Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000043196 | |
Entity Registrant Name | GRAY TELEVISION INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-13796 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-0285030 | |
Entity Address, Address Line One | 4370 Peachtree Road, NE | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30319 | |
City Area Code | 404 | |
Local Phone Number | 504-9828 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock (no par value) | |
Trading Symbol | GTN.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 7,171,019 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | common stock (no par value) | |
Trading Symbol | GTN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 88,652,172 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash | $ 322 | $ 773 |
Accounts receivable, less allowance for credit losses of $11 and $10, respectively | 440 | 425 |
Program broadcast rights, net | 32 | 24 |
Income tax refund receivable | 21 | 21 |
Prepaid income taxes | 28 | 0 |
Prepaid and other current assets | 29 | 61 |
Total current assets | 872 | 1,304 |
Property and equipment, net | 908 | 737 |
Operating leases right of use asset | 56 | 57 |
Broadcast licenses | 3,784 | 3,579 |
Goodwill | 1,633 | 1,460 |
Other intangible assets, net | 407 | 395 |
Investments in broadcasting, production and technology companies | 105 | 72 |
Other | 14 | 39 |
Total assets | 7,779 | 7,643 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 34 | 10 |
Employee compensation and benefits | 70 | 53 |
Accrued interest | 50 | 37 |
Accrued network programming fees | 35 | 39 |
Other accrued expenses | 26 | 29 |
Federal and state income taxes | 0 | 20 |
Program broadcast obligations | 33 | 25 |
Deferred revenue | 11 | 22 |
Dividends payable | 13 | 13 |
Operating lease liabilities | 8 | 7 |
Total current liabilities | 280 | 255 |
Long-term debt, less deferred financing costs | 3,981 | 3,974 |
Program broadcast obligations | 3 | 5 |
Deferred income taxes | 994 | 885 |
Accrued pension costs | 39 | 43 |
Operating lease liabilities | 51 | 51 |
Other | 19 | 27 |
Total liabilities | 5,367 | 5,240 |
Commitments and contingencies (Note 10) | ||
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares, at each date and $650 aggregate liquidation value, at each date | 650 | 650 |
Stockholders’ equity: | ||
Common stock | 1,124 | 1,110 |
Retained earnings | 861 | 862 |
Accumulated other comprehensive loss, net of income tax benefit | (39) | (39) |
Stockholders' equity before treasury stock | 1,983 | 1,967 |
Treasury stock at cost | (193) | (188) |
Total stockholders’ equity | 1,762 | 1,753 |
Total liabilities and stockholders’ equity | 7,779 | 7,643 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 37 | 34 |
Treasury stock at cost | $ (28) | $ (26) |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for credit losses | $ 11 | $ 10 |
Series A Perpetual Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Series A Perpetual Preferred Stock, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Series A Perpetual Preferred Stock, shares issued (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, shares outstanding (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, liquidation value | $ 650 | $ 650 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 103,898,352 | 103,100,856 |
Common stock, shares outstanding (in shares) | 88,652,172 | 88,140,259 |
Treasury stock (in shares) | 15,246,180 | 14,960,597 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 9,169,198 | 8,935,773 |
Common stock, shares outstanding (in shares) | 7,171,019 | 7,048,006 |
Treasury stock (in shares) | 1,998,179 | 1,887,767 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue (less agency commissions) | $ 601 | $ 604 | $ 1,692 | $ 1,589 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Corporate and administrative | 32 | 15 | 75 | 47 |
Depreciation | 26 | 27 | 76 | 69 |
Amortization of intangible assets | 28 | 26 | 81 | 78 |
Loss (gain) on disposal of assets, net | 51 | (10) | 46 | (23) |
Operating expenses | 534 | 392 | 1,416 | 1,188 |
Operating income | 67 | 212 | 276 | 401 |
Other (expense) income: | ||||
Miscellaneous (expense), net | (1) | (2) | (7) | (5) |
Interest expense | (48) | (45) | (143) | (143) |
Income before income taxes | 18 | 165 | 126 | 253 |
Income tax expense | 35 | 43 | 65 | 67 |
Net (loss) income | (17) | 122 | 61 | 186 |
Preferred stock dividends | 13 | 13 | 39 | 39 |
Net (loss) income attributable to common stockholders | $ (30) | $ 109 | $ 22 | $ 147 |
Basic per share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.32) | $ 1.15 | $ 0.23 | $ 1.52 |
Weighted-average shares outstanding (in shares) | 95 | 95 | 94 | 97 |
Diluted per share information: | ||||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (0.32) | $ 1.14 | $ 0.23 | $ 1.52 |
Weighted-average shares outstanding (in shares) | 95 | 96 | 95 | 97 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0 | $ 0.24 | $ 0 |
Broadcasting, Segment [Member] | ||||
Revenue (less agency commissions) | $ 581 | $ 593 | $ 1,648 | $ 1,557 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | 384 | 326 | 1,099 | 985 |
Operating expenses | 1,291 | 1,100 | ||
Operating income | 357 | 457 | ||
Other (expense) income: | ||||
Interest expense | 0 | 0 | ||
Production Companies, Segment [Member] | ||||
Revenue (less agency commissions) | 20 | 11 | 44 | 32 |
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: | ||||
Cost of goods and services sold | $ 13 | $ 8 | 39 | 32 |
Operating expenses | 48 | 39 | ||
Operating income | (4) | (7) | ||
Other (expense) income: | ||||
Interest expense | $ 0 | $ 0 |
Condensed Consolidated Statem_2
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 [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, 2019 | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | |||||||||||||||||
Balance at Dec. 31, 2019 | $ 31 | $ 1,093 | $ 504 | $ (26) | $ (107) | $ (31) | $ 1,464 | ||||||||||||||
Net income | 0 | 0 | 53 | 0 | 0 | 0 | 53 | ||||||||||||||
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) | ||||||||||||||
401(k) Plan (in shares) | 0 | 430,899 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 4 | 0 | $ 0 | $ 0 | 0 | 4 | ||||||||||||||
2007 Long Term Incentive Plan - stock options exercised (in shares) | 0 | 274,746 | 0 | (154,935) | |||||||||||||||||
2007 Long Term Incentive Plan - stock options exercised | $ 0 | $ 0 | 0 | $ 0 | $ (2) | 0 | (2) | ||||||||||||||
Restricted stock awards (in shares) | 166,814 | 248,543 | 0 | (118,550) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ 0 | $ (2) | $ 0 | $ (2) | ||||||||||||||
Forfeiture of restricted stock awards (in shares) | 0 | (85,630) | 0 | 0 | |||||||||||||||||
Forfeiture of restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (500,923) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (6) | 0 | (6) | ||||||||||||||
Stock-based compensation | $ 0 | $ 4 | 0 | $ 0 | $ 0 | 0 | 4 | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||||||||||||||||
Balance at Mar. 31, 2020 | $ 31 | $ 1,101 | 544 | $ (26) | $ (117) | (31) | 1,502 | ||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 8,768,959 | 101,746,860 | (1,887,767) | (9,088,498) | |||||||||||||||||
Balance at Dec. 31, 2019 | $ 31 | $ 1,093 | 504 | $ (26) | $ (107) | (31) | 1,464 | ||||||||||||||
Net income | 186 | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 8,935,773 | 103,100,856 | (1,887,767) | (13,987,891) | |||||||||||||||||
Balance at Sep. 30, 2020 | $ 31 | $ 1,109 | 651 | $ (26) | $ (172) | (31) | 1,562 | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 8,935,773 | 102,615,418 | (1,887,767) | (9,862,906) | |||||||||||||||||
Balance at Mar. 31, 2020 | $ 31 | $ 1,101 | 544 | $ (26) | $ (117) | (31) | 1,502 | ||||||||||||||
Net income | 0 | 0 | 11 | 0 | 0 | 0 | 11 | ||||||||||||||
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) | ||||||||||||||
