Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2017

(in thousands)

			Nexstar					Non-						Consolidated
	Nexstar		Broadcasting		Mission			Guarantors			Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	90,860	$	9,524		$	15,268		$	-		$	115,652
Accounts receivable		-		484,096		14,717			64,130			-			562,943
Amounts due from consolidated entities		-		55,417		92,923			-			(148,340	)		-
Spectrum asset		-		279,069		-			26,695			-			305,764
Other current assets		-		64,256		2,070			5,533			-			71,859
Total current assets		-		973,698		119,234			111,626			(148,340	)		1,056,218
Investments in subsidiaries		617,297		109,354		-			-			(726,651	)		-
Amounts due from consolidated entities		970,207		-		-			-			(970,207	)		-
Property and equipment, net		-		697,898		18,454			17,861			(75	)		734,138
Goodwill		-		1,959,386		33,187			150,273			-			2,142,846
FCC licenses		-		1,615,830		43,102			108,706			-			1,767,638
Other intangible assets, net		-		1,476,297		15,841			89,488			-			1,581,626
Other noncurrent assets		-		189,303		2,645			7,233			-			199,181
Total assets	$	1,587,504	$	7,021,766	$	232,463		$	485,187		$	(1,845,273	)	$	7,481,647
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	36,243	$	2,314		$	54,251		$	-		$	92,808
Accounts payable		-		24,293		1,090			5,753			-			31,136
Liability to surrender spectrum asset		-		286,740		-			27,347			-			314,087
Amounts due to consolidated entities		-		-		-			148,340			(148,340	)		-
Other current liabilities		-		192,827		13,310			26,535			-			232,672
Total current liabilities		-		540,103		16,714			262,226			(148,340	)		670,703
Debt		-		4,024,129		223,428			22,095			-			4,269,652
Amounts due to consolidated entities		-		714,408		-			256,010			(970,418	)		-
Deferred tax liabilities		-		613,227		-			6,214			-			619,441
Other noncurrent liabilities		-		322,572		7,626			10,343			-			340,541
Total liabilities		-		6,214,439		247,768			556,888			(1,118,758	)		5,900,337
Total Nexstar Media Group, Inc. stockholders' equity (deficit)		1,587,504		807,327		(15,305	)		(82,397	)		(726,515	)		1,570,614
Noncontrolling interests in consolidated variable interest entities		-		-		-			10,696			-			10,696
Total liabilities and stockholders' equity (deficit)	$	1,587,504	$	7,021,766	$	232,463		$	485,187		$	(1,845,273	)	$	7,481,647

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2016

(in thousands)

			Nexstar					Non-					Consolidated
	Nexstar		Broadcasting		Mission			Guarantors		Eliminations			Company
ASSETS
Current assets:
Cash and cash equivalents	$	-	$	75,830	$	6,478		$	5,372	$	-		$	87,680
Accounts receivable		-		184,921		12,332			20,805		-			218,058
Amounts due from consolidated entities		-		5,623		80,815			-		(86,438	)		-
Other current assets		-		53,762		1,337			2,380		-			57,479
Total current assets		-		320,136		100,962			28,557		(86,438	)		363,217
Investments in subsidiaries		256,391		38,259		-			-		(294,650	)		-
Amounts due from consolidated entities		-		66,170		-			-		(66,170	)		-
Property and equipment, net		-		244,623		19,564			12,041		(75	)		276,153
Goodwill		-		380,164		33,187			59,953		-			473,304
FCC licenses		-		468,963		43,102			30,459		-			542,524
Other intangible assets, net		-		258,502		17,922			48,313		-			324,737
Restricted cash		-		901,080		-			-		-			901,080
Other noncurrent assets		-		72,070		11,144			1,856		-			85,070
Total assets	$	256,391	$	2,749,967	$	225,881		$	181,179	$	(447,333	)	$	2,966,085
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of debt	$	-	$	19,759	$	2,334		$	6,000	$	-		$	28,093
Accounts payable		-		16,234		524			2,996		-			19,754
Amounts due to consolidated entities		-		-		-			86,438		(86,438	)		-
Other current liabilities		-		118,049		9,017			14,665		-			141,731
Total current liabilities		-		154,042		11,875			110,099		(86,438	)		189,578
Debt		-		2,045,827		221,431			47,068		-			2,314,326
Amounts due to consolidated entities		66,380		-		-			-		(66,380	)		-
Deferred tax liabilities		-		118,155		-			13,853		-			132,008
Other noncurrent liabilities		-		33,959		9,832			2,028		-			45,819
Total liabilities		66,380		2,351,983		243,138			173,048		(152,818	)		2,681,731
Total Nexstar Media Group, Inc. stockholders' equity (deficit)		190,011		289,290		(21,257	)		5,612		(294,515	)		169,141
Noncontrolling interest in a consolidated variable interest entity		-		108,694		4,000			2,519		-			115,213
Total liabilities and stockholders' equity (deficit)	$	256,391	$	2,749,967	$	225,881		$	181,179	$	(447,333	)	$	2,966,085

