Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-6961 | |
Entity Registrant Name | TEGNA INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-0442930 | |
Entity Address, Address Line One | 8350 Broad Street, Suite 2000, | |
Entity Address, City or Town | Tysons, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102-5151 | |
City Area Code | (703) | |
Local Phone Number | 873-6600 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | TGNA | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 219,241,555 | |
Entity Central Index Key | 0000039899 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 164,586 | $ 29,404 |
Accounts receivable, net of allowances of $8,427 and $3,723, respectively | 503,000 | 581,765 |
Other receivables | 14,093 | 19,640 |
Syndicated programming rights | 60,378 | 49,616 |
Prepaid expenses and other current assets | 21,224 | 26,899 |
Total current assets | 763,281 | 707,324 |
Property and equipment | ||
Cost | 1,011,744 | 997,736 |
Less accumulated depreciation | (541,197) | (512,015) |
Net property and equipment | 470,547 | 485,721 |
Intangible and other assets | ||
Goodwill | 2,968,693 | 2,950,587 |
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $218,468 and $168,452, respectively | 2,501,027 | 2,561,614 |
Right-of-use assets for operating leases | 98,242 | 103,461 |
Investments and other assets | 143,206 | 145,269 |
Total intangible and other assets | 5,711,168 | 5,760,931 |
Total assets | 6,944,996 | 6,953,976 |
Current liabilities | ||
Accounts payable | 61,441 | 51,894 |
Accrued liabilities | ||
Compensation | 44,744 | 63,876 |
Interest | 25,699 | 46,013 |
Contracts payable for programming rights | 145,796 | 119,872 |
Other | 98,438 | 60,983 |
Dividends payable | 0 | 15,188 |
Income taxes payable | 23,226 | 3,332 |
Total current liabilities | 399,344 | 361,158 |
Noncurrent liabilities | ||
Income taxes | 7,671 | 7,490 |
Deferred income tax liability | 524,974 | 515,621 |
Long-term debt | 3,906,196 | 4,179,245 |
Pension liabilities | 114,281 | 127,146 |
Operating lease liabilities | 100,660 | 105,902 |
Other noncurrent liabilities | 77,681 | 67,037 |
Total noncurrent liabilities | 4,731,463 | 5,002,441 |
Total liabilities | 5,130,807 | 5,363,599 |
Commitments and contingent liabilities (see Note 11) | ||
Redeemable noncontrolling interest (see Note 11) | 14,653 | 0 |
Shareholders’ equity | ||
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued | 324,419 | 324,419 |
Additional paid-in capital | 119,794 | 247,497 |
Retained earnings | 6,846,554 | 6,655,088 |
Accumulated other comprehensive loss | (139,087) | (142,597) |
Less treasury stock at cost, 105,271,009 shares and 106,955,082 shares, respectively | (5,352,144) | (5,494,030) |
Total equity | 1,799,536 | 1,590,377 |
Total liabilities, redeemable noncontrolling interest and equity | $ 6,944,996 | $ 6,953,976 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 8,427 | $ 3,723 |
Amortizable intangible assets, accumulated amortization | $ 218,468 | $ 168,452 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 800,000,000 | 800,000,000 |
Common stock, issued shares (in shares) | 324,418,632 | 324,418,632 |
Treasury stock, shares (in shares) | 105,271,009 | 106,955,082 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Income Statement [Abstract] | |||||
Revenues | $ 738,389 | $ 551,857 | $ 2,000,205 | $ 1,605,542 | |
Operating expenses: | |||||
Cost of revenues | [1] | 379,185 | 306,474 | 1,103,920 | 873,078 |
Business units - Selling, general and administrative expenses | 89,943 | 78,439 | 267,919 | 223,845 | |
Corporate - General and administrative expenses | 11,263 | 29,792 | 61,289 | 60,363 | |
Depreciation | 16,086 | 15,381 | 49,697 | 44,831 | |
Amortization of intangible assets | 17,113 | 15,018 | 50,577 | 32,530 | |
Spectrum repacking reimbursements and other, net | (2,902) | (80) | (10,533) | (11,399) | |
Total | 510,688 | 445,024 | 1,522,869 | 1,223,248 | |
Operating income | 227,701 | 106,833 | 477,336 | 382,294 | |
Non-operating income (expense): | |||||
Equity (loss) income in unconsolidated investments, net | (2,529) | (491) | 8,407 | 10,922 | |
Interest expense | (51,896) | (52,454) | (160,733) | (145,166) | |
Other non-operating items, net | 961 | (463) | (17,270) | 6,962 | |
Total | (53,464) | (53,408) | (169,596) | (127,282) | |
Income before income taxes | 174,237 | 53,425 | 307,740 | 255,012 | |
Provision for income taxes | 41,967 | 5,079 | 69,699 | 52,732 | |
Net Income | 132,270 | 48,346 | 238,041 | 202,280 | |
Net (income) loss attributable to redeemable noncontrolling interest | (51) | 0 | 433 | 0 | |
Net income attributable to TEGNA Inc. | $ 132,219 | $ 48,346 | $ 238,474 | $ 202,280 | |
Net income per share: | |||||
Basic (in dollars per share) | $ 0.60 | $ 0.22 | $ 1.08 | $ 0.93 | |
Diluted (in dollars per share) | $ 0.60 | $ 0.22 | $ 1.08 | $ 0.93 | |
Weighted average number of common shares outstanding: | |||||
Basic shares (in shares) | 219,579 | 217,315 | 218,997 | 217,040 | |
Diluted shares (in shares) | 219,977 | 218,310 | 219,423 | 217,808 | |
[1] | Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 132,270 | $ 48,346 | $ 238,041 | $ 202,280 |
Other comprehensive income, before tax: | ||||
Foreign currency translation adjustments | (93) | (318) | 37 | (775) |
Recognition of previously deferred post-retirement benefit plan costs | 1,551 | 1,431 | 4,653 | 4,293 |
Pension lump-sum payment charges | 0 | 0 | 0 | 686 |
Other comprehensive income, before tax | 1,458 | 1,113 | 4,690 | 4,204 |
Income tax effect related to components of other comprehensive income | (366) | (278) | (1,180) | (1,052) |
Other comprehensive income, net of tax | 1,092 | 835 | 3,510 | 3,152 |
Comprehensive income | 133,362 | 49,181 | 241,551 | 205,432 |
Comprehensive (income) loss attributable to redeemable noncontrolling interest | (51) | 0 | 433 | 0 |
Comprehensive income attributable to TEGNA Inc. | $ 133,311 | $ 49,181 | $ 241,984 | $ 205,432 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net Income | $ 238,041 | $ 202,280 |
Adjustments to reconcile net income to net cash flow from operating activities: | ||
Depreciation and amortization | 100,274 | 77,361 |
Stock-based compensation | 12,578 | 13,887 |
Company stock 401(k) contribution | 13,023 | 6,486 |
Gains on sales of assets | 0 | (11,728) |
Equity income from unconsolidated investments, net | (8,407) | (10,922) |
Pension contributions, net of expense | (8,144) | (5,543) |
Change in other assets and liabilities, net of acquisitions: | ||
Decrease (increase) in trade receivables | 73,838 | (24,708) |
Increase (decrease) in accounts payable | 10,636 | (15,950) |
Increase (decrease) in interest and taxes payable | 13,793 | (1,815) |
Increase in deferred revenue | 27,706 | 1,027 |
Change in other assets and liabilities, net | 42,413 | (15,790) |
Net cash flow from operating activities | 515,751 | 214,585 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (30,583) | (51,231) |
Reimbursements from spectrum repacking | 12,670 | 13,975 |
Payments for acquisitions of businesses and other assets, net of cash acquired | (15,841) | (1,507,483) |
Payments for investments | (709) | (4,041) |
Proceeds from investments | 5,028 | 4,020 |
Proceeds from sale of assets and businesses | 5,023 | 21,733 |
Net cash flow used for investing activities | (24,412) | (1,523,027) |
Cash flows from financing activities: | ||
(Payments) proceeds under revolving credit facilities, net | (728,000) | |
(Payments) proceeds under revolving credit facilities, net | 223,000 | |
Proceeds from borrowings | 1,550,000 | 1,100,000 |
Debt repayments | (1,085,000) | (75,000) |
Payments for debt issuance costs and early redemption fee | (36,896) | (20,276) |
Proceeds from sale of minority ownership interest in Premion | 14,000 | 0 |
Dividends paid | (61,110) | (45,451) |
Other, net | (9,151) | (499) |
Net cash flow (used for) provided by financing activities | (356,157) | 1,181,774 |
Increase (decrease) in cash | 135,182 | (126,668) |
Balance of cash, beginning of period | 29,404 | 135,862 |
Balance of cash, end of period | 164,586 | 9,194 |
Supplemental cash flow information: | ||
Cash paid for income taxes, net of refunds | 39,872 | 73,457 |
Cash paid for interest | $ 174,575 | $ 117,913 |
Consolidated Statements of Equi
Consolidated Statements of Equity And Redeemable Noncontrolling Interest - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Beginning balance at Dec. 31, 2018 | $ 1,340,924 | $ 324,419 | $ 301,352 | $ 6,429,512 | $ (136,511) | $ (5,577,848) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 202,280 | 202,280 | ||||
Other comprehensive income, net of tax | 3,152 | 3,152 | ||||
Comprehensive income attributable to TEGNA Inc. | 205,432 | |||||
Dividends declared | (45,471) | (45,471) | ||||
Company stock 401(k) contribution | 6,486 | (15,053) | 21,539 | |||
Stock-based awards activity | (499) | (48,899) | 48,400 | |||
Stock-based compensation | 13,887 | 13,887 | ||||
Other activity | 937 | 937 | ||||
Ending balance at Sep. 30, 2019 | 1,521,696 | 324,419 | 252,224 | 6,586,321 | (133,359) | (5,507,909) |
Beginning balance at Dec. 31, 2018 | 0 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Accretion of redeemable noncontrolling interest | 0 | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 0 | |||||
Ending balance at Sep. 30, 2019 | 0 | |||||
Beginning balance at Jun. 30, 2019 | 1,479,742 | 324,419 | 256,024 | 6,553,149 | (134,194) | (5,519,656) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 48,346 | 48,346 | ||||
Other comprehensive income, net of tax | 835 | 835 | ||||
Comprehensive income attributable to TEGNA Inc. | 49,181 | |||||
Dividends declared | (15,174) | (15,174) | ||||
Company stock 401(k) contribution | 3,242 | (7,794) | 11,036 | |||
Stock-based awards activity | (52) | (763) | 711 | |||
Stock-based compensation | 4,445 | 4,445 | ||||
Other activity | 312 | 312 | ||||
Ending balance at Sep. 30, 2019 | 1,521,696 | 324,419 | 252,224 | 6,586,321 | (133,359) | (5,507,909) |
Beginning balance at Jun. 30, 2019 | 0 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Accretion of redeemable noncontrolling interest | 0 | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 0 | |||||
Ending balance at Sep. 30, 2019 | 0 | |||||
Beginning balance at Dec. 31, 2019 | 1,590,377 | 324,419 | 247,497 | 6,655,088 | (142,597) | (5,494,030) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 238,474 | 238,474 | ||||
Other comprehensive income, net of tax | 3,510 | 3,510 | ||||