Restricted stock awards (in shares) | 0 | 78,722 | 0 | (17,296) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (3,335,255) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (43) | 0 | (43) | ||||||||||||||
Stock-based compensation | $ 0 | $ 3 | 0 | $ 0 | $ 0 | 0 | 3 | ||||||||||||||
Vesting of restricted stock units (in shares) | 0 | 374,500 | 0 | (112,564) | |||||||||||||||||
Vesting of restricted stock units | $ 0 | $ 0 | 0 | $ 0 | $ (2) | 0 | (2) | ||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 8,935,773 | 103,068,640 | (1,887,767) | (13,328,021) | |||||||||||||||||
Balance at Jun. 30, 2020 | $ 31 | $ 1,104 | 542 | $ (26) | $ (162) | (31) | 1,458 | ||||||||||||||
Net income | 0 | 0 | 122 | 0 | 0 | 0 | 122 | ||||||||||||||
Preferred stock dividends | $ 0 | $ 0 | (13) | $ 0 | $ 0 | 0 | (13) | ||||||||||||||
Restricted stock awards (in shares) | 0 | 32,216 | 0 | (10,870) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (649,000,000,000) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (10) | 0 | (10) | ||||||||||||||
Stock-based compensation | $ 0 | $ 5 | 0 | $ 0 | $ 0 | 0 | 5 | ||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 8,935,773 | 103,100,856 | (1,887,767) | (13,987,891) | |||||||||||||||||
Balance at Sep. 30, 2020 | $ 31 | $ 1,109 | 651 | $ (26) | $ (172) | (31) | 1,562 | ||||||||||||||
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) | ||||||||||||||
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 | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (8) | $ 0 | $ 0 | 0 | (8) | ||||||||||||||
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 | 61 | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 9,169,198 | 103,898,352 | (1,998,179) | (15,246,180) | |||||||||||||||||
Balance at Sep. 30, 2021 | $ 37 | $ 1,124 | 861 | $ (28) | $ (193) | (39) | 1,762 | ||||||||||||||
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) | ||||||||||||||
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 | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (7) | $ 0 | $ 0 | 0 | (7) | ||||||||||||||
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 | ||||||||||||||
Net income | 0 | 0 | (17) | 0 | 0 | 0 | (17) | ||||||||||||||
Preferred stock dividends | 0 | 0 | (13) | 0 | 0 | 0 | (13) | ||||||||||||||
Restricted stock awards (in shares) | 0 | 0 | 0 | (10,720) | |||||||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Stock-based compensation | 1 | 2 | 0 | 0 | 0 | 0 | 3 | ||||||||||||||
Common stock dividends | $ 0 | $ 0 | (8) | $ 0 | $ 0 | 0 | (8) | ||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 9,169,198 | 103,898,352 | (1,998,179) | (15,246,180) | |||||||||||||||||
Balance at Sep. 30, 2021 | $ 37 | $ 1,124 | $ 861 | $ (28) | $ (193) | $ (39) | $ 1,762 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income | $ 61 | $ 186 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 76 | 69 |
Amortization of intangible assets | 81 | 78 |
Amortization of deferred loan costs | 9 | 9 |
Amortization of restricted stock awards | 11 | 12 |
Amortization of program broadcast rights | 26 | 28 |
Payments on program broadcast obligations | (27) | (29) |
Common stock contributed to 401(k) | 1 | 5 |
Deferred income taxes | (18) | 41 |
Loss (gain) on disposals of assets, net | 46 | (23) |
Other | (7) | 6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 6 | 28 |
Prepaid income taxes | (28) | (13) |
Other current assets | 33 | 2 |
Accounts payable | 23 | 68 |
Employee compensation, benefits and pension cost | 19 | (9) |
Accrued network fees and other expenses | (13) | (1) |
Accrued interest | 13 | 7 |
Income taxes payable | (17) | (11) |
Deferred revenue | (12) | 35 |
Net cash provided by operating activities | 283 | 488 |
Investing activities: | ||
Acquisitions of businesses and licenses, net of cash acquired | (956) | (47) |
Proceeds from sale of television stations | 470 | 0 |
Purchases of property and equipment | (154) | (70) |
Proceeds from Repack reimbursement (Note 1) | 10 | 19 |
Proceeds from asset sales | 3 | 8 |
Investments in broadcast, production and technology companies | (37) | (38) |
Other | 0 | (1) |
Net cash used in investing activities | (664) | (129) |
Financing activities: | ||
Borrowings of long-term debt | 250 | 0 |
Repayments of long-term debt | (250) | 0 |
Repurchase of common stock | 0 | (59) |
Common stock dividends | (23) | 0 |
Preferred stock dividends | (39) | (39) |
Deferred and other loan costs | (1) | 0 |
Taxes related to net share settlement of equity awards | (7) | (6) |
Net cash used in financing activities | (70) | (104) |
Net (decrease) increase in cash | (451) | 255 |
Cash at beginning of period | 773 | 212 |
Cash at end of period | $ 322 | $ 467 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides, “Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2020, December 31, 2020, September 30, 2021 September 30, 2021 2020, 10 10 X. not two not 10 December 31, 2020 ( “2020 10 three nine September 30, 2021, not may December 31, 2021. Overview. second 113 36 79 101 first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not Use of Estimates. 19” Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three nine September 30, 2021 2020, Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares outstanding-basic 95 95 94 97 Common stock equivalents for stock options and restricted stock - 1 1 - Weighted-average shares outstanding-diluted 95 96 95 97 Accumulated Other Comprehensive Loss. September 30, 2021 December 31, 2020, nine September 30, 2021 2020 September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 Items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) 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): Nine Months Ended September 30, 2021 Beginning balance $ 10 Provision for credit losses 2 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 11 Property and Equipment, Net Estimated September 30, December 31, Useful Lives 2021 2020 (in years) Property and equipment, net: Land $ 217 $ 123 Buildings and improvements 332 305 7 to 40 Equipment 927 834 3 to 20 1,476 1,262 Accumulated depreciation (568 ) (525 ) Total property and equipment, net $ 908 $ 737 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. In April 2017, 2017 2021. 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, 2021 2020 2021 2020 (Loss) gain on disposal of assets, net: Proceeds from sale of assets $ - $ 7 $ 3 $ 8 Proceeds from FCC - Repack 4 5 10 19 Net book value of assets disposed (2 ) (2 ) (6 ) (4 ) Non-cash loss on divestitures (53 ) - (53 ) - Total $ (51 ) $ 10 $ (46 ) $ 23 Purchase of property and equipment: Recurring purchases - operations $ 57 $ 51 Doraville land purchase 91 - Repack 6 19 Total $ 154 $ 70 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 standards described above, certain amounts in the condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Revenue Recognition. We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deposit liabilities on our condensed consolidated 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 condensed consolidated 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 $21 million of revenue in the nine September 30, 2021 December 31, 2020. September 30, 2021 December 31, 2020, Disaggregation of Revenue. Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Market and service type: Advertising: Local $ 232 $ 188 $ 657 $ 549 National 60 49 174 136 Political 9 128 24 185 Total advertising 301 365 855 870 Retransmission consent 266 217 755 650 Production companies 20 11 44 32 Other 14 11 38 37 Total revenue $ 601 $ 604 $ 1,692 $ 1,589 Sales channel: Direct $ 402 $ 316 $ 1,117 $ 948 Advertising agency intermediary 199 288 575 641 Total revenue $ 601 $ 604 $ 1,692 $ 1,589 |
Note 3 - Acquisitions and Dives
