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, Stitcher and its advertising network Midroll Media, 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 September 30,						Nine Months Ended September 30,
(in thousands)	2018			2017			2018			2017

Segment operating revenues:
Local Media	$	230,734		$	187,505		$	636,041		$	575,999
National Media	71,761			12,504			200,708			35,207
Other	231			500			3,563			4,020
Total operating revenues	$	302,726		$	200,509		$	840,312		$	615,226
Segment profit (loss):
Local Media	$	67,416		$	30,372		$	152,403		$	111,459
National Media	2,838			(4,374		)	6,910			(11,927		)
Other	(1,267		)	(829		)	(3,161		)	(2,238		)
Shared services and corporate	(12,370		)	(11,437		)	(40,104		)	(37,354		)
Acquisition and related integration costs	(332		)	—			(332		)	—
Restructuring costs	(863		)	(2,407		)	(7,000		)	(2,407		)
Depreciation and amortization of intangible assets	(15,598		)	(13,775		)	(46,400		)	(41,417		)
Impairment of goodwill and intangible assets	—			(35,732		)	—			(35,732		)
Gains (losses), net on disposal of property and equipment	501			(114		)	(150		)	(176		)
Interest expense	(9,003		)	(5,720		)	(27,041		)	(18,163		)
Defined benefit pension plan expense	(3,529		)	(3,551		)	(6,306		)	(10,485		)
Miscellaneous, net	(546		)	1,187			(535		)	5,411
Income (loss) from continuing operations before income taxes	$	27,247		$	(46,380	)	$	28,284		$	(43,029	)
Depreciation:
Local Media	$	8,004		$	8,018		$	22,891		$	23,855
National Media	273			18			503			40
Other	37			43			113			169
Shared services and corporate	313			468			1,109			1,424
Total depreciation	$	8,627		$	8,547		$	24,616		$	25,488
Amortization of intangible assets:
Local Media	$	3,706		$	3,633		$	11,116		$	11,219
National Media	2,927			1,257			9,653			3,695
Shared services and corporate	338			338			1,015			1,015
Total amortization of intangible assets	$	6,971		$	5,228		$	21,784		$	15,929
Additions to property and equipment:
Local Media	$	8,156		$	3,610		$	28,269		$	12,412
National Media	5,625			122			11,350			319
Shared services and corporate	—			155			73			276
Total additions to property and equipment	$	13,781		$	3,887		$	39,692		$	13,007

A disaggregation of the principal activities from which we generate revenue is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2018		2017		2018		2017

Operating revenues:
Core advertising	$	165,587	$	123,236	$	511,434	$	377,068
Political	40,018		1,689		57,484		5,255
Retransmission and carriage	79,673		63,733		225,391		196,003
Other	17,448		11,851		46,003		36,900
Total operating revenues	$	302,726	$	200,509	$	840,312	$	615,226