Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Weighted Average Shares Outstanding

Basic income per share is computed by dividing the net income attributable to Nexstar by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares during the years ended December 31 (in thousands):

	2022		2021		2020
Weighted average shares outstanding - basic		39,349		42,133		44,921
Dilutive effect of equity incentive plan instruments		838		1,849		1,799
Weighted average shares outstanding - diluted		40,187		43,982		46,720

Consolidated VIEs [Member]

Consolidated VIEs

As of December 31, the carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Consolidated Balance Sheets were as follows (in millions):

	2022		2021
Current assets:
Cash and cash equivalents	$	6.4	$	9.2
Accounts receivable, net		26.0		21.1
Prepaid expenses and other current assets		5.5		10.3
Total current assets		37.9		40.6
Property and equipment, net		58.8		57.5
Goodwill		150.5		150.5
FCC licenses		200.4		200.4
Network affiliation agreements, net		76.4		84.9
Other noncurrent assets, net		80.2		85.7
Total assets	$	604.2	$	619.6
Current liabilities:
Current portion of debt	$	3.0	$	3.0
Other current liabilities		30.4		34.4
Total current liabilities		33.4		37.4
Debt		352.8		355.5
Deferred tax liabilities		34.8		41.8
Other noncurrent liabilities		84.9		92.6
Total liabilities	$	505.9	$	527.3

Non Guarantor VIEs [Member]

Consolidated VIEs

As of December 31, the following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in millions):

	2022		2021
Current assets	$	4.1	$	5.1
Property and equipment, net		11.3		12.2
Goodwill		62.2		62.2
FCC licenses		200.4		200.4
Network affiliation agreements, net		25.4		28.5
Other noncurrent assets, net		1.4		1.3
Total assets	$	304.8	$	309.7
Current liabilities	$	28.7	$	33.7
Noncurrent liabilities		119.7		134.3
Total liabilities	$	148.4	$	168.0