Nexstar Media (NXST) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 25, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Trading Symbol	NXST
Entity Registrant Name	NEXSTAR MEDIA GROUP, INC.
Entity Central Index Key	0001142417
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6,000,193,734
Entity Common Stock, Shares Outstanding		41,003,139
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	000-50478
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-3083125
Entity Address, Address Line One	545 E. John Carpenter Freeway
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	373-8800
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Class A Common Stock
Security Exchange Name	NASDAQ
Document incorporated by reference	Portions of the Proxy Statement for the Registrant’s 2022 Annual Meeting of Stockholders will be filed with the Commission within 120 days after the close of the Registrant’s fiscal year and incorporated by reference in Part III of this Annual Report on Form 10-K.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 190,868	$ 152,701
Restricted cash and cash equivalents		15,626	16,608
Accounts receivable, net of allowance for doubtful accounts of $23,129 and $34,922, respectively		1,021,051	904,801
Prepaid expenses and other current assets		185,174	135,872
Total current assets		1,412,719	1,209,982
Property and equipment, net		1,512,470	1,604,881
Goodwill		3,051,661	2,984,008
FCC licenses		2,910,251	2,909,704
Intangible assets, net		2,717,133	2,939,201
Investments		1,218,791	1,333,778
Assets held for sale		45,250	4,524
Other noncurrent assets, net		396,187	418,198
Total assets	[1]	13,264,462	13,404,276
Current liabilities:
Current portion of debt		47,170	21,429
Accounts payable		248,183	218,418
Broadcast rights payable		76,878	105,557
Accrued expenses		315,946	307,192
Operating lease liabilities		42,843	35,850
Other current liabilities		56,274	42,442
Total current liabilities		787,294	730,888
Debt		7,367,956	7,646,574
Deferred tax liabilities		1,728,508	1,674,008
Other noncurrent liabilities		523,277	815,930
Total liabilities	[1]	10,407,035	10,867,400
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of December 31, 2021 and December 31, 2020
Additional paid-in capital		1,311,054	1,362,510
Accumulated other comprehensive income		141,650	34,510
Retained earnings		2,204,152	1,488,031
Treasury stock - at cost; 6,534,034 and 4,034,635 shares as of December 31, 2021 and December 31, 2020, respectively		(806,990)	(367,132)
Total Nexstar Media Group, Inc. stockholders’ equity		2,850,339	2,518,392
Noncontrolling interests		7,088	18,484
Total stockholders' equity		2,857,427	2,536,876
Total liabilities and stockholders’ equity		13,264,462	13,404,276
Network affiliation agreements [Member]
Current assets:
Intangible assets, net		2,060,183	2,250,283
Other Intangible Assets [Member]
Current assets:
Intangible assets, net		656,950	688,918
Class A Common Stock [Member]
Stockholders' equity:
Common stock		$ 473	$ 473
[1]	The consolidated total assets as of December 31, 2021 and 2020 include certain assets held by consolidated VIEs of $ 309.7 million and $ 323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of December 31, 2021 and 2020 include certain liabilities of consolidated VIEs of $ 168.0 million and $ 142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Current assets:
Accounts receivable, allowance for doubtful accounts		$ 23,129	$ 34,922
Stockholders' equity:
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		200,000	200,000
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Treasury Stock, Shares		6,534,034	4,034,635
ASSETS
Total assets	[1]	$ 13,264,462	$ 13,404,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	[1]	10,407,035	10,867,400
Non Guarantor VIEs [Member]
ASSETS
Total assets		309,746	323,193
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities		$ 168,046	$ 142,589
Class A Common Stock [Member]
Stockholders' equity:
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		100,000,000	100,000,000
Common stock, shares issued		47,291,463	47,291,463
Common stock, shares outstanding		40,757,429	43,256,828
Class B Common Stock [Member]
Stockholders' equity:
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		20,000,000	20,000,000
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
Class C Common Stock [Member]
Stockholders' equity:
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		5,000,000	5,000,000
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
[1]	The consolidated total assets as of December 31, 2021 and 2020 include certain assets held by consolidated VIEs of $ 309.7 million and $ 323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of December 31, 2021 and 2020 include certain liabilities of consolidated VIEs of $ 168.0 million and $ 142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues [Abstract]
Net revenue	$ 4,648,371	$ 4,501,269	$ 3,039,324
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	1,862,399	1,720,520	1,348,632
Selling, general and administrative expenses, excluding depreciation and amortization	1,024,247	912,057	729,981
Amortization of broadcast rights	121,068	137,490	85,018
Amortization of intangible assets	300,912	279,710	200,317
Depreciation of property and equipment	166,565	147,688	123,375
Spectrum repack reimbursements	(19,735)	(57,261)	(70,356)
Assets held for sale impairment	23,046
Goodwill and intangible assets impairment			63,317
Gain on disposal of stations and business units, net	(2,755)	(7,473)	(96,091)
Change in the estimated fair value of contingent consideration attributable to a past merger	(2,769)	3,933
Gain on relinquishment of spectrum		(10,791)
Total operating expenses	3,472,978	3,125,873	2,384,193
Income from operations	1,175,393	1,375,396	655,131
Income from equity method investments, net	124,580	70,154	17,925
Interest expense, net	(282,651)	(335,303)	(304,350)
Loss on extinguishment of debt	(3,213)	(50,745)	(10,301)
Pension and other postretirement plans credit, net	80,936	46,010	15,600
Other expenses, net	(1,731)	(944)	(684)
Income (loss) before income taxes	1,093,314	1,104,568	373,321
Income tax expense	(262,878)	(296,508)	(137,026)
Net income	830,436	808,060	236,295
Net loss (income) attributable to noncontrolling interests	4,132	3,381	(6,036)
Net income attributable to Nexstar Media Group, Inc.	$ 834,568	$ 811,441	$ 230,259
Net income per common share attributable to Nexstar Media Group, Inc.:
Basic	$ 19.81	$ 18.06	$ 5.01
Diluted	$ 18.98	$ 17.37	$ 4.80
Weighted average number of common shares outstanding:
Basic	42,133	44,921	45,986
Diluted	43,982	46,720	47,923
Net income	$ 830,436	$ 808,060	$ 236,295
Other comprehensive income (loss):
Change in unrecognized amounts included in pension and other postretirement benefit obligations, net of tax expense of $36,710 in 2021, $5,007 in 2020, and $11,723 in 2019	107,140	14,611	34,166
Total comprehensive income	937,576	822,671	270,461
Total comprehensive (income) loss attributable to noncontrolling interests	4,132	3,381	(6,036)
Total comprehensive income attributable to Nexstar Media Group, Inc.	$ 941,708	$ 826,052	$ 264,425

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Change in unrecognized amounts included in pension and postretirement obligations, tax	$ 36,710	$ 5,007	$ 11,723

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Common Stock [Member]Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]	Treasury Stock [Member]Class A Common Stock [Member]	Noncontrolling interests [Member]
Balance at Dec. 31, 2018	$ 1,868,984		$ 473	$ 1,351,931	$ 620,371	$ (14,316)	$ (105,685)		$ 16,210
Balance, Shares at Dec. 31, 2018			47,291,463
Balance, Shares at Dec. 31, 2018							(1,665,217)
Purchase of treasury stock	(45,115)						$ (45,115)	$ (45,100)
Purchase of treasury stock, shares							(439,743)
Stock-based compensation expense	38,620			38,620
Vesting of restricted stock units and exercise of stock options	(7,410)			(36,822)			$ 29,412
Vesting of restricted stock units and exercise of stock options, shares							563,285	563,285
Dividends declared on common stock	(82,823)				(82,823)
Noncontrolling interest from a business combination	6,201								6,201
Purchase of noncontrolling interest from a consolidated variable interest entity and Payments resulting from common control transactions (Note 3)	(6,500)								(6,500)
Deconsolidation of a variable interest entity	11,026				11,026
Contribution from a noncontrolling interest	49								49
Change in pension and other postretirement benefit obligations, net of tax	34,166					34,166
Net income (loss)	236,295				230,259				6,036
Balance at Dec. 31, 2019	2,053,493		$ 473	1,353,729	778,833	19,850	$ (121,388)		21,996
Balance, Shares at Dec. 31, 2019			47,291,463
Balance, Shares at Dec. 31, 2019							(1,541,675)
Purchase of treasury stock	(281,897)						$ (281,897)	$ (281,800)
Purchase of treasury stock, shares							(3,085,745)
Stock-based compensation expense	48,274			48,274
Vesting of restricted stock units and exercise of stock options	(1,960)			(38,113)			$ 36,153
Vesting of restricted stock units and exercise of stock options, shares							592,785	592,785
Dividends declared on common stock	(101,038)				101,038
Change in reporting entity resulting from common control transactions (Note 3)					935				(935)
Purchase of noncontrolling interest from a consolidated variable interest entity and Payments resulting from common control transactions (Note 3)	(2,131)				(2,131)
Contribution from a noncontrolling interest	804								804
Disposal of an entity	(1,340)			(1,380)	(9)	49
Change in pension and other postretirement benefit obligations, net of tax	14,611					14,611
Net income (loss)	808,060				811,441				(3,381)
Balance at Dec. 31, 2020	$ 2,536,876		$ 473	1,362,510	1,488,031	34,510	$ (367,132)		18,484
Balance, Shares at Dec. 31, 2020		47,291,463	47,291,463
Balance, Shares at Dec. 31, 2020	(4,034,635)						(4,034,635)
Purchase of treasury stock	$ (536,796)						$ (536,796)	$ (536,700)
Purchase of treasury stock, shares							(3,575,568)
Stock-based compensation expense	46,703			46,703
Vesting of restricted stock units and exercise of stock options	(2,638)			(99,576)			$ 96,938
Vesting of restricted stock units and exercise of stock options, shares							1,076,169	1,076,169
Dividends declared on common stock	(118,209)				(118,209)
Change in reporting entity resulting from common control transactions (Note 3)	(6,422)			1,417	(238)				(7,601)
Contribution from a noncontrolling interest	337								337
Change in pension and other postretirement benefit obligations, net of tax	107,140					107,140
Net income (loss)	830,436				834,568				(4,132)
Balance at Dec. 31, 2021	$ 2,857,427		$ 473	$ 1,311,054	$ 2,204,152	$ 141,650	$ (806,990)		$ 7,088
Balance, Shares at Dec. 31, 2021		47,291,463	47,291,463
Balance, Shares at Dec. 31, 2021	(6,534,034)						(6,534,034)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (per share)	$ 2.80	$ 2.24	$ 1.80

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 830,436	$ 808,060	$ 236,295
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	300,912	279,710	200,317
Amortization of broadcast rights	121,068	137,490	85,018
Depreciation of property and equipment	166,565	147,688	123,375
Goodwill and intangible assets impairment			63,317
Assets held for sale impairment	23,046
Stock-based compensation expense	46,703	48,274	38,620
Provision for bad debt	9,751	30,046	12,972
Amortization of debt financing costs, debt discounts and premium	14,979	17,228	11,577
Loss on extinguishment of debt	3,213	50,745	10,301
(Gain) loss on asset disposal, net	(6,214)	4,777	3,985
Deferred income taxes	5,173	(43,640)	(4,545)
Gain on relinquishment of spectrum		(10,791)
Gain on disposal of stations and business units, net	(2,755)	(7,473)	(96,091)
Change in the estimated fair value of contingent consideration attributable to a past merger	(2,769)	3,933
Spectrum repack reimbursements	(19,735)	(57,261)	(70,356)
Payments for broadcast rights	(167,378)	(193,586)	(100,630)
Income from equity method investments, net	(124,580)	(70,154)	(17,925)
Unrealized gain on an equity investment measured at fair value	(4,917)
Loss on write-off of an equity investment	7,000
Distribution from equity investments - return on capital	239,470	223,682	15,256
Other operating activities, net	(1,643)	(2,402)	53
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(118,600)	(16,055)	2,176
Prepaid expenses and other current assets	(5,460)	4,960	9,344
Other noncurrent assets	35,176	13,615	(5,250)
Accounts payable	27,715	53,666	49,903
Accrued expenses and other current liabilities	4,287	(83,745)	40,540
Income tax payable	(48,298)	(11,271)	(172,669)
Other noncurrent liabilities	(118,302)	(73,326)	(18,116)
Net cash provided by operating activities	1,214,843	1,254,170	417,467
Cash flows from investing activities:
Purchases of property and equipment	(150,761)	(217,038)	(197,511)
Payments for acquisitions, net of cash acquired	(138,374)	(386,381)	(5,881,179)
Proceeds from sale of stations and business units	2,514	362,803	1,352,958
Deposits received associated with the sale of real estate assets	13,500
Proceeds from resolution of acquired contingency		98,000
Spectrum repack reimbursements	19,735	57,261	70,356
Collection of (payment for) investment in a loan receivable	(2,500)	(49,014)	48,876
Proceeds from disposals of assets	17,583	2,644	4,451
Acquisition of investments in equity securities		(7,000)
Distribution from an equity investment - return of capital	2,659		2,205
Deconsolidation of the cash of Marshall			(5,011)
Other investing activities, net	(1,456)	947	452
Net cash used in investing activities	(232,100)	(39,750)	(4,702,155)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts	321,000	1,327,000	5,523,481
Repayments of long-term debt	(590,179)	(2,184,146)	(902,217)
Premium paid on debt extinguishment		(25,317)	(10,094)
Payments for debt financing costs	(953)	(10,745)	(72,052)
Purchase of treasury stock	(536,796)	(281,897)	(45,115)
Common stock dividends paid	(118,209)	(101,038)	(82,823)
Payments for finance lease	(1,008)	(902)	(833)
Payments for capitalized software obligations	(17,075)	(13,645)	(8,342)
Cash paid for shares withheld for taxes	(10,884)	(6,784)	(9,813)
Proceeds from exercise of stock options	8,246	4,824	2,403
Purchase of noncontrolling interests		(1,943)	(6,393)
Other financing activities, net	300	804	49
Net cash provided by (used in) financing activities	(945,558)	(1,293,789)	4,388,251
Net increase (decrease) in cash, cash equivalents and restricted cash	37,185	(79,369)	103,563
Cash, cash equivalents and restricted cash at beginning of period	169,309	248,678	145,115
Cash, cash equivalents and restricted cash at end of period	206,494	169,309	248,678
Supplemental information:
Interest paid	273,201	324,347	250,663
Income taxes paid, net of refunds	319,851	351,715	315,051
Non-cash investing and financing activities:
Accrued purchases of property and equipment	5,849	7,041	25,705
Noncash purchases of property and equipment	5,101	20,342
Right-of-use assets obtained in exchange for operating lease obligations	$ 45,036	30,977	125,496
Relinquishment of spectrum asset and derecognition of liability to surrender spectrum asset		$ 77,962	$ 52,002

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Dec. 31, 2019USD ($)
ASC 842 Adoption Adjustments [Member]
Transition adjustment amount	$ 112,800

Organization and Business Opera

Organization and Business Operations	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Operations	Note 1: Organization and Business Operations Nexstar Media Group, Inc., a Delaware corporation, together with its wholly-owned subsidiary, Nexstar Media Inc. (formerly known as Nexstar Inc. and Nexstar Broadcasting, Inc.), a Delaware corporation (collectively referred to as “Nexstar”, “we”, “our”, “ours”, and “us”), 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. As of December 31, 2021 , we owned, operated, programmed or provided sales and other services to 199 full power television stations and one AM radio station, including those television stations owned by variable interest entities (“VIEs”), in 116 markets in 39 states and the District of Columbia. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV (“MNTV”), and other broadcast television networks. As of December 31, 2021 , the stations reached approximately 39 % of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, we provided sales, programming, and other services to 35 television stations owned by consolidated VIEs and one television station owned by an unconsolidated VIE. Nexstar also owns NewsNation (formerly WGN America), a live daily national news and general entertainment cable network, two digital multicast networks and other multicast network services, various digital products, services and content, a 31.3 % ownership stake in Television Food Network, G.P. (“TV Food Network”), and a portfolio of real estate assets. On April 16, 2021, Nexstar Inc. filed a Certificate of Amendment with the Secretary of State of Delaware to change its name to Nexstar Media Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Principles of Consolidation The Consolidated Financial Statements include the accounts of Nexstar and the accounts of VIEs for which we are the primary beneficiary (See “Variable Interest Entities” section below). Nexstar and the consolidated VIEs are collectively referred to as the “Company.” Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar’s stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance. Liquidity The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control. For instance, uncertainties surrounding the business outlook caused by the Coronavirus Disease 2019 (“COVID-19”) pandemic. In March 2020, the World Health Organization declared COVID-19 a pandemic and the United States government declared a national emergency. The ongoing effect of the COVID-19 pandemic had an adverse impact on the Company’s financial results mostly in the first part of the second quarter in 2020. Since then, the Company’s business operations, financial results and cash flows have significantly improved. In 2021, the mass distribution of COVID-19 vaccines, the U.S. government’s stimulus programs, the reopening of states for business and consumer spending by an increasingly vaccinated public drove the continued U.S. economic recovery. In 2021, the Company continued to be profitable and continued to generate positive cash flows from its operations. Its financial results in 2021 were also higher than the comparable prior year and its market capitalization continued to increase and exceed the carrying amount of its equity by a substantial amount. These favorable financial results are reflective of the economic recovery as well as the incremental operating results from the Company’s acquisitions in 2020 and 2021. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity. As of December 31, 2021, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional cash under its revolving credit facilities to meet its business operating requirements, its capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Annual Report on Form 10-K. T he extent to which the COVID-19 pandemic impacts the Company’s business, its results of operations and its financial condition will depend on future developments, which remain highly uncertain and cannot be reasonably predicted, including future surges and the severity of any resurgence of the virus, the length of time that the pandemic continues, current challenges to increase vaccination rates in the U.S. and continued disruptions to supply chains. Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with an entity. The term local service agreement generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Nexstar consolidates entities in which it is deemed under accounting principles generally accepted in the United States (“U.S. GAAP”) to have controlling financial interests for financial reporting purposes as a result of (1) local service agreements Nexstar has with the stations owned by these entities, (2) Nexstar’s guarantee of the obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 8), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of each of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of December 31, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA WFXP, KHMT and KFQX SSA & JSA (1)(2) KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA (2) WNAC and WPIX White Knight Broadcasting (“White Knight”) SSA & JSA (3) WVLA and KFXK Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA ____________________________________________ (1) On July 1, 2021, Mission executed JSAs with Nexstar for stations KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB in addition to the existing SSAs with these stations. Prior to entering these JSAs, Nexstar provided services to these stations under SSAs only. (2) On June 17, 2021, Mission acquired WNAC-TV, the Fox-affiliated full power television station serving the Providence, Rhode Island market, from Super Towers, Inc. (“Super Towers”). Mission also assumed the existing LMA with Nexstar for WNAC. On May 24, 2021, Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair Broadcast Group, Inc. (“Sinclair”) and executed a JSA on July 1, 2021 and an SSA with Nexstar for the station. The total price for both transactions was $ 8.4 million in cash. On September 15, 2021, Nexstar acquired KGBT-TV’s license assets from Mission for the same price Mission paid Sinclair. Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA were terminated. (3) On October 1, 2021, Nexstar acquired television station KSHV serving the Shreveport, Louisiana market from White Knight for a nominal price. Effective October 1, 2021, KSHV is no longer a VIE and the JSA and SSA between Nexstar and White Knight for the station were terminated. As Nexstar is the primary beneficiary of the television stations described above, the purchases of stations between parties within the consolidated Nexstar group were deemed common control transactions in accordance with FASB ASC 805-50, “Business Combinations—Common Control Transactions.” Therefore, the acquirer in those transactions recorded the net assets at historical book values, rather than at estimated fair values. The excess of purchase price over carrying values of net assets was accounted for as a net reduction to equity in the accompanying Consolidated Statements of Changes in Stockholders’ Equity. For financial reporting purposes, Nexstar continued to include the stations’ net assets and financial results at historical amounts for all periods presented in the accompanying Consolidated Financial Statements, except KGBT’s license assets were only included beginning on May 24, 2021. On June 16, 2021, Mission granted Nexstar an option to purchase station WNAC from Mission, subject to FCC consent. On July 1, 2021, Mission granted Nexstar options to purchase stations KMSS, KPEJ and KLJB from Mission, subject to FCC consent. As of December 31, 2021, Nexstar has been granted an option to purchase each station owned by consolidated VIEs, subject to FCC consent. Nexstar’s ability to receive cash from Mission and the other consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. As of December 31, the carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Consolidated Balance Sheets were as follows (in thousands): 2021 2020 Current assets: Cash and cash equivalents $ 9,226 $ 9,066 Accounts receivable, net 21,114 19,800 Prepaid expenses and other current assets 10,312 6,726 Total current assets 40,652 35,592 Property and equipment, net 57,456 61,938 Goodwill 150,500 153,704 FCC licenses 200,412 204,720 Network affiliation agreements, net 84,850 93,466 Other intangible assets, net 260 748 Other noncurrent assets, net 85,449 78,580 Total assets $ 619,579 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Interest payable 678 495 Other current liabilities 33,711 30,335 Total current liabilities 37,389 30,830 Debt 355,489 327,000 Deferred tax liabilities 41,783 29,433 Other noncurrent liabilities 92,552 82,821 Total liabilities $ 527,213 $ 470,084 As of December 31, the following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): 2021 2020 Current assets $ 5,080 $ 4,402 Property and equipment, net 12,213 16,137 Goodwill 62,237 63,795 FCC licenses 200,412 204,720 Network affiliation agreements, net 28,476 31,571 Other noncurrent assets, net 1,328 2,568 Total assets $ 309,746 $ 323,193 Current liabilities $ 33,711 $ 30,335 Noncurrent liabilities 134,335 112,254 Total liabilities $ 168,046 $ 142,589 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2023. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners of Cunningham from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. Cunningham does not guarantee Nexstar’s debt. Basis of Presentation 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and the disclosure for contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates made by management include, but are not limited to, those relating 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, pension and postretirement obligations, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of December 31, 2021, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable consist primarily of billings to its customers for advertising broadcast on its stations or placed on its websites, for retransmission consent or network carriage by cable or satellite operators, and for digital publishing and content management, digital video advertising, social media advertising and related services. Trade receivables normally have terms of 30 days and the Company has no interest provision for customer accounts that are past due. The Company maintains an allowance for estimated losses resulting from the inability of customers to make required payments. Management periodically evaluates the collectability of accounts receivable based on a combination of factors, including customer payment history, known customer circumstances, the overall aging of customer balances and trends. In circumstances where management is aware of a specific customer’s inability to meet its financial obligations, an allowance is recorded to reduce the receivable amount to an amount estimated to be collectable. Concentration of Credit Risk Financial instruments which potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, and accounts receivable. Cash deposits are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, the Company believes these deposits are maintained with financial institutions of reputable credit and are not subject to any unusual credit risk. A significant portion of the Company’s accounts receivable is due from local and national advertising agencies. The Company does not require collateral from its customers but maintains reserves for potential credit losses. Management believes that the allowance for doubtful accounts is adequate, but if the financial condition of the Company’s customers were to deteriorate, additional allowances may be required. The Company has not experienced significant losses related to receivables from individual customers or by geographical area. Revenue Recognition The Company recognizes revenues when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is primarily derived from the sale of advertising and the compensation received from traditional multichannel video programming distributors (“MVPDs”), such as cable and satellite providers, as well as online video distributors (“OVDs”), companies that provide video content through internet streaming, in return for the Company’s consent to the retransmission of the signals of its television stations or the carriage of NewsNation. Total revenue includes advertising revenue, distribution revenue, digital revenue and other broadcast related revenues. The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is generally determined based on the price charged to customers. The Company also determines whether gross or net presentation is appropriate based on its relationship in the applicable transaction with its ultimate customer. Any amounts paid by customers but not earned as of the balance sheet date are recorded as a contract liability (deferred revenue). The lag between billing the customers and when the payment is due is not significant. Advertising Revenues —The Company generates revenue by delivering advertising on the Company’s television stations, cable network, digital multicast network services and radio station. The advertising contracts are short-term in nature and include a number of spots that are delivered over the term of the arrangement. For broadcast of commercials (local and national advertising, or core advertising, and political advertising), the performance obligation is identified at the contract level as it represents a promise to deliver an agreed number of spots, an agreed price per spot and other specifications. Each performance obligation is satisfied over time as the advertiser receives and consumes benefits when its commercial is aired. For station digital advertising, the performance obligation is a station’s promise to place an advertisement on its website and is satisfied either based on impressions or the placement of ads over an agreed period of time. Advertising revenue is recognized, for the amount the Company is entitled to receive, when the advertisements are broadcast or delivered on the stations’ websites. Distribution Revenues —The Company’s retransmission consent and carriage agreements with MVPDs and OVDs generally have a three-year term and provide revenue based on a monthly amount the Company is entitled to receive per subscriber. These revenues are considered arising from the licensing of functional intellectual property. As such, the Company applies the exception for sales- or usage-based royalty for the accounting of variable consideration and recognizes revenue (distribution revenue) at the point in time the broadcast signal is delivered to the distributors. The distributors report their subscriber numbers to the Company on a 30- to 60-day lag, which coincides with their payment of the fees due to the Company. Prior to receiving the report, the Company records revenue based on an estimated number of subscribers and the monthly amount the Company is entitled to receive per subscriber. Adjustments associated with the resolution of such estimates have, historically, been inconsequential. Other Digital Revenues —Revenue from the Company’s other digital businesses includes revenue from video and display advertising platforms that are delivered locally or nationally through our own and various third party websites and mobile applications, a consumer product reviews platform, and other digital media solutions to media publishers and advertisers. Revenue is recognized at the time advertising is delivered or upon performance of services. The Company applies the right to invoice practical expedient to certain transactions where the invoice amount corresponds directly with the value to its customers. Most of the arrangements with customers are short-term in nature. Contract Costs —The Company does not capitalize costs incurred to obtain contracts for advertising due to their short-term nature. Additionally, the incremental benefit from efforts in acquiring these contracts is not considered significant. Thus, the Company records sales commissions as an expense when incurred. Contract Liabilities —The Company’s contract liabilities, which are included in its Consolidated Financial Statements as other current liabilities, consist primarily of customer payments received for products or services before the transfer of control to the customer occurs (deferred revenue). The performance primarily involves the delivery of advertisements to the customers. The Company does not disclose the value of unsatisfied performance obligations on its contracts with customers because they are either (i) contracts with an original expected term of one year or less, (ii) contracts for which the sales- or usage-based royalty exception was applied, or (iii) contracts for which revenue is recognized in proportion to the amount the Company has the right to invoice for services performed. See Note 17 for disaggregated revenue information. Assets Held for Sale, Net The Company considers assets to be held for sale when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with generally accepted accounting principles, assets held for sale are not depreciated or amortized. In the fourth quarter of 2021, certain non-depreciable real estate property located in Chicago was classified as held for sale due to the expected consummation of a contract to sell within one year. As of December 31, 2021, the property’s previous carrying amount of $ 68.3 million was written down to its estimated fair value, less estimated cost to sell, of $ 45.3 million, resulting in a $ 23.0 million impairment charge. Investments The Company accounts for investments in which it owns at least 20 % of an investee’s voting securities or has significant influence over an investee under the equity method of accounting. The Company records equity method investments at cost. For investments acquired in a business combination, the cost is the estimated fair value allocated to the investment. The amounts initially recognized are subsequently adjusted for the Company’s appropriate share of the net earnings or losses of the investee. The Company records any investee losses up to the carrying amount of the investment plus any advances and loans made to the investee and any financial guarantees made on behalf of the investee. The Company recognizes its share in earnings and losses of the investee as “Income from equity method investments, net” in the Consolidated Statements of Operations and Comprehensive Income. Investments are also increased by contributions made to and decreased by distributions from the investee. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. The Company evaluates equity method investments for other-than temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For the years ended December 31, 2021, 2020 and 2019, the Company did no t identify any impairments on its investments. See Note 6 for additional information. Leases The Company determines if a contract is an operating lease or a finance lease at inception for which a right-of-use (“ROU”) asset and a lease liability is recognized. At the commencement date of the lease, ROU assets and lease liabilities are both measured and recorded at the present value of the future lease payments over the lease term. The lease payments exclude any executory costs as they are not significant. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, and specific characteristics unique to the particular lease that would make it reasonably certain that the Company would exercise such option. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. ROU assets and lease liabilities arising from operating leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities in the accompanying Consolidated Balance Sheets. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 9 for additional disclosures on leases as of December 31, 2021. Broadcast Rights and Broadcast Rights Payable The Company records broadcast rights contracts as an asset and a liability when the following criteria are met: (1) the license period has begun, (2) the cost of each program is known or reasonably determinable, (3) the program material has been accepted in accordance with the license agreement, and (4) the program is produced and available for broadcast. Broadcast rights are initially recorded at the contract cost and are amortized on a straight-line basis over the period the programming airs. The current portion of broadcast rights represents those rights available for broadcast which will be amortized in the succeeding year. The Company periodically evaluates the net realizable value, calculated using the average historical rates for the programs or the time periods the programming will air, of broadcast rights and adjusts the amortization for any deficiency calculated. Property and Equipment, Net Property and equipment is stated at cost or at estimated fair value if acquired through a business combination. The cost and related accumulated depreciation applicable to assets sold or retired are removed from the accounts and the gain or loss on disposition is recognized. Major renewals and betterments are capitalized, and ordinary repairs and maintenance are charged to expense in the period incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (see Note 4). Intangible Assets, Net Intangible assets consist primarily of goodwill, FCC licenses, network affiliation agreements, developed technology, brand value and customer relationships arising from acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that purchase prices, including any contingent consideration, are measured at acquisition date fair values. These purchase prices are allocated to the assets acquired and liabilities assumed at estimated fair values at the date of acquisition using various valuation techniques, including the income approach, such as discounted projected cash flows, the cost approach and other. The estimated fair value of an FCC license acquired in a business combination is calculated using a discounted projected cash flow model referred to as the Greenfield Method. The Greenfield Method attempts to isolate the income that is attributable to the license alone. This approach is based upon modeling a hypothetical start-up station and building it up to a normalized operation that, by design, lacks an affiliation with a network (commonly known as an independent station), lacks inherent goodwill and whose other assets have essentially been added as part of the build-up process. The Greenfield Method assumes annual cash flows over a projection period model. Inputs to this model include, but are not limited to, (i) a four-year build-up period for a start-up station to reach a normalized state of operations, (ii) market long-term growth rate over a projection period, (iii) estimated market revenue share for a typical market participant without a network affiliation, (iv) estimated profit margins based on industry data, (v) capital expenditures based on the size of market and the type of station being constructed, (vi) estimated tax rates in the appropriate jurisdiction, and (vii) an estimated discount rate using a weighted average cost of capital analysis. The Greenfield Method also includes an estimated terminal value by discounting an estimated annual cash flow with an estimated long-term growth rate. The assumptions used in estimating the fair value of a network affiliation agreement acquired in a business combination are similar to those used in the valuation of an FCC license. The Greenfield Method is also utilized in the valuation of network affiliation agreements except that the estimated market revenue share, estimated profit margins, capital expenditures and other assumptions reflect a market participant premium based on the programming of a network affiliate relative to an independent station. This approach would result in an estimated fair value of the collective FCC license and a network affiliation agreement. The excess of the estimated fair value in this model over the estimated value of an FCC license of an independent station under the Greenfield Method represents the estimated fair value of a network affiliation agreement. Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. During the measurement period, which may be up to one year from the acquisition date of a business, the Company records adjustments related to the assets acquired and liabilities assumed with the corresponding offset to goodwill.

