0001437749-22-004412 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash	$ 189	$ 773
Accounts receivable, less allowance for credit losses of $16 and $10, respectively	624	425
Current portion of program broadcast rights, net	35	24
Income tax refunds receivable	21	21
Prepaid income taxes	40	0
Prepaid and other current assets	54	61
Total current assets	963	1,304
Property and equipment, net	1,165	737
Operating lease right of use asset	70	57
Broadcast licenses	5,303	3,579
Goodwill	2,649	1,460
Other intangible assets, net	825	395
Investments in broadcasting and technology companies	117	72
Other	16	39
Total assets	11,108	7,643
Liabilities and stockholders’ equity:
Accounts payable	59	10
Employee compensation and benefits	97	53
Accrued interest	52	37
Accrued network programming fees	34	39
Other accrued expenses	44	29
Federal and state income taxes	10	20
Current portion of program broadcast obligations	37	25
Deferred revenue	14	22
Dividends payable	13	13
Current portion of operating lease liabilities	9	7
Current portion of long-term debt	15	0
Total current liabilities	384	255
Long-term debt, less deferred financing costs	6,740	3,974
Program broadcast obligations, less current portion	5	5
Deferred income taxes	1,471	885
Accrued pension costs	24	43
Operating lease liabilities, less current portion	63	51
Other	14	27
Total liabilities	8,701	5,240
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:
Common stock	1,127	1,110
Retained earnings	869	862
Accumulated other comprehensive loss	(27)	(39)
Stockholders' equity before treasury stock	2,008	1,967
Treasury stock at cost	(223)	(188)
Total stockholders’ equity	1,757	1,753
Total liabilities and stockholders’ equity	11,108	7,643
Common Class A [Member]
Stockholders’ equity:
Common stock	39	34
Treasury stock at cost	$ (28)	$ (26)

Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for credit losses	$ 16	$ 10
Series A Perpetual Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Series A Perpetual Preferred Stock, shares authorized (in shares)	1,500,000	1,500,000
Series A Perpetual Preferred Stock, shares issued (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, shares outstanding (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, liquidation value	$ 650	$ 650
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	104,286,324	103,100,856
Common stock, shares outstanding (in shares)	87,539,056	88,140,259
Treasury stock (in shares)	16,747,268	14,960,597
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	9,424,691	8,935,773
Common stock, shares outstanding (in shares)	7,426,512	7,048,006
Treasury stock (in shares)	1,998,179	1,887,767

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue (less agency commissions)	$ 2,413	$ 2,381	$ 2,122
Corporate and administrative	159	65	104
Depreciation	104	96	80
Amortization of intangible assets	117	105	115
Loss (gain) on disposal of assets, net	42	(29)	(54)
Operating expenses, net	2,032	1,629	1,644
Operating income	381	752	478
Other income (expense):
Miscellaneous (expense) income, net	(8)	(5)	4
Interest expense	(205)	(191)	(227)
Loss on early extinguishment of debt	0	(12)	0
Income before income taxes	168	544	255
Income tax expense	78	134	76
Net income	90	410	179
Preferred stock dividends	52	52	52
Net income attributable to common stockholders	$ 38	$ 358	$ 127
Basic per share information:
Net income attributable to common stockholders (in dollars per share)	$ 0.40	$ 3.73	$ 1.28
Weighted average shares outstanding (in shares)	95	96	99
Diluted per share information:
Net income attributable to common stockholders (in dollars per share)	$ 0.40	$ 3.69	$ 1.27
Weighted average shares outstanding (in shares)	95	97	100
Dividends declared per common share (in dollars per share)	$ 0.32	$ 0	$ 0
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 2,340	$ 2,320	$ 2,035
Cost of goods and services sold	1,548	1,340	1,325
Operating expenses, net	1,795	1,495	1,451
Operating income	545	825	584
Other income (expense):
Interest expense	0	0	0
Production Companies, Segment [Member]
Revenue (less agency commissions)	73	61	87
Cost of goods and services sold	62	52	74
Operating expenses, net	74	66	87
Operating income	(1)	(5)	0
Other income (expense):
Interest expense	$ 0	$ 0	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 90	$ 410	$ 179
Other comprehensive income (loss):
Adjustment to pension liability	16	(10)	(7)
Income tax expense (benefit)	4	(2)	(2)
Adoption of ASU 2018-02			0
Other comprehensive income (loss)	12	(8)	(10)
Comprehensive income	102	402	169
AOCI Attributable to Parent [Member]
Net income	0	0	0
Other comprehensive income (loss):
Adoption of ASU 2018-02	$ 0	$ 0	$ (5)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

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 [Member] Common Class A [Member]	Restricted Stock [Member] Treasury Stock [Member]	Restricted Stock [Member] AOCI Attributable to Parent [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member] Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2018															8,569,149	89,298,943		(1,840,114)	(7,276,443)
Balance at Dec. 31, 2018															$ 27	$ 907	$ 372	$ (26)	$ (72)	$ (21)	$ 1,187
Net income															0	0	179	0	0	0	179
Preferred stock dividends															0	0	(52)	0	0	0	(52)
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	(5)	(5)
Acquisitions of television businesses and licenses (in shares)															0	11,499,945		0	0
Acquisitions of television businesses and licenses															$ 0	$ 170	0	$ 0	$ 0	0	170
401(k) Plan (in shares)															0	196,509		0	0
401(k) Plan															$ 0	$ 4	0	$ 0	$ 0	0	4
Restricted stock awards (in shares)	199,810	751,463		(47,653)	(152,371)
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ (3)	$ 0	$ (3)
Repurchase of common stock (in shares)															0	0		0	(1,659,684)
Repurchase of common stock															$ 0	$ 0	0	$ 0	$ (32)	0	(32)
Stock-based compensation															4	12	0	0	0	0	16
Adoption of ASU 2018-02															$ 0	$ 0	5	$ 0	$ 0	(5)	0
Balance (in shares) at Dec. 31, 2019															8,768,959	101,746,860		(1,887,767)	(9,088,498)
Balance at Dec. 31, 2019															$ 31	$ 1,093	504	$ (26)	$ (107)	(31)	1,464
Net income															0	0	410	0	0	0	410
Preferred stock dividends															0	0	(52)	0	0	0	(52)
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	(8)	(8)
401(k) Plan (in shares)															0	430,899		0	0
401(k) Plan															$ 0	$ 4	0	$ 0	$ 0	0	4
Restricted stock awards (in shares)	166,814	359,481		0	(146,716)			0	374,500		0	(112,564)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ (2)	0	(2)	$ 0	$ 0	$ 0	$ 0	$ (2)	$ 0	$ (2)
Repurchase of common stock (in shares)															0	0		0	(5,457,884)
Repurchase of common stock															$ 0	$ 0	0	$ 0	$ (75)	0	(75)
Stock-based compensation															$ 3	$ 13	0	$ 0	$ 0	0	16
Adoption of ASU 2018-02																				0
2007 Long Term Incentive Plan - stock options exercised (in shares)															0	274,746		0	(154,935)
2007 Long Term Incentive Plan - stock options exercised															$ 0	$ 0	0	$ 0	$ (2)	0	(2)
Forfeiture of restricted stock awards (in shares)															0	(85,630)		0	0
Forfeiture of restricted stock awards															$ 0	$ 0	0	$ 0	$ 0	0	0
Balance (in shares) at Dec. 31, 2020															8,935,773	103,100,856		(1,887,767)	(14,960,597)
Balance at Dec. 31, 2020															$ 34	$ 1,110	862	$ (26)	$ (188)	(39)	1,753
Net income															0	0	90	0	0	0	90
Preferred stock dividends															0	0	(52)	0	0	0	(52)
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)
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
Adoption of ASU 2018-02																				0
Common stock dividends															$ 0	$ 0	(31)	$ 0	$ 0	0	(31)
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

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 90	$ 410	$ 179
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	104	96	80
Amortization of intangible assets	117	105	115
Amortization of deferred loan costs	12	12	12
Accretion of original issue discount and premium related to long-term debt, net	(1)	(1)	(1)
Amortization of restricted stock awards	14	16	16
Amortization of program broadcast rights	38	38	39
Payments on program broadcast obligations	(38)	(39)	(43)
Common stock contributed to 401(k) plan	8	6	4
Deferred income taxes	(22)	75	55
Loss (gain) on disposal of assets, net	42	(29)	(54)
Loss on early extinguishment of debt	0	12	0
Other	(14)	12	7
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(30)	(14)	22
Income tax receivable or prepaid	(40)	(21)	0
Other current assets	10	(36)	(7)
Accounts payable	22	(1)	(1)
Employee compensation, benefits and pension costs	21	(16)	3
Accrued network fees and other expenses	(27)	7	(41)
Accrued interest	14	0	3
Income taxes payable	(8)	7	(6)
Deferred revenue	(12)	13	3
Net cash provided by operating activities	300	652	385
Cash flows from investing activities:
Acquisitions of television businesses and licenses, net of cash acquired	(3,765)	(91)	(2,837)
Proceeds from sale of television stations	473	0	253
Purchases of property and equipment	(207)	(110)	(110)
Proceeds from Repack reimbursement (Note 1)	11	29	41
Proceeds from asset sales	5	9	3
Investments in broadcast, production and technology companies	(49)	(48)	0
Other	(2)	0	(6)
Net cash used in investing activities	(3,534)	(211)	(2,656)
Cash flows from financing activities:
Borrowings - long-term debt	2,800	800	1,400
Repayments - long-term debt	0	(525)	(211)
Borrowings - revolving credit facility	250	0	0
Repayments - revolving credit facility	(250)	0	0
Repurchases of common stock	(30)	(75)	(32)
Common stock dividends	(31)	0	0
Preferred stock dividends	(52)	(52)	(39)
Deferred and other loan costs	(30)	(22)	(50)
Payments for taxes related to net share settlement of equity awards	(7)	(6)	(4)
Net cash provided by financing activities	2,650	120	1,064
Net (decrease) increase in cash	(584)	561	(1,207)
Cash and restricted cash at beginning of year	773	212	1,419
Cash and restricted cash at end of year	$ 189	$ 773	$ 212

Note 1 - Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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. We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Investments in Broadcasting, Production and Technology Companies. We have investments in several television, production and technology companies. We account for all material investments in which we have significant influence over the investee under the equity method of accounting. Upon initial investment, we record equity method investments at cost. The amounts initially recognized are subsequently adjusted for our appropriate share of the net earnings or losses of the investee. We record any investee losses up to the carrying amount of the investment plus advances and loans made to the investee, and any financial guarantees made on behalf of the investee. We recognize our share in earnings and losses of the investee as miscellaneous (expense) income, net in our consolidated statements of operations. Investments are also increased by contributions made to and decreased by the distributions from the investee. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired.

Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as miscellaneous (expense) income, net in our consolidated statements of operations. These investments are reported together as a non-current asset on our consolidated balance sheets.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“United States GAAP”, or “GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Allowance for Credit Losses. We are exposed to credit risk primarily through sales of broadcast and digital advertising with a variety of direct and agency-based advertising customers, retransmission consent agreements with multichannel video program distributors and program production sales and services. We recorded expenses for this allowance of $4 million, $2 million and $11 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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 also apply additional allowance when warranted by specific facts and circumstances. We generally write off account receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

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,

2021

2020

Beginning balance
$ 10 $ 11

Allowance obtained through acquisition
3 -

Provision for credit losses
4 2

Amounts written off
(1 ) (3 )

Ending balance
$ 16 $ 10

Program Broadcast Rights. We have two types of syndicated television program contracts: first run programs and off network reruns. First run programs are programs such as Wheel of Fortune and off network reruns are programs such as The Big Bang Theory. First run programs have not been produced at the time the contract to air such programming is signed, and off network rerun programs have already been produced. We record an asset and corresponding liability for payments to be made only for the current year of first run programming and for the entire contract period for off network programming. Only an estimate of the payments anticipated to be made in the year following the balance sheet date of first run program contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have not been produced or delivered.

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. Property and equipment are recorded at cost, or in the case of acquired businesses, at fair value. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in millions):

Estimated

December 31,

Useful Lives

2021

2020

(in years)

Property and equipment, net:

Land
$ 277 $ 123

Buildings and improvements
453 305 7 to 40

Equipment
961 780 3 to 20

Construction in progress
63 54

1,754 1,262

Accumulated depreciation
(589 ) (525 )

Total
$ 1,165 $ 737

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period.

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,

2021

2020

2019

(Loss) gain on disposal of assets, net:

Proceeds from sale of assets
$ 478 $ 9 $ 253

Proceeds from Repack
11 29 41

Net book value of assets disposed
(531 ) (9 ) (240 )

Total
$ (42 ) $ 29 $ 54

Purchase of property and equipment:

Recurring purchases - operations
$ 90 $ 87 $ 89

Assembly Atlanta development 109 - -

Repack
8 23 20

Repack related
- - 1

Total
$ 207 $ 110 $ 110

Deferred Loan Costs. Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. These debt issuance costs related to a recognized debt liability are presented in our balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs associated with line-of-credit arrangements are presented as an asset, and amortized over the life of the line-of-credit arrangement.

Asset Retirement Obligations. We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost is capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. The liability recognized for our asset retirement obligations was approximately $3 million and $2 million at December 31, 2021 and 2020, respectively. During the years ended December 31, 2021, 2020 and 2019, expenses related to our asset retirement obligations were not material.

Concentration of Credit Risk. We sell advertising airtime on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer’s financial condition, and generally advance payment is not required, except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.

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, 2021, 2020 and 2019 approximately 29%, 28% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector. During the years ended December 31, 2021, 2020 and 2019 approximately 17%, 21% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within our customer base, we believe this risk is in part mitigated due to the fact that no one customer accounted for in excess of 5% of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.

Earnings Per Share. We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2021, 2020 and 2019 (in millions):

Year Ended December 31,

2021

2020

2019

Weighted average shares outstanding, basic
95 96 99

Weighted average shares underlying stock options and restricted shares
- 1 1

Weighted average shares outstanding, diluted
95 97 100

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets.

For broadcast licenses acquired prior to January 1, 2002, we recorded their respective values using a residual method (analogous to “goodwill”) where the excess of the purchase price paid in the acquisition over the fair value of all identified tangible and intangible assets acquired was attributed to the broadcast license. This residual basis approach generally produces higher valuations of broadcast licenses when compared to applying an income method as discussed below.

For broadcast licenses acquired after December 31, 2001, we record their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. For television stations acquired after December 31, 2001, we allocate the residual value of the station to goodwill.

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 be below its carrying amount.

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 broadcast network, we believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as finite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred.

Impairment Testing of Indefinite-Lived Intangible Assets. We test for impairment of our indefinite-lived intangible assets on an annual basis on December 31. However, if certain triggering events occur, we test for impairment when such events occur.

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 a reporting unit has been impaired. 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 each reporting unit’s carrying value since the last impairment test.

If we conclude that it is more likely than not that a reporting unit is impaired, or if we elect not to perform the optional qualitative assessment, we will determine the fair value of the reporting unit and compare that to the net book value of the reporting unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference.

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 limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our reporting units.

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 that these assets are impaired. When evaluating our broadcast licenses for impairment, the qualitative assessment is done at the individual television station level. If we conclude that it is more likely than not that one of our broadcast licenses is impaired, we will perform a quantitative assessment by comparing the fair value of the broadcast license to its carrying value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods.

For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13 “Goodwill and Intangible Assets.”

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of December 31, 2021 and 2020 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in millions):

December 31,

2021

2020

Items included in accumulated other comprehensive loss:

Increase in pension liability
$ (36 ) $ (52 )

Income tax benefit
(9 ) (13 )

Accumulated other comprehensive loss
$ (27 ) $ (39 )

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). In January 2021, the FASB issued an amendment to ASU 2020-04, ASU 2021-01, Reference Rate Reform (Topic 848), in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU apply to all entities that elect to apply the optional guidance in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final standard, up to the date that financial statements are available to be issued. We are currently evaluating the applicability of this guidance.

In addition to the accounting standards described above, certain amounts in the consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2.	Revenue

Revenue Recognition. We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheets.

Advertising Revenue. Broadcast advertising revenue is generated primarily from the broadcast of television advertising time to local, national and political advertisers. Most advertising contracts are short-term, and generally run only for a few weeks. Our performance obligation is satisfied when the advertisement is broadcast or appears on our stations’ websites or mobile applications. Advertising revenue is recognized when the performance obligation is satisfied and then billed to the customer in the period the revenue is recognized. We have an unconditional right to receive payment of the amount billed generally within 30 days of the invoice date. Payment terms are expressly stated in our standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheets.

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 be in the form of banner advertisements, pre-roll advertisements or video and other types of advertisements or sponsorships.

We generate advertising revenue either by the efforts of our direct sales employees or through third party advertising agency intermediaries. Third party advertising intermediaries represent the customer and contract with us to deliver broadcast or internet advertising for the customer.

Retransmission Consent Revenue. We enter into license agreements with cable, satellite, multichannel video programming distributors and digital delivery system (or “OTT”) customers (collectively “MVPD”) that provide them the right to use our broadcast signal for retransmission across the MVPD system for an agreed period of time. These agreements represent a sales and usage based functional intellectual property license based on the number of subscribers to the licensee’s delivery systems. Our performance obligation is to provide the licensee with access to our intellectual property when it is broadcast. The duration of the typical retransmission consent contract is three years. Retransmission consent revenue is recognized continuously during the period of the contract as we transmit our broadcast signal to the MVPD. The amount of revenue recognized is determined based upon a fixed rate per subscriber multiplied by the number of active subscribers to our MVPD customer systems for the given month. We bill our MVPD customers monthly over the life of the retransmission consent contract. We have an unconditional right to receive payment of the amount billed generally within 30 days from the invoice date. Payment terms are expressly stated in our retransmission consent contracts as well as in the standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheets.

Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is not received until subsequent to that month. We estimate the current month retransmission consent revenue based upon the subscriber data from the most recent subscriber report by the MVPD. We record the estimate in the current month as retransmission consent revenue and then adjust the amount recorded in that month when we receive the actual subscriber data. We typically have monthly adjustments to our revenue to account for changes in MVPD subscribers on a monthly basis, however, the number of MVPD subscribers does not change materially on a monthly basis and this adjustment does not materially impact our recorded retransmission consent revenue on a quarterly or annual basis.

Production Company Revenue. Our production company revenues include sports marketing, production and event management, sports and entertainment production services and automotive programming production and marketing solutions. We recognize revenue of marketing, production and events at the time the events are aired or delivered. We recognize advertising revenues related to the events when the advertisements are aired. Sponsorship revenue is recognized ratably over the contractual period of the sponsorship.

Other Revenues. Other revenues consist of production, tower rental and other miscellaneous items. Production revenue is derived from the production of programming. Production revenue is recognized as the programming is produced. Tower rental income is recognized monthly over the life of the lease. All of our leases under which we are lessor are considered operating leases. Other revenue is comprised of one-time or infrequently occurring special projects, dubbing, fees and other miscellaneous items. Other revenue is recognized as the services are performed. Other revenue is generated by our direct sales employees.

Expedients. We expense direct and agency commissions when incurred because our advertising contracts are one year or less in duration and the amortization period for capitalized expenses would be less than one year. Direct commissions are included in broadcast operating expense and agency commissions are netted against gross revenue in our consolidated statements of operations.

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 have material incomplete or unsatisfied performance obligations at the end of any period presented.

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 $21 million of revenue in the year ended December 31, 2021 that was included in the deposit liability balance as of December 31, 2020. The deposit liability balance is included in deferred revenue on our consolidated balance sheets. The deposit liability balance was $13 million and $21 million as of December 31, 2021 and 2020, respectively.

Disaggregation of Revenue. Revenue from our broadcast segment is generated through both our direct and advertising agency intermediary sales channels. Revenue from our production companies segment is generated through our direct sales channel. The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in millions):

	Year Ended December 31,
	2021		2020		2019
Market and service type:
Advertising:
Local	$	934	$	771	$	898
National		256		198		229
Political		44		430		68
Total advertising		1,234		1,399		1,195
Retransmission consent		1,049		867		796
Production companies		73		61		87
Other		57		54		44
Total revenue	$	2,413	$	2,381	$	2,122

Sales channel:
Direct	$	1,579	$	1,302	$	1,270
Advertising agency intermediary		834		1,079		852
Total revenue	$	2,413	$	2,381	$	2,122

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Note 3 - Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3.	Acquisitions and Divestitures

During 2021, 2020 and 2019, we completed a number of acquisition and divestiture transactions. The acquisition transactions were and are expected to, among other things, increase our revenues and cash flows from operating activities, and allow us to operate more efficiently and effectively by increasing our scale and providing us, among other things, with the ability to negotiate more favorable terms in our agreements with third parties.

2021 Acquisitions.

Meredith Transaction. On December 1, 2021, we completed the acquisition of all the equity interests of Meredith, immediately after the spinoff of Meredith’s National Media Group to the current Meredith shareholders, for an adjusted purchase price of $2.8 billion in total enterprise value. Meredith owned and operated television stations in 12 markets. To facilitate regulatory approvals for the Meredith Transaction, on September 23, 2021, we divested our existing television station WJRT (ABC) in the Flint-Saginaw, Michigan market (DMA 66), to Allen for an adjusted purchase price of $72 million in cash, including working capital (the “Flint Divestiture”). The Flint Divestiture resulted in a non-cash loss of $4 million. We refer to the acquisition of Meredith and the WJRT Divestiture collectively as the Meredith Transaction.

The following table lists the 17 television stations in 12 local markets that were acquired, adding 11 new markets to our operations:

Current DMA Rank	DMA	Station Call Letters	Network 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. On August 2, 2021, we completed the acquisition of all the equity interests of Quincy for an adjusted purchase price of $936 million, which amount includes an additional $6 million for working capital. Also on August 2, 2021, and concurrently with the acquisition of Quincy, we completed the divestiture to Allen of television stations in seven markets previously owned by Quincy and located in our existing television markets, for an adjusted divestiture price of $401 million, which amount includes $21 million for working capital. Consistent with an acquisition of equity interests, for tax purposes the divested stations recorded values included a deferred tax liability. Upon the subsequent sale, a tax gain was recognized and the deferred tax liability was relieved resulting in book loss. The Quincy Divestiture resulted in a non-cash loss of $45 million, which is included in loss on disposal of assets, net in our consolidated statement of operations in the year ended December 31, 2021. We refer to the acquisition of Quincy and the Quincy Divestiture collectively as the “Quincy Transaction.”

The following table lists the stations acquired and retained, net of divestitures:

Current DMA Rank	DMA	Station Call Letters	Network 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:

Current DMA Rank	DMA	Station Call Letters	Network 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 that were divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures	$	553

Third Rail Acquisition. On September 13, 2021, we acquired the studio, production and office facilities as well as the related production and administrative assets and liabilities of Third Rail Studios (“Third Rail”) from Third Rail Studios, LLC and Studio Sixty, LLC for an adjusted purchase price of $27 million of cash. We refer to this transaction as the “Third Rail Acquisition”. This transaction represents an initial step in the broader development of our planned studio production facilities.

Purchase Price Allocations. The following table summarizes the values of the assets acquired, liabilities assumed and resulting goodwill of the Meredith Transaction, Quincy Transaction and the Third Rail Acquisition (together, the “2021 Acquisitions”), in millions:

	Meredith			Quincy			Third Rail			Total
Cash	$	1		$	4		$	-		$	5
Accounts receivable, net		147			23			-			170
Other current assets		18			5			-			23
Property and equipment		235			74			24			333
Operating lease right of use asset		15			1			-			16
Goodwill		1,012			190			4			1,206
Broadcast licenses		1,516			245			-			1,761
Other intangible assets		455			85			-			540
Other current liabilities		(104	)		(7	)		(1	)		(112	)
Deferred income taxes		(477	)		(66	)		-			(543	)
Operating lease liabilities		(15	)		(1	)		-			(16	)
Total	$	2,803		$	553		$	27		$	3,383

Due to the proximity of the acquisition date of the Meredith Transaction, the Quincy Transaction and the Third Rail Acquisition to the date of the filing of this annual report, these amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. The preliminary values of property and equipment, broadcast licenses, other intangible assets and goodwill are the most likely to be subject to further adjustment as we continue to assume the operation of the acquired property and equipment and to review the detail calculations of the values of the intangible assets. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were estimated based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates.

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 years to 40 years. Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $374 million, network affiliation agreements of $136 million. These intangible assets are each being amortized over their estimated useful lives of approximately 5 years. Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 10 years.

In addition, we acquired broadcast licenses totaling approximately $4 million that did not qualify as acquisitions of businesses.

The Company’s consolidated results of operations for the year ended December 31, 2021 includes the results of the Meredith Transaction beginning on December 1, 2021, the Quincy Transaction beginning on August 2, 2021 and the Third Rail Acquisition beginning on September 13, 2021. Revenues attributable to the 2021 Acquisitions included in our consolidated statements of operations for the year ended December 31, 2021 were $128 million.

The following table summarizes the approximate “Transaction Related Expenses” incurred in connection with the 2021 Acquisitions and the Flint Divestiture, during the year ended December 31, 2021, by type and by financial statement line item (in millions):

	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 Acquisitions. The following table sets forth certain unaudited pro forma information for the years December 31, 2021 and 2020, assuming that the 2021 Acquisitions and the Flint Divestiture occurred on January 1, 2020 (in millions, except per share data):

	Year Ended		Year Ended
	December 31,		December 31,
	2021		2020

Revenue (less agency commissions)	$	3,153	$	3,353

Net income	$	199	$	488

Net income attributable to common stockholders	$	147	$	436

Basic net income attributable to common stockholders, per share	$	2.09	$	4.54

Diluted net income attributable to common stockholders, per share	$	2.09	$	4.49

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 Acquisitions and the Flint Divestiture, adjusted for the effects of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed the 2021 Acquisitions and the Flint Divestiture, on January 1, 2020, or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended December 31, 2021 and 2020 reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, Transaction Related Expenses and related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions.

2020 Acquisitions.

Alaska Transactions. On July 31, 2020, we completed the acquisition of television station operations in the Anchorage and Juneau, Alaska television market (DMA 149 and 207, respectively), for $19 million, using cash on hand (the “Alaska Transactions”).

Columbus Transactions. On September 1, 2020, we acquired certain non-license assets of WLTZ-TV (NBC), in the Columbus, Georgia market (DMA 129) and entered into shared services and other related agreements with SagamoreHill of Columbus GA, LLC (“SagamoreHill”) to provide news and back-office services to WLTZ-TV (the “Columbus Transactions”). We paid was $22 million to SagamoreHill, using cash on hand (the “Columbus Transactions”).

Sioux Falls Transactions. On November 2, 2020, Gray entered into a new network affiliation agreement with the FOX Broadcasting Network for one of its television stations in the Sioux Falls, South Dakota television market (DMA 115) that utilize certain non-license assets that Gray acquired at the same time from Independent Communications, Inc., for $22 million using cash on hand, for the former FOX affiliate for the market.

Lubbock Transactions. On December 31, 2020, we acquired television station KLCW-TV (CW) and certain low power television stations in the Lubbock, Texas market (DMA 141), as well as certain non-license assets of KJTV-TV (FOX) and two additional low power stations and certain real estate, for a combined purchase price of $24 million, using cash on hand. On that date, we also entered into a shared services agreement with SagamoreHill to provide news and back-office services to KJTV-TV and its associated low power stations using cash on hand (the “Lubbock Transactions”).

In addition, we acquired broadcast licenses totaling approximately $5 million that did not qualify as acquisitions of businesses.

The following table summarizes the preliminary values of the assets acquired and resulting goodwill of the Lubbock Transactions, Alaska Transactions, Columbus Transactions and the Sioux Falls Transactions (in millions):

	2020 Acquisitions
	Lubbock			Alaska		Columbus		Sioux Falls		Total
Accounts receivable and other current assets	$	-		$	1	$	-	$	-	$	1
Property and equipment		6			5		2		-		13
Operating lease right of use asset		1			-		-		-		1
Goodwill		6			2		1		11		20
Broadcast licenses		5			2		-		-		7
Other intangible assets		7			9		19		11		46
Other current liabilities		(1	)		-		-		-		(1	)
Total	$	24		$	19	$	22	$	22	$	87

These amounts are based upon management’s preliminary estimate of the fair values using valuation techniques including income, cost and market approaches. In determining the preliminary fair value of the acquired assets and assumed liabilities, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates.

Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three years to 40 years.

Amounts related to other intangible assets are being amortized over their estimated useful lives of approximately 1 to 4 years.

The Company’s consolidated results of operations for year ended December 31, 2021 include the results of the 2020 Acquisitions beginning on each transaction’s date of acquisition, but these amounts were not material.

Transaction Related Expenses incurred in connection with the 2020 Acquisitions, during the year ended December 31, 2020, were approximately $1 million.

2019 Acquisitions and Divestitures.

Raycom Merger. On January 2, 2019, we completed an acquisition of all the equity interests of Raycom Media, Inc. (“Raycom”). In connection with the acquisition of Raycom and on the same date, Gray assumed and completed Raycom’s pending acquisitions of WUPV-DT in the Richmond, Virginia market and KYOU-TV in the Ottumwa, Iowa market. To facilitate regulatory approval of the acquisition of Raycom and to satisfy the conditions placed on the acquisition by the DOJ and the FCC, we completed the divestiture of nine television stations in overlapping markets. We refer to the acquisition of Raycom, WUPV-DT and KYOU-TV and the divestiture of the stations in the nine overlapping markets collectively as the “Raycom Merger.”

The Raycom Merger completed our transformation from a small, regional broadcaster to a leading media company with nationwide scale based on high-quality stations with exceptional talent in attractive markets. The following table lists the stations acquired and retained, net of divestitures:

Current		Station
DMA		Call	Network
Rank	DMA	Letters	Affiliation

16	Tampa-St. Petersburg (Sarasota), FL	WWSB	ABC
19	Cleveland/Akron (Canton)	WOIO	CBS
19	Cleveland/Akron (Canton)	WUAB	CW
22	Charlotte, NC	WBTV	CBS
31	West Palm Beach/Ft. Pierce, FL	WFLX	FOX
33	Cincinnati, OH	WXIX	FOX
48	Louisville, KY	WAVE	NBC
50	Birmingham (Anniston and Tuscaloosa), AL	WBRC	FOX
52	Memphis, TN	WMC	NBC
54	New Orleans, LA	WVUE	FOX
55	Richmond/Petersburg, VA	WWBT	NBC
55	Richmond/Petersburg, VA	WUPV	CW
63	Honolulu, HI	KHNL	NBC
63	Honolulu, HI	KGMB	CBS
63	Honolulu, HI	KHBC	NBC/CBS
63	Honolulu, HI	KOGG	NBC/CBS
79	Columbia, SC	WIS	NBC
80	Tucson/Nogales, AZ	KOLD	CBS
81	Huntsville/Decatur/Florence, AL	WAFF	NBC
85	Myrtle Beach/Florence, SC	WMBF	NBC
90	Charleston, SC	WCSC	CBS
91	Savannah, GA	WTOC	CBS
92	Paducah, KY/Cape Girardeau, MO/Harrisburg, IL	KFVS	CBS
95	Baton Rouge, LA	WAFB	CBS
95	Baton Rouge, LA	WBXH	MY
96	Shreveport, LA	KSLA	CBS
98	Jackson, MS	WLBT	NBC
106	Evansville, IN	WFIE	NBC
107	Boise, ID	KNIN	FOX
110	Tyler/Longview, TX	KLTV	ABC
110	Tyler/Longview, TX	KTRE	ABC
117	Wilmington, NC	WECT	NBC
118	Montgomery, AL	WSFA	NBC
129	Columbus, GA/Opelika, AL	WTVM	ABC
138	Amarillo, TX	KFDA	CBS
138	Amarillo, TX	KEYU	TEL
141	Lubbock, TX	KCBD	NBC
154	Biloxi/Gulfport, MS	WLOX	ABC/CBS
155	Odessa/Midland, TX	KWAB	CW
155	Odessa/Midland, TX	KTLE	TEL
157	Wichita Falls, TX/Lawton, OK	KSWO	ABC
157	Wichita Falls, TX/Lawton, OK	KKTM	TEL
160	Albany, GA	WALB	NBC/ABC
166	Hattiesburg/Laurel, MS	WDAM	NBC/ABC
181	Jonesboro, AR	KAIT	ABC/NBC
201	Ottumwa, IA/Kirksville, MO	KYOU	FOX/NBC

On January 2, 2019, the following stations were acquired from Raycom and their assets were immediately divested in eight markets as follows (dollars in millions):

	Total
	Cash		Station		Current
	Consideration		Call		DMA
Purchaser	Received		Letters	DMA	Rank

Lockwood Broadcasting, Inc.	$	67	WTNZ	Knoxville, TN	59
			WFXG	Augusta, GA	111
			WPGX	Panama City, FL	140
			WDFX	Dothan, AL	172

Scripps Media, Inc.		55	KXXV	Waco/Temple/Bryan, TX	93
			KRHD	Waco/Temple/Bryan, TX	93
			WTXL	Tallahassee, FL	114

TEGNA, Inc.		109	WTOL	Toledo, OH	78
			KWES	Odessa/Midland, TX	155
Total	$	231

The allocated portion of net consideration paid for the assets and liabilities divested for the stations in these eight overlap markets was approximately $234 million.

The net consideration paid to acquire Raycom consisted of $2.84 billion of cash, 11.5 million shares of our common stock, valued at $170 million (a non-cash financing transaction), and $650 million of a new series of preferred stock (a non-cash financing transaction), for a total of $3.66 billion. Please refer to Note 7 “Preferred Stock” for further information. The cash consideration paid to acquire the two stations that Raycom had previously agreed to acquire (KYOU-TV and WUPV-TV listed above) was $17 million. The following table summarizes the consideration paid related to the Raycom Merger and the amount representing the net assets acquired and liabilities assumed (in millions):

				KYOU
				and		Net
	Raycom			WUPV		Consideration

Purchase Price	$	3,660		$	17	$	3,677
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019		(234	)		-		(234	)
Purchase consideration for assets acquired and liabilities assumed net of divestitures	$	3,426		$	17	$	3,443

United Acquisition. On May 1, 2019, we acquired the assets of WWNY-TV (CBS) and WNYF-CD (FOX) in Watertown, New York (DMA 173) and KEYC-TV (CBS/FOX) in Mankato, Minnesota (DMA 190) from United Communications Corporation (“United Acquisition”) for an adjusted purchase price of $48 million of cash, excluding Transaction Related Expenses. We began operating those stations on March 1, 2019 under a local programming and marketing agreement.

