0001437749-24-034144 | 10-Q | XBRL Viewer

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	September30,		December 31,
	2024		2023
Advertising deposit liabilities	$	32	$	13
Other deposit liabilities		18		10
Total deferred revenue	$	50	$	23

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Market and service type:
Advertising:
Core	$	365	$	363	$	1,110	$	1,099
Political		173		26		247		46
Total advertising		538		389		1,357		1,145
Retransmission consent		369		378		1,121		1,167
Production companies		26		20		68		54
Other		17		16		53		51
Total revenue	$	950	$	803	$	2,599	$	2,417

Sales channel:
Direct	$	558	$	547	$	1,665	$	1,664
Advertising agency intermediary		392		256		934		753
Total revenue	$	950	$	803	$	2,599	$	2,417

Note 9 - Leases - Future Minimum Rental Receipts (Details) $ in Millions	Sep. 30, 2024 USD ($)
Remainder of 2024	$ 7
2025	25
2026	24
2027	23
2028	23
Thereafter	249
Total lease receipts	$ 351

Note 12 - Income Taxes - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income tax expense (benefit)	$ 32	$ 3	$ 70	$ (3)
Effective income tax rate	25.00%	(8.00%)	25.00%	4.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Insider Trading Policies and Procedures Not Adopted [Text Block]

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Restricted Stock [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock [Member] Common Stock [Member]	Restricted Stock [Member] Retained Earnings [Member]	Restricted Stock [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock [Member] Treasury Stock, Common [Member]	Restricted Stock [Member] AOCI Attributable to Parent [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Common Stock [Member]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member] Common Class A [Member]	Restricted Stock Units (RSUs) [Member] Treasury Stock, Common [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member] Common Class A [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	$ 1,242	$ (31)	$ (278)	$ (12)	$ 2,116
Net income (loss)															0	0	(31)	0	0	0	(31)
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
Adjustment to fair value of interest rate cap, net of tax															$ 0	$ 0	0	$ 0	$ 0	(11)	(11)
401(k) Plan (in shares)															0	819,898		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)	25,022	12,227		(92,196)	(129,636)			0	247,953		0	(80,622)
Restricted stock awards	$ 0	$ 0	$ 0	$ (1)	$ (2)	$ 0	$ (3)	$ 0	$ 0	$ 0	$ 0	$ (1)	$ 0	$ (1)
Stock-based compensation															$ 0	$ 2	0	$ 0	$ 0	0	2
Restricted stock awards	$ (0)	$ (0)	(0)	$ 1	$ 2	(0)	3	$ (0)	$ (0)	(0)	$ (0)	$ 1	(0)	1
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Balance (in shares) at Dec. 31, 2022															9,675,139	105,104,057		(2,130,724)	(19,636,786)
Balance at Dec. 31, 2022															$ 45	$ 1,150	1,242	$ (31)	$ (278)	(12)	2,116
Net income (loss)																					(67)
Common stock dividends																					(22)
Balance (in shares) at Sep. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Sep. 30, 2023															$ 46	$ 1,172	1,114	$ (32)	$ (281)	(17)	2,002
Balance (in shares) at Mar. 31, 2023															9,700,161	106,184,135		(2,222,920)	(19,847,044)
Balance at Mar. 31, 2023															$ 45	$ 1,161	1,191	$ (32)	$ (281)	(23)	2,061
Net income (loss)															0	0	4	0	0	0	4
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(7)	0	0	0	(7)
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	8	8
Restricted stock awards (in shares)	713,832	995,692		0	(69,028)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															$ 0	$ 7	0	$ 0	$ 0	0	7
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Balance (in shares) at Jun. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Jun. 30, 2023															$ 45	$ 1,168	1,175	$ (32)	$ (281)	(15)	2,060
Net income (loss)															0	0	(40)	0	0	0	(40)
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	(2)	(2)
Stock-based compensation															$ 1	$ 4	0	$ 0	$ 0	0	5
Balance (in shares) at Sep. 30, 2023															10,413,993	107,179,827		(2,222,920)	(19,916,072)
Balance at Sep. 30, 2023															$ 46	$ 1,172	1,114	$ (32)	$ (281)	(17)	2,002
Balance (in shares) at Dec. 31, 2023															10,413,993	107,179,827		(2,251,727)	(19,952,346)
Balance at Dec. 31, 2023															$ 50	$ 1,174	1,084	$ (32)	$ (282)	(23)	1,971
Net income (loss)															0	0	88	0	0	0	88
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															$ 0	$ 0	(8)	$ 0	$ 0	0	(8)
401(k) Plan (in shares)															0	1,765,444		0	0
401(k) Plan															$ 0	$ 9	0	$ 0	$ 0	0	9
Restricted stock awards (in shares)	823,393	1,126,296		(142,895)	(146,470)			0	564,793		0	(188,400)
Restricted stock awards	$ 0	$ 0	0	$ (1)	$ (1)	0	(2)	$ 0	$ 0	0	$ 0	$ (1)	0	(1)
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Restricted stock awards	$ (0)	$ (0)	(0)	$ 1	$ 1	(0)	2	$ (0)	$ (0)	$ (0)	$ (0)	$ 1	$ (0)	$ 1
Balance (in shares) at Mar. 31, 2024															11,237,386	110,636,360		(2,394,622)	(20,287,216)
Balance at Mar. 31, 2024															$ 52	$ 1,187	1,151	$ (33)	$ (284)	(23)	2,050
Balance (in shares) at Dec. 31, 2023															10,413,993	107,179,827		(2,251,727)	(19,952,346)
Balance at Dec. 31, 2023															$ 50	$ 1,174	1,084	$ (32)	$ (282)	(23)	1,971
Net income (loss)																					206
Common stock dividends																					(24)
Balance (in shares) at Sep. 30, 2024															11,237,386	111,166,022		(2,394,622)	(20,341,577)
Balance at Sep. 30, 2024															$ 55	$ 1,195	1,227	$ (33)	$ (284)	(30)	2,130
Balance (in shares) at Mar. 31, 2024															11,237,386	110,636,360		(2,394,622)	(20,287,216)
Balance at Mar. 31, 2024															$ 52	$ 1,187	1,151	$ (33)	$ (284)	(23)	2,050
Net income (loss)															0	0	22	0	0	0	22
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	(2)	(2)
Restricted stock awards (in shares)	0	529,662		0	(54,361)
Restricted stock awards	$ 0	$ 0	0	$ 0	$ 0	0	0
Stock-based compensation															$ 2	$ 4	0	$ 0	$ 0	0	6
Restricted stock awards	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jun. 30, 2024															11,237,386	111,166,022		(2,394,622)	(20,341,577)
Balance at Jun. 30, 2024															$ 54	$ 1,191	1,152	$ (33)	$ (284)	(25)	2,055
Net income (loss)															0	0	96	0	0	0	96
Preferred stock dividends															0	0	(13)	0	0	0	(13)
Common stock dividends															0	0	(8)	0	0	0	(8)
Adjustment to fair value of interest rate cap, net of tax															0	0	0	0	0	(5)	(5)
Stock-based compensation															$ 1	$ 4	0	$ 0	$ 0	0	5
Balance (in shares) at Sep. 30, 2024															11,237,386	111,166,022		(2,394,622)	(20,341,577)
Balance at Sep. 30, 2024															$ 55	$ 1,195	$ 1,227	$ (33)	$ (284)	$ (30)	$ 2,130

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Insider Trading Arr Line Items

Item 5.

Other Information

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K, during the Company’s fiscal quarter ended September 30, 2024.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Amortization of Intangible Assets	$ 94	$ 147
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	31
Finite-Lived Intangible Asset, Expected Amortization, Year One	113
Finite-Lived Intangible Asset, Expected Amortization, Year Two	83
Finite-Lived Intangible Asset, Expected Amortization, Year Three	47
Finite-Lived Intangible Asset, Expected Amortization, Year Four	13
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 3

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property and equipment, gross	$ 2,455	$ 2,399
Accumulated depreciation	(872)	(798)
Total property and equipment, net	1,583	1,601
Land [Member]
Property and equipment, gross	385	368
Building and Building Improvements [Member]
Property and equipment, gross	$ 895	868
Building and Building Improvements [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 1,077	1,082
Equipment [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	20 years
Construction in Progress [Member]
Property and equipment, gross	$ 98	$ 81

Note 11 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

11.

Goodwill and Intangible Assets

A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-months ended September 30, 2024 is as follows (in millions):

	Net Balance at		Disposals						Net Balance at
	December 31,		And						September 30,
	2023		Adjustments, Net			Amortization			2024

Broadcast licenses	$	5,320	$	(9	)	$	-		$	5,311
Goodwill		2,643		(1	)		-			2,642
Finite-lived intangible assets		415		-			(94	)		321
Total intangible assets net of accumulated amortization	$	8,378	$	(10	)	$	(94	)	$	8,274

A summary of the changes in our goodwill, on a gross basis, for the nine-months ended September 30, 2024, is as follows (in millions):

	As of			Disposals			As of
	December 31,			And			September 30,
	2023			Adjustments, Net			2024

Goodwill, gross	$	2,742		$	(1	)	$	2,741
Accumulated goodwill impairment		(99	)		-			(99	)
Goodwill, net	$	2,643		$	(1	)	$	2,642

As of September 30, 2024 and December 31, 2023, our intangible assets and related accumulated amortization consisted of the following (in millions):

	As of September 30, 2024							As of December 31, 2023
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,365	$	(54	)	$	5,311	$	5,374	$	(54	)	$	5,320
Goodwill		2,642		-			2,642		2,643		-			2,643
	$	8,007	$	(54	)	$	7,953	$	8,017	$	(54	)	$	7,963

Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(151	)	$	65	$	216	$	(126	)	$	90
Other finite lived intangible assets		992		(736	)		256		992		(667	)		325
	$	1,208	$	(887	)	$	321	$	1,208	$	(793	)	$	415

Total intangibles	$	9,215	$	(941	)	$	8,274	$	9,225	$	(847	)	$	8,378

Amortization expense for the nine-month periods ended September 30, 2024 and 2023 was $94 million and $147 million, respectively. Based on the intangible assets subject to amortization as of September 30, 2024, we expect that amortization expense for the remainder of 2024 would be approximately $31 million, and, for the succeeding five years, amortization expense will be approximately as follows: 2025, $113 million; 2026, $83 million; 2027, $47 million; 2028, $13 million; and 2029, $3 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary materially from these estimates.

