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Washington, D.C. 20549
For the quarterly period ended September 30, 2020
Commission file number 1-6961
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
   8350 Broad Street, Suite 2000,Tysons,Virginia22102-5151
(Address of principal executive offices)(Zip Code)
(703) 873-6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common StockTGNANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No

The total number of shares of the registrant’s Common Stock, $1 par value, outstanding as of October 31, 2020 was 219,241,555.

September 30, 2020 FORM 10-Q
Item No. Page
1.Financial Statements

Item 1. Financial Statements

In thousands of dollars (Unaudited)
Sept. 30, 2020Dec. 31, 2019
Current assets
Cash and cash equivalents$164,586 $29,404 
Accounts receivable, net of allowances of $8,427 and $3,723, respectively
503,000 581,765 
Other receivables14,093 19,640 
Syndicated programming rights60,378 49,616 
Prepaid expenses and other current assets21,224 26,899 
Total current assets763,281 707,324 
Property and equipment
Cost1,011,744 997,736 
Less accumulated depreciation(541,197)(512,015)
Net property and equipment470,547 485,721 
Intangible and other assets
Goodwill2,968,693 2,950,587 
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $218,468 and $168,452, respectively
2,501,027 2,561,614 
Right-of-use assets for operating leases98,242 103,461 
Investments and other assets143,206 145,269 
Total intangible and other assets5,711,168 5,760,931 
Total assets$6,944,996 $6,953,976 
The accompanying notes are an integral part of these condensed consolidated financial statements.

In thousands of dollars, except par value and share amounts (Unaudited)
Sept. 30, 2020Dec. 31, 2019
Current liabilities
Accounts payable$61,441 $51,894 
Accrued liabilities
   Compensation44,744 63,876 
   Interest25,699 46,013 
   Contracts payable for programming rights145,796 119,872 
   Other98,438 60,983 
Dividends payable 15,188 
Income taxes payable23,226 3,332 
Total current liabilities399,344 361,158 
Noncurrent liabilities
Income taxes7,671 7,490 
Deferred income tax liability524,974 515,621 
Long-term debt3,906,196 4,179,245 
Pension liabilities114,281 127,146 
Operating lease liabilities100,660 105,902 
Other noncurrent liabilities77,681 67,037 
Total noncurrent liabilities4,731,463 5,002,441 
Total liabilities5,130,807 5,363,599 
Commitments and contingent liabilities (see Note 11)
Redeemable noncontrolling interest (see Note 11)14,653  
Shareholders’ equity
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued
324,419 324,419 
Additional paid-in capital119,794 247,497 
Retained earnings6,846,554 6,655,088 
Accumulated other comprehensive loss(139,087)(142,597)
Less treasury stock at cost, 105,271,009 shares and 106,955,082 shares, respectively
Total equity1,799,536 1,590,377 
Total liabilities, redeemable noncontrolling interest and equity$6,944,996 $6,953,976 
The accompanying notes are an integral part of these condensed consolidated financial statements.