Sioux Falls Acquisition. On September 25, 2019, we acquired KDLT-TV (NBC), in the Sioux Falls, South Dakota market (DMA 115), for $33 million, using cash on hand (“Sioux Falls Acquisition”).

Charlottesville Acquisition and Divestiture. On October 1, 2019, we acquired the assets of WVIR-TV (NBC) in the Charlottesville, Virginia market (DMA 188) from Waterman Broadcasting Corporation for $13 million using cash on hand (the “Charlottesville Acquisition”). Also, on October 1, 2019, in order to meet regulatory requirements, we divested our legacy stations in that market, WCAV-TV (CBS/FOX) and WVAW-TV (ABC). The divestitures resulted in a gain of approximately $19 million.

The following table summarizes the values of the assets acquired, liabilities assumed and resulting goodwill of the Raycom Merger, the United Acquisition, The Sioux Falls Acquisition and the Charlottesville Acquisition (together, the “2019 Acquisitions”) (in millions):

	2019 Acquisitions
	Raycom			United		Sioux Falls			Charlottesville		Total
Cash	$	115		$	-	$	-		$	-	$	115
Accounts receivable, net		243			3		1			1		248
Program broadcast rights		12			-		-			-		12
Other current assets		10			-		-			-		10
Property and equipment		311			10		10			7		338
Operating lease right of use asset		52			-		-			-		52
Goodwill		829			3		2			-		834
Broadcast licenses		2,004			24		14			2		2,044
Other intangible assets		504			8		7			3		522
Other non-current assets		20			-		-			-		20
Employee compensation and benefits		(29	)		-		-			-		(29	)
Program broadcast obligations		(16	)		-		-			-		(16	)
Other current liabilities		(60	)		-		(1	)		-		(61	)
Federal and state income taxes payable		(3	)		-		-			-		(3	)
Deferred income taxes		(472	)		-		-			-		(472	)
Operating lease liabilities		(52	)		-		-			-		(52	)
Other long-term liabilities		(25	)		-		-			-		(25	)
Total	$	3,443		$	48	$	33		$	13	$	3,537

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.

Accounts receivable are recorded at their fair value representing the amount we expect to collect. Gross contractual amounts receivable are approximately $2 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 years to 40 years. Amounts related to other intangible assets represent primarily the estimated fair values of retransmission agreements of $322 million, shared services agreements of $98 million, and network affiliation agreements of $50 million. These intangible assets are being amortized over their estimated useful lives of approximately 4.1 years for retransmission agreements, approximately 7.7 years for shared services agreements, and approximately 3.7 years for network affiliation agreements.

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 qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We recorded $829 million of goodwill related to stations acquired and retained in the Raycom Merger; $3 million of goodwill related to the stations acquired in the United Acquisition; $2 million of goodwill related to the stations acquired in the Sioux Falls Acquisition; and goodwill related to the stations acquired in the Charlottesville Acquisition was not material. A portion of the goodwill acquired in the Raycom Merger, in the amount of approximately $150 million, will be deductible by us for income tax purposes.

The Company’s consolidated results of operations for year ended December 31, 2019 includes the results of the Raycom Merger beginning on January 2, 2019, the United Acquisition beginning on March 1, 2019, the Sioux Falls Acquisition beginning on September 25, 2019, and the Charlottesville Acquisition beginning on October 1, 2019. Revenues attributable to the 2019 Acquisitions and included in our consolidated statement of operations for the year ended December 31, 2019 was $1.1 billion. Operating income attributable to the 2019 Acquisitions and included in our consolidated statement of operations for the year ended December 31, 2019 was $198 million.

The following table summarizes the approximate Transaction Related Expenses incurred in connection with the 2019 Acquisitions, by type and by financial statement line item (in millions):

	Year Ended
	December 31,
	2019
Transaction Related Expenses by type:
Legal, consulting and other professional fees	$	24
Incentive compensation and other severance costs		21
Termination of sales representation and other agreements		34
Total Transaction Related Expenses	$	79

Transaction Related Expenses by financial statement line item:
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcasting	$	45
Corporate and administrative		34
Total Transaction Related Expenses	$	79

Note 4 - Long-term Debt

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

4.	Long-term Debt

As of December 31, 2021, long-term debt consisted of obligations under our 2019 Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”) our 4.75% senior notes due 2030 (the “2030 Notes”) and our 5.375% senior notes due 2031 (the “2031 Notes”). As of December 31, 2020, long-term debt primarily consisted of obligations under our 2019 Senior Credit Facility, our 2026 Notes, our 2027 Notes and our 2030 Notes as follows (in millions):

	December 31,
	2021			2020
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2021 Term Loan		1,500			-
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
2031 Notes		1,300			-
Total outstanding principal		6,835			4,035
Unamortized deferred loan costs - 2017 Term Loan		(7	)		(4	)
Unamortized deferred loan costs - 2019 Term Loan		(27	)		(30	)
Unamortized deferred loan costs - 2021 Term Loan		(5	)		-
Unamortized deferred loan costs - 2026 Notes		(5	)		(6	)
Unamortized deferred loan costs - 2027 Notes		(8	)		(10	)
Unamortized deferred loan costs - 2030 Notes		(13	)		(14	)
Unamortized deferred loan costs - 2031 Notes		(18	)		-
Unamortized premium - 2026 Notes		3			3
Less current portion		(15	)		-
Long-term debt, less deferred financing costs	$	6,740		$	3,974

Borrowing availability under Revolving Credit Facility	$	497		$	200

2021 Term Loan. To complete the Meredith Transaction, on December 1, 2021, we incurred a $1.5 billion incremental term loan under our Senior Credit Facility. The 2021 Term Loan requires us to make quarterly principal payments of $3.75 million beginning March 31, 2022. The 2021 Term Loan matures on December 1, 2028.

Borrowings under the 2021 Term Loan, 2019 Term Loan and the 2017 Term Loan bear interest, at our option, at either the London Interbank Offered Rate (“LIBOR”) or the Base Rate, in each case, plus an applicable margin. As of December 31, 2021, the interest rate on the balance outstanding under the 2021 Term Loan, 2019 Term Loan and the 2017 Term Loan were 3.1%, 2.6% and 2.6%, respectively. The 2019 Term Loan and the 2017 Term Loan mature on January 2, 2026 and February 7, 2024, respectively.

On November 9, 2021, we issued $1.3 billion of our 2031 Notes and used the net proceeds therefrom, after deducting transaction fees and estimated expenses, to pay a portion of the consideration for the Meredith Transaction. The interest rate and yield on the 2031 Notes is 5.375%. The 2031 Notes rank equally with the 2030 Notes, 2027 Notes and the 2026 Notes and the 2031 Notes mature on November 15, 2031. Interest is payable semiannually, on May 15 and November 15 of each year.

As of December 31, 2021, the aggregate minimum principal maturities of our long-term debt were as follows (in millions):

	Minimum Principal Maturities
	2019 Senior		2026		2027		2030		2031
Year	Credit Facility		Notes		Notes		Notes		Notes		Total
2022	$	15	$	-	$	-	$	-	$	-	$	15
2023		15		-		-		-		-		15
2024		610		-		-		-		-		610
2025		15		-		-		-		-		15
2026		1,205		700		-		-		-		1,905
Thereafter		1,425		-		750		800		1,300		4,275
Total	$	3,285	$	700	$	750	$	800	$	1,300	$	6,835

Collateral, Covenants and Restrictions. Our obligations under the 2019 Senior Credit Facility are secured by substantially all of our consolidated assets, excluding real estate. In addition, substantially all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the 2019 Senior Credit Facility. Gray Television, Inc. is a holding company, and has no material independent assets or operations. For all applicable periods, the 2026 Notes, 2027 Notes, 2030 Notes and 2031 Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by substantially all of Gray Television, Inc.’s subsidiaries. Any subsidiaries of Gray Television, Inc. that do not guarantee the 2026 Notes, 2027 Notes, 2030 Notes and 2031 Notes are not material. As of December 31, 2021, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries.

The 2019 Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including: (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers and (h) maintenance of the First Lien Leverage Ratio while any amount is outstanding under the revolving credit facility, as well as other customary covenants for credit facilities of this type. The 2026 Notes, 2027 Notes, 2030 Notes and 2031 Notes include covenants with which we must comply which are typical for borrowing transactions of their nature. As of December 31, 2021 and 2020, we were in compliance with all required covenants under all our debt obligations.

Interest Payments. For all of our interest-bearing obligations, we made interest payments of approximately $178 million, $179 million and $212 million during 2021, 2020 and 2019, respectively. We did not capitalize any interest payments during those years.

Amendments. On February 19, 2021, we entered into an amendment to the 2019 Senior Credit Facility, which, among other things, increases availability under the revolving credit facility (the "Revolving Credit Facility") under the 2019 Senior Credit Facility from an aggregate principal amount of $200 million to an aggregate principal amount of $300 million. On December 1, 2021, we entered into a further amendment to the 2019 Senior Credit Facility, which, among other things, increases availability under the Revolving Credit Facility under the 2019 Senior Credit Facility from an aggregate principal amount of $300 million to an aggregate principal amount of $500 million. In addition, certain terms related to our 2017 Term Loan and 2019 Term Loan were modified. In connection with these amendments, we incurred $5 million of lender fees that were capitalized as additional deferred loan costs, and $31 million of other third-party fees for legal, consulting, brokerage, insurance and other related costs, of which $6 million were capitalized as additional deferred loan costs and $25 million were charged to expense as additional corporate expenses in our consolidated statement of operations for the year ended December 31, 2021. The deferred loan costs will be amortized over the life of the respective debt obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (d)
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+ Details

Note 5 - Fair Value Measurement

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

5.	Fair Value Measurement

We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as level 1, 2, or 3, on the basis of whether the measurement employs observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions and consider information about readily available market participant assumptions.

●

Level 1: Quoted prices for identical instruments in active markets

●

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable

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, 2021 and 2020.

As of December 31, 2021, the carrying amount of our long-term debt was $6.8 billion and the fair value was $6.9 billion. As of December 31, 2020, the carrying amount of our long-term debt was $4.0 billion and the fair value was $4.1 billion. Fair value of our long-term debt is based on observable estimates provided by third-party financial service providers and is classified as Level 2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 6 - Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.	Stockholders’ Equity

We are authorized to issue 245 million shares of all classes of stock, of which 25 million shares are designated Class A common stock, 200 million shares are designated common stock, and 20 million shares are designated “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. During the year ended December 31, 2021, we declared and paid quarterly cash dividends totaling $0.32 per share of our common stock and Class A common stock. For the years ended December 31, 2020 and 2019, we did not declare or pay any common stock or Class A common stock dividends.

On November 5, 2019, our Board of Directors authorized the repurchase of up to $150 million of our outstanding common stock or our Class A common stock through December 31, 2022 (the “2019 Repurchase Authorization”). The 2019 Repurchase Authorization superseded all prior repurchase authorizations and prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan (“401k Plan”).

During the fourth quarter of 2019, we repurchased 1,008,091 shares of our common stock, for a total of approximately $21 million at an average purchase price of $20.83 per share, excluding commissions.

During the first and part of the second quarters of 2020, we entered into an Issuer Repurchase Plan (the “2019 IRP”), under Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934. The purpose of the 2019 IRP was to facilitate the orderly repurchase of our common stock through the establishment of the parameters for repurchases of our shares. During 2020, under this plan, we purchased 905,836 shares of our common stock at an average purchase price of $11.02 per share, excluding commissions, for a total cost of approximately $10 million, after which the 2019 IRP was terminated in the second quarter of 2020.

In the second and third quarters of 2020, subsequent to the termination of the 2019 IRP, we repurchased an additional 3,688,022 shares of our common stock, for a total cost of approximately $51 million at an average purchase price of $13.81 per share, excluding commissions.

On November 4, 2020, the Board of Directors authorized an increase to the 2019 Repurchase authorization to repurchase up to an additional $150 million of outstanding common stock and/or Class A common stock through December 31, 2023. During 2020, under this plan, we repurchased 864,026 shares of our common stock, for a total cost of approximately $14 million at an average purchase price of $16.47 per share, excluding commissions.

On December 16, 2021, under the 2019 Repurchase Authorization, as amended, we entered into another Issuer Repurchase Plan (the “2021 IRP”), under Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934. During 2021, under this 2021 IRP, we purchased 1,501,088 shares of our common stock at an average purchase price of $19.95 per share, excluding commissions, for a total cost of approximately $30 million, after which the plan was completed according to its terms. As of December 31, 2021, approximately $174 million was available to repurchase shares of our common stock and/or Class A common stock under the 2019 Repurchase Authorization, as amended.

Future share repurchases would be implemented through purchases made from time to time in either the open market or private transactions in accordance with applicable securities law requirements, including Rule 10b5-1. The extent to which we repurchase any of our shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. We are not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice.

Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares of our Class A common stock or common stock, held in treasury. As of December 31, 2021, we had reserved 2,821,480 shares and 847,522 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2020, we had reserved 4,006,948 shares and 1,336,440 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 7 - Preferred Stock

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Preferred Stock [Text Block]

7.	Preferred Stock

In connection with the Raycom Merger, on January 2, 2019, we issued 650,000 shares of our Series A Perpetual Preferred Stock, with a stated face value and liquidation value of $1,000 per share (the “Series A Preferred Stock”). Holders of shares of the Series A Preferred Stock are entitled to receive mandatory and cumulative dividends paid quarterly in cash or, at the Company’s option, paid quarterly in kind by issuance of additional shares of Series A Preferred Stock. The per-share amount of such quarterly mandatory and cumulative dividends will be calculated by multiplying the face value by 8% per annum if the dividends are to be paid in cash or 8.5% per annum if such dividends are to be paid in additional shares of Series A Preferred Stock (“PIK Election Dividends”). If the Company elects to pay any portion of accrued dividends with PIK Election Dividends, it will be prohibited from repurchasing, redeeming or paying dividends on any stock that is junior to the Series A Preferred Stock through the end of that quarter and the subsequent two quarters, subject to certain exceptions.

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 new issuances of common or preferred stock will rank on a parity with, nor senior to, the Series A Preferred Stock.

All or any portion of the outstanding Series A Preferred Stock may be redeemed at the Company’s option at any time, upon written notice to the holders of Series A Preferred Stock at least 30 and not more than 60 days prior to the date of such optional redemption. The per-share redemption price for Series A Preferred Stock will be equal to the sum of the liquidation value and the per-share amount of any unpaid dividends for the current quarterly dividend period, up to and including the date of redemption. Holders of shares of Series A Preferred Stock redeemed will be paid in cash.

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 have any right to exchange or convert the shares into any other securities.

In general, the holders of the Series A Preferred Stock do not have any voting rights except as set forth in the terms of the Series A Preferred Stock or as otherwise required by law, in which case, each share of Series A Preferred Stock will be entitled to one vote.

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 Company’s Restated Articles of Incorporation 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 have preemptive rights as to any of our other securities, or any warrants, rights, or options to acquire any of our securities.

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 sufficient to pay in full the amounts payable with respect to the outstanding shares of Series A Preferred Stock or any stock whose rights are equal to the Series A Preferred Stock, holders of the Series A Preferred Stock would share ratably in any such distribution in proportion to the full respective distributions to which they are entitled. Shareholders are not subject to further assessments on their shares of the New Preferred Stock.

Note 8 - Stock-based Compensation

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

8.	Stock-Based Compensation

We recognize compensation expense for stock-based payment awards made to our employees, consultants and directors. Our active stock-based compensation plans include the 2017 Equity and Incentive Compensation Plan (“2017 EICP”). The following table presents our stock-based compensation expense and the related income tax benefits for the years ended December 31, 2021, 2020 and 2019 (in millions):

	Year Ended December 31,
	2021			2020			2019
Stock-based compensation expense, gross	$	14		$	16		$	16
Income tax benefit at our statutory rate associated with stock-based compensation		(4	)		(4	)		(4	)
Stock-based compensation expense, net	$	10		$	12		$	12

Currently, the 2017 EICP provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance. All shares of common stock and Class A common stock underlying outstanding options (if any), restricted stock units and performance awards are counted as issued under the 2017 EICP for purposes of determining the number of shares available for future issuance.

As of December 31, 2021, we had 2.3 million shares of common stock and 0.8 million shares of Class A common stock available for issuance under the 2017 EICP. As of December 31, 2021, we had $20 million of total unrecognized compensation expense related to all non-vested stock-based compensation arrangements. This expense is expected to be recognized over a period of 3.2 years.

