Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet.

Seasonality and

Cyclicality

Broadcast advertising revenues are generally highest in the

second

and

fourth

quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups during the “on-year” of the

two

year election cycle. This political spending typically is heaviest during the

fourth

quarter. In addition, the broadcast of Olympic Games by our NBC affiliated stations during even-numbered years generally leads to increased viewership and revenue during those years.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does

not

include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are

not

included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the

three

and

six

-month periods ended

June 30, 2018

and

2017,

respectively (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017

Weighted-average shares outstanding-basic		87,765		71,821		88,408		71,849
Common stock equivalents for stock options and restricted shares		540		680		529		661
Weighted-average shares outstanding-diluted		88,305		72,501		88,937		72,510

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

June 30, 2018

and

December 31, 2017

consist of adjustments to our pension liability and the related income tax effect. Our comprehensive income for the

three

and

six

-month periods ended

June 30, 2018

and

2017

consisted entirely of net income. Therefore, a consolidated statement of comprehensive income is

not

presented for the

three

six

-month periods ended

June 30, 2018

and

2017.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands):

							Estimated
	June 30,			December 31,			Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	51,946		$	50,458
Buildings and improvements		157,667			156,924			7	to	40
Equipment		528,442			511,878			3	to	20
		738,055			719,260
Accumulated depreciation		(395,059	)		(368,602	)
Total property and equipment, net	$	342,996		$	350,658

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period.

April 2017,

the Federal Communications Commission (the “FCC”) began a process of reallocating the broadcast spectrum (the “Repack”). Specifically, the FCC is requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with a

$1.7

billion fund to reimburse all reasonable costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. Subsequent legislation in

March 2018

appropriated an additional

$1.0

billion for the repacking fund, of which up to

$750.0

million

may

be made available to reimburse the Repack costs of full power and Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist low power television stations and for other transition costs. The sufficiency of the FCC’s fund to reimburse for Repack costs is dependent upon a number of factors including the amounts to be reimbursed to other industry participants for repacking costs. Therefore, we cannot predict whether the fund will be sufficient to reimburse our Repack costs to the extent authorized under the legislation. Twenty-

six

of our current full power stations and

thirty six

of our current low power stations are affected by the Repack. The Repack process began in the summer of

2017

and will take approximately

three

years to complete. We anticipate that the majority of our costs associated with the Repack will qualify for capitalization, rather than expense. Upon receipt of funds reimbursing us for our repacking costs, we record those proceeds as a component of our (gain) loss on disposal of assets, net.

The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Gain on disposal of assets, net:
Proceeds from sale of assets	$	63		$	90,900		$	104		$	90,950
Proceeds from FCC - Repack		909			-			1,846			-
Net book value of assets disposed		(178	)		(13,574	)		(335	)		(14,151	)
Total	$	794		$	77,326		$	1,615		$	76,799

Purchase of property and equipment:
Recurring purchases - operations							$	9,704		$	10,287
Repack								10,211			128
Total							$	19,915		$	10,415

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

Leases, and thus will supersede nearly all existing lease guidance by requiring the reclassification of lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The standard will be effective for fiscal years beginning after

December 15, 2018.

This standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. As of

December 31, 2017,

the values of those assets and related liabilities were each approximately

$17.6

million. We are also evaluating our footnote disclosure requirements. We are continuing to review our contractual obligations related to this standard, and develop our disclosures, assessing our internal controls and availing ourselves of broadcasting industry related guidance. We are making preparations for implementing lease accounting software with our current lease inventory.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. After adoption of the standard, the annual, or interim, goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized will

not

exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 2018,

the FASB issued ASU

2018

02,

Income Statement - Reporting Comprehensive Income

(Topic

220

) –

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of

2017

(“TCJA”). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is

not

affected. The standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications

January 2016,

the FASB issued ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

amends the guidance in U.S. GAAP regarding the classification and measurement of financial instruments. This ASU significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. ASU

2016

requires equity investments previously measured at cost to be measured at fair value with changes in fair value recognized in net income. However, equity investments without a readily determinable fair value

may

be measured using a proscribed measurement alternative that reflects current fair value with changes in the current fair value recognized in net income and includes a qualitative evaluation of impairment. In

February 2018,

the FASB issued ASU

2018

–

Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic

825

), Recognition and Measurement of Financial Assets and Financial Liabilities.

ASU

2018

clarifies certain aspects of the guidance issued in ASU

2016

01.

ASU

2018

is effective for interim periods beginning after

June 15, 2018

but can be adopted early. We adopted the amendments in both updates concurrently beginning in the

first

quarter of

2018.

We currently have equity investments in the television broadcasting industry that do

not

have readily determinable fair values. We have applied the measurement alternative as defined in the amendments. These investments are reported together as a non-current asset on our balance sheet. We evaluate these investments on an interim basis for impairment. Accordingly, the adoption of this standard did

not

have a material impact on our financial statements.

March 2017,

the FASB issued ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

amends the guidance of U.S. GAAP with the intent of improving the presentation of net periodic pension cost and net periodic postretirement benefit cost by prescribing where the amount of net benefit cost should be presented in an employer’s income statement and requiring the disclosure by line item of the amount of net benefit cost that is included in the income statement or capitalized in assets. We adopted this standard beginning in the

first

quarter of

2018.

Because our defined benefit pension plans were frozen in prior years, we have

not

incurred any service cost in our condensed consolidated statements of operations during the

three

six

-months ended

June 30, 2018

2017.

Upon the adoption of this standard we reclassified our net pension expense (benefit) from our operating expenses to our miscellaneous income, net. The amount was

not

material.

In addition to the reclassification of our net pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation.