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Segment Information (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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