Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000043196 | ||
Entity Registrant Name | GRAY TELEVISION INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-13796 | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-0285030 | ||
Entity Address, Address Line One | 4370 Peachtree Road, NE | ||
Entity Address, City or Town | Atlanta | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30319 | ||
City Area Code | 404 | ||
Local Phone Number | 504-9828 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 676,786,595 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Atlanta, Georgia | ||
Auditor Firm ID | 49 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A common stock (no par value) | ||
Trading Symbol | GTN.A | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 8,919,401 | ||
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 | 88,284,758 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash | $ 21 | $ 61 |
Accounts receivable, less allowance for credit losses of $17 and $16, respectively | 342 | 650 |
Current portion of program broadcast rights, net | 18 | 27 |
Income tax refunds receivable | 21 | 22 |
Prepaid income taxes | 18 | 43 |
Prepaid and other current assets | 48 | 54 |
Total current assets | 468 | 857 |
Property and equipment, net | 1,601 | 1,466 |
Operating lease right of use asset | 75 | 75 |
Broadcast licenses | 5,320 | 5,331 |
Goodwill | 2,643 | 2,663 |
Other intangible assets, net | 415 | 636 |
Investments in broadcasting and technology companies | 85 | 105 |
Deferred pension assets | 17 | 5 |
Other | 16 | 14 |
Total assets | 10,640 | 11,152 |
Liabilities and stockholders’ equity: | ||
Accounts payable | 23 | 55 |
Employee compensation and benefits | 110 | 98 |
Accrued interest | 63 | 60 |
Accrued network programming fees | 37 | 39 |
Other accrued expenses | 41 | 50 |
Federal and state income taxes | 22 | 15 |
Current portion of program broadcast obligations | 20 | 29 |
Deferred revenue | 39 | 24 |
Dividends payable | 14 | 14 |
Current portion of operating lease liabilities | 11 | 10 |
Current portion of long-term debt | 15 | 15 |
Total current liabilities | 395 | 409 |
Long-term debt, less current portion and less deferred financing costs | 6,145 | 6,440 |
Program broadcast obligations, less current portion | 1 | 1 |
Deferred income taxes | 1,359 | 1,454 |
Operating lease liabilities, less current portion | 69 | 68 |
Other | 50 | 14 |
Total liabilities | 8,019 | 8,386 |
Commitments and contingencies (Note 12) | ||
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value, at each date | 650 | 650 |
Stockholders’ equity: | ||
Retained earnings | 1,084 | 1,242 |
Accumulated other comprehensive loss | (23) | (12) |
Stockholders' equity before treasury stock | 2,285 | 2,425 |
Total stockholders’ equity | 1,971 | 2,116 |
Total liabilities and stockholders’ equity | 10,640 | 11,152 |
Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 1,174 | 1,150 |
Treasury stock at cost | (282) | (278) |
Class A Common Stock (No Par Value) [Member] | ||
Stockholders’ equity: | ||
Common stock | 50 | 45 |
Treasury stock at cost | $ (32) | $ (31) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for credit losses | $ 17 | $ 16 |
Series A Perpetual Preferred Stock, par value (in dollars per share) | $ 0 | $ 0 |
Series A Perpetual Preferred Stock, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Series A Perpetual Preferred Stock, shares issued (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, shares outstanding (in shares) | 650,000 | 650,000 |
Series A Perpetual Preferred Stock, liquidation value | $ 650 | $ 650 |
Common stock, shares authorized (in shares) | 200,000,000 | |
Common Stock (No Par Value) [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 107,179,827 | 105,104,057 |
Common stock, shares outstanding (in shares) | 87,227,481 | 85,467,271 |
Treasury Stock, Common, Shares | 19,952,346 | 19,636,786 |
Class A Common Stock (No Par Value) [Member] | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 10,413,993 | 9,675,139 |
Common stock, shares outstanding (in shares) | 8,162,266 | 7,544,415 |
Treasury Stock, Common, Shares | 2,251,727 | 2,130,724 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue (less agency commissions) | $ 3,281,000 | $ 3,676,000 | $ 2,413,000 |
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net: | |||
Depreciation | 145,000 | 129,000 | 104,000 |
Amortization of intangible assets | 194,000 | 207,000 | 117,000 |
Impairment of goodwill and other intangible assets | 43,000 | 0 | 0 |
Loss (gain) on disposal of assets, net | 21,000 | (2,000) | 42,000 |
Operating expenses, net | 2,898,000 | 2,686,000 | 2,032,000 |
Operating income | 383,000 | 990,000 | 381,000 |
Other income (expense): | |||
Miscellaneous income (expense), net | 7,000 | (4,000) | (8,000) |
Impairment of investments | (29,000) | (18,000) | 0 |
Interest expense | (440,000) | (354,000) | (205,000) |
Loss on early extinguishment of debt | (3,000) | 0 | 0 |
Income (loss) before income taxes | (82,000) | 614,000 | 168,000 |
Income tax (benefit) expense | (6,000) | 159,000 | 78,000 |
Net (loss) income | (76,000) | 455,000 | 90,000 |
Preferred stock dividends | 52,000 | 52,000 | 52,000 |
Net (loss) income attributable to common stockholders | $ (128,000) | $ 403,000 | $ 38,000 |
Basic per share information: | |||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.39) | $ 4.38 | $ 0.4 |
Weighted average shares outstanding (in shares) | 92 | 92 | 95 |
Diluted per share information: | |||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.39) | $ 4.33 | $ 0.4 |
Weighted average shares outstanding (in shares) | 92 | 93 | 95 |
Dividends declared per common share (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.32 |
Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | $ 3,195,000 | $ 3,583,000 | $ 2,340,000 |
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net: | |||
Cost of goods and services sold | 2,268,000 | 2,165,000 | 1,548,000 |
Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 86,000 | 93,000 | 73,000 |
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net: | |||
Cost of goods and services sold | 115,000 | 83,000 | 62,000 |
Other Segments [Member] | |||
Operating expenses before depreciation, amortization, impairment and (gain) loss on disposals of assets, net: | |||
Corporate and administrative | 112,000 | 104,000 | 159,000 |
Depreciation | 145,000 | 129,000 | 104,000 |
Amortization of intangible assets | $ 194,000 | $ 207,000 | $ 117,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net (loss) income | $ (76) | $ 455 | $ 90 |
Other comprehensive (loss) income: | |||
Adjustment to pension liability | 7 | 20 | 16 |
Adjustment to fair value of interest rate caps | (23) | 0 | 0 |
Income tax (benefit) expense of adjustments | (5) | 5 | 4 |
Other comprehensive (loss) income | (11) | 15 | 12 |
Comprehensive (loss) income | $ (87) | $ 470 | $ 102 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Restricted Stock [Member] Common Stock [Member] Common Class A [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] Treasury Stock, Common [Member] Common Class A [Member] | Restricted Stock [Member] Treasury Stock, Common [Member] | Restricted Stock [Member] AOCI Attributable to Parent [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member] | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Retained Earnings [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] Common Class A [Member] | Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] | Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] Common Class A [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 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 (loss) income | 0 | 0 | 90 | 0 | 0 | 0 | 90 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (52) | 0 | 0 | 0 | (52) | ||||||||||||||
Common stock dividends | 0 | 0 | (31) | 0 | 0 | 0 | (31) | ||||||||||||||
Adjustment to pension liability, net of income tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 12 | 12 | ||||||||||||||
401(k) Plan (in shares) | 0 | 394,044 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 8 | 0 | $ 0 | $ 0 | 0 | 8 | ||||||||||||||
Restricted stock awards (in shares) | 488,918 | 731,374 | (110,412) | (267,308) | 0 | 60,050 | 0 | (18,275) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (2) | $ (5) | $ 0 | $ (7) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (1,501,088) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (30) | 0 | (30) | ||||||||||||||
Stock-based compensation | $ 5 | $ 9 | 0 | $ 0 | $ 0 | 0 | 14 | ||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 9,424,691 | 104,286,324 | (1,998,179) | (16,747,268) | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 39 | $ 1,127 | 869 | $ (28) | $ (223) | (27) | 1,757 | ||||||||||||||
Net (loss) income | 0 | 0 | 455 | 0 | 0 | 0 | 455 | ||||||||||||||
Preferred stock dividends | 0 | 0 | (52) | 0 | 0 | 0 | (52) | ||||||||||||||
Common stock dividends | 0 | 0 | (30) | 0 | 0 | 0 | (30) | ||||||||||||||
Adjustment to pension liability, net of income tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 15 | 15 | ||||||||||||||
401(k) Plan (in shares) | 0 | 307,885 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 7 | 0 | $ 0 | $ 0 | 0 | 7 | ||||||||||||||
Restricted stock awards (in shares) | 250,448 | 400,927 | (132,545) | (210,367) | 0 | 108,921 | 0 | (32,958) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | 0 | $ (3) | $ (4) | 0 | (7) | $ 0 | $ 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | (2,646,193) | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ (50) | 0 | (50) | ||||||||||||||
Stock-based compensation | $ 6 | $ 16 | 0 | $ 0 | $ 0 | 0 | 22 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 9,675,139 | 105,104,057 | (2,130,724) | (19,636,786) | |||||||||||||||||
Balance at Dec. 31, 2022 | $ 45 | $ 1,150 | 1,242 | $ (31) | $ (278) | (12) | 2,116 | ||||||||||||||
Net (loss) income | 0 | 0 | (76) | 0 | 0 | 0 | (76) | ||||||||||||||
Preferred stock dividends | 0 | 0 | (52) | 0 | 0 | 0 | (52) | ||||||||||||||
Common stock dividends | 0 | 0 | (30) | 0 | 0 | 0 | (30) | ||||||||||||||
Adjustment to pension liability, net of income tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 6 | 6 | ||||||||||||||
401(k) Plan (in shares) | 0 | 819,898 | 0 | 0 | |||||||||||||||||
401(k) Plan | $ 0 | $ 9 | 0 | $ 0 | $ 0 | 0 | 9 | ||||||||||||||
Restricted stock awards (in shares) | 738,854 | 1,007,919 | (121,003) | (234,938) | 0 | 247,953 | 0 | (80,622) | |||||||||||||
Restricted stock awards | $ 0 | $ 0 | $ 0 | $ (1) | $ (3) | $ 0 | $ (4) | $ 0 | $ 0 | $ 0 | $ (1) | $ 0 | $ (1) | ||||||||
Repurchase of common stock (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Repurchase of common stock | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | 0 | ||||||||||||||
Stock-based compensation | 5 | 15 | 0 | 0 | 0 | 0 | 20 | ||||||||||||||
Adjustment to fair value of interest rate cap, net of income tax | $ 0 | $ 0 | 0 | $ 0 | $ 0 | (17) | (17) | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 10,413,993 | 107,179,827 | (2,251,727) | (19,952,346) | |||||||||||||||||
Balance at Dec. 31, 2023 | $ 50 | $ 1,174 | $ 1,084 | $ (32) | $ (282) | $ (23) | $ 1,971 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (76,000) | $ 455,000 | $ 90,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation | 145,000 | 129,000 | 104,000 |
Amortization of intangible assets | 194,000 | 207,000 | 117,000 |
Amortization of deferred loan costs | 13,000 | 16,000 | 12,000 |
Accretion of original issue discount and premium related to long-term debt, net | (1,000) | (1,000) | (1,000) |
Amortization of restricted stock awards | 20,000 | 22,000 | 14,000 |
Amortization of program broadcast rights | 37,000 | 48,000 | 38,000 |
Payments on program broadcast obligations | (38,000) | (49,000) | (38,000) |
Common stock contributed to 401(k) plan | 10,000 | 9,000 | 8,000 |
Deferred income taxes | (91,000) | (20,000) | (22,000) |
Loss (gain) on disposal of assets, net | 21,000 | (2,000) | 42,000 |
Loss on early extinguishment of debt | 3,000 | 0 | 0 |
Impairment of investments | 29,000 | 18,000 | 0 |
Goodwill and Intangible Asset Impairment | 43,000 | 0 | 0 |
Other | 14,000 | 0 | (14,000) |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | 308,000 | (26,000) | (30,000) |
Income tax receivable or prepaid | 26,000 | (4,000) | (40,000) |
Other current assets | 7,000 | 0 | 10,000 |
Accounts payable | (32,000) | (5,000) | 22,000 |
Employee compensation, benefits and pension costs | 12,000 | 3,000 | 21,000 |
Accrued network fees and other expenses | (13,000) | 6,000 | (27,000) |
Accrued interest | 3,000 | 8,000 | 14,000 |
Income taxes payable | 7,000 | 5,000 | (8,000) |
Deferred revenue | 7,000 | 10,000 | (12,000) |
Net cash provided by operating activities | 648,000 | 829,000 | 300,000 |
Cash flows from investing activities: | |||
Acquisitions of businesses and broadcast licenses, net of cash acquired | (6,000) | (58,000) | (3,765,000) |
Proceeds from sale of television stations | 6,000 | 0 | 473,000 |
