
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 (loss) income | 269 | ||||||||||||||||||||
Common stock dividends | (23) | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 9,675,139 | 105,104,057 | (2,101,917) | (19,582,841) | |||||||||||||||||
Balance at Sep. 30, 2022 | $ 44 | $ 1,146 | 1,076 | $ (30) | $ (277) | (27) | 1,932 | ||||||||||||||
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 (loss) 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 | ||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (2,646,193) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (50) | 0 | (50) | ||||||||||||||
Stock-based compensation | $ 2 | $ 4 | 0 | $ 0 | $ 0 | 0 | 6 | ||||||||||||||
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 | ||||||||||||||
Net (loss) income | 0 | 0 | 108 | 0 | 0 | 0 | 108 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | 0 | 0 | (7) | 0 | 0 | 0 | (7) | ||||||||||||||
Stock-based compensation | 1 | 5 | 0 | 0 | 0 | 0 | 6 | ||||||||||||||
Stock-based compensation | $ 1 | $ 5 | 0 | $ 0 | $ 0 | 0 | 6 | ||||||||||||||
Balance (in shares) at Sep. 30, 2022 | 9,675,139 | 105,104,057 | (2,101,917) | (19,582,841) | |||||||||||||||||
Balance at Sep. 30, 2022 | $ 44 | $ 1,146 | 1,076 | $ (30) | $ (277) | (27) | 1,932 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 9,675,139 | 105,104,057 | (2,130,724) | (19,636,786) | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 45 | $ 1,150 | 1,242 | $ (31) | $ (278) | (12) | 2,116 | ||||||||||||||
Net (loss) income | 0 | 0 | (31) | 0 | 0 | 0 | (31) | ||||||||||||||
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 | 819,898 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 9 | 0 | $ 0 | $ 0 | 0 | 9 | ||||||||||||||
Restricted stock awards (in shares) | 25,022 | 12,227 | (92,196) | (129,636) | 0 | 247,953 | 0 | (80,622) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ (1) | $ (2) | 0 | (3) | $ 0 | $ 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||
Stock-based compensation | 0 | 2 | 0 | 0 | 0 | 0 | 2 | ||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 1 | $ 2 | 0 | 3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | $ 0 | $ 1 | |||||||
Stock-based compensation | 0 | 2 | 0 | 0 | 0 | 0 | 2 | ||||||||||||||
Adjustment to fair value of interest rate cap, net of tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | (11) | (11) | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 9,700,161 | 106,184,135 | (2,222,920) | (19,847,044) | |||||||||||||||||
Balance at Mar. 31, 2023 | $ 45 | $ 1,161 | 1,191 | $ (32) | $ (281) | (23) | 2,061 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 9,675,139 | 105,104,057 | (2,130,724) | (19,636,786) | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 45 | $ 1,150 | 1,242 | $ (31) | $ (278) | (12) | 2,116 | ||||||||||||||
Net (loss) income | (67) | ||||||||||||||||||||
Common stock dividends | (22) | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 10,413,993 | 107,179,827 | (2,222,920) | (19,916,072) | |||||||||||||||||
Balance at Sep. 30, 2023 | $ 46 | $ 1,172 | 1,114 | $ (32) | $ (281) | (17) | 2,002 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 9,700,161 | 106,184,135 | (2,222,920) | (19,847,044) | |||||||||||||||||
Balance at Mar. 31, 2023 | $ 45 | $ 1,161 | 1,191 | $ (32) | $ (281) | (23) | 2,061 | ||||||||||||||
Net (loss) income | 0 | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | 0 | 0 | (7) | 0 | 0 | 0 | (7) | ||||||||||||||
Restricted stock awards (in shares) | 713,832 | 995,692 | 0 | (69,028) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | 0 | 7 | 0 | 0 | 0 | 0 | 7 | ||||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Stock-based compensation | 0 | 7 | 0 | 0 | 0 | 0 | 7 | ||||||||||||||
Adjustment to fair value of interest rate cap, net of tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 8 | 8 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 10,413,993 | 107,179,827 | (2,222,920) | (19,916,072) | |||||||||||||||||
Balance at Jun. 30, 2023 | $ 45 | $ 1,168 | 1,175 | $ (32) | $ (281) | (15) | 2,060 | ||||||||||||||
Net (loss) income | 0 | 0 | (40) | 0 | 0 | 0 | (40) | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Common stock dividends | 0 | 0 | (8) | 0 | 0 | 0 | (8) | ||||||||||||||
Stock-based compensation | 1 | 4 | 0 | 0 | 0 | 0 | 5 | ||||||||||||||
Stock-based compensation | 1 | 4 | 0 | 0 | 0 | 0 | 5 | ||||||||||||||
Adjustment to fair value of interest rate cap, net of tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | (2) | (2) | ||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 10,413,993 | 107,179,827 | (2,222,920) | (19,916,072) | |||||||||||||||||
Balance at Sep. 30, 2023 | $ 46 | $ 1,172 | $ 1,114 | $ (32) | $ (281) | $ (17) | $ 2,002 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net (loss) income | $ (67) | $ 269 |
Adjustments to reconcile net (loss) income to net cash provided by | ||
Depreciation | 106 | 96 |
Amortization of intangible assets | 147 | 156 |
Amortization of deferred loan costs | 10 | 12 |
Amortization of stock-based compensation | 14 | 17 |
Amortization of program broadcast rights | 29 | 36 |
Payments on program broadcast obligations | (30) | (37) |
Deferred income taxes | (57) | (4) |
Loss (gain) on disposal of assets, net | 20 | (6) |
Loss from early extinguishment of debt | 3 | 0 |
Impairment of investments | 8 | 0 |
Impairment of goodwill and other intangible assets | 43 | 0 |
Other | 11 | 2 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 311 | 9 |
Income taxes receivable or prepaid | 9 | (22) |
Other current assets | 3 | 1 |
Accounts payable | (29) | (20) |
Employee compensation, benefits and pension cost | (16) | (5) |
Accrued network fees and other expenses | 1 | 10 |
Accrued interest | 32 | 34 |
Income taxes payable | (2) | (2) |
Deferred revenue | 19 | 50 |
Net cash provided by operating activities | 565 | 596 |
Investing activities: | ||
