NEXSTAR MEDIA GROUP, INC. Fair Value Disclosure
Note 16: Fair Value Measurements
The Company measures and records in its Consolidated Financial Statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurement and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels:
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short term nature.
The Company’s long-lived assets, indefinite-lived intangible assets and goodwill, and investments accounted for using the equity method are not measured at fair value on a recurring basis but are subject to fair value adjustments in specific circumstances, such as when indicators of impairment are present. The resulting fair value measurements of these assets are considered Level 3 in the fair value hierarchy. Refer to Notes 5 and 6 for additional information.
The fair value hierarchy of assets associated with pension benefit plans are disclosed in Note 10. Certain plan assets measured using NAV as a practical expedient are excluded from the fair value hierarchy.
As of December 31, the estimated fair values and carrying amounts of the Company’s long-term debt which are not measured at fair value on a recurring basis but for which fair value disclosures are required under ASC 820 were as follows ($ in millions):
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2025 |
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2024 |
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Carrying |
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Fair |
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Carrying |
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Fair |
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Amount |
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Value |
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Amount |
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Value |
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Nexstar |
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Revolving loans due June 2030 |
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$ |
144 |
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$ 139(1) |
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$ |
- |
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$ |
- |
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Term Loan A, due June 2030 |
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1,852 |
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1,820(2) |
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- |
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- |
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Term Loan A, due June 2027 |
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- |
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- |
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2,117 |
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2,093(3) |
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Term Loan B, due June 2032 |
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1,278 |
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1,302(2) |
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- |
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- |
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Term Loan B, due September 2026 |
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- |
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- |
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1,344 |
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1,362(3) |
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5.625% Notes, due July 2027 |
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1,715 |
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1,712(2) |
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1,716 |
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1,667(2) |
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4.75% Notes, due November 2028 |
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996 |
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990(2) |
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995 |
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930(2) |
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Mission |
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Revolving loans due June 2030 |
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62 |
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61(1) |
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- |
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- |
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Revolving loans due June 2027 |
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- |
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- |
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62 |
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61(3) |
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Term Loan B, due June 2028 |
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286 |
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288(2) |
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289 |
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290(3) |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.