Note 3 - Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Acquisitions and Divestitures Quincy Transaction. August 2, 2021, $930 $5 16 August 2, 2021, seven $18 The following table lists the stations acquired and retained, net of divestitures: Current DMA Rank Designated Market Area ("DMA") Station Call Letters Network Affiliations 104 Fort Wayne, IN WPTA/WISE ABC/NBC/CW 118 Peoria, IL WEEK NBC/ABC/CW 136 Duluth, MN, Superior, WI KBJR/KDLH NBC/CBS/CW 147 Sioux City, IA KTIV NBC/CW 156 Rochester, MN - Mason City, IA KTTC NBC/CW 158 Binghamton, NY WBNG CBS/CW 162 Bluefield-Beckley, WV WVVA NBC/CW 172 Quincy, IL WGEM NBC/FOX/CW The following stations were acquired and divested in the Quincy Transaction: Current DMA Rank DMA Station Call Letters Network Affiliations 75 Tucson, AZ KVOA NBC 80 Madison, WI WKOW ABC 91 Paducah, KY - Harrisburg, IL WSIL ABC 92 Cedar Rapids, IA KWWL NBC 123 La Crosse-Eau Claire, WI WXOW ABC 132 Rockford, IL WREX NBC 134 Wausau-Stevens Point, WI WAOW ABC The following table summarizes the allocation of consideration paid in the Quincy Transaction (in millions): Adjusted purchase price $ 930 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 547 Third Rail Acquisition. September 13, 2021, Purchase Price Allocations. “2021 Quincy Third Rail Total Cash $ 4 $ - $ 4 Accounts receivable, net 23 - 23 Other current assets 5 - 5 Property and equipment 73 24 97 Operating lease right of use asset 1 - 1 Goodwill 184 4 188 Broadcast licenses 245 - 245 Other intangible assets 86 - 86 Other current liabilities (7 ) (1 ) (8 ) Deferred income taxes (66 ) - (66 ) Operating lease liabilities (1 ) - (1 ) Total $ 547 $ 27 $ 574 Due to the proximity of the acquisition date to the date of the filing of this quarterly report, 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 estimated based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 40 Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not Flint Divestiture September 23, 2021, 64 The Company’s consolidated results of operations for the nine September 30, 2021 August 2, 2020 September 13, 2021. 2021 three nine September 30, 2021 The following table summarizes the approximate “Transaction Related Expenses” incurred in connection with the 2021 three nine September 30, 2021, September 30, 2021 Three Months Nine Months Ended Ended Transaction Related Expenses by type: Legal, consulting and other professional fees $ 11 $ 19 Incentive compensation and other severance costs - - Termination of financing agreement - 7 Total Transaction Related Expenses $ 11 $ 26 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ - $ - Corporate and administrative 11 19 Miscellaneous (income) expense, net - 7 Total Transaction Related Expenses $ 11 $ 26 Unaudited Pro Forma Financial Information 2021 nine September 30, 2021 2020, 2021 January 1, 2020 Nine Months Ended September 30, 2021 2020 Revenue (less agency commissions) $ 1,751 $ 1,678 Net income $ 126 $ 153 Net income attributable to common stockholders $ 87 $ 114 Basic net income attributable to common stockholders, per share $ 0.93 $ 1.18 Diluted net income attributable to common stockholders, per share $ 0.92 $ 1.18 This pro forma financial information is based on Gray’s historical results of operations and the historical results of operations of the businesses acquired, net of divestitures, included in the 2021 not 2021 January 1, 2020, nine September 30, 2021 2020 Lubbock Transactions December 31, 2020, 142 two The following table summarizes the preliminary values of the assets acquired and resulting goodwill of the Lubbock Transactions (in millions): Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24 These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not Pending Acquisition Acquisition of Meredith May 3, 2021, June 2, 2021 October 6, 2021, fourth 2021. 17 12 11 The transaction is subject to approval of Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spinoff of Meredith’s National Media Group immediately prior to the closing of our acquisition of Meredith. Refer to Note 4. |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-term Debt As of September 30, 2021 December 31, 2020, “2019 2026 “2026 2027 “2027 2030 “2030 September 30, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (30 ) (34 ) Unamortized deferred loan costs - 2026 Notes (5 ) (6 ) Unamortized deferred loan costs - 2027 Notes (9 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less deferred financing costs 3,981 3,974 Borrowing availability under Revolving Credit Facility $ 299 $ 200 Borrowings under the 2019 2017 September 30, 2021, 2019 2017 2019 2017 January 2, 2026 February 7, 2024, As of September 30, 2021, 2021 5 Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035 As of September 30, 2021, no 2019 2026 2027 2030 September 30, 2021 December 31, 2020, For all our interest bearing obligations, we made interest payments of approximately $121 million and $127 million during the nine September 30, 2021 2020, not nine September 30, 2021 2020. Meredith Transaction Financing 1 2 $425 five $75 January 2, 2026. $1.3 2031 “2031 not |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both September 30, 2021 December 31, 2020. As of September 30, 2021 December 31, 2020, third 2 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and class A common stock are identical, except that our class A common stock has 10 votes per share and our common stock has one Our common stock and class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. On February 24, 2021, nine September 30, 2021 nine September 30, 2020, not Under our various employee benefit plans, we may, September 30, 2021, December 31, 2020, During the nine September 30, 2021, not September 30, 2021, |
Note 7 - Retirement Plans
Note 7 - Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021, not nine September 30, 2021, During the nine September 30, 2021, 2020 401 2020 December 31, 2020. September 30, 2021, 2021, $2 |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
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. Our current stock-based compensation plans include our 2017 “2017 three nine September 30, 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock-based compensation expense, gross $ 3 $ 5 $ 10 $ 12 Income tax benefit at our statutory rate associated with share-based compensation (1 ) (1 ) (3 ) (3 ) Stock-based compensation expense, net $ 2 $ 4 $ 7 $ 9 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 2017 During the nine September 30, 2021, 2017 ● 47,360 shares of restricted common stock with a grant date fair value of $21.96 to our non-employee directors that will vest on April 30, 2022; ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, of which 32,118 shares will vest on each of January 31, 2022 2023 January 31, 2024; ● 96,355 shares of restricted Class A common stock with a grant date fair value per share of $17.20 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● 247,497 shares of restricted common stock with a grant date fair value per share of $18.21 to certain employees, of which 82,499 shares will vest on each of January 31, 2022, 2023 2024; ● 48,545 shares of restricted common stock with a grant date fair value per share of $18.21 to an employee, subject to the achievement of certain performance measures, which will vest on February 29, 2024; ● restricted stock units representing 95,115 shares of our common stock, to certain employees, which will vest on March 1, 2022; ● 40,715 vested shares of our Class A common stock with a grant date fair value per share of $19.87 to an employee, upon the achievement of certain performance measures. During the nine September 30, 2020, 2017 ● 78,722 shares of restricted common stock with a grant date fair value of $11.56 to our non-employee directors that vested on April 30, 2021; ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, of which 27,802 shares vested on January 31, 2021, January 31, 2022 January 31, 2023; ● 83,407 shares of restricted Class A common stock with a grant date fair value per share of $19.87 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● 207,787 shares of restricted common stock with a grant date fair value