Purchases of property and equipment | (348,000) | (436,000) | (207,000) |
Proceeds from Repack reimbursement (Note 1) | 0 | 7,000 | 11,000 |
Proceeds from asset sales | 54,000 | 4,000 | 5,000 |
Reimbursement of development costs | 18,000 | 0 | 0 |
Investments in broadcast, production and technology companies | (14,000) | (16,000) | (49,000) |
Other | (1,000) | (4,000) | (2,000) |
Net cash used in investing activities | (291,000) | (503,000) | (3,534,000) |
Cash flows from financing activities: | |||
Proceeds from borrowings on long-term debt | 300,000 | 0 | 3,050,000 |
Repayments of borrowings on long-term debt | (610,000) | (315,000) | (250,000) |
Repurchases of common stock | 0 | (50,000) | (30,000) |
Payments of common stock dividends | (30,000) | (30,000) | (31,000) |
Payments of preferred stock dividends | (52,000) | (52,000) | (52,000) |
Deferred and other loan costs | 0 | 0 | (30,000) |
Payments for taxes related to net share settlement of equity awards | (5,000) | (7,000) | (7,000) |
Net cash (used in) provided by financing activities | (397,000) | (454,000) | 2,650,000 |
Net decrease in cash | (40,000) | (128,000) | (584,000) |
Cash at beginning of year | 61,000 | 189,000 | 773,000 |
Cash at end of year | $ 21,000 | $ 61,000 | $ 189,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Description of Business and Summary of Significant Accounting Policies Overview. first second Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not December 31, 2023 2022, December 31, 2021. Use of Estimates. Allowance for Credit Losses. December 31, 2023, 2022 2021, 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 During 2023, 11 On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the adjusted one 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at December 31,2023, December 31, 2023. December 31, 2023. 2023 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 consolidated balance sheets (in millions): Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16 Program Broadcast Rights. two first Wheel of Fortune The Big Bang Theory not first first not The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. Property and Equipment. Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 1,466 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to the Purchase and Sale Agreement between us and the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During 2023, no The following tables provide additional information related to gain on disposal of assets, net included in our consolidated statements of operations and purchases of property and equipment included in our consolidated statements of cash flows (in millions): Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207 Deferred Loan Costs. Asset Retirement Obligations. 2062. December 31, 2023 2022, December 31, 2023, 2022 2021, not Concentration of Credit Risk. not We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 no one 5% Earnings Per Share. not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, identifiable intangible assets, less liabilities assumed in business combination transactions. Goodwill is tested for impairment on an annual basis (at year end) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one Impairment Testing of Indefinite-Lived Intangible Assets. December 31. For purposes of testing goodwill for impairment, our broadcast television stations as a whole, and each of our production companies, is considered a separate reporting unit. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not If we conclude that it is more likely than not not To estimate the fair value of our reporting units for a quantitative assessment, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us including, but not one In the performance of our annual assessment of broadcast licenses for impairment, we have the option to qualitatively assess whether it is more likely than not not one no not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13 Accumulated Other Comprehensive Loss December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2023 2022, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 ) Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the consolidated statements of operations and cash flows have also been reclassified to conform to the current presentation. |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Revenue Recognition. Advertising Revenue. 30 We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements may We generate advertising revenue either by the efforts of our direct sales employees or through third Retransmission Consent Revenue. three 30 Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is not not not Production Company Revenue. third Other Revenues. one Expedients. one one The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did not We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied in the manner stated above. These deposits are recorded as deposit liabilities on our balance sheet. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $12 million of revenue in the year ended December 31, 2023 December 31, 2022. December 31, 2023 2022, Disaggregation of Revenue. Year Ended December 31, 2023 2022 2021 Market and service type: Advertising: Core $ 1,514 $ 1,496 $ 1,190 Political 79 515 44 Total advertising 1,593 2,011 1,234 Retransmission consent 1,532 1,496 1,049 Production companies 86 93 73 Other 70 76 57 Total revenue $ 3,281 $ 3,676 $ 2,413 Sales channel: Direct $ 2,225 $ 2,163 $ 1,579 Advertising agency intermediary 1,056 1,513 834 Total revenue $ 3,281 $ 3,676 $ 2,413 |
Note 3 - Acquisitions and Dives
Note 3 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Acquisitions and Divestitures During 2023, 2022 2021, third 2023 On May 1, 2023, 102 126 The following table summarizes the values of the assets acquired of WPGA (in millions): Property and equipment $ 2 Broadcast licenses 4 Total $ 6 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from 3 In this transaction, an immaterial amount of goodwill was acquired. The sale of television station KNIN resulted in a loss on disposal of $14 million. 2022 On April 1, 2022, 6 The following table summarizes the values of the assets acquired and resulting goodwill of the Telemundo Atlanta Transaction (in millions): Accounts receivable, net $ 1 Property and equipment 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from 3 to 40 years. Amounts related to network affiliation and other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not In addition, we acquired broadcast licenses totaling approximately $27 million that did not 2021 Meredith Transaction. December 1, 2021, September 23, 2021, 66 The following table lists the 17 12 11 Then-Current Station Call Network DMA Rank DMA Letters Affiliations 10 Atlanta, GA WCGL/WPCH CBS/Ind. 12 Phoenix, AZ KPHO/KTVK CBS/Ind. 23 St. Louis, MO KMOV CBS 26 Portland, OR KPTV/KPDX FOX/MY 28 Nashville, TN WSMV NBC 29 Hartford - New Haven, CT WFSB CBS 32 Kansas City, MO KCTV/KSMO CBS/MY 38 Greenville - Spartanburg, SC WHNS FOX 41 Las Vegas, NV KVVU FOX 60 Mobile, AL - Pensacola, FL WALA FOX 66 Flint - Saginaw, MI WNEM CBS 113 Springfield, MA WGGB/WSHM ABC/FOX/CBS Quincy Transaction. August 2, 2021, August 2, 2021, seven December 31, 2021. The following table lists the stations acquired and retained, net of divestitures: Then-Current Station Call Network DMA Rank DMA Letters Affiliations 103 Fort Wayne, IN WPTA/WISE ABC/NBC/CW 119 Peoria, IL WEEK NBC/ABC/CW 134 Duluth, MN, Superior, WI KBJR/KDLH NBC/CBS/CW 147 Sioux City, IA KTIV NBC/CW 152 Binghamton, NY WBNG CBS/CW 153 Rochester, MN - Mason City, IA KTTC NBC/CW 161 Bluefield-Beckley, WV WVVA NBC/CW 174 Quincy, IL WGEM NBC/FOX/CW The following stations were acquired and divested in the Quincy Transaction: Then-Current Station Call Network DMA Rank DMA Letters Affiliations 76 Madison, WI WKOW ABC 80 Tucson, AZ KVOA NBC 92 Paducah, KY - Harrisburg, IL WSIL ABC 94 Cedar Rapids, IA KWWL NBC 128 La Crosse-Eau Claire, WI WXOW ABC 135 Wausau-Stevens Point, WI WAOW ABC 136 Rockford, IL WREX NBC The following table summarizes the allocation of consideration paid in the Quincy Transaction (in millions): Adjusted purchase price $ 936 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 553 Third Rail Acquisition. September 13, 2021, Purchase Price Allocations “2021 Meredith Quincy Third Rail Total Cash $ 1 $ 4 $ - $ 5 Accounts receivable, net 146 23 - 169 Other current assets 15 5 - 20 Property and equipment 235 74 24 333 Operating lease right of use asset 15 1 - 16 Goodwill 1,016 190 4 1,210 Broadcast licenses 1,516 245 - 1,761 Other intangible assets 455 85 - 540 Other non-current assets 3 - - 3 Other current liabilities (104 ) (7 ) (1 ) (112 ) Deferred income taxes (477 ) (66 ) - (543 ) Operating lease liabilities (15 ) (1 ) - (16 ) Other non-current liabilities (3 ) - - (3 ) Total $ 2,803 $ 553 $ 27 $ 3,383 These amounts are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the 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. Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable were approximately $3 million more than their recorded fair value. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three 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 In addition, we acquired broadcast licenses totaling approximately $4 million that did not The Company’s consolidated results of operations for the year ended December 31, 2021 December 1, 2021, August 2, 2021 September 13, 2021. 2021 December 31, 2021 The following table summarizes the approximate “Transaction Related Expenses” incurred in connection with the 2021 December 31, 2021, Year Ended December 31, 2021 Transaction Related Expenses by type: Legal, consulting and other professional fees $ 80 Termination of sales representation and other agreements 1 Total Transaction Related Expenses $ 81 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ 3 Corporate and administrative 71 Miscellaneous Expense 7 Total Transaction Related Expenses $ 81 Unaudited Pro Forma Financial Information 2021 December 31, 2021, 2021 January 1, 2021 Year Ended December 31, 2021 Revenue (less agency commissions) $ 3,153 Net income $ 199 Net income attributable to common stockholders $ 147 Basic net income attributable to common stockholders, per share $ 1.55 Diluted net income attributable to common stockholders, per share $ 1.55 This pro forma financial information is based on our 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, 2021, December 31, 2021 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-term Debt As of December 31, 2023 2022, 2019 2026 “2026 2027 “2027 2030 “2030 2031 “2031 December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,470 1,485 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal 6,210 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (14 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (14 ) (16 ) Unamortized premium - 2026 Notes 1 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,145 $ 6,440 Borrowing availability under Revolving Credit Facility $ 494 $ 496 Borrowings under the Revolving Credit Facility bear interest, at our option, at either the SOFR rate or the Base Rate, in each case, plus an applicable margin. Because of their relationship to the interest rate caps, described below, borrowings under the 2021 2019 1 December 31, 2023, 2021 2019 January 2, 2026, December 1, 2026. Interest Rate Cap February 23, 2023, two two December 31, 2023, December 31, 2025. 1 815. March 29, 2023, 1 1 848, not The interest rate caps, as amended, effectively limit the annual interest charged on our 2021 2019 1 4.97% 5.015%. December 31, 2025. $34 December 31, 2023. December 31, 2023, The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not December 31, 2023, 5%. 4.97% 5.015% December 31, 2023; For all of our interest bearing obligations, we made interest payments of approximately $419 million, $339 million and $178 million during the years ended December 31, 2023, 2022 2021, December 31, 2023 2022, not December 31, 2021. As of December 31, 2023, Minimum Principal Maturities 2019 Senior 2026 2027 2030 2031 Year Credit Facility Notes Notes Notes Notes Total 2024 $ 15 $ - $ - $ - $ - $ 15 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,660 $ 700 $ 750 $ 800 $ 1,300 $ 6,210 Collateral, Covenants and Restrictions. 2019 2019 no 2026 2027 2030 2031 not 2026 2027 2030 2031 not December 31, 2023, no The 2019 2026 2027 2030 2031 December 31, 2023 2022, |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurement We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2 3, ● Level 1: ● Level 2: not ● Level 3: one Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement. The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses and deferred revenue approximate fair value at both December 31, 2023 2022. The value of our investments in broadcasting and technology companies are classified as Level 3. As of December 31, 2023, December 31, 2022, third 2. |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. Stockholders Equity We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our class A common stock has 10 votes per share and our common stock has one Our common stock and Class A common stock are entitled to receive cash dividends, if declared, on an equal per-share basis. During the years ended December 31, 2023, 2022 2021, On May 5, 2022, 2022 “2022 2022 2017 2022 may, December 31, 2023, 2022 December 31, 2023, 401 During the year ended December 31, 2023, not December 31, 2022 2021, December 31, 2023, |