Acquisitions of businesses and broadcast licenses, net of cash acquired | (7) | (53) |
Proceeds from sale of television stations | 6 | 0 |
Purchases of property and equipment | (288) | (298) |
Proceeds from Repack reimbursement (Note 1) | 0 | 7 |
Proceeds from asset sales | 31 | 2 |
Reimbursement of development costs | 11 | 0 |
Investments in broadcast, production and technology companies | (11) | (16) |
Other | (1) | (4) |
Net cash used in investing activities | (259) | (362) |
Financing activities: | ||
Proceeds from borrowings on long-term debt | 225 | 0 |
Repayments of borrowings on long-term debt | (506) | (161) |
Repurchase of common stock | 0 | (50) |
Payments of common stock dividends | (22) | (23) |
Payments of preferred stock dividends | (39) | (39) |
Payments of taxes related to net share settlement of equity awards | (4) | (6) |
Net cash used in financing activities | (346) | (279) |
Net decrease in cash | (40) | (45) |
Cash at beginning of period | 61 | 189 |
Cash at end of period | $ 21 | $ 144 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, December 31, 2022, September 30, 2023 three nine September 30, 2023 2022, 10 10 X. not not 10 December 31, 2022 ( “2022 10 three nine September 30, 2023, not may December 31, 2023. Overview. 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 nine September 30, 2023 2022, Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 91 92 93 Common stock equivalents for stock options and restricted stock - 1 - - Weighted-average shares outstanding-diluted 93 92 92 93 Accumulated Other Comprehensive Loss. September 30, 2023 December 31, 2022, nine September 30, 2023 2022 September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (16 ) $ (16 ) Adjustment to fair value of interest rate caps (7 ) - Income tax benefit (6 ) (4 ) Accumulated other comprehensive loss $ (17 ) $ (12 ) Property and Equipment. Estimated September 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 335 $ 290 Buildings and improvements 677 477 7 to 40 Equipment 1,041 1,027 3 to 20 Construction in progress 318 362 2,371 2,156 Accumulated depreciation (761 ) (690 ) Total property and equipment, net $ 1,610 $ 1,466 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 (loss) 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Loss) gain on disposal of assets, net: Proceeds from sale of fixed assets $ 9 $ - $ 31 $ 2 Proceeds from FCC - Repack - 2 - 7 Net book value of assets disposed (26 ) (1 ) (51 ) (3 ) Non-cash loss on divestitures 13 - (1 ) - Securitization Facility 8 - - - Other 2 - 1 - Total $ 6 $ 1 $ (20 ) $ 6 Purchase of property and equipment: Recurring purchases - operations $ 78 $ 118 Assembly Atlanta project 210 179 Repack - 1 Total $ 288 $ 298 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 As of September 30, 2023, 11 March 14, 2023. On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the one nine September 30, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Condensed Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at September 30, 2023, September 30, 2023. September 30, 2023. 2023 nine 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): Nine Months Ended September 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (3 ) Amounts written off (2 ) (1 ) Ending balance $ 31 $ 12 Recent Accounting Pronouncements. July 26, 2023, 1934. September 5, 2023. 10 Implementation of ASC 848, March 17, 2023, 2019 2019 1 1 848, 2021 1 1 March 31, 2023. 2019 2021 not |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Sep. 30, 2023 | |
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 $12 million of revenue in the nine September 30, 2023 December 31, 2022. September 30, 2023 December 31, 2022, Disaggregation of Revenue. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Market and service type: Advertising: Core $ 363 $ 359 $ 1,099 $ 1,090 Political 26 144 46 260 Total advertising 389 503 1,145 1,350 Retransmission consent 378 368 1,167 1,143 Production companies 20 20 54 56 Other 16 18 51 55 Total revenue $ 803 $ 909 $ 2,417 $ 2,604 Sales channel: Direct $ 547 $ 528 $ 1,664 $ 1,616 Advertising agency intermediary 256 381 753 988 Total revenue $ 803 $ 909 $ 2,417 $ 2,604 |
Note 3 - Acquisition and Divest
Note 3 - Acquisition and Divestiture | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Acquisition and Divestiture On May 1, 2023, 102 126 The following table summarizes the preliminary values of the assets acquired of WPGA (in millions): Property and equipment $ 2 Broadcast licenses 4 Total $ 6 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, 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. In this transaction an immaterial amount of goodwill was acquired. The sale of television station KNIN resulted in a loss on disposal of $14 million. |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-term Debt As of September 30, 2023 December 31, 2022, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 September 30, December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,474 1,485 Revolving Credit Facility 25 - 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,239 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (17 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (15 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,171 $ 6,440 Borrowing availability under Revolving Credit Facility $ 469 $ 496 Borrowings under the Revolving Credit Facility bear interest, at our option, at either the SOFR rate or the Base Rate, in each case, plus an applicable margin. As of September 30, 2023, 2021 2019 1 September 30, 2023, 2021 2019 January 2, 2026, December 1, 2026. Interest Rate Cap February 23, 2023, two two September 30, 2023, December 31, 2025. 1 815. March 29, 2023, 1 1 848, not The interest rate caps, as amended, effectively limit the annual interest charged on our 2021 2019 1 4.97% 5.015%. December 31, 2025. $34 September 30, 2023. September 30, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not nine September 30, 2023, 5%. 