(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Number of shares outstanding as of | ||||||||
Title of each class | February 23, 2022 | |||||||
Class A Common Stock | ||||||||
Class B Common Stock |
Market | Market Rank (a) | Number of Channels | Stations | Network Affiliation (b) | ||||||||||||||||||||||
Washington, D.C. | 7 | 6 | WJLA, WDCO-CD, WIAV-CD | ABC | ||||||||||||||||||||||
Seattle / Tacoma, WA | 11 | 6 | KOMO, KUNS | ABC | ||||||||||||||||||||||
Minneapolis / St. Paul, MN | 14 | 5 | WUCW | CW | ||||||||||||||||||||||
Portland, OR | 21 | 7 | KATU, KUNP | ABC | ||||||||||||||||||||||
St. Louis, MO | 23 | 4 | KDNL | ABC | ||||||||||||||||||||||
Raleigh / Durham, NC | 24 | 7 | WLFL, WRDC | CW, MNT | ||||||||||||||||||||||
Pittsburgh, PA | 26 | 7 | WPGH, WPNT | FOX, MNT | ||||||||||||||||||||||
Baltimore, MD | 27 | 8 | WBFF, WNUV(c), WUTB(d) | FOX, CW, MNT | ||||||||||||||||||||||
Salt Lake City, UT | 29 | 10 | KUTV, KMYU, KJZZ, KENV(d) | CBS, MNT, IND | ||||||||||||||||||||||
Nashville, TN | 30 | 10 | WZTV, WUXP, WNAB(d) | FOX, MNT, CW | ||||||||||||||||||||||
San Antonio, TX | 31 | 10 | KABB, WOAI, KMYS(d) | FOX, NBC, CW | ||||||||||||||||||||||
Columbus, OH | 33 | 9 | WSYX, WWHO(d), WTTE(c) | ABC, CW, MNT, FOX | ||||||||||||||||||||||
Cincinnati, OH | 35 | 8 | WKRC, WSTR(d) | CBS, MNT, CW | ||||||||||||||||||||||
Milwaukee, WI | 36 | 4 | WVTV | CW, MNT | ||||||||||||||||||||||
Austin, TX | 37 | 2 | KEYE | CBS | ||||||||||||||||||||||
Asheville, NC / Greenville, SC | 38 | 8 | WLOS, WMYA(c) | ABC, MNT | ||||||||||||||||||||||
West Palm Beach / Ft Pierce, FL | 39 | 14 | WPEC, WTVX, WTCN-CD, WWHB-CD | CBS, CW, MNT | ||||||||||||||||||||||
Las Vegas, NV | 40 | 9 | KSNV, KVCW | NBC, CW, MNT | ||||||||||||||||||||||
Grand Rapids / Kalamazoo / Battle Creek, MI | 41 | 3 | WWMT | CBS, CW | ||||||||||||||||||||||
Harrisburg / Lancaster / Lebanon / York, PA | 42 | 3 | WHP | CBS, MNT, CW | ||||||||||||||||||||||
Oklahoma City, OK | 44 | 7 | KOKH, KOCB | FOX, CW | ||||||||||||||||||||||
Birmingham / Tuscaloosa, AL | 45 | 15 | WBMA-LD, WTTO, WDBB(c), WABM | ABC, CW, MNT | ||||||||||||||||||||||
Norfolk, VA | 46 | 4 | WTVZ | MNT | ||||||||||||||||||||||
Greensboro / High Point / Winston-Salem, NC | 47 | 7 | WXLV, WMYV | ABC, MNT | ||||||||||||||||||||||
Providence, RI / New Bedford, MA | 51 | 4 | WJAR | NBC | ||||||||||||||||||||||
Buffalo, NY | 52 | 7 | WUTV, WNYO | FOX, MNT | ||||||||||||||||||||||
Fresno / Visalia, CA | 55 | 12 | KMPH, KMPH-CD, KFRE | FOX, CW | ||||||||||||||||||||||
Richmond, VA | 56 | 5 | WRLH | FOX, MNT | ||||||||||||||||||||||
Mobile, AL / Pensacola, FL | 57 | 12 | WEAR, WPMI(d), WFGX, WJTC(d) | ABC, NBC, IND, MNT | ||||||||||||||||||||||
Wilkes-Barre / Scranton, PA | 58 | 11 | WOLF(c), WSWB(d), WQMY(c) | FOX, CW, MNT | ||||||||||||||||||||||
Albany, NY | 59 | 7 | WRGB, WCWN | CBS, CW | ||||||||||||||||||||||
Little Rock / Pine Bluff, AR | 60 | 4 | KATV | ABC | ||||||||||||||||||||||
Tulsa, OK | 61 | 5 | KTUL | ABC | ||||||||||||||||||||||
Dayton, OH | 64 | 8 | WKEF, WRGT(d) | ABC, FOX, MNT | ||||||||||||||||||||||
Spokane, WA | 66 | 4 | KLEW | CBS | ||||||||||||||||||||||
Des Moines, IA | 67 | 4 | KDSM | FOX | ||||||||||||||||||||||
Green Bay / Appleton, WI | 68 | 8 | WLUK, WCWF | FOX, CW | ||||||||||||||||||||||
Wichita, KS | 70 | 19 | KSAS, KOCW, KAAS, KAAS-LD, KSAS-LD, KMTW(c) | FOX, MNT | ||||||||||||||||||||||
Roanoke / Lynchburg, VA | 71 | 4 | WSET | ABC | ||||||||||||||||||||||
Omaha, NE | 72 | 7 | KPTM, KXVO(c) | FOX , MNT, CW | ||||||||||||||||||||||
Flint / Saginaw / Bay City, MI | 73 | 11 | WSMH, WEYI(d), WBSF(d) | FOX, NBC, CW | ||||||||||||||||||||||
Rochester, NY | 75 | 7 | WHAM(d), WUHF | ABC, FOX, CW | ||||||||||||||||||||||
Charleston / Huntington, WV | 77 | 8 | WCHS, WVAH(d) | ABC, FOX | ||||||||||||||||||||||
Portland, ME | 78 | 7 | WPFO(d), WGME | FOX, CBS | ||||||||||||||||||||||
Columbia, SC | 79 | 4 | WACH | FOX | ||||||||||||||||||||||
Madison, WI | 80 | 4 | WMSN | FOX |
Market | Market Rank (a) | Number of Channels | Stations | Network Affiliation (b) | ||||||||||||||||||||||
Toledo, OH | 81 | 4 | WNWO | NBC | ||||||||||||||||||||||
Syracuse, NY | 83 | 6 | WTVH(d), WSTM | CBS, NBC, CW | ||||||||||||||||||||||
Chattanooga, TN | 85 | 7 | WTVC, WFLI(d) | ABC, CW, FOX, MNT | ||||||||||||||||||||||
Champaign / Springfield / Decatur, IL | 88 | 17 | WICS, WICD, WRSP(d), WCCU(d), WBUI(d) | ABC, FOX, CW | ||||||||||||||||||||||
Savannah, GA | 90 | 5 | WTGS | FOX | ||||||||||||||||||||||
Charleston, SC | 91 | 3 | WCIV | MNT, ABC | ||||||||||||||||||||||
Cedar Rapids, IA | 92 | 8 | KGAN, KFXA(d) | CBS, FOX | ||||||||||||||||||||||
El Paso, TX | 93 | 8 | KFOX, KDBC | FOX, CBS, MNT | ||||||||||||||||||||||
Boise, ID | 98 | 8 | KBOI, KYUU-LD | CBS, CW Plus | ||||||||||||||||||||||
South Bend-Elkhart, IN | 99 | 3 | WSBT | CBS, FOX | ||||||||||||||||||||||
Tri-Cities, TN-VA | 100 | 7 | WEMT(d), WCYB | FOX, NBC, CW | ||||||||||||||||||||||
Myrtle Beach / Florence, SC | 101 | 8 | WPDE, WWMB(c) | ABC, CW | ||||||||||||||||||||||
Greenville / New Bern / Washington, NC | 102 | 8 | WCTI, WYDO(d) | ABC, FOX | ||||||||||||||||||||||
Lincoln and Hastings-Kearney, NE | 104 | 9 | KHGI, KWNB, KWNB-LD, KHGI-CD, KFXL | ABC, FOX | ||||||||||||||||||||||
Reno, NV | 105 | 9 | KRXI, KRNV(d), KNSN(c) | FOX, NBC, MNT | ||||||||||||||||||||||
Tallahassee, FL | 107 | 8 | WTWC, WTLF(d) | NBC, CW Plus, FOX | ||||||||||||||||||||||
Johnstown / Altoona, PA | 108 | 4 | WJAC | NBC, CW Plus | ||||||||||||||||||||||
Eugene, OR | 116 | 18 | KVAL, KCBY, KPIC(e), KMTR(d), KMCB(d), KTCW(d) | CBS, NBC, CW Plus | ||||||||||||||||||||||
Yakima / Pasco / Richland / Kennewick, WA | 117 | 18 | KIMA, KEPR, KUNW-CD, KVVK-CD, KORX-CD | CBS, CW Plus | ||||||||||||||||||||||
Traverse City / Cadillac, MI | 118 | 12 | WGTU(d), WGTQ(d), WPBN, WTOM | ABC, NBC | ||||||||||||||||||||||
Macon, GA | 120 | 3 | WGXA | ABC, FOX | ||||||||||||||||||||||
Peoria / Bloomington, IL | 121 | 2 | WHOI | TBD | ||||||||||||||||||||||
Bakersfield, CA | 125 | 8 | KBFX-CD, KBAK | FOX, CBS | ||||||||||||||||||||||
Corpus Christi, TX | 130 | 4 | KSCC | FOX, MNT | ||||||||||||||||||||||
Amarillo, TX | 132 | 10 | KVII, KVIH | ABC, CW Plus | ||||||||||||||||||||||
Chico-Redding, CA | 133 | 18 | KRCR, KCVU(d), KRVU-LD, KKTF-LD, KUCO-LD | ABC, FOX, MNT | ||||||||||||||||||||||
Medford / Klamath Falls, OR | 135 | 5 | KTVL | CBS, CW Plus | ||||||||||||||||||||||
Columbia / Jefferson City, MO | 136 | 4 | KRCG | CBS | ||||||||||||||||||||||
Beaumont / Port Arthur / Orange, TX | 145 | 8 | KFDM, KBTV(d) | CBS, CW Plus, FOX | ||||||||||||||||||||||
Sioux City, IA | 148 | 13 | KPTH, KPTP-LD, KBVK-LP, KMEG(d) | FOX, MNT, CBS | ||||||||||||||||||||||
Albany, GA | 158 | 4 | WFXL | FOX | ||||||||||||||||||||||
Gainesville, FL | 161 | 8 | WGFL(c), WNBW(c), WYME-CD(c) | CBS, NBC, MNT | ||||||||||||||||||||||
Missoula, MT | 162 | 8 | KECI, KCFW | NBC | ||||||||||||||||||||||
Wheeling, WV / Steubenville, OH | 163 | 3 | WTOV | NBC, FOX | ||||||||||||||||||||||
Abilene / Sweetwater, TX | 167 | 4 | KTXS, KTES-LD | ABC, CW Plus | ||||||||||||||||||||||
Quincy, IL / Hannibal, MO / Keokuk, IA | 174 | 3 | KHQA | CBS, ABC | ||||||||||||||||||||||
Butte-Bozeman, MT | 187 | 8 | KTVM, KDBZ-CD | NBC | ||||||||||||||||||||||
Eureka, CA | 194 | 10 | KAEF, KBVU(d), KECA-LD, KEUV-LP | ABC, FOX, CW Plus, MNT | ||||||||||||||||||||||
San Angelo, TX | 196 | 3 | KTXE-LD | ABC, CW Plus | ||||||||||||||||||||||
Ottumwa, IA / Kirksville, MO | 200 | 3 | KTVO | ABC, CBS | ||||||||||||||||||||||
Total Television Channels | 634 |
Affiliation | Number of Channels | Number of Markets | Expiration Dates (1) | |||||||||||||||||
ABC | 40 | 30 | August 31, 2022 | |||||||||||||||||
FOX | 56 | 41 | December 31, 2023 through December 31, 2024 | |||||||||||||||||
CBS | 31 | 24 | October 31, 2023 through December 31, 2024 | |||||||||||||||||
NBC | 25 | 17 | December 31, 2024 | |||||||||||||||||
CW | 46 | 37 | August 31, 2023 through August 31, 2024 | |||||||||||||||||
MNT | 40 | 31 | August 31, 2023 | |||||||||||||||||
Total Major Network Affiliates | 238 |
Affiliation | Number of Channels | Number of Markets | Expiration Dates (1) | |||||||||||||||||
Antenna TV | 22 | 20 | January 1, 2024 | |||||||||||||||||
Azteca | 2 | 1 | August 31, 2020 | |||||||||||||||||
Bounce | 1 | 1 | October 31, 2023 | |||||||||||||||||
CHARGE! | 81 | 72 | (2) | |||||||||||||||||
Comet | 86 | 71 | (2) | |||||||||||||||||
Dabl | 30 | 29 | October 31, 2022 | |||||||||||||||||
Decades | 1 | 1 | January 31, 2022 | |||||||||||||||||
Estrella TV | 1 | 1 | September 30, 2022 | |||||||||||||||||
GetTV | 5 | 5 | June 30, 2017 | |||||||||||||||||
Grit | 1 | 1 | December 31, 2019 | |||||||||||||||||
IND | 2 | 2 | N/A | |||||||||||||||||
MeTV | 19 | 15 | August 31, 2022 through August 1, 2024 | |||||||||||||||||
Rewind | 4 | 4 | August 31, 2024 | |||||||||||||||||
Stadium | 44 | 41 | January 1, 2024 | |||||||||||||||||
TBD | 79 | 68 | (2) | |||||||||||||||||
Telemundo | 1 | 1 | December 31, 2022 | |||||||||||||||||
This TV | 1 | 1 | November 1, 2014 | |||||||||||||||||
UniMas | 2 | 1 | December 31, 2022 | |||||||||||||||||
Univision | 8 | 5 | November 30, 2022 | |||||||||||||||||
Weather | 6 | 4 | December 31, 2017 | |||||||||||||||||
Total Other Affiliates | 396 | |||||||||||||||||||
Total Television Channels | 634 |
MLB Teams | NBA Teams | NHL Teams | ||||||||||||
Arizona Diamondbacks | Atlanta Hawks | Anaheim Ducks | ||||||||||||
Atlanta Braves | Charlotte Hornets | Arizona Coyotes | ||||||||||||
Chicago Cubs | Cleveland Cavaliers | Carolina Hurricanes | ||||||||||||
Cincinnati Reds | Dallas Mavericks | Columbus Blue Jackets | ||||||||||||
Cleveland Guardians | Detroit Pistons | Dallas Stars | ||||||||||||
Detroit Tigers | Indiana Pacers | Detroit Red Wings | ||||||||||||
Kansas City Royals | Los Angeles Clippers | Florida Panthers | ||||||||||||
Los Angeles Angels | Memphis Grizzlies | Los Angeles Kings | ||||||||||||
Miami Marlins | Miami Heat | Minnesota Wild | ||||||||||||
Milwaukee Brewers | Milwaukee Bucks | Nashville Predators | ||||||||||||
Minnesota Twins | Minnesota Timberwolves | St. Louis Blues | ||||||||||||
San Diego Padres | New Orleans Pelicans | Tampa Bay Lightning | ||||||||||||
St. Louis Cardinals | Oklahoma City Thunder | |||||||||||||
Tampa Bay Rays | Orlando Magic | |||||||||||||
Texas Rangers | Phoenix Suns | |||||||||||||
San Antonio Spurs |
Company/Index/Market | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||||||||||||||||||||
Sinclair Broadcast Group, Inc. | 100.00 | 115.90 | 82.67 | 106.67 | 105.70 | 90.07 | ||||||||||||||||||||||||||||||||
NASDAQ Composite Index | 100.00 | 129.64 | 125.96 | 172.17 | 249.51 | 304.85 | ||||||||||||||||||||||||||||||||
NASDAQ Telecommunications Index | 100.00 | 117.62 | 108.29 | 137.49 | 166.70 | 174.78 |
Period | Total Number of Shares Purchased (a) | Average Price Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program (in millions) | ||||||||||||||||||||||
Class A Common Stock: (b) | ||||||||||||||||||||||||||
10/01/21 – 10/31/21 | — | $ | — | — | $ | — | ||||||||||||||||||||
11/01/21 – 11/30/21 | 438,553 | $ | 24.42 | 438,553 | $ | 869 | ||||||||||||||||||||
12/01/21 – 12/31/21 | 2,000,032 | $ | 25.38 | 2,000,032 | $ | 819 |
Month | Market | Number of Stations | Our Stations | |||||||||||||||||
January 2021 | Columbus, OH | 4 | WSYX (ABC/FOX), WWHO(a) (CW), WTTE(b) (TBD) | |||||||||||||||||
March 2021 | Buffalo, NY | 5 | WNYO (MNT), WUTV (FOX) | |||||||||||||||||
March 2021 | Syracuse, NY | 3 | WSTM (NBC), WTVH(a) (CBS) | |||||||||||||||||
May 2021 | Grand Rapids, MI | 6 | WWMT (CBS) | |||||||||||||||||
June 2021 | Baltimore, MD | 6 | WBFF (FOX), WNUV(b) (CW) | |||||||||||||||||
June 2021 | Little Rock, AR | 5 | KATV (ABC) | |||||||||||||||||
September 2021 | Cincinnati, OH | 5 | WKRC-TV (CBS) | |||||||||||||||||
September 2021 | St. Louis, MO | 5 | KDNL-TV (ABC) | |||||||||||||||||
December 2021 | Charleston, WV | 5 | WCHS-TV (ABC) | |||||||||||||||||
December 2021 | Greensboro, NC | 4 | WXLV-TV (ABC), WMYV (MyNet) | |||||||||||||||||
December 2021 | Washington, D.C. | 6 | WJLA (ABC), WIAV-CD (TBD) | |||||||||||||||||
January 2022 | Green Bay, WI | 5 | WLUK-TV (FOX), WCWF (CW) |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Media revenues (a) | $ | 6,083 | $ | 5,843 | $ | 4,046 | |||||||||||
Non-media revenues | 51 | 100 | 194 | ||||||||||||||
Total revenues | 6,134 | 5,943 | 4,240 | ||||||||||||||
Media programming and production expenses | 4,291 | 2,735 | 2,073 | ||||||||||||||
Media selling, general and administrative expenses | 908 | 832 | 732 | ||||||||||||||
Depreciation and amortization expenses (b) | 591 | 674 | 424 | ||||||||||||||
Amortization of program contract costs | 93 | 86 | 90 | ||||||||||||||
Non-media expenses | 57 | 91 | 156 | ||||||||||||||
Corporate general and administrative expenses | 170 | 148 | 387 | ||||||||||||||
Impairment of goodwill and definite-lived intangible assets | — | 4,264 | — | ||||||||||||||
Gain on asset dispositions and other, net of impairment | (71) | (115) | (92) | ||||||||||||||
Operating income (loss) | $ | 95 | $ | (2,772) | $ | 470 | |||||||||||
Net (loss) income attributable to Sinclair Broadcast Group | $ | (414) | $ | (2,414) | $ | 47 |
Percent Change Increase / (Decrease) | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ‘21 vs.‘20 | ‘20 vs.‘19 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Distribution revenue | $ | 1,475 | $ | 1,414 | $ | 1,341 | 4% | 5% | |||||||||||||||||||||
Advertising revenue | 1,106 | 1,364 | 1,268 | (19)% | 8% | ||||||||||||||||||||||||
Other media revenue (a) | 176 | 144 | 81 | 22% | 78% | ||||||||||||||||||||||||
Media revenues | $ | 2,757 | $ | 2,922 | $ | 2,690 | (6)% | 9% | |||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Media programming and production expenses | $ | 1,344 | $ | 1,257 | $ | 1,173 | 7% | 7% | |||||||||||||||||||||
Media selling, general and administrative expenses | 593 | 553 | 553 | 7% | —% | ||||||||||||||||||||||||
Amortization of program contract costs | 76 | 83 | 90 | (8)% | (8)% | ||||||||||||||||||||||||
Corporate general and administrative expenses | 147 | 119 | 144 | 24% | (17)% | ||||||||||||||||||||||||
Depreciation and amortization expenses | 247 | 239 | 246 | 3% | (3)% | ||||||||||||||||||||||||
Gain on asset dispositions and other, net of impairment | (24) | (118) | (62) | (80)% | 90% | ||||||||||||||||||||||||
Operating income | $ | 374 | $ | 789 | $ | 546 | (53)% | 45% |
# of | Percent of Advertising Revenue for the Twelve Months Ended December 31, | ||||||||||||||||||||||
Channels (a) | 2021 | 2020 | 2019 | ||||||||||||||||||||
ABC | 40 | 31% | 28% | 30% | |||||||||||||||||||
FOX | 56 | 24% | 25% | 25% | |||||||||||||||||||
CBS | 31 | 20% | 22% | 20% | |||||||||||||||||||
NBC | 25 | 14% | 15% | 13% | |||||||||||||||||||
CW | 46 | 5% | 5% | 6% | |||||||||||||||||||
MNT | 40 | 4% | 4% | 4% | |||||||||||||||||||
Other | 396 | 2% | 1% | 2% | |||||||||||||||||||
Total | 634 |
Percent Change Increase / (Decrease) | |||||||||||||||||||||||
2021 | 2020 | 2019 (b) | ‘21 vs.‘20 | ||||||||||||||||||||
Revenue: | (c) | ||||||||||||||||||||||
Distribution revenue | $ | 2,620 | $ | 2,472 | $ | 1,029 | 6% | ||||||||||||||||
Advertising revenue | 409 | 196 | 103 | 109% | |||||||||||||||||||
Other media revenue | 27 | 18 | 7 | 50% | |||||||||||||||||||
Media revenue | $ | 3,056 | $ | 2,686 | $ | 1,139 | 14% | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Media programming and production expenses | $ | 2,793 | $ | 1,361 | $ | 769 | 105% | ||||||||||||||||
Media selling, general and administrative expenses (a) | 297 | 243 | 90 | 22% | |||||||||||||||||||
Depreciation and amortization expenses | 316 | 410 | 157 | (23)% | |||||||||||||||||||
Corporate general and administrative | 10 | 10 | 93 | —% | |||||||||||||||||||
Gain on asset dispositions and other, net of impairment | (43) | — | — | n/m | |||||||||||||||||||
Impairment of goodwill and definite-lived intangible assets | — | 4,264 | — | n/m | |||||||||||||||||||
Operating (loss) income (a) | $ | (317) | $ | (3,602) | $ | 30 | (91)% | ||||||||||||||||
Income from equity method investments | $ | 49 | $ | 6 | $ | 18 | 717% | ||||||||||||||||
Other income, net | $ | 15 | $ | 160 | $ | 200 | (91)% |
Percent Change Increase / (Decrease) | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ‘21 vs.‘20 | ‘20 vs.‘19 | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Distribution revenue | $ | 193 | $ | 199 | $ | 130 | (3)% | 53% | |||||||||||||||||||||
Advertising revenue | 217 | 131 | 110 | 66% | 19% | ||||||||||||||||||||||||
Other media revenues | 13 | 7 | 13 | 86% | (46)% | ||||||||||||||||||||||||
Media revenues (a) | $ | 423 | $ | 337 | $ | 253 | 26% | 33% | |||||||||||||||||||||
Non-media revenues (b) | $ | 58 | $ | 114 | $ | 217 | (49)% | (47)% | |||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||
Media expenses (c) | $ | 325 | $ | 254 | $ | 257 | 28% | (1)% | |||||||||||||||||||||
Non-media expenses (d) | $ | 60 | $ | 98 | $ | 168 | (39)% | (42)% | |||||||||||||||||||||
Amortization of program contract costs | $ | 17 | $ | 3 | $ | — | 467% | n/m | |||||||||||||||||||||
Corporate general and administrative expenses | $ | 1 | $ | 1 | $ | 1 | —% | —% | |||||||||||||||||||||
(Gain) loss on asset dispositions and other, net of impairments | $ | (4) | $ | 3 | $ | (4) | n/m | n/m | |||||||||||||||||||||
Operating income | $ | 51 | $ | 65 | $ | 26 | (22)% | 150% | |||||||||||||||||||||
Loss from equity method investments | $ | (4) | $ | (42) | $ | (53) | (90)% | (21)% |
Percent Change Increase/ (Decrease) | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ‘21 vs.‘20 | ‘20 vs.‘19 | |||||||||||||||||||||||||
Corporate general and administrative expenses | $ | 170 | $ | 148 | $ | 387 | 15% | (62)% | |||||||||||||||||||||
Interest expense including amortization of debt discount and deferred financing costs | $ | 618 | $ | 656 | $ | 422 | (6)% | 55% | |||||||||||||||||||||
Loss on extinguishment of debt | $ | (7) | $ | (10) | $ | (10) | (30) | — | |||||||||||||||||||||
Other (expense) income, net | $ | (14) | $ | 325 | $ | 6 | (104)% | n/m | |||||||||||||||||||||
Income tax benefit | $ | 173 | $ | 720 | $ | 96 | (76)% | 650% | |||||||||||||||||||||
Net income attributable to the redeemable noncontrolling interests | $ | (18) | $ | (56) | $ | (48) | (68) | 17 | |||||||||||||||||||||
Net (income) loss attributable to the noncontrolling interests | $ | (70) | $ | 71 | $ | (10) | n/m | n/m |
2021 | 2020 | 2019 | |||||||||||||||
Net cash flows from operating activities | $ | 327 | $ | 1,548 | $ | 916 | |||||||||||
Cash flows used in investing activities: | |||||||||||||||||
Acquisition of property and equipment | $ | (80) | $ | (157) | $ | (156) | |||||||||||
Acquisition of businesses, net of cash acquired | (4) | (16) | (8,999) | ||||||||||||||
Spectrum repack reimbursements | 24 | 90 | 62 | ||||||||||||||
Proceeds from the sale of assets | 43 | 36 | 8 | ||||||||||||||
Purchases of investments | (256) | (139) | (452) | ||||||||||||||
Other, net | 27 | 27 | 7 | ||||||||||||||
Net cash flows used in investing activities | $ | (246) | $ | (159) | $ | (9,530) | |||||||||||
Cash flows (used in) from financing activities: | |||||||||||||||||
Proceeds from notes payable and commercial bank financing | $ | 357 | $ | 1,819 | $ | 9,956 | |||||||||||
Repayments of notes payable, commercial bank financing, and finance leases | (601) | (1,739) | (1,236) | ||||||||||||||
Proceeds from the issuance of redeemable subsidiary preferred equity, net | — | — | 985 | ||||||||||||||
Repurchase of outstanding Class A Common Stock | (61) | (343) | (145) | ||||||||||||||
Dividends paid on Class A and Class B Common Stock | (60) | (63) | (73) | ||||||||||||||
Dividends paid on redeemable subsidiary preferred equity | (5) | (36) | (33) | ||||||||||||||
Redemption of redeemable subsidiary preferred equity | — | (547) | (297) | ||||||||||||||
Debt issuance costs | (1) | (19) | (199) | ||||||||||||||
Distributions to noncontrolling interests | (95) | (32) | (27) | ||||||||||||||
Distributions to redeemable noncontrolling interests | (6) | (383) | (5) | ||||||||||||||
Other, net | (52) | (117) | (39) | ||||||||||||||
Net cash flows (used in) from financing activities | $ | (524) | $ | (1,460) | $ | 8,887 |
EXHIBIT NO. | EXHIBIT DESCRIPTION | |||||||
4.7 | ||||||||
4.8 | Supplemental Indenture No. 2, dated as of December 20, 2019, to the Senior Notes Indenture, dated as of August 2, 2019, by and among the guarantors party thereto and U.S. Bank National Association, as trustee. (Incorporated by reference from Exhibit 4.8 to Registrant's Report on Form 10-K filed on March 1, 2021.) | |||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
10.1* | ||||||||
10.2* | ||||||||
10.3* | ||||||||
10.4* | ||||||||
10.5* | ||||||||
10.6* | ||||||||
10.7* | ||||||||
10.8* | ||||||||
10.9* | ||||||||
10.10* | ||||||||
10.11* | ||||||||
10.12* | ||||||||
10.13* | ||||||||
10.14* | ||||||||
10.15* | ||||||||
10.16* |
EXHIBIT NO. | EXHIBIT DESCRIPTION | |||||||
10.17* | ||||||||
10.18* | ||||||||
10.19* | ||||||||
10.20* | ||||||||
10.21* | ||||||||
10.22* | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 | ||||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 |
EXHIBIT NO. | EXHIBIT DESCRIPTION | |||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41 | ||||||||
10.42 | ||||||||
10.43 | ||||||||
10.44 | ||||||||
10.45 | ||||||||
21** | ||||||||
23** | ||||||||
24 | ||||||||
31.1*** | ||||||||
31.2*** | ||||||||
32.1*** | ||||||||
32.2*** |
EXHIBIT NO. | EXHIBIT DESCRIPTION | |||||||
99.1 | ||||||||
101 | The Company's Consolidated Financial Statements and related Notes for the year ended December, 31, 2021 from this Annual Report on Form 10-K, formatted in iXBRL (Inline eXtensible Business Reporting Language).** |
SINCLAIR BROADCAST GROUP, INC. | ||||||||
By: | /s/ Christopher S. Ripley | |||||||
Christopher S. Ripley | ||||||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Christopher S. Ripley | President and Chief Executive Officer | |||||||||||||
Christopher S. Ripley | March 1, 2022 | |||||||||||||
/s/ Lucy A. Rutishauser | Executive Vice President and Chief Financial Officer | |||||||||||||
Lucy A. Rutishauser | March 1, 2022 | |||||||||||||
/s/ David R. Bochenek | Senior Vice President and Chief Accounting Officer | |||||||||||||
David R. Bochenek | March 1, 2022 | |||||||||||||
/s/ David D. Smith | Chairman of the Board and Executive Chairman | |||||||||||||
David D. Smith | March 1, 2022 | |||||||||||||
/s/ Frederick G. Smith | ||||||||||||||
Frederick G. Smith | Director | March 1, 2022 | ||||||||||||
/s/ J. Duncan Smith | ||||||||||||||
J. Duncan Smith | Director | March 1, 2022 | ||||||||||||
/s/ Robert E. Smith | ||||||||||||||
Robert E. Smith | Director | March 1, 2022 | ||||||||||||
/s/ Lawrence E. McCanna | ||||||||||||||
Lawrence E. McCanna | Director | March 1, 2022 | ||||||||||||
/s/ Daniel C. Keith | ||||||||||||||
Daniel C. Keith | Director | March 1, 2022 | ||||||||||||
/s/ Martin R. Leader | ||||||||||||||
Martin R. Leader | Director | March 1, 2022 | ||||||||||||
/s/ Howard E. Friedman | ||||||||||||||
Howard E. Friedman | Director | March 1, 2022 | ||||||||||||
/s/ Benson E. Legg | ||||||||||||||
Benson E. Legg | Director | March 1, 2022 | ||||||||||||
/s/ Laurie R. Beyer | ||||||||||||||
Laurie R. Beyer | Director | March 1, 2022 | ||||||||||||
Page | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | F-2 | ||||
F-4 | |||||
F-5 | |||||
F-6 | |||||
F-7 | |||||
F-10 | |||||
F-11 |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Income taxes receivable | |||||||||||
Prepaid sports rights | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Deferred tax assets | |||||||||||
Restricted cash | |||||||||||
Goodwill | |||||||||||
Indefinite-lived intangible assets | |||||||||||
Customer relationships, net | |||||||||||
Other definite-lived intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets (a) | $ | $ | |||||||||
LIABILITIES , REDEEMABLE NON-CONTROLLING INTERESTS, AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Current portion of notes payable, finance leases, and commercial bank financing | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Current portion of program contracts payable | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Notes payable, finance leases, and commercial bank financing, less current portion | |||||||||||
Operating lease liabilities, less current portion | |||||||||||
Program contracts payable, less current portion | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities (a) | |||||||||||
Commitments and contingencies (See Note 13) | |||||||||||
Redeemable noncontrolling interests | |||||||||||
Shareholders' Equity: | |||||||||||
Class A Common Stock, $ | |||||||||||
Class B Common Stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Sinclair Broadcast Group shareholders’ deficit | ( | ( | |||||||||
Noncontrolling interests | |||||||||||
Total deficit | ( | ( | |||||||||
Total liabilities, redeemable noncontrolling interests, and equity | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
REVENUES: | |||||||||||||||||
Media revenues | $ | $ | $ | ||||||||||||||
Non-media revenues | |||||||||||||||||
Total revenues | |||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Media programming and production expenses | |||||||||||||||||
Media selling, general and administrative expenses | |||||||||||||||||
Amortization of program contract costs | |||||||||||||||||
Non-media expenses | |||||||||||||||||
Depreciation of property and equipment | |||||||||||||||||
Corporate general and administrative expenses | |||||||||||||||||
Amortization of definite-lived intangible and other assets | |||||||||||||||||
Impairment of goodwill and definite-lived intangible assets | |||||||||||||||||
Gain on asset dispositions and other, net of impairment | ( | ( | ( | ||||||||||||||
Total operating expenses | |||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||
Interest expense including amortization of debt discount and deferred financing costs | ( | ( | ( | ||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | ||||||||||||||
Income (loss) from equity method investments | ( | ( | |||||||||||||||
Other (expense) income, net | ( | ||||||||||||||||
Total other expense, net | ( | ( | ( | ||||||||||||||
(Loss) income before income taxes | ( | ( | |||||||||||||||
INCOME TAX BENEFIT | |||||||||||||||||
NET (LOSS) INCOME | ( | ( | |||||||||||||||
Net income attributable to the redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
Net (income) loss attributable to the noncontrolling interests | ( | ( | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP | $ | ( | $ | ( | $ | ||||||||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP: | |||||||||||||||||
Basic (loss) earnings per share | $ | ( | $ | ( | $ | ||||||||||||
Diluted (loss) earnings per share | $ | ( | $ | ( | $ | ||||||||||||
Basic weighted average common shares outstanding (in thousands) | |||||||||||||||||
Diluted weighted average common and common equivalent shares outstanding (in thousands) | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ||||||||||||
Adjustments to post-retirement obligations, net of taxes | ( | ( | |||||||||||||||
Share of other comprehensive gain (loss) of equity method investments | ( | ||||||||||||||||
Comprehensive (loss) income | ( | ( | |||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( | ( | |||||||||||||||
Comprehensive (loss) income attributable to Sinclair Broadcast Group | $ | ( | $ | ( | $ |
Sinclair Broadcast Group Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Values | Shares | Values | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2018 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of redeemable subsidiary preferred equity, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid on Class A and Class B Common Stock ($ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock converted into Class A Common Stock | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of Class A Common Stock | — | ( | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock issued pursuant to employee benefit plans | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests acquired in a business combination | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net | ( | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of redeemable subsidiary preferred equity, net of fees | ( | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | $ |
Sinclair Broadcast Group Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Values | Shares | Values | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid on Class A and Class B Common Stock ($ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of Class A Common Stock | — | ( | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock issued pursuant to employee benefit plans | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests issued | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to redeemable noncontrolling interests | ( | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of redeemable subsidiary preferred equity, net of fees | ( | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( |
Sinclair Broadcast Group Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Class A Common Stock | Class B Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Values | Shares | Values | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared and paid on Class A and Class B Common Stock ($ | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock converted into Class A Common Stock | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of Class A Common Stock | — | ( | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock issued pursuant to employee benefit plans | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests, net | ( | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( |
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ||||||||||||
Adjustments to reconcile net (loss) income to net cash flows from operating activities: | |||||||||||||||||
Impairment of goodwill and definite-lived intangible assets | |||||||||||||||||
Amortization of sports programming rights | |||||||||||||||||
Amortization of definite-lived intangible and other assets | |||||||||||||||||
Depreciation of property and equipment | |||||||||||||||||
Amortization of program contract costs | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Deferred tax benefit | ( | ( | ( | ||||||||||||||
Gain on asset disposition and other, net of impairment | ( | ( | ( | ||||||||||||||
(Income) loss from equity method investments | ( | ||||||||||||||||
Loss (income) from investments | ( | ||||||||||||||||
Distributions from investments | |||||||||||||||||
Sports programming rights payments | ( | ( | ( | ||||||||||||||
Rebate payments to distributors | ( | ||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Measurement adjustment gain on variable payment obligations | ( | ( | |||||||||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||||||||
(Increase) decrease in accounts receivable | ( | ||||||||||||||||
(Increase) decrease in prepaid expenses and other current assets | ( | ( | |||||||||||||||
Increase (decrease) in accounts payable and accrued and other current liabilities | ( | ||||||||||||||||
Net change in current and long-term net income taxes payable/receivable | ( | ( | ( | ||||||||||||||
Decrease in program contracts payable | ( | ( | ( | ||||||||||||||
Increase (decrease) in other long-term liabilities | ( | ||||||||||||||||
Other, net | |||||||||||||||||
Net cash flows from operating activities | |||||||||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | ( | ||||||||||||||
Spectrum repack reimbursements | |||||||||||||||||
Proceeds from the sale of assets | |||||||||||||||||
Purchases of investments | ( | ( | ( | ||||||||||||||
Other, net | |||||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | ||||||||||||||
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from notes payable and commercial bank financing | |||||||||||||||||
Repayments of notes payable, commercial bank financing, and finance leases | ( | ( | ( | ||||||||||||||
Proceeds from the issuance of redeemable subsidiary preferred equity, net | |||||||||||||||||
Repurchase of outstanding Class A Common Stock | ( | ( | ( | ||||||||||||||
Dividends paid on Class A and Class B Common Stock | ( | ( | ( | ||||||||||||||
Dividends paid on redeemable subsidiary preferred equity | ( | ( | ( | ||||||||||||||
Redemption of redeemable subsidiary preferred equity | ( | ( | |||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||
Distributions to noncontrolling interests, net | ( | ( | ( | ||||||||||||||
Distributions to redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Net cash flows (used in) from financing activities | ( | ( | |||||||||||||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | |||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | |||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||
Charged to expense | |||||||||||||||||
Net write-offs | ( | ( | ( | ||||||||||||||
Balance at end of period | $ | $ | $ |
2021 | 2020 | ||||||||||
Compensation and employee benefits | $ | $ | |||||||||
Interest | |||||||||||
Programming related obligations | |||||||||||
Legal, litigation, and regulatory | |||||||||||
Accounts payable and other operating expenses | |||||||||||
Total accounts payable and accrued liabilities | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Income taxes paid | $ | $ | $ | ||||||||||||||
Income tax refunds | $ | $ | $ | ||||||||||||||
Interest paid | $ | $ | $ |
For the year ended December 31, 2021 | Broadcast | Local sports | Other | Eliminations | Total | ||||||||||||||||||||||||
Distribution revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Advertising revenue | ( | ||||||||||||||||||||||||||||
Other media, non-media, and intercompany revenue | ( | ||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
For the year ended December 31, 2020 | Broadcast | Local sports | Other | Eliminations | Total | ||||||||||||||||||||||||
Distribution revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Advertising revenue | ( | ||||||||||||||||||||||||||||
Other media, non-media, and intercompany revenue | ( | ||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
For the year ended December 31, 2019 | Broadcast | Local sports | Other | Eliminations | Total | ||||||||||||||||||||||||
Distribution revenue | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Advertising revenue | ( | ||||||||||||||||||||||||||||
Other media, non-media, and intercompany revenue | ( | ||||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | ( | $ |
Cash and cash equivalents | $ | ||||
Accounts receivable, net | |||||
Prepaid expenses and other current assets | |||||
Property and equipment, net | |||||
Customer relationships, net | |||||
Other definite-lived intangible assets, net | |||||
Other assets | |||||
Accounts payable and accrued liabilities | ( | ||||
Other long-term liabilities | ( | ||||
Goodwill | |||||
Fair value of identifiable net assets acquired | $ | ||||
Redeemable noncontrolling interests | ( | ||||
Noncontrolling interests | ( | ||||
Gross purchase price | $ | ||||
Purchase price, net of cash acquired | $ |
2021 | 2020 | 2019 | |||||||||||||||
Revenues: | |||||||||||||||||
Acquired RSNs | $ | $ | $ | ||||||||||||||
Other acquisitions in 2020 | |||||||||||||||||
Other acquisitions in 2021 | |||||||||||||||||
Total net revenues | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Operating (Loss) Income: | |||||||||||||||||
Acquired RSNs (a) | $ | ( | $ | ( | $ | ||||||||||||
Other acquisitions in 2020 | ( | ( | |||||||||||||||
Other acquisitions in 2021 | ( | ||||||||||||||||
Total operating (loss) income | $ | ( | $ | ( | $ |
Unaudited | |||||
2019 | |||||
Total revenues | $ | ||||
Net income | $ | ||||
Net income attributable to Sinclair Broadcast Group | $ | ||||
Basic earnings per share attributable to Sinclair Broadcast Group | $ | ||||
Diluted earnings per share attributable to Sinclair Broadcast Group | $ |
RSAs | Weighted-Average Price | ||||||||||
Unvested shares at December 31, 2020 | $ | ||||||||||
2021 Activity: | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested shares at December 31, 2021 | $ |
SARs | Weighted-Average Price | ||||||||||
Outstanding SARs at December 31, 2020 | $ | ||||||||||
2021 Activity: | |||||||||||
Granted | |||||||||||
Exercised | ( | ||||||||||
Outstanding SARs at December 31, 2021 | $ |
2021 | 2020 | 2019 | |||||||||||||||
Risk-free interest rate | % | % | |||||||||||||||
Expected years to exercise | |||||||||||||||||
Expected volatility | % | % | % | ||||||||||||||
Annual dividend yield | % | % |
Buildings and improvements | ||||||||
Operating equipment | ||||||||
Office furniture and equipment | ||||||||
Leasehold improvements | Lesser of | |||||||
Automotive equipment | ||||||||
Property and equipment under finance leases | Lease term |
2021 | 2020 | ||||||||||
Land and improvements | $ | $ | |||||||||
Real estate held for development and sale | |||||||||||
Buildings and improvements | |||||||||||
Operating equipment | |||||||||||
Office furniture and equipment | |||||||||||
Leasehold improvements | |||||||||||
Automotive equipment | |||||||||||
Finance lease assets | |||||||||||
Construction in progress | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
$ | $ |
Broadcast | Local sports | Other | Consolidated | ||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||||||||||||||
Assets held for sale (b) | ( | ( | |||||||||||||||||||||
Impairment | ( | ( | |||||||||||||||||||||
Balance at December 31, 2020 | |||||||||||||||||||||||
Disposition (a) | ( | ( | ( | ||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ |
Broadcast | Other | Consolidated | |||||||||||||||
Balance at December 31, 2019 (a) | $ | $ | $ | ||||||||||||||
Acquisition / Disposition (c) | |||||||||||||||||
Balance at December 31, 2020 (a) (b) | |||||||||||||||||
Acquisition / Disposition (c) | ( | ( | |||||||||||||||
Balance at December 31, 2021 (a) (b) | $ | $ | $ |
As of December 31, 2021 | |||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships | $ | $ | ( | $ | |||||||||||||
Network affiliation | ( | ||||||||||||||||
Favorable sports contracts | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
Total other definite-lived intangible assets, net (a) | $ | $ | ( | $ |
As of December 31, 2020 | |||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Customer relationships (b) | $ | $ | ( | $ | |||||||||||||
Network affiliation | ( | ||||||||||||||||
Favorable sports contracts (b) | ( | ||||||||||||||||
Other | ( | ||||||||||||||||
Total other definite-lived intangible assets, net (a) | $ | $ | ( | $ |
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 and thereafter | |||||
$ |
2021 | 2020 | ||||||||||
Equity method investments | $ | $ | |||||||||
Other investments | |||||||||||
Post-retirement plan assets | |||||||||||
Other | |||||||||||
Total other assets | $ | $ |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues, net | $ | $ | $ | ||||||||||||||
Operating income | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Current assets | $ | $ | |||||||||
Noncurrent assets | $ | $ | |||||||||
Current liabilities | $ | $ | |||||||||
Noncurrent liabilities | $ | $ |
2021 | 2020 | ||||||||||
STG Bank Credit Agreement: | |||||||||||
Term Loan B-1, due January 3, 2024 | $ | $ | |||||||||
Term Loan B-2, due September 30, 2026 | |||||||||||
Term Loan B-3, due April 1, 2028 (a) | |||||||||||
DSG Bank Credit Agreement (b): | |||||||||||
Term Loan, due August 24, 2026 | |||||||||||
STG Notes: | |||||||||||
DSG Notes: | |||||||||||
DSG Accounts Receivable Securitization Facility (c) | |||||||||||
Debt of variable interest entities | |||||||||||
Debt of non-media subsidiaries | |||||||||||
Finance leases | |||||||||||
Finance leases - affiliate | |||||||||||
Total outstanding principal | |||||||||||
Less: Deferred financing costs and discounts | ( | ( | |||||||||
Less: Current portion | ( | ( | |||||||||
Less: Finance leases - affiliate, current portion | ( | ( | |||||||||
Net carrying value of long-term debt | $ | $ |
Notes and Bank Credit Agreements | Finance Leases | Total | |||||||||||||||
2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 and thereafter | |||||||||||||||||
Total minimum payments | |||||||||||||||||
Less: Deferred financing costs, discounts, and premiums | ( | — | ( | ||||||||||||||
Less: Amount representing future interest | — | ( | ( | ||||||||||||||
Net carrying value of debt | $ | $ | $ |
Weighted Average Effective Rate | ||||||||||||||||||||
Stated Rate | 2021 | 2020 | ||||||||||||||||||
STG Bank Credit Agreement: | ||||||||||||||||||||
Term Loan B | LIBOR plus | |||||||||||||||||||
Term Loan B-2 | LIBOR plus | |||||||||||||||||||
Term Loan B-3 | LIBOR plus | |||||||||||||||||||
Revolving Credit Facility (a) | LIBOR plus | |||||||||||||||||||
DSG Bank Credit Agreement (b): | ||||||||||||||||||||
Term Loan | LIBOR plus | |||||||||||||||||||
Revolving Credit Facility (c) | LIBOR plus | |||||||||||||||||||
DSG Accounts Receivable Securitization Facility (d) | LIBOR plus | |||||||||||||||||||
STG Notes: | ||||||||||||||||||||
DSG Notes: | ||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Finance lease expense: | |||||||||||||||||
Amortization of finance lease asset | $ | $ | $ | ||||||||||||||
Interest on lease liabilities | |||||||||||||||||
Total finance lease expense | |||||||||||||||||
Operating lease expense (a) | |||||||||||||||||
Total lease expense | $ | $ | $ |
Operating Leases | Finance Leases | Total | |||||||||||||||
2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
2027 and thereafter | |||||||||||||||||
Total undiscounted obligations | |||||||||||||||||
Less imputed interest | ( | ( | ( | ||||||||||||||
Present value of lease obligations | $ | $ | $ |
2021 | 2020 | |||||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||||||
$ | $ | (a) | $ | $ | (a) | |||||||||||||||||||||
Total lease liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average remaining lease term (in years) | ||||||||||||||||||||||||||
Weighted average discount rate | % | % | % | % |
2021 | 2020 | 2019 | |||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | ||||||||||||||
Operating cash flows from finance leases | $ | $ | $ | ||||||||||||||
Financing cash flows from finance leases | $ | $ | $ | ||||||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | $ | $ | ||||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | $ | $ | $ |
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Total | |||||
Less: Current portion | |||||
Long-term portion of program contracts payable | $ |
2021 | 2020 | 2019 | |||||||||||||||
Current (benefit) provision for income taxes: | |||||||||||||||||
Federal | $ | ( | $ | ( | $ | ( | |||||||||||
State | ( | ||||||||||||||||
( | ( | ( | |||||||||||||||
Deferred benefit for income taxes: | |||||||||||||||||
Federal | ( | ( | ( | ||||||||||||||
State | ( | ( | ( | ||||||||||||||
( | ( | ( | |||||||||||||||
Benefit for income taxes | $ | ( | $ | ( | $ | ( |
2021 | 2020 | 2019 | |||||||||||||||
Federal statutory rate | % | % | % | ||||||||||||||
Adjustments: | |||||||||||||||||
Federal tax credits (a) | % | % | ( | % | |||||||||||||
Net Operating Loss Carryback (b) | % | % | % | ||||||||||||||
State income taxes, net of federal tax benefit (c) | ( | % | % | % | |||||||||||||
Noncontrolling interest (d) | % | % | ( | % | |||||||||||||
Valuation allowance (e) | ( | % | ( | % | ( | % | |||||||||||
Change in unrecognized tax benefits (f) | ( | % | ( | % | % | ||||||||||||
Stock-based compensation | ( | % | ( | % | ( | % | |||||||||||
Non-deductible items (g) | ( | % | % | % | |||||||||||||
Effect of consolidated VIEs (h) | % | ( | % | % | |||||||||||||
Spectrum sales (i) | % | % | ( | % | |||||||||||||
Capital loss carryback (j) | % | % | ( | % | |||||||||||||
Other | ( | % | % | ( | % | ||||||||||||
Effective income tax rate | % | % | ( | % |
2021 | 2020 | ||||||||||
Deferred Tax Assets: | |||||||||||
Net operating losses: | |||||||||||
Federal | $ | $ | |||||||||
State | |||||||||||