Comprehensive income attributable to TEGNA Inc. | 241,984 | |||||
Dividends declared | (45,922) | (45,922) | ||||
Company stock 401(k) contribution | 13,023 | (57,606) | 70,629 | |||
Stock-based awards activity | (9,151) | (80,408) | 71,257 | |||
Stock-based compensation | 12,578 | 12,578 | ||||
Accretion of redeemable noncontrolling interest | (653) | (653) | ||||
Adjustment of redeemable noncontrolling interest to redemption value | (433) | (433) | ||||
Other activity | (2,267) | (2,267) | ||||
Ending balance at Sep. 30, 2020 | 1,799,536 | 324,419 | 119,794 | 6,846,554 | (139,087) | (5,352,144) |
Beginning balance at Dec. 31, 2019 | 0 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net income | (433) | |||||
Sale of minority ownership interest in Premion | 14,000 | |||||
Accretion of redeemable noncontrolling interest | 653 | |||||
Adjustment of redeemable noncontrolling interest to redemption value | 433 | |||||
Ending balance at Sep. 30, 2020 | 14,653 | |||||
Beginning balance at Jun. 30, 2020 | 1,675,307 | 324,419 | 140,255 | 6,729,896 | (140,179) | (5,379,084) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 132,219 | 132,219 | ||||
Other comprehensive income, net of tax | 1,092 | 1,092 | ||||
Comprehensive income attributable to TEGNA Inc. | 133,311 | |||||
Dividends declared | (15,332) | (15,332) | ||||
Company stock 401(k) contribution | 4,458 | (21,886) | 26,344 | |||
Stock-based awards activity | (56) | (652) | 596 | |||
Stock-based compensation | 5,010 | 5,010 | ||||
Accretion of redeemable noncontrolling interest | (280) | (280) | ||||
Adjustment of redeemable noncontrolling interest to redemption value | 51 | 51 | ||||
Other activity | (2,933) | (2,933) | ||||
Ending balance at Sep. 30, 2020 | 1,799,536 | $ 324,419 | $ 119,794 | $ 6,846,554 | $ (139,087) | $ (5,352,144) |
Beginning balance at Jun. 30, 2020 | 14,373 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Net income | 51 | |||||
Accretion of redeemable noncontrolling interest | 280 | |||||
Adjustment of redeemable noncontrolling interest to redemption value | (51) | |||||
Ending balance at Sep. 30, 2020 | $ 14,653 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity And Redeemable Noncontrolling Interest (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Accounting policies
Accounting policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Accounting policies | Accounting policies Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. During the first quarter of 2020, a novel strain of coronavirus (COVID-19) believed to have been first identified in Wuhan, China, spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The federal and state governments in the United States responded by instituting a wide variety of mitigating control measures, including, mandatory quarantines, closures of non-essential businesses and all other places of social interaction, while implementing “shelter in place” orders and travel restrictions in an effort to slow the spread of the virus. Such mitigating measures began negatively impacting our advertising and marketing services (AMS) revenue stream in mid-March as demand for non-political advertising softened. While some of these measures have been lifted or relaxed in certain state and local governments, other jurisdictions have seen increases in new COVID-19 cases resulting in restrictions being reinstated, or new restrictions imposed. Overall, demand improved for advertising during the second and third quarters as steps toward economic re-opening were implemented. There continues to be considerable uncertainty regarding how current and future health and safety measures implemented in response to the pandemic will impact our business. Beginning in mid-March, as a result of the expected near-term impact on non-political advertising demand caused by the COVID-19 pandemic, we implemented cost saving measures to reduce operating expenses and discretionary capital expenditures. These measures included implementing temporary furloughs for one week during the second quarter for most personnel, reducing compensation for executives and our board of directors, and reducing non-critical discretionary spending. As is true of most businesses, the ultimate magnitude of the COVID-19 pandemic cannot be reasonably estimated at this time, but we do expect it to continue to have a dampening effect on our near-term AMS revenues. While it is too early to predict the duration of the pandemic or the long term effects on our financial condition, results of operations, and liquidity, we use the best information available in developing significant estimates included in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity (loss) income in unconsolidated investments, net” in the Consolidated Statements of Income. We operate one operating and reportable segment, which primarily consists of our 63 television stations and two radio stations operating in 51 markets, offering high-quality television programming and digital content. Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker. Accounting guidance adopted in 2020: In June 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changed the way credit losses on accounts receivable are estimated. Under previous GAAP, credit losses on accounts receivable were recognized once it was probable that such losses will occur. Under the new guidance, we are required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of doubtful accounts. We adopted the new guidance on January 1, 2020 using a modified retrospective approach. Due to the short-term nature of our accounts receivable balance, there was no material change to our allowance for doubtful accounts as a result of adopting this new guidance. In March 2019, the FASB issued new guidance related to the accounting for episodic television series. The most significant aspect of this new guidance that was applicable to us relates to the level at which our capitalized programming assets are monitored for impairment. Under the new guidance these assets are monitored at the film group level which is the lowest level at which independently identifiable cash flows are identifiable. We adopted the new guidance prospectively on January 1, 2020. There was no material impact on our consolidated financial statements and related disclosures as of the adoption date. Programming assets are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Expense is recognized on a straight line basis which appropriately matches the cost of the programs with the revenues associated with them. During the first nine months of 2020 and 2019, we incurred programming expense of $53.6 million and $42.5 million; in the third quarter of 2020 and 2019, we incurred programming expense of $17.6 million and $15.5 million, respectively. Programming expense is included in the “Cost of revenues” line item of our Consolidated Statements of Income. As of September 30, 2020, $60.4 million of programming assets had been recorded, to be expensed within the next twelve months. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower-than-expected ratings for the program. Impairment analyses are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. No impairment charges were recognized in 2020 or 2019. New accounting guidance not yet adopted: In August 2018, the FASB issued new guidance that changed disclosures related to defined benefit pension and other postretirement benefit plans. The guidance removed disclosures that are no longer economically relevant, clarifies certain existing disclosure requirements and added some new disclosures. The most relevant elimination for us is the annual disclosure of the amount of gain/loss and prior service cost/credit amortization expected in the following year. Additions most relevant to us include annually disclosing narrative explanations of the drivers for significant changes in plan obligations or assets, and disclosure for cost of living adjustments for certain participants of our TEGNA retirement plan. We will include the new disclosures in our 2020 Annual Report on Form 10-K and will apply them on a retrospective basis. There is currently no other pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures. Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth, unemployment and demand for our products and services, including the impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of September 30, 2020, our allowance for doubtful accounts was $8.4 million as compared to $3.7 million as of December 31, 2019. Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. The primary sources of our revenues are: 1) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and advertising on the stations’ websites and tablet and mobile products; 2) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 3) political advertising revenues, which are driven by even year election cycles at the local and national level (e.g. 2020, 2018) and particularly in the second half of those years; and 4) other services, such as production of programming and advertising material. Revenue earned by these sources in the third quarter and first nine months of 2020 and 2019 are shown below (amounts in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Advertising & Marketing Services $ 298,605 $ 297,333 $ 822,841 $ 851,304 Subscription 316,677 240,735 972,954 718,472 Political 116,494 8,131 181,425 14,064 Other 6,613 5,658 22,985 21,702 Total revenues $ 738,389 $ 551,857 $ 2,000,205 $ 1,605,542 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During 2019, we acquired the television stations listed in the table below, and a summary of each acquisition follows: Market Station Affiliation Seller Indianapolis, IN WTHR NBC Dispatch Broadcast Group Columbus, OH WBNS CBS Dispatch Broadcast Group Hartford-New Haven, CT WTIC/WCCT FOX/CW Nexstar Media Group Harrisburg-Lancaster-Lebanon-York, PA WPMT FOX Nexstar Media Group Memphis, TN WATN/WLMT ABC/CW Nexstar Media Group Wilkes Barre-Scranton, PA WNEP ABC Nexstar Media Group Des Moines-Ames, IA WOI/KCWI ABC/CW Nexstar Media Group Huntsville-Decatur-Florence, AL WZDX FOX Nexstar Media Group Davenport, IA and Rock Island-Moline, IL WQAD ABC Nexstar Media Group Ft. Smith-Fayetteville-Springdale-Rogers, AR KFSM CBS Nexstar Media Group Toledo, OH WTOL CBS Gray Television Midland-Odessa, TX KWES NBC Gray Television Nexstar Stations On September 19, 2019, we completed our acquisition of 11 local television stations in eight