$NXST
NEXSTAR MEDIA GROUP, INC.

2017 Q3 Form 10-Q Financial Statement

#000156459017021929 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $611.9M $275.7M
YoY Change 121.97% 23.6%
Cost Of Revenue $257.7M $98.20M
YoY Change 162.42% 24.94%
Gross Profit $354.2M $177.5M
YoY Change 99.55% 22.84%
Gross Profit Margin 57.89% 64.39%
Selling, General & Admin $140.5M $63.60M
YoY Change 120.86% 12.77%
% of Gross Profit 39.66% 35.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.98M $29.60M
YoY Change -12.23% -2.31%
% of Gross Profit 7.33% 16.68%
Operating Expenses $486.0M $104.6M
YoY Change 364.58% 8.84%
Operating Profit $125.9M $72.90M
YoY Change 72.73% 50.88%
Interest Expense -$53.60M -$29.60M
YoY Change 81.08% 45.1%
% of Operating Profit -42.57% -40.61%
Other Income/Expense, Net -$161.0K -$100.0K
YoY Change 61.0% 0.0%
Pretax Income $74.09M $43.15M
YoY Change 71.7% 55.19%
Income Tax $32.01M $17.53M
% Of Pretax Income 43.21% 40.63%
Net Earnings $46.48M $24.80M
YoY Change 87.41% 43.5%
Net Earnings / Revenue 7.6% 9.0%
Basic Earnings Per Share $1.01 $0.81
Diluted Earnings Per Share $0.98 $0.78
COMMON SHARES
Basic Shares Outstanding 46.11M 30.70M
Diluted Shares Outstanding 47.45M 31.70M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.0M $29.00M
YoY Change 368.97% 26.09%
Cash & Equivalents $135.8M $29.26M
Short-Term Investments
Other Short-Term Assets $34.39M $43.36M
YoY Change -20.69% -52.4%
Inventory
Prepaid Expenses
Receivables $519.0M $214.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.029B $287.0M
YoY Change 258.51% -0.68%
LONG-TERM ASSETS
Property, Plant & Equipment $738.0M $283.6M
YoY Change 160.23% 4.26%
Goodwill $488.4M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0M $983.0M
YoY Change -79.45% 2134.09%
Total Long-Term Assets $6.476B $2.634B
YoY Change 145.86% 67.66%
TOTAL ASSETS
Total Short-Term Assets $1.029B $287.0M
Total Long-Term Assets $6.476B $2.634B
Total Assets $7.505B $2.921B
YoY Change 156.93% 57.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.00M $25.39M
YoY Change 140.27% 5.78%
Accrued Expenses $218.0M $70.36M
YoY Change 209.82% 5.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $122.0M $45.00M
YoY Change 171.11% 9.76%
Total Short-Term Liabilities $765.0M $181.0M
YoY Change 322.65% 26.57%
LONG-TERM LIABILITIES
Long-Term Debt $4.287B $2.320B
YoY Change 84.78% 58.36%
Other Long-Term Liabilities $353.0M $41.00M
YoY Change 760.98% -19.61%
Total Long-Term Liabilities $4.640B $2.361B
YoY Change 96.53% 55.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $765.0M $181.0M
Total Long-Term Liabilities $4.640B $2.361B
Total Liabilities $6.316B $2.768B
YoY Change 128.18% 53.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.189B $152.0M
YoY Change
Total Liabilities & Shareholders Equity $7.505B $2.921B
YoY Change 156.93% 57.04%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $46.48M $24.80M
YoY Change 87.41% 43.5%
Depreciation, Depletion And Amortization $25.98M $29.60M
YoY Change -12.23% -2.31%
Cash From Operating Activities -$47.60M $67.00M
YoY Change -171.04% 11.48%
INVESTING ACTIVITIES
Capital Expenditures -$21.10M -$10.60M
YoY Change 99.06% 7.07%
Acquisitions
YoY Change
Other Investing Activities $481.0M $300.0K
YoY Change 160233.33% 200.0%
Cash From Investing Activities $459.9M -$10.30M
YoY Change -4565.05% 5.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -362.3M -54.60M
YoY Change 563.55% 1.49%
NET CHANGE
Cash From Operating Activities -47.60M 67.00M
Cash From Investing Activities 459.9M -10.30M
Cash From Financing Activities -362.3M -54.60M
Net Change In Cash 50.00M 2.100M
YoY Change 2280.95% -160.0%
FREE CASH FLOW
Cash From Operating Activities -$47.60M $67.00M
Capital Expenditures -$21.10M -$10.60M
Free Cash Flow -$26.50M $77.60M
YoY Change -134.15% 10.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1045000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31619000
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.24
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.90
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1031443000
nxst Adjustments To Additional Paid In Capital Stock Option Replacement Awards In Connection With Merger
AdjustmentsToAdditionalPaidInCapitalStockOptionReplacementAwardsInConnectionWithMerger
10702000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
99008000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17512000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
3690000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
42132000
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
108694000
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
7600000
us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
3655000
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
659000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
243000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2250000
nxst Amortization Of Broadcast Rights Excluding Barter
AmortizationOfBroadcastRightsExcludingBarter
17075000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
518000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3394000
us-gaap Share Based Compensation
ShareBasedCompensation
9002000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1168000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
409000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1634000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
24799000
us-gaap Net Income Loss
NetIncomeLoss
96516000
us-gaap Net Income Loss
NetIncomeLoss
71055000
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.32
us-gaap Profit Loss
ProfitLoss
72689000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.11
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
57716000
CY2016Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
126000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
43149000
nxst Amortization Of Broadcast Rights Excluding Barter
AmortizationOfBroadcastRightsExcludingBarter
47099000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
56220000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
7809000
us-gaap Share Based Compensation
ShareBasedCompensation
17512000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-10455000