A summary of activity for the years ended December 31, 2021, 2020 and 2019 under our stock based compensation plans is as follows:

	Year Ended December 31,
	2021					2020					2019
				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		917,533		$	16.84		977,547		$	15.45		578,894		$	13.14
Granted		731,374			19.73		359,481			18.92		751,463			16.07
Vested		(613,179	)		15.48		(333,865	)		15.35		(352,810	)		12.98
Forfeited		-			-		(85,630	)		15.53		-			-
Outstanding - end of period		1,035,728		$	19.69		917,533		$	16.84		977,547		$	15.45

Restricted stock - Class A common:
Outstanding - beginning of period		480,042		$	16.10		449,284		$	13.55		407,786		$	11.82
Granted		488,918			18.66		166,814			19.87		199,810			15.36
Vested		(248,539	)		15.00		(136,056	)		12.32		(158,312	)		11.38
Outstanding - end of period		720,421		$	18.22		480,042		$	16.10		449,284		$	13.55

Restricted stock units - common:
Outstanding - beginning of period		90,184		$	18.92		398,000		$	18.21		-		$	-
Granted		95,115			19.05		93,184			18.77		398,000			18.21
Vested		(60,052	)		18.92		(374,500	)		18.18		-			-
Forfeited		-			-		(26,500	)		18.21		-			-
Outstanding - end of period		125,247		$	19.02		90,184		$	18.92		398,000		$	18.21

Note 9 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Leases, Lessee Disclosure [Text Block]

9.	Leases

Operating Leases. We lease various assets with non-cancellable lease terms that range between one and 99 years. Many of these leases have optional renewal periods ranging between one and 20 years. We define the lease term as the original lease base period plus optional renewal periods that we reasonably expect to exercise. We do not include renewal periods exercisable more than 10 years from the commencement date in the lease term as we cannot reasonably expect to exercise an option that far into the future. Some of our leases have free rent periods, tenant allowances and/or fixed or variable rent escalators. We record operating lease expense on a straight-line basis over the lease term. Operating lease expense is included in operating expenses in our consolidated statements of operations.

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 own, we lease space for our transmission equipment on third-party towers. We lease right-of-ways for various purposes, including ingress and egress for tower locations and guyed wire space. Our equipment leases consist of office, transmission and production equipment.

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 elected the practical expedient to combine lease and non-lease components. As such, we only include the lease component in the calculation of right of use (“ROU”) asset and lease liability. The incremental borrowing rate we use for the calculation is the rate of interest that we would pay to borrow on a collateralized basis over a similar term based upon our borrower risk profile.

Variable lease payments are not material and are included in operating lease expense as a component of operating expenses in our consolidated statement of operations. Variable lease payments are generally associated with usage-based leases and variable payment escalators such as consumer price index increases (“CPI”). Some of our land leases require us to pay a percentage of the revenue earned from leasing space on the towers we erect on the leased land. We included the payment level of CPI and percentage rent amounts in the base rent for calculating the ROU asset and lease liability. CPI adjustments and percentage rent amounts that differ from the amount included in ROU asset and liability calculations are included in variable lease payments.

We recognize leases with an initial term of 12 months or less as short-term leases and generally consist of rentals of production or broadcast equipment for short periods of time. Lease payments associated with short-term leases are expensed as incurred.

Our operating lease expenses, including variable leases, were $12 million and $13 million for the years ended December 31, 2021 and 2020, respectively. Our short-term lease expenses for the years ended December 31, 2021 and 2020 were not material. Cash flows from operations included cash paid for operating leases of $12 million and $14 million for during the years ended December 31, 2021 and 2020, respectively. Additional ROU assets recognized in the year ended December 31, 2021 and 2020 were $21 million and $14 million, respectively. As of December 31, 2021, the weighted average remaining term of our operating leases was 10.2 years. The weighted average discount rate used to calculate the values associated with our operating leases was 6.67%.

The maturities of operating lease liabilities were as follows (in millions):

Year:
2022	$	13
2023		11
2024		11
2025		10
2026		9
Thereafter		46
Total lease payments		100
Less: Imputed interest		(28	)
Present value of lease liabilities	$	72

Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2021

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. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits are classified as income tax expense in the statement of operations.

Federal and state and local income tax expense is summarized as follows (in millions):

	Year Ended December 31,
	2021			2020		2019
Current:
Federal	$	74		$	39	$	8
State and local		26			20		13
Current income tax expense		100			59		21
Deferred:
Federal		(12	)		64		54
State and local		(10	)		11		1
Deferred income tax expense		(22	)		75		55
Total income tax expense	$	78		$	134	$	76

Significant components of our deferred tax liabilities and assets are as follows (in millions):

	December 31,
	2021			2020
Deferred tax liabilities:
Net book value of property and equipment	$	146		$	92
Broadcast licenses, goodwill and other intangible assets		1,373			878
Total deferred tax liabilities		1,519			970

Deferred tax assets:
Liability for accrued vacation		5			4
Liability for accrued bonus		9			5
Deferred payroll taxes		2			3
Allowance for credit losses		4			3
Liability for pension plan		6			11
Federal operating loss carryforwards		2			38
State and local operating loss carryforwards		24			21
Acquisition costs		2			2
Restricted stock		4			4
Investments		4			4
Interest expense limitation		4			4
Other		4			1
Total deferred tax assets		70			100
Valuation allowance for deferred tax assets		(22	)		(15	)
Net deferred tax assets		48			85

Deferred tax liabilities, net of deferred tax assets	$	1,471		$	885

As of December 31, 2021, we have approximately $10 million of federal operating loss carryforwards that we expect to utilize in 2022. Additionally, we have an aggregate of approximately $424 million of various state operating loss carryforwards, of which we expect that approximately half will be utilized.

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, 2021, 2020 and 2019 is as follows (in millions):

	Year Ended December 31,
	2021			2020			2019
Statutory federal rate applied to income before income tax expense	$	35		$	114		$	53
Current year permanent items		33			3			13
State and local taxes, net of federal tax benefit		10			27			13
Change in valuation allowance		-			1			(2	)
Net operating loss carryback		-			(7	)		-
Other items, net		-			(4	)		(1	)
Income tax expense as recorded	$	78		$	134		$	76

Effective income tax rate		46	%		25	%		30	%

As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During 2021, we decreased our recorded non-current pension liability by $16 million and recognized other comprehensive income of $12 million, net of a $4 million tax provision. During 2020, we increased our recorded non-current pension liability by $10 million and recognized other comprehensive loss of $8 million, net of a $2 million tax benefit. During 2019, we increased our recorded non-current pension liability by $7 million and recognized other comprehensive loss of $5 million, net of a $2 million tax benefit.

We made income tax payments (net of refunds) of $149 million, $70 million and $23 million, during the years ended December 31, 2021, 2020 and 2019, respectively.

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 to be sustained upon examination by taxing authorities.

As of December 31, 2021, we had approximately $16 million of unrecognized tax benefits. These unrecognized tax benefits would impact our effective tax rate if recognized. The liability for unrecognized tax benefits is recorded net of any federal tax benefit that would result from payment. We have accrued estimates of interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2021, we had recorded a liability for potential penalties and interest of approximately $1 million related to uncertain tax positions. While it is difficult to calculate with any certainty, we estimate no change, exclusive of interest and penalties, will be recorded for uncertain tax positions over the next twelve months.

On March 27, 2020, the CARES Act was enacted in response to the COVID-19 global pandemic. The CARES Act, among other things, contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020, and permits net operating loss carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. During 2020, we carried back certain NOLs resulting in a refund of $21 million, that is currently outstanding.

We file income tax returns in the United States federal and multiple state jurisdictions. We have net operating losses (historic and acquired, through recent business combinations) that extend our open adjustment period related to federal and state tax audits from 2000 through 2018. The open years vary by entity and jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Note 11 - Retirement Plans

12 Months Ended

Dec. 31, 2021

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 longer increase, and no new participants can be added to the Gray Pension Plan.

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. The measurement dates used to determine the benefit information for the Gray Pension Plan were December 31, 2021 and 2020, respectively. The following summarizes the Gray Pension Plan’s funded status and amounts recognized on our consolidated balance sheets at December 31, 2021 and 2020, respectively (in millions):

	December 31,
	2021			2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	151		$	135
Interest cost		4			4
Actuarial (gain) loss		(11	)		16
Benefits paid		(4	)		(4	)
Projected benefit obligation at end of year	$	140		$	151

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	108		$	97
Actual return on plan assets		12			12
Company contributions		3			3
Benefits paid		(4	)		(4	)
Fair value of pension plan assets at end of year		119			108
Funded status of pension plan	$	(21	)	$	(43	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	15		$	10
Accumulated other comprehensive loss		(36	)		(53	)
Net liability recognized	$	(21	)	$	(43	)

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 $140 million and $151 million at December 31, 2021 and 2020, respectively. The long-term rate of return on assets assumption was chosen from a best estimate range based upon the anticipated long-term returns for asset categories in which the Gray Pension Plan is invested. An estimate of the rate of increase in compensation levels used to calculate the net periodic benefit cost is not required because of the Plan’s frozen status:

	Year Ended December 31,
	2021			2020
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		2.38	%		3.14	%
Expected long-term rate of return on pension plan assets		6.25	%		6.50	%
Estimated rate of increase in compensation levels		N/A			N/A

	As of December 31,
	2021			2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate		2.73	%		2.38	%

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,
	2021			2020			2019
Components of net periodic pension cost:
Interest cost	$	4		$	4		$	5
Expected return on plan assets		(7	)		(6	)		(5	)
Recognized net actuarial loss		1			1			-
Net periodic pension benefit	$	(2	)	$	(1	)	$	-

For the Gray Pension Plan, the estimated future benefit payments are as follows (in millions):

Years			Amount
2022			$	4
2023				5
2024				5
2025				5
2026				6
2027	-	2031		31

The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows:

	As of December 31,
	2021			2020
Asset category:
Insurance general account		13	%		15	%
Cash management accounts		2	%		3	%
Equity accounts		50	%		48	%
Fixed income accounts		33	%		32	%
Real estate accounts		2	%		2	%
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, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality.

Fair Value of Gray Pension Plan Assets. We calculate the fair value of the Gray Pension Plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by ASU Topic 820, described in Note 5 “Fair Value Measurement.”

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, 2021 and 2020 (in millions):

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	15	$	-	$	15
Cash management accounts		3		-		-		3
Equity accounts		59		-		-		59
Fixed income accounts		39		-		-		39
Real estate accounts		3		-		-		3
Total	$	104	$	15	$	-	$	119

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16	$	-	$	16
Cash management accounts		3		-		-		3
Equity accounts		52		-		-		52
Fixed income account		35		-		-		35
Real estate accounts		2		-		-		2
Total	$	92	$	16	$	-	$	108

Expected Pension Contributions. We expect to contribute a combined total of approximately $4 million to our frozen defined benefit pension plan during the year ending December 31, 2022.

Capital Accumulation Plan. The Gray Television, Inc. Capital Accumulation Plan (the “Capital Accumulation Plan”) is a defined contribution plan intended to meet the requirements of Section 401(k) of the Internal Revenue Code. In 2021, employer contributions under the Capital Accumulation Plan include matching cash contributions at a rate of 100% of the first 1% of each employee’s salary deferral, and 50% of the next 5% of each employee’s salary deferral. For the years ended December 31, 2021, 2020 and 2019, our matching contributions to our Capital Accumulation Plan were approximately $15 million, $13 million and $11 million, respectively. We estimate that our matching cash contributions to the Capital Accumulation Plan for 2022 will be approximately $17 million.

In addition, the Company, at its discretion, may make an additional profit-sharing contribution, based on annual Company performance, to those employees who meet certain criteria. For the years ended December 31, 2021, 2020 and 2019, we accrued contributions of approximately $7 million, $6 million and $5 million, respectively, as discretionary profit sharing contributions. Each of these discretionary profit-sharing contributions was subsequently made in the form of shares of our common stock. We may also make matching and discretionary contributions of our common stock under the Capital Accumulation Plan. As of December 31, 2021, we had 566,267 shares of common stock reserved for issuance under this plan.

Meredith Plan. In connection with the Meredith Transaction, On December 1, 2021, we assumed a defined benefit pension plan covering certain legacy Meredith bargaining class employees. The Meredith Plan had combined plan assets of $15 million and combined projected benefit obligations of $17 million. The net liability for this plan is recorded as a liability in our financial statements as of December 31, 2021.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 12 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

12.

Commitments and Contingencies

From time to time we may have various contractual and other commitments requiring future payments. These commitments may include amounts required to be paid for: the acquisition of television stations; the purchase of property and equipment; service and other agreements; commitments for various syndicated television programs; and commitments under affiliation agreements with networks. Future minimum payments for these commitments, in addition to the liabilities accrued for on our consolidated balance sheets as of December 31, 2021, were as follows (in millions):

	Service and				Syndicated		Network
	Other		Assembly		Television		Affiliation
Year	Agreements		Development		Programming		Agreements		Total
2022	$	51	$	71	$	13	$	725	$	860
2023		36		8		28		481		553
2024		24		-		6		243		273
2025		14		-		5		11		30
2026		4		-		3		-		7
Thereafter		-		-		-		-		-
Total	$	129	$	79	$	55	$	1,460	$	1,723

Legal Proceedings and Claims. We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these known actions, proceedings and claims will not materially affect our financial condition, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could result in materially adverse outcomes.

Local TV Advertising Antitrust Litigation. In the fourth quarter of 2018, several broadcasting companies, including Raycom Media (which the Company subsequently acquired in January 2019) and Meredith Corporation (which the Company acquired in December 2021) agreed to enter into substantially identical consent decrees with the Department of Justice (the “DOJ”). This consent decree provided for the settlement of a confidential investigation by the DOJ into the alleged exchange of certain competitively sensitive information relating to advertising sales among certain stations in some local markets. The consent decree and related settlement were finalized on May 22, 2019. The consent decree is not an admission of any wrongdoing by the parties and does not subject the parties to any monetary damages or penalties. The consent decree requires the parties to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the parties’ stations not exchange pacing and certain other information with other stations in their local markets, which aligns with Gray’s current policy. Gray Television, Inc. was not a subject of or party to any consent decree or settlement thereof, although certain of the Company’s operations that we later acquired from Raycom and Meredith do remain subject to the terms of such settlement.

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 and the Plaintiffs’ operative complaint alleges price fixing and unlawful information exchange among the defendants’ advertisement sales teams. Gray is a defendant solely due to its acquisition of Raycom and Meredith, who were named defendants. The consolidated action seeks damages, attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court has set a pretrial schedule requiring discovery to be completed by July 1, 2022, and briefing on class certification to be completed by November 14, 2022. The Company believes the lawsuits are without merit and intends to vigorously defend itself against all such claims.

Note 13 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

13.

Goodwill and Intangible Assets

During the years ended December 31, 2021 and 2020, we acquired, adjusted and disposed of various television broadcast stations and broadcast licenses. As a result of these transactions, our goodwill and intangible balances changed during each of these years. See Note 3 “Acquisitions and Divestitures” for more information regarding these transactions. 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,
	2020		Adjustments		Dispositions			Impairment		Amortization			2021
Goodwill	$	1,460	$	1,211	$	(22	)	$	-	$	-		$	2,649
Broadcast licenses		3,579		1,771		(47	)		-		-			5,303
Finite-lived intangible assets		395		547		-			-		(117	)		825
Total intangible assets net of accumulated amortization	$	5,434	$	3,529	$	(69	)	$	-	$	(117	)	$	8,777

	Net Balance at		Acquisitions									Net Balance at
	December 31,		and									December 31,
	2019		Adjustments		Dispositions		Impairment		Amortization			2020
Goodwill	$	1,446	$	14	$	-	$	-	$	-		$	1,460
Broadcast licenses		3,573		6		-		-		-			3,579
Finite-lived intangible assets		460		40		-		-		(105	)		395
Total intangible assets net of accumulated amortization	$	5,479	$	60	$	-	$	-	$	(105	)	$	5,434

The following table presents a summary of changes in our goodwill, on a gross basis (in millions):

				Acquisitions
	*As of*			*and*							*As of*
	*December 31, 2020*			*Adjustments*		*Dispositions*			*Impairment*		*December 31, 2021*
Goodwill, gross	$	1,559		$	1,211	$	(22	)	$	-	$	2,748
Accumulated goodwill impairment		(99	)		-		-			-		(99	)
Goodwill, net	$	1,460		$	1,211	$	(22	)	$	-	$	2,649

				Acquisitions
	*As of*			*and*						*As of*
	*December 31, 2019*			*Adjustments*		*Dispositions*		*Impairment*		*December 31, 2020*
Goodwill, gross	$	1,545		$	14	$	-	$	-	$	1,559
Accumulated goodwill impairment		(99	)		-		-		-		(99	)
Goodwill, net	$	1,446		$	14	$	-	$	-	$	1,460

The following table presents a summary of our intangible assets and related accumulated amortization (in millions):

	As of December 31, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,356	$	(53	)	$	5,303	$	3,633	$	(54	)	$	3,579
Goodwill		2,649		-			2,649		1,460		-			1,460
	$	8,005	$	(53	)	$	7,952	$	5,093	$	(54	)	$	5,039

Intangible assets subject to amortization:
Network affiliation agreements	$	204	$	(44	)	$	160	$	67	$	(28	)	$	39
Other finite-lived intangible assets		1,051		(386	)		665		644		(288	)		356
	$	1,255	$	(430	)	$	825	$	711	$	(316	)	$	395

Total intangible assets	$	9,260	$	(483	)	$	8,777	$	5,804	$	(370	)	$	5,434

Based on our intangible assets subject to amortization as of December 31, 2021, we expect that amortization of intangible assets for the succeeding five years will be as follows: 2022, $204 million; 2023, $194 million; 2024, $128 million; 2025, $117 million; and 2026, $88 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.

Impairment of goodwill and broadcast licenses. We evaluate broadcast licenses and goodwill for impairment on an annual basis, or more often when certain triggering events occur. Goodwill is evaluated at the reporting unit level.

