Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

The income tax expense (benefit) consisted of the following components for the years ended December 31 (in thousands):

	2017			2016		2015
Current tax expense (benefit):
Federal	$	190,743		$	12,054	$	(108	)
State		38,499			10,927		5,120
		229,242			22,981		5,012
Deferred tax (benefit) expense:
Federal		(438,281	)		53,094		43,772
State		(24,904	)		1,497		(97	)
		(463,185	)		54,591		43,675
Income tax (benefit) expense	$	(233,943	)	$	77,572	$	48,687

Schedule of Effective Income Tax Expense Reconciliation

The income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35% to the income before income taxes. The sources and tax effects of the differences were as follows, for the years ended December 31 (in thousands):

	2017			2016		2015
Income tax expense at 35% statutory federal rate	$	84,476		$	59,735	$	43,774
State and local taxes, net of federal benefit		10,676			7,697		3,315
Nondeductible compensation		6,375			709		652
Nontaxable proceeds on station divestiture		(9,146	)		-		-
Nondeductible earnout payments		-			1,415		-
Nondeductible acquisition costs		3,901			12		251
Nondeductible meals and entertainment		1,546			504		417
Nondeductible goodwill impairment		3,577			5,276		-
Domestic production activities deduction		(11,178	)		-		-
Excess tax benefit on stock-based compensation		(8,106	)		-		-
Disposition of nondeductible goodwill		3,279			-		-
Impact of federal tax rate reduction		(322,193	)		-		-
Change in beginning of year valuation allowance		1,635			-		-
Other		1,215			2,224		278
Income tax (benefit) expense	$	(233,943	)	$	77,572	$	48,687

Schedule of Components of Net Deferred Tax Asset Liability

The components of the net deferred tax asset (liability) were as follows, as of December 31 (in thousands):

	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	51,802		$	26,657
Compensation		15,574			14,308
Rent		2,173			3,197
Transaction costs		-			8,238
Pension		28,033			-
Other		12,732			7,348
Total deferred tax assets		110,314			59,748
Valuation allowance for deferred tax assets		(2,155	)		-
Total deferred tax assets		108,159			59,748
Deferred tax liabilities:
Property and equipment		(72,423	)		(15,882	)
Other intangible assets		(312,460	)		(35,628	)
Goodwill		(31,062	)		(35,780	)
FCC licenses		(305,293	)		(98,494	)
Other		(4,854	)		(13	)
Total deferred tax liabilities		(726,092	)		(185,797	)
Net deferred tax liabilities	$	(617,933	)	$	(126,049	)

Schedule of Reconciliation of Gross Liability for Uncertain Tax Positions

A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows (in thousands):

	2017			2016		2015
Uncertain tax position liability at the beginning of the year	$	3,677		$	3,677	$	3,677
Increases resulting from merger transaction		22,605			-		-
Increases related to tax positions taken during the current period		1,847			-		-
Decreases related to tax positions taken during prior periods		(2,440	)		-		-
Decreases related to settlements with taxing authorities		(806	)		-		-
Decreases related to expiration of statute of limitations		(1,625	)		-		-
Uncertain tax position liability at the end of the year	$	23,258		$	3,677	$	3,677