Note 3 - Acquisition and Divestitures (Details Textual) - Sale of Television Stations KCWY and KGWN [Member] $ in Millions	Jul. 01, 2024 USD ($)
Fair Value, Construction Permit Acquired	$ 1
Gain (Loss) on Disposition of Business	$ (14)

Note 7 - Retirement Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Text Block]

7.	Retirement Plans

The components of our net periodic pension benefit are included in miscellaneous income (expense), net in our condensed consolidated statements of operations. During the nine-months ended September 30, 2024, the amount recorded as a benefit was not material.

During the nine-month period ended September 30, 2024, we contributed $22 million in matching cash contributions, and shares of our common stock valued at $9 million for our 2023 discretionary profit-sharing contributions, to the 401(k) Plan. The discretionary profit-sharing contribution was recorded as an expense in 2023 and accrued as of December 31, 2023. Based upon employee participation as of September 30, 2024, during the remainder of 2024, we expect to contribute approximately $6 million of matching cash contributions to this plan.

The entire disclosure for retirement benefits.

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Note 9 - Leases - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fixed lease revenue	$ 5	$ 2	$ 16	$ 2
Variable lease revenue	4	4	12	11
Total operating lease revenue	$ 9	$ 6	$ 28	$ 13

Note 13 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Segment Reporting Information, by Segment [Table Text Block]

			Production
As of and for the nine months ended September 30, 2024:	Broadcasting		Companies			Other			Consolidated

Revenue (less agency commissions)	$	2,531	$	68		$	-		$	2,599
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:		1,719		57			80			1,856
Depreciation and amortization		186		14			2			202
Loss on disposal of assets, net		15		-			-			15
Operating expenses		1,920		71			82			2,073
Operating income (loss)	$	611	$	(3	)	$	(82	)	$	526

Interest expense	$	-	$	-		$	363		$	363
Capital expenditures (excluding business combinations)	$	46	$	57		$	-		$	103
Goodwill	$	2,614	$	28		$	-		$	2,642
Total assets	$	9,840	$	664		$	127		$	10,631

For the nine months ended September 30, 2023:

Revenue (less agency commissions)	$	2,363	$	54		$	-		$	2,417
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,664		88			79			1,831
Depreciation and amortization		241		9			3			253
Impairment of goodwill and other intangible assets		-		43			-			43
Loss on disposal of assets, net		18		2			-			20
Operating expenses		1,923		142			82			2,147
Operating income (loss)	$	440	$	(88	)	$	(82	)	$	270

Interest expense	$	-	$	-		$	324		$	324
Capital expenditures (excluding business combinations)	$	83	$	201		$	4		$	288

As of December 31, 2023:

Goodwill	$	2,615	$	28		$	-		$	2,643
Total assets	$	9,897	$	658		$	85		$	10,640

Note 9 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Lease expense
Operating lease expense	$	4	$	4	$	12	$	13
Short-term lease expense		1		1		3		4
Total lease expense	$	5	$	5	$	15	$	17

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Year ending December 31,	Operating Leases
Remainder of 2024	$	3
2025		14
2026		13
2027		11
2028		8
Thereafter		48
Total lease payments		97
Less: Imputed interest		(25	)
Present value of lease liabilities	$	72

Operating Lease, Lease Income [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease revenue:
Fixed lease revenue	$	5	$	2	$	16	$	2
Variable lease revenue		4		4		12		11
Total operating lease revenue	$	9	$	6	$	28	$	13

Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]

Year ending December 31,	Operating Leases
Remainder of 2024	$	7
2025		25
2026		24
2027		23
2028		23
Thereafter		249
Total lease receipts	$	351

Note 2 - Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Text Block]

2.	Revenue

Revenue Recognition. We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheets.

Deferred Revenue. We record a deferred revenue for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied. These deposits are recorded as deferred revenue on our condensed consolidated balance sheet as advertising deposit liabilities. When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as an advertising deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $13 million of revenue in the nine-months ended September 30, 2024 that was included in the advertising deposit liability balance as of December 31, 2023. We also record other deposit liabilities for cash received in advance for other arrangements, for which revenue is recorded as earned in future periods.

The following table presents our deferred revenue by type (in millions):

	September30,		December 31,
	2024		2023
Advertising deposit liabilities	$	32	$	13
Other deposit liabilities		18		10
Total deferred revenue	$	50	$	23

Disaggregation of Revenue. Revenue from our production companies segment is generated through our direct sales channel. Revenue from our broadcasting and other segment is generated through both our direct and advertising agency intermediary sales channels. The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Market and service type:
Advertising:
Core	$	365	$	363	$	1,110	$	1,099
Political		173		26		247		46
Total advertising		538		389		1,357		1,145
Retransmission consent		369		378		1,121		1,167
Production companies		26		20		68		54
Other		17		16		53		51
Total revenue	$	950	$	803	$	2,599	$	2,417

Sales channel:
Direct	$	558	$	547	$	1,665	$	1,664
Advertising agency intermediary		392		256		934		753
Total revenue	$	950	$	803	$	2,599	$	2,417

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 4 - Long-term Debt - Aggregate Minimum Principal Maturities on Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Remainder of 2024	$ 8
2025	20
2026	30
2027	691
2028	1,399
2029	1,721
Thereafter	2,100
Total Debt	5,969	$ 6,210
The 2019 Senior Credit Facility [Member]
Remainder of 2024	8
2025	20
2026	20
2027	20
2028	1,399
2029	471
Thereafter	0
Total Debt	1,938
2026 Notes [Member]
Remainder of 2024	0
2025	0
2026	10
2027	0
2028	0
2029	0
Thereafter	0
Total Debt	10	700
2027 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	671
2028	0
2029	0
Thereafter	0
Total Debt	671	750
2029 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	1,250
Thereafter	0
Total Debt	1,250	0
2030 Notes [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	800
Total Debt	800	800
Notes 2031 [Member]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	1,300
Total Debt	$ 1,300	$ 1,300

Note 13 - Segment Information (Details Textual)	9 Months Ended
Note 13 - Segment Information (Details Textual)	Sep. 30, 2024
Number of Operating Segments	2

Note 1 - Basis of Presentation - Proceeds Received for Project (Details) - Sale Agreement with the Doraville Community Improvement District [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Proceeds received in advance of asset sale	$ 0	$ 0	$ 0	$ 9
Proceeds for reimbursement of development costs	0	0	6	29
Total proceeds received from CID	$ 0	$ 0	$ 6	$ 38

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands					3 Months Ended			9 Months Ended		20 Months Ended
	Sep. 30, 2024	Sep. 25, 2024	Jun. 04, 2024	Jun. 03, 2024	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2023
Repayments of Long-Term Debt								$ 2,257,000	$ 506,000
Payments of Debt Restructuring Costs			$ 47,000
Debt Issuance Costs, Gross			45,000
Gain (Loss) on Extinguishment of Debt			10,000			$ 6,000	$ 0	(1,000)	(3,000)
Gain (Loss) on Extinguishment of Debt, before Debt Issuance Cost Writeoff			4,000
Deferred Debt Issuance Cost, Writeoff			6,000
Derivative, Notional Amount	$ 2,000,000					2,000,000		2,000,000
Derivative Asset	15,000					15,000		15,000			$ 24,000
Amortization								9,000	7,000
Interest Costs Capitalized								1,000	20,000
Interest Paid, Excluding Capitalized Interest, Operating Activities								257,000	284,000
Interest Rate Cap [Member]
Derivative Liabilities, Net of Tax	$ 32,000					$ 32,000		32,000			$ 23,000
Interest Costs Capitalized								$ 6,000	$ 2,000
Forecast [Member] \| Interest Rate Cap [Member]
Derivative Fees Payable										$ 34,000
Debt Repurchase Agreement Using Liquidity [Member]
Available Liquidity, Maximum Authorized Amount to Repurchase Debt										$ 250,000
Second Amendment Extending Maturity Date to December 1, 2026 [Member]
Line of Credit Facility, Maximum Borrowing Capacity			552,500
Long-Term Line of Credit			72,500
Third Amendment Increasing Aggregate Commitments to 127.5 Million [Member}
Line of Credit Facility, Increase in Maximum Borrowing Capacity			127,500
Long-Term Line of Credit			$ 680,000
The 2024 Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.375%
The 2024 Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.50%
The 2024 Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
The 2024 Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			2.75%
The 2024 Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			0.75%
The 2024 Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.75%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.875%			5.875%		5.875%		5.875%			5.875%
Debt Instrument, Repurchase Amount				$ 690,000
2027 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	7.00%					7.00%		7.00%			7.00%
2027 Notes [Member] \| Debt Repurchase Agreement Using Liquidity [Member]
Repayments of Long-Term Debt								$ 72,000
Extinguishment of Debt, Amount								79,000
Gain (Loss) on Repurchase of Debt Instrument								$ 6,000
2029 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	10.50%			10.50%		10.50%		10.50%			10.50%
Debt Instrument, Face Amount				$ 1,250,000
2030 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.75%					4.75%		4.75%			4.75%
Notes 2031 [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.375%					5.375%		5.375%			5.375%
The 2024 Term Loan [Member]
Debt Instrument, Face Amount			$ 500,000	500,000
Debt Instrument, Periodic Payment, Principal			$ 1,250
Debt Instrument, Prepayment fee			1.00%
The 2024 Term Loan [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
The 2024 Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate			1.00%
Debt Instrument, Interest Rate, Effective Percentage			5.25%
The 2024 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			4.25%
The 2024 Revolving Credit Facility [Member]
Proceeds from Lines of Credit				$ 150,000
The 2019 Term Loan [Member]
Repayments of Long-Term Debt	$ 1,200,000
The 2021 Term Loan [Member] \| Debt Repurchase Agreement Using Liquidity [Member]
Repayments of Long-Term Debt								$ 14,000
Extinguishment of Debt, Amount								15,000
Gain (Loss) on Repurchase of Debt Instrument								$ 1,000
The 2021 Term Loan [Member] \| Debt Repurchase Agreement Using Liquidity [Member] \| Forecast [Member]
Repayments of Long-Term Debt					$ 7,000
Repayments of Debt, Cost, Amount					$ 6,000
The 2021 Term Loan [Member] \| Forward Debt Repurchase Agreement With A Lender [Member]
Debt Repurchase Agreement, Amount of Debt Repurchased		$ 32,000

