Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

Revenue Recognition, Policy [Policy Text Block]

Cyclicality and Seasonality

Broadcast advertising revenues are generally highest in the

second

and

fourth

quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and

including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the

fourth

quarter.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast righ

ts and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entit

(“VIE”)

We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with U.S. GAAP, in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

January 17, 2017,

we acquired

two

television stations that were divested by Nexstar Broadcasting, Inc. upon its merger with Media General, Inc. (“Media General”): WBAY-TV (ABC), in the Green Bay, Wisconsin television market

(DMA

), and KWQC-TV (NBC), in the Davenport, Iowa, Rock Island, Illinois, and Moline, Illinois or “Quad Cities” television market (DMA

102

), for an adjusted purchase price of

$269.9

million (the “Media General Acquisition”) using cash on hand. The Media General Acquisition was completed, in part, through a transaction with a VIE known as Gray Midwest EAT, LLC (“GME”), pursuant to which GME acquired the broadcast licenses of the stations. On

May 30, 2017,

we exercised an option to acquire the licenses held by GME pending receipt of proceeds receivable from the FCC’s recently completed reverse auction for broadcast spectrum (the “FCC Spectrum Auction”). Upon receipt of the auction proceeds from the FCC, we completed the acquisition of the broadcast licenses from GME.

During the period that GME held those broadcast licenses we believe we were the primary beneficiary of GME, because, subject to the ultimate control of the licensees, we had the power to direct the activities that significantly impact the economic performance of GME through the services we provided, and our obligation to absorb losses and right to earn returns that would be considered significant to GME. As a result, we included the assets, liabilities and results of operations of GME in our consolidated financial statements beginning

January 17, 2017

and continuing through

August 7, 2017,

the date that we were

longer deemed to be the primary beneficiary of GME.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does

not

include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are

not

included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their in

clusion would be anti-dilutive. In the

three

-months ended

September 30, 2016,

we reported a net loss and therefore all common stock equivalents are excluded from the computation of diluted earnings per share for that period, since their inclusion would be anti-dilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the

three

-month and

nine

-month periods ended

September 30, 2017

and

2016

(in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016

Weighted-average shares outstanding-basic		71,636		71,879		71,777		71,850
Common stock equivalents for stock options and restricted stock		818		-		714		873
Weighted-average shares outstanding-diluted		72,454		71,879		72,491		72,723

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

September 30, 2017

and

December 31, 2016

consist of adjustments to our pension liability and the related income tax benefit. Our comprehensive income (loss) for the

three

and

nine

-month periods ended

September 30, 2017

and

2016

consisted entirely of net income (loss). Therefore the consolidated statement of comprehensive income (loss) is

not

presented for the

three

and

nine

-month periods ended

September 30, 2017

2016.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principall

y by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In the

nine

-months ended

September 30, 2017,

our total property and equipment balance, before accumulated depreciation, increased primarily as a result of property and equipment acquired in connection with recent acquisitions of television businesses. The remaining changes in the balances in the

nine

-months ended

September 30, 2017

and

2016

were primarily due to routine property and equipment purchases and retirements. The following table lists the components of property and equipment by major category (dollars in thousands):

							Estimated
	September 30,			December 31,			Useful Lives
	2017			2016			(in years)
Property and equipment:
Land	$	49,651		$	44,611
Buildings and improvements		154,391			139,078		7	to	40
Equipment		507,456			471,798		3	to	20
		711,498			655,487
Accumulated depreciation		(359,537	)		(329,394	)
Total property and equipment, net	$	351,961		$	326,093

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to

a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

May 2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2014

–

Revenue from

Contracts with Customers

(Topic

606

). ASU

2014

provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In

August 2015,

the FASB issued ASU

2015

14,

Revenue from Contracts with Customers

(Topic

606

Deferral of the Effective Date

. ASU

2015

deferred the effective date of ASU

2014

one

year to interim and annual reporting periods beginning after

December 15, 2017,

and permitted early adoption of the standard, but

not

before the original effective date of

December 15, 2016.