per share of $21.69 to certain employees, of which 69,262 shares vested on January 31, 2021, January 31, 2022 January 31, 2023; ● 40,756 shares of restricted common stock with a grant date fair value per share of $21.69 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2023; ● Restricted stock units representing 90,184 shares of our common stock, to certain employees, of which 60,052 shares that vested on March 1, 2021; March 1, 2022 2023; ● Restricted stock units representing 3,000 shares of our common stock to an employee, that vested on June 1, 2020; ● 32,216 shares of restricted common stock with a grant date fair value per share of $15.52 to an employee that vested on September 1, 2021. A summary of restricted class A common stock, common stock and restricted stock units activity for the nine September 30, 2021 2020 Nine Months Ended September 30, 2021 September 30, 2020 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 $ 17.67 166,814 $ 19.87 Vested (248,539 ) $ 15.00 (136,056 ) $ 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock - common: Outstanding - beginning of period 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 343,402 $ 18.73 359,481 $ 18.92 Vested (613,179 ) $ 15.48 (333,865 ) $ 15.35 Forfeited - $ - (85,630 ) $ 15.53 Outstanding - end of period 647,756 $ 19.13 917,533 $ 16.84 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 $ 19.05 93,184 $ 18.77 Vested (60,052 ) $ 18.92 (374,500 ) $ 18.18 Forfeited - $ - (26,500 ) $ 18.21 Outstanding - end of period 125,247 $ 19.02 90,184 $ 18.92 ( 1 For awards subject to future performance conditions, amounts assume target performance. |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021, one not one Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows for the nine September 30, 2021. As of September 30, 2021, three nine September 30, 2021 2020, Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Lease expense Operating lease expense $ 3 $ 3 $ 9 $ 9 Short-term lease expense 1 - 2 1 Total lease expense $ 4 $ 3 $ 11 $ 10 The maturities of operating lease liabilities as of September 30, 2021, 2021 Year ending December 31, Operating Leases Remainder of 2021 $ 3 2022 11 2023 9 2024 9 2025 8 Thereafter 43 Total lease payments 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies Legal Proceedings and Claims. not Pending Acquisitions. 3. 4. |
Note 11 - Goodwill and Intangib
Note 11 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 11. Goodwill and Intangible Assets During the nine September 30, 2021, 2021 3 nine September 30, 2021, not nine September 30, 2021 Net Balance at Acquisitions Net Balance at December 31, And September 30, 2020 Adjustments, Net Impairments Amortization 2021 Goodwill $ 1,460 $ 173 $ - $ - $ 1,633 Broadcast licenses 3,579 205 - - 3,784 Finite-lived intangible assets 395 93 - (81 ) 407 Total intangible assets net of accumulated amortization $ 5,434 $ 471 $ - $ (81 ) $ 5,824 A summary of the changes in our goodwill, on a gross basis, for the nine September 30, 2021, As of As of December 31, Net September 30, 2020 Additions Impairments 2021 Goodwill, gross $ 1,559 $ 173 $ - $ 1,732 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 173 $ - $ 1,633 As of September 30, 2021 December 31, 2020, As of September 30, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,838 $ (54 ) $ 3,784 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,633 - 1,633 1,460 - 1,460 $ 5,471 $ (54 ) $ 5,417 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 83 $ (38 ) $ 45 $ 67 $ (28 ) $ 39 Other definite lived intangible assets 717 (355 ) 362 644 (288 ) 356 $ 800 $ (393 ) $ 407 $ 711 $ (316 ) $ 395 Total intangibles $ 6,271 $ (447 ) $ 5,824 $ 5,804 $ (370 ) $ 5,434 Amortization expense for the nine September 30, 2021 2020 September 30, 2021, 2021 five 2022, 2023, 2024, 2025, 2026, may |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes For the three nine September 30, 2021 2020, Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income tax expense $ 35 $ 43 $ 65 $ 67 Effective income tax rate 194 % 26 % 52 % 26 % 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, 2021, 2 nine September 30, 2020, During the nine September 30, 2021, 2021, We have approximately $204 million of federal operating loss carryforwards, which expire during the years 2023 2037. 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, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. Segment information The Company operates in two 94 Production As of and for the nine-months ended September 30, 2021: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,648 $ 44 $ - $ 1,692 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,099 39 75 1,213 Depreciation and amortization 146 9 2 157 Loss on disposal of assets, net 46 - - 46 Operating expenses 1,291 48 77 1,416 Operating income (loss) $ 357 $ (4 ) $ (77 ) $ 276 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 63 $ 88 $ 3 $ 154 Goodwill $ 1,588 $ 45 $ - $ 1,633 Total assets $ 7,229 $ 134 $ 416 $ 7,779 For the nine-months ended September 30, 2020: Revenue (less agency commissions) $ 1,557 $ 32 $ - $ 1,589 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 985 32 47 1,064 Depreciation and amortization 136 9 2 147 (Gain) loss on disposal of assets, net (21 ) (2 ) - (23 ) Operating expenses 1,100 39 49 1,188 Operating income (loss) $ 457 $ (7 ) $ (49 ) $ 401 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 69 $ 1 $ - $ 70 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total assets $ 6,631 $ 141 $ 871 $ 7,643 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Investment, Policy [Policy Text Block] | Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. 19” |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three nine September 30, 2021 2020, Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares outstanding-basic 95 95 94 97 Common stock equivalents for stock options and restricted stock - 1 1 - Weighted-average shares outstanding-diluted 95 96 95 97 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss. September 30, 2021 December 31, 2020, nine September 30, 2021 2020 September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 Items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) |
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): Nine Months Ended September 30, 2021 Beginning balance $ 10 Provision for credit losses 2 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 11 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Net Estimated September 30, December 31, Useful Lives 2021 2020 (in years) Property and equipment, net: Land $ 217 $ 123 Buildings and improvements 332 305 7 to 40 Equipment 927 834 3 to 20 1,476 1,262 Accumulated depreciation (568 ) (525 ) Total property and equipment, net $ 908 $ 737 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. In April 2017, 2017 2021. 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, 2021 2020 2021 2020 (Loss) gain on disposal of assets, net: Proceeds from sale of assets $ - $ 7 $ 3 $ 8 Proceeds from FCC - Repack 4 5 10 19 Net book value of assets disposed (2 ) (2 ) (6 ) (4 ) Non-cash loss on divestitures (53 ) - (53 ) - Total $ (51 ) $ 10 $ (46 ) $ 23 Purchase of property and equipment: Recurring purchases - operations $ 57 $ 51 Doraville land purchase 91 - Repack 6 19 Total $ 154 $ 70 |
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 standards described above, certain amounts in the condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation. |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares outstanding-basic 95 95 94 97 Common stock equivalents for stock options and restricted stock - 1 1 - Weighted-average shares outstanding-diluted 95 96 95 97 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2021 2020 Items included in accumulated other comprehensive loss: Increase in pension liability $ (52 ) $ (52 ) Income tax benefit (13 ) (13 ) Accumulated other comprehensive loss $ (39 ) $ (39 ) |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Nine Months Ended September 30, 2021 Beginning balance $ 10 Provision for credit losses 2 Amounts written off (1 ) Amounts recovered from previous write-offs - Ending balance $ 11 |
