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Segment Information | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structures, 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. We also receive retransmission fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue. Our National Media segment includes our collection of national brands. Our national brands include Katz, 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:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 213,248 |  |  | $ | 201,430 |  |  | $ | 405,307 |  |  | $ | 388,494 |
National Media |  | 68,226 |  |  | 13,016 |  |  | 128,947 |  |  | 22,703 |
Other |  | 1,921 |  |  | 1,796 |  |  | 3,332 |  |  | 3,520 |
Total operating revenues |  | $ | 283,395 |  |  | $ | 216,242 |  |  | $ | 537,586 |  |  | $ | 414,717 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 53,368 |  |  | $ | 48,736 |  |  | $ | 84,987 |  |  | $ | 81,087 |
National Media |  | 2,037 |  |  | (3,596 | ) |  | 4,072 |  |  | (7,553 | )
Other |  | (1,643 | ) |  | (1,658 | ) |  | (1,894 | ) |  | (1,409 | )
Shared services and corporate |  | (13,647 | ) |  | (11,335 | ) |  | (27,734 | ) |  | (25,917 | )
Restructuring costs |  | (2,330 | ) |  | — |  |  | (6,137 | ) |  | — |
Depreciation and amortization of intangibles |  | (15,382 | ) |  | (13,781 | ) |  | (30,802 | ) |  | (27,642 | )
Gains (losses), net on disposal of property and equipment |  | 66 |  |  | (15 | ) |  | (651 | ) |  | (62 | )
Interest expense |  | (9,279 | ) |  | (8,248 | ) |  | (18,038 | ) |  | (12,443 | )
Defined benefit pension plan expense |  | (1,389 | ) |  | (3,467 | ) |  | (2,777 | ) |  | (6,934 | )
Miscellaneous, net |  | (156 | ) |  | 5,103 |  |  | 11 |  |  | 4,224 |
Income from continuing operations before income taxes |  | $ | 11,645 |  |  | $ | 11,739 |  |  | $ | 1,037 |  |  | $ | 3,351 |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 7,331 |  |  | $ | 8,002 |  |  | $ | 14,887 |  |  | $ | 15,837 |
National Media |  | 134 |  |  | 15 |  |  | 230 |  |  | 22 |
Other |  | 38 |  |  | 59 |  |  | 76 |  |  | 126 |
Shared services and corporate |  | 387 |  |  | 474 |  |  | 796 |  |  | 956 |
Total depreciation |  | $ | 7,890 |  |  | $ | 8,550 |  |  | $ | 15,989 |  |  | $ | 16,941 |
Amortization of intangibles: |  |  |  |  |  |  |  |
Local Media |  | $ | 3,705 |  |  | $ | 3,632 |  |  | $ | 7,410 |  |  | $ | 7,586 |
National Media |  | 3,448 |  |  | 1,260 |  |  | 6,726 |  |  | 2,438 |
Shared services and corporate |  | 339 |  |  | 339 |  |  | 677 |  |  | 677 |
Total amortization of intangibles |  | $ | 7,492 |  |  | $ | 5,231 |  |  | $ | 14,813 |  |  | $ | 10,701 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 10,613 |  |  | $ | 4,855 |  |  | $ | 20,113 |  |  | $ | 8,802 |
National Media |  | 4,051 |  |  | 186 |  |  | 5,725 |  |  | 197 |
Shared services and corporate |  | 13 |  |  | 22 |  |  | 73 |  |  | 121 |
Total additions to property and equipment |  | $ | 14,677 |  |  | $ | 5,063 |  |  | $ | 25,911 |  |  | $ | 9,120 |
A disaggregation of the principal activities from which we generate revenue is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 179,294 |  |  | $ | 134,977 |  |  | $ | 345,847 |  |  | $ | 253,832 |
Political advertising |  | 14,882 |  |  | 2,525 |  |  | 17,466 |  |  | 3,566 |
Retransmission and carriage |  | 74,658 |  |  | 66,059 |  |  | 145,718 |  |  | 132,270 |
Other |  | 14,561 |  |  | 12,681 |  |  | 28,555 |  |  | 25,049 |
Total operating revenues |  | $ | 283,395 |  |  | $ | 216,242 |  |  | $ | 537,586 |  |  | $ | 414,717 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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