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Note 2 - Revenue
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

2.

Revenue

 

Revenue Recognition. We 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 condensed consolidated balance sheets.

 

We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deposit liabilities on our condensed consolidated balance sheets. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our condensed consolidated balance sheets. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $21 million of revenue in the nine months ended September 30, 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 condensed consolidated balance sheets. The deposit liability balance was $8 million and $21 million as of September 30, 2021 and December 31, 2020, respectively.

 

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

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 

Market and service type:

                               

Advertising:

                               

Local

  $ 232     $ 188     $ 657     $ 549  

National

    60       49       174       136  

Political

    9       128       24       185  

Total advertising

    301       365       855       870  

Retransmission consent

    266       217       755       650  

Production companies

    20       11       44       32  

Other

    14       11       38       37  

Total revenue

  $ 601     $ 604     $ 1,692     $ 1,589  
                                 

Sales channel:

                               

Direct

  $ 402     $ 316     $ 1,117     $ 948  

Advertising agency intermediary

    199       288       575       641  

Total revenue

  $ 601     $ 604     $ 1,692     $ 1,589