Goodwill and intangible assets | |||||||||||
Basis in DSH | |||||||||||
Tax Credits | |||||||||||
Other | |||||||||||
Valuation allowance for deferred tax assets | ( | ( | |||||||||
Total deferred tax assets | $ | $ | |||||||||
Deferred Tax Liabilities: | |||||||||||
Goodwill and intangible assets | $ | ( | $ | ( | |||||||
Property & equipment, net | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total deferred tax liabilities | ( | ( | |||||||||
Net deferred tax assets | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Balance at January 1, | $ | $ | $ | ||||||||||||||
Additions related to prior year tax positions | |||||||||||||||||
Additions related to current year tax positions | |||||||||||||||||
Reductions related to prior year tax positions | ( | ||||||||||||||||
Reductions related to settlements with taxing authorities | ( | ||||||||||||||||
Reductions related to expiration of the applicable statute of limitations | ( | ||||||||||||||||
Balance at December 31, | $ | $ | $ |
(in millions) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 and thereafter | |||||
Total | $ |
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Prepaid sports rights | |||||||||||
Other current assets | |||||||||||
Total current asset | |||||||||||
Property and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Goodwill and indefinite-lived intangible assets | |||||||||||
Definite-lived intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Current liabilities: | |||||||||||
Other current liabilities | $ | $ | |||||||||
Notes payable, finance leases, and commercial bank financing, less current portion | |||||||||||
Operating lease liabilities, less current portion | |||||||||||
Program contracts payable, less current portion | |||||||||||
Other long term liabilities | |||||||||||
Total liabilities | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Income (Numerator) | |||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ||||||||||||
Net income attributable to the redeemable noncontrolling interests | ( | ( | ( | ||||||||||||||
Net (income) loss attributable to the noncontrolling interests | ( | ( | |||||||||||||||
Numerator for basic and diluted earnings per common share available to common shareholders | $ | ( | $ | ( | $ | ||||||||||||
Shares (Denominator) | |||||||||||||||||
Basic weighted-average common shares outstanding | |||||||||||||||||
Dilutive effect of stock settled appreciation rights and outstanding stock options | |||||||||||||||||
Diluted weighted-average common and common equivalent shares outstanding |
2021 | 2020 | 2019 | |||||||||||||||
Weighted-average stock-settled appreciation rights and outstanding stock options excluded |
As of December 31, 2021 | Broadcast | Local sports | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Assets | ( | |||||||||||||||||||||||||||||||
Capital expenditures |
As of December 31, 2020 | Broadcast | Local sports | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Assets | ( | |||||||||||||||||||||||||||||||
Capital expenditures |
For the year ended December 31, 2021 | Broadcast | Local sports | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ( | (c) | $ | |||||||||||||||||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | ( | |||||||||||||||||||||||||||||||
Amortization of sports programming rights (a) | ||||||||||||||||||||||||||||||||
Amortization of program contract costs | ||||||||||||||||||||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||||||||||||||||
Gain on asset dispositions and other, net of impairment | ( | (b) | ( | (b) | ( | ( | ||||||||||||||||||||||||||
Operating income (loss) | (b) | ( | (b) | ( | ||||||||||||||||||||||||||||
Interest expense including amortization of debt discount and deferred financing costs | ( | |||||||||||||||||||||||||||||||
Income (loss) from equity method investments | ( |
For the year ended December 31, 2020 | Broadcast | Local sports | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ( | (c) | $ | |||||||||||||||||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | ( | |||||||||||||||||||||||||||||||
Amortization of sports programming rights (a) | ||||||||||||||||||||||||||||||||
Amortization of program contract costs | ||||||||||||||||||||||||||||||||
Corporate general and administrative expenses | ||||||||||||||||||||||||||||||||
(Gain) loss on asset dispositions and other, net of impairment | ( | (b) | ( | |||||||||||||||||||||||||||||
Impairment of goodwill and definite-lived intangible assets | ||||||||||||||||||||||||||||||||
Operating income (loss) | (b) | ( | ( | ( | ||||||||||||||||||||||||||||
Interest expense including amortization of debt discount and deferred financing costs | ( | |||||||||||||||||||||||||||||||
Income (loss) from equity method investments | ( | ( |
For the year ended December 31, 2019 | Broadcast | Local sports | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ( | (c) | $ | |||||||||||||||||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | ( | |||||||||||||||||||||||||||||||
Amortization of sports programming rights (a) | ||||||||||||||||||||||||||||||||
Amortization of program contract costs | ||||||||||||||||||||||||||||||||
Corporate general and administrative expenses | ( | |||||||||||||||||||||||||||||||
Gain on asset dispositions and other, net of impairment | ( | (b) | ( | ( | ||||||||||||||||||||||||||||
Operating income (loss) | (b) | ( | ( | |||||||||||||||||||||||||||||
Interest expense including amortization of debt discount and deferred financing costs | ( | |||||||||||||||||||||||||||||||
Income (loss) from equity method investments | ( | ( |
2021 | 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Level 1: | |||||||||||||||||||||||
Investments in equity securities | $ | $ | $ | $ | |||||||||||||||||||
STG: | |||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||
Deferred compensation assets | |||||||||||||||||||||||
Deferred compensation liabilities | |||||||||||||||||||||||
DSG: | |||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||
Investments in equity securities (a) | |||||||||||||||||||||||
STG (b): | |||||||||||||||||||||||
Term Loan B | |||||||||||||||||||||||
Term Loan B-2 | |||||||||||||||||||||||
Term Loan B-3 (c) | |||||||||||||||||||||||
DSG (b): | |||||||||||||||||||||||
Term Loan | |||||||||||||||||||||||
Accounts Receivable Securitization Facility | |||||||||||||||||||||||
Debt of variable interest entities (b) | |||||||||||||||||||||||
Debt of non-media subsidiaries (b) | |||||||||||||||||||||||
Level 3: | |||||||||||||||||||||||
Investments in equity securities (d) | |||||||||||||||||||||||
Options and Warrants | |||||
Fair value at December 31, 2019 | $ | ||||
Acquisition | |||||
Measurement adjustments | |||||
Fair value at December 31, 2020 | $ | ||||
Measurement adjustments | ( | ||||
Fair value at December 31, 2021 | $ |
Sinclair Broadcast Group, Inc. | Sinclair Television Group, Inc. | Guarantor Subsidiaries and KDSM, LLC | Non- Guarantor Subsidiaries | Eliminations | Sinclair Consolidated | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||
Other current assets | ( | ||||||||||||||||||||||||||||||||||
Total current assets | ( | ||||||||||||||||||||||||||||||||||
Property and equipment, net | ( | ||||||||||||||||||||||||||||||||||
Investment in equity of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Definite-lived intangible assets, net | ( | ||||||||||||||||||||||||||||||||||
Other long-term assets | ( | ||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Current portion of long-term debt | ( | ||||||||||||||||||||||||||||||||||
Other current liabilities | ( | ||||||||||||||||||||||||||||||||||
Total current liabilities | ( | ||||||||||||||||||||||||||||||||||
Long-term debt | ( | ||||||||||||||||||||||||||||||||||
Investment in deficit of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | ( | ||||||||||||||||||||||||||||||||||
Total liabilities | ( | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | |||||||||||||||||||||||||||||||||||
Total Sinclair Broadcast Group (deficit) equity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | |||||||||||||||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interests, and equity | $ | $ | $ | $ | $ | ( | $ |
Sinclair Broadcast Group, Inc. | Sinclair Television Group, Inc. | Guarantor Subsidiaries and KDSM, LLC | Non- Guarantor Subsidiaries | Eliminations | Sinclair Consolidated | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||
Other current assets | ( | ||||||||||||||||||||||||||||||||||
Total current assets | ( | ||||||||||||||||||||||||||||||||||
Property and equipment, net | ( | ||||||||||||||||||||||||||||||||||
Investment in equity of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Definite-lived intangible assets | ( | ||||||||||||||||||||||||||||||||||
Other long-term assets | ( | ||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Current portion of long-term debt | ( | ||||||||||||||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||||||||||||||
Total current liabilities | ( | ||||||||||||||||||||||||||||||||||
Long-term debt | ( | ||||||||||||||||||||||||||||||||||
Investment in deficit of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Other liabilities | ( | ||||||||||||||||||||||||||||||||||
Total liabilities | ( | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | |||||||||||||||||||||||||||||||||||
Total Sinclair Broadcast Group (deficit) equity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated subsidiaries | |||||||||||||||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interests, and equity | $ | $ | $ | $ | $ | ( | $ |
Sinclair Broadcast Group, Inc. | Sinclair Television Group, Inc. | Guarantor Subsidiaries and KDSM, LLC | Non- Guarantor Subsidiaries | Eliminations | Sinclair Consolidated | ||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Media programming and production expenses | ( | ||||||||||||||||||||||||||||||||||
Selling, general and administrative | ( | ||||||||||||||||||||||||||||||||||
Depreciation, amortization and other operating expenses | ( | ||||||||||||||||||||||||||||||||||
Total operating expenses | ( | ||||||||||||||||||||||||||||||||||
Operating (loss) income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Equity in (loss) earnings of consolidated subsidiaries | ( | ( | |||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other (expense) income | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total other (expense) income, net | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Income tax benefit (provision) | ( | ||||||||||||||||||||||||||||||||||
Net (loss) income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net income attributable to the redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Net income attributable to the noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Net (loss) income attributable to Sinclair Broadcast Group | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Comprehensive (loss) income | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( |
Sinclair Broadcast Group, Inc. | Sinclair Television Group, Inc. | Guarantor Subsidiaries and KDSM, LLC | Non- Guarantor Subsidiaries | Eliminations | Sinclair Consolidated | ||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Media programming and production expenses | ( | ||||||||||||||||||||||||||||||||||
Selling, general and administrative | ( | ||||||||||||||||||||||||||||||||||
Impairment of goodwill and definite-lived intangible assets | |||||||||||||||||||||||||||||||||||
Depreciation, amortization and other operating expenses | ( | ||||||||||||||||||||||||||||||||||
Total operating expenses | ( | ||||||||||||||||||||||||||||||||||
Operating (loss) income | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Equity in (loss) earnings of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other income (expense) | ( | ( | |||||||||||||||||||||||||||||||||
Total other (expense) income, net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Income tax benefit | |||||||||||||||||||||||||||||||||||
Net (loss) income | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net income attributable to the redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Net loss attributable to the noncontrolling interests | |||||||||||||||||||||||||||||||||||
Net (loss) income attributable to Sinclair Broadcast Group | $ | ( | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Comprehensive (loss) income | $ | ( | $ | $ | $ | ( | $ | $ | ( |
Sinclair Broadcast Group, Inc. | Sinclair Television Group, Inc. | Guarantor Subsidiaries and KDSM, LLC | Non- Guarantor Subsidiaries | Eliminations | Sinclair Consolidated | ||||||||||||||||||||||||||||||
Net revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Media programming and production expenses | ( | ||||||||||||||||||||||||||||||||||
Selling, general and administrative | ( | ||||||||||||||||||||||||||||||||||
Depreciation, amortization and other operating expenses | ( | ( | |||||||||||||||||||||||||||||||||
Total operating expenses | ( | ||||||||||||||||||||||||||||||||||
Operating (loss) income | ( | ( | ( | ||||||||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | ( | ||||||||||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other income (expense) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total other income (expense), net | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Income tax benefit (provision) | ( | ||||||||||||||||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Net income attributable to the noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Sinclair Broadcast Group | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ | ( | $ | ( | $ |
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 | $ | ( | $ | ( | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||||||||||||||||||||||||||
Proceeds from the sale of assets | |||||||||||||||||||||||||||||||||||
Purchases of investments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Spectrum repack reimbursements | |||||||||||||||||||||||||||||||||||
Other, net | ( | ( | |||||||||||||||||||||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Proceeds from notes payable and commercial bank financing | ( | ||||||||||||||||||||||||||||||||||
Repayments of notes payable, commercial bank financing and finance leases | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Dividends paid on Class A and Class B Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Repurchase of outstanding Class A Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends paid on redeemable subsidiary preferred equity | ( | ( | |||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Distributions to redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Increase (decrease) in intercompany payables | ( | ||||||||||||||||||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net cash flows from (used in) financing activities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | ( | ||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | |||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | $ | $ | $ | $ | $ |
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 | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||||||||||||||||||||||||||
Proceeds from the sale of assets | |||||||||||||||||||||||||||||||||||
Purchases of investments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Spectrum repack reimbursements | |||||||||||||||||||||||||||||||||||
Other, net | ( | ||||||||||||||||||||||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Proceeds from notes payable and commercial bank financing | |||||||||||||||||||||||||||||||||||
Repayments of notes payable, commercial bank financing and finance leases | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Dividends paid on Class A and Class B Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Repurchases of outstanding Class A Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends paid on redeemable subsidiary preferred equity | ( | ( | |||||||||||||||||||||||||||||||||
Redemption of redeemable subsidiary preferred equity | ( | ( | |||||||||||||||||||||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Distributions to redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Increase (decrease) in intercompany payables | ( | ( | |||||||||||||||||||||||||||||||||
Other, net | ( | ( | |||||||||||||||||||||||||||||||||
Net cash flows from (used in) financing activities | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | ( | ||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | |||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | $ | $ | $ | $ | $ |
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 | $ | ( | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Acquisition of property and equipment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||||||||||||||||||||||||||
Spectrum repack reimbursements | |||||||||||||||||||||||||||||||||||
Proceeds from the sale of assets | |||||||||||||||||||||||||||||||||||
Purchases of investments | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other, net | ( | ||||||||||||||||||||||||||||||||||
Net cash flows used in investing activities | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||
Proceeds from notes payable and commercial bank financing | |||||||||||||||||||||||||||||||||||
Repayments of notes payable, commercial bank financing and finance leases | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Proceeds from the issuance of redeemable subsidiary preferred equity, net | |||||||||||||||||||||||||||||||||||
Dividends paid on Class A and Class B Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Dividends paid on redeemable subsidiary preferred equity | ( | ( | |||||||||||||||||||||||||||||||||
Repurchase of outstanding Class A Common Stock | ( | ( | |||||||||||||||||||||||||||||||||
Redemption of redeemable subsidiary preferred equity | ( | ( | |||||||||||||||||||||||||||||||||
Debt issuance costs | ( | ( | ( | ||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Distributions to redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||
Increase (decrease) in intercompany payables | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net cash flows from (used in) financing activities | ( | ( | ( | ||||||||||||||||||||||||||||||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | |||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period | |||||||||||||||||||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period | $ | $ | $ | $ | $ | $ |
For the Quarter Ended | |||||||||||||||||||||||
3/31/2021 | 6/30/2021 | 9/30/2021 | 12/31/21 | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net (loss) income attributable to Sinclair Broadcast Group | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Basic (loss) earnings per common share | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted (loss) earnings per common share | $ | ( | $ | ( | $ | $ | ( |
For the Quarter Ended | |||||||||||||||||||||||
3/31/2020 | 6/30/2020 | 9/30/2020 | 12/31/20 | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income (loss) attributable to Sinclair Broadcast Group | $ | $ | $ | ( | $ | ||||||||||||||||||
Basic earnings (loss) per common share | $ | $ | $ | ( | $ | ||||||||||||||||||
Diluted earnings (loss) per common share | $ | $ | $ | ( | $ |
Date: | March 1, 2022 | |||||||||||||
/s/ Christopher S. Ripley | ||||||||||||||
Signature: | Christopher S. Ripley | |||||||||||||
Chief Executive Officer |
Date: | March 1, 2022 | |||||||||||||
/s/ Lucy A. Rutishauser | ||||||||||||||
Signature: | Lucy A. Rutishauser | |||||||||||||
Chief Financial Officer |
/s/ Christopher S. Ripley | |||||
Christopher S. Ripley | |||||
Chief Executive Officer | |||||
March 1, 2022 |
/s/ Lucy A. Rutishauser | |||||
Lucy A. Rutishauser | |||||
Chief Financial Officer | |||||
March 1, 2022 |
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AUDIT INFORMATION |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Baltimore, Maryland |
Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts receivable, allowance for doubtful accounts | $ 7 | $ 5 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 49,314,303 | 49,252,671 |
Common stock, shares outstanding (in shares) | 49,314,303 | 49,252,671 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 140,000,000 | 140,000,000 |
Common stock, shares issued (in shares) | 23,775,056 | 24,727,682 |
Common stock, shares outstanding (in shares) | 23,775,056 | 24,727,682 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
REVENUES: | |||
Media revenues | $ 6,083 | $ 5,843 | $ 4,046 |
Non-media revenues | 51 | 100 | 194 |
Total revenues | 6,134 | 5,943 | 4,240 |
OPERATING EXPENSES: | |||
Media programming and production expenses | 4,291 | 2,735 | 2,073 |
Media selling, general and administrative expenses | 908 | 832 | 732 |
Amortization of program contract costs | 93 | 86 | 90 |
Non-media expenses | 57 | 91 | 156 |
Depreciation of property and equipment | 114 | 102 | 97 |
Corporate general and administrative expenses | 170 | 148 | 387 |
Amortization of definite-lived intangible and other assets | 477 | 572 | 327 |
Impairment of goodwill and definite-lived intangible assets | 0 | 4,264 | 0 |
Gain on asset dispositions and other, net of impairment | (71) | (115) | (92) |
Total operating expenses | 6,039 | 8,715 | 3,770 |
Operating income (loss) | 95 | (2,772) | 470 |
OTHER INCOME (EXPENSE): | |||
Interest expense including amortization of debt discount and deferred financing costs | (618) | (656) | (422) |
Loss on extinguishment of debt | (7) | (10) | (10) |
Income (loss) from equity method investments | 45 | (36) | (35) |
Other (expense) income, net | (14) | 325 | 6 |
Total other expense, net | (594) | (377) | (461) |
(Loss) income before income taxes | (499) | (3,149) | 9 |
INCOME TAX BENEFIT | 173 | 720 | 96 |
NET (LOSS) INCOME | (326) | (2,429) | 105 |
Net income attributable to the redeemable noncontrolling interests | (18) | (56) | (48) |
Net (income) loss attributable to the noncontrolling interests | (70) | 71 | (10) |
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP | $ (414) | $ (2,414) | $ 47 |
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP: | |||
Basic (loss) earnings per share (in dollars per share) | $ (5.51) | $ (30.20) | $ 0.52 |
Diluted (loss) earnings per share (in dollars per share) | $ (5.51) | $ (30.20) | $ 0.51 |
Basic weighted average common shares outstanding (in shares) | 75,050 | 79,924 | 92,015 |
Diluted weighted average common and common equivalent shares outstanding (in shares) | 75,050 | 79,924 | 93,185 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (326) | $ (2,429) | $ 105 |
Adjustments to post-retirement obligations, net of taxes | 1 | (1) | (1) |
Share of other comprehensive gain (loss) of equity method investments | 7 | (7) | 0 |
Comprehensive (loss) income | (318) | (2,437) | 104 |
Comprehensive income attributable to redeemable noncontrolling interests | (18) | (56) | (48) |
Comprehensive (income) loss attributable to noncontrolling interests | (70) | 71 | (10) |
Comprehensive (loss) income attributable to Sinclair Broadcast Group | $ (406) | $ (2,422) | $ 46 |
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions |
Total |
Class A Common Stock |
Class B Common Stock |
Common Stock
Class A Common Stock
|
Common Stock
Class B Common Stock
|
Additional Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Loss |
Noncontrolling Interests |
---|---|---|---|---|---|---|---|---|---|
BALANCE at Dec. 31, 2018 | $ 0 | ||||||||
Increase (Decrease) in Temporary Equity | |||||||||
Issuance of redeemable subsidiary preferred equity, net of issuance costs | 985 | ||||||||
Noncontrolling interests issued | 380 | ||||||||
Distributions to noncontrolling interests, net | (38) | ||||||||
Redemption of redeemable subsidiary preferred equity, net of fees | (297) | ||||||||
Net income (loss) | 48 | ||||||||
BALANCE at Dec. 31, 2019 | 1,078 | ||||||||
BALANCE (in shares) at Dec. 31, 2018 | 68,897,723 | 25,670,684 | |||||||
BALANCE at Dec. 31, 2018 | 1,600 | $ 1 | $ 0 | $ 1,121 | $ 518 | $ (1) | $ (39) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Dividends declared and paid on Class A and Class B Common Stock | (73) | (73) | |||||||
Class B Common Stock converted into Class A Common Stock (in shares) | 943,002 | (943,002) | |||||||
Repurchase of Class A Common Stock (in shares) | (4,555,487) | ||||||||
Repurchases of Class A Common Stock | (145) | (145) | |||||||
Class A Common Stock issued pursuant to employee benefit plans (in shares) | 1,544,872 | ||||||||
Class A Common Stock issued pursuant to employee benefit plans | 35 | 35 | |||||||
Noncontrolling interests acquired in a business combination | 248 | 248 | |||||||
Distributions to noncontrolling interests, net | (27) | (27) | |||||||
Other comprehensive income (loss) | (1) | (1) | |||||||
Net income (loss) | 57 | 47 | 10 | ||||||
BALANCE (in shares) at Dec. 31, 2019 | 66,830,110 | 24,727,682 | |||||||
BALANCE at Dec. 31, 2019 | 1,694 | $ 1 | $ 0 | 1,011 | 492 | (2) | 192 | ||
Increase (Decrease) in Temporary Equity | |||||||||
Noncontrolling interests issued | 22 | ||||||||
Distributions to noncontrolling interests, net | 0 | ||||||||
Distributions to redeemable noncontrolling interests | (419) | ||||||||
Redemption of redeemable subsidiary preferred equity, net of fees | (547) | ||||||||
Net income (loss) | 56 | ||||||||
BALANCE at Dec. 31, 2020 | 190 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Dividends declared and paid on Class A and Class B Common Stock | (64) | (64) | |||||||
Repurchase of Class A Common Stock (in shares) | (19,418,934) | ||||||||
Repurchases of Class A Common Stock | (343) | (343) | |||||||
Class A Common Stock issued pursuant to employee benefit plans (in shares) | 1,841,495 | ||||||||
Class A Common Stock issued pursuant to employee benefit plans | 53 | 53 | |||||||
Distributions to noncontrolling interests, net | (32) | (32) | |||||||
Other comprehensive income (loss) | (8) | (8) | |||||||
Net income (loss) | (2,485) | (2,414) | (71) | ||||||
BALANCE (in shares) at Dec. 31, 2020 | 49,252,671 | 24,727,682 | 49,252,671 | 24,727,682 | |||||
BALANCE at Dec. 31, 2020 | (1,185) | $ 1 | $ 0 | 721 | (1,986) | (10) | 89 | ||
Increase (Decrease) in Temporary Equity | |||||||||
Distributions to noncontrolling interests, net | (11) | ||||||||
Net income (loss) | 18 | ||||||||
BALANCE at Dec. 31, 2021 | 197 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Dividends declared and paid on Class A and Class B Common Stock | (60) | (60) | |||||||
Class B Common Stock converted into Class A Common Stock (in shares) | 952,626 | (952,626) | |||||||
Repurchase of Class A Common Stock (in shares) | (2,438,585) | ||||||||
Repurchases of Class A Common Stock | (61) | (61) | |||||||
Class A Common Stock issued pursuant to employee benefit plans (in shares) | 1,547,591 | ||||||||
Class A Common Stock issued pursuant to employee benefit plans | 31 | 31 | |||||||
Distributions to noncontrolling interests, net | (95) | (95) | |||||||
Other comprehensive income (loss) | 8 | 8 | |||||||
Net income (loss) | (344) | (414) | 70 | ||||||
BALANCE (in shares) at Dec. 31, 2021 | 49,314,303 | 23,775,056 | 49,314,303 | 23,775,056 | |||||
BALANCE at Dec. 31, 2021 | $ (1,706) | $ 1 | $ 0 | $ 691 | $ (2,460) | $ (2) | $ 64 |
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Dividends paid per share (in dollars per share) | $ 0.80 | $ 0.80 | |
Class A Common Stock | |||
Dividends declared per share (in dollars per share) | 0.80 | $ 0.80 | |
Dividends paid per share (in dollars per share) | 0.80 | 0.80 | |
Class B Common Stock | |||
Dividends declared per share (in dollars per share) | 0.80 | 0.80 | |
Dividends paid per share (in dollars per share) | $ 0.80 | $ 0.80 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (326) | $ (2,429) | $ 105 |
Adjustments to reconcile net (loss) income to net cash flows from operating activities: | |||
Impairment of goodwill and definite-lived intangible assets | 0 | 4,264 | 0 |
Amortization of sports programming rights | 2,350 | 1,078 | 637 |
Amortization of definite-lived intangible and other assets | 477 | 572 | 327 |
Depreciation of property and equipment | 114 | 102 | 97 |
Amortization of program contract costs | 93 | 86 | 90 |
Stock-based compensation | 60 | 52 | 33 |
Deferred tax benefit | (92) | (604) | (5) |
Gain on asset disposition and other, net of impairment | (69) | (119) | (62) |
(Income) loss from equity method investments | (45) | 36 | 35 |
Loss (income) from investments | 38 | (152) | 6 |
Distributions from investments | 54 | 27 | 6 |
Sports programming rights payments | (1,834) | (1,345) | (578) |
Rebate payments to distributors | (202) | 0 | 0 |
Loss on extinguishment of debt | 7 | 10 | 10 |
Measurement adjustment gain on variable payment obligations | (15) | (159) | 0 |
Changes in assets and liabilities, net of acquisitions: | |||
(Increase) decrease in accounts receivable | (187) | 70 | 70 |
(Increase) decrease in prepaid expenses and other current assets | (86) | 48 | (27) |
Increase (decrease) in accounts payable and accrued and other current liabilities | 113 | (3) | 334 |
Net change in current and long-term net income taxes payable/receivable | (52) | (127) | (127) |
Decrease in program contracts payable | (102) | (96) | (94) |
Increase (decrease) in other long-term liabilities | 3 | 198 | (1) |
Other, net | 28 | 39 | 60 |
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | 327 | 1,548 | 916 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (80) | (157) | (156) |
Acquisition of businesses, net of cash acquired | (4) | (16) | (8,999) |
Spectrum repack reimbursements | 24 | 90 | 62 |
Proceeds from the sale of assets | 43 | 36 | 8 |
Purchases of investments | (256) | (139) | (452) |
Other, net | 27 | 27 | 7 |
Net cash flows used in investing activities | (246) | (159) | (9,530) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 357 | 1,819 | 9,956 |
Repayments of notes payable, commercial bank financing, and finance leases | (601) | (1,739) | (1,236) |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | 0 | 985 |
Repurchase of outstanding Class A Common Stock | (61) | (343) | (145) |
Dividends paid on Class A and Class B Common Stock | (60) | (63) | (73) |
Dividends paid on redeemable subsidiary preferred equity | (5) | (36) | (33) |
Redemption of redeemable subsidiary preferred equity | 0 | (547) | (297) |
Debt issuance costs | (1) | (19) | (199) |
Distributions to noncontrolling interests, net | (95) | (32) | (27) |
Distributions to redeemable noncontrolling interests | (6) | (383) | (5) |
Other, net | (52) | (117) | (39) |
Net cash flows (used in) from financing activities | (524) | (1,460) | 8,887 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (443) | (71) | 273 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 1,262 | 1,333 | 1,060 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | $ 819 | $ 1,262 | $ 1,333 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Sinclair Broadcast Group, Inc. (the Company) is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations, regional sports networks, and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, college and professional sports, and other original programming produced by us. Additionally, we own digital media products that are complementary to our extensive portfolio of television station related digital properties. Outside of our media related businesses, we operate technical services companies focused on supply and maintenance of broadcast transmission systems as well as research and development for the advancement of broadcast technology, and we manage other non-media related investments. As of December 31, 2021, we had two reportable segments for accounting purposes, broadcast and local sports. The broadcast segment consists primarily of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as JSAs and SSAs). These stations broadcast 634 channels as of December 31, 2021. For the purpose of this report, these 185 stations and 634 channels are referred to as “our” stations and channels. The local sports segment consists primarily of our Bally Sports network brands (Bally RSNs), the Marquee Sports Network (Marquee) joint venture, and a minority equity interest in the Yankee Entertainment and Sports Network, LLC ( YES Network). We refer to the Bally RSNs and Marquee as "the RSNs". The RSNs and YES Network own the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, including the operating results of the Acquired RSNs acquired on August 23, 2019, as discussed in Note 2. Acquisitions and Dispositions of Assets, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 14. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income (loss) from equity method investments represents our proportionate share of net income or loss generated by equity method investees. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. The impact of the outbreak of the novel coronavirus (COVID-19) continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could further materially impact our estimates related to, but not limited to, revenue recognition, goodwill and intangible assets, program contract costs, sports programming rights, and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements. Recent Accounting Pronouncements In June 2016, the FASB issued amended guidance on the accounting for credit losses on financial instruments. Among other provisions, this guidance introduces a new impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a forward-looking “expected loss” model that will replace the current “incurred loss” model that will generally result in the earlier recognition of allowances for losses. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, with the capitalized implementation costs of a hosting arrangement that is a service contract expensed over the term of the hosting arrangement. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In October 2018, the FASB issued guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety, as currently required in generally accepted accounting principles (GAAP). We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2019, the FASB issued guidance which requires that an entity test a film or license agreement within the scope of Subtopic 920-350 for impairment at the film group level, when the film or license agreement is predominantly monetized with other films and/or license agreements. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued guidance which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. We early adopted this guidance during the third quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to derivative contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective for all entities immediately upon issuance of the update and may be applied prospectively to applicable transactions existing as of or entered into from the date of adoption through December 31, 2022. This guidance did not have an impact on our consolidated financial statements. In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance, but do not expect a material impact on our consolidated financial statements. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Accounts Receivable We regularly review accounts receivable and determine an appropriate estimate for the allowance for doubtful accounts based upon the impact of economic conditions on the merchant’s ability to pay, past collection experience, and such other factors which, in management’s judgment, deserve current recognition. In turn, a provision is charged against earnings in order to maintain the appropriate allowance level. A rollforward of the allowance for doubtful accounts for the years ended December 31, 2021, 2020, and 2019 is as follows (in millions):
As of December 31, 2021, three customers accounted for 15%, 15%, and 12%, respectively, of our accounts receivable, net. As of December 31, 2020, three customers accounted for 19%, 17%, and 15%, respectively, of our accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control. Broadcast Television Programming We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from to seven years. Contract payments are made in installments over terms that are generally equal to or shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program contracts which becomes payable within one year is reflected as a current liability in the accompanying consolidated balance sheets. The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Sports Programming Rights We have multi-year program rights agreements that provide the Company with the right to produce and telecast professional live sports games within a specified territory in exchange for a rights fee. A prepaid asset is recorded for rights acquired related to future games upon payment of the contracted fee. The assets recorded for the acquired rights are classified as current or non-current based on the period when the games are expected to be aired. Liabilities are recorded for any program rights obligations that have been incurred but not yet paid at period end. We amortize these programming rights as an expense over each season based upon contractually stated rates. Amortization is accelerated in the event that the stated contractual rates over the term of the rights agreement results in an expense recognition pattern that is inconsistent with the projected growth of revenue over the contractual term. On March 12, 2020, the NBA, NHL, and MLB suspended or delayed the start of their seasons as a result of the COVID-19 pandemic. On that date, the Company suspended the recognition of amortization expense associated with prepaid program rights agreements with teams within these leagues. Amortization expense resumed for the NBA, NHL, and MLB over the modified seasons when the games commenced during the third quarter of 2020. The NBA and NHL also delayed the start of their 2020-2021 seasons until December 22, 2020 and January 13, 2021, respectively; sports rights expense associated with these seasons was recognized over the modified term of these seasons. Certain rights agreements with professional teams contain provisions which require the rebate of rights fees paid by the Company if a contractually minimum number of live games are not delivered. The actual amount of rebates to be received will vary depending on changes in the final game counts of each league's respective season. Rights fees paid in advance of expense recognition, inclusive of any contractual rebates due to the Company, are included within prepaid sports rights in our consolidated balance sheets. Impairment of Goodwill, Indefinite-lived Intangible Assets, and Other Long-lived Assets We evaluate our goodwill and indefinite lived intangible assets for impairment annually in the fourth quarter, or more frequently, if events or changes in circumstances indicate that an impairment may exist. Our goodwill has been allocated to, and is tested for impairment at, the reporting unit level. A reporting unit is an operating segment or a component of an operating segment to the extent that the component constitutes a business for which discrete financial information is available and regularly reviewed by management. Components of an operating segment with similar characteristics are aggregated when testing goodwill for impairment. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not that a reporting unit has been impaired. As part of this qualitative assessment, we weigh the relative impact of factors that are specific to the reporting units as well as industry, regulatory, and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over carrying value in prior quantitative assessments. If we conclude that it is more likely than not that a reporting unit is impaired, or if we elect not to perform the optional qualitative assessment, we will determine the fair value of the reporting unit and compare it to the net book value of the reporting unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference. We estimate the fair value of our reporting units utilizing the income approach involving the performance of a discounted cash flow analysis. Our discounted cash flow model is based on our judgment of future market conditions based on our internal forecast of future performance, as well as discount rates that are based on a number of factors including market interest rates, a weighted average cost of capital analysis, and includes adjustments for market risk and company specific risk. Our indefinite-lived intangible assets consist primarily of our broadcast licenses and a trade name. For our annual impairment test for indefinite-lived intangible assets, we have the option to perform a qualitative assessment to determine whether it is more likely than not that these assets are impaired. As part of this qualitative assessment we weigh the relative impact of factors that are specific to the indefinite-lived intangible assets as well as industry, regulatory, and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over carrying value in prior quantitative assessments. When evaluating our broadcast licenses for impairment, the qualitative assessment is done at the market level because the broadcast licenses within the market are complementary and together enhance the single broadcast license of each station. If we conclude that it is more likely than not that one of our broadcast licenses is impaired, we will perform a quantitative assessment by comparing the aggregate fair value of the broadcast licenses in the market to the respective carrying values. We estimate the fair values of our broadcast licenses using the Greenfield method, which is an income approach. This method involves a discounted cash flow model that incorporates several variables, including, but not limited to, market revenues and long-term growth projections, estimated market share for the typical participant without a network affiliation, and estimated profit margins based on market size and station type. The model also assumes outlays for capital expenditures, future terminal values, an effective tax rate assumption and a discount rate based on a number of factors including market interest rates, a weighted average cost of capital analysis based on the target capital structure for a television station, and includes adjustments for market risk and company specific risk. If the carrying amount of the broadcast licenses exceeds the fair value, then an impairment loss is recorded to the extent that the carrying value of the broadcast licenses exceeds the fair value. We evaluate our long-lived assets for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate the recoverability of long-lived assets by comparing the carrying amount of the assets within an asset group to the estimated undiscounted future cash flows associated with the asset group. An asset group represents the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets. At the time that such evaluations indicate that the future undiscounted cash flows are not sufficient to recover the carrying value of the asset group, an impairment loss is determined by comparing the estimated fair value of the asset group to the carrying value. We estimate fair value using an income approach involving the performance of a discounted cash flow analysis. Our RSNs included in the local sports segment were negatively impacted by the loss of three Distributors in 2020. In addition, our existing Distributors experienced elevated levels of subscriber erosion which we believe was influenced, in part, by shifting consumer behaviors resulting from media fragmentation, the current economic environment, the COVID-19 pandemic and related uncertainties. Most of these factors are also expected to have a negative impact on future projected revenues and margins of our RSNs. As a result of these factors, we performed an impairment test of the RSN reporting units' goodwill and long-lived asset groups during the third quarter of 2020 which resulted in a non-cash impairment charge for the year ended December 31, 2020 on goodwill of $2,615 million, customer relationships of $1,218 million, and other definite-lived intangible assets of $431 million, included within impairment of goodwill and definite-lived intangible assets in our consolidated statements of operations. During the year ended December 31, 2021, we did not identify any indicators that our definite-lived intangible assets may not be recoverable. See Note 5. Goodwill, Indefinite-Lived Intangible Assets, and Other Intangible Assets for more information. We believe we have made reasonable estimates and utilized appropriate assumptions in the performance of our impairment assessments. If future results are not consistent with our assumptions and estimates, including future events such as a deterioration of market conditions, loss of significant customers, failure to execute on DSG's DTC strategy significant increases in discount rates, among other factors, we could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact on our consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows. When factors indicate that there may be a decrease in value of an equity method investment, we assess whether a loss in value has occurred. If that loss is deemed to be other than temporary, an impairment loss is recorded accordingly. For any equity method investments that indicate a potential impairment, we estimate the fair values of those investments using a combination of a market-based approach, which considers earnings and cash flow multiples of comparable businesses and recent market transactions, as well as an income approach involving the performance of a discounted cash flow analysis. See Note 6. Other Assets for more information. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following as of December 31, 2021 and 2020 (in millions):