4.97% 5.015% September 30, 2023; For all of our interest bearing obligations, we made interest payments of approximately $284 million and $212 million during the nine September 30, 2023 2022, nine September 30, 2023 2022, As of September 30, 2023, 2023 5 Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes 2031 Notes Total Remainder of 2023 $ 4 $ - $ - $ - $ - $ 4 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,230 700 - - - 1,930 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,689 $ 700 $ 750 $ 800 $ 1,300 $ 6,239 As of September 30, 2023, no 2019 2026 2027 2030 2031 September 30, 2023 December 31, 2022, In the nine September 30, 2023, 2021 2017 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 December 31, 2022. As of September 30, 2023 December 31, 2022, third 2 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [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, September 15, 2023 2022, March, June, September, 2023 2022. nine September 30, 2023 2022 Under our various employee benefit plans, we may, September 30, 2023, |
Note 7 - Retirement Plans
Note 7 - Retirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 7. Retirement Plans The components of our net periodic pension benefit are included in miscellaneous (expense) income, net in our condensed consolidated statements of operations. During the nine September 30, 2023, not nine September 30, 2023, During the nine September 30, 2023, 2022 401 2022 December 31, 2022. September 30, 2023, 2023, |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Stock-based Compensation 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 nine September 30, 2023 2022 Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock-based compensation expense, gross $ 5 $ 6 $ 14 $ 17 Income tax benefit at our statutory rate associated with share-based compensation (1 ) (2 ) (4 ) (4 ) Stock-based compensation expense, net $ 4 $ 4 $ 10 $ 13 All shares of Class A common stock and common stock underlying outstanding restricted stock units and performance awards are counted as issued at target levels under the 2022 A summary of restricted Class A common stock, common stock and restricted stock units activity for the nine September 30, 2023 2022 Nine Months Ended September 30, 2023 September 30, 2022 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) 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 1,007,919 $ 8.15 400,927 $ 21.68 Vested (461,953 ) $ 20.27 (341,918 ) $ 19.03 Outstanding - end of period (1) 1,543,711 $ 12.58 1,094,737 $ 20.62 Restricted stock - Class A common: Outstanding - beginning of period (1) 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 738,854 $ 8.34 250,448 $ 20.52 Vested (203,986 ) $ 18.76 (229,758 ) $ 16.99 Outstanding - end of period (1) 1,212,106 $ 12.74 741,111 $ 19.38 Restricted stock units - common stock: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 Granted 587,168 $ 11.50 259,079 $ 23.87 Vested (247,953 ) $ 23.64 (108,921 ) $ 19.03 Forfeited (26,192 ) $ 23.15 (1,260 ) $ 19.05 Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 ( 1 |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Leases, Lessee Disclosure [Text Block] | 9. Leases We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not may We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of September 30, 2023, 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 nine September 30, 2023. As of September 30, 2023, three nine September 30, 2023 2022, Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Lease expense Operating lease expense $ 4 $ 4 $ 13 $ 13 Short-term lease expense 1 1 4 2 Total lease expense $ 5 $ 5 $ 17 $ 15 The maturities of operating lease liabilities as of September 30, 2023, 2023 Year ending December 31, Operating Leases Remainder of 2023 $ 4 2024 15 2025 14 2026 12 2027 11 Thereafter 53 Total lease payments 109 Less: Imputed interest (28 ) Present value of lease liabilities $ 81 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. Goodwill and Intangible Assets Several years ago, our Raycom Sports subsidiary sublicensed certain Atlantic Coast Conference (“ACC”) football and basketball games from ESPN to Fox Sports that were assumed by Diamond Sports Group, LLC (“Diamond”) upon its acquisition of Fox Sports. In March 2023, July 7, 2023, July 13, 2023, July 2023 A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine September 30, 2023 Net Balance at Acquisitions Net Balance at December 31, And September 30, 2022 Adjustments, Net Impairments Amortization 2023 Broadcast licenses $ 5,331 $ (11 ) $ - $ - $ 5,320 Goodwill 2,663 (4 ) (16 ) - 2,643 Finite-lived intangible assets 636 - (27 ) (147 ) 462 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (147 ) $ 8,425 A summary of the changes in our goodwill, on a gross basis, for the nine September 30, 2023, As of Acquisitions As of December 31, And September 30, 2022 Adjustments, Net Impairments 2023 Goodwill, gross $ 2,762 $ (4 ) $ - $ 2,758 Accumulated goodwill impairment (99 ) - (16 ) (115 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 As of September 30, 2023 December 31, 2022, As of September 30, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (116 ) $ 100 $ 218 $ (88 ) $ 130 Other finite lived intangible assets 992 (630 ) 362 1,055 (549 ) 506 $ 1,208 $ (746 ) $ 462 $ 1,273 $ (637 ) $ 636 Total intangibles $ 9,225 $ (800 ) $ 8,425 $ 9,321 $ (691 ) $ 8,630 Amortization expense for the nine September 30, 2023 2022 September 30, 2023, 2023 five 2024, 2025, 2026, 2027, 2028, may |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes For the three nine September 30, 2023 2022, Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 3 $ 42 $ (3 ) $ 101 Effective income tax rate (8 %) 28 % 4 % 27 % 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 nine September 