XML 31 R19.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING FINANCIAL STATEMENTS:
 
STG is the primary obligor under the Bank Credit Agreement, 5.125% Notes, 5.500% Notes, and 4.125% Secured Notes (collectively, the notes are referred to as the "STG Notes"). Our Class A Common Stock and Class B Common Stock as of March 31, 2023, were obligations or securities of SBG and not obligations or securities of STG. SBG is a guarantor under the STG Notes. As of March 31, 2023, our consolidated total debt, net of deferred financing costs and debt discounts, of $4,258 million included $4,243 million related to STG and its subsidiaries of which we guaranteed $4,211 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 CONSOLIDATING BALANCE SHEET
AS OF MARCH 31, 2023
(in millions) (unaudited)

Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Cash and cash equivalents$48 $461 $1 $113 $— $623 
Accounts receivable, net— — 581 22 — 603 
Other current assets26 57 165 25 (52)221 
Total current assets74 518 747 160 (52)1,447 
Property and equipment, net— 30 666 50 (21)725 
Investment in equity of consolidated subsidiaries1,091 3,492 — — (4,583)— 
Goodwill— — 2,081 1 — 2,082 
Indefinite-lived intangible assets— — 136 14 — 150 
Definite-lived intangible assets, net— — 894 38 (28)904 
Other long-term assets536 944 550 736 (1,638)1,128 
Total assets$1,701 $4,984 $5,074 $999 $(6,322)$6,436 
Accounts payable and accrued liabilities$— $70 $315 $18 $(1)$402 
Current portion of long-term debt— 28 6 4 (1)37 
Other current liabilities3 11 123 79 (50)166 
Total current liabilities3 109 444 101 (52)605 
Long-term debt— 4,176 23 389 (367)4,221 
Other long-term liabilities808 54 1,116 305 (1,504)779 
Total liabilities811 4,339 1,583 795 (1,923)5,605 
Total Sinclair Broadcast Group equity890 645 3,491 267 (4,403)890 
Noncontrolling interests in consolidated subsidiaries— — — (63)4 (59)
Total liabilities and equity$1,701 $4,984 $5,074 $999 $(6,322)$6,436 
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2022
(in millions)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Cash and cash equivalents$47 $750 $1 $86 $— $884 
Accounts receivable, net— — 555 57 — 612 
Other current assets32 42 159 19 (65)187 
Total current assets79 792 715 162 (65)1,683 
Property and equipment, net— 31 668 51 (22)728 
Investment in equity of consolidated subsidiaries962 3,463 — — (4,425)— 
Goodwill— — 2,081 7 — 2,088 
Indefinite-lived intangible assets— — 136 14 — 150 
Definite-lived intangible assets, net— — 935 42 (31)946 
Other long-term assets542 938 512 573 (1,456)1,109 
Total assets$1,583 $5,224 $5,047 $849 $(5,999)$6,704 
Accounts payable and accrued liabilities$— $80 $300 $18 $(1)$397 
Current portion of long-term debt— 28 6 5 (1)38 
Other current liabilities4 8 139 87 (65)173 
Total current liabilities4 116 445 110 (67)608 
Long-term debt— 4,181 24 387 (365)4,227 
Other long-term liabilities831 52 1,120 314 (1,323)994 
Total liabilities835 4,349 1,589 811 (1,755)5,829 
Redeemable noncontrolling interests— — — 194 — 194 
Total Sinclair Broadcast Group equity (deficit)748 875 3,458 (86)(4,247)748 
Noncontrolling interests in consolidated subsidiaries— — — (70)3 (67)
Total liabilities, redeemable noncontrolling interests, and equity$1,583 $5,224 $5,047 $849 $(5,999)$6,704 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2023
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Net revenue$— $10 $739 $43 $(19)$773 
Media programming and production expenses— 3 376 34 (15)398 
Selling, general and administrative expenses25 35 187 5 (3)249 
Depreciation, amortization and other operating expenses1 1 82 22 (1)105 
Total operating expenses26 39 645 61 (19)752 
Operating (loss) income(26)(29)94 (18)— 21 
Equity in earnings of consolidated subsidiaries207 69 — — (276)— 
Interest expense— (73)(1)(3)3 (74)
Other (expense) income(3)8 — 37 — 42 
Total other income (expense)204 4 (1)34 (273)(32)
Income tax benefit (provision)7 19 (23)201 — 204 
Net income (loss)185 (6)70 217 (273)193 
Net loss attributable to the redeemable noncontrolling interests— — — 4 — 4 
Net income attributable to the noncontrolling interests— — — (12)— (12)
Net income (loss) attributable to Sinclair Broadcast Group$185 $(6)$70 $209 $(273)$185 
Comprehensive income (loss)$185 $(9)$70 $217 $(273)$190 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(in millions) (unaudited)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Net revenue$— $29 $791 $531 $(63)$1,288 
Media programming and production expenses— — 362 412 (16)758 
Selling, general and administrative expenses3 48 199 63 (46)267 
Gain on deconsolidation of subsidiary(3,357)— — — — (3,357)
Depreciation, amortization and other operating expenses— 2 84 70 (2)154 
Total operating (gains) expenses(3,354)50 645 545 (64)(2,178)
Operating income (loss)3,354 (21)146 (14)1 3,466 
Equity in (loss) earnings of consolidated subsidiaries(38)100 — — (62)— 
Interest expense(4)(44)(1)(75)9 (115)
Other income (expense)4 1 3 (50)(6)(48)
Total other (expense) income(38)57 2 (125)(59)(163)
Income tax (provision) benefit(729)20 (47)69 — (687)
Net income (loss)2,587 56 101 (70)(58)2,616 
Net income attributable to the redeemable noncontrolling interests— — — (4)— (4)
Net income attributable to the noncontrolling interests— — — (25)— (25)
Net income (loss) attributable to Sinclair Broadcast Group$2,587 $56 $101 $(99)$(58)$2,587 
Comprehensive income (loss)$2,587 $56 $101 $(67)$(58)$2,619 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2023
(in millions) (unaudited)
  
Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(26)$(74)$83 $77 $2 $62 
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment— — (19)(1)— (20)
Spectrum repack reimbursements— — 1 — — 1 
Purchases of investments(2)— (21)(10)— (33)
Distributions from investments— — — 8 — 8 
Net cash flows used in investing activities(2)— (39)(3)— (44)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES      
Repayments of notes payable, commercial bank financing and finance leases— (7)(1)(1)— (9)
Repurchase of outstanding Class A Common Stock(53)— — — — (53)
Dividends paid on Class A and Class B Common Stock(18)— — — — (18)
Redemption of redeemable subsidiary preferred equity— — — (190)— (190)
Distributions to noncontrolling interests— — — (4)— (4)
Increase (decrease) in intercompany payables105 (208)(43)148 (2)— 
Other, net(5)— — — — (5)
Net cash flows from (used in) financing activities29 (215)(44)(47)(2)(279)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH1 (289)— 27 — (261)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period47 750 1 86 — 884 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$48 $461 $1 $113 $— $623 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(5)$(45)$327 $(209)$2 $70 
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Acquisition of property and equipment— (1)(18)(2)— (21)
Spectrum repack reimbursements— — 1 — — 1 
Proceeds from the sale of assets— — 4 — — 4 
Deconsolidation of subsidiary cash— — — (315)— (315)
Purchases of investments(2)(1)(1)(1)— (5)
Distributions from investments50 — 10 10 — 70 
Net cash flows from (used in) investing activities48 (2)(4)(308)— (266)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES     
Repayments of notes payable, commercial bank financing and finance leases— (5)(1)(1)— (7)
Repurchase of outstanding Class A Common Stock(68)— — — — (68)
Dividends paid on Class A and Class B Common Stock(18)— — — — (18)
Dividends paid on redeemable subsidiary preferred equity— — — (1)— (1)
Distributions to noncontrolling interests— — — (3)— (3)
Increase (decrease) in intercompany payables100 151 (323)74 (2)— 
Other, net(5)— — — — (5)
Net cash flows from (used in) financing activities9 146 (324)69 (2)(102)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH52 99 (1)(448)— (298)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period2 316 2 499 — 819 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$54 $415 $1 $51 $— $521