Note 11 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

	Net Balance at		Disposals						Net Balance at
	December 31,		And						September 30,
	2023		Adjustments, Net			Amortization			2024

Broadcast licenses	$	5,320	$	(9	)	$	-		$	5,311
Goodwill		2,643		(1	)		-			2,642
Finite-lived intangible assets		415		-			(94	)		321
Total intangible assets net of accumulated amortization	$	8,378	$	(10	)	$	(94	)	$	8,274

Schedule of Goodwill [Table Text Block]

	As of			Disposals			As of
	December 31,			And			September 30,
	2023			Adjustments, Net			2024

Goodwill, gross	$	2,742		$	(1	)	$	2,741
Accumulated goodwill impairment		(99	)		-			(99	)
Goodwill, net	$	2,643		$	(1	)	$	2,642

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of September 30, 2024							As of December 31, 2023
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	5,365	$	(54	)	$	5,311	$	5,374	$	(54	)	$	5,320
Goodwill		2,642		-			2,642		2,643		-			2,643
	$	8,007	$	(54	)	$	7,953	$	8,017	$	(54	)	$	7,963

Intangible assets subject to amortization:
Network affiliation agreements	$	216	$	(151	)	$	65	$	216	$	(126	)	$	90
Other finite lived intangible assets		992		(736	)		256		992		(667	)		325
	$	1,208	$	(887	)	$	321	$	1,208	$	(793	)	$	415

Total intangibles	$	9,215	$	(941	)	$	8,274	$	9,225	$	(847	)	$	8,378

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Note 5 - Fair Value Measurement

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Text Block]

5.	Fair Value Measurement

We measure certain assets and liabilities at fair value, which are classified by the FASB Codification within the fair value hierarchy as Level 1, 2, or 3, on the basis of whether the measurement employs observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions and consider information about readily available market participant assumptions.

●

Level 1: Quoted prices for identical instruments in active markets

●

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The use of different market assumptions or methodologies could have a material effect on the fair value measurement.

The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable, employee compensation and benefits, accrued interest, other accrued expenses, and deferred revenue approximate fair value at both September 30, 2024 and December 31, 2023.

As of September 30, 2024 and December 31, 2023, the carrying amount of our long-term debt was $5.9 billion and $6.2 billion, respectively, and the fair value was $5.1 billion and $5.6 billion, respectively. The fair value of our long-term debt is based on observable estimates provided by third party financial professionals as of each date, and as such is classified within Level 2 of the fair value hierarchy.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Investment, Policy [Policy Text Block]

Note 1 - Basis of Presentation (Details Textual) $ in Millions		9 Months Ended		12 Months Ended
	Feb. 08, 2024 USD ($)	Sep. 30, 2024 USD ($) Rate	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 23, 2023 USD ($)
Number of Operating Segments		2
Number of Television Markets		113
Percent of US Television Households Reached (Rate) \| Rate		36.00%
Number of Television Markets with Top-Rated Stations		77
Number of Television Markets with First and/or Second Rated Stations		100
Number of Television Markets, Telemundo Affiliate Group		43
Number of Hispanic Television Households		1,500,000
Proceeds from Sale of Long-Term Investments		$ 110	$ 0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Special Purpose Subsidiary ("SPV") [Member]
Fee Income		$ 5	$ 3
Wells Fargo Bank, N.A. [Member]
Accounts Receivable Securitization Program Maximum Capacity					$ 300
Debt Instrument, Basis Spread on Variable Rate		1.00%
Proceeds from Accounts Receivable Securitization		$ 300		$ 300
Accounts Receivable Securitization, Unsold Receivables		282		296
Accounts Receivable Securitization, Total Receivables		582		$ 550
Accounts Receivable Securitization, Charge for Discount		$ 8
Broadcast Music Inc. [Member]
Proceeds from Sale of Long-Term Investments	$ 110

Note 8 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense, gross	$ 5	$ 5	$ 17	$ 14
Income tax benefit at our statutory rate associated with share-based compensation	(1)	(1)	(4)	(4)
Stock-based compensation expense, net	$ 4	$ 4	$ 13	$ 10

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%	21.00%
Effective Income Tax Rate Reconciliation, Percent		25.00%	(8.00%)	25.00%	4.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent				5.00%	3.00%
Effective Income Tax Rate Reconciliation, Deduction, Percent				1.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent				2.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent					7.00%
Effective Income Tax Rate Reconciliation, Discrete Item, Percent			13.00%		13.00%
Income Taxes Paid, Net				$ 130
State and Local Jurisdiction [Member]
Operating Loss Carryforwards		$ 282		282
Operating Loss Carryforwards That Will Not Be Realized		$ 201		$ 201
Forecast [Member] \| Minimum [Member]
Income Taxes Paid, Net	$ 3

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Investments in Broadcasting, Production and Technology Companies. We have investments in several television, production and technology companies. We account for all material investments in which we have significant influence over the investee under the equity method of accounting. Upon initial investment, we record equity method investments at cost. The amounts initially recognized are subsequently adjusted for our appropriate share of the net earnings or losses of the investee. We record any investee losses up to the carrying amount of the investment plus advances and loans made to the investee, and any financial guarantees made on behalf of the investee. We recognize our share in earnings and losses of the investee as miscellaneous income (expense), net in our condensed consolidated statements of operations. Investments are also increased by contributions made to and decreased by the distributions from the investee. We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired.

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, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as miscellaneous income (expense), net in our condensed consolidated statements of operations. These investments are reported together as a non-current asset on our consolidated balance sheets.

BMI Investment Proceeds. On February 8, 2024, we received $110 million from the sale of our investment in Broadcast Music, Inc. (“BMI”). These proceeds are included in miscellaneous income (expense), net, in our condensed consolidated statement of operations for the nine-month period ended September 30, 2024.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for credit losses in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share. We compute basic earnings per share by dividing net income available 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, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three and nine-month periods ended September 30, 2024 and 2023, respectively (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Weighted-average shares outstanding-basic		95		93		95		92
Common stock equivalents for stock options and restricted stock		2		-		1		-
Weighted-average shares outstanding-diluted		97		93		96		92

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss. Our accumulated other comprehensive loss balances as of September 30, 2024 and December 31, 2023, consist of adjustments to our pension liability, the fair value of our interest rate caps and the related income tax effects. Our comprehensive income (loss) for the nine-month periods ended September 30, 2024 and 2023 consisted of the adjustment of the fair value of our pension asset and interest rate caps, net of tax, and net income. As of September 30, 2024 and December 31, 2023 the balances were as follows (in millions):

	September 30,			December 31,
	2024			2023

Accumulated balances of items included in accumulated other comprehensive loss:
Adjustment to pension asset	$	(7	)	$	(7	)
Adjustment to fair value of interest rate caps		(32	)		(23	)
Income tax benefit		(9	)		(7	)
Accumulated other comprehensive loss	$	(30	)	$	(23	)

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

Property and Equipment. Property and equipment are carried at cost, or in the case of acquired businesses, at fair value. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in millions):

							Estimated
	*September 30,*			*December 31,*			*Useful Lives*
	*2024*			*2023*			*(in years)*
Property and equipment, net:
Land	$	385		$	368
Buildings and improvements		895			868		7	to	40
Equipment		1,077			1,082		3	to	20
Construction in progress		98			81
		2,455			2,399
Accumulated depreciation		(872	)		(798	)
Total property and equipment, net	$	1,583		$	1,601

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

We incurred costs to build public infrastructure within the Assembly Atlanta project. Pursuant to our Purchase and Sale Agreement with the Doraville Community Improvement District (the “CID”), we receive cash reimbursements for the transfer of specific infrastructure projects to the CID and for other construction costs previously incurred. During the three and nine-month periods ended September 30, 2024 and 2023, we received cash proceeds from the CID. The following table lists the type of proceeds received (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Proceeds received in advance of asset sale	$	-	$	-	$	-	$	9
Proceeds for reimbursement of development costs		-		-		6		29
Total proceeds received from CID	$	-	$	-	$	6	$	38

The following tables provide additional information related to (loss) gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Loss) gain on disposal of assets, net:
Proceeds from sale of fixed assets	$	1		$	9		$	8		$	31
Net book value of assets disposed		(2	)		(26	)		(8	)		(51	)
Non-cash (loss) gain on divestitures		(15	)		13			(15	)		(1	)
Securitization Facility		-			8			-			-
Other		-			2			-			1
Total	$	(16	)	$	6		$	(15	)	$	(20	)

Purchase of property and equipment:
Recurring purchases - operations							$	64		$	78
Assembly Atlanta project								39			210
Total							$	103		$	288

Credit Loss, Financial Instrument [Policy Text Block]

Accounts Receivable and Allowance for Credit Losses. We record accounts receivable from sales and service transactions in our condensed consolidated balance sheets at amortized cost adjusted for any write-offs and net of allowance for credit losses. We are exposed to credit risk primarily through sales of broadcast and digital advertising with a variety of direct and agency-based advertising customers, retransmission consent agreements with multichannel video program distributors and program production sales and services.

Our allowance for credit losses is an estimate of expected losses over the remaining contractual life of our receivables based on an ongoing analysis of collectability, historical collection experience, current economic and industry conditions and reasonable and supportable forecasts. The allowance is calculated using a historical loss rate applied to the current aging analysis. We may also apply additional allowance 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.

On February 23, 2023, we, certain of our subsidiaries and a wholly-owned special purpose subsidiary (the “SPV”), entered into a three-year $300 million revolving accounts receivable securitization facility (the “Securitization Facility”) with Wells Fargo Bank, N.A., as administrative agent, and certain third-party financial institutions (the “Purchasers”). The Securitization Facility permits the SPV to draw up to a total of $300 million, subject to the outstanding amount of the receivables pool and other factors. The Securitization Facility matures on February 23, 2026, and is subject to customary termination events related to transactions of this type. The sale of receivables from the SPV is accounted for in the Company’s financial statements as a "true-sale" under Accounting Standards Codification ("ASC") Topic 860.

Under the Securitization Facility, the SPV sells to the Purchasers certain receivables, including all rights, title, and interest in the related receivables (“Sold Receivables”). The parties intend that the conveyance of accounts receivables to the Purchasers, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The SPV has guaranteed to each Purchaser the prompt payment of Sold Receivables, and to secure the prompt payment and performance of such guaranteed obligations, the SPV has granted a security interest to the Purchasers in all assets of the SPV. In our capacity as servicer under the Securitization Facility, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities. We do not record a servicing asset or liability since the estimated fair value of the servicing of the receivables approximates the servicing income. We also provided a performance guarantee for the benefit of the Purchasers.