The standard permits the use of either a retrospective to each reporting period presented method, or a retrospective with the cumulative effect method to adopt the standard. In

April 2016,

the FASB issued ASU

2016

10,

Revenue from Contracts with Customers

(Topic

606

Identifying Performance Obligations and Licensing

. This ASU amends the guidance of ASU

2014

to clarify the identification of performance obligations and to provide additional licensing implementation guidance. In

May 2016,

the FASB issued ASU

2016

12,

Revenue from Contracts with Customers

(Topic

606

Narrow Scope Improvements and Practical Expedients

. This ASU was issued to provide guidance in assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition, in order to reduce the potential for diversity in practice at initial application, and to reduce the cost and complexity of applying the standard. In

December 2016,

the FASB issued ASU

2016

20,

Revenue from Contracts with Customers

(Topic

606

Technical Corrections and Improvements

. This ASU was issued to clarify the standard and to correct unintended application of guidance. We have completed our internal evaluation of the standard and determined that the adoption of this standard will

not

have a material effect on our balance sheets and statements of operations. We have determined that we will utilize the modified retrospective method to implement the standard. We are evaluating our footnote disclosures and expect that this standard’s most significant impact will be expanded disclosures related to deferred revenue from customer pre-payments. We will continue to develop these disclosures and the related tasks of gathering data to be disclosed, assessing our internal controls and availing ourselves of broadcasting industry related guidance.

January 2016,

the FASB issued ASU

No.

2016

–

Financial Instrumen

ts - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

amends the guidance in U.S. GAAP regarding the classification and measurement of financial instruments. The new standard significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The standard is effective for fiscal years beginning after

December 15, 2017,

including interim periods within those fiscal years. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 20

16,

the FASB issued ASU

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

Leases

, and thus will supersede nearly all existing lease guidance by requiring the reclassification of lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The standard will be effective for fiscal years beginning after

December 15, 2018.

We have preliminarily determined that the adoption of this standard will

not

have a material effect on our statements of operations. However, this standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. As of

December 31, 2016,

the values of those assets and related liabilities were each approximately

$13.2

million. We are also evaluating our footnote disclosure requirements. We will continue to review our contractual obligations related to this standard, and develop our disclosures, assessing our internal controls and availing ourselves of broadcasting industry related guidance.

August 2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows

(Topic

230

)

–

Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

amends the guidance of U.S. GAAP with the intent of addressing

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. One or more of these

eight

issues are applicable to our financial statements. The standard is effective for fiscal years beginning after

December 15, 2017,

including interim periods within those fiscal years. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

January 2017,

the FASB issued ASU

2017

01,

Business Combinations

(Topic

805

) –

Clarifying the Definition of a Business

. ASU

2017

amends the guidance of U.S. GAAP with the intent of clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard is effective for fiscal years beginning after

December 15, 2017,

including interim periods within those fiscal years. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made that determination. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

March 2017,

the FASB issue

d ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

amends the guidance of U.S. GAAP with the intent of improving the presentation of net periodic pension cost and net periodic postretirement benefit cost by prescribing where the amount of net benefit cost should be presented in an employer’s income statement and requiring the disclosure by line item of the amount of net benefit cost that is included in the income statement or capitalized in assets. The standard is effective for fiscal years beginning after

December 15, 2017,

including interim periods within those fiscal years. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications

November 2015,

the FASB issued ASU

No.

2015

17,

Income Taxes

(Topic

740

) –

Balance Sheet Classification of Deferred Taxes

. ASU

2015

requires a “noncurrent” presentation of all deferred income taxes. As required by our adoption of this standard, the affected amounts have been reclassified on our balance sheets for all periods presented.

March 2016,

the FASB issued ASU

2016

09,

Compensation

–

Stock Compensation

(Topic

718

) –

Improvements to Employee Share-Based Payment Accounting.

ASU

2016

amended the guidance in U.S. GAAP with the intent of simplifying several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards, and classification on the statement of cash flows. Our adoption of this standard included an adjustment to record the impact on our deferred asset related to the net federal and state income tax deductions for grants, and subsequent vesting, of restricted stock in excess of our book basis expense. Accordingly, we have recorded adjustments to increase our deferred tax asset and our accumulated deficit, as of

January 1, 2017,

by approximately

$1.1

million. Beginning in

2017,

we began recording similar net excess or deficit tax deductions as current tax benefit or expense and as reductions in the related income tax prepaid or payable, or deferred tax assets.

Certain amounts in the condensed consolidated statement of cash flows have been reclassified to conform to the current presentation