30, 2023, nine September 30, 2022, During the nine September 30, 2023, 2023, September 30, 2023, $344 one third not 382 On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment information We operate 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 and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions): Production As of and for the nine months ended September 30, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 2,363 $ 54 $ - $ 2,417 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 1,664 88 79 1,831 Depreciation and amortization 241 9 3 253 Impairment of goodwill and other intangible assets - 43 - 43 Loss on disposal of assets, net 18 2 - 20 Operating expenses 1,923 142 82 2,147 Operating income (loss) $ 440 $ (88 ) $ (82 ) $ 270 Interest expense $ - $ - $ 324 $ 324 Capital expenditures (excluding business combinations) $ 83 $ 201 $ 4 $ 288 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 10,014 $ 653 $ 68 $ 10,735 For the nine months ended September 30, 2022: Revenue (less agency commissions) $ 2,548 $ 56 $ - $ 2,604 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 1,595 56 80 1,731 Depreciation and amortization 240 10 2 252 (Gain) loss on disposal of assets, net (6 ) - - (6 ) Operating expenses 1,829 66 82 1,977 Operating income (loss) $ 719 $ (10 ) $ (82 ) $ 627 Interest expense $ - $ - $ 254 $ 254 Capital expenditures (excluding business combinations) $ 114 $ 181 $ 3 $ 298 As of December 31, 2022: Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 |
Item 5. Other Information
Item 5. Other Information | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | Item 5. None of the Company's directors or officers adopted, modified, or terminated a Rule 10b5 1 10b5 1 September 30, 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 nine September 30, 2023 2022, Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 91 92 93 Common stock equivalents for stock options and restricted stock - 1 - - Weighted-average shares outstanding-diluted 93 92 92 93 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. September 30, 2023 December 31, 2022, nine September 30, 2023 2022 September 30, 2023 December 31, 2022 September 30, December 31, 2023 2022 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (16 ) $ (16 ) Adjustment to fair value of interest rate caps (7 ) - Income tax benefit (6 ) (4 ) Accumulated other comprehensive loss $ (17 ) $ (12 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Estimated September 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 335 $ 290 Buildings and improvements 677 477 7 to 40 Equipment 1,041 1,027 3 to 20 Construction in progress 318 362 2,371 2,156 Accumulated depreciation (761 ) (690 ) Total property and equipment, net $ 1,610 $ 1,466 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 (loss) 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Loss) gain on disposal of assets, net: Proceeds from sale of fixed assets $ 9 $ - $ 31 $ 2 Proceeds from FCC - Repack - 2 - 7 Net book value of assets disposed (26 ) (1 ) (51 ) (3 ) Non-cash loss on divestitures 13 - (1 ) - Securitization Facility 8 - - - Other 2 - 1 - Total $ 6 $ 1 $ (20 ) $ 6 Purchase of property and equipment: Recurring purchases - operations $ 78 $ 118 Assembly Atlanta project 210 179 Repack - 1 Total $ 288 $ 298 |
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 As of September 30, 2023, 11 March 14, 2023. On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the one nine September 30, 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Condensed Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at September 30, 2023, September 30, 2023. September 30, 2023. 2023 nine 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): Nine Months Ended September 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (3 ) Amounts written off (2 ) (1 ) Ending balance $ 31 $ 12 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. July 26, 2023, 1934. September 5, 2023. 10 Implementation of ASC 848, March 17, 2023, 2019 2019 1 1 848, 2021 1 1 March 31, 2023. 2019 2021 not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Weighted-average shares outstanding-basic 93 91 92 93 Common stock equivalents for stock options and restricted stock - 1 - - Weighted-average shares outstanding-diluted 93 92 92 93 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2023 2022 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (16 ) $ (16 ) Adjustment to fair value of interest rate caps (7 ) - Income tax benefit (6 ) (4 ) Accumulated other comprehensive loss $ (17 ) $ (12 ) |
Property, Plant and Equipment [Table Text Block] | Estimated September 30, December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 335 $ 290 Buildings and improvements 677 477 7 to 40 Equipment 1,041 1,027 3 to 20 Construction in progress 318 362 2,371 2,156 Accumulated depreciation (761 ) (690 ) Total property and equipment, net $ 1,610 $ 1,466 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (Loss) gain on disposal of assets, net: Proceeds from sale of fixed assets $ 9 $ - $ 31 $ 2 Proceeds from FCC - Repack - 2 - 7 Net book value of assets disposed (26 ) (1 ) (51 ) (3 ) Non-cash loss on divestitures 13 - (1 ) - Securitization Facility 8 - - - Other 2 - 1 - Total $ 6 $ 1 $ (20 ) $ 6 Purchase of property and equipment: Recurring purchases - operations $ 78 $ 118 Assembly Atlanta project 210 179 Repack - 1 Total $ 288 $ 298 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Nine Months Ended September 30, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 17 (3 ) Amounts written off (2 ) (1 ) Ending balance $ 31 $ 12 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Market and service type: Advertising: Core $ 363 $ 359 $ 1,099 $ 1,090 Political 26 144 46 260 Total advertising 389 503 1,145 1,350 Retransmission consent 378 368 1,167 1,143 Production companies 20 20 54 56 Other 16 18 51 55 Total revenue $ 803 $ 909 $ 2,417 $ 2,604 Sales channel: Direct $ 547 $ 528 $ 1,664 $ 1,616 Advertising agency intermediary 256 381 753 988 Total revenue $ 803 $ 909 $ 2,417 $ 2,604 |
