xa0; Commission File Number 1-13796 GRAY TELEVISION, INC. ( Selected Financial Data 38 Item 7. Financial Statements and Supplementary Data 53 Item 9. xa0; We are diversified across our markets and network affiliations. We serve a diverse and national footprint of television stations. We expect to continue to invest in technological upgrades in the future. Our strategy includes expanding upon our digital offerings and sales. Historically, we have closely managed costs to maintain and improve our margins. b) Indicates primary network affiliations. Political advertising spending is typically heaviest during the fourth quarter. Broadcast licenses are of paramount importance to the operations of television stations. The case was argued before the Supreme Court on January 19, 2021. In December 2018, the FCC began the new quadrennial review of its ownership rules. This limit was specified by Congress in 2004. The 20 percent limit on foreign ownership of a licensee may not be waived. Stations must make this election by October 1 every three years. That suit remains pending and the OVD has continued its operations. &# The FCC also asked about the possible copyright implications of this proposal. We are committed to diversity and inclusion in every aspect of our business. We entered the broadcast industry in 1953. Our website address is http://www.gray.tv. This may negatively impact revenues. xa0; One of our most significant costs is for the purchase of television programming. We cannot predict the outcome of this proceeding. The TCJA will continue to have significant effects on us, some of which may be adverse. xa0; The FCC regulates all television broadcasters, including us. We are unable to predict the outcome of these proceedings. &# We also lease various other offices that support our operations. Mr. Latek serves as a board member of Circle. &# xa0; (4) On January 2, 2019, we issued the Preferred Stock. A large portion of the operating expenses of our broadcasting operations is fixed. In addition, other corporate expenses decreased by a further $6 million in 2020. These gains were primarily related to asset disposals from the FCC Repack process. The 2030 Notes rank equally with the 2027 Notes and the 2026 Notes. In 2020, we completed only $91 million of acquisition transactions. Other significant assumptions relate to inflation, retirement and mortality rates. Our inflation assumption is based on an evaluation of external market indicators. We have various commitments for syndicated television programs. &# Please refer to Note 7 “Preferred Stock” for further information. &# These amounts are not recorded as liabilities as of the current balance sheet date. &# Our policies concerning intangible assets and income taxes are disclosed below. &# xa0; Annual Impairment Testing of Broadcast Licenses and Goodwill. We project to have federal taxable income in the carryforward periods. Also, as of that date, we were not a party to any interest rate swap agreements. xa0; 62 GRAY TELEVISION, INC. The recognition of these amounts would not have a material effect upon net income. &# We record as expense all advertising expenditures as they are incurred. &# Our actual results could differ materially from these estimated amounts. Depreciation is computed principally by the straight-line method. As a result, we allocate only minimal values to our network affiliation agreements. ASU 2020-01 is effective for us beginning