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions 2021 Acquisitions Acquisition of The Hill On August 20, 2021, pursuant to a merger agreement, Nexstar acquired 100 % of the outstanding equity of News Communications, Inc. (“NCI”), then a Nevada corporation, for a total cash consideration of approximately $ 137.7 million, including working capital adjustments, funded by cash on hand. NCI is the owner of “The Hill,” an independent, political digital media platform. On August 27, 2021, NCI received approval for its conversion from a Nevada corporation to a Delaware corporation. This acquisition marks a continuation of Nexstar’s content-first strategy, focused primarily on news, designed to further leverage and monetize its expansive digital reach. Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired and liabilities assumed are as follows (in thousands): Assets acquired Cash and cash equivalents $ 7,728 Accounts receivable, net 8,151 Prepaid expenses and other current assets 345 Property and equipment 726 Goodwill 69,060 Other intangible assets 67,912 Other noncurrent assets 3,085 Total assets acquired 157,007 Accounts payable ( 1,026 ) Accrued expenses ( 2,174 ) Other current liabilities ( 1,094 ) Deferred tax liabilities ( 12,617 ) Other noncurrent liabilities ( 2,402 ) Total Purchase Price $ 137,694 The fair value assigned to goodwill is attributable to operating expense reductions and revenue synergies. The carryover tax basis in goodwill, other intangible assets and property and equipment are deductible for tax purposes but are not significant. Other intangible assets are amortized over an estimated weighted average useful life of 6.7 years. The net revenue of $ 21.9 million from the acquisition date to December 31, 2021 has been included in the accompanying Consolidated Statements of Operations and Comprehensive Income. The operating income and transaction costs from the acquisition date to December 31, 2021 have also been included in the accompanying Consolidated Statements of Operations and Comprehensive Income but were not material. 2021 Common Control Transactions On June 17, 2021 , Mission acquired WNAC-TV, the Fox affiliate in the Providence, Rhode Island market, from Super Towers. Mission also assumed the existing LMA with Nexstar and granted Nexstar an option to purchase the station from Mission, subject to FCC consent. On May 24, 2021 , Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair. The total price for both transactions was $ 8.4 million in cash. On September 15, 2021, Nexstar acquired the license assets of KGBT-TV from Mission for the same price Mission paid Sinclair. Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA between Nexstar and Mission for the station were terminated. On October 1, 2021, Nexstar acquired KJBO-LP, a low power television station in the Wichita Falls, Texas market, and KCPN-LP, a low power television station in the Amarillo, Texas market, from Mission. On the same date, Nexstar also acquired KSHV, a full power television station in the Shreveport, Louisiana market and KTPN-LD, a low power television station in the Tyler-Longview, Texas market, from White Knight. The television stations are affiliates of MNTV, and the total purchase price paid by Nexstar for these stations was nominal. As Nexstar is the primary beneficiary of the television stations described in the transactions above (see Note 2 for discussion of variable interest entities), the purchases of stations between parties within the consolidated Nexstar group were deemed common control transactions in accordance with FASB ASC 805-50, “Business Combinations—Common Control Transactions.” Therefore, the acquirer in those transactions recorded the net assets at historical book values, rather than at estimated fair values. The excess of purchase price over carrying values of net assets was accounted for as a net reduction to equity in the accompanying Consolidated Statements of Changes in Stockholders’ Equity. For financial reporting purposes, Nexstar continued to include the stations’ net assets and financial results at historical amounts for all periods presented in the accompanying Consolidated Financial Statements, except KGBT’s license assets were only included beginning on May 24, 2021 upon acquisition. 2020 Acquisitions and Dispositions BestReviews Acquisition On December 29, 2020 , Nexstar acquired 100 % of the membership interests in BestReviews LLC (“BestReviews”) from Tribune Publishing Company, LLC and BR Holding Company, Inc. for $ 169.9 million in cash, funded by cash on hand. BestReviews engages in the business of testing, researching and reviewing consumer products. The acquisition of BestReviews diversifies Nexstar’s digital portfolio while presenting the Company with new revenue channels by leveraging its media content, national reach, and consumer digital usage across multiple platforms. Other 2020 Nexstar Acquisitions On September 17, 2020 , Nexstar acquired WDKY-TV, the Fox affiliate in the Lexington, KY market, from Sinclair for $ 18.0 million in cash, funded by cash on hand. This acquisition allowed Nexstar’s entry into this market. Based on the purchase price allocation, the fair values of identifiable net assets acquired were $ 37.0 million which led to a bargain purchase gain of $ 19.0 million. The bargain purchase gain was recognized as a result of Sinclair’s motivation to sell the station to Nexstar as part of a resolution to settle a lawsuit between Tribune Media Company (“Tribune”), a subsidiary of Nexstar, and Sinclair . T he bargain purchase gain, net of tax effects, was recorded as a measurement period adjustment to the Tribune acquisition and reduced goodwill in 2020. On March 2, 2020 , Nexstar acquired the Fox affiliate television station WJZY and the MNTV affiliate television station WMYT in the Charlotte, NC market from Fox Television Stations, LLC (“Fox”), a Delaware limited liability company, for $ 45.3 million in cash. This acquisition allowed Nexstar’s entry into this market. Simultaneous with this acquisition, Nexstar sold certain of its television stations to Fox as described in more detail in “2020 Nexstar Dispositions” below. On January 27, 2020 , Nexstar acquired from Sinclair certain non-license assets associated with television station KGBT-TV in the Harlingen-Weslaco-Brownsville-McAllen, Texas market for $ 17.9 million in cash funded by cash on hand. The combined net revenue of $ 78.0 million and operating income of $ 34.0 million from the respective stations’ acquisition dates to December 31, 2020 have been included in the accompanying Consolidated Statements of Operations and Comprehensive Income. The transaction costs related to these acquisitions from the acquisition date to December 31, 2020 were not material. 2020 Mission Acquisitions On December 30, 2020 , Mission acquired the CW affiliate station WPIX in the New York, NY market from Scripps. Mission funded the purchase price of $ 85.1 million in cash through a combination of borrowing from its revolving credit facility and cash on hand . Upon Mission’s acquisition of WPIX, it entered into a TBA with Nexstar. Mission also granted Nexstar an option to purchase WPIX from Mission, subject to FCC consent. These transactions allowed the Company’s entry into this market. On September 1, 2020 , Mission acquired television stations KMSS serving the Shreveport, Louisiana market, KPEJ serving the Odessa, Texas market and KLJB serving the Quad Cities, Iowa/Illinois market from Marshall Broadcasting Group, Inc. (“Marshall”) . The purchase price for the acquisition was $ 53.2 million, of which $ 49.0 million was applied against Mission’s existing loans receivable from Marshall on a dollar-for-dollar basis and the remaining $ 4.2 million in cash was funded by cash on hand. On September 1, 2020, Mission entered into SSAs with Nexstar for the stations. As discussed in Note 2, on July 1, 2021, Mission executed JSAs with Nexstar for stations KMSS, KPEJ and KLJB. The 2020 acquisitions’ combined net revenue of $ 11.9 million and combined operating income of $ 2.6 million from the stations’ acquisition dates to December 31, 2020 have been included in the accompanying Consolidated Statements of Operations and Comprehensive Income. Transaction costs related to the 2020 acquisitions, including legal and professional fees, were $ 7.8 million during the year ended December 31, 2020. These costs were included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Consolidated Statements of Operations and Comprehensive Income. The fair values of the assets acquired and liabilities assumed from the above acquisitions in 2020 are as follows (in thousands): BestReviews Other 2020 Nexstar Acquisitions 2020 Mission Acquisitions Total Assets acquired Cash and cash equivalents $ 794 $ - $ 2,099 $ 2,893 Accounts receivable, net 17,293 - 3,918 21,211 Prepaid expenses and other current assets 55 4,399 5,257 9,711 Property and equipment 32 21,426 23,482 44,940 FCC licenses - 25,917 66,602 92,519 Network affiliation agreements - 42,479 33,743 76,222 Goodwill 109,973 4,340 13,198 127,511 Other intangible assets 46,034 5,818 1,124 52,976 Other noncurrent assets - 95 68,736 68,831 Total assets acquired 174,181 104,474 218,159 496,814 Less: Accounts payable ( 4,627 ) - - ( 4,627 ) Broadcast rights payable - ( 4,091 ) ( 7,150 ) ( 11,241 ) Accrued expenses and other current liabilities ( 95 ) ( 234 ) ( 3,973 ) ( 4,302 ) Operating lease liabilities - - ( 1,581 ) ( 1,581 ) Other noncurrent liabilities - - ( 67,166 ) ( 67,166 ) Bargain purchase gain - ( 18,980 ) - ( 18,980 ) Total Purchase Price $ 169,459 $ 81,169 $ 138,289 $ 388,917 For BestReviews, the fair value assigned to goodwill is attributable to future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including non-binding relationships with suppliers, ecommerce partners and users of the BestReviews platform, as well as expected future cost and revenue synergies. For each acquired television station, the fair value assigned to goodwill is attributable to future expense reductions utilizing management’s leverage in programming and other station operating costs. The entire goodwill and FCC licenses from the acquisitions are deductible for tax purposes. The intangible assets related to the network affiliation agreements are amortized over 15 years . Other intangible assets are amortized over an estimated weighted average useful life of 6 years . The other noncurrent assets acquired and the other noncurrent liabilities assumed primarily relate to operating right-of-use assets and lease liabilities associated with Mission’s acquisition of WPIX. 2020 Common Control Transactions On November 16, 2020 , Mission acquired KASY, KWBQ and KRWB from Tamer Media LLC (“Tamer”). KASY (an MNTV affiliate), KWBQ (a CW affiliate) and KRWB (a CW affiliate) are full power television stations serving the Albuquerque, New Mexico market. On November 23, 2020 , Mission acquired WXXA, the Fox affiliate in the Albany, NY market, and WLAJ, the ABC affiliate in the Lansing, MI market, from Shield Media, LLC. In connection with these transactions, Mission assumed the stations’ existing JSAs and SSAs with Nexstar. Mission also granted Nexstar options to purchase the stations, subject to FCC consent. The total purchase price for these transactions was $ 22.6 million in cash, primarily representing Mission’s full repayment of WXXA’s and WLAJ’s outstanding term loans of $ 20.7 million. Mission funded the acquisitions through a combination of borrowings from its revolving credit facility and cash on hand. As Nexstar is the primary beneficiary of the television stations described above, the purchase transactions between parties within the consolidated Nexstar group were deemed common control transactions in accordance with FASB ASC 805-50, “Business Combinations—Common Control Transactions.” Therefore, the acquirer in those transactions recorded the net assets at historical book values, rather than at estimated fair values. The excess of purchase price over carrying values of net assets was accounted for as a reduction to retained earnings in the accompanying Consolidated Statements of Changes in Stockholders’ Equity. For financial reporting purposes, Nexstar continued to consolidate the stations’ net assets and financial results at their historical amounts for all periods presented in the accompanying Consolidated Financial Statements. In accordance with the change in reporting entity, Shield's repayment of its outstanding term loans in November 2020 were included in the caption “Repayments of long-term debt” under financing activities in the accompanying Consolidated Statements of Cash Flows, as if Mission was the debtor of such loans as of the earliest period presented. 2020 Nexstar Dispositions On January 14, 2020, Nexstar sold its sports betting information website business to Star Enterprises Ltd., a subsidiary of Alto Holdings, Ltd., for a net cash consideration of $ 12.9 million. On March 2, 2020, Nexstar completed the sale of Fox affiliate television station KCPQ and MNTV affiliate television station KZJO in the Seattle, WA market, as well as Fox affiliate television station WITI in the Milwaukee, WI market, to Fox for approximately $ 349.9 million in cash, including working capital adjustments. These transactions resulted in a $ 7.0 million total net gain from disposals . The proceeds from the sale of the stations were partially used to prepay a portion of Nexstar’s term loans in 2020. The net gain that resulted from divestitures was recorded in the Gain on disposal of stations and entities, net in the accompanying Consolidated Statements of Operations and Comprehensive Income. 2019 Acquisitions and Dispositions Merger with Tribune On September 19, 2019 (the “Closing Date”), Tribune, a Delaware corporation, became a wholly owned subsidiary of Nexstar as a result of the merger of Titan Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Nexstar (“Merger Sub”), with and into Tribune (the “Merger”). The Merger was effected pursuant to a merger agreement by and among Nexstar, Merger Sub and Tribune. The Merger created the nation’s largest pure-play local broadcast television and digital company, with national coverage and reach to approximately 39 % of U.S. television households (applying the FCC’s UHF discount). As a result of the Merger, Nexstar acquired 31 full power stations and one AM radio station in 23 markets (net of divestitures of 13 Tribune full power television stations in 11 markets). Nexstar also acquired WGN America, a national general entertainment cable network, which it subsequently reprogrammed and rebranded as NewsNation, a 31.3 % ownership stake in TV Food Network and a portfolio of real estate assets. The full power television stations and the radio station acquired by Nexstar as a result of the Merger, net of divestitures, are as follows: Market Full Power Stations Primary Affiliation Los Angeles, CA KTLA The CW Chicago, IL WGN-TV Independent Chicago, IL WGN(AM) Independent Philadelphia, PA WPHL MNTV Dallas, TX KDAF The CW Washington, DC WDCW The CW Houston, TX KIAH The CW Seattle, WA KCPQ FOX Seattle, WA KZJO MNTV Denver, CO KDVR FOX Denver, CO KWGN The CW Fort Collins, CO KFCT FOX Cleveland, OH WJW FOX Sacramento, CA KTXL FOX Portland, OR KRCW The CW St. Louis, MO KTVI FOX St. Louis, MO KPLR The CW Indianapolis, IN WXIN FOX Kokomo, IN WTTK CBS Indianapolis, IN WTTV CBS San Diego, CA KSWB FOX Kansas City, MO WDAF FOX Milwaukee, WI WITI FOX Oklahoma City, OK KFOR NBC Oklahoma City, OK KAUT Independent High Point, NC WGHP FOX New Orleans, LA WGNO ABC New Orleans, LA WNOL The CW Memphis, TN WREG CBS Des Moines, IA WHO NBC Huntsville, AL WHNT CBS Eureka Springs, AR KXNW MNTV The following table summarizes the components of the total consideration paid upon closing of the Merger (in thousands): Cash consideration and related taxes $ 4,197,198 Warrants replacement awards 1,008 Repayment of Tribune debt, including premium and accrued interest 2,988,833 Gross purchase price 7,187,039 Less: Gross selling price of Tribune Divestitures, including working capital adjustments ( 1,007,745 ) Net purchase price $ 6,179,294 Substantially concurrently with the Merger, Nexstar completed the sale of the assets of 21 full power television stations in 16 markets to TEGNA, Inc., E.W. Scripps Company and Circle City Broadcasting I, Inc. The total consideration of these divestitures was approximately $ 1.36 billion (inclusive of working capital adjustments). These divestitures were previously agreed upon by Nexstar and Tribune to comply with the FCC’s local television ownership rule and the FCC’s national ownership cap and to facilitate Department of Justice (“DOJ”) approval of the Merger. Eight of the divested television stations were previously owned by Nexstar and were sold for an estimated $ 358.6 million in cash, including working capital adjustments (the “Nexstar Divestitures”). Nexstar recognized a $ 105.9 million gain on the Nexstar Divestitures. The other 13 television stations, which were previously owned or operated by Tribune, were sold for an estimated $ 1.008 billion in cash, including working capital adjustments (the “Tribune Divestitures”). Nexstar recognized a $ 9.8 million loss on disposal on the Tribune Divestitures, representing selling costs incurred with their disposition. The net gain that resulted from the Nexstar Divestitures and the Tribune Divestitures was recorded in the Gain on disposal of stations and business units, net in the Consolidated Statements of Operations and Comprehensive Income. The cash consideration, the repayment of then-existing indebtedness of Tribune and the related fees and expenses were funded through a combination of proceeds from station divestitures, proceeds from the $ 1.120 billion 5.625 % senior unsecured notes due 2027 (“5.625% Notes due 2027”) (see Note 8), Term Loan A and Term Loan B borrowings at the Closing Date and cash on hand of Nexstar and Tribune. Tribune’s net revenue of $ 471.6 million and operating income of $ 78.4 million from September 19, 2019 to December 31, 2019 have been included in the accompanying Consolidated Statements of Operations and Comprehensive Income. Transaction costs relating to the Merger, including legal and professional fees and severance costs of $ 3.4 million and $ 54.5 million, were expensed as incurred during the years ended December 31, 2020 and 2019, respectively. These costs were included in selling, general and administrative expense, excluding depreciation and amortization in the accompanying Consolidated Statements of Operations and Comprehensive Income. Unaudited Pro Forma Information Other than the Tribune acquisition and related divestitures completed in 2019, the acquisitions and dispositions during 2021, 2020, and 2019 are not significant for pro forma financial information reporting purposes, both individually and in aggregate. Therefore, pro forma financial information has not been provided for those transactions. The following unaudited pro forma financial information has been presented for the periods indicated as if Nexstar’s acquisition of Tribune and the related divestitures had occurred on January 1, 2018 (in thousands): Year Ended December 31, 2019 Net revenue $ 4,023,138 Income before income taxes 429,784 Net income 300,711 Net income attributable to Nexstar 295,061 The unaudited pro forma financial information combined the historical results of operations, adjusted for business combination accounting effects including transaction costs, the station divestitures, the net gain on disposal of stations previously owned by Nexstar, the depreciation and amortization charges from acquired intangible assets, the interest on new debt and the related tax effects. The unaudited pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition of Tribune had taken place on January 1, 2018 because the pro forma results do not reflect expected synergies.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4: Property and Equipment Property and equipment consisted of the following, as of December 31 (dollars in thousands): Estimated useful life, in years 2021 2020 Buildings and improvements 39 $ 381,911 $ 361,075 Land N/A 476,574 539,008 Leasehold improvements term of lease 81,907 67,376 Studio and transmission equipment 5 - 15 1,014,003 922,948 Computer equipment 3 - 5 150,976 152,861 Furniture and fixtures 7 27,702 25,946 Vehicles 5 58,303 54,318 Construction in progress N/A 59,160 100,573 2,250,536 2,224,105 Less: accumulated depreciation and amortization ( 738,066 ) ( 619,224 ) Property and equipment, net $ 1,512,470 $ 1,604,881 In the fourth quarter of 2021, certain real estate property (land) was reclassified to assets held for sale (see Note 2 for additional information).

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Note 5: Intangible Assets and Goodwill Intangible assets subject to amortization consisted of the following, as of December 31 (dollars in thousands): Estimated 2021 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ ( 1,064,964 ) $ 2,060,183 $ 3,125,320 $ ( 875,037 ) $ 2,250,283 Other definite-lived intangible assets 1 - 20 1,045,076 ( 388,126 ) 656,950 1,012,797 ( 323,879 ) 688,918 Other intangible assets $ 4,170,223 $ ( 1,453,090 ) $ 2,717,133 $ 4,138,117 $ ( 1,198,916 ) $ 2,939,201 The decrease in other definite-lived intangible assets was primarily due to amortization, partially offset by the current year acquisition of The Hill (see Note 3) and other purchases. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years and thereafter for definite-lived intangible assets as of December 31, 2021 (in thousands): 2022 $ 298,552 2023 292,564 2024 291,230 2025 286,966 2026 262,434 Thereafter 1,285,387 $ 2,717,133 The changes in the carrying amounts of goodwill and FCC licenses for the years ended December 31, 2021 and 2020 are as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2020 $ 3,116,302 $ ( 132,294 ) $ 2,984,008 $ 2,957,114 $ ( 47,410 ) $ 2,909,704 Current year acquisitions (See Note 3) 69,060 - 69,060 1,300 - 1,300 Current year divestitures ( 42,475 ) 42,475 - - - - Measurement period adjustments ( 1,407 ) - ( 1,407 ) ( 753 ) - ( 753 ) Balances as of December 31, 2021 $ 3,141,480 $ ( 89,819 ) $ 3,051,661 $ 2,957,661 $ ( 47,410 ) $ 2,910,251 In January 2021, Nexstar sold certain of its digital businesses’ assets for a nominal price. As such, the gross amount of goodwill of $ 42.5 million and related accumulated impairment for the same amount were written off. The resulting gain from this disposition was not material. As discussed in Note 2, the Company has one aggregated television stations reporting unit, one cable network reporting unit, and two digital reporting units for purposes of annual goodwill impairment review as of December 31, 2021. The Company’s annual impairment review of FCC licenses is performed at the station market level. Management conducts an impairment test annually in the fourth quarter, or whenever events or changes in circumstances indicate that goodwill or FCC licenses might be impaired. In the fourth quarter of 2021, using the qualitative impairment test, the Company performed its annual impairment assessment on goodwill attributable to its aggregated television stations reporting unit, cable network reporting unit and one digital business reporting unit. Based on the results of such qualitative impairment tests, the Company concluded that it was more likely than not that each reporting unit’s fair value would sufficiently exceed the related carrying amount. Thus, no impairment was recorded on these reporting units. For the remaining digital reporting unit with a goodwill balance of $ 110.0 million, representing approximately 4 % of the consolidated carrying amount, the Company elected to perform a quantitative impairment test due to actual and projected decreases in operating profit and cash flows. The Company’s assessment indicated that the reporting unit’s fair value exceeded the carrying amount by over 10 %, and therefore no goodwill impairment was identified. The Company’s quantitative goodwill impairment tests are sensitive to changes in key assumptions used in our analysis, such as expected future cash flows and market trends. If the assumptions used in its analysis are not realized, it is possible that an impairment charge may need to be recorded in the future. The Company cannot accurately predict the amount and timing of any impairment of goodwill or other intangible assets. In the fourth quarter of 2021, the Company also performed its annual impairment test on FCC licenses for each station market using the qualitative impairment test. The Company concluded that it was more likely than not that their fair values exceeded the respective carrying amounts. Thus, no impairment was recorded. The Company also performed qualitative tests and determined there were no impairment triggering events on its finite-lived intangible assets and other long-lived assets. Further, based on the estimate of undiscounted future pre-tax cash flows expected to result from the use of such assets, the Company determined that the carrying amounts are recoverable as of December 31, 2021. No other events or circumstances were noted in 2021 that would indicate impairment.

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Note 6: Investments Investments in the Company’s Consolidated Balance Sheets as of December 31 consisted of the following (in thousands): 2021 2020 Equity method investments $ 1,208,871 $ 1,321,715 Other equity investments 9,920 12,063 Total investments $ 1,218,791 $ 1,333,778 Equity Method Investments During the years ended December 31, 2021, 2020 and 2019, the Company received cash distributions from its equity method investments, primarily from its investment in TV Food Network, as discussed below. Income from equity method investments, net reported in the Company’s Consolidated Statements of Operations and Comprehensive Income for the years ended December 31 consisted of the following (in thousands): 2021 2020 2019 Income on equity investments, net, before amortization of basis difference $ 250,336 $ 217,913 $ 63,107 Amortization of basis difference ( 125,756 ) ( 147,759 ) ( 45,182 ) Income on equity investments, net $ 124,580 $ 70,154 $ 17,925 At acquisition date, the Company measured its estimated share of the differences between the estimated fair values and carrying values (the “basis difference”) of the investees’ tangible assets and amortizable intangible assets had the fair value of the investments been allocated to the identifiable assets of the investees in accordance with ASC Topic 805, “Business Combinations.” Additionally, the Company measured its estimated share of the basis difference attributable to investees’ goodwill. The Company amortizes its share of the basis differences attributable to tangible assets and intangible long-lived assets of investees, including TV Food Network, and records the amortization (the “amortization of basis difference”) as a reduction of income from equity method investments, net in the accompanying Consolidated Statements of Operations and Comprehensive Income. The Company’s share in these basis differences and related amortization is primarily attributable to its investment in TV Food Network (discussed in more detail below). There were no significant other-than-temporary impairment ("OTTI") during the year ended December 31, 2021. Investment in TV Food Network Nexstar acquired its 31.3 % equity investment in TV Food Network through its acquisition of Tribune on September 19, 2019 (see Note 3). Nexstar’s partner in TV Food Network is Discovery, Inc. (“Discovery”), which owns a 68.7 % interest in TV Food Network and operates the network on behalf of the partnership. TV Food Network owns and operates “The Food Network,” a 24-hour lifestyle cable television channel focusing on food and related topics. TV Food Network also owns and operates “The Cooking Channel,” a cable television channel primarily devoted to cooking instruction, food information and other related topics. TV Food Network’s programming is distributed by cable and satellite television systems and via Discovery's streaming platform, Discovery+. The partnership agreement governing TV Food Network provides that the partnership shall, unless certain actions are taken by the partners, dissolve and commence winding up and liquidating TV Food Network upon the first to occur of certain enumerated liquidating events, one of which is a specified date of December 31, 2022. Nexstar intends to renew its partnership agreement with Discovery for TV Food Network before expiration. In the event of a liquidation, Nexstar would be entitled to its proportionate share of distributions to partners, which the partnership agreement provides would occur as promptly as is consistent with obtaining fair market value for the assets of TV Food Network. The partnership agreement also provides that the partnership may be continued or reconstituted in certain circumstances. As of December 31, 2021, Nexstar’s investment in TV Food Network had a book value of $ 1.191 billion, compared to $ 1.302 billion as of December 31, 2020. As of December 31, 2021, Nexstar had a remaining share in amortizable basis difference of $ 536.1 million related to its investment in TV Food Network. This amortizable basis difference had a weighted average useful life of approximately 4 years as of this date. As of December 31, 2020, Nexstar had a remaining share in amortizable basis difference of $ 661.3 million related to its investment in TV Food Network. During 2021, there was no change in Nexstar’s share in the basis difference related to the investee’s goodwill. Nexstar received cash distributions from TV Food Network totaling $ 239.5 million, $ 223.3 million and $ 14.8 million in 2021, 2020 and 2019, respectively. In 2021, 2020 and 2019, Nexstar recorded its share in TV Food Network’s net income of $ 253.4 million, $ 220.3 million and $ 65.2 million, respectively, less amortization of basis difference (expense) related to this investment of $ 125.2 million, $ 147.2 million and $ 44.7 million, respectively. Summarized financial information for TV Food Network is as follows (in thousands): Year Ended Year Ended September 19, 2019 to December 31, 2021 December 31, 2020 December 31, 2019 Net revenue $ 1,339,722 $ 1,286,567 $ 369,014 Costs and expenses 536,791 591,590 163,657 Income from operations 802,931 694,977 205,357 Net income 810,220 704,016 208,487 Net income attributable to Nexstar Media Group, Inc. 253,551 220,315 65,244 As of December 31 2021 2020 Current assets $ 861,464 $ 841,805 Noncurrent assets 409,296 364,668 Current liabilities 133,168 114,172 Noncurrent liabilities 365 293

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Note 7: Accrued Expenses Accrued expenses consisted of the following, as of December 31 (in thousands): 2021 2020 Compensation and related taxes $ 120,176 $ 104,133 Interest payable 62,356 67,885 Network affiliation fees 45,907 34,948 Other 87,507 100,226 $ 315,946 $ 307,192