Beginning in 2021, we have changed our methodology for performing our annual evaluation of goodwill. Consistent with changes in our internal reporting systems and management structure for television station operations, we have determined that our broadcasting operating segment is comprised of six regional components, all of which report to the same segment manager. Based upon the economic similarities and the manner in which the six components of the broadcasting segment are managed, we have concluded that they aggregate into a single reporting unit.

Each of the distinct businesses within our production companies operating segment continue to be separately managed and each represent a reporting unit. This is consistent with the Company’s historical view of its reporting units within the production companies operating segment.

Therefore, beginning with our 2021 annual evaluation we now evaluate our goodwill for impairment for five reporting units. One reporting unit for all of our broadcast television operations and four for each of the distinct businesses within our production companies.

With respect to the accounting effects of this reorganization, the Company has considered the requirements as stipulated within ASC 350. Based upon the updated reporting structure, Management has identified the applicable assets and liabilities for each of the reporting units in accordance with ASC 350. With respect to the reassignment of goodwill to the Broadcast reporting unit, this reporting unit is an aggregation of the entirety of the Company’s previous television market reporting units prior to the reorganization. As such, the goodwill attributable to the Broadcast reporting unit would be the aggregate sum of the previous reporting units which now have been aggregated within the broadcast reporting unit. There is no reassignment of goodwill required within the Production Companies operating segment as the identified reporting units have not changed from management’s previously identified reporting units.

In the process of preparing for this change we considered potential impairment of reporting units prior to the realignment using our prior definition of reporting units. In the performance of this test of reporting unit impairment assessments, we had the option of performing a qualitative assessment to determine if it is more likely than not that the respective asset has been impaired. We performed a qualitative assessment for all of our reporting units as then defined and concluded that there was no impairment at the time of change.

In the first quarter of 2020, the COVID-19 global pandemic and measures to prevent its spread began to affect our businesses in a number of ways. In the first quarter of 2020, we concluded that the uncertainties surrounding this event were a triggering event that required us to evaluate whether or not it was more likely than not that the value of our goodwill and other intangible assets were impaired. Based upon our analysis of both qualitative and quantitative factors, we concluded that such assets were not impaired. We will continue to evaluate both the subjective and objective criteria that may cause us to re-evaluate this conclusion in the future.

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 that the respective asset has been impaired. In 2021, we performed a qualitative assessment for 59 of our broadcast licenses and one of our reporting units. In 2020, we performed a qualitative assessment for 55 of our broadcast licenses and 36 of our reporting units.

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 that a broadcast license or reporting unit is impaired, or if we elect not to perform the optional qualitative assessment, we perform the quantitative assessment which involves comparing the estimated fair value of the broadcast license or reporting unit to its respective carrying value.

For our annual broadcast licenses impairment test in 2021, we concluded that it was more likely than not that all of our broadcast licenses that were evaluated were not impaired based upon our qualitative assessments. We elected to perform a quantitative assessment for our remaining broadcast licenses and concluded that their fair values exceeded their carrying values. To estimate the fair value of our broadcast licenses, we utilize a discounted cash flow model assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market.

For our annual goodwill impairment test in 2021, we concluded that it was more likely than not that goodwill was not impaired based upon our qualitative assessment for one of our reporting units. We elected to perform a quantitative assessment for the remainder of our reporting units and concluded that their fair values exceeded their carrying values. To estimate the fair value of our reporting units, 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 limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our television stations.

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 consistent with our assumptions and estimates, including future events such as a deterioration of market conditions or significant increases in discount rates, we could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact on our consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows.

See Note 1 “Description of Business and Summary of Significant Accounting Policies” for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets.

Note 14 - Segment Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14.

Segment Information

During the years ended December 31, 2021 and 2020, we operated in two business segments, broadcasting and production companies. The broadcasting segment operates television stations in local markets in the United States. The production companies segment includes the production of television and event content. Costs identified as other are primarily corporate and administrative expenses. The following tables present our business segment information (in millions):

				Production
As of and for the Year ended December 31, 2021:	Broadcasting			Companies			Other			Consolidated

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
Total operating expenses		1,795			74			163			2,032
Operating income	$	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

As of and for the Year ended December 31, 2020:

Revenue (less agency commissions)	$	2,320		$	61		$	-		$	2,381
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,340			52			65			1,457
Depreciation and amortization		186			12			3			201
(Gain) loss on disposal of assets, net		(31	)		2			-			(29	)
Total operating expenses		1,495			66			68			1,629
Operating income	$	825		$	(5	)	$	(68	)	$	752

Interest expense	$	-		$	-		$	191		$	191
Capital expenditures (excluding business combinations)	$	106		$	4		$	-		$	110
Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643

As of and for the Year ended December 31, 2019:

Revenue (less agency commissions)	$	2,035		$	87		$	-		$	2,122
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,325			74			104			1,503
Depreciation and amortization		180			13			2			195
Gain on disposal of assets, net		(54	)		-			-			(54	)
Operating expenses		1,451			87			106			1,644
Operating income	$	584		$	-		$	(106	)	$	478

Interest expense	$	-		$	-		$	227		$	227
Capital expenditures (excluding business combinations)	$	104		$	1		$	5		$	110
Goodwill	$	1,405		$	41		$	-		$	1,446
Total assets	$	6,530		$	153		$	289		$	6,972

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

15.

Subsequent Events

Atlanta Telemundo Transaction. On February 2, 2022, we entered into an agreement with Korean American Television Broadcasting Corporation, Capital Media Group, LLC and Surge Digital Media, LLC, to acquire all of the assets of television station WKTB-CD the Telemundo Network Group, LLC affiliate serving the Atlanta, Georgia market (DMA 10) for $30 million in cash, subject to certain adjustments (the “Atlanta Telemundo Transaction”). The completion of the Atlanta Telemundo Transaction is subject to the satisfaction or waiver of certain customary conditions including, among others, the receipt of approval from the FCC. We believe that the Atlanta Telemundo Transaction will be completed during the first or second quarter of 2022.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

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*		*Deductions*			*End of*
Description	*of Period*		*Expenses*		*Accounts*		*(a)*			*Period*

Year Ended December 31, 2021:
Allowance for doubtful accounts	$	10	$	4	$	3	$	(1	)	$	16
Valuation allowance for deferred tax assets	$	15	$	7	$	-	$	-		$	22

Year Ended December 31, 2020:
Allowance for doubtful accounts	$	11	$	2	$	-	$	(3	)	$	10
Valuation allowance for deferred tax assets	$	14	$	1	$	-	$	-		$	15

Year Ended December 31, 2019:
Allowance for doubtful accounts	$	5	$	11	$	-	$	(5	)	$	11
Valuation allowance for deferredtax assets	$	-	$	14	$	-	$	-		$	14

(a)

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.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Investment, Policy [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“United States GAAP”, or “GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Credit Losses. We are exposed to credit risk primarily through sales of broadcast and digital advertising with a variety of direct and agency-based advertising customers, retransmission consent agreements with multichannel video program distributors and program production sales and services. We recorded expenses for this allowance of $4 million, $2 million and $11 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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 also apply additional allowance when warranted by specific facts and circumstances. We generally write off account receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

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,
	2021			2020
Beginning balance	$	10		$	11
Allowance obtained through acquisition		3			-
Provision for credit losses		4			2
Amounts written off		(1	)		(3	)
Ending balance	$	16		$	10

Program Broadcast Rights [Policy Text Block]

Program Broadcast Rights. We have two types of syndicated television program contracts: first run programs and off network reruns. First run programs are programs such as Wheel of Fortune and off network reruns are programs such as The Big Bang Theory. First run programs have not been produced at the time the contract to air such programming is signed, and off network rerun programs have already been produced. We record an asset and corresponding liability for payments to be made only for the current year of first run programming and for the entire contract period for off network programming. Only an estimate of the payments anticipated to be made in the year following the balance sheet date of first run program contracts are recorded on the current balance sheet, because the programs for the later years of the contract period have not been produced or delivered.

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. Property and equipment are recorded at cost, or in the case of acquired businesses, at fair value. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in millions):

							Estimated
	December 31,						Useful Lives
	2021			2020			(in years)
Property and equipment, net:
Land	$	277		$	123
Buildings and improvements		453			305			7	to	40
Equipment		961			780			3	to	20
Construction in progress		63			54
		1,754			1,262
Accumulated depreciation		(589	)		(525	)
Total	$	1,165		$	737

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting gain or loss is reflected in income or expense for the period.

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,
	2021			2020			2019
(Loss) gain on disposal of assets, net:
Proceeds from sale of assets	$	478		$	9		$	253
Proceeds from Repack		11			29			41
Net book value of assets disposed		(531	)		(9	)		(240	)
Total	$	(42	)	$	29		$	54

Purchase of property and equipment:
Recurring purchases - operations	$	90		$	87		$	89
Assembly Atlanta development		109			-			-
Repack		8			23			20
Repack related		-			-			1
Total	$	207		$	110		$	110

Deferred Charges, Policy [Policy Text Block]

Deferred Loan Costs. Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. These debt issuance costs related to a recognized debt liability are presented in our balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Debt issuance costs associated with line-of-credit arrangements are presented as an asset, and amortized over the life of the line-of-credit arrangement.

Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligations. We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the net present value of the cash flows of the costs expected to be incurred. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost is capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times through 2062. The liability recognized for our asset retirement obligations was approximately $3 million and $2 million at December 31, 2021 and 2020, respectively. During the years ended December 31, 2021, 2020 and 2019, expenses related to our asset retirement obligations were not material.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk. We sell advertising airtime on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer’s financial condition, and generally advance payment is not required, except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.

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, 2021, 2020 and 2019 approximately 29%, 28% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector. During the years ended December 31, 2021, 2020 and 2019 approximately 17%, 21% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within our customer base, we believe this risk is in part mitigated due to the fact that no one customer accounted for in excess of 5% of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share. We compute basic earnings per share by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the years ended December 31, 2021, 2020 and 2019 (in millions):

	Year Ended December 31,
	2021		2020		2019
Weighted average shares outstanding, basic		95		96		99
Weighted average shares underlying stock options and restricted shares		-		1		1
Weighted average shares outstanding, diluted		95		97		100

Goodwill and Intangible Assets, Policy [Policy Text Block]

Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets. We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets.

For broadcast licenses acquired prior to January 1, 2002, we recorded their respective values using a residual method (analogous to “goodwill”) where the excess of the purchase price paid in the acquisition over the fair value of all identified tangible and intangible assets acquired was attributed to the broadcast license. This residual basis approach generally produces higher valuations of broadcast licenses when compared to applying an income method as discussed below.

For broadcast licenses acquired after December 31, 2001, we record their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. For television stations acquired after December 31, 2001, we allocate the residual value of the station to goodwill.

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 be below its carrying amount.

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 broadcast network, we believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as finite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred.

Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]

Impairment Testing of Indefinite-Lived Intangible Assets. We test for impairment of our indefinite-lived intangible assets on an annual basis on December 31. However, if certain triggering events occur, we test for impairment when such events occur.

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 a reporting unit has been impaired. 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 each reporting unit’s carrying value since the last impairment test.

If we conclude that it is more likely than not that a reporting unit is impaired, or if we elect not to perform the optional qualitative assessment, we will determine the fair value of the reporting unit and compare that to the net book value of the reporting unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference.

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 limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our reporting units.

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 that these assets are impaired. When evaluating our broadcast licenses for impairment, the qualitative assessment is done at the individual television station level. If we conclude that it is more likely than not that one of our broadcast licenses is impaired, we will perform a quantitative assessment by comparing the fair value of the broadcast license to its carrying value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods.

For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 13 “Goodwill and Intangible Assets.”

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of December 31, 2021 and 2020 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in millions):

	December 31,
	2021			2020
Items included in accumulated other comprehensive loss:
Increase in pension liability	$	(36	)	$	(52	)
Income tax benefit		(9	)		(13	)
Accumulated other comprehensive loss	$	(27	)	$	(39	)

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848). In January 2021, the FASB issued an amendment to ASU 2020-04, ASU 2021-01, Reference Rate Reform (Topic 848), in response to concerns about structural risks of interbank offered rates, and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU apply to all entities that elect to apply the optional guidance in Topic 848. An entity may elect to apply the amendments in this ASU on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final standard, up to the date that financial statements are available to be issued. We are currently evaluating the applicability of this guidance.

In addition to the accounting standards described above, certain amounts in the consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	Year Ended December 31,
	2021			2020
Beginning balance	$	10		$	11
Allowance obtained through acquisition		3			-
Provision for credit losses		4			2
Amounts written off		(1	)		(3	)
Ending balance	$	16		$	10

Property, Plant and Equipment [Table Text Block]

							Estimated
	December 31,						Useful Lives
	2021			2020			(in years)
Property and equipment, net:
Land	$	277		$	123
Buildings and improvements		453			305			7	to	40
Equipment		961			780			3	to	20
Construction in progress		63			54
		1,754			1,262
Accumulated depreciation		(589	)		(525	)
Total	$	1,165		$	737

Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]

	Year ended December 31,
	2021			2020			2019
(Loss) gain on disposal of assets, net:
Proceeds from sale of assets	$	478		$	9		$	253
Proceeds from Repack		11			29			41
Net book value of assets disposed		(531	)		(9	)		(240	)
Total	$	(42	)	$	29		$	54

Purchase of property and equipment:
Recurring purchases - operations	$	90		$	87		$	89
Assembly Atlanta development		109			-			-
Repack		8			23			20
Repack related		-			-			1
Total	$	207		$	110		$	110

Schedule of Weighted Average Number of Shares [Table Text Block]

	Year Ended December 31,
	2021		2020		2019
Weighted average shares outstanding, basic		95		96		99
Weighted average shares underlying stock options and restricted shares		-		1		1
Weighted average shares outstanding, diluted		95		97		100

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	December 31,
	2021			2020
Items included in accumulated other comprehensive loss:
Increase in pension liability	$	(36	)	$	(52	)
Income tax benefit		(9	)		(13	)
Accumulated other comprehensive loss	$	(27	)	$	(39	)

Note 2 - Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31,
	2021		2020		2019
Market and service type:
Advertising:
Local	$	934	$	771	$	898
National		256		198		229
Political		44		430		68
Total advertising		1,234		1,399		1,195
Retransmission consent		1,049		867		796
Production companies		73		61		87
Other		57		54		44
Total revenue	$	2,413	$	2,381	$	2,122

Sales channel:
Direct	$	1,579	$	1,302	$	1,270
Advertising agency intermediary		834		1,079		852
Total revenue	$	2,413	$	2,381	$	2,122

Note 3 - Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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 that were divested on August 2, 2021		383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures	$	553

				KYOU
				and		Net
	Raycom			WUPV		Consideration

Purchase Price	$	3,660		$	17	$	3,677
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019		(234	)		-		(234	)
Purchase consideration for assets acquired and liabilities assumed net of divestitures	$	3,426		$	17	$	3,443

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Meredith			Quincy			Third Rail			Total
Cash	$	1		$	4		$	-		$	5
Accounts receivable, net		147			23			-			170
Other current assets		18			5			-			23
Property and equipment		235			74			24			333
Operating lease right of use asset		15			1			-			16
Goodwill		1,012			190			4			1,206
Broadcast licenses		1,516			245			-			1,761
Other intangible assets		455			85			-			540
Other current liabilities		(104	)		(7	)		(1	)		(112	)
Deferred income taxes		(477	)		(66	)		-			(543	)
Operating lease liabilities		(15	)		(1	)		-			(16	)
Total	$	2,803		$	553		$	27		$	3,383

	2020 Acquisitions
	Lubbock			Alaska		Columbus		Sioux Falls		Total
Accounts receivable and other current assets	$	-		$	1	$	-	$	-	$	1
Property and equipment		6			5		2		-		13
Operating lease right of use asset		1			-		-		-		1
Goodwill		6			2		1		11		20
Broadcast licenses		5			2		-		-		7
Other intangible assets		7			9		19		11		46
Other current liabilities		(1	)		-		-		-		(1	)
Total	$	24		$	19	$	22	$	22	$	87

	2019 Acquisitions
	Raycom			United		Sioux Falls			Charlottesville		Total
Cash	$	115		$	-	$	-		$	-	$	115
Accounts receivable, net		243			3		1			1		248
Program broadcast rights		12			-		-			-		12
Other current assets		10			-		-			-		10
Property and equipment		311			10		10			7		338
Operating lease right of use asset		52			-		-			-		52
Goodwill		829			3		2			-		834
Broadcast licenses		2,004			24		14			2		2,044
Other intangible assets		504			8		7			3		522
Other non-current assets		20			-		-			-		20
Employee compensation and benefits		(29	)		-		-			-		(29	)
Program broadcast obligations		(16	)		-		-			-		(16	)
Other current liabilities		(60	)		-		(1	)		-		(61	)
Federal and state income taxes payable		(3	)		-		-			-		(3	)
Deferred income taxes		(472	)		-		-			-		(472	)
Operating lease liabilities		(52	)		-		-			-		(52	)
Other long-term liabilities		(25	)		-		-			-		(25	)
Total	$	3,443		$	48	$	33		$	13	$	3,537

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

	Year Ended
	December 31,
	2019
Transaction Related Expenses by type:
Legal, consulting and other professional fees	$	24
Incentive compensation and other severance costs		21
Termination of sales representation and other agreements		34
Total Transaction Related Expenses	$	79

Transaction Related Expenses by financial statement line item:
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcasting	$	45
Corporate and administrative		34
Total Transaction Related Expenses	$	79