We expense these activities when incurred. Income Taxes We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. As of December 31, 2021 and 2020, a valuation allowance has been provided for deferred tax assets related to certain temporary basis differences, interest expense carryforwards under the Internal Revenue Code (IRC) Section 163(j) and a substantial amount of our available state net operating loss carryforwards based on past operating results, including the RSN impairment, expected timing of the reversals of existing temporary basis differences, alternative tax strategies and projected future taxable income. Future changes in operating and/or taxable income or other changes in facts and circumstances could significantly impact the ability to realize our deferred tax assets which could have a material effect on our consolidated financial statements. Management periodically performs a comprehensive review of our tax positions, and we record a liability for unrecognized tax benefits if such tax positions are more likely than not to be sustained upon examination based on their technical merits, including the resolution of any appeals or litigation processes. Significant judgment is required in determining whether positions taken are more likely than not to be sustained, and it is based on a variety of facts and circumstances, including interpretation of the relevant federal and state income tax codes, regulations, case law and other authoritative pronouncements. Based on this analysis, the status of ongoing audits and the expiration of applicable statute of limitations, liabilities are adjusted as necessary. The resolution of audits is unpredictable and could result in tax liabilities that are significantly higher or lower than for what we have provided. See Note 12. Income Taxes, for further discussion of accrued unrecognized tax benefits.Supplemental Information — Statements of Cash Flows During the years ended December 31, 2021, 2020, and 2019, we had the following cash transactions (in millions):
Non-cash investing activities included property and equipment purchases of $5 million, $6 million, and $10 million for the years ended December 31, 2021, 2020, and 2019, respectively; the receipt of equipment with a fair value of $58 million in connection with completing the repack process as more fully described in Note 2. Acquisitions and Dispositions of Assets for the year ended December 31, 2021; and the transfer of an asset for property of $7 million for the year ended December 31, 2020. During the year ended December 31, 2020 the Company entered into a commercial agreement with Bally's and received equity interests in the business with a value of $199 million. See Note 6. Other Assets and Note 18. Fair Value Measurements for further discussion. Non-cash transactions related to sports rights were $22 million for the year ended December 31, 2020. During the year ended December 31, 2021, we received preferred shares in an investment valued at $6 million in exchange for an equivalent value of advertising spots. Revenue Recognition The following table presents our revenue disaggregated by type and segment for the years ended December 31, 2021, 2020, and 2019 (in millions):
Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our stations, RSNs, and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Certain of our distribution arrangements contain provisions that require the Company to deliver a minimum number of live professional sports games or tournaments during a defined period which usually corresponds with a calendar year. If the minimum threshold is not met, we may be obligated to refund a portion of the distribution fees received if shortfalls are not cured within a specified period of time. Our ability to meet these requirements is primarily driven by the delivery of games by the professional sports leagues. Prior to the COVID-19 pandemic, the Company had not historically paid any material rebates under these contractual provisions as it is unusual for there to be an event which is significant enough to preclude the Company from meeting or exceeding these thresholds. The COVID-19 pandemic has resulted in significant disruptions to the normal operations of the professional sports leagues resulting in delays and uncertainty with respect to regularly scheduled games. Decisions made by the leagues during the second quarter of 2020 regarding the timing and format of the revised 2020 season and decisions made by the NHL and NBA during the fourth quarter of 2020 and the first and third quarters of 2021 regarding the timing and format of their revised 2020-2021 seasons have resulted, in some cases, in our inability to meet these minimum game requirements and the need to reduce revenue based upon estimated rebates due to our Distributors. Accrued rebates as of December 31, 2021 and 2020 were $210 million and $420 million, respectively. The decrease in accrued rebates during the year ended December 31, 2021 includes $202 million of payments and $8 million of adjustments related to rebates accrued in 2020 due primarily to changes in estimated game counts. As of December 31, 2021, all rebates are reflected in other current liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2022. There were no rebates accrued during the year ended December 31, 2021 that related to the 2020-2021 seasons, as we were not in a shortfall position in 2021. There can be no assurances that additional rebates will not be required if there are future postponements of the professional sports leagues, including the outcome of the current MLB lockout. Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television, RSNs, and digital platforms. Advertising revenue is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees, to the extent that there is a ratings shortfall, we will defer a proportionate amount of revenue until the ratings shortfall is settled through the delivery of additional advertising. The term of our advertising arrangements is generally less than one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain circumstances, we require customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as deferred revenue. Practical Expedients and Exemptions. We expense sales commissions when incurred because the period of benefit for these costs is one year or less. These costs are recorded within media selling, general and administrative expenses. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Arrangements with Multiple Performance Obligations. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price, which is generally based on the prices charged to customers. Deferred Revenues. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in other long-term liabilities within our consolidated balance sheets, based on the timing of when we expect to satisfy our performance obligations. Deferred revenue was $235 million, $233 million, and $54 million as of December 31, 2021, 2020, and 2019, respectively, of which $164 million and $184 million as of December 31, 2021 and 2020, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized during the years ended December 31, 2021 and 2020 that was included in the deferred revenue balance as of December 31, 2020 and 2019 was $45 million and $49 million, respectively. On November 18, 2020, the Company and DSG entered into an enterprise-wide commercial agreement with Bally’s Corporation, including providing certain branding integrations in our RSNs, broadcast networks, and other properties. These branding integrations include naming rights associated with the majority of our RSNs (other than Marquee). The initial term of this arrangement is ten years and we began performing under this arrangement in 2021. The Company received non-cash consideration initially valued at $199 million which is reflected as a contract liability and recognized as revenue as the performance obligations under the arrangement are satisfied. See Note 6. Other Assets for more information. For the year ended December 31, 2021, three customers accounted for 19%, 18%, and 14%, respectively, of our total revenues. For the year ended December 31, 2020, three customers accounted for 18%, 17%, and 12%, respectively, of our total revenues. For the year ended December 31, 2019, three customers accounted for 16%, 13%, and 10%, respectively, of our total revenues. For purposes of this disclosure, a single customer may include multiple entities under common control. Advertising Expenses Promotional advertising expenses are recorded in the period when incurred and are included in media production and other non-media expenses. Total advertising expenses, net of advertising co-op credits, were $22 million, $23 million, and $25 million for the years ended December 31, 2021, 2020, and 2019. Financial Instruments Financial instruments, as of December 31, 2021 and 2020, consisted of cash and cash equivalents, trade accounts receivable, accounts payable, accrued liabilities, stock options and warrants, and notes payable. The carrying amounts approximate fair value for each of these financial instruments, except for the notes payable. See Note 18. Fair Value Measurements for additional information regarding the fair value of notes payable. Post-retirement Benefits We maintain a supplemental executive retirement plan (SERP) which we inherited upon the acquisition of certain stations. As of December 31, 2021, the estimated projected benefit obligation was $18 million, of which $1 million is included in accrued expenses and $17 million is included in other long-term liabilities in our consolidated balance sheets. At December 31, 2021, the projected benefit obligation was measured using a 2.61% discount rate compared to a discount rate of 2.10% for the year ended December 31, 2020. For each of the years ended December 31, 2021 and 2020, we made $2 million in benefit payments. We recognized actuarial gains of $1 million and actuarial losses of $2 million through other comprehensive income for the years ended December 31, 2021 and 2020, respectively. For each of the years ended December 31, 2021 and 2020, we recognized $1 million of periodic pension expense, reported in other (expense) income, net in our consolidated statements of operations. We also maintain other post-retirement plans provided to certain employees. The plans are voluntary programs that primarily allow participants to defer eligible compensation and they may also qualify to receive a discretionary match on their deferral. As of December 31, 2021, the assets and liabilities included in our consolidated balance sheets related to deferred compensation plans were $48 million and $38 million, respectively. Reclassifications Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation.
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ACQUISITIONS AND DISPOSITIONS OF ASSETS |
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ACQUISITIONS AND DISPOSITIONS OF ASSETS | 2. ACQUISITIONS AND DISPOSITIONS OF ASSETS: During the years ended December 31, 2021, 2020, and 2019, we acquired certain businesses for an aggregate purchase price, net of cash acquired, of $9 billion, including working capital adjustments and other adjustments. The following summarizes the acquisition activity during the years ended December 31, 2021, 2020, and 2019: 2021 Acquisitions During the year ended December 31, 2021, we completed the acquisition of ZypMedia for approximately $7 million in cash. The acquired assets and liabilities were recorded at fair value as of the closing date of the transactions. During the year ended December 31, 2021, we purchased 360IA, LLC for $5 million, with $2 million being paid in cash and the remaining to paid in $1 million increments on each of the first anniversaries following the closing date. 2020 Acquisitions During the year ended December 31, 2020, we completed the acquisition of the license asset and certain non-license assets of a radio station for $7 million and the license assets and certain non-license assets of two television stations for $9 million. The acquisitions were completed using cash on hand. 2019 Acquisitions RSN Acquisition. In May 2019, DSG entered into a definitive agreement to acquire controlling interests in 21 Regional Sports Network brands and Fox College Sports (collectively, the Acquired RSNs), from Disney for $9.6 billion plus certain adjustments. On August 23, 2019, we completed the acquisition (the RSN Acquisition) for an aggregate purchase price, including cash acquired, and subject to an adjustment based upon finalization of working capital, net debt, and other adjustments, of $9,817 million, accounted for as a business combination under the acquisition method of accounting. The RSN Acquisition provides an expansion to our premium sports programming including the exclusive regional distribution rights to 42 professional teams consisting of 14 MLB teams, 16 NBA teams, and 12 NHL teams. The Acquired RSNs are reported within our local sports segment. See Note 17. Segment Data. The transaction was funded through a combination of debt financing raised by Diamond Sports Group, LLC (DSG) and Sinclair Television Group, Inc. (STG), as described in Note 7. Notes Payable and Commercial Bank Financing, and redeemable subsidiary preferred equity, as described in Note 10. Redeemable Noncontrolling Interests. The following table summarizes the fair value of acquired assets, assumed liabilities, and noncontrolling interests of the Acquired RSNs (in millions):
The final purchase price allocation presented above is based upon management's estimates of the fair value of the acquired assets, assumed liabilities, and noncontrolling interest at the time of acquisition using valuation techniques including income and cost approaches. The fair value estimates are based on, but not limited to, projected revenue, projected margins, and discount rates used to present value future cash flows. The adjustments made to the initial allocation were based on more detailed information obtained about the specific assets acquired and liabilities assumed and did not result in material changes to the amortization expense recorded in previous quarters. The definite-lived intangible assets of $6,725 million are primarily comprised of customer relationships, which represent existing advertiser relationships and contractual relationships with Distributors of $5,439 million, the fair value of contracts with sports teams of $1,271 million, and tradenames/trademarks of $15 million. The intangible assets will be amortized over a weighted average useful life of 2 years for tradenames/trademarks, 13 years for customer relationships, and 12 for contracts with sports teams on a straight-line basis. The fair value of the sports team contracts will be amortized over the respective contract term. Acquired property and equipment will be depreciated on a straight-line basis over the respective estimated remaining useful lives. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, as well as expected future synergies. We estimate that $2.4 billion of goodwill, which represents our interest in the Acquired RSNs, will be deductible for tax purposes. See Note 5. Goodwill, Indefinite-Lived Intangible Assets, and Other Intangible Assets for discussion of the impairment of the acquired goodwill and definite-lived intangible assets during the year ended December 31, 2020. Financial Results of Acquisitions The following tables summarize the results of the net revenues and operating (loss) income included in the financial statements of the Company beginning on the acquisition date of each acquisition as listed below (in millions):
(a)Operating (loss) income for the years ended December 31, 2020 and 2019 includes transaction costs discussed below, and for the years ended December 31, 2021, 2020, and 2019 excludes $109 million, $98 million, and $35 million, respectively, of selling, general, and administrative expenses for services provided by broadcast to local sports, which are eliminated in consolidation. In connection with the 2020 and 2019 acquisitions, for the years ended December 31, 2020 and 2019 we recognized $5 million and $96 million, respectively, of transaction costs which we expensed as incurred and classified as corporate general and administrative expenses in our consolidated statements of operations. Unaudited Pro Forma Information The following table sets forth unaudited pro forma results of operations, assuming that the RSN Acquisition, along with transactions necessary to finance the acquisition, occurred at the beginning of the year preceding the year of acquisition (in millions, except per data share):
This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not indicative of what our results would have been had we operated the Acquired RSNs for the period presented because the pro forma results do not reflect expected synergies. The pro forma adjustments reflect depreciation expense and amortization of intangible assets related to the fair value adjustments of the assets acquired and any adjustments to interest expense to reflect the debt financing of the transactions. Depreciation and amortization expense are higher than amounts recorded in the historical financial statements of the acquiree due to the fair value adjustments recorded for long-lived tangible and intangible assets in purchase accounting. Dispositions 2021 Dispositions. In September 2021, we sold all of our radio broadcast stations, KOMO-FM, KOMO-AM, KPLZ-FM and KVI-AM in Seattle, WA, for consideration valued at $13 million. For the year ended December 31, 2021, we recorded a net loss of $12 million related to the sale, which is included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations, and was primarily related to the write-down of the carrying value of the assets to estimate the selling price. In June 2021, we sold our controlling interest in Triangle Sign & Service, LLC (Triangle) for $12 million. We recorded a gain on the sale of Triangle of $6 million, of which $3 million was attributable to noncontrolling interests, for the year ended December 31, 2021, which is included in the gain on asset dispositions and other, net of impairment and net (loss) income attributable to the noncontrolling interests, respectively, in our consolidated statements of operations. In February 2021, we sold two of our television broadcast stations, WDKA-TV in Paducah, KY and KBSI-TV in Cape Girardeau, MO, for an aggregate sale price of $28 million. We recorded a gain of $12 million for the year ended December 31, 2021, which is included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. 2020 Dispositions. In January 2020, we agreed to sell the license and non-license assets of WDKY-TV in Lexington, KY and certain non-license assets associated with KGBT-TV in Harlingen, Texas for an aggregate purchase price of $36 million. The KGBT-TV and WDKY-TV transactions closed during the first and third quarters of 2020, respectively, and we recorded gains of $8 million and $21 million, respectively, for the year ended December 31, 2020, which are included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. Broadcast Incentive Auction. In 2012, Congress authorized the Federal Communication Commission (FCC) to conduct so-called "incentive auctions" to auction and re-purpose broadcast television spectrum for mobile broadband use. Pursuant to the auction, television broadcasters submitted bids to receive compensation for relinquishing all or a portion of their rights in the television spectrum of their full-service and Class A stations. Low power stations were not eligible to participate in the auction and are not protected and therefore may be displaced or forced to go off the air as a result of the post-auction repacking process. In the repacking process associated with the auction, the FCC has reassigned some stations to new post-auction channels. We do not expect reassignment to new channels to have a material impact on our coverage. We have received notification from the FCC that 100 of our stations have been assigned to new channels. Legislation has provided the FCC with a $3 billion fund to reimburse reasonable costs incurred by stations that are reassigned to new channels in the repack. We expect that the reimbursements from the fund will cover the majority of our expenses related to the repack. We recorded gains related to reimbursements for the spectrum repack costs incurred of $24 million, $90 million, and $62 million for the years ended December 31, 2021, 2020, and 2019, respectively, which are recorded within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. For the years ended December 31, 2021, 2020, and 2019, capital expenditures related to the spectrum repack were $12 million, $61 million, and $66 million, respectively. In December 2020, the FCC began a similar repacking process associated with a portion of the C-Band spectrum in order to free up this spectrum for the use of 5G wireless services. The repack is scheduled to be completed in two phases, the first ended on December 31, 2021 and the second will end on December 31, 2023. We entered into an agreement with a communications provider in which we received equipment to complete the repack process at a maximum cost to us of $15 million. For the year ended December 31, 2021, we recognized a gain of $43 million, which is recorded within gain on asset dispositions and other, net of impairment in our consolidated statements of operations, equal to the fair value of the equipment that we received of $58 million, less the maximum cost to us of $15 million.
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STOCK-BASED COMPENSATION PLANS |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | 3. STOCK-BASED COMPENSATION PLANS: In June 1996, our Board of Directors adopted, upon approval of the shareholders by proxy, the 1996 Long-Term Incentive Plan (LTIP). The purpose of the LTIP is to reward key individuals for making major contributions to our success and the success of our subsidiaries and to attract and retain the services of qualified and capable employees. Under the LTIP, we have issued restricted stock awards (RSAs), stock grants to our non-employee directors, stock-settled appreciation rights (SARs), and stock options. A total of 19,000,000 shares of Class A Common Stock are reserved for awards under this plan. As of December 31, 2021, 7,099,237 shares were available for future grants. Additionally, we have the following arrangements that involve stock-based compensation: employer matching contributions (the Match) for participants in our 401(k) plan, an employee stock purchase plan (ESPP), and subsidiary stock awards. Stock-based compensation expense has no effect on our consolidated cash flows. For the years ended December 31, 2021, 2020, and 2019, we recorded stock-based compensation of $60 million, $51 million, and $33 million, respectively. Below is a summary of the key terms and methods of valuation of our stock-based compensation awards: RSAs. RSAs issued in 2021, 2020, and 2019 have certain restrictions that lapse over two years at 50% and 50%, respectively. As the restrictions lapse, the Class A Common Stock may be freely traded on the open market. Unvested RSAs are entitled to dividends, and therefore, are included in weighted shares outstanding, resulting in a dilutive effect on basic and diluted earnings per share. The fair value assumes the closing value of the stock on the measurement date. The following is a summary of changes in unvested restricted stock:
For the years ended December 31, 2021, 2020, and 2019, we recorded compensation expense of $21 million, $23 million, and $9 million, respectively. The majority of the unrecognized compensation expense of $6 million as of December 31, 2021 will be recognized in 2022. Stock Grants to Non-Employee Directors. In addition to fees paid in cash to our non-employee directors, on the date of each annual meetings of shareholders, each non-employee director receives a grant of unrestricted shares of Class A Common Stock. We issued 45,836 shares in 2021, 63,600 shares in 2020, and 24,000 shares in 2019. We recorded expense of $2 million for the year ended December 31, 2021 and $1 million for each of the years ended December 31, 2020 and 2019, which was based on the average share price of the stock on the date of grant. Additionally, these shares are included in the total shares outstanding, which results in a dilutive effect on our basic and diluted earnings per share. SARs. These awards entitle holders to the appreciation in our Class A Common Stock over the base value of each SAR over the term of the award. The SARs have a 10-year term with vesting periods ranging from to four years. The base value of each SAR is equal to the closing price of our Class A Common Stock on the date of grant. For the years ended December 31, 2021, 2020, and 2019, we recorded compensation expense of $15 million, $6 million, and $4 million, respectively. The following is a summary of the 2021 activity:
As of December 31, 2021, there was no aggregate intrinsic value of the SARs outstanding and the outstanding SARs have a weighted average remaining contractual life of 7 years as of. Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
The risk-free interest rate is based on the U.S. Treasury yield curve, in effect at the time of grant, for U.S. Treasury STRIPS that approximate the expected life of the award. The expected volatility is based on our historical stock prices over a period equal to the expected life of the award. The annual dividend yield is based on the annual dividend per share divided by the share price on the grant date. Options. As of December 31, 2021, there were options outstanding to purchase 375,000 shares of Class A Common Stock. These options are fully vested and have a weighted average exercise price of $31.25 and a weighted average remaining contractual term of 4 years. As of December 31, 2021, there was no aggregate intrinsic value for the options outstanding. There was no grant, exercise, or forfeiture activity during the year ended December 31, 2021. There was no expense recognized during the years ended December 31, 2021, 2020, and 2019. During 2019, outstanding SARs and options increased the weighted average shares outstanding for purposes of determining dilutive earnings per share. 401(k) Match. The Sinclair Broadcast Group, Inc. 401(k) Profit Sharing Plan and Trust (the 401(k) Plan) is available as a benefit for our eligible employees. Contributions made to the 401(k) Plan include an employee elected salary reduction amount with a match calculation (The Match). The Match and any additional discretionary contributions may be made using our Class A Common Stock, if the Board of Directors so chooses. Typically, we make the Match using our Class A Common Stock. The value of the Match is based on the level of elective deferrals into the 401(k) Plan. The number of our Class A Common shares granted under the Match is determined based upon the closing price on or about March 1st of each year for the previous calendar year’s Match. For the years ended December 31, 2021, 2020, and 2019, we recorded $20 million, $19 million, and $17 million, respectively, of stock-based compensation expense related to the Match. A total of 7,000,000 shares of Class A Common Stock are reserved for matches under the plan. As of December 31, 2021, 2,314,064 shares were available for future grants. ESPP. The ESPP allows eligible employees to purchase Class A Common Stock at 85% of the lesser of the fair value of the common stock as of the first day of the quarter and as of the last day of that quarter, subject to certain limits as defined in the ESPP. The stock-based compensation expense recorded related to the ESPP for the years ended December 31, 2021, 2020, and 2019 was $2 million, $3 million, and $1 million, respectively. A total of 4,200,000 shares of Class A Common Stock are reserved for awards under the plan. As of December 31, 2021, 1,097,156 shares were available for future purchases.
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PROPERTY AND EQUIPMENT |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT: Property and equipment are stated at cost, less accumulated depreciation. Depreciation is generally computed under the straight-line method over the following estimated useful lives:
Acquired property and equipment is depreciated on a straight-line basis over the respective estimated remaining useful lives. Property and equipment consisted of the following as of December 31, 2021 and 2020 (in millions):
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GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS AND OTHER INTANGIBLE ASSETS | 5. GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS: Goodwill, which arises from the purchase price exceeding the assigned value of the net assets of an acquired business, represents the value attributable to unidentifiable intangible elements being acquired. The change in the carrying amount of goodwill at December 31, 2021 and 2020 was as follows (in millions):
(a)See Note 2. Acquisitions and Dispositions of Assets for discussion of dispositions made during 2021. (b)Assets held for sale as of December 31, 2020 were sold during the year ended December 31, 2021. See Note 2. Acquisitions and Dispositions of Assets for discussion of dispositions during 2021 and 2020. During the year ended December 31, 2020, we recorded a $2,615 million goodwill impairment charge related to our regional sports networks included within the local sports segment based upon an interim impairment test performed during the three-month period ended September 30, 2020. See Impairment of Goodwill and Definite-Lived Intangible Assets below for additional discussion surrounding this impairment charge. Our accumulated goodwill impairment as of December 31, 2021 and 2020 was $3,029 million, respectively. For our annual goodwill impairment tests related to our broadcast and other reporting units in 2021, 2020, and 2019, we concluded that it was more-likely-than-not that goodwill was not impaired for the reporting units in which we performed a qualitative assessment. The qualitative factors reviewed during our annual assessments indicated stable or improving margins and favorable or stable forecasted economic conditions including stable discount rates and comparable or improving business multiples. For one reporting unit in 2019, we elected to perform a quantitative assessment and concluded that its fair value significantly exceeded the carrying value. Additionally, the results of prior quantitative assessments supported significant excess fair value over carrying value of our reporting units. We did not have any indicators of impairment in any interim period in 2021 or 2019, and therefore did not perform interim impairment tests for goodwill during those periods. As of December 31, 2021 and 2020, the carrying amount of our indefinite-lived intangible assets was as follows (in millions):
(a)Our indefinite-lived intangible assets in our broadcast segment relate to broadcast licenses and our indefinite-lived intangible assets in other relate to trade names. (b)Approximately $14 million of indefinite-lived intangible assets relate to consolidated VIEs as of December 31, 2021 and 2020. (c)See Note 2. Acquisitions and Dispositions of Assets for discussion of acquisitions and dispositions during 2021 and 2020. We did not have any indicators of impairment for our indefinite-lived intangible assets in any interim period in 2021 or 2020, and therefore did not perform interim impairment tests during those periods. We performed our annual impairment tests for indefinite-lived intangibles in 2021 and 2020 and as a result of our qualitative assessments, we recorded no impairment. The following table shows the gross carrying amount and accumulated amortization of definite-lived intangibles (in millions):
(a)Approximately $47 million and $54 million of definite-lived intangible assets relate to consolidated VIEs as of December 31, 2021 and 2020, respectively. (b)As of December 31, 2020, we recorded a total impairment loss relating to customer relationships and favorable sports contracts of $1,218 million and $431 million, respectively, which is reflected as a reduction within the Gross Carrying Value column. Definite-lived intangible assets and other assets subject to amortization are being amortized on a straight-line basis over their estimated useful lives. The definite-lived intangible assets are amortized over a weighted average useful life of 13 years for customer relationships, 15 years for network affiliations, and 12 years for favorable sports contracts. The amortization expense of the definite-lived intangible and other assets for the years ended December 31, 2021, 2020, and 2019 was $554 million, $703 million, and $370 million, respectively, of which $77 million, $131 million, and $43 million, respectively, was associated with the amortization of favorable sports contracts and is presented within media programming and production expenses in our statements of operations. The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in millions):
Impairment of Goodwill and Definite-Lived Intangible Assets In conjunction with the interim third quarter 2020 impairment testing related to our RSNs discussed below, during the year ended December 31, 2020, we recorded a non-cash impairment charge associated with customer relationships and other definite-lived intangible assets of $1,218 million and $431 million, respectively, included in impairment of goodwill and definite-lived intangible assets in our consolidated statements of operations. After the recognition of these impairments there were no asset groups which have a heightened risk of impairment because the projected undiscounted cash flows of the individual asset groups were substantially greater than their carrying values. However, significant deterioration in the factors described below could result in future material impairments. There were no impairment charges recorded for the years ended December 31, 2021 and 2019, as there were no indicators of impairment. The Company performed an interim goodwill and long-lived asset impairment test during the three-month period ending September 30, 2020. Our RSNs, included in the local sports segment, were negatively impacted by the loss of certain distributors. In addition, our existing distributors experienced elevated levels of subscriber erosion which we believe was influenced, in part, by shifting consumer behaviors resulting from media fragmentation, the current economic environment, the COVID 19 pandemic, and related uncertainties. These factors are also expected to have a negative impact on future projected revenue and margins of our RSNs. The long-lived asset impairment test requires a comparison of undiscounted cash flows expected to be generated over the useful life of an asset group to the carrying value of the asset group. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. We evaluated each of our RSNs individually as asset groups. We estimated the projected undiscounted cash flows over the remaining useful life of each asset group. The more sensitive inputs used in the undiscounted cash flow analysis include projected revenues and margins. We identified 10 RSNs which had carrying values in excess of the future undiscounted cash flows. For these RSNs, an impairment loss was measured as the amount by which the carrying value of the asset group exceeded the fair value. The calculated impairment was then allocated to the long-lived assets within the asset group, which primarily consists of definite lived intangible assets, based upon relative fair value. The fair value of the asset groups, reporting units and definite lived intangible assets were determined based upon a discounted cash flow analysis which uses the present value of projected cash flows. The projected cash flows were based upon our estimates of future revenues and margins, among other inputs. The discount rates used in the valuation were based on a weighted-average cost of capital determined from relevant market comparisons and taking into consideration the risk specifically associated with our asset groups and underlying assets. Terminal values were determined based upon the final year of projected cash flows which reflected our estimate of stable perpetual growth. The more sensitive inputs used in the discounted cash flow analysis include projected revenues and margins, as well as the discount rates used to calculate the present value of future cash flows. Projected revenue was based on the consideration of historical experience of the business, market data surrounding subscriber projections and advertising growth, our ability to retain existing customers and our ability to obtain new customers. Our revenue projections could be negatively impacted by the further loss of key distributors, inability to obtain new or retain existing distributors on terms similar to those expiring, greater than expected consumer migration away from traditional linear distributors, or our inability to successfully execute on our DTC strategy and develop alternative revenue streams, among other factors. Our future margins may also be affected by our inability to renew sports rights agreements on terms favorable to us. We tested the RSN reporting units' goodwill for impairment on an interim basis by comparing the fair value of each of the RSN reporting units to their revised carrying value after adjustments were made related to the impairments of the asset groups, as described above. To the extent that the carrying value of the respective reporting units exceeded the fair value, a goodwill impairment charge was recorded. The fair value of the reporting units was determined based upon a discounted cash flow analysis, as described above. For the year ended December 31, 2020, we recorded a non-cash goodwill impairment charge of $2,615 million, included in impairment of goodwill and definite-lived intangible assets in our consolidated statements of operations. As of December 31, 2021, there was no remaining goodwill within our local sports segment and the remaining balance of the customer relationship intangible asset was $3,380 million and the aggregate remaining balance of the other definite-lived intangible assets was $589 million within our local sports segment.
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OTHER ASSETS |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | 6. OTHER ASSETS: Other assets as of December 31, 2021 and 2020 consisted of the following (in millions):
Equity Method Investments We have a portfolio of investments, including our investment in the YES Network and entities that are primarily focused on the development of real estate, sustainability initiatives, and other non-media businesses. For the years ended December 31, 2021, 2020, and 2019, none of our investments were individually significant. Summarized Financial Information. As described under Principles of Consolidation within Note 1. Nature of Operations and Summary of Significant Accounting Policies, we record our proportionate share of net income generated by equity method investees in income (loss) from equity method investments in our consolidated statements of operations. The summarized results of operations and financial position of the investments accounted for under the equity method are as follows (in millions):
YES Network Investment. We account for our investment in the YES Network as an equity method investment, which is recorded within other assets in our consolidated balance sheets, and in which our proportionate share of the net income generated by the investment is represented within income (loss) from equity method investments in our consolidated statements of operations. We recorded income of $41 million, $6 million, and $16 million related to our investment for the years ended December 31, 2021, 2020, and 2019, respectively. We did not identify any other than temporary impairments associated with our investment in the YES Network during the years ended December 31, 2021, 2020, and 2019. Other Investments We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment, Additionally, certain investments are measured at net asset value (NAV). At December 31, 2021 and 2020, we held $402 million and $400 million, respectively, in investments measured at fair value and $147 million and $24 million, respectively, in investments measured at NAV. We recognized a fair value adjustment loss of $42 million and gains of $156 million and $2 million during the years ended December 31, 2021, 2020, and 2019, respectively, associated with these securities, which is reflected in other (expense) income, net in our consolidated statements of operations. Investments accounted for utilizing the measurement alternative were $18 million, net of $7 million of cumulative impairments, as of December 31, 2021, and $26 million, net of $7 million of cumulative impairments, as of December 31, 2020. We recorded no impairments related to these investments for the years ended December 31, 2021 and 2020. We recorded a $7 million impairment related to two investments for the year ended December 31, 2019, which is reflected in other (expense) income, net in our consolidated statements of operations. On November 18, 2020, we entered into a commercial agreement with Bally's. As part of this arrangement, we received warrants to acquire up to 8.2 million shares of Bally's Common stock for a penny per share, of which 3.3 million are exercisable upon meeting certain performance metrics. We also received options to purchase up to 1.6 million shares of Bally's common stock with exercise prices between $30 and $45 per share, exercisable after four years. In April 2021, we made an incremental investment of $93 million in Bally's in the form of non-voting perpetual warrants, convertible into 1.7 million shares of Bally's common stock at an exercise price of $0.01 per share, subject to certain adjustments. These investments are reflected at fair value within our financial statements. See Note 18. Fair Value Measurements for further discussion. As of December 31, 2021 and 2020, our unfunded commitments related to certain equity investments totaled $111 million and $98 million, respectively, including $81 million and $27 million, respectively, related to investments measured at NAV.
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NOTES PAYABLE AND COMMERCIAL BANK FINANCING |
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NOTES PAYABLE AND COMMERCIAL BANK FINANCING | 7. NOTES PAYABLE AND COMMERCIAL BANK FINANCING: Notes payable, finance leases, and commercial bank financing (including finance leases to affiliates) consisted of the following as of December 31, 2021 and 2020 (in millions):
(a)On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million (STG Term Loan B-3), the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024, as more fully described below under STG Bank Credit Agreement. (b)On March 1, 2022, DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction. (c)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the DSG Accounts Receivable Facility (A/R Facility). SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and therefore, are eliminated in consolidation. Debt under the STG Bank Credit Agreement, DSG Bank Credit Agreement, notes payable and finance leases as of December 31, 2021 matures as follows (in millions):
Interest expense in our consolidated statements of operations was $618 million, $656 million, and $422 million for the years ended December 31, 2021, 2020, and 2019, respectively. Interest expense included amortization of deferred financing costs, debt discounts, and premiums of $30 million, $31 million, and $17 million for the years ended December 31, 2021, 2020, and 2019, respectively. The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2021 and 2020:
(a)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The STG Revolving Credit Facility is priced at LIBOR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the STG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the STG Revolving Credit Facility. See STG Bank Credit Agreement below for further information. (b)On March 1, 2022 DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction. (c)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 3.25x, less than or equal to 3.75x but greater than 3.25x, or greater than 3.75x, respectively. The DSG Revolving Credit Facility is priced at LIBOR plus 3.00%, subject to decrease if the specified first lien leverage ratio (as defined in the DSG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, no letters of credit outstanding, and $228 million available under the DSG Revolving Credit Facility. See DSG Bank Credit Agreement below for further information. (d)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the A/R Facility. SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and, therefore, are eliminated in consolidation. We recorded $4 million of debt issuance costs and original issuance discounts during the year ended December 31, 2021, $19 million of debt issuance costs and a $25 million original issuance premium during the year ended December 31, 2020, and $222 million of debt issuance costs and original issuance discounts during the year ended December 31, 2019. Debt issuance costs and original issuance discounts and premiums are presented as a direct deduction from, or addition to, the carrying amount of an associated debt liability, except for debt issuance costs related to our STG Revolving Credit Facility and DSG Revolving Credit Facility, which are presented within other assets in our consolidated balance sheets. STG Bank Credit Agreement We have a syndicated credit facility which includes both revolving credit and issued term loans (the STG Bank Credit Agreement). On August 13, 2019, we issued a seven-year incremental term loan facility in an aggregate principal amount of $600 million (the STG Term Loan B-2b) with an original issuance discount of $3 million, which bears interest at LIBOR plus 2.50%. The proceeds from the Term Loan B-2b were used, together with cash on hand, to redeem, at par value, $600 million aggregate principal amount of STG's 5.375% Senior Notes due 2021 (the STG 5.375% Notes). We recognized a loss on the extinguishment of the STG 5.375% Notes of $2 million for the year ended December 31, 2019. On August 23, 2019, we amended and restated the STG Bank Credit Agreement which provided additional operating flexibility and revisions to certain restrictive covenants. Concurrent with the amendment, we raised a seven-year incremental term loan facility of $700 million (the STG Term Loan B-2a, and, together with the STG Term Loan B-2b, the STG Term Loan B-2) with an original issuance discount of $4 million, which bears interest at LIBOR plus 2.50%. Additionally, in connection with the amendment, we replaced STG's existing revolving credit facility with a new $650 million five-year revolving credit facility (the STG Revolving Credit Facility), priced at LIBOR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the STG Bank Credit Agreement) is less than or equal to certain levels, which includes capacity for up to $50 million of letters of credit and for borrowings of up to $50 million under swingline loans. On December 4, 2020, we entered into an amendment to the STG Bank Credit Agreement to extend the maturity date of the STG Revolving Credit Facility to December 4, 2025. On April 1, 2021, STG amended the STG Bank Credit Agreement to raise additional term loans in an aggregate principal amount of $740 million (STG Term Loan B-3), with an original issuance discount of $4 million, the proceeds of which were used to refinance a portion of the STG Term Loan B-1 maturing in January 2024. The STG Term Loan B-3 matures in April 2028 and bears interest at LIBOR (or successor rate) plus 3.00%. The STG Term Loan B-2 and STG Term Loan B-3 amortize in equal quarterly installments in an aggregate amount equal to 1% of the original amount of such term loan, with the balance being payable on the maturity date. The STG Bank Credit Agreement includes a financial maintenance covenant, the first lien leverage ratio (as defined in the STG Bank Credit Agreements), which requires such applicable ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. The financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the STG Revolving Credit Facility, measured as of the last day of each quarter, is utilized under the STG Revolving Credit Facility as of such date. Since there was no utilization under the STG Revolving Credit Facility as of December 31, 2021, STG was not subject to the financial maintenance covenant under the STG Bank Credit Agreement. As of December 31, 2021, the STG first lien leverage ratio was below 4.5x. The STG Bank Credit Agreement contains other restrictions and covenants which we were in compliance with as of December 31, 2021. STG Notes On November 27, 2019, we issued $500 million of senior notes, which bear interest at a rate of 5.500% per annum and mature on March 1, 2030 (the STG 5.500% Notes). The net proceeds of the STG 5.500% Notes were used, plus cash on hand, to redeem $500 million aggregate principal amount of STG's 6.125% senior unsecured notes due 2022 (the STG 6.125% Notes) for a redemption price, including the outstanding principal amount of the STG 6.125% Notes, accrued and unpaid interest, and a make-whole premium, of $510 million. We recognized a loss on the extinguishment of the STG 6.125% Notes of $8 million for the year ended December 31, 2019. Prior to December 1, 2024, we may redeem the STG 5.500% Notes, in whole or in part, at any time or from time to time at a price equal to 100% of the principal amount of the STG 5.500% Notes plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. In addition, on or prior to December 1, 2022, we may redeem up to 40% of the STG 5.500% Notes using the proceeds of certain equity offerings. Beginning on December 1, 2024, we may redeem some or all of the STG 5.500% Notes at any time or from time to time at certain redemption prices, plus accrued and unpaid interest, if any, to the date of redemption. If the notes are redeemed during the twelve-month period beginning December 1, 2024, 2025, 2026, and 2027 and thereafter, then the redemption prices for the STG 5.500% Notes are 102.750%, 101.833%, 100.917%, and 100%, respectively. Upon the sale of certain of STG’s assets or certain changes of control, the holders of the STG 5.500% Notes may require us to repurchase some or all of the STG 5.500% Notes. STG’s obligations under the STG 5.500% Notes are guaranteed, jointly and severally, on a senior unsecured basis, by the Company and each wholly-owned subsidiary of STG or the Company that guarantees the STG Bank Credit Agreement and rank equally with all of STG’s other senior unsecured debt. On May 21, 2020, we purchased $2.5 million aggregate principal amount of STG's 5.875% senior unsecured notes due 2026 (the STG 5.875% Notes) in open market transactions for consideration of $2.3 million. The STG 5.875% Notes acquired in May 2020 were canceled immediately following their acquisition. We recognized a gain on extinguishment of the STG 5.875% Notes of $0.2 million for the year ended December 31, 2020. On December 4, 2020, we issued $750 million aggregate principal amount of senior secured notes, which bear interest at a rate of 4.125% per annum and mature on December 1, 2030 (the STG 4.125% Secured Notes). The net proceeds of the STG 4.125% Secured Notes were used, plus cash on hand, to redeem $550 million aggregate principal amount of STG's 5.625% senior unsecured notes due 2024 (the STG 5.625% Notes) for a redemption price, including the outstanding principal amount of the STG 5.625% Notes, accrued and unpaid interest, and a call premium, of $571 million and to prepay $200 million outstanding under the STG Term Loan B-1. We recognized a loss on extinguishment of the STG 5.625% Notes and prepayment of the STG Term Loan B-1 of $15 million for the year ended December 31, 2020. Prior to December 1, 2025, we may redeem the STG 4.125% Secured Notes, in whole or in part, at any time or from time to time at a price equal to 100% of the principal amount of the STG 4.125% Secured Notes plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. In addition, on or prior to December 1, 2023, we may redeem up to 40% of the STG 4.125% Secured Notes using the proceeds of certain equity offerings. Beginning on December 1, 2025, we may redeem some or all of the STG 4.125% Secured Notes at any time or from time to time at certain redemption prices, plus accrued and unpaid interest, if any, to the date of redemption. If the notes are redeemed during the twelve-month period beginning December 1, 2025, 2026, 2027, and 2028 and thereafter, then the redemption prices for the STG 4.125% Secured Notes are 102.063%, 101.375%, 100.688%, and 100%, respectively. Upon the sale of certain of STG’s assets or certain changes of control, we may be required to repurchase some or all of the STG 4.125% Secured Notes. STG’s obligations under the STG 4.125% Secured Notes are secured on a first-lien basis by substantially all tangible and intangible personal property of STG and each wholly-owned subsidiary of STG or the Company that guarantees the STG Bank Credit Agreement (the Guarantors) and on a pari passu basis with all of STG's and the Guarantor's existing and future debt that is secured by a first-priority lien on the collateral securing the STG 4.125% Secured Notes, including the debt under the STG Bank Credit Agreement, subject to permitted liens and certain other exceptions. Upon issuance, the STG 5.875% Notes and STG 5.125% Notes were redeemable up to 35%. We may redeem 100% of these notes upon the date set forth in the indenture of each note. The price at which we may redeem the notes is set forth in the indenture of each note. Also, if we sell certain of our assets or experience specific kinds of changes of control, the holders of these notes may require us to repurchase some or all of the outstanding notes. DSG Bank Credit Agreement On August 23, 2019, DSG and Diamond Sports Intermediate Holdings LLC (Holdings), an indirect wholly owned subsidiary of the Company and an indirect parent of DSG, entered into a credit agreement (the DSG Bank Credit Agreement). Pursuant to the DSG Bank Credit Agreement, DSG raised a seven-year $3,300 million aggregate amount term loan (the DSG Term Loan), with an original issuance discount of $17 million, which bears interest at LIBOR plus 3.25%. The DSG Term Loan amortizes in equal quarterly installments in an aggregate amount equal to 1% of the original amount of such term loan, with the balance being payable on the maturity date. Following the end of each fiscal year, we are required to prepay the DSG Term Loan in an aggregate amount equal to (a) 50% of excess cash flow for such fiscal year if the first lien leverage ratio is greater than 3.75 to 1.00, (b) 25% of excess cash flow for such fiscal year if the first lien leverage ratio is greater than 3.25 to 1.00 but less than or equal to 3.75 to 1.00, and (c) 0% of excess cash flow for such fiscal year if the first lien leverage ratio is equal to or less than 3.25 to 1.00. Additionally, in connection with the DSG Bank Credit Agreement, DSG obtained a $650 million five-year revolving credit facility (the DSG Revolving Credit Facility, and, together with the DSG Term Loan, the DSG Credit Facilities), priced at LIBOR plus 3.00%, subject to reduction based on a first lien net leverage ratio, which includes capacity for up to $50 million of letters of credit and for borrowings of up to $50 million under swingline loans. The DSG Bank Credit Agreement includes a financial maintenance covenant, the first lien leverage ratio (as defined in the DSG Bank Credit Agreements), which requires such applicable ratio not to exceed 6.25x, measured as of the end of each fiscal quarter. The financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the DSG Revolving Credit Facility, measured as of the last day of each quarter, is utilized under the DSG Revolving Credit Facility as of such date. Since there was no utilization under the DSG Revolving Credit Facility as of December 31, 2021, DSG was not subject to the financial maintenance covenant under the DSG Bank Credit Agreement. As of December 31, 2021, the DSG first lien leverage ratio was above 6.25x. We expect that the DSG first lien leverage ratio will remain above 6.25x for at least the next twelve months, which will restrict our ability to utilize the full DSG Revolving Credit Facility. We do not currently expect to have more than 35% of the capacity of the DSG Revolving Credit Facility outstanding as of any quarterly measurement date during the next twelve months, therefore we do not expect DSG will be subject to the financial maintenance covenant. The DSG Bank Credit Agreement contains other restrictions and covenants which we were in compliance with as of December 31, 2021. DSG's obligations under the DSG Bank Credit Agreement are (i) jointly and severally guaranteed by Holdings and DSG’s direct and indirect, existing and future wholly-owned domestic restricted subsidiaries, subject to certain exceptions, and (ii) secured by first-priority lien on substantially all tangible and intangible assets (whether now owned or hereafter arising or acquired) of DSG and the guarantors, subject to certain permitted liens and other agreed upon exceptions. The DSG Credit Facilities are not guaranteed by the Company, STG, or any of STG’s subsidiaries. On March 1, 2022, DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement. See Note 20. Subsequent Events for a discussion of the refinancing transaction. DSG Notes On August 2, 2019, DSG issued $3,050 million principal amount of senior secured notes, which bear interest at a rate of 5.375% per annum and mature on August 15, 2026 (the DSG 5.375% Secured Notes), and issued $1,825 million principal amount of senior notes, which bear interest at a rate of 6.625% per annum and mature on August 15, 2027 (the DSG 6.625% Notes). The proceeds of the DSG 5.375% Secured Notes and DSG 6.625% Notes were used, in part, to fund the RSN Acquisition. In March 2020 and June 2020, we purchased a total of $15 million aggregate principal amount of the DSG 6.625% Notes in open market transactions for consideration of $10 million. The DSG 6.625% Notes acquired in March 2020 and June 2020 were canceled immediately following their acquisition. We recognized a gain on extinguishment of the DSG 6.625% Notes of $5 million for year ended December 31, 2020. On June 10, 2020, we exchanged $66.5 million aggregate principal amount of the DSG 6.625% Notes for cash payments of $10 million, including accrued but unpaid interest, and $31 million aggregate principal amount of newly issued senior secured notes, which bear interest at a rate of 12.750% per annum and mature on December 1, 2026 (the DSG 12.750% Secured Notes, and together with the DSG 5.375% Secured Notes, the DSG Existing Secured Notes, and together with the DSG 6.625% Notes, the DSG Notes). Prior to August 15, 2022, we may redeem the DSG Notes, in whole or in part, at any time or from time to time, at a price equal to 100% of the principal amount of the applicable DSG Notes plus accrued and unpaid interest, if any, to the date of redemption, plus a ‘‘make-whole’’ premium. Beginning on August 15, 2022, we may redeem the DSG Notes, in whole or in part, at any time or from time to time at certain redemption prices, plus accrued and unpaid interest, if any, to the date of redemption. In addition, on or prior to August 15, 2022, we may redeem up to 40% of each series of the DSG Notes using the proceeds of certain equity offerings. If the notes are redeemed during the twelve-month period beginning August 15, 2022, 2023, and 2024 and thereafter, then the redemption prices for the DSG 5.375% Secured Notes are 102.688%, 101.344%, and 100%, respectively, the redemption prices for the DSG 6.625% Notes are 103.313%, 101.656%, and 100%, respectively, and the redemption prices for the DSG 12.750% Secured Notes are 102.688%, 101.344%, and 100%, respectively. DSG’s obligations under the DSG Notes are jointly and severally guaranteed by Holdings, DSG’s direct parent, and certain wholly-owned subsidiaries of Holdings. The RSNs wholly-owned by Holdings and its subsidiaries will also jointly and severally guarantee the Issuers' obligations under the DSG Notes. The DSG Notes are not guaranteed by the Company, STG, or any of STG’s subsidiaries. On March 1, 2022, DSG completed a refinancing transaction relating to the DSG 5.375% Secured Notes and the DSG 12.750% Secured Notes. See Note 20. Subsequent Events for a discussion of the refinancing transaction. A/R Facility On September 23, 2020 (the Closing Date), the Company's and DSG's indirect wholly-owned subsidiary, DSPV, entered into a $250 million A/R Facility which matures on September 23, 2023, in order to enable DSG to raise incremental funding for the ongoing business needs of DSG and its subsidiaries. On November 5, 2021, the Company purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the A/R Facility by making a payment to the lenders equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. In connection therewith, the Company and DSPV entered into an omnibus amendment to the A/R Facility to provide greater flexibility to DSG, including, (i) increasing the maximum facility limit availability from up to $250 million to up to $400 million; (ii) eliminating the early amortization event related to DSG’s earnings before interest, taxes, depreciation and amortization (EBITDA), as defined in the agreement governing the A/R Facility, less interest expense covenant; (iii) extending the stated maturity date by one year from September 23, 2023 to September 23, 2024; and (iv) relaxing certain concentration limits thereby increasing the amounts of certain accounts receivable eligible to be sold. The other material terms of the A/R Facility remain unchanged. Transactions related to the A/R Facility are now intercompany transactions and, therefore, are eliminated in consolidation. DSG's ability to make scheduled payments on its debt obligations depends on its financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, competitive, legislative, regulatory and other factors beyond its control. The impact of the outbreak of COVID-19 continues to create significant uncertainty and disruption in the global economy and financial markets. Further, DSG's success is dependent upon, among other things, the terms of its agreements with Distributors, OTT and other streaming providers and the successful execution of its DTC strategy. Primarily as a result of losses of Distributors, increased subscriber churn and the COVID-19 pandemic, DSG has experienced operating losses since the second quarter of 2020 and we expect it will continue to incur operating losses in future periods. DSG has taken steps to mitigate the impacts of this uncertainty, including managing its controllable costs, amending its A/R Facility and entering into a Transaction Support Agreement with the Company and certain lenders holding term loans under the DSG Bank Credit Agreement and certain holders of, or investment advisors, sub-advisors, or managers of funds or accounts that hold, the DSG Existing Secured Notes which contemplates that, among other things, DSG would obtain a new $635 million first-priority lien term loan credit facility which would mature in May 2026 and would rank first in lien priority on shared collateral ahead of DSG’s loans and/or commitments under the DSG Bank Credit Agreement and DSG Existing Secured Notes. See Note 20. Subsequent Events. Debt of variable interest entities and guarantees of third-party debt We jointly, severally, unconditionally, and irrevocably guarantee $39 million and $49 million of debt of certain third parties as of December 31, 2021 and 2020, respectively, of which $9 million and $16 million, net of deferred financing costs, related to consolidated VIEs is included in our consolidated balance sheets as of December 31, 2021 and 2020, respectively. These guarantees primarily relate to the debt of Cunningham as discussed under Cunningham Broadcasting Corporation within Note 15. Related Person Transactions. The credit agreements and term loans of these VIEs each bear interest of LIBOR plus 2.50%. As of December 31, 2021, we have determined that it is not probable that we would have to perform under any of these guarantees. Finance leases For more information related to our finance leases and affiliate finance leases see Note 8. Leases and Note 15. Related Person Transactions, respectively.
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LEASES |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | 8. LEASES: We determine if a contractual arrangement is a lease at inception. Our lease arrangements provide the Company the right to utilize certain specified tangible assets for a period of time in exchange for consideration. Our leases primarily relate to building space, tower space, and equipment. We do not separate non-lease components from our building and tower leases for the purposes of measuring our lease liabilities and assets. Our leases consist of operating leases and finance leases which are presented separately in our consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize a lease liability and a right of use asset at the lease commencement date based on the present value of the future lease payments over the lease term discounted using our incremental borrowing rate. Implicit interest rates within our lease arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and initial direct costs, less incentives received. We recognize operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense associated with our finance leases consists of two components, including interest on our outstanding finance lease obligations and amortization of the related right of use assets. The interest component is recorded in interest expense and amortization of the finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment. Our leases do not contain any material residual value guarantees or material restrictive covenants. Some of our leases include optional renewal periods or termination provisions which we assess at inception to determine the term of the lease, subject to reassessment in certain circumstances. The following table presents lease expense we have recorded in our consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 (in millions):
(a)Includes variable lease expense of $7 million for each of the years ended December 31, 2021 and 2020 and $5 million for the year ended December 31, 2019 and short-term lease expense of $1 million for each of the years ended December 31, 2021, 2020, and 2019. The following table summarizes our outstanding operating and finance lease obligations as of December 31, 2021 (in millions):
The following table summarizes supplemental balance sheet information related to leases as of December 31, 2021 and December 31, 2020 (in millions, except lease term and discount rate):
(a)Finance lease assets are reflected in property and equipment, net in our consolidated balance sheets. The following table presents other information related to leases for the years ended December 31, 2021, 2020, and 2019 (in millions):
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LEASES | 8. LEASES: We determine if a contractual arrangement is a lease at inception. Our lease arrangements provide the Company the right to utilize certain specified tangible assets for a period of time in exchange for consideration. Our leases primarily relate to building space, tower space, and equipment. We do not separate non-lease components from our building and tower leases for the purposes of measuring our lease liabilities and assets. Our leases consist of operating leases and finance leases which are presented separately in our consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize a lease liability and a right of use asset at the lease commencement date based on the present value of the future lease payments over the lease term discounted using our incremental borrowing rate. Implicit interest rates within our lease arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and initial direct costs, less incentives received. We recognize operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense associated with our finance leases consists of two components, including interest on our outstanding finance lease obligations and amortization of the related right of use assets. The interest component is recorded in interest expense and amortization of the finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment. Our leases do not contain any material residual value guarantees or material restrictive covenants. Some of our leases include optional renewal periods or termination provisions which we assess at inception to determine the term of the lease, subject to reassessment in certain circumstances. The following table presents lease expense we have recorded in our consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 (in millions):
(a)Includes variable lease expense of $7 million for each of the years ended December 31, 2021 and 2020 and $5 million for the year ended December 31, 2019 and short-term lease expense of $1 million for each of the years ended December 31, 2021, 2020, and 2019. The following table summarizes our outstanding operating and finance lease obligations as of December 31, 2021 (in millions):
The following table summarizes supplemental balance sheet information related to leases as of December 31, 2021 and December 31, 2020 (in millions, except lease term and discount rate):
(a)Finance lease assets are reflected in property and equipment, net in our consolidated balance sheets. The following table presents other information related to leases for the years ended December 31, 2021, 2020, and 2019 (in millions):
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PROGRAM CONTRACTS |
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PROGRAM CONTRACTS | 9. PROGRAM CONTRACTS: Future payments required under television program contracts as of December 31, 2021 were as follows (in millions):
Each future period’s film liability includes contractual amounts owed, but what is contractually owed does not necessarily reflect what we are expected to pay during that period. While we are contractually bound to make the payments reflected in the table during the indicated periods, industry protocol typically enables us to make film payments on a three-month lag. Included in the current portion amount are payments due in arrears of $21 million. In addition, we have entered into non-cancelable commitments for future television program rights aggregating to $31 million as of December 31, 2021.
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REDEEMABLE NONCONTROLLING INTERESTS (Notes) |
12 Months Ended |
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Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | 10. REDEEMABLE NONCONTROLLING INTERESTS: We account for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity, and classify them as mezzanine equity in our consolidated balance sheets because their possible redemption is outside of the control of the Company. Our redeemable non-controlling interests consist of the following: Redeemable Subsidiary Preferred Equity. On August 23, 2019, DSH, an indirect parent of DSG and indirect wholly-owned subsidiary of the Company, issued preferred equity (the Redeemable Subsidiary Preferred Equity) for $1,025 million. The Redeemable Subsidiary Preferred Equity is redeemable by the holder in the following circumstances (1) in the event of a change of control with respect to DSH, the holder will have the right (but not the obligation) to require the redemption of the securities at a per unit amount equal to the liquidation preference per share plus accrued and unpaid dividends (2) in the event of the sale of new equity interests in DSG or direct and indirect subsidiaries to the extent of proceeds received and (3) beginning on August 23, 2027, so long as any Redeemable Subsidiary Preferred Equity remains outstanding, the holder, subject to certain minimum holding requirements, or investors holding a majority of the outstanding Redeemable Subsidiary Preferred Equity, may compel DSH and DSG to initiate a process to sell DSG and/or conduct an initial public offering. We may redeem some or all of the Redeemable Subsidiary Preferred Equity from time to time thereafter at a price equal to $1,000 per unit plus the amount of dividends per unit previously paid in kind (the Liquidation Preference), multiplied by the applicable premium as follows (presented as a percentage of the Liquidation Preference): (i) on or after November 22, 2019 until February 19, 2020: 100%; (ii) on or after February 20, 2020 until August 22, 2020: 102%; (iii) on or after August 23, 2020 but prior to August 23, 2021: at a customary "make-whole" premium representing the present value of 103% plus all required dividend payments due on such Redeemable Subsidiary Preferred Equity through August 23, 2021; (iv) on or after August 23, 2021 until August 22, 2022: 103%; (v) on or after August 23, 2022 until August 22, 2023: 101%; and (vi) August 23, 2023 and thereafter: 100%, in each case, plus accrued and unpaid dividends. The Redeemable Subsidiary Preferred Equity accrues an initial quarterly dividend equal to 1-Month LIBOR (with a 0.75% floor) plus 7.5% (8% if paid in kind) per annum on the sum of (i) $1,025 million (the Aggregate Liquidation Preference) plus (ii) the amount of aggregate accrued and unpaid dividends as of the end of the immediately preceding dividend accrual period, payable, at DSH's election, in cash or, to the extent not paid in cash, by automatically increasing the Aggregate Liquidation Preference, whether or not such dividends have been declared and whether or not there are profits, surplus, or other funds legally available for the payment of dividends. The Redeemable Subsidiary Preferred Equity dividend rate is subject to rate step-ups of 0.5% per annum, beginning on August 23, 2022; provided that, and subject to other applicable increases in the dividend rate described below, the cumulative dividend rate will be capped at 1-Month LIBOR plus 10.5% per annum until (a) on February 23, 2028, the Redeemable Subsidiary Preferred Equity dividend rate will increase by 1.50% with further increases of 0.5% on each six month anniversary thereafter and (b) the Redeemable Subsidiary Preferred Equity dividend rate will increase by 2% if we do not redeem the Redeemable Subsidiary Preferred Equity, to the extent elected by holders of the Redeemable Subsidiary Preferred Equity, upon a change of control; provided, in each case, that the cumulative dividend rate will be capped at 1-Month LIBOR plus 14% per annum. Subject to limited exceptions, DSH shall not, and shall not permit its subsidiaries, directly or indirectly, to pay a dividend or make a distribution, unless DSH applies 75% of the amount of such dividend or distribution payable to DSH or its subsidiaries (with the amount payable calculated on a pro rata basis based on their direct or indirect common equity ownership by DSH) to make an offer to the holders of Redeemable Subsidiary Preferred Equity to redeem the Redeemable Subsidiary Preferred Equity (subject to certain redemption restrictions) at a price equal to 100% of the Liquidation Preference of such Redeemable Subsidiary Preferred Equity, plus accrued and unpaid dividends. We redeemed no Redeemable Subsidiary Preferred Equity during the year ended December 31, 2021. During the year ended December 31, 2020, we redeemed 550,000 units of the Redeemable Subsidiary Preferred Equity for an aggregate redemption price equal to $550 million plus accrued and unpaid dividends, representing 100% of the unreturned capital contribution with respect to the units redeemed, plus accrued and unpaid dividends with respect to the units redeemed up to, but not including, the redemption date, and after giving effect to any applicable rebates. Dividends accrued during the years ended December 31, 2021, 2020, and 2019 were $14 million, $36 million, and $33 million, respectively, and are reflected in net (loss) income attributable to the noncontrolling interests in our consolidated statements of operations. Dividends accrued during the 2nd, 3rd, and 4th quarters of 2021 were paid in kind and added to the liquidation preference. The balance of the Redeemable Subsidiary Preferred Equity, net of issuance costs, was $181 million and $170 million as of December 31, 2021 and 2020, respectively. In connection with the Redeemable Subsidiary Preferred Equity, the Company provides a guarantee of collection of distributions. Subsidiary Equity Put Right. A noncontrolling equity holder of one of our subsidiaries had the right to sell its interest to the Company at a fair market sale value of $376 million, plus any undistributed income, which was exercised and settled in January 2020. A noncontrolling equity holder of one of our subsidiaries has the right to sell its interest to the Company at any time during the 30-day period following September 30, 2025. The value of this redeemable noncontrolling interest was $16 million and $20 million as of December 31, 2021 and 2020, respectively.
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COMMON STOCK |
12 Months Ended |
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Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | 11. COMMON STOCK: Holders of Class A Common Stock are entitled to one vote per share and holders of Class B Common Stock are entitled to ten votes per share, except for votes relating to “going private” and certain other transactions. Substantially all of the Class B Common Stock is held by David D. Smith, Frederick G. Smith, J. Duncan Smith and Robert E. Smith who entered into a stockholders’ agreement pursuant to which they have agreed to vote for each other as candidates for election to our board of directors until December 31, 2025. The Class A Common Stock and the Class B Common Stock vote together as a single class, except as otherwise may be required by Maryland law, on all matters presented for a vote. Holders of Class B Common Stock may at any time convert their shares into the same number of shares of Class A Common Stock. During 2021, 952,626 Class B Common Stock shares were converted into Class A Common Stock shares. During 2020, no Class B Common Stock shares were converted into Class A Common Stock shares. Our Bank Credit Agreements and some of our subordinate debt instruments have restrictions on our ability to pay dividends on our common stock unless certain specific conditions are satisfied, including but not limited to: •no event of default then exists under each indenture or certain other specified agreements relating to our debt; and •after taking into account the dividends payment, we are within certain restricted payment requirements contained in each indenture. During 2021 and 2020, our Board of Directors declared a quarterly dividend in the months of February, May, August, and November which were paid in March, June, September, and December, respectively. Total dividend payments for both the year ended December 31, 2021 and 2020 were $0.80 per share. In February 2022, our Board of Directors declared a quarterly dividend of $0.25 per share. Future dividends on our common shares, if any, will be at the discretion of our Board of Directors and will depend on several factors including our results of operations, cash requirements and surplus, financial condition, covenant restrictions, and other factors that the Board of Directors may deem relevant. The Class A Common Stock and Class B Common Stock holders have the same rights related to dividends. On August 4, 2020, the Board of Directors authorized an additional $500 million share repurchase authorization in addition to the previous repurchase authorization of $1 billion. There is no expiration date and currently, management has no plans to terminate this program. For the year ended December 31, 2021, we repurchased approximately 2.4 million shares of Class A Common Stock for $61 million. As of December 31, 2021, the total remaining repurchase authorization was $819 million. As of February 23, 2022, we repurchased an additional 2 million shares of Class A Common Stock for $55 million since January 1, 2022. All shares were repurchased under a 10b5-1 plan.
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | 12. INCOME TAXES: The (benefit) provision for income taxes consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in millions):
The following is a reconciliation of federal income taxes at the applicable statutory rate to the recorded provision:
(a)Our 2021, 2020, and 2019 income tax provisions include a benefit of $40 million, $42 million, and $57 million, respectively, related to investments in sustainability initiatives whose activities qualify for federal income tax credits through 2021. (b)Our 2021 and 2020 income tax provisions include a benefit of $38 million and $61 million, respectively, as result of the CARES Act allowing for the 2020 federal net operating loss to be carried back to the pre-2018 years when the federal tax rate was 35%. (c)Included in state income taxes are deferred income tax effects related to certain acquisitions, intercompany mergers, law changes, and/or impact of changes in apportionment. (d)Our 2021, 2020, and 2019 income tax provisions include a $13 million, $23 million, and $12 million benefit, respectively, related to noncontrolling interest of various partnerships. (e)Our 2021 income tax provision includes a net $8 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets as a result of the changes in estimate of the state apportionment. Our 2020 income tax provision includes a $192 million addition related to an increase in valuation allowance primarily due to the change in judgement in the realizability of certain deferred tax assets resulting from the reduction in forecast of future operating income and the RSN impairment. Our 2019 income tax provision includes a $16 million benefit related to a release of valuation allowance on certain state net operating losses where utilization was expected as a result of a business combination. (f)Our 2021, 2020, and 2019 income tax provisions include $1 million, $5 million, and $4 million additions, respectively, related to tax positions of prior tax years. (g)Our 2019 income tax provision includes a $17 million addition primarily related to regulatory costs, executive compensation and other not tax-deductible expenses. (h)Certain of our consolidated VIEs incur expenses that are not attributable to non-controlling interests because we absorb certain related losses of the VIEs. These expenses are not tax-deductible by us, and since these VIEs are treated as pass-through entities for income tax purposes, deferred income tax benefits are not recognized. (i)Our 2019 income tax provision includes a benefit of $34 million related to the treatment of the gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction. (j)Our 2019 income tax provision includes a $2 million benefit related to capital losses that will be carried back to the pre-2018 tax years when the federal tax rate was 35%. Temporary differences between the financial reporting carrying amounts and the tax bases of assets and liabilities give rise to deferred taxes. Total deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 were as follows (in millions):
At December 31, 2021, the Company had approximately $76 million and $2.6 billion of gross federal and state net operating losses, respectively. Except for those without an expiration date, these losses will expire during various years from 2022 to 2041, and some of them are subject to annual limitations under the IRC Section 382 and similar state provisions. As discussed in Income Taxes under Note 1. Nature of Operations and Summary of Significant Accounting Policies, we establish valuation allowances in accordance with the guidance related to accounting for income taxes. As of December 31, 2021, a valuation allowance has been provided for deferred tax assets related to certain temporary basis differences, interest expense carryforwards under the IRC Section 163(j) and a substantial portion of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, current and cumulative losses, and projected future taxable income. Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that they will be realized in the future. During the year ended December 31, 2021, we increased our valuation allowance by $4 million to $256 million. The increase in valuation allowance was primarily due to uncertainty in the realizability of deferred tax assets related to interest expense carryforwards under the IRC Section 163(j), offset by a change in judgement in the realizability of certain state deferred tax assets. During the year ended December 31, 2020, we increased our valuation allowance by $187 million to $252 million. The increase in valuation allowance was primarily due to the change in judgement in the realizability of certain deferred tax assets resulting from the reduction in forecast of future operating income and the RSN impairment. The following table summarizes the activity related to our accrued unrecognized tax benefits (in millions):
We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. Our 2016 through 2019 federal tax returns are currently under audit, and several of our subsidiaries are currently under state examinations for various years. Certain of our 2017 and subsequent federal and/or state tax returns remain subject to examination by various tax authorities. We do not anticipate the resolution of these matters will result in a material change to our consolidated financial statements. In addition, we do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES: Sports Programming Rights We are contractually obligated to make payments to purchase sports programming rights. The following table presents our annual non-cancellable commitments relating to the local sports segment's sports programming rights agreements as of December 31, 2021. These commitments assume that sports teams fully deliver the contractually committed games, and do not reflect the impact of rebates expected to be paid by the teams.
Other Liabilities In connection with the RSN Acquisition, we assumed certain fixed payment obligations which are payable through 2027. We recorded these obligations in purchase accounting at estimated fair value. As of December 31, 2021 and 2020, $32 million and $31 million, respectively, was recorded within other current liabilities and $71 million and $97 million, respectively, was recorded within other long-term liabilities in our consolidated balance sheets. Interest expense of $6 million, $8 million, and $4 million was recorded for the years ended December 31, 2021, 2020, and 2019, respectively. In connection with the RSN Acquisition, we assumed certain variable payment obligations which are payable through 2030. These contractual obligations are based upon the excess cash flow of certain RSNs. We recorded these obligations in purchase accounting at estimated fair value. As of December 31, 2021 and 2020, $8 million and $12 million, respectively, was recorded within other current liabilities and $23 million and $41 million, respectively, was recorded within other long-term liabilities in our consolidated balance sheets. These obligations are measured at the present value of the estimated amount of cash to be paid over the term of the contracts. We recorded measurement adjustment gains of $15 million and $159 million for the years ended December 31, 2021 and 2020, respectively, recorded within other (expense) income, net in our consolidated statements of operations. Litigation We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the aggregate, will have a material effect on the Company's financial statements. FCC Litigation Matters On May 22, 2020, the FCC released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for Forfeiture (NAL) issued in December 2017 proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries, the FCC’s investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company's proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham station WNUV(TV). The Company filed an opposition to the petition on October 1, 2020, and the petition remains pending. On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the Commission to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. The Company is not a party to this forfeiture order; however, our consolidated financial statements include an accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as we consolidate these stations as VIEs. Other Litigation Matters On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice (DOJ). This consent decree resolves the DOJ’s investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company's stations not to exchange pacing and certain other information with other stations in their local markets, which the Company’s management has already instructed them not to do. The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the Defendants’ motion to dismiss on November 6, 2020. Since then, the Plaintiffs have served the Defendants with written discovery requests, and the Court has set a pretrial schedule which now requires discovery to be completed by December 30, 2022 and briefing on class certification to be completed by May 15, 2023. The Company believes the lawsuits are without merit and intends to vigorously defend itself against all such claims. Changes in the Rules of Television Ownership, Local Marketing Agreements, Joint Sales Agreements, Retransmission Consent Negotiations, and National Ownership Cap Certain of our stations have entered into what have commonly been referred to as local marketing agreements or LMAs. One typical type of LMA is a programming agreement between two separately owned television stations serving the same market, whereby the licensee of one station programs substantial portions of the broadcast day and sells advertising time during such programming segments on the other licensee’s station subject to the latter licensee’s ultimate editorial and other controls. We believe these arrangements allow us to reduce our operating expenses and enhance profitability. In 1999, the FCC established a local television ownership rule that made certain LMAs attributable. The FCC adopted policies to grandfather LMAs that were entered into prior to November 5, 1996 and permitted the applicable stations to continue operations pursuant to the LMAs until the conclusion of the FCC’s 2004 biennial review. The FCC stated it would conduct a case-by-case review of grandfathered LMAs and assess the appropriateness of extending the grandfathering periods. The FCC did not initiate any review of grandfathered LMAs in 2004 or as part of its subsequent quadrennial reviews. We do not know when, or if, the FCC will conduct any such review of grandfathered LMAs. Currently, all of our LMAs are grandfathered under the local television ownership rule because they were entered into prior to November 5, 1996. If the FCC were to eliminate the grandfathering of these LMAs, we would have to terminate or modify these LMAs. In September 2015, the FCC released a Notice of Proposed Rulemaking in response to a Congressional directive in STELAR to examine the “totality of the circumstances test” for good-faith negotiations of retransmission consent. The proposed rulemaking seeks comment on new factors and evidence to consider in its evaluation of claims of bad faith negotiation, including service interruptions prior to a “marquee sports or entertainment event,” restrictions on online access to broadcast programming during negotiation impasses, broadcasters’ ability to offer bundles of broadcast signals with other broadcast stations or cable networks, and broadcasters’ ability to invoke the FCC’s exclusivity rules during service interruptions. On July 14, 2016, the FCC’s Chairman at the time announced that the FCC would not, at that time, proceed to adopt additional rules governing good faith negotiations of retransmission consent but did not formally terminate the rulemaking. No formal action has yet been taken on this Proposed Rulemaking, and we cannot predict if the Commission will terminate the rulemaking or take other action. In August 2016, the FCC completed both its 2010 and 2014 quadrennial reviews of its media ownership rules and issued an order (Ownership Order) which left most of the existing multiple ownership rules intact, but amended the rules to provide for the attribution of JSAs under certain circumstances. Certain existing JSAs were later grandfathered until 2025. On November 20, 2017, the FCC released an Ownership Order on Reconsideration that, among other things, eliminated the JSA attribution rule. The Ownership Order on Reconsideration (including elimination of the JSA attribution rule) became effective on February 7, 2018. The Ownership Order on Reconsideration was vacated and remanded by the U.S. Court of Appeals for the Third Circuit in September 2019, but the Supreme Court ultimately reversed the Third Circuit’s decision on April 1, 2021 and the Ownership Order on Reconsideration is currently in effect. On December 18, 2017, the Commission released a Notice of Proposed Rulemaking to examine the FCC’s national ownership cap, including the UHF discount. The UHF discount allows television station owners to discount the coverage of UHF stations when calculating compliance with the FCC’s national ownership cap, which prohibits a single entity from owning television stations that reach, in total, more than 39% of all the television households in the nation. All but 34 of the stations we currently own and operate, or to which we provide programming services are UHF. We cannot predict the outcome of the rulemaking proceeding. With the application of the UHF discount counting all our present stations we reach approximately 24% of U.S. households. Changes to the national ownership cap could limit our ability to make television station acquisitions. On December 13, 2018, the FCC released a Notice of Proposed Rulemaking to initiate the 2018 Quadrennial Regulatory Review of the FCC’s broadcast ownership rules. The NPRM seeks comment on whether certain of its ownership rules continue to be necessary in the public interest or whether they should be modified or eliminated. With respect to the local television ownership rule specifically, among other things, the NPRM seeks comment on possible modifications to the rule’s operation, including the relevant product market, the numerical limit, the top-four prohibition; and the implications of multicasting, satellite stations, low power stations and the next generation standard. In addition, the NPRM examines further several diversity related proposals raised in the last quadrennial review proceeding. The public comment period began on April 29, 2019, and reply comments were due by May 29, 2019. On July 16, 2021, the FCC extended the comment deadline to September 2, 2021and extended the reply comment deadline to October 1, 2021. We cannot predict the outcome of the rulemaking proceeding. Changes to these rules could impact our ability to make radio or television station acquisitions.
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | 14. VARIABLE INTEREST ENTITIES: Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee’s acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. We are party to a joint venture associated with Marquee. Marquee is party to a long term telecast rights agreement which provides the rights to air certain live game telecasts and other content, which we guarantee. In connection with the RSN Acquisition, we became party to a joint venture associated with one other regional sports network. We participate significantly in the economics and have the power to direct the activities which significantly impact the economic performance of these regional sports networks, including sales and certain operational services. We consolidate these regional sports networks because they are variable interest entities and we are the primary beneficiary. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in millions):
The amounts above represent the consolidated assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from above, were $127 million and $131 million as of December 31, 2021 and December 31, 2020, respectively, as these amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As of December 31, 2021, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of variable interest entities and guarantees of third-party debt under Note 7. Notes Payable and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $175 million and $75 million as of December 31, 2021 and 2020, respectively, and are included in other assets in our consolidated balance sheets. See Note 6. Other Assets for more information related to our equity investments. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other equity investments are recorded in income (loss) from equity method investments and other (expense) income, net, respectively, in our consolidated statements of operations. We recorded a gain of $37 million and losses of $38 million and $50 million for the years ended December 31, 2021, 2020, and 2019, respectively, related to these investments.