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 8: Debt Long-term debt consisted of the following, as of December 31 (dollars in thousands): 2021 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 604,421 625,850 Term Loan B, due January 17, 2024 594,992 874,992 Term Loan B, due September 18, 2026 2,644,315 2,644,315 5.625 % Notes, due July 15, 2027 1,785,000 1,785,000 4.75 % Notes, due November 1, 2028 1,000,000 1,000,000 Mission Term Loan B, due June 3, 2028 299,250 - Revolving loans, due October 26, 2023 61,500 327,000 Total outstanding principal 7,474,878 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 ( 1,046 ) ( 1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 ( 5,065 ) ( 7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 ( 5,639 ) ( 12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 ( 42,848 ) ( 50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,215 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 ( 8,109 ) ( 9,085 ) Less: unamortized financing costs and discount - Mission Term Loan B due 2028 ( 2,260 ) - Total outstanding debt 7,415,126 7,668,003 Less: current portion ( 47,170 ) ( 21,429 ) Long-term debt, net of current portion $ 7,367,956 $ 7,646,574 Nexstar Senior Secured Credit Facility During the year ended December 31, 2021, Nexstar paid the following term loans, funded by cash on hand: • $ 280.0 million in prepayments of Term Loan B due 2024, and • $ 21.4 million scheduled principal maturities of Term Loan A due 2024. In August 2021, Nexstar borrowed $ 20.0 million under its revolving credit facility. In September 2021, Nexstar repaid in full the $ 20.0 million outstanding debt under its revolving credit facility, funded by cash on hand. Interest rates are selected at Nexstar’s option and the applicable margin is adjusted quarterly as defined in Nexstar’s amended credit agreement. Interest is payable periodically based on the type of interest rate selected. As of December 31, the interest rates were: • 1.60 % and 1.89 % in 2021 and 2020, respectively, for Term Loan A due 2023, • 1.60 % and 1.89 % in 2021 and 2020, respectively, for Term Loan A due 2024, • 2.35 % and 2.39 % in 2021 and 2020, respectively, for Term Loan B due 2024, and • 2.60 % and 2.89 % in 2021 and 2020, respectively, for Term Loan B due 2026. Mission Senior Secured Credit Facility On June 3, 2021, Mission, a VIE consolidated by Nexstar, amended its senior secured credit facility. The amendment provides for a $ 300.0 million Term Loan B borrowing, issued at 99.50 %, maturing on June 3, 2028 (“Term Loan B, due June 3, 2028”), with quarterly principal installment payments of $ 750 thousand beginning on October 1, 2021 through April 1, 2028 , with the remaining principal balance of $ 279.8 million payable on the maturity date. The Term Loan B, due June 3, 2028 bears interest at the LIBOR rate of 2.50 %, with a 0.00 % LIBOR floor. The net proceeds from the Term Loan B, due June 2028 were used to pay down $ 268.0 million of Mission’s outstanding loans under its existing revolving credit facility, pay fees to Nexstar under the SSAs between Nexstar and Mission and for Mission’s general corporate purposes. Concurrently with the closing of Mission’s Term Loan B, due June 3, 2028, Mission reallocated $ 255.0 million of its unused revolving credit facility to Nexstar. Interest rates are selected at Mission’s option and the applicable margin is adjusted quarterly as defined in Mission’s amended credit agreement. The interest rate on Mission’s Term Loan B was 2.60 % as of December 31, 2021 . The interest rates on Mission’s revolving credit facility were 1.60 % and 2.39 % as of December 31, 2021 and 2020, respectively. 5.625% Notes due 2027 On July 3, 2019, Nexstar completed the sale and issuance of $ 1.120 billion 5.625 % senior unsecured notes due 2027 (the “5.625% Notes due 2027”) at par. The gross proceeds of the 5.625% Notes due 2027 were initially deposited into a segregated escrow account. The escrow account was subsequently released on September 19, 2019 to Nexstar to partially fund the acquisition of Tribune through a merger (see Note 3). On November 22, 2019, Nexstar completed the issuance and sale of $ 665.0 million aggregate principal amount of additional 5.625 % Notes due 2027. These additional notes were issued at a price of 104.875 %, resulting in a debt premium of $ 27.4 million after giving effect to fees and expenses related thereto. These additional notes are treated as a single series with the 5.625% Notes due 2027 issued on July 3, 2019. The net proceeds from this issuance were used to redeem the $ 400.0 million 5.875 % senior unsecured notes at 101.469 % and $ 275.0 million 6.125 % senior unsecured notes at 101.531 % plus accrued and unpaid interest. Interest on the 5.625% Notes due 2027 is payable semiannually in arrears on January 15 and July 15 of each year. The 5.625% Notes due 2027 were issued pursuant to an indenture dated July 3, 2019 (the “5.625% Indenture due 2027”). In 2019, Nexstar recorded $ 21.0 million in legal, professional and underwriting fees related to the 5.625% Notes due 2027. These costs were netted against the debt premium from the issuance of the additional notes. The net debt premium is being amortized using the effective interest method over the term of the debt. Nexstar has the option to redeem all or a portion of the 5.625% Notes due 2027 at any time prior to July 15, 2022 at a price equal to 100 % of the principal amount redeemed plus accrued and unpaid interest to the redemption date plus a make whole premium. At any time on or after July 15, 2022, Nexstar may redeem the 5.625% Notes due 2027, in whole or in part, at the redemption prices set forth in the 5.625% Indenture due 2027 plus accrued and unpaid interest to the redemption date. At any time prior to July 15, 2022, Nexstar may also redeem up to 40 % of the aggregate principal amount at a redemption price of 105.625 %, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds from equity offerings. Upon the occurrence of a change of control (as defined in the 5.625% Indenture due 2027), each holder of the 5.625% Notes due 2027 may require Nexstar to repurchase all or a portion of the notes in cash at a price equal to 101.0 % of the aggregate principal amount to be repurchased, plus accrued and unpaid interest, if any, thereon to the date of repurchase. The 5.625% Notes due 2027 contain covenants that limit, among other things, Nexstar’s ability to (1) incur additional debt, (2) pay dividends or make other distributions or repurchases or redeem its capital stock, (3) make certain investments, (4) create liens, (5) merge or consolidate with another person or transfer or sell assets, (6) enter into restrictions affecting the ability of Nexstar’s restricted subsidiaries to make distributions, loans or advances to it or other restricted subsidiaries, (7) prepay, redeem or repurchase certain indebtedness and (8) engage in transactions with affiliates. The 5.625% Indenture due 2027 provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the trustee or holders of at least 25 % in principal amount of the then outstanding 5.625% Notes due 2027 may declare the principal of and accrued but unpaid interest, including additional interest, on all the 5.625% Notes due 2027 to be due and payable. 4.75% Notes due 2028 On September 25, 2020, Nexstar completed the sale and issuance of $ 1.0 billion 4.75 % senior unsecured notes due 2028 (“4.75% Notes due 2028”) at par. The 4.75% Notes due 2028 were issued under an indenture dated as of September 25, 2020 (“4.75% Notes due 2028 Indenture”). The net proceeds from the issuance of the 4.75% Notes due 2028 were used to redeem the $ 900.0 million 5.625 % senior unsecured notes in full and pay related premiums equal to 102.813 % of the principal amount, accrued interest and fees and expenses. The remainder of the proceeds was used for general corporate purposes . In 2020, Nexstar recorded $ 9.3 million in legal, professional, and underwriting fees related to the issuance of the 4.75% Notes due 2028. These financing costs are being amortized using the effective interest method over the term of the debt. Interest on the 4.75% Notes due 2028 is payable semiannually in arrears on May 1 and November 1 of each year. The 4.75% Notes due 2028 are guaranteed by Nexstar, Mission and certain of Nexstar’s and Mission’s existing and future restricted subsidiaries, subject to certain customary release provisions. The 4.75% Notes due 2028 are senior unsecured obligations of Nexstar and the guarantors, rank equal in right of payment with our and the guarantors’ existing and future senior indebtedness, including Nexstar’s 5.625% Notes due 2027, its term loans and its revolving credit facilities, but effectively junior to our and the guarantors’ secured debt, including the term loans and revolving credit facilities, to the extent of the value of the assets securing such debt. Nexstar has the option to redeem all or a portion of the 4.75% Notes due 2028 at any time prior to November 1, 2023 at a price equal to 100 % of the principal amount redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus a make-whole premium as of the date of redemption. At any time prior to November 1, 2023, Nexstar may also redeem up to 40 % of the aggregate principal amount at a redemption price of 104.75 %, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption, with the net cash proceeds from certain equity offerings. At any time on or after November 1, 2023, Nexstar may redeem the 4.75% Notes due 2028, in whole or in part, at the redemption prices set forth in the 4.75% Notes due 2028 Indenture. Upon the occurrence of a change in control (as defined in the 4.750% Notes due 2028 Indenture), each holder of the 4.75% Notes due 2028 may require Nexstar to repurchase all or a portion of the notes in cash at a price equal to 101.0 % of the aggregate principal amount to be repurchased, plus accrued and unpaid interest, if any, thereon to, but excluding, the date of repurchase. The 4.75% Notes due 2028 Indenture contains covenants that limit, among other things, Nexstar’s and the guarantors’ ability to (1) incur additional debt, (2) pay dividends or make other distributions or repurchases or redeem its capital stock, (3) make certain investments, (4) transfer or sell assets, (5) create liens, (6) enter into restrictions affecting the ability of Nexstar’s restricted subsidiaries to make distributions, loans or advances to it or other restricted subsidiaries, (7) guarantee certain indebtedness and (8) engage in transactions with affiliates. The 4.75% Notes due 2028 Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of other indebtedness, a failure to pay certain judgments and certain events of bankruptcy and insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25 % in principal amount of the then outstanding 4.75% Notes due 2028 may declare the principal of, premium, and accrued but unpaid interest, including additional interest, on all the 4.75% Notes due 2028 to be due and payable. Upon such a declaration , such principal, premium and accrued and unpaid interest will be due and payable immediately. Unused Commitments and Borrowing Availability The Company had $ 349.7 million and $ 13.5 million of unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities, all of which was available for borrowing, based on the covenant calculations as of December 31, 2021. The Company’s ability to access funds under the senior secured credit facility depends, in part, on its compliance with certain financial covenants. As of December 31, 2021, the Company was in compliance with its financial covenants. Collateralization and Guarantees of Debt The Company’s credit facilities described above are collateralized by a security interest in substantially all the combined assets, excluding FCC licenses and the other assets of consolidated VIEs unavailable to creditors of Nexstar (see Note 2). Nexstar guarantees full payment of all obligations incurred under the Mission senior secured credit facility in the event of their default. Mission is a guarantor of Nexstar’s senior secured credit facility, Nexstar’s 5.625 % Notes due 2027 and Nexstar’s 4.75 % Notes due 2028. In consideration of Nexstar’s guarantee of the Mission senior secured credit facility, Mission has granted Nexstar purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements, which expire on various dates between 2022 and 2031, are freely exercisable or assignable by Nexstar without consent or approval by Mission. The Company expects these option agreements to be renewed upon expiration. Debt Covenants The Nexstar credit agreement (senior secured credit facility) contains a covenant which requires Nexstar to comply with a maximum consolidated first lien net leverage ratio of 4.25 to 1.00. The financial covenant, which is formally calculated on a quarterly basis, is based on the combined results of the Company. The Mission amended credit agreement does not contain financial covenant ratio requirements but does provide for default in the event Nexstar does not comply with all covenants contained in its credit agreement. As of December 31, 2021, the Company was in compliance with its financial covenants. Debt Maturities The scheduled principal maturities of the Company’s debt as of December 31, 2021 are summarized as follows (in thousands): 2022 $ 47,170 2023 617,400 2024 1,090,743 2025 3,000 2026 2,647,315 Thereafter 3,069,250 $ 7,474,878

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note 9: Leases The Company as a Lessee The Company has operating leases for office spaces, tower facilities, antenna sites, studios and other real estate properties and equipment. The operating leases have remaining lease terms of one month to 93 years, some of which may include options to extend the leases from three months to 99 years , and some of which may include options to terminate the leases within one year . The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Lease contracts that the Company has executed but which have not yet commenced as of December 31, 2021 were not material. Finance lease contracts as of December 31, 2021 were also not material. The following table presents lease assets and liabilities and related information as of December 31 (in thousands): Balance Sheet Classification December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 288,337 $ 282,834 Current lease liabilities Operating lease liabilities 42,843 35,850 Noncurrent lease liabilities Other noncurrent liabilities 237,911 234,208 Weighted Average Remaining Lease Term Operating leases 8 years 8.7 years Weighted Average Discount Rate Operating leases 5.1 % 5.4 % In 2021, the increases in operating lease ROU assets and lease liabilities were attributable to the acquisition of The Hill (see Note 3), various extensions of existing leases and new leases. Operating lease expenses for the year ended December 31, 2021 were $ 57.0 million, of which $ 27.1 million and $ 30.0 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Consolidated Statements of Operations and Comprehensive Income. Operating lease expenses for the year ended December 31, 2020 were $ 47.3 million, of which $ 24.4 million and $ 22.9 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Consolidated Statements of Operations and Comprehensive Income. Operating lease expenses for the year ended December 31, 2019 were $ 28.5 million, of which $ 15.4 million and $ 13.1 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Consolidated Statements of Operations and Comprehensive Income. Cash paid for operating leases included in the operating cash flows were $ 51.6 million, $ 47.0 million and $ 16.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows (in thousands): Operating Leases 2022 $ 55,966 2023 53,615 2024 49,877 2025 37,408 2026 30,887 Thereafter 124,957 Total future minimum lease payments 352,710 Less: imputed interest ( 71,956 ) Total $ 280,754

Retirement and Postretirement P

Retirement and Postretirement Plans	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Retirement and Postretirement Plans	Note 10: Retirement and Postretirement Plans Nexstar has various funded, qualified non-contributory defined benefit retirement plans which cover certain employees and former employees. As of December 31, 2021, the combined pension benefit obligations for these qualified retirement plans were $ 2,205 million, which were substantially funded by combined plan assets of $ 2,152 million, or approximately 98 % funded (underfunded by $ 53 million). All these retirement plans are frozen in terms of pay and service, except for a small plan representing $ 40.5 million of the total pension benefit obligations. The remaining pension obligations of $ 52.0 million relate to non-contributory unfunded supplemental executive retirement and ERISA Excess plans for which Nexstar’s policy is to fund the benefits as claims and premiums are paid. Nexstar also has various retiree medical savings account plans which reimburse eligible retired employees for certain medical expenses and unfunded plans that provide certain health and life insurance benefits to certain retired employees. Nexstar uses a December 31 measurement date for its pension and other postretirement benefit plans (“OPEB”). The overfunded or underfunded status of these pension and other postretirement plans is recognized as an asset or liability in the accompanying Consolidated Balance Sheets. The changes in the funded status are recorded in the year in which changes occur through comprehensive income (loss). The funded status of a plan represents the difference between the fair value of plan assets and the related plan projected benefit obligation. As of and for the years ended December 31, the following table provides a reconciliation of the plans’ benefit obligations, plan assets and funded status, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands): Pension Benefits OPEB 2021 2020 2021 2020 Change in benefit obligations Benefit obligations at beginning of period $ 2,553,496 $ 2,519,881 $ 29,611 $ 29,011 Service cost 1,130 962 31 12 Interest cost 40,223 63,577 369 681 Participant contributions - - - 4 Plan amendments - 1,978 - - Actuarial (gain) loss ( 82,917 ) 200,585 ( 1,071 ) 1,133 ESOP transfer 2,667 3,310 - - Benefit payments ( 257,472 ) ( 236,797 ) ( 1,692 ) ( 1,230 ) Benefit obligations at end of period $ 2,257,127 $ 2,553,496 $ 27,248 $ 29,611 Change in plan assets Fair value of plan assets at beginning of period $ 2,221,793 $ 2,077,006 $ - $ - Actual return on plan assets 181,254 333,578 - - Employer contributions 4,175 44,696 1,692 1,226 Participant contributions - - - 4 ESOP transfer 2,667 3,310 - - Benefit payments ( 257,472 ) ( 236,797 ) ( 1,692 ) ( 1,230 ) Fair value of plan assets at end of period $ 2,152,417 $ 2,221,793 $ - $ - Amounts recognized in Consolidated Balance Sheets Current liabilities $ ( 4,030 ) $ ( 4,126 ) $ ( 2,851 ) $ ( 2,931 ) Noncurrent liabilities ( 100,680 ) ( 327,578 ) ( 24,397 ) ( 26,680 ) Funded status $ ( 104,710 ) $ ( 331,704 ) $ ( 27,248 ) $ ( 29,611 ) On March 11, 2021, the American Rescue Plan Act of 2021 (“ARPA”) was signed into law. The ARPA includes changes to the employer funding requirements for single-employer pension plans and is designed to reduce the amounts of required contributions as a relief. The ARPA also includes multi-employer pension plan funding relief but had no significant impact on Nexstar. The two key aspects of the ARPA funding relief for single-employer plans are extended amortization of funding shortfalls and extended funding interest rate stabilization. The interest rate relief under ARPA eliminated the plans’ funding shortfalls for the 2020 and 2021 plan years and eliminated cash funding requirements for fiscal 2021. Under this relief, Nexstar currently expects no required contribution to its qualified pension benefit plans in 2022. On October 29, 2021, Nexstar completed the purchase of an annuity contract for certain participants of one of the Tribune defined benefit pension plans. Pursuant to this agreement, $ 116.9 million of funds from the pension plan assets were transferred to an insurance company (included in change in plan assets table above under benefit payments line). Concurrently, an irrevocable transfer of pension plan obligations estimated at $ 117.5 million was also assumed by the same insurance company (included in change in benefit obligations table above under benefit payments line). Nexstar recognized an immediate gain of $ 12.5 million in 2021 related to this settlement, which is included in the pension and other postretirement plans credit, net in the accompanying Consolidated Statements of Operations and Comprehensive Income. Nexstar’s pension benefit plans were underfunded as of December 31 with accumulated benefit obligations exceeding the fair value of plan assets. Information for the underfunded pension benefit plans is as follows (in thousands): 2021 2020 Benefit obligations $ 2,257,127 $ 2,553,496 Accumulated benefit obligations 2,257,127 2,553,496 Fair value of plan assets 2,152,417 2,221,793 The plans’ benefit obligations were determined using the following assumptions: Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.69 % - 2.70 % 2.15 % - 2.29 % 3.08 % - 3.09 % 1.99 % - 2.59 % 1.42 % - 2.04 % 2.53 % - 3.00 % Compensation increase rate - - - 2.00 % 2.00 % 2.00 % The increase in the discount rates from December 31, 2020 to December 31, 2021 decreased the projected benefit obligations of qualified defined benefit pension plans by approximately $ 84.9 million at December 31, 2021. Additionally, the updated mortality projection scale decreased the plans’ projected pension obligation by approximately $ 4.4 million at December 31, 2021. The decreases were partially offset by an approximately $ 8.7 million increase in pension obligation due to the updated census information and a change to the assumed commencement age and optional form elections for deferred vested participants. The decrease in the discount rates from December 31, 2019 to December 31, 2020 increased the projected benefit obligations of qualified defined benefit pension plans by approximately $ 211.9 million at December 31, 2020. Additionally, the updated census information increased the plans’ projected pension obligation by approximately $ 8.7 million at December 31, 2020. The increases were partially offset by an approximately $ 21.4 million decrease in pension obligation due to the updated mortality projection scale, cash balance interest crediting assumption and optional form conversion basis in 2020. Net Periodic Benefit Cost (Credit) The following tables provide the components of net periodic benefit cost (credit) for the plans for the years ended December 31, (in thousands): Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Service cost $ 1,130 $ 962 $ 271 $ 31 $ 12 $ 12 Interest cost 40,223 63,577 31,167 369 681 806 Expected return on plan assets ( 110,963 ) ( 108,836 ) ( 47,575 ) - - - Amortization of prior service costs 167 - - ( 46 ) ( 46 ) - Amortization of net (gain) loss 1,189 30 - 725 162 ( 10 ) Settlement gain recognized ( 12,464 ) ( 1,591 ) - - - - Net periodic benefit cost (credit) $ ( 80,718 ) $ ( 45,858 ) $ ( 16,137 ) $ 1,079 $ 809 $ 808 The Company anticipates recording an aggregate net periodic benefit credit of $ 42.3 million for its pension and other benefits in 2022, as the expected return on plan assets exceeds estimated interest cost. The net periodic costs for the Company’s pension and other benefit plans were determined using the following assumptions: Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.16 % - 2.29 % 3.08 % 3.12 % - 4.13 % 1.39 % - 2.06 % 2.52 % - 2.94 % 2.57 % - 4.06 % Expected return on plan assets 5.15 % - 5.90 % 5.45 % - 5.75 % 5.55 % - 6.25 % - - - Compensation increase rate - - - 2.00 % 2.00 % 2.00 % Cash balance interest crediting rate 2.20 % - 2.50 % 1.93 % - 2.20 % 2.50 % - 3.20 % - - - The reasonableness of the expected return on the funded retirement plan assets was assessed with the assistance of an investment consultant, but all assumptions were reviewed by management. Their proprietary model simulates possible capital market scenarios based on the current economic environment and their capital market assumptions to come up with expected returns for the portfolio based on the current asset allocation. For purposes of measuring the related postretirement health care costs for 2021, we assumed a 5.57 % annual rate of increase in the per capita cost of covered health care benefits. The rate was assumed to decrease gradually to 5.00 % for 2025 and remain at that level thereafter. For purposes of measuring the related postretirement health care obligations at December 31, 2021, we assumed a 6.25 % annual rate of increase in the per capita cost of covered health care benefits. The rate was assumed to decrease gradually to 4.50 % for 2030 and remain at that level thereafter. The following table provides a summary of the Company’s accumulated other comprehensive income (loss) related to pension and other postretirement benefit plans prior to any deferred tax effects (in thousands): Pension Benefits OPEB December 31, 2018 $ ( 19,341 ) $ 38 Actuarial (loss) gain 47,862 ( 1,924 ) December 31, 2019 $ 28,521 ( 1,886 ) Prior service cost ( 1,978 ) - Actuarial gain (loss) 22,608 ( 1,011 ) December 31, 2020 $ 49,151 $ ( 2,897 ) Prior service (cost) credit 167 ( 46 ) Actuarial gain 141,933 1,796 December 31, 2021 $ 191,251 $ ( 1,147 ) The asset allocation for Nexstar’s funded retirement plans at the end of 2021, and the asset allocation range for 2022, by asset category, are as follows: Asset Allocation Percentage of Plan Assets at Year End Asset category: 2022 2021 Equity securities 20 % - 40 % 39 % Fixed income securities 60 % - 80 % 53 % Other - 8 % Total 100 % As the plan sponsor of the funded retirement plans, Nexstar’s investment strategy is to achieve a rate of return on the plans’ assets that, over the long-term, will fund the plans’ benefit payments and will provide for other required amounts in a manner that satisfies all fiduciary responsibilities. A determinant of the plans’ returns is the asset allocation policy. The investment policies for plan assets provides ranges for the plans’ long-term asset mix, as follows: • For plan assets with a total fair value of $ 1,751 million as of December 31, 2021, the investment policy ranges are 12 - 32 % U.S. equity, 0 - 17 % non-U.S. equity, 0 - 10 % emerging market equity, 0 - 18 % global equity, 0 %- 18 % opportunistic sub-asset classes, 40 %- 60 % fixed income and 0 - 5 % cash. • For plan assets with a total fair value of $ 401.3 million as of December 31, 2021, the investment policy ranges are 3 - 23 % U.S. equity, 0 - 13 % non-U.S. equity, 0 - 12 % emerging market equity, 0 - 17 % global low volatility equity, 0 %- 15 % opportunistic sub-asset classes, 60 %- 80 % fixed income and 0 - 10 % cash. Nexstar also reviews the plans’ overall asset allocation to determine the proper balance of securities by market capitalization, value or growth, U.S., international or global or the addition of other asset classes. The investment policies are reviewed frequently and administered by an investment consultant. Periodically, Nexstar evaluates each investment with the investment consultant to determine if the overall portfolio has performed satisfactorily when compared to the defined objectives, similarly invested portfolios and specific market indices. Investments in Common Collective Trust Funds do not have any unfunded commitments and do not have any applicable liquidation periods or defined terms and periods to be held. The portfolios offer daily liquidity; however, they request 5 business days’ notice for both withdrawals and redemptions. Strategies of the Common Collective Trust Funds by major category are as follows: • Equity Common Collective Trusts are primarily invested in funds seeking investment results that correspond to the total return performance of their respective benchmarks in both the U.S. and international markets. Equity securities are invested broadly in U.S. and non-U.S. companies and are diversified across countries, currencies, market capitalizations and investment styles. These securities use the S&P 500 (U.S. large cap), Russell 2000 (U.S. small cap), Russell 2500 (U.S. mid cap) and MSCI All Country World Index ex-U.S. (non-U.S.) as their benchmarks. • Fixed Income Common Collective Trusts are primarily invested in funds with an investment objective to provide investment returns through fixed-income and commingled investment vehicles that seek to outperform their respective benchmarks. Fixed income securities are invested in diversified portfolios that invest across the maturity spectrum and include primarily investment-grade securities with a minimum average quality rating of A and insurance annuity contracts. These securities use the Barclays Capital Aggregate (intermediate term bonds), Barclays Capital Long Corporate and Barclays Capital Long Government/Credit (long bonds) U.S. Bond Indexes as their benchmarks. • Real Estate and Real Asset Common Collective Trusts seek to achieve high current return and long-term capital growth by investing in equity securities of real estate investment trusts that seek to outperform their respective benchmarks. Other investments include investments in real estate funds, emerging market debt and high yield bonds. These investments use the National Council of Real Estate Investment Fiduciaries Property Index or the FTSE NAREIT All Equity REIT Index (real estate), JPM EMBI Global Core Index (emerging market debt) and Barclays U.S. High Yield Ba/B 1% Issuer Capped Bond Index (high yield bonds) as their benchmarks. The following table sets forth, by asset category, Nexstar’s pension plan assets as of December 31, 2021 and 2020, using the fair value hierarchy established under ASC Topic 820 as described in Note 11. The fair value hierarchy in the tables excludes certain investments which are valued using net asset value (“NAV”) as a practical expedient (in thousands): Pension Plan Assets as of December 31, 2021 Level 1 Level 2 Level 3 Total Pension plan assets measured at fair value: Registered investment companies $ 8,987 $ - $ - $ 8,987 Common collective trusts - 16,664 - 16,664 Other 2,106 - - 2,106 Pooled separate account - 7,893 - 7,893 Total pension plan assets measured at fair value $ 11,093 $ 24,557 $ - 35,650 Pension plan assets measured at NAV as a practical expedient 2,111,182 Pension plan assets measured at contract value: Insurance contracts 5,585 Total pension plan assets $ 2,152,417 Pension Plan Assets as of December 31, 2020 Level 1 Level 2 Level 3 Total Pension plan assets measured at fair value: Registered investment companies $ 9,656 $ - $ - $ 9,656 Common collective trusts - 16,934 - 16,934 Fixed income - - - - Other 1,767 - - 1,767 Pooled separate account - 8,545 - 8,545 Total pension plan assets measured at fair value $ 11,423 $ 25,479 $ - 36,902 Pension plan assets measured at NAV as a practical expedient 2,179,293 Pension plan assets measured at contract value: Insurance contracts 5,598 Total pension plan assets $ 2,221,793 Registered investment companies are valued at exchange listed prices for exchange traded registered investment companies, which are classified in Level 1 of the fair value hierarchy. Common/collective trusts are valued on the basis of the relative interest of each participating investor in the fair value of the underlying assets of each of the respective common/collective trusts. Common/collective trusts contain underlying assets valued based on pricing from observable market information in a non-active market and are classified in Level 2 of the fair value hierarchy. Certain common/collective trusts, investment companies and real estate that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total value of plan assets. The pooled separate account represents an insurance contract under which plan assets are administered through pooled funds. Expected Cash Flows The following table includes amounts that are expected to be contributed to the plans by Nexstar, in thousands. It additionally reflects benefit payments that are made from the plans’ assets as well as those made directly from Nexstar’s assets, and it includes the participants’ share of the costs, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect Nexstar’s best estimate given its current knowledge including the impact of recent pension funding relief legislation. Actual amounts could be materially different. Pension Benefits OPEB Employer Contributions 2022 to participant benefits $ 4,030 $ 2,872 Expected Benefit Payments 2022 142,078 2,872 2023 141,554 2,621 2024 142,131 2,403 2025 141,532 2,281 2026 140,937 2,158 2027-2031 675,352 8,767 Defined Contribution Plans The Company has established retirement savings plans under Section 401(k) of the Internal Revenue Code (the “401(k) Plans”). The 401(k) Plans cover substantially all Company employees who meet the minimum age and service requirements and allow participants to defer a portion of their annual compensation on a pre-tax basis. Employer contributions to the 401(k) Plans may be made at the discretion of management of the Company. During the years ended December 31, 2021, 2020 and 2019 , Nexstar contributed $ 16.2 million, $ 14.9 million and $ 12.1 million, respectively, to the 401(k) Plans. The Company has a Supplemental Income Deferral Plan for which certain employees, including executive officers, are eligible. The plan provides benefits to highly compensated employees in circumstances in which the maximum limits established under the ERISA and the Internal Revenue Code prevent them from receiving Company contributions. The amounts recorded by the Company for these plans for 2021 are immaterial.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11: Fair Value Measurements The Company measures and records in its Consolidated Financial Statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurement and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels: • Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. • Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. The carrying values of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short term nature. As of December 31, the estimated fair values and carrying amounts of the Company’s long-term debt which are not measured at fair value on a recurring basis were as follows (dollars in thousands): 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 484,354 $ 483,751 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 599,356 601,964 618,748 619,619 Term Loan B due 2024 (1) 589,353 593,454 862,856 865,311 Term Loan B due 2026 (1) 2,601,467 2,638,471 2,593,671 2,601,619 5.625 % Notes due 2027 (2) 1,790,215 1,880,373 1,790,997 1,912,181 4.75 % Notes due 2028 (2) 991,891 1,022,310 990,915 1,040,000 Mission Term Loan B due 2028 (1) 296,990 299,742 - - Revolving loans due 2023 (1) 61,500 61,252 327,000 323,517 (1) The fair values of senior secured and revolving credit facilities are computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities. During the year ended December 31, 2021, there were no events or changes in circumstance that triggered an impairment to the Company’s significant assets, including equity method investments, indefinite-lived intangible assets, long-lived assets and goodwill. See Notes 5 and 6 for additional information. Certain investments held in the pension and other post retirement plans have been valued using net asset value (“NAV”) as a practical expedient for fair value. In accordance with ASC 820, investments measured at NAV are excluded from the fair value hierarchy. See Note 10 for fair value disclosures related to retirement and postretirement plans.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Common Stock	Note 12: Common Stock The holders of Class A common stock are entitled to one vote per share and the holders of Class B common stock are entitled to 10 votes per share. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a vote of the stockholders. Holders of Class C common stock have no voting rights. The common stockholders are entitled to receive cash dividends, subject to the rights of holders of any series of preferred stock, on an equal per share basis. Nexstar’s senior secured credit facility provides limits on the amount of dividends the Company may pay to stockholders during the term of Nexstar’s credit agreement. On January 27, 2021, Nexstar’s Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to an additional $ 1.0 billion of its Class A common stock, increasing the Company’s share repurchase authorization to a total capacity of $ 1.175 billion when combined with the remaining available amount under its prior authorization and before reduction for any repurchases in 2021. During 2021, Nexstar repurchased a total of 3,575,568 shares of Class A common stock for $ 536.7 million, funded by cash on hand. In 2020, Nexstar repurchased a total of 3,085,745 shares of Class A common stock for $ 281.8 million, funded by cash on hand. In 2019, Nexstar repurchased a total of 439,743 shares of Class A common stock for $ 45.1 million, funded by cash on hand. As of December 31, 2021, the remaining available amount under the share repurchase authorization was $ 638.2 million. Share repurchases may be made from time to time in open market transactions, block trades or in private transactions. There is no minimum number of shares that Nexstar is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. During the years ended December 31, 2021, 2020 and 2019 , 1,076,169 shares, 592,785 shares and 563,285 shares, respectively, of Class A common stock were reissued from treasury, net of any shares withheld to cover participant taxes and to fulfill stock option exercises and vesting of restricted stock units. For transactions and events involving the Company’s common stock after December 31, 2021, refer to Note 19.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 13: Stock-Based Compensation Stock-Based Compensation Expense The Company measures compensation cost related to stock options based on the grant-date fair value of the awards, calculated using the Black-Scholes option-pricing model. The compensation cost related to time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) is based on the market price of the stock on the date of the award. The fair values of the stock options and RSUs are recognized ratably over their respective vesting periods. The fair values of PSUs are recognized when it is probable that the performance conditions will be achieved. The Company recognized stock-based compensation expense of $ 46.7 million, $ 48.3 million and $ 38.6 million for the years ended December 31, 2021, 2020 and 2019, respectively , all attributable to RSUs and PSUs. In 2021, 2020 and 2019, there was no stock-based compensation attributable to stock options . As of December 31, 2021 , there was $ 83.4 million of total unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted-average period of 2.5 years. There is no remaining unrecognized compensation cost related to stock options. Stock-Based Compensation Plans As of December 31, 2021, Nexstar has three stock-based compensation plans that provide for the granting of stock options, stock appreciation rights, RSUs and PSUs to directors, employees or consultants of Nexstar: the 2019 Long-Term Equity Incentive Plan, approved by Nexstar’s majority stockholders on June 5, 2019 (the “2019 Plan”), the 2015 Long-Term Equity Incentive Plan, approved by Nexstar’s majority stockholders on June 11, 2015 (the “2015 Plan”) and the 2012 Long-Term Equity Incentive Plan, approved by Nexstar’s majority stockholders on September 26, 2012 (the “2012 Plan”). A maximum of 3,100,000 shares, 2,500,000 shares and 1,500,000 shares of Nexstar’s Class A common stock can be issued under the 2019 Plan, 2015 Plan and 2012 Plan, respectively. No new awards are granted under equity incentive plans prior to these plans but any unissued available shares can be issued under the 2012 Plan. At December 31, 2021, 2,450,275 shares remained available for future grants, of which 2,420,317 shares and 29,958 shares were available under the 2019 Plan and the 2015 Plan, respectively. No remaining shares were available under the 2012 Plan. Nexstar utilizes any available treasury stock or issues new shares of its Class A common stock when options are exercised or restricted stock units vest. Stock Options Options are granted with an exercise price at least equal to the fair market value of the underlying shares of common stock on the date of the grant. As of December 31, 2021, all outstanding options are fully vested and expire ten years from the date of grant. Except as otherwise determined by the compensation committee or with respect to the termination of a participant’s services in certain circumstances, including a change of control, no option may be exercised within six months of the date of the grant. Upon the employee’s termination, all nonvested options are forfeited immediately and any unexercised vested options are cancelled from 30 to 180 days following the termination date. The following table summarizes activity and information related to stock options for the year ended December 31, 2021: Outstanding Options Non-Vested Options Weighted- Weighted- Average Aggregate Weighted- Average Remaining Intrinsic Average Exercise Contractual Value Grant-Date Shares Price Term (Years) (thousands) Shares Fair Value Balances as of December 31, 2020 1,504,873 $ 21.42 2.26 $ 132,077 - $ - Granted - $ - - - - $ - Exercised ( 479,530 ) $ 17.19 - - - $ - Vested - $ - - - - $ - Forfeited/cancelled - $ - - - - $ - Balances as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811 - $ - Exercisable as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811 Fully vested and expected to vest as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811 Aggregate intrinsic value represents the difference between the closing market price of Nexstar’s common stock on the last day of the fiscal period, which was $ 130.8 million on December 31, 2021, and the stock option exercise prices multiplied by the number of options outstanding. For the years ended December 31, 2021, 2020 and 2019 , the aggregate intrinsic value of options exercised, on their respective exercise dates, was $ 71.1 million, $ 11.9 million and $ 12.9 million, respectively. Time-Based Restricted Stock Units The RSUs vest over a range of two to five years from the date of the award. All unvested RSUs are forfeited immediately upon the employee’s termination for any reason other than change of control. The following table summarizes activity and information related to RSUs for the year ended December 31, 2021: Weighted- Average Unvested Grant-Date Shares Fair Value Unvested as of December 31, 2020 1,202,751 $ 71.30 Awarded 430,600 $ 138.77 Vested ( 531,585 ) $ 70.31 Forfeited/cancelled ( 112,500 ) $ 72.63 Unvested as of December 31, 2021 989,266 $ 100.78 Performance-Based Restricted Stock Units The vesting of the PSUs is contingent on the continued service of the grantee and the achievement of specific performance metrics (generally over a range of two to four years ) designated by the Board of Directors of the Company. All unvested PSUs are forfeited immediately upon the employee’s termination for any reason other than change of control. The following table summarizes activity and information related to PSUs for the year ended December 31, 2021: Weighted- Average Unvested Grant-Date Shares Fair Value Unvested as of December 31, 2020 301,669 $ 90.53 Awarded 108,333 $ 114.03 Vested ( 155,836 ) $ 76.47 Forfeited/cancelled ( 23,750 ) $ 70.75 Unvested as of December 31, 2021 230,416 $ 113.13

