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Segment Information | 9 Months Ended
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Sep. 30, 2022
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. 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; five 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, satellite carriers and over-the-top virtual MVPDs. Our Scripps Networks segment is comprised of nine national television networks that reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and digital distribution. These operations earn revenue primarily through the sale of advertising. 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 accounting, procurement, human resources, employee benefit and information technology to our business segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the business segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. 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 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 September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 378,438 |  |  | $ | 331,316 |  |  | $ | 1,060,918 |  |  | $ | 968,734 |
Scripps Networks |  | 235,401 |  |  | 226,550 |  |  | 713,398 |  |  | 678,945 |
Other |  | 2,594 |  |  | 1,207 |  |  | 10,638 |  |  | 24,378 |
Intersegment eliminations |  | (4,332) |  |  | (3,830) |  |  | (12,680) |  |  | (10,816) |
Total operating revenues |  | $ | 612,101 |  |  | $ | 555,243 |  |  | $ | 1,772,274 |  |  | $ | 1,661,241 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 99,607 |  |  | $ | 65,391 |  |  | $ | 234,742 |  |  | $ | 185,971 |
Scripps Networks |  | 71,984 |  |  | 83,327 |  |  | 230,357 |  |  | 282,847 |
Other |  | (6,791) |  |  | (2,227) |  |  | (12,253) |  |  | 513 |
Shared services and corporate |  | (19,611) |  |  | (17,768) |  |  | (60,937) |  |  | (55,827) |
Acquisition and related integration costs |  | — |  |  | (251) |  |  | (1,642) |  |  | (35,582) |
Restructuring costs |  | — |  |  | (1,872) |  |  | — |  |  | (9,436) |
Depreciation and amortization of intangible assets |  | (39,565) |  |  | (42,086) |  |  | (120,329) |  |  | (122,344) |
Gains (losses), net on disposal of property and equipment |  | (1,593) |  |  | 31,109 |  |  | (5,651) |  |  | 30,954 |
Interest expense |  | (41,917) |  |  | (41,013) |  |  | (114,427) |  |  | (126,905) |
Gain (loss) on extinguishment of debt |  | — |  |  | — |  |  | 1,234 |  |  | (13,775) |
Defined benefit pension plan income (expense) |  | 683 |  |  | (264) |  |  | 2,008 |  |  | (250) |
Gain on sale of Triton business |  | — |  |  | — |  |  | — |  |  | 81,784 |
Losses on stock warrant |  | — |  |  | — |  |  | — |  |  | (99,118) |
Miscellaneous, net |  | (494) |  |  | 674 |  |  | 1,269 |  |  | (6,884) |
Income from continuing operations before income taxes |  | $ | 62,303 |  |  | $ | 75,020 |  |  | $ | 154,371 |  |  | $ | 111,948 |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,997 |  |  | $ | 9,877 |  |  | $ | 30,665 |  |  | $ | 29,416 |
Scripps Networks |  | 4,889 |  |  | 4,645 |  |  | 14,504 |  |  | 12,463 |
Other |  | 45 |  |  | 44 |  |  | 133 |  |  | 338 |
Shared services and corporate |  | 409 |  |  | 373 |  |  | 1,220 |  |  | 1,092 |
Total depreciation |  | $ | 15,340 |  |  | $ | 14,939 |  |  | $ | 46,522 |  |  | $ | 43,309 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 8,520 |  |  | $ | 12,016 |  |  | $ | 26,481 |  |  | $ | 30,698 |
Scripps Networks |  | 14,209 |  |  | 14,503 |  |  | 42,627 |  |  | 44,390 |
Other |  | 471 |  |  | — |  |  | 1,423 |  |  | 2,147 |
Shared services and corporate |  | 1,025 |  |  | 628 |  |  | 3,276 |  |  | 1,800 |
Total amortization of intangible assets |  | $ | 24,225 |  |  | $ | 27,147 |  |  | $ | 73,807 |  |  | $ | 79,035 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 6,803 |  |  | $ | 8,317 |  |  | $ | 23,017 |  |  | $ | 27,066 |
Scripps Networks |  | 2,241 |  |  | 6,960 |  |  | 10,677 |  |  | 17,372 |
Other |  | 9 |  |  | — |  |  | 54 |  |  | 430 |
Shared services and corporate |  | 71 |  |  | 869 |  |  | 331 |  |  | 1,329 |
Total additions to property and equipment |  | $ | 9,124 |  |  | $ | 16,146 |  |  | $ | 34,079 |  |  | $ | 46,197 |
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 371,064 |  |  | $ | 387,643 |  |  | $ | 1,152,860 |  |  | $ | 1,142,405 |
Political |  | 65,715 |  |  | 7,087 |  |  | 96,547 |  |  | 11,591 |
Retransmission and carriage fees |  | 165,464 |  |  | 151,828 |  |  | 491,588 |  |  | 464,746 |
Other |  | 9,858 |  |  | 8,685 |  |  | 31,279 |  |  | 42,499 |
Total operating revenues |  | $ | 612,101 |  |  | $ | 555,243 |  |  | $ | 1,772,274 |  |  | $ | 1,661,241 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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