The Securitization Facility is subject to interest charges, at the adjusted one-month Secured Overnight Financing Rate (“SOFR”) plus a margin (100 basis points) on the amount of the outstanding facility. The SPV was required to pay an upfront fee and a commitment fee in connection with the Securitization Facility. Servicing fee income recognized during the nine-months ended September 30, 2024 and 2023, was $5 million and $3 million, respectively. The SPV is a separate legal entity with its own separate creditors who will be entitled to access the SPV’s assets before the assets become available to us. As a result, the SPV’s assets are not available to pay our creditors or any of our subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers under the Securitization Facility and other creditors of the SPV may be remitted to us.

The proceeds of the Securitization Facility are classified as operating activities in our condensed consolidated statements of cash flows. Cash received from collections of Sold Receivables is used by the SPV to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection.

The amount sold to the Purchasers was $300 million at each of September 30, 2024 and December 31, 2023, which was derecognized from the condensed consolidated balance sheets. As collateral against sold receivables, the SPV maintains a certain level of unsold receivables, which was $282 million and $296 million at September 30, 2024 and December 31, 2023, respectively. Total receivables sold under the Securitization Facility were $582 million and $550 million in the nine-months ended September 30, 2024 and 2023, respectively. Pursuant to the Securitization Facility, we recognized a charge of $8 million in the nine-month period ended September 30, 2023 representing the discount on the accounts receivable balance initially transferred to the SPV. This discount was included in our (loss) gain on disposal of assets in our condensed consolidated statements of operations.

The following table provides a roll-forward of the allowance for credit losses. The allowance is deducted from the amortized cost basis of accounts receivable in our condensed consolidated balance sheets (in millions):

	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	17		$	16
(Decrease) increase in provision for credit losses		(1	)		17
Amounts written off		(1	)		(2	)
Ending balance	$	15		$	31

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The purpose of this amendment was to improve disclosures related to reportable segments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Currently we do not expect that the implementation of these changes will have a material effect on our financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The purpose of this amendment was to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Currently we do not expect that the implementation of these changes will have a material effect on our financial statements.

In November 2024, The FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The purpose of this amendment was to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Currently we do not expect that the implementation of these changes will have a material impact on our financial statements.

In addition to the accounting standards described above, certain amounts in the condensed consolidated balance sheets and condensed consolidated statements of cash flows have also been reclassified to conform to the current presentation.

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.M.2.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483530/326-20-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5A
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-URI https://asc.fasb.org/1943274/2147479391/326-20-30-5A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-17

Disclosure of accounting policy for investment in financial asset.

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 15	$ 17
Series A Perpetual Preferred Stock, par value (in dollars per share)	$ 0	$ 0
Series A Perpetual Preferred Stock, shares authorized (in shares)	1,500,000	1,500,000
Series A Perpetual Preferred Stock, shares issued (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, shares outstanding (in shares)	650,000	650,000
Series A Perpetual Preferred Stock, liquidation value	$ 650	$ 650
Common stock, shares authorized (in shares)	200,000,000
Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	111,166,022	107,179,827
Common stock, shares outstanding (in shares)	90,824,445	87,227,481
Treasury stock, shares (in shares)	20,341,577	19,952,346
Class A Common Stock (No Par Value) [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	11,237,386	10,413,993
Common stock, shares outstanding (in shares)	8,842,764	8,162,266
Treasury stock, shares (in shares)	2,394,622	2,251,727

Note 9 - Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease expense	$ 4	$ 4	$ 12	$ 13
Short-term lease expense	1	1	3	4
Total lease expense	$ 5	$ 5	$ 15	$ 17

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue (less agency commissions)	$ 950	$ 803	$ 2,599	$ 2,417
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net:
Depreciation			108	106
Amortization of intangible assets			94	147
Impairment of goodwill and other intangible assets	0	43	0	43
Loss (gain) on disposal of assets, net	16	(6)	15	20
Operating expenses	700	719	2,073	2,147
Operating income	250	84	526	270
Other income (expense):
Miscellaneous income (expense), net	2	(10)	114	(13)
Interest expense	(130)	(111)	(363)	(324)
Gain (loss) from early extinguishment of debt	6	0	(1)	(3)
Income (loss) before income taxes	128	(37)	276	(70)
Income tax expense (benefit)	32	3	70	(3)
Net income (loss)	96	(40)	206	(67)
Preferred stock dividends	13	13	39	39
Net income (loss) attributable to common stockholders	$ 83	$ (53)	$ 167	$ (106)
Basic per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.87	$ (0.57)	$ 1.76	$ (1.15)
Weighted-average shares outstanding-basic (in shares)	95	93	95	92
Diluted per share information:
Net income (loss) attributable to common stockholders (in dollars per share)	$ 0.86	$ (0.57)	$ 1.74	$ (1.15)
Weighted-average shares outstanding (in shares)	97	93	96	92
Dividends declared per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.24	$ 0.24
Broadcasting, Segment [Member]
Revenue (less agency commissions)	$ 924	$ 783	$ 2,531	$ 2,363
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net:
Cost of goods and services sold	571	557	1,719	1,664
Production Companies, Segment [Member]
Revenue (less agency commissions)	26	20	68	54
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net:
Cost of goods and services sold	22	18	57	88
Other Operating Segment [Member]
Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net:
Corporate and administrative	24	23	80	79
Depreciation	36	36	108	106
Amortization of intangible assets	$ 31	$ 48	$ 94	$ 147

Note 7 - Retirement Plans (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan, Expected Contributions, Remainder of Fiscal Year	$ 6
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 22	$ 9

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted-average shares outstanding-basic (in shares)	95	93	95	92
Common stock equivalents for stock options and restricted stock (in shares)	2	0	1	0
Weighted-average shares outstanding-diluted (in shares)	97	93	96	92

Note 1 - Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Beginning balance	$ 17	$ 16
(Decrease) increase in provision for credit losses	(1)	17
Amounts written off	(1)	(2)
Ending balance	$ 15	$ 31

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	6.63%
Deferred Lease Revenue [Member]
Deferred Rent Receivables, Net	$ 8	$ 6
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Lessor, Operating Lease, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	99 years
Lessor, Operating Lease, Term of Contract (Year)	42 years

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Entity Central Index Key	0000043196
Entity Registrant Name	GRAY TELEVISION INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-13796
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0285030
Entity Address, Address Line One	4370 Peachtree Road, NE
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30319
City Area Code	404
Local Phone Number	504-9828
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
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock (no par value)
Trading Symbol	GTN.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		8,842,764
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	common stock (no par value)
Trading Symbol	GTN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		90,824,445

Note 13 - Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting Disclosure [Text Block]

13.

Segment information

We operate in two business segments: broadcasting and production companies. The broadcasting segment operates television stations in local markets in the U.S. The production companies segment includes the production of television content and our productions facilities, primarily Assembly Atlanta. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning our operating segments (in millions):

			Production
As of and for the nine months ended September 30, 2024:	Broadcasting		Companies			Other			Consolidated

Revenue (less agency commissions)	$	2,531	$	68		$	-		$	2,599
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:		1,719		57			80			1,856
Depreciation and amortization		186		14			2			202
Loss on disposal of assets, net		15		-			-			15
Operating expenses		1,920		71			82			2,073
Operating income (loss)	$	611	$	(3	)	$	(82	)	$	526

Interest expense	$	-	$	-		$	363		$	363
Capital expenditures (excluding business combinations)	$	46	$	57		$	-		$	103
Goodwill	$	2,614	$	28		$	-		$	2,642
Total assets	$	9,840	$	664		$	127		$	10,631

For the nine months ended September 30, 2023:

Revenue (less agency commissions)	$	2,363	$	54		$	-		$	2,417
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:		1,664		88			79			1,831
Depreciation and amortization		241		9			3			253
Impairment of goodwill and other intangible assets		-		43			-			43
Loss on disposal of assets, net		18		2			-			20
Operating expenses		1,923		142			82			2,147
Operating income (loss)	$	440	$	(88	)	$	(82	)	$	270

Interest expense	$	-	$	-		$	324		$	324
Capital expenditures (excluding business combinations)	$	83	$	201		$	4		$	288

As of December 31, 2023:

Goodwill	$	2,615	$	28		$	-		$	2,643
Total assets	$	9,897	$	658		$	85		$	10,640

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 9 - Leases

9 Months Ended

Sep. 30, 2024

Leases, Lessee Disclosure [Text Block]

9.	Leases

We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not known. Right-of-use (“ROU”) assets related to our operating lease liabilities are measured at lease commencement based on the initial measurement of the lease liability, plus any prepaid lease payments and less any lease incentives. Our lease terms that are used in determining our operating lease liabilities at lease commencement may include options to extend or terminate the leases when it is reasonably certain that we will exercise such options. We amortize our ROU assets as operating lease expense generally on a straight-line basis over the lease term and classify both the lease amortization and imputed interest as operating expenses. We have lease agreements with lease and non-lease components, and in such cases, we generally account for the components separately with only the lease component included in the calculation of the ROU asset and lease liability.

We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of September 30, 2024, our operating leases substantially have remaining terms of one year to 99 years, some of which include options to extend and/or terminate the leases. We do not recognize lease assets and lease liabilities for any lease with an original lease term of less than one year.

Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows.

As of September 30, 2024, the weighted-average remaining term of our operating leases was approximately 9.1 years. The weighted-average discount rate used to calculate the values associated with our operating leases was 6.63%. The table below describes the nature of lease expense and classification of operating lease expense recognized in the three and nine-months ended September 30, 2024 and 2023, respectively (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Lease expense
Operating lease expense	$	4	$	4	$	12	$	13
Short-term lease expense		1		1		3		4
Total lease expense	$	5	$	5	$	15	$	17

The maturities of operating lease liabilities as of September 30, 2024, for the remainder of 2024 and the succeeding years were as follows (in millions):

Year ending December 31,	Operating Leases
Remainder of 2024	$	3
2025		14
2026		13
2027		11
2028		8
Thereafter		48
Total lease payments		97
Less: Imputed interest		(25	)
Present value of lease liabilities	$	72

As a Lessor. We lease or sublease our owned or leased production facilities, land, towers and office space through operating leases with third parties. Payments received associated with these leases consist of fixed and variable payments. Fixed payments are received for the rental of space including fixed rate rent escalations over the applicable term of the lease agreements. Variable payments are received for short-term rental of space, variable rent escalations and reimbursement of operating costs related to the asset leased or subleased.