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 14: Income Taxes The income tax expense (benefit) consisted of the following components for the years ended December 31 (in thousands): 2021 2020 2019 Current tax expense: Federal $ 219,063 $ 281,358 $ 111,486 State 38,304 56,856 28,962 257,367 338,214 140,448 Deferred tax expense (benefit): Federal 2,135 ( 32,761 ) 8,075 State 3,376 ( 8,945 ) ( 11,497 ) 5,511 ( 41,706 ) ( 3,422 ) Income tax expense $ 262,878 $ 296,508 $ 137,026 The following is a reconciliation of the federal statutory income tax rate to income tax expense for the years ended December 31 (in thousands): 2021 2020 2019 Federal income tax at the statutory rate $ 229,616 $ 231,922 $ 78,229 State and local taxes, net of federal benefit 43,315 43,082 13,569 Nondeductible compensation 6,203 6,289 5,149 Nondeductible acquisition costs - - 3,649 Nondeductible meals and entertainment 1,718 1,487 2,171 Nondeductible goodwill impairment - - 8,920 Excess tax benefit on stock-based compensation ( 19,563 ) ( 2,974 ) ( 5,363 ) Disposition of nondeductible goodwill - 8,347 10,302 Change in beginning of year valuation allowance 18,866 5,332 19,894 Uncertain tax positions ( 11,944 ) 1,228 902 Other ( 5,333 ) 1,795 ( 396 ) Income tax expense $ 262,878 $ 296,508 $ 137,026 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. The Act reduced the federal corporate income tax rate from 35 % to 21 % effective for tax years beginning after December 31, 2017. Although the federal corporate income tax rate reduction is only effective for tax periods beginning after December 31, 2017, ASC 740 requires the Company to remeasure the existing net deferred tax liability in the period of enactment. The Act also provides for immediate expensing of 100 % of the costs of qualified property that are incurred and placed in service during the period from September 27, 2017 to December 31, 2022. Beginning January 1, 2023, the immediate expensing provision is phased down by 20 % per year until it is completely phased out as of January 1, 2027. Additionally, effective January 1, 2018, the Act modifies the executive compensation deduction limitation and imposes possible limitations on the deductibility of interest expense. As a result of these provisions of the Act, the Company’s deduction related to executive compensation and interest expense could be limited in future years. The components of the net deferred tax asset (liability) were as follows, as of December 31 (in thousands): 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 50,327 $ 49,859 Compensation 10,270 13,133 Rent 71,648 68,919 Pension 35,945 94,971 Other 30,623 30,961 Total deferred tax assets 198,813 257,843 Valuation allowance for deferred tax assets ( 42,345 ) ( 23,479 ) Total deferred tax assets 156,468 234,364 Deferred tax liabilities: Property and equipment ( 240,872 ) ( 252,149 ) Other intangible assets ( 485,730 ) ( 536,365 ) Goodwill ( 118,999 ) ( 76,544 ) FCC licenses ( 668,590 ) ( 649,034 ) Rent ( 76,471 ) ( 75,571 ) Deferred gain on spectrum ( 37,276 ) ( 37,275 ) Investments ( 210,484 ) ( 242,436 ) Other ( 46,554 ) ( 38,998 ) Total deferred tax liabilities ( 1,884,976 ) ( 1,908,372 ) Net deferred tax liabilities $ ( 1,728,508 ) $ ( 1,674,008 ) As of December 31, 2021 , the Company had a valuation allowance related to deferred tax assets of $ 42.3 million which was not likely to be realized, an increase of $ 18.9 million from the December 31, 2020 balance. The valuation allowance increased in 2021 primarily due to Mission’s limitation on the deduction for business interest expense, continued losses, and the increase in deferred tax liabilities for indefinite-lived intangible assets. As of December 31, 2021 , the Company’s reserve for uncertain tax positions totaled approximately $ 32.8 million. For the years ended December 31, 2021, 2020 and 2019 there were $ 32.8 million, $ 45.6 million and $ 45.2 million of gross unrecognized tax benefits, respectively, that would reduce the effective tax rate if the underlying tax positions were sustained or settled favorably. The Company has not recorded any tax reserves related to the Chicago Cubs Transactions as further described in Note 16. A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows (in thousands): 2021 2020 2019 Uncertain tax position liability at the beginning of the year $ 45,590 $ 45,235 $ 12,542 Increases resulting from merger transaction - 2,007 32,211 Increases related to tax positions taken during the current period 348 75 75 Increases related to tax positions taken during prior periods - 466 761 Decreases related to tax positions taken during prior periods ( 45 ) - - Decreases related to settlements with taxing authorities ( 6,961 ) ( 1,433 ) - Decreases related to expiration of statute of limitations ( 6,086 ) ( 760 ) ( 354 ) Uncertain tax position liability at the end of the year $ 32,846 $ 45,590 $ 45,235 The Company’s liability for unrecognized tax benefits totaled $ 32.8 million and $ 45.6 million at December 31, 2021 and 2020, respectively. If all of the unrecognized tax benefits at those dates had been recognized, there would have been a favorable $ 32.8 million and $ 45.6 million impact on the Company’s reported income tax expense in 2021 and 2020, respectively. As allowed by ASC Topic 740, the Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense in the accompanying Consolidated Statements of Operations and Comprehensive Income. The Company’s accrued interest and penalties related to uncertain tax positions were $ 6.1 million, $ 7.3 million and $ 6.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Although management believes its estimates and judgments are reasonable, the resolutions of the Company’s tax issues are unpredictable and could result in tax liabilities that are significantly higher or lower than those which have been provided by the Company. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $ 28.5 million within the next twelve months due to the resolution of tax examination issues and statute of limitations expirations. There can be no assurance that the outcomes from any tax examinations will not have a significant impact on the amount of such liabilities, which could have an impact on the operating results or financial position of the Company. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Tribune acquired entities are currently undergoing a 2014–2015 federal audit and continue to be subject to audit for years after 2017. Protective claims for refund have been filed for 2013, 2016 and 2017 to keep the periods open for specific issues relating to the potential Cubs resolution. Nexstar is subject to U.S. federal tax examinations for years after 2017. The Company currently has various state income tax returns in the process of examination or administrative appeal. Additionally, any NOLs that were generated in prior years and utilized in the current year or future years may also be subject to examination by the Internal Revenue Service. Generally, the Company is subject to state tax examination for years after 2017 and any NOLs that were generated in prior years and utilized in the current year or future years may also be subject to examination. The Company has gross federal and state income tax NOL carryforwards of $ 175.1 million and $ 213.8 million, respectively, which are available to reduce future taxable income if utilized before their expiration. A valuation allowance has been recorded against $ 129.2 million of federal NOLs and $ 54.6 million of state NOLs attributable to one of the consolidated VIEs. The federal NOLs expire through 2037 if not utilized. Federal NOLs generated after 2017 carry forward indefinitely. State NOLs will expire through 2041 if not utilized. Section 382 of the Internal Revenue Code of 1986, as amended, generally imposes an annual limitation on the amount of NOLs that may be used to offset taxable income when a corporation has undergone significant changes in stock ownership. Ownership changes are evaluated as they occur and could limit the ability to use NOLs. As of December 31, 2021, the Company does not expect any NOLs to expire as a result of Section 382 limitations. The ability to use NOLs is also dependent upon the Company’s ability to generate taxable income. The NOLs could expire before the Company generates sufficient taxable income. To the extent the Company’s use of NOLs is significantly limited, the Company’s income could be subject to corporate income tax earlier than it would if it were able to use NOLs, which could have a negative effect on the Company’s financial results and operations.

FCC Regulatory Matters

FCC Regulatory Matters	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
FCC Regulatory Matters	Note 15: FCC Regulatory Matters Television broadcasting is subject to the jurisdiction of the FCC under the Communications Act of 1934, as amended (the “Communications Act”). The Communications Act prohibits the operation of television broadcasting stations except under a license issued by the FCC and empowers the FCC, among other things, to issue, revoke and modify broadcasting licenses, determine the location of television stations, regulate the equipment used by television stations, adopt regulations to carry out the provisions of the Communications Act and impose penalties for the violation of such regulations. The FCC’s ongoing rule making proceedings could have a significant future impact on the television industry and on the operation of the Company’s stations and the stations to which it provides services. In addition, the U.S. Congress may act to amend the Communications Act or adopt other legislation in a manner that could impact the Company’s stations, the stations to which it provides services and the television broadcast industry in general. Media Ownership FCC rules limit the Company’s ownership of television stations in local markets and nationally and govern certain local service agreements between Nexstar and third parties. In general, FCC rules prohibit Nexstar from owning two of the top four stations in a market in terms of audience share (unless a case-by-case exception is granted) and from owning stations that reach more than 39 % of U.S. television households (as calculated using a prescribed FCC methodology). Nexstar is also prohibited from providing more than 15 percent of the programming of a non-owned television station through a TBA or LMA if Nexstar also owns a station in the same market, unless the applicable TBA or LMA was entered into prior to November 5, 1996 . The FCC is required to review its media ownership rules every four years and to eliminate those rules it finds are no longer “necessary in the public interest as a result of competition.” The FCC’s two most recent quadrennial reviews—those for 2010 and 2014—were eventually consolidated into a single proceeding that involved extensive litigation, an agency reconsideration and multiple court appeals, culminating in an April 1, 2021 decision by the U.S. Supreme Court. The 2018 quadrennial review, which the FCC commenced in December 2018, remains pending, and the FCC has recently solicited and received comments to update the record of that proceeding in the wake of the Supreme Court’s decision. Additionally, the FCC has opened a proceeding to review the national television station ownership limit. The FCC also has not yet opened its 2022 quadrennial review proceeding. Thus, the media ownership rules are subject to change, both as a result of current and future quadrennial reviews and in other proceedings. Spectrum The FCC has repurposed a portion of the broadcast television spectrum for wireless broadband use. Pursuant to federal legislation enacted in 2012, the FCC conducted an incentive auction in 2016-2017 for the purpose of making additional spectrum available to meet future wireless broadband needs. Under the auction statute and rules, certain television broadcasters accepted bids from the FCC to voluntarily relinquish their spectrum in exchange for consideration, and certain wireless broadband providers and other entities submitted successful bids to acquire the relinquished television spectrum. Television stations that did not relinquish their spectrum were “repacked” into the frequency band still remaining for television broadcast use. The Company has received payment for eleven television stations that accepted bids and have either moved to different channels or (in one case) discontinued operation. Seventy-four ( 74 ) full power stations owned by Nexstar and 17 full power stations owned by VIEs were assigned to new channels in the reduced post-auction television band. These stations have commenced operation on their new assigned channels and have ceased operating on their former channels. The Company is in the final stages of requesting and receiving reimbursements for the costs of repacking these stations, as the FCC is now closing out its process for such reimbursements . Retransmission Consent Broadcasters may obtain carriage of their stations’ signals on cable, satellite and other MVPDs through either mandatory carriage or through “retransmission consent.” Every three years all stations must formally elect either mandatory carriage or retransmission consent. The next election must be made by October 1, 2023 and will be effective January 1, 2024. Must-carry elections require that the MVPD carry one station programming stream and related data in the station’s local market. However, MVPDs may decline a must-carry election in certain circumstances. MVPDs do not pay a fee to stations that elect mandatory carriage. A broadcaster that elects retransmission consent waives its mandatory carriage rights, and the broadcaster and the MVPD must negotiate for carriage of the station’s signal. Negotiated terms may include channel position, service tier carriage, carriage of multiple program streams, compensation and other consideration. If a broadcaster elects to negotiate retransmission terms, it is possible that the broadcaster and the MVPD will not reach agreement and that the MVPD will not carry the station’s signal. FCC rules and federal statutory law require retransmission consent negotiations to be conducted in “good faith.” It is a violation of the duty to negotiate in good faith for a television broadcast station to negotiate retransmission consent jointly with another station in the same market if the stations are not commonly owned. Accordingly, the VIEs with which we have sharing agreements must separately negotiate their retransmission consent agreements with MVPDs for stations in markets where we also own a station. MVPD operators have actively sought to change the regulations under which retransmission consent is negotiated before both the U.S. Congress and the FCC in order to increase their bargaining leverage with television stations. There are still-open FCC proceedings to review the “totality of the circumstances” test for good faith retransmission consent negotiations, and to eliminate or modify the FCC’s non-duplication and syndicated exclusivity rules (which could permit MVPDs to import out-of-market television stations in certain circumstances). Certain OVDs have successfully or unsuccessfully sought to stream broadcast programming over the internet. In 2014, the U.S. Supreme Court held that an OVD’s retransmissions of broadcast television signals without the consent of the broadcast station violate federal copyright law. In December 2014, the FCC issued a Notice of Proposed Rulemaking proposing to interpret the term “MVPD” to encompass OVDs that make available for purchase multiple streams of video programming distributed at a prescheduled time and seeking comment on the effects of applying MVPD rules to such OVDs. The proceeding remains open. Although the FCC has not classified OVDs as MVPDs to date, several OVDs have signed agreements for retransmission of local stations within their markets, and others are actively seeking to negotiate such agreements.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16: Commitments and Contingencies Broadcast Rights Commitments Broadcast rights acquired for cash under license agreements are recorded as an asset and a corresponding liability at the inception of the license period. Future minimum payments for license agreements for which the license period has not commenced and no asset or liability has been recorded are as follows as of December 31, 2021 (in thousands): 2022 $ 44,317 2023 15,143 2024 3,288 2025 3,294 2026 1,141 Thereafter - $ 67,183 Guarantee of Mission Debt Nexstar and its subsidiaries guarantee full payment of all obligations incurred under the Mission senior secured credit facility. In the event that Mission is unable to repay amounts due, Nexstar will be obligated to repay such amounts. The maximum potential amount of future payments that Nexstar would be required to make under this guarantee would be generally limited to the outstanding principal amounts. As of December 31, 2021 , Mission had a maximum commitment of $ 374.3 million under its amended credit agreement, of which $ 360.8 million principal balance of debt was outstanding. Indemnification Obligations In connection with certain agreements that the Company enters into in the normal course of its business, including local service agreements, business acquisitions and borrowing arrangements, the Company enters into contractual arrangements under which the Company agrees to indemnify the third party to such arrangement from losses, claims and damages incurred by the indemnified party for certain events as defined within the particular contract. Such indemnification obligations may not be subject to maximum loss clauses and the maximum potential amount of future payments the Company could be required to make under these indemnification arrangements may be unlimited. Historically, payments made related to these indemnifications have been insignificant and the Company has not incurred significant costs to defend lawsuits or settle claims related to these indemnification agreements. Collective Bargaining Agreements As of December 31, 2021 , certain technical, production and news employees at 21 of the Company’s stations are covered by collective bargaining agreements. The Company believes that employee relations are satisfactory and has not experienced any work stoppages at any of its stations. However, there can be no assurance that the collective bargaining agreements will be renewed in the future or that the Company will not experience a prolonged labor dispute, which could have a material adverse effect on its business, financial condition, or results of operations. Litigation From time to time, the Company is involved in litigation that arises from the ordinary operations of business, such as contractual or employment disputes or other general actions. In the event of an adverse outcome of these proceedings, the Company believes the resulting liabilities would not have a material adverse effect on its financial condition or results of operations. Local TV Advertising Antitrust Litigation —On March 16, 2018, a group of companies including Nexstar and Tribune (the “Defendants”) received a Civil Investigative Demand from the Antitrust Division of the DOJ regarding an investigation into the exchange of certain information related to the pacing of sales related to the same period in the prior year among broadcast stations in some DMAs in alleged violation of federal antitrust law. Without admitting any wrongdoing, some Defendants, including Tribune, entered into a proposed consent decree (referred to herein as the “consent decree”) with the DOJ on November 6, 2018. Without admitting any wrongdoing, Nexstar agreed to settle the matter with the DOJ on December 5, 2018. The consent decree was entered in final form by the U.S. District Court for the District of Columbia on May 22, 2019. The consent decree, which settles claims by the government of alleged violations of federal antitrust laws in connection with the alleged information sharing, does not include any financial penalty. Pursuant to the consent decree, Nexstar and Tribune agreed not to exchange certain non-public information with other stations operating in the same DMA except in certain cases, and to implement certain antitrust compliance measures and to monitor and report on compliance with the consent decree. Starting in July 2018, a series of plaintiffs filed putative class action lawsuits against the Defendants and others alleging that they coordinated their pricing of television advertising, thereby harming a proposed class of all buyers of television advertising time from one or more of the Defendants since at least January 1, 2014. The plaintiff in each lawsuit seeks injunctive relief and money damages caused by the alleged antitrust violations. On October 9, 2018, these cases were consolidated in a multi-district litigation in the District Court for the Northern District of Illinois captioned In Re: Local TV Advertising Antitrust Litigation , No. 1:18-cv-06785 (“MDL Litigation”). On January 23, 2019, the Court in the MDL Litigation appointed plaintiffs’ lead and liaison counsel. The MDL Litigation is ongoing. The Plaintiffs’ Consolidated Complaint was filed on April 3, 2019 ; Defendants filed a Motion to Dismiss on September 5, 2019 . Before the Court ruled on that motion, the Plaintiffs filed their Second Amended Consolidated Complaint on September 9, 2019 . This complaint added additional defendants and allegations. The Defendants filed a Motion to Dismiss and Strike on October 8, 2019 . The Court denied that motion on November 6, 2020. The parties are in the discovery phase of litigation. The Court has not yet set a trial date. Nexstar and Tribune deny the allegations against them and will defend their advertising practices. In connection with Nexstar’s acquisition of Tribune on September 19, 2019, Nexstar assumed contingencies from certain legal proceedings, as follows: Tribune Chapter 11 Reorganization and Confirmation Order Appeals —On December 8, 2008, Tribune and 110 of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under chapter 11 (“Chapter 11”) of title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On July 23, 2012, the Bankruptcy Court issued an order confirming the Fourth Amended Joint Plan of Reorganization for Tribune and its Subsidiaries (as such plan was subsequently modified by its proponents, the “Plan”). The Plan became effective and the Debtors emerged from Chapter 11 on December 31, 2012 (the “Effective Date”). The Bankruptcy Court has entered final decrees that have collectively closed all of the Debtors’ Chapter 11 cases except for Tribune’s Chapter 11 case, which continues to be administered under the caption In re Tribune Media Company, et al. , Case No. 08-13141. As of the Effective Date, approximately 7,400 proofs of claim had been filed against the Debtors. Amounts and payment terms for these claims, if applicable, were established in the Plan. The Plan requires Tribune to reserve cash in amounts sufficient to make certain additional payments that may become due and owing pursuant to the Plan subsequent to the Effective Date. As of December 31, 2021, restricted cash and cash equivalents held by Tribune to satisfy the remaining claim obligations were $ 15.6 million and are estimated to be sufficient to satisfy such obligations. In 2021, the Debtors settled and resolved a disputed unsecured claim asserted by Wilmington Trust Company (WTC), in its capacity as indenture trustee for the “PHONES Notes,” in an amount in excess of $ 30.0 million. Pursuant to that settlement, the Debtors withdrew $ 1.0 million from the reserve to pay WTC’s resolved claim. As of December 31, 2021, all but 30 proofs of claim against the Debtors had been withdrawn, expunged, settled or otherwise satisfied. All of the remaining proofs of claim were filed by certain of Tribune’s former directors and officers and certain professionals formerly retained by Tribune, asserting indemnity and other related claims against Tribune for claims brought against them in lawsuits arising from the cancellation of all issued and outstanding shares of Tribune common stock as of December 20, 2007 and Tribune thereafter becoming wholly-owned by the Tribune Company employee stock ownership plan. Those lawsuits were consolidated in multidistrict litigation (“MDL”) before the U.S. District Court for the Southern District of New York in proceedings captioned In re Tribune Co. Fraudulent Conveyance Litigation . On August 20, 2021, the United States Court of Appeals for the Second Circuit issued an opinion affirming the New York District Court’s dismissal of certain of the claims alleged in those lawsuits and reversing the New York District Court’s dismissal of others of those claims. The claims that were not dismissed are now once again pending before the New York District Court. The Debtors are continuing to evaluate the remaining proofs of claim. The ultimate amounts to be paid in resolutions of the remaining proofs of claim, including indemnity claims, continue to be subject to uncertainty. If the aggregate allowed amount of the remaining claims exceeds the restricted cash and cash equivalents held for satisfying such claims, Tribune would be required to satisfy the allowed claims from its cash on hand from operations. Chicago Cubs Transactions — On August 21, 2009, Tribune and Chicago Entertainment Ventures, LLC (formerly Chicago Baseball Holdings, LLC) (“CEV LLC”), and its subsidiaries (collectively, “New Cubs LLC”), among other parties, entered into an agreement (the “Cubs Formation Agreement”) governing the contribution of certain assets and liabilities related to the businesses of the Chicago Cubs Major League Baseball franchise then owned by Tribune and its subsidiaries to New Cubs LLC. The transactions contemplated by the Cubs Formation Agreement and the related agreements thereto (the “Chicago Cubs Transactions”) closed on October 27, 2009. As a result of these transactions, Northside Entertainment Holdings LLC (f/k/a Ricketts Acquisition LLC) (“NEH”) owned 95 % and Tribune owned 5 % of the membership interests in CEV LLC. The fair market value of the contributed assets exceeded the tax basis and did not result in an immediate taxable gain as the transaction was structured to comply with the partnership provisions of the Internal Revenue Code (“IRC”) and related regulations. On June 28, 2016, the IRS issued Tribune a Notice of Deficiency which presented the IRS’s position that the gain with respect to the Chicago Cubs Transactions should have been included in Tribune’s 2009 taxable income. Accordingly, the IRS proposed a $ 182.0 million tax and a $ 73.0 million gross valuation misstatement penalty. During the third quarter of 2016, Tribune filed a petition in U.S. Tax Court to contest the IRS’s determination. After-tax interest on the aforementioned proposed tax and penalty through December 31, 2021 would be approximately $ 136.0 million. In addition, if the IRS prevails with its position, under the tax rules for determining tax basis upon emergence from bankruptcy, the Company would be required to reduce its tax basis in certain assets. The reduction in tax basis would be required to reflect the reduction in the amount of the Company’s guarantee of the New Cubs partnership debt which was included in the reported tax basis previously determined upon emergence from bankruptcy and subject to Tribune’s 2014 and 2015 Federal Income Tax Audits (described below). On September 19, 2019, Tribune became a wholly owned subsidiary of Nexstar following Nexstar’s merger with Tribune. Nexstar disagrees with the IRS’s position that the Chicago Cubs Transactions generated taxable gain in 2009, the proposed penalty and the IRS’s calculation of the gain. If the IRS prevails in its position, the gain on the Chicago Cubs Transactions would be deemed to be taxable in 2009. Nexstar estimates that the federal and state income taxes would be approximately $ 225.0 million before interest and penalties. Any tax, interest and penalty due will be offset by tax payments made relating to this transaction subsequent to 2009. Tribune made approximately $ 154.0 million of tax payments prior to its merger with Nexstar. A bench trial in the U.S. Tax Court took place between October 28, 2019 and November 8, 2019, and closing arguments took place on December 11, 2019. The Tax Court issued a separate opinion on January 6, 2020 holding that the IRS satisfied the procedural requirements for the imposition of the gross valuation misstatement penalty. The judge deferred any litigation of the penalty until the tax issue has been resolved by the Tax Court. On October 26, 2021, the Tax Court issued an opinion related to the Chicago Cubs Transactions, which held that Tribune’s structure was, in substantial part, in compliance with partnership provisions of the Code and, as a result, did not trigger the entire 2009 taxable gain proposed by the IRS. The Company is currently evaluating the potential for appeal to the Court of Appeals for the holdings within the opinion which are unfavorable to the Company. While the Tax Court has issued its opinion, it has not held further proceedings on the penalty issue and has not entered a final decision that starts the time in which either party may appeal the ruling to the Court of Appeals. As of December 31, 2021, Nexstar believes the tax impact of applying the Tax Court opinion is not material to the Company’s accounting for uncertain tax positions or to its Consolidated Financial Statements. Although management believes its estimates and judgments are reasonable, the timing and ultimate resolution is unpredictable and could materially change. Revenue Agent’s Report on Tribune’s 2014 to 2015 Federal Income Tax Audits — Prior to Nexstar’s merger with Tribune in September 2019, Tribune and a few of its subsidiaries were undergoing separate federal income tax audits for taxable years 2014 and 2015. In the third quarter of 2020, the IRS completed its audits of the acquired Tribune entities, and with the exception of Tribune, all other entity audits have been resolved and closed. For Tribune, the IRS issued a Revenue Agent’s Report which disallows the reporting of certain assets and liabilities related to Tribune’s emergence from Chapter 11 bankruptcy on December 31, 2012. Nexstar disagrees with the IRS’s proposed adjustments to the tax basis of certain assets and the related taxable income impact, and Nexstar is contesting the adjustments through the IRS administrative appeal procedures. If the IRS prevails with its position and after taking into account the impact of the Tax Court opinion, Nexstar would be required to reduce its tax basis in certain assets resulting in a $ 15.0 million increase in its federal and state taxes payable and a $ 71.0 million increase in deferred income tax liability as of December 31, 2021. In accordance with ASC Topic 740, the Company has reflected $ 11.0 million for certain contested issues in its liability for uncertain tax positions at December 31, 2021 and December 31, 2020.