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RELATED PERSON TRANSACTIONS |
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Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PERSON TRANSACTIONS | 15. RELATED PERSON TRANSACTIONS: Transactions with our controlling shareholders David, Frederick, J. Duncan and Robert Smith (collectively, the controlling shareholders) are brothers and hold substantially all of the Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests: Leases. Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling shareholders. Lease payments made to these entities were $5 million for each of the years ended December 31, 2021, 2020, and 2019. Finance leases payable related to the aforementioned relationships were $9 million, net of $1 million interest, and $8 million, net of $2 million interest, as of December 31, 2021 and 2020, respectively. The finance leases mature in periods through 2029. For further information on finance leases to affiliates, see Note 7. Notes Payable and Commercial Bank Financing. Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred aggregate expenses of $1 million for each of the years ended December 31, 2021 and 2020 and $2 million for the year ended December 31, 2019. Cunningham Broadcasting Corporation Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; and KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah (collectively, the Cunningham Stations). Certain of our stations provide services to these Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 14. Variable Interest Entities, for further discussion of the scope of services provided under these types of arrangements. As of December 31, 2021, we have jointly, severally, unconditionally, and irrevocably guaranteed $37 million of Cunningham debt, of which $7 million, net of $0.2 million deferred financing costs, relates to the Cunningham VIEs that we consolidate. All of the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various arrangements related to the Cunningham Stations. The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2023 and there are two additional five-year renewal terms remaining with final expiration on July 1, 2033. We also executed purchase agreements to acquire the license related assets of these stations from Cunningham, which grant us the right to acquire, and grant Cunningham the right to require us to acquire, subject to applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the terms of this agreement we are obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i) 3% of each station’s annual net broadcast revenue or (ii) $5 million. The aggregate purchase price of these television stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The cumulative prepayments made under these purchase agreements were $58 million and $54 million as of December 31, 2021 and 2020, respectively. The remaining aggregate purchase price of these stations, net of prepayments, was $54 million for both the years ended December 31, 2021 and 2020. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and have a purchase option to acquire for $0.2 million. We paid Cunningham, under these agreements, $11 million for the year ended December 31, 2021 and $8 million for each of the years ended December 31, 2020 and 2019. The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire between May 2023 and November 2029, and certain stations have renewal provisions for successive eight-year periods. As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported in our consolidated statements of operations. Our consolidated revenues include $144 million, $157 million, and $155 million for the years ended December 31, 2021, 2020, and 2019, respectively, related to the Cunningham Stations. We have an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in June 2022. Under the agreement, Cunningham paid us an initial fee of $1 million and pays us $0.2 million annually for master control services plus the cost to maintain and repair the equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $0.5 million and increased by 3% on each anniversary and which expires in November 2024. Atlantic Automotive Corporation We sell advertising time to Atlantic Automotive Corporation (Atlantic Automotive), a holding company that owns automobile dealerships and an automobile leasing company. David D. Smith, our Executive Chairman, has a controlling interest in, and is a member of the Board of Directors of, Atlantic Automotive. We received payments for advertising totaling $0.1 million for the year ended December 31, 2021 and $0.2 million for each of the years ended December 31, 2020 and 2019. Leased property by real estate ventures Certain of our real estate ventures have entered into leases with entities owned by members of the Smith Family. Total rent received under these leases was $1 million for each of the years ended December 31, 2021, 2020, and 2019. Equity method investees YES Network. In August 2019, YES Network, an equity method investee, entered into a management services agreement with the Company, in which the Company provides certain services for an initial term that expires on August 29, 2025. The agreement will automatically renew for two 2-year renewal terms, with a final expiration on August 29, 2029. Pursuant to the terms of the agreement, the YES Network paid us a management services fee of $6 million, $5 million, and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively. We have a minority interest in certain mobile production businesses, which we account for as equity method investments. We made payments to these businesses for production services totaling $45 million, $19 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively. We have a minority interest in a sports marketing company, which we account for as an equity method investment. We made payments to this business for marketing services totaling $17 million for the year ended December 31, 2021. Programming rights As of December 31, 2021, affiliates of six professional teams have non-controlling equity interests in certain of our RSNs. These agreements expire on various dates during the fiscal years ended 2025 through 2032. The Company paid $424 million, $168 million, net of rebates, and $73 million for the years ended December 31, 2021, 2020, and 2019, respectively, under sports programming rights agreements covering the broadcast of regular season games to professional teams who have non-controlling equity interests in certain of our RSNs. Employees Jason Smith, an employee of the Company, is the son of Frederick Smith, a Vice President of the Company and a member of the Company's Board of Directors. Jason Smith received total compensation of $0.2 million, consisting of salary and bonus, for each of the years ended December 31, 2021, 2020, and 2019, and was granted RSAs with respect to 2,239 and 355 shares, vesting over two years, for the years ended December 31, 2021 and 2020, respectively. Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, Executive Vice President and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of $0.2 million, consisting of salary and bonus, for each of the years ended December 31, 2021, 2020, and 2019. Edward Kim, an employee of the company, is the brother-in-law of Christopher Ripley, President and Chief Executive Officer of the Company. Edward Kim received total compensation of $0.2 million and $0.1 million, consisting of salary, for the years ended December 31, 2021 and 2020, respectively.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | 16. EARNINGS PER SHARE: The following table reconciles income (numerator) and shares (denominator) used in our computations of earnings per share for the years ended December 31, 2021, 2020, and 2019 (in millions, except share amounts which are reflected in thousands):
The net earnings per share amounts are the same for Class A and Class B Common Stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.
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SEGMENT DATA |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA | 17. SEGMENT DATA: We measure segment performance based on operating income (loss). We have two reportable segments: broadcast and local sports. Our broadcast segment, previously referred to as our local news and marketing services segment, provides free over-the-air programming to television viewing audiences and includes stations in 86 markets located throughout the continental United States. Our local sports segment, previously referred to as our sports segment, provides viewers with live professional sports content and includes our regional sports network brands, Marquee, and a minority equity interest in the YES Network. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of original networks and content, including Tennis, non-broadcast digital and internet solutions, technical services, and other non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All of our businesses are located within the United States. Segment financial information is included in the following tables for the years ended December 31, 2021, 2020, and 2019 (in millions):
(a)The amortization of sports programming rights is included within media programming and production expenses on our consolidated statements of operations. (b)Includes gains of $67 million for the year ended December 31, 2021 related to the fair value of equipment that we received for the C-Band spectrum repack and reimbursements for spectrum repack costs, and gains of $90 million and $62 million for the years ended December 31, 2020 and 2019, respectively, related to reimbursements for spectrum repack costs. See Note 2. Acquisitions and Dispositions of Assets. (c)Includes $111 million, $100 million, and $35 million of revenue for the years ended December 31, 2021, 2020, and 2019, respectively, for services provided by broadcast to local sports and other, which are eliminated in consolidation.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | 18. FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table sets forth the carrying value and fair value of our financial assets and liabilities as of December 31, 2021 and 2020 (in millions):
(a)Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b)Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing costs, which are excluded in the above table, of $158 million and $183 million as of December 31, 2021 and 2020, respectively. (c)On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principle amount of $740 million, the net proceeds of which were used to refinance a portion of the STG Term Loan B-1 maturing in January 2024. Note 7. Notes Payable and Commercial Bank Financing for additional information. (d)On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the years ended December 31, 2021 and 2020 we recorded a fair value adjustment loss of $50 million and gain of $133 million, respectively, related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity adjusted for a 16% and 25% discount for lack of marketability (DLOM) as of December 31, 2021 and 2020, respectively. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock, the exercise price of the options, which range from $30 to $45 per share, and a DLOM of 16% and 25% as of December 31, 2021 and 2020, respectively. There are certain restrictions surrounding the sale and ownership of common stock through the second anniversary of the agreement. The Company is also precluded from owning more than 4.9% of the outstanding common shares of Bally's, inclusive of shares obtained through the exercise of the warrants and options described above. See Note 6. Other Assets for further discussion. The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy (in millions):
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FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES | 19. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS: Sinclair Television Group, Inc. (STG), a wholly-owned subsidiary and the television operating subsidiary of Sinclair Broadcast Group, Inc. (SBG), is the primary obligor under STG's Bank Credit Agreement, 5.875% unsecured notes, 5.125% unsecured notes, 5.500% unsecured notes, and 4.125% secured notes. Our Class A Common Stock and Class B Common Stock as of December 31, 2021, were obligations or securities of SBG and not obligations or securities of STG. SBG is a guarantor under STG's Bank Credit Agreement, 5.875% unsecured notes, 5.125% unsecured notes, 5.500% unsecured notes, and 4.125% secured notes. As of December 31, 2021, our consolidated total debt of $12,340 million included $4,385 million of debt related to STG and its subsidiaries of which SBG guaranteed $4,347 million. SBG, KDSM, LLC, a wholly-owned subsidiary of SBG, and STG’s wholly-owned subsidiaries (guarantor subsidiaries), have fully and unconditionally guaranteed, subject to certain customary automatic release provisions, all of STG’s obligations. Those guarantees are joint and several. There are certain contractual restrictions on the ability of SBG, STG or KDSM, LLC to obtain funds from their subsidiaries in the form of dividends or loans. The following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations and comprehensive income, and consolidated statements of cash flows of SBG, STG, KDSM, LLC and the guarantor subsidiaries, the direct and indirect non-guarantor subsidiaries of SBG and the eliminations necessary to arrive at our information on a consolidated basis and are provided pursuant to the terms of certain of our debt agreements. Investments in the subsidiaries of SBG, STG, KDSM, LLC and the guarantor subsidiaries, the direct and indirect non-guarantor subsidiaries of SBG are presented in each column under the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. As such, these condensed consolidating financial statements should be read in conjunction with the accompanying notes to consolidated financial statements. CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2020 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2019
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2020 (In million)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2019 (In millions)
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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED): (In millions, except per share data)
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SUBSEQUENT EVENTS |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 20. SUBSEQUENT EVENTS: On March 1, 2022, DSG consummated the following financing transactions (the “Transaction”): •DSG First Lien Term Loan: $635 million of a newly funded first-priority lien term loan (the DSG First Lien Term Loan) pursuant to a new first-priority lien credit agreement (the DSG First Lien Credit Agreement), ranking first in lien priority on shared collateral ahead of (i) new second lien credit facilities issued in exchange for existing loans and/or commitments under the existing DSG Bank Credit Agreement, each of which will rank second in lien priority on shared collateral, (ii) 5.375% Second Lien Secured Notes due 2026 (the DSG 5.375% Second Lien Secured Notes) issued in exchange for the DSG 5.375% Secured Notes in an exchange offer, each of which will rank second in lien priority on shared collateral and (iii) loans and/or commitments under the DSG Bank Credit Agreement and DSG 5.375% Secured Notes that do not participate in or consent to the Transaction, each of which will rank third in lien priority on shared collateral. •DSG First and Second Lien Credit Facilities and DSG 5.375% Second Lien Secured Notes: All lenders under the DSG Bank Credit Agreement that participates in the applicable Transaction and all holders of DSG 5.375% Secured Notes that participate in an exchange offer exchanged their applicable existing debt holdings for: •In the case of existing term loans under the DSG Bank Credit Agreement, new second-priority lien term loans (the DSG Second Lien Term Loan), with the same or substantially the same maturity, pricing and other economic terms as the existing term loans under the DSG Bank Credit Agreement, but with more restrictive covenants and other terms substantially consistent with the DSG First Lien Term Loan, at an exchange rate of $100 of DSG Second Lien Term Loans for each $100 of existing term loans under the DSG Bank Credit Agreement. •In the case of the existing DSG Revolving Credit Facility, a new second-priority lien revolving credit facility (the DSG Second Lien Revolving Credit Facility, together with the DSG Second Lien Term Loan, the DSG Second Lien Credit Facilities, and together with the DSG First Lien Term Loan, the DSG First and Second Lien Credit Facilities) with more restrictive covenants and other terms as compared with the existing DSG Revolving Credit Facility, which terms are substantially consistent with the DSG Second Lien Term Loan other than an extended term to May 2026, and were exchanged into the DSG Second Lien Revolving Credit Facility for a principal amount equal to 35.0% of such lender’s total revolving commitments existing under the existing DSG Revolving Credit Facility. The DSG Second Lien Credit Facilities were issued pursuant to a new second-priority lien credit agreement (the “DSG Second Lien Credit Agreement,” and together with the DSG First Lien Credit Agreement, the “DSG First and Second Lien Credit Agreements”). The DSG First and Second Lien Credit Agreements and the existing DSG Bank Credit Agreement are collectively referred to as the DSG Credit Agreements. •In the case of the DSG 5.375% Secured Notes, the DSG 5.375% Second Lien Secured Notes. •Non-Participating Lenders under the DSG Bank Credit Agreement and DSG 5.375% Secured Notes: All loans under the DSG Bank Credit Agreement that did not participate in the Transaction (the "DSG Third Lien Term Loan") and all DSG 5.375% Secured Notes that did not participate in an exchange offer rank third in lien priority on shared collateral behind each of the DSG First and Second Lien Credit Facilities and the DSG 5.375% Second Lien Secured Notes, and certain of the covenants, events of default and related definitions in the DSG Bank Credit Agreement and the indenture governing the DSG 5.375% Secured Notes were eliminated in a manner customary for covenant strips as part of exit consents for transactions of this type. •Redemption of DSG 12.750% Secured Notes. DSG redeemed the 12.750% Secured Notes and satisfied and discharged the indenture governing the DSG 12.750% Secured Notes. The redemption price was equal to the sum of 100% of the principal amount of the DSG 12.750% Notes outstanding plus the Applicable Premium (as defined in the indenture governing the DSG 12.750% Secured Notes), together with accrued and unpaid interest on the principal amount being redeemed up to, but not including, March 2, 2022. Immediately following the Transactions, DSG had $3,036 million of DSG 5.375% Second Lien Notes outstanding, $14 million of DSG 5.375% Secured Notes outstanding, $635 million outstanding under the DSG First Lien Term Loan, $3,449 million outstanding under the DSG Second Lien Term Loan, and $4 million outstanding under the DSG Third Lien Term Loan. In addition, we had $227.5 million of availability under the DSG Second Lien Revolving Credit Facility. Borrowings under the DSG First and Second Lien Credit Facilities bear interest, at a rate per annum equal to an applicable margin of 7.00% in the case of base rate DSG First Lien Term Loan borrowings or 8.00%, plus customary credit spread adjustments in the case of Term SOFR rate DSG First Lien Term Loan borrowings; at a rate per annum equal to an applicable margin of 2.25% in the case of base rate DSG Second Lien Term Loan borrowings or 3.25% plus customary credit spread adjustments in the case of Term SOFR rate DSG Second Lien Term Loan borrowings; and 2.00% in the case of base rate DSG Second Lien Revolving Credit Facility borrowings or 3.00% plus customary credit spread adjustments in the case of Term SOFR rate DSG Second Lien Revolving Credit Facility borrowings, and, in the case of the DSG Second Lien Revolving Credit Facility, subject to decrease if the specified second lien net leverage ratio is less than or equal to certain levels, in each such case over either, at our option, (a) a base rate determined by reference to the highest of (1) the “Prime Rate” last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (2) the federal funds effective rate plus ½ of 1% and (3) the Term SOFR (or successor) rate for a one month interest period (including the applicable credit spread adjustment) plus 1.00% or (b) the Term SOFR rate determined by reference to the interest period relevant to such borrowing, subject to a 0% interest rate floor. The DSG First and Second Lien Credit Agreements contain customary mandatory prepayment requirements, including with respect to excess cash flow, asset sale proceeds and proceeds from certain incurrences of indebtedness. DSG may voluntarily repay outstanding loans under the DSG First Lien Term Loan at a prepayment price equal to 100% of the principal amount of the DSG First Lien Term Loan being prepaid plus accrued and unpaid interest, if any, to the prepayment date plus (i) prior to the third anniversary of the closing date of DSG First Lien Term Loan, a make-whole premium (to be defined based on the net present value, calculated on the basis of a treasury rate + 50 basis points, of the interest payments that would have otherwise been paid up to such third anniversary date) plus a prepayment charge equal to 7.0% of the principal amount so prepaid, (ii) 7.0% of the amount so prepaid, if such prepayment occurs on or after the third anniversary of the closing date of the DSG First Lien Term Loan but prior to the date that is one year prior to the maturity date of the DSG First Lien Term Loan, and (iii) 0.0%, if such prepayment occurs on or after the date that is one year prior to the maturity date of the DSG First Lien Term Loan, and in each case subject to customary breakage costs with respect to Term SOFR rate loans. DSG may voluntarily repay outstanding loans under the DSG Second Lien Credit Facilities at any time without premium or penalty, other than customary breakage costs with respect to Term SOFR (or successor) loans. The DSG First Lien Term Loan and the DSG Second Lien Term Loan both amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans (commencing with the first full fiscal quarter after the closing date thereof), with the balance being payable on the respective maturity date of such term loans. All obligations under the DSG First Lien Term Loan are secured, subject to permitted liens and other customary exceptions, by: (i) a perfected first priority pledge of (a) all the equity interests of DSG and each wholly owned restricted subsidiary of Holdings that is directly held by Holdings, DSG or a subsidiary guarantor, (b) subject to certain exceptions, the equity held by such entities in non-wholly owned restricted subsidiaries and (c) in certain limited circumstances, the equity held by such entities in non-subsidiary joint ventures and (ii) perfected first priority security interests in substantially all tangible and intangible personal property of Holdings and the subsidiary guarantors. All obligations under the DSG Second Lien Credit Facilities (including with respect to certain cash management services provided by lenders or agents thereunder or affiliates thereof) are secured, subject to permitted liens and other customary exceptions, by: (i) a perfected second priority pledge of (a) all the equity interests of DSG and each wholly owned restricted subsidiary of Holdings that is directly held by Holdings, DSG or a subsidiary guarantor, (b) subject to certain exceptions, the equity held by such entities in non-wholly owned restricted subsidiaries and (c) in certain limited circumstances, the equity held by such entities in non-subsidiary joint ventures and (ii) perfected second priority security interests in substantially all tangible and intangible personal property of Holdings and the subsidiary guarantors. The DSG First and Second Lien Credit Facilities are jointly and severally guaranteed by the guarantors party thereto, which currently includes Holdings and each of its wholly owned direct or indirect domestic subsidiaries. The DSG First and Second Lien Credit Facilities contain affirmative covenants including, among others: delivery of annual audited and quarterly unaudited financial statements; delivery of notices of defaults, material litigation and material ERISA events; submission to certain inspections; maintenance of property and customary insurance; payment of taxes; compliance with laws and regulations; a requirement that the DTC application and intellectual property developed as part of or derived from the DTC application shall be developed at and at all times be and remain owned by Holdings, DSG or guarantors and a requirement to maintain an independent board of DSG (including the selection solely by the required lenders under the DSG First Lien Term Loan of two of the independent board members). The DSG First and Second Lien Credit Facilities also contain negative covenants that, subject to certain exceptions, qualifications and “baskets,” generally limit the ability of (i) Holdings, DSG and its restricted subsidiaries to incur debt, create liens, make fundamental changes, enter into asset sales, make certain investments, pay dividends or distribute or redeem certain equity interests, prepay or redeem certain debt, enter into certain transactions with affiliates, amend the Management Agreement with Sinclair Television Group, Inc., transfer certain assets to or engage in certain types of transactions with unrestricted subsidiaries or other non-guarantor subsidiaries, transfer content rights, the DTC application and related intellectual property other than to Holdings, DSG and the guarantors, and forming and transferring assets to joint ventures and (ii) unrestricted subsidiaries to own or hold assets or engage in certain types of transactions as well as customary events of default, including relating to a change of control. The DSG First and Second Lien Credit Facilities also contain customary events of default, including relating to a change of control. If an event of default occurs, the lenders under the DSG First and Second Lien Credit Agreements will be entitled to take various actions, including the acceleration of amounts due under the DSG First and Second Lien Credit Agreements and all actions permitted to be taken by secured creditors under applicable law.
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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations | Nature of Operations Sinclair Broadcast Group, Inc. (the Company) is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations, regional sports networks, and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, college and professional sports, and other original programming produced by us. Additionally, we own digital media products that are complementary to our extensive portfolio of television station related digital properties. Outside of our media related businesses, we operate technical services companies focused on supply and maintenance of broadcast transmission systems as well as research and development for the advancement of broadcast technology, and we manage other non-media related investments. As of December 31, 2021, we had two reportable segments for accounting purposes, broadcast and local sports. The broadcast segment consists primarily of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as JSAs and SSAs). These stations broadcast 634 channels as of December 31, 2021. For the purpose of this report, these 185 stations and 634 channels are referred to as “our” stations and channels. The local sports segment consists primarily of our Bally Sports network brands (Bally RSNs), the Marquee Sports Network (Marquee) joint venture, and a minority equity interest in the Yankee Entertainment and Sports Network, LLC ( YES Network). We refer to the Bally RSNs and Marquee as "the RSNs". The RSNs and YES Network own the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas.
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Principles of Consolidation | Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, including the operating results of the Acquired RSNs acquired on August 23, 2019, as discussed in Note 2. Acquisitions and Dispositions of Assets, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 14. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income (loss) from equity method investments represents our proportionate share of net income or loss generated by equity method investees.
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Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. The impact of the outbreak of the novel coronavirus (COVID-19) continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could further materially impact our estimates related to, but not limited to, revenue recognition, goodwill and intangible assets, program contract costs, sports programming rights, and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued amended guidance on the accounting for credit losses on financial instruments. Among other provisions, this guidance introduces a new impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a forward-looking “expected loss” model that will replace the current “incurred loss” model that will generally result in the earlier recognition of allowances for losses. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, with the capitalized implementation costs of a hosting arrangement that is a service contract expensed over the term of the hosting arrangement. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In October 2018, the FASB issued guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety, as currently required in generally accepted accounting principles (GAAP). We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2019, the FASB issued guidance which requires that an entity test a film or license agreement within the scope of Subtopic 920-350 for impairment at the film group level, when the film or license agreement is predominantly monetized with other films and/or license agreements. We adopted this guidance during the first quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued guidance which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. We early adopted this guidance during the third quarter of 2020. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to derivative contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective for all entities immediately upon issuance of the update and may be applied prospectively to applicable transactions existing as of or entered into from the date of adoption through December 31, 2022. This guidance did not have an impact on our consolidated financial statements. In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance, but do not expect a material impact on our consolidated financial statements.
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
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Accounts Receivable | Accounts Receivable We regularly review accounts receivable and determine an appropriate estimate for the allowance for doubtful accounts based upon the impact of economic conditions on the merchant’s ability to pay, past collection experience, and such other factors which, in management’s judgment, deserve current recognition. In turn, a provision is charged against earnings in order to maintain the appropriate allowance level.
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Broadcast Television Programming | Broadcast Television Programming We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from to seven years. Contract payments are made in installments over terms that are generally equal to or shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program contracts which becomes payable within one year is reflected as a current liability in the accompanying consolidated balance sheets. The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Sports Programming Rights We have multi-year program rights agreements that provide the Company with the right to produce and telecast professional live sports games within a specified territory in exchange for a rights fee. A prepaid asset is recorded for rights acquired related to future games upon payment of the contracted fee. The assets recorded for the acquired rights are classified as current or non-current based on the period when the games are expected to be aired. Liabilities are recorded for any program rights obligations that have been incurred but not yet paid at period end. We amortize these programming rights as an expense over each season based upon contractually stated rates. Amortization is accelerated in the event that the stated contractual rates over the term of the rights agreement results in an expense recognition pattern that is inconsistent with the projected growth of revenue over the contractual term. On March 12, 2020, the NBA, NHL, and MLB suspended or delayed the start of their seasons as a result of the COVID-19 pandemic. On that date, the Company suspended the recognition of amortization expense associated with prepaid program rights agreements with teams within these leagues. Amortization expense resumed for the NBA, NHL, and MLB over the modified seasons when the games commenced during the third quarter of 2020. The NBA and NHL also delayed the start of their 2020-2021 seasons until December 22, 2020 and January 13, 2021, respectively; sports rights expense associated with these seasons was recognized over the modified term of these seasons. Certain rights agreements with professional teams contain provisions which require the rebate of rights fees paid by the Company if a contractually minimum number of live games are not delivered. The actual amount of rebates to be received will vary depending on changes in the final game counts of each league's respective season. Rights fees paid in advance of expense recognition, inclusive of any contractual rebates due to the Company, are included within prepaid sports rights in our consolidated balance sheets.
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Impairment of Goodwill, Indefinite-lived Intangible Assets, and Other Long-lived Assets | Impairment of Goodwill, Indefinite-lived Intangible Assets, and Other Long-lived Assets We evaluate our goodwill and indefinite lived intangible assets for impairment annually in the fourth quarter, or more frequently, if events or changes in circumstances indicate that an impairment may exist. Our goodwill has been allocated to, and is tested for impairment at, the reporting unit level. A reporting unit is an operating segment or a component of an operating segment to the extent that the component constitutes a business for which discrete financial information is available and regularly reviewed by management. Components of an operating segment with similar characteristics are aggregated when testing goodwill for impairment. In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it is more likely than not that a reporting unit has been impaired. As part of this qualitative assessment, we weigh the relative impact of factors that are specific to the reporting units as well as industry, regulatory, and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over carrying value in prior quantitative assessments. If we conclude that it is more likely than not that a reporting unit is impaired, or if we elect not to perform the optional qualitative assessment, we will determine the fair value of the reporting unit and compare it to the net book value of the reporting unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference. We estimate the fair value of our reporting units utilizing the income approach involving the performance of a discounted cash flow analysis. Our discounted cash flow model is based on our judgment of future market conditions based on our internal forecast of future performance, as well as discount rates that are based on a number of factors including market interest rates, a weighted average cost of capital analysis, and includes adjustments for market risk and company specific risk. Our indefinite-lived intangible assets consist primarily of our broadcast licenses and a trade name. For our annual impairment test for indefinite-lived intangible assets, we have the option to perform a qualitative assessment to determine whether it is more likely than not that these assets are impaired. As part of this qualitative assessment we weigh the relative impact of factors that are specific to the indefinite-lived intangible assets as well as industry, regulatory, and macroeconomic factors that could affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over carrying value in prior quantitative assessments. When evaluating our broadcast licenses for impairment, the qualitative assessment is done at the market level because the broadcast licenses within the market are complementary and together enhance the single broadcast license of each station. If we conclude that it is more likely than not that one of our broadcast licenses is impaired, we will perform a quantitative assessment by comparing the aggregate fair value of the broadcast licenses in the market to the respective carrying values. We estimate the fair values of our broadcast licenses using the Greenfield method, which is an income approach. This method involves a discounted cash flow model that incorporates several variables, including, but not limited to, market revenues and long-term growth projections, estimated market share for the typical participant without a network affiliation, and estimated profit margins based on market size and station type. The model also assumes outlays for capital expenditures, future terminal values, an effective tax rate assumption and a discount rate based on a number of factors including market interest rates, a weighted average cost of capital analysis based on the target capital structure for a television station, and includes adjustments for market risk and company specific risk. If the carrying amount of the broadcast licenses exceeds the fair value, then an impairment loss is recorded to the extent that the carrying value of the broadcast licenses exceeds the fair value. We evaluate our long-lived assets for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate the recoverability of long-lived assets by comparing the carrying amount of the assets within an asset group to the estimated undiscounted future cash flows associated with the asset group. An asset group represents the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets. At the time that such evaluations indicate that the future undiscounted cash flows are not sufficient to recover the carrying value of the asset group, an impairment loss is determined by comparing the estimated fair value of the asset group to the carrying value. We estimate fair value using an income approach involving the performance of a discounted cash flow analysis. Our RSNs included in the local sports segment were negatively impacted by the loss of three Distributors in 2020. In addition, our existing Distributors experienced elevated levels of subscriber erosion which we believe was influenced, in part, by shifting consumer behaviors resulting from media fragmentation, the current economic environment, the COVID-19 pandemic and related uncertainties. Most of these factors are also expected to have a negative impact on future projected revenues and margins of our RSNs. As a result of these factors, we performed an impairment test of the RSN reporting units' goodwill and long-lived asset groups during the third quarter of 2020 which resulted in a non-cash impairment charge for the year ended December 31, 2020 on goodwill of $2,615 million, customer relationships of $1,218 million, and other definite-lived intangible assets of $431 million, included within impairment of goodwill and definite-lived intangible assets in our consolidated statements of operations. During the year ended December 31, 2021, we did not identify any indicators that our definite-lived intangible assets may not be recoverable. See Note 5. Goodwill, Indefinite-Lived Intangible Assets, and Other Intangible Assets for more information. We believe we have made reasonable estimates and utilized appropriate assumptions in the performance of our impairment assessments. If future results are not consistent with our assumptions and estimates, including future events such as a deterioration of market conditions, loss of significant customers, failure to execute on DSG's DTC strategy significant increases in discount rates, among other factors, we could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact on our consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows. When factors indicate that there may be a decrease in value of an equity method investment, we assess whether a loss in value has occurred. If that loss is deemed to be other than temporary, an impairment loss is recorded accordingly. For any equity method investments that indicate a potential impairment, we estimate the fair values of those investments using a combination of a market-based approach, which considers earnings and cash flow multiples of comparable businesses and recent market transactions, as well as an income approach involving the performance of a discounted cash flow analysis.
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Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued LiabilitiesWe expense these activities when incurred | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. As of December 31, 2021 and 2020, a valuation allowance has been provided for deferred tax assets related to certain temporary basis differences, interest expense carryforwards under the Internal Revenue Code (IRC) Section 163(j) and a substantial amount of our available state net operating loss carryforwards based on past operating results, including the RSN impairment, expected timing of the reversals of existing temporary basis differences, alternative tax strategies and projected future taxable income. Future changes in operating and/or taxable income or other changes in facts and circumstances could significantly impact the ability to realize our deferred tax assets which could have a material effect on our consolidated financial statements. Management periodically performs a comprehensive review of our tax positions, and we record a liability for unrecognized tax benefits if such tax positions are more likely than not to be sustained upon examination based on their technical merits, including the resolution of any appeals or litigation processes. Significant judgment is required in determining whether positions taken are more likely than not to be sustained, and it is based on a variety of facts and circumstances, including interpretation of the relevant federal and state income tax codes, regulations, case law and other authoritative pronouncements. Based on this analysis, the status of ongoing audits and the expiration of applicable statute of limitations, liabilities are adjusted as necessary. The resolution of audits is unpredictable and could result in tax liabilities that are significantly higher or lower than for what we have provided. See Note 12. Income Taxes, for further discussion of accrued unrecognized tax benefits.
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Revenue Recognition | Revenue Recognition The following table presents our revenue disaggregated by type and segment for the years ended December 31, 2021, 2020, and 2019 (in millions):
Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our stations, RSNs, and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Certain of our distribution arrangements contain provisions that require the Company to deliver a minimum number of live professional sports games or tournaments during a defined period which usually corresponds with a calendar year. If the minimum threshold is not met, we may be obligated to refund a portion of the distribution fees received if shortfalls are not cured within a specified period of time. Our ability to meet these requirements is primarily driven by the delivery of games by the professional sports leagues. Prior to the COVID-19 pandemic, the Company had not historically paid any material rebates under these contractual provisions as it is unusual for there to be an event which is significant enough to preclude the Company from meeting or exceeding these thresholds. The COVID-19 pandemic has resulted in significant disruptions to the normal operations of the professional sports leagues resulting in delays and uncertainty with respect to regularly scheduled games. Decisions made by the leagues during the second quarter of 2020 regarding the timing and format of the revised 2020 season and decisions made by the NHL and NBA during the fourth quarter of 2020 and the first and third quarters of 2021 regarding the timing and format of their revised 2020-2021 seasons have resulted, in some cases, in our inability to meet these minimum game requirements and the need to reduce revenue based upon estimated rebates due to our Distributors. Accrued rebates as of December 31, 2021 and 2020 were $210 million and $420 million, respectively. The decrease in accrued rebates during the year ended December 31, 2021 includes $202 million of payments and $8 million of adjustments related to rebates accrued in 2020 due primarily to changes in estimated game counts. As of December 31, 2021, all rebates are reflected in other current liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2022. There were no rebates accrued during the year ended December 31, 2021 that related to the 2020-2021 seasons, as we were not in a shortfall position in 2021. There can be no assurances that additional rebates will not be required if there are future postponements of the professional sports leagues, including the outcome of the current MLB lockout. Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television, RSNs, and digital platforms. Advertising revenue is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees, to the extent that there is a ratings shortfall, we will defer a proportionate amount of revenue until the ratings shortfall is settled through the delivery of additional advertising. The term of our advertising arrangements is generally less than one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain circumstances, we require customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as deferred revenue. Practical Expedients and Exemptions. We expense sales commissions when incurred because the period of benefit for these costs is one year or less. These costs are recorded within media selling, general and administrative expenses. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Arrangements with Multiple Performance Obligations. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price, which is generally based on the prices charged to customers. Deferred Revenues. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable.
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Advertising Expenses | Advertising Expenses |
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Financial Instruments | Financial Instruments |
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Post-retirement Benefits | Post-retirement Benefits |
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Reclassifications | Reclassifications Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation.
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Variable Interest Entities | Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee’s acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs.
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Fair Value Measurements | Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rollforward of the Allowance for Doubtful Accounts | A rollforward of the allowance for doubtful accounts for the years ended December 31, 2021, 2020, and 2019 is as follows (in millions):
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Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following as of December 31, 2021 and 2020 (in millions):
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Schedule of Cash Transactions | During the years ended December 31, 2021, 2020, and 2019, we had the following cash transactions (in millions):
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Schedule of Disaggregation of revenue | The following table presents our revenue disaggregated by type and segment for the years ended December 31, 2021, 2020, and 2019 (in millions):
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ACQUISITIONS AND DISPOSITIONS OF ASSETS (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocated Fair Value of Acquired Assets and Liabilities Assumed | The following table summarizes the fair value of acquired assets, assumed liabilities, and noncontrolling interests of the Acquired RSNs (in millions):
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Schedule of Acquired Operations Included in the Financial Statements | The following tables summarize the results of the net revenues and operating (loss) income included in the financial statements of the Company beginning on the acquisition date of each acquisition as listed below (in millions):
(a)Operating (loss) income for the years ended December 31, 2020 and 2019 includes transaction costs discussed below, and for the years ended December 31, 2021, 2020, and 2019 excludes $109 million, $98 million, and $35 million, respectively, of selling, general, and administrative expenses for services provided by broadcast to local sports, which are eliminated in consolidation.
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Schedule of Unaudited Pro Forma Results of Operations | The following table sets forth unaudited pro forma results of operations, assuming that the RSN Acquisition, along with transactions necessary to finance the acquisition, occurred at the beginning of the year preceding the year of acquisition (in millions, except per data share):
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STOCK-BASED COMPENSATION PLANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Unvested Restricted Stock | The following is a summary of changes in unvested restricted stock:
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Schedule of SARS Activity | The following is a summary of the 2021 activity:
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Schedule of Assumptions Used to Estimate the Value of Stock Options Under ESPP | Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
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PROPERTY AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Useful Lives | Depreciation is generally computed under the straight-line method over the following estimated useful lives:
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Schedule of Property and Equipment Stated at Cost Less Accumulated Depreciation | Property and equipment consisted of the following as of December 31, 2021 and 2020 (in millions):
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GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The change in the carrying amount of goodwill at December 31, 2021 and 2020 was as follows (in millions):
(a)See Note 2. Acquisitions and Dispositions of Assets for discussion of dispositions made during 2021. (b)Assets held for sale as of December 31, 2020 were sold during the year ended December 31, 2021. See Note 2. Acquisitions and Dispositions of Assets for discussion of dispositions during 2021 and 2020.
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Schedule of Indefinite-Lived Intangible Assets | As of December 31, 2021 and 2020, the carrying amount of our indefinite-lived intangible assets was as follows (in millions):
(a)Our indefinite-lived intangible assets in our broadcast segment relate to broadcast licenses and our indefinite-lived intangible assets in other relate to trade names. (b)Approximately $14 million of indefinite-lived intangible assets relate to consolidated VIEs as of December 31, 2021 and 2020. (c)See Note 2. Acquisitions and Dispositions of Assets for discussion of acquisitions and dispositions during 2021 and 2020.
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Schedule of Finite-Lived Intangible Assets Amortization | The following table shows the gross carrying amount and accumulated amortization of definite-lived intangibles (in millions):
(a)Approximately $47 million and $54 million of definite-lived intangible assets relate to consolidated VIEs as of December 31, 2021 and 2020, respectively. (b)As of December 31, 2020, we recorded a total impairment loss relating to customer relationships and favorable sports contracts of $1,218 million and $431 million, respectively, which is reflected as a reduction within the Gross Carrying Value column.
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Schedule of Estimated Amortization Expense of the Definite-lived Intangible Assets | The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in millions):
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OTHER ASSETS (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Other assets as of December 31, 2021 and 2020 consisted of the following (in millions):
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Schedule of Equity Method Investments | The summarized results of operations and financial position of the investments accounted for under the equity method are as follows (in millions):
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NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement | Notes payable, finance leases, and commercial bank financing (including finance leases to affiliates) consisted of the following as of December 31, 2021 and 2020 (in millions):
(a)On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million (STG Term Loan B-3), the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024, as more fully described below under STG Bank Credit Agreement. (b)On March 1, 2022, DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction. (c)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the DSG Accounts Receivable Facility (A/R Facility). SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and therefore, are eliminated in consolidation.
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Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement | Debt under the STG Bank Credit Agreement, DSG Bank Credit Agreement, notes payable and finance leases as of December 31, 2021 matures as follows (in millions):
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Schedule of Debt | The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2021 and 2020:
(a)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The STG Revolving Credit Facility is priced at LIBOR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the STG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the STG Revolving Credit Facility. See STG Bank Credit Agreement below for further information. (b)On March 1, 2022 DSG completed a refinancing transaction relating to the DSG Bank Credit Agreement, the DSG 5.375% Secured Notes (defined below under DSG Notes) and the DSG 12.750% Secured Notes (defined below under DSG Notes). See Note 20. Subsequent Events for a discussion of the refinancing transaction. (c)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 3.25x, less than or equal to 3.75x but greater than 3.25x, or greater than 3.75x, respectively. The DSG Revolving Credit Facility is priced at LIBOR plus 3.00%, subject to decrease if the specified first lien leverage ratio (as defined in the DSG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2021 and 2020, there were no outstanding borrowings, no letters of credit outstanding, and $228 million available under the DSG Revolving Credit Facility. See DSG Bank Credit Agreement below for further information. (d)On November 5, 2021, SBG purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the A/R Facility. SBG purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. Transactions related to the A/R Facility are now intercompany transactions and, therefore, are eliminated in consolidation.
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LEASES (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Expense | The following table presents lease expense we have recorded in our consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 (in millions):
(a)Includes variable lease expense of $7 million for each of the years ended December 31, 2021 and 2020 and $5 million for the year ended December 31, 2019 and short-term lease expense of $1 million for each of the years ended December 31, 2021, 2020, and 2019. The following table presents other information related to leases for the years ended December 31, 2021, 2020, and 2019 (in millions):
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Schedule of Maturity of Finance Leases | The following table summarizes our outstanding operating and finance lease obligations as of December 31, 2021 (in millions):
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Schedule of Maturity of Operating Leases | The following table summarizes our outstanding operating and finance lease obligations as of December 31, 2021 (in millions):
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Schedule of Supplemental Balance Sheet Information | The following table summarizes supplemental balance sheet information related to leases as of December 31, 2021 and December 31, 2020 (in millions, except lease term and discount rate):
(a)Finance lease assets are reflected in property and equipment, net in our consolidated balance sheets.