Note 3 - Acquisition and Dive_2
Note 3 - Acquisition and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Property and equipment $ 2 Broadcast licenses 4 Total $ 6 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,474 1,485 Revolving Credit Facility 25 - 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal, including current portion 6,239 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (17 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (15 ) (16 ) Unamortized premium - 2026 Notes 2 2 Less current portion (15 ) (15 ) Long-term debt, less current portion and deferred financing costs $ 6,171 $ 6,440 Borrowing availability under Revolving Credit Facility $ 469 $ 496 |
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 2023 $ 4 $ - $ - $ - $ - $ 4 2024 15 - - - - 15 2025 15 - - - - 15 2026 1,230 700 - - - 1,930 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,689 $ 700 $ 750 $ 800 $ 1,300 $ 6,239 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Stock-based compensation expense, gross $ 5 $ 6 $ 14 $ 17 Income tax benefit at our statutory rate associated with share-based compensation (1 ) (2 ) (4 ) (4 ) Stock-based compensation expense, net $ 4 $ 4 $ 10 $ 13 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nine Months Ended September 30, 2023 September 30, 2022 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) 997,745 $ 20.62 1,035,728 $ 19.69 Granted (1) 1,007,919 $ 8.15 400,927 $ 21.68 Vested (461,953 ) $ 20.27 (341,918 ) $ 19.03 Outstanding - end of period (1) 1,543,711 $ 12.58 1,094,737 $ 20.62 Restricted stock - Class A common: Outstanding - beginning of period (1) 677,238 $ 19.36 720,421 $ 18.22 Granted (1) 738,854 $ 8.34 250,448 $ 20.52 Vested (203,986 ) $ 18.76 (229,758 ) $ 16.99 Outstanding - end of period (1) 1,212,106 $ 12.74 741,111 $ 19.38 Restricted stock units - common stock: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 Granted 587,168 $ 11.50 259,079 $ 23.87 Vested (247,953 ) $ 23.64 (108,921 ) $ 19.03 Forfeited (26,192 ) $ 23.15 (1,260 ) $ 19.05 Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Lease expense Operating lease expense $ 4 $ 4 $ 13 $ 13 Short-term lease expense 1 1 4 2 Total lease expense $ 5 $ 5 $ 17 $ 15 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2023 $ 4 2024 15 2025 14 2026 12 2027 11 Thereafter 53 Total lease payments 109 Less: Imputed interest (28 ) Present value of lease liabilities $ 81 |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Net Balance at Acquisitions Net Balance at December 31, And September 30, 2022 Adjustments, Net Impairments Amortization 2023 Broadcast licenses $ 5,331 $ (11 ) $ - $ - $ 5,320 Goodwill 2,663 (4 ) (16 ) - 2,643 Finite-lived intangible assets 636 - (27 ) (147 ) 462 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (147 ) $ 8,425 |
Schedule of Goodwill [Table Text Block] | As of Acquisitions As of December 31, And September 30, 2022 Adjustments, Net Impairments 2023 Goodwill, gross $ 2,762 $ (4 ) $ - $ 2,758 Accumulated goodwill impairment (99 ) - (16 ) (115 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of September 30, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (116 ) $ 100 $ 218 $ (88 ) $ 130 Other finite lived intangible assets 992 (630 ) 362 1,055 (549 ) 506 $ 1,208 $ (746 ) $ 462 $ 1,273 $ (637 ) $ 636 Total intangibles $ 9,225 $ (800 ) $ 8,425 $ 9,321 $ (691 ) $ 8,630 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 3 $ 42 $ (3 ) $ 101 Effective income tax rate (8 %) 28 % 4 % 27 % |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the nine months ended September 30, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 2,363 $ 54 $ - $ 2,417 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 1,664 88 79 1,831 Depreciation and amortization 241 9 3 253 Impairment of goodwill and other intangible assets - 43 - 43 Loss on disposal of assets, net 18 2 - 20 Operating expenses 1,923 142 82 2,147 Operating income (loss) $ 440 $ (88 ) $ (82 ) $ 270 Interest expense $ - $ - $ 324 $ 324 Capital expenditures (excluding business combinations) $ 83 $ 201 $ 4 $ 288 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 10,014 $ 653 $ 68 $ 10,735 For the nine months ended September 30, 2022: Revenue (less agency commissions) $ 2,548 $ 56 $ - $ 2,604 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 1,595 56 80 1,731 Depreciation and amortization 240 10 2 252 (Gain) loss on disposal of assets, net (6 ) - - (6 ) Operating expenses 1,829 66 82 1,977 Operating income (loss) $ 719 $ (10 ) $ (82 ) $ 627 Interest expense $ - $ - $ 254 $ 254 Capital expenditures (excluding business combinations) $ 114 $ 181 $ 3 $ 298 As of December 31, 2022: Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Feb. 23, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Operating Segments | 2 | ||||
Number of Television Markets | 113 | ||||
Percent of US Television Households Reached | 36% | ||||
Number of Television Markets with Top-Rated Stations | 80 | ||||
Number of Television Markets with First and/or Second Rated Stations | 102 | ||||
Accounts Receivable, Allowance for Credit Loss | $ 31 | $ 16 | $ 12 | $ 16 | |
Wells Fargo Bank, N.A. [Member] | |||||
Accounts Receivable Securitization Program Maximum Capacity | $ 300 | ||||
Proceeds from Accounts Receivable Securitization | 300 | ||||
Accounts Receivable Securitization, Unsold Receivables | 250 | ||||
Accounts Receivable Securitization, Total Receivables | 550 | ||||
Accounts Receivable Securitization, Charge for Discount | $ 8 | ||||
Wells Fargo Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 100% | ||||
Diamond Sports Group, LLC [Member] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 17 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Weighted-average shares outstanding-basic (in shares) | 93 | 91 | 92 | 93 |