Note 7 - Preferred Stock
Note 7 - Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 7. Preferred Stock At December 31, 2023 2022 two With respect to the payment of dividends, the Series A Preferred Stock will rank senior to all classes and series of our common stock and all other equity securities designated as ranking junior to the Series A Preferred Stock, and no All or any portion of the outstanding Series A Preferred Stock may 30 not 60 The Series A Preferred Stock is also subject to mandatory redemption upon the occurrence of certain change of control transactions or upon the sale or other disposition of all or substantially all of our assets. The holders of Series A Preferred Stock do not In general, the holders of the Series A Preferred Stock do not one The approval of the holders of the Series A Preferred Stock, voting separately as a class, is required in order to authorize, create or issue new shares of Series A Perpetual Preferred stock (other than to pay dividends), or alter the rights of any other shares that are or would be equal to or senior to the Series A Preferred Stock, or to amend, alter or repeal the Articles as amended from time to time if such amendment, alteration or repeal adversely affects the powers, preferences or special rights of the Series A Preferred Stock. The Series A Preferred Stock does not In the event that the Company voluntarily or involuntarily liquidates, dissolves or winds up its affairs, holders of Series A Preferred Stock will be entitled to receive for each share of Series A Preferred Stock, out of the Company’s assets or proceeds thereof available for distribution to shareholders, subject to the rights of any creditors, payment in full in an amount equal to the liquidation value and the per-share amount of any unpaid dividends for the current quarterly dividend period. Holders of Series A Preferred Stock would be entitled to receive this amount before any distribution of assets or proceeds to holders of our common stock and any other stock whose rights are junior to the Series A Preferred Stock. If in any distribution described above, our assets are not not |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Stock-Based Compensation We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors under our active stock-based compensation plan, the “2022 December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Stock-based compensation expense, gross $ 20 $ 22 $ 14 Income tax benefit at our statutory rate associated with stock-based compensation (5 ) (6 ) (4 ) Stock-based compensation expense, net $ 15 $ 16 $ 10 Currently, the 2022 2022 As of December 31, 2023, A summary of activity for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 997,745 $ 20.62 1,035,728 $ 19.69 917,533 $ 16.84 Granted 1,007,919 8.15 400,927 21.68 731,374 19.73 Vested (537,728 ) 20.32 (438,910 ) 19.38 (613,179 ) 15.48 Outstanding - end of period 1,467,936 $ 12.17 997,745 $ 20.62 1,035,728 $ 19.69 Restricted stock - Class A common: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 480,042 $ 16.10 Granted 738,854 8.34 250,448 20.52 488,918 18.66 Vested (267,859 ) 18.95 (293,631 ) 17.55 (248,539 ) 15.00 Outstanding - end of period 1,148,233 $ 12.37 677,238 $ 19.36 720,421 $ 18.22 Restricted stock units - common: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 90,184 $ 18.92 Granted 587,168 11.50 259,079 23.87 95,115 19.05 Vested (247,953 ) 23.64 (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 - - Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 125,247 $ 19.02 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Leases, Lessee Disclosure [Text Block] | 9. Leases Operating Leases. one one not 10 We lease land, buildings, transmission towers, right of way easements and equipment through operating leases. We generally lease land for the purpose of erecting transmission towers for our broadcast operations. Our building leases consist of office space and broadcast studios. For transmission towers we do not third We allocate consideration paid in the contract to lease and non-lease components based upon the contract or associated invoice received if applicable. Lease components include base rent, fixed rate escalators and in-substance fixed payments associated with the leased asset. Non-lease components include common area maintenance and operating expenses associated with the leased asset. We have not Variable lease payments are not We recognize leases with an initial term of 12 Our operating lease expenses, including variable leases, were $18 million and $17 million for the years ended December 31, 2023 2022, December 31, 2023 2022 not December 31, 2023 2022, December 31, 2023 2022 December 31, 2023, The maturities of operating lease liabilities were as follows (in millions): Year: 2024 $ 15 2025 14 2026 12 2027 11 2028 8 Thereafter 46 Total lease payments 106 Less: Imputed interest (26 ) Present value of lease liabilities $ 80 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. may not not not 50% Federal and state and local income tax expense is summarized as follows (in millions): Year Ended December 31, 2023 2022 2021 Current: Federal $ 73 $ 148 $ 74 State and local 12 31 26 Current income tax expense 85 179 100 Deferred: Federal (76 ) (21 ) (12 ) State and local (15 ) 1 (10 ) Deferred income tax benefit (91 ) (20 ) (22 ) Total income tax (benefit) expense $ (6 ) $ 159 $ 78 Significant components of our deferred tax liabilities and assets are as follows (in millions): December 31, 2023 2022 Deferred tax liabilities: Net book value of property and equipment $ 149 $ 143 Broadcast licenses, goodwill and other intangible assets 1,338 1,363 Other 3 5 Total deferred tax liabilities 1,490 1,511 Deferred tax assets: Liability for accrued bonus 13 11 State and local operating loss carryforwards 7 10 Interest expense limitation 88 17 Other 32 29 Total deferred tax assets 140 67 Valuation allowance for deferred tax assets (9 ) (10 ) Net deferred tax assets 131 57 Deferred tax liabilities, net of deferred tax assets $ 1,359 $ 1,454 As of December 31, 2023, one third not 382 A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Statutory federal rate applied to income before income tax expense $ (17 ) $ 129 $ 35 Current year permanent items 11 5 33 State and local taxes, net of federal tax benefit (4 ) 26 10 Change in valuation allowance (1 ) - - Other items, net 5 (1 ) - Income tax (benefit) expense as recorded $ (6 ) $ 159 $ 78 Effective income tax rate 7 % 26 % 46 % Each year-end, we adjust our other comprehensive income on a net of tax basis. During 2023, 2022, 2021, Beginning in 2023, 2023, We made income tax payments (net of refunds) of $50 million, $180 million and $149 million during the years ended December 31, 2023, 2022 2021, We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not As of December 31, 2023, We file a federal consolidated income tax return in the United States and state or local consolidated income tax returns in various state or local jurisdictions. Certain of our subsidiaries file separate tax returns in other various state and local jurisdictions. With few exceptions, we are no 2003. The following table summarizes the activity related to our reserve for uncertain tax positions (in millions): Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 15 $ 15 $ 14 Additions based on tax positions related to prior years - - 3 Statute expirations (1 ) - (2 ) Balance at end of period $ 14 $ 15 $ 15 If our reserve for unrecognized tax positions, as presented above, were to be recognized, there would be a favorable impact on the company’s reported income tax expenses in the period recognized. We recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive (Loss) Income. During the years ended December 31, 2023, 2022 2021, not December 31, 2023, 2022 2021, not On March 27, 2020, 19 2019 2020, 100% 2021. 2018, 2019, 2020 five 2020, |
Note 11 - Retirement Plans
Note 11 - Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. Retirement Plans We sponsor and contribute to defined benefit and defined contribution retirement plans. The Gray Television, Inc. Retirement Plan (“Gray Pension Plan”) is a defined benefit pension plan. Benefits under the Gray Pension Plan are frozen and can no no The Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974. December 31, 2023 2022, December 31, 2023 2022, December 31, 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 102 $ 140 Interest cost 5 4 Actuarial loss (gain) 2 (38 ) Benefits paid (5 ) (4 ) Projected benefit obligation at end of year $ 104 $ 102 Change in plan assets: Fair value of pension plan assets at beginning of year $ 104 $ 119 Actual return (loss) on plan assets 14 (14 ) Company contributions 4 4 Benefits paid (5 ) (5 ) Fair value of pension plan assets at end of year 117 104 Funded status of pension plan $ 13 $ 2 Amounts recognized on our balance sheets consist of: Accrued benefit cost $ 26 $ 21 Accumulated other comprehensive loss (13 ) (19 ) Net asset (liability) recognized $ 13 $ 2 Because the Gray Pension Plan is a frozen plan, the projected benefit obligation and the accumulated benefit obligation are the same. The accumulated benefit obligation was $104 million and $102 million at December 31, 2023 2022, not Year Ended December 31, 2023 2022 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.99 % 2.73 % Expected long-term rate of return on pension plan assets 6.25 % 6.25 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2023 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.79 % 4.99 % Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for the Gray Pension Plan includes the following components (in millions): Year Ended December 31, 2023 2022 2021 Components of net periodic pension cost: Interest cost $ 5 $ 4 $ 4 Expected return on plan assets (7 ) (8 ) (7 ) Recognized net actuarial loss - 1 1 Net periodic pension benefit $ (2 ) $ (3 ) $ (2 ) For the Gray Pension Plan, the estimated future benefit payments are as follows (in millions): Years Amount 2024 $ 5 2025 $ 5 2026 $ 6 2027 $ 6 2028 $ 6 2029 - 2033 $ 32 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2023 2022 Asset category: Insurance general account 13 % 14 % Cash management accounts 4 % 4 % Equity accounts 50 % 51 % Fixed income accounts 30 % 28 % Real estate accounts 3 % 3 % Total 100 % 100 % The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation: Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large Cap Blend 27.0 % 0.0 % 50.0 % Mid Cap Blend 10.0 % 0.0 % 40.0 % Small Cap Blend 6.0 % 0.0 % 25.0 % Foreign Large Blend 11.0 % 0.0 % 40.0 % Emerging Markets 3.0 % 0.0 % 25.0 % Real Estate 3.0 % 0.0 % 20.0 % Fixed Income: U.S. Treasury Inflation Protected 3.5 % 0.0 % 25.0 % Intermediate Core Plus Bond 25.0 % 0.0 % 50.0 % Short-Term Bond 3.0 % 0.0 % 25.0 % Bank Loan 0.0 % 0.0 % 25.0 % High Yield Bond 4.0 % 0.0 % 25.0 % Emerging Markets Bond 3.0 % 0.0 % 20.0 % Money Market Taxable 1.5 % 0.0 % 100.0 % Our equity portfolio contains securities of companies necessary to build a diversified portfolio that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no Fair Value of Gray Pension Plan Assets. 820, 5 The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2023 2022 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 5 - - 5 Equity accounts 59 - - 59 Fixed income accounts 35 - - 35 Real estate accounts 3 - - 3 Total $ 102 $ 15 $ - $ 117 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 4 - - 4 Equity accounts 53 - - 53 Fixed income account 29 - - 29 Real estate accounts 3 - - 3 Total $ 89 $ 15 $ - $ 104 Expected Pension Contributions. December 31, 2024. Capital Accumulation Plan. 401 2023, first December 31, 2023, 2022 2021, 2024 In addition, the Company, at its discretion, may December 31, 2023, 2022 2021, may December 31, 2023, 2 Meredith Plan. December 1, 2021, December 31, 2023, December 31, 2023. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies From time to time we may may December 31, 2023, Accounts Service and Syndicated Network Receivable Other Assembly Television Affiliation Year Securitization Agreements Development Programming Agreements Total 2024 $ - $ 57 $ 42 $ 8 $ 980 $ 1,087 2025 - 32 - 15 648 695 2026 300 14 - - 31 345 2027 - 2 - - - 2 Total $ 300 $ 105 $ 42 $ 23 $ 1,659 $ 2,129 Legal Proceedings and Claims. not Local TV Advertising Antitrust Litigation. 2018, January 2019) December 2021) May 22, 2019. not not not not Following published reports of the DOJ investigation and settlement, various putative class action lawsuits were filed against a number of owners of television stations. The cases have been consolidated in a single multidistrict litigation in the District Court for the Northern District of Illinois under the caption In re Local TV Advertising Litigation |