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PROGRAM CONTRACTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROGRAM CONTRACTS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Payments Required Under Program Contracts | Future payments required under television program contracts as of December 31, 2021 were as follows (in millions):
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision (benefit) For Income Taxes | The (benefit) provision for income taxes consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in millions):
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Schedule of Reconciliation of Federal Income Taxes At The Applicable Statutory Rate To The Recorded Provision From Continuing Operations | The following is a reconciliation of federal income taxes at the applicable statutory rate to the recorded provision:
(a)Our 2021, 2020, and 2019 income tax provisions include a benefit of $40 million, $42 million, and $57 million, respectively, related to investments in sustainability initiatives whose activities qualify for federal income tax credits through 2021. (b)Our 2021 and 2020 income tax provisions include a benefit of $38 million and $61 million, respectively, as result of the CARES Act allowing for the 2020 federal net operating loss to be carried back to the pre-2018 years when the federal tax rate was 35%. (c)Included in state income taxes are deferred income tax effects related to certain acquisitions, intercompany mergers, law changes, and/or impact of changes in apportionment. (d)Our 2021, 2020, and 2019 income tax provisions include a $13 million, $23 million, and $12 million benefit, respectively, related to noncontrolling interest of various partnerships. (e)Our 2021 income tax provision includes a net $8 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets as a result of the changes in estimate of the state apportionment. Our 2020 income tax provision includes a $192 million addition related to an increase in valuation allowance primarily due to the change in judgement in the realizability of certain deferred tax assets resulting from the reduction in forecast of future operating income and the RSN impairment. Our 2019 income tax provision includes a $16 million benefit related to a release of valuation allowance on certain state net operating losses where utilization was expected as a result of a business combination. (f)Our 2021, 2020, and 2019 income tax provisions include $1 million, $5 million, and $4 million additions, respectively, related to tax positions of prior tax years. (g)Our 2019 income tax provision includes a $17 million addition primarily related to regulatory costs, executive compensation and other not tax-deductible expenses. (h)Certain of our consolidated VIEs incur expenses that are not attributable to non-controlling interests because we absorb certain related losses of the VIEs. These expenses are not tax-deductible by us, and since these VIEs are treated as pass-through entities for income tax purposes, deferred income tax benefits are not recognized. (i)Our 2019 income tax provision includes a benefit of $34 million related to the treatment of the gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction. (j)Our 2019 income tax provision includes a $2 million benefit related to capital losses that will be carried back to the pre-2018 tax years when the federal tax rate was 35%.
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Schedule of Total Deferred Tax Assets And Deferred Tax Liabilities | Total deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 were as follows (in millions):
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Schedule of Activity Related To Accrued Unrecognized Tax Benefits | The following table summarizes the activity related to our accrued unrecognized tax benefits (in millions):
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Cancellable Commitments Relating to Sports Rights Agreement | Future payments required under television program contracts as of December 31, 2021 were as follows (in millions):
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VARIABLE INTEREST ENTITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in our consolidated balance sheets as of December 31, 2021 and 2020 were as follows (in millions):
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EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation Of Income (numerator) And Shares (denominator) Used In Computation Of Diluted Earnings Per Share | The following table reconciles income (numerator) and shares (denominator) used in our computations of earnings per share for the years ended December 31, 2021, 2020, and 2019 (in millions, except share amounts which are reflected in thousands):
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Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share | The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.
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SEGMENT DATA (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Financial Information | Segment financial information is included in the following tables for the years ended December 31, 2021, 2020, and 2019 (in millions):
(a)The amortization of sports programming rights is included within media programming and production expenses on our consolidated statements of operations. (b)Includes gains of $67 million for the year ended December 31, 2021 related to the fair value of equipment that we received for the C-Band spectrum repack and reimbursements for spectrum repack costs, and gains of $90 million and $62 million for the years ended December 31, 2020 and 2019, respectively, related to reimbursements for spectrum repack costs. See Note 2. Acquisitions and Dispositions of Assets. (c)Includes $111 million, $100 million, and $35 million of revenue for the years ended December 31, 2021, 2020, and 2019, respectively, for services provided by broadcast to local sports and other, which are eliminated in consolidation.
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value And Fair Value Of Notes And Debentures | The following table sets forth the carrying value and fair value of our financial assets and liabilities as of December 31, 2021 and 2020 (in millions):
(a)Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b)Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing costs, which are excluded in the above table, of $158 million and $183 million as of December 31, 2021 and 2020, respectively. (c)On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principle amount of $740 million, the net proceeds of which were used to refinance a portion of the STG Term Loan B-1 maturing in January 2024. Note 7. Notes Payable and Commercial Bank Financing for additional information. (d)On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the years ended December 31, 2021 and 2020 we recorded a fair value adjustment loss of $50 million and gain of $133 million, respectively, related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity adjusted for a 16% and 25% discount for lack of marketability (DLOM) as of December 31, 2021 and 2020, respectively. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock, the exercise price of the options, which range from $30 to $45 per share, and a DLOM of 16% and 25% as of December 31, 2021 and 2020, respectively. There are certain restrictions surrounding the sale and ownership of common stock through the second anniversary of the agreement. The Company is also precluded from owning more than 4.9% of the outstanding common shares of Bally's, inclusive of shares obtained through the exercise of the warrants and options described above. See Note 6. Other Assets for further discussion.
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Schedule of Changes In Level 3 Financial Liabilities Measured on Recurring Basis | The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy (in millions):
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FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES (Tables) |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of condensed consolidating balance sheet | CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2020 (In millions)
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Schedule of condensed consolidating statement of operations and comprehensive income | CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2020 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2019
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Schedule of condensed consolidating statement of cash flows | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2021 (In millions)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2020 (In million)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2019 (In millions)
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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the quarterly financial information (unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED): (In millions, except per share data)
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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
station
channel
segment
| |
Schedule of Equity Method Investments [Line Items] | |
Number of reportable segments | segment | 2 |
Number of television stations owned | station | 185 |
Number of channels | channel | 634 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Rollforward of the allowance for doubtful accounts | |||
Balance at beginning of period | $ 5 | $ 8 | $ 2 |
Charged to expense | 3 | 2 | 9 |
Net write-offs | (1) | (5) | (3) |
Balance at end of period | $ 7 | $ 5 | $ 8 |
Customer One | Customer Concentration Risk | Accounts Receivable | |||
Rollforward of the allowance for doubtful accounts | |||
Concentration percentage | 15.00% | 19.00% | |
Customer Two | Customer Concentration Risk | Accounts Receivable | |||
Rollforward of the allowance for doubtful accounts | |||
Concentration percentage | 15.00% | 17.00% | |
Customer Three | Customer Concentration Risk | Accounts Receivable | |||
Rollforward of the allowance for doubtful accounts | |||
Concentration percentage | 12.00% | 15.00% |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Broadcast Television Programming (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Minimum | |
Programming | |
Contract period | 1 year |
Maximum | |
Programming | |
Contract period | 7 years |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Goodwill, Intangibles, and Other Assets (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Real Estate Properties [Line Items] | |||
Goodwill impairment | $ 0 | $ 2,615,000,000 | $ 0 |
Impairment charge | $ 0 | $ 0 | |
Customer relationships | |||
Real Estate Properties [Line Items] | |||
Impairment charge | 1,218,000,000 | ||
Other definite-lived intangible assets, net | |||
Real Estate Properties [Line Items] | |||
Impairment charge | $ 431,000,000 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Compensation and employee benefits | $ 142 | $ 131 |
Interest | 126 | 127 |
Programming related obligations | 227 | 183 |
Legal, litigation, and regulatory | 6 | 2 |
Accounts payable and other operating expenses | 154 | 90 |
Total accounts payable and accrued liabilities | $ 655 | $ 533 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Information - Statement of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Income taxes paid | $ 16 | $ 11 | $ 32 |
Income tax refunds | 44 | 2 | 2 |
Interest paid | 583 | 634 | 283 |
Non-cash transactions | |||
Non-cash transaction property and equipment | 5 | 6 | $ 10 |
Transfer of an asset for property | 7 | ||
Equity interests received | 199 | ||
Non-cash transaction related to sports rights | $ 22 | ||
Preferred shares in equivalent value of advertising spots | 6 | ||
Equipment | |||
Property and equipment | |||
Receipt of equipment with a fair value | $ 58 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,476 | $ 1,535 | $ 1,612 | $ 1,511 | $ 1,512 | $ 1,539 | $ 1,283 | $ 1,609 | $ 6,134 | $ 5,943 | $ 4,240 |
Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | (160) | (116) | (59) | ||||||||
Broadcast | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,757 | 2,922 | 2,690 | ||||||||
Local sports | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,056 | 2,686 | 1,139 | ||||||||
Other | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 481 | 451 | 470 | ||||||||
Distribution revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,288 | 4,085 | 2,500 | ||||||||
Distribution revenue | Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Distribution revenue | Broadcast | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,475 | 1,414 | 1,341 | ||||||||
Distribution revenue | Local sports | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,620 | 2,472 | 1,029 | ||||||||
Distribution revenue | Other | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 193 | 199 | 130 | ||||||||
Advertising revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,691 | 1,689 | 1,480 | ||||||||
Advertising revenue | Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | (41) | (2) | (1) | ||||||||
Advertising revenue | Broadcast | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,106 | 1,364 | 1,268 | ||||||||
Advertising revenue | Local sports | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 409 | 196 | 103 | ||||||||
Advertising revenue | Other | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 217 | 131 | 110 | ||||||||
Other media, non-media, and intercompany revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 155 | 169 | 260 | ||||||||
Other media, non-media, and intercompany revenue | Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | (119) | (114) | (58) | ||||||||
Other media, non-media, and intercompany revenue | Broadcast | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 176 | 144 | 81 | ||||||||
Other media, non-media, and intercompany revenue | Local sports | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 27 | 18 | 7 | ||||||||
Other media, non-media, and intercompany revenue | Other | Operating segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 71 | $ 121 | $ 230 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Nov. 18, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Concentration Risk [Line Items] | ||||
Deferred revenue | $ 235 | $ 233 | $ 54 | |
Payments of accrued rebates | 202 | |||
Increase (decrease) in accrued rebates adjustments | 8 | |||
Deferred revenue, long-term | 164 | 184 | ||
Deferred revenue, revenue recognized | 45 | 49 | ||
Bally's | Options and Warrants | ||||
Concentration Risk [Line Items] | ||||
Initial value related to equity interests | $ 199 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Concentration Risk [Line Items] | ||||
Initial term of commercial agreement | 10 years | |||
Distribution Revenue Rebate | ||||
Concentration Risk [Line Items] | ||||
Deferred revenue | $ 210 | $ 420 | ||
Revenue Benchmark | Customer One | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 19.00% | 18.00% | 16.00% | |
Revenue Benchmark | Customer Two | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 18.00% | 17.00% | 13.00% | |
Revenue Benchmark | Customer Three | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Concentration percentage | 14.00% | 12.00% | 10.00% |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Total advertising expenses | $ 22 | $ 23 | $ 25 |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Post-retirement Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fisher SERP | Fisher | ||
Post-retirement Benefits | ||
Estimated projected benefit obligation | $ 18 | |
Discount rate for projected benefit obligation (as a percent) | 2.61% | 2.10% |
Benefit payments | $ 2 | $ 2 |
Actuarial gain loss | 1 | (2) |
Periodic pension expense | 1 | $ 1 |
Fisher SERP | Fisher | Accrued Expenses | ||
Post-retirement Benefits | ||
Estimated projected benefit obligation | 1 | |
Fisher SERP | Fisher | Other Long-term Liabilities | ||
Post-retirement Benefits | ||
Estimated projected benefit obligation | 17 | |
Other Post-Retirement Plans | ||
Post-retirement Benefits | ||
Post-retirement plan assets | 48 | |
Deferred compensation plan liabilities | $ 38 |
ACQUISITIONS AND DISPOSITIONS OF ASSETS - Narrative (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 23, 2019
USD ($)
national_basketball_association_team
major_league_baseball_team
national_hockey_league_team
professional_team
|
Feb. 28, 2021
USD ($)
television_broadcast_station
|
May 31, 2019
USD ($)
brand
|
Feb. 28, 2017
USD ($)
station
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
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Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
station
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Dec. 31, 2019
USD ($)
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Dec. 31, 2021
USD ($)
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Sep. 30, 2021
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Jun. 30, 2021
USD ($)
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Jan. 31, 2020
USD ($)
|
|
Acquisitions | |||||||||||||
Cash paid | $ 9,000 | $ 9,000 | $ 9,000 | ||||||||||
Period of increment payments | 3 years | ||||||||||||
Acquisition costs related to legal and other professional services | 5 | 96 | |||||||||||
Deferred spectrum auction proceeds | $ 71 | 115 | 92 | ||||||||||
Number of television broadcast stations | television_broadcast_station | 2 | ||||||||||||
Number of stations assigned new channels | station | 100 | ||||||||||||
Total legislation funds to reimburse stations | $ 3,000 | ||||||||||||
Gain (loss) recognized on sale | 24 | 90 | 62 | ||||||||||
Total capital expenditure | 12 | 61 | $ 66 | ||||||||||
Repacking process, maximum cost of equipment | 15 | 15 | |||||||||||
Equipment | |||||||||||||
Acquisitions | |||||||||||||
Receipt of equipment with a fair value | 58 | ||||||||||||
Radio Station Assets | |||||||||||||
Acquisitions | |||||||||||||
Consideration transferred in asset acquisition | 7 | ||||||||||||
Television Station Assets | |||||||||||||
Acquisitions | |||||||||||||
Consideration transferred in asset acquisition | $ 9 | ||||||||||||
Number of television stations acquired | station | 2 | ||||||||||||
ZypMedia | |||||||||||||
Acquisitions | |||||||||||||
Cash paid | 7 | ||||||||||||
360IA, LLC | |||||||||||||
Acquisitions | |||||||||||||
Cash paid | 2 | ||||||||||||
Consideration transferred in acquisition | 5 | ||||||||||||
Liabilities incurred | 1 | ||||||||||||
RSN | |||||||||||||
Acquisitions | |||||||||||||
Consideration transferred in acquisition | $ 9,817 | $ 9,600 | |||||||||||
Number of brands acquired | brand | 21 | ||||||||||||
Number of professional teams | professional_team | 42 | ||||||||||||
Finite-lived intangible assets acquired | $ 6,725 | ||||||||||||
Goodwill, expected tax deductible amount | 2,400 | ||||||||||||
KOMO-FM, KOMO-AM, KPLZ-FM and KVI-AM | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Sales agreement price | $ 13 | ||||||||||||
Deferred spectrum auction proceeds | 12 | ||||||||||||
Triangle Sign & Service, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Sales agreement price | $ 12 | ||||||||||||
Deferred spectrum auction proceeds | 6 | ||||||||||||
Sales agreement price attributable to noncontrolling interests | 3 | $ 3 | |||||||||||
WKDA-TV and KBSI TV | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Sales agreement price | $ 28 | ||||||||||||
Deferred spectrum auction proceeds | 12 | ||||||||||||
KGBT Non-License Assets and WDKY License and Non-License Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Sales agreement price | $ 36 | ||||||||||||
KGBT Non-License Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Deferred spectrum auction proceeds | $ 8 | ||||||||||||
WDKY License and Non-License Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||
Acquisitions | |||||||||||||
Deferred spectrum auction proceeds | $ 21 | ||||||||||||
C-Band Spectrum | |||||||||||||
Acquisitions | |||||||||||||
Gain on disposition of assets | $ 43 | ||||||||||||
Customer relationships | |||||||||||||
Acquisitions | |||||||||||||
Amortization period, weighted average useful life | 13 years | ||||||||||||
Customer relationships | RSN | |||||||||||||
Acquisitions | |||||||||||||
Finite-lived intangible assets acquired | $ 5,439 | ||||||||||||
Amortization period, weighted average useful life | 13 years | ||||||||||||
Favorable sports contracts | |||||||||||||
Acquisitions | |||||||||||||
Amortization period, weighted average useful life | 12 years | ||||||||||||
Favorable sports contracts | RSN | |||||||||||||
Acquisitions | |||||||||||||
Finite-lived intangible assets acquired | $ 1,271 | ||||||||||||
Amortization period, weighted average useful life | 12 years | ||||||||||||
Trademarks and Trade Names | RSN | |||||||||||||
Acquisitions | |||||||||||||
Finite-lived intangible assets acquired | $ 15 | ||||||||||||
Amortization period, weighted average useful life | 2 years | ||||||||||||
Major League Baseball | RSN | |||||||||||||
Acquisitions | |||||||||||||
Number of professional teams | major_league_baseball_team | 14 | ||||||||||||
National Basketball Association | RSN | |||||||||||||
Acquisitions | |||||||||||||
Number of professional teams | national_basketball_association_team | 16 | ||||||||||||
National Hockey League | RSN | |||||||||||||
Acquisitions | |||||||||||||
Number of professional teams | national_hockey_league_team | 12 |
ACQUISITIONS AND DISPOSITIONS OF ASSETS - Fair Value Of Acquired Assets and Liabilities, RSN (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Allocation | |||
Goodwill | $ 2,088 | $ 2,092 | $ 4,716 |
Purchase price, net of cash acquired | 4 | $ 16 | $ 8,999 |
RSN | |||
Allocation | |||
Cash and cash equivalents | 824 | ||
Accounts receivable, net | 606 | ||
Prepaid expenses and other current assets | 175 | ||
Property and equipment, net | 25 | ||
Other assets | 52 | ||
Accounts payable and accrued liabilities | (181) | ||
Other long-term liabilities | (396) | ||
Goodwill | 2,615 | ||
Fair value of identifiable net assets acquired | 10,445 | ||
Redeemable noncontrolling interests | (380) | ||
Noncontrolling interests | (248) | ||
Gross purchase price | 9,817 | ||
Purchase price, net of cash acquired | 8,993 | ||
RSN | Customer relationships | |||
Allocation | |||
Other definite-lived intangible assets, net | 5,439 | ||
RSN | Other definite-lived intangible assets, net | |||
Allocation | |||
Other definite-lived intangible assets, net | $ 1,286 |
ACQUISITIONS AND DISPOSITIONS OF ASSETS - Acquired Operations Included in the Financial Statements (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Acquisitions | |||||||||||
Revenue | $ 1,476 | $ 1,535 | $ 1,612 | $ 1,511 | $ 1,512 | $ 1,539 | $ 1,283 | $ 1,609 | $ 6,134 | $ 5,943 | $ 4,240 |
Operating income | $ 165 | $ 73 | $ (178) | $ 35 | $ 625 | $ (4,216) | $ 492 | $ 327 | 95 | (2,772) | 470 |
Selling, general, and administrative expenses | 908 | 832 | 732 | ||||||||
RSN | |||||||||||
Acquisitions | |||||||||||
Revenue | 2,834 | 2,562 | 1,139 | ||||||||
Operating income | (395) | (3,585) | 70 | ||||||||
Selling, general, and administrative expenses | 109 | 98 | 35 | ||||||||
Other Acquisitions In 2020 | |||||||||||
Acquisitions | |||||||||||
Revenue | 4 | 3 | 0 | ||||||||
Operating income | (9) | (2) | 0 | ||||||||
Other Acquisitions In 2021 | |||||||||||
Acquisitions | |||||||||||
Revenue | 8 | 0 | 0 | ||||||||
Operating income | (45) | 0 | 0 | ||||||||
Total Acquisitions | |||||||||||
Acquisitions | |||||||||||
Revenue | 2,846 | 2,565 | 1,139 | ||||||||
Operating income | $ (449) | $ (3,587) | $ 70 |
ACQUISITIONS AND DISPOSITIONS OF ASSETS - Pro Forma Results (Details) $ / shares in Units, $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
$ / shares
| |
Pro Forma Information | |
Total revenues | $ 6,689 |
Net income | 328 |
Net income attributable to Sinclair Broadcast Group | $ 130 |
Basic earnings per share attributable to Sinclair Broadcast Group (in dollars per share) | $ / shares | $ 1.41 |
Diluted earnings per share attributable to Sinclair Broadcast Group (in dollars per share) | $ / shares | $ 1.39 |
STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
STOCK-BASED COMPENSATION PLANS: | |||
Options outstanding (in shares) | 375,000 | ||
Weighted average exercise price of options (in dollars per share) | $ 31.25 | ||
Weighted average remaining contractual life of options | 4 years | ||
Aggregate intrinsic value of options outstanding | $ 0 | ||
Stock Based Compensation Plans | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense | $ 60,000,000 | $ 51,000,000 | $ 33,000,000 |
ESPP | |||
STOCK-BASED COMPENSATION PLANS: | |||
Number of shares reserved for award (in shares) | 4,200,000 | ||
Compensation expense | $ 2,000,000 | 3,000,000 | 1,000,000 |
Number of shares available for future grant (in shares) | 1,097,156 | ||
ESPP | Maximum | |||
STOCK-BASED COMPENSATION PLANS: | |||
Percentage of the fair market value of common stock as of the first day of the quarter or on last day of the quarter | 85.00% | ||
RSAs | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense | $ 21,000,000 | $ 23,000,000 | $ 9,000,000 |
Unrecognized compensation expense | $ 6,000,000 | ||
Unrestricted shares granted (in shares) | 693,019 | ||
RSAs | LTIP | |||
STOCK-BASED COMPENSATION PLANS: | |||
Vesting period | 2 years | ||
Percentage of restriction to be lapsed in year one from grant date | 50.00% | ||
Percentage of restriction to be lapsed in year two from grant date | 50.00% | ||
Stock Grants | Non Employee Director | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense | $ 2,000,000 | $ 1,000,000 | $ 1,000,000 |
Unrestricted shares granted (in shares) | 45,836 | 63,600 | 24,000 |
SARs | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense | $ 15,000,000 | $ 6,000,000 | $ 4,000,000 |
SARs term | 10 years | ||
SAR's outstanding (in shares) | 2,295,247 | 3,205,562 | |
SAR's remaining contractual life | 7 years | ||
SARs | Minimum | |||
STOCK-BASED COMPENSATION PLANS: | |||
Vesting period | 0 years | ||
SARs | Maximum | |||
STOCK-BASED COMPENSATION PLANS: | |||
Vesting period | 4 years | ||
Stock Options | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense | $ 0 | $ 0 | 0 |
SAR's outstanding intrinsic value | 0 | ||
401 (K) Plan | |||
STOCK-BASED COMPENSATION PLANS: | |||
Compensation expense relating to match | $ 20,000,000 | $ 19,000,000 | $ 17,000,000 |
Number of shares reserved for matches (in shares) | 7,000,000 | ||
Number of shares available for future grants (in shares) | 2,314,064 | ||
Class A Common Stock | LTIP | |||
STOCK-BASED COMPENSATION PLANS: | |||
Number of shares reserved for award (in shares) | 19,000,000 | ||
Number of shares (including forfeited shares) available for future grants | 7,099,237 |
STOCK-BASED COMPENSATION PLANS - Changes in Unvested Restricted Stock (Details) - RSAs |
12 Months Ended |
---|---|
Dec. 31, 2021
$ / shares
shares
| |
RSAs | |
Unvested shares at the beginning of the period (in shares) | shares | 441,709 |
Granted (in shares) | shares | 693,019 |
Vested (in shares) | shares | (615,736) |
Forfeited (in shares) | shares | (17,611) |
Unvested shares at the end of the period (in shares) | shares | 501,381 |
Weighted-Average Price | |
Unvested shares at the beginning of the period (in dollars per share) | $ / shares | $ 28.86 |
Granted (in dollars per share) | $ / shares | 32.78 |
Vested (in dollars per share) | $ / shares | 33.25 |
Forfeited (in dollars per shares) | $ / shares | 29.61 |
Unvested shares at the end of the period (in dollars per share) | $ / shares | $ 28.87 |
STOCK-BASED COMPENSATION PLANS - Summary of SAR Activity (Details) - SARs |
12 Months Ended |
---|---|
Dec. 31, 2021
$ / shares
shares
| |
SARs | |
Outstanding at the beginning of the year (in shares) | shares | 3,205,562 |
Granted (in shares) | shares | 1,343,693 |
Exercised (in shares) | shares | (2,254,008) |
Outstanding at the end of the year (in shares) | shares | 2,295,247 |
Weighted-Average Price | |
Outstanding at the beginning of the year (in dollars per share) | $ / shares | $ 23.32 |
Granted (in dollars per share) | $ / shares | 33.05 |
Exercised (in dollars per share) | $ / shares | 20.99 |
Outstanding at the end of the year (in dollars per share) | $ / shares | $ 31.29 |
STOCK-BASED COMPENSATION PLANS - Inputs to Model the Value of Options Granted (Details) - SARs |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Assumptions used in valuation | |||
Risk-free interest rate | 2.50% | ||
Expected years to exercise | 5 years | 5 years | 5 years |
Expected volatility | 48.20% | 35.00% | 33.80% |
Minimum | |||
Assumptions used in valuation | |||
Risk-free interest rate | 0.60% | 1.20% | |
Annual dividend yield | 2.50% | 2.40% | 2.50% |
Maximum | |||
Assumptions used in valuation | |||
Risk-free interest rate | 1.60% | ||
Annual dividend yield | 2.90% |
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Property and equipment | ||
Finance lease assets | $ 61 | $ 59 |
Property, equipment and finance lease assets, gross | 1,721 | 1,688 |
Less: accumulated depreciation | (888) | (865) |
Total property and equipment, net | 833 | 823 |
Land and improvements | ||
Property and equipment | ||
Property and equipment, gross | 72 | 74 |
Real estate held for development and sale | ||
Property and equipment | ||
Property and equipment, gross | 21 | 25 |
Buildings and improvements | ||
Property and equipment | ||
Property and equipment, gross | $ 308 | 307 |
Buildings and improvements | Minimum | ||
Property and equipment | ||
Estimated useful lives | 10 years | |
Buildings and improvements | Maximum | ||
Property and equipment | ||
Estimated useful lives | 30 years | |
Operating equipment | ||
Property and equipment | ||
Property and equipment, gross | $ 973 | 939 |
Operating equipment | Minimum | ||
Property and equipment | ||
Estimated useful lives | 5 years | |
Operating equipment | Maximum | ||
Property and equipment | ||
Estimated useful lives | 10 years | |
Office furniture and equipment | ||
Property and equipment | ||
Property and equipment, gross | $ 129 | 123 |
Office furniture and equipment | Minimum | ||
Property and equipment | ||
Estimated useful lives | 5 years | |
Office furniture and equipment | Maximum | ||
Property and equipment | ||
Estimated useful lives | 10 years | |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment, gross | $ 60 | 59 |
Leasehold improvements | Minimum | ||
Property and equipment | ||
Estimated useful lives | 10 years | |
Leasehold improvements | Maximum | ||
Property and equipment | ||
Estimated useful lives | 30 years | |
Automotive equipment | ||
Property and equipment | ||
Property and equipment, gross | $ 63 | 66 |
Automotive equipment | Minimum | ||
Property and equipment | ||
Estimated useful lives | 3 years | |
Automotive equipment | Maximum | ||
Property and equipment | ||
Estimated useful lives | 5 years | |
Construction in progress | ||
Property and equipment | ||
Property and equipment, gross | $ 34 | $ 36 |
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS - Change in Carrying Amount of Goodwill (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Change in the carrying amount of goodwill related to continuing operations | |||
Goodwill at beginning of period | $ 2,092,000,000 | $ 4,716,000,000 | |
Assets held for sale | (9,000,000) | ||
Impairment | 0 | (2,615,000,000) | $ 0 |
Disposition | (4,000,000) | ||
Goodwill at end of period | 2,088,000,000 | 2,092,000,000 | 4,716,000,000 |
Broadcast | |||
Change in the carrying amount of goodwill related to continuing operations | |||
Goodwill at beginning of period | 2,017,000,000 | 2,026,000,000 | |
Assets held for sale | (9,000,000) | ||
Impairment | 0 | ||
Disposition | (1,000,000) | ||
Goodwill at end of period | 2,016,000,000 | 2,017,000,000 | 2,026,000,000 |
Local sports | |||
Change in the carrying amount of goodwill related to continuing operations | |||
Goodwill at beginning of period | 0 | 2,615,000,000 | |
Assets held for sale | 0 | ||
Impairment | (2,615,000,000) | ||
Disposition | 0 | ||
Goodwill at end of period | 0 | 0 | 2,615,000,000 |
Other | |||
Change in the carrying amount of goodwill related to continuing operations | |||
Goodwill at beginning of period | 75,000,000 | 75,000,000 | |
Assets held for sale | 0 | ||
Impairment | 0 | ||
Disposition | (3,000,000) | ||
Goodwill at end of period | $ 72,000,000 | $ 75,000,000 | $ 75,000,000 |
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
network
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Amortized intangible assets: | ||||
Goodwill impairment | $ 0 | $ 2,615,000,000 | $ 0 | |
Accumulated goodwill impairment | 3,029,000,000 | 3,029,000,000 | ||
Impairment of indefinite-lived intangible assets (excluding goodwill) | 0 | 0 | ||
Amortization of definite-lived intangible and other assets | 554,000,000 | 703,000,000 | 370,000,000 | |
Impairment charge | 0 | 0 | ||
Number of RSNs with carrying values in excess of future undiscounted cash flows | network | 10 | |||
Goodwill | 2,088,000,000 | 2,092,000,000 | 4,716,000,000 | |
Definite-lived intangible assets, net | 5,088,000,000 | 5,624,000,000 | ||
Local sports | ||||
Amortized intangible assets: | ||||
Goodwill impairment | 2,615,000,000 | |||
Goodwill | $ 0 | 0 | 2,615,000,000 | |
Customer relationships | ||||
Amortized intangible assets: | ||||
Amortization period, weighted average useful life | 13 years | |||
Impairment charge | 1,218,000,000 | |||
Definite-lived intangible assets, net | $ 3,904,000,000 | 4,286,000,000 | ||
Customer relationships | Local sports | ||||
Amortized intangible assets: | ||||
Definite-lived intangible assets, net | $ 3,380,000,000 | |||
Network affiliation | ||||
Amortized intangible assets: | ||||
Amortization period, weighted average useful life | 15 years | |||
Definite-lived intangible assets, net | $ 575,000,000 | 663,000,000 | ||
Favorable sports contracts | ||||
Amortized intangible assets: | ||||
Amortization period, weighted average useful life | 12 years | |||
Amortization of definite-lived intangible and other assets | $ 77,000,000 | 131,000,000 | $ 43,000,000 | |
Impairment charge | 431,000,000 | |||
Definite-lived intangible assets, net | 589,000,000 | 666,000,000 | ||
Other | ||||
Amortized intangible assets: | ||||
Definite-lived intangible assets, net | 20,000,000 | $ 9,000,000 | ||
Other | Local sports | ||||
Amortized intangible assets: | ||||
Definite-lived intangible assets, net | $ 589,000,000 |
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS - Change in Carrying Amount of Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Carrying amount of our broadcast licenses | ||
Beginning balance | $ 171 | $ 158 |
Acquisition / Disposition | (21) | 13 |
Ending balance | 150 | 171 |
Consolidated VIEs | ||
Carrying amount of our broadcast licenses | ||
Beginning balance | 14 | |
Ending balance | 14 | 14 |
Broadcast | ||
Carrying amount of our broadcast licenses | ||
Beginning balance | 144 | 131 |
Acquisition / Disposition | (21) | 13 |
Ending balance | 123 | 144 |
Other | ||
Carrying amount of our broadcast licenses | ||
Beginning balance | 27 | 27 |
Acquisition / Disposition | 0 | 0 |
Ending balance | $ 27 | $ 27 |
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS - Definite Lived Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Amortized intangible assets: | |||
Finite-lived intangible assets, net | $ 5,088 | $ 5,624 | |
Impairment charge | 0 | $ 0 | |
Estimated amortization expense of the definite-lived intangible assets | |||
2022 | 548 | ||
2023 | 530 | ||
2024 | 517 | ||
2025 | 507 | ||
2026 | 497 | ||
2027 and thereafter | 2,489 | ||
Finite-lived intangible assets, net | 5,088 | 5,624 | |
Consolidated VIEs | |||
Amortized intangible assets: | |||
Finite-lived intangible assets, net | 47 | 54 | |
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | 47 | 54 | |
Customer relationships | |||
Amortized intangible assets: | |||
Gross Carrying Value | 5,323 | 5,329 | |
Accumulated Amortization | (1,419) | (1,043) | |
Finite-lived intangible assets, net | 3,904 | 4,286 | |
Impairment charge | 1,218 | ||
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | 3,904 | 4,286 | |
Other definite-lived intangible assets, net | |||
Amortized intangible assets: | |||
Gross Carrying Value | 2,327 | 2,313 | |
Accumulated Amortization | (1,143) | (975) | |
Finite-lived intangible assets, net | 1,184 | 1,338 | |
Impairment charge | 431 | ||
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | 1,184 | 1,338 | |
Network affiliation | |||
Amortized intangible assets: | |||
Gross Carrying Value | 1,436 | 1,438 | |
Accumulated Amortization | (861) | (775) | |
Finite-lived intangible assets, net | 575 | 663 | |
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | 575 | 663 | |
Favorable sports contracts | |||
Amortized intangible assets: | |||
Gross Carrying Value | 840 | 840 | |
Accumulated Amortization | (251) | (174) | |
Finite-lived intangible assets, net | 589 | 666 | |
Impairment charge | 431 | ||
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | 589 | 666 | |
Other | |||
Amortized intangible assets: | |||
Gross Carrying Value | 51 | 35 | |
Accumulated Amortization | (31) | (26) | |
Finite-lived intangible assets, net | 20 | 9 | |
Estimated amortization expense of the definite-lived intangible assets | |||
Finite-lived intangible assets, net | $ 20 | $ 9 |
OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Equity method investments | $ 517 | $ 451 |
Other investments | 567 | 450 |
Post-retirement plan assets | 50 | 44 |
Other | 274 | 113 |
Total other assets | $ 1,408 | $ 1,058 |
OTHER ASSETS - Summarized Financial Information, Equity Method Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Statement [Abstract] | |||||||||||
Revenues, net | $ 1,476 | $ 1,535 | $ 1,612 | $ 1,511 | $ 1,512 | $ 1,539 | $ 1,283 | $ 1,609 | $ 6,134 | $ 5,943 | $ 4,240 |
Operating income | 165 | $ 73 | $ (178) | $ 35 | 625 | $ (4,216) | $ 492 | $ 327 | 95 | (2,772) | 470 |
Net income | (326) | (2,429) | 105 | ||||||||
Assets And Liabilities [Abstract] | |||||||||||
Current assets | 2,471 | 3,217 | 2,471 | 3,217 | |||||||
Current liabilities | 1,202 | 1,034 | 1,202 | 1,034 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||
Income Statement [Abstract] | |||||||||||
Revenues, net | 994 | 611 | 386 | ||||||||
Operating income | 316 | 147 | 47 | ||||||||
Net income | 465 | 23 | $ 13 | ||||||||
Assets And Liabilities [Abstract] | |||||||||||
Current assets | 468 | 493 | 468 | 493 | |||||||
Noncurrent assets | 4,259 | 4,219 | 4,259 | 4,219 | |||||||
Current liabilities | 184 | 410 | 184 | 410 | |||||||
Noncurrent liabilities | $ 2,030 | $ 2,327 | $ 2,030 | $ 2,327 |
OTHER ASSETS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Nov. 18, 2020 |
Apr. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Schedule of Equity Method Investments [Line Items] | |||||
(Income) loss from equity method investments | $ 45 | $ (36) | $ (35) | ||
Investments in equity securities | 402 | 400 | |||
Unrealized (gain) loss on FV-NI and NAV investments | (42) | 156 | 2 | ||
Equity investments without readily determinable fair value | 18 | 26 | |||
Cumulative impairments | 7 | 7 | |||
Impairment to carrying amount | 0 | 0 | 7 | ||
Purchase of investment | 256 | 139 | 452 | ||
Exercise price (in dollars per share) | $ 0.01 | ||||
Unfunded commitments related to private equity investment funds | 111 | 98 | |||
Fair Value Measured at Net Asset Value Per Share | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Unfunded commitments related to private equity investment funds | 81 | 27 | |||
Alternative Investment | 147 | 24 | |||
YES Network | |||||
Schedule of Equity Method Investments [Line Items] | |||||
(Income) loss from equity method investments | $ 41 | $ 6 | $ 16 | ||
Bally's | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Penny warrants acquirable (up to) (in shares) | 8,200,000 | ||||
Warrants available for purchase (up to) (in shares) | 3,300,000 | ||||
Option available for purchase (up to) (in shares) | 1,600,000 | ||||
Option purchase price, starting at (in dollars per share) | $ 30 | ||||
Option purchase price, maximum (in dollars per share) | $ 45 | ||||
Vesting period | 4 years | ||||
Purchase of investment | $ 93 | ||||
Number of warrants convertible (in shares) | 1,700,000 |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Schedule of Notes Payable, Capital Leases and Commercial Bank Financing (Details) - USD ($) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2022 |
Nov. 05, 2021 |
Dec. 31, 2021 |
Apr. 01, 2021 |
Dec. 31, 2020 |
Dec. 04, 2020 |
Jun. 10, 2020 |
Mar. 31, 2020 |
Nov. 27, 2019 |
Aug. 02, 2019 |
|
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 12,461,000,000 | |||||||||
Finance leases | 37,000,000 | $ 38,000,000 | ||||||||
Total outstanding principal | 12,498,000,000 | 12,734,000,000 | ||||||||
Less: Deferred financing costs and discount | (158,000,000) | (183,000,000) | ||||||||
Less: Current portion | (66,000,000) | (56,000,000) | ||||||||
Less: Finance leases - affiliate, current portion | (5,000,000) | (5,000,000) | ||||||||
Net carrying value of long-term debt | 12,271,000,000 | 12,493,000,000 | ||||||||
DSG Accounts Receivable Securitization Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | 0 | 177,000,000 | ||||||||
Debt of variable interest entities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | 9,000,000 | 17,000,000 | ||||||||
Debt of other non-media related subsidiaries | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | 17,000,000 | 17,000,000 | ||||||||
Finance leases | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Finance leases | 28,000,000 | 30,000,000 | ||||||||
Finance leases - affiliate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Finance leases | 9,000,000 | 8,000,000 | ||||||||
Less: Finance leases - affiliate, current portion | (3,000,000) | (2,000,000) | ||||||||
Notes | 5.875% Senior Unsecured Notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 348,000,000 | 348,000,000 | ||||||||
Interest rate (as a percent) | 5.875% | |||||||||
Notes | 5.125% Senior Unsecured Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 400,000,000 | 400,000,000 | ||||||||
Interest rate (as a percent) | 5.125% | |||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 500,000,000 | 500,000,000 | ||||||||
Interest rate (as a percent) | 5.50% | 5.50% | ||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||
Notes | 4.125% Senior Secured Notes due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 750,000,000 | 750,000,000 | ||||||||
Interest rate (as a percent) | 4.125% | 4.125% | ||||||||
Debt instrument, redemption price (as a percent) | 100.00% | |||||||||
Notes | 12.750% Senior Secured Notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 31,000,000 | 31,000,000 | ||||||||
Interest rate (as a percent) | 12.75% | |||||||||
Notes | 12.750% Senior Secured Notes due 2026 | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, redemption price (as a percent) | 12.75% | |||||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 100.00% | |||||||||
Notes | 5.375% Senior Secured Notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 3,050,000,000 | 3,050,000,000 | ||||||||
Interest rate (as a percent) | 5.375% | 5.375% | ||||||||
Aggregate principal amount | $ 3,050,000,000 | |||||||||
