XML 51 R28.htm IDEA: XBRL DOCUMENT v3.20.4
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
19. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS:
 
Sinclair Television Group, Inc. (STG), a wholly-owned subsidiary and the television operating subsidiary of Sinclair Broadcast Group, Inc. (SBG), is the primary obligor under STG's Bank Credit Agreement, 5.875% unsecured notes, 5.125% unsecured notes, 5.500% unsecured notes and 4.125% secured notes. Our Class A Common Stock and Class B Common Stock as of December 31, 2020, were obligations or securities of SBG and not obligations or securities of STG. SBG is a guarantor under STG's Bank Credit Agreement, 5.875% unsecured notes, 5.125% unsecured notes, 5.500% unsecured notes, and 4.125% secured notes. As of December 31, 2020, our consolidated total debt of $12,551 million included $4,405 million of debt related to STG and its subsidiaries of which SBG guaranteed $4,366 million.
 
SBG, KDSM, LLC, a wholly-owned subsidiary of SBG, and STG’s wholly-owned subsidiaries (guarantor subsidiaries), have fully and unconditionally guaranteed, subject to certain customary automatic release provisions, all of STG’s obligations.  Those guarantees are joint and several.  There are certain contractual restrictions on the ability of SBG, STG or KDSM, LLC to obtain funds from their subsidiaries in the form of dividends or loans.
 
The following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations and comprehensive income, and consolidated statements of cash flows of SBG, STG, KDSM, LLC and the guarantor subsidiaries, the direct and indirect non-guarantor subsidiaries of SBG and the eliminations necessary to arrive at our information on a consolidated basis.
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2020
(In millions)
 