markets, including eight Big Four affiliates, from Nexstar Media Group (the Nexstar Stations). These stations were divested by Nexstar Media Group in connection with its acquisition of Tribune Media Company. The purchase price for the Nexstar Stations was $769.9 million which included a base purchase price of $740.0 million and working capital of $29.9 million. Dispatch Stations On August 8, 2019, we completed the acquisition of Dispatch Broadcast Group’s two top-rated television stations and two radio stations (the Dispatch Stations). The purchase price for the Dispatch Stations was $560.5 million which consisted of a base purchase price of $535.0 million and working capital and cash acquired of $25.5 million. Justice and Quest Multicast Networks On June 18, 2019, we completed the acquisition of the remaining approximately 85% interest that we did not previously own in the multicast networks Justice Network (recently rebranded as True Crime Network) and Quest from Cooper Media. Cash paid for this acquisition was $77.1 million (which included $4.6 million for working capital). Gray Stations On January 2, 2019, we completed our acquisition of WTOL and KWES from Gray Television, Inc. for $109.9 million in cash (which included $4.9 million for working capital paid at closing). The following table summarizes the fair values of the assets acquired and liabilities assumed in connection with these acquisitions (in thousands): Nexstar Stations Dispatch Stations Justice & Quest Gray Stations Total Cash $ — $ 2,363 $ — $ — $ 2,363 Accounts receivable 34,680 26,344 8,501 5,553 75,078 Prepaid and other current assets 3,776 6,092 6,987 987 17,842 Property and equipment 45,186 40,418 361 11,757 97,722 Goodwill 128,191 202,312 23,567 19,405 373,475 FCC licenses 374,269 295,983 — 47,061 717,313 Network affiliation agreements 123,926 60,765 — 14,420 199,111 Retransmission agreements 68,316 33,107 — 12,198 113,621 Other intangible assets — — 52,553 — 52,553 Right-of-use assets for operating leases 22,715 362 — 251 23,328 Other noncurrent assets 237 — 5,253 18 5,508 Total assets acquired $ 801,296 $ 667,746 $ 97,222 $ 111,650 $ 1,677,914 Accounts payable 2,037 954 725 1 3,717 Accrued liabilities 8,544 9,011 4,236 1,494 23,285 Deferred income tax liability — 97,082 (462) — 96,620 Operating lease liabilities - noncurrent 20,346 226 — 235 20,807 Other noncurrent liabilities 426 — 2,677 — 3,103 Total liabilities assumed $ 31,353 $ 107,273 $ 7,176 $ 1,730 $ 147,532 Net assets acquired $ 769,943 $ 560,473 $ 90,046 $ 109,920 $ 1,530,382 Less: cash acquired $ — $ (2,363) $ — $ — $ (2,363) Less: fair value of existing ownership — — (12,995) — (12,995) Cash paid for acquisitions $ 769,943 $ 558,110 $ 77,051 $ 109,920 $ 1,515,024 We accounted for each of these acquisitions as business combinations, which required us to record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired was recorded as goodwill. |
Goodwill and other intangible a
Goodwill and other intangible assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of September 30, 2020 and December 31, 2019 (in thousands): Sept. 30, 2020 Dec. 31, 2019 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,968,693 $ — $ 2,950,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,104,167 — 2,090,732 — Amortizable intangible assets: Retransmission agreements 235,215 (130,236) 256,533 (105,212) Network affiliation agreements 309,503 (66,569) 309,496 (48,174) Other 70,610 (21,663) 73,305 (15,066) Total indefinite-lived and amortizable intangible assets $ 2,719,495 $ (218,468) $ 2,730,066 $ (168,452) Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements and brand names from our Justice & Quest acquisition, which are also amortized on a straight-line basis over their useful lives. In the second quarter of 2020, we recognized a $2.1 million impairment charge in connection with eliminating the use of the Justice Network brand name and re-establishing the business under a new brand name called True Crime Network. The impairment was recorded in the “Spectrum repacking reimbursements and other, net” line item of the Consolidated Statements of Income. Interim impairment assessment We review our goodwill and intangible assets for impairment at least annually and also when events or changes in circumstances occur that indicate the fair value may be below its carrying amount. As discussed in Note 2, during 2019 we acquired 15 television stations and as such, the indefinite-lived FCC licenses recently acquired have limited valuation headroom as they were recorded at fair value upon acquisition. As a result of the negative effects we expect COVID-19 to have on our future AMS revenue and operating cash flows, we assessed whether it was more likely than not that our FCC licenses, including those that were recently acquired, were impaired. In performing this assessment, we analyzed the significant inputs used in the fair value determination of the recently acquired FCC license assets. This included reviewing the impact of estimated changes in trends in market revenues and changes in the discount rate on the fair value of our licenses. Based on the analysis performed, we concluded that none of our FCC licenses were more likely than not impaired as of September 30, 2020. However, a sustained economic decline resulting from COVID-19 could result in future non-cash impairment charges of our recently acquired FCC licenses, and any related impairment could have a material adverse impact on our results of operations. |
Investments and other assets
Investments and other assets | 9 Months Ended |
Sep. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
Investments and other assets | Investments and other assets Our investments and other assets consisted of the following as of September 30, 2020, and December 31, 2019 (in thousands): Sept. 30, 2020 Dec. 31, 2019 Cash value life insurance $ 52,050 $ 52,462 Equity method investments 30,257 27,650 Other equity investments 28,124 32,383 Deferred debt issuance costs 10,279 10,921 Other long-term assets 22,496 21,853 Total $ 143,206 $ 145,269 Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented. Equity method investments : We hold equity method investments. Our largest equity method investment is our ownership in CareerBuilder, of which we own approximately 17% (or approximately 10% on a fully-diluted basis). In the first quarter of 2020, CareerBuilder sold its employment screening business; our portion on the pre-tax gain of the sale was $18.6 million, and is recorded within “Equity (loss) income in unconsolidated investments, net” on our Consolidated Statement of Income. Our investment balance was $11.1 million and $7.9 million as of September 30, 2020 and December 31, 2019, respectively. Other equity investments : Represents investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In the second quarter of 2020, we sold one of these investments for $4.3 million. This investment had previously been recorded at estimated fair value. No gains or losses were recorded on these investments in the first nine months of 2020. Deferred debt issuance costs : These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes We generally estimate our annual effective tax rate for the full year and apply that rate to net income before tax in determining the provision for income taxes for interim periods. We record discrete items in each respective interim period as appropriate. However, for the three months ended March 31, 2020, we determined that the annual rate method would not provide for a reliable estimate due to volatility in the forecasting process as a result of the COVID-19 pandemic. As a result, we recorded the provision for income taxes for the three months ended March 31, 2020 using the actual effective rate plus discrete items for the three months ended March 31, 2020 (the “cut-off” method). We recorded the provision for income taxes for the six months ended June 30, 2020 and the nine months ended September 30, 2020 using the annual rate method, consistent with our general practice. In response to the COVID-19 pandemic, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) on March 27, 2020. The CARES Act provides numerous tax provisions and other stimulus measures, including refundable payroll tax credits, deferral of employer social security payments, modifications to the net interest deduction limitations, expansions to the use and carryback of net operating losses, and a technical correction to the depreciation method applicable to qualified improvement property under the 2017 Tax Cuts and Jobs Act. We will benefit from the technical correction for qualified improvement property which allows for an immediate deduction of any eligible leasehold improvements placed in service during 2018 and 2019. We will also benefit from the new depreciation method available for qualified improvement property which allows for an immediate retroactive deduction of certain eligible leasehold improvements previously placed in service. As a result, our 2020 tax payments are reduced by approximately $5 million. There is no change to our tax expense or our effective income tax rate since the changes are payment deferrals only. We will continue to monitor the impact of the CARES Act on our business as conditions change. |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands): Sept. 30, 2020 Dec. 31, 2019 Unsecured floating rate term loan due quarterly through June 2020 $ — $ 20,000 Unsecured floating rate term loan due quarterly through September 2020 — 105,000 Unsecured notes bearing fixed rate interest at 5.125% due July 2020 — 310,000 Unsecured notes bearing fixed rate interest at 4.875% due September 2021 1 350,000 350,000 Unsecured notes bearing fixed rate interest at 6.375% due October 2023 — 650,000 Borrowings under revolving credit agreement expiring August 2024 175,000 903,000 Unsecured notes bearing fixed rate interest at 5.500% due September 2024 325,000 325,000 Unsecured notes bearing fixed rate interest at 4.750% due March 2026 550,000 — Unsecured notes bearing fixed rate interest at 7.75% due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25% due September 2027 240,000 240,000 Unsecured notes bearing fixed rate interest at 4.625% due March 2028 1,000,000 — Unsecured notes bearing fixed rate interest at 5.00% due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,940,000 4,203,000 Debt issuance costs (40,175) (26,873) Unamortized premiums and discounts, net 6,371 3,118 