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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 14: Fair Value Measurements

The Company measures and records in its Condensed 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:

•
Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market.
•
Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data.
•
Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement.

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 estimated fair values and carrying amounts of the Company’s long-term debt not measured at fair value on a recurring basis were as follows ($ in millions):

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Nexstar

 

 

 

 

 

 

 

 

 

 

 

 

     Revolving loans due June 2030

 

$

144

 

 

$ 143(1)

 

 

$

-

 

 

$

-

 

     Term Loan A, due June 2030

 

 

1,899

 

 

1,895(2)

 

 

 

-

 

 

 

-

 

     Term Loan A, due June 2027

 

 

-

 

 

 

-

 

 

 

2,117

 

 

2,093(3)

 

     Term Loan B, due June 2032

 

 

1,279

 

 

1,297(2)

 

 

 

-

 

 

 

-

 

     Term Loan B, due September 2026

 

 

-

 

 

 

-

 

 

 

1,344

 

 

1,362(3)

 

5.625% Notes, due July 2027

 

 

1,716

 

 

1,707(2)

 

 

 

1,716

 

 

1,667(2)

 

4.75% Notes, due November 2028

 

 

996

 

 

968(2)

 

 

 

995

 

 

930(2)

 

Mission

 

 

 

 

 

 

 

 

 

 

 

 

     Revolving loans due June 2030

 

 

62

 

 

61(1)

 

 

 

-

 

 

 

-

 

     Revolving loans due June 2027

 

 

-

 

 

 

-

 

 

 

62

 

 

61(3)

 

     Term Loan B, due June 2028

 

 

287

 

 

287(2)

 

 

 

289

 

 

290(3)

 

 

(1)
The fair value is based on the bid price provided by a third-party investment banking firm and is classified as Level 3 in the fair value hierarchy as the debt is not traded (unobservable in the market).
(2)
The fair value is based on the bid price provided by a third-party investment banking firm and is classified as Level 2 in the fair value hierarchy as the bid price is quoted in a major market news service and the investment banking firm stands ready to trade (observable in the market).
(3)
The fair value was estimated based on available borrowing rates for bank loans with similar terms and average maturities. The fair value measurement was considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

During the three and six months ended June 30, 2025, there were no events or changes in circumstance that triggered an impairment to the Company’s significant assets, including equity method investments, indefinite-lived intangible assets, long-lived assets and goodwill.