Segment Data

Segment Data	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Data	Note 17: Segment Data The Company’s reportable broadcast segment includes (i) television stations and related community focused websites that Nexstar owns, operates, programs or provides sales and other services to in various markets across the United States, (ii) NewsNation, a live daily national news and general entertainment cable network, (iii) two owned and operated digital multicast networks and other multicast network services, and (iv) WGN-AM, a Chicago radio station. The other activities of the Company include (i) corporate functions, (ii) the management of certain real estate assets, including revenues from leasing certain owned office and production facilities, (iii) digital businesses and (iv) eliminations. The Company evaluates the performance of its operating segments based on net revenue and segment profit. Segment profit excludes depreciation and amortization, amortization of broadcast rights (but includes payments for broadcast rights), reimbursement from the FCC related to station repack, impairment charges, gain on disposal of assets and business divestitures and certain other items that are included in income from continuing operations determined in accordance with U.S. GAAP. Segment financial information is included in the following tables for the periods presented (in thousands): Years Ended December 31, Net revenue 2021 2020 2019 Broadcast $ 4,533,816 $ 4,410,528 $ 2,929,431 Other 114,555 90,741 109,893 Total net revenue $ 4,648,371 $ 4,501,269 $ 3,039,324 Years Ended December 31, Operating income (loss) 2021 2020 2019 Broadcast segment profit $ 1,741,542 $ 1,823,812 $ 1,047,972 Corporate (unallocated) and other ( 152,790 ) ( 142,298 ) ( 182,882 ) Depreciation and amortization ( 467,477 ) ( 427,398 ) ( 323,692 ) Payments for broadcast rights, net of amortization 46,310 56,096 15,612 Reimbursement from the FCC related to station repack 19,735 57,261 70,356 Assets held for sale impairment ( 23,046 ) - - Goodwill and intangible assets impairment - - ( 63,317 ) Gain on disposal of stations and business units, net 2,755 7,473 96,091 Miscellaneous, net 8,364 450 ( 5,009 ) Income from operations $ 1,175,393 $ 1,375,396 $ 655,131 As of December 31, Assets 2021 2020 Broadcast (1) $ 12,038,836 $ 12,352,509 Corporate (unallocated) and other 1,225,626 1,051,767 $ 13,264,462 $ 13,404,276 (1) While the Company’s investment in TV Food Network ($ 1.191 billion at December 31, 2021 and $ 1.302 billion at December 31, 2020) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 6. As of December 31, Goodwill 2021 2020 Broadcast $ 2,872,629 $ 2,874,274 Other 179,032 109,734 $ 3,051,661 $ 2,984,008 The following table presents the disaggregation of the Company’s revenue under ASC 606 for the periods presented (in thousands). Year Ended December 31, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 1,761,738 $ - $ 1,761,738 Political advertising 45,199 - 45,199 Distribution 2,472,213 681 2,472,894 Digital 215,758 106,800 322,558 Other 26,172 7,074 33,246 Trade 12,736 - 12,736 Total net revenue $ 4,533,816 $ 114,555 $ 4,648,371 Year Ended December 31, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 1,571,034 $ 38 $ 1,571,072 Political advertising 507,564 - 507,564 Distribution 2,149,569 3,053 2,152,622 Digital 141,960 81,408 223,368 Other 28,226 6,242 34,468 Trade 12,175 - 12,175 Total net revenue $ 4,410,528 $ 90,741 $ 4,501,269 Year Ended December 31, 2019 Broadcast Other Consolidated Core advertising (local and national) $ 1,335,126 $ - $ 1,335,126 Political advertising 51,889 - 51,889 Distribution 1,368,881 - 1,368,881 Digital 137,067 104,452 241,519 Other 19,083 5,441 24,524 Trade 17,385 - 17,385 Total revenue $ 2,929,431 $ 109,893 $ 3,039,324 The Company primarily derives its revenues from television and digital advertising and from distribution of its stations’ signals and networks. During the years ended December 31, 2021 and 2020, revenues from these sources for two of the Company’s customers exceeded 10%. In 2021, each of these customers represented approximately 12 %, and 13 %, respectively, of the Company’s consolidated net revenues. In 2020, each of these customers represented approximately 11 % of the Company’s consolidated net revenues. No single customer provided more than 10 % of the Company’s consolidated net revenues during the year ended December 31, 2019. Advertising revenue (core, political and digital) is positively affected by national and regional political campaigns and certain events such as the Olympic Games or the Super Bowl. Company stations’ advertising revenue is generally highest in the second and fourth quarters of each year, due in part to increases in consumer advertising in the spring and retail advertising in the period leading up to, and including, the holiday season. In addition, advertising revenue is generally higher during even-numbered years when congressional and presidential elections occur and advertising is aired during the Olympic Games. The Company receives compensation from MVPDs and OVDs in return for the consent to the retransmission of the signals of its television stations and the carriage of NewsNation. Distribution revenue is recognized at the point in time the broadcast signal is delivered to the distributors and is based on a price per subscriber.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Note 18: Valuation and Qualifying Accounts Allowance for Doubtful Accounts Rollforward (in thousands): Additions Balance at Charged to Balance at Beginning Costs and End of of Period Expenses Deductions (1) Period Year Ended December 31, 2021 $ 34,922 $ 9,751 $ ( 21,544 ) $ 23,129 Year Ended December 31, 2020 17,205 30,046 ( 12,329 ) 34,922 Year Ended December 31, 2019 13,158 12,972 ( 8,925 ) 17,205 (1) Uncollectible accounts written off, net of recoveries.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 19: Subsequent Events On January 27, 2022 , Nexstar’s Board of Directors declared a quarterly cash dividend of $ 0.90 per share on its outstanding Class A common stock. The dividend is scheduled to be paid on February 28, 2022 to stockholders of record on February 11, 2022 . From January 1 to February 25, 2022, we repurchased 466,825 shares of our Class A common stock for $ 76.3 million, funded by cash on hand. As of the date of filing this Annual Report on Form 10-K, the remaining available amount under the share repurchase authorization was $ 561.9 million. From January 1 to February 25, 2022, in connection with stock option exercises and vesting of restricted stock units, we issued 712,535 shares of our Class A common stock, net of any shares withheld for taxes. On January 31, 2022, the Company announced that its Board of Directors voted to recommend that shareholders approve an amendment to its corporate charter to eliminate the Company’s Class B common stock and Class C common stock classes. As of December 31, 2021, and as of the date of filing this Annual Report on Form 10-K, no shares of Class B common stock or Class C common stock were outstanding. The proposed charter amendment is subject to shareholder approval at the Company’s 2022 annual meeting of stockholders, which will be held in June 2022. The Company expects to file a preliminary proxy statement for the 2022 stockholder meeting in April 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of Nexstar and the accounts of VIEs for which we are the primary beneficiary (See “Variable Interest Entities” section below). Nexstar and the consolidated VIEs are collectively referred to as the “Company.” Noncontrolling interests represent the VIE owners’ share of the equity in the consolidated VIEs and are presented as a component separate from Nexstar’s stockholders’ equity. All intercompany account balances and transactions have been eliminated in consolidation. Nexstar management evaluates each arrangement that may include variable interests and determines the need to consolidate an entity where it determines Nexstar is the primary beneficiary of a VIE in accordance with related authoritative literature and interpretive guidance.
Liquidity	Liquidity The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control. For instance, uncertainties surrounding the business outlook caused by the Coronavirus Disease 2019 (“COVID-19”) pandemic. In March 2020, the World Health Organization declared COVID-19 a pandemic and the United States government declared a national emergency. The ongoing effect of the COVID-19 pandemic had an adverse impact on the Company’s financial results mostly in the first part of the second quarter in 2020. Since then, the Company’s business operations, financial results and cash flows have significantly improved. In 2021, the mass distribution of COVID-19 vaccines, the U.S. government’s stimulus programs, the reopening of states for business and consumer spending by an increasingly vaccinated public drove the continued U.S. economic recovery. In 2021, the Company continued to be profitable and continued to generate positive cash flows from its operations. Its financial results in 2021 were also higher than the comparable prior year and its market capitalization continued to increase and exceed the carrying amount of its equity by a substantial amount. These favorable financial results are reflective of the economic recovery as well as the incremental operating results from the Company’s acquisitions in 2020 and 2021. Overall, the ongoing COVID-19 pandemic did not have a material impact on the Company’s liquidity. As of December 31, 2021, the Company was in compliance with the financial covenants contained in the amended credit agreements governing its senior secured credit facilities. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional cash under its revolving credit facilities to meet its business operating requirements, its capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Annual Report on Form 10-K. T he extent to which the COVID-19 pandemic impacts the Company’s business, its results of operations and its financial condition will depend on future developments, which remain highly uncertain and cannot be reasonably predicted, including future surges and the severity of any resurgence of the virus, the length of time that the pandemic continues, current challenges to increase vaccination rates in the U.S. and continued disruptions to supply chains.
Variable Interest Entities	Variable Interest Entities Nexstar may determine that an entity is a VIE as a result of local service agreements entered into with an entity. The term local service agreement generally refers to a contract between two separately owned television stations serving the same market, whereby the owner-operator of one station contracts with the owner-operator of the other station to provide it with administrative, sales and other services required for the operation of its station. Nevertheless, the owner-operator of each station retains control and responsibility for the operation of its station, including ultimate responsibility over all programming broadcast on its station. A local service agreement can be (1) a time brokerage agreement (“TBA”) or a local marketing agreement (“LMA”) which allows Nexstar to program most of a station’s broadcast time, sell the station’s advertising time and retain the advertising revenue generated in exchange for monthly payments, based on the station’s monthly operating expenses, (2) a shared services agreement (“SSA”) which allows the Nexstar station in the market to provide services including news production, technical maintenance and security, in exchange for Nexstar’s right to receive certain payments as described in the SSA, or (3) a joint sales agreement (“JSA”) which permits Nexstar to sell certain of the station’s advertising time and retain a percentage of the related revenue, as described in the JSA. Consolidated VIEs Nexstar consolidates entities in which it is deemed under accounting principles generally accepted in the United States (“U.S. GAAP”) to have controlling financial interests for financial reporting purposes as a result of (1) local service agreements Nexstar has with the stations owned by these entities, (2) Nexstar’s guarantee of the obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility (see Note 8), (3) Nexstar having power over significant activities affecting these VIEs’ economic performance, including budgeting for advertising revenue, certain advertising sales and, in some cases, hiring and firing of sales force personnel and (4) purchase options granted by each consolidated VIE which permit Nexstar to acquire the assets and assume the liabilities of each of these VIEs’ stations, subject to FCC consent. The following table summarizes the various local service agreements Nexstar had in effect as of December 31, 2021 with its consolidated VIEs: Owner Service Agreements Full Power Stations Mission TBA WFXP, KHMT and KFQX SSA & JSA (1)(2) KJTL, KLRT, KASN, KOLR, KCIT, KAMC, KRBC, KSAN, WUTR, WAWV, WYOU, KODE, WTVO, KTVE, WTVW, WVNY, WXXA, WLAJ, KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB LMA (2) WNAC and WPIX White Knight Broadcasting (“White Knight”) SSA & JSA (3) WVLA and KFXK Vaughan Media, LLC (“Vaughan”) SSA & JSA WBDT, WYTV and KTKA LMA KNVA ____________________________________________ (1) On July 1, 2021, Mission executed JSAs with Nexstar for stations KMSS, KPEJ, KLJB, KASY, KWBQ and KRWB in addition to the existing SSAs with these stations. Prior to entering these JSAs, Nexstar provided services to these stations under SSAs only. (2) On June 17, 2021, Mission acquired WNAC-TV, the Fox-affiliated full power television station serving the Providence, Rhode Island market, from Super Towers, Inc. (“Super Towers”). Mission also assumed the existing LMA with Nexstar for WNAC. On May 24, 2021, Mission acquired the license assets of television station KGBT-TV serving the Harlingen-Weslaco-Brownsville-McAllen, Texas market from Sinclair Broadcast Group, Inc. (“Sinclair”) and executed a JSA on July 1, 2021 and an SSA with Nexstar for the station. The total price for both transactions was $ 8.4 million in cash. On September 15, 2021, Nexstar acquired KGBT-TV’s license assets from Mission for the same price Mission paid Sinclair. Effective September 15, 2021, KGBT-TV is no longer a VIE and the JSA and SSA were terminated. (3) On October 1, 2021, Nexstar acquired television station KSHV serving the Shreveport, Louisiana market from White Knight for a nominal price. Effective October 1, 2021, KSHV is no longer a VIE and the JSA and SSA between Nexstar and White Knight for the station were terminated. As Nexstar is the primary beneficiary of the television stations described above, the purchases of stations between parties within the consolidated Nexstar group were deemed common control transactions in accordance with FASB ASC 805-50, “Business Combinations—Common Control Transactions.” Therefore, the acquirer in those transactions recorded the net assets at historical book values, rather than at estimated fair values. The excess of purchase price over carrying values of net assets was accounted for as a net reduction to equity in the accompanying Consolidated Statements of Changes in Stockholders’ Equity. For financial reporting purposes, Nexstar continued to include the stations’ net assets and financial results at historical amounts for all periods presented in the accompanying Consolidated Financial Statements, except KGBT’s license assets were only included beginning on May 24, 2021. On June 16, 2021, Mission granted Nexstar an option to purchase station WNAC from Mission, subject to FCC consent. On July 1, 2021, Mission granted Nexstar options to purchase stations KMSS, KPEJ and KLJB from Mission, subject to FCC consent. As of December 31, 2021, Nexstar has been granted an option to purchase each station owned by consolidated VIEs, subject to FCC consent. Nexstar’s ability to receive cash from Mission and the other consolidated VIEs is governed by the local service agreements. Under these agreements, Nexstar has received substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. Nexstar anticipates it will continue to receive substantially all of the consolidated VIEs’ available cash, after satisfaction of operating costs and debt obligations. In compliance with FCC regulations for all the parties, each VIE maintains complete responsibility for and control over programming, finances, personnel and operations of its stations. As of December 31, the carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Consolidated Balance Sheets were as follows (in thousands): 2021 2020 Current assets: Cash and cash equivalents $ 9,226 $ 9,066 Accounts receivable, net 21,114 19,800 Prepaid expenses and other current assets 10,312 6,726 Total current assets 40,652 35,592 Property and equipment, net 57,456 61,938 Goodwill 150,500 153,704 FCC licenses 200,412 204,720 Network affiliation agreements, net 84,850 93,466 Other intangible assets, net 260 748 Other noncurrent assets, net 85,449 78,580 Total assets $ 619,579 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Interest payable 678 495 Other current liabilities 33,711 30,335 Total current liabilities 37,389 30,830 Debt 355,489 327,000 Deferred tax liabilities 41,783 29,433 Other noncurrent liabilities 92,552 82,821 Total liabilities $ 527,213 $ 470,084 As of December 31, the following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): 2021 2020 Current assets $ 5,080 $ 4,402 Property and equipment, net 12,213 16,137 Goodwill 62,237 63,795 FCC licenses 200,412 204,720 Network affiliation agreements, net 28,476 31,571 Other noncurrent assets, net 1,328 2,568 Total assets $ 309,746 $ 323,193 Current liabilities $ 33,711 $ 30,335 Noncurrent liabilities 134,335 112,254 Total liabilities $ 168,046 $ 142,589 Non-Consolidated VIEs Nexstar has an outsourcing agreement with Cunningham Broadcasting Corporation (“Cunningham”), which continues through December 31, 2023. Under the outsourcing agreement, Nexstar provides certain engineering, production, sales and administrative services for WYZZ, the FOX affiliate in the Peoria, Illinois market, through WMBD, the Nexstar television station in that market. During the term of the outsourcing agreement, Nexstar retains the broadcasting revenue and related expenses of WYZZ and is obligated to pay a monthly fee to Cunningham based on the combined operating cash flow of WMBD and WYZZ, as defined in the agreement. Nexstar has determined that it has a variable interest in WYZZ. Nexstar has evaluated its arrangements with Cunningham and has determined that it is not the primary beneficiary of the variable interest in this station because it does not have the ultimate power to direct the activities that most significantly impact the station’s economic performance, including developing the annual operating budget, programming and oversight and control of sales management personnel. Therefore, Nexstar has not consolidated WYZZ under authoritative guidance related to the consolidation of VIEs. Under the outsourcing agreement for WYZZ, Nexstar pays for certain operating expenses, and therefore may have unlimited exposure to any potential operating losses. Nexstar’s management believes that Nexstar’s minimum exposure to loss under the WYZZ agreement consists of the fees paid to Cunningham. Additionally, Nexstar indemnifies the owners of Cunningham from and against all liability and claims arising out of or resulting from its activities, acts or omissions in connection with the agreement. The maximum potential amount of future payments Nexstar could be required to make for such indemnification is undeterminable at this time. There were no significant transactions arising from Nexstar’s outsourcing agreement with Cunningham. Cunningham does not guarantee Nexstar’s debt.
Basis of Presentation	Basis of Presentation 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and the disclosure for contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The more significant estimates made by management include, but are not limited to, those relating 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, pension and postretirement obligations, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of December 31, 2021, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of ninety days or less to be cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable consist primarily of billings to its customers for advertising broadcast on its stations or placed on its websites, for retransmission consent or network carriage by cable or satellite operators, and for digital publishing and content management, digital video advertising, social media advertising and related services. Trade receivables normally have terms of 30 days and the Company has no interest provision for customer accounts that are past due. The Company maintains an allowance for estimated losses resulting from the inability of customers to make required payments. Management periodically evaluates the collectability of accounts receivable based on a combination of factors, including customer payment history, known customer circumstances, the overall aging of customer balances and trends. In circumstances where management is aware of a specific customer’s inability to meet its financial obligations, an allowance is recorded to reduce the receivable amount to an amount estimated to be collectable.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially expose the Company to a concentration of credit risk consist principally of cash and cash equivalents, restricted cash, and accounts receivable. Cash deposits are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, the Company believes these deposits are maintained with financial institutions of reputable credit and are not subject to any unusual credit risk. A significant portion of the Company’s accounts receivable is due from local and national advertising agencies. The Company does not require collateral from its customers but maintains reserves for potential credit losses. Management believes that the allowance for doubtful accounts is adequate, but if the financial condition of the Company’s customers were to deteriorate, additional allowances may be required. The Company has not experienced significant losses related to receivables from individual customers or by geographical area.
Revenue Recognition	Revenue Recognition The Company recognizes revenues when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is primarily derived from the sale of advertising and the compensation received from traditional multichannel video programming distributors (“MVPDs”), such as cable and satellite providers, as well as online video distributors (“OVDs”), companies that provide video content through internet streaming, in return for the Company’s consent to the retransmission of the signals of its television stations or the carriage of NewsNation. Total revenue includes advertising revenue, distribution revenue, digital revenue and other broadcast related revenues. The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is generally determined based on the price charged to customers. The Company also determines whether gross or net presentation is appropriate based on its relationship in the applicable transaction with its ultimate customer. Any amounts paid by customers but not earned as of the balance sheet date are recorded as a contract liability (deferred revenue). The lag between billing the customers and when the payment is due is not significant. Advertising Revenues —The Company generates revenue by delivering advertising on the Company’s television stations, cable network, digital multicast network services and radio station. The advertising contracts are short-term in nature and include a number of spots that are delivered over the term of the arrangement. For broadcast of commercials (local and national advertising, or core advertising, and political advertising), the performance obligation is identified at the contract level as it represents a promise to deliver an agreed number of spots, an agreed price per spot and other specifications. Each performance obligation is satisfied over time as the advertiser receives and consumes benefits when its commercial is aired. For station digital advertising, the performance obligation is a station’s promise to place an advertisement on its website and is satisfied either based on impressions or the placement of ads over an agreed period of time. Advertising revenue is recognized, for the amount the Company is entitled to receive, when the advertisements are broadcast or delivered on the stations’ websites. Distribution Revenues —The Company’s retransmission consent and carriage agreements with MVPDs and OVDs generally have a three-year term and provide revenue based on a monthly amount the Company is entitled to receive per subscriber. These revenues are considered arising from the licensing of functional intellectual property. As such, the Company applies the exception for sales- or usage-based royalty for the accounting of variable consideration and recognizes revenue (distribution revenue) at the point in time the broadcast signal is delivered to the distributors. The distributors report their subscriber numbers to the Company on a 30- to 60-day lag, which coincides with their payment of the fees due to the Company. Prior to receiving the report, the Company records revenue based on an estimated number of subscribers and the monthly amount the Company is entitled to receive per subscriber. Adjustments associated with the resolution of such estimates have, historically, been inconsequential. Other Digital Revenues —Revenue from the Company’s other digital businesses includes revenue from video and display advertising platforms that are delivered locally or nationally through our own and various third party websites and mobile applications, a consumer product reviews platform, and other digital media solutions to media publishers and advertisers. Revenue is recognized at the time advertising is delivered or upon performance of services. The Company applies the right to invoice practical expedient to certain transactions where the invoice amount corresponds directly with the value to its customers. Most of the arrangements with customers are short-term in nature. Contract Costs —The Company does not capitalize costs incurred to obtain contracts for advertising due to their short-term nature. Additionally, the incremental benefit from efforts in acquiring these contracts is not considered significant. Thus, the Company records sales commissions as an expense when incurred. Contract Liabilities —The Company’s contract liabilities, which are included in its Consolidated Financial Statements as other current liabilities, consist primarily of customer payments received for products or services before the transfer of control to the customer occurs (deferred revenue). The performance primarily involves the delivery of advertisements to the customers. The Company does not disclose the value of unsatisfied performance obligations on its contracts with customers because they are either (i) contracts with an original expected term of one year or less, (ii) contracts for which the sales- or usage-based royalty exception was applied, or (iii) contracts for which revenue is recognized in proportion to the amount the Company has the right to invoice for services performed. See Note 17 for disaggregated revenue information.
Assets Held for Sale, Net	Assets Held for Sale, Net The Company considers assets to be held for sale when management commits to a formal plan to actively market the assets for sale at a price reasonable in relation to fair value, the asset is available for immediate sale in its present condition, an active program to locate a buyer and other actions required to complete the sale have been initiated, the sale of the asset and the transfer is expected to be completed within one year and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, the Company records the carrying value of the asset at the lower of its carrying value or its estimated fair value, less costs to sell. In accordance with generally accepted accounting principles, assets held for sale are not depreciated or amortized. In the fourth quarter of 2021, certain non-depreciable real estate property located in Chicago was classified as held for sale due to the expected consummation of a contract to sell within one year. As of December 31, 2021, the property’s previous carrying amount of $ 68.3 million was written down to its estimated fair value, less estimated cost to sell, of $ 45.3 million, resulting in a $ 23.0 million impairment charge.
Investments	Investments The Company accounts for investments in which it owns at least 20 % of an investee’s voting securities or has significant influence over an investee under the equity method of accounting. The Company records equity method investments at cost. For investments acquired in a business combination, the cost is the estimated fair value allocated to the investment. The amounts initially recognized are subsequently adjusted for the Company’s appropriate share of the net earnings or losses of the investee. The Company records any investee losses up to the carrying amount of the investment plus any advances and loans made to the investee and any financial guarantees made on behalf of the investee. The Company recognizes its share in earnings and losses of the investee as “Income from equity method investments, net” in the Consolidated Statements of Operations and Comprehensive Income. Investments are also increased by contributions made to and decreased by distributions from the investee. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. The Company evaluates equity method investments for other-than temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For the years ended December 31, 2021, 2020 and 2019, the Company did no t identify any impairments on its investments. See Note 6 for additional information.
Leases	Leases The Company determines if a contract is an operating lease or a finance lease at inception for which a right-of-use (“ROU”) asset and a lease liability is recognized. At the commencement date of the lease, ROU assets and lease liabilities are both measured and recorded at the present value of the future lease payments over the lease term. The lease payments exclude any executory costs as they are not significant. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. When determining if a renewal option is reasonably certain of being exercised, the Company considers several factors, including but not limited to the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, and specific characteristics unique to the particular lease that would make it reasonably certain that the Company would exercise such option. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate was used based on the information available at the commencement date in determining the present value of future lease payments. The discount rate represents a risk-adjusted rate on a secured basis and is the rate at which the Company would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term. ROU assets and lease liabilities arising from operating leases are included in other noncurrent assets, other current liabilities and other noncurrent liabilities in the accompanying Consolidated Balance Sheets. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 9 for additional disclosures on leases as of December 31, 2021.
Broadcast Rights and Broadcast Rights Payable	Broadcast Rights and Broadcast Rights Payable The Company records broadcast rights contracts as an asset and a liability when the following criteria are met: (1) the license period has begun, (2) the cost of each program is known or reasonably determinable, (3) the program material has been accepted in accordance with the license agreement, and (4) the program is produced and available for broadcast. Broadcast rights are initially recorded at the contract cost and are amortized on a straight-line basis over the period the programming airs. The current portion of broadcast rights represents those rights available for broadcast which will be amortized in the succeeding year. The Company periodically evaluates the net realizable value, calculated using the average historical rates for the programs or the time periods the programming will air, of broadcast rights and adjusts the amortization for any deficiency calculated.
Property and Equipment, Net	Property and Equipment, Net Property and equipment is stated at cost or at estimated fair value if acquired through a business combination. The cost and related accumulated depreciation applicable to assets sold or retired are removed from the accounts and the gain or loss on disposition is recognized. Major renewals and betterments are capitalized, and ordinary repairs and maintenance are charged to expense in the period incurred. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (see Note 4).
Intangible Assets, Net	Intangible Assets, Net Intangible assets consist primarily of goodwill, FCC licenses, network affiliation agreements, developed technology, brand value and customer relationships arising from acquisitions. The Company accounts for acquired businesses using the acquisition method of accounting, which requires that purchase prices, including any contingent consideration, are measured at acquisition date fair values. These purchase prices are allocated to the assets acquired and liabilities assumed at estimated fair values at the date of acquisition using various valuation techniques, including the income approach, such as discounted projected cash flows, the cost approach and other. The estimated fair value of an FCC license acquired in a business combination is calculated using a discounted projected cash flow model referred to as the Greenfield Method. The Greenfield Method attempts to isolate the income that is attributable to the license alone. This approach is based upon modeling a hypothetical start-up station and building it up to a normalized operation that, by design, lacks an affiliation with a network (commonly known as an independent station), lacks inherent goodwill and whose other assets have essentially been added as part of the build-up process. The Greenfield Method assumes annual cash flows over a projection period model. Inputs to this model include, but are not limited to, (i) a four-year build-up period for a start-up station to reach a normalized state of operations, (ii) market long-term growth rate over a projection period, (iii) estimated market revenue share for a typical market participant without a network affiliation, (iv) estimated profit margins based on industry data, (v) capital expenditures based on the size of market and the type of station being constructed, (vi) estimated tax rates in the appropriate jurisdiction, and (vii) an estimated discount rate using a weighted average cost of capital analysis. The Greenfield Method also includes an estimated terminal value by discounting an estimated annual cash flow with an estimated long-term growth rate. The assumptions used in estimating the fair value of a network affiliation agreement acquired in a business combination are similar to those used in the valuation of an FCC license. The Greenfield Method is also utilized in the valuation of network affiliation agreements except that the estimated market revenue share, estimated profit margins, capital expenditures and other assumptions reflect a market participant premium based on the programming of a network affiliate relative to an independent station. This approach would result in an estimated fair value of the collective FCC license and a network affiliation agreement. The excess of the estimated fair value in this model over the estimated value of an FCC license of an independent station under the Greenfield Method represents the estimated fair value of a network affiliation agreement. Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. During the measurement period, which may be up to one year from the acquisition date of a business, the Company records adjustments related to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income. The Company’s goodwill and FCC licenses are considered to be indefinite-lived intangible assets and are not amortized but are tested for impairment annually in the Company’s fourth quarter, or more frequently if events or changes in circumstances indicate that such assets might be impaired. The use of an indefinite life for FCC licenses contemplates the Company’s historical ability to renew its licenses such that renewals generally may be obtained indefinitely and at little cost. Therefore, cash flows derived from the FCC licenses are expected to continue indefinitely. Network affiliation agreements are subject to amortization computed on a straight-line basis over the estimated useful life of 15 years. The 15-year life assumes affiliation contracts will be renewed upon expiration. Changes in the likelihood of renewal could require a change in the useful life of such assets and cause an acceleration of amortization. The Company evaluates the remaining lives of its network affiliations whenever changes occur in the likelihood of affiliation contract renewals, and at least on an annual basis. For purposes of goodwill impairment tests, the Company has one aggregated television stations reporting unit, because of the stations’ similar economic characteristics, one cable network reporting unit, and two digital business reporting units. The Company’s impairment review for FCC licenses is performed at the television station market level. The Company first assesses the qualitative factors to determine the likelihood of the goodwill and FCC licenses being impaired. The qualitative analysis includes, but is not limited to, assessing the changes in macroeconomic conditions, regulatory environment, industry and market conditions, and the financial performance versus budget of the reporting units, as well as any other events or circumstances specific to the reporting units or the FCC licenses. If it is more likely than not that the fair value of a reporting unit’s goodwill or a station’s FCC license is greater than its carrying amount, no further testing will be required. Otherwise, the Company will apply the quantitative impairment test method. The quantitative impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The quantitative impairment test for FCC licenses consists of a market-by-market comparison of the carrying amounts of FCC licenses with their fair value, using the Greenfield Method of discounted cash flow analysis. An impairment is recorded when the carrying value of an FCC license exceeds its fair value. Determining the fair value of reporting units and FCC licenses requires management to make judgments about assumptions and estimates that are highly subjective and that are based on unobservable inputs. The actual results may differ from these assumptions and estimates, and it is possible that such differences could have a material impact on the Company’s Consolidated Financial Statements. In addition to the various inputs (e.g. revenue growth, operating profit margins, capital expenditures, discount rates) used to calculate the fair value of reporting units, the Company evaluates the reasonableness of its assumptions by comparing the total fair value of all its reporting units to its total market capitalization and by comparing the fair values of its reporting units to recent market sale transactions. The Company tests finite-lived intangible assets and other long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable, relying on certain factors, including operating results, business plans, economic projections and anticipated future cash flows. The carrying value of a long-lived asset or asset group is considered impaired when the projected future undiscounted cash flows to be generated from the asset or asset group over its remaining life are less than its carrying value. The Company measures impairment based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset or asset group. The fair value is determined primarily by using the projected future cash flows discounted at a rate commensurate with the risk involved as well as market valuations.
Debt Financing Costs	Debt Financing Costs Debt financing costs represent direct costs incurred to obtain long-term financing and are amortized to interest expense over the term of the related debt using the effective interest method. Previously capitalized debt financing costs are expensed and included in loss on extinguishment of debt if the Company determines that there has been a substantial modification of the related debt. Debt financing costs related to term loans and senior unsecured notes are combined with debt discounts and presented as a direct deduction from the carrying amount of debt. Debt financing costs related to revolving credit facilities are included in other noncurrent assets.
Comprehensive Income	Comprehensive Income The Company’s comprehensive income consists of net income and unrecognized actuarial gains and losses on its pension and postretirement liabilities, net of income tax adjustments.
Advertising Expense	Advertising Expense The cost of advertising is expensed as incurred. The Company incurred advertising costs in the amount of $ 20.5 million, $ 14.9 million, and $ 8.9 million for the years ended December 31, 2021, 2020 and 2019 , respectively.
Pension Plans and Postretirement Benefits	Pension plans and postretirement benefits A determination of the liabilities and cost of Nexstar’s pension and other postretirement plans requires the use of assumptions. The actuarial assumptions used in the pension and postretirement reporting are reviewed annually with independent actuaries and are compared with external benchmarks, historical trends and Nexstar’s own experience to determine that its assumptions are reasonable. The assumptions used in developing the required estimates include the following key factors: discount rates, expected return on plan assets, mortality rates, retirement rates and expected contributions. The amount by which the projected benefit obligation exceeds the fair value of the pension plan assets is recorded in other noncurrent liabilities in the accompanying Consolidated Balance Sheets. The net periodic benefit credit, which consists of interest costs and expected return on plan assets, is disclosed on a separate line item below income from operations in the accompanying Consolidated Statements of Operations and Comprehensive Income.
Stock-Based Compensation	Stock-Based Compensation Nexstar maintains stock-based employee and non-employee compensation plans which are described more fully in Note 13. The Company calculates the grant-date fair value of employee and non-employee stock options using the Black-Scholes model. The fair values of time-based and performance-based restricted stock units are based on the number of shares awarded and market price of the stock on the date of award. These amounts are recognized into selling, general and administrative expense over the vesting period of the options and the time-based restricted stock units, and for performance-based restricted stock units, when it is probable that the performance conditions will be achieved. The excess or shortage of tax deductions over the compensation cost of stock-based payments is recognized as income tax benefit or income tax expense, respectively.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities. A valuation allowance is applied against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Nexstar and its subsidiaries file a consolidated federal income tax return. Mission, White Knight and 54 Broadcasting, Inc. (a subsidiary of Vaughan and owner of station KNVA) file their own separate federal income tax returns. Vaughan is a disregarded entity for tax purposes and does not incur tax within the consolidated financial statements. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties relating to income taxes within income tax expense.
Income Per Share	Income Per Share Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares during the years ended December 31 (in thousands): 2021 2020 2019 Weighted average shares outstanding - basic 42,133 44,921 45,986 Dilutive effect of equity incentive plan instruments 1,849 1,799 1,937 Weighted average shares outstanding - diluted 43,982 46,720 47,923 T he Company has outstanding stock options and restricted stock units to acquire zero , 122,000 and 8,000 weighted average shares of common stock for the years ended December 31, 2021, 2020 and 2019 , respectively, the effects of which are excluded from the calculation of dilutive income per share, as their inclusion would have been anti-dilutive for the periods presented.
Segment Presentation	Segment Presentation The Company assesses its operating segments in accordance with ASC Topic 280, “Segment Reporting.” Nexstar operates in one reportable broadcast segment. The other activities of the Company include corporate functions, the management of certain real estate assets, including revenues from leasing certain owned office and production facilities, digital businesses and eliminations. See Note 17 for additional segment information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards Adopted On November 19, 2020, the SEC issued Final Rule Release No. 33-10890, “ Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information” (“SEC Rule 33-10890”), which amends certain sections of Regulation S-K to modernize, simplify, and enhance Management’s Discussion and Analysis (“MD&A”), streamline supplementary financial information and eliminate the requirement to provide certain selected financial data. Key changes include: (i) enhancement and clarification of the disclosure requirements for liquidity and capital resources; (ii) elimination of five years of Selected Financial Data; (iii) replacement of the current requirement for two years of quarterly tabular disclosure only when there are material retrospective changes; (iv) codification of prior SEC guidance on critical accounting estimates; (v) elimination of tabular disclosure of contractual obligations; and (vi) confirming amendments for foreign private issuers. SEC Rule 33-10890 was effective on February 10, 2021. Registrants are required to comply with the new rules beginning with the first fiscal year ending on or after August 9, 2021. Registrants may early adopt the amended rules at any time after the effective date (on an item-by-item basis), as long as they provide disclosure responsive to an amended item in its entirety. The Company updated its disclosures throughout this Annual Report on Form 10-K to comply with these amendments. Upon adoption of SEC Rule 33-10890, the Company no longer presents quarterly financial data in the accompanying Notes to Consolidated Financial Statements. In January 2020, the FASB issued ASU 2020-01, “Investments—Equity securities (Topic 321)” (“ASU 2020-01”), which clarifies the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in ASU 2020-01 are effective for all entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted ASU 2020-01 effective January 1, 2021 . The adoption did not have a material impact on the Company’s Consolidated Financial Statements and related disclosures. In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740)—Simplifying the accounting for income taxes” (“ASU 2019-12”), 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. The Company adopted this standard effective January 1, 2021 . The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements and related disclosures. New Accounting Standards Not Yet Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. This ASU also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company will evaluate the potential impacts the adoption of ASU 2021-08 may have on its Consolidated Financial Statements upon its adoption as it relates to future acquisitions. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain leases with variable payments. Under the ASU, a lessor would classify a lease with variable lease payments that do not depend on an index or rate as an operating lease at lease commencement if the lease would have been classified as a sales-type lease or direct financing lease under ASC 842 classification criteria and the lessor would have otherwise recognized a day one loss. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the standard to have a material impact on its Consolidated Financial Statements upon its adoption effective on January 1, 2022. In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”) , which provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate ("LIBOR"). The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective through December 31, 2022. The Company is currently assessing the potential impacts the adoption of ASU 2020-04 may have on its Consolidated Financial Statements upon its adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Weighted Average Shares Outstanding	Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares during the years ended December 31 (in thousands): 2021 2020 2019 Weighted average shares outstanding - basic 42,133 44,921 45,986 Dilutive effect of equity incentive plan instruments 1,849 1,799 1,937 Weighted average shares outstanding - diluted 43,982 46,720 47,923
Consolidated VIEs [Member]
Consolidated VIEs	As of December 31, the carrying amounts and classification of the assets and liabilities, excluding intercompany amounts, of the VIEs which have been included in the Consolidated Balance Sheets were as follows (in thousands): 2021 2020 Current assets: Cash and cash equivalents $ 9,226 $ 9,066 Accounts receivable, net 21,114 19,800 Prepaid expenses and other current assets 10,312 6,726 Total current assets 40,652 35,592 Property and equipment, net 57,456 61,938 Goodwill 150,500 153,704 FCC licenses 200,412 204,720 Network affiliation agreements, net 84,850 93,466 Other intangible assets, net 260 748 Other noncurrent assets, net 85,449 78,580 Total assets $ 619,579 $ 628,748 Current liabilities: Current portion of debt $ 3,000 $ - Interest payable 678 495 Other current liabilities 33,711 30,335 Total current liabilities 37,389 30,830 Debt 355,489 327,000 Deferred tax liabilities 41,783 29,433 Other noncurrent liabilities 92,552 82,821 Total liabilities $ 527,213 $ 470,084
Non Guarantor VIEs [Member]
Consolidated VIEs	As of December 31, the following are assets of consolidated VIEs, excluding intercompany amounts, that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs, excluding intercompany amounts, for which their creditors do not have recourse to the general credit of Nexstar (in thousands): 2021 2020 Current assets $ 5,080 $ 4,402 Property and equipment, net 12,213 16,137 Goodwill 62,237 63,795 FCC licenses 200,412 204,720 Network affiliation agreements, net 28,476 31,571 Other noncurrent assets, net 1,328 2,568 Total assets $ 309,746 $ 323,193 Current liabilities $ 33,711 $ 30,335 Noncurrent liabilities 134,335 112,254 Total liabilities $ 168,046 $ 142,589