Property, Plant and Equipment [Table Text Block] | Estimated September 30, December 31, Useful Lives 2021 2020 (in years) Property and equipment, net: Land $ 217 $ 123 Buildings and improvements 332 305 7 to 40 Equipment 927 834 3 to 20 1,476 1,262 Accumulated depreciation (568 ) (525 ) Total property and equipment, net $ 908 $ 737 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (Loss) gain on disposal of assets, net: Proceeds from sale of assets $ - $ 7 $ 3 $ 8 Proceeds from FCC - Repack 4 5 10 19 Net book value of assets disposed (2 ) (2 ) (6 ) (4 ) Non-cash loss on divestitures (53 ) - (53 ) - Total $ (51 ) $ 10 $ (46 ) $ 23 Purchase of property and equipment: Recurring purchases - operations $ 57 $ 51 Doraville land purchase 91 - Repack 6 19 Total $ 154 $ 70 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Market and service type: Advertising: Local $ 232 $ 188 $ 657 $ 549 National 60 49 174 136 Political 9 128 24 185 Total advertising 301 365 855 870 Retransmission consent 266 217 755 650 Production companies 20 11 44 32 Other 14 11 38 37 Total revenue $ 601 $ 604 $ 1,692 $ 1,589 Sales channel: Direct $ 402 $ 316 $ 1,117 $ 948 Advertising agency intermediary 199 288 575 641 Total revenue $ 601 $ 604 $ 1,692 $ 1,589 |
Note 3 - Acquisitions and Div_2
Note 3 - Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Adjusted purchase price $ 930 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 547 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Quincy Third Rail Total Cash $ 4 $ - $ 4 Accounts receivable, net 23 - 23 Other current assets 5 - 5 Property and equipment 73 24 97 Operating lease right of use asset 1 - 1 Goodwill 184 4 188 Broadcast licenses 245 - 245 Other intangible assets 86 - 86 Other current liabilities (7 ) (1 ) (8 ) Deferred income taxes (66 ) - (66 ) Operating lease liabilities (1 ) - (1 ) Total $ 547 $ 27 $ 574 Property and equipment $ 6 Operating lease right of use asset 1 Goodwill 6 Broadcast licenses 5 Other intangible assets 7 Other liabilities (1 ) Total $ 24 |
Business Combination, Separately Recognized Transactions [Table Text Block] | September 30, 2021 Three Months Nine Months Ended Ended Transaction Related Expenses by type: Legal, consulting and other professional fees $ 11 $ 19 Incentive compensation and other severance costs - - Termination of financing agreement - 7 Total Transaction Related Expenses $ 11 $ 26 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ - $ - Corporate and administrative 11 19 Miscellaneous (income) expense, net - 7 Total Transaction Related Expenses $ 11 $ 26 |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2021 2020 Revenue (less agency commissions) $ 1,751 $ 1,678 Net income $ 126 $ 153 Net income attributable to common stockholders $ 87 $ 114 Basic net income attributable to common stockholders, per share $ 0.93 $ 1.18 Diluted net income attributable to common stockholders, per share $ 0.92 $ 1.18 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, December 31, 2021 2020 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan $ 595 $ 595 2019 Term Loan 1,190 1,190 2026 Notes 700 700 2027 Notes 750 750 2030 Notes 800 800 Total outstanding principal, including current portion 4,035 4,035 Unamortized deferred loan costs - 2019 Senior Credit Facility (30 ) (34 ) Unamortized deferred loan costs - 2026 Notes (5 ) (6 ) Unamortized deferred loan costs - 2027 Notes (9 ) (10 ) Unamortized deferred loan costs - 2030 Notes (13 ) (14 ) Unamortized premium - 2026 Notes 3 3 Long-term debt, less deferred financing costs 3,981 3,974 Borrowing availability under Revolving Credit Facility $ 299 $ 200 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Minimum Principal Maturities Year 2019 Senior Credit Facility 2026 Notes 2027 Notes 2030 Notes Total Remainder of 2021 $ - $ - $ - $ - $ - 2022 - - - - - 2023 - - - - - 2024 595 - - - 595 2025 - - - - - 2026 1,190 700 - - 1,890 Thereafter - - 750 800 1,550 Total $ 1,785 $ 700 $ 750 $ 800 $ 4,035 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock-based compensation expense, gross $ 3 $ 5 $ 10 $ 12 Income tax benefit at our statutory rate associated with share-based compensation (1 ) (1 ) (3 ) (3 ) Stock-based compensation expense, net $ 2 $ 4 $ 7 $ 9 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nine Months Ended September 30, 2021 September 30, 2020 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 480,042 $ 16.10 449,284 $ 13.55 Granted (1) 233,425 $ 17.67 166,814 $ 19.87 Vested (248,539 ) $ 15.00 (136,056 ) $ 12.32 Outstanding - end of period 464,928 $ 17.47 480,042 $ 16.10 Restricted stock - common: Outstanding - beginning of period 917,533 $ 16.84 977,547 $ 15.45 Granted (1) 343,402 $ 18.73 359,481 $ 18.92 Vested (613,179 ) $ 15.48 (333,865 ) $ 15.35 Forfeited - $ - (85,630 ) $ 15.53 Outstanding - end of period 647,756 $ 19.13 917,533 $ 16.84 Restricted stock units - common stock: Outstanding - beginning of period 90,184 $ 18.92 398,000 $ 18.21 Granted 95,115 $ 19.05 93,184 $ 18.77 Vested (60,052 ) $ 18.92 (374,500 ) $ 18.18 Forfeited - $ - (26,500 ) $ 18.21 Outstanding - end of period 125,247 $ 19.02 90,184 $ 18.92 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Lease expense Operating lease expense $ 3 $ 3 $ 9 $ 9 Short-term lease expense 1 - 2 1 Total lease expense $ 4 $ 3 $ 11 $ 10 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Operating Leases Remainder of 2021 $ 3 2022 11 2023 9 2024 9 2025 8 Thereafter 43 Total lease payments 83 Less: Imputed interest (24 ) Present value of lease liabilities $ 59 |
Note 11 - Goodwill and Intang_2
Note 11 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block] | Net Balance at Acquisitions Net Balance at December 31, And September 30, 2020 Adjustments, Net Impairments Amortization 2021 Goodwill $ 1,460 $ 173 $ - $ - $ 1,633 Broadcast licenses 3,579 205 - - 3,784 Finite-lived intangible assets 395 93 - (81 ) 407 Total intangible assets net of accumulated amortization $ 5,434 $ 471 $ - $ (81 ) $ 5,824 As of As of December 31, Net September 30, 2020 Additions Impairments 2021 Goodwill, gross $ 1,559 $ 173 $ - $ 1,732 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 1,460 $ 173 $ - $ 1,633 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of September 30, 2021 As of December 31, 2020 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 3,838 $ (54 ) $ 3,784 $ 3,633 $ (54 ) $ 3,579 Goodwill 1,633 - 1,633 1,460 - 1,460 $ 5,471 $ (54 ) $ 5,417 $ 5,093 $ (54 ) $ 5,039 Intangible assets subject to amortization: Network affiliation agreements $ 83 $ (38 ) $ 45 $ 67 $ (28 ) $ 39 Other definite lived intangible assets 717 (355 ) 362 644 (288 ) 356 $ 800 $ (393 ) $ 407 $ 711 $ (316 ) $ 395 Total intangibles $ 6,271 $ (447 ) $ 5,824 $ 5,804 $ (370 ) $ 5,434 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income tax expense $ 35 $ 43 $ 65 $ 67 Effective income tax rate 194 % 26 % 52 % 26 % |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the nine-months ended September 30, 2021: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 1,648 $ 44 $ - $ 1,692 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,099 39 75 1,213 Depreciation and amortization 146 9 2 157 Loss on disposal of assets, net 46 - - 46 Operating expenses 1,291 48 77 1,416 Operating income (loss) $ 357 $ (4 ) $ (77 ) $ 276 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 63 $ 88 $ 3 $ 154 Goodwill $ 1,588 $ 45 $ - $ 1,633 Total assets $ 7,229 $ 134 $ 416 $ 7,779 For the nine-months ended September 30, 2020: Revenue (less agency commissions) $ 1,557 $ 32 $ - $ 1,589 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 985 32 47 1,064 Depreciation and amortization 136 9 2 147 (Gain) loss on disposal of assets, net (21 ) (2 ) - (23 ) Operating expenses 1,100 39 49 1,188 Operating income (loss) $ 457 $ (7 ) $ (49 ) $ 401 Interest expense $ - $ - $ 143 $ 143 Capital expenditures (excluding business combinations) $ 69 $ 1 $ - $ 70 As of December 31, 2020: Goodwill $ 1,419 $ 41 $ - $ 1,460 Total assets $ 6,631 $ 141 $ 871 $ 7,643 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Operating Segments | 2 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted-average shares outstanding-basic (in shares) | 95 | 95 | 94 | 97 |