Common stock equivalents for stock options and restricted stock (in shares) | 0 | 1 | 0 | 0 |
Weighted-average shares outstanding-diluted (in shares) | 93 | 92 | 92 | 93 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated balances of items included in accumulated other comprehensive loss: | ||
Adjustment to pension liability | $ (16) | $ (16) |
Adjustment to fair value of interest rate caps | (7) | 0 |
Income tax benefit | (6) | (4) |
Accumulated other comprehensive loss | $ (17) | $ (12) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 2,371 | $ 2,156 |
Accumulated depreciation | (761) | (690) |
Total property and equipment, net | 1,610 | 1,466 |
Land [Member] | ||
Property and equipment, gross | 335 | 290 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 677 | 477 |
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 | $ 1,041 | 1,027 |
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 | $ 318 | $ 362 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proceeds from sale of fixed assets | $ 9 | $ 0 | $ 31 | $ 2 |
Proceeds from FCC - Repack | 0 | (2) | 0 | (7) |
Net book value of assets disposed | (26) | (1) | (51) | (3) |
Non-cash loss on divestitures | 13 | 0 | (1) | 0 |
Securitization Facility | 8 | 0 | 0 | 0 |
Other | 2 | 0 | 1 | 0 |
Loss (gain) on disposal of assets, net | $ (6) | $ (1) | 20 | (6) |
Recurring purchases - operations | 78 | 118 | ||
Assembly Atlanta project | 210 | 179 | ||
Repack | 0 | 1 | ||
Purchases of property and equipment | $ 288 | $ 298 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning balance | $ 16 | $ 16 |
Provision for credit losses | 17 | (3) |
Amounts written off | (2) | (1) |
Ending balance | $ 31 | $ 12 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 12 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 16 | $ 12 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 803 | $ 909 | $ 2,417 | $ 2,604 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 547 | 528 | 1,664 | 1,616 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 256 | 381 | 753 | 988 |
Core Advertising [Member] | ||||
Revenue | 363 | 359 | 1,099 | 1,090 |
Political Advertising [Member] | ||||
Revenue | 26 | 144 | 46 | 260 |
Advertising [Member] | ||||
Revenue | 389 | 503 | 1,145 | 1,350 |
Retransmission Consent [Member] | ||||
Revenue | 378 | 368 | 1,167 | 1,143 |
Production Companies [Member] | ||||
Revenue | 20 | 20 | 54 | 56 |
Service, Other [Member] | ||||
Revenue | $ 16 | $ 18 | $ 51 | $ 55 |
Note 3 - Acquisition and Dive_3
Note 3 - Acquisition and Divestiture (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
May 01, 2023 | Sep. 30, 2023 | |
KNIN With Marquee Broadcasting Transaction [Member] | ||
Gain (Loss) on Disposition of Business | $ 14 | |
WPGA With Marquee Broadcasting Transaction [Member] | ||
Business Combination, Consideration Transferred | $ 6 | |
WPGA With Marquee Broadcasting Transaction [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
WPGA With Marquee Broadcasting Transaction [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |
KNIN With Marquee Broadcasting Transaction [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 6 |
Note 3 - Acquisition and Dive_4
Note 3 - Acquisition and Divestiture - Acquisition (Details) - WPGA With Marquee Broadcasting Transaction [Member] $ in Millions | May 01, 2023 USD ($) |
Property and equipment | $ 2 |
Total | 6 |
Broadcast Licenses [Member] | |
Intangible assets | $ 4 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2025 | Mar. 29, 2023 | Feb. 23, 2023 | Dec. 31, 2022 | |
Derivative, Cash Received on Hedge | $ 2 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 284 | $ 212 | ||||
Interest Costs Capitalized | 20 | 4 | ||||
Repayments of Long-Term Debt | 506 | $ 161 | ||||
Interest Rate Cap [Member] | ||||||
Derivative, Notional Amount | 2,600 | |||||
Derivative Asset | 27 | |||||
Derivative Liabilities, Net of Tax | 7 | |||||
Amortization | 7 | |||||
Interest Rate Cap [Member] | Forecast [Member] | ||||||
Derivative Fees Payable | $ 34 | |||||
Interest Rate Cap [Member] | Maximum [Member] | ||||||
Derivative, Variable Interest Rate | 4.97% | 5% | ||||
Second Interest Rate Cap [Member] | Maximum [Member] | ||||||
Derivative, Variable Interest Rate | 5.015% | |||||
The 2021 Term Loan [Member] | ||||||
Repayments of Long-Term Debt | $ 11 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.50% | |||||
2026 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | ||||
2027 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 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% | |||||
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.40% | |||||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.90% | |||||
The 2017 Term Loan [Member] | ||||||
Repayments of Long-Term Debt | $ 295 |
Note 4 - Long-term Debt - Long-
Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term debt, gross | $ 6,239 | $ 6,520 |
Less current portion | (15) | (15) |
Long-term debt, less current portion and deferred financing costs | 6,171 | 6,440 |
Borrowing availability under Revolving Credit Facility | 469 | 496 |
Revolving Credit Facility [Member] | ||
Long-term debt, gross | 25 | 0 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 0 | 295 |
Unamortized deferred loan costs | 0 | (4) |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
Unamortized deferred loan costs | (17) | (21) |
The 2021 Term Loan [Member] | ||
Long-term debt, gross | 1,474 | 1,485 |
Unamortized deferred loan costs | (4) | (4) |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (3) | (4) |
Unamortized premium | 2 | 2 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (6) | (7) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (10) | (11) |
Notes 2031 [Member] | ||
Long-term debt, gross | 1,300 | 1,300 |
Unamortized deferred loan costs | $ (15) | $ (16) |