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Acquisition [Line Items]
Unaudited Pro Forma Information	The following unaudited pro forma financial information has been presented for the periods indicated as if Nexstar’s acquisition of Tribune and the related divestitures had occurred on January 1, 2018 (in thousands): Year Ended December 31, 2019 Net revenue $ 4,023,138 Income before income taxes 429,784 Net income 300,711 Net income attributable to Nexstar 295,061
2021 Acquisition of The Hill [Member]
Business Acquisition [Line Items]
Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interests	Subject to final determination, which is expected to occur within twelve months of the acquisition date, the provisional fair values of the assets acquired and liabilities assumed are as follows (in thousands): Assets acquired Cash and cash equivalents $ 7,728 Accounts receivable, net 8,151 Prepaid expenses and other current assets 345 Property and equipment 726 Goodwill 69,060 Other intangible assets 67,912 Other noncurrent assets 3,085 Total assets acquired 157,007 Accounts payable ( 1,026 ) Accrued expenses ( 2,174 ) Other current liabilities ( 1,094 ) Deferred tax liabilities ( 12,617 ) Other noncurrent liabilities ( 2,402 ) Total Purchase Price $ 137,694
Tribune [Member]
Business Acquisition [Line Items]
Components of Total Consideration Paid, Payable or Issued Upon Closing of Merger	The following table summarizes the components of the total consideration paid upon closing of the Merger (in thousands): Cash consideration and related taxes $ 4,197,198 Warrants replacement awards 1,008 Repayment of Tribune debt, including premium and accrued interest 2,988,833 Gross purchase price 7,187,039 Less: Gross selling price of Tribune Divestitures, including working capital adjustments ( 1,007,745 ) Net purchase price $ 6,179,294
2020 Acquisitions [Member]
Business Acquisition [Line Items]
Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interests	The fair values of the assets acquired and liabilities assumed from the above acquisitions in 2020 are as follows (in thousands): BestReviews Other 2020 Nexstar Acquisitions 2020 Mission Acquisitions Total Assets acquired Cash and cash equivalents $ 794 $ - $ 2,099 $ 2,893 Accounts receivable, net 17,293 - 3,918 21,211 Prepaid expenses and other current assets 55 4,399 5,257 9,711 Property and equipment 32 21,426 23,482 44,940 FCC licenses - 25,917 66,602 92,519 Network affiliation agreements - 42,479 33,743 76,222 Goodwill 109,973 4,340 13,198 127,511 Other intangible assets 46,034 5,818 1,124 52,976 Other noncurrent assets - 95 68,736 68,831 Total assets acquired 174,181 104,474 218,159 496,814 Less: Accounts payable ( 4,627 ) - - ( 4,627 ) Broadcast rights payable - ( 4,091 ) ( 7,150 ) ( 11,241 ) Accrued expenses and other current liabilities ( 95 ) ( 234 ) ( 3,973 ) ( 4,302 ) Operating lease liabilities - - ( 1,581 ) ( 1,581 ) Other noncurrent liabilities - - ( 67,166 ) ( 67,166 ) Bargain purchase gain - ( 18,980 ) - ( 18,980 ) Total Purchase Price $ 169,459 $ 81,169 $ 138,289 $ 388,917

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following, as of December 31 (dollars in thousands): Estimated useful life, in years 2021 2020 Buildings and improvements 39 $ 381,911 $ 361,075 Land N/A 476,574 539,008 Leasehold improvements term of lease 81,907 67,376 Studio and transmission equipment 5 - 15 1,014,003 922,948 Computer equipment 3 - 5 150,976 152,861 Furniture and fixtures 7 27,702 25,946 Vehicles 5 58,303 54,318 Construction in progress N/A 59,160 100,573 2,250,536 2,224,105 Less: accumulated depreciation and amortization ( 738,066 ) ( 619,224 ) Property and equipment, net $ 1,512,470 $ 1,604,881

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Subject to Amortization	Intangible assets subject to amortization consisted of the following, as of December 31 (dollars in thousands): Estimated 2021 2020 useful life, Accumulated Accumulated in years Gross Amortization Net Gross Amortization Net Network affiliation agreements 15 $ 3,125,147 $ ( 1,064,964 ) $ 2,060,183 $ 3,125,320 $ ( 875,037 ) $ 2,250,283 Other definite-lived intangible assets 1 - 20 1,045,076 ( 388,126 ) 656,950 1,012,797 ( 323,879 ) 688,918 Other intangible assets $ 4,170,223 $ ( 1,453,090 ) $ 2,717,133 $ 4,138,117 $ ( 1,198,916 ) $ 2,939,201
Estimated Amortization Expense of Definite-Lived Intangible Assets	The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years and thereafter for definite-lived intangible assets as of December 31, 2021 (in thousands): 2022 $ 298,552 2023 292,564 2024 291,230 2025 286,966 2026 262,434 Thereafter 1,285,387 $ 2,717,133
Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets	The changes in the carrying amounts of goodwill and FCC licenses for the years ended December 31, 2021 and 2020 are as follows (in thousands): Goodwill FCC Licenses Accumulated Accumulated Gross Impairment Net Gross Impairment Net Balances as of December 31, 2020 $ 3,116,302 $ ( 132,294 ) $ 2,984,008 $ 2,957,114 $ ( 47,410 ) $ 2,909,704 Current year acquisitions (See Note 3) 69,060 - 69,060 1,300 - 1,300 Current year divestitures ( 42,475 ) 42,475 - - - - Measurement period adjustments ( 1,407 ) - ( 1,407 ) ( 753 ) - ( 753 ) Balances as of December 31, 2021 $ 3,141,480 $ ( 89,819 ) $ 3,051,661 $ 2,957,661 $ ( 47,410 ) $ 2,910,251

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment	Investments in the Company’s Consolidated Balance Sheets as of December 31 consisted of the following (in thousands): 2021 2020 Equity method investments $ 1,208,871 $ 1,321,715 Other equity investments 9,920 12,063 Total investments $ 1,218,791 $ 1,333,778
Summary of Income on Equity Investments, Net	Income from equity method investments, net reported in the Company’s Consolidated Statements of Operations and Comprehensive Income for the years ended December 31 consisted of the following (in thousands): 2021 2020 2019 Income on equity investments, net, before amortization of basis difference $ 250,336 $ 217,913 $ 63,107 Amortization of basis difference ( 125,756 ) ( 147,759 ) ( 45,182 ) Income on equity investments, net $ 124,580 $ 70,154 $ 17,925
Summary of Financial Information	Summarized financial information for TV Food Network is as follows (in thousands): Year Ended Year Ended September 19, 2019 to December 31, 2021 December 31, 2020 December 31, 2019 Net revenue $ 1,339,722 $ 1,286,567 $ 369,014 Costs and expenses 536,791 591,590 163,657 Income from operations 802,931 694,977 205,357 Net income 810,220 704,016 208,487 Net income attributable to Nexstar Media Group, Inc. 253,551 220,315 65,244 As of December 31 2021 2020 Current assets $ 861,464 $ 841,805 Noncurrent assets 409,296 364,668 Current liabilities 133,168 114,172 Noncurrent liabilities 365 293

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following, as of December 31 (in thousands): 2021 2020 Compensation and related taxes $ 120,176 $ 104,133 Interest payable 62,356 67,885 Network affiliation fees 45,907 34,948 Other 87,507 100,226 $ 315,946 $ 307,192

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt consisted of the following, as of December 31 (dollars in thousands): 2021 2020 Nexstar Term Loan A, due October 26, 2023 $ 485,400 $ 485,400 Team Loan A, due September 19, 2024 604,421 625,850 Term Loan B, due January 17, 2024 594,992 874,992 Term Loan B, due September 18, 2026 2,644,315 2,644,315 5.625 % Notes, due July 15, 2027 1,785,000 1,785,000 4.75 % Notes, due November 1, 2028 1,000,000 1,000,000 Mission Term Loan B, due June 3, 2028 299,250 - Revolving loans, due October 26, 2023 61,500 327,000 Total outstanding principal 7,474,878 7,742,557 Less: unamortized financing costs and discount - Nexstar Term Loan A due 2023 ( 1,046 ) ( 1,584 ) Less: unamortized financing costs and discount - Nexstar Term Loan A due 2024 ( 5,065 ) ( 7,102 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2024 ( 5,639 ) ( 12,136 ) Less: unamortized financing costs and discount - Nexstar Term Loan B due 2026 ( 42,848 ) ( 50,644 ) Add: unamortized premium, net of financing costs - Nexstar 5.625% Notes due 2027 5,215 5,997 Less: unamortized financing costs and discount - Nexstar 4.75% Notes due 2028 ( 8,109 ) ( 9,085 ) Less: unamortized financing costs and discount - Mission Term Loan B due 2028 ( 2,260 ) - Total outstanding debt 7,415,126 7,668,003 Less: current portion ( 47,170 ) ( 21,429 ) Long-term debt, net of current portion $ 7,367,956 $ 7,646,574
Principal Maturities of Debt	The scheduled principal maturities of the Company’s debt as of December 31, 2021 are summarized as follows (in thousands): 2022 $ 47,170 2023 617,400 2024 1,090,743 2025 3,000 2026 2,647,315 Thereafter 3,069,250 $ 7,474,878

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Summary of Components of Lease Expense	The following table presents lease assets and liabilities and related information as of December 31 (in thousands): Balance Sheet Classification December 31, 2021 December 31, 2020 Operating leases Operating lease right-of-use assets, net Other noncurrent assets, net $ 288,337 $ 282,834 Current lease liabilities Operating lease liabilities 42,843 35,850 Noncurrent lease liabilities Other noncurrent liabilities 237,911 234,208 Weighted Average Remaining Lease Term Operating leases 8 years 8.7 years Weighted Average Discount Rate Operating leases 5.1 % 5.4 %
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases	Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows (in thousands): Operating Leases 2022 $ 55,966 2023 53,615 2024 49,877 2025 37,408 2026 30,887 Thereafter 124,957 Total future minimum lease payments 352,710 Less: imputed interest ( 71,956 ) Total $ 280,754

Retirement and Postretirement_2

Retirement and Postretirement Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Schedule of Reconciliation of Plans Benefit Obligations, Plan Assets and Funded Status and Amounts Recognized	As of and for the years ended December 31, the following table provides a reconciliation of the plans’ benefit obligations, plan assets and funded status, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands): Pension Benefits OPEB 2021 2020 2021 2020 Change in benefit obligations Benefit obligations at beginning of period $ 2,553,496 $ 2,519,881 $ 29,611 $ 29,011 Service cost 1,130 962 31 12 Interest cost 40,223 63,577 369 681 Participant contributions - - - 4 Plan amendments - 1,978 - - Actuarial (gain) loss ( 82,917 ) 200,585 ( 1,071 ) 1,133 ESOP transfer 2,667 3,310 - - Benefit payments ( 257,472 ) ( 236,797 ) ( 1,692 ) ( 1,230 ) Benefit obligations at end of period $ 2,257,127 $ 2,553,496 $ 27,248 $ 29,611 Change in plan assets Fair value of plan assets at beginning of period $ 2,221,793 $ 2,077,006 $ - $ - Actual return on plan assets 181,254 333,578 - - Employer contributions 4,175 44,696 1,692 1,226 Participant contributions - - - 4 ESOP transfer 2,667 3,310 - - Benefit payments ( 257,472 ) ( 236,797 ) ( 1,692 ) ( 1,230 ) Fair value of plan assets at end of period $ 2,152,417 $ 2,221,793 $ - $ - Amounts recognized in Consolidated Balance Sheets Current liabilities $ ( 4,030 ) $ ( 4,126 ) $ ( 2,851 ) $ ( 2,931 ) Noncurrent liabilities ( 100,680 ) ( 327,578 ) ( 24,397 ) ( 26,680 ) Funded status $ ( 104,710 ) $ ( 331,704 ) $ ( 27,248 ) $ ( 29,611 )
Summary of Underfunded Pension Benefit Plans	Nexstar’s pension benefit plans were underfunded as of December 31 with accumulated benefit obligations exceeding the fair value of plan assets. Information for the underfunded pension benefit plans is as follows (in thousands): 2021 2020 Benefit obligations $ 2,257,127 $ 2,553,496 Accumulated benefit obligations 2,257,127 2,553,496 Fair value of plan assets 2,152,417 2,221,793
Schedule of Plans' Benefit Obligations Determined Using Assumptions	The plans’ benefit obligations were determined using the following assumptions: Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.69 % - 2.70 % 2.15 % - 2.29 % 3.08 % - 3.09 % 1.99 % - 2.59 % 1.42 % - 2.04 % 2.53 % - 3.00 % Compensation increase rate - - - 2.00 % 2.00 % 2.00 %
Summary of Components of Net Periodic Benefit Cost (Credit) for Plans	The following tables provide the components of net periodic benefit cost (credit) for the plans for the years ended December 31, (in thousands): Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Service cost $ 1,130 $ 962 $ 271 $ 31 $ 12 $ 12 Interest cost 40,223 63,577 31,167 369 681 806 Expected return on plan assets ( 110,963 ) ( 108,836 ) ( 47,575 ) - - - Amortization of prior service costs 167 - - ( 46 ) ( 46 ) - Amortization of net (gain) loss 1,189 30 - 725 162 ( 10 ) Settlement gain recognized ( 12,464 ) ( 1,591 ) - - - - Net periodic benefit cost (credit) $ ( 80,718 ) $ ( 45,858 ) $ ( 16,137 ) $ 1,079 $ 809 $ 808
Schedule of Assumptions Used to Determine Net Periodic Costs	The net periodic costs for the Company’s pension and other benefit plans were determined using the following assumptions: Pension Benefits OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.16 % - 2.29 % 3.08 % 3.12 % - 4.13 % 1.39 % - 2.06 % 2.52 % - 2.94 % 2.57 % - 4.06 % Expected return on plan assets 5.15 % - 5.90 % 5.45 % - 5.75 % 5.55 % - 6.25 % - - - Compensation increase rate - - - 2.00 % 2.00 % 2.00 % Cash balance interest crediting rate 2.20 % - 2.50 % 1.93 % - 2.20 % 2.50 % - 3.20 % - - -
Summary of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefit Plans	The following table provides a summary of the Company’s accumulated other comprehensive income (loss) related to pension and other postretirement benefit plans prior to any deferred tax effects (in thousands): Pension Benefits OPEB December 31, 2018 $ ( 19,341 ) $ 38 Actuarial (loss) gain 47,862 ( 1,924 ) December 31, 2019 $ 28,521 ( 1,886 ) Prior service cost ( 1,978 ) - Actuarial gain (loss) 22,608 ( 1,011 ) December 31, 2020 $ 49,151 $ ( 2,897 ) Prior service (cost) credit 167 ( 46 ) Actuarial gain 141,933 1,796 December 31, 2021 $ 191,251 $ ( 1,147 )
Schedule of Asset Allocation for Funded Retirement Plan and Range Asset Category	The asset allocation for Nexstar’s funded retirement plans at the end of 2021, and the asset allocation range for 2022, by asset category, are as follows: Asset Allocation Percentage of Plan Assets at Year End Asset category: 2022 2021 Equity securities 20 % - 40 % 39 % Fixed income securities 60 % - 80 % 53 % Other - 8 % Total 100 %
Schedule of Pension Plan Assets by asset Category	The following table sets forth, by asset category, Nexstar’s pension plan assets as of December 31, 2021 and 2020, using the fair value hierarchy established under ASC Topic 820 as described in Note 11. The fair value hierarchy in the tables excludes certain investments which are valued using net asset value (“NAV”) as a practical expedient (in thousands): Pension Plan Assets as of December 31, 2021 Level 1 Level 2 Level 3 Total Pension plan assets measured at fair value: Registered investment companies $ 8,987 $ - $ - $ 8,987 Common collective trusts - 16,664 - 16,664 Other 2,106 - - 2,106 Pooled separate account - 7,893 - 7,893 Total pension plan assets measured at fair value $ 11,093 $ 24,557 $ - 35,650 Pension plan assets measured at NAV as a practical expedient 2,111,182 Pension plan assets measured at contract value: Insurance contracts 5,585 Total pension plan assets $ 2,152,417 Pension Plan Assets as of December 31, 2020 Level 1 Level 2 Level 3 Total Pension plan assets measured at fair value: Registered investment companies $ 9,656 $ - $ - $ 9,656 Common collective trusts - 16,934 - 16,934 Fixed income - - - - Other 1,767 - - 1,767 Pooled separate account - 8,545 - 8,545 Total pension plan assets measured at fair value $ 11,423 $ 25,479 $ - 36,902 Pension plan assets measured at NAV as a practical expedient 2,179,293 Pension plan assets measured at contract value: Insurance contracts 5,598 Total pension plan assets $ 2,221,793
Schedule of Expected Plan Contributions	The following table includes amounts that are expected to be contributed to the plans by Nexstar, in thousands. It additionally reflects benefit payments that are made from the plans’ assets as well as those made directly from Nexstar’s assets, and it includes the participants’ share of the costs, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect Nexstar’s best estimate given its current knowledge including the impact of recent pension funding relief legislation. Actual amounts could be materially different. Pension Benefits OPEB Employer Contributions 2022 to participant benefits $ 4,030 $ 2,872 Expected Benefit Payments 2022 142,078 2,872 2023 141,554 2,621 2024 142,131 2,403 2025 141,532 2,281 2026 140,937 2,158 2027-2031 675,352 8,767

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis	As of December 31, the estimated fair values and carrying amounts of the Company’s long-term debt which are not measured at fair value on a recurring basis were as follows (dollars in thousands): 2021 2020 Carrying Fair Carrying Fair Amount Value Amount Value Nexstar Term Loan A due 2023 (1) $ 484,354 $ 483,751 $ 483,816 $ 480,373 Team Loan A due 2024 (1) 599,356 601,964 618,748 619,619 Term Loan B due 2024 (1) 589,353 593,454 862,856 865,311 Term Loan B due 2026 (1) 2,601,467 2,638,471 2,593,671 2,601,619 5.625 % Notes due 2027 (2) 1,790,215 1,880,373 1,790,997 1,912,181 4.75 % Notes due 2028 (2) 991,891 1,022,310 990,915 1,040,000 Mission Term Loan B due 2028 (1) 296,990 299,742 - - Revolving loans due 2023 (1) 61,500 61,252 327,000 323,517 (1) The fair values of senior secured and revolving credit facilities are computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market. (2) The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Stock Option Activity	The following table summarizes activity and information related to stock options for the year ended December 31, 2021: Outstanding Options Non-Vested Options Weighted- Weighted- Average Aggregate Weighted- Average Remaining Intrinsic Average Exercise Contractual Value Grant-Date Shares Price Term (Years) (thousands) Shares Fair Value Balances as of December 31, 2020 1,504,873 $ 21.42 2.26 $ 132,077 - $ - Granted - $ - - - - $ - Exercised ( 479,530 ) $ 17.19 - - - $ - Vested - $ - - - - $ - Forfeited/cancelled - $ - - - - $ - Balances as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811 - $ - Exercisable as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811 Fully vested and expected to vest as of December 31, 2021 1,025,343 $ 23.40 1.40 $ 130,811
Time-Based Restricted Stock Units [Member]
Summary of Restricted Stock Units	The RSUs vest over a range of two to five years from the date of the award. All unvested RSUs are forfeited immediately upon the employee’s termination for any reason other than change of control. The following table summarizes activity and information related to RSUs for the year ended December 31, 2021: Weighted- Average Unvested Grant-Date Shares Fair Value Unvested as of December 31, 2020 1,202,751 $ 71.30 Awarded 430,600 $ 138.77 Vested ( 531,585 ) $ 70.31 Forfeited/cancelled ( 112,500 ) $ 72.63 Unvested as of December 31, 2021 989,266 $ 100.78
Performance-Based Restricted Stock Units [Member]
Summary of Restricted Stock Units	The vesting of the PSUs is contingent on the continued service of the grantee and the achievement of specific performance metrics (generally over a range of two to four years ) designated by the Board of Directors of the Company. All unvested PSUs are forfeited immediately upon the employee’s termination for any reason other than change of control. The following table summarizes activity and information related to PSUs for the year ended December 31, 2021: Weighted- Average Unvested Grant-Date Shares Fair Value Unvested as of December 31, 2020 301,669 $ 90.53 Awarded 108,333 $ 114.03 Vested ( 155,836 ) $ 76.47 Forfeited/cancelled ( 23,750 ) $ 70.75 Unvested as of December 31, 2021 230,416 $ 113.13

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Taxes	The income tax expense (benefit) consisted of the following components for the years ended December 31 (in thousands): 2021 2020 2019 Current tax expense: Federal $ 219,063 $ 281,358 $ 111,486 State 38,304 56,856 28,962 257,367 338,214 140,448 Deferred tax expense (benefit): Federal 2,135 ( 32,761 ) 8,075 State 3,376 ( 8,945 ) ( 11,497 ) 5,511 ( 41,706 ) ( 3,422 ) Income tax expense $ 262,878 $ 296,508 $ 137,026
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Income Tax Expense	The following is a reconciliation of the federal statutory income tax rate to income tax expense for the years ended December 31 (in thousands): 2021 2020 2019 Federal income tax at the statutory rate $ 229,616 $ 231,922 $ 78,229 State and local taxes, net of federal benefit 43,315 43,082 13,569 Nondeductible compensation 6,203 6,289 5,149 Nondeductible acquisition costs - - 3,649 Nondeductible meals and entertainment 1,718 1,487 2,171 Nondeductible goodwill impairment - - 8,920 Excess tax benefit on stock-based compensation ( 19,563 ) ( 2,974 ) ( 5,363 ) Disposition of nondeductible goodwill - 8,347 10,302 Change in beginning of year valuation allowance 18,866 5,332 19,894 Uncertain tax positions ( 11,944 ) 1,228 902 Other ( 5,333 ) 1,795 ( 396 ) Income tax expense $ 262,878 $ 296,508 $ 137,026
Schedule of Components of Net Deferred Tax Asset Liability	The components of the net deferred tax asset (liability) were as follows, as of December 31 (in thousands): 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 50,327 $ 49,859 Compensation 10,270 13,133 Rent 71,648 68,919 Pension 35,945 94,971 Other 30,623 30,961 Total deferred tax assets 198,813 257,843 Valuation allowance for deferred tax assets ( 42,345 ) ( 23,479 ) Total deferred tax assets 156,468 234,364 Deferred tax liabilities: Property and equipment ( 240,872 ) ( 252,149 ) Other intangible assets ( 485,730 ) ( 536,365 ) Goodwill ( 118,999 ) ( 76,544 ) FCC licenses ( 668,590 ) ( 649,034 ) Rent ( 76,471 ) ( 75,571 ) Deferred gain on spectrum ( 37,276 ) ( 37,275 ) Investments ( 210,484 ) ( 242,436 ) Other ( 46,554 ) ( 38,998 ) Total deferred tax liabilities ( 1,884,976 ) ( 1,908,372 ) Net deferred tax liabilities $ ( 1,728,508 ) $ ( 1,674,008 )
Schedule of Reconciliation of Gross Liability for Uncertain Tax Positions	A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows (in thousands): 2021 2020 2019 Uncertain tax position liability at the beginning of the year $ 45,590 $ 45,235 $ 12,542 Increases resulting from merger transaction - 2,007 32,211 Increases related to tax positions taken during the current period 348 75 75 Increases related to tax positions taken during prior periods - 466 761 Decreases related to tax positions taken during prior periods ( 45 ) - - Decreases related to settlements with taxing authorities ( 6,961 ) ( 1,433 ) - Decreases related to expiration of statute of limitations ( 6,086 ) ( 760 ) ( 354 ) Uncertain tax position liability at the end of the year $ 32,846 $ 45,590 $ 45,235

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments for Un-booked Broadcast Rights	Future minimum payments for license agreements for which the license period has not commenced and no asset or liability has been recorded are as follows as of December 31, 2021 (in thousands): 2022 $ 44,317 2023 15,143 2024 3,288 2025 3,294 2026 1,141 Thereafter - $ 67,183

Segment Data (Tables)

Segment Data (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in thousands): Years Ended December 31, Net revenue 2021 2020 2019 Broadcast $ 4,533,816 $ 4,410,528 $ 2,929,431 Other 114,555 90,741 109,893 Total net revenue $ 4,648,371 $ 4,501,269 $ 3,039,324 Years Ended December 31, Operating income (loss) 2021 2020 2019 Broadcast segment profit $ 1,741,542 $ 1,823,812 $ 1,047,972 Corporate (unallocated) and other ( 152,790 ) ( 142,298 ) ( 182,882 ) Depreciation and amortization ( 467,477 ) ( 427,398 ) ( 323,692 ) Payments for broadcast rights, net of amortization 46,310 56,096 15,612 Reimbursement from the FCC related to station repack 19,735 57,261 70,356 Assets held for sale impairment ( 23,046 ) - - Goodwill and intangible assets impairment - - ( 63,317 ) Gain on disposal of stations and business units, net 2,755 7,473 96,091 Miscellaneous, net 8,364 450 ( 5,009 ) Income from operations $ 1,175,393 $ 1,375,396 $ 655,131 As of December 31, Assets 2021 2020 Broadcast (1) $ 12,038,836 $ 12,352,509 Corporate (unallocated) and other 1,225,626 1,051,767 $ 13,264,462 $ 13,404,276 (1) While the Company’s investment in TV Food Network ($ 1.191 billion at December 31, 2021 and $ 1.302 billion at December 31, 2020) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 6. As of December 31, Goodwill 2021 2020 Broadcast $ 2,872,629 $ 2,874,274 Other 179,032 109,734 $ 3,051,661 $ 2,984,008
Summary of Disaggregation of Revenue	The following table presents the disaggregation of the Company’s revenue under ASC 606 for the periods presented (in thousands). Year Ended December 31, 2021 Broadcast Other Consolidated Core advertising (local and national) $ 1,761,738 $ - $ 1,761,738 Political advertising 45,199 - 45,199 Distribution 2,472,213 681 2,472,894 Digital 215,758 106,800 322,558 Other 26,172 7,074 33,246 Trade 12,736 - 12,736 Total net revenue $ 4,533,816 $ 114,555 $ 4,648,371 Year Ended December 31, 2020 Broadcast Other Consolidated Core advertising (local and national) $ 1,571,034 $ 38 $ 1,571,072 Political advertising 507,564 - 507,564 Distribution 2,149,569 3,053 2,152,622 Digital 141,960 81,408 223,368 Other 28,226 6,242 34,468 Trade 12,175 - 12,175 Total net revenue $ 4,410,528 $ 90,741 $ 4,501,269 Year Ended December 31, 2019 Broadcast Other Consolidated Core advertising (local and national) $ 1,335,126 $ - $ 1,335,126 Political advertising 51,889 - 51,889 Distribution 1,368,881 - 1,368,881 Digital 137,067 104,452 241,519 Other 19,083 5,441 24,524 Trade 17,385 - 17,385 Total revenue $ 2,929,431 $ 109,893 $ 3,039,324

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Allowance for Doubtful Accounts Rollforward (in thousands): Additions Balance at Charged to Balance at Beginning Costs and End of of Period Expenses Deductions (1) Period Year Ended December 31, 2021 $ 34,922 $ 9,751 $ ( 21,544 ) $ 23,129 Year Ended December 31, 2020 17,205 30,046 ( 12,329 ) 34,922 Year Ended December 31, 2019 13,158 12,972 ( 8,925 ) 17,205 (1) Uncollectible accounts written off, net of recoveries.