Common stock equivalents for stock options and restricted stock (in shares) | 0 | 1 | 1 | 0 |
Weighted-average shares outstanding-diluted (in shares) | 95 | 96 | 95 | 97 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Items included in accumulated other comprehensive loss: | ||
Increase in pension liability | $ (52) | $ (52) |
Income tax benefit | (13) | (13) |
Accumulated other comprehensive loss | $ (39) | $ (39) |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Beginning balance | $ 10 |
Provision for credit losses | 2 |
Amounts written off | (1) |
Amounts recovered from previous write-offs | 0 |
Ending balance | $ 11 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property and equipment, gross | $ 1,476 | $ 1,262 |
Accumulated depreciation | (568) | (525) |
Total property and equipment, net | 908 | 737 |
Land [Member] | ||
Property and equipment, gross | 217 | 123 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 332 | 305 |
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 | $ 927 | $ 834 |
Equipment [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 20 years |
Note 1 - Basis of Presentatio_7
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from sale of assets | $ 0 | $ (7) | $ (3) | $ (8) |
Proceeds from FCC - Repack | 4 | 5 | 10 | 19 |
Net book value of assets disposed | (2) | (2) | (6) | (4) |
Gain (Loss) on Disposition of Business | (53) | 0 | (53) | 0 |
Total | $ (51) | $ 10 | (46) | 23 |
Recurring purchases - operations | 57 | 51 | ||
Doraville land purchase | 91 | 0 | ||
Repack | 6 | 19 | ||
Total | $ 154 | $ 70 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 21 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 8 | $ 21 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 601 | $ 604 | $ 1,692 | $ 1,589 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 402 | 316 | 1,117 | 948 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 199 | 288 | 575 | 641 |
Local Advertising [Member] | ||||
Revenue | 232 | 188 | 657 | 549 |
National Advertising [Member] | ||||
Revenue | 60 | 49 | 174 | 136 |
Political Advertising [Member] | ||||
Revenue | 9 | 128 | 24 | 185 |
Advertising [Member] | ||||
Revenue | 301 | 365 | 855 | 870 |
Retransmission Consent [Member] | ||||
Revenue | 266 | 217 | 755 | 650 |
Production Companies [Member] | ||||
Revenue | 20 | 11 | 44 | 32 |
Service, Other [Member] | ||||
Revenue | $ 14 | $ 11 | $ 38 | $ 37 |
Note 3 - Acquisitions and Div_3
Note 3 - Acquisitions and Divestitures (Details Textual) $ / shares in Units, $ in Millions | Sep. 23, 2021USD ($) | Sep. 13, 2021USD ($) | Aug. 02, 2021USD ($) | Jun. 02, 2021USD ($)$ / shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Gain (Loss) on Disposition of Business | $ (53) | $ 0 | $ (53) | $ 0 | |||||
Quincy Divestiture [Member] | |||||||||
Proceeds from Divestiture of Businesses | $ 398 | ||||||||
Disposal Group, Working Capital | 18 | ||||||||
Gain (Loss) on Disposition of Business | (48) | ||||||||
Quincy Acquisition [Member] | |||||||||
Business Combination, Consideration Transferred, Total | 930 | 930 | |||||||
Business Combination, Working Capital | $ 5 | ||||||||
Business Combination, Television Stations Operated | 16 | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | 383 | 383 | |||||||
Third Rail Acquisition [Member] | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 27 | ||||||||
Third Rail Acquisition [Member] | Minimum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||||||||
Third Rail Acquisition [Member] | Maximum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||||||
WJRT (ABC) in the Flint, Michigan Market [Member] | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 72 | ||||||||
Unconsolidated Construction Joint Venture Net Income (Loss) | $ 5 | ||||||||
The2021 Acquisitions [Member] | |||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 25 | $ 25 | |||||||
The 2020 Acquisitions [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 24 | ||||||||
The 2020 Acquisitions [Member] | Minimum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||||
The 2020 Acquisitions [Member] | Maximum [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||||||
Meredith Corporation [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 2,800 | ||||||||
Business Acquisition, Share Price (in dollars per share) | $ / shares | $ 16.99 |
Note 3 - Acquisitions and Div_4
Note 3 - Acquisitions and Divestitures - Consideration (Details) - Quincy Acquisition [Member] - USD ($) $ in Millions | Aug. 02, 2021 | Sep. 30, 2021 |
Adjusted purchase price | $ 930 | $ 930 |
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021 | 383 | |
Purchase consideration for assets acquired and liabilities assumed, net of divestitures | $ 547 |
Note 3 - Acquisitions and Div_5
Note 3 - Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill | $ 1,633 | $ 1,460 |
Quincy Acquisition [Member] | ||
Cash | 4 | |
Accounts receivable, net | 23 | |
Other current assets | 5 | |
Property and equipment | 73 | |
Operating lease right of use asset | 1 | |
Goodwill | 184 | |
Broadcast licenses | 245 | |
Other intangible assets | 86 | |
Other current liabilities | (7) | |
Deferred income taxes | (66) | |
Operating lease liabilities | (1) | |
Total | 547 | |
Third Rail Acquisition [Member] | ||
Cash | 0 | |
Accounts receivable, net | 0 | |
Other current assets | 0 | |
Property and equipment | 24 | |
Operating lease right of use asset | 0 | |
Goodwill | 4 | |
Broadcast licenses | 0 | |
Other intangible assets | 0 | |
Other current liabilities | (1) | |
Deferred income taxes | 0 | |
Operating lease liabilities | 0 | |
Total | 27 | |
The2021 Acquisitions [Member] | ||
Cash | 4 | |
Accounts receivable, net | 23 | |
Other current assets | 5 | |
Property and equipment | 97 | |
Operating lease right of use asset | 1 | |
Goodwill | 188 | |
Broadcast licenses | 245 | |
Other intangible assets | 86 | |
Other current liabilities | (8) | |
Deferred income taxes | (66) | |
Operating lease liabilities | (1) | |
Total | $ 574 | |
Lubbock Transactions, Acquisition [Member] | ||
Property and equipment | 6 | |
Operating lease right of use asset | 1 | |
Goodwill | 6 | |
Other intangible assets | 7 | |
Total | 24 | |
Broadcast licenses | 5 | |
Other liabilities | $ (1) |
Note 3 - Acquisitions and Div_6
Note 3 - Acquisitions and Divestitures - Transaction Related Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Transaction related expenses | $ 11 | $ 26 |
Broadcast Licenses [Member] | ||
Transaction related expenses | 0 | 0 |
Corporate and Administrative [Member] | ||
Transaction related expenses | 11 | 19 |
Miscellaneous (Income) Expense, Net [Member] | ||
Transaction related expenses | 0 | 7 |
Legal, Consulting and Other Professional Fees [Member] | ||
Transaction related expenses | 11 | 19 |
Incentive Compensation and Severance Costs [Member] | ||
Transaction related expenses | 0 | 0 |
Termination of Sales Representation Agreements [Member] | ||
Transaction related expenses | $ 0 | $ 7 |
Note 3 - Acquisitions and Div_7
Note 3 - Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue (less agency commissions) | $ 1,751 | $ 1,678 |
Net income | 126 | 153 |
Net income attributable to common stockholders | $ 87 | $ 114 |
Basic net income attributable to common stockholders, per share (in dollars per share) | $ 0.93 | $ 1.18 |
Diluted net income attributable to common stockholders, per share (in dollars per share) | $ 0.92 | $ 1.18 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Nov. 09, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 121 | $ 127 | ||