Schedule of Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

Year Ended December 31, 2017

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	2,160,330		$	70,592		$	201,044		$	-		$	2,431,966
Revenue between consolidated entities		-		71,434			36,580			38,272			(146,286	)		-
Net revenue		-		2,231,764			107,172			239,316			(146,286	)		2,431,966
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization		-		793,606			35,820			167,690			(3,711	)		993,405
Selling, general, and administrative expenses, excluding depreciation and amortization		-		569,194			4,168			43,423			(24,799	)		591,986
Local service agreement fees between consolidated entities		-		51,859			35,500			30,417			(117,776	)		-
Amortization of broadcast rights		-		92,888			5,645			6,870			-			105,403
Amortization of intangible assets		-		137,808			2,422			19,270			-			159,500
Depreciation		-		91,791			2,342			6,525			-			100,658
Goodwill and intangible assets impairment				-			-			19,985			-			19,985
Gain on disposal of stations, net		-		(57,716	)		-			-			-			(57,716	)
Total operating expenses		-		1,679,430			85,897			294,180			(146,286	)		1,913,221
Income (loss) from operations		-		552,334			21,275			(54,864	)		-			518,745
Interest expense, net		-		(226,853	)		(10,135	)		(4,207	)		-			(241,195	)
Loss on extinguishment of debt		-		(32,523	)		(2,133	)		(226	)		-			(34,882	)
Other expenses		-		(1,284	)		-			-			-			(1,284	)
Equity in income of subsidiaries		471,363		-			-			-			(471,363	)		-
Income (loss) before income taxes		471,363		291,674			9,007			(59,297	)		(471,363	)		241,384
Income tax benefit (expense)		-		219,460			(3,400	)		17,883			-			233,943
Net income (loss)		471,363		511,134			5,607			(41,414	)		(471,363	)		475,327
Net income attributable to noncontrolling interests		-		-			-			(330	)		-			(330	)
Net income (loss) attributable to Nexstar Media Group, Inc.	$	471,363	$	511,134		$	5,607		$	(41,744	)	$	(471,363	)	$	474,997

Net Income (loss)	$	471,363	$	511,134		$	5,607		$	(41,414	)	$	(471,363	)	$	475,327
Other comprehensive income:
Change in unrecognized amounts included in pension and postretirement obligations, net of tax of $2,160		-		6,140			-			-			-			6,140
Total comprehensive income		471,363		517,274			5,607			(41,414	)		(471,363	)		481,467
Comprehensive income attributable to noncontrolling interests		-		-			-			(330	)		-			(330	)
Comprehensive income attributable to Nexstar Media Group, Inc.	$	471,363	$	517,274		$	5,607		$	(41,744	)	$	(471,363	)	$	481,137

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

Year Ended December 31, 2016

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	939,333		$	61,402		$	102,455		$	-		$	1,103,190
Revenue between consolidated entities		-		34,436			42,930			11,942			(89,308	)		-
Net revenue		-		973,769			104,332			114,397			(89,308	)		1,103,190
Operating expenses:
Direct operating expenses, excluding depreciation and amortization		-		284,866			30,278			67,067			(214	)		381,997
Selling, general, and administrative expenses, excluding depreciation and amortization		-		246,698			3,611			18,822			(5,525	)		263,606
Local service agreement fees between consolidated entities		-		49,202			18,000			16,367			(83,569	)		-
Amortization of broadcast rights		-		47,990			5,567			3,588			-			57,145
Amortization of intangible assets		-		27,394			2,544			16,634			-			46,572
Depreciation		-		45,173			2,400			3,727			-			51,300
Goodwill impairment				186			-			15,076			-			15,262
Total operating expenses		-		701,509			62,400			141,281			(89,308	)		815,882
Income (loss) from operations		-		272,260			41,932			(26,884	)		-			287,308
Interest expense, net		-		(104,231	)		(10,251	)		(1,599	)		-			(116,081	)
Other expenses		-		(555	)		-			-			-			(555	)
Equity in income of subsidiaries		72,193		-			-			-			(72,193	)		-
Income (loss) before income taxes		72,193		167,474			31,681			(28,483	)		(72,193	)		170,672
Income tax (expense) benefit		-		(69,149	)		(12,337	)		3,914			-			(77,572	)
Net income (loss)		72,193		98,325			19,344			(24,569	)		(72,193	)		93,100
Net income attributable to noncontrolling interests		-		-			-			(1,563	)		-			(1,563	)
Net income (loss) attributable to Nexstar Media Group, Inc.		72,193		98,325			19,344			(26,132	)		(72,193	)		91,537
Comprehensive income attributable to Nexstar Media Group, Inc.	$	72,193	$	98,325		$	19,344		$	(26,132	)	$	(72,193	)	$	91,537

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

Year Ended December 31, 2015

(in thousands)

			Nexstar						Non-						Consolidated
	Nexstar		Broadcasting			Mission			Guarantors			Eliminations			Company
Net broadcast revenue (including trade and barter)	$	-	$	759,694		$	51,132		$	85,551		$	-		$	896,377
Revenue between consolidated entities		-		25,854			37,135			11,997			(74,986	)		-
Net revenue		-		785,548			88,267			97,548			(74,986	)		896,377
Operating expenses:
Direct operating expenses, excluding depreciation and amortization		-		233,530			24,667			44,064			(4	)		302,257
Selling, general, and administrative expenses, excluding depreciation and amortization		-		213,415			3,605			19,591			(4,131	)		232,480
Local service agreement fees between consolidated entities		-		44,997			9,780			16,074			(70,851	)		-
Amortization of broadcast rights		-		49,044			5,766			5,026			-			59,836
Amortization of intangible assets		-		29,312			2,540			16,623			-			48,475
Depreciation		-		41,833			2,435			2,954			-			47,222
Total operating expenses		-		612,131			48,793			104,332			(74,986	)		690,270
Income (loss) from operations		-		173,417			39,474			(6,784	)		-			206,107
Interest expense		-		(69,649	)		(9,325	)		(1,546	)		-			(80,520	)
Other expenses		-		(517	)		-			-			-			(517	)
Equity in income of subsidiaries		59,256		-			-			-			(59,256	)		-
Income (loss) before income taxes		59,256		103,251			30,149			(8,330	)		(59,256	)		125,070
Income tax (expense) benefit		-		(39,851	)		(12,172	)		3,336			-			(48,687	)
Net income (loss)		59,256		63,400			17,977			(4,994	)		(59,256	)		76,383
Net loss attributable to noncontrolling interests		-		-			-			1,301			-			1,301
Net income (loss) attributable to Nexstar Media Group, Inc.		59,256		63,400			17,977			(3,693	)		(59,256	)		77,684
Comprehensive income attributable to Nexstar Media Group, Inc.	$	59,256	$	63,400		$	17,977		$	(3,693	)	$	(59,256	)	$	77,684

Schedule of Condensed Consolidating Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2017

(in thousands)

				Nexstar						Non-					Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations		Company
Cash flows from operating activities	$	-		$	106,118		$	4,692		$	25,911		$	-	$	136,721

Cash flows from investing activities:
Purchases of property and equipment		-			(62,056	)		(700	)		(9,705	)		-		(72,461	)
Deposits and payments for acquisitions		-			(2,974,454	)		(800	)		-			-		(2,975,254	)
Proceeds from sale of stations		-			481,946			-			-			-		481,946
Proceeds received to relinquish spectrum		-			478,608			-			-			-		478,608
Other investing activities		-			24,587			100			402			-		25,089
Net cash used in investing activities		-			(2,051,369	)		(1,400	)		(9,303	)		-		(2,062,072	)