Unaudited, in thousands of dollars, except per share amounts
Quarter ended Sept. 30,Nine months ended Sept. 30,
Revenues$738,389 $551,857 $2,000,205 $1,605,542 
Operating expenses:
Cost of revenues1
379,185 306,474 1,103,920 873,078 
Business units - Selling, general and administrative expenses
89,943 78,439 267,919 223,845 
Corporate - General and administrative expenses
11,263 29,792 61,289 60,363 
16,086 15,381 49,697 44,831 
Amortization of intangible assets
17,113 15,018 50,577 32,530 
Spectrum repacking reimbursements and other, net
Total510,688 445,024 1,522,869 1,223,248 
Operating income227,701 106,833 477,336 382,294 
Non-operating income (expense):
Equity (loss) income in unconsolidated investments, net (2,529)(491)8,407 10,922 
Interest expense
Other non-operating items, net961 (463)(17,270)6,962 
Income before income taxes174,237 53,425 307,740 255,012 
Provision for income taxes41,967 5,079 69,699 52,732 
Net Income
132,270 48,346 238,041 202,280 
Net (income) loss attributable to redeemable noncontrolling interest(51) 433  
Net income attributable to TEGNA Inc.$132,219 $48,346 $238,474 $202,280 
Net income per share:
Basic $0.60 $0.22 $1.08 $0.93 
Diluted $0.60 $0.22 $1.08 $0.93 
Weighted average number of common shares outstanding:
Basic shares219,579 217,315 218,997 217,040 
Diluted shares219,977 218,310 219,423 217,808 
1 Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.
The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited, in thousands of dollars
Quarter ended Sept. 30,Nine months ended Sept. 30,
Net income$132,270 $48,346 $238,041 $202,280 
Other comprehensive income, before tax:
Foreign currency translation adjustments(93)(318)37 (775)
Recognition of previously deferred post-retirement benefit plan costs1,551 1,431 4,653 4,293 
Pension lump-sum payment charges   686 
Other comprehensive income, before tax1,458 1,113 4,690 4,204 
Income tax effect related to components of other comprehensive income(366)(278)(1,180)(1,052)
Other comprehensive income, net of tax1,092 835 3,510 3,152 
Comprehensive income133,362 49,181 241,551 205,432 
Comprehensive (income) loss attributable to redeemable noncontrolling interest(51) 433  
Comprehensive income attributable to TEGNA Inc.$133,311 $49,181 $241,984 $205,432 
The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited, in thousands of dollars
Nine months ended Sept. 30,
Cash flows from operating activities:
Net income$238,041 $202,280 
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization100,274 77,361 
Stock-based compensation12,578 13,887 
     Company stock 401(k) contribution13,023 6,486 
Gains on sales of assets (11,728)
Equity income from unconsolidated investments, net(8,407)(10,922)
Pension contributions, net of expense(8,144)(5,543)
Change in other assets and liabilities, net of acquisitions:
Decrease (increase) in trade receivables73,838 (24,708)
Increase (decrease) in accounts payable10,636 (15,950)
Increase (decrease) in interest and taxes payable13,793 (1,815)
Increase in deferred revenue27,706 1,027 
Change in other assets and liabilities, net42,413 (15,790)
Net cash flow from operating activities515,751 214,585 
Cash flows from investing activities:
Purchase of property and equipment(30,583)(51,231)
Reimbursements from spectrum repacking12,670 13,975 
Payments for acquisitions of businesses and other assets, net of cash acquired(15,841)(1,507,483)
Payments for investments(709)(4,041)
Proceeds from investments5,028 4,020 
Proceeds from sale of assets and businesses5,023 21,733 
Net cash flow used for investing activities(24,412)(1,523,027)
Cash flows from financing activities:
(Payments) proceeds under revolving credit facilities, net(728,000)223,000 
Proceeds from borrowings1,550,000 1,100,000 
Debt repayments(1,085,000)(75,000)
Payments for debt issuance costs and early redemption fee(36,896)(20,276)
Proceeds from sale of minority ownership interest in Premion14,000  
Dividends paid(61,110)(45,451)
Other, net
Net cash flow (used for) provided by financing activities(356,157)1,181,774 
Increase (decrease) in cash135,182 (126,668)
Balance of cash, beginning of period29,404 135,862 
Balance of cash, end of period$164,586 $9,194 
Supplemental cash flow information:
Cash paid for income taxes, net of refunds$39,872 $73,457 
Cash paid for interest$174,575 $117,913 
The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited, in thousands of dollars, except per share data
Quarters Ended:Redeemable noncontrolling interestCommon
Total Equity
Balance at June 30, 2020$14,373 $324,419 $140,255 $6,729,896 $(140,179)$(5,379,084)$1,675,307 
Net income51 — — 132,219 — — 132,219 
Other comprehensive income, net of tax— — — — 1,092 — 1,092 
Total comprehensive income133,311 
Dividends declared: $0.07 per share
— — — (15,332)— — (15,332)
Company stock 401(k) contribution— — (21,886)— — 26,344 4,458 
Stock-based awards activity— — (652)— — 596 (56)
Stock-based compensation— — 5,010 — — — 5,010 
Accretion of redeemable noncontrolling interest 280 — — (280)— — (280)
Adjustment of redeemable noncontrolling interest to redemption value(51)— — 51 — — 51 
Other activity— — (2,933)— — — (2,933)
Balance at Sept. 30, 2020$14,653 $324,419 $119,794 $6,846,554 $(139,087)$(5,352,144)$1,799,536 
Redeemable noncontrolling interestCommon
Balance at June 30, 2019$ $324,419 $256,024 $6,553,149 $(134,194)$(5,519,656)$1,479,742 
Net income— — — 48,346 — — 48,346 
Other comprehensive income, net of tax— — — — 835 — 835 
Total comprehensive income49,181 
Dividends declared: $0.07 per share
— — — (15,174)— — (15,174)
Company stock 401(k) contribution— — (7,794)— — 11,036 3,242 
Stock-based awards activity— — (763)— — 711 (52)
Stock-based compensation— — 4,445 — — — 4,445 
Other activity— — 312 — — — 312 
Balance at Sept. 30, 2019$ $324,419 $252,224 $6,586,321 $(133,359)$(5,507,909)$1,521,696 