2026 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | |||
2027 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||
2030 Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||
2030 Notes [Member] | Forecast [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||
Proceeds from Issuance of Debt | $ 1,300 | |||
The 2019 Senior Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||
The 2019 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.60% | |||
The 2019 Senior Credit Facility [Member] | Term Loan [Member] | ||||
Debt Instrument, Face Amount | $ 1,500 | |||
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | |||
Five Year Facility [Member] | Revolving Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 425 | |||
Credit Facility Commitments Expiring January 2, 2026 [Member] | Revolving Credit Facility [Member] | Forecast [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 |
Note 4 - Long-term Debt - Long-
Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 4,035 | $ 4,035 |
Long-term debt, less deferred financing costs | 3,981 | 3,974 |
Borrowing availability under Revolving Credit Facility | 299 | 200 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 595 | 595 |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (5) | (6) |
Unamortized premium | 3 | 3 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (9) | (10) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (13) | (14) |
The 2019 Senior Credit Facility [Member] | ||
Long-term debt, gross | 1,785 | |
Unamortized deferred loan costs | $ (30) | $ (34) |
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, 2021 | Dec. 31, 2020 |
Remainder of 2021 | $ 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 595 | |
2025 | 0 | |
2026 | 1,890 | |
Thereafter | 1,550 | |
Total Debt | 4,035 | $ 4,035 |
The 2019 Senior Credit Facility [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 595 | |
2025 | 0 | |
2026 | 1,190 | |
Thereafter | 0 | |
Total Debt | 1,785 | |
2026 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 750 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 800 | |
Total Debt | $ 800 | $ 800 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 3,981 | $ 3,974 |
Long-term Debt, Fair Value | $ 4,100 | $ 4,100 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands | Feb. 24, 2021$ / shares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2020shares |
Capital Units, Authorized (in shares) | 245,000,000 | 245,000,000 | ||||||||
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||||||||
Common Stock, Voting Rights, Votes Per Share | 1 | 1 | ||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | $ 0 | $ 0.24 | $ 0 | ||||||
Dividends, Common Stock, Total | $ | $ 8,000 | $ 7,000 | $ 8,000 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,209,452 | 3,209,452 | 4,006,948 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 10,000 | $ 43,000 | $ 6,000 | |||||||
Common Class A [Member] | ||||||||||
Common Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | 25,000,000 | |||||||
Common Stock, Voting Rights, Votes Per Share | 10 | 10 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,103,015 | 1,103,015 | 1,336,440 | |||||||
Common Stock and Class A Common Stock [Member] | ||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.08 | |||||||||
Dividends, Common Stock, Total | $ | $ 23,000 | $ 0 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ | 0 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 204,000 | $ 204,000 |
Note 7 - Retirement Plans (Deta
Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year | $ 2 | |
Profit Sharing Contribution [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 11 | $ 7 |
Pension Plan [Member] | Gray Pension Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 4 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 233,425 | 166,814 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 17.67 | $ 19.87 |
Restricted Stock [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | [1] | 343,402 | 359,481 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 18.73 | $ 18.92 |
Restricted Stock [Member] | Nonemployee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47,360 | 78,722 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.96 | $ 11.56 | |
Service Based Restricted Stock [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 207,787 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 21.69 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,262 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,262 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,263 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 96,355 | 83,407 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 17.20 | $ 19.87 | |
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,802 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,802 | ||
Service Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,803 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 95,115 | 93,184 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.05 | $ 18.77 | |
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 32,118 | ||
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 32,119 | ||
Restricted Stock Units (RSUs) [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 48,545 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.21 | ||
Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,184 | ||
Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 82,499 | 60,052 | |
Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,066 | ||
Restricted Stock Units (RSUs) [Member] | Certain Employees One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 95,115 | ||
Restricted Stock Units (RSUs) [Member] | One Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,000 | ||
Performance Based Restricted Stock [Member] | Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 32,216 | 40,756 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 15.52 | $ 21.69 | |
Performance Based Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 96,355 | 83,407 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 17.20 | $ 19.87 | |
Performance Based Restricted Stock [Member] | Certain Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 247,497 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.21 | ||
Employee [Member] | Performance Based Restricted Stock [Member] | Common Class A [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 40,715 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.87 | ||
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation expense, gross | $ 3 | $ 5 | $ 10 | $ 12 |
Income tax benefit at our statutory rate associated with share-based compensation | (1) | (1) | (3) | (3) |
Stock-based compensation expense, net | $ 2 | $ 4 | $ 7 | $ 9 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | [1] | 480,042 | 449,284 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 16.10 | $ 13.55 |
Granted, Shares (in shares) | [1] | 233,425 | 166,814 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 17.67 | $ 19.87 |
Vested, Shares (in shares) | (248,539) | (136,056) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 15 | $ 12.32 | |
Outstanding, Shares (in shares) | [1] | 464,928 | 480,042 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 17.47 | $ 16.10 |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | [1] | 917,533 | 977,547 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 16.84 | $ 15.45 |
Granted, Shares (in shares) | [1] | 343,402 | 359,481 |
Granted, Weighted average grant date fair value (in dollars per share) | [1] | $ 18.73 | $ 18.92 |
Vested, Shares (in shares) | (613,179) | (333,865) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 15.48 | $ 15.35 | |
Forfeited, Shares (in shares) | 0 | (85,630) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 0 | $ 15.53 | |