Cash flows from financing activities:
Proceeds from long-term debt		-			4,149,575			230,609			53,797			-		4,433,981
Repayments of long-term debt		-			(1,640,088	)		(227,051	)		(55,190	)		-		(1,922,329	)
Premium paid on debt extinguishment		-			(18,050	)		-			-			-		(18,050	)
Payments for debt financing costs		-			(48,235	)		(3,804	)		-			-		(52,039	)
Purchase of noncontrolling interests		-			(66,901	)		-			-			-		(66,901	)
Payments for contingent consideration		-			(258,647	)					(5,000	)		-		(263,647	)
Common stock dividends paid		(55,892	)		-			-			-			-		(55,892	)
Purchase of treasury stock		(99,008	)		-			-			-			-		(99,008	)
Inter-company payments		150,844			(150,844	)		-			-			-		-
Other financing activities		4,056			(6,529	)		-			(319	)		-		(2,792	)
Net cash provided by (used in) financing activities		-			1,960,281			(246	)		(6,712	)		-		1,953,323
Net increase in cash and cash equivalents		-			15,030			3,046			9,896			-		27,972
Cash and cash equivalents at beginning of period		-			75,830			6,478			5,372			-		87,680
Cash and cash equivalents at end of period	$	-		$	90,860		$	9,524		$	15,268		$	-	$	115,652

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2016

(in thousands)

				Nexstar						Non-					Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations		Company
Cash flows from operating activities	$	-		$	251,736		$	5,370		$	4,411		$	-	$	261,517

Cash flows from investing activities:
Purchases of property and equipment		-			(28,326	)		(241	)		(3,303	)		-		(31,870	)
Deposits and payments for acquisitions		-			(103,970	)		-			-			-		(103,970	)
Other investing activities		-			(4,345	)		-			-			-		(4,345	)
Net cash used in investing activities		-			(136,641	)		(241	)		(3,303	)		-		(140,185	)

Cash flows from financing activities:
Proceeds from long-term debt		-			58,000			-			-			-		58,000
Repayments of long-term debt		-			(73,155	)		(2,335	)		(4,650	)		-		(80,140	)
Common stock dividends paid		(29,445	)		-			-			-					(29,445	)
Payments for debt financing costs		-			(20,024	)		(683	)		-			-		(20,707	)
Inter-company payments		28,220			(28,220	)		-			-			-		-
Other financing activities		1,225			(3,358	)		-			(2,643	)		-		(4,776	)
Net cash used in financing activities		-			(66,757	)		(3,018	)		(7,293	)		-		(77,068	)
Net (decrease) increase in cash and cash equivalents		-			48,338			2,111			(6,185	)		-		44,264
Cash and cash equivalents at beginning of period		-			27,492			4,367			11,557			-		43,416
Cash and cash equivalents at end of period	$	-		$	75,830		$	6,478		$	5,372		$	-	$	87,680

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2015

(in thousands)

				Nexstar						Non-						Consolidated
	Nexstar			Broadcasting			Mission			Guarantors			Eliminations			Company
Cash flows from operating activities	$	-		$	171,518		$	10,931		$	22,859		$	-		$	205,308

Cash flows from investing activities:
Purchases of property and equipment		-			(26,636	)		(258	)		(2,303	)		176			(29,021	)
Deposits and payments for acquisitions		-			(510,701	)		-			(8,548	)		43,300			(475,949	)
Proceeds from sale of a station		-			70,305			-			-			(43,300	)		27,005
Other investing activities		-			3,450			150			200			(176	)		3,624
Net cash used in investing activities		-			(463,582	)		(108	)		(10,651	)		-			(474,341	)

Cash flows from financing activities:
Proceeds from long-term debt		-			419,950			-			2,000			-			421,950
Repayments of long-term debt		-			(155,653	)		(7,337	)		(3,300	)		-			(166,290	)
Common stock dividends paid		(23,686	)		-			-			-			-			(23,686	)
Purchase of treasury stock		(48,660	)		-			-			-			-			(48,660	)
Inter-company payments		68,989			(68,989	)		-			-			-			-
Other financing activities		3,357			(6,224	)		(8	)		98			-			(2,777	)
Net cash provided by financing activities		-			189,084			(7,345	)		(1,202	)		-			180,537
Net increase (decrease) in cash and cash equivalents		-			(102,980	)		3,478			11,006			-			(88,496	)
Cash and cash equivalents at beginning of period		-			130,472			889			551			-			131,912
Cash and cash equivalents at end of period	$	-		$	27,492		$	4,367		$	11,557		$	-		$	43,416

F-1