Unaudited, in thousands of dollars, except per share data
Nine Months Ended:Redeemable noncontrolling interestCommon
Balance at Dec. 31, 2019$ $324,419 $247,497 $6,655,088 $(142,597)$(5,494,030)$1,590,377 
Net income (loss)(433)— — 238,474 — — 238,474 
Other comprehensive income, net of tax— — — — 3,510 — 3,510 
Total comprehensive income241,984 
Dividends declared: $0.21 per share
— — — (45,922)— — (45,922)
Company stock 401(k) contribution— — (57,606)— — 70,629 13,023 
Stock-based awards activity— — (80,408)— — 71,257 (9,151)
Stock-based compensation— — 12,578 — — — 12,578 
Sale of minority ownership interest in Premion14,000 — — — — — — 
Accretion of redeemable noncontrolling interest653 — — (653)— — (653)
Adjustment of redeemable noncontrolling interest to redemption value433 — — (433)— — (433)
Other activity— — (2,267)— — — (2,267)
Balance at Sept. 30, 2020$14,653 $324,419 $119,794 $6,846,554 $(139,087)$(5,352,144)$1,799,536 
Redeemable noncontrolling interestCommon
Balance at Dec. 31, 2018$ $324,419 $301,352 $6,429,512 $(136,511)$(5,577,848)$1,340,924 
Net income— — — 202,280 — — 202,280 
Other comprehensive income, net of tax— — — — 3,152 — 3,152 
Total comprehensive income205,432 
Dividends declared: $0.21 per share
— — — (45,471)— — (45,471)
Company stock 401(k) contribution— — (15,053)— — 21,539 6,486 
Stock-based awards activity— — (48,899)— — 48,400 (499)
Stock-based compensation— — 13,887 — — — 13,887 
Other activity— — 937 — — — 937 
Balance at Sept. 30, 2019$ $324,419 $252,224 $6,586,321 $(133,359)$(5,507,909)$1,521,696 
The accompanying notes are an integral part of these condensed consolidated financial statements.


NOTE 1 – Accounting policies

Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. During the first quarter of 2020, a novel strain of coronavirus (COVID-19) believed to have been first identified in Wuhan, China, spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The federal and state governments in the United States responded by instituting a wide variety of mitigating control measures, including, mandatory quarantines, closures of non-essential businesses and all other places of social interaction, while implementing “shelter in place” orders and travel restrictions in an effort to slow the spread of the virus. Such mitigating measures began negatively impacting our advertising and marketing services (AMS) revenue stream in mid-March as demand for non-political advertising softened. While some of these measures have been lifted or relaxed in certain state and local governments, other jurisdictions have seen increases in new COVID-19 cases resulting in restrictions being reinstated, or new restrictions imposed. Overall, demand improved for advertising during the second and third quarters as steps toward economic re-opening were implemented. There continues to be considerable uncertainty regarding how current and future health and safety measures implemented in response to the pandemic will impact our business.