Organization and Business Ope_2

Organization and Business Operations (Details)	Dec. 31, 2021TelevisionStationRadioStationMarketState
Organization And Business Operations [Line Items]
Number of full power television stations owned, operated, programmed or provided sales and other services	199
Number of markets in which the Company's stations broadcast | Market	116
Number of states in which the Company's stations broadcast | State	39
Number of full power television stations owned or operated by independent third parties	35
Number of AM radio station | RadioStation	1
Percentage of US television household reach	39.00%
Ownership stake	20.00%
TV Food Network [Member]
Organization And Business Operations [Line Items]
Ownership stake	31.30%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Various Local Service Agreements (Parenthetical) (Details) - USD ($) $ in Millions	May 24, 2021	Jan. 27, 2020
KGBT-TV [Member]
Variable Interest Entity [Line Items]
Total purchase price in cash		$ 17.9
WNAC-T V and KGBT-TV [Member]
Variable Interest Entity [Line Items]
Total purchase price in cash	$ 8.4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Consolidated VIEs (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 190,868	$ 152,701
Accounts receivable, net		1,021,051	904,801
Prepaid expenses and other current assets		185,174	135,872
Total current assets		1,412,719	1,209,982
Property and equipment, net		1,512,470	1,604,881
Goodwill		3,051,661	2,984,008
FCC licenses		2,910,251	2,909,704
Finite-Lived Intangible Assets, Net		2,717,133	2,939,201
Other noncurrent assets, net		396,187	418,198
Total assets	[1]	13,264,462	13,404,276
Current liabilities:
Current portion of debt		47,170	21,429
Interest payable		62,356	67,885
Other current liabilities		56,274	42,442
Total current liabilities		787,294	730,888
Debt		7,367,956	7,646,574
Deferred tax liabilities		1,728,508	1,674,008
Other noncurrent liabilities		523,277	815,930
Total liabilities	[1]	10,407,035	10,867,400
Network affiliation agreements [Member]
Current assets:
Finite-Lived Intangible Assets, Net		2,060,183	2,250,283
Other definite-lived intangible assets [Member]
Current assets:
Finite-Lived Intangible Assets, Net		656,950	688,918
Consolidated VIEs [Member]
Current assets:
Cash and cash equivalents		9,226	9,066
Accounts receivable, net		21,114	19,800
Prepaid expenses and other current assets		10,312	6,726
Total current assets		40,652	35,592
Property and equipment, net		57,456	61,938
Goodwill		150,500	153,704
FCC licenses		200,412	204,720
Other noncurrent assets, net		85,449	78,580
Total assets		619,579	628,748
Current liabilities:
Current portion of debt		3,000
Interest payable		678	495
Other current liabilities		33,711	30,335
Total current liabilities		37,389	30,830
Debt		355,489	327,000
Deferred tax liabilities		41,783	29,433
Other noncurrent liabilities		92,552	82,821
Total liabilities		527,213	470,084
Consolidated VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite-Lived Intangible Assets, Net		84,850	93,466
Consolidated VIEs [Member] | Other definite-lived intangible assets [Member]
Current assets:
Finite-Lived Intangible Assets, Net		260	748
Non Guarantor VIEs [Member]
Current assets:
Total current assets		5,080	4,402
Property and equipment, net		12,213	16,137
Goodwill		62,237	63,795
FCC licenses		200,412	204,720
Other noncurrent assets, net		1,328	2,568
Total assets		309,746	323,193
Current liabilities:
Total current liabilities		33,711	30,335
Noncurrent liabilities		134,335	112,254
Total liabilities		168,046	142,589
Non Guarantor VIEs [Member] | Network affiliation agreements [Member]
Current assets:
Finite-Lived Intangible Assets, Net		$ 28,476	$ 31,571
[1]	The consolidated total assets as of December 31, 2021 and 2020 include certain assets held by consolidated VIEs of $ 309.7 million and $ 323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of December 31, 2021 and 2020 include certain liabilities of consolidated VIEs of $ 168.0 million and $ 142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)SegmentReportingUnitshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Significant Accounting Policies [Line Items]
Assets held for sale	$ 45,250,000	$ 4,524,000
Long lived assets held-for-sale, impairment charge	$ 23,046,000
Ownership stake	20.00%
Equity method investments, impairments	$ 0	0	$ 0
Advertising expense	$ 20,500,000	$ 14,900,000	$ 8,900,000
Stock options and restricted stock units with potentially dilutive effect (in shares) | shares	0	122,000	8,000
Number of reportable segments | Segment	1
Previously Reported [Member]
Significant Accounting Policies [Line Items]
Assets held for sale	$ 68,300,000
Television Station [Member]
Significant Accounting Policies [Line Items]
Number of reporting units | ReportingUnit	1
Cable Network [Member]
Significant Accounting Policies [Line Items]
Number of reporting units | ReportingUnit	1
Digital Media [Member]
Significant Accounting Policies [Line Items]
Number of reporting units | ReportingUnit	2
Network affiliation agreements [Member]
Significant Accounting Policies [Line Items]
Network affiliation agreements useful life	15 years	15 years
Tribune [Member] | Network affiliation agreements [Member]
Significant Accounting Policies [Line Items]
Network affiliation agreements useful life	15 years
Accounting Standards Update 2020-01 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update 2019-12 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Weighted Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share Basic And Diluted Other Disclosures [Abstract]
Basic weighted average shares outstanding	42,133	44,921	45,986
Dilutive effect of equity incentive plan instruments	1,849	1,799	1,937
Weighted average shares outstanding - diluted	43,982	46,720	47,923

Acquisitions and Dispositions-

Acquisitions and Dispositions- 2021 Acquisition of the Hill - Additional Information (Details) - USD ($) $ in Millions	Aug. 20, 2021	Dec. 31, 2021	Dec. 31, 2021
News Communications, Inc. [Member]
Business Acquisition [Line Items]
Percentage of outstanding equity acquired	100.00%
Cash consideration	$ 137.7
2021 Acquisition of The Hill [Member]
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations and comprehensive income		$ 21.9
2021 Acquisition of The Hill [Member] | Other definite-lived intangible assets [Member]
Business Acquisition [Line Items]
Weighted average estimated useful life of other intangible assets			6 years 8 months 12 days

Acquisitions and Dispositions -

Acquisitions and Dispositions - Fair Values of Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets acquired
Goodwill	$ 3,051,661	$ 2,984,008
2021 Acquisition of The Hill [Member]
Assets acquired
Cash and cash equivalents	7,728
Accounts receivable, net	8,151
Prepaid expenses and other current assets	345
Property and equipment	726
Goodwill	69,060
Other noncurrent assets	3,085
Total Purchase Price	157,007
Accounts payable	(1,026)
Accrued expenses	(2,174)
Other current liabilities	(1,094)
Deferred tax liabilities	(12,617)
Other noncurrent liabilities	(2,402)
Total assets acquired	137,694
2021 Acquisition of The Hill [Member] | Other definite-lived intangible assets [Member]
Assets acquired
Other intangible assets	$ 67,912
BestReviews LLC [Member]
Assets acquired
Cash and cash equivalents		794
Accounts receivable, net		17,293
Prepaid expenses and other current assets		55
Property and equipment		32
Goodwill		109,973
Other intangible assets		46,034
Total Purchase Price		174,181
Accounts payable		(4,627)
Accrued expenses and other current liabilities		(95)
Total assets acquired		169,459
Other 2020 Nexstar Acquisitions [Member]
Assets acquired
Prepaid expenses and other current assets		4,399
Property and equipment		21,426
FCC licenses		25,917
Goodwill		4,340
Other intangible assets		5,818
Other noncurrent assets		95
Total Purchase Price		104,474
Broadcast rights payable		(4,091)
Accrued expenses and other current liabilities		(234)
Bargain purchase gain		(18,980)
Total assets acquired		81,169
Other 2020 Nexstar Acquisitions [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets		42,479
2020 Mission Acquisitions [Member]
Assets acquired
Cash and cash equivalents		2,099
Accounts receivable, net		3,918
Prepaid expenses and other current assets		5,257
Property and equipment		23,482
FCC licenses		66,602
Goodwill		13,198
Other intangible assets		1,124
Other noncurrent assets		68,736
Total Purchase Price		218,159
Broadcast rights payable		(7,150)
Accrued expenses and other current liabilities		(3,973)
Operating lease liabilities		(1,581)
Other noncurrent liabilities		(67,166)
Total assets acquired		138,289
2020 Mission Acquisitions [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets		33,743
2020 Acquisitions [Member]
Assets acquired
Cash and cash equivalents		2,893
Accounts receivable, net		21,211
Prepaid expenses and other current assets		9,711
Property and equipment		44,940
FCC licenses		92,519
Goodwill		127,511
Other intangible assets		52,976
Other noncurrent assets		68,831
Total Purchase Price		496,814
Accounts payable		(4,627)
Broadcast rights payable		(11,241)
Accrued expenses and other current liabilities		(4,302)
Operating lease liabilities		(1,581)
Other noncurrent liabilities		(67,166)
Bargain purchase gain		(18,980)
Total assets acquired		388,917
2020 Acquisitions [Member] | Network affiliation agreements [Member]
Assets acquired
Other intangible assets		$ 76,222

Acquisitions and Dispositions_2

Acquisitions and Dispositions - 2021 Acquisitions - Additional Information (Details) - USD ($) $ in Millions	Jun. 17, 2021	May 24, 2021	May 24, 2021	Jan. 27, 2020
WNAC-TV [Member]
Business Acquisition [Line Items]
Acquisition date	Jun. 17, 2021
KGBT-TV [Member]
Business Acquisition [Line Items]
Acquisition date		May 24, 2021		Jan. 27, 2020
Cash payment				$ 17.9
WNAC-T V and KGBT-TV [Member]
Business Acquisition [Line Items]
Cash payment			$ 8.4

Acquisitions and Dispositions_3

Acquisitions and Dispositions - 2020 Nexstar Acquisitions - Additional Information (Details) - BestReviews LLC [Member] - USD ($) $ in Millions	Dec. 29, 2020	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition date	Dec. 29, 2020
Acquisition percentage	100.00%
Cash payment	$ 169.9
Weighted average estimated useful life of other intangible assets		6 years

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Other 2020 Nexstar Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	May 24, 2021	Sep. 17, 2020	Mar. 02, 2020	Jan. 27, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Operating income						$ 1,175,393	$ 1,375,396	$ 655,131
WDKY-TV [Member]
Business Acquisition [Line Items]
Acquisition date		Sep. 17, 2020
Cash payment		$ 18,000
Net assets acquired		37,000
Bargain purchase gain		$ 19,000
Television Station WJZY [Member]
Business Acquisition [Line Items]
Acquisition date			Mar. 2, 2020
Television Station WMYT [Member]
Business Acquisition [Line Items]
Acquisition date			Mar. 2, 2020
Television Station WJZY and WMYT [Member]
Business Acquisition [Line Items]
Cash payment			$ 45,300
KGBT-TV [Member]
Business Acquisition [Line Items]
Acquisition date	May 24, 2021			Jan. 27, 2020
Cash payment				$ 17,900
Other 2020 Nexstar Acquisitions [Member]
Business Acquisition [Line Items]
Net assets acquired					$ 81,169		$ 81,169
Revenue included in consolidated statements of operations and comprehensive income					78,000
Operating income					$ 34,000

Acquisitions and Dispositions_5

Acquisitions and Dispositions - 2020 Mission Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Dec. 30, 2020	Dec. 29, 2020	Sep. 01, 2020	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Operating income					$ 1,175,393	$ 1,375,396	$ 655,131
CW affiliate station WPIX [Member] | Mission [Member]
Business Acquisition [Line Items]
Acquisition date	Dec. 30, 2020
Cash payment	$ 85,100
Television Stations KMSS, KPEJ AND KLJB [Member] | Mission [Member] | Marshall Broadcasting Group Inc [Member]
Business Acquisition [Line Items]
Acquisition date			Sep. 1, 2020
Cash payment			$ 4,200
Purchase price			53,200
Purchase price settled against existing loans receivable			$ 49,000
2020 Mission Acquisitions [Member] | Mission [Member]
Business Acquisition [Line Items]
Revenue included in consolidated statements of operations and comprehensive income				$ 11,900
Operating income				$ 2,600
Merger related costs					$ 7,800
BestReviews LLC [Member]
Business Acquisition [Line Items]
Acquisition date		Dec. 29, 2020
Cash payment		$ 169,900
Network affiliation agreements useful life					15 years
Weighted average estimated useful life of intangible assets					6 years

Acquisitions and Dispositions_6

Acquisitions and Dispositions - 2020 Acquisitions - Additional Information (Details) - USD ($) $ in Millions	Nov. 23, 2020	Nov. 16, 2020
WXXA and WLAJ [Member]
Business Acquisition [Line Items]
Cash payment		$ 22.6
WXXA and WLAJ [Member] | Term Loan [Member]
Business Acquisition [Line Items]
Line of credit maximum borrowing capacity		$ 20.7
WXXA and WLAJ [Member] | Guarantor Subsidiaries [Member]
Business Acquisition [Line Items]
Acquisition date	Nov. 23, 2020
KASY, KWBQ and KRWB [Member] | Guarantor Subsidiaries [Member]
Business Acquisition [Line Items]
Acquisition date		Nov. 16, 2020

Acquisitions and Dispositions_7

Acquisitions and Dispositions - 2020 Nexstar Dispositions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 02, 2020	Jan. 14, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Selling price of entities sold			$ 2,514	$ 362,803	$ 1,352,958
Gain on disposal of stations and business units, net			$ 2,755	$ 7,473	$ 96,091
Television Stations KCPQ, KZJO and WITI [Member]
Business Acquisition [Line Items]
Selling price of entities sold	$ 349,900
Gain on disposal of stations and business units, net	$ 7,000
Website Business [Member]
Business Acquisition [Line Items]
Selling price of entities net of cash sold		$ 12,900

Acquisitions and Dispositions_8

Acquisitions and Dispositions - Tribune Divestitures - Merger with Tribune - Additional Information (Details) $ in Thousands	Sep. 19, 2019USD ($)TelevisionStationMarketStationRadioStation	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Percentage of US television household reach			39.00%
Ownership stake			20.00%
Selling price of entities sold			$ 2,514	$ 362,803	$ 1,352,958
Gain on disposal of stations and business units, net			2,755	7,473	96,091
Operating income			$ 1,175,393	1,375,396	655,131
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Business Acquisition [Line Items]
Interest rate			5.625%
TV Food Network [Member]
Business Acquisition [Line Items]
Ownership stake			31.30%
NewsNation [Member] | Television Food Network and Portfolio of Real Estate Assets [Member]
Business Acquisition [Line Items]
Ownership stake	31.30%
Tribune [Member]
Business Acquisition [Line Items]
Acquisition date	Sep. 19, 2019
Percentage of US television household reach	39.00%
Number of full power stations acquired | TelevisionStation	31
Number of AM radio stations acquired | RadioStation	1
Number of television market of stations acquired | Market	23
Number of stations divested | TelevisionStation	21
Number of television market of stations sold | Market	16
Selling price of entities sold	$ 1,360,000
Revenue included in consolidated statements of operations and comprehensive income		$ 471,600
Operating income		$ 78,400
Merger related costs				$ 3,400	$ 54,500
Tribune [Member] | Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Business Acquisition [Line Items]
Debt issuance	$ 1,120,000
Interest rate	5.625%
Tribune [Member] | Tribune Divestitures [Member]
Business Acquisition [Line Items]
Number of stations divested | TelevisionStation	13
Number of television market of stations sold | Market	11
Selling price of entities sold	$ 1,007,745
Number of divested television stations sold | Station	13
Gain on disposal of stations and business units, net	$ (9,800)
Tribune [Member] | Nexstar Divestitures
Business Acquisition [Line Items]
Selling price of entities sold	$ 358,600
Number of divested television stations sold | Station	8
Gain on disposal of stations and business units, net	$ 105,900

Acquisitions and Dispositions_9

Acquisitions and Dispositions - Components of Total Consideration Paid Upon Closing of Merger (Details) - USD ($) $ in Thousands	Sep. 19, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Repayment of Tribune debt, including premium and accrued interest		$ 590,179	$ 2,184,146	$ 902,217
Less: Gross selling price of Tribune Divestitures, including working capital adjustments		$ (2,514)	$ (362,803)	$ (1,352,958)
Tribune [Member]
Business Acquisition [Line Items]
Total purchase price in cash	$ 4,197,198
Warrants replacement awards	1,008
Gross purchase price	7,187,039
Less: Gross selling price of Tribune Divestitures, including working capital adjustments	(1,360,000)
Net purchase price	6,179,294
Tribune [Member] | Tribune Divestitures [Member]
Business Acquisition [Line Items]
Less: Gross selling price of Tribune Divestitures, including working capital adjustments	(1,007,745)
Tribune [Member] | Term Loans [Member]
Business Acquisition [Line Items]
Repayment of Tribune debt, including premium and accrued interest	$ 2,988,833

Acquisitions and Disposition_10

Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Business Combinations [Abstract]
Net revenue	$ 4,023,138
Income before income taxes	429,784
Net income	300,711
Net income attributable to Nexstar	$ 295,061

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,250,536	$ 2,224,105
Less: accumulated depreciation and amortization	(738,066)	(619,224)
Property and equipment, net	1,512,470	1,604,881
Buildings and improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 381,911	$ 361,075
Estimated useful life	39 years	39 years
Land [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 476,574	$ 539,008
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	81,907	67,376
Studio and transmission equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,014,003	$ 922,948
Studio and transmission equipment [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years	5 years
Studio and transmission equipment [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	15 years	15 years
Computer equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 150,976	$ 152,861
Computer equipment [Member] | Minimum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	3 years	3 years
Computer equipment [Member] | Maximum [Member]
Property Plant And Equipment [Line Items]
Estimated useful life	5 years	5 years
Furniture And Fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 27,702	$ 25,946
Estimated useful life	7 years	7 years
Vehicles [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 58,303	$ 54,318
Estimated useful life	5 years	5 years
Construction in progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 59,160	$ 100,573

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 4,170,223	$ 4,138,117
Accumulated Amortization	(1,453,090)	(1,198,916)
Net	$ 2,717,133	$ 2,939,201
Network affiliation agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	15 years	15 years
Gross	$ 3,125,147	$ 3,125,320
Accumulated Amortization	(1,064,964)	(875,037)
Net	2,060,183	2,250,283
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	1,045,076	1,012,797
Accumulated Amortization	(388,126)	(323,879)
Net	$ 656,950	$ 688,918
Other Intangible Assets [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	1 year	1 year
Other Intangible Assets [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life, in years	20 years	20 years

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)ReportingUnit	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 3,051,661,000		$ 2,984,008,000
Percentage of goodwill of consolidated carrying amount	4.00%
Reporting unit, percentage of fair value in excess of carrying amount	10.00%
Impairment loss on goodwill	$ 0
FCC, impairment loss	0
Gross amount of goodwill	$ 3,141,480,000	$ 42,500,000	$ 3,116,302,000
Television Station [Member]
Finite-Lived Intangible Assets [Line Items]
Number of business reporting units | ReportingUnit	1
Digital [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 110,000,000
Cable Network [Member]
Finite-Lived Intangible Assets [Line Items]
Number of business reporting units | ReportingUnit	1

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Estimated Amortization Expense of Definite-Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022	$ 298,552
2023	292,564
2024	291,230
2025	286,966
2026	262,434
Thereafter	1,285,387
Net	$ 2,717,133	$ 2,939,201

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Goodwill, FCC Licenses and Other Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Gross amount of goodwill	$ 3,141,480	$ 42,500	$ 3,116,302
Goodwill, Accumulated Impairment	(89,819)		(132,294)
Goodwill, Net	3,051,661		2,984,008
Goodwill, Current year acquisitions	69,060
Goodwill, Current year divestitures	(42,475)
Goodwill Nexstar Divestitures, Accumulated Impairment	42,475
Goodwill, Measurement period adjustments, Net	(1,407)
FCC Licenses [Abstract]
FCC Licenses, Gross	2,957,661		2,957,114
FCC Licenses, Accumulated Impairment	(47,410)		(47,410)
FCC Licenses, Net	2,910,251		$ 2,909,704
FCC Licenses Current year acquisitions	1,300
FCC Licenses, Measurement period adjustments, Gross	(753)
FCC Licenses, Measurement period adjustments, Net	$ (753)

Investments - Schedule of Inves

Investments - Schedule of Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Equity method investments	$ 1,208,871	$ 1,321,715
Other equity investments	9,920	12,063
Total investments	$ 1,218,791	$ 1,333,778

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Ownership stake	20.00%
Equity method investments, book value	$ 1,208,871	$ 1,321,715
Cash distributions received	239,470	223,682	$ 15,256
Income on equity investments, net, before amortization of basis difference	250,336	217,913	63,107
Amortization of basis difference (expense)	125,756	147,759	45,182
Basis difference related to equity method investment	$ 536,100	661,300
Tribune [Member]
Schedule Of Equity Method Investments [Line Items]
Weighted average remaining useful life of assets subjects to amortization of basis difference	4 years
T V Food Network [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership stake	31.30%
Ownership interest in affiliate of partnership	68.70%
Equity method investments, book value	$ 1,191,000	1,302,000
Cash distributions received	239,500	223,300	14,800
Income on equity investments, net, before amortization of basis difference	253,400	220,300	65,200
Amortization of basis difference (expense)	$ 125,200	$ 147,200	$ 44,700

Investments - Summary of Income

Investments - Summary of Income on Equity Investments, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Income on equity investments, net, before amortization of basis difference	$ 250,336	$ 217,913	$ 63,107
Amortization of basis difference	(125,756)	(147,759)	(45,182)
Income on equity investments, net	$ 124,580	$ 70,154	$ 17,925

Investments - Summary of Financ

Investments - Summary of Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Net revenue		$ 4,648,371	$ 4,501,269	$ 3,039,324
Costs and expenses		3,472,978	3,125,873	2,384,193
Income from operations		1,175,393	1,375,396	655,131
Net income		830,436	808,060	236,295
Net income attributable to Nexstar Media Group, Inc.		834,568	811,441	$ 230,259
Current assets		1,412,719	1,209,982
Current liabilities		787,294	730,888
TV Food Network [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenue	$ 369,014	1,339,722	1,286,567
Costs and expenses	163,657	536,791	591,590
Income from operations	205,357	802,931	694,977
Net income	208,487	810,220	704,016
Net income attributable to Nexstar Media Group, Inc.	$ 65,244	253,551	220,315
Current assets		861,464	841,805
Noncurrent assets		409,296	364,668
Current liabilities		133,168	114,172
Noncurrent liabilities		$ 365	$ 293

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Compensation and related taxes	$ 120,176	$ 104,133
Interest payable	62,356	67,885
Network affiliation fees	45,907	34,948
Other	87,507	100,226
Accrued expenses	$ 315,946	$ 307,192

Debt - Long Term Debt (Details)

Debt - Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long term Debt [Abstract]
Total outstanding principal	$ 7,474,878	$ 7,742,557
Total outstanding debt	7,415,126	7,668,003
Less: current portion	(47,170)	(21,429)
Long-term debt, net of current portion	7,367,956	7,646,574
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan A, due October 26, 2023 [Member]
Long term Debt [Abstract]
Total outstanding principal	485,400	485,400
Unamortized financing costs and (discount) premium	(1,046)	(1,584)
Nexstar [Member] | Notes Payable to Banks [Member] | Team Loan A, due September 19, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	604,421	625,850
Unamortized financing costs and (discount) premium	(5,065)	(7,102)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due January 17, 2024 [Member]
Long term Debt [Abstract]
Total outstanding principal	594,992	874,992
Unamortized financing costs and (discount) premium	(5,639)	(12,136)
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due September 18, 2026 [Member]
Long term Debt [Abstract]
Total outstanding principal	2,644,315	2,644,315
Unamortized financing costs and (discount) premium	(42,848)	(50,644)
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 15, 2027 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,785,000	1,785,000
Unamortized financing costs and (discount) premium	5,215	5,997
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 1, 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	1,000,000	1,000,000
Unamortized financing costs and (discount) premium	(8,109)	(9,085)
Mission [Member] | Notes Payable to Banks [Member] | Term Loan B, due June 3, 2028 [Member]
Long term Debt [Abstract]
Total outstanding principal	299,250
Unamortized financing costs and (discount) premium	(2,260)
Mission [Member] | Revolving loans, due October 26, 2023 [Member]
Long term Debt [Abstract]
Total outstanding principal	$ 61,500	$ 327,000

Debt - Long Term Debt (Parenthe

Debt - Long Term Debt (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan A, due October 26, 2023 [Member]
Long term Debt [Abstract]
Due date	Oct. 26, 2023	Oct. 26, 2023
Nexstar [Member] | Notes Payable to Banks [Member] | Team Loan A, due September 19, 2024 [Member]
Long term Debt [Abstract]
Due date	Sep. 19, 2024	Sep. 19, 2024
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due January 17, 2024 [Member]
Long term Debt [Abstract]
Due date	Jan. 17, 2024	Jan. 17, 2024
Nexstar [Member] | Notes Payable to Banks [Member] | Term Loan B, due September 18, 2026 [Member]
Long term Debt [Abstract]
Due date	Sep. 18, 2026	Sep. 18, 2026
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625% Notes, due July 15, 2027 [Member]
Long term Debt [Abstract]
Interest rate	5.625%	5.625%
Due date	Jul. 15, 2027	Jul. 15, 2027
Nexstar [Member] | Senior Subordinated Notes [Member] | 4.75% Notes, due November 1, 2028 [Member]
Long term Debt [Abstract]
Interest rate	4.75%	4.75%
Due date	Nov. 1, 2028	Nov. 1, 2028
Mission [Member] | Notes Payable to Banks [Member] | Term Loan B, due June 3, 2028 [Member]
Long term Debt [Abstract]
Due date	Jun. 3, 2028
Mission [Member] | Revolving loans, due October 26, 2023 [Member]
Long term Debt [Abstract]
Due date	Oct. 26, 2023	Oct. 26, 2023

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Jun. 03, 2021	Sep. 25, 2020	Nov. 22, 2019	Jul. 03, 2019	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021
Debt Instrument [Line Items]
Repayment of debt						$ 590,179,000	$ 2,184,146,000	$ 902,217,000
Debt						7,474,878,000	7,742,557,000
Senior Secured Credit Facility [Member] | Term Loan A due 2024 [Member]
Debt Instrument [Line Items]
Repayment of scheduled maturity of debt						$ 21,400,000
Senior Subordinated Notes [Member] | 4.75% Due 2028 [Member]
Debt Instrument [Line Items]
Debt issuance		$ 1,000,000,000
Interest rate		4.75%				4.75%
Debt finance costs							$ 9,300,000
Frequency of periodic principal payments		semiannually
Premium equals to percentage of principal amount, accrued interest and fees and expenses						102.813%
Debt redemption percentage		100.00%
Minimum debt holders that may declare debt due and payable upon default		25.00%
Senior Subordinated Notes [Member] | 4.75% Due 2028 [Member] | At Any Time Prior to November 1, 2023 [Member]
Debt Instrument [Line Items]
Debt redemption percentage		40.00%
Senior Subordinated Notes [Member] | 4.75% Due 2028 [Member] | At Any Time Prior to November 1, 2023 Up to 40% of Aggregate Principal Amount [Member]
Debt Instrument [Line Items]
Debt redemption percentage		104.75%
Senior Subordinated Notes [Member] | 4.75% Due 2028 [Member] | Change in Control [Member]
Debt Instrument [Line Items]
Debt redemption percentage		101.00%
Senior Subordinated Notes [Member] | 5.625% Due 2024 [Member]
Debt Instrument [Line Items]
Interest rate		5.625%
Repayment of debt		$ 900,000
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Interest rate						5.625%
Debt finance costs								$ 21,000,000
Frequency of periodic principal payments						semiannually
Debt redemption percentage				100.00%
Minimum debt holders that may declare debt due and payable upon default				25.00%
Debt premium			$ 27,400,000
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | Change in Control [Member]
Debt Instrument [Line Items]
Debt redemption percentage				101.00%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | At Any Time Prior to July 15, 2022 [Member]
Debt Instrument [Line Items]
Debt redemption percentage				40.00%
Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member] | At Any Time Prior to July 15, 2022, Up to 40% of Aggregate Principal Amount [Member]
Debt Instrument [Line Items]
Debt redemption percentage				105.625%
Nexstar [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance									$ 20,000,000
Repayment of debt					$ 20,000,000
Maximum consolidated first lien net leverage ratio						425.00%
Nexstar [Member] | Senior Secured Credit Facility [Member] | Term Loan A due 2023 [Member]
Debt Instrument [Line Items]
Interest rate during the period						1.60%	1.89%
Nexstar [Member] | Senior Secured Credit Facility [Member] | Term Loan A due 2024 [Member]
Debt Instrument [Line Items]
Interest rate during the period						1.60%	1.89%
Nexstar [Member] | Senior Secured Credit Facility [Member] | Term Loan B due 2024 [Member]
Debt Instrument [Line Items]
Prepayments of debt						$ 280,000,000
Interest rate during the period						2.35%	2.39%
Nexstar [Member] | Senior Secured Credit Facility [Member] | Term Loan B due 2026 [Member]
Debt Instrument [Line Items]
Interest rate during the period						2.60%	2.89%
Nexstar [Member] | Revolving loans [Member]
Debt Instrument [Line Items]
Available borrowing capacity						$ 349,700,000
Nexstar [Member] | Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Debt						1,785,000,000	$ 1,785,000,000
Mission [Member] | Senior Secured Credit Facility [Member] | Term Loan B, due June 3, 2028 [Member]
Debt Instrument [Line Items]
Repayment of scheduled maturity of debt	$ 750,000
Debt issuance	300,000,000
Available borrowing capacity	255,000,000
Repayment of debt	$ 268,000,000
Maturity date	Jun. 3, 2028
Frequency of periodic principal payments	quarterly
Debt instrument, first interest payment due date	Oct. 1, 2021
Debt instrument, last date of principal installment payments	Apr. 1, 2028
Remaining principal balance	$ 279,800,000
Debt issued percentage	99.50%
Mission [Member] | Senior Secured Credit Facility [Member] | LIBOR [Member] | Term Loan B, due June 3, 2028 [Member]
Debt Instrument [Line Items]
Interest rate	2.50%
Mission [Member] | Senior Secured Credit Facility [Member] | LIBOR Floor [Member] | Term Loan B, due June 3, 2028 [Member]
Debt Instrument [Line Items]
Interest rate	0.00%
Mission [Member] | Revolving loans [Member]
Debt Instrument [Line Items]
Available borrowing capacity						$ 13,500,000
Interest rate during the period						1.60%	2.39%
Maturity date						Oct. 26, 2023	Oct. 26, 2023
Debt						$ 61,500,000	$ 327,000,000
Mission [Member] | Term Loan B
Debt Instrument [Line Items]
Interest rate during the period						2.60%
Tribune [Member] | Senior Subordinated Notes [Member] | 5.625 % Due 2027 [Member]
Debt Instrument [Line Items]
Debt issuance			$ 665,000,000	$ 1,120,000,000
Interest rate			5.625%	5.625%
Debt issued percentage			104.875%
Tribune [Member] | Senior Subordinated Notes [Member] | 5.875 % Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			5.875%
Premium equals to percentage of principal amount, accrued interest and fees and expenses			101.469%
Debt			$ 400,000,000
Tribune [Member] | Senior Subordinated Notes [Member] | 6.125 % Due 2022 [Member]
Debt Instrument [Line Items]
Interest rate			6.125%
Premium equals to percentage of principal amount, accrued interest and fees and expenses			101.531%
Debt			$ 275,000,000

Debt - Principal Maturities of

Debt - Principal Maturities of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Maturities [Abstract]
2022	$ 47,170
2023	617,400
2024	1,090,743
2025	3,000
2026	2,647,315
Thereafter	3,069,250
Debt	$ 7,474,878	$ 7,742,557

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease expenses	$ 57	$ 47.3	$ 28.5
Operating cash flows from operating leases	51.6	47	16.8
Direct Operating Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expenses	27.1	24.4	15.4
Selling General and Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Operating lease expenses	$ 30	$ 22.9	$ 13.1
Minimum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	1 month
Leases option to extended lease term	3 months
Maximum [Member]
Lessee Lease Description [Line Items]
Leases remaining lease term	93 years
Leases option to extended lease term	99 years
Leases option to terminate term	1 year