Total long-term debt $ 3,906,196 $ 4,179,245 1 We have the intent and ability to refinance the principal payment due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our September 30, 2020 Condensed Consolidated Balance Sheet. On January 9, 2020, we completed a private placement offering of $1.0 billion aggregate principal amount of senior unsecured notes bearing an interest rate of 4.625% which are due in March 2028. On February 11, 2020 we used the net proceeds from the $1.0 billion senior notes to repay the remaining $310.0 million of unsecured notes bearing fixed rate interest of 5.125%, which were due in July 2020 and $650.0 million of unsecured notes bearing fixed rate interest of 6.375%, which were due in October 2023. We incurred $13.8 million of early redemption fees in relation to the 2023 debt payoff. Additionally, we wrote off $7.9 million of unamortized financing fees and discounts related to the early payoff of the 2020 and 2023 notes. These charges were recorded in the “Other non-operating items, net” within our Consolidated Statement of Income. Given the unpredictability of market conditions during the pandemic, we amended our revolving credit facility on June 11, 2020 to extend the initial step-down of the maximum permitted total leverage ratio (from 5.50 to 1.00 to 5.25 to 1.00) until the fiscal quarter ending March 31, 2022, with additional step downs continuing thereafter. The maximum permitted total leverage ratios under our revolving credit facility are now as follows: Period Leverage Ratio Fiscal quarter ending September 30, 2020 through and including fiscal quarter ending December 31, 2021 5.50 to 1.00 Fiscal quarter ending March 31, 2022 5.25 to 1.00 Fiscal quarter ending June 30, 2022 5.00 to 1.00 Fiscal quarter ending September 30, 2022 4.75 to 1.00 Thereafter 4.50 to 1.00 As of September 30, 2020, cash and cash equivalents totaled $164.6 million and we had unused borrowing capacity of $1.31 billion under our $1.51 billion revolving credit facility (which expires August 2024). We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe that we will remain compliant with all covenants for the foreseeable future. On September 10, 2020, we completed a private placement offering of $550 million aggregate principal amount of senior unsecured notes bearing an interest rate of 4.750% which are due in March 2026. The proceeds were used to pay down borrowings from our revolving credit facility. Then, on October 13, 2020 we utilized our revolving credit facility to repay the entire |
Retirement plans
Retirement plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement plans | Retirement plans We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure table below includes the pension expenses of the TRP and the TEGNA Supplemental Retirement Plan (SERP). The total net pension obligations, including both current and non-current liabilities, as of September 30, 2020, were $121.1 million, of which $6.8 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheet. Pension costs, which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Service cost-benefits earned during the period $ 1 $ 2 $ 5 $ 6 Interest cost on benefit obligation 4,868 5,761 14,605 17,284 Expected return on plan assets (7,765) (6,580) (23,294) (19,740) Amortization of prior service cost 23 23 68 68 Amortization of actuarial loss 1,541 1,521 4,622 4,562 Pension payment timing related charge — — — 686 (Gains from) expense for company-sponsored retirement plans $ (1,332) $ 727 $ (3,994) $ 2,866 Benefits no longer accrue for substantially all TRP and SERP participants as a result of amendments to the plans in the past years and as such we no longer incur a significant amount of the service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated other comprehensive loss The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Total Quarters Ended: Balance at June 30, 2020 $ (140,076) $ (103) $ (140,179) Other comprehensive loss before reclassifications — (69) (69) Amounts reclassified from AOCL 1,161 — 1,161 Total other comprehensive income 1,161 (69) 1,092 Balance at Sept. 30, 2020 $ (138,915) $ (172) $ (139,087) Balance at June 30, 2019 $ (134,233) $ 39 $ (134,194) Other comprehensive loss before reclassifications — (238) (238) Amounts reclassified from AOCL 1,073 — 1,073 Total other comprehensive income 1,073 (238) 835 Balance at Sept. 30, 2019 $ (133,160) $ (199) $ (133,359) Retirement Plans Foreign Currency Translation Total Nine Months Ended: Balance at Dec. 31, 2019 $ (142,398) $ (199) $ (142,597) Other comprehensive income before reclassifications — 27 27 Amounts reclassified from AOCL 3,483 — 3,483 Total other comprehensive income 3,483 27 3,510 Balance at Sept. 30, 2020 $ (138,915) $ (172) $ (139,087) Balance at Dec. 31, 2018 $ (136,893) $ 382 $ (136,511) Other comprehensive income before reclassifications — (581) (581) Amounts reclassified from AOCL 3,733 — 3,733 Total other comprehensive income 3,733 (581) 3,152 Balance at Sept. 30, 2019 $ (133,160) $ (199) $ (133,359) Reclassifications from AOCL to the Consolidated Statements of Income are comprised of pension and other post-retirement components. Pension and other post retirement reclassifications are related to the amortization of prior service costs, and amortization of actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Amortization of prior service credit, net $ (120) $ (120) $ (360) $ (360) Amortization of actuarial loss 1,671 1,551 5,013 4,653 Pension payment timing related charges — — — 686 Total reclassifications, before tax 1,551 1,431 4,653 4,979 Income tax effect (390) (358) (1,170) (1,246) Total reclassifications, net of tax $ 1,161 $ 1,073 $ 3,483 $ 3,733 |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Net Income $ 132,270 $ 48,346 $ 238,041 $ 202,280 Net (income) loss attributable to the noncontrolling interest (51) — 433 — Accretion of redeemable noncontrolling interest (see Note 11) (280) — (653) — Adjustment of redeemable noncontrolling interest to redemption value 51 — (433) — Earnings available to common shareholders $ 131,990 $ 48,346 $ 237,388 $ 202,280 Weighted average number of common shares outstanding - basic 219,579 217,315 218,997 217,040 Effect of dilutive securities: Restricted stock units 180 607 163 420 Performance shares 216 364 262 312 Stock options 2 24 1 36 Weighted average number of common shares outstanding - diluted 219,977 218,310 219,423 217,808 Net income per share - basic $ 0.60 $ 0.22 $ 1.08 $ 0.93 Net income per share - diluted $ 0.60 $ 0.22 $ 1.08 $ 0.93 Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance shares. |
Fair value measurement
Fair value measurement | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement We measure and record certain assets and liabilities at fair value in the accompanying condensed consolidated financial statements. U.S. GAAP establishes a hierarchy for those instruments measured at fair value that distinguishes between market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 - Quoted market prices in active markets for identical assets or liabilities; Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable; and Level 3 - Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use. In the second quarter of 2019 we recognized a $1.6 million gain on one of our investments due to an observable price increase, which represents a Level 2 input. This gain was recorded in the Other non-operating items, net line item in our Consolidated Statements of Income. No other gains or losses were recorded on these investments in the nine months ended September 30, 2020 or 2019. We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total debt, based on the bid and ask quotes for the related debt (Level 2), totaled $3.99 billion at September 30, 2020, and $4.32 billion at December 31, 2019. |
Other matters
Other matters | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other matters | Other matters Litigation In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven broadcasters settled a DOJ complaint alleging the exchange of competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. We do not expect the costs of compliance to be material. Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct. These cases have been consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned Clay, Massey & Associates, P.C. v. Gray Television, Inc. et. al., filed on July 30, 2018. At the court’s direction, plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. We deny any violation of law, believe that the claims asserted in the Advertising Cases are without merit, and intend to defend ourselves vigorously against them. We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of any of the foregoing matters. FCC Broadcast Spectrum Program In April 2017, the FCC announced the completion of a voluntary incentive auction to reallocate certain spectrum then occupied by television broadcast stations to mobile wireless broadband services, along with a related “repacking” of the television spectrum for remaining television stations. None of our stations relinquished any spectrum rights as a result of the auction. Stations in eighteen of our markets (which include four of our recently acquired stations from 2019 and one station we acquired in 2020 after it had completed its repacking) were repacked to new channels. As of July 3, 2020 - the end of the tenth and last official phase of the FCC’s post-auction transition schedule - all of our repacked stations had moved to their new channels, with one station broadcasting on an interim antenna pending the completion of its main post-auction facility. As of August 20, 2020, all of our repacked stations have completed construction on their permanent post-auction facilities. The legislation authorizing the incentive auction and repacking established a $1.75 billion fund for reimbursement of costs incurred by stations required to change channels in the repacking. Subsequent legislation enacted on March 23, 2018, appropriated an additional $1 billion for the repacking fund, of which up to $750 million may be made available to repacked full power and Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist affected low power television stations, television translator stations, and FM radio stations, as well for consumer education efforts. On October 7, 2020, the FCC announced that all final invoices and supporting documentation for reimbursement requests will be due no later than (1) October 