Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2020 and December 31, 2019 shown below (in thousands):


	Goodwill


Balance as of Dec. 31, 2018	$	2,596,863
Acquisitions	355,368
Disposition of a business unit	(1,644)
Balance as of Dec. 31, 2019	2,950,587
Adjustments	18,106
Balance as of Dec. 31, 2020	$	2,968,693

The change in goodwill during both years is primarily attributable to the acquisitions discussed in Note 2.

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2020 and 2019 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2020
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(138,928)		96,287
Network affiliation agreements	309,503		(72,694)		236,809
Other	70,610		(23,960)		46,650
Total indefinite-lived and amortizable intangible assets	$	2,739,226	$	(235,582)	$	2,503,644
Dec. 31, 2019
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,090,732	$	—	$	2,090,732
Amortizable intangible assets:
Retransmission agreements	256,533		(105,212)		151,321
Network affiliation agreements	309,496		(48,174)		261,322
Other	73,305		(15,066)		58,239
Total indefinite-lived and amortizable intangible assets	$	2,730,066	$	(168,452)	$	2,561,614

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements and brand names which are also amortized on a straight-line basis over their useful lives.

In June 2020, we acquired the assets and FCC license of KTBU, a full power UHF station in Houston, Texas. In addition, in November 2020, we acquired the assets and FCC license of KMPX a full power UHF station in Dallas, Texas. In connection with these two transactions, we recorded total indefinite-lived FCC broadcast licenses of $34.3 million.

In the second quarter of 2020, we recognized a $2.1 million impairment charge in connection with eliminating the use of the Justice Network brand name and re-establishing the business under a new brand name called True Crime Network. Additionally, our 2020 annual impairment test performed on FCC broadcast licenses indicated the fair value of a radio license was less than its carrying amount; and therefore, a $1.1 million impairment charge was recorded. Both impairment charges were recorded in the “Spectrum repacking reimbursements and other, net” line item of the Consolidated Statements of Income.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2020 (in thousands):


2021	$	62,854
2022	59,711
2023	53,296
2024	47,132
2025	28,296
Thereafter	128,457
Total	$	379,746