Notes | 5.375% Senior Secured Notes due 2026 | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 5.375% | |||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 1,744,000,000 | 1,744,000,000 | ||||||||
Interest rate (as a percent) | 6.625% | 6.625% | ||||||||
Aggregate principal amount | $ 31,000,000 | $ 1,825,000,000 | ||||||||
Line of credit | A/R Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 184,000,000 | |||||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 101.00% | |||||||||
STG Term Loan Facility | STG Term Loan B-3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 740,000,000 | |||||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 379,000,000 | 1,119,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | 1,271,000,000 | 1,284,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-3 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | 736,000,000 | 0 | ||||||||
DSG Term Loan | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 3,226,000,000 | $ 3,259,000,000 | ||||||||
DSG Term Loan | Term Loan | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding debt amount | $ 4,000,000 |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Schedule of Indebtedness Maturity (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Notes and Bank Credit Agreements | ||
2022 | $ 63 | |
2023 | 54 | |
2024 | 433 | |
2025 | 68 | |
2026 | 7,748 | |
2027 and thereafter | 4,095 | |
Total minimum payments | 12,461 | |
Less: Deferred financing costs and discount | (158) | $ (183) |
Net carrying value of debt | 12,303 | |
Finance Leases | ||
2022 | 8 | |
2023 | 8 | |
2024 | 7 | |
2025 | 6 | |
2026 | 6 | |
2027 and thereafter | 14 | |
Total undiscounted obligations | 49 | |
Less imputed interest | (12) | |
Present value of lease obligations | 37 | $ 38 |
Total | ||
2022 | 71 | |
2023 | 62 | |
2024 | 440 | |
2025 | 74 | |
2026 | 7,754 | |
2027 and thereafter | 4,109 | |
Total minimum payments | 12,510 | |
Net carrying value of debt | $ 12,340 |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Additional Debt Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | |||
Interest expense including amortization of debt discount and deferred financing costs | $ 618 | $ 656 | $ 422 |
Amortization of debt issuance costs and discounts | 30 | 31 | 17 |
Deferred financing costs | $ 4 | 19 | |
Original issuance premium | $ 25 | ||
Bank Credit Agreement | |||
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 222 |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Stated and Weighted Average Effective Interest Rates (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2022 |
Nov. 05, 2021 |
Aug. 23, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 04, 2020 |
Mar. 31, 2020 |
Nov. 27, 2019 |
Aug. 02, 2019 |
|
Term Loan | Term Loan B-3 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
Line of credit | A/R Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 184,000,000 | ||||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 101.00% | ||||||||
Notes | 5.875% Senior Unsecured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.875% | ||||||||
Weighted average effective interest rate (as a percent) | 6.09% | 6.09% | |||||||
Notes | 5.125% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.125% | ||||||||
Weighted average effective interest rate (as a percent) | 5.33% | 5.33% | |||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.50% | 5.50% | |||||||
Weighted average effective interest rate (as a percent) | 5.66% | 5.66% | |||||||
Notes | 4.125% Senior Secured Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 4.125% | 4.125% | |||||||
Weighted average effective interest rate (as a percent) | 4.31% | 4.31% | |||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Notes | 12.750% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 12.75% | ||||||||
Weighted average effective interest rate (as a percent) | 11.95% | 11.95% | |||||||
Notes | 12.750% Senior Secured Notes due 2026 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 12.75% | ||||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 100.00% | ||||||||
Notes | 5.375% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.375% | 5.375% | |||||||
Weighted average effective interest rate (as a percent) | 5.73% | 5.73% | |||||||
Notes | 5.375% Senior Secured Notes due 2026 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.375% | ||||||||
Aggregate borrowings outstanding | $ 14,000,000 | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 6.625% | 6.625% | |||||||
Weighted average effective interest rate (as a percent) | 7.00% | 7.00% | |||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 2.36% | 2.94% | |||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.25% | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 2.77% | 3.29% | |||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 3.89% | 0.00% | |||||||
STG Term Loan Facility | Term Loan | Term Loan B-3 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
STG Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.00% | ||||||||
STG Revolving Credit Facility | Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 0.00% | 0.00% | |||||||
Aggregate borrowings outstanding | $ 0 | ||||||||
Letters of credit outstanding | 1,000,000 | ||||||||
Amount available under facility | $ 649,000,000 | ||||||||
STG Revolving Credit Facility | Line of credit | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.25% | ||||||||
Unrestricted cash first lien indebtedness ratio | 2.75 | ||||||||
STG Revolving Credit Facility | Line of credit | Weighted Average | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.375% | ||||||||
STG Revolving Credit Facility | Line of credit | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.50% | ||||||||
Unrestricted cash first lien indebtedness ratio | 3.0 | ||||||||
STG Revolving Credit Facility | Line of credit | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.00% | ||||||||
DSG Term Loan | Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 3.62% | 4.21% | |||||||
DSG Term Loan | Term Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.25% | ||||||||
DSG Revolving Credit Facility | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount available under facility | $ 227,500,000 | ||||||||
DSG Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
DSG Revolving Credit Facility | Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 0.00% | 0.00% | |||||||
Aggregate borrowings outstanding | $ 0 | ||||||||
Amount available under facility | $ 228,000,000 | ||||||||
DSG Revolving Credit Facility | Line of credit | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.25% | ||||||||
Unrestricted cash first lien indebtedness ratio | 3.25 | ||||||||
DSG Revolving Credit Facility | Line of credit | Weighted Average | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.375% | ||||||||
DSG Revolving Credit Facility | Line of credit | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Undrawn commitments fees (as a percent) | 0.50% | ||||||||
Unrestricted cash first lien indebtedness ratio | 3.75 | ||||||||
DSG Revolving Credit Facility | Line of credit | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
DSG Accounts Receivable Securitization Facility | Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average effective interest rate (as a percent) | 0.00% | 4.77% | |||||||
DSG Accounts Receivable Securitization Facility | Line of credit | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 4.97% |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - STG Bank Credit Agreement and Notes (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 04, 2020 |
May 21, 2020 |
Nov. 27, 2019 |
Aug. 23, 2019 |
Aug. 13, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Apr. 01, 2021 |
|
Debt Instrument [Line Items] | |||||||||
Gain (loss) on extinguishment of debt | $ (7,000,000) | $ (10,000,000) | $ (10,000,000) | ||||||
Percent of borrowings exceeding total commitments | 35.00% | ||||||||
Term Loan | Term Loan B-2b | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 7 years | ||||||||
Aggregate principal amount | $ 600,000,000 | ||||||||
Unamortized debt discount | $ 3,000,000 | ||||||||
Term Loan | Term Loan B-2b | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
Term Loan | Term Loan B-2a | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 7 years | ||||||||
Aggregate principal amount | $ 700,000,000 | ||||||||
Unamortized debt discount | $ 4,000,000 | ||||||||
Term Loan | Term Loan B-2a | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
Term Loan | Term Loan B-2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Quarterly payment (as a percent) | 1.00% | ||||||||
Notes | STG 6.125% Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 6.125% | ||||||||
Gain (loss) on extinguishment of debt | $ (8,000,000) | ||||||||
Amount extinguished | $ 510,000,000 | ||||||||
Notes | 5.375% Unsecured Notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | $ 600,000,000 | ||||||||
Interest rate (as a percent) | 5.375% | ||||||||
Gain (loss) on extinguishment of debt | $ (2,000,000) | ||||||||
Notes | STG 5.625% Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 550,000,000 | ||||||||
Interest rate (as a percent) | 5.625% | ||||||||
Amount extinguished | $ 571,000,000 | ||||||||
Prepayment of debt | $ 15,000,000 | ||||||||
Notes | STG 5.875% Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.875% | ||||||||
Gain (loss) on extinguishment of debt | $ 200,000 | ||||||||
Amount extinguished | $ 2,500,000 | ||||||||
Consideration for debt | $ 2,300,000 | ||||||||
Notes | STG Notes | Debt Instrument, Redemption, Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 35.00% | ||||||||
Notes | STG Notes | Debt Instrument, Redemption, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 100.00% | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 5.50% | 5.50% | |||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Debt Instrument, Redemption, Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Percentage of principal amount redeemed | 40.00% | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Debt Instrument, Redemption, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 102.75% | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Debt Instrument, Redemption, Period Three | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 101.833% | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Debt Instrument, Redemption, Period Four | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.917% | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Debt Instrument, Redemption, Period Five | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Notes | STG 5.125% Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.125% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 4.125% | 4.125% | |||||||
Amount extinguished | $ 750,000,000 | ||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Debt Instrument, Redemption, Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 40.00% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Debt Instrument, Redemption, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 102.063% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Debt Instrument, Redemption, Period Three | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 101.375% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Debt Instrument, Redemption, Period Four | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.688% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Debt Instrument, Redemption, Period Five | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
STG Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 5 years | ||||||||
Percent of borrowings exceeding total commitments | 35.00% | ||||||||
First lien leverage ratio | 4.5 | ||||||||
STG Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.00% | ||||||||
STG Revolving Credit Facility | Line of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 650,000,000 | ||||||||
STG Revolving Credit Facility | Line of credit | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.00% | ||||||||
STG Letters of Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
STG Swingline Loans Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
DSG Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 5 years | ||||||||
Maximum borrowing capacity | $ 650,000,000 | ||||||||
Percent of borrowings exceeding total commitments | 35.00% | ||||||||
First lien leverage ratio | 6.25 | ||||||||
DSG Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
DSG Revolving Credit Facility | Line of credit | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
STG Term Loan Facility | STG Term Loan B-3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 740,000,000 | ||||||||
Unamortized debt discount | $ 4,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Prepayment of debt | $ 200,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 2.25% |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - DSG Bank Credit Agreement and Notes (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2022 |
Jun. 10, 2020 |
Aug. 23, 2019 |
Aug. 02, 2019 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2020 |
|
Debt Instrument [Line Items] | |||||||||
Percent of borrowings exceeding total commitments | 35.00% | ||||||||
Gain (loss) on extinguishment of debt | $ (7,000,000) | $ (10,000,000) | $ (10,000,000) | ||||||
DSG Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 5 years | ||||||||
Required prepayment, first lien leverage ratio | 6.25 | ||||||||
Maximum borrowing capacity | $ 650,000,000 | ||||||||
Percent of borrowings exceeding total commitments | 35.00% | ||||||||
DSG Letters of Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
DSG Swingline Loans Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 50,000,000 | ||||||||
Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 7 years | ||||||||
Aggregate principal amount | $ 3,300,000,000 | ||||||||
Unamortized debt discount | $ 17,000,000 | ||||||||
Quarterly payment (as a percent) | 1.00% | ||||||||
Notes | 5.375% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 3,050,000,000 | ||||||||
Interest rate (as a percent) | 5.375% | 5.375% | |||||||
Notes | 5.375% Senior Secured Notes due 2026 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.375% | ||||||||
Notes | 5.375% Senior Secured Notes due 2026 | RSN | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 5.375% | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 31,000,000 | $ 1,825,000,000 | |||||||
Interest rate (as a percent) | 6.625% | 6.625% | |||||||
Amount extinguished | 66,500,000 | $ 15,000,000 | |||||||
Consideration for debt | $ 10,000,000 | $ 10,000,000 | |||||||
Gain (loss) on extinguishment of debt | $ 5,000,000 | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | RSN | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 6.625% | ||||||||
Notes | DSG 12.750% Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 12.75% | ||||||||
Notes | 12.750% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate (as a percent) | 12.75% | ||||||||
Notes | 12.750% Senior Secured Notes due 2026 | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 12.75% | ||||||||
LIBOR | DSG Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.00% | ||||||||
LIBOR | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate (as a percent) | 3.25% | ||||||||
Prepayment Requirement One | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, percent of excess cash flow | 50.00% | ||||||||
Prepayment Requirement Two | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, percent of excess cash flow | 25.00% | ||||||||
Prepayment Requirement Three | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, percent of excess cash flow | 0.00% | ||||||||
Minimum | Prepayment Requirement One | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, first lien leverage ratio | 3.75 | ||||||||
Minimum | Prepayment Requirement Two | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, first lien leverage ratio | 3.25 | ||||||||
Maximum | Prepayment Requirement Two | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, first lien leverage ratio | 3.75 | ||||||||
Maximum | Prepayment Requirement Three | Term Loan | DSG Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Required prepayment, first lien leverage ratio | 3.25 | ||||||||
Debt Instrument, Redemption, Period One | Notes | 5.375% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 102.688% | ||||||||
Debt Instrument, Redemption, Period One | Notes | DSG Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 40.00% | ||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Debt Instrument, Redemption, Period One | Notes | 6.625% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 103.313% | ||||||||
Debt Instrument, Redemption, Period One | Notes | DSG 12.750% Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 102.688% | ||||||||
Debt Instrument, Redemption, Period Two | Notes | 5.375% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 101.344% | ||||||||
Debt Instrument, Redemption, Period Two | Notes | 6.625% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 101.656% | ||||||||
Debt Instrument, Redemption, Period Two | Notes | DSG 12.750% Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 101.344% | ||||||||
Debt Instrument, Redemption, Period Three | Notes | 5.375% Senior Secured Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Debt Instrument, Redemption, Period Three | Notes | 6.625% Senior Unsecured Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% | ||||||||
Debt Instrument, Redemption, Period Three | Notes | DSG 12.750% Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, redemption price (as a percent) | 100.00% |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Accounts Receivable Securitization Facility (Details) - Line of credit - USD ($) $ in Millions |
Nov. 05, 2021 |
Jan. 13, 2022 |
Sep. 24, 2020 |
Sep. 23, 2020 |
---|---|---|---|---|
A/R Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 400 | $ 250 | ||
Repayments of debt | $ 184 | |||
Proportion of aggregate outstanding principal amount paid (as a percent) | 101.00% | |||
New First Lien Term Loan | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 635 |
NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Debt of Variable Interest Entities and Guarantees of Third-party Debt (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Debt and lease obligations | $ 12,340 | |
Consolidated VIEs | ||
Debt Instrument [Line Items] | ||
Debt and lease obligations | $ 9 | $ 16 |
LIBOR | Debt of variable interest entities | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.50% | |
Guarantee Obligations | ||
Debt Instrument [Line Items] | ||
Unconditional and irrevocably guaranteed debt | $ 39 | $ 49 |
LEASES - Schedule of Lease Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Amortization of finance lease asset | $ 3 | $ 3 | $ 3 |
Interest on lease liabilities | 3 | 4 | 4 |
Total finance lease expense | 6 | 7 | 7 |
Operating lease expense | 60 | 64 | 47 |
Total lease expense | 66 | 71 | 54 |
Variable lease expense | 7 | 7 | 5 |
Short-term lease expense | $ 1 | $ 1 | $ 1 |
LEASES - Schedule of Outstanding Operating and Finance Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
2022 | $ 47 | |
2023 | 41 | |
2024 | 35 | |
2025 | 34 | |
2026 | 29 | |
2027 and thereafter | 121 | |
Total undiscounted obligations | 307 | |
Less imputed interest | (67) | |
Present value of lease obligations | 240 | $ 232 |
Finance Leases | ||
2022 | 8 | |
2023 | 8 | |
2024 | 7 | |
2025 | 6 | |
2026 | 6 | |
2027 and thereafter | 14 | |
Total undiscounted obligations | 49 | |
Less imputed interest | (12) | |
Present value of lease obligations | 37 | $ 38 |
Total | ||
2022 | 55 | |
2023 | 49 | |
2024 | 42 | |
2025 | 40 | |
2026 | 35 | |
2027 and thereafter | 135 | |
Total undiscounted obligations | 356 | |
Less imputed interest | (79) | |
Present value of lease obligations | $ 277 |
LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
Lease assets, non-current | $ 207 | $ 197 |
Lease liabilities, current | 35 | 34 |
Lease liabilities, non-current | 205 | 198 |
Total lease liabilities | $ 240 | $ 232 |
Weighted average remaining lease term (in years) | 8 years 4 months 20 days | 9 years 4 months 20 days |
Weighted average discount rate | 5.40% | 5.70% |
Finance Leases | ||
Lease assets, non-current | $ 18 | $ 17 |
Lease liabilities, current | 5 | 5 |
Lease liabilities, non-current | 32 | 33 |
Total lease liabilities | $ 37 | $ 38 |
Weighted average remaining lease term (in years) | 7 years 8 months 15 days | 8 years 4 months 20 days |
Weighted average discount rate | 7.90% | 8.40% |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of notes payable, finance leases, and commercial bank financing | Current portion of notes payable, finance leases, and commercial bank financing |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
LEASES - Cash Flow Information Related to Lease (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 52 | $ 55 | $ 38 |
Operating cash flows from finance leases | 3 | 3 | 4 |
Financing cash flows from finance leases | 5 | 5 | 5 |
Leased assets obtained in exchange for new operating lease liabilities | 50 | 20 | 35 |
Leased assets obtained in exchange for new finance lease liabilities | $ 4 | $ 6 | $ 0 |
PROGRAM CONTRACTS (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Future payments required under program contracts | ||
Less: Current portion | $ 97 | $ 92 |
Long-term portion of program contracts payable | $ 21 | $ 30 |
Lag period for film payments | 3 months | |
Program contract payments due in arrears | $ 21 | |
Non-cancelable commitments for future program rights | 31 | |
Program Rights | ||
Future payments required under program contracts | ||
2022 | 97 | |
2023 | 14 | |
2024 | 6 | |
2025 | 1 | |
2026 | 0 | |
Total | 118 | |
Less: Current portion | 97 | |
Long-term portion of program contracts payable | $ 21 |
REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Aug. 23, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Temporary Equity [Line Items] | ||||
Liquidation preference (in dollars per share) | $ 1,000 | |||
Redemption price, percent | 100.00% | 100.00% | 100.00% | |
Aggregate liquidation preference | $ 1,025 | |||
Percent of dividend required to redeem | 75.00% | |||
Dividends accrued during the period | $ 14 | $ 36 | $ 33 | |
Redeemable subsidiary preferred equity | 181 | 170 | ||
Aggregate redemption price | 550 | |||
Redeemable noncontrolling interests | 16 | $ 20 | ||
November 22, 2019 to February 19, 2020 | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 100.00% | |||
February 20, 2020 to August 22, 2020 | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 102.00% | |||
August 23, 2020 to August 22, 2021 | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 103.00% | |||
August 23, 2021 to August 22, 2022 | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 103.00% | |||
August 23, 2022 to August 22, 2023 | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 101.00% | |||
August 23, 2023 and Thereafter | ||||
Temporary Equity [Line Items] | ||||
Redemption price, percent | 100.00% | |||
London Interbank Offered Rate (LIBOR), Floor | ||||
Temporary Equity [Line Items] | ||||
Basis spread on variable rate | 0.75% | |||
LIBOR | ||||
Temporary Equity [Line Items] | ||||
Basis spread on variable rate | 7.50% | |||
London Interbank Offered Rate (LIBOR), Paid In Kind | ||||
Temporary Equity [Line Items] | ||||
Basis spread on variable rate | 8.00% | |||
August 23, 2019 | ||||
Temporary Equity [Line Items] | ||||
Dividend rate step-ups per annum | 0.50% | |||
August 23, 2019 | LIBOR | ||||
Temporary Equity [Line Items] | ||||
Basis spread cap on variable rate | 10.50% | |||
February 23, 2028 | ||||
Temporary Equity [Line Items] | ||||
Dividend rate increase | 1.50% | |||
Dividend rate increase each six months thereafter | 0.50% | |||
Dividend rate increase if no redemption occurs | 2.00% | |||
February 23, 2028 | LIBOR | ||||
Temporary Equity [Line Items] | ||||
Basis spread cap on variable rate | 14.00% | |||
30-Day Period Following January 2, 2020 | ||||
Temporary Equity [Line Items] | ||||
Non-controlling equity holder right to sell, fair market sale value | $ 376 | |||
Redeemable Subsidiary Preferred Equity | ||||
Temporary Equity [Line Items] | ||||
Number of units redeemed (in shares) | 550,000 | |||
DSH | Redeemable Subsidiary Preferred Equity | ||||
Temporary Equity [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $ 1,025 |
COMMON STOCK (Details) |
1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Feb. 28, 2022
$ / shares
|
Feb. 23, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
Dec. 31, 2019
$ / shares
|
Aug. 04, 2020
USD ($)
|
Aug. 09, 2018
USD ($)
|
|
Common Stock | |||||||
Number of votes per share | vote | 1 | ||||||
Dividends paid per share (in dollars per share) | $ 0.80 | $ 0.80 | |||||
Additional authorized repurchase amount | $ | $ 500,000,000 | $ 1,000,000,000 | |||||
Number of shares repurchased (in shares) | shares | 2,400,000 | ||||||
Value of shares repurchased, gross | $ | $ 61,000,000 | ||||||
Subsequent Event | |||||||
Common Stock | |||||||
Quarterly dividend declared (in dollars per share) | $ 0.25 | ||||||
Number of shares repurchased (in shares) | shares | 2,000,000 | ||||||
Value of shares repurchased, gross | $ | $ 55,000,000 | ||||||
Class A Common Stock | |||||||
Common Stock | |||||||
Dividends paid per share (in dollars per share) | 0.80 | $ 0.80 | |||||
Quarterly dividend declared (in dollars per share) | $ 0.80 | 0.80 | |||||
Remaining repurchase authorization amount | $ | $ 819,000,000 | ||||||
Class B Common Stock | |||||||
Common Stock | |||||||
Number of Class B shares converted into Class A Common stock (in shares) | shares | 952,626 | 0 | |||||
Dividends paid per share (in dollars per share) | $ 0.80 | 0.80 | |||||
Quarterly dividend declared (in dollars per share) | $ 0.80 | $ 0.80 |
INCOME TAXES - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Current (benefit) provision for income taxes: | |||
Federal | $ (78) | $ (126) | $ (89) |
State | 2 | 9 | (2) |
Current income tax expense (benefit) | (76) | (117) | (91) |
Deferred benefit for income taxes: | |||
Federal | (93) | (584) | (4) |
State | (4) | (19) | (1) |
Deferred income tax expense (benefit) | (97) | (603) | (5) |
Benefit for income taxes | $ (173) | $ (720) | $ (96) |
INCOME TAXES - Federal Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Reconciliation of federal income taxes at the applicable statutory rate to the recorded provision from continuing operations | |||
Federal statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
Adjustments: | |||
Federal tax credits (as a percent) | 10.60% | 1.70% | (684.60%) |
Net operating loss carryback (as a percent) | 7.50% | 1.90% | 0.00% |
State income taxes, net of federal tax benefit (as a percent) | (4.20%) | 4.00% | 56.60% |
Noncontrolling interest (as a percent) | 2.60% | 0.70% | (138.90%) |
Valuation allowance (as a percent) | (1.50%) | (6.10%) | (237.10%) |
Changes in unrecognized tax benefits (as a percent) | (1.00%) | (0.20%) | 72.20% |
Stock-based compensation (as a percent) | (0.20%) | (0.10%) | (15.90%) |
Nondeductible items (as a percent) | (0.10%) | 0.00% | 192.70% |
Effect of consolidated VIEs (as a percent) | 0.10% | (0.10%) | 46.30% |
Spectrum sales (as a percent) | 0.00% | 0.00% | (386.70%) |
Capital loss carryback (as a percent) | 0.00% | 0.00% | (26.00%) |
Other (as a percent) | (0.10%) | 0.10% | (3.00%) |
Effective income tax rate (as a percent) | 34.70% | 22.90% | (1103.40%) |
Investment tax credits | $ 40 | $ 42 | $ 57 |
CARES Act benefit | 38 | 61 | |
Noncontrolling interest | 13 | 23 | 12 |
Increase (decrease) in valuation allowance | 8 | 192 | 16 |
Change in unrecognized tax benefits | $ 1 | $ 5 | 4 |
Addition related to regulatory costs, executive compensation and other not tax-deductible expenses | 17 | ||
Gain from sale of broadcast spectrum | 34 | ||
Capital loss carryback | $ 2 |
INCOME TAXES - Deferred Taxes Temporary Difference (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Net operating losses: | ||
Federal | $ 16 | $ 22 |
State | 120 | 130 |
Goodwill and intangible assets | 6 | 9 |
Basis in DSH | 814 | 834 |
Tax Credits | 87 | 67 |
Other | 108 | 53 |
Deferred tax assets, gross | 1,151 | 1,115 |
Valuation allowance for deferred tax assets | (256) | (252) |
Total deferred tax assets | 895 | 863 |
Deferred Tax Liabilities: | ||
Goodwill and intangible assets | (397) | (402) |
Property & equipment, net | (165) | (221) |
Other | (40) | (43) |
Total deferred tax liabilities | (602) | (666) |
Net deferred tax assets | $ 293 | $ 197 |
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating Loss Carryforwards [Line Items] | ||
Increase (decrease) in valuation allowance | $ 4 | $ 187 |
Valuation allowance for deferred tax assets | 256 | $ 252 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Gross net operating losses | 76 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Gross net operating losses | $ 2,600 |
INCOME TAXES - Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 11 | $ 11 | $ 7 |
Additions related to prior year tax positions | 1 | 5 | 4 |
Additions related to current year tax positions | 3 | 3 | 0 |
Reductions related to prior year tax positions | 0 | (1) | 0 |
Reductions related to settlements with taxing authorities | 0 | (4) | 0 |
Reductions related to expiration of the applicable statute of limitations | 0 | (3) | 0 |
Balance at the end of the period | $ 15 | $ 11 | $ 11 |
COMMITMENTS AND CONTINGENCIES - Schedule of Non-Cancellable Commitments Relating to Sports Rights Agreement (Details) - Sports Programming Rights $ in Millions |
Dec. 31, 2021
USD ($)
|
---|---|
Other Commitments [Line Items] | |
2022 | $ 1,819 |
2023 | 1,773 |
2024 | 1,707 |
2025 | 1,573 |
2026 | 1,373 |
2027 and thereafter | 5,723 |
Total | $ 13,968 |
COMMITMENTS AND CONTINGENCIES - Other Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Commitments and Contingencies [Line Items] | |||
Interest expense including amortization of debt discount and deferred financing costs | $ 618 | $ 656 | $ 422 |
RSN | Fixed Payment Obligations | |||
Commitments and Contingencies [Line Items] | |||
Other current liabilities | 32 | 31 | |
Other long-term liabilities | 71 | 97 | |
Interest expense including amortization of debt discount and deferred financing costs | 6 | 8 | $ 4 |
RSN | Variable Payment Obligations | |||
Commitments and Contingencies [Line Items] | |||
Other current liabilities | 8 | 12 | |
Other long-term liabilities | 23 | 41 | |
RSN | Variable Payment Obligations | Other Nonoperating Income (Expense) | |||
Commitments and Contingencies [Line Items] | |||
Measurement adjustment gain | $ 15 | $ 159 |
COMMITMENTS AND CONTINGENCIES - Litigation (Details) |
1 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 28, 2021
USD ($)
|
Oct. 15, 2020
USD ($)
|
Sep. 02, 2020
USD ($)
|
Aug. 19, 2020
USD ($)
|
Jun. 08, 2020
petition
|
May 22, 2020
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2021
USD ($)
lawsuit
|
Oct. 03, 2018
broadcaster
|
|
Loss Contingencies [Line Items] | |||||||||
Proposed forfeiture per station | $ 25,000 | ||||||||
Various Cases Alleging Violation Of Sherman Antitrust Act | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of new claims | lawsuit | 22 | ||||||||
Number of other broadcasters | broadcaster | 13 | ||||||||
Breach Of Merger Agreement | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payments for resolve FCC investigation | $ 48,000,000 | ||||||||
Compliance plan term | 4 years | ||||||||
Number of petitions filed | petition | 2 | ||||||||
Agreement to pay to resolve FCC investigation | $ 48,000,000 | ||||||||
Unfavorable Regulatory Action | |||||||||
Loss Contingencies [Line Items] | |||||||||
Money damages sought | $ 9,000,000 | $ 13,000,000 | |||||||
Proposed forfeiture per station | $ 500,000 | ||||||||
Issuance of forfeiture penalty upheld | $ 500,000 | ||||||||
Additional legal expenses accrued | $ 8,000,000 |
COMMITMENTS AND CONTINGENCIES - Changes in the Rules on Television Ownership (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
station
| |
Loss Contingencies [Line Items] | |
FCC nation ownership cap, % of domestic households reached | 39.00% |
Number of television stations owned | 185 |
FCC Consent Decree Settlement | |
Loss Contingencies [Line Items] | |
Number of television stations owned | 34 |
Loss contingency, % of domestic households reached, UHR discount applied | 24.00% |
LMA | |
Loss Contingencies [Line Items] | |
Number of separately owned television stations having programming agreement | 2 |
Number of stations that programs substantial portions of the broadcast day and sells advertising time to programming segments | 1 |
VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 816 | $ 1,259 | ||
Accounts receivable, net | 1,245 | 1,060 | ||
Prepaid sports rights | 85 | 498 | ||
Other current assets | 173 | 170 | ||
Total current assets | 2,471 | 3,217 | ||
Property and equipment, net | 833 | 823 | ||
Operating lease assets | 207 | 197 | ||
Definite-lived intangible assets, net | 5,088 | 5,624 | ||
Other assets | 1,408 | 1,058 | ||
Total assets | [1] | 12,541 | 13,382 | |
Current liabilities: | ||||
Other current liabilities | 1,202 | 1,034 | ||
Long-term liabilities | ||||
Long-term debt | 12,271 | 12,493 | ||
Operating lease liabilities, less current portion | 205 | 198 | ||
Program contracts payable, less current portion | 21 | 30 | ||
Other long-term liabilities | 351 | 622 | ||
Total liabilities | [1] | 14,050 | 14,377 | |
Consolidated VIEs | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 43 | 64 | ||
Accounts receivable, net | 83 | 70 | ||
Prepaid sports rights | 2 | 2 | ||
Other current assets | 4 | 5 | ||
Total current assets | 132 | 141 | ||
Property and equipment, net | 17 | 16 | ||
Operating lease assets | 5 | 6 | ||
Goodwill and indefinite-lived intangible assets | 15 | 15 | ||
Definite-lived intangible assets, net | 47 | 54 | ||
Other assets | 1 | 1 | ||
Total assets | 217 | 233 | ||
Current liabilities: | ||||
Other current liabilities | 62 | 40 | ||
Long-term liabilities | ||||
Long-term debt | 0 | 10 | ||
Operating lease liabilities, less current portion | 4 | 5 | ||
Program contracts payable, less current portion | 2 | 4 | ||
Other long-term liabilities | 4 | 17 | ||
Total liabilities | $ 72 | $ 76 | ||
|
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
Variable Interest Entities | |||||
Total assets | [1] | $ 12,541 | $ 13,382 | ||
Consolidated VIEs | |||||
Variable Interest Entities | |||||
Outsourcing agreement initial term | 5 years | ||||
Total assets | $ 217 | 233 | |||
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entities | |||||
Total assets | 175 | 75 | |||
Loss on investments | (37) | 38 | $ 50 | ||
Eliminations | |||||
Variable Interest Entities | |||||
Total assets | (6,729) | (6,387) | |||
Eliminations | Consolidated VIEs | |||||
Variable Interest Entities | |||||
Liabilities associated with the certain outsourcing agreements and purchase options | $ 127 | $ 131 | |||
|
RELATED PERSON TRANSACTIONS - Transactions With Our Controlling Shareholders (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Related person transactions | |||
Finance lease payable, interest | $ 12 | ||
Debt and lease obligations | 12,340 | ||
Capital Leases | Entities owned by the controlling shareholders | |||
Related person transactions | |||
Finance leases payable, net of interest | 9 | $ 8 | |
Finance lease payable, interest | 1 | 2 | |
Charter Aircraft | Entities owned by the controlling shareholders | |||
Related person transactions | |||
Aircraft expense | 1 | 1 | $ 2 |
Leased assets or facilities | Entities owned by the controlling shareholders | |||
Related person transactions | |||
Amount paid | $ 5 | $ 5 | $ 5 |
RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2016
USD ($)
|
Apr. 30, 2016
USD ($)
|
Dec. 31, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
renewal
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Related person transactions | |||||||||||||
Debt and lease obligations | $ 12,340.0 | $ 12,340.0 | |||||||||||
Deferred financing costs | 4.0 | $ 19.0 | 4.0 | $ 19.0 | |||||||||
Revenue | 1,476.0 | $ 1,535.0 | $ 1,612.0 | $ 1,511.0 | 1,512.0 | $ 1,539.0 | $ 1,283.0 | $ 1,609.0 | 6,134.0 | 5,943.0 | $ 4,240.0 | ||
Consolidated VIEs | |||||||||||||
Related person transactions | |||||||||||||
Debt and lease obligations | $ 9.0 | 16.0 | 9.0 | 16.0 | |||||||||
LMA | Cunningham | |||||||||||||
Related person transactions | |||||||||||||
Payments to related party | $ 11.0 | 8.0 | 8.0 | ||||||||||
Cunningham | Cunningham License Related Assets | |||||||||||||
Related person transactions | |||||||||||||
Agreement renewal period | 8 years | ||||||||||||
Revenue | $ 144.0 | 157.0 | $ 155.0 | ||||||||||
Cunningham | Affiliated Entity | |||||||||||||
Related person transactions | |||||||||||||
Percentage of the total capital stock held in the related party, none of which have voting rights | 100.00% | 100.00% | |||||||||||
Liabilities treated as prepayment of purchase price | $ 58.0 | 54.0 | $ 58.0 | 54.0 | |||||||||
Remaining purchase price | 54.0 | 54.0 | 54.0 | 54.0 | |||||||||
Purchase options broadcast stations | 0.2 | 0.2 | |||||||||||
Equipment purchase agreement, consideration amount | $ 1.0 | ||||||||||||
Equipment purchase agreement, annual service consideration | $ 0.2 | ||||||||||||
Share service agreement, annual service consideration | $ 0.5 | ||||||||||||
Share service agreement, annual service consideration increasing rate ( as a percent) | 3.00% | ||||||||||||
Cunningham | Affiliated Entity | Consolidated VIEs | |||||||||||||
Related person transactions | |||||||||||||
Debt and lease obligations | 7.0 | 7.0 | |||||||||||
Deferred financing costs | $ 0.2 | $ 0.2 | |||||||||||
Cunningham | LMA | Affiliated Entity | |||||||||||||
Related person transactions | |||||||||||||
Number of additional renewal terms | renewal | 2 | ||||||||||||
Agreement renewal period | 5 years | ||||||||||||
Percentage of net broadcast revenue used to determine annual LMA fees required to be paid | 3.00% | 3.00% | |||||||||||
Amount used to determine annual LMA fees required to be paid | $ 5.0 | $ 5.0 | |||||||||||
Annual increase in aggregate purchase price (as a percent) | 6.00% | 6.00% | |||||||||||
Guarantee Obligations | |||||||||||||
Related person transactions | |||||||||||||
Unconditional and irrevocably guaranteed debt | $ 39.0 | $ 49.0 | $ 39.0 | $ 49.0 | |||||||||
Guarantee Obligations | Cunningham | Affiliated Entity | |||||||||||||
Related person transactions | |||||||||||||
Unconditional and irrevocably guaranteed debt | $ 37.0 | $ 37.0 |
RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Atlantic Automotive | Advertising time | Affiliated Entity | |||
Related person transactions | |||
Amount received | $ 0.1 | $ 0.2 | $ 0.2 |
RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Entities owned by the controlling shareholders | Leased assets or facilities | |||
Related person transactions | |||
Amount received | $ 1 | $ 1 | $ 1 |
RELATED PERSON TRANSACTIONS - Equity Method Investees (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2019
renewal
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Equity Method Investee | ||||
Related person transactions | ||||
Marketing expense | $ 17 | |||
YES Network | ||||
Related person transactions | ||||
Number of renewal terms | renewal | 2 | |||
Renewal period | 2 years | |||
Management service fee | 6 | $ 5 | $ 2 | |
Mobile Production Businesses | ||||
Related person transactions | ||||
Amount paid | $ 45 | $ 19 | $ 12 |
RELATED PERSON TRANSACTIONS - Programming Rights (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
professional_team
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Related person transactions | |||
Sports programming rights payments | $ 1,834 | $ 1,345 | $ 578 |
Sports Teams Affiliates | |||
Related person transactions | |||
Number of sports rights agreements assumed | professional_team | 6 | ||
Sports programming rights payments | $ 424 | $ 168 | $ 73 |
RELATED PERSON TRANSACTIONS - Employees (Details) - Affiliated Entity - Employee - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Jason Smith | |||
Related person transactions | |||
Total compensation | $ 0.2 | $ 0.2 | $ 0.2 |
Amberly Thompson | |||
Related person transactions | |||
Total compensation | 0.2 | 0.2 | $ 0.2 |
Edward Kim | |||
Related person transactions | |||
Total compensation | $ 0.2 | $ 0.1 | |
RSA | Jason Smith | |||
Related person transactions | |||
Granted (in shares) | 2,239 | 355 | |
Vesting period | 2 years |
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income (Numerator) | |||||||||||
Net (loss) income | $ (326) | $ (2,429) | $ 105 | ||||||||
Net income attributable to the redeemable noncontrolling interests | (18) | (56) | (48) | ||||||||
Net (income) loss attributable to the noncontrolling interests | (70) | 71 | (10) | ||||||||
Numerator for basic and diluted earnings per common share available to common shareholders | (414) | (2,414) | 47 | ||||||||
Numerator for basic earnings per common share available to common shareholders | $ (89) | $ 19 | $ (332) | $ (12) | $ 467 | $ (3,256) | $ 252 | $ 123 | $ (414) | $ (2,414) | $ 47 |
Shares (Denominator) | |||||||||||
Weighted average common shares outstanding (in shares) | 75,050 | 79,924 | 92,015 | ||||||||
Dilutive effect of outstanding stock settled appreciation rights and stock options (in shares) | 0 | 0 | 1,170 | ||||||||
Weighted-average common and common equivalent shares outstanding (in shares) | 75,050 | 79,924 | 93,185 | ||||||||
Antidilutive Securities Excluded from Computation | |||||||||||
Antidilutive dilutive securities excluded from calculation of diluted earnings per share (in shares) | 1,973 | 3,288 | 238 |
SEGMENT DATA - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
market
segment
| |
Segment data | |
Number of reportable segments | 2 |
Broadcast | |
Segment data | |
Number of reportable segments | 2 |
Number of markets | market | 86 |
SEGMENT DATA - Segment Financial Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
Segment data | |||||||||||||
Goodwill | $ 2,088,000,000 | $ 2,092,000,000 | $ 2,088,000,000 | $ 2,092,000,000 | $ 4,716,000,000 | ||||||||
Assets | [1] | 12,541,000,000 | 13,382,000,000 | 12,541,000,000 | 13,382,000,000 | ||||||||
Capital expenditures | 80,000,000 | 157,000,000 | 156,000,000 | ||||||||||
Revenue | 1,476,000,000 | $ 1,535,000,000 | $ 1,612,000,000 | $ 1,511,000,000 | 1,512,000,000 | $ 1,539,000,000 | $ 1,283,000,000 | $ 1,609,000,000 | 6,134,000,000 | 5,943,000,000 | 4,240,000,000 | ||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 591,000,000 | 674,000,000 | 424,000,000 | ||||||||||
Amortization of sports programming rights | 2,350,000,000 | 1,078,000,000 | 637,000,000 | ||||||||||
Amortization of program contract costs | 93,000,000 | 86,000,000 | 90,000,000 | ||||||||||
Corporate general and administrative expenses | 170,000,000 | 148,000,000 | 387,000,000 | ||||||||||
Gain on asset dispositions and other, net of impairment | (71,000,000) | (115,000,000) | (92,000,000) | ||||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | 4,264,000,000 | 0 | ||||||||||
Operating income | 165,000,000 | $ 73,000,000 | $ (178,000,000) | $ 35,000,000 | 625,000,000 | $ (4,216,000,000) | $ 492,000,000 | $ 327,000,000 | 95,000,000 | (2,772,000,000) | 470,000,000 | ||
