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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Information regarding business segments | Information regarding our business segments is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 352,219 |  |  | $ | 355,819 |  |  | $ | 664,142 |  |  | $ | 682,480 |
Scripps Networks |  | 231,229 |  |  | 238,929 |  |  | 447,702 |  |  | 477,997 |
Other |  | 3,773 |  |  | 3,893 |  |  | 7,529 |  |  | 8,044 |
Intersegment eliminations |  | (4,385) |  |  | (4,174) |  |  | (8,759) |  |  | (8,348) |
Total operating revenues |  | $ | 582,836 |  |  | $ | 594,467 |  |  | $ | 1,110,614 |  |  | $ | 1,160,173 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 81,017 |  |  | $ | 80,742 |  |  | $ | 126,860 |  |  | $ | 135,135 |
Scripps Networks |  | 60,343 |  |  | 73,297 |  |  | 111,869 |  |  | 158,373 |
Other |  | (6,279) |  |  | (4,349) |  |  | (7,811) |  |  | (5,462) |
Shared services and corporate |  | (23,331) |  |  | (18,115) |  |  | (46,736) |  |  | (41,326) |
Acquisition and related integration costs |  | — |  |  | — |  |  | — |  |  | (1,642) |
Restructuring costs |  | (7,992) |  |  | — |  |  | (24,503) |  |  | — |
Depreciation and amortization of intangible assets |  | (38,628) |  |  | (41,019) |  |  | (77,171) |  |  | (80,764) |
Impairment of goodwill |  | (686,000) |  |  | — |  |  | (686,000) |  |  | — |
Gains (losses), net on disposal of property and equipment |  | (358) |  |  | (1,577) |  |  | (1,254) |  |  | (4,058) |
Interest expense |  | (52,275) |  |  | (36,011) |  |  | (101,113) |  |  | (72,510) |
Gain on extinguishment of debt |  | — |  |  | — |  |  | — |  |  | 1,234 |
Defined benefit pension plan income |  | 134 |  |  | 662 |  |  | 268 |  |  | 1,325 |
Miscellaneous, net |  | (675) |  |  | 2,170 |  |  | (1,178) |  |  | 1,763 |
Income (loss) from operations before income taxes |  | $ | (674,044) |  |  | $ | 55,800 |  |  | $ | (706,769) |  |  | $ | 92,068 |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,787 |  |  | $ | 10,526 |  |  | $ | 19,640 |  |  | $ | 20,668 |
Scripps Networks |  | 4,930 |  |  | 4,830 |  |  | 9,666 |  |  | 9,615 |
Other |  | 45 |  |  | 44 |  |  | 90 |  |  | 88 |
Shared services and corporate |  | 375 |  |  | 412 |  |  | 794 |  |  | 811 |
Total depreciation |  | $ | 15,137 |  |  | $ | 15,812 |  |  | $ | 30,190 |  |  | $ | 31,182 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 8,981 |  |  | $ | 8,981 |  |  | $ | 17,961 |  |  | $ | 17,961 |
Scripps Networks |  | 13,009 |  |  | 14,209 |  |  | 26,018 |  |  | 28,418 |
Other |  | 449 |  |  | 471 |  |  | 898 |  |  | 952 |
Shared services and corporate |  | 1,052 |  |  | 1,546 |  |  | 2,104 |  |  | 2,251 |
Total amortization of intangible assets |  | $ | 23,491 |  |  | $ | 25,207 |  |  | $ | 46,981 |  |  | $ | 49,582 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 14,140 |  |  | $ | 6,901 |  |  | $ | 21,407 |  |  | $ | 16,214 |
Scripps Networks |  | 2,501 |  |  | 5,227 |  |  | 2,695 |  |  | 8,436 |
Other |  | 34 |  |  | 36 |  |  | 34 |  |  | 45 |
Shared services and corporate |  | 139 |  |  | 204 |  |  | 974 |  |  | 260 |
Total additions to property and equipment |  | $ | 16,814 |  |  | $ | 12,368 |  |  | $ | 25,110 |  |  | $ | 24,955 |
Disaggregation of principal revenue generating activities | 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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 367,257 |  |  | $ | 389,261 |  |  | $ | 715,831 |  |  | $ | 781,796 |
Political |  | 3,846 |  |  | 24,886 |  |  | 7,371 |  |  | 30,832 |
Distribution |  | 200,902 |  |  | 172,162 |  |  | 367,461 |  |  | 329,762 |
Other |  | 10,831 |  |  | 8,158 |  |  | 19,951 |  |  | 17,783 |
Total operating revenues |  | $ | 582,836 |  |  | $ | 594,467 |  |  | $ | 1,110,614 |  |  | $ | 1,160,173 |

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