Retirement and Postretirement Plans |
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| Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement and Postretirement Plans | Note 9: Retirement and Postretirement Plans Nexstar has various funded, qualified non-contributory defined benefit retirement plans which cover certain employees and former employees. All these retirement plans are frozen in terms of pay and service, except for a plan with immaterial pension benefit obligations. Nexstar also has various other postretirement benefit plans (“OPEB”), including retiree medical savings account plans which reimburse eligible retired employees for certain medical expenses and unfunded plans that provide certain health and life insurance benefits to certain retired employees. The periodic benefit cost (credit) related to OPEB is not significant. The following tables provide the components of net periodic benefit cost (credit) for Nexstar’s pension benefit plans (in millions):
During the three and six months ended June 30, 2026, there were no significant contributions to the pension benefit plans. Nexstar anticipates it will be required to contribute a total of $39 million to its qualified pension benefit plans in 2026. Assumed Defined Benefit Retirement Plans In connection with the Merger, Nexstar assumed TEGNA’s funded, qualified non-contributory defined benefit retirement plans covering certain current and former employees. The retirement plan is frozen in terms of pay and service. As of the Closing Date, the projected benefit obligation of the retirement plan was approximately $343 million, based on a 5.25% discount rate, and plan assets at fair value were approximately $324 million, resulting in a net noncurrent liability of $19 million (funded status). No significant net periodic benefit cost is anticipated in 2026. The following table presents the estimated contribution to and benefit payments from the plan assets (in millions). Actual contributions may differ materially from these estimates.
Nexstar also assumed TEGNA’s $60 million benefit obligation attributable to supplemental retirement plan and other deferred compensation as of the Closing Date. In March 2026, TEGNA liquidated its life insurance policies and received $55 million which are restricted for the settlement of its supplemental retirement plan and other deferred compensation. During the second quarter of 2026, TEGNA settled the $60 million benefit obligation, funded by restricted cash. |
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