8, 2021, for full power and Class A TV stations that transitioned in Phase 5 or earlier; (2) March 22, 2022, for full power and Class A TV stations that transitioned in Phase 6 or later; and (3) September 5, 2022, for all other entities entitled to seek repacking-related reimbursements (including low power television stations and television translator stations). By law, the repacking reimbursement program will end July 3, 2023, at which point any remaining unobligated funds will be returned to the U.S. Treasury. A majority of our capital expenditures in connection with the repack occurred in 2018 and 2019. To date, we have incurred approximately $41.7 million in capital expenditures for the spectrum repack project (of which $6.1 million was paid during the first nine months of 2020). We have received FCC reimbursements of approximately $37.0 million through September 30, 2020. We expect to receive reimbursements for the remaining $4.7 million of our spend upon completion of the FCC’s reimbursement review process. The reimbursements were recorded as a contra operating expense within our “Spectrum repacking reimbursements and other, net” line item on our Consolidated Statement of Income and reported as an investing inflow on the Consolidated Statement of Cash Flows. Related Party Transactions We have an equity and debt investment in MadHive, Inc. (MadHive) which is a related party of TEGNA. In addition to our investment, we also have a commercial agreement with MadHive where they support our Premion business in acquiring and delivering over-the-top ad impressions. In the third quarter and first nine months of 2020, we incurred expenses of $8.5 million and $32.7 million, respectively, as a result of the commercial agreement with MadHive. In the third quarter and first nine months of 2019, we incurred expenses of $5.8 million and $21.6 million respectively, as a result of the commercial agreement with MadHive. As of September 30, 2020 and December 31, 2019 we had accounts payable and accrued liabilities associated with the commercial agreement of $10.9 million and $4.3 million, respectively. Sale of minority ownership interest in Premion On March 2, 2020, we sold a minority ownership interest in Premion, LLC (Premion) for $14.0 million to an affiliate of Gray Television (Gray). In connection with that transaction, Premion and Gray entered into a commercial arrangement under which Gray resells Premion services across all of Gray’s 93 television markets. Our TEGNA stations and Gray each have the right to independently sell Premion’s inventory in markets where we both operate a local television station. The sale of spot television advertising is not part of this agreement, and Gray and our TEGNA stations continue to sell spot advertising for our respective stations without any involvement from the other party. |
Accounting policies (Policies)
Accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. |
Use of estimates | The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. During the first quarter of 2020, a novel strain of coronavirus (COVID-19) believed to have been first identified in Wuhan, China, spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The federal and state governments in the United States responded by instituting a wide variety of mitigating control measures, including, mandatory quarantines, closures of non-essential businesses and all other places of social interaction, while implementing “shelter in place” orders and travel restrictions in an effort to slow the spread of the virus. Such mitigating measures began negatively impacting our advertising and marketing services (AMS) revenue stream in mid-March as demand for non-political advertising softened. While some of these measures have been lifted or relaxed in certain state and local governments, other jurisdictions have seen increases in new COVID-19 cases resulting in restrictions being reinstated, or new restrictions imposed. Overall, demand improved for advertising during the second and third quarters as steps toward economic re-opening were implemented. There continues to be considerable uncertainty regarding how current and future health and safety measures implemented in response to the pandemic will impact our business. Beginning in mid-March, as a result of the expected near-term impact on non-political advertising demand caused by the COVID-19 pandemic, we implemented cost saving measures to reduce operating expenses and discretionary capital expenditures. These measures included implementing temporary furloughs for one week during the second quarter for most personnel, reducing compensation for executives and our board of directors, and reducing non-critical discretionary spending. As is true of most businesses, the ultimate magnitude of the COVID-19 pandemic cannot be reasonably estimated at this time, but we do expect it to continue to have a dampening effect on our near-term AMS revenues. |
Consolidation | The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity (loss) income in unconsolidated investments, net” in the Consolidated Statements of Income. |
Recent accounting guidance adopted and not yet adopted | Accounting guidance adopted in 2020: In June 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changed the way credit losses on accounts receivable are estimated. Under previous GAAP, credit losses on accounts receivable were recognized once it was probable that such losses will occur. Under the new guidance, we are required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of doubtful accounts. We adopted the new guidance on January 1, 2020 using a modified retrospective approach. Due to the short-term nature of our accounts receivable balance, there was no material change to our allowance for doubtful accounts as a result of adopting this new guidance.In March 2019, the FASB issued new guidance related to the accounting for episodic television series. The most significant aspect of this new guidance that was applicable to us relates to the level at which our capitalized programming assets are monitored for impairment. Under the new guidance these assets are monitored at the film group level which is the lowest level at which independently identifiable cash flows are identifiable. We adopted the new guidance prospectively on January 1, 2020. There was no material impact on our consolidated financial statements and related disclosures as of the adoption date. Programming assets are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Expense is recognized on a straight line basis which appropriately matches the cost of the programs with the revenues associated with them. During the first nine months of 2020 and 2019, we incurred programming expense of $53.6 million and $42.5 million; in the third quarter of 2020 and 2019, we incurred programming expense of $17.6 million and $15.5 million, respectively. Programming expense is included in the “Cost of revenues” line item of our Consolidated Statements of Income. As of September 30, 2020, $60.4 million of programming assets had been recorded, to be expensed within the next twelve months. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower-than-expected ratings for the program. Impairment analyses are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. No impairment charges were recognized in 2020 or 2019. New accounting guidance not yet adopted: In August 2018, the FASB issued new guidance that changed disclosures related to defined benefit pension and other postretirement benefit plans. The guidance removed disclosures that are no longer economically relevant, clarifies certain existing disclosure requirements and added some new disclosures. The most relevant elimination for us is the annual disclosure of the amount of gain/loss and prior service cost/credit amortization expected in the following year. Additions most relevant to us include annually disclosing narrative explanations of the drivers for significant changes in plan obligations or assets, and disclosure for cost of living adjustments for certain participants of our TEGNA retirement plan. We will include the new disclosures in our 2020 Annual Report on Form 10-K and will apply them on a retrospective basis. |
Trade receivables and allowances for doubtful accounts | Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth, unemployment and demand for our products and services, including the impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. |
Revenue recognition | Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. |
Accounting policies (Tables)
Accounting policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | Revenue earned by these sources in the third quarter and first nine months of 2020 and 2019 are shown below (amounts in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Advertising & Marketing Services $ 298,605 $ 297,333 $ 822,841 $ 851,304 Subscription 316,677 240,735 972,954 718,472 Political 116,494 8,131 181,425 14,064 Other 6,613 5,658 22,985 21,702 Total revenues $ 738,389 $ 551,857 $ 2,000,205 $ 1,605,542 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of Television Stations Acquired | During 2019, we acquired the television stations listed in the table below, and a summary of each acquisition follows: Market Station Affiliation Seller Indianapolis, IN WTHR NBC Dispatch Broadcast Group Columbus, OH WBNS CBS Dispatch Broadcast Group Hartford-New Haven, CT WTIC/WCCT FOX/CW Nexstar Media Group Harrisburg-Lancaster-Lebanon-York, PA WPMT FOX Nexstar Media Group Memphis, TN WATN/WLMT ABC/CW Nexstar Media Group Wilkes Barre-Scranton, PA WNEP ABC Nexstar Media Group Des Moines-Ames, IA WOI/KCWI ABC/CW Nexstar Media Group Huntsville-Decatur-Florence, AL WZDX FOX Nexstar Media Group Davenport, IA and Rock Island-Moline, IL WQAD ABC Nexstar Media Group Ft. Smith-Fayetteville-Springdale-Rogers, AR KFSM CBS Nexstar Media Group Toledo, OH WTOL CBS Gray Television Midland-Odessa, TX KWES NBC Gray Television |