Beginning in mid-March, as a result of the expected near-term impact on non-political advertising demand caused by the COVID-19 pandemic, we implemented cost saving measures to reduce operating expenses and discretionary capital expenditures. These measures included implementing temporary furloughs for one week during the second quarter for most personnel, reducing compensation for executives and our board of directors, and reducing non-critical discretionary spending. As is true of most businesses, the ultimate magnitude of the COVID-19 pandemic cannot be reasonably estimated at this time, but we do expect it to continue to have a dampening effect on our near-term AMS revenues.

While it is too early to predict the duration of the pandemic or the long term effects on our financial condition, results of operations, and liquidity, we use the best information available in developing significant estimates included in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity (loss) income in unconsolidated investments, net” in the Consolidated Statements of Income.

We operate one operating and reportable segment, which primarily consists of our 63 television stations and two radio stations operating in 51 markets, offering high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.

Accounting guidance adopted in 2020: In June 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changed the way credit losses on accounts receivable are estimated. Under previous GAAP, credit losses on accounts receivable were recognized once it was probable that such losses will occur. Under the new guidance, we are required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of doubtful accounts. We adopted the new guidance on January 1, 2020 using a modified retrospective approach. Due to the short-term nature of our accounts receivable balance, there was no material change to our allowance for doubtful accounts as a result of adopting this new guidance.

In March 2019, the FASB issued new guidance related to the accounting for episodic television series. The most significant aspect of this new guidance that was applicable to us relates to the level at which our capitalized programming assets are monitored for impairment. Under the new guidance these assets are monitored at the film group level which is the lowest level at which independently identifiable cash flows are identifiable. We adopted the new guidance prospectively on January 1, 2020. There was no material impact on our consolidated financial statements and related disclosures as of the adoption date.

Programming assets are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Expense is recognized on a straight line basis which appropriately matches the cost of the programs with the revenues associated with them. During the first nine months of 2020 and 2019, we incurred programming expense of $53.6 million and $42.5 million; in the third quarter of 2020 and 2019, we incurred programming expense of $17.6 million and $15.5 million, respectively. Programming expense is included in the “Cost of revenues” line item of our Consolidated Statements of Income. As of September 30, 2020, $60.4 million of programming assets had been recorded, to be expensed within the next twelve months.

We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower-than-expected ratings for the program. Impairment analyses are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. No impairment charges were recognized in 2020 or 2019.

New accounting guidance not yet adopted: In August 2018, the FASB issued new guidance that changed disclosures related to defined benefit pension and other postretirement benefit plans. The guidance removed disclosures that are no longer economically relevant, clarifies certain existing disclosure requirements and added some new disclosures. The most relevant elimination for us is the annual disclosure of the amount of gain/loss and prior service cost/credit amortization expected in the following year. Additions most relevant to us include annually disclosing narrative explanations of the drivers for significant changes in plan obligations or assets, and disclosure for cost of living adjustments for certain participants of our TEGNA retirement plan. We will include the new disclosures in our 2020 Annual Report on Form 10-K and will apply them on a retrospective basis.

There is currently no other pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures.

Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth, unemployment and demand for our products and services, including the impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of September 30, 2020, our allowance for doubtful accounts was $8.4 million as compared to $3.7 million as of December 31, 2019.

Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue.

The primary sources of our revenues are: 1) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and advertising on the stations’ websites and tablet and mobile products; 2) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 3) political advertising revenues, which are driven by even year election cycles at the local and national level (e.g. 2020, 2018) and particularly in the second half of those years; and 4) other services, such as production of programming and advertising material.