Note 13 - Goodwill and Intangib
Note 13 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 13. Goodwill and Intangible Assets During the years ended December 31, 2023 2022, 3 Several years ago, our Raycom Sports subsidiary sublicensed certain Atlantic Coast Conference (“ACC”) football and basketball games from ESPN to Fox Sports that were assumed by Diamond Sports Group, LLC (“Diamond”) upon its acquisition of Fox Sports. In March 2023, July 7, 2023, July 13, 2023, July 2023 The following table presents a summary of changes in our goodwill and other intangible assets, on a net basis (in millions): Net Balance at Acquisitions Net Balance at December 31, and December 31, 2022 Adjustments, Net Impairment Amortization 2023 Goodwill $ 2,663 $ (4 ) $ (16 ) $ - $ 2,643 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - (27 ) (194 ) 415 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (194 ) $ 8,378 Net Balance at Acquisitions Net Balance at December 31, and December 31, 2021 Adjustments Impairment Amortization 2022 Goodwill $ 2,649 $ 14 $ - $ - $ 2,663 Broadcast licenses 5,303 28 - - 5,331 Finite-lived intangible assets 825 18 - (207 ) 636 Total intangible assets net of accumulated amortization $ 8,777 $ 60 $ - $ (207 ) $ 8,630 The following table presents a summary of changes in our goodwill, on a gross basis (in millions): As of Acquisitions As of December 31, and December 31, 2022 Adjustments Impairment 2023 Goodwill, gross $ 2,762 $ (4 ) $ (16 ) $ 2,742 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 As of Acquisitions As of December 31, and December 31, 2021 Adjustments Impairment 2022 Goodwill, gross $ 2,748 $ 14 $ - $ 2,762 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 14 $ - $ 2,663 The following table presents a summary of our intangible assets and related accumulated amortization (in millions): As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (126 ) $ 90 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 992 (667 ) 325 1,055 (549 ) 506 $ 1,208 $ (793 ) $ 415 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,225 $ (847 ) $ 8,378 $ 9,321 $ (691 ) $ 8,630 Based on our intangible assets subject to amortization as of December 31, 2023, five 2024, 2025, 2026, 2027, 2028, may Impairment of goodwill and broadcast licenses Our broadcasting operating segment is comprised of a single reporting unit. Each of the distinct businesses within our production companies operating segment represent a reporting unit. Therefore, we evaluate our goodwill for impairment for five four 350. 350. In the performance of our annual broadcast license and reporting unit impairment assessments, we have the option of performing a qualitative assessment to determine if it is more likely than not 2023, 59 three 2022, 57 three As part of this qualitative assessment we evaluate the relative impact of factors that are specific to the reporting units as well as industry, regulatory and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over the carrying value reflected in prior quantitative assessments and the changes to the reporting units’ carrying value since the last impairment test. If we conclude that it is more likely than not not For our annual broadcast licenses impairment test in 2023 2022, not not For our annual goodwill impairment test in 2023 2022, not not one not We believe we have made reasonable estimates and utilized appropriate assumptions to evaluate whether the fair values of our broadcast licenses and reporting units were less than their carrying values. If future results are not See Note 1 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segment Information During the years ended December 31, 2023, 2022 2021, Production As of and for the Year ended December 31, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 3,195 $ 86 $ - $ 3,281 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 2,268 115 112 2,495 Depreciation and amortization 322 13 4 339 Impairment of goodwill and other inangible assets - 43 - 43 Loss on disposal of assets, net 18 3 - 21 Total operating expenses 2,608 174 116 2,898 Operating income (loss) $ 587 $ (88 ) $ (116 ) $ 383 Interest expense $ - $ - $ 440 $ 440 Capital expenditures (excluding business combinations) $ 107 $ 240 $ 1 $ 348 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,897 $ 658 $ 85 $ 10,640 As of and for the Year ended December 31, 2022: Revenue (less agency commissions) $ 3,583 $ 93 $ - $ 3,676 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 2,165 83 104 2,352 Depreciation and amortization 321 12 3 336 Loss on disposal of assets, net (2 ) - - (2 ) Total operating expenses 2,484 95 107 2,686 Operating income (loss) $ 1,099 $ (2 ) $ (107 ) $ 990 Interest expense $ - $ - $ 354 $ 354 Capital expenditures (excluding business combinations) $ 163 $ 267 $ 6 $ 436 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 As of and for the Year ended December 31, 2021: Revenue (less agency commissions) $ 2,340 $ 73 $ - $ 2,413 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,548 62 159 1,769 Depreciation and amortization 206 12 3 221 Loss on disposal of assets, net 41 - 1 42 Operating expenses 1,795 74 163 2,032 Operating income (loss) $ 545 $ (1 ) $ (163 ) $ 381 Interest expense $ - $ - $ 205 $ 205 Capital expenditures (excluding business combinations) $ 94 $ 110 $ 3 $ 207 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events Exchange of television stations. February 1, 2024, 194 198, 27 second 2024 BMI Investment Proceeds. February 8, 2024, Amendment of Revolving Credit Facility. February 16, 2024, second December 31, 2027 ( December 1, 2026 ( Executive Update. February 20, 2024, 2025. April 1, 2024, July 1, 2024. 2025. |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Insider Trading Policies and Procedures Not Adopted [Text Block] | Item 9B. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | GRAY TELEVISION, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in millions) Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts (a) (b) Deductions (b) Period Year Ended December 31, 2023: Allowance for doubtful accounts $ 16 $ 21 $ - $ (20 ) $ 17 Valuation allowance for deferred tax assets $ 10 $ - $ (1 ) $ - $ 9 Year Ended December 31, 2022: Allowance for doubtful accounts $ 16 $ 1 $ - $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 22 $ - $ (12 ) $ - $ 10 Year Ended December 31, 2021: Allowance for doubtful accounts $ 10 $ 4 $ 3 $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 15 $ 7 $ - $ - $ 22 (a) The adjustment to the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. (b) The adjustments to our allowance for doubtful accounts include adjustments related to our business combinations and write-offs of receivable balances not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Investment, Policy [Policy Text Block] | Investments in Broadcasting, Production and Technology Companies. may Investments in non-public businesses that do not not not December 31, 2023 2022, December 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Credit Losses. December 31, 2023, 2022 2021, 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 During 2023, 11 On February 23, 2023, three third $300 February 23, 2026, 860. Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not not The Securitization Facility is subject to interest charges, at the adjusted one 2023, not not may The proceeds of the Securitization Facility are classified as operating activities in our Consolidated Statement of Cash Flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not The amount sold to the Purchasers was $300 million at December 31,2023, December 31, 2023. December 31, 2023. 2023 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 consolidated balance sheets (in millions): Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16 |
Program Broadcast Rights [Policy Text Block] | Program Broadcast Rights. two first Wheel of Fortune The Big Bang Theory not first first not The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 1,466 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period. We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to the Purchase and Sale Agreement between us and the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During 2023, no The following tables provide additional information related to gain on disposal of assets, net included in our consolidated statements of operations and purchases of property and equipment included in our consolidated statements of cash flows (in millions): Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207 |
Deferred Charges, Policy [Policy Text Block] | Deferred Loan Costs. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations. 2062. December 31, 2023 2022, December 31, 2023, 2022 2021, not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk. not We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 no one 5% |
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 years ended December 31, 2023, 2022 2021 Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95 |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. For broadcast licenses acquired prior to January 1, 2002, For broadcast licenses acquired after December 31, 2001, December 31, 2001, When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, identifiable intangible assets, less liabilities assumed in business combination transactions. Goodwill is tested for impairment on an annual basis (at year end) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment Testing of Indefinite-Lived Intangible Assets. December 31. For purposes of testing goodwill for impairment, our broadcast television stations as a whole, and each of our production companies, is considered a separate reporting unit. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not If we conclude that it is more likely than not not To estimate the fair value of our reporting units for a quantitative assessment, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us including, but not one In the performance of our annual assessment of broadcast licenses for impairment, we have the option to qualitatively assess whether it is more likely than not not one no not For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Loss December 31, 2023 December 31, 2023 December 31, 2022, December 31, 2023 2022, December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements. November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023, December 15, 2024. not In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. not In addition to the accounting standards described above, certain amounts in the consolidated statements of operations and cash flows have also been reclassified to conform to the current presentation. |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2023 2022 Beginning balance $ 16 $ 16 Provision for credit losses 21 1 Amounts written off (20 ) (1 ) Ending balance $ 17 $ 16 |
Property, Plant and Equipment [Table Text Block] | Estimated December 31, Useful Lives 2023 2022 (in years) Property and equipment, net: Land $ 368 $ 290 Buildings and improvements 868 477 7 to 40 Equipment 1,082 1,027 3 to 20 Construction in progress 81 362 2,399 2,156 Accumulated depreciation (798 ) (690 ) Total $ 1,601 $ 1,466 |
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block] | Year ended December 31, 2023 2022 2021 (Loss) Gain on disposal of assets, net: Proceeds from sale of television stations and other assets $ 60 $ 4 $ 478 Proceeds from FCC Repack - 7 11 Net book value of assets disposed (73 ) (9 ) (531 ) Non-cash loss on divestitures 1 - - Securitization Facility (9 ) - - Total $ (21 ) $ 2 $ (42 ) Purchase of property and equipment: Recurring purchases - operations $ 107 $ 170 $ 90 Assembly Atlanta project 240 264 109 Repack 1 2 8 Total $ 348 $ 436 $ 207 |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2023 2022 2021 Weighted average shares outstanding, basic 92 92 95 Weighted average shares underlying stock options and restricted shares - 1 - Weighted average shares outstanding, diluted 92 93 95 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2023 2022 Items included in accumulated other comprehensive loss: Adjustment to pension liability $ (7 ) $ (16 ) Adjustment to fair value of interest rate caps (23 ) - Income tax benefit (7 ) (4 ) Accumulated other comprehensive loss $ (23 ) $ (12 ) |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2023 2022 2021 Market and service type: Advertising: Core $ 1,514 $ 1,496 $ 1,190 Political 79 515 44 Total advertising 1,593 2,011 1,234 Retransmission consent 1,532 1,496 1,049 Production companies 86 93 73 Other 70 76 57 Total revenue $ 3,281 $ 3,676 $ 2,413 Sales channel: Direct $ 2,225 $ 2,163 $ 1,579 Advertising agency intermediary 1,056 1,513 834 Total revenue $ 3,281 $ 3,676 $ 2,413 |
Note 3 - Acquisitions and Div_2
Note 3 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Property and equipment $ 2 Broadcast licenses 4 Total $ 6 Accounts receivable, net $ 1 Property and equipment 1 Goodwill 10 Broadcast licenses 1 Network affiliation 14 Other intangible assets 4 Total $ 31 Meredith Quincy Third Rail Total Cash $ 1 $ 4 $ - $ 5 Accounts receivable, net 146 23 - 169 Other current assets 15 5 - 20 Property and equipment 235 74 24 333 Operating lease right of use asset 15 1 - 16 Goodwill 1,016 190 4 1,210 Broadcast licenses 1,516 245 - 1,761 Other intangible assets 455 85 - 540 Other non-current assets 3 - - 3 Other current liabilities (104 ) (7 ) (1 ) (112 ) Deferred income taxes (477 ) (66 ) - (543 ) Operating lease liabilities (15 ) (1 ) - (16 ) Other non-current liabilities (3 ) - - (3 ) Total $ 2,803 $ 553 $ 27 $ 3,383 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Adjusted purchase price $ 936 Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021 383 Purchase consideration for assets acquired and liabilities assumed, net of divestitures $ 553 |
Business Combination, Separately Recognized Transactions [Table Text Block] | Year Ended December 31, 2021 Transaction Related Expenses by type: Legal, consulting and other professional fees $ 80 Termination of sales representation and other agreements 1 Total Transaction Related Expenses $ 81 Transaction Related Expenses by financial statement line item: Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net: Broadcasting $ 3 Corporate and administrative 71 Miscellaneous Expense 7 Total Transaction Related Expenses $ 81 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2021 Revenue (less agency commissions) $ 3,153 Net income $ 199 Net income attributable to common stockholders $ 147 Basic net income attributable to common stockholders, per share $ 1.55 Diluted net income attributable to common stockholders, per share $ 1.55 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 2022 Long-term debt: 2019 Senior Credit Facility: 2017 Term Loan (matures February 7, 2024) $ - $ 295 2019 Term Loan (matures January 2, 2026) 1,190 1,190 2021 Term Loan (matures December 1, 2028) 1,470 1,485 2026 Notes (matures July 15, 2026) 700 700 2027 Notes (matures May 15, 2027) 750 750 2030 Notes (matures October 15, 2030) 800 800 2031 Notes (matures November 15, 2031) 1,300 1,300 Total outstanding principal 6,210 6,520 Unamortized deferred loan costs - 2017 Term Loan - (4 ) Unamortized deferred loan costs - 2019 Term Loan (14 ) (21 ) Unamortized deferred loan costs - 2021 Term Loan (4 ) (4 ) Unamortized deferred loan costs - 2026 Notes (3 ) (4 ) Unamortized deferred loan costs - 2027 Notes (6 ) (7 ) Unamortized deferred loan costs - 2030 Notes (10 ) (11 ) Unamortized deferred loan costs - 2031 Notes (14 ) (16 ) Unamortized premium - 2026 Notes 1 2 Less current portion (15 ) (15 ) Long-term debt, less deferred financing costs $ 6,145 $ 6,440 Borrowing availability under Revolving Credit Facility $ 494 $ 496 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Minimum Principal Maturities 2019 Senior 2026 2027 2030 2031 Year Credit Facility Notes Notes Notes Notes Total 2024 $ 15 $ - $ - $ - $ - $ 15 2025 15 - - - - 15 2026 1,205 700 - - - 1,905 2027 15 - 750 - - 765 2028 1,410 - - - - 1,410 Thereafter - - - 800 1,300 2,100 Total $ 2,660 $ 700 $ 750 $ 800 $ 1,300 $ 6,210 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 2021 Stock-based compensation expense, gross $ 20 $ 22 $ 14 Income tax benefit at our statutory rate associated with stock-based compensation (5 ) (6 ) (4 ) Stock-based compensation expense, net $ 15 $ 16 $ 10 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Number Grant Date Number Grant Date Number Grant Date of Fair Value of Fair Value of Fair Value Shares Per Share Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 997,745 $ 20.62 1,035,728 $ 19.69 917,533 $ 16.84 Granted 1,007,919 8.15 400,927 21.68 731,374 19.73 Vested (537,728 ) 20.32 (438,910 ) 19.38 (613,179 ) 15.48 Outstanding - end of period 1,467,936 $ 12.17 997,745 $ 20.62 1,035,728 $ 19.69 Restricted stock - Class A common: Outstanding - beginning of period 677,238 $ 19.36 720,421 $ 18.22 480,042 $ 16.10 Granted 738,854 8.34 250,448 20.52 488,918 18.66 Vested (267,859 ) 18.95 (293,631 ) 17.55 (248,539 ) 15.00 Outstanding - end of period 1,148,233 $ 12.37 677,238 $ 19.36 720,421 $ 18.22 Restricted stock units - common: Outstanding - beginning of period 274,145 $ 23.60 125,247 $ 19.02 90,184 $ 18.92 Granted 587,168 11.50 259,079 23.87 95,115 19.05 Vested (247,953 ) 23.64 (108,921 ) 19.03 (60,052 ) 18.92 Forfeited (26,192 ) 23.15 (1,260 ) 19.05 - - Outstanding - end of period 587,168 $ 11.50 274,145 $ 23.60 125,247 $ 19.02 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year: 2024 $ 15 2025 14 2026 12 2027 11 2028 8 Thereafter 46 Total lease payments 106 Less: Imputed interest (26 ) Present value of lease liabilities $ 80 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Current: Federal $ 73 $ 148 $ 74 State and local 12 31 26 Current income tax expense 85 179 100 Deferred: Federal (76 ) (21 ) (12 ) State and local (15 ) 1 (10 ) Deferred income tax benefit (91 ) (20 ) (22 ) Total income tax (benefit) expense $ (6 ) $ 159 $ 78 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax liabilities: Net book value of property and equipment $ 149 $ 143 Broadcast licenses, goodwill and other intangible assets 1,338 1,363 Other 3 5 Total deferred tax liabilities 1,490 1,511 Deferred tax assets: Liability for accrued bonus 13 11 State and local operating loss carryforwards 7 10 Interest expense limitation 88 17 Other 32 29 Total deferred tax assets 140 67 Valuation allowance for deferred tax assets (9 ) (10 ) Net deferred tax assets 131 57 Deferred tax liabilities, net of deferred tax assets $ 1,359 $ 1,454 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Statutory federal rate applied to income before income tax expense $ (17 ) $ 129 $ 35 Current year permanent items 11 5 33 State and local taxes, net of federal tax benefit (4 ) 26 10 Change in valuation allowance (1 ) - - Other items, net 5 (1 ) - Income tax (benefit) expense as recorded $ (6 ) $ 159 $ 78 Effective income tax rate 7 % 26 % 46 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 15 $ 15 $ 14 Additions based on tax positions related to prior years - - 3 Statute expirations (1 ) - (2 ) Balance at end of period $ 14 $ 15 $ 15 |
Note 11 - Retirement Plans (Tab
Note 11 - Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | December 31, 2023 2022 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 102 $ 140 Interest cost 5 4 Actuarial loss (gain) 2 (38 ) Benefits paid (5 ) (4 ) Projected benefit obligation at end of year $ 104 $ 102 Change in plan assets: Fair value of pension plan assets at beginning of year $ 104 $ 119 Actual return (loss) on plan assets 14 (14 ) Company contributions 4 4 Benefits paid (5 ) (5 ) Fair value of pension plan assets at end of year 117 104 Funded status of pension plan $ 13 $ 2 Amounts recognized on our balance sheets consist of: Accrued benefit cost $ 26 $ 21 Accumulated other comprehensive loss (13 ) (19 ) Net asset (liability) recognized $ 13 $ 2 |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan: Discount rate 4.99 % 2.73 % Expected long-term rate of return on pension plan assets 6.25 % 6.25 % Estimated rate of increase in compensation levels N/A N/A As of December 31, 2023 2022 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.79 % 4.99 % |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2023 2022 2021 Components of net periodic pension cost: Interest cost $ 5 $ 4 $ 4 Expected return on plan assets (7 ) (8 ) (7 ) Recognized net actuarial loss - 1 1 Net periodic pension benefit $ (2 ) $ (3 ) $ (2 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Years Amount 2024 $ 5 2025 $ 5 2026 $ 6 2027 $ 6 2028 $ 6 2029 - 2033 $ 32 |
Schedule of Allocation of Plan Assets by Asset Category [Table Text Block] | As of December 31, 2023 2022 Asset category: Insurance general account 13 % 14 % Cash management accounts 4 % 4 % Equity accounts 50 % 51 % Fixed income accounts 30 % 28 % Real estate accounts 3 % 3 % Total 100 % 100 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Range Asset class: Strategic Allocation Lower Limit Upper Limit Equities: Large Cap Blend 27.0 % 0.0 % 50.0 % Mid Cap Blend 10.0 % 0.0 % 40.0 % Small Cap Blend 6.0 % 0.0 % 25.0 % Foreign Large Blend 11.0 % 0.0 % 40.0 % Emerging Markets 3.0 % 0.0 % 25.0 % Real Estate 3.0 % 0.0 % 20.0 % Fixed Income: U.S. Treasury Inflation Protected 3.5 % 0.0 % 25.0 % Intermediate Core Plus Bond 25.0 % 0.0 % 50.0 % Short-Term Bond 3.0 % 0.0 % 25.0 % Bank Loan 0.0 % 0.0 % 25.0 % High Yield Bond 4.0 % 0.0 % 25.0 % Emerging Markets Bond 3.0 % 0.0 % 20.0 % Money Market Taxable 1.5 % 0.0 % 100.0 % |
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block] | As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 5 - - 5 Equity accounts 59 - - 59 Fixed income accounts 35 - - 35 Real estate accounts 3 - - 3 Total $ 102 $ 15 $ - $ 117 As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 15 $ - $ 15 Cash management accounts 4 - - 4 Equity accounts 53 - - 53 Fixed income account 29 - - 29 Real estate accounts 3 - - 3 Total $ 89 $ 15 $ - $ 104 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Accounts Service and Syndicated Network Receivable Other Assembly Television Affiliation Year Securitization Agreements Development Programming Agreements Total 2024 $ - $ 57 $ 42 $ 8 $ 980 $ 1,087 2025 - 32 - 15 648 695 2026 300 14 - - 31 345 2027 - 2 - - - 2 Total $ 300 $ 105 $ 42 $ 23 $ 1,659 $ 2,129 |
Note 13 - Goodwill and Intang_2
Note 13 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Net Balance at Acquisitions Net Balance at December 31, and December 31, 2022 Adjustments, Net Impairment Amortization 2023 Goodwill $ 2,663 $ (4 ) $ (16 ) $ - $ 2,643 Broadcast licenses 5,331 (11 ) - - 5,320 Finite-lived intangible assets 636 - (27 ) (194 ) 415 Total intangible assets net of accumulated amortization $ 8,630 $ (15 ) $ (43 ) $ (194 ) $ 8,378 Net Balance at Acquisitions Net Balance at December 31, and December 31, 2021 Adjustments Impairment Amortization 2022 Goodwill $ 2,649 $ 14 $ - $ - $ 2,663 Broadcast licenses 5,303 28 - - 5,331 Finite-lived intangible assets 825 18 - (207 ) 636 Total intangible assets net of accumulated amortization $ 8,777 $ 60 $ - $ (207 ) $ 8,630 |
Schedule of Goodwill [Table Text Block] | As of Acquisitions As of December 31, and December 31, 2022 Adjustments Impairment 2023 Goodwill, gross $ 2,762 $ (4 ) $ (16 ) $ 2,742 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,663 $ (4 ) $ (16 ) $ 2,643 As of Acquisitions As of December 31, and December 31, 2021 Adjustments Impairment 2022 Goodwill, gross $ 2,748 $ 14 $ - $ 2,762 Accumulated goodwill impairment (99 ) - - (99 ) Goodwill, net $ 2,649 $ 14 $ - $ 2,663 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | As of December 31, 2023 As of December 31, 2022 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 5,374 $ (54 ) $ 5,320 $ 5,385 $ (54 ) $ 5,331 Goodwill 2,643 - 2,643 2,663 - 2,663 $ 8,017 $ (54 ) $ 7,963 $ 8,048 $ (54 ) $ 7,994 Intangible assets subject to amortization: Network affiliation agreements $ 216 $ (126 ) $ 90 $ 218 $ (88 ) $ 130 Other finite-lived intangible assets 992 (667 ) 325 1,055 (549 ) 506 $ 1,208 $ (793 ) $ 415 $ 1,273 $ (637 ) $ 636 Total intangible assets $ 9,225 $ (847 ) $ 8,378 $ 9,321 $ (691 ) $ 8,630 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Production As of and for the Year ended December 31, 2023: Broadcasting Companies Other Consolidated Revenue (less agency commissions) $ 3,195 $ 86 $ - $ 3,281 Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: 2,268 115 112 2,495 Depreciation and amortization 322 13 4 339 Impairment of goodwill and other inangible assets - 43 - 43 Loss on disposal of assets, net 18 3 - 21 Total operating expenses 2,608 174 116 2,898 Operating income (loss) $ 587 $ (88 ) $ (116 ) $ 383 Interest expense $ - $ - $ 440 $ 440 Capital expenditures (excluding business combinations) $ 107 $ 240 $ 1 $ 348 Goodwill $ 2,615 $ 28 $ - $ 2,643 Total assets $ 9,897 $ 658 $ 85 $ 10,640 As of and for the Year ended December 31, 2022: Revenue (less agency commissions) $ 3,583 $ 93 $ - $ 3,676 Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net: 2,165 83 104 2,352 Depreciation and amortization 321 12 3 336 Loss on disposal of assets, net (2 ) - - (2 ) Total operating expenses 2,484 95 107 2,686 Operating income (loss) $ 1,099 $ (2 ) $ (107 ) $ 990 Interest expense $ - $ - $ 354 $ 354 Capital expenditures (excluding business combinations) $ 163 $ 267 $ 6 $ 436 Goodwill $ 2,618 $ 45 $ - $ 2,663 Total assets $ 10,444 $ 535 $ 173 $ 11,152 As of and for the Year ended December 31, 2021: Revenue (less agency commissions) $ 2,340 $ 73 $ - $ 2,413 Operating expenses before depreciation, amortization and loss on disposal of assets, net: 1,548 62 159 1,769 Depreciation and amortization 206 12 3 221 Loss on disposal of assets, net 41 - 1 42 Operating expenses 1,795 74 163 2,032 Operating income (loss) $ 545 $ (1 ) $ (163 ) $ 381 Interest expense $ - $ - $ 205 $ 205 Capital expenditures (excluding business combinations) $ 94 $ 110 $ 3 $ 207 Goodwill $ 2,604 $ 45 $ - $ 2,649 Total assets $ 10,592 $ 269 $ 247 $ 11,108 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Col. A Col. B Col. C Col. D Col. E Additions (1) (2) Balance at Charged to Charged to Balance at Beginning Costs and Other End of Description of Period Expenses Accounts (a) (b) Deductions (b) Period Year Ended December 31, 2023: Allowance for doubtful accounts $ 16 $ 21 $ - $ (20 ) $ 17 Valuation allowance for deferred tax assets $ 10 $ - $ (1 ) $ - $ 9 Year Ended December 31, 2022: Allowance for doubtful accounts $ 16 $ 1 $ - $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 22 $ - $ (12 ) $ - $ 10 Year Ended December 31, 2021: Allowance for doubtful accounts $ 10 $ 4 $ 3 $ (1 ) $ 16 Valuation allowance for deferred tax assets $ 15 $ 7 $ - $ - $ 22 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 23, 2023 USD ($) | |