 Sinclair
Broadcast
Group,
Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Cash and cash equivalents$— $458 $— $801 $— $1,259 
Accounts receivable, net— — 558 502 — 1,060 
Other current assets7 46 372 560 (87)898 
Total current assets7 504 930 1,863 (87)3,217 
Property and equipment, net1 33 706 109 (26)823 
Investment in equity of consolidated subsidiaries430 3,549 — — (3,979)— 
Restricted cash— — — 3 — 3 
Goodwill— — 2,082 10 — 2,092 
Indefinite-lived intangible assets— — 156 15 — 171 
Definite-lived intangible assets, net— — 1,256 4,409 (41)5,624 
Other long-term assets139 1,718 280 1,569 (2,254)1,452 
Total assets$577 $5,804 $5,410 $7,978 $(6,387)$13,382 
Accounts payable and accrued liabilities$19 $70 $247 $284 $(87)$533 
Current portion of long-term debt— 13 5 41 (1)58 
Other current liabilities1 2 134 306 — 443 
Total current liabilities20 85 386 631 (88)1,034 
Long-term debt700 4,337 33 8,460 (1,037)12,493 
Investment in deficit of consolidated subsidiaries1,118 — — — (1,118)— 
Other long-term liabilities12 121 1,445 710 (1,438)850 
Total liabilities1,850 4,543 1,864 9,801 (3,681)14,377 
Redeemable noncontrolling interests— — — 190 — 190 
Total Sinclair Broadcast Group (deficit) equity(1,273)1,261 3,546 (2,098)(2,710)(1,274)
Noncontrolling interests in consolidated subsidiaries— — — 85 4 89 
Total liabilities, redeemable noncontrolling interests, and equity$577 $5,804 $5,410 $7,978 $(6,387)$13,382 
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2019
(In millions)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Cash and cash equivalents$— $357 $3 $973 $— 1,333 
Accounts receivable, net— — 561 571 — 1,132 
Other current assets5 41 264 188 (50)448 
Total current assets5 398 828 1,732 (50)2,913 
Property and equipment, net1 31 659 96 (22)765 
Investment in consolidated subsidiaries2,270 3,558 — — (5,828)— 
Goodwill— — 2,091 2,625 — 4,716 
Indefinite-lived intangible assets— — 144 14 — 158 
Definite-lived intangible assets— — 1,426 6,598 (47)7,977 
Other long-term assets82 1,611 279 618 (1,749)841 
Total assets$2,358 $5,598 $5,427 $11,683 $(7,696)$17,370 
Accounts payable and accrued liabilities$142 $109 $286 $296 $(51)$782 
Current portion of long-term debt— 27 4 41 (1)71 
Other current liabilities— 1 133 147 — 281 
Total current liabilities142 137 423 484 (52)1,134 
Long-term debt700 4,348 32 8,317 (1,030)12,367 
Other liabilities13 53 1,418 547 (934)1,097 
Total liabilities855 4,538 1,873 9,348 (2,016)14,598 
Redeemable noncontrolling interests— — — 1,078 — 1,078 
Total Sinclair Broadcast Group equity1,503 1,060 3,554 1,069 (5,684)1,502 
Noncontrolling interests in consolidated subsidiaries— — — 188 4 192 
Total liabilities, redeemable noncontrolling interests, and equity$2,358 $5,598 $5,427 $11,683 $(7,696)$17,370 
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2020
(In millions)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Net revenue$— $100 $3,081 $2,946 $(184)$5,943 
Media programming and production expenses— 3 1,284 1,519 (71)2,735 
Selling, general and administrative18 122 658 279 (97)980 
Impairment of goodwill and definite-lived intangible assets— — — 4,264 — 4,264 
Depreciation, amortization and other operating expenses2 8 211 525 (10)736 
Total operating expenses20 133 2,153 6,587 (178)8,715 
Operating (loss) income(20)(33)928 (3,641)(6)(2,772)
Equity in (loss) earnings of consolidated subsidiaries(2,409)877 — — 1,532 — 
Interest expense(13)(191)(3)(474)25 (656)
Other income (expense)27 4 (41)303 (14)279 
Total other (expense) income(2,395)690 (44)(171)1,543 (377)
Income tax benefit1 51 3 665 — 720 
Net (loss) income(2,414)708 887 (3,147)1,537 (2,429)
Net income attributable to the redeemable noncontrolling interests— — — (56)— (56)
Net loss attributable to the noncontrolling interests— — — 71 — 71 
Net (loss) income attributable to Sinclair Broadcast Group$(2,414)$708 $887 $(3,132)$1,537 $(2,414)
Comprehensive (loss) income$(2,414)$707 $887 $(3,154)$1,537 $(2,437)
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019
(In millions)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Net revenue$— $35 $2,841 $1,487 $(123)$4,240 
Media programming and production expenses— — 1,238 894 (59)2,073 
Selling, general and administrative147 147 663 202 (40)1,119 
Depreciation, amortization and other operating expenses— (20)278 334 (14)578 
Total operating expenses147 127 2,179 1,430 (113)3,770 
Operating (loss) income(147)(92)662 57 (10)470 
Equity in earnings of consolidated subsidiaries165 577 — — (742)— 
Interest expense(5)(216)(4)(216)19 (422)
Other income (expense)2 (7)(53)24 (5)(39)
Total other income (expense)162 354 (57)(192)(728)(461)
Income tax benefit (provision)32 66 (21)19 — 96 
Net income (loss)47 328 584 (116)(738)105 
Net income attributable to the redeemable noncontrolling interests— — — (48)— (48)
Net income attributable to the noncontrolling interests— — — (10)— (10)
Net income (loss) attributable to Sinclair Broadcast Group$47 $328 $584 $(174)$(738)$47 
Comprehensive income (loss)$47 $327 $584 $(116)$(738)$104 
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2018
(In millions)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
Net revenue$— $— $2,856 $293 $(94)$3,055 
Media programming and production expenses— — 1,131 141 (81)1,191 
Selling, general and administrative10 100 613 20 (2)741 