nxst Payments For Broadcast Rights
PaymentsForBroadcastRights
46370000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
22845000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.25
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30695000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45753000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30678000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31698000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47029000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6152000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
20387000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
132000
nxst Increase Decrease In Accounts Payable Accrued Expenses And Other Current Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherCurrentLiabilities
14737000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-48000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
13812000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
58000000
us-gaap Repayments Of Debt
RepaymentsOfDebt
1891750000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
176422000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25642000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
103970000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
16449000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
585000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2037976000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-129027000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4433981000
us-gaap Repayments Of Debt
RepaymentsOfDebt
73115000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
18050000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
52039000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
19282000
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1221000
nxst Business Combination Contingent Consideration Payments
BusinessCombinationContingentConsiderationPayments
263647000
nxst Business Combination Contingent Consideration Payments
BusinessCombinationContingentConsiderationPayments
2000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4031000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
5383000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2724000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1995319000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-61555000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
48121000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14160000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43416000
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29256000
us-gaap Interest Paid
InterestPaid
175000000
us-gaap Interest Paid
InterestPaid
68111000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
221257000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-30150000
nxst Payments For Broadcast Rights
PaymentsForBroadcastRights
17242000
us-gaap Other Noncash Income
OtherNoncashIncome
1239000
us-gaap Other Noncash Income
OtherNoncashIncome
1207000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
3483000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6242000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-28907000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-454000
nxst Increase Decrease In Accounts Payable Accrued Expenses And Other Current Liabilities
IncreaseDecreaseInAccountsPayableAccruedExpensesAndOtherCurrentLiabilities
-29194000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-178528000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-28731000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-6103000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-868000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
90778000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48846000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2971194000
nxst Withdrawal Of Interest Previously Deposited In Escrow
WithdrawalOfInterestPreviouslyDepositedInEscrow
5063000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
481944000
nxst Proceeds Received To Relinquish Spectrum
ProceedsReceivedToRelinquishSpectrum
478608000
nxst Proceeds From Payments Of Dividends To Minority Shareholders
ProceedsFromPaymentsOfDividendsToMinorityShareholders
416000
nxst Proceeds From Payments Of Dividends To Minority Shareholders
ProceedsFromPaymentsOfDividendsToMinorityShareholders
-643000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
99008000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3863000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
387000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
42132000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22078000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
66901000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27405000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1594000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
653000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
19058000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
737000
CY2016Q3 nxst Accrued Debt Financing Costs
AccruedDebtFinancingCosts
798000
us-gaap Notes Issued1
NotesIssued1
900402000
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
108543000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
434269000
nxst Business Combination Contingent Consideration
BusinessCombinationContingentConsideration