Summary of Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed in connection with these acquisitions (in thousands): Nexstar Stations Dispatch Stations Justice & Quest Gray Stations Total Cash $ — $ 2,363 $ — $ — $ 2,363 Accounts receivable 34,680 26,344 8,501 5,553 75,078 Prepaid and other current assets 3,776 6,092 6,987 987 17,842 Property and equipment 45,186 40,418 361 11,757 97,722 Goodwill 128,191 202,312 23,567 19,405 373,475 FCC licenses 374,269 295,983 — 47,061 717,313 Network affiliation agreements 123,926 60,765 — 14,420 199,111 Retransmission agreements 68,316 33,107 — 12,198 113,621 Other intangible assets — — 52,553 — 52,553 Right-of-use assets for operating leases 22,715 362 — 251 23,328 Other noncurrent assets 237 — 5,253 18 5,508 Total assets acquired $ 801,296 $ 667,746 $ 97,222 $ 111,650 $ 1,677,914 Accounts payable 2,037 954 725 1 3,717 Accrued liabilities 8,544 9,011 4,236 1,494 23,285 Deferred income tax liability — 97,082 (462) — 96,620 Operating lease liabilities - noncurrent 20,346 226 — 235 20,807 Other noncurrent liabilities 426 — 2,677 — 3,103 Total liabilities assumed $ 31,353 $ 107,273 $ 7,176 $ 1,730 $ 147,532 Net assets acquired $ 769,943 $ 560,473 $ 90,046 $ 109,920 $ 1,530,382 Less: cash acquired $ — $ (2,363) $ — $ — $ (2,363) Less: fair value of existing ownership — — (12,995) — (12,995) Cash paid for acquisitions $ 769,943 $ 558,110 $ 77,051 $ 109,920 $ 1,515,024 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of September 30, 2020 and December 31, 2019 (in thousands): Sept. 30, 2020 Dec. 31, 2019 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,968,693 $ — $ 2,950,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,104,167 — 2,090,732 — Amortizable intangible assets: Retransmission agreements 235,215 (130,236) 256,533 (105,212) Network affiliation agreements 309,503 (66,569) 309,496 (48,174) Other 70,610 (21,663) 73,305 (15,066) Total indefinite-lived and amortizable intangible assets $ 2,719,495 $ (218,468) $ 2,730,066 $ (168,452) |
Investments and other assets (T
Investments and other assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
Schedule of Other Assets | Our investments and other assets consisted of the following as of September 30, 2020, and December 31, 2019 (in thousands): Sept. 30, 2020 Dec. 31, 2019 Cash value life insurance $ 52,050 $ 52,462 Equity method investments 30,257 27,650 Other equity investments 28,124 32,383 Deferred debt issuance costs 10,279 10,921 Other long-term assets 22,496 21,853 Total $ 143,206 $ 145,269 |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary Long-Term Debt | Our long-term debt is summarized below (in thousands): Sept. 30, 2020 Dec. 31, 2019 Unsecured floating rate term loan due quarterly through June 2020 $ — $ 20,000 Unsecured floating rate term loan due quarterly through September 2020 — 105,000 Unsecured notes bearing fixed rate interest at 5.125% due July 2020 — 310,000 Unsecured notes bearing fixed rate interest at 4.875% due September 2021 1 350,000 350,000 Unsecured notes bearing fixed rate interest at 6.375% due October 2023 — 650,000 Borrowings under revolving credit agreement expiring August 2024 175,000 903,000 Unsecured notes bearing fixed rate interest at 5.500% due September 2024 325,000 325,000 Unsecured notes bearing fixed rate interest at 4.750% due March 2026 550,000 — Unsecured notes bearing fixed rate interest at 7.75% due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25% due September 2027 240,000 240,000 Unsecured notes bearing fixed rate interest at 4.625% due March 2028 1,000,000 — Unsecured notes bearing fixed rate interest at 5.00% due September 2029 1,100,000 1,100,000 Total principal long-term debt 3,940,000 4,203,000 Debt issuance costs (40,175) (26,873) Unamortized premiums and discounts, net 6,371 3,118 Total long-term debt $ 3,906,196 $ 4,179,245 1 We have the intent and ability to refinance the principal payment due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our September 30, 2020 Condensed Consolidated Balance Sheet. |
Schedule Of Maximum Permitted Total Leverage Ratios | The maximum permitted total leverage ratios under our revolving credit facility are now as follows: Period Leverage Ratio Fiscal quarter ending September 30, 2020 through and including fiscal quarter ending December 31, 2021 5.50 to 1.00 Fiscal quarter ending March 31, 2022 5.25 to 1.00 Fiscal quarter ending June 30, 2022 5.00 to 1.00 Fiscal quarter ending September 30, 2022 4.75 to 1.00 Thereafter 4.50 to 1.00 |
Retirement plans (Tables)
Retirement plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Costs | Pension costs, which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Service cost-benefits earned during the period $ 1 $ 2 $ 5 $ 6 Interest cost on benefit obligation 4,868 5,761 14,605 17,284 Expected return on plan assets (7,765) (6,580) (23,294) (19,740) Amortization of prior service cost 23 23 68 68 Amortization of actuarial loss 1,541 1,521 4,622 4,562 Pension payment timing related charge — — — 686 (Gains from) expense for company-sponsored retirement plans $ (1,332) $ 727 $ (3,994) $ 2,866 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Total Quarters Ended: Balance at June 30, 2020 $ (140,076) $ (103) $ (140,179) Other comprehensive loss before reclassifications — (69) (69) Amounts reclassified from AOCL 1,161 — 1,161 Total other comprehensive income 1,161 (69) 1,092 Balance at Sept. 30, 2020 $ (138,915) $ (172) $ (139,087) Balance at June 30, 2019 $ (134,233) $ 39 $ (134,194) Other comprehensive loss before reclassifications — (238) (238) Amounts reclassified from AOCL 1,073 — 1,073 Total other comprehensive income 1,073 (238) 835 Balance at Sept. 30, 2019 $ (133,160) $ (199) $ (133,359) Retirement Plans Foreign Currency Translation Total Nine Months Ended: Balance at Dec. 31, 2019 $ (142,398) $ (199) $ (142,597) Other comprehensive income before reclassifications — 27 27 Amounts reclassified from AOCL 3,483 — 3,483 Total other comprehensive income 3,483 27 3,510 Balance at Sept. 30, 2020 $ (138,915) $ (172) $ (139,087) Balance at Dec. 31, 2018 $ (136,893) $ 382 $ (136,511) Other comprehensive income before reclassifications — (581) (581) Amounts reclassified from AOCL 3,733 — 3,733 Total other comprehensive income 3,733 (581) 3,152 Balance at Sept. 30, 2019 $ (133,160) $ (199) $ (133,359) |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Amortization of prior service credit, net $ (120) $ (120) $ (360) $ (360) Amortization of actuarial loss 1,671 1,551 5,013 4,653 Pension payment timing related charges — — — 686 Total reclassifications, before tax 1,551 1,431 4,653 4,979 Income tax effect (390) (358) (1,170) (1,246) Total reclassifications, net of tax $ 1,161 $ 1,073 $ 3,483 $ 3,733 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended Sept. 30, Nine months ended Sept. 30, 2020 2019 2020 2019 Net Income $ 132,270 $ 48,346 $ 238,041 $ 202,280 Net (income) loss attributable to the noncontrolling interest (51) — 433 — Accretion of redeemable noncontrolling interest (see Note 11) (280) — (653) — Adjustment of redeemable noncontrolling interest to redemption value 51 — (433) — Earnings available to common shareholders $ 131,990 $ 48,346 $ 237,388 $ 202,280 Weighted average number of common shares outstanding - basic 219,579 217,315 218,997 217,040 Effect of dilutive securities: Restricted stock units 180 607 163 420 Performance shares 216 364 262 312 Stock options 2 24 1 36 Weighted average number of common shares outstanding - diluted 219,977 218,310 219,423 217,808 Net income per share - basic $ 0.60 $ 0.22 $ 1.08 $ 0.93 Net income per share - diluted $ 0.60 $ 0.22 $ 1.08 $ 0.93 |
Accounting policies - Narrative
Accounting policies - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)stationmarket | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segmentstationradio_stationmarket | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |||||
Number of operating segments | segment | 1 | ||||
Number of reportable segments | segment | 1 | ||||
Number of television stations | station | 63 | 63 | |||
Number of radio stations | radio_station | 2 | ||||
Number of markets In which entity operates | market | 51 | 51 | |||
Programming rights, expense | $ 17,600 | $ 15,500 | $ 53,600 | $ 42,500 | |
Syndicated programming rights | 60,378 | 60,378 | $ 49,616 | ||
Allowance for doubtful accounts | $ 8,400 | $ 8,400 | $ 3,700 |
Accounting policies - Revenue (
Accounting policies - Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 738,389 | $ 551,857 | $ 2,000,205 | $ 1,605,542 |
Advertising & Marketing Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 298,605 | 297,333 | 822,841 | 851,304 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 316,677 | 240,735 | 972,954 | 718,472 |
Political | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 116,494 | 8,131 | 181,425 | 14,064 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 6,613 | $ 5,658 | $ 22,985 | $ 21,702 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Sep. 19, 2019USD ($)affiliatemarketstation | Aug. 08, 2019USD ($)radio_station | Jun. 18, 2019USD ($) | Jan. 02, 2019USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019station |
Business Acquisition [Line Items] | ||||||
Number of stations acquired | station | 15 | |||||
Goodwill, increase in carrying amount | $ 18.1 | |||||
Amortization expense related to intangibles | 68 | |||||
Retransmission agreements | ||||||
Business Acquisition [Line Items] | ||||||
Reduction in intangible assets | $ 21.3 | |||||
Nexstar Media Group | ||||||
Business Acquisition [Line Items] | ||||||
Number of stations acquired | station | 11 | |||||
Number of markets | market | 8 | |||||
Number of affiliates acquired | affiliate | 8 | |||||
Initial purchase price | $ 769.9 | |||||
Base purchase price | 740 | |||||
Working capital adjustment | $ 29.9 | |||||
Dispatch Stations | ||||||
Business Acquisition [Line Items] | ||||||
Initial purchase price | $ 560.5 | |||||
Base purchase price | 535 | |||||
Working capital adjustment | $ 25.5 | |||||
Number of ratio stations acquired | radio_station | 2 | |||||
Justice & Quest | ||||||
Business Acquisition [Line Items] | ||||||
Initial purchase price | $ 77.1 | |||||
Working capital adjustment | $ 4.6 | |||||
Ownership interest (as a percent) | 85.00% | |||||
Gray Stations | ||||||
Business Acquisition [Line Items] | ||||||
Initial purchase price | $ 109.9 | |||||
Working capital adjustment | $ 4.9 |
Acquisitions - Summary of Estim
Acquisitions - Summary of Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 19, 2019 | Aug. 08, 2019 | Jun. 18, 2019 | Jan. 02, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 2,968,693 | $ 2,950,587 | |||||
Cash paid for acquisitions | 15,841 | $ 1,507,483 | |||||
Nexstar Stations | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 0 | ||||||
Accounts receivable | 34,680 | ||||||
Prepaid and other current assets | 3,776 | ||||||
Property and equipment | 45,186 | ||||||