Business Acquisition, Pro Forma Information [Table Text Block]

	Year Ended		Year Ended
	December 31,		December 31,
	2021		2020

Revenue (less agency commissions)	$	3,153	$	3,353

Net income	$	199	$	488

Net income attributable to common stockholders	$	147	$	436

Basic net income attributable to common stockholders, per share	$	2.09	$	4.54

Diluted net income attributable to common stockholders, per share	$	2.09	$	4.49

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Total
	Cash		Station		Current
	Consideration		Call		DMA
Purchaser	Received		Letters	DMA	Rank

Lockwood Broadcasting, Inc.	$	67	WTNZ	Knoxville, TN	59
			WFXG	Augusta, GA	111
			WPGX	Panama City, FL	140
			WDFX	Dothan, AL	172

Scripps Media, Inc.		55	KXXV	Waco/Temple/Bryan, TX	93
			KRHD	Waco/Temple/Bryan, TX	93
			WTXL	Tallahassee, FL	114

TEGNA, Inc.		109	WTOL	Toledo, OH	78
			KWES	Odessa/Midland, TX	155
Total	$	231

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Note 4 - Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	December 31,
	2021			2020
Long-term debt:
2019 Senior Credit Facility:
2017 Term Loan	$	595		$	595
2019 Term Loan		1,190			1,190
2021 Term Loan		1,500			-
2026 Notes		700			700
2027 Notes		750			750
2030 Notes		800			800
2031 Notes		1,300			-
Total outstanding principal		6,835			4,035
Unamortized deferred loan costs - 2017 Term Loan		(7	)		(4	)
Unamortized deferred loan costs - 2019 Term Loan		(27	)		(30	)
Unamortized deferred loan costs - 2021 Term Loan		(5	)		-
Unamortized deferred loan costs - 2026 Notes		(5	)		(6	)
Unamortized deferred loan costs - 2027 Notes		(8	)		(10	)
Unamortized deferred loan costs - 2030 Notes		(13	)		(14	)
Unamortized deferred loan costs - 2031 Notes		(18	)		-
Unamortized premium - 2026 Notes		3			3
Less current portion		(15	)		-
Long-term debt, less deferred financing costs	$	6,740		$	3,974

Borrowing availability under Revolving Credit Facility	$	497		$	200

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
2022	$	15	$	-	$	-	$	-	$	-	$	15
2023		15		-		-		-		-		15
2024		610		-		-		-		-		610
2025		15		-		-		-		-		15
2026		1,205		700		-		-		-		1,905
Thereafter		1,425		-		750		800		1,300		4,275
Total	$	3,285	$	700	$	750	$	800	$	1,300	$	6,835

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Note 8 - Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
Stock-based compensation expense, gross	$	14		$	16		$	16
Income tax benefit at our statutory rate associated with stock-based compensation		(4	)		(4	)		(4	)
Stock-based compensation expense, net	$	10		$	12		$	12

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Year Ended December 31,
	2021					2020					2019
				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		917,533		$	16.84		977,547		$	15.45		578,894		$	13.14
Granted		731,374			19.73		359,481			18.92		751,463			16.07
Vested		(613,179	)		15.48		(333,865	)		15.35		(352,810	)		12.98
Forfeited		-			-		(85,630	)		15.53		-			-
Outstanding - end of period		1,035,728		$	19.69		917,533		$	16.84		977,547		$	15.45

Restricted stock - Class A common:
Outstanding - beginning of period		480,042		$	16.10		449,284		$	13.55		407,786		$	11.82
Granted		488,918			18.66		166,814			19.87		199,810			15.36
Vested		(248,539	)		15.00		(136,056	)		12.32		(158,312	)		11.38
Outstanding - end of period		720,421		$	18.22		480,042		$	16.10		449,284		$	13.55

Restricted stock units - common:
Outstanding - beginning of period		90,184		$	18.92		398,000		$	18.21		-		$	-
Granted		95,115			19.05		93,184			18.77		398,000			18.21
Vested		(60,052	)		18.92		(374,500	)		18.18		-			-
Forfeited		-			-		(26,500	)		18.21		-			-
Outstanding - end of period		125,247		$	19.02		90,184		$	18.92		398,000		$	18.21

Note 9 - Leases (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year:
2022	$	13
2023		11
2024		11
2025		10
2026		9
Thereafter		46
Total lease payments		100
Less: Imputed interest		(28	)
Present value of lease liabilities	$	72

Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2021			2020		2019
Current:
Federal	$	74		$	39	$	8
State and local		26			20		13
Current income tax expense		100			59		21
Deferred:
Federal		(12	)		64		54
State and local		(10	)		11		1
Deferred income tax expense		(22	)		75		55
Total income tax expense	$	78		$	134	$	76

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2021			2020
Deferred tax liabilities:
Net book value of property and equipment	$	146		$	92
Broadcast licenses, goodwill and other intangible assets		1,373			878
Total deferred tax liabilities		1,519			970

Deferred tax assets:
Liability for accrued vacation		5			4
Liability for accrued bonus		9			5
Deferred payroll taxes		2			3
Allowance for credit losses		4			3
Liability for pension plan		6			11
Federal operating loss carryforwards		2			38
State and local operating loss carryforwards		24			21
Acquisition costs		2			2
Restricted stock		4			4
Investments		4			4
Interest expense limitation		4			4
Other		4			1
Total deferred tax assets		70			100
Valuation allowance for deferred tax assets		(22	)		(15	)
Net deferred tax assets		48			85

Deferred tax liabilities, net of deferred tax assets	$	1,471		$	885

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
Statutory federal rate applied to income before income tax expense	$	35		$	114		$	53
Current year permanent items		33			3			13
State and local taxes, net of federal tax benefit		10			27			13
Change in valuation allowance		-			1			(2	)
Net operating loss carryback		-			(7	)		-
Other items, net		-			(4	)		(1	)
Income tax expense as recorded	$	78		$	134		$	76

Effective income tax rate		46	%		25	%		30	%

Note 11 - Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Net Funded Status [Table Text Block]

	December 31,
	2021			2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	151		$	135
Interest cost		4			4
Actuarial (gain) loss		(11	)		16
Benefits paid		(4	)		(4	)
Projected benefit obligation at end of year	$	140		$	151

Change in plan assets:
Fair value of pension plan assets at beginning of year	$	108		$	97
Actual return on plan assets		12			12
Company contributions		3			3
Benefits paid		(4	)		(4	)
Fair value of pension plan assets at end of year		119			108
Funded status of pension plan	$	(21	)	$	(43	)

Amounts recognized on our balance sheets consist of:
Accrued benefit cost	$	15		$	10
Accumulated other comprehensive loss		(36	)		(53	)
Net liability recognized	$	(21	)	$	(43	)

Defined Benefit Plan, Assumptions [Table Text Block]

	Year Ended December 31,
	2021			2020
Weighted-average assumptions used to determine net periodic benefit cost for the Gray Pension Plan:
Discount rate		2.38	%		3.14	%
Expected long-term rate of return on pension plan assets		6.25	%		6.50	%
Estimated rate of increase in compensation levels		N/A			N/A

	As of December 31,
	2021			2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate		2.73	%		2.38	%

Schedule of Net Benefit Costs [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
Components of net periodic pension cost:
Interest cost	$	4		$	4		$	5
Expected return on plan assets		(7	)		(6	)		(5	)
Recognized net actuarial loss		1			1			-
Net periodic pension benefit	$	(2	)	$	(1	)	$	-

Schedule of Expected Benefit Payments [Table Text Block]

Years			Amount
2022			$	4
2023				5
2024				5
2025				5
2026				6
2027	-	2031		31

Schedule of Allocation of Plan Assets by Asset Category [Table Text Block]

	As of December 31,
	2021			2020
Asset category:
Insurance general account		13	%		15	%
Cash management accounts		2	%		3	%
Equity accounts		50	%		48	%
Fixed income accounts		33	%		32	%
Real estate accounts		2	%		2	%
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, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	15	$	-	$	15
Cash management accounts		3		-		-		3
Equity accounts		59		-		-		59
Fixed income accounts		39		-		-		39
Real estate accounts		3		-		-		3
Total	$	104	$	15	$	-	$	119

	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Insurance general account	$	-	$	16	$	-	$	16
Cash management accounts		3		-		-		3
Equity accounts		52		-		-		52
Fixed income account		35		-		-		35
Real estate accounts		2		-		-		2
Total	$	92	$	16	$	-	$	108

Note 12 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

	Service and				Syndicated		Network
	Other		Assembly		Television		Affiliation
Year	Agreements		Development		Programming		Agreements		Total
2022	$	51	$	71	$	13	$	725	$	860
2023		36		8		28		481		553
2024		24		-		6		243		273
2025		14		-		5		11		30
2026		4		-		3		-		7
Thereafter		-		-		-		-		-
Total	$	129	$	79	$	55	$	1,460	$	1,723

Note 13 - Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]

	Net Balance at		Acquisitions										Net Balance at
	December 31,		and										December 31,
	2020		Adjustments		Dispositions			Impairment		Amortization			2021
Goodwill	$	1,460	$	1,211	$	(22	)	$	-	$	-		$	2,649
Broadcast licenses		3,579		1,771		(47	)		-		-			5,303
Finite-lived intangible assets		395		547		-			-		(117	)		825
Total intangible assets net of accumulated amortization	$	5,434	$	3,529	$	(69	)	$	-	$	(117	)	$	8,777

	Net Balance at		Acquisitions									Net Balance at
	December 31,		and									December 31,
	2019		Adjustments		Dispositions		Impairment		Amortization			2020
Goodwill	$	1,446	$	14	$	-	$	-	$	-		$	1,460
Broadcast licenses		3,573		6		-		-		-			3,579
Finite-lived intangible assets		460		40		-		-		(105	)		395
Total intangible assets net of accumulated amortization	$	5,479	$	60	$	-	$	-	$	(105	)	$	5,434

Schedule of Goodwill [Table Text Block]

				Acquisitions
	*As of*			*and*							*As of*
	*December 31, 2020*			*Adjustments*		*Dispositions*			*Impairment*		*December 31, 2021*
Goodwill, gross	$	1,559		$	1,211	$	(22	)	$	-	$	2,748
Accumulated goodwill impairment		(99	)		-		-			-		(99	)
Goodwill, net	$	1,460		$	1,211	$	(22	)	$	-	$	2,649

				Acquisitions
	*As of*			*and*						*As of*
	*December 31, 2019*			*Adjustments*		*Dispositions*		*Impairment*		*December 31, 2020*
Goodwill, gross	$	1,545		$	14	$	-	$	-	$	1,559
Accumulated goodwill impairment		(99	)		-		-		-		(99	)
Goodwill, net	$	1,446		$	14	$	-	$	-	$	1,460

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of December 31, 2021							As of December 31, 2020
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,356	$	(53	)	$	5,303	$	3,633	$	(54	)	$	3,579
Goodwill		2,649		-			2,649		1,460		-			1,460
	$	8,005	$	(53	)	$	7,952	$	5,093	$	(54	)	$	5,039

Intangible assets subject to amortization:
Network affiliation agreements	$	204	$	(44	)	$	160	$	67	$	(28	)	$	39
Other finite-lived intangible assets		1,051		(386	)		665		644		(288	)		356
	$	1,255	$	(430	)	$	825	$	711	$	(316	)	$	395

Total intangible assets	$	9,260	$	(483	)	$	8,777	$	5,804	$	(370	)	$	5,434

Note 14 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

				Production
As of and for the Year ended December 31, 2021:	Broadcasting			Companies			Other			Consolidated

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
Total operating expenses		1,795			74			163			2,032
Operating income	$	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

As of and for the Year ended December 31, 2020:

Revenue (less agency commissions)	$	2,320		$	61		$	-		$	2,381
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,340			52			65			1,457
Depreciation and amortization		186			12			3			201
(Gain) loss on disposal of assets, net		(31	)		2			-			(29	)
Total operating expenses		1,495			66			68			1,629
Operating income	$	825		$	(5	)	$	(68	)	$	752

Interest expense	$	-		$	-		$	191		$	191
Capital expenditures (excluding business combinations)	$	106		$	4		$	-		$	110
Goodwill	$	1,419		$	41		$	-		$	1,460
Total assets	$	6,631		$	141		$	871		$	7,643

As of and for the Year ended December 31, 2019:

Revenue (less agency commissions)	$	2,035		$	87		$	-		$	2,122
Operating expenses before depreciation, amortization and gain on disposal of assets, net:		1,325			74			104			1,503
Depreciation and amortization		180			13			2			195
Gain on disposal of assets, net		(54	)		-			-			(54	)
Operating expenses		1,451			87			106			1,644
Operating income	$	584		$	-		$	(106	)	$	478

Interest expense	$	-		$	-		$	227		$	227
Capital expenditures (excluding business combinations)	$	104		$	1		$	5		$	110
Goodwill	$	1,405		$	41		$	-		$	1,446
Total assets	$	6,530		$	153		$	289		$	6,972

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2021

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*		*Deductions*			*End of*
Description	*of Period*		*Expenses*		*Accounts*		*(a)*			*Period*

Year Ended December 31, 2021:
Allowance for doubtful accounts	$	10	$	4	$	3	$	(1	)	$	16
Valuation allowance for deferred tax assets	$	15	$	7	$	-	$	-		$	22

Year Ended December 31, 2020:
Allowance for doubtful accounts	$	11	$	2	$	-	$	(3	)	$	10
Valuation allowance for deferred tax assets	$	14	$	1	$	-	$	-		$	15

Year Ended December 31, 2019:
Allowance for doubtful accounts	$	5	$	11	$	-	$	(5	)	$	11
Valuation allowance for deferredtax assets	$	-	$	14	$	-	$	-		$	14

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) Rate	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Television Markets	113
Percent of US Television Households Reached (Rate) \| Rate	36.00%
Number of Television Markets with Top-Rated Stations	80
Number of Television Markets with First and/or Second Rated Stations	100
Accounts Receivable, Credit Loss Expense (Reversal)	$ 4	$ 2	$ 11
Asset Retirement Obligation, Ending Balance	$ 3	$ 2
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Services Sector [Member]
Concentration Risk, Percentage	29.00%	28.00%	25.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Automotive [Member]
Concentration Risk, Percentage	17.00%	21.00%	25.00%

Note 1 - Description of Business and Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Beginning balance	$ 10	$ 11
Allowance obtained through acquisition	3	0
Provision for credit losses	4	2	$ 11
Amounts written off	(1)	(3)
Ending balance	$ 16	$ 10	$ 11

Note 1 - Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and equipment, gross	$ 1,754	$ 1,262
Accumulated depreciation	(589)	(525)
Total property and equipment, net	1,165	737
Land [Member]
Property and equipment, gross	277	123
Building and Building Improvements [Member]
Property and equipment, gross	$ 453	305
Building and Building Improvements [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 961	780
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	$ 63	$ 54

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Proceeds from sale of assets	$ 478	$ 9	$ 253
Proceeds from Repack reimbursement (Note 1)	11	29	41
Net book value of assets disposed	(531)	(9)	(240)
Total	(42)	29	54
Recurring purchases - operations	90	87	89
Assembly Atlanta development	109	0	0
Repack	8	23	20
Repack related	0	0	1
Total	$ 207	$ 110	$ 110

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted average shares outstanding, basic (in shares)	95	96	99
Weighted average shares underlying stock options and restricted shares (in shares)	0	1	1
Weighted average shares outstanding, diluted (in shares)	95	97	100

Note 1 - Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Items included in accumulated other comprehensive loss:
Increase in pension liability	$ (36)	$ (52)
Income tax benefit	(9)	(13)
Accumulated other comprehensive loss	$ (27)	$ (39)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability, Revenue Recognized	$ 21
Deferred Revenue [Member]
Deposit Liability, Current	$ 13	$ 21

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue	$ 2,413	$ 2,381	$ 2,122
Sales Channel, Directly to Consumer [Member]
Revenue	1,579	1,302	1,270
Sales Channel, Through Intermediary [Member]
Revenue	834	1,079	852
Local Advertising [Member]
Revenue	934	771	898
National Advertising [Member]
Revenue	256	198	229
Political Advertising [Member]
Revenue	44	430	68
Advertising [Member]
Revenue	1,234	1,399	1,195
Retransmission Consent [Member]
Revenue	1,049	867	796
Production Companies [Member]
Revenue	73	61	87
Service, Other [Member]
Revenue	$ 57	$ 54	$ 44