Note 4 - Long-term Debt - Aggre
Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Remainder of 2023 | $ 4 | |
2024 | 15 | |
2025 | 15 | |
2026 | 1,930 | |
2027 | 765 | |
2028 | 1,410 | |
Thereafter | 2,100 | |
Total Debt | 6,239 | $ 6,520 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2023 | 4 | |
2024 | 15 | |
2025 | 15 | |
2026 | 1,230 | |
2027 | 15 | |
2028 | 1,410 | |
Thereafter | 0 | |
Total Debt | 2,689 | |
2026 Notes [Member] | ||
Remainder of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 750 | |
2028 | 0 | |
Thereafter | 0 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
Remainder of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 800 | |
Total Debt | 800 | 800 |
Notes 2031 [Member] | ||
Remainder of 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Long-Term Debt | $ 6.2 | $ 6.5 |
Long-Term Debt, Fair Value | $ 5.3 | $ 5.7 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares | Dec. 31, 2022 shares | |
Capital Units, Authorized (in shares) | 245,000,000 | ||||||||
Common Stock, Shares Authorized (in shares) | 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 | $ 0.08 | $ 0.24 | $ 0.24 | |||||
Dividends, Common Stock | $ | $ 8 | $ 7 | $ 7 | $ 7 | $ 8 | $ 8 | $ 22 | $ 23 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 7,300,000 | 7,300,000 | |||||||
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 | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,100,000 | 2,100,000 |
Note 7 - Retirement Plans (Deta
Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year | $ 5 | |
Profit Sharing Contribution [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 20 | $ 9 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation expense, gross | $ 5 | $ 6 | $ 14 | $ 17 |
Income tax benefit at our statutory rate associated with share-based compensation | (1) | (2) | (4) | (4) |
Stock-based compensation expense, net | $ 4 | $ 4 | $ 10 | $ 13 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | [1] | 997,745 | 1,035,728 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 20.62 | $ 19.69 | |
Granted, Shares (in shares) | 1,007,919 | 400,927 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 8.15 | $ 21.68 | |
Vested, Shares (in shares) | (461,953) | (341,918) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 20.27 | $ 19.03 | |
Outstanding, Shares (in shares) | 1,543,711 | 1,094,737 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.58 | $ 20.62 | |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 677,238 | 720,421 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.36 | $ 18.22 | |
Granted, Shares (in shares) | 738,854 | 250,448 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 8.34 | $ 20.52 | |
Vested, Shares (in shares) | (203,986) | (229,758) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.76 | $ 16.99 | |
Outstanding, Shares (in shares) | 1,212,106 | 741,111 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.74 | $ 19.38 | |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 274,145 | 125,247 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 23.6 | $ 19.02 | |
Granted, Shares (in shares) | 587,168 | 259,079 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.87 | |
Vested, Shares (in shares) | (247,953) | (108,921) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 23.64 | $ 19.03 | |
Forfeited, Shares (in shares) | (26,192) | (1,260) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 23.15 | $ 19.05 | |
Outstanding, Shares (in shares) | 587,168 | 274,145 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.6 | |
[1]For awards subject to future performance conditions, amounts assume target performance. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Sep. 30, 2023 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.55% |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease expense | $ 4 | $ 4 | $ 13 | $ 13 |
Short-term lease expense | 1 | 1 | 4 | 2 |
Total lease expense | $ 5 | $ 5 | $ 17 | $ 15 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Remainder of 2023 | $ 4 |
2024 | 15 |
2025 | 14 |
2026 | 12 |
2027 | 11 |
Thereafter | 53 |
Total lease payments | 109 |
Less: Imputed interest | (28) |
Present value of lease liabilities | $ 81 |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Asset Impairment | $ 43 | $ 0 | $ 43 | $ 0 |
Amortization of Intangible Assets | 147 | $ 156 | ||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 47 | 47 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 125 | 125 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 113 | 113 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 83 | 83 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 47 | 47 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 13 | $ 13 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 30, 2022 | |
Broadcast licenses | $ 5,320 | $ 5,320 | $ 5,331 | |||
Goodwill | 2,643 | 2,643 | 2,663 | $ 2,663 | ||
Goodwill, acquisitions and adjustments | 4 | |||||
Finite-lived intangible assets | 462 | 462 | 636 | |||
Amortization | (147) | $ (156) | ||||
Total intangible assets net of accumulated amortization | 8,425 | 8,425 | 8,630 | |||
Total intangible assets net of accumulated amortization | (15) | |||||
Impairment of goodwill and other intangible assets | 43 | $ 0 | 43 | $ 0 | ||
Finite-Lived Intangible Assets [Member] | ||||||
Acquisition and adjustments | 0 | |||||
Acquisition and adjustments | 0 | |||||
Amortization | (147) | |||||
Finite-lived Intangible Assets [Member] | ||||||
Finite-lived intangible assets | 27 | |||||
Broadcast Licenses [Member] | ||||||
Broadcast licenses | $ 5,320 | 5,320 | $ 5,331 | |||
Acquisition and adjustments | (11) | |||||
Goodwill | 16 | |||||
Acquisition and adjustments | $ 11 |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2023 | Dec. 30, 2022 | |
Goodwill, acquired | $ (4) | ||
Goodwill, gross | 2,758 | ||
Accumulated goodwill impairment | $ (16) | (115) | $ (99) |