Interest expense including amortization of debt discount and deferred financing costs | 618,000,000 | 656,000,000 | 422,000,000 | ||||||||||
Income (loss) from equity method investments | 45,000,000 | (36,000,000) | (35,000,000) | ||||||||||
Spectrum repack reimbursements | 24,000,000 | 90,000,000 | 62,000,000 | ||||||||||
Gain (loss) recognized on sale | 24,000,000 | 90,000,000 | 62,000,000 | ||||||||||
Intersegment revenues | 111,000,000 | 100,000,000 | 35,000,000 | ||||||||||
Broadcast | |||||||||||||
Segment data | |||||||||||||
Goodwill | 2,016,000,000 | 2,017,000,000 | 2,016,000,000 | 2,017,000,000 | 2,026,000,000 | ||||||||
Local sports | |||||||||||||
Segment data | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 2,615,000,000 | ||||||||
Operating segments | Broadcast | |||||||||||||
Segment data | |||||||||||||
Goodwill | 2,016,000,000 | 2,017,000,000 | 2,016,000,000 | 2,017,000,000 | |||||||||
Assets | 4,793,000,000 | 4,908,000,000 | 4,793,000,000 | 4,908,000,000 | |||||||||
Capital expenditures | 52,000,000 | 101,000,000 | |||||||||||
Revenue | 2,757,000,000 | 2,922,000,000 | 2,690,000,000 | ||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 247,000,000 | 239,000,000 | 246,000,000 | ||||||||||
Amortization of sports programming rights | 0 | 0 | 0 | ||||||||||
Amortization of program contract costs | 76,000,000 | 83,000,000 | 90,000,000 | ||||||||||
Corporate general and administrative expenses | 147,000,000 | 119,000,000 | 144,000,000 | ||||||||||
Gain on asset dispositions and other, net of impairment | (24,000,000) | (118,000,000) | (62,000,000) | ||||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||||
Operating income | 374,000,000 | 789,000,000 | 546,000,000 | ||||||||||
Interest expense including amortization of debt discount and deferred financing costs | 4,000,000 | 5,000,000 | 5,000,000 | ||||||||||
Income (loss) from equity method investments | 0 | 0 | 0 | ||||||||||
Operating segments | Local sports | |||||||||||||
Segment data | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||||
Assets | 5,769,000,000 | 6,620,000,000 | 5,769,000,000 | 6,620,000,000 | |||||||||
Capital expenditures | 16,000,000 | 24,000,000 | |||||||||||
Revenue | 3,056,000,000 | 2,686,000,000 | 1,139,000,000 | ||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 316,000,000 | 410,000,000 | 157,000,000 | ||||||||||
Amortization of sports programming rights | 2,350,000,000 | 1,078,000,000 | 637,000,000 | ||||||||||
Amortization of program contract costs | 0 | 0 | 0 | ||||||||||
Corporate general and administrative expenses | 10,000,000 | 10,000,000 | 93,000,000 | ||||||||||
Gain on asset dispositions and other, net of impairment | (43,000,000) | 0 | 0 | ||||||||||
Impairment of goodwill and definite-lived intangible assets | 4,264,000,000 | ||||||||||||
Operating income | (317,000,000) | (3,602,000,000) | 30,000,000 | ||||||||||
Interest expense including amortization of debt discount and deferred financing costs | 436,000,000 | 460,000,000 | 200,000,000 | ||||||||||
Income (loss) from equity method investments | 49,000,000 | 6,000,000 | 18,000,000 | ||||||||||
Operating segments | Other & Corporate | |||||||||||||
Segment data | |||||||||||||
Goodwill | 72,000,000 | 75,000,000 | 72,000,000 | 75,000,000 | |||||||||
Assets | 2,009,000,000 | 1,867,000,000 | 2,009,000,000 | 1,867,000,000 | |||||||||
Capital expenditures | 12,000,000 | 32,000,000 | |||||||||||
Revenue | 481,000,000 | 451,000,000 | 470,000,000 | ||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 31,000,000 | 27,000,000 | 22,000,000 | ||||||||||
Amortization of sports programming rights | 0 | 0 | 0 | ||||||||||
Amortization of program contract costs | 17,000,000 | 3,000,000 | 0 | ||||||||||
Corporate general and administrative expenses | 13,000,000 | 19,000,000 | 151,000,000 | ||||||||||
Gain on asset dispositions and other, net of impairment | (4,000,000) | 3,000,000 | (30,000,000) | ||||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||||
Operating income | 39,000,000 | 47,000,000 | (98,000,000) | ||||||||||
Interest expense including amortization of debt discount and deferred financing costs | 192,000,000 | 203,000,000 | 230,000,000 | ||||||||||
Income (loss) from equity method investments | (4,000,000) | (42,000,000) | (53,000,000) | ||||||||||
Eliminations | |||||||||||||
Segment data | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||||
Assets | $ (30,000,000) | $ (13,000,000) | (30,000,000) | (13,000,000) | |||||||||
Capital expenditures | 0 | 0 | |||||||||||
Revenue | (160,000,000) | (116,000,000) | (59,000,000) | ||||||||||
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | (3,000,000) | (2,000,000) | (1,000,000) | ||||||||||
Amortization of sports programming rights | 0 | 0 | 0 | ||||||||||
Amortization of program contract costs | 0 | 0 | 0 | ||||||||||
Corporate general and administrative expenses | 0 | 0 | (1,000,000) | ||||||||||
Gain on asset dispositions and other, net of impairment | 0 | 0 | 0 | ||||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||||
Operating income | (1,000,000) | (6,000,000) | (8,000,000) | ||||||||||
Interest expense including amortization of debt discount and deferred financing costs | (14,000,000) | (12,000,000) | (13,000,000) | ||||||||||
Income (loss) from equity method investments | 0 | $ 0 | 0 | ||||||||||
Broadcast Incentive Auction and C-Band Spectrum | |||||||||||||
Segment data | |||||||||||||
Gain (loss) recognized on sale | $ 67,000,000 | ||||||||||||
Spectrum Auction | |||||||||||||
Segment data | |||||||||||||
Spectrum repack reimbursements | $ 62,000,000 | ||||||||||||
|
FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of Notes and Debentures (Details) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 18, 2020
$ / shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Apr. 01, 2021
USD ($)
|
Dec. 04, 2020 |
Jun. 10, 2020
USD ($)
|
Mar. 31, 2020 |
Nov. 27, 2019
USD ($)
|
Aug. 23, 2019
USD ($)
|
Aug. 02, 2019
USD ($)
|
|
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | $ 402,000,000 | $ 400,000,000 | ||||||||
Unamortized discount and debt issuance costs, net | 158,000,000 | 183,000,000 | ||||||||
Bally's | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Option purchase price, starting at (in dollars per share) | $ / shares | $ 30 | |||||||||
Option purchase price, maximum (in dollars per share) | $ / shares | $ 45 | |||||||||
Ownership interest, portion precluded from owning maximum (as a percent) | 0.049% | |||||||||
Level 1 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 5,000,000 | 68,000,000 | ||||||||
Deferred compensation assets | 48,000,000 | 42,000,000 | ||||||||
Deferred compensation liabilities | 38,000,000 | 36,000,000 | ||||||||
Level 1 | Carrying Value | STG Money Market Funds | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Money market funds | 265,000,000 | 448,000,000 | ||||||||
Level 1 | Carrying Value | DSG Money Market Funds | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Money market funds | 101,000,000 | 292,000,000 | ||||||||
Level 1 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 5,000,000 | 68,000,000 | ||||||||
Deferred compensation assets | 48,000,000 | 42,000,000 | ||||||||
Deferred compensation liabilities | 38,000,000 | 36,000,000 | ||||||||
Level 1 | Fair Value | STG Money Market Funds | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Money market funds | 265,000,000 | 448,000,000 | ||||||||
Level 1 | Fair Value | DSG Money Market Funds | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Money market funds | 101,000,000 | 292,000,000 | ||||||||
Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 114,000,000 | 0 | ||||||||
Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 114,000,000 | 0 | ||||||||
Level 3 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 282,000,000 | 332,000,000 | ||||||||
Level 3 | Carrying Value | Options and Warrants | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Measurement adjustments | (50,000,000) | 133,000,000 | ||||||||
Level 3 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Investments in equity securities | 282,000,000 | 332,000,000 | ||||||||
DSG Accounts Receivable Securitization Facility | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 0 | 177,000,000 | ||||||||
DSG Accounts Receivable Securitization Facility | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 0 | 177,000,000 | ||||||||
Debt of variable interest entities | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 9,000,000 | 17,000,000 | ||||||||
Debt of variable interest entities | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 9,000,000 | 17,000,000 | ||||||||
Debt of non-media subsidiaries | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 17,000,000 | 17,000,000 | ||||||||
Debt of non-media subsidiaries | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 17,000,000 | 17,000,000 | ||||||||
Notes | 5.875% Senior Unsecured Notes due 2026 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 5.875% | |||||||||
Notes | 5.875% Senior Unsecured Notes due 2026 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 348,000,000 | 348,000,000 | ||||||||
Notes | 5.875% Senior Unsecured Notes due 2026 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 357,000,000 | 358,000,000 | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 5.50% | 5.50% | ||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 500,000,000 | 500,000,000 | ||||||||
Notes | 5.500% Senior Unsecured Notes due 2030 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 489,000,000 | 520,000,000 | ||||||||
Notes | 5.125% Senior Unsecured Notes due 2027 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 5.125% | |||||||||
Notes | 5.125% Senior Unsecured Notes due 2027 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 400,000,000 | 400,000,000 | ||||||||
Notes | 5.125% Senior Unsecured Notes due 2027 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 391,000,000 | 408,000,000 | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 4.125% | 4.125% | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 750,000,000 | 750,000,000 | ||||||||
Notes | 4.125% Senior Secured Notes due 2030 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 712,000,000 | 770,000,000 | ||||||||
Notes | 12.750% Senior Secured Notes due 2026 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 12.75% | |||||||||
Notes | 12.750% Senior Secured Notes due 2026 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 31,000,000 | 31,000,000 | ||||||||
Notes | 12.750% Senior Secured Notes due 2026 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 17,000,000 | 28,000,000 | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 6.625% | 6.625% | ||||||||
Aggregate principal amount | $ 31,000,000 | $ 1,825,000,000 | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 1,744,000,000 | 1,744,000,000 | ||||||||
Notes | 6.625% Senior Unsecured Notes due 2027 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 490,000,000 | 1,056,000,000 | ||||||||
Notes | 5.375% Senior Secured Notes due 2026 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Interest rate (as a percent) | 5.375% | 5.375% | ||||||||
Aggregate principal amount | $ 3,050,000,000 | |||||||||
Notes | 5.375% Senior Secured Notes due 2026 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 3,050,000,000 | 3,050,000,000 | ||||||||
Notes | 5.375% Senior Secured Notes due 2026 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 1,525,000,000 | 2,483,000,000 | ||||||||
Term Loan | STG Term Loan B-3 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 736,000,000 | 0 | ||||||||
Term Loan | STG Term Loan B-3 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 722,000,000 | 0 | ||||||||
Term Loan | DSG Term Loan | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Aggregate principal amount | $ 3,300,000,000 | |||||||||
Term Loan | DSG Term Loan | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 3,226,000,000 | 3,259,000,000 | ||||||||
Term Loan | DSG Term Loan | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 1,484,000,000 | 2,884,000,000 | ||||||||
STG Term Loan Facility | STG Term Loan B-3 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Aggregate principal amount | $ 740,000,000 | |||||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 379,000,000 | 1,119,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-1 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 373,000,000 | 1,107,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | Level 2 | Carrying Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | 1,271,000,000 | 1,284,000,000 | ||||||||
STG Term Loan Facility | Term Loan | Term Loan B-2 | Level 2 | Fair Value | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Debt instrument | $ 1,239,000,000 | $ 1,264,000,000 | ||||||||
Variable Payment Obligations | Level 3 | ||||||||||
FAIR VALUE MEASUREMENTS: | ||||||||||
Weighted average discount rate (as a percent) | 0.16 | 0.25 |
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Options and Warrants - Level 3 - Carrying Value - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | $ 332 | $ 0 |
Acquisition | 199 | |
Measurement adjustments | (50) | 133 |
Fair value, ending balance | $ 282 | $ 332 |
FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 04, 2020 |
Nov. 27, 2019 |
---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||
Consolidated total debt | $ 12,340 | ||
Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Consolidated total debt | 4,385 | ||
Amount of debt guaranteed by parent | $ 4,347 | ||
Notes | 5.875% Senior Unsecured Notes due 2026 | Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.875% | ||
Notes | 5.875% Senior Unsecured Notes due 2026 | Guarantor Subsidiaries and KDSM, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.875% | ||
Notes | 5.125% Senior Unsecured Notes due 2027 | Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.125% | ||
Notes | 5.125% Senior Unsecured Notes due 2027 | Guarantor Subsidiaries and KDSM, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.125% | ||
Notes | 5.500% Senior Unsecured Notes due 2030 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.50% | 5.50% | |
Notes | 5.500% Senior Unsecured Notes due 2030 | Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.50% | ||
Notes | 5.500% Senior Unsecured Notes due 2030 | Guarantor Subsidiaries and KDSM, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 5.50% | ||
Notes | 4.125% Senior Secured Notes due 2030 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 4.125% | 4.125% | |
Notes | 4.125% Senior Secured Notes due 2030 | Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 4.125% | ||
Notes | 4.125% Senior Secured Notes due 2030 | Guarantor Subsidiaries and KDSM, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest rate (as a percent) | 4.125% |
FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES - Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 816 | $ 1,259 | |||
Accounts receivable, net | 1,245 | 1,060 | |||
Other current assets | 410 | 898 | |||
Total current assets | 2,471 | 3,217 | |||
Property and equipment, net | 833 | 823 | |||
Investment in equity of consolidated subsidiaries | 0 | 0 | |||
Restricted cash | 3 | 3 | |||
Goodwill | 2,088 | 2,092 | $ 4,716 | ||
Indefinite-lived intangible assets | 150 | 171 | $ 158 | ||
Definite-lived intangible assets, net | 5,088 | 5,624 | |||
Other long-term assets | 1,908 | 1,452 | |||
Total assets | [1] | 12,541 | 13,382 | ||
Accounts payable and accrued liabilities | 655 | 533 | |||
Current portion of long-term debt | 69 | 58 | |||
Other current liabilities | 478 | 443 | |||
Total current liabilities | 1,202 | 1,034 | |||
Long-term debt | 12,271 | 12,493 | |||
Investment in deficit of consolidated subsidiaries | 0 | 0 | |||
Other liabilities | 577 | 850 | |||
Total liabilities | [1] | 14,050 | 14,377 | ||
Redeemable noncontrolling interests | 197 | 190 | |||
Total Sinclair Broadcast Group (deficit) equity | (1,770) | (1,274) | |||
Noncontrolling interests in consolidated subsidiaries | 64 | 89 | |||
Total liabilities and equity | 12,541 | 13,382 | |||
Reportable legal entities | Sinclair Broadcast Group, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 2 | 0 | |||
Accounts receivable, net | 0 | 0 | |||
Other current assets | 10 | 7 | |||
Total current assets | 12 | 7 | |||
Property and equipment, net | 1 | 1 | |||
Investment in equity of consolidated subsidiaries | 451 | 430 | |||
Restricted cash | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Indefinite-lived intangible assets | 0 | 0 | |||
Definite-lived intangible assets, net | 0 | 0 | |||
Other long-term assets | 331 | 139 | |||
Total assets | 795 | 577 | |||
Accounts payable and accrued liabilities | 31 | 19 | |||
Current portion of long-term debt | 0 | 0 | |||
Other current liabilities | 2 | 1 | |||
Total current liabilities | 33 | 20 | |||
Long-term debt | 915 | 700 | |||
Investment in deficit of consolidated subsidiaries | 1,605 | 1,118 | |||
Other liabilities | 12 | 12 | |||
Total liabilities | 2,565 | 1,850 | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Total Sinclair Broadcast Group (deficit) equity | (1,770) | (1,273) | |||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | |||
Total liabilities and equity | 795 | 577 | |||
Reportable legal entities | Sinclair Television Group, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 316 | 458 | |||
Accounts receivable, net | 0 | 0 | |||
Other current assets | 82 | 46 | |||
Total current assets | 398 | 504 | |||
Property and equipment, net | 31 | 33 | |||
Investment in equity of consolidated subsidiaries | 3,448 | 3,549 | |||
Restricted cash | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Indefinite-lived intangible assets | 0 | 0 | |||
Definite-lived intangible assets, net | 0 | 0 | |||
Other long-term assets | 1,956 | 1,718 | |||
Total assets | 5,833 | 5,804 | |||
Accounts payable and accrued liabilities | 85 | 70 | |||
Current portion of long-term debt | 20 | 13 | |||
Other current liabilities | 6 | 2 | |||
Total current liabilities | 111 | 85 | |||
Long-term debt | 4,317 | 4,337 | |||
Investment in deficit of consolidated subsidiaries | 0 | 0 | |||
Other liabilities | 69 | 121 | |||
Total liabilities | 4,497 | 4,543 | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Total Sinclair Broadcast Group (deficit) equity | 1,336 | 1,261 | |||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | |||
Total liabilities and equity | 5,833 | 5,804 | |||
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 2 | 0 | |||
Accounts receivable, net | 649 | 558 | |||
Other current assets | 293 | 372 | |||
Total current assets | 944 | 930 | |||
Property and equipment, net | 664 | 706 | |||
Investment in equity of consolidated subsidiaries | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Goodwill | 2,081 | 2,082 | |||
Indefinite-lived intangible assets | 136 | 156 | |||
Definite-lived intangible assets, net | 1,105 | 1,256 | |||
Other long-term assets | 427 | 280 | |||
Total assets | 5,357 | 5,410 | |||
Accounts payable and accrued liabilities | 295 | 247 | |||
Current portion of long-term debt | 5 | 5 | |||
Other current liabilities | 155 | 134 | |||
Total current liabilities | 455 | 386 | |||
Long-term debt | 33 | 33 | |||
Investment in deficit of consolidated subsidiaries | 0 | 0 | |||
Other liabilities | 1,426 | 1,445 | |||
Total liabilities | 1,914 | 1,864 | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Total Sinclair Broadcast Group (deficit) equity | 3,443 | 3,546 | |||
Noncontrolling interests in consolidated subsidiaries | 0 | 0 | |||
Total liabilities and equity | 5,357 | 5,410 | |||
Reportable legal entities | Non- Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 496 | 801 | |||
Accounts receivable, net | 596 | 502 | |||
Other current assets | 136 | 560 | |||
Total current assets | 1,228 | 1,863 | |||
Property and equipment, net | 161 | 109 | |||
Investment in equity of consolidated subsidiaries | 0 | 0 | |||
Restricted cash | 3 | 3 | |||
Goodwill | 7 | 10 | |||
Indefinite-lived intangible assets | 14 | 15 | |||
Definite-lived intangible assets, net | 4,019 | 4,409 | |||
Other long-term assets | 1,853 | 1,569 | |||
Total assets | 7,285 | 7,978 | |||
Accounts payable and accrued liabilities | 279 | 284 | |||
Current portion of long-term debt | 45 | 41 | |||
Other current liabilities | 392 | 306 | |||
Total current liabilities | 716 | 631 | |||
Long-term debt | 8,488 | 8,460 | |||
Investment in deficit of consolidated subsidiaries | 0 | 0 | |||
Other liabilities | 468 | 710 | |||
Total liabilities | 9,672 | 9,801 | |||
Redeemable noncontrolling interests | 197 | 190 | |||
Total Sinclair Broadcast Group (deficit) equity | (2,644) | (2,098) | |||
Noncontrolling interests in consolidated subsidiaries | 60 | 85 | |||
Total liabilities and equity | 7,285 | 7,978 | |||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Accounts receivable, net | 0 | 0 | |||
Other current assets | (111) | (87) | |||
Total current assets | (111) | (87) | |||
Property and equipment, net | (24) | (26) | |||
Investment in equity of consolidated subsidiaries | (3,899) | (3,979) | |||
Restricted cash | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Indefinite-lived intangible assets | 0 | 0 | |||
Definite-lived intangible assets, net | (36) | (41) | |||
Other long-term assets | (2,659) | (2,254) | |||
Total assets | (6,729) | (6,387) | |||
Accounts payable and accrued liabilities | (35) | (87) | |||
Current portion of long-term debt | (1) | (1) | |||
Other current liabilities | (77) | 0 | |||
Total current liabilities | (113) | (88) | |||
Long-term debt | (1,482) | (1,037) | |||
Investment in deficit of consolidated subsidiaries | (1,605) | (1,118) | |||
Other liabilities | (1,398) | (1,438) | |||
Total liabilities | (4,598) | (3,681) | |||
Redeemable noncontrolling interests | 0 | 0 | |||
Total Sinclair Broadcast Group (deficit) equity | (2,135) | (2,710) | |||
Noncontrolling interests in consolidated subsidiaries | 4 | 4 | |||
Total liabilities and equity | $ (6,729) | $ (6,387) | |||
|
FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | $ 1,476 | $ 1,535 | $ 1,612 | $ 1,511 | $ 1,512 | $ 1,539 | $ 1,283 | $ 1,609 | $ 6,134 | $ 5,943 | $ 4,240 |
Media programming and production expenses | 4,291 | 2,735 | 2,073 | ||||||||
Selling, general and administrative | 1,078 | 980 | 1,119 | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | 4,264 | 0 | ||||||||
Depreciation, amortization and other operating expenses | 670 | 736 | 578 | ||||||||
Total operating expenses | 6,039 | 8,715 | 3,770 | ||||||||
Operating income | 165 | 73 | (178) | 35 | 625 | (4,216) | 492 | 327 | 95 | (2,772) | 470 |
Equity in (loss) earnings of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense | (618) | (656) | (422) | ||||||||
Other (expense) income | 24 | 279 | (39) | ||||||||
Total other expense, net | (594) | (377) | (461) | ||||||||
Income tax benefit (provision) | 173 | 720 | 96 | ||||||||
NET (LOSS) INCOME | (326) | (2,429) | 105 | ||||||||
Net income attributable to the redeemable noncontrolling interests | (18) | (56) | (48) | ||||||||
Net income attributable to the noncontrolling interests | (70) | 71 | (10) | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | $ (89) | $ 19 | $ (332) | $ (12) | $ 467 | $ (3,256) | $ 252 | $ 123 | (414) | (2,414) | 47 |
Comprehensive (loss) income | (318) | (2,437) | 104 | ||||||||
Reportable legal entities | Sinclair Broadcast Group, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Media programming and production expenses | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 12 | 18 | 147 | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||
Depreciation, amortization and other operating expenses | 1 | 2 | 0 | ||||||||
Total operating expenses | 13 | 20 | 147 | ||||||||
Operating income | (13) | (20) | (147) | ||||||||
Equity in (loss) earnings of consolidated subsidiaries | (350) | (2,409) | 165 | ||||||||
Interest expense | (13) | (13) | (5) | ||||||||
Other (expense) income | (63) | 27 | 2 | ||||||||
Total other expense, net | (426) | (2,395) | 162 | ||||||||
Income tax benefit (provision) | 25 | 1 | 32 | ||||||||
NET (LOSS) INCOME | (414) | (2,414) | 47 | ||||||||
Net income attributable to the redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to the noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | (414) | (2,414) | 47 | ||||||||
Comprehensive (loss) income | (414) | (2,414) | 47 | ||||||||
Reportable legal entities | Sinclair Television Group, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 111 | 100 | 35 | ||||||||
Media programming and production expenses | 4 | 3 | 0 | ||||||||
Selling, general and administrative | 160 | 122 | 147 | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||
Depreciation, amortization and other operating expenses | 8 | 8 | (20) | ||||||||
Total operating expenses | 172 | 133 | 127 | ||||||||
Operating income | (61) | (33) | (92) | ||||||||
Equity in (loss) earnings of consolidated subsidiaries | 435 | 877 | 577 | ||||||||
Interest expense | (180) | (191) | (216) | ||||||||
Other (expense) income | 16 | 4 | (7) | ||||||||
Total other expense, net | 271 | 690 | 354 | ||||||||
Income tax benefit (provision) | 35 | 51 | 66 | ||||||||
NET (LOSS) INCOME | 245 | 708 | 328 | ||||||||
Net income attributable to the redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to the noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | 245 | 708 | 328 | ||||||||
Comprehensive (loss) income | 246 | 707 | 327 | ||||||||
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 2,979 | 3,081 | 2,841 | ||||||||
Media programming and production expenses | 1,425 | 1,284 | 1,238 | ||||||||
Selling, general and administrative | 715 | 658 | 663 | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||
Depreciation, amortization and other operating expenses | 327 | 211 | 278 | ||||||||
Total operating expenses | 2,467 | 2,153 | 2,179 | ||||||||
Operating income | 512 | 928 | 662 | ||||||||
Equity in (loss) earnings of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense | (3) | (3) | (4) | ||||||||
Other (expense) income | (24) | (41) | (53) | ||||||||
Total other expense, net | (27) | (44) | (57) | ||||||||
Income tax benefit (provision) | (44) | 3 | (21) | ||||||||
NET (LOSS) INCOME | 441 | 887 | 584 | ||||||||
Net income attributable to the redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to the noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | 441 | 887 | 584 | ||||||||
Comprehensive (loss) income | 441 | 887 | 584 | ||||||||
Reportable legal entities | Non- Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 3,251 | 2,946 | 1,487 | ||||||||
Media programming and production expenses | 2,916 | 1,519 | 894 | ||||||||
Selling, general and administrative | 336 | 279 | 202 | ||||||||
Impairment of goodwill and definite-lived intangible assets | 4,264 | ||||||||||
Depreciation, amortization and other operating expenses | 341 | 525 | 334 | ||||||||
Total operating expenses | 3,593 | 6,587 | 1,430 | ||||||||
Operating income | (342) | (3,641) | 57 | ||||||||
Equity in (loss) earnings of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Interest expense | (450) | (474) | (216) | ||||||||
Other (expense) income | 111 | 303 | 24 | ||||||||
Total other expense, net | (339) | (171) | (192) | ||||||||
Income tax benefit (provision) | 157 | 665 | 19 | ||||||||
NET (LOSS) INCOME | (524) | (3,147) | (116) | ||||||||
Net income attributable to the redeemable noncontrolling interests | (18) | (56) | (48) | ||||||||
Net income attributable to the noncontrolling interests | (70) | 71 | (10) | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | (612) | (3,132) | (174) | ||||||||
Comprehensive (loss) income | (517) | (3,154) | (116) | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | (160) | (116) | (59) | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||
Operating income | (1) | (6) | (8) | ||||||||
Interest expense | 14 | 12 | 13 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | (207) | (184) | (123) | ||||||||
Media programming and production expenses | (54) | (71) | (59) | ||||||||
Selling, general and administrative | (145) | (97) | (40) | ||||||||
Impairment of goodwill and definite-lived intangible assets | 0 | ||||||||||
Depreciation, amortization and other operating expenses | (7) | (10) | (14) | ||||||||
Total operating expenses | (206) | (178) | (113) | ||||||||
Operating income | (1) | (6) | (10) | ||||||||
Equity in (loss) earnings of consolidated subsidiaries | (85) | 1,532 | (742) | ||||||||
Interest expense | 28 | 25 | 19 | ||||||||
Other (expense) income | (16) | (14) | (5) | ||||||||
Total other expense, net | (73) | 1,543 | (728) | ||||||||
Income tax benefit (provision) | 0 | 0 | 0 | ||||||||
NET (LOSS) INCOME | (74) | 1,537 | (738) | ||||||||
Net income attributable to the redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to the noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to Sinclair Broadcast Group | (74) | 1,537 | (738) | ||||||||
Comprehensive (loss) income | $ (74) | $ 1,537 | $ (738) |
FINANCIAL INFORMATION FOR GUARANTEE OF SECURITIES OF SUBSIDIARIES - Statement of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | $ 327 | $ 1,548 | $ 916 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (80) | (157) | (156) |
Acquisition of businesses, net of cash acquired | (4) | (16) | (8,999) |
Proceeds from the sale of assets | 43 | 36 | 8 |
Purchases of investments | (256) | (139) | (452) |
Spectrum repack reimbursements | 24 | 90 | 62 |
Other, net | 27 | 27 | 7 |
Net cash flows used in investing activities | (246) | (159) | (9,530) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 357 | 1,819 | 9,956 |
Repayments of notes payable, commercial bank financing, and finance leases | (601) | (1,739) | (1,236) |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | 0 | 985 |
Dividends paid on Class A and Class B Common Stock | (60) | (63) | (73) |
Dividends paid on redeemable subsidiary preferred equity | (5) | (36) | (33) |
Repurchase of outstanding Class A Common Stock | (61) | (343) | (145) |
Redemption of redeemable subsidiary preferred equity | 0 | (547) | (297) |
Debt issuance costs | (1) | (19) | (199) |
Distributions to noncontrolling interests, net | (95) | (32) | (27) |
Distributions to redeemable noncontrolling interests | (6) | (383) | (5) |
Increase (decrease) in intercompany payables | 0 | 0 | 0 |
Other, net | (53) | (117) | (39) |
Net cash flows (used in) from financing activities | (524) | (1,460) | 8,887 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (443) | (71) | 273 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 1,262 | 1,333 | 1,060 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 819 | 1,262 | 1,333 |
Reportable legal entities | Sinclair Broadcast Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | (5) | (119) | (5) |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from the sale of assets | 0 | 0 | 0 |
Purchases of investments | (9) | (43) | (6) |
Spectrum repack reimbursements | 0 | 0 | 0 |
Other, net | (183) | 1 | 0 |
Net cash flows used in investing activities | (192) | (42) | (6) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 0 | 0 | 0 |
Repayments of notes payable, commercial bank financing, and finance leases | 0 | 0 | 0 |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | ||
Dividends paid on Class A and Class B Common Stock | (60) | (63) | (73) |
Dividends paid on redeemable subsidiary preferred equity | 0 | 0 | 0 |
Repurchase of outstanding Class A Common Stock | (61) | (343) | (145) |
Redemption of redeemable subsidiary preferred equity | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Distributions to noncontrolling interests, net | 0 | 0 | 0 |
Distributions to redeemable noncontrolling interests | 0 | 0 | 0 |
Increase (decrease) in intercompany payables | 333 | 565 | 227 |
Other, net | (13) | 2 | 2 |
Net cash flows (used in) from financing activities | 199 | 161 | 11 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 2 | 0 | 0 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 0 | 0 | 0 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 2 | 0 | 0 |
Reportable legal entities | Sinclair Television Group, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | (216) | (75) | (210) |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (2) | (8) | (4) |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from the sale of assets | 0 | 0 | 0 |
Purchases of investments | (9) | (8) | (39) |
Spectrum repack reimbursements | 0 | 0 | 0 |
Other, net | 0 | 0 | 3 |
Net cash flows used in investing activities | (11) | (16) | (40) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 341 | 1,398 | 1,793 |
Repayments of notes payable, commercial bank financing, and finance leases | (362) | (1,434) | (1,213) |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | ||
Dividends paid on Class A and Class B Common Stock | 0 | 0 | 0 |
Dividends paid on redeemable subsidiary preferred equity | 0 | 0 | 0 |
Repurchase of outstanding Class A Common Stock | 0 | 0 | 0 |
Redemption of redeemable subsidiary preferred equity | 0 | 0 | |
Debt issuance costs | (11) | (25) | |
Distributions to noncontrolling interests, net | 0 | 0 | 0 |
Distributions to redeemable noncontrolling interests | 0 | 0 | 0 |
Increase (decrease) in intercompany payables | 106 | 239 | (905) |
Other, net | 0 | 0 | (5) |
Net cash flows (used in) from financing activities | 85 | 192 | (355) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (142) | 101 | (605) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 458 | 357 | 962 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 316 | 458 | 357 |
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | 583 | 864 | 734 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (64) | (130) | (152) |
Acquisition of businesses, net of cash acquired | (4) | (16) | 0 |
Proceeds from the sale of assets | 34 | 36 | 0 |
Purchases of investments | (46) | (43) | (54) |
Spectrum repack reimbursements | 24 | 90 | 62 |
Other, net | (1) | (2) | (1) |
Net cash flows used in investing activities | (57) | (65) | (145) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 0 | 0 | 0 |
Repayments of notes payable, commercial bank financing, and finance leases | (6) | (4) | (4) |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | ||
Dividends paid on Class A and Class B Common Stock | 0 | 0 | 0 |
Dividends paid on redeemable subsidiary preferred equity | 0 | 0 | 0 |
Repurchase of outstanding Class A Common Stock | 0 | 0 | 0 |
Redemption of redeemable subsidiary preferred equity | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Distributions to noncontrolling interests, net | 0 | 0 | 0 |
Distributions to redeemable noncontrolling interests | 0 | 0 | 0 |
Increase (decrease) in intercompany payables | (518) | (798) | (601) |
Other, net | 0 | 0 | 0 |
Net cash flows (used in) from financing activities | (524) | (802) | (605) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 2 | (3) | (16) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 0 | 3 | 19 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 2 | 0 | 3 |
Reportable legal entities | Non- Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | (46) | 875 | 396 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (18) | (26) | (11) |
Acquisition of businesses, net of cash acquired | 0 | 0 | (8,999) |
Proceeds from the sale of assets | 9 | 0 | 8 |
Purchases of investments | (192) | (45) | (353) |
Spectrum repack reimbursements | 0 | 0 | 0 |
Other, net | 28 | 28 | 5 |
Net cash flows used in investing activities | (173) | (43) | (9,350) |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | 46 | 421 | 8,163 |
Repayments of notes payable, commercial bank financing, and finance leases | (51) | (301) | (19) |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 985 | ||
Dividends paid on Class A and Class B Common Stock | 0 | 0 | 0 |
Dividends paid on redeemable subsidiary preferred equity | (5) | (36) | (33) |
Repurchase of outstanding Class A Common Stock | 0 | 0 | 0 |
Redemption of redeemable subsidiary preferred equity | (547) | (297) | |
Debt issuance costs | (8) | (174) | |
Distributions to noncontrolling interests, net | (95) | (32) | (27) |
Distributions to redeemable noncontrolling interests | (6) | (383) | (5) |
Increase (decrease) in intercompany payables | 65 | 4 | 1,291 |
Other, net | (40) | (119) | (36) |
Net cash flows (used in) from financing activities | (86) | (1,001) | 9,848 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (305) | (169) | 894 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 804 | 973 | 79 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | 499 | 804 | 973 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES | 11 | 3 | 1 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | 4 | 7 | 11 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from the sale of assets | 0 | 0 | 0 |
Purchases of investments | 0 | 0 | 0 |
Spectrum repack reimbursements | 0 | 0 | 0 |
Other, net | 183 | 0 | 0 |
Net cash flows used in investing activities | 187 | 7 | 11 |
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: | |||
Proceeds from notes payable and commercial bank financing | (30) | 0 | 0 |
Repayments of notes payable, commercial bank financing, and finance leases | (182) | 0 | 0 |
Proceeds from the issuance of redeemable subsidiary preferred equity, net | 0 | ||
Dividends paid on Class A and Class B Common Stock | 0 | 0 | 0 |
Dividends paid on redeemable subsidiary preferred equity | 0 | 0 | 0 |
Repurchase of outstanding Class A Common Stock | 0 | 0 | 0 |
Redemption of redeemable subsidiary preferred equity | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Distributions to noncontrolling interests, net | 0 | 0 | 0 |
Distributions to redeemable noncontrolling interests | 0 | 0 | 0 |
Increase (decrease) in intercompany payables | 14 | (10) | (12) |
Other, net | 0 | 0 | 0 |
Net cash flows (used in) from financing activities | (198) | (10) | (12) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 0 | 0 | 0 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year | 0 | 0 | 0 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year | $ 0 | $ 0 | $ 0 |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net | $ 1,476 | $ 1,535 | $ 1,612 | $ 1,511 | $ 1,512 | $ 1,539 | $ 1,283 | $ 1,609 | $ 6,134 | $ 5,943 | $ 4,240 |
Operating income (loss) | 165 | 73 | (178) | 35 | 625 | (4,216) | 492 | 327 | 95 | (2,772) | 470 |
Net income (loss) | (41) | 17 | (328) | 26 | 514 | (3,367) | 273 | 151 | |||
Net (loss) income attributable to Sinclair Broadcast Group | $ (89) | $ 19 | $ (332) | $ (12) | $ 467 | $ (3,256) | $ 252 | $ 123 | $ (414) | $ (2,414) | $ 47 |
Basic earnings (loss) per common share (in dollars per share) | $ (1.18) | $ 0.25 | $ (4.41) | $ (0.16) | $ 6.32 | $ (43.53) | $ 3.13 | $ 1.36 | $ (5.51) | $ (30.20) | $ 0.52 |
Diluted earnings (loss) per common share (in dollars per share) | $ (1.18) | $ 0.25 | $ (4.41) | $ (0.16) | $ 6.27 | $ (43.53) | $ 3.12 | $ 1.35 | $ (5.51) | $ (30.20) | $ 0.51 |
SUBSEQUENT EVENTS (Details) - USD ($) |
Mar. 01, 2022 |
Feb. 28, 2022 |
Aug. 23, 2019 |
Aug. 02, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Subsequent Event [Line Items] | ||||||
Outstanding debt amount | $ 12,461,000,000 | |||||
DSG Second Lien Revolving Credit Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 35.00% | |||||
DSG Second Lien Revolving Credit Facility | Base Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.00% | |||||
DSG Second Lien Revolving Credit Facility | SOFR Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||
DSG Revolving Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Debt term | 5 years | |||||
DSG Revolving Credit Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Amount available under facility | $ 227,500,000 | |||||
Term Loan | DSG Term Loan | ||||||
Subsequent Event [Line Items] | ||||||
Outstanding debt amount | $ 3,226,000,000 | $ 3,259,000,000 | ||||
Term Loan | DSG Term Loan | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Outstanding debt amount | 4,000,000 | |||||
DSG First Lien Term Loan | Term Loan | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate principal amount | 635,000,000 | |||||
Aggregate borrowings outstanding | $ 635,000,000 | |||||
Prepayment premium (as a percent) | 100.00% | |||||
Make-whole premium determination, addition to treasury rate | 0.0050 | |||||
Debt term | 1 year | |||||
Quarterly payment (as a percent) | 1.00% | |||||
DSG First Lien Term Loan | Term Loan | Debt Instrument, Redemption, Period One | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Prepayment premium (as a percent) | 7.00% | |||||
DSG First Lien Term Loan | Term Loan | Debt Instrument, Redemption, Period Two | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Prepayment premium (as a percent) | 0.00% | |||||
DSG First Lien Term Loan | Term Loan | Base Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 7.00% | |||||
DSG First Lien Term Loan | Term Loan | SOFR Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 8.00% | |||||
DSG 5.375% Second Lien Secured Notes | Notes | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate (as a percent) | 5.375% | |||||
Aggregate borrowings outstanding | $ 3,036,000,000 | |||||
5.375% Senior Secured Notes | Notes | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate principal amount | $ 3,050,000,000 | |||||
Interest rate (as a percent) | 5.375% | 5.375% | ||||
Outstanding debt amount | $ 3,050,000,000 | 3,050,000,000 | ||||
5.375% Senior Secured Notes | Notes | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate (as a percent) | 5.375% | |||||
Aggregate borrowings outstanding | $ 14,000,000 | |||||
5.375% Senior Secured Notes | Notes | Debt Instrument, Redemption, Period One | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, redemption price (as a percent) | 102.688% | |||||
5.375% Senior Secured Notes | Notes | Debt Instrument, Redemption, Period Two | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument, redemption price (as a percent) | 101.344% | |||||
DSG Second Lien Term Loan | Term Loan | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Exchange rate of new term loans | 100 | |||||
Aggregate borrowings outstanding | $ 3,449,000,000 | |||||
DSG Second Lien Term Loan | Term Loan | Base Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.25% | |||||
DSG Second Lien Term Loan | Term Loan | SOFR Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||
DSG Second Lien Term Loan | Term Loan | SOFR Rate | Minimum | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 0.00% | |||||
DSG Second Lien Term Loan | Term Loan | Fed Funds Effective Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 0.50% | |||||
DSG Second Lien Term Loan | Term Loan | SOFR (Successor) Rate | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.00% | |||||
Existing Term Loans | Term Loan | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Exchange rate of existing term loans | $ 100 | |||||
12.750% Senior Secured Notes due 2026 | Notes | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate (as a percent) | 12.75% | |||||
Outstanding debt amount | $ 31,000,000 | $ 31,000,000 | ||||
12.750% Senior Secured Notes due 2026 | Notes | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Proportion of aggregate outstanding principal amount paid (as a percent) | 100.00% | |||||
Debt instrument, redemption price (as a percent) | 12.75% |
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