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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 3 Months Ended
Mar. 31, 2018
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, 2018
(in thousands) (unaudited)

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

 
$
790,930

 
$
8,304

 
$
10,998

 
$
—

 
$
810,232

Restricted cash
—

 
—

 
226,558

 
—

 
—

 
226,558

Accounts receivable
—

 
—

 
493,922

 
44,550

 
—

 
538,472

Other current assets
1,874

 
11,377

 
130,298

 
23,333

 
(27,453
)
 
139,429

Total current assets
1,874

 
802,307

 
859,082

 
78,881

 
(27,453
)
 
1,714,691

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
810

 
32,025

 
569,047

 
65,163

 
(12,613
)
 
654,432

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
1,576,613

 
4,050,589

 
4,179

 
—

 
(5,631,381
)
 
—

Goodwill
—

 
—

 
2,018,103

 
3,867

 
—

 
2,021,970

Indefinite-lived intangible assets
—

 
—

 
142,356

 
14,273

 
—

 
156,629

Definite-lived intangible assets
—

 
—

 
1,710,136

 
75,377

 
(55,950
)
 
1,729,563

Other long-term assets
31,854

 
771,367

 
260,001

 
192,713

 
(869,809
)
 
386,126

Total assets
$
1,611,151

 
$
5,656,288

 
$
5,562,904

 
$
430,274

 
$
(6,597,206
)
 
$
6,663,411

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
299

 
$
80,345

 
$
243,674

 
$
60,837

 
$
(28,363
)
 
$
356,792

Current portion of long-term debt
—

 
142,489

 
3,587

 
9,343

 
(475
)
 
154,944

Other current liabilities
—

 
—

 
68,269

 
11,676

 
—

 
79,945

Total current liabilities
299

 
222,834

 
315,530

 
81,856

 
(28,838
)
 
591,681

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,793,804

 
36,081

 
366,207

 
(321,067
)
 
3,875,025

Other liabilities
3,145

 
39,510

 
1,159,952

 
172,500

 
(749,945
)
 
625,162

Total liabilities
3,444

 
4,056,148

 
1,511,563

 
620,563

 
(1,099,850
)
 
5,091,868

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
1,607,707

 
1,600,140

 
4,051,341

 
(149,669
)
 
(5,501,812
)
 
1,607,707

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(40,620
)
 
4,456

 
(36,164
)
Total liabilities and equity (deficit)
$
1,611,151

 
$
5,656,288

 
$
5,562,904

 
$
430,274

 
$
(6,597,206
)
 
$
6,663,411


CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2017
(in thousands)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Cash
$
—

 
$
645,830

 
$
12,273

 
$
23,223

 
$
—

 
$
681,326

Restricted Cash
—

 
—

 
311,110

 
2,000

 
—

 
313,110

Accounts receivable
—

 
—

 
530,273

 
36,191

 
—

 
566,464

Other current assets
3,034

 
5,758

 
145,637

 
9,687

 
(10,269
)
 
153,847

Total current assets
3,034

 
651,588

 
999,293

 
71,101

 
(10,269
)
 
1,714,747

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
829

 
31,111

 
586,950

 
132,010

 
(12,602
)
 
738,298

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
1,537,337

 
4,116,241

 
4,179

 
—

 
(5,657,757
)
 
—

Goodwill
—

 
—

 
2,120,166

 
3,867

 
—

 
2,124,033

Indefinite-lived intangible assets
—

 
—

 
145,073

 
14,298

 
—

 
159,371

Definite-lived intangible assets
—

 
—

 
1,781,045

 
77,944

 
(57,319
)
 
1,801,670

Other long-term assets
31,757

 
770,312

 
104,363

 
208,367

 
(868,448
)
 
246,351

Total assets
$
1,572,957

 
$
5,569,252

 
$
5,741,069

 
$
507,587

 
$
(6,606,395
)
 
$
6,784,470

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
1,100

 
$
84,326

 
$
261,266

 
$
36,029

 
$
(12,318
)
 
$
370,403

Current portion of long-term debt
—

 
148,505

 
3,445

 
9,645

 
(546
)
 
161,049

Other current liabilities
—

 
—

 
180,616

 
14,281

 
—

 
194,897

Total current liabilities
1,100

 
232,831

 
445,327

 
59,955

 
(12,864
)
 
726,349

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,799,987

 
39,730

 
381,127

 
(333,243
)
 
3,887,601

Other liabilities
3,119

 
38,282

 
1,141,266

 
187,569

 
(734,082
)
 
636,154

Total liabilities
4,219

 
4,071,100

 
1,626,323

 
628,651

 
(1,080,189
)
 
5,250,104

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
1,568,738

 
1,498,152

 
4,114,746

 
(82,051
)
 
(5,530,847
)
 
1,568,738

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(39,013
)
 
4,641

 
(34,372
)
Total liabilities and equity (deficit)
$
1,572,957

 
$
5,569,252

 
$
5,741,069

 
$
507,587

 
$
(6,606,395
)
 
$
6,784,470
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, 2018
(in thousands) (unaudited)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Net revenue
$
—

 
$
—

 
$
625,683

 
$
58,011

 
$
(18,342
)
 
$
665,352

 
 
 
 
 
 
 
 
 
 
 
 
Media program and production expenses
—

 
—

 
273,415

 
32,020

 
(16,886
)
 
288,549

Selling, general and administrative
2,597

 
21,754

 
143,301

 
4,284

 
(441
)
 
171,495

Depreciation, amortization and other operating expenses
19

 
1,250

 
6,416

 
91,008

 
(699
)
 
97,994

Total operating expenses
2,616

 
23,004

 
423,132

 
127,312

 
(18,026
)
 
558,038

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(2,616
)
 
(23,004
)
 
202,551

 
(69,301
)
 
(316
)
 
107,314

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
45,037

 
171,770

 
429

 
—

 
(217,236
)
 
—

Interest expense
—

 
(68,168
)
 
(972
)
 
(4,550
)
 
3,948

 
(69,742
)
Other income (expense)
681

 
2,295

 
(13,361
)
 
1,179

 
—

 
(9,206
)
Total other income (expense)
45,718

 
105,897

 
(13,904
)
 
(3,371
)
 
(213,288
)
 
(78,948
)
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (provision)
21

 
15,398

 
(15,676
)
 
15,885

 
—

 
15,628

Net income (loss)
43,123

 
98,291

 
172,971

 
(56,787
)
 
(213,604
)
 
43,994

Net income attributable to the noncontrolling interests
—

 
—

 
—

 
(1,056
)
 
185

 
(871
)
Net income (loss) attributable to Sinclair Broadcast Group
$
43,123

 
$
98,291

 
$
172,971

 
$
(57,843
)
 
$
(213,419
)
 
$
43,123

Comprehensive income (loss)
$
43,123

 
$
98,291

 
$
172,971

 
$
(56,787
)
 
$
(213,604
)
 
$
43,994


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
$
—

 
$
—

 
$
595,239

 
$
50,857

 
$
(19,160
)
 
$
626,936

 
 
 
 
 
 
 
 
 
 
 
 
Media program and production expenses
—

 
—

 
248,451

 
28,444

 
(18,494
)
 
258,401

Selling, general and administrative
1,296

 
18,958

 
122,435

 
2,633

 
(25
)
 
145,297

Depreciation, amortization and other operating expenses
266

 
1,725

 
90,513

 
(26,450
)
 
(445
)
 
65,609

Total operating expenses
1,562

 
20,683

 
461,399

 
4,627

 
(18,964
)
 
469,307

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(1,562
)
 
(20,683
)
 
133,840

 
46,230

 
(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
)
Loss from extinguishment of debt
—

 
(1,404
)
 
—

 
—

 
—

 
(1,404
)
Other income (expense)
101

 
799

 
496

 
(1,021
)
 
—

 
375

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

 
89,038

 
27,620

 
(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

 
$
89,038

 
$
14,126

 
$
(140,083
)
 