Number of Television Markets | 113 | |||
Percent of US Television Households Reached (Rate) | Rate | 36% | |||
Number of Television Markets with Top-Rated Stations | 79 | |||
Number of Television Markets with First and/or Second Rated Stations | 102 | |||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | $ 29,000 | $ 18,000 | $ 0 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 21,000 | 1,000 | 4,000 | |
Accounts Receivable, Allowance for Credit Loss | 17,000 | $ 16,000 | $ 16,000 | |
Asset Retirement Obligation | $ 4,000 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Services Sector [Member] | ||||
Concentration Risk, Percentage | 27% | 28% | 29% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Automotive [Member] | ||||
Concentration Risk, Percentage | 20% | 17% | 17% | |
Assembly Atlanta Project [Member] | ||||
Proceeds From Project | $ 64,000 | |||
Proceeds from Project Where Ownership Will Be Transferred | 46,000 | |||
Proceeds From Construction Costs Incurred | 18,000 | |||
Increase (Decrease) in Deferred Revenue | 8,000 | |||
Proceeds from Sale of Productive Assets | 38,000 | |||
Proceeds From Reimbursement of Development Costs | 18,000 | |||
Wells Fargo Bank, N.A. [Member] | ||||
Accounts Receivable Securitization Program Maximum Capacity | $ 300,000 | |||
Proceeds from Accounts Receivable Securitization | 300,000 | |||
Accounts Receivable Securitization, Unsold Receivables | 296,000 | |||
Accounts Receivable Securitization, Total Receivables | 596,000 | |||
Accounts Receivable Securitization, Charge for Discount | $ 9,000 | |||
Wells Fargo Bank, N.A. [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Diamond Sports Group, LLC [Member] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 17,000 |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 16 | $ 16 | |
Provision for credit losses | 21 | 1 | $ 4 |
Amounts written off | (20) | (1) | |
Ending balance | $ 17 | $ 16 | $ 16 |
Note 1 - Description of Busin_5
Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 2,399 | $ 2,156 |
Accumulated depreciation | (798) | (690) |
Total property and equipment, net | 1,601 | 1,466 |
Land [Member] | ||
Property and equipment, gross | 368 | 290 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 868 | 477 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 40 years | |
Equipment [Member] | ||
Property and equipment, gross | $ 1,082 | 1,027 |
Equipment [Member] | Minimum [Member] | ||
Estimated Useful Lives (Year) | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Estimated Useful Lives (Year) | 20 years | |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 81 | $ 362 |
Note 1 - Description of Busin_6
Note 1 - Description of Business and Summary of Significant Accounting Policies - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sale of television stations and other assets | $ 60 | $ 4 | $ 478 |
Proceeds from Repack reimbursement (Note 1) | 0 | 7 | 11 |
Net book value of assets disposed | (73) | (9) | (531) |
Non-cash loss on divestitures | 1 | 0 | 0 |
Securitization Facility | (9) | 0 | 0 |
Total | (21) | 2 | (42) |
Recurring purchases - operations | 107 | 170 | 90 |
Assembly Atlanta project | 240 | 264 | 109 |
Repack | 1 | 2 | 8 |
Total | $ 348 | $ 436 | $ 207 |
Note 1 - Description of Busin_7
Note 1 - Description of Business and Summary of Significant Accounting Policies - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average shares outstanding, basic (in shares) | 92 | 92 | 95 |
Weighted average shares underlying stock options and restricted shares (in shares) | 0 | 1 | 0 |
Weighted average shares outstanding, diluted (in shares) | 92 | 93 | 95 |
Note 1 - Description of Busin_8
Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Items included in accumulated other comprehensive loss: | ||
Adjustment to pension liability | $ (7) | $ (16) |
Adjustment to fair value of interest rate caps | (23) | 0 |
Income tax benefit | (7) | (4) |
Accumulated other comprehensive loss | $ (23) | $ (12) |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Liability, Revenue Recognized | $ 12 | |
Deferred Revenue [Member] | ||
Deposit Liability, Current | $ 13 | $ 12 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 3,281 | $ 3,676 | $ 2,413 |
Sales Channel, Directly to Consumer [Member] | |||
Revenue | 2,225 | 2,163 | 1,579 |
Sales Channel, Through Intermediary [Member] | |||
Revenue | 1,056 | 1,513 | 834 |
Core Advertising [Member] | |||
Revenue | 1,514 | 1,496 | 1,190 |
Political Advertising [Member] | |||
Revenue | 79 | 515 | 44 |
Advertising [Member] | |||
Revenue | 1,593 | 2,011 | 1,234 |
Retransmission Consent [Member] | |||
Revenue | 1,532 | 1,496 | 1,049 |
Production Companies [Member] | |||
Revenue | 86 | 93 | 73 |
Service, Other [Member] | |||
Revenue | $ 70 | $ 76 | $ 57 |
Note 3 - Acquisitions and Div_3
Note 3 - Acquisitions and Divestitures (Details Textual) $ in Millions | 12 Months Ended | |||||||
May 01, 2023 USD ($) | Apr. 01, 2022 USD ($) | Dec. 01, 2021 USD ($) | Sep. 23, 2021 USD ($) | Aug. 02, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Sep. 13, 2021 USD ($) | |
Broadcast Licenses Acquired in 2022 [Member] | ||||||||
Indefinite-Lived Intangible Assets Acquired | $ 27 | |||||||
Broadcast Licenses Acquired in 2021 [Member] | ||||||||
Indefinite-Lived Intangible Assets Acquired | $ 4 | |||||||
WPGA With Marquee Broadcasting Transaction [Member] | ||||||||
Business Combination, Consideration Transferred | $ 6 | |||||||
WPGA With Marquee Broadcasting Transaction [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
WPGA With Marquee Broadcasting Transaction [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
KNIN With Marquee Broadcasting Transaction [Member] | ||||||||
Gain (Loss) on Disposition of Business | $ 14 | |||||||
Atlanta Telemundo Transaction [Member] | ||||||||
Payments to Acquire Businesses, Gross | 6 | $ 31 | ||||||
Atlanta Telemundo Transaction [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||||||
Atlanta Telemundo Transaction [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | |||||||
Meredith Corporation [Member] | ||||||||
Business Combination, Consideration Transferred | $ 2,800 | |||||||
Business Combination, Television Stations Operated | 12 | |||||||
WJRT (ABC) in the Flint, Michigan Market [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 72 | |||||||
Gain (Loss) on Disposition of Business | $ (4) | |||||||
Quincy Acquisition [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | 383 | |||||||
Business Combination, Consideration Transferred | $ 936 | 936 | ||||||
Business Combination, Working Capital | 6 | |||||||
The2021 Acquisitions [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 27 | |||||||
Accounts Receivable, Gross Contractual Amount Over Recorded Fair Value | 3 | |||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 89 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 128 | |||||||
The2021 Acquisitions [Member] | Retransmission Agreements [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Finite-Lived Intangible Assets, Gross, Total | $ 374 | |||||||
The2021 Acquisitions [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||||||
The2021 Acquisitions [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Network Affiliate [Member] | Network Affiliation Agreements [Member] | ||||||||
Finite-Lived Intangible Assets, Gross, Total | $ 136 | |||||||
KNIN With Marquee Broadcasting Transaction [Member] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 6 | |||||||
Quincy Acquisition [Member] | ||||||||
Gain (Loss) on Disposition of Business | 45 | |||||||
Proceeds from Divestiture of Businesses | 401 | |||||||
Disposal Group, Working Capital | $ 21 |
Note 3 - Acquisitions and Div_4
Note 3 - Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions | May 01, 2023 | Apr. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 2,643 | $ 2,663 | $ 2,649 | ||
Goodwill | 2,643 | $ 2,663 | 2,649 | ||
Atlanta Telemundo Transaction [Member] | |||||
Property and equipment | $ 2 | $ 1 | |||
Payments to Acquire Businesses, Gross | 6 | 31 | |||
Accounts receivable, net | 1 | ||||
Goodwill | 10 | ||||
Accounts receivable, net | 1 | ||||
Goodwill | 10 | ||||
Atlanta Telemundo Transaction [Member] | Broadcast Licenses [Member] | |||||
Intangible assets | $ 4 | 1 | |||
Atlanta Telemundo Transaction [Member] | Network Affiliation [Member] | |||||
Intangible assets | 14 | ||||
Atlanta Telemundo Transaction [Member] | Other Intangible Assets [Member] | |||||
Intangible assets | $ 4 | ||||
Meredith Acquisition [Member] | |||||
Accounts receivable, net | 146 | ||||
Goodwill | 1,016 | ||||
Cash | 1 | ||||
Accounts receivable, net | 146 | ||||
Other current assets | 15 | ||||
Property and equipment | 235 | ||||
Operating lease right of use asset | 15 | ||||
Goodwill | 1,016 | ||||
Broadcast licenses | 1,516 | ||||
Other intangible assets | 455 | ||||
Other non-current assets | 3 | ||||
Other current liabilities | (104) | ||||
Deferred income taxes | (477) | ||||
Operating lease liabilities | (15) | ||||
Other non-current liabilities | (3) | ||||
Total | 2,803 | ||||
Quincy Acquisition [Member] | |||||
Accounts receivable, net | 23 | ||||
Goodwill | 190 | ||||
Cash | 4 | ||||
Accounts receivable, net | 23 | ||||
Other current assets | 5 | ||||
Property and equipment | 74 | ||||
Operating lease right of use asset | 1 | ||||
Goodwill | 190 | ||||
Broadcast licenses | 245 | ||||
Other intangible assets | 85 | ||||
Other non-current assets | 0 | ||||
Other current liabilities | (7) | ||||
Deferred income taxes | (66) | ||||
Operating lease liabilities | (1) | ||||
Other non-current liabilities | 0 | ||||
Total | 553 | $ 553 | |||
Third Rail Acquisition [Member] | |||||
Accounts receivable, net | 0 | ||||
Goodwill | 4 | ||||
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 non-current assets | 0 | ||||
Other current liabilities | (1) | ||||
Deferred income taxes | 0 | ||||
Operating lease liabilities | 0 | ||||
Other non-current liabilities | 0 | ||||
Total | 27 | ||||
The2021 Acquisitions [Member] | |||||
Accounts receivable, net | 169 | ||||
Goodwill | 1,210 | ||||
Cash | 5 | ||||
Accounts receivable, net | 169 | ||||
Other current assets | 20 | ||||
Property and equipment | 333 | ||||
Operating lease right of use asset | 16 | ||||
Goodwill | 1,210 | ||||
Broadcast licenses | 1,761 | ||||
Other intangible assets | 540 | ||||
Other non-current assets | 3 | ||||
Other current liabilities | (112) | ||||
Deferred income taxes | (543) | ||||
Operating lease liabilities | (16) | ||||
Other non-current liabilities | (3) | ||||
Total | $ 3,383 |
Note 3 - Acquisitions and Div_5
Note 3 - Acquisitions and Divestitures - Consideration (Details) - Quincy Acquisition [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Aug. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | |
Adjusted purchase price | $ 936 | $ 936 | |
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets thatwere divested on August 2, 2021 | 383 | ||
Purchase consideration for assets acquired and liabilities assumed, net of divestitures | $ 553 | $ 553 |
Note 3 - Acquisitions and Div_6
Note 3 - Acquisitions and Divestitures - Transaction Related Expenses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Transaction related expenses | $ 81 |
Broadcast Licenses [Member] | |
Transaction related expenses | 3 |
Corporate and Administrative [Member] | |
Transaction related expenses | 71 |
Miscellaneous (Income) Expense, Net [Member] | |
Transaction related expenses | 7 |
Legal, Consulting and Other Professional Fees [Member] | |
Transaction related expenses | 80 |
Termination of Sales Representation Agreements [Member] | |
Transaction related expenses | $ 1 |
Note 3 - Acquisitions and Div_7
Note 3 - Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) $ / shares | |
Revenue (less agency commissions) | $ 3,153 |
Net income | 199 |
Net income attributable to common stockholders | $ 147 |
Basic net income attributable to common stockholders, per share (in dollars per share) | $ / shares | $ 1.55 |