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating leases
Transition adjustment amount	$ 288,337	$ 282,834
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets, net	Other noncurrent assets, net
Operating lease liabilities	$ 42,843	$ 35,850
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent lease liabilities	$ 237,911	$ 234,208
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Weighted Average Remaining Lease Term
Operating leases	8 years	8 years 8 months 12 days
Weighted Average Discount Rate
Operating leases	5.10%	5.40%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating Leases
2022	$ 55,966
2023	53,615
2024	49,877
2025	37,408
2026	30,887
Thereafter	124,957
Total future minimum lease payments	352,710
Less: imputed interest	(71,956)
Total	$ 280,754

Retirement and Postretirement_3

Retirement and Postretirement Plans - Additional Information (Details) - USD ($) $ in Thousands	Oct. 29, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2030	Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Pension benefit obligations funded by plan assets			$ 2,205,000
Defined benefit plan, plan assets			$ 2,152,000
Percentage of benefit obligations included in funded by plan assets			98.00%
Defined benefit plan obligation underfunded amount			$ 53,000
Defined benefit plan obligation unfrozen amount			40,500
Reduction in pension plan assets due to annuity contract purchases	$ 116,900
Estimation of irrevocable transfer of pension plan obligation	$ 117,500
Defined benefit retirement plans recognized gain related to settlement			12,500
Long Term Growth Plan One [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets			1,751,000
Long Term Growth Plan Two [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets			401,300
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit credit		$ 42,300
Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets			2,152,417	$ 2,221,793	$ 2,077,006
Benefit obligations of retirement plans			2,257,127	2,553,496	2,519,881
Defined benefit retirement plans recognized gain related to settlement			12,464	1,591
Defined benefit plan benefit obligation increased			84,900	211,900
Increase (decrease) in projected benefit obligation for pension plans			(4,400)	8,700
Defined benefit plan pension obligation decrease due to mortality projection cash crediting and optional form conversion.				(21,400)
Defined benefit plan benefit obligation period increase (decrease) due to decrease in discount rates			(8,700)
Net periodic benefit credit			$ 80,718	45,858	16,137
Postretirement Health Care [Member]
Defined Benefit Plan Disclosure [Line Items]
Health care costs annual rate of increase (decrease) in the per capita cost			5.57%
Health care obligations annual rate of increase (decrease) in the per capita cost			6.25%
Postretirement Health Care [Member] | Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Health care costs annual rate of increase (decrease) in the per capita cost							(5.00%)
Health care obligations annual rate of increase (decrease) in the per capita cost						4.50%
Retirement savings plans Nexstar [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations of retirement plans			$ 27,248	29,611	29,011
Net periodic benefit credit			(1,079)	(809)	(808)
Contributions by employer			16,200	$ 14,900	$ 12,100
Supplemental Executive Retirement and ERISA Excess Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations of retirement plans			$ 52,000
Maximum [Member] | Long Term Growth Plan One [Member] | U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			32.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Non-U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			17.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Emerging Market Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			10.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Global Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			18.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Opportunistic Sub-asset Classes [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			18.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			60.00%
Maximum [Member] | Long Term Growth Plan One [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			5.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			23.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Non-U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			13.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Emerging Market Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			12.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Global Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			17.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Opportunistic Sub-asset Classes [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			15.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			80.00%
Maximum [Member] | Long Term Growth Plan Two [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			10.00%
Maximum [Member] | Scenario, Forecast [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range		80.00%
Minimum [Member] | Long Term Growth Plan One [Member] | U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			12.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Non-U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Emerging Market Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Global Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Opportunistic Sub-asset Classes [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			40.00%
Minimum [Member] | Long Term Growth Plan One [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			3.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Non-U.S. Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Emerging Market Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Global Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Opportunistic Sub-asset Classes [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			60.00%
Minimum [Member] | Long Term Growth Plan Two [Member] | Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range			0.00%
Minimum [Member] | Scenario, Forecast [Member] | Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations range		60.00%

Retirement and Postretirement_4

Retirement and Postretirement Plans - Schedule of Reconciliation of Plans Benefit Obligations, Plan Assets and Funded Status and Amounts Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of period	$ 2,152,000
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations at beginning of period	2,553,496	$ 2,519,881
Service cost	1,130	962	$ 271
Interest cost	40,223	63,577	31,167
Plan amendments		1,978
Actuarial (gain) loss	(82,917)	200,585
ESOP transfer	2,667	3,310
Benefit payments	(257,472)	(236,797)
Benefit obligation at end of period	2,257,127	2,553,496	2,519,881
Fair value of plan assets at beginning of period	2,221,793	2,077,006
Actual return on plan assets	181,254	333,578
Employer contributions	4,175	44,696
ESOP transfer	2,667	3,310
Benefit payments	(257,472)	(236,797)
Fair value of plan assets at end of period	2,152,417	2,221,793	2,077,006
Amounts recognized in Consolidated Balance Sheets
Current liabilities	(4,030)	(4,126)
Noncurrent liabilities	(100,680)	(327,578)
Funded status	(104,710)	(331,704)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations at beginning of period	29,611	29,011
Service cost	31	12	12
Interest cost	369	681	806
Participant contributions		4
Actuarial (gain) loss	(1,071)	1,133
Benefit payments	(1,692)	(1,230)
Benefit obligation at end of period	27,248	29,611	$ 29,011
Employer contributions	1,692	1,226
Participant contributions		4
Benefit payments	(1,692)	(1,230)
Amounts recognized in Consolidated Balance Sheets
Current liabilities	(2,851)	(2,931)
Noncurrent liabilities	(24,397)	(26,680)
Funded status	$ (27,248)	$ (29,611)

Retirement and Postretirement_5

Retirement and Postretirement Plans - Schedule of Reconciliation of Plans Benefit Obligations, Plan Assets and Funded Status and Amounts Recognized (Parenthetical) (Details) $ in Millions	Dec. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pension benefit obligations funded by plan assets	$ 2,205
Percentage of benefit obligations included in funded by plan assets	98.00%
Supplemental Executive Retirement and ERISA Excess Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations of retirement plans	$ 52

Retirement and Postretirement_6

Retirement and Postretirement Plans - Summary of Underfunded Pension Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,152,000
Underfunded Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligations	2,257,127	$ 2,553,496
Accumulated benefit obligations	2,257,127	2,553,496
Fair value of plan assets	$ 2,152,417	$ 2,221,793

Retirement and Postretirement_7

Retirement and Postretirement Plans - Schedule of Plans' Benefit Obligations Determined Using Assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.69%	2.15%	3.08%
Pension Benefits [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.70%	2.29%	3.09%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Compensation increase rate	2.00%	2.00%	2.00%
OPEB [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.99%	1.42%	2.53%
OPEB [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.59%	2.04%	3.00%

Retirement and Postretirement_8

Retirement and Postretirement Plans - Summary of Components of Net Periodic Benefit Cost (Credit) for Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Settlement gain recognized	$ (12,500)
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,130	$ 962	$ 271
Interest cost	40,223	63,577	31,167
Expected return on plan assets	(110,963)	(108,836)	(47,575)
Amortization of prior service costs	167
Amortization of net (gain) loss	1,189	30
Settlement gain recognized	(12,464)	(1,591)
Net periodic benefit cost (credit)	(80,718)	(45,858)	(16,137)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	31	12	12
Interest cost	369	681	806
Amortization of prior service costs	(46)	(46)
Amortization of net (gain) loss	725	162	(10)
Net periodic benefit cost (credit)	$ 1,079	$ 809	$ 808

Retirement and Postretirement_9

Retirement and Postretirement Plans - Schedule of Assumptions Used to Determine Net Periodic Costs (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate		3.08%
Pension Benefits [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.16%		3.12%
Expected return on plan assets	5.15%	5.45%	5.55%
Cash balance interest crediting rate	2.20%	1.93%	2.50%
Pension Benefits [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.29%		4.13%
Expected return on plan assets	5.90%	5.75%	6.25%
Cash balance interest crediting rate	2.50%	2.20%	3.20%
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Compensation increase rate	2.00%	2.00%	2.00%
OPEB [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.39%	2.52%	2.57%
OPEB [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.06%	2.94%	4.06%

Retirement and Postretiremen_10

Retirement and Postretirement Plans - Summary of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	$ 49,151	$ 28,521	$ (19,341)
Prior service (cost) credit	167	(1,978)
Actuarial gain (loss)	141,933	22,608	47,862
Ending balance	191,251	49,151	28,521
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Beginning balance	(2,897)	(1,886)	38
Prior service (cost) credit	(46)
Actuarial gain (loss)	1,796	(1,011)	(1,924)
Ending balance	$ (1,147)	$ (2,897)	$ (1,886)

Retirement and Postretiremen_11

Retirement and Postretirement Plans - Schedule of Asset Allocation for Funded Retirement Plan and Range Asset Category (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Year End		100.00%
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Year End		39.00%
Equity Securities [Member] | Scenario, Forecast [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation	20.00%
Equity Securities [Member] | Scenario, Forecast [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation	40.00%
Fixed Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Year End		53.00%
Fixed Income [Member] | Scenario, Forecast [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation	60.00%
Fixed Income [Member] | Scenario, Forecast [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation	80.00%
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Year End		8.00%

Retirement and Postretiremen_12

Retirement and Postretirement Plans - Schedule of Pension Plan Assets by asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	$ 2,152,000
Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	2,152,417	$ 2,221,793	$ 2,077,006
Pension Benefits [Member] | Level 1 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	11,093	11,423
Pension Benefits [Member] | Level 2 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	24,557	25,479
Pension Benefits [Member] | Level 1, 2 and 3 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	35,650	36,902
Registered Investment Companies [Member] | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	8,987	9,656
Registered Investment Companies [Member] | Pension Benefits [Member] | Level 1 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	8,987	9,656
Common Collective Trusts [Member] | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	16,664	16,934
Common Collective Trusts [Member] | Pension Benefits [Member] | Level 2 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	16,664	16,934
Other [Member] | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	2,106	1,767
Other [Member] | Pension Benefits [Member] | Level 1 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	2,106	1,767
Pooled Separate Account [Member] | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	7,893	8,545
Pooled Separate Account [Member] | Pension Benefits [Member] | Level 2 [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	7,893	8,545
Pension Plan Assets Measured at NAV [Member] | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	2,111,182	2,179,293
Insurance Contracts | Pension Benefits [Member]
Defined Benefit Plan Plan Assets Category [Line Items]
Pension plan assets measured at fair value	$ 5,585	$ 5,598

Retirement and Postretiremen_13

Retirement and Postretirement Plans - Schedule of Expected Plan Contributions (Details) $ in Thousands	Dec. 31, 2021USD ($)
Pension Benefits [Member]
Employer Contributions
2022 to participant benefits	$ 4,030
Expected Benefit Payments
2022	142,078
2023	141,554
2024	142,131
2025	141,532
2026	140,937
2027-2031	675,352
OPEB [Member]
Employer Contributions
2022 to participant benefits	2,872
Expected Benefit Payments
2022	2,872
2023	2,621
2024	2,403
2025	2,281
2026	2,158
2027-2031	$ 8,767

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Notes Payable to Banks [Member] | Term Loan A due 2023 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	$ 484,354	$ 483,816
Notes Payable to Banks [Member] | Term Loan A due 2023 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	483,751	480,373
Notes Payable to Banks [Member] | Term Loan A due 2024 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	599,356	618,748
Notes Payable to Banks [Member] | Term Loan A due 2024 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	601,964	619,619
Notes Payable to Banks [Member] | Term Loan B due 2024 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	589,353	862,856
Notes Payable to Banks [Member] | Term Loan B due 2024 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	593,454	865,311
Notes Payable to Banks [Member] | Term Loan B due 2026 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	2,601,467	2,593,671
Notes Payable to Banks [Member] | Term Loan B due 2026 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	2,638,471	2,601,619
Notes Payable to Banks [Member] | Term Loan B due 2028 [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	296,990
Notes Payable to Banks [Member] | Term Loan B due 2028 [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	299,742
Senior Subordinated Notes [Member] | 5.625 % Notes due 2027 [Member] | Level 2 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	1,790,215	1,790,997
Senior Subordinated Notes [Member] | 5.625 % Notes due 2027 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	1,880,373	1,912,181
Senior Subordinated Notes [Member] | 4.75% Notes due 2028 [Member] | Level 2 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	991,891	990,915
Senior Subordinated Notes [Member] | 4.75% Notes due 2028 [Member] | Level 2 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[2]	1,022,310	1,040,000
Revolving loans [Member] | Level 3 [Member] | Carrying Amount [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	61,500	327,000
Revolving loans [Member] | Level 3 [Member] | Fair Value [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Amount and Fair Value of Long-term Debt	[1]	$ 61,252	$ 323,517
[1]	The fair values of senior secured and revolving credit facilities are computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.
[2]	The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm that regularly makes a market for these financial instruments. These fair value measurements are considered Level 2, as quoted market prices are available for low volume trading of these securities.

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis (Parenthetical) (Details) - Senior Subordinated Notes [Member]	Dec. 31, 2021	Dec. 31, 2020	Sep. 25, 2020
5.625 % Notes due 2027 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%
4.75% Notes due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.75%		4.75%
Fair Value, Nonrecurring [Member] | 5.625 % Notes due 2027 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%
Fair Value, Nonrecurring [Member] | 4.75% Notes due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	4.75%	4.75%

Common Stock - Additional Infor

Common Stock - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)VotingRightshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Jan. 27, 2021USD ($)
Class Of Stock [Line Items]
Purchase of treasury stock	$ 536,796	$ 281,897	$ 45,115
Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock, shares | shares	3,575,568	3,085,745	439,743
Purchase of treasury stock	$ 536,796	$ 281,897	$ 45,115
Shares reissued in connection with stock option exercises and vesting of restricted stock units | shares	1,076,169	592,785	563,285
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock voting rights | VotingRight	1
Authorization of share repurchase				$ 1,000,000
Authorization of share repurchase, remaining available amount	$ 638,200			$ 1,175,000
Class A Common Stock [Member] | Treasury Stock [Member]
Class Of Stock [Line Items]
Purchase of treasury stock	$ 536,700	$ 281,800	$ 45,100
Shares reissued in connection with stock option exercises and vesting of restricted stock units | shares	1,076,169	592,785	563,285
Class B Common Stock [Member]
Class Of Stock [Line Items]
Common stock voting rights | VotingRight	10
Class C Common Stock [Member]
Class Of Stock [Line Items]
Common stock voting rights | VotingRight	0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 46,703,000	$ 48,274,000	$ 38,620,000
Unrecognized compensation cost reorganization period	2 years 6 months
Shares available for future grants	2,450,275
2019 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants	2,420,317
2019 Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Equity Incentive Plans Shares Approved (in shares)	3,100,000
2015 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants	29,958
2015 Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Equity Incentive Plans Shares Approved (in shares)	2,500,000
2012 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants	0
2012 Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Available for Grant, Equity Incentive Plans Shares Approved (in shares)	1,500,000
RSUs and PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 46,700,000	48,300,000	38,600,000
Total unrecognized compensation cost	83,400,000
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0	$ 0	0
Total unrecognized compensation cost	$ 0
Outstanding Options at end of the period (in shares)	1,025,343	1,504,873
Share based payment award expiration period	10 years
Number of options that can be exercised within six months grant date (in shares)	0
Aggregate intrinsic value of options exercised	$ 71,100,000	$ 11,900,000	$ 12,900,000
Common stock market price at the end of reporting period (in dollars per share)	$ 130.8
Stock Options [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cancellation period for unexercised vested options	180 days
Stock Options [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cancellation period for unexercised vested options	30 days
Time-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units unvested	989,266	1,202,751
Time-Based Restricted Stock Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period	5 years
Time-Based Restricted Stock Units [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period	2 years
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units unvested	230,416	301,669
Performance-Based Restricted Stock Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period	4 years
Performance-Based Restricted Stock Units [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award vesting period	2 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Aggregate Intrinsic Value, beginning of period	$ 130,811	$ 132,077
Outstanding Options Exercisable, Aggregate Intrinsic Value	130,811
Outstanding Options Fully vested and expected to vest, Aggregate Intrinsic Value	$ 130,811
Non-vested Shares, Weighted-Average Grant-Date Fair Value [Roll Forward]
Outstanding Options Weighted-Average Remaining Contractual Term	1 year 4 months 24 days	2 years 3 months 3 days
Outstanding Options Exercisable, Weighted-Average Remaining Contractual Term	1 year 4 months 24 days
Outstanding Options Fully vested and expected to vest Weighted-Average Remaining Contractual Term	1 year 4 months 24 days
Outstanding Options, Shares [Roll Forward]
Outstanding Options as of December 31, 2020	1,504,873
Options Exercised (in shares)	(479,530)
Outstanding Options as of December 31, 2021	1,025,343	1,504,873
Outstanding Options Exercisable as of December 31, 2021 (in shares)	1,025,343
Outstanding Options Fully vested and expected to vest as of December 31, 2021 (in shares)	1,025,343
Outstanding Options, Weighted Average Exercise Price [Roll Forward]
Outstanding Options Weighted-Average Exercise Price, beginning of period (in dollars per share)	$ 21.42
Options Exercised Weighted-Average Exercise Price (in dollars per share)	17.19
Outstanding Options Weighted-Average Exercise Price, end of period (in dollars per share)	23.40	$ 21.42
Outstanding Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	23.40
Outstanding Options Fully vested and expected to vest Weighted-Average Exercise Price (in dollars per share)	$ 23.40

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Time-Based Restricted Stock Units [Member]
Unvested, Shares [Roll Forward]
Unvested Shares, beginning of period (in shares) | shares	1,202,751
Unvested Shares, Awarded (in shares) | shares	430,600
Unvested Shares, Vested (in shares) | shares	(531,585)
Unvested Shares , Forfeited/cancelled (in shares) | shares	(112,500)
Unvested Shares, end of period (in shares) | shares	989,266
Unvested, Weighted-Average Grant-Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value, beginning of the period | $ / shares	$ 71.30
Weighted Average Grant-Date Fair Value, Awarded | $ / shares	138.77
Weighted Average Grant-Date Fair Value, Vested | $ / shares	70.31
Weighted Average Grant-Date Fair Value, Forfeited/cancelled | $ / shares	72.63
Weighted Average Grant-Date Fair Value, ending of the period | $ / shares	$ 100.78
Performance-Based Restricted Stock Units [Member]
Unvested, Shares [Roll Forward]
Unvested Shares, beginning of period (in shares) | shares	301,669
Unvested Shares, Awarded (in shares) | shares	108,333
Unvested Shares, Vested (in shares) | shares	(155,836)
Unvested Shares , Forfeited/cancelled (in shares) | shares	(23,750)
Unvested Shares, end of period (in shares) | shares	230,416
Unvested, Weighted-Average Grant-Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value, beginning of the period | $ / shares	$ 90.53
Weighted Average Grant-Date Fair Value, Awarded | $ / shares	114.03
Weighted Average Grant-Date Fair Value, Vested | $ / shares	76.47
Weighted Average Grant-Date Fair Value, Forfeited/cancelled | $ / shares	70.75
Weighted Average Grant-Date Fair Value, ending of the period | $ / shares	$ 113.13

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expense:
Federal	$ 219,063	$ 281,358	$ 111,486
State	38,304	56,856	28,962
Current tax expense	257,367	338,214	140,448
Deferred tax expense (benefit):
Federal	2,135	(32,761)	8,075
State	3,376	(8,945)	(11,497)
Deferred tax expense (benefit)	5,511	(41,706)	(3,422)
Income tax expense	$ 262,878	$ 296,508	$ 137,026

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective income tax expense reconciliation [Abstract]
Federal income tax at the statutory rate	$ 229,616	$ 231,922	$ 78,229
State and local taxes, net of federal benefit	43,315	43,082	13,569
Nondeductible compensation	6,203	6,289	5,149
Nondeductible acquisition costs			3,649
Nondeductible meals and entertainment	1,718	1,487	2,171
Nondeductible goodwill impairment			8,920
Excess tax benefit on stock-based compensation	(19,563)	(2,974)	(5,363)
Disposition of nondeductible goodwill		8,347	10,302
Change in beginning of year valuation allowance	18,866	5,332	19,894
Uncertain tax positions	(11,944)	1,228	902
Other	(5,333)	1,795	(396)
Income tax expense	$ 262,878	$ 296,508	$ 137,026

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Income tax rate	21.00%	35.00%
Percentage of effect for immediate expensing on costs of qualified property due to impact of U.S. tax rate	100.00%
Description for percentage of effect for immediate expensing on costs of qualified property due to impact of U.S. tax rate	The Act also provides for immediate expensing of 100% of the costs of qualified property that are incurred and placed in service during the period from September 27, 2017 to December 31, 2022. Beginning January 1, 2023, the immediate expensing provision is phased down by 20% per year until it is completely phased out as of January 1, 2027.
Valuation allowance for deferred tax assets	$ 42,345		$ 23,479
Valuation allowance, deferred tax asset, increase (decrease), amount	18,900
Gross unrecognized tax benefits	32,846		45,590	$ 45,235	$ 12,542
Favorable unrecognized tax benefits recognized	32,800		45,600
Accrued interest and penalties related to uncertain tax positions	6,100		$ 7,300	$ 6,400
Decrease in unrecognized tax benefits is reasonably possible	28,500
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	175,100
Operating loss carryforwards, valuation allowance	129,200
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	213,800
Operating loss carryforwards, valuation allowance	$ 54,600
January 1, 2023 to January 1, 2027 [Member]
Operating Loss Carryforwards [Line Items]
Percentage of effect for immediate expensing provision phase down per year	20.00%

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Net Deferred Tax Asset Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 50,327	$ 49,859
Compensation	10,270	13,133
Rent	71,648	68,919
Pension	35,945	94,971
Other	30,623	30,961
Total deferred tax assets	198,813	257,843
Valuation allowance for deferred tax assets	(42,345)	(23,479)
Total deferred tax assets	156,468	234,364
Deferred tax liabilities:
Property and equipment	(240,872)	(252,149)
Other intangible assets	(485,730)	(536,365)
Goodwill	(118,999)	(76,544)
FCC licenses	(668,590)	(649,034)
Rent	(76,471)	(75,571)
Deferred gain on spectrum	(37,276)	(37,275)
Investments	(210,484)	(242,436)
Other	(46,554)	(38,998)
Total deferred tax liabilities	(1,884,976)	(1,908,372)
Net deferred tax liabilities	$ (1,728,508)	$ (1,674,008)

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Gross Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Uncertain tax position liability at the beginning of the year	$ 45,590	$ 45,235	$ 12,542
Increases resulting from merger transaction		2,007	32,211
Increases related to tax positions taken during the current period	348	75	75
Increases related to tax positions taken during prior periods		466	761
Decreases related to tax positions taken during prior periods	(45)
Decreases related to settlements with taxing authorities	(6,961)	(1,433)
Decreases related to expiration of statute of limitations	(6,086)	(760)	(354)
Uncertain tax position liability at the end of the year	$ 32,846	$ 45,590	$ 45,235

FCC Regulatory Matters - Additi

FCC Regulatory Matters - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021TelevisionStationStation
FCC Regulatory Matters [Line Items]
Maximum percentage of US television household reach	39.00%
Number of prohibit owning station | Station	2
Percentage of providing of programming of non-owned television station	15.00%
Nexstar [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked	74
Consolidated VIEs [Member]
FCC Regulatory Matters [Line Items]
Number of full power stations repacked	17

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Payments for Un-booked Broadcast Rights (Details) $ in Thousands	Dec. 31, 2021USD ($)
Broadcast Rights Commitments [Abstract]
2022	$ 44,317
2023	15,143
2024	3,288
2025	3,294
2026	1,141
Future minimum payments for license agreements, total	$ 67,183

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Sep. 19, 2019USD ($)	Jun. 28, 2016USD ($)	Dec. 31, 2021USD ($)ProofStation	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 21, 2009
Collective Bargaining Agreements [Abstract]
Number of stations covered under collective bargaining agreements | Station			21
Loss Contingency, Information about Litigation Matters [Abstract]
Restricted cash and cash equivalents held			$ 15,626	$ 16,608
Income tax expense (benefit)			262,878	296,508	$ 137,026
Estimated federal and state income taxes			43,315	43,082	13,569
Increase in deferred income tax liability			(5,173)	43,640	4,545
Unrecognized tax benefits			32,846	45,590	$ 45,235	$ 12,542
Chicago Cubs Transactions [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Estimated federal and state income taxes	$ 225,000
Tax payments	$ 154,000
Chicago Cubs Transactions [Member] | Internal Revenue Service ("IRS") [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Income tax expense (benefit)		$ 182,000
Income tax penalties expense		$ 73,000	$ 136,000
Chicago Cubs Transactions [Member] | Northside Entertainment Holdings LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage							95.00%
Chicago Cubs Transactions [Member] | Chicago Entertainment Ventures, LLC [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Ownership interest percentage							5.00%
Tribune [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Number of proofs of claim filed against debtors | Proof			7,400
Restricted cash and cash equivalents held			$ 15,600
Number of proofs of claim against debtors withdrawn | Proof			30
Tribune [Member] | Internal Revenue Service ("IRS") [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Increase in federal and state taxes payable			$ 15,000
Increase in deferred income tax liability			71,000
Uncertain tax positions			11,000	$ 11,000
Tribune [Member] | Wilmington Trust Company (WTC) [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency unsecured claim settlement excess amount			30,000
Cash withdrew from reserve to pay resolved claim			$ 1,000
Multi District Litigation [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date			April 3, 2019
Loss contingency dismissal date			Sep. 5, 2019
Multi District Litigation [Member] | Second Amended Complaint [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Loss contingency lawsuit filing date			September 9, 2019
Loss contingency dismissal date			Oct. 8, 2019
Financial Guarantee of Mission Debt [Member]
Guarantees of Mission, Marshall and Shield Debt [Abstract]
Maximum commitment under senior secured credit facility			$ 374,300
Commitment under senior secured credit facility at carrying value			$ 360,800

Segment Data - Summary of Segme

Segment Data - Summary of Segment Financial Information (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue		$ 4,648,371	$ 4,501,269	$ 3,039,324
Depreciation and amortization		(467,477)	(427,398)	(323,692)
Payments for broadcast rights, net of amortization		46,310	56,096	15,612
Reimbursement From F C C Related To Station Repack		19,735	57,261	70,356
Assets held for sale impairment		(23,046)
Goodwill and intangible assets impairment				(63,317)
Gain on disposal of stations and business units, net		2,755	7,473	96,091
Miscellaneous, net		8,364	450	(5,009)
Income from operations		1,175,393	1,375,396	655,131
Goodwill		3,051,661	2,984,008
Total assets	[1]	13,264,462	13,404,276
Broadcast [Member]
Segment Reporting Information [Line Items]
Net revenue		4,533,816	4,410,528	2,929,431
Revenues		1,741,542	1,823,812	1,047,972
Goodwill		2,872,629	2,874,274
Total assets	[2]	12,038,836	12,352,509
Corporate (Unallocated) and Other [Member]
Segment Reporting Information [Line Items]
Net revenue		114,555	90,741	109,893
Revenues		(152,790)	(142,298)	$ (182,882)
Goodwill		179,032	109,734
Total assets		$ 1,225,626	$ 1,051,767
[1]	The consolidated total assets as of December 31, 2021 and 2020 include certain assets held by consolidated VIEs of $ 309.7 million and $ 323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of December 31, 2021 and 2020 include certain liabilities of consolidated VIEs of $ 168.0 million and $ 142.6 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.
[2]	While the Company’s investment in TV Food Network ($ 1.191 billion at December 31, 2021 and $ 1.302 billion at December 31, 2020) has not been allocated to a Company reporting unit or operating segment, such asset has been included in the Company’s disclosure of Broadcast segment assets given the similar nature of the investment to that segment. For additional information on equity investments, see Note 6.

Segment Data - Summary of Seg_2

Segment Data - Summary of Segment Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,208,871	$ 1,321,715
TV Food Network [Member]
Segment Reporting Information [Line Items]
Equity method investments, book value	$ 1,191,000	$ 1,302,000

Segment Data - Summary of Disag

Segment Data - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 4,648,371	$ 4,501,269	$ 3,039,324
Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	4,533,816	4,410,528	2,929,431
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	114,555	90,741	109,893
Core Advertising (Local and National) [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	1,761,738	1,571,072	1,335,126
Core Advertising (Local and National) [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	1,761,738	1,571,034	1,335,126
Core Advertising (Local and National) [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue		38
Political Advertising [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	45,199	507,564	51,889
Political Advertising [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	45,199	507,564	51,889
Distribution [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	2,472,894	2,152,622	1,368,881
Distribution [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	2,472,213	2,149,569	1,368,881
Distribution [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	681	3,053
Digital [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	322,558	223,368	241,519
Digital [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	215,758	141,960	137,067
Digital [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	106,800	81,408	104,452
Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	33,246	34,468	24,524
Other [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	26,172	28,226	19,083
Other [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	7,074	6,242	5,441
Trade [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	12,736	12,175	17,385
Trade [Member] | Broadcast [Member]
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 12,736	$ 12,175	$ 17,385

Segment Data - Additional Infor

Segment Data - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021NetworkServiceCustomer	Dec. 31, 2020Customer	Dec. 31, 2019Customer
Disaggregation Of Revenue [Line Items]
Number of multicast network services owned and operated | NetworkService	2
Revenue [Member]
Disaggregation Of Revenue [Line Items]
Number of major customers | Customer	2	2	0
Revenue [Member] | Customer Concentration Risk [Member] | Minimum [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage			10.00%
Revenue [Member] | Customer One [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	12.00%	11.00%
Revenue [Member] | Customer Two [Member] | Customer Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Concentration of risk, percentage	13.00%	11.00%

Valuation and Qualifying Acco_3

Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		$ 34,922	$ 17,205	$ 13,158
Additions Charged to Costs and Expenses		9,751	30,046	12,972
Deductions	[1]	(21,544)	(12,329)	(8,925)
Balance at End of Period		$ 23,129	$ 34,922	$ 17,205
[1]	Uncollectible accounts written off, net of recoveries.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 27, 2022	Feb. 25, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 27, 2021
Subsequent Event [Line Items]
Dividends declared per common share			$ 2.80	$ 2.24	$ 1.80
Purchase of additional treasury stock			$ 536,796	$ 281,897	$ 45,115
Class A Common Stock [Member]
Subsequent Event [Line Items]
Authorization of share repurchase, remaining available amount			$ 638,200			$ 1,175,000
Share issued during period			47,291,463	47,291,463
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.90
Dividends, date declared	Jan. 27, 2022
Dividends, date paid	Feb. 28, 2022
Dividends, date of record	Feb. 11, 2022
Shares issued, net of shares withheld for taxes		712,535
Class B Common Stock [Member]
Subsequent Event [Line Items]
Share issued during period			0	0
Class C Common Stock [Member]
Subsequent Event [Line Items]
Share issued during period			0	0
Treasury Stock [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock, shares			3,575,568	3,085,745	439,743
Purchase of additional treasury stock			$ 536,796	$ 281,897	$ 45,115
Treasury Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Authorization of share repurchase, remaining available amount		$ 561,900
Treasury Stock [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock			$ 536,700	$ 281,800	$ 45,100
Treasury Stock [Member] | Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase of additional treasury stock, shares		466,825
Purchase of additional treasury stock		$ 76,300