Goodwill | 128,191 | ||||||
Right-of-use assets for operating leases | 22,715 | ||||||
Other noncurrent assets | 237 | ||||||
Total assets acquired | 801,296 | ||||||
Accounts payable | 2,037 | ||||||
Accrued liabilities | 8,544 | ||||||
Deferred income tax liability | 0 | ||||||
Operating lease liabilities - noncurrent | 20,346 | ||||||
Other noncurrent liabilities | 426 | ||||||
Total liabilities assumed | 31,353 | ||||||
Net assets acquired | 769,943 | ||||||
Less: cash acquired | 0 | ||||||
Less: fair value of existing ownership | 0 | ||||||
Cash paid for acquisitions | 769,943 | ||||||
Dispatch Stations | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 2,363 | ||||||
Accounts receivable | 26,344 | ||||||
Prepaid and other current assets | 6,092 | ||||||
Property and equipment | 40,418 | ||||||
Goodwill | 202,312 | ||||||
Right-of-use assets for operating leases | 362 | ||||||
Other noncurrent assets | 0 | ||||||
Total assets acquired | 667,746 | ||||||
Accounts payable | 954 | ||||||
Accrued liabilities | 9,011 | ||||||
Deferred income tax liability | 97,082 | ||||||
Operating lease liabilities - noncurrent | 226 | ||||||
Other noncurrent liabilities | 0 | ||||||
Total liabilities assumed | 107,273 | ||||||
Net assets acquired | 560,473 | ||||||
Less: cash acquired | (2,363) | ||||||
Less: fair value of existing ownership | 0 | ||||||
Cash paid for acquisitions | 558,110 | ||||||
Justice & Quest | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 0 | ||||||
Accounts receivable | 8,501 | ||||||
Prepaid and other current assets | 6,987 | ||||||
Property and equipment | 361 | ||||||
Goodwill | 23,567 | ||||||
Right-of-use assets for operating leases | 0 | ||||||
Other noncurrent assets | 5,253 | ||||||
Total assets acquired | 97,222 | ||||||
Accounts payable | 725 | ||||||
Accrued liabilities | 4,236 | ||||||
Deferred income tax liability | (462) | ||||||
Operating lease liabilities - noncurrent | 0 | ||||||
Other noncurrent liabilities | 2,677 | ||||||
Total liabilities assumed | 7,176 | ||||||
Net assets acquired | 90,046 | ||||||
Less: cash acquired | 0 | ||||||
Less: fair value of existing ownership | (12,995) | ||||||
Cash paid for acquisitions | 77,051 | ||||||
Gray Stations | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 0 | ||||||
Accounts receivable | 5,553 | ||||||
Prepaid and other current assets | 987 | ||||||
Property and equipment | 11,757 | ||||||
Goodwill | 19,405 | ||||||
Right-of-use assets for operating leases | 251 | ||||||
Other noncurrent assets | 18 | ||||||
Total assets acquired | 111,650 | ||||||
Accounts payable | 1 | ||||||
Accrued liabilities | 1,494 | ||||||
Deferred income tax liability | 0 | ||||||
Operating lease liabilities - noncurrent | 235 | ||||||
Other noncurrent liabilities | 0 | ||||||
Total liabilities assumed | 1,730 | ||||||
Net assets acquired | 109,920 | ||||||
Less: cash acquired | 0 | ||||||
Less: fair value of existing ownership | 0 | ||||||
Cash paid for acquisitions | 109,920 | ||||||
Recent Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 2,363 | ||||||
Accounts receivable | 75,078 | ||||||
Prepaid and other current assets | 17,842 | ||||||
Property and equipment | 97,722 | ||||||
Goodwill | 373,475 | ||||||
Right-of-use assets for operating leases | 23,328 | ||||||
Other noncurrent assets | 5,508 | ||||||
Total assets acquired | 1,677,914 | ||||||
Accounts payable | 3,717 | ||||||
Accrued liabilities | 23,285 | ||||||
Deferred income tax liability | 96,620 | ||||||
Operating lease liabilities - noncurrent | 20,807 | ||||||
Other noncurrent liabilities | 3,103 | ||||||
Total liabilities assumed | 147,532 | ||||||
Net assets acquired | 1,530,382 | ||||||
Less: cash acquired | (2,363) | ||||||
Less: fair value of existing ownership | (12,995) | ||||||
Cash paid for acquisitions | 1,515,024 | ||||||
Network affiliation agreements | Nexstar Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 123,926 | ||||||
Network affiliation agreements | Dispatch Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 60,765 | ||||||
Network affiliation agreements | Justice & Quest | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 0 | ||||||
Network affiliation agreements | Gray Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 14,420 | ||||||
Network affiliation agreements | Recent Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 199,111 | ||||||
Retransmission agreements | Nexstar Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 68,316 | ||||||
Retransmission agreements | Dispatch Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 33,107 | ||||||
Retransmission agreements | Justice & Quest | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 0 | ||||||
Retransmission agreements | Gray Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 12,198 | ||||||
Retransmission agreements | Recent Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 113,621 | ||||||
Other intangible assets | Nexstar Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 0 | ||||||
Other intangible assets | Dispatch Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 0 | ||||||
Other intangible assets | Justice & Quest | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 52,553 | ||||||
Other intangible assets | Gray Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 0 | ||||||
Other intangible assets | Recent Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 52,553 | ||||||
FCC licenses | Nexstar Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 374,269 | ||||||
FCC licenses | Dispatch Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 295,983 | ||||||
FCC licenses | Justice & Quest | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 0 | ||||||
FCC licenses | Gray Stations | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 47,061 | ||||||
FCC licenses | Recent Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 717,313 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Intangible Assets and Goodwill (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($)station | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill, gross | $ 2,968,693 | $ 2,950,587 | |
Total indefinite-live and amortizable intangible assets | 2,719,495 | 2,730,066 | |
Goodwill, accumulated amortization | 0 | 0 | |
Amortizable intangible assets, accumulated amortization | (218,468) | $ (168,452) | |
Number of stations acquired | station | 15 | ||
Retransmission agreements | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortizable intangible assets, gross | 235,215 | $ 256,533 | |
Amortizable intangible assets, accumulated amortization | (130,236) | (105,212) | |
Network affiliation agreements | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortizable intangible assets, gross | 309,503 | 309,496 | |
Amortizable intangible assets, accumulated amortization | (66,569) | (48,174) | |
Other | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortizable intangible assets, gross | 70,610 | 73,305 | |
Amortizable intangible assets, accumulated amortization | (21,663) | (15,066) | |
Television and radio station FCC broadcast licenses | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Indefinite-lived intangibles, gross | $ 2,104,167 | $ 2,090,732 | |
Brand name | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Impairment of brand name | $ 2,100 |
Investments and other assets -
Investments and other assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, All Other Investments [Abstract] | ||
Cash value life insurance | $ 52,050 | $ 52,462 |
Equity method investments | 30,257 | 27,650 |
Other equity investments | 28,124 | 32,383 |
Deferred debt issuance costs | 10,279 | 10,921 |
Other long-term assets | 22,496 | 21,853 |
Total | $ 143,206 | $ 145,269 |
Investments and other assets _2
Investments and other assets - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020USD ($)investment | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Investment balance | $ 30,257,000 | $ 27,650,000 | ||||
Number of investments sold | investment | 1 | |||||
Proceeds from sale of investments | $ 4,300,000 | |||||
Gains (losses) on investments | $ 1,600,000 | $ 0 | $ 0 | |||
CareerBuilder | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment retained after disposal, ownership interest (as a percent) | 17.00% | |||||
Equity method investment retained after disposal, fully diluted ownership interest (as a percent) | 10.00% | |||||
Pre-tax gain on sale of equity method investment | $ 18,600,000 | |||||
Investment balance | $ 11,100,000 | $ 7,900,000 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
CARES Act, reduction in tax payments | $ 5,000 | |||
Income tax payments | $ 39,872 | $ 73,457 | ||
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax payments | $ 30,000 | |||
Federal | Forecast | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax payments | $ 40,000 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Sep. 10, 2020 | Feb. 11, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 3,940,000 | $ 4,203,000 | ||
Debt issuance costs | (40,175) | (26,873) | ||
Unamortized premiums and discounts, net | 6,371 | 3,118 | ||
Total long-term debt | 3,906,196 | 4,179,245 | ||
Unsecured floating rate term loan due quarterly through June 2020 | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | 0 | 20,000 | ||
Unsecured floating rate term loan due quarterly through September 2020 | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | 0 | 105,000 | ||
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 0 | $ 310,000 | ||
Stated interest rate (as a percent) | 5.125% | 5.125% | 5.125% | |
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 350,000 | $ 350,000 | ||
Stated interest rate (as a percent) | 0.04875% | 0.04875% | ||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 0 | $ 650,000 | ||
Stated interest rate (as a percent) | 0.06375% | 6.375% | 0.06375% | |
Borrowings under revolving credit agreement expiring August 2024 | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 175,000 | $ 903,000 | ||
Unsecured notes bearing fixed rate interest at 5.500% due September 2024 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 325,000 | $ 325,000 | ||
Stated interest rate (as a percent) | 0.055% | 0.055% | ||
Unsecured notes bearing fixed rate interest at 4.750% due March 2026 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 550,000 | $ 0 | ||
Stated interest rate (as a percent) | 0.0475% | 4.75% | 0.0475% | |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 200,000 | $ 200,000 | ||
