XML 97 R76.htm IDEA: XBRL DOCUMENT v3.24.0.1
NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement
Notes payable, finance leases, and commercial bank financing (including "finance leases to affiliates") consisted of the following as of December 31, 2023 and 2022 (in millions):
 20232022
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)$1,215 $1,258 
Term Loan B-3, due April 1, 2028722 729 
Term Loan B-4, due April 21, 2029739 746 
STG Notes (b):
5.125% Unsecured Notes, due February 15, 2027
274 282 
5.500% Unsecured Notes, due March 1, 2030
485 500 
4.125% Senior Secured Notes, due December 1, 2030
737 750 
Debt of variable interest entities7 8 
Debt of non-media subsidiaries15 16 
Finance leases20 23 
Finance leases - affiliate7 9 
Total outstanding principal4,221 4,321 
Less: Deferred financing costs and discounts(46)(56)
Less: Current portion(34)(35)
Less: Finance leases - affiliate, current portion(2)(3)
Net carrying value of long-term debt$4,139 $4,227 
 
(a)During the year ended December 31, 2023, STG repurchased $30 million aggregate principal amount of the Term Loan B-2 for consideration of $26 million. See Bank Credit Agreement below.
(b)During the year ended December 31, 2023, we purchased $7 million, $15 million, and $13 million aggregate principal amount of the 5.125% Notes, 5.500% Notes, the 4.125% Notes, respectively, in open market transactions for consideration of $6 million, $8 million, and $8 million, respectively. The STG Notes acquired during the year ended December 31, 2023 were canceled immediately following their acquisition. See STG Notes below.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2023 matures as follows (in millions):
 Notes and 
Bank Credit Agreement		Finance LeasesTotal
2024$31 $7 $38 
202543 7 50 
20261,204 7 1,211 
2027292 4 296 
2028699 2 701 
2029 and thereafter1,925 5 1,930 
Total minimum payments4,194 32 4,226 
Less: Deferred financing costs and discounts(46)— (46)
Less: Amount representing future interest— (5)(5)
Net carrying value of total debt$4,148 $27 $4,175 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2023 and 2022:
Weighted Average Effective Rate
Stated Rate20232022
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
7.98%4.62%
Term Loan B-3 (a)
SOFR plus 3.00%
8.35%4.88%
Term Loan B-4 (b)
SOFR plus 3.75%
9.77%8.21%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%—%
STG Notes:
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%4.31%
(a)The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate ("SOFR") upon the complete phase-out of LIBOR on June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio (as defined in the Bank Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2023 and 2022, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the revolving credit facility and the revolving credit facility matures on December 4, 2025. See Bank Credit Agreement below for further information.
Sinclair Broadcast Group, LLC  
Debt Instrument [Line Items]  
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement
Notes payable, finance leases, and commercial bank financing (including "finance leases to affiliates") consisted of the following as of December 31, 2023 and 2022 (in millions):
 20232022
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)$1,215 $1,258 
Term Loan B-3, due April 1, 2028722 729 
Term Loan B-4, due April 21, 2029739 746 
STG Notes (b):
5.125% Unsecured Notes, due February 15, 2027
274 282 
5.500% Unsecured Notes, due March 1, 2030
485 500 
4.125% Senior Secured Notes, due December 1, 2030
737 750 
Debt of variable interest entities7 8 
Debt of non-media subsidiaries— 16 
Finance leases20 23 
Finance leases - affiliate7 9 
Total outstanding principal4,206 4,321 
Less: Deferred financing costs and discounts(46)(56)
Less: Current portion(34)(35)
Less: Finance leases - affiliate, current portion(2)(3)
Net carrying value of long-term debt$4,124 $4,227 
 
(a)During the year ended December 31, 2023, STG repurchased $30 million aggregate principal amount of the Term Loan B-2 for consideration of $26 million. See Bank Credit Agreement below.
(b)During the year ended December 31, 2023, STG purchased $7 million, $15 million, and $13 million aggregate principal amount of the 5.125% Senior Notes due 2027 (the "5.125% Notes"), the 5.500% Senior Notes due 2030 (the "5.500% Notes"), and the 4.125% Senior Secured Notes due 2030 (the "4.125% Notes" and, collectively with the 5.125% Notes and 5.500% Notes, the notes are referred to as the "STG Notes"), respectively, in open market transactions for consideration of $6 million, $8 million, and $8 million, respectively. The STG Notes acquired during the year ended December 31, 2023 were canceled immediately following their acquisition. See STG Notes below.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2023 matures as follows (in millions):
 Notes and 
Bank Credit Agreement		Finance LeasesTotal
2024$31 $7 $38 
202528 7 35 
20261,204 7 1,211 
2027292 4 296 
2028699 2 701 
2029 and thereafter1,925 5 1,930 
Total minimum payments4,179 32 4,211 
Less: Deferred financing costs and discounts(46)— (46)
Less: Amount representing future interest— (5)(5)
Net carrying value of total debt$4,133 $27 $4,160 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2023 and 2022:
Weighted Average Effective Rate
Stated Rate20232022
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
7.98%4.62%
Term Loan B-3 (a)
SOFR plus 3.00%
8.35%4.88%
Term Loan B-4 (b)
SOFR plus 3.75%
9.77%8.21%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%—%
STG Notes:
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%4.31%
(a)The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate ("SOFR") upon the complete phase-out of LIBOR on June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)STG incurs a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if the first lien indebtedness ratio (as defined in the Bank Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2023 and 2022, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the revolving credit facility and the revolving credit facility matures on December 4, 2025. See Bank Credit Agreement below for further information.