Note 3 - Acquisitions and Divestitures (Details Textual) $ in Millions											12 Months Ended
	Dec. 01, 2021 USD ($)	Sep. 23, 2021 USD ($)	Aug. 02, 2021 USD ($)	Nov. 02, 2020 USD ($)	Sep. 01, 2020 USD ($)	Jul. 31, 2020 USD ($)	Oct. 01, 2019 USD ($)	Sep. 25, 2019 USD ($)	May 01, 2019 USD ($)	Jan. 02, 2019 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 13, 2021 USD ($)
Business Combination, Acquisition Related Costs											$ 81		$ 79
Finite-lived Intangible Assets Acquired											547	$ 40
Goodwill, Ending Balance											2,649	1,460	1,446
Broadcast Licenses Acquired in 2021 [Member]
Indefinite-lived Intangible Assets Acquired											4
Broadcast Licenses Acquired in 2020 [Member]
Indefinite-lived Intangible Assets Acquired												5
Quincy Acquisition [Member]
Gain (Loss) on Disposition of Business			$ 45
Proceeds from Divestiture of Businesses			401
Disposal Group, Working Capital			21
Stations Acquired from Raycom [Member]
Gain (Loss) on Disposition of Business										$ 234
WCAV-TV and WVAW-TV [Member]
Gain (Loss) on Disposition of Business							$ 19
Meredith Corporation [Member]
Business Combination, Consideration Transferred, Total	$ 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]
Business Combination, Consideration Transferred, Total			936								936
Disposal Group, Including Discontinued Operation, Consideration											383
Business Combination, Working Capital			$ 6
Goodwill, Ending Balance											190
Third Rail Acquisition [Member]
Disposal Group, Including Discontinued Operation, Consideration														$ 27
Goodwill, Ending Balance											4
The2021 Acquisitions [Member]
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
Goodwill, Ending Balance											1,206
The2021 Acquisitions [Member] \| Retransmission Agreements [Member]
Finite-Lived Intangible Assets, Gross, Total											$ 374
Finite-Lived Intangible Asset, Useful Life (Year)											5 years
The2021 Acquisitions [Member] \| Network Affiliation Agreements [Member]
Finite-Lived Intangible Asset, Useful Life (Year)											5 years
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
Alaska Transactions [Member]
Payments to Acquire Businesses, Gross						$ 19
Goodwill, Ending Balance												2
Columbus Acquisition [Member]
Payments to Acquire Businesses, Gross					$ 22
Goodwill, Ending Balance												1
Sioux Falls Acquisition [Member]
Payments to Acquire Businesses, Gross				$ 22				$ 33
Goodwill, Ending Balance							2					11	2
The 2020 Acquisitions [Member]
Payments to Acquire Businesses, Gross												24
Business Combination, Acquisition Related Costs												1
Goodwill, Ending Balance												$ 20
The 2020 Acquisitions [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)											3 years
Finite-Lived Intangible Asset, Useful Life (Year)											1 year
The 2020 Acquisitions [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)											40 years
Finite-Lived Intangible Asset, Useful Life (Year)											4 years
Raycom [Member]
Business Combination, Consideration Transferred, Total										3,660	$ 3,677
Disposal Group, Including Discontinued Operation, Consideration											234
Business Acquisition, Goodwill, Expected Tax Deductible Amount							150
Payments to Acquire Businesses, Gross										2,840
Goodwill, Ending Balance										$ 829			829
Raycom [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares										11,500,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable										$ 170
Raycom [Member] \| Preferred Stock [Member] \| Series A Perpetual Preferred Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares										650,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable										$ 650
KYOU-TV and WUPV-TV [Member]
Business Combination, Consideration Transferred, Total											17
Disposal Group, Including Discontinued Operation, Consideration											$ (0)
Payments to Acquire Businesses, Gross										17
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Gross Contractual Receivables above Their Fair Value										2
WWNY-TV, WNYF-CD, and KEYC-TV [Member]
Payments to Acquire Businesses, Gross									$ 48
Goodwill, Ending Balance									$ 3
Charlottesville Acquisition [Member]
Payments to Acquire Businesses, Gross							$ 13
Goodwill, Ending Balance													0
Acquisitions 2019 [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual													1,100
Goodwill, Ending Balance													834
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual													$ 198
Acquisitions 2019 [Member] \| Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired										$ 322
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)										4 years 1 month 6 days
Acquisitions 2019 [Member] \| Network Affiliation Agreements [Member]
Finite-lived Intangible Assets Acquired										$ 50
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)										3 years 8 months 12 days
Acquisitions 2019 [Member] \| Off-Market Favorable Lease [Member]
Finite-lived Intangible Assets Acquired										$ 98
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)										7 years 8 months 12 days
Acquisitions 2019 [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)										3 years
Acquisitions 2019 [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)										40 years

Note 3 - Acquisitions and Divestitures - Consideration (Details) - USD ($) $ in Millions			12 Months Ended
	Aug. 02, 2021	Jan. 02, 2019	Dec. 31, 2021	Dec. 31, 2019
Quincy Acquisition [Member]
Adjusted purchase price	$ 936		$ 936
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021			383
Purchase consideration for assets acquired and liabilities assumed, net of divestitures			553
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019			(383)
Raycom, Excluding KYOU and WUPV [Member]
Adjusted purchase price			3,660
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021			234
Purchase consideration for assets acquired and liabilities assumed, net of divestitures			3,426
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019			(234)
KYOU-TV and WUPV-TV [Member]
Adjusted purchase price			17
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021			(0)
Purchase consideration for assets acquired and liabilities assumed, net of divestitures			17
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019			0
Raycom [Member]
Adjusted purchase price		$ 3,660	3,677
Less - consideration allocated to assets acquired and liabilities assumed for the Quincy overlap markets that were divested on August 2, 2021			234
Purchase consideration for assets acquired and liabilities assumed, net of divestitures			3,443	$ 3,443
Less - consideration allocated to all assets acquired and net of liabilities assumed for the Raycom overlap market stations which were also divested on January 2, 2019			$ (234)

Note 3 - Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2019	Jan. 02, 2019
Goodwill	$ 2,649	$ 1,460	$ 1,446
Meredith Acquisition [Member]
Cash	1
Accounts receivable, net	147
Other current assets	18
Property and equipment	235
Operating lease right of use asset	15
Goodwill	1,012
Broadcast licenses	1,516
Other intangible assets	455
Other current liabilities	(104)
Deferred income taxes	(477)
Operating lease liabilities	(15)
Total	2,803
Other current liabilities	104
Quincy Acquisition [Member]
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 current liabilities	(7)
Deferred income taxes	(66)
Operating lease liabilities	(1)
Total	553
Other current liabilities	7
Third Rail Acquisition [Member]
Cash	0
Accounts receivable, net	0
Other current assets	0
Property and equipment	24
Operating lease right of use asset	0
Goodwill	4
Broadcast licenses	0
Other intangible assets	0
Other current liabilities	(1)
Deferred income taxes	0
Operating lease liabilities	0
Total	27
Other current liabilities	1
The2021 Acquisitions [Member]
Cash	5
Accounts receivable, net	170
Other current assets	23
Property and equipment	333
Operating lease right of use asset	16
Goodwill	1,206
Broadcast licenses	1,761
Other intangible assets	540
Other current liabilities	(112)
Deferred income taxes	(543)
Operating lease liabilities	(16)
Total	3,383
Other current liabilities	112
Lubbock Transactions, Acquisition [Member]
Property and equipment		6
Operating lease right of use asset		1
Goodwill		6
Other intangible assets		7
Other current liabilities		(1)
Total		24
Accounts receivable and other current assets		0
Broadcast licenses		5
Other current liabilities		1
Alaska Transactions [Member]
Property and equipment		5
Operating lease right of use asset		0
Goodwill		2
Other intangible assets		9
Other current liabilities		0
Total		19
Accounts receivable and other current assets		1
Broadcast licenses		2
Other current liabilities		(0)
Columbus Acquisition [Member]
Property and equipment		2
Operating lease right of use asset		0
Goodwill		1
Other intangible assets		19
Other current liabilities		0
Total		22
Accounts receivable and other current assets		0
Broadcast licenses		0
Other current liabilities		(0)
Sioux Falls Acquisition [Member]
Cash			0
Accounts receivable, net			1
Other current assets			0
Property and equipment		0	10
Operating lease right of use asset		0	0
Goodwill		11	2	$ 2
Broadcast licenses			14
Other intangible assets		11	7
Other current liabilities		0	(1)
Deferred income taxes			0
Operating lease liabilities			0
Total		22	33
Accounts receivable and other current assets		0
Broadcast licenses		0
Other current liabilities		(0)	1
Program broadcast rights			0
Other non-current assets			0
Employee compensation and benefits			0
Program broadcast obligations			0
Federal and state income taxes payable			0
Other long-term liabilities			0
The 2020 Acquisitions [Member]
Property and equipment		13
Operating lease right of use asset		1
Goodwill		20
Other intangible assets		46
Other current liabilities		(1)
Total		87
Accounts receivable and other current assets		1
Broadcast licenses		7
Other current liabilities		$ 1
Raycom [Member]
Cash			115
Accounts receivable, net			243
Other current assets			10
Property and equipment			311
Operating lease right of use asset			52
Goodwill			829		$ 829
Broadcast licenses			2,004
Other intangible assets			504
Other current liabilities			(60)
Deferred income taxes			(472)
Operating lease liabilities			(52)
Total	$ 3,443		3,443
Other current liabilities			60
Program broadcast rights			12
Other non-current assets			20
Employee compensation and benefits			(29)
Program broadcast obligations			(16)
Federal and state income taxes payable			(3)
Other long-term liabilities			(25)
United Acquisition [Member]
Cash			0
Accounts receivable, net			3
Other current assets			0
Property and equipment			10
Operating lease right of use asset			0
Goodwill			3
Broadcast licenses			24
Other intangible assets			8
Other current liabilities			0
Deferred income taxes			0
Operating lease liabilities			0
Total			48
Other current liabilities			(0)
Program broadcast rights			0
Other non-current assets			0
Employee compensation and benefits			0
Program broadcast obligations			0
Federal and state income taxes payable			0
Other long-term liabilities			0
Charlottesville Acquisition [Member]
Cash			0
Accounts receivable, net			1
Other current assets			0
Property and equipment			7
Operating lease right of use asset			0
Goodwill			0
Broadcast licenses			2
Other intangible assets			3
Other current liabilities			0
Deferred income taxes			0
Operating lease liabilities			0
Total			13
Other current liabilities			(0)
Program broadcast rights			0
Other non-current assets			0
Employee compensation and benefits			0
Program broadcast obligations			0
Federal and state income taxes payable			0
Other long-term liabilities			0
Acquisitions 2019 [Member]
Cash			115
Accounts receivable, net			248
Other current assets			10
Property and equipment			338
Operating lease right of use asset			52
Goodwill			834
Broadcast licenses			2,044
Other intangible assets			522
Other current liabilities			(61)
Deferred income taxes			(472)
Operating lease liabilities			(52)
Total			3,537
Other current liabilities			61
Program broadcast rights			12
Other non-current assets			20
Employee compensation and benefits			(29)
Program broadcast obligations			(16)
Federal and state income taxes payable			(3)
Other long-term liabilities			$ (25)

Note 3 - Acquisitions and Divestitures - Transaction Related Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Transaction related expenses	$ 81	$ 79
Broadcast Licenses [Member]
Transaction related expenses	3	45
Corporate and Administrative [Member]
Transaction related expenses	71	34
Miscellaneous (Income) Expense, Net [Member]
Transaction related expenses	7
Legal, Consulting and Other Professional Fees [Member]
Transaction related expenses	80	24
Termination of Sales Representation Agreements [Member]
Transaction related expenses	$ 1	34
Incentive Compensation and Severance Costs [Member]
Transaction related expenses		$ 21

Note 3 - Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue (less agency commissions)	$ 3,153	$ 3,353
Net income	199	488
Net income attributable to common stockholders	$ 147	$ 436
Basic net income attributable to common stockholders, per share (in dollars per share)	$ 2.09	$ 4.54
Diluted net income attributable to common stockholders, per share (in dollars per share)	$ 2.09	$ 4.49

Note 3 - Acquisitions and Divestitures - Assets Sold from the Raycom Merger (Details) $ in Millions	Jan. 02, 2019 USD ($)
WTNZ-TV, WFXG-TV, WPGX-TV, and WDFX-TV [Member] \| Lockwood Broadcasting, Inc. [Member]
Total Cash Consideration	$ 67
KXXV-TV, KRHD-CD, and WTXL-TV [Member] \| Scripps Media, Inc. [Member]
Total Cash Consideration	55
WTOL-TV and KWES-TV [Member] \| TEGNA, Inc. [Member]
Total Cash Consideration	109
WTNZ-TV, WFXG-TV, WPGX-TV, WDFX-TV, KXXV-TV, KRHD-CD, WTXL-TV, WTOL-TV and KWES-TV [Member]
Total Cash Consideration	$ 231

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Dec. 01, 2021	Nov. 09, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 19, 2021	Feb. 18, 2021
Interest Paid, Excluding Capitalized Interest, Operating Activities				$ 178,000	$ 179,000	$ 212,000
Payments of Debt Issuance Costs	$ 5,000
Debt Related Commitment Fees and Debt Issuance Costs	31,000
Other Third-party Fees for Legal, Consulting, Brokerage, Insurance and Other Related Costs [Member]
Payments of Debt Issuance Costs	6,000
Debt Related Commitment Fees and Debt Issuance Costs	25,000
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			5.875%	5.875%
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.00%	7.00%
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 2019 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000						$ 300,000	$ 200,000
The 2019 Senior Credit Facility [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 1,500,000
Debt Instrument, Periodic Payment, Principal			$ 3,750
The 2019 Senior Credit Facility [Member] \| The 2021 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage		5.375%	3.10%	3.10%
Proceeds from Issuance of Debt		$ 1,300
The 2019 Senior Credit Facility [Member] \| The 2019 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage			2.60%	2.60%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage			2.60%	2.60%

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Long-term debt, gross	$ 6,835	$ 4,035
Less current portion	(15)	0
Long-term debt, less deferred financing costs	6,740	3,974
Borrowing availability under Revolving Credit Facility	497	200
The 2017 Term Loan [Member]
Long-term debt, gross	595	595
Unamortized deferred loan costs	(7)	(4)
The 2019 Term Loan [Member]
Long-term debt, gross	1,190	1,190
Unamortized deferred loan costs	(27)	(30)
The 2021 Term Loan [Member]
Long-term debt, gross	1,500	0
Unamortized deferred loan costs	(5)	0
2026 Notes [Member]
Long-term debt, gross	700	700
Unamortized deferred loan costs	(5)	(6)
Unamortized premium	3	3
2027 Notes [Member]
Long-term debt, gross	750	750
Unamortized deferred loan costs	(8)	(10)
2030 Notes [Member]
Long-term debt, gross	800	800
Unamortized deferred loan costs	(13)	(14)
Notes 2031 [Member]
Long-term debt, gross	1,300	0
Unamortized deferred loan costs	$ (18)	$ 0

Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
2022	$ 15
2023	15
2024	610
2025	15
2026	1,905
Thereafter	4,275
Total Debt	6,835	$ 4,035
The 2019 Senior Credit Facility [Member]
2022	15
2023	15
2024	610
2025	15
2026	1,205
Thereafter	1,425
Total Debt	3,285
2026 Notes [Member]
2022	0
2023	0
2024	0
2025	0
2026	700
Thereafter	0
Total Debt	700	700
2027 Notes [Member]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	750
Total Debt	750	750
2030 Notes [Member]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	1,300
Total Debt	$ 1,300	$ 0

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Total	$ 6.8	$ 4.0
Long-term Debt, Fair Value	$ 6.9	$ 4.1

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended
	Dec. 16, 2021 USD ($) $ / shares shares	Nov. 04, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Nov. 05, 2019 USD ($)
Capital Units, Authorized (in shares) \| shares					245,000,000
Common Stock, Shares Authorized (in shares) \| shares					200,000,000	200,000,000
Preferred Stock, Shares Authorized (in shares) \| 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	$ 0
Dividends, Common Stock, Total \| $					$ 31,000
Treasury Stock, Value, Acquired, Cost Method \| $					$ 30,000	$ 75,000	$ 32,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares) \| shares					2,821,480	4,006,948
Repurchase Authorization 2019 [Member]
Stock Repurchase Program, Authorized Amount \| $								$ 150,000
Treasury Stock, Shares, Acquired (in shares) \| shares			3,688,022	1,008,091
Treasury Stock, Value, Acquired, Cost Method \| $			$ 51,000	$ 21,000
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) \| $ / shares			$ 13.81	$ 20.83
Issuers Repurchase Program 2019 [Member]
Treasury Stock, Shares, Acquired (in shares) \| shares						905,836
Treasury Stock, Value, Acquired, Cost Method \| $						$ 10,000
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) \| $ / shares						$ 11.02
Repurchase Authorization 2020 [Member]
Treasury Stock, Shares, Acquired (in shares) \| shares		864,026
Treasury Stock, Value, Acquired, Cost Method \| $		$ 14,000
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) \| $ / shares		$ 16.47
Stock Repurchase Program, Additional Authorized Amount \| $		$ 150,000
Repurchase Authorization 2021 [Member]
Treasury Stock, Shares, Acquired (in shares) \| shares	1,501,088
Treasury Stock, Value, Acquired, Cost Method \| $	$ 30,000
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) \| $ / shares	$ 19.95
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $					$ 174,000
Common Class A [Member]
Common Stock, Shares Authorized (in shares) \| 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) \| shares					847,522	1,336,440
Common Stock and Class A Common Stock [Member]
Dividends, Common Stock, Total \| $						$ 0

Note 7 - Preferred Stock (Details Textual) - Series A Perpetual Preferred Stock [Member]	Jan. 02, 2019 $ / shares shares
Preferred Stock, Liquidation Preference Per Share (in dollars per share) \| $ / shares	$ 1,000
Preferred Stock, Dividend Rate, Cash, Percentage	8.00%
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage	8.50%
Raycom [Member] \| Preferred Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares	650,000

Note 8 - Stock-based Compensation (Details Textual) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) shares
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total \| $	$ 20
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	3 years 2 months 12 days
The 2017 Equity and Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	2.3
The 2017 Equity and Incentive Compensation Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	0.8