Accumulated goodwill impairment | (16) | (115) | |
Goodwill, net | 2,663 | 2,663 | |
Goodwill, dispositions | $ (16) | ||
Goodwill, net | $ 2,643 |
Note 11 - Goodwill and Intang_6
Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 30, 2022 |
Goodwill, Gross | $ 2,758 | $ 2,762 | |
Goodwill | 2,643 | $ 2,663 | $ 2,663 |
Other intangible assets, net | 462 | 636 | |
Total intangible assets, gross | 9,225 | 9,321 | |
Total intangible assets, accumulated amortization | (800) | (691) | |
Total intangible assets, net | 8,425 | 8,630 | |
Network Affiliate [Member] | |||
Finite-Lived Intangible Assets, Gross | 216 | 218 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (116) | (88) | |
Other intangible assets, net | 100 | 130 | |
Other Definite Lived Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Gross | 992 | 1,055 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (630) | (549) | |
Other intangible assets, net | 362 | 506 | |
Intangible Assets Subject to Amortization [Member] | |||
Finite-Lived Intangible Assets, Gross | 1,208 | 1,273 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (746) | (637) | |
Other intangible assets, net | 462 | 636 | |
Broadcast Licenses [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 5,374 | 5,385 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5,320 | 5,331 | |
Goodwill Not Amortizable [Member] | |||
Goodwill, Gross | 2,643 | 2,663 | |
Goodwill, Accumulated Amortization | 0 | 0 | |
Goodwill | 2,643 | 2,663 | |
Intangible Assets Not Subject to Amortization [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 8,017 | 8,048 | |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) | |
Goodwill and Indefinite-Lived Assets, Net | $ 7,963 | $ 7,994 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||||
Effective Income Tax Rate Reconciliation, Percent | (8.00%) | 28% | 4% | 27% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 3% | 5% | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 7% | 1% | ||||
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | 13% | |||||
Income Taxes Paid, Net | $ 43 | |||||
Proceeds from Income Tax Refunds | $ 21 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards | $ 344 | 344 | ||||
Operating Loss Carryforwards That Will Not Be Realized | $ 217 | $ 217 | ||||
Minimum [Member] | Forecast [Member] | ||||||
Income Taxes Paid, Net | $ 5 | |||||
Maximum [Member] | Forecast [Member] | ||||||
Income Taxes Paid, Net | $ 9 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income tax expense (benefit) | $ 3 | $ 42 | $ (3) | $ 101 |
Effective income tax rate | (8.00%) | 28% | 4% | 27% |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 2 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 30, 2022 | |
Revenue (less agency commissions) | $ 803 | $ 909 | $ 2,417 | $ 2,604 | ||
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 1,831 | 1,731 | ||||
Depreciation and amortization | 253 | 252 | ||||
Impairment of goodwill and other intangible assets | 43 | 0 | 43 | 0 | ||
Loss on disposal of assets, net | 20 | (6) | ||||
Operating expenses | 719 | 664 | 2,147 | 1,977 | ||
Operating income (loss) | 84 | 245 | 270 | 627 | ||
Interest expense | 111 | 94 | 324 | 254 | ||
Capital expenditures (excluding business combinations) | 288 | 298 | ||||
Goodwill | 2,643 | 2,643 | $ 2,663 | $ 2,663 | ||
Total assets | 10,735 | 10,735 | 11,152 | |||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 1,831 | 1,731 | ||||
Broadcasting, Segment [Member] | ||||||
Revenue (less agency commissions) | 783 | 889 | 2,363 | 2,548 | ||
Production Companies, Segment [Member] | ||||||
Revenue (less agency commissions) | 20 | $ 20 | 54 | 56 | ||
Operating Segments [Member] | Broadcasting, Segment [Member] | ||||||
Revenue (less agency commissions) | 2,363 | 2,548 | ||||
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 1,664 | 1,595 | ||||
Depreciation and amortization | 241 | 240 | ||||
Impairment of goodwill and other intangible assets | 0 | |||||
Loss on disposal of assets, net | 18 | (6) | ||||
Operating expenses | 1,923 | 1,829 | ||||
Operating income (loss) | 440 | 719 | ||||
Interest expense | 0 | 0 | ||||
Capital expenditures (excluding business combinations) | 83 | 114 | ||||
Goodwill | 2,615 | 2,615 | 2,618 | |||
Total assets | 10,014 | 10,014 | 10,444 | |||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 1,664 | 1,595 | ||||
Operating Segments [Member] | Production Companies, Segment [Member] | ||||||
Revenue (less agency commissions) | 54 | 56 | ||||
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 88 | 56 | ||||
Depreciation and amortization | 9 | 10 | ||||
Impairment of goodwill and other intangible assets | 43 | |||||
Loss on disposal of assets, net | 2 | 0 | ||||
Operating expenses | 142 | 66 | ||||
Operating income (loss) | (88) | (10) | ||||
Interest expense | 0 | 0 | ||||
Capital expenditures (excluding business combinations) | 201 | 181 | ||||
Goodwill | 28 | 28 | 45 | |||
Total assets | 653 | 653 | 535 | |||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 88 | 56 | ||||
Segment Reconciling Items [Member] | ||||||
Revenue (less agency commissions) | 0 | 0 | ||||
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 79 | 80 | ||||
Depreciation and amortization | 3 | 2 | ||||
Impairment of goodwill and other intangible assets | 0 | |||||
Loss on disposal of assets, net | 0 | 0 | ||||
Operating expenses | 82 | 82 | ||||
Operating income (loss) | (82) | (82) | ||||
Interest expense | 324 | 254 | ||||
Capital expenditures (excluding business combinations) | 4 | 3 | ||||
Goodwill | 0 | 0 | 0 | |||
Total assets | $ 68 | 68 | $ 173 | |||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | $ 79 | $ 80 |
Item 5. Other Information (Deta
Item 5. Other Information (Details Textual) Pure in Thousands | 3 Months Ended |
Sep. 30, 2023 | |
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers | 0 |