$NXST
NEXSTAR MEDIA GROUP, INC.

2020 Q2 Form 10-Q Financial Statement

#000156459020037661 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $914.6M $1.100B $649.0M
YoY Change 40.93% 37.85% -1.71%
Cost Of Revenue $410.6M $431.3M $292.9M
YoY Change 40.18% 54.48% 6.74%
Gross Profit $504.0M $668.8M $356.1M
YoY Change 41.53% 28.89% -7.72%
Gross Profit Margin 55.1% 60.8% 54.87%
Selling, General & Admin $193.2M $266.6M $144.1M
YoY Change 34.14% 67.88% 3.71%
% of Gross Profit 38.34% 39.86% 40.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.77M $161.5M $28.09M
YoY Change 27.34% 91.81% 11.96%
% of Gross Profit 7.1% 24.15% 7.89%
Operating Expenses $193.2M $411.8M $499.1M
YoY Change -61.28% 82.13% 2.73%
Operating Profit $196.3M $256.5M $149.9M
YoY Change 30.88% -5.97% -14.07%
Interest Expense -$70.90M -$91.00M -$51.40M
YoY Change 37.94% 68.83% -8.7%
% of Operating Profit -36.13% -35.48% -34.28%
Other Income/Expense, Net $10.20M $9.300M -$574.0K
YoY Change -1877.0% 447.06% -29.31%
Pretax Income $135.5M $168.3M $97.38M
YoY Change 39.19% -21.05% -18.76%
Income Tax $37.40M $54.40M $26.60M
% Of Pretax Income 27.59% 32.33% 27.32%
Net Earnings $99.60M $113.2M $68.00M
YoY Change 46.46% -26.06% -22.49%
Net Earnings / Revenue 10.89% 10.29% 10.48%
Basic Earnings Per Share $2.20 $2.46 $1.48
Diluted Earnings Per Share $2.13 $2.36 $1.42
COMMON SHARES
Basic Shares Outstanding 45.27M 45.95M 46.09M
Diluted Shares Outstanding 46.85M 47.93M 47.97M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $665.0M $232.0M $80.00M
YoY Change 731.25% 60.0% -45.95%
Cash & Equivalents $664.6M $232.1M $79.92M
Short-Term Investments
Other Short-Term Assets $116.0M $152.0M $34.45M
YoY Change 236.77% 570.39% -24.01%
Inventory
Prepaid Expenses
Receivables $763.0M $883.9M $542.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.543B $1.352B $775.9M
YoY Change 98.85% 76.22% 8.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.808B $1.290B $748.6M
YoY Change 141.5% 76.4% 3.91%
Goodwill $2.881B $2.997B $2.166B
YoY Change 32.97% 38.24% -0.85%
Intangibles
YoY Change
Long-Term Investments $1.302B $1.472B
YoY Change 10670.28%
Other Assets $200.0M $451.7M $165.4M
YoY Change 20.92% 322.61% -3.86%
Total Long-Term Assets $12.00B $12.64B $6.256B
YoY Change 91.78% 100.76% -2.29%
TOTAL ASSETS
Total Short-Term Assets $1.543B $1.352B $775.9M
Total Long-Term Assets $12.00B $12.64B $6.256B
Total Assets $13.54B $13.99B $7.032B
YoY Change 92.56% 98.1% -1.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.0M $157.4M $70.39M
YoY Change 150.03% 132.01% 6.45%
Accrued Expenses $440.1M $422.5M $141.0M
YoY Change 212.14% 140.2% 11.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $60.49M $109.3M $94.94M
YoY Change -36.29% 13.75% 127.55%
Total Short-Term Liabilities $822.3M $947.6M $494.0M
YoY Change 66.45% 134.44% 67.72%
LONG-TERM LIABILITIES
Long-Term Debt $7.978B $8.383B $3.690B
YoY Change 116.21% 115.79% -13.1%
Other Long-Term Liabilities $840.3M $894.7M $247.0M
YoY Change 240.26% 231.28% -18.63%
Total Long-Term Liabilities $8.818B $9.278B $3.937B
YoY Change 123.99% 123.3% -13.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $822.3M $947.6M $494.0M
Total Long-Term Liabilities $8.818B $9.278B $3.937B
Total Liabilities $11.34B $11.94B $5.073B
YoY Change 123.49% 129.85% -7.37%
SHAREHOLDERS EQUITY
Retained Earnings $984.3M $778.8M $701.9M
YoY Change 40.23% 25.54% 75.08%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $164.8M $121.4M $81.38M
YoY Change 102.56% 14.86% -27.24%
Treasury Stock Shares $2.005M $1.542M $1.153M
Shareholders Equity $2.180B $2.031B $1.944B
YoY Change
Total Liabilities & Shareholders Equity $13.54B $13.99B $7.032B
YoY Change 92.56% 98.1% -1.24%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income $99.60M $113.2M $68.00M
YoY Change 46.46% -26.06% -22.49%
Depreciation, Depletion And Amortization $35.77M $161.5M $28.09M
YoY Change 27.34% 91.81% 11.96%
Cash From Operating Activities $302.2M $101.5M $111.8M
YoY Change 170.3% -59.35% -18.81%
INVESTING ACTIVITIES
Capital Expenditures -$55.80M -$87.30M -$42.90M
YoY Change 30.07% 101.15% 133.15%
Acquisitions
YoY Change
Other Investing Activities $26.50M -$32.80M $19.80M
YoY Change 33.84% -290.7% 132.94%
Cash From Investing Activities -$29.10M -$120.0M -$23.10M
YoY Change 25.97% 358.02% 133.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.40M -66.80M -137.3M
YoY Change -69.12% -66.04% 53.92%
NET CHANGE
Cash From Operating Activities 302.2M 101.5M 111.8M
Cash From Investing Activities -29.10M -120.0M -23.10M
Cash From Financing Activities -42.40M -66.80M -137.3M
Net Change In Cash 230.7M -85.30M -48.60M
YoY Change -574.69% -418.28% -225.91%
FREE CASH FLOW
Cash From Operating Activities $302.2M $101.5M $111.8M
Capital Expenditures -$55.80M -$87.30M -$42.90M
Free Cash Flow $358.0M $188.8M $154.7M
YoY Change 131.42% -35.59% -0.9%

Facts In Submission

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us-gaap Interest Paid Net
InterestPaidNet
98103000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7686000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
52419000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
26296000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
23087000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
15885000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21852000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
114203000
us-gaap Nature Of Operations
NatureOfOperations
<p id="NOTE_1_Organization_Business_Ops" 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;">Note 1:  Organization and Business Operations</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;">Nexstar Media Group, Inc., together with its wholly owned subsidiaries (“Nexstar”), a Delaware corporation, is a television broadcasting and digital media company focused on the acquisition, development and operation of television stations and interactive community websites and digital media services.<span style="font-size:12pt;"> </span>As of June 30, 2020, Nexstar owned, operated, programmed or provided sales and other services to 196 full power television stations, including those owned by consolidated variable interest entities (“VIEs”), and one AM radio station in 114 markets in 38 states and the District of Columbia. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MNTV, and other broadcast television networks. As of June 30, 2020, the stations reached approximately 39% of all U.S. television households (applying the Federal Communications Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, Nexstar provided sales, programming, and other services to 36 full power television stations owned by independent third parties. Nexstar also owns WGN America, a national general entertainment cable network, a 31.3% ownership stake in Television Food Network, G.P. (“TV Food Network”) and a portfolio of real estate assets.</p>