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense, gross	$ 14	$ 16	$ 16
Income tax benefit at our statutory rate associated with stock-based compensation	(4)	(4)	(4)
Stock-based compensation expense, net	$ 10	$ 12	$ 12

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock [Member]
Outstanding, Shares (in shares)	917,533	977,547	578,894
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 16.84	$ 15.45	$ 13.14
Granted, Shares (in shares)	731,374	359,481	751,463
Granted, Weighted average grant date fair value (in dollars per share)	$ 19.73	$ 18.92	$ 16.07
Vested, Shares (in shares)	(613,179)	(333,865)	(352,810)
Vested, Weighted average grant date fair value (in dollars per share)	$ 15.48	$ 15.35	$ 12.98
Forfeited, Shares (in shares)	0	(85,630)	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 0	$ 15.53	$ 0
Outstanding, Shares (in shares)	1,035,728	917,533	977,547
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.69	$ 16.84	$ 15.45
Restricted Stock [Member] \| Common Class A [Member]
Outstanding, Shares (in shares)	480,042	449,284	407,786
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 16.10	$ 13.55	$ 11.82
Granted, Shares (in shares)	488,918	166,814	199,810
Granted, Weighted average grant date fair value (in dollars per share)	$ 18.66	$ 19.87	$ 15.36
Vested, Shares (in shares)	(248,539)	(136,056)	(158,312)
Vested, Weighted average grant date fair value (in dollars per share)	$ 15.00	$ 12.32	$ 11.38
Outstanding, Shares (in shares)	720,421	480,042	449,284
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 18.22	$ 16.10	$ 13.55
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)	90,184	398,000	0
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 18.92	$ 18.21	$ 0
Granted, Shares (in shares)	95,115	93,184	398,000
Granted, Weighted average grant date fair value (in dollars per share)	$ 19.05	$ 18.77	$ 18.21
Vested, Shares (in shares)	(60,052)	(374,500)	0
Vested, Weighted average grant date fair value (in dollars per share)	$ 18.92	$ 18.18	$ 0
Forfeited, Shares (in shares)	0	(26,500)	0
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 0	$ 18.21	$ 0
Outstanding, Shares (in shares)	125,247	90,184	398,000
Outstanding, Weighted average grant date fair value (in dollars per share)	$ 19.02	$ 18.92	$ 18.21

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 9 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Lease, Cost	$ 12	$ 13
Short-term Lease, Cost	12	14
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 21	$ 14
Operating Lease, Weighted Average Remaining Lease Term (Year)	10 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	6.67%
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 Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2021 USD ($)
2022	$ 13
2023	11
2024	11
2025	10
2026	9
Thereafter	46
Total lease payments	100
Less: Imputed interest	(28)
Present value of lease liabilities	$ 72

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Obligation, Pension Benefits	$ (16)	$ 10	$ 7
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax, Total	12	(8)	(5)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Total	4	2	2
Income Taxes Paid, Net, Total	149	70	$ 23
Unrecognized Tax Benefits, Ending Balance	16
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	1
Proceeds from Income Tax Refunds		$ 21
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	10
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 424

Note 10 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal	$ 74	$ 39	$ 8
State and local	26	20	13
Current income tax expense	100	59	21
Federal	(12)	64	54
State and local	(10)	11	1
Deferred income tax expense	(22)	75	55
Income tax expense as recorded	$ 78	$ 134	$ 76

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 10 - Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Net book value of property and equipment	$ 146	$ 92
Broadcast licenses, goodwill and other intangible assets	1,373	878
Total deferred tax liabilities	1,519	970
Deferred tax assets:
Liability for accrued vacation	5	4
Liability for accrued bonus	9	5
Deferred payroll taxes	2	3
Allowance for credit losses	4	3
Liability for pension plan	6	11
Federal operating loss carryforwards	2	38
State and local operating loss carryforwards	24	21
Acquisition costs	2	2
Restricted stock	4	4
Investments	4	4
Interest expense limitation	4	4
Other	4	1
Total deferred tax assets	70	100
Valuation allowance for deferred tax assets	(22)	(15)
Net deferred tax assets	48	85
Deferred tax liabilities, net of deferred tax assets	$ 1,471	$ 885

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory federal rate applied to income before income tax expense	$ 35	$ 114	$ 53
Current year permanent items	33	3	13
State and local taxes, net of federal tax benefit	10	27	13
Change in valuation allowance	0	1	(2)
Net operating loss carryback	0	(7)	0
Other items, net	0	(4)	(1)
Income tax expense as recorded	$ 78	$ 134	$ 76
Effective income tax rate	46.00%	25.00%	30.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 11 - Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	2,821,480	4,006,948
Defined Benefit Plan, Plan Assets, Amount, Ending Balance	$ 119	$ 108	$ 97
Pension Plan [Member] \| Gray Pension Plan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation	140	151
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	4
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	15	13	11
Defined Contribution Plan, Expected Contributions In Next Twelve Months	$ 17
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	566,267
Capital Accumulation Plan [Member] \| First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	1.00%
Capital Accumulation Plan [Member] \| Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	5.00%
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 7	$ 6	$ 5
Meredith Plan [Member]
Defined Benefit Plan, Plan Assets, Amount, Ending Balance	15
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	$ 17

Note 11 - Retirement Plans - Summary of Funded Status and Amounts Recognized on Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Projected benefit obligation at beginning of year	$ 151	$ 135
Interest cost	4	4	$ 5
Actuarial (gain) loss	(11)	16
Benefits paid	(4)	(4)
Projected benefit obligation at end of year	140	151	135
Fair value of pension plan assets at beginning of year	108	97
Actual return on plan assets	12	12
Company contributions	3	3
Benefits paid	(4)	(4)
Fair value of pension plan assets at end of year	119	108	$ 97
Funded status of pension plan	(21)	(43)
Accrued benefit cost	15	10
Accumulated other comprehensive loss	(36)	(53)
Net liability recognized	$ (21)	$ (43)

Note 11 - Retirement Plans - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Discount rate	2.38%	3.14%
Expected long-term rate of return on pension plan assets	6.25%	6.50%
Discount rate	2.73%	2.38%

Note 11 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest cost	$ 4	$ 4	$ 5
Expected return on plan assets	(7)	(6)	(5)
Recognized net actuarial loss	1	1	0
Net periodic pension benefit	$ (2)	$ (1)	$ 0

Note 11 - Retirement Plans - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Millions	Dec. 31, 2021 USD ($)
2021	$ 4
2022	5
2023	5
2024	5
2025	6
2026 - 2030	$ 31

Note 11 - Retirement Plans - Allocation of Plan Assets (Details)	Dec. 31, 2021	Dec. 31, 2020
Plan assets, percent	100.00%	100.00%
Insurance General Account [Member]
Plan assets, percent	13.00%	15.00%
Cash and Cash Equivalents [Member]
Plan assets, percent	2.00%	3.00%
Equity Securities [Member]
Plan assets, percent	50.00%	48.00%
Fixed Income Securities [Member]
Plan assets, percent	33.00%	32.00%
Real Estate [Member]
Plan assets, percent	2.00%	2.00%

Note 11 - Retirement Plans - Target Asset Allocation (Details)	Dec. 31, 2021
Large Cap Blend [Member]
Target range	27.00%
Large Cap Blend [Member] \| Minimum [Member]
Target range	0.00%
Large Cap Blend [Member] \| Maximum [Member]
Target range	50.00%
Mid-cap Blend [Member]
Target range	10.00%
Mid-cap Blend [Member] \| Minimum [Member]
Target range	0.00%
Mid-cap Blend [Member] \| Maximum [Member]
Target range	40.00%
Small Cap Blend [Member]
Target range	6.00%
Small Cap Blend [Member] \| Minimum [Member]
Target range	0.00%
Small Cap Blend [Member] \| Maximum [Member]
Target range	25.00%
Foreign Large Blend [Member]
Target range	11.00%
Foreign Large Blend [Member] \| Minimum [Member]
Target range	0.00%
Foreign Large Blend [Member] \| Maximum [Member]
Target range	40.00%
Emerging Markets [Member]
Target range	3.00%
Emerging Markets [Member] \| Minimum [Member]
Target range	0.00%
Emerging Markets [Member] \| Maximum [Member]
Target range	25.00%
Real Estate [Member]
Target range	3.00%
Real Estate [Member] \| Minimum [Member]
Target range	0.00%
Real Estate [Member] \| Maximum [Member]
Target range	20.00%
US Treasury Securities [Member]
Target range	3.50%
US Treasury Securities [Member] \| Minimum [Member]
Target range	0.00%
US Treasury Securities [Member] \| Maximum [Member]
Target range	25.00%
Intermediate Core Plus Bond [Member]
Target range	25.00%
Intermediate Core Plus Bond [Member] \| Minimum [Member]
Target range	0.00%
Intermediate Core Plus Bond [Member] \| Maximum [Member]
Target range	50.00%
Short-term Bond [Member]
Target range	3.00%
Short-term Bond [Member] \| Minimum [Member]
Target range	0.00%
Short-term Bond [Member] \| Maximum [Member]
Target range	25.00%
Bank Loan [Member]
Target range	0.00%
Bank Loan [Member] \| Minimum [Member]
Target range	0.00%
Bank Loan [Member] \| Maximum [Member]
Target range	25.00%
High Yield Bond [Member]
Target range	4.00%
High Yield Bond [Member] \| Minimum [Member]
Target range	0.00%
High Yield Bond [Member] \| Maximum [Member]
Target range	25.00%
Emerging Markets Bond [Member]
Target range	3.00%
Emerging Markets Bond [Member] \| Minimum [Member]
Target range	0.00%
Emerging Markets Bond [Member] \| Maximum [Member]
Target range	20.00%
Money Market Funds [Member]
Target range	1.50%
Money Market Funds [Member] \| Minimum [Member]
Target range	0.00%
Money Market Funds [Member] \| Maximum [Member]
Target range	100.00%

Note 11 - Retirement Plans - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined benefit plan, fair value of plan assets	$ 119	$ 108	$ 97
Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	104	92
Fair Value, Inputs, Level 2 [Member]
Defined benefit plan, fair value of plan assets	15	16
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	16
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	16
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	3	3
Cash and Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	3	3
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	52
Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	59	52
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	39	35
Fixed Income Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	39	35
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	2
Real Estate [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined benefit plan, fair value of plan assets	3	2
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

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Note 12 - Commitments and Contingencies - Commitments Summary (Details) $ in Millions	Dec. 31, 2021 USD ($)
Contractual obligations, 2022	$ 860
Contractual obligations, 2023	553
Contractual obligations, 2024	273
Contractual obligations, 2025	30
Contractual obligations, 2026	7
Contractual obligations, therafter	0
Contractual obligations, total	1,723
Assembly Development [Member]
Purchase obligations, 2022	71
Purchase obligations, 2023	8
Purchase obligations, 2024	0
Purchase obligations, 2025	0
Purchase obligations, 2026	0
Purchase obligations, thereafter	0
Purchase obligations, total	79
Syndicated Television Programming [Member]
Purchase obligations, 2022	13
Purchase obligations, 2023	28
Purchase obligations, 2024	6
Purchase obligations, 2025	5
Purchase obligations, 2026	3
Purchase obligations, thereafter	0
Purchase obligations, total	55
Network Affiliation Agreements [Member]
Purchase obligations, 2022	725
Purchase obligations, 2023	481
Purchase obligations, 2024	243
Purchase obligations, 2025	11
Purchase obligations, 2026	0
Purchase obligations, thereafter	0
Purchase obligations, total	1,460
Service and Other Agreements [Member]
Purchase obligations, 2022	51
Purchase obligations, 2023	36
Purchase obligations, 2024	24
Purchase obligations, 2025	14
Purchase obligations, 2026	4
Purchase obligations, thereafter	0
Purchase obligations, total	$ 129

Note 13 - Goodwill and Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 204,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	194,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	128,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	117,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	88,000
Goodwill, Impairment Loss	$ 0

Note 13 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill	$ 1,460	$ 1,446
Goodwill, Net additions	1,211	14
Goodwill, Dispositions	(22)
Goodwill	2,649	1,460	$ 1,446
Broadcast licenses	3,579
Broadcast licenses	5,303	3,579
Finite-lived intangible assets	395	460
Finite-lived Intangible Assets Acquired	547	40
Amortization of Intangible Assets	(117)	(105)	(115)
Finite-lived intangible assets	825	395	460
Total intangible assets net of accumulated amortization	5,434	5,479
Total intangible assets net of accumulated amortization, Net additions	3,529	60
Total intangible assets net of accumulated amortization, Dispositions	(69)
Total intangible assets net of accumulated amortization	8,777	5,434	5,479
Broadcast Licenses [Member]
Broadcast licenses	3,579	3,573
Indefinite-lived Intangible Assets Acquired	1,771	6
Broadcast licenses, Dispositions	(47)
Broadcast licenses	$ 5,303	$ 3,579	$ 3,573

Note 13 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill, gross	$ 1,559	$ 1,545
Goodwill, Net additions	1,211	14
Goodwill, dispositions	(22)
Goodwill, gross	2,748	1,559
Accumulated goodwill impairment	(99)	(99)
Accumulated goodwill impairment	(99)	(99)
Goodwill	1,460	1,446
Goodwill	$ 2,649	$ 1,460

Note 13 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill, Gross	$ 2,748	$ 1,559	$ 1,545
Goodwill	2,649	1,460	1,446
Other intangible assets, net	825	395	460
Total intangible assets, gross	9,260	5,804
Total intangible assets, accumulated amortization	(483)	(370)
Total intangible assets, net	8,777	5,434	$ 5,479
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	204	67
Finite-Lived Intangible Assets, Accumulated Amortization	(44)	(28)
Other intangible assets, net	160	39
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	1,051	644
Finite-Lived Intangible Assets, Accumulated Amortization	(386)	(288)
Other intangible assets, net	665	356
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,255	711
Finite-Lived Intangible Assets, Accumulated Amortization	(430)	(316)
Other intangible assets, net	825	395
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,356	3,633
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,303	3,579
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,649	1,460
Goodwill, Accumulated Amortization	0	0
Goodwill	2,649	1,460
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,005	5,093
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,952	$ 5,039

Note 14 - Segment Information (Details Textual)	12 Months Ended
Note 14 - Segment Information (Details Textual)	Dec. 31, 2021
Number of Operating Segments	2

Note 14 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue (less agency commissions)	$ 2,413	$ 2,381	$ 2,122
Operating expenses before depreciation, amortization and loss on disposal of assets, net:	1,769	1,457	1,503
Depreciation and amortization	221	201	195
Loss on disposal of assets, net	42	(29)	(54)
Total operating expenses	2,032	1,629	1,644
Operating income	381	752	478
Interest expense	205	191	227
Capital expenditures (excluding business combinations)	207	110	110
Goodwill	2,649	1,460	1,446
Total assets	11,108	7,643	6,972
(Gain) loss on disposal of assets, net	42	(29)	(54)
Corporate, Non-Segment [Member]
Revenue (less agency commissions)	0	0	0
Operating expenses before depreciation, amortization and loss on disposal of assets, net:	159	65	104
Depreciation and amortization	3	3	2
Loss on disposal of assets, net	1	0	0
Total operating expenses	163	68	106
Operating income	(163)	(68)	(106)
Interest expense	205	191	227
Capital expenditures (excluding business combinations)	3	0	5
Goodwill	0	0	0
Total assets	247	871	289
(Gain) loss on disposal of assets, net	1	0	0
Broadcasting, Segment [Member]
Revenue (less agency commissions)	2,340	2,320	2,035
Operating expenses before depreciation, amortization and loss on disposal of assets, net:	1,548	1,340	1,325
Depreciation and amortization	206	186	180
Loss on disposal of assets, net	41	(31)	(54)
Total operating expenses	1,795	1,495	1,451
Operating income	545	825	584
Interest expense	0	0	0
Capital expenditures (excluding business combinations)	94	106	104
Goodwill	2,604	1,419	1,405
Total assets	10,592	6,631	6,530
(Gain) loss on disposal of assets, net	41	(31)	(54)
Production Companies, Segment [Member]
Revenue (less agency commissions)	73	61	87
Operating expenses before depreciation, amortization and loss on disposal of assets, net:	62	52	74
Depreciation and amortization	12	12	13
Loss on disposal of assets, net	0	2	0
Total operating expenses	74	66	87
Operating income	(1)	(5)	0
Interest expense	0	0	0
Capital expenditures (excluding business combinations)	110	4	1
Goodwill	45	41	41
Total assets	269	141	153
(Gain) loss on disposal of assets, net	$ 0	$ 2	$ 0

Note 15 - Subsequent Events (Details Textual) $ in Millions	Feb. 02, 2022 USD ($)
Atlanta Telemundo Transaction [Member] \| Subsequent Event [Member]
Payments to Acquire Businesses, Gross	$ 30

Schedule II - Valuation and Qualifying Accounts - Summary of Valuation Allowance (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Beginning balance

$ 14

Charged to costs and expenses

$ 14

Ending balance

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Beginning balance

$ 10

Charged to costs and expenses

Charged to other accounts

Deductions

^[1]

(1)

(3)

(5)

Ending balance

SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]

Beginning balance

Charged to costs and expenses

Ending balance

$ 22

$ 15

$ 14

[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.