We recognize revenue from fixed payments on a straight-line basis over the applicable term of the lease agreements, whose lives range between one and 42 years. The excess of straight-line revenue recognized over the fixed payments received is recorded as deferred rent receivable in other assets on our condensed consolidated balance sheets. The deferred rent receivable balance was $8 million and $6 million as of September 30, 2024 and December 31, 2023, respectively. We recognize revenue from variable payments each period as earned.

Cash flow activities related to our lease activities for assets we lease to third parties are included in other assets and accounts receivable as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows.

The following table describes the nature of our lease revenue and classification of operating lease revenue recognized in the three and nine-months ended September 30, 2024 and 2023 (in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating lease revenue:
Fixed lease revenue	$	5	$	2	$	16	$	2
Variable lease revenue		4		4		12		11
Total operating lease revenue	$	9	$	6	$	28	$	13

The following table presents our future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024 (in millions):

Year ending December 31,	Operating Leases
Remainder of 2024	$	7
2025		25
2026		24
2027		23
2028		23
Thereafter		249
Total lease receipts	$	351

Note 1 - Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Weighted-average shares outstanding-basic		95		93		95		92
Common stock equivalents for stock options and restricted stock		2		-		1		-
Weighted-average shares outstanding-diluted		97		93		96		92

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	September 30,			December 31,
	2024			2023

Accumulated balances of items included in accumulated other comprehensive loss:
Adjustment to pension asset	$	(7	)	$	(7	)
Adjustment to fair value of interest rate caps		(32	)		(23	)
Income tax benefit		(9	)		(7	)
Accumulated other comprehensive loss	$	(30	)	$	(23	)

Property, Plant and Equipment [Table Text Block]

							Estimated
	*September 30,*			*December 31,*			*Useful Lives*
	*2024*			*2023*			*(in years)*
Property and equipment, net:
Land	$	385		$	368
Buildings and improvements		895			868		7	to	40
Equipment		1,077			1,082		3	to	20
Construction in progress		98			81
		2,455			2,399
Accumulated depreciation		(872	)		(798	)
Total property and equipment, net	$	1,583		$	1,601

Proceeds Received for Project [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Proceeds received in advance of asset sale	$	-	$	-	$	-	$	9
Proceeds for reimbursement of development costs		-		-		6		29
Total proceeds received from CID	$	-	$	-	$	6	$	38

Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Loss) gain on disposal of assets, net:
Proceeds from sale of fixed assets	$	1		$	9		$	8		$	31
Net book value of assets disposed		(2	)		(26	)		(8	)		(51	)
Non-cash (loss) gain on divestitures		(15	)		13			(15	)		(1	)
Securitization Facility		-			8			-			-
Other		-			2			-			1
Total	$	(16	)	$	6		$	(15	)	$	(20	)

Purchase of property and equipment:
Recurring purchases - operations							$	64		$	78
Assembly Atlanta project								39			210
Total							$	103		$	288

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	17		$	16
(Decrease) increase in provision for credit losses		(1	)		17
Amounts written off		(1	)		(2	)
Ending balance	$	15		$	31

Note 11 - Goodwill and Intangible Assets - Changes in Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Broadcast licenses	$ 5,320
Broadcast licenses	5,311
Goodwill,net	2,643
Goodwill, acquisitions and adjustments	1
Goodwill,net	2,642	$ 2,643
Finite-lived intangible assets	415
Amortization	(94)	$ (147)
Finite-lived intangible assets	321
Total intangible assets net of accumulated amortization	8,378
Total intangible assets net of accumulated amortization	(10)
Total intangible assets net of accumulated amortization	8,274
Finite-Lived Intangible Assets [Member]
Acquisition and adjustments	0
Acquisition and adjustments	0
Finite-lived intangible assets	321
Finite-lived Intangible Assets [Member]
Amortization	(94)
Broadcast Licenses [Member]
Broadcast licenses	5,320
Acquisition and adjustments	(9)
Broadcast licenses	5,311
Acquisition and adjustments	$ 9

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income (loss)	$ 206	$ (67)
Adjustments to reconcile net income (loss) to net cash provided by
Depreciation	108	106
Amortization of intangible assets	94	147
Amortization of deferred loan costs	11	10
Amortization of stock-based compensation	17	14
Amortization of program broadcast rights	20	29
Payments on program broadcast obligations	(22)	(30)
Deferred income taxes	(12)	(57)
Loss on disposal of assets, net	15	20
Gain on sale of investment	(110)	0
Loss from early extinguishment of debt	1	3
Impairment of investments	0	8
Impairment of goodwill and other intangible assets	0	43
Other	(2)	11
Changes in operating assets and liabilities:
Accounts receivable, net	(15)	311
Income taxes receivable or prepaid	(34)	9
Other current assets	(2)	3
Accounts payable	(6)	(29)
Employee compensation, benefits and pension cost	(14)	(16)
Accrued network fees and other expenses	57	9
Accrued interest	56	32
Income taxes payable	(13)	(2)
Deferred revenue	28	11
Net cash provided by operating activities	383	565
Investing activities:
Acquisitions of businesses and broadcast licenses, net of cash acquired	0	(7)
Proceeds from sale of television stations	0	6
Purchases of property and equipment	(103)	(288)
Proceeds from asset sales	8	31
Proceeds from sale of investment	110	0
Reimbursement of development costs	0	11
Investments in broadcast, production and technology companies	(4)	(11)
Other	(1)	(1)
Net cash provided by (used in) investing activities	10	(259)
Financing activities:
Proceeds from borrowings on long-term debt	2,025	225
Repayments of borrowings on long-term debt	(2,257)	(506)
Payments of common stock dividends	(24)	(22)
Payments of preferred stock dividends	(39)	(39)
Deferred and other loan costs	(47)	0
Payments of taxes related to net share settlement of equity awards	(3)	(4)
Net cash used in financing activities	(345)	(346)
Net increase (decrease) in cash	48	(40)
Cash at beginning of period	21	61
Cash at end of period	$ 69	$ 21

Note 8 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Restricted Stock [Member]

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

1,467,936

997,745

^[1]

$ 12.17

$ 20.62

Granted, Shares (in shares)

^[1]

1,785,958

1,007,919

Granted, Weighted average grant date fair value (in dollars per share)

^[1]

$ 7.47

$ 8.15

Vested, Shares (in shares)

(480,412)

(461,953)

Vested, Weighted average grant date fair value (in dollars per share)

$ 11.23

$ 20.27

Forfeited, Shares (in shares)

(130,000)

Forfeited (in dollars per share)

$ 8.1

$ 0

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

2,643,482

1,543,711

^[1]

$ 9.36

$ 12.58

Restricted Stock [Member] | Common Class A [Member]

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

1,148,233

677,238

^[1]

$ 12.37

$ 19.36

Granted, Shares (in shares)

^[1]

823,393

738,854

Granted, Weighted average grant date fair value (in dollars per share)

^[1]

$ 8.25

$ 8.34

Vested, Shares (in shares)

(318,733)

(203,986)

Vested, Weighted average grant date fair value (in dollars per share)

$ 13.17

$ 18.76

Outstanding, Weighted average grant date fair value (in dollars per share)

^[1]

1,652,893

1,212,106

^[1]

$ 10.16

$ 12.74

Restricted Stock Units (RSUs) [Member]

Outstanding, Weighted average grant date fair value (in dollars per share)

587,168

274,145

$ 11.5

$ 23.6

Granted, Shares (in shares)

1,229,390

587,168

Granted, Weighted average grant date fair value (in dollars per share)

$ 5.72

$ 11.5

Vested, Shares (in shares)

(564,793)

(247,953)

Vested, Weighted average grant date fair value (in dollars per share)

$ 11.5

$ 23.64

Forfeited, Shares (in shares)

(22,375)

(26,192)

Forfeited (in dollars per share)

$ 11.5

$ 23.15

Outstanding, Weighted average grant date fair value (in dollars per share)

1,229,390

587,168

$ 5.72

$ 11.5

[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 11 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill, gross	$ 2,742
Goodwill, disposals and adjustments, net	(1)
Goodwill, gross	2,741
Accumulated goodwill impairment	(99)
Accumulated goodwill impairment	(99)
Goodwill,net	2,643
Goodwill,net	$ 2,642

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt	$ 5,900.0	$ 6,200.0
Long-Term Debt, Fair Value	$ 5,100.0	$ 5.6

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Proceeds from sale of fixed assets	$ 1	$ 9	$ 8	$ 31
Net book value of assets disposed	(2)	(26)	(8)	(51)
Non-cash (loss) gain on divestitures	(15)	13	(15)	(1)
Securitization Facility	0	8	0	0
Other	0	2	0	1
Total	(16)	6	(15)	(20)
Recurring purchases - operations			64	78
Assembly Atlanta project			39	210
Total			$ 103	$ 288

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accumulated balances of items included in accumulated other comprehensive loss:
Adjustment to pension asset	$ (7)	$ (7)
Adjustment to fair value of interest rate caps	(32)	(23)
Income tax benefit	(9)	(7)
Accumulated other comprehensive loss	$ (30)	$ (23)

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash	$ 69	$ 21
Accounts receivable, less allowance for credit losses of $15 and $17, respectively	358	342
Current portion of program broadcast rights, net	25	18
Income tax refund receivable	6	21
Prepaid income taxes	67	18
Prepaid and other current assets	51	48
Total current assets	576	468
Property and equipment, net	1,583	1,601
Operating leases right of use asset	69	75
Broadcast licenses	5,311	5,320
Goodwill	2,642	2,643
Other intangible assets, net	321	415
Investments in broadcasting and technology companies	86	85
Deferred pension assets	20	17
Other	23	16
Total assets	10,631	10,640
Liabilities and stockholders’ equity:
Accounts payable	17	23
Employee compensation and benefits	96	110
Accrued interest	120	63
Accrued network programming fees	80	37
Other accrued expenses	63	57
Federal and state income taxes	9	22
Current portion of program broadcast obligations	25	20
Deferred revenue	50	23
Dividends payable	15	14
Current portion of operating lease liabilities	10	11
Current portion of long-term debt	23	15
Total current liabilities	508	395
Long-term debt, less current portion and deferred financing costs	5,870	6,145
Program broadcast obligations, less current portion	1	1
Deferred income taxes	1,344	1,359
Operating lease liabilities, less current portion	62	69
Other	66	50
Total liabilities	7,851	8,019
Commitments and contingencies (Note 10)
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares, at each date and $650 aggregate liquidation value, at each date	650	650
Stockholders’ equity:
Retained earnings	1,227	1,084
Accumulated other comprehensive loss, net of income tax benefit	(30)	(23)
Stockholders' equity before treasury stock	2,447	2,285
Total stockholders’ equity	2,130	1,971
Total liabilities and stockholders’ equity	10,631	10,640
Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	1,195	1,174
Treasury stock at cost	(284)	(282)
Class A Common Stock (No Par Value) [Member]
Stockholders’ equity:
Common stock	55	50
Treasury stock at cost	$ (33)	$ (32)