CY2020Q2 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
196
CY2020Q2 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2020Q2 nxst Number Of Television Markets
NumberOfTelevisionMarkets
114
CY2020Q2 nxst Number Of States
NumberOfStates
38
CY2020Q2 nxst Percentage Of Us Television Household Reach
PercentageOfUSTelevisionHouseholdReach
0.39
CY2020Q2 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2880484000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
664600000
CY2020Q2 nxst Working Capital
WorkingCapital
720500000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
232100000
CY2019Q4 nxst Working Capital
WorkingCapital
404200000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;"> </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:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Condensed Consolidated Financial Statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 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 (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). 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 related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, <span style="color:#000000;">but are not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. </span>As of June 30, 2020, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or to revise the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. While the Company considered the effects of COVID-19 in its estimates and assumptions, due to the current level of uncertainty over the economic and operational impacts of COVID-19 on its business, there may be other judgments and assumptions that were not currently considered. Such judgments and assumptions could result in a meaningful impact on the Company’s consolidated financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s consolidated financial statements.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2019. The balance sheet as of December 31, 2019 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>
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45267000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46090000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45483000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45938000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1582000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1881000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1748000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1940000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46849000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47971000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47231000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47878000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
387000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
193000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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’ equity as previously reported.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p>
CY2020Q2 nxst Allowance For Doubtful Accounts Bad Debt Expense
AllowanceForDoubtfulAccountsBadDebtExpense
8600000
nxst Allowance For Doubtful Accounts Bad Debt Expense
AllowanceForDoubtfulAccountsBadDebtExpense
10400000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
27000000.0
CY2020Q2 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47410000
CY2020Q2 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2833074000
CY2020Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
132294000
CY2020Q2 us-gaap Goodwill
Goodwill
2880675000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4027198000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1059299000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2967899000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4185256000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
925636000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3259620000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
136883000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
267259000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
264914000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
262194000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
260714000
CY2020Q2 nxst Finite Lived Intangible Assets Amortization Expense Period Thereafter
FiniteLivedIntangibleAssetsAmortizationExpensePeriodThereafter
1775935000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2967899000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
3129169000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
132294000
CY2019Q4 us-gaap Goodwill
Goodwill
2996875000
CY2019Q4 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2968875000
CY2019Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47410000
CY2019Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2921465000
nxst Goodwill During Period Acquisitions Gross
GoodwillDuringPeriodAcquisitionsGross
4340000
nxst Goodwill During Period Acquisitions Net
GoodwillDuringPeriodAcquisitionsNet
4340000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Acquisitions Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodAcquisitionsGross
15917000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Acquisitions Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodAcquisitionsNet
15917000
nxst Goodwill During Period Divestitures Gross
GoodwillDuringPeriodDivestituresGross
48429000
nxst Goodwill During Period A Divestitures Net
GoodwillDuringPeriodADivestituresNet
48429000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Divestitures Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDivestituresGross
104308000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Divestitures Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDivestituresNet
104308000
CY2020Q2 us-gaap Goodwill Gross
GoodwillGross
3012969000
CY2020Q2 us-gaap Business Combination Contingent Consideration Asset
BusinessCombinationContingentConsiderationAsset
98000000.0
CY2020Q2 us-gaap Business Combination Contingent Consideration Asset
BusinessCombinationContingentConsiderationAsset
98000000.0
CY2020Q2 nxst Accrued Income Taxes Related To Business Combination Contingent Consideration
AccruedIncomeTaxesRelatedToBusinessCombinationContingentConsideration
25000000.0
CY2020Q2 nxst Accrued Income Taxes Related To Business Combination Contingent Consideration
AccruedIncomeTaxesRelatedToBusinessCombinationContingentConsideration
25000000.0
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-73000000.0
CY2020Q2 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-73000000.0
CY2020Q1 us-gaap Land
Land
236000000.0
us-gaap Long Lived Assets Held For Sale Description
LongLivedAssetsHeldForSaleDescription
As a result of this development, the property no longer meets the criteria of classifying as held for sale as it is not probable to sell the property within one year.
CY2020Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1302329000
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1471866000
CY2020Q2 us-gaap Other Long Term Investments
OtherLongTermInvestments
5275000
CY2019Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
5487000
CY2020Q2 us-gaap Long Term Investments
LongTermInvestments
1307604000
CY2019Q4 us-gaap Long Term Investments
LongTermInvestments
1477353000
CY2020Q2 nxst Equity Method Investment Difference Between Carrying Amount And Underlying Equity Remaining Identifiable Assets Subject To Amortization
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityRemainingIdentifiableAssetsSubjectToAmortization
739700000
CY2020Q2 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
48272000
CY2019Q2 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
-552000
nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
99369000
nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
-940000
CY2020Q2 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
36940000
CY2019Q2 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
113000
nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
73879000
nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
216000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11332000
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-665000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
25490000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1156000
CY2020Q2 nxst Broadcast Rights Payable Current
BroadcastRightsPayableCurrent
110680000
CY2019Q4 nxst Broadcast Rights Payable Current
BroadcastRightsPayableCurrent
120165000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
78594000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
88372000
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
77379000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
88600000
CY2020Q2 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
55294000
CY2019Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
62901000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
118152000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
181765000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
440099000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
541803000
CY2019Q3 nxst Number Of Defined Benefit Plans Assumed In Merger
NumberOfDefinedBenefitPlansAssumedInMerger
3
CY2019Q3 nxst Number Of Frozen Defined Benefit Plans
NumberOfFrozenDefinedBenefitPlans
2
CY2019Q3 nxst Percentage Of Defined Benefit Plan Not Frozen In Overall Projected Benefit Obligation
PercentageOfDefinedBenefitPlanNotFrozenInOverallProjectedBenefitObligation
0.02
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8129386000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8599703000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
8038068000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
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CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
60491000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
109310000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7977577000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8383278000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
227010000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
235285000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
34845000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
35043000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
177984000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
185722000
CY2020Q2 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Property Plant And Equipment Other Accumulated Depreciation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassPropertyPlantAndEquipmentOtherAccumulatedDepreciation
2983000
CY2019Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Property Plant And Equipment Other Accumulated Depreciation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassPropertyPlantAndEquipmentOtherAccumulatedDepreciation
2526000
CY2020Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8007000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8138000
CY2020Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
972000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
900000
CY2020Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
14670000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
44246000
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
5926000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
212829000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
15177000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P11Y1M6D
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P11Y7M6D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.057
CY2019Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.057
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
11600000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
5300000
us-gaap Operating Lease Cost
OperatingLeaseCost
23600000
us-gaap Operating Lease Cost
OperatingLeaseCost
10800000
CY2020Q2 us-gaap Assets
Assets
13540056000
CY2019Q4 us-gaap Goodwill
Goodwill
2996875000
CY2019Q4 us-gaap Assets
Assets
13989737000
us-gaap Operating Lease Payments
OperatingLeasePayments
23537000
us-gaap Operating Lease Payments
OperatingLeasePayments
11232000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
454000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
478000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
434000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
404000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
22778000
CY2020Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
907000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
42151000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1843000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
39278000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1803000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
36052000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1818000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
33386000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1833000
CY2020Q2 nxst Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
83430000
CY2020Q2 nxst Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
13364000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
257075000
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
21568000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
15642000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
914633000
CY2019Q4 nxst Effective Rate Of Reimbursement For Repack
EffectiveRateOfReimbursementForRepack
0.79
CY2020Q2 nxst Capital Expenditures Related To Station Repack
CapitalExpendituresRelatedToStationRepack
13000000.0
nxst Capital Expenditures Related To Station Repack
CapitalExpendituresRelatedToStationRepack
29900000
CY2019Q2 nxst Capital Expenditures Related To Station Repack
CapitalExpendituresRelatedToStationRepack
22600000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26600000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.274
CY2020Q2 nxst Increase Decrease In Effective Income Tax Rate Due To Changes In State Income Taxes And Permanent Adjustments
IncreaseDecreaseInEffectiveIncomeTaxRateDueToChangesInStateIncomeTaxesAndPermanentAdjustments
0.002
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
101800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43100000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.285
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
nxst Income Tax Reconciliation Nondeductible Expense Goodwill
IncomeTaxReconciliationNondeductibleExpenseGoodwill
8100000
nxst Effective Income Tax Rate Reconciliation Nondeductible Expense Goodwill
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseGoodwill
0.023
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
2300000
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.023
nxst Increase In Effective Income Tax Rate Offset By Decrease In Impact Of Permanent Differences
IncreaseInEffectiveIncomeTaxRateOffsetByDecreaseInImpactOfPermanentDifferences
-0.008
CY2020Q2 nxst Number Of Voices Test Local Television Ownership
NumberOfVoicesTestLocalTelevisionOwnership
8
CY2020Q2 nxst Maximum Percentage Of Us Television Household Reach
MaximumPercentageOfUSTelevisionHouseholdReach
0.39
CY2020Q2 nxst Percentage Of Discount On Ultra High Frequency On Audience Reach Per Market
PercentageOfDiscountOnUltraHighFrequencyOnAudienceReachPerMarket
0.50
nxst Date The Ultra High Frequency Discount Was Abolished
DateTheUltraHighFrequencyDiscountWasAbolished
2016-08-24
nxst Effective Date Of Reinstating The Ultra High Frequency Discount
EffectiveDateOfReinstatingTheUltraHighFrequencyDiscount
2017-06-15
CY2017Q2 nxst Number Of Stations That Accepted Bids To Relinquish Spectrum
NumberOfStationsThatAcceptedBidsToRelinquishSpectrum
11
CY2017Q4 nxst Number Of Stations Went Off The Air
NumberOfStationsWentOffTheAir
1
CY2020Q2 nxst Number Of Remaining Stations That Accepted Bids To Relinquish Their Spectrum
NumberOfRemainingStationsThatAcceptedBidsToRelinquishTheirSpectrum
10
CY2020Q2 nxst Number Of Ceased Broadcasting Channels
NumberOfCeasedBroadcastingChannels
8
CY2020Q1 nxst Number Of Stations To Move To Very High Frequency Channels
NumberOfStationsToMoveToVeryHighFrequencyChannels
1
nxst Maximum Amount Of Reimbursement For Repack Cost
MaximumAmountOfReimbursementForRepackCost
2750000000
CY2019Q4 nxst Excess Amount Of Reimbursement For Repack Cost
ExcessAmountOfReimbursementForRepackCost
1950000000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2006455000
us-gaap Depreciation
Depreciation
71176000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
140095000
CY2020Q2 nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
25700000
nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
38500000
CY2019Q2 nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
19400000
nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
33600000
CY2020Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
18000000.0
CY2020Q1 nxst Net Cash Received From Legal Settlements
NetCashReceivedFromLegalSettlements
98000000.0
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
914633000
CY2020Q2 us-gaap Depreciation
Depreciation
35770000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
69512000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
196253000
us-gaap Operating Income Loss
OperatingIncomeLoss
501268000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
649012000
CY2019Q2 us-gaap Depreciation
Depreciation
28090000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36357000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
149944000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1275659000
us-gaap Depreciation
Depreciation
55527000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
73095000
us-gaap Operating Income Loss
OperatingIncomeLoss
277018000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2006455000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
649012000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1275659000

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