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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Information regarding business segments | Information regarding our business segments is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Segment operating revenues: |  |  |  |  |  |  |  |
Local Media |  | $ | 353,061 |  |  | $ | 378,438 |  |  | $ | 1,017,203 |  |  | $ | 1,060,918 |
Scripps Networks |  | 215,393 |  |  | 235,401 |  |  | 663,095 |  |  | 713,398 |
Other |  | 2,620 |  |  | 2,594 |  |  | 10,149 |  |  | 10,638 |
Intersegment eliminations |  | (4,545) |  |  | (4,332) |  |  | (13,304) |  |  | (12,680) |
Total operating revenues |  | $ | 566,529 |  |  | $ | 612,101 |  |  | $ | 1,677,143 |  |  | $ | 1,772,274 |
Segment profit (loss): |  |  |  |  |  |  |  |
Local Media |  | $ | 74,865 |  |  | $ | 99,607 |  |  | $ | 201,725 |  |  | $ | 234,742 |
Scripps Networks |  | 49,661 |  |  | 71,984 |  |  | 161,530 |  |  | 230,357 |
Other |  | (6,263) |  |  | (6,791) |  |  | (14,074) |  |  | (12,253) |
Shared services and corporate |  | (20,810) |  |  | (19,611) |  |  | (67,546) |  |  | (60,937) |
Acquisition and related integration costs |  | — |  |  | — |  |  | — |  |  | (1,642) |
Restructuring costs |  | (4,705) |  |  | — |  |  | (29,208) |  |  | — |
Depreciation and amortization of intangible assets |  | (38,588) |  |  | (39,565) |  |  | (115,759) |  |  | (120,329) |
Impairment of goodwill |  | — |  |  | — |  |  | (686,000) |  |  | — |
Gains (losses), net on disposal of property and equipment |  | (1,066) |  |  | (1,593) |  |  | (2,320) |  |  | (5,651) |
Interest expense |  | (56,916) |  |  | (41,917) |  |  | (158,029) |  |  | (114,427) |
Gain on extinguishment of debt |  | — |  |  | — |  |  | — |  |  | 1,234 |
Defined benefit pension plan income |  | 251 |  |  | 683 |  |  | 519 |  |  | 2,008 |
Miscellaneous, net |  | 1,309 |  |  | (494) |  |  | 131 |  |  | 1,269 |
Income (loss) from operations before income taxes |  | $ | (2,262) |  |  | $ | 62,303 |  |  | $ | (709,031) |  |  | $ | 154,371 |
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,881 |  |  | $ | 9,997 |  |  | $ | 29,521 |  |  | $ | 30,665 |
Scripps Networks |  | 4,892 |  |  | 4,889 |  |  | 14,558 |  |  | 14,504 |
Other |  | 47 |  |  | 45 |  |  | 137 |  |  | 133 |
Shared services and corporate |  | 280 |  |  | 409 |  |  | 1,074 |  |  | 1,220 |
Total depreciation |  | $ | 15,100 |  |  | $ | 15,340 |  |  | $ | 45,290 |  |  | $ | 46,522 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 8,980 |  |  | $ | 8,520 |  |  | $ | 26,941 |  |  | $ | 26,481 |
Scripps Networks |  | 13,009 |  |  | 14,209 |  |  | 39,027 |  |  | 42,627 |
Other |  | 447 |  |  | 471 |  |  | 1,345 |  |  | 1,423 |
Shared services and corporate |  | 1,052 |  |  | 1,025 |  |  | 3,156 |  |  | 3,276 |
Total amortization of intangible assets |  | $ | 23,488 |  |  | $ | 24,225 |  |  | $ | 70,469 |  |  | $ | 73,807 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 15,123 |  |  | $ | 6,803 |  |  | $ | 36,530 |  |  | $ | 23,017 |
Scripps Networks |  | 1,225 |  |  | 2,241 |  |  | 3,920 |  |  | 10,677 |
Other |  | — |  |  | 9 |  |  | 34 |  |  | 54 |
Shared services and corporate |  | 495 |  |  | 71 |  |  | 1,469 |  |  | 331 |
Total additions to property and equipment |  | $ | 16,843 |  |  | $ | 9,124 |  |  | $ | 41,953 |  |  | $ | 34,079 |
Disaggregation of principal revenue generating activities | 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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 346,037 |  |  | $ | 371,064 |  |  | $ | 1,061,868 |  |  | $ | 1,152,860 |
Political |  | 9,130 |  |  | 65,715 |  |  | 16,501 |  |  | 96,547 |
Distribution |  | 203,859 |  |  | 167,250 |  |  | 571,320 |  |  | 497,012 |
Other |  | 7,503 |  |  | 8,072 |  |  | 27,454 |  |  | 25,855 |
Total operating revenues |  | $ | 566,529 |  |  | $ | 612,101 |  |  | $ | 1,677,143 |  |  | $ | 1,772,274 |

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