Depreciation, amortization and other operating expenses— 5 258 207 (7)463 
Total operating expenses10 105 2,002 368 (90)2,395 
Operating (loss) income(10)(105)854 (75)(4)660 
Equity in earnings of consolidated subsidiaries348 724 — — (1,072)— 
Interest expense— (285)(4)(18)15 (292)
Other income (expense)2 (2)(58)— — (58)
Total other income (expense)350 437 (62)(18)(1,057)(350)
Income tax benefit (provision)2 90 (62)6 — 36 
Net income (loss)342 422 730 (87)(1,061)346 
Net income attributable to the noncontrolling interests— — — (5)— (5)
Net income (loss) attributable to Sinclair Broadcast Group$342 $422 $730 $(92)$(1,061)$341 
Comprehensive income (loss)$347 $422 $730 $(87)$(1,065)$347 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2020
(In millions)
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(119)$(75)$864 $875 $3 $1,548 
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:     
Acquisition of property and equipment— (8)(130)(26)7 (157)
Acquisition of businesses, net of cash acquired— — (16)— — (16)
Proceeds from the sale of assets— — 36 — — 36 
Purchases of investments(43)(8)(43)(45)— (139)
Spectrum repack reimbursements— — 90 — — 90 
Other, net1 — (2)28 — 27 
Net cash flows (used in) from investing activities(42)(16)(65)(43)7 (159)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:     
Proceeds from notes payable and commercial bank financing— 1,398 — 421 — 1,819 
Repayments of notes payable, commercial bank financing and finance leases— (1,434)(4)(301)— (1,739)
Dividends paid on Class A and Class B Common Stock(63)— — — — (63)
Repurchase of outstanding Class A Common Stock(343)— — — — (343)
Dividends paid on redeemable subsidiary preferred equity— — — (36)— (36)
Redemption of subsidiary preferred equity — — — (547)— (547)
Debt issuance costs— (11)— (8)— (19)
Distributions to noncontrolling interests— — — (32)— (32)
Distributions to redeemable noncontrolling interests— — — (383)— (383)
Increase (decrease) in intercompany payables565 239 (798)4 (10)— 
Other, net2 — — (119)— (117)
Net cash flows from (used in) financing activities161 192 (802)(1,001)(10)(1,460)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH— 101 (3)(169)— (71)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period— 357 3 973 — 1,333 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$— $458 $— $804 $— $1,262 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2019
(In million)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(5)$(210)$734 $396 $1 $916 
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment— (4)(152)(11)11 (156)
Acquisition of businesses, net of cash acquired— — — (8,999)— (8,999)
Proceeds from the sale of assets— — — 8 — 8 
Purchases of investments(6)(39)(54)(353)— (452)
Spectrum repack reimbursements— — 62 — — 62 
Other, net— 3 (1)5 — 7 
Net cash flows (used in) from investing activities(6)(40)(145)(9,350)11 (9,530)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing— 1,793 — 8,163 — 9,956 
Repayments of notes payable, commercial bank financing and finance leases— (1,213)(4)(19)— (1,236)
Proceeds from the issuance of redeemable subsidiary preferred equity, net— — — 985 — 985 
Dividends paid on Class A and Class B Common Stock(73)— — — — (73)
Dividends paid on redeemable subsidiary preferred equity— — — (33)— (33)
Repurchases of outstanding Class A Common Stock(145)— — — — (145)
Redemption of redeemable subsidiary preferred equity— — — (297)— (297)
Debt issuance costs— (25)— (174)— (199)
Distributions to noncontrolling interests— — — (27)— (27)
Distributions to redeemable noncontrolling interests— — — (5)— (5)
Increase (decrease) in intercompany payables227 (905)(601)1,291 (12)— 
Other, net2 (5)— (36)— (39)
Net cash flows from (used in) financing activities11 (355)(605)9,848 (12)8,887 
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH— (605)(16)894 — 273 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period— 962 19 79 — 1,060 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$— $357 $3 $973 $— $1,333 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2018
(In millions)
 
Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSinclair
Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(9)$(253)$936 $(40)$13 647 
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment— (7)(98)(4)4 (105)
Spectrum repack reimbursements— — 6 — — 6 
Proceeds from the sale of assets— — 2 — — 2 
Purchases of investments(2)(14)(29)(3)— (48)
Other, net6 — 3 18 — 27 
Net cash flows from (used in) investing activities4 (21)(116)11 4 (118)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing— — — 4 — 4 
Repayments of notes payable, commercial bank financing and finance leases— (148)(4)(15)— (167)
Debt issuance costs— — — (1)— (1)
Dividends paid on Class A and Class B Common Stock(74)— — — — (74)
Repurchase of outstanding Class A Common Stock(221)— — — — (221)
Distributions to noncontrolling interests— — — (9)— (9)
Increase (decrease) in intercompany payables297 738 (1,117)100 (18)— 
Other, net3 — (3)2 1 3 
Net cash flows from (used in) financing activities5 590 (1,124)81 (17)(465)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH— 316 (304)52 — 64 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period— 646 323 27 — 996 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$— $962 $19 $79 $— $1,060