Diluted net income attributable to common stockholders, per share (in dollars per share) | $ / shares | $ 1.55 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2025 | Mar. 29, 2023 | Jan. 23, 2023 | |
Derivative, Cash Received on Hedge | $ 4,000 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 419,000 | $ 339,000 | $ 178,000 | |||
Interest Costs Capitalized | 20,000 | $ 9,000 | $ 0 | |||
Interest Rate Cap [Member] | ||||||
Derivative, Notional Amount | 2,600,000 | |||||
Derivative Asset | 24,000 | |||||
Derivative Liabilities, Net of Tax | 23,000 | |||||
Amortization | $ 10,000 | |||||
Interest Rate Cap [Member] | Forecast [Member] | ||||||
Derivative Fees Payable | $ 34,000 | |||||
Interest Rate Cap [Member] | Maximum [Member] | ||||||
Derivative, Variable Interest Rate | 4.97% | 5% | ||||
Second Interest Rate Cap [Member] | Maximum [Member] | ||||||
Derivative, Variable Interest Rate | 5.015% | |||||
2026 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | ||||
2027 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | ||||
2030 Notes [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | ||||
Notes 2031 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | ||||
The 2021 Senior Credit Facility [Member] | The 2021 Term Loan [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 8.50% | |||||
The 2019 Senior Credit Facility [Member] | The 2019 Term Loan [Member] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 8% |
Note 4 - Long-term Debt - Long-
Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt, gross | $ 6,210 | $ 6,520 |
Less current portion | (15) | (15) |
Long-term debt, less deferred financing costs | 6,145 | 6,440 |
Borrowing availability under Revolving Credit Facility | 494 | 496 |
The 2017 Term Loan [Member] | ||
Long-term debt, gross | 0 | 295 |
Unamortized deferred loan costs | 0 | (4) |
The 2019 Term Loan [Member] | ||
Long-term debt, gross | 1,190 | 1,190 |
Unamortized deferred loan costs | (14) | (21) |
The 2021 Term Loan [Member] | ||
Long-term debt, gross | 1,470 | 1,485 |
Unamortized deferred loan costs | (4) | (4) |
2026 Notes [Member] | ||
Long-term debt, gross | 700 | 700 |
Unamortized deferred loan costs | (3) | (4) |
Unamortized premium | 1 | 2 |
2027 Notes [Member] | ||
Long-term debt, gross | 750 | 750 |
Unamortized deferred loan costs | (6) | (7) |
2030 Notes [Member] | ||
Long-term debt, gross | 800 | 800 |
Unamortized deferred loan costs | (10) | (11) |
Notes 2031 [Member] | ||
Long-term debt, gross | 1,300 | 1,300 |
Unamortized deferred loan costs | $ (14) | $ (16) |
Note 4 - Long-term Debt - Aggre
Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 15 | |
2025 | 15 | |
2026 | 1,905 | |
2027 | 765 | |
2028 | 1,410 | |
Thereafter | 2,100 | |
Total Debt | 6,210 | $ 6,520 |
The 2019 Senior Credit Facility [Member] | ||
2024 | 15 | |
2025 | 15 | |
2026 | 1,205 | |
2027 | 15 | |
2028 | 1,410 | |
Thereafter | 0 | |
Total Debt | 2,660 | |
2026 Notes [Member] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 700 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total Debt | 700 | 700 |
2027 Notes [Member] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 750 | |
2028 | 0 | |
Thereafter | 0 | |
Total Debt | 750 | 750 |
2030 Notes [Member] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 800 | |
Total Debt | 800 | 800 |
Notes 2031 [Member] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 1,300 | |
Total Debt | $ 1,300 | $ 1,300 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Debt | $ 6.2 | $ 6.5 |
Long-Term Debt, Fair Value | $ 5.6 | $ 5.7 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Capital Units, Authorized (in shares) | 245,000,000 | ||
Common Stock, Shares Authorized (in shares) | 200,000,000 | ||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | ||
Common Stock, Voting Rights, Votes Per Share | 1 | ||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.32 | $ 0.32 | $ 0.32 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5,000,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 0 | $ 50 | $ 30 |
Class A Common Stock (No Par Value) [Member] | |||
Common Stock, Shares Authorized (in shares) | 25,000,000 | 25,000,000 | |
Common Stock, Voting Rights, Votes Per Share | 10 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,000,000 | ||
Stock Repurchased During Period, Shares (in shares) | 0 | ||
Common Stock and Class A Common Stock [Member] | |||
Stock Repurchased During Period, Shares (in shares) | 2,600,000 | 1,500,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ | $ 50 | $ 30 |
Note 7 - Preferred Stock (Detai
Note 7 - Preferred Stock (Details Textual) - Series A Perpetual Preferred Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Dividend Rate, Cash, Percentage | 8% | 8% |
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage | 8.50% | 8.50% |
Raycom [Member] | Preferred Stock [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 650,000 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 14 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based compensation expense, gross | $ 20 | $ 22 | $ 14 |
Income tax benefit at our statutory rate associated with stock-based compensation | (5) | (6) | (4) |
Stock-based compensation expense, net | $ 15 | $ 16 | $ 10 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock [Member] | |||
Outstanding, Shares (in shares) | 997,745 | 1,035,728 | 917,533 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 20.62 | $ 19.69 | $ 16.84 |
Granted, Shares (in shares) | 1,007,919 | 400,927 | 731,374 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 8.15 | $ 21.68 | $ 19.73 |
Vested, Shares (in shares) | (537,728) | (438,910) | (613,179) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 20.32 | $ 19.38 | $ 15.48 |
Outstanding, Shares (in shares) | 1,467,936 | 997,745 | 1,035,728 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.17 | $ 20.62 | $ 19.69 |
Restricted Stock [Member] | Common Class A [Member] | |||
Outstanding, Shares (in shares) | 677,238 | 720,421 | 480,042 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 19.36 | $ 18.22 | $ 16.1 |
Granted, Shares (in shares) | 738,854 | 250,448 | 488,918 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 8.34 | $ 20.52 | $ 18.66 |
Vested, Shares (in shares) | (267,859) | (293,631) | (248,539) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 18.95 | $ 17.55 | $ 15 |
Outstanding, Shares (in shares) | 1,148,233 | 677,238 | 720,421 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 12.37 | $ 19.36 | $ 18.22 |
Restricted Stock Units (RSUs) [Member] | |||
Outstanding, Shares (in shares) | 274,145 | 125,247 | 90,184 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 23.6 | $ 19.02 | $ 18.92 |
Granted, Shares (in shares) | 587,168 | 259,079 | 95,115 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.87 | $ 19.05 |
Vested, Shares (in shares) | (247,953) | (108,921) | (60,052) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 23.64 | $ 19.03 | $ 18.92 |
Forfeited, Shares (in shares) | (26,192) | (1,260) | 0 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 23.15 | $ 19.05 | $ 0 |
Outstanding, Shares (in shares) | 587,168 | 274,145 | 125,247 |
Outstanding, Weighted average grant date fair value (in dollars per share) | $ 11.5 | $ 23.6 | $ 19.02 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Lease, Cost | $ 18 | $ 17 |
Short-Term Lease, Cost | 16 | 17 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 10 | $ 16 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 3 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.60% | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Lessee, Lease, Renewal Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 99 years | |
Lessee, Lease, Renewal Term (Year) | 20 years |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2024 | $ 15 |
2025 | 14 |
2026 | 12 |
2027 | 11 |
2028 | 8 |
Thereafter | 46 |
Total lease payments | 106 |
Less: Imputed interest | (26) |
Present value of lease liabilities | $ 80 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Obligation, Pension Benefits | $ 7,000 | $ (20,000) | $ (16,000) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 23,000 | 0 | 0 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 5,000 | (5,000) | (4,000) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax, Total | 6,000 | 15,000 | 12,000 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total | 5,000 | (4,000) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 17,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (6,000) | |||
Income Taxes Paid, Net | 50,000 | 180,000 | 149,000 | |
Unrecognized Tax Benefits | 14,000 | 15,000 | $ 15,000 | $ 14,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | $ 0 | ||
Proceeds from Income Tax Refunds | $ 21,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 299,000 |
Note 10 - Income Taxes - Federa
Note 10 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 73 | $ 148 | $ 74 |
State and local | 12 | 31 | 26 |
Current income tax expense | 85 | 179 | 100 |
Federal | (76) | (21) | (12) |
State and local | (15) | 1 | (10) |
Deferred income tax benefit | (91) | (20) | (22) |
Income tax (benefit) expense as recorded | $ (6) | $ 159 | $ 78 |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities: | ||
Net book value of property and equipment | $ 149 | $ 143 |
Broadcast licenses, goodwill and other intangible assets | 1,338 | 1,363 |
Other | 3 | 5 |
Total deferred tax liabilities | 1,490 | 1,511 |
Deferred tax assets: | ||
Liability for accrued bonus | 13 | 11 |
State and local operating loss carryforwards | 7 | 10 |
Interest expense limitation | 88 | 17 |
Other | 32 | 29 |
Total deferred tax assets | 140 | 67 |
Valuation allowance for deferred tax assets | (9) | (10) |
Net deferred tax assets | 131 | 57 |
Deferred tax liabilities, net of deferred tax assets | $ 1,359 | $ 1,454 |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory federal rate applied to income before income tax expense | $ (17) | $ 129 | $ 35 |
Current year permanent items | 11 | 5 | 33 |
State and local taxes, net of federal tax benefit | (4) | 26 | 10 |
Change in valuation allowance | (1) | 0 | 0 |
Other items, net | 5 | (1) | 0 |
Income tax (benefit) expense as recorded | $ (6) | $ 159 | $ 78 |
Effective income tax rate | 7% | 26% | 46% |
Note 10 - Income Taxes - Activi
Note 10 - Income Taxes - Activity in Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 15 | $ 15 | $ 14 |
Additions based on tax positions related to prior years | 0 | 0 | 3 |
Statute expirations | (1) | 0 | (2) |
Balance at end of period | $ 14 | $ 15 | $ 15 |
Note 11 - Retirement Plans (Det
Note 11 - Retirement Plans (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 5 | ||
Defined Benefit Plan, Plan Assets, Amount | $ 117 | $ 104 | $ 119 |
Pension Plan [Member] | Gray Pension Plan [Member] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 104 | 102 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 4 | ||
Capital Accumulation Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 26 | 17 | 15 |
Defined Contribution Plan, Expected Contributions In Next Twelve Months | $ 27 | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2 | ||
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1% | ||
Capital Accumulation Plan [Member] | Next 2% of Each Employee's Salary Deferral [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | ||
Profit Sharing Contribution [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 10 | $ 9 | $ 7 |
Meredith Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Amount | 16 | ||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 11 |
Note 11 - Retirement Plans - Su
Note 11 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Projected benefit obligation at beginning of year | $ 102 | $ 140 | |
Interest cost | 5 | 4 | $ 4 |
Actuarial loss (gain) | 2 | (38) | |
Benefits paid | (5) | (4) | |
Projected benefit obligation at end of year | 104 | 102 | 140 |
Fair value of pension plan assets at beginning of year | 104 | 119 | |
Actual return (loss) on plan assets | 14 | (14) | |
Company contributions | 4 | 4 | |
Benefits paid | (5) | (5) | |
Fair value of pension plan assets at end of year | 117 | 104 | $ 119 |
Funded status of pension plan | 13 | 2 | |
Accrued benefit cost | 26 | 21 | |
Accumulated other comprehensive loss | (13) | (19) | |
Net asset (liability) recognized | $ 13 | $ 2 |
Note 11 - Retirement Plans - Es
Note 11 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discount rate | 4.99% | 2.73% |
Expected long-term rate of return on pension plan assets | 6.25% | 6.25% |
Discount rate | 4.79% | 4.99% |
Note 11 - Retirement Plans - Co
Note 11 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest cost | $ 5 | $ 4 | $ 4 |
Expected return on plan assets | (7) | (8) | (7) |
Recognized net actuarial loss | 0 | 1 | 1 |
Net periodic pension benefit | $ (2) | $ (3) | $ (2) |
Note 11 - Retirement Plans - _2
Note 11 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Millions | Dec. 31, 2023 USD ($) |
2024 | $ 5 |
2025 | 5 |
2026 | 6 |
2027 | 6 |
2028 | 6 |
2029 - 2033 | $ 32 |