Stated interest rate (as a percent) | 0.0775% | 0.0775% | ||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 240,000 | $ 240,000 | ||
Stated interest rate (as a percent) | 0.0725% | 0.0725% | ||
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 1,000,000 | $ 0 | ||
Stated interest rate (as a percent) | 0.04625% | 0.04625% | ||
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total principal long-term debt | $ 1,100,000 | $ 1,100,000 | ||
Stated interest rate (as a percent) | 0.05% | 0.05% |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Details) | Oct. 13, 2020USD ($) | Jun. 11, 2020 | Jun. 10, 2020 | Feb. 11, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Oct. 31, 2020USD ($) | Sep. 10, 2020USD ($) | Jan. 09, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Cash and cash equivalents | $ 164,586,000 | $ 29,404,000 | ||||||||
Repayments of aggregate principal amount of debt | $ 1,085,000,000 | $ 75,000,000 | ||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Early redemption fees | $ 13,800,000 | |||||||||
Write off of unamortized financing fees and discounts | 7,900,000 | |||||||||
Senior Notes Bearing Interest at 4.625 Percent Due March 2028 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of unsecured notes | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||
Stated interest rate (as a percent) | 4.625% | |||||||||
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 5.125% | 5.125% | 5.125% | |||||||
Repayments of unsecured debt | $ 310,000,000 | |||||||||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 6.375% | 0.06375% | 0.06375% | |||||||
Repayments of unsecured debt | $ 650,000,000 | |||||||||
Borrowings under revolving credit agreement expiring August 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum leverage ratio | 5.25 | 5.50 | ||||||||
Amended and Restated Competitive Advance and Revolving Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused borrowing capacity | $ 1,310,000,000 | |||||||||
Maximum borrowing capacity under credit facility | $ 1,510,000,000 | |||||||||
Unsecured notes bearing fixed rate interest at 4.750% due March 2026 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of unsecured notes | $ 550,000,000 | |||||||||
Stated interest rate (as a percent) | 0.0475% | 4.75% | 0.0475% | |||||||
Unsecured notes bearing fixed rate interest at 5.500% due September 2024 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 0.055% | 0.055% | ||||||||
Unsecured notes bearing fixed rate interest at 5.500% due September 2024 | Senior Notes | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused borrowing capacity | $ 950,000,000 | |||||||||
Repayments of aggregate principal amount of debt | $ 188,000,000 | |||||||||
Redemption premium | 3,400,000 | |||||||||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 0.04875% | 0.04875% | ||||||||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | Senior Notes | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of aggregate principal amount of debt | $ 350,000,000 |
Long-term debt - Schedule of To
Long-term debt - Schedule of Total Leverage Ratios (Details) | Jun. 11, 2020 |
Quarter ending December 31, 2021 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 5.50 |
Quarter ending March 31, 2022 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 5.25 |
Quarter ending June 30, 2022 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 5 |
Quarter ending September 30, 2022 | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 4.75 |
Thereafter | |
Debt Instrument [Line Items] | |
Maximum leverage ratio | 4.50 |
Retirement plans - Narrative (D
Retirement plans - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
TRP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total net pension obligations | $ 121,100,000 | |
Cash contributions | 0 | $ 2,400,000 |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contributions | 4,100,000 | $ 6,000,000 |
Additional cash payments | 1,800,000 | |
Accrued liabilities | TRP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total net pension obligations | $ 6,800,000 |
Retirement plans - Benefit Cost
Retirement plans - Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Service cost-benefits earned during the period | $ 1 | $ 2 | $ 5 | $ 6 |
Interest cost on benefit obligation | 4,868 | 5,761 | 14,605 | 17,284 |
Expected return on plan assets | (7,765) | (6,580) | (23,294) | (19,740) |
Amortization of prior service cost | 23 | 23 | 68 | 68 |
Amortization of actuarial loss | 1,541 | 1,521 | 4,622 | 4,562 |
Pension payment timing related charge | 0 | 0 | 0 | 686 |
(Gains from) expense for company-sponsored retirement plans | $ (1,332) | $ 727 | $ (3,994) | $ 2,866 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ 1,675,307 | $ 1,479,742 | $ 1,590,377 | $ 1,340,924 |
Amounts reclassified from AOCL | 1,161 | 1,073 | 3,483 | 3,733 |
Other comprehensive income, net of tax | 1,092 | 835 | 3,510 | 3,152 |
Ending balance | 1,799,536 | 1,521,696 | 1,799,536 | 1,521,696 |
Retirement Plans | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (140,076) | (134,233) | (142,398) | (136,893) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCL | 1,161 | 1,073 | 3,483 | 3,733 |
Other comprehensive income, net of tax | 1,161 | 1,073 | 3,483 | 3,733 |
Ending balance | (138,915) | (133,160) | (138,915) | (133,160) |
Foreign Currency Translation | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (103) | 39 | (199) | 382 |
Other comprehensive loss before reclassifications | (69) | (238) | 27 | (581) |
Amounts reclassified from AOCL | 0 | 0 | 0 | 0 |
Other comprehensive income, net of tax | (69) | (238) | 27 | (581) |
Ending balance | (172) | (199) | (172) | (199) |
Total | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (140,179) | (134,194) | (142,597) | (136,511) |
Other comprehensive loss before reclassifications | (69) | (238) | 27 | (581) |
Amounts reclassified from AOCL | 1,161 | 1,073 | 3,483 | 3,733 |
Other comprehensive income, net of tax | 1,092 | 835 | 3,510 | 3,152 |
Ending balance | $ (139,087) | $ (133,359) | $ (139,087) | $ (133,359) |
Accumulated other comprehensi_4
Accumulated other comprehensive loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, before tax | $ 1,551 | $ 1,431 | $ 4,653 | $ 4,979 |
Income tax effect | (390) | (358) | (1,170) | (1,246) |
Total reclassifications, net of tax | 1,161 | 1,073 | 3,483 | 3,733 |
Amortization of prior service credit, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, before tax | (120) | (120) | (360) | (360) |
Amortization of actuarial loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, before tax | 1,671 | 1,551 | 5,013 | 4,653 |
Pension payment timing related charges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, before tax | $ 0 | $ 0 | $ 0 | $ 686 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 132,270 | $ 48,346 | $ 238,041 | $ 202,280 |
Net (income) loss attributable to redeemable noncontrolling interest | (51) | 0 | 433 | 0 |
Accretion of redeemable noncontrolling interest (see Note 11) | (280) | 0 | (653) | 0 |
Adjustment of redeemable noncontrolling interest to redemption value | 51 | 0 | (433) | 0 |
Earnings available to common shareholders | $ 131,990 | $ 48,346 | $ 237,388 | $ 202,280 |
Weighted average number of common shares outstanding - basic (in shares) | 219,579 | 217,315 | 218,997 | 217,040 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average number of common shares outstanding - diluted (in shares) | 219,977 | 218,310 | 219,423 | 217,808 |
Net income per share – basic (in dollars per share) | $ 0.60 | $ 0.22 | $ 1.08 | $ 0.93 |
Net income per share – diluted (in dollars per share) | $ 0.60 | $ 0.22 | $ 1.08 | $ 0.93 |
Restricted stock units | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 180 | 607 | 163 | 420 |
Performance shares | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 216 | 364 | 262 | 312 |
Stock options | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 2 | 24 | 1 | 36 |
Fair value measurement (Details
Fair value measurement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain on investments | $ 1,600,000 | $ 0 | $ 0 | |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of total long-term debt | $ 3,990,000,000 | $ 4,320,000,000 |
Other matters (Details)
Other matters (Details) | Jul. 03, 2020station | Mar. 02, 2020USD ($)market | Jun. 17, 2019defendant | Jul. 30, 2018defendant | Jun. 30, 2019defendant | Dec. 13, 2018defendant | Apr. 30, 2017USD ($)market | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)station | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)station | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Mar. 23, 2018USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Number of markets where stations were repacked | market | 18 | ||||||||||||||
Broadcast spectrum program, number of station acquired | station | 1 | 4 | |||||||||||||
Number of stations broadcasting on interim antennas | station | 1 | ||||||||||||||
Authorized reimbursement amount | $ 1,750,000,000 | ||||||||||||||
Authorized reimbursement amount, repacking fund | $ 1,000,000,000 | ||||||||||||||
Authorized reimbursement amount, repacking fund, full power, class a stations and multichannel distributors | $ 750,000,000 | ||||||||||||||
Capital expenditures incurred | $ 41,700,000 | ||||||||||||||
Broadcast spectrum program, amount paid | $ 6,100,000 | ||||||||||||||
FCC reimbursements received | $ 37,000,000 | ||||||||||||||
Remaining FFC reimbursements expected to be received | 4,700,000 | ||||||||||||||
Payments for acquisition of minority interest | $ 14,000,000 | 14,000,000 | $ 0 | ||||||||||||
Settled litigation | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of other broadcasters settling DOJ complaint (defendant) | defendant | 4 | 7 | |||||||||||||
Equity And Debt Investment | Affiliated Entity | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Expenses incurred with related party | $ 8,500,000 | $ 5,800,000 | 32,700,000 | $ 21,600,000 | |||||||||||
Accounts payable and accrued liabilities with related party | $ 10,900,000 | $ 10,900,000 | $ 4,300,000 | $ 10,900,000 | $ 10,900,000 | ||||||||||
Clay, Massey & Associates, P.C. v. Gray Television | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of other broadcasters settling DOJ complaint (defendant) | defendant | 16 | 4 | |||||||||||||
Gray Television | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of television markets | market | 93 |