Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Estimated Fair Values and Carrying Amounts of Long-term Debt Not Measured at Fair Value on a Recurring Basis

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 were as follows ($ in millions):


	March 31, 2025				December 31, 2024
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Nexstar
Term Loan A, due June 2027(1)	$	2,088	$	2,086	$	2,117	$	2,093
Term Loan B, due September 2026(1)		1,346		1,355		1,344		1,362
5.625% Notes, due July 2027(2)		1,716		1,680		1,716		1,667
4.75% Notes, due November 2028(2)		995		931		995		930
Mission
Term Loan B, due June 2028(1)		288		288		289		290
Revolving loans due June 2027(1)		62		61		62		61

(1)

The fair value of senior secured and revolving credit facilities is computed based on borrowing rates currently available to the Company for bank loans with similar terms and average maturities. These fair value measurements are considered Level 3, as significant inputs to the fair value calculation are unobservable in the market.

(2)

The fair value of the Company’s fixed rate debt is estimated based on bid prices obtained from an investment banking firm and are considered Level 2.