Note 11 - Retirement Plans - Al
Note 11 - Retirement Plans - Allocation of Plan Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Plan assets, percent | 100% | 100% |
Insurance General Account [Member] | ||
Plan assets, percent | 13% | 14% |
Cash and Cash Equivalents [Member] | ||
Plan assets, percent | 4% | 4% |
Equity Securities [Member] | ||
Plan assets, percent | 50% | 51% |
Fixed Income Securities [Member] | ||
Plan assets, percent | 30% | 28% |
Real Estate [Member] | ||
Plan assets, percent | 3% | 3% |
Note 11 - Retirement Plans - Ta
Note 11 - Retirement Plans - Target Asset Allocation (Details) | Dec. 31, 2023 |
Large Cap Blend [Member] | |
Target range | 27% |
Large Cap Blend [Member] | Minimum [Member] | |
Target range | 0% |
Large Cap Blend [Member] | Maximum [Member] | |
Target range | 50% |
Mid-cap Blend [Member] | |
Target range | 10% |
Mid-cap Blend [Member] | Minimum [Member] | |
Target range | 0% |
Mid-cap Blend [Member] | Maximum [Member] | |
Target range | 40% |
Small Cap Blend [Member] | |
Target range | 6% |
Small Cap Blend [Member] | Minimum [Member] | |
Target range | 0% |
Small Cap Blend [Member] | Maximum [Member] | |
Target range | 25% |
Foreign Large Blend [Member] | |
Target range | 11% |
Foreign Large Blend [Member] | Minimum [Member] | |
Target range | 0% |
Foreign Large Blend [Member] | Maximum [Member] | |
Target range | 40% |
Emerging Markets [Member] | |
Target range | 3% |
Emerging Markets [Member] | Minimum [Member] | |
Target range | 0% |
Emerging Markets [Member] | Maximum [Member] | |
Target range | 25% |
Real Estate [Member] | |
Target range | 3% |
Real Estate [Member] | Minimum [Member] | |
Target range | 0% |
Real Estate [Member] | Maximum [Member] | |
Target range | 20% |
US Treasury Securities [Member] | |
Target range | 3.50% |
US Treasury Securities [Member] | Minimum [Member] | |
Target range | 0% |
US Treasury Securities [Member] | Maximum [Member] | |
Target range | 25% |
Intermediate Core Plus Bond [Member] | |
Target range | 25% |
Intermediate Core Plus Bond [Member] | Minimum [Member] | |
Target range | 0% |
Intermediate Core Plus Bond [Member] | Maximum [Member] | |
Target range | 50% |
Short-term Bond [Member] | |
Target range | 3% |
Short-term Bond [Member] | Minimum [Member] | |
Target range | 0% |
Short-term Bond [Member] | Maximum [Member] | |
Target range | 25% |
Bank Loan [Member] | |
Target range | 0% |
Bank Loan [Member] | Minimum [Member] | |
Target range | 0% |
Bank Loan [Member] | Maximum [Member] | |
Target range | 25% |
High Yield Bond [Member] | |
Target range | 4% |
High Yield Bond [Member] | Minimum [Member] | |
Target range | 0% |
High Yield Bond [Member] | Maximum [Member] | |
Target range | 25% |
Emerging Markets Bond [Member] | |
Target range | 3% |
Emerging Markets Bond [Member] | Minimum [Member] | |
Target range | 0% |
Emerging Markets Bond [Member] | Maximum [Member] | |
Target range | 20% |
Money Market Funds [Member] | |
Target range | 1.50% |
Money Market Funds [Member] | Minimum [Member] | |
Target range | 0% |
Money Market Funds [Member] | Maximum [Member] | |
Target range | 100% |
Note 11 - Retirement Plans - Pe
Note 11 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined benefit plan, fair value of plan assets | $ 117 | $ 104 | $ 119 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 102 | 89 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 15 | 15 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Insurance General Account [Member] | |||
Defined benefit plan, fair value of plan assets | 15 | 15 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 15 | 15 | |
Insurance General Account [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 5 | 4 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 5 | 4 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 59 | 53 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 59 | 53 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 35 | 29 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 35 | 29 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real Estate [Member] | |||
Defined benefit plan, fair value of plan assets | 3 | 3 | |
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 3 | 3 | |
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies - Commitments Summary (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Contractual obligations, 2024 | $ 1,087 |
Contractual obligations, 2025 | 695 |
Contractual obligations, 2026 | 345 |
Contractual obligations, 2027 | 2 |
Total | 2,129 |
Assembly Development [Member] | |
Purchase obligations, 2024 | 42 |
Purchase obligations, 2025 | 0 |
Purchase obligations, 2026 | 0 |
Purchase obligations, 2027 | 0 |
Total | 42 |
Syndicated Television Programming [Member] | |
Purchase obligations, 2024 | 8 |
Purchase obligations, 2025 | 15 |
Purchase obligations, 2026 | 0 |
Purchase obligations, 2027 | 0 |
Total | 23 |
Network Affiliation Agreements [Member] | |
Contractual obligations, 2024 | 980 |
Contractual obligations, 2025 | 648 |
Contractual obligations, 2026 | 31 |
Contractual obligations, 2027 | 0 |
Total | 1,659 |
Accounts Receivable Securitization [Member] | |
Purchase obligations, 2024 | 0 |
Purchase obligations, 2025 | 0 |
Purchase obligations, 2026 | 300 |
Purchase obligations, 2027 | 0 |
Total | 300 |
Service and Other Agreements [Member] | |
Purchase obligations, 2024 | 57 |
Purchase obligations, 2025 | 32 |
Purchase obligations, 2026 | 14 |
Purchase obligations, 2027 | 2 |
Total | $ 105 |
Note 13 - Goodwill and Intang_3
Note 13 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Asset Impairment | $ 43 | $ 0 | $ 0 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 125 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 113 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 83 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 47 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 13 |
Note 13 - Goodwill and Intang_4
Note 13 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | $ 2,643 | $ 2,663 | $ 2,649 |
Goodwill, acquisitions and adjustments | 4 | 14 | |
Broadcast licenses | 5,320 | 5,331 | |
Finite-lived intangible assets | 415 | 636 | 825 |
Amortization | (194) | (207) | (117) |
Total intangible assets net of accumulated amortization | 8,378 | 8,630 | 8,777 |
Total intangible assets net of accumulated amortization | (15) | (60) | |
Total intangible assets net of accumulated amortization | 43 | 0 | 0 |
Finite-Lived Intangible Assets [Member] | |||
Acquisition and adjustments | 0 | (18) | |
Acquisition and adjustments | 0 | 18 | |
Amortization | (194) | (207) | |
Finite-lived Intangible Assets [Member] | |||
Finite-lived intangible assets | 27 | ||
Broadcast Licenses [Member] | |||
Goodwill | 16 | ||
Broadcast licenses | 5,320 | 5,331 | $ 5,303 |
Acquisition and adjustments | (11) | (28) | |
Acquisition and adjustments | $ 11 | $ 28 |
Note 13 - Goodwill and Intang_5
Note 13 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill, gross | $ 2,742 | $ 2,762 | $ 2,748 |
Goodwill, acquired | (4) | (14) | |
Goodwill, dispositions | (16) | ||
Accumulated goodwill impairment | (99) | (99) | (99) |
Goodwill | 2,643 | 2,663 | $ 2,649 |
Goodwill, acquired | $ 4 | $ 14 |
Note 13 - Goodwill and Intang_6
Note 13 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill, Gross | $ 2,742 | $ 2,762 | $ 2,748 |
Goodwill | 2,643 | 2,663 | 2,649 |
Other intangible assets, net | 415 | 636 | 825 |
Total intangible assets, gross | 9,225 | 9,321 | |
Total intangible assets, accumulated amortization | (847) | (691) | |
Total intangible assets, net | 8,378 | 8,630 | $ 8,777 |
Network Affiliate [Member] | |||
Finite-Lived Intangible Assets, Gross | 216 | 218 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (126) | (88) | |
Other intangible assets, net | 90 | 130 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Gross | 992 | 1,055 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (667) | (549) | |
Other intangible assets, net | 325 | 506 | |
Intangible Assets Subject to Amortization [Member] | |||
Finite-Lived Intangible Assets, Gross | 1,208 | 1,273 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (793) | (637) | |
Other intangible assets, net | 415 | 636 | |
Broadcast Licenses [Member] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross | 5,374 | 5,385 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | (54) | (54) | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5,320 | 5,331 | |
Goodwill Not Amortizable [Member] | |||
Goodwill, Gross | 2,643 | 2,663 | |
Goodwill, Accumulated Amortization | 0 | 0 | |
Goodwill | 2,643 | 2,663 | |
Intangible Assets Not Subject to Amortization [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets, Gross | 8,017 | 8,048 | |
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization | (54) | (54) | |
Goodwill and Indefinite-Lived Assets, Net | $ 7,963 | $ 7,994 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number of Operating Segments | 2 |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue (less agency commissions) | $ 3,281 | $ 3,676 | $ 2,413 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 2,495 | 2,352 | 1,769 |
Depreciation and amortization | 339 | 336 | 221 |
Total intangible assets net of accumulated amortization | 43 | 0 | 0 |
Loss on disposal of assets, net | 21 | (2) | 42 |
Total operating expenses | 2,898 | 2,686 | 2,032 |
Operating income (loss) | 383 | 990 | 381 |
Interest expense | 440 | 354 | 205 |
Capital expenditures (excluding business combinations) | 348 | 436 | 207 |
Goodwill | 2,643 | 2,663 | 2,649 |
Total assets | 10,640 | 11,152 | 11,108 |
Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | 3,195 | 3,583 | 2,340 |
Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 86 | 93 | 73 |
Operating Segments [Member] | Broadcasting, Segment [Member] | |||
Revenue (less agency commissions) | 3,195 | 3,583 | 2,340 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 2,268 | 2,165 | 1,548 |
Depreciation and amortization | 322 | 321 | 206 |
Total intangible assets net of accumulated amortization | 0 | ||
Loss on disposal of assets, net | 18 | (2) | 41 |
Total operating expenses | 2,608 | 2,484 | 1,795 |
Operating income (loss) | 587 | 1,099 | 545 |
Interest expense | 0 | 0 | 0 |
Capital expenditures (excluding business combinations) | 107 | 163 | 94 |
Goodwill | 2,615 | 2,618 | 2,604 |
Total assets | 9,897 | 10,444 | 10,592 |
Operating Segments [Member] | Production Companies, Segment [Member] | |||
Revenue (less agency commissions) | 86 | 93 | 73 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 115 | 83 | 62 |
Depreciation and amortization | 13 | 12 | 12 |
Total intangible assets net of accumulated amortization | 43 | ||
Loss on disposal of assets, net | 3 | 0 | 0 |
Total operating expenses | 174 | 95 | 74 |
Operating income (loss) | (88) | (2) | (1) |
Interest expense | 0 | 0 | 0 |
Capital expenditures (excluding business combinations) | 240 | 267 | 110 |
Goodwill | 28 | 45 | 45 |
Total assets | 658 | 535 | 269 |
Segment Reconciling Items [Member] | |||
Revenue (less agency commissions) | 0 | 0 | 0 |
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net: | 112 | 104 | 159 |
Depreciation and amortization | 4 | 3 | 3 |
Total intangible assets net of accumulated amortization | 0 | ||
Loss on disposal of assets, net | 0 | 0 | 1 |
Total operating expenses | 116 | 107 | 163 |
Operating income (loss) | (116) | (107) | (163) |
Interest expense | 440 | 354 | 205 |
Capital expenditures (excluding business combinations) | 6 | 3 | |
Goodwill | 0 | 0 | 0 |
Total assets | 85 | $ 173 | $ 247 |
Corporate, Non-Segment [Member] | |||
Capital expenditures (excluding business combinations) | $ 1 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Feb. 16, 2024 | Feb. 08, 2024 | Dec. 31, 2023 |
Senior Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Repayments of Lines of Credit | $ 50 | ||
Subsequent Event [Member] | Second Amendment to the Senior Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 625 | ||
Line of Credit Facility, Increase (Decrease), Net | 125 | ||
Subsequent Event [Member] | Second Amendment Extending Maturity Date to December 31, 2027 [Member] | |||
Long-Term Line of Credit | 552.5 | ||
Subsequent Event [Member] | Second Amendment Extending Maturity Date to December 1, 2026 [Member] | |||
Long-Term Line of Credit | $ 72.5 | ||
Sale of Broadcast Music, Inc. To a Shareholder Group Led by New Mountain Capital, Llc. [Member] | Subsequent Event [Member] | |||
Proceeds from Sale of Other Investments | $ 110 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Beginning balance | $ 16 | $ 16 | $ 10 | |
Charged to costs and expenses | 21 | 1 | 4 | |
Charged to other accounts | 0 | 0 | 3 | |
Deductions | [1] | (20) | (1) | (1) |
Ending balance | 17 | 16 | 16 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Beginning balance | 10 | 22 | 15 | |
Charged to costs and expenses | 0 | 0 | 7 | |
Charged to other accounts | (1) | (12) | 0 | |
Deductions | 0 | |||
Ending balance | $ 9 | $ 10 | $ 22 | |
[1]Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards. |