$
57,202

Comprehensive income (loss)
$
57,202

 
$
36,919

 
$
89,039

 
$
27,619

 
$
(140,076
)
 
$
70,703
Schedule of condensed consolidating statement of cash flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2018
(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 FROM (USED IN) OPERATING ACTIVITIES
$
1,304

 
$
(88,587
)
 
$
193,725

 
$
(10,684
)
 
$
5,185

 
$
100,943

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of property and equipment
—

 
(2,214
)
 
(18,505
)
 
(1,500
)
 
—

 
(22,219
)
Proceeds from the sale of assets
—

 
—

 
49

 
—

 
—

 
49

Investments in equity and cost method investees
(370
)
 
(31
)
 
(6,778
)
 
(571
)
 
—

 
(7,750
)
Distributions from equity and cost method investees
1,709

 
—

 
—

 
9,123

 
—

 
10,832

Other, net
—

 
(1,862
)
 
—

 
—

 
—

 
(1,862
)
Net cash flows from (used in) investing activities
1,339

 
(4,107
)
 
(25,234
)
 
7,052

 
—

 
(20,950
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from notes payable and commercial bank financing
—

 
—

 
—

 
363

 
—

 
363

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

 
(13,800
)
 
(843
)
 
(2,400
)
 
93

 
(16,950
)
Dividends paid on Class A and Class B Common Stock
(18,392
)
 
—

 
—

 
—

 
—

 
(18,392
)
Increase (decrease) in intercompany payables
14,869

 
251,594

 
(256,169
)
 
(5,016
)
 
(5,278
)
 
—

Other, net
880

 
—

 
—

 
(3,539
)
 
—

 
(2,659
)
Net cash flows from (used in) financing activities
(2,643
)
 
237,794

 
(257,012
)
 
(10,592
)
 
(5,185
)
 
(37,638
)
 
 
 
 
 
 
 
 
 
 
 
 
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
—

 
145,100

 
(88,521
)
 
(14,224
)
 
—

 
42,355

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period
—

 
645,830

 
323,383

 
26,727

 
—

 
995,940

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period
$
—

 
$
790,930

 
$
234,862

 
$
12,503

 
$
—

 
$
1,038,295


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 FROM (USED IN) OPERATING ACTIVITIES
$
1,126

 
$
(44,685
)
 
$
127,520

 
$
(13,853
)
 
$
(466
)
 
$
69,642

CASH FLOWS FROM (USED IN) 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
)
Investments in equity and cost method investees
(945
)
 
(300
)
 
(47
)
 
(1,788
)
 
—

 
(3,080
)
Proceeds from the sale of assets
—

 
—

 
—

 
195,149

 
—

 
195,149

Distributions from equity and cost method investees
2,266

 
—

 
—

 
1,006

 
—

 
3,272

Other, net
—

 
(3,083
)
 
357

 
(5,682
)
 
—

 
(8,408
)
Net cash flows from (used in) investing activities
1,271

 
(6,642
)
 
(24,530
)
 
187,879

 
181

 
158,159

 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 
Proceeds from notes payable and commercial bank financing
—

 
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 sale of Class A Common Stock
487,883

 
—

 
—

 
—

 
—

 
487,883

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

 
—

 
—

 
—

 
(16,257
)
Increase (decrease) in intercompany payables
(471,945
)
 
615,437

 
(102,763
)
 
(40,939
)
 
210

 
—

Other, net
(2,078
)
 
(360
)
 
586

 
(16,107
)
 
75

 
(17,884
)
Net cash flows from (used in) financing activities
(2,397
)
 
602,227

 
(102,622
)
 
(165,084
)
 
285

 
332,409

 
 
 
 
 
 
 
 
 
 
 
 
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
—

 
550,900

 
368

 
8,942

 
—

 
560,210

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period
—

 
232,297

 
10,875

 
17,012

 
—

 
260,184

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period
$
—

 
$
783,197

 
$
11,243

 
$
25,954

 
$
—

 
$
820,394