Note 4 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
2019 Term Loan (matures January 2, 2026)	$ 5,969	$ 6,210
2024 Term Loan (matures June 4, 2029)	5,969	6,210
Less current portion	(23)	(15)
Long-term debt, less current portion and deferred financing costs	5,870	6,145
Borrowing availability under Revolving Credit Facility	674	494
The 2019 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	0	1,190
2024 Term Loan (matures June 4, 2029)	0	1,190
The 2021 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	1,439	1,470
2024 Term Loan (matures June 4, 2029)	1,439	1,470
The 2024 Term Loan [Member]
2019 Term Loan (matures January 2, 2026)	499	0
2024 Term Loan (matures June 4, 2029)	499	0
2026 Notes [Member]
2019 Term Loan (matures January 2, 2026)	10	700
2024 Term Loan (matures June 4, 2029)	10	700
Unamortized deferred loan costs - Senior Credit Facility	0	(3)
Unamortized deferred loan costs - 2026 Notes	0	(3)
Unamortized premium	0	1
2027 Notes [Member]
2019 Term Loan (matures January 2, 2026)	671	750
2024 Term Loan (matures June 4, 2029)	671	750
Unamortized deferred loan costs - Senior Credit Facility	(4)	(6)
Unamortized deferred loan costs - 2026 Notes	(4)	(6)
2029 Notes [Member]
2019 Term Loan (matures January 2, 2026)	1,250	0
2024 Term Loan (matures June 4, 2029)	1,250	0
Unamortized deferred loan costs - Senior Credit Facility	(13)	0
Unamortized deferred loan costs - 2026 Notes	(13)	0
2030 Notes [Member]
2019 Term Loan (matures January 2, 2026)	800	800
2024 Term Loan (matures June 4, 2029)	800	800
Unamortized deferred loan costs - Senior Credit Facility	(8)	(10)
Unamortized deferred loan costs - 2026 Notes	(8)	(10)
Notes 2031 [Member]
2019 Term Loan (matures January 2, 2026)	1,300	1,300
2024 Term Loan (matures June 4, 2029)	1,300	1,300
Unamortized deferred loan costs - Senior Credit Facility	(13)	(14)
Unamortized deferred loan costs - 2026 Notes	(13)	(14)
Senior Credit Facility [Member]
Unamortized deferred loan costs - Senior Credit Facility	(38)	(18)
Unamortized deferred loan costs - 2026 Notes	$ (38)	$ (18)

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	9 Months Ended
Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer, Liability, Revenue Recognized	$ 13
Deferred Revenue [Member]
Deposit Liability, Current		$ 13

Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 shares
Capital Units, Authorized (in shares) \| shares	245,000,000						245,000,000
Common Stock, Shares Authorized (in shares) \| shares	200,000,000						200,000,000
Preferred Stock, Shares Authorized (in shares) \| shares	20,000,000						20,000,000
Common Stock, Voting Rights, Votes Per Share	1						1
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.08			$ 0.08			$ 0.24	$ 0.24
Dividends, Common Stock \| $	$ 8	$ 8	$ 8	$ 8	$ 7	$ 7	$ 24	$ 22
Common Stock, Capital Shares Reserved for Future Issuance (in shares) \| shares	12,700,000						12,700,000
O 2024 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.08
O 2024 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.08
O 2023 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)						$ 0.08
O 2023 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 0.08
O 2024 Q3 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.08
O 2023 Q3 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)				$ 0.08
Class A Common Stock (No Par Value) [Member]
Common Stock, Shares Authorized (in shares) \| shares	25,000,000						25,000,000		25,000,000
Common Stock, Voting Rights, Votes Per Share	10						10
Common Stock, Capital Shares Reserved for Future Issuance (in shares) \| shares	1,200,000						1,200,000
Class A Common Stock (No Par Value) [Member] \| O 2024 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.08
Class A Common Stock (No Par Value) [Member] \| O 2024 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)		$ 0.08
Class A Common Stock (No Par Value) [Member] \| O 2023 Q1 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)						$ 0.08
Class A Common Stock (No Par Value) [Member] \| O 2023 Q2 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 0.08
Class A Common Stock (No Par Value) [Member] \| O 2024 Q3 Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.08

Note 6 - Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Text Block]

6.	Stockholders’ Equity

We are authorized to issue 245 million shares in total of all classes of stock consisting of 25 million shares of Class A common stock, 200 million shares of common stock, and 20 million shares of “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share.

Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. The Board of Directors declared a quarterly cash dividend of $0.08 per share on our common stock and Class A common stock to shareholders of record during March, June, and September of 2024 and 2023, payable on the last business day of March, June, and September, 2024 and 2023. The total common stock and Class A common stock dividends declared and paid during each of the nine-month periods ended September 30, 2024 and 2023 were $24 million and $22 million, respectively.

Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our Class A common stock or common stock. As of September 30, 2024, we had reserved 12.7 million shares and 1.2 million shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Note 9 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Remainder of 2024	$ 3
2025	14
2026	13
2027	11
2028	8
Thereafter	48
Total lease payments	97
Less: Imputed interest	(25)
Present value of lease liabilities	$ 72

Note 11 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Goodwill, Gross	$ 2,741	$ 2,742
Goodwill	2,642	2,643	$ 2,643
Other intangible assets, net	321	415
Total intangible assets, gross	9,215	9,225
Total intangible assets, accumulated amortization	(941)	(847)
Total intangible assets, net	8,274	8,378
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	216	216
Finite-Lived Intangible Assets, Accumulated Amortization	(151)	(126)
Other intangible assets, net	65	90
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	992	992
Finite-Lived Intangible Assets, Accumulated Amortization	(736)	(667)
Other intangible assets, net	256	325
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	1,208	1,208
Finite-Lived Intangible Assets, Accumulated Amortization	(887)	(793)
Other intangible assets, net	321	415
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	5,365	5,374
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(54)	(54)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	5,311	5,320
Goodwill Not Amortizable [Member]
Goodwill, Gross	2,642	2,643
Goodwill, Accumulated Amortization	0	0
Goodwill	2,642	2,643
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	8,007	8,017
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(54)	(54)
Goodwill and Indefinite-Lived Assets, Net	$ 7,953	$ 7,963

Note 8 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Stock-based compensation expense, gross	$	5		$	5		$	17		$	14
Income tax benefit at our statutory rate associated with share-based compensation		(1	)		(1	)		(4	)		(4	)
Stock-based compensation expense, net	$	4		$	4		$	13		$	10

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Nine Months Ended
	September 30, 2024					September 30, 2023
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	*Number of*			*Fair Value*		*Number of*			*Fair Value*
	*Shares*			*Per Share*		*Shares*			*Per Share*
Restricted stock - common:
Outstanding - beginning of period⁽¹⁾		1,467,936		$	12.17		997,745		$	20.62
Granted⁽¹⁾		1,785,958		$	7.47		1,007,919		$	8.15
Vested		(480,412	)	$	11.23		(461,953	)	$	20.27
Forfeited		(130,000	)	$	8.10		-		$	-
Outstanding - end of period⁽¹⁾		2,643,482		$	9.36		1,543,711		$	12.58

Restricted stock - Class A common:
Outstanding - beginning of period⁽¹⁾		1,148,233		$	12.37		677,238		$	19.36
Granted⁽¹⁾		823,393		$	8.25		738,854		$	8.34
Vested		(318,733	)	$	13.17		(203,986	)	$	18.76
Outstanding - end of period⁽¹⁾		1,652,893		$	10.16		1,212,106		$	12.74

Restricted stock units - common stock:
Outstanding - beginning of period		587,168		$	11.50		274,145		$	23.60
Granted		1,229,390		$	5.72		587,168		$	11.50
Vested		(564,793	)	$	11.50		(247,953	)	$	23.64
Forfeited		(22,375	)	$	11.50		(26,192	)	$	23.15
Outstanding - end of period		1,229,390		$	5.72		587,168		$	11.50

Note 2 - Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Deferred revenue	$ 50	$ 23
Advertising Deposit Liabilities [Member]
Deferred revenue	32	13
Other Deposit Liabilities [Member]
Deferred revenue	$ 18	$ 10

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 950	$ 803	$ 2,599	$ 2,417
Sales Channel, Directly to Consumer [Member]
Revenue	558	547	1,665	1,664
Sales Channel, Through Intermediary [Member]
Revenue	392	256	934	753
Core Advertising [Member]
Revenue	365	363	1,110	1,099
Political Advertising [Member]
Revenue	173	26	247	46
Advertising [Member]
Revenue	538	389	1,357	1,145
Retransmission Consent [Member]
Revenue	369	378	1,121	1,167
Production Companies [Member]
Revenue	26	20	68	54
Service, Other [Member]
Revenue	$ 17	$ 16	$ 53	$ 51

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1.	Basis of Presentation

The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2023, which was derived from the Company’s audited financial statements as of December 31, 2023, and our accompanying unaudited condensed consolidated financial statements as of September 30, 2024 and for the three and nine-month periods ended September 30, 2024 and 2023, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. We manage our business on the basis of two operating segments: broadcasting and production companies. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company, LLC (“Nielsen”) and/or Comscore, Inc. (“Comscore”). While we believe this data to be accurate and reliable, we have not independently verified such data nor have we ascertained the underlying assumptions relied upon therein, and cannot guarantee the accuracy or completeness of such data. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Our financial condition as of, and operating results for the three and nine-months ended September 30, 2024, are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2024.

Overview. We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 36 percent of US television households. The portfolio includes 77 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station, as well as the largest Telemundo Affiliate group with 43 markets totaling nearly 1.5 million Hispanic TV Households. We also own Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. Gray also owns a majority interest in Swirl Films.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Weighted-average shares outstanding-basic		95		93		95		92
Common stock equivalents for stock options and restricted stock		2		-		1		-
Weighted-average shares outstanding-diluted		97		93		96		92

	September 30,			December 31,
	2024			2023

Accumulated balances of items included in accumulated other comprehensive loss:
Adjustment to pension asset	$	(7	)	$	(7	)
Adjustment to fair value of interest rate caps		(32	)		(23	)
Income tax benefit		(9	)		(7	)
Accumulated other comprehensive loss	$	(30	)	$	(23	)

							Estimated
	*September 30,*			*December 31,*			*Useful Lives*
	*2024*			*2023*			*(in years)*
Property and equipment, net:
Land	$	385		$	368
Buildings and improvements		895			868		7	to	40
Equipment		1,077			1,082		3	to	20
Construction in progress		98			81
		2,455			2,399
Accumulated depreciation		(872	)		(798	)
Total property and equipment, net	$	1,583		$	1,601

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Proceeds received in advance of asset sale	$	-	$	-	$	-	$	9
Proceeds for reimbursement of development costs		-		-		6		29
Total proceeds received from CID	$	-	$	-	$	6	$	38

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
(Loss) gain on disposal of assets, net:
Proceeds from sale of fixed assets	$	1		$	9		$	8		$	31
Net book value of assets disposed		(2	)		(26	)		(8	)		(51	)
Non-cash (loss) gain on divestitures		(15	)		13			(15	)		(1	)
Securitization Facility		-			8			-			-
Other		-			2			-			1
Total	$	(16	)	$	6		$	(15	)	$	(20	)

Purchase of property and equipment:
Recurring purchases - operations							$	64		$	78
Assembly Atlanta project								39			210
Total							$	103		$	288

	Nine Months Ended September 30,
	2024			2023
Beginning balance	$	17		$	16
(Decrease) increase in provision for credit losses		(1	)		17
Amounts written off		(1	)		(2	)
Ending balance	$	15		$	31

Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue	$ 950	$ 803	$ 2,599	$ 2,417
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:			1,856	1,831
Depreciation and amortization			202	253
Loss on disposal of assets, net	16	(6)	15	20
Operating expenses	700	719	2,073	2,147
Operating income (loss)	250	84	526	270
Interest expense	130	111	363	324
Capital expenditures (excluding business combinations)			103	288
Goodwill	2,642	2,643	2,642	2,643	$ 2,643
Total assets	10,631	10,640	10,631	10,640	$ 10,640
Impairment of goodwill and other intangible assets	0	43	0	43
Broadcasting, Segment [Member]
Revenue	924	783	2,531	2,363
Production Companies, Segment [Member]
Revenue	26	20	68	54
Operating Segments [Member] \| Broadcasting, Segment [Member]
Revenue			2,531	2,363
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:			1,719	1,664
Depreciation and amortization			186	241
Loss on disposal of assets, net			15	18
Operating expenses			1,920	1,923
Operating income (loss)			611	440
Interest expense			0	0
Capital expenditures (excluding business combinations)			46	83
Goodwill	2,614	2,615	2,614	2,615
Total assets	9,840	9,897	9,840	9,897
Impairment of goodwill and other intangible assets				0
Operating Segments [Member] \| Production Companies, Segment [Member]
Revenue			68	54
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:			57	88
Depreciation and amortization			14	9
Loss on disposal of assets, net			0	2
Operating expenses			71	142
Operating income (loss)			(3)	(88)
Interest expense			0	0
Capital expenditures (excluding business combinations)			57	201
Goodwill	28	28	28	28
Total assets	664	658	664	658
Impairment of goodwill and other intangible assets				43
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Revenue			0	0
Operating expenses before depreciation, amortization, impairment and loss on disposal of assets, net:			80	79
Depreciation and amortization			2	3
Loss on disposal of assets, net			0	0
Operating expenses			82	82
Operating income (loss)			(82)	(82)
Interest expense			363	324
Capital expenditures (excluding business combinations)			0	4
Goodwill	0	0	0	0
Total assets	$ 127	$ 85	$ 127	85
Impairment of goodwill and other intangible assets				$ 0

Note 4 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Long-Term Debt Instruments [Table Text Block]

	September 30,			December 31,
	2024			2023
Long-term debt:
2019 Senior Credit Facility:
2019 Term Loan (matures January 2, 2026)	$	-		$	1,190
2021 Term Loan (matures December 1, 2028)		1,439			1,470
2024 Term Loan (matures June 4, 2029)		499			-
2026 Notes (matures July 15, 2026)		10			700
2027 Notes (matures May 15, 2027)		671			750
2029 Notes (matures July 15, 2029)		1,250			-
2030 Notes (matures October 15, 2030)		800			800
2031 Notes (matures November 15, 2031)		1,300			1,300
Total outstanding principal, including current portion		5,969			6,210
Unamortized deferred loan costs - Senior Credit Facility		(38	)		(18	)
Unamortized deferred loan costs - 2026 Notes		-			(3	)
Unamortized deferred loan costs - 2027 Notes		(4	)		(6	)
Unamortized deferred loan costs - 2029 Notes		(13	)		-
Unamortized deferred loan costs - 2030 Notes		(8	)		(10	)
Unamortized deferred loan costs - 2031 Notes		(13	)		(14	)
Unamortized premium - 2026 Notes		-			1
Less current portion		(23	)		(15	)
Long-term debt, less current portion and deferred financing costs	$	5,870		$	6,145

Borrowing availability under Revolving Credit Facility	$	674		$	494

Schedule of Maturities of Long-Term Debt [Table Text Block]

	Minimum Principal Maturities
Year	Senior Credit Facility		2026 Notes		2027 Notes		2029 Notes		2030 Notes		2031 Notes		Total
Remainder of 2024	$	8	$	-	$	-	$	-	$	-	$	-	$	8
2025		20		-		-		-		-		-		20
2026		20		10		-		-		-		-		30
2027		20		-		671		-		-		-		691
2028		1,399		-		-		-		-		-		1,399
2029		471		-		-		1,250		-		-		1,721
Thereafter		-		-		-		-		800		1,300		2,100
Total	$	1,938	$	10	$	671	$	1,250	$	800	$	1,300	$	5,969

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Note 12 - Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

12.

Income Taxes

For the three and nine-month periods ended September 30, 2024 and 2023, our income tax expense and effective income tax rates were as follows (dollars in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Income tax expense (benefit)	$	32		$	3		$	70		$	(3	)
Effective income tax rate		25	%		(8	)%		25	%		4	%

We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory federal income tax rate of 21% to our effective income tax rate. For the nine-month period ended September 30, 2024, these estimates increased or decreased our statutory Federal income tax rate to our effective income tax rate of 25% as follows: state income taxes added 5%, permanent differences between our U.S. GAAP income and taxable income added 1% and changes to our reserve accounts reduced our rate by 2%. For the nine-month period ended September 30, 2023, these estimates increased or decreased our statutory federal income tax rate to our effective income tax rate of 4% as follows: state income taxes added 3%, permanent differences between our U.S. GAAP income and taxable income reduced our rate by 7% and discrete items further reduced our rate by 13%.

During the nine-months ended September 30, 2024, we made $130 million of federal and state income tax payments, net of refunds. During the fourth quarter of 2024, we anticipate making income tax payments, net refunds, of approximately $3 million. As of September 30, 2024, we have an aggregate of approximately $282 million of various state operating loss carryforwards, of which we expect that approximately $201 million will not be utilized due to section 382 limitations and those that will expire prior to utilization. After applying our state effective tax rate, this amount is included in our valuation allowance for deferred tax assets.

The entire disclosure for income tax.

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-Paragraph 2
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 12 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Income tax expense (benefit)	$	32		$	3		$	70		$	(3	)
Effective income tax rate		25	%		(8	)%		25	%		4	%

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 96	$ (40)	$ 206	$ (67)
Other comprehensive loss:
Adjustment - fair value of interest rate caps	(6)	(3)	(9)	(7)
Income tax benefit	(1)	(1)	(2)	(2)
Other comprehensive loss, net	(5)	(2)	(7)	(5)
Comprehensive income (loss)	$ 91	$ (42)	$ 199	$ (72)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 3 - Acquisition and Divestitures

9 Months Ended

Sep. 30, 2024

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

3.	Acquisition and Divestitures

On July 1, 2024, we completed transactions with Marquee Broadcasting, Inc. (“Marquee”) in which we sold our television stations KCWY (NBC) in the Casper, Wyoming market (DMA 198) and KGWN (CBS) in the Cheyenne, Wyoming market (DMA 194) in exchange for Marquee’s FCC permit authorizing the construction of a new television station, to be built in the Salt Lake City, Utah market (DMA 27), which will be known as KCBU. No cash or other consideration was exchanged to fulfill the terms of this exchange.

The value of the construction permit acquired from Marquee is $1 million, and is based upon management’s estimate of the fair value using valuation techniques including income, cost and market approaches. In determining the fair value of the acquired asset, the fair values were determined based on, among other factors, expected future revenue and cash flows, expected future growth rates and estimated discount rates.

The acquisition of the construction permit for station KCBU and the sale of television stations KCWY and KGWN resulted in a net non-cash loss on disposal of $14 million.

Note 10 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

10.

Commitments and Contingencies

We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, proceedings and claims will not materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could have a material adverse impact on our financial position, results of operations or cash flows.