Revenue earned by these sources in the third quarter and first nine months of 2020 and 2019 are shown below (amounts in thousands):
Quarter ended Sept. 30,Nine months ended Sept. 30,
Advertising & Marketing Services$298,605 $297,333 $822,841 $851,304 
Subscription316,677 240,735 972,954 718,472 
Political116,494 8,131 181,425 14,064 
Other6,613 5,658 22,985 21,702 
Total revenues$738,389 $551,857 $2,000,205 $1,605,542 

NOTE 2 – Acquisitions

During 2019, we acquired the television stations listed in the table below, and a summary of each acquisition follows:

Indianapolis, INWTHRNBCDispatch Broadcast Group
Columbus, OHWBNSCBSDispatch Broadcast Group
Hartford-New Haven, CTWTIC/WCCTFOX/CWNexstar Media Group
Harrisburg-Lancaster-Lebanon-York, PAWPMTFOXNexstar Media Group
Memphis, TNWATN/WLMTABC/CWNexstar Media Group
Wilkes Barre-Scranton, PAWNEPABCNexstar Media Group
Des Moines-Ames, IAWOI/KCWIABC/CWNexstar Media Group
Huntsville-Decatur-Florence, ALWZDXFOXNexstar Media Group
Davenport, IA and Rock Island-Moline, ILWQADABCNexstar Media Group
Ft. Smith-Fayetteville-Springdale-Rogers, ARKFSMCBSNexstar Media Group
Toledo, OHWTOLCBSGray Television
Midland-Odessa, TXKWESNBCGray Television

Nexstar Stations

On September 19, 2019, we completed our acquisition of 11 local television stations in eight markets, including eight Big Four affiliates, from Nexstar Media Group (the Nexstar Stations). These stations were divested by Nexstar Media Group in connection with its acquisition of Tribune Media Company. The purchase price for the Nexstar Stations was $769.9 million which included a base purchase price of $740.0 million and working capital of $29.9 million.

Dispatch Stations

On August 8, 2019, we completed the acquisition of Dispatch Broadcast Group’s two top-rated television stations and two radio stations (the Dispatch Stations). The purchase price for the Dispatch Stations was $560.5 million which consisted of a base purchase price of $535.0 million and working capital and cash acquired of $25.5 million.

Justice and Quest Multicast Networks

On June 18, 2019, we completed the acquisition of the remaining approximately 85% interest that we did not previously own in the multicast networks Justice Network (recently rebranded as True Crime Network) and Quest from Cooper Media. Cash paid for this acquisition was $77.1 million (which included $4.6 million for working capital).
Gray Stations

On January 2, 2019, we completed our acquisition of WTOL and KWES from Gray Television, Inc. for $109.9 million in cash (which included $4.9 million for working capital paid at closing).


The following table summarizes the fair values of the assets acquired and liabilities assumed in connection with these acquisitions (in thousands):
Nexstar StationsDispatch StationsJustice & QuestGray StationsTotal
Cash$ $2,363 $ $ $2,363 
Accounts receivable34,680 26,344 8,501 5,553 75,078 
Prepaid and other current assets3,776 6,092 6,987 987 17,842 
Property and equipment45,186 40,418 361 11,757 97,722 
Goodwill128,191 202,312 23,567 19,405 373,475 
FCC licenses374,269 295,983  47,061 717,313 
Network affiliation agreements123,926 60,765  14,420 199,111 
Retransmission agreements68,316 33,107  12,198 113,621 
Other intangible assets  52,553  52,553 
Right-of-use assets for operating leases22,715 362  251 23,328 
Other noncurrent assets237  5,253 18 5,508 
     Total assets acquired$801,296 $667,746 $97,222 $111,650 $1,677,914 
Accounts payable2,037 954 725 1 3,717 
Accrued liabilities8,544 9,011 4,236 1,494 23,285 
Deferred income tax liability 97,082 (462) 96,620 
Operating lease liabilities - noncurrent20,346 226  235 20,807 
Other noncurrent liabilities426  2,677  3,103 
     Total liabilities assumed$31,353 $107,273 $7,176 $1,730 $147,532 
     Net assets acquired$769,943 $560,473 $90,046 $109,920 $1,530,382 
Less: cash acquired$ $(2,363)$ $ $(2,363)
Less: fair value of existing ownership  (12,995) (12,995)
Cash paid for acquisitions$769,943 $558,110 $77,051 $109,920 $1,515,024 
We accounted for each of these acquisitions as business combinations, which required us to record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired was recorded as goodwill.

