XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.19.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2019
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. We report our financial performance based on the following segments: Local Media, National Media, Other. Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of eighteen ABC affiliates, eleven NBC affiliates, seven CBS affiliates, two FOX affiliates, two MyNetworkTV affiliates, one CW affiliate, two independent stations and nine additional low power stations. 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 (Midroll), Newsy, Triton 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. 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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 236,715 |  |  | $ | 213,248 |  |  | $ | 440,102 |  |  | $ | 405,307 |
National Media |  | 98,506 |  |  | 68,226 |  |  | 185,823 |  |  | 128,947 |
Other |  | 2,274 |  |  | 1,921 |  |  | 3,733 |  |  | 3,332 |
Total operating revenues |  | $ | 337,495 |  |  | $ | 283,395 |  |  | $ | 629,658 |  |  | $ | 537,586 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 54,329 |  |  | $ | 53,368 |  |  | $ | 88,502 |  |  | $ | 84,987 |
National Media |  | 6,573 |  |  | 2,037 |  |  | 11,514 |  |  | 4,072 |
Other |  | (1,485 | ) |  | (1,643 | ) |  | (1,918 | ) |  | (1,894 | )
Shared services and corporate |  | (13,119 | ) |  | (13,647 | ) |  | (29,277 | ) |  | (27,734 | )
Acquisition and related integration costs |  | (2,788 | ) |  | — |  |  | (6,268 | ) |  | — |
Restructuring costs |  | (957 | ) |  | (2,330 | ) |  | (1,895 | ) |  | (6,137 | )
Depreciation and amortization of intangible assets |  | (20,237 | ) |  | (15,382 | ) |  | (38,029 | ) |  | (30,802 | )
Gains (losses), net on disposal of property and equipment |  | (144 | ) |  | 66 |  |  | (317 | ) |  | (651 | )
Interest expense |  | (18,023 | ) |  | (9,279 | ) |  | (26,939 | ) |  | (18,038 | )
Defined benefit pension plan expense |  | (1,564 | ) |  | (1,389 | ) |  | (3,136 | ) |  | (2,777 | )
Miscellaneous, net |  | 369 |  |  | (156 | ) |  | (431 | ) |  | 11 |
Income (loss) from continuing operations before income taxes |  | $ | 2,954 |  |  | $ | 11,645 |  |  | $ | (8,194 | ) |  | $ | 1,037 |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 8,391 |  |  | $ | 7,331 |  |  | $ | 15,982 |  |  | $ | 14,887 |
National Media |  | 1,198 |  |  | 134 |  |  | 2,202 |  |  | 230 |
Other |  | 39 |  |  | 38 |  |  | 77 |  |  | 76 |
Shared services and corporate |  | 367 |  |  | 387 |  |  | 709 |  |  | 796 |
Total depreciation |  | $ | 9,995 |  |  | $ | 7,890 |  |  | $ | 18,970 |  |  | $ | 15,989 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 5,468 |  |  | $ | 3,705 |  |  | $ | 9,426 |  |  | $ | 7,410 |
National Media |  | 4,435 |  |  | 3,448 |  |  | 8,956 |  |  | 6,726 |
Shared services and corporate |  | 339 |  |  | 339 |  |  | 677 |  |  | 677 |
Total amortization of intangible assets |  | $ | 10,242 |  |  | $ | 7,492 |  |  | $ | 19,059 |  |  | $ | 14,813 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 12,411 |  |  | $ | 10,613 |  |  | $ | 21,891 |  |  | $ | 20,113 |
National Media |  | 4,346 |  |  | 4,051 |  |  | 8,636 |  |  | 5,725 |
Other |  | 179 |  |  | — |  |  | 210 |  |  | — |
Shared services and corporate |  | 195 |  |  | 13 |  |  | 606 |  |  | 73 |
Total additions to property and equipment |  | $ | 17,131 |  |  | $ | 14,677 |  |  | $ | 31,343 |  |  | $ | 25,911 |
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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 210,486 |  |  | $ | 179,294 |  |  | $ | 383,847 |  |  | $ | 345,847 |
Political |  | 2,116 |  |  | 14,882 |  |  | 2,996 |  |  | 17,466 |
Retransmission and carriage |  | 93,325 |  |  | 74,658 |  |  | 180,608 |  |  | 145,718 |
Other |  | 31,568 |  |  | 14,561 |  |  | 62,207 |  |  | 28,555 |
Total operating revenues |  | $ | 337,495 |  |  | $ | 283,395 |  |  | $ | 629,658 |  |  | $ | 537,586 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration