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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 3 Months Ended
Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of condensed consolidating balance sheet
These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10.

CONDENSED CONSOLIDATING BALANCE SHEET
AS OF MARCH 31, 2017
(in thousands) (unaudited)

 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Cash
$
—

 
$
783,197

 
$
11,043

 
$
21,460

 
$
—

 
$
815,700

Accounts receivable
—

 
—

 
484,056

 
27,281

 
(1,258
)
 
510,079

Other current assets
3,318

 
5,812

 
91,411

 
28,614

 
(14,124
)
 
115,031

Total current assets
3,318

 
789,009

 
586,510

 
77,355

 
(15,382
)
 
1,440,810

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
1,554

 
21,293

 
564,364

 
128,518

 
(3,262
)
 
712,467

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
1,096,840

 
3,572,811

 
4,179

 
—

 
(4,673,830
)
 
—

Goodwill
—

 
—

 
1,994,268

 
3,867

 
—

 
1,998,135

Indefinite-lived intangible assets
—

 
—

 
141,397

 
15,709

 
—

 
157,106

Definite-lived intangible assets
—

 
—

 
1,733,711

 
81,324

 
(57,755
)
 
1,757,280

Other long-term assets
41,842

 
788,830

 
107,921

 
168,648

 
(855,716
)
 
251,525

Total assets
$
1,143,554

 
$
5,171,943

 
$
5,132,350

 
$
475,421

 
$
(5,605,945
)
 
$
6,317,323

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
99

 
$
59,521

 
$
175,775

 
$
25,518

 
$
(14,926
)
 
$
245,987

Current portion of long-term debt
—

 
55,201

 
2,062

 
7,332

 
—

 
64,595

Current portion of affiliate long-term debt
1,407

 
—

 
828

 
673

 
(431
)
 
2,477

Other current liabilities
—

 
—

 
144,357

 
11,635

 
(1,583
)
 
154,409

Total current liabilities
1,506

 
114,722

 
323,022

 
45,158

 
(16,940
)
 
467,468

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,929,497

 
30,351

 
42,705

 
—

 
4,002,553

Affiliate long-term debt
—

 
—

 
12,951

 
335,303

 
(333,849
)
 
14,405

Other liabilities
12,896

 
34,210

 
1,192,413

 
190,441

 
(693,962
)
 
735,998

Total liabilities
14,402

 
4,078,429

 
1,558,737

 
613,607

 
(1,044,751
)
 
5,220,424

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
1,129,152

 
1,093,514

 
3,573,613

 
(101,554
)
 
(4,565,572
)
 
1,129,153

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(36,632
)
 
4,378

 
(32,254
)
Total liabilities and equity (deficit)
$
1,143,554

 
$
5,171,943

 
$
5,132,350

 
$
475,421

 
$
(5,605,945
)
 
$
6,317,323

CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2016
(in thousands)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Cash
$
—

 
$
232,297

 
$
10,675

 
$
17,012

 
$
—

 
$
259,984

Accounts receivable
—

 
—

 
478,190

 
37,024

 
(1,260
)
 
513,954

Other current assets
5,561

 
3,143

 
124,313

 
25,406

 
(27,273
)
 
131,150

Total current assets
5,561

 
235,440

 
613,178

 
79,442

 
(28,533
)
 
905,088

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
1,820

 
17,925

 
570,289

 
131,326

 
(3,784
)
 
717,576

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
551,250

 
3,614,605

 
4,179

 
—

 
(4,170,034
)
 
—

Goodwill
—

 
—

 
1,986,467

 
4,279

 
—

 
1,990,746

Indefinite-lived intangible assets
—

 
—

 
140,597

 
15,709

 
—

 
156,306

Definite-lived intangible assets
—

 
—

 
1,770,512

 
233,368

 
(59,477
)
 
1,944,403

Other long-term assets
$
46,586

 
$
819,506

 
$
103,808

 
$
169,817

 
$
(890,668
)
 
$
249,049

Total assets
$
605,217

 
$
4,687,476

 
$
5,189,030

 
$
633,941

 
$
(5,152,496
)
 
$
5,963,168

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
100

 
$
69,118

 
$
225,645

 
$
48,815

 
$
(21,173
)
 
$
322,505

Current portion of long-term debt
—

 
55,501

 
1,851

 
113,779

 
—

 
171,131

Current portion of affiliate long-term debt
1,857

 
—

 
1,514

 
2,336

 
(2,103
)
 
3,604

Other current liabilities
—

 
—

 
127,967

 
13,590

 
(2,324
)
 
139,233

Total current liabilities
1,957

 
124,619

 
356,977

 
178,520

 
(25,600
)
 
636,473

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,939,463

 
31,014

 
44,455

 
—

 
4,014,932

Affiliate long-term debt
—

 
—

 
12,663

 
396,957

 
(395,439
)
 
14,181

Other liabilities
15,277

 
31,817

 
1,190,717

 
183,418

 
(681,583
)
 
739,646

Total liabilities
17,234

 
4,095,899

 
1,591,371

 
803,350

 
(1,102,622
)
 
5,405,232

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
587,983

 
591,577

 
3,597,659

 
(134,991
)
 
(4,054,245
)
 
587,983

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(34,418
)
 
4,371

 
(30,047
)
Total liabilities and equity (deficit)
$
605,217

 
$
4,687,476

 
$
5,189,030

 
$
633,941

 
$
(5,152,496
)
 
$
5,963,168
Schedule of condensed consolidating statement of operations and comprehensive income
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(in thousands) (unaudited)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Net revenue
$
—

 
$
—

 
$
615,709

 
$
53,386

 
$
(19,160
)
 
$
649,935

 
 
 
 
 
 
 
 
 
 
 
 
Media program and production expenses
—

 
—

 
248,205

 
28,444

 
(18,494
)
 
258,155

Selling, general and administrative
1,296

 
18,958

 
122,435

 
2,633

 
(25
)
 
145,297

Depreciation, amortization and other operating expenses
266

 
1,725

 
111,228

 
(23,920
)
 
(445
)
 
88,854

Total operating expenses
1,562

 
20,683

 
481,868

 
7,157

 
(18,964
)
 
492,306

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(1,562
)
 
(20,683
)
 
133,841

 
46,229

 
(196
)
 
157,629

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
58,189

 
87,805

 
50

 
—

 
(146,044
)
 
—

Interest expense
(36
)
 
(54,704
)
 
(1,119
)
 
(7,623
)
 
6,164

 
(57,318
)
Other income (expense)
101

 
799

 
496

 
(1,021
)
 
—

 
375

Loss from extinguishment of debt
—

 
(1,404
)
 
—

 
—

 
—

 
(1,404
)
Total other income (expense)
58,254

 
32,496

 
(573
)
 
(8,644
)
 
(139,880
)
 
(58,347
)
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (provision)
510

 
25,106

 
(44,229
)
 
(9,966
)
 
—

 
(28,579
)
Net income (loss)
57,202

 
36,919

 
89,039

 
27,619

 
(140,076
)
 
70,703

Net income attributable to the noncontrolling interests
—

 
—

 
—

 
(13,494
)
 
(7
)
 
(13,501
)
Net income (loss) attributable to Sinclair Broadcast Group
$
57,202

 
$
36,919

 
$
89,039

 
$
14,125

 
$
(140,083
)
 
$
57,202

Comprehensive income (loss)
$
57,202

 
$
36,919

 
$
89,039

 
$
27,619

 
$
(140,076
)
 
$
70,703

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(in thousands) (unaudited)
 
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Net revenue
$
—

 
$
—

 
$
545,113

 
$
52,250

 
$
(18,474
)
 
$
578,889

 
 
 
 
 
 
 
 
 
 
 
 
Media program and production expenses
—

 
—

 
209,725

 
24,381

 
(18,229
)
 
215,877

Selling, general and administrative
1,002

 
22,099

 
111,107

 
2,162

 
(20
)
 
136,350

Depreciation, amortization and other operating expenses
266

 
1,190

 
108,478

 
30,855

 
(466
)
 
140,323

Total operating expenses
1,268

 
23,289

 
429,310

 
57,398

 
(18,715
)
 
492,550

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(1,268
)
 
(23,289
)
 
115,803

 
(5,148
)
 
241

 
86,339

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
24,287

 
74,855

 
50

 
—

 
(99,192
)
 
—

Interest expense
(94
)
 
(46,363
)
 
(1,202
)
 
(7,897
)
 
6,141

 
(49,415
)
Other income (expense)
1,142

 
118

 
(11
)
 
(364
)
 
—

 
885

Total other income (expense)
25,335

 
28,610

 
(1,163
)
 
(8,261
)
 
(93,051
)
 
(48,530
)
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (provision)
73

 
23,103

 
(38,180
)
 
2,824

 
—

 
(12,180
)
Net income (loss)
24,140

 
28,424

 
76,460

 
(10,585
)
 
(92,810
)
 
25,629

Net income attributable to the noncontrolling interests
—

 
—

 
—

 
(899
)
 
(590
)
 
(1,489
)
Net income (loss) attributable to Sinclair Broadcast Group
$
24,140

 
$
28,424

 
$
76,460

 
$
(11,484
)
 
$
(93,400
)
 
$
24,140

Comprehensive income (loss)
$
24,140

 
$
28,424

 
$
76,460

 
$
(10,585
)
 
$
(92,810
)
 
$
25,629
Schedule of condensed consolidating statement of cash flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(in thousands) (unaudited)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES
$
1,126

 
$
(44,685
)
 
$
127,520

 
$
(13,853
)
 
$
(466
)
 
$
69,642

CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of property and equipment
(50
)
 
(3,259
)
 
(16,840
)
 
(806
)
 
181

 
(20,774
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(8,000
)
 
—

 
—

 
(8,000
)
Purchase of alarm monitoring contracts
—

 
—

 
—

 
(5,682
)
 
—

 
(5,682
)
Proceeds from sale of assets
—

 
—

 
—

 
192,149

 
—

 
192,149

Investments in equity and cost method investees
(945
)
 
(300
)
 
(47
)
 
(1,788
)
 
—

 
(3,080
)
Other, net
2,266

 
(3,083
)
 
357

 
1,006

 
—

 
546

Net cash flows (used in) from investing activities
1,271

 
(6,642
)
 
(24,530
)
 
184,879

 
181

 
155,159

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from notes payable, commercial bank financing and capital leases
—

 
159,669

 
—

 
3,420

 
—

 
163,089

Repayments of notes payable, commercial bank financing and capital leases
—

 
(172,519
)
 
(445
)
 
(111,458
)
 
—

 
(284,422
)
Proceeds from the issuance of Class A Common Stock
487,883

 
—

 
—

 
—

 
—

 
487,883

Dividends paid on Class A and Class B Common Stock
(16,257
)
 
—

 
—

 
—

 
—

 
(16,257
)
Noncontrolling interests distributions
—

 
—

 
—

 
(15,708
)
 
—

 
(15,708
)
Increase (decrease) in intercompany payables
(471,945
)
 
615,437

 
(102,763
)
 
(40,939
)
 
210

 
—

Other, net
(2,078
)
 
(360
)
 
586

 
(1,893
)
 
75

 
(3,670
)
Net cash flows from (used in) financing activities
(2,397
)
 
602,227

 
(102,622
)
 
(166,578
)
 
285

 
330,915

 
 
 
 
 
 
 
 
 
 
 
 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
—

 
550,900

 
368

 
4,448

 
—

 
555,716

CASH AND CASH EQUIVALENTS, beginning of period
—

 
232,297

 
10,675

 
17,012

 
—

 
259,984

CASH AND CASH EQUIVALENTS, end of period
$
—

 
$
783,197

 
$
11,043

 
$
21,460

 
$
—

 
$
815,700


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2016
(in thousands) (unaudited)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES
$
823

 
$
(20,655
)
 
$
145,404

 
$
779

 
$
7,664

 
$
134,015

CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 

Acquisition of property and equipment
—

 
(1,479
)
 
(23,239
)
 
(1,323
)
 
190

 
(25,851
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(374,284
)
 
(10,375
)
 
—

 
(384,659
)
Purchase of alarm monitoring contracts
—

 
—

 
—

 
(7,017
)
 
—

 
(7,017
)
Investments in equity and cost method investees
—

 
(10,000
)
 
(47
)
 
(9,827
)
 
—

 
(19,874
)
Loans to affiliates
—

 
(19,500
)
 
—

 
—

 
—

 
(19,500
)
Other, net
1,197

 
—

 
(210
)
 
1,278

 
—

 
2,265

Net cash flows (used in) from investing activities
1,197

 
(30,979
)
 
(397,780
)
 
(27,264
)
 
190

 
(454,636
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from notes payable, commercial bank financing and capital leases
—

 
595,000

 
—

 
3,850

 
—

 
598,850

Repayments of notes payable, commercial bank financing and capital leases
—

 
(257,682
)
 
(461
)
 
(3,087
)
 
—

 
(261,230
)
Dividends paid on Class A and Class B Common Stock
(15,675
)
 
—

 
—

 
—

 
—

 
(15,675
)
Increase (decrease) in intercompany payables
15,368

 
(290,337
)
 
262,392

 
20,489

 
(7,912
)
 
—

Other, net
(1,713
)
 
(5,800
)
 
263

 
(2,580
)
 
58

 
(9,772
)
Net cash flows (used in) from financing activities
(2,020
)
 
41,181

 
262,194

 
18,672

 
(7,854
)
 
312,173

 
 
 
 
 
 
 
 
 
 
 
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
—

 
(10,453
)
 
9,818

 
(7,813
)
 
—

 
(8,448
)
CASH AND CASH EQUIVALENTS, beginning of period
—

 
115,771

 
235

 
33,966

 
—

 
149,972

CASH AND CASH EQUIVALENTS, end of period
$
—

 
$
105,318

 
$
10,053

 
$
26,153

 
$
—

 
$
141,524