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Segment Information | 6 Months Ended
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Jun. 30, 2021
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 on which our chief operating decision maker makes resource-allocation decisions. Effective with the January 7, 2021 close of the ION acquisition, we realigned our internal reporting structure and changed the reporting of our businesses’ operating results to reflect this new structure. Under the new structure, our operating results are reported under Local Media, Scripps Networks and Other segment captions. Our Local Media segment includes our 61 local broadcast stations and their related digital operations. It is comprised of 18 ABC affiliates, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have 12 CW affiliates - four on full power stations and eight on multicast; two MyNetworkTV affiliates; three independent stations and 10 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 Hulu, YouTubeTV and AT&T Now. Our Scripps Networks segment, which includes the recently acquired ION business, is comprised of nine national television networks that reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, over-the-top and digital distribution. These operations earn revenue primarily through the sale of advertising. The operating results of our recently sold Triton business, and the other national businesses that were previously reported in our National Media segment, are aggregated with our remaining business activities in the Other segment caption. Our respective business segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. We also allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services to our business segments. These intercompany agreements and 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 amounts, 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) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 324,837 |  |  | $ | 279,944 |  |  | $ | 637,418 |  |  | $ | 604,877 |
Scripps Networks |  | 238,735 |  |  | 66,652 |  |  | 452,395 |  |  | 143,407 |
Other |  | 5,050 |  |  | 15,484 |  |  | 23,171 |  |  | 31,148 |
Intersegment eliminations |  | (3,545) |  |  | (3,197) |  |  | (6,986) |  |  | (6,326) |
Total operating revenues |  | $ | 565,077 |  |  | $ | 358,883 |  |  | $ | 1,105,998 |  |  | $ | 773,106 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 64,643 |  |  | $ | 35,457 |  |  | $ | 120,580 |  |  | $ | 94,563 |
Scripps Networks |  | 107,317 |  |  | 2,153 |  |  | 199,520 |  |  | 12,122 |
Other |  | (541) |  |  | 5,036 |  |  | 2,740 |  |  | 9,227 |
Shared services and corporate |  | (19,138) |  |  | (12,923) |  |  | (38,059) |  |  | (31,577) |
Acquisition and related integration costs |  | (6,686) |  |  | (221) |  |  | (35,331) |  |  | (5,131) |
Restructuring costs |  | (514) |  |  | — |  |  | (7,564) |  |  | — |
Depreciation and amortization of intangible assets |  | (40,751) |  |  | (26,645) |  |  | (80,258) |  |  | (53,990) |
Gains (losses), net on disposal of property and equipment |  | (75) |  |  | (1,307) |  |  | (155) |  |  | (2,740) |
Interest expense |  | (42,010) |  |  | (22,999) |  |  | (85,892) |  |  | (48,797) |
Loss on extinguishment of debt |  | (13,775) |  |  | — |  |  | (13,775) |  |  | — |
Defined benefit pension plan income (expense) |  | 7 |  |  | (1,026) |  |  | 14 |  |  | (2,052) |
Gains on sale of business |  | — |  |  | — |  |  | 81,784 |  |  | — |
Losses on stock warrants |  | (31,874) |  |  | — |  |  | (99,118) |  |  | — |
Miscellaneous, net |  | (2,707) |  |  | (1,552) |  |  | (7,558) |  |  | (438) |
Income (loss) from continuing operations before income taxes |  | $ | 13,896 |  |  | $ | (24,027) |  |  | $ | 36,928 |  |  | $ | (28,813) |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,854 |  |  | $ | 10,774 |  |  | $ | 19,539 |  |  | $ | 22,264 |
Scripps Networks |  | 3,983 |  |  | 1,039 |  |  | 7,818 |  |  | 2,334 |
Other |  | 45 |  |  | 196 |  |  | 294 |  |  | 381 |
Shared services and corporate |  | 363 |  |  | 387 |  |  | 719 |  |  | 768 |
Total depreciation |  | $ | 14,245 |  |  | $ | 12,396 |  |  | $ | 28,370 |  |  | $ | 25,747 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,085 |  |  | $ | 9,399 |  |  | $ | 18,682 |  |  | $ | 19,320 |
Scripps Networks |  | 16,770 |  |  | 2,521 |  |  | 29,887 |  |  | 4,356 |
Other |  | — |  |  | 1,991 |  |  | 2,147 |  |  | 3,891 |
Shared services and corporate |  | 651 |  |  | 338 |  |  | 1,172 |  |  | 676 |
Total amortization of intangible assets |  | $ | 26,506 |  |  | $ | 14,249 |  |  | $ | 51,888 |  |  | $ | 28,243 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 13,295 |  |  | $ | 11,776 |  |  | $ | 18,749 |  |  | $ | 26,217 |
Scripps Networks |  | 8,923 |  |  | — |  |  | 10,412 |  |  | 1,591 |
Other |  | — |  |  | 232 |  |  | 430 |  |  | 455 |
Shared services and corporate |  | 441 |  |  | 102 |  |  | 460 |  |  | 216 |
Total additions to property and equipment |  | $ | 22,659 |  |  | $ | 12,110 |  |  | $ | 30,051 |  |  | $ | 28,479 |
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) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 393,459 |  |  | $ | 182,089 |  |  | $ | 754,762 |  |  | $ | 417,910 |
Political |  | 3,193 |  |  | 13,368 |  |  | 4,504 |  |  | 32,088 |
Retransmission and carriage fees |  | 156,421 |  |  | 144,283 |  |  | 312,918 |  |  | 283,233 |
Other |  | 12,004 |  |  | 19,143 |  |  | 33,814 |  |  | 39,875 |
Total operating revenues |  | $ | 565,077 |  |  | $ | 358,883 |  |  | $ | 1,105,998 |  |  | $ | 773,106 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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