XML 75 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 4,354,000 $ 35,963,000 $ 103,924,000
Adjustments to reconcile net income:      
Deferred income tax expense (benefit) 11,584,000 18,669,000 (92,932,000)
Depreciation and amortization 25,772,000 16,179,000 13,896,000
Provision for doubtful accounts 1,497,000 784,000 681,000
Amortization of program license rights 11,362,000 9,022,000 9,780,000
Change in fair value of interest rate swap (192,000) 440,000  
Amortization of debt discount 844,000 751,000 451,000
Write-off of intangible assets 0 0 978,000
Decrease in Gray Equity Participation   (8,000,000)  
Gain on insurance proceeds   (328,000)  
Reorganization items, net     1,350,000
Loss on disposal of property and equipment, net 399,000 59,000 683,000
Stock-based compensation 6,101,000    
Debt modification and extinguishment costs 4,509,000   915,000
Change in assets and liabilities:      
Program license rights, net of liabilities (12,015,000) (8,999,000) (9,746,000)
Trade accounts receivable (9,262,000) (3,050,000) (2,280,000)
Trade accounts payable (6,401,000) 1,060,000 457,000
Accrued expenses and other liabilities (28,350,000) 15,702,000 (6,942,000)
Contributions to retirement plans (6,225,000) (938,000) (842,000)
Other, net 3,823,000 (3,748,000) 2,038,000
Net cash provided by operating activities 7,800,000 73,566,000 22,411,000
Cash flows from investing activities:      
Capital expenditures (15,166,000) (11,612,000) (17,338,000)
Payment for acquisition of station assets (14,324,000) (19,500,000)  
Cash and cash equivalents acquired in merger transaction 17,327,000    
Collateral refunds related to letters of credit 2,498,000    
Other, net 126,000 195,000 101,000
Net cash used by investing activities (9,539,000) (30,917,000) (17,237,000)
Cash flows from financing activities:      
Debt issuance costs (11,896,000) (842,000) (4,787,000)
Redemption of common stock   (145,000,000)  
Other, net 2,414,000 (122,000) (92,000)
Net cash provided (used) by financing activities 49,113,000 (73,964,000) 5,121,000
Net increase (decrease) in cash and cash equivalents 47,374,000 (31,315,000) 10,295,000
Cash and cash equivalents at beginning of year 24,244,000 55,559,000 45,264,000
Cash and cash equivalents at end of year 71,618,000 24,244,000 55,559,000
Cash paid: Interest 26,461,000 6,256,000 6,213,000
Income taxes, net 1,047,000 1,449,000 616,000
Non-cash investing activity: Merger transaction (434,186,000)    
Media General Credit Agreement [Member]
     
Cash flows from financing activities:      
Principal borrowings 885,000,000    
Berkshire Hathaway Financing Arrangement [Member]
     
Cash flows from financing activities:      
Repayment of borrowings (375,260,000)    
Senior Notes [Member]
     
Cash flows from financing activities:      
Repayment of borrowings (326,145,000)    
Senior Credit Facility [Member]
     
Cash flows from financing activities:      
Principal borrowings   65,000,000 85,000,000
Repayment of borrowings (135,000,000) (15,000,000) (75,000,000)
Shield Media Credit Agreement [Member]
     
Cash flows from financing activities:      
Principal borrowings 32,000,000    
WLAJ-TV Term Loan [Member]
     
Cash flows from financing activities:      
Principal borrowings 10,000,000    
Repayment of borrowings (10,000,000)    
WXXA Credit Facility [Member]
     
Cash flows from financing activities:      
Principal borrowings   22,000,000  
Repayment of borrowings $ (22,000,000)