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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Information regarding business segments | Information regarding our business segments is as follows:
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Segment operating revenues: |  |  |  |  |  |
Local Media |  | $ | 1,475,392 |  |  | $ | 1,022,805 |  |  | $ | 917,480 |
National Media |  | 378,218 |  |  | 323,674 |  |  | 235,107 |
Other |  | 3,868 |  |  | 4,920 |  |  | 4,775 |
Total operating revenues |  | $ | 1,857,478 |  |  | $ | 1,351,399 |  |  | $ | 1,157,362 |
Segment profit (loss): |  |  |  |  |  |
Local Media |  | $ | 431,398 |  |  | $ | 217,885 |  |  | $ | 251,119 |
National Media |  | 62,538 |  |  | 43,166 |  |  | 29,168 |
Other |  | (3,196) |  |  | (3,957) |  |  | (3,680) |
Shared services and corporate |  | (60,758) |  |  | (57,409) |  |  | (53,123) |
Acquisition and related integration costs |  | (18,678) |  |  | (26,304) |  |  | (4,124) |
Restructuring costs |  | — |  |  | (3,370) |  |  | (8,911) |
Depreciation and amortization of intangible assets |  | (107,155) |  |  | (84,344) |  |  | (60,711) |
Gains (losses), net on disposal of property and equipment |  | (661) |  |  | 1,692 |  |  | (1,255) |
Interest expense |  | (92,994) |  |  | (80,596) |  |  | (36,184) |
Defined benefit pension plan expense |  | (4,388) |  |  | (6,953) |  |  | (19,752) |
Miscellaneous, net |  | 2,914 |  |  | 1,194 |  |  | 123 |
Income from continuing operations before income taxes |  | $ | 209,020 |  |  | $ | 1,004 |  |  | $ | 92,670 |
Depreciation: |  |  |  |  |  |
Local Media |  | $ | 42,934 |  |  | $ | 34,086 |  |  | $ | 30,467 |
National Media |  | 5,788 |  |  | 4,302 |  |  | 2,336 |
Other |  | 199 |  |  | 148 |  |  | 150 |
Shared services and corporate |  | 1,495 |  |  | 1,462 |  |  | 1,432 |
Total depreciation |  | $ | 50,416 |  |  | $ | 39,998 |  |  | $ | 34,385 |
Amortization of intangible assets: |  |  |  |  |  |
Local Media |  | $ | 37,848 |  |  | $ | 26,283 |  |  | $ | 14,821 |
National Media |  | 17,537 |  |  | 16,710 |  |  | 10,152 |
Shared services and corporate |  | 1,354 |  |  | 1,353 |  |  | 1,353 |
Total amortization of intangible assets |  | $ | 56,739 |  |  | $ | 44,346 |  |  | $ | 26,326 |
The following table presents additions to property and equipment by segment:
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Additions to property and equipment: |  |  |  |  |  |
Local Media |  | $ | 42,611 |  |  | $ | 46,855 |  |  | $ | 37,773 |
National Media |  | 3,079 |  |  | 11,963 |  |  | 9,004 |
Other |  | 141 |  |  | 529 |  |  | — |
Shared services and corporate |  | 646 |  |  | 1,878 |  |  | 723 |
Total additions to property and equipment |  | $ | 46,477 |  |  | $ | 61,225 |  |  | $ | 47,500 |
Total assets by segment for the years ended December 31 were as follows:
|  | As of December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Assets: |  |  |  |  |  |
Local Media |  | $ | 2,463,064 |  |  | $ | 2,694,667 |  |  | $ | 1,261,526 |
National Media |  | 721,805 |  |  | 680,764 |  |  | 655,718 |
Other |  | 3,297 |  |  | 3,503 |  |  | 865 |
Shared services and corporate |  | 1,671,220 |  |  | 81,657 |  |  | 129,969 |
Total assets of continuing operations |  | 4,859,386 |  |  | 3,460,591 |  |  | 2,048,078 |
Discontinued operations |  | — |  |  | 101,266 |  |  | 82,269 |
Total assets |  | $ | 4,859,386 |  |  | $ | 3,561,857 |  |  | $ | 2,130,347 |
Disaggregation of revenue | A disaggregation of the principal activities from which we generate revenue is as follows:
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Operating revenues: |  |  |  |  |  |
Core advertising |  | $ | 915,515 |  |  | $ | 861,386 |  |  | $ | 686,229 |
Political |  | 272,066 |  |  | 23,263 |  |  | 139,600 |
Retransmission and carriage |  | 588,888 |  |  | 390,043 |  |  | 304,402 |
Other |  | 81,009 |  |  | 76,707 |  |  | 27,131 |
Total operating revenues |  | $ | 1,857,478 |  |  | $ | 1,351,399 |  |  | $ | 1,157,362 |

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