13616000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.&nbsp;&nbsp;Organization and Business Operations </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">As of September 30, 2017, Nexstar Media Group, Inc. and its wholly-owned subsidiaries (&#8220;Nexstar&#8221;) owned, operated, programmed or provided sales and other services to 170 full power television stations, including those owned by variable interest entities (&#8220;VIEs&#8221;), in 100 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland,<font style="font-size:12pt;"> </font>Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. Through various local service agreements, Nexstar provided sales, programming, and other services to 36 full power television stations owned and/or operated by independent third parties.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 17, 2017, Nexstar completed its merger (the &#8220;Merger&#8221;) with Media General, Inc., a Virginia corporation (&#8220;Media General&#8221;), whereby Nexstar acquired the latter&#8217;s outstanding equity in exchange for cash and stock, plus additional consideration in the form of a non-tradeable contingent value right (&#8220;CVR&#8221;). As a result of the Merger, Nexstar acquired 71 full power stations (net of seven stations divested) in 42 markets. See Note 3 for additional information.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Interim Financial Statements </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Condensed Consolidated Financial Statements as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar&#8217;s Annual Report on Form 10-K for the year ended December 31, 2016. The balance sheet as of December 31, 2016 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:10pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Basis of Presentation </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders&#8217; equity as previously reported.</p></div>
CY2017Q3 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
170
CY2017Q3 nxst Number Of Television Markets
NumberOfTelevisionMarkets
100
CY2017Q3 nxst Number Of Full Power Television Stations Owned Or Operated By Independent Third Parties
NumberOfFullPowerTelevisionStationsOwnedOrOperatedByIndependentThirdParties
36
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1345000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1003000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1276000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
941000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
224000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
199000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
468000
CY2016 nxst Percentage Of Reported Gross Revenue Television Advertising Contracts And Retransmission Compensation
PercentageOfReportedGrossRevenueTelevisionAdvertisingContractsAndRetransmissionCompensation
0.90
CY2016 nxst Percentage Of Gross Revenue From Television Spot Advertising Contracts
PercentageOfGrossRevenueFromTelevisionSpotAdvertisingContracts
0.60
CY2016 nxst Percentage Of Gross Revenue Recognized From Retransmission Compensation
PercentageOfGrossRevenueRecognizedFromRetransmissionCompensation
0.30
CY2017Q1 nxst Number Of Full Power Television Stations Whose Assets Are Sold
NumberOfFullPowerTelevisionStationsWhoseAssetsAreSold
12
CY2017Q1 nxst Number Of Markets In Which Full Power Television Power Stations Are Sold
NumberOfMarketsInWhichFullPowerTelevisionPowerStationsAreSold
12
CY2017Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
611870000
CY2016Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
617627000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1830727000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1774834000
CY2017Q3 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
75203000
CY2016Q3 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
-18363000
nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
197147000
nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
-5428000
CY2017Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
42746000
CY2016Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-44255000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
121573000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-12816000
CY2017Q3 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
47149000
CY2016Q3 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-46225000
nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
122618000
nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-16810000
CY2017Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.02
CY2016Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.99
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.63
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.36
CY2017Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.99
CY2016Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.99
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.56
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.36
CY2017Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2110075000
CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
535365000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
748458000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
423721000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
39541000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
129251000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
126740000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
117394000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
112674000
CY2017Q3 nxst Finite Lived Intangible Assets Amortization Expense Period Six
FiniteLivedIntangibleAssetsAmortizationExpensePeriodSix
109520000
CY2017Q3 nxst Finite Lived Intangible Assets Amortization Expense Period Thereafter
FiniteLivedIntangibleAssetsAmortizationExpensePeriodThereafter
939590000
CY2016Q4 us-gaap Goodwill Gross
GoodwillGross
534557000
CY2017Q3 us-gaap Goodwill Gross
GoodwillGross
2205189000
CY2016Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
61253000
CY2017Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
58392000
CY2016Q4 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
591945000
CY2017Q3 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
1860447000
CY2016Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
49421000
CY2017Q3 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47410000
nxst Goodwill During Period Acquisitions And Consolidation Of Vies Gross
GoodwillDuringPeriodAcquisitionsAndConsolidationOfViesGross
1694153000
nxst Goodwill During Period Acquisitions And Consolidation Of Vies Net
GoodwillDuringPeriodAcquisitionsAndConsolidationOfViesNet
1694153000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Acquisitions And Consolidation Of Vies Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodAcquisitionsAndConsolidationOfViesGross
1289785000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Acquisitions And Consolidation Of Vies Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodAcquisitionsAndConsolidationOfViesNet
1289785000
nxst Goodwill During Period Divestitures Gross
GoodwillDuringPeriodDivestituresGross
22823000
nxst Goodwill Divestitures Accumulated Impairment Loss
GoodwillDivestituresAccumulatedImpairmentLoss
2861000
nxst Goodwill During Period A Divestitures Net
GoodwillDuringPeriodADivestituresNet
19962000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Divestitures Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDivestituresGross
19744000
nxst Indefinite Lived Intangible Assets Divestitures Accumulated Impairment Losses
IndefiniteLivedIntangibleAssetsDivestituresAccumulatedImpairmentLosses
2011000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Divestitures Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDivestituresNet
17733000
nxst Goodwill During Period Deconsolidation Of Vies Gross
GoodwillDuringPeriodDeconsolidationOfViesGross
698000
nxst Goodwill During Period Deconsolidation Of Vies Net
GoodwillDuringPeriodDeconsolidationOfViesNet
698000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Deconsolidation Of Vies Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDeconsolidationOfViesGross
1539000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Deconsolidation Of Vies Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDeconsolidationOfViesNet
1539000
CY2017Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
54666000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
20713000
CY2017Q3 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
75975000
CY2016Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
30153000
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
59053000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20449000
CY2017Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
502000000
CY2017Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
394000000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
4390008000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
2342419000
CY2017Q3 nxst Reduction Of Interest In Basis Points As Result Of Refinancing
ReductionOfInterestInBasisPointsAsResultOfRefinancing
0.0050
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.432
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.406
CY2017Q3 nxst Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
2400000
CY2017Q3 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.029
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.380
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.412
us-gaap Income Tax Reconciliation Disposition Of Business
IncomeTaxReconciliationDispositionOfBusiness
-7800000
us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.051
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1600000
nxst Effective Income Tax Rate Reconciliation Release Of Uncertain Tax Position
EffectiveIncomeTaxRateReconciliationReleaseOfUncertainTaxPosition
0.011
nxst Income Tax Reconciliation Nondeductible Change In Fair Value Of Contingent Consideration
IncomeTaxReconciliationNondeductibleChangeInFairValueOfContingentConsideration
1300000
nxst Effective Income Tax Reconciliation Change In Fair Value Of Contingent Consideration
EffectiveIncomeTaxReconciliationChangeInFairValueOfContingentConsideration
0.010
nxst Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
4400000
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.028
CY2017Q3 nxst Maximum Percentage Of Us Television Household Reach
MaximumPercentageOfUSTelevisionHouseholdReach
0.39
CY2017Q3 nxst Percentage Of Discount On Ultra High Frequency On Audience Reach Per Market
PercentageOfDiscountOnUltraHighFrequencyOnAudienceReachPerMarket
0.50
nxst Effective Date Of Reinstating The Ultra High Frequency Discount
EffectiveDateOfReinstatingTheUltraHighFrequencyDiscount
2017-06-15
nxst Date The Ultra High Frequency Discount Was Abolished
DateTheUltraHighFrequencyDiscountWasAbolished
2016-08-24
CY2017Q2 nxst Number Of Stations That Accepted Bids To Relinquish Spectrum
NumberOfStationsThatAcceptedBidsToRelinquishSpectrum
11
CY2017Q2 nxst Number Of Stations Channels Share With Another Station
NumberOfStationsChannelsShareWithAnotherStation
8
CY2017Q2 nxst Number Of Stations To Move To Very High Frequency Channels
NumberOfStationsToMoveToVeryHighFrequencyChannels
2
CY2017Q2 nxst Number Of Stations Discontinue Operation
NumberOfStationsDiscontinueOperation
1
nxst Maximum Amount Of Reimbursement For Repack Cost
MaximumAmountOfReimbursementForRepackCost
1750000000
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
34388000
CY2017Q3 us-gaap Other Liabilities
OtherLiabilities
251596000
CY2017Q3 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
353450000
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
57479000
CY2016Q4 us-gaap Other Liabilities
OtherLiabilities
141731000
CY2016Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
45819000
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
611870000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
275659000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1778302000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
793311000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-21512000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-585000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5135000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5080000

Files In Submission

Name View Source Status
0001564590-17-021929-index-headers.html Edgar Link pending
0001564590-17-021929-index.html Edgar Link pending
0001564590-17-021929.txt Edgar Link pending
0001564590-17-021929-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
nxst-10q_20170930.htm Edgar Link pending
nxst-20170930.xml Edgar Link completed
nxst-20170930.xsd Edgar Link pending
nxst-20170930_cal.xml Edgar Link unprocessable
nxst-20170930_def.xml Edgar Link unprocessable
nxst-20170930_lab.xml Edgar Link unprocessable
nxst-20170930_pre.xml Edgar Link unprocessable
nxst-ex311_9.htm Edgar Link pending
nxst-ex312_8.htm Edgar Link pending
nxst-ex321_7.htm Edgar Link pending
nxst-ex322_6.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R63.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending