Segment Information

We determine our business segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource allocation decisions.

Effective December 31, 2017, we realigned our businesses into a new internal organization and began reporting to reflect this new structure. Under the new structure we have the following reportable segments: Local Media, National Media and Other. We have recast the operating results for all periods to reflect this change.

Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of fifteen ABC affiliates, five NBC affiliates, two FOX affiliates and two CBS affiliates. We also have two MyTV affiliates, one CW affiliate, one independent station and three Azteca America Spanish-language affiliates. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies and satellite carriers.

Our National Media segment includes our collection of national brands. Our national media brands include Katz, Midroll Media (Midroll), Newsy and other national brands. These operations earn revenue primarily through the sale of advertising.

We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes and deferred income taxes.

Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.

Information regarding our business segments is as follows:



	For the years ended December 31,
(in thousands)	2017			2016			2015

Segment operating revenues:
Local Media	$	779,205		$	836,154		$	637,251
National Media	80,174			27,929			13,014
Other	5,455			4,737			3,910
Total operating revenues	$	864,834		$	868,820		$	654,175
Segment profit (loss):
Local Media	$	156,890		$	243,298		$	127,597
National Media	(9,260		)	(10,156		)	(2,448		)
Other	(2,361		)	(2,513		)	(3,729		)
Shared services and corporate	(50,506		)	(46,162		)	(45,285		)
Acquisition and related integration costs	—			(578		)	(37,988		)
Restructuring costs	(4,422		)	—			—
Depreciation and amortization of intangible assets	(56,343		)	(55,204		)	(49,791		)
Impairment of goodwill and intangibles	(35,732		)	—			(24,613		)
Gains (losses), net on disposal of property and equipment	(169		)	(480		)	(305		)
Interest expense	(26,697		)	(18,039		)	(15,099		)
Defined benefit pension plan expense	(14,112		)	(14,332		)	(58,674		)
Miscellaneous, net	10,636			(2,646		)	(1,421		)
Income (loss) from continuing operations before income taxes	$	(32,076	)	$	93,188		$	(111,756	)
Depreciation:
Local Media	$	31,870		$	30,184		$	29,685
National Media	88			164			525
Other	208			263			258
Shared services and corporate	1,883			1,863			2,344
Total depreciation	$	34,049		$	32,474		$	32,812
Amortization of intangibles:
Local Media	$	15,084		$	16,958		$	14,607
National Media	5,856			4,419			2,034
Shared services and corporate	1,354			1,353			338
Total amortization of intangibles	$	22,294		$	22,730		$	16,979

The following table presents additions to property and equipment by segment:



	For the years ended December 31,
(in thousands)	2017		2016		2015

Additions to property and equipment:
Local Media	$	16,946	$	21,064	$	20,988
National Media	792		54		66
Other	—		124		83
Shared services and corporate	367		1,283		1,851
Total additions to property and equipment	$	18,105	$	22,525	$	22,988

Total assets by segment for the years ended December 31 were as follows:



	As of December 31,
(in thousands)	2017		2016		2015

Assets:
Local Media	$	1,273,735	$	1,280,885	$	1,285,054
National Media	528,479		117,725		70,861
Other	2,128		7,146		7,044
Shared services and corporate	189,202		184,109		195,307
Total assets of continuing operations	1,993,544		1,589,865		1,558,266
Discontinued operations	136,004		146,041		147,496
Total assets	$	2,129,548	$	1,735,906	$	1,705,762