Outstanding, Shares (in shares) | [1] | 647,756 | 917,533 |
Outstanding, Weighted average grant date fair value (in dollars per share) | [1] | $ 19.13 | $ 16.84 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 90,184 | 398,000 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 18.92 | $ 18.21 | |
Granted, Shares (in shares) | 95,115 | 93,184 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 19.05 | $ 18.77 | |
Vested, Shares (in shares) | (60,052) | (374,500) | |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.92 | $ 18.18 | |
Forfeited, Shares (in shares) | 0 | (26,500) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 0 | $ 18.21 | |
Outstanding, Shares (in shares) | 125,247 | 90,184 | |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.02 | $ 18.92 | |
[1] | For awards subject to future performance conditions, amounts assume target performance. |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Sep. 30, 2021 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 10 years 3 months |
Operating Lease, Weighted Average Discount Rate, Percent | 6.74% |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease expense | $ 3 | $ 3 | $ 9 | $ 9 |
Short-term lease expense | 1 | 0 | 2 | 1 |
Total lease expense | $ 4 | $ 3 | $ 11 | $ 10 |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Sep. 30, 2021USD ($) |
Remainder of 2021 | $ 3 |
2022 | 11 |
2023 | 9 |
2024 | 9 |
2025 | 8 |
Thereafter | 43 |
Total lease payments | 83 |
Less: Imputed interest | (24) |
Present value of lease liabilities | $ 59 |
Note 11 - Goodwill and Intang_3
Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of Intangible Assets, Total | $ 28 | $ 26 | $ 81 | $ 78 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 29 | 29 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 112 | 112 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 105 | 105 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 40 | 40 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 30 | 30 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 28 | $ 28 |
Note 11 - Goodwill and Intang_4
Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill | $ 1,460 | |||
Goodwill, Net additions | 173 | |||
Goodwill | $ 1,633 | 1,633 | ||
Broadcast licenses | 3,579 | |||
Broadcast licenses | 3,784 | 3,784 | ||
Finite-lived intangible assets | 395 | |||
Finite-lived intangible assets, Net additions | 93 | |||
Amortization of Intangible Assets | (28) | $ (26) | (81) | $ (78) |
Finite-lived intangible assets | 407 | 407 | ||
Total intangible assets net of accumulated amortization | 5,434 | |||
Total intangible assets net of accumulated amortization, Net additions | 471 | |||
Total intangible assets net of accumulated amortization | 5,824 | 5,824 | ||
Goodwill, gross | 1,559 | |||
Goodwill, impairments | 0 | |||
Goodwill, gross | 1,732 | 1,732 | ||
Accumulated goodwill impairment | (99) | (99) | ||
Broadcast Licenses [Member] | ||||
Broadcast licenses | 3,579 | |||
Broadcast licenses, Net additions | 205 | |||
Broadcast licenses | $ 3,784 | $ 3,784 |
Note 11 - Goodwill and Intang_5
Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Gross | $ 1,732 | $ 1,559 |
Goodwill | 1,633 | 1,460 |
Other intangible assets, net | 407 | 395 |
Total intangibles | 6,271 | 5,804 |
Total intangibles, accumulated amortization | (447) | (370) |
Total intangibles | 5,824 | 5,434 |
Network Affiliate [Member] | ||
Finite-Lived Intangible Assets, Gross | 83 | 67 |
Finite-Lived Intangible Assets, Accumulated Amortization | (38) | (28) |
Other intangible assets, net | 45 | 39 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 717 | 644 |
Finite-Lived Intangible Assets, Accumulated Amortization | (355) | (288) |
Other intangible assets, net | 362 | 356 |
Intangible Assets Subject to Amortization [Member] | ||
Finite-Lived Intangible Assets, Gross | 800 | 711 |
Finite-Lived Intangible Assets, Accumulated Amortization | (393) | (316) |
Other intangible assets, net | 407 | 395 |
Broadcast Licenses [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 3,838 | 3,633 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,784 | 3,579 |
Goodwill Not Amortizable [Member] | ||
Goodwill, Gross | 1,633 | 1,460 |
Goodwill, Accumulated Amortization | 0 | 0 |
Goodwill | 1,633 | 1,460 |
Intangible Assets Not Subject to Amortization [Member] | ||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 5,471 | 5,093 |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) |
Goodwill and Indefinite-Lived Assets, Net | $ 5,417 | $ 5,039 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 194.00% | 26.00% | 52.00% | 26.00% | ||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.00% | 4.00% | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 3.00% | |||||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Percent | 23.00% | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total | 1.00% | |||||
Income Taxes Paid, Net, Total | $ 129 | |||||
Proceeds from Income Tax Refunds | $ 21 | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards, Total | $ 204 | 204 | ||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Total | $ 567 | 567 | ||||
Forecast [Member] | ||||||
Income Taxes Paid, Net, Total | $ 18 | |||||
Quincy Divestiture [Member] | ||||||
Income Taxes Paid, Net, Total | $ 72 | |||||
Flint [Member] | Forecast [Member] | ||||||
Income Taxes Paid, Net, Total | $ 17 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income tax expense | $ 35 | $ 43 | $ 65 | $ 67 |
Effective income tax rate | 194.00% | 26.00% | 52.00% | 26.00% |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenue (less agency commissions) | $ 601 | $ 604 | $ 1,692 | $ 1,589 | |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | 1,213 | 1,064 | |||
Depreciation and amortization | 157 | 147 | |||
Loss on disposal of assets, net | 51 | (10) | 46 | (23) | |
Operating expenses | 534 | 392 | 1,416 | 1,188 | |
Operating income (loss) | 67 | 212 | 276 | 401 | |
Interest expense | 48 | 45 | 143 | 143 | |
Capital expenditures (excluding business combinations) | 154 | 70 | |||
Goodwill | 1,633 | 1,633 | $ 1,460 | ||
Total assets | 7,779 | 7,779 | 7,643 | ||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 1,213 | 1,064 | |||
Corporate, Non-Segment [Member] | |||||
Revenue (less agency commissions) | 0 | 0 | |||
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | 75 | 47 | |||
Depreciation and amortization | 2 | 2 | |||
Loss on disposal of assets, net | 0 | 0 | |||
Operating expenses | 77 | 49 | |||
Operating income (loss) | (77) | (49) | |||
Interest expense | 143 | 143 | |||
Capital expenditures (excluding business combinations) | 3 | 0 | |||
Goodwill | 0 | 0 | 0 | ||
Total assets | 416 | 416 | 871 | ||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 75 | 47 | |||
Broadcasting, Segment [Member] | |||||
Revenue (less agency commissions) | 581 | 593 | 1,648 | 1,557 | |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | 1,099 | 985 | |||
Depreciation and amortization | 146 | 136 | |||
Loss on disposal of assets, net | 46 | (21) | |||
Operating expenses | 1,291 | 1,100 | |||
Operating income (loss) | 357 | 457 | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 63 | 69 | |||
Goodwill | 1,588 | 1,588 | 1,419 | ||
Total assets | 7,229 | 7,229 | 6,631 | ||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | 1,099 | 985 | |||
Production Companies, Segment [Member] | |||||
Revenue (less agency commissions) | 20 | $ 11 | 44 | 32 | |
Operating expenses before depreciation, amortization and loss on disposal of assets, net: | 39 | 32 | |||
Depreciation and amortization | 9 | 9 | |||
Loss on disposal of assets, net | 0 | (2) | |||
Operating expenses | 48 | 39 | |||
Operating income (loss) | (4) | (7) | |||
Interest expense | 0 | 0 | |||
Capital expenditures (excluding business combinations) | 88 | 1 | |||
Goodwill | 45 | 45 | 41 | ||
Total assets | $ 134 | 134 | $ 141 | ||
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: | $ 39 | $ 32 |