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Note 12 - Segment Information | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
12. | Segment information
The Company operates 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. Costs identified as other are primarily corporate and administrative expenses. The following tables present certain financial information concerning the Company’s operating segments (in millions):
|  |  |  |  |  | Production |  |  |  |  |  |  |  |  |
As of and for the three months ended March 31, 2023: |  | Broadcast |  |  | Companies |  |  | Other |  |  | Consolidated |
Revenue (less agency commissions) |  | $ | 779 |  |  | $ | 22 |  |  | $ | - |  |  | $ | 801 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net |  |  | 555 |  |  |  | 59 |  |  |  | 26 |  |  |  | 640 |
Depreciation and amortization |  |  | 80 |  |  |  | 3 |  |  |  | 1 |  |  |  | 84 |
Loss on disposal of assets, net |  |  | 9 |  |  |  | 1 |  |  |  | - |  |  |  | 10 |
Operating expenses |  |  | 644 |  |  |  | 63 |  |  |  | 27 |  |  |  | 734 |
Operating income (loss) |  | $ | 135 |  |  | $ | (41 | ) |  | $ | (27 | ) |  | $ | 67 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 104 |  |  | $ | 104 |
Capital expenditures (excluding business combinations) |  | $ | 19 |  |  | $ | 91 |  |  | $ | - |  |  | $ | 110 |
Goodwill |  | $ | 2,618 |  |  | $ | 45 |  |  | $ | - |  |  | $ | 2,663 |
Total Assets |  | $ | 10,016 |  |  | $ | 626 |  |  | $ | 203 |  |  | $ | 10,845 |
For the three months ended March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (less agency commissions) |  | $ | 804 |  |  | $ | 23 |  |  | $ | - |  |  | $ | 827 |
Operating expenses before depreciation, amortization and gain on disposal of assets, net |  |  | 530 |  |  |  | 26 |  |  |  | 28 |  |  |  | 584 |
Depreciation and amortization |  |  | 80 |  |  |  | 3 |  |  |  | 1 |  |  |  | 84 |
Gain on disposal of assets, net |  |  | (5 | ) |  |  | - |  |  |  | - |  |  |  | (5 | )
Operating expenses |  |  | 605 |  |  |  | 29 |  |  |  | 29 |  |  |  | 663 |
Operating income (loss) |  | $ | 199 |  |  | $ | (6 | ) |  | $ | (29 | ) |  | $ | 164 |
Interest expense |  | $ | - |  |  | $ | - |  |  | $ | 79 |  |  | $ | 79 |
Capital expenditures (excluding business combinations) |  | $ | 17 |  |  | $ | 30 |  |  | $ | - |  |  | $ | 47 |
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 2,618 |  |  | $ | 45 |  |  | $ | - |  |  | $ | 2,663 |
Total Assets |  | $ | 10,444 |  |  | $ | 535 |  |  | $ | 173 |  |  | $ | 11,152 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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