During 2020, we continued to analyze information related to the estimated fair values for certain tangible and intangible assets acquired, liabilities assumed and the amount of goodwill recognized for these acquisitions. As a result, measurement period adjustments were reflected in the periods in which the adjustments occurred. The most significant changes were to retransmission agreement intangible assets, which were reduced by $21.3 million and goodwill, the carrying amount of which increased by $18.1 million. As a result of these adjustments, we expect our amortization expense related to intangible assets during fiscal year 2020 to be appropriately $68.0 million. During the three months ended September 30, 2020, we finalized the fair value of assets acquired and liabilities assumed for the acquisitions; therefore, the amounts presented above are now final.


NOTE 3 – Goodwill and other intangible assets
The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of September 30, 2020 and December 31, 2019 (in thousands):
Sept. 30, 2020Dec. 31, 2019
GrossAccumulated AmortizationGrossAccumulated Amortization
Goodwill$2,968,693 $ $2,950,587 $ 
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses2,104,167 — 2,090,732 — 
Amortizable intangible assets:
Retransmission agreements235,215 (130,236)256,533 (105,212)
Network affiliation agreements309,503 (66,569)309,496 (48,174)
Other70,610 (21,663)73,305 (15,066)
Total indefinite-lived and amortizable intangible assets$2,719,495 $(218,468)$2,730,066 $(168,452)

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 from our Justice & Quest acquisition, which are also amortized on a straight-line basis over their useful lives.

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. The impairment was recorded in the “Spectrum repacking reimbursements and other, net” line item of the Consolidated Statements of Income.

Interim impairment assessment

We review our goodwill and intangible assets for impairment at least annually and also when events or changes in circumstances occur that indicate the fair value may be below its carrying amount. As discussed in Note 2, during 2019 we acquired 15 television stations and as such, the indefinite-lived FCC licenses recently acquired have limited valuation headroom as they were recorded at fair value upon acquisition. As a result of the negative effects we expect COVID-19 to have on our future AMS revenue and operating cash flows, we assessed whether it was more likely than not that our FCC licenses, including those that were recently acquired, were impaired.

In performing this assessment, we analyzed the significant inputs used in the fair value determination of the recently acquired FCC license assets. This included reviewing the impact of estimated changes in trends in market revenues and changes in the discount rate on the fair value of our licenses. Based on the analysis performed, we concluded that none of our FCC licenses were more likely than not impaired as of September 30, 2020. However, a sustained economic decline resulting from COVID-19 could result in future non-cash impairment charges of our recently acquired FCC licenses, and any related impairment could have a material adverse impact on our results of operations.

NOTE 4 – Investments and other assets

Our investments and other assets consisted of the following as of September 30, 2020, and December 31, 2019 (in thousands):
Sept. 30, 2020Dec. 31, 2019
Cash value life insurance$52,050 $52,462 
Equity method investments30,257 27,650 
Other equity investments28,124 32,383 
Deferred debt issuance costs10,279 10,921 
Other long-term assets22,496 21,853 
Total$143,206 $145,269 


Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented.

Equity method investments: We hold equity method investments. Our largest equity method investment is our ownership in CareerBuilder, of which we own approximately 17% (or approximately 10% on a fully-diluted basis). In the first quarter of 2020, CareerBuilder sold its employment screening business; our portion on the pre-tax gain of the sale was $18.6 million, and is recorded within “Equity (loss) income in unconsolidated investments, net” on our Consolidated Statement of Income. Our investment balance was $11.1 million