Note 4 - Long-term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

4.	Long-term Debt

As of September 30, 2024 and December 31, 2023, long-term debt consisted of obligations under our Senior Credit Facility (as defined below), our 5.875% senior notes due 2026 (the “2026 Notes”), our 7.0% senior notes due 2027 (the “2027 Notes”), our 10.5% senior notes due 2029 (the “2029 Notes”), our 4.75% senior notes due 2030 (the “2030 Notes”) and our 5.375% notes due 2031 (the “2031 Notes”), as follows (in millions):

	September 30,			December 31,
	2024			2023
Long-term debt:
2019 Senior Credit Facility:
2019 Term Loan (matures January 2, 2026)	$	-		$	1,190
2021 Term Loan (matures December 1, 2028)		1,439			1,470
2024 Term Loan (matures June 4, 2029)		499			-
2026 Notes (matures July 15, 2026)		10			700
2027 Notes (matures May 15, 2027)		671			750
2029 Notes (matures July 15, 2029)		1,250			-
2030 Notes (matures October 15, 2030)		800			800
2031 Notes (matures November 15, 2031)		1,300			1,300
Total outstanding principal, including current portion		5,969			6,210
Unamortized deferred loan costs - Senior Credit Facility		(38	)		(18	)
Unamortized deferred loan costs - 2026 Notes		-			(3	)
Unamortized deferred loan costs - 2027 Notes		(4	)		(6	)
Unamortized deferred loan costs - 2029 Notes		(13	)		-
Unamortized deferred loan costs - 2030 Notes		(8	)		(10	)
Unamortized deferred loan costs - 2031 Notes		(13	)		(14	)
Unamortized premium - 2026 Notes		-			1
Less current portion		(23	)		(15	)
Long-term debt, less current portion and deferred financing costs	$	5,870		$	6,145

Borrowing availability under Revolving Credit Facility	$	674		$	494

2024 Refinancing Activities. On June 3, 2024, we issued $1.25 billion in aggregate principal amount of 10.5% Senior Secured First Lien Notes due 2029 (the “2029 Notes”) pursuant to an indenture, dated as of June 3, 2024, between us, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent (the “2029 Notes Indenture”). The 2029 Notes were issued at par. Interest in the 2029 Notes accrues from June 3, 2024, and is payable semiannually, on January 15 and July 15 of each year, beginning on January 15, 2025.

The net proceeds from the 2029 Notes were used, together with the net proceeds from a $500 million tranche F term loan (the “2024 Term Loan”) and a $150 million draw under our Revolving Credit Facility (as defined below), both under the Senior Credit Facility (as defined below), and cash on hand, to pre-pay our $1.2 billion tranche E 2019 Term Loan under the Senior Credit Facility; repurchase in a tender offer $690 million of face value of our outstanding 5.875% 2026 Notes; and pay all costs and accrued interest in connection with the offering.

The 2029 Notes and related guarantees are our senior secured first lien obligations. The 2029 Notes rank:

●	equally in right of payment with all of our existing and future pari passu senior debt; senior in right of payment to all of our existing and future subordinated debt;

●	effectively senior to all of our existing and future unsecured debt or junior lien debt to the extent of the value of the collateral securing the 2029 Notes;

●	effectively subordinated to any existing and future debt that is secured by a lien on any assets not constituting collateral securing the 2029 Notes to the extent of the value of such assets; and

●	structurally subordinated to any existing and future debt and liabilities of our subsidiaries that do not guarantee the 2029 Notes.

On June 4, 2024, we entered into a third amendment to the Fifth Amended and Restated Credit Agreement (the “Third Amendment” and as amended, including by the Third Amendment, the “Senior Credit Facility”), dated as of December 1, 2021.

The Third Amendment, among other things, provided for (i) the new $500 million 2024 Term Loan and (ii) increased aggregate commitments under our existing $552.5 million revolving credit facility (the “Revolving Credit Facility”) that matures December 31, 2027 by $127.5 million, and a concurrent termination of the separate commitments under a $72.5 million tranche of revolving commitments that were to mature on December 1, 2026, resulting in aggregate commitments under the Revolving Credit Facility of $680 million.

The 2024 Term Loan bears interest, at our option, at either the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin or the Base Rate plus an applicable margin. “Base Rate” is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus 0.50% and (iii) Adjusted Term SOFR (as defined in the Senior Credit Facility) for a one-month tenor in effect on such day plus 1.0%. The applicable margin with respect to the 2024 Term Loan is 5.25% for all SOFR borrowings and 4.25% for all Base Rate borrowings. The 2024 Term Loan also requires us to make quarterly principal reductions of $1.25 million beginning September 30, 2024. To the extent all or any portion of the 2024 Term Loan is repaid or prepaid prior to the one year anniversary of the effective date of the Third Amendment, a prepayment fee equal to 1.0% of the amount of the 2024 Term Loan being repaid or prepaid will apply.

The Revolving Credit Facility bears interest, at our option, based on SOFR plus 1.75%-2.75% or the Base Rate plus 0.75%-1.75%, in each case based on a first lien leverage ratio (the “First Lien Leverage Ratio”) as set forth in the Senior Credit Facility. The Company is required to pay a commitment fee on the average daily unused portion of the Revolving Credit Facility, which rate may range from 0.375% to 0.5%, based on the First Lien Leverage Ratio.

The costs associated with these 2024 refinancing activities totaled $47 million, of which $45 million were capitalized as deferred loan costs, to be amortized over the lives of the respective debt obligations. Our loss from the early extinguishment of debt for these 2024 refinancing activities was $10 million, which was composed of expensing of the remaining $4 million of costs and the write-off of $6 million of unamortized deferred loan costs and premiums related to the debts that were pre-paid.

Repurchase of Debt and Subsequent Event. On May 6, 2024, our Board of Directors authorized us to use up to $250 million of available liquidity to repurchase our outstanding indebtedness through December 31, 2025. The extent of such repurchases, including the amount and timing of any repurchases, will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. This repurchase program does not require us to repurchase a minimum amount of debt, and it may be modified, suspended or terminated at any time without prior notice. During the nine-months ended September 30, 2024, we used $72 million of cash to repurchase and retire $79 million of the face value of our outstanding 2027 Notes on the open market, resulting in a $6 million gain from early extinguishment of debt. In addition, during the three and nine-months ended September 30, 2024, we used $14 million of cash to repurchase and retire $15 million of the face value of our 2021 Term Loans on the open market, resulting in a $1 million gain from early extinguishment of debt. At September 30, 2024, we were obligated to repurchase an additional $7 million of face value of our 2021 Term Loans on the open market for $6 million, and this transaction will be completed later in the fourth quarter of 2024, using cash on hand.

On September 25, 2024, we entered into an agreement with a lender to purchase a portion of our 2021 Term Loans. As a result of this agreement, the lender has purchased $32 million of the face value of our outstanding 2021 Term Loans for $30 million, under this plan. We plan to repurchase and retire these portions of our 2021 Term Loan later in the fourth quarter of 2024 using cash on hand.

Interest Rate Caps. On February 23, 2023, we entered into two interest rate caps pursuant to an International Swaps and Derivatives Association Master Agreement (the “ISDA Master Agreement”) with two counterparties, Wells Fargo Bank, NA and Truist Bank, respectively. On June 25, 2024, we amended the notional amount of the interest rate caps in order to better match the outstanding amounts of the related outstanding indebtedness. At September 30, 2024, the caps had a combined notional value of approximately $2 billion and mature on December 31, 2025. The interest rate caps protect us against adverse fluctuations in interest rates by reducing our exposure to variability in cash flows on a portion of our variable-rate debt. The interest rate caps are designated as cash flow hedges of our risk of changes in our cash flows attributable to changes in 1-month SOFR on our outstanding variable-rate debt in accordance with ASC 815. We elected to apply the optional expedient in ASC 848, Reference Rate Reform, that enabled us to consider the amended swaps a continuation of the existing contracts. As a result, the transition did not have an impact on our hedge accounting or a material impact to our financial statements.

The interest rate caps, as amended, effectively limit the annual interest charged on our 2021 Term Loan and our 2024 Term Loan to a maximum of 1-month Term SOFR of 4.96% and 5.047%. We are required to pay aggregate fees in connection with the interest rate caps of approximately $34 million that is due and payable at maturity on December 31, 2025. On the initial designation date, we recognized an asset and corresponding liability for the deferred premium payable equal to $34 million. The asset is amortized into interest expense straight-line over the term of the hedging relationship. At September 30, 2024 and December 31, 2023, the recorded value of the asset was $15 million and $24 million, net of accumulated amortization, respectively. At September 30, 2024 and December 31, 2023, the fair value of the derivative liability was $32 million and $23 million, respectively. We present the deferred premium, the asset, and the fair value of the derivative, net within other non-current liabilities in our condensed consolidated balance sheets.

The ISDA Master Agreement, together with its related schedules, contain customary representations, warranties and covenants. The interest rate caps were not entered into for speculative trading purposes. Changes in the fair value of the interest rate caps are reported as a component of other comprehensive income. Actual gains and losses are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged transaction. Gains and losses on the derivative instrument representing hedge components excluded from the assessment of effectiveness are recognized currently in earnings and are presented in the same line of the income statement for the hedged item. We recognized $9 million and $7 million, respectively, of amortization expense for the asset during the nine-months ended September 30, 2024 and 2023, which is included as a component of cash flows from operating activities in our condensed consolidated statements of cash flows. Cash flows received from the counterparties pursuant to the interest rate caps are included as components of cash flows from financing activities in our condensed consolidated statements of cash flows. During the nine-months ended September 30, 2024 and 2023, we received $6 million and $2 million, respectively, of cash payments from the counterparties that we reclassified as reductions of interest expense from the interest rate caps in our condensed consolidated statements of operations.

For all of our interest bearing obligations, we made interest payments of approximately $257 million and $284 million during the nine-months ended September 30, 2024 and 2023, respectively. During the nine-months ended September 30, 2024 and 2023, we capitalized $1 million and $20 million of interest payments, respectively, related to the Assembly Atlanta project.

As of September 30, 2024, the aggregate minimum principal maturities of our long term debt for the remainder of 2024 and the succeeding 5 years were as follows (in millions):

	Minimum Principal Maturities
Year	Senior Credit Facility		2026 Notes		2027 Notes		2029 Notes		2030 Notes		2031 Notes		Total
Remainder of 2024	$	8	$	-	$	-	$	-	$	-	$	-	$	8
2025		20		-		-		-		-		-		20
2026		20		10		-		-		-		-		30
2027		20		-		671		-		-		-		691
2028		1,399		-		-		-		-		-		1,399
2029		471		-		-		1,250		-		-		1,721
Thereafter		-		-		-		-		800		1,300		2,100
Total	$	1,938	$	10	$	671	$	1,250	$	800	$	1,300	$	5,969

As of September 30, 2024, there were no significant restrictions on the ability of our subsidiaries to distribute cash to us or to the guarantor subsidiaries. The Senior Credit Facility contains affirmative and restrictive covenants with which we must comply. The 2026 Notes, the 2027 Notes, the 2029 Notes, the 2030 Notes and the 2031 Notes also include covenants with which we must comply.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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