Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Line Items] | |||
Entity Registrant Name | Scripps Networks Interactive, Inc. | ||
Entity Central Index Key | 1,430,602 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 5,902,000,000 | ||
Document Fiscal Year Focus | 2,017 | ||
Trading Symbol | SNI | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Common Class A [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 96,250,145 | ||
Voting Common Stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 33,850,481 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 130,357 | $ 122,937 |
Accounts receivable, net of allowances: 2017 - $13,162; 2016 - $26,118 | 914,812 | 808,133 |
Programs and program licenses, net | 634,588 | 591,378 |
Prepaid expenses and other current assets | 68,763 | 135,651 |
Total current assets | 1,748,520 | 1,658,099 |
Programs and program licenses, net (less current portion) | 474,714 | 500,022 |
Investments | 740,810 | 699,481 |
Property and equipment, net of accumulated depreciation: 2017 - $370,826; 2016 - $354,435 | 333,068 | 286,399 |
Goodwill, net | 1,819,693 | 1,642,169 |
Intangible assets, net | 1,109,672 | 1,092,682 |
Deferred income taxes | 104,859 | 175,291 |
Other non-current assets | 190,344 | 146,151 |
Total Assets | 6,521,680 | 6,200,294 |
Current liabilities: | ||
Accounts payable | 48,149 | 42,223 |
Accrued liabilities | 189,656 | 152,480 |
Employee compensation and benefits | 102,327 | 123,506 |
Program rights payable | 85,004 | 70,403 |
Deferred revenue | 148,134 | 77,987 |
Current portion of debt | 249,932 | |
Total current liabilities | 573,270 | 716,531 |
Debt (less current portion) | 2,522,005 | 2,952,454 |
Other non-current liabilities | 315,217 | 302,881 |
Total liabilities | 3,410,492 | 3,971,866 |
Commitments and contingencies (Note 20) | ||
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Preferred stock, $0.01 par - authorized: 25,000,000 shares; none outstanding | ||
Common stock | 1,301 | 1,293 |
Additional paid-in capital | 1,448,723 | 1,390,411 |
Retained earnings | 1,341,974 | 871,766 |
Accumulated other comprehensive loss | (13,809) | (363,701) |
SNI shareholders’ equity | 2,778,189 | 1,899,769 |
Non-controlling interest (Note 17) | 332,999 | 328,659 |
Total equity | 3,111,188 | 2,228,428 |
Total Liabilities and Equity | 6,521,680 | 6,200,294 |
Common Class A [Member] | ||
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Common stock | 962 | 954 |
Voting Common Stock [Member] | ||
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Common stock | $ 339 | $ 339 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Allowance for doubtful accounts receivable, current | $ 13,162 | $ 26,118 |
Accumulated depreciation of property and equipment | $ 370,826 | $ 354,435 |
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, issued (in shares) | 96,204,627 | 95,491,477 |
Common stock, outstanding (in shares) | 96,204,627 | 95,491,477 |
Voting Common Stock [Member] | ||
Scripps Networks Interactive ("SNI") shareholders’ equity: | ||
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 33,850,481 | 33,850,481 |
Common stock, outstanding (in shares) | 33,850,481 | 33,850,481 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS shares in Thousands, $ in Thousands, PLN in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2017USD ($) | Jul. 31, 2017PLN | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Operating revenues: | |||||||||||||
Advertising | $ 2,505,257 | $ 2,416,403 | $ 2,062,530 | ||||||||||
Distribution | 955,404 | 894,367 | 874,984 | ||||||||||
Other | 101,146 | 90,665 | 80,713 | ||||||||||
Total operating revenues | $ 956,116 | $ 825,525 | $ 925,046 | $ 855,120 | $ 888,701 | $ 803,085 | $ 892,771 | $ 816,878 | 3,561,807 | 3,401,435 | 3,018,227 | ||
Operating expenses: | |||||||||||||
Cost of services, excluding depreciation and amortization | 356,812 | 318,292 | 299,851 | 279,039 | 328,355 | 298,207 | 286,999 | 279,667 | 1,253,994 | 1,193,228 | 987,357 | ||
Selling, general and administrative | 237,071 | 224,192 | 212,397 | 207,370 | 215,959 | 200,820 | 191,133 | 198,821 | 881,030 | 806,733 | 785,179 | ||
Depreciation | 14,993 | 14,736 | 13,660 | 14,960 | 17,803 | 20,370 | 16,089 | 17,297 | 58,349 | 71,559 | 73,112 | ||
Amortization | 26,861 | 17,400 | 25,058 | 24,197 | 40,955 | 25,771 | 25,654 | 31,062 | 93,516 | 123,442 | 68,647 | ||
Goodwill write-down | 505 | 57,878 | 505 | 57,878 | |||||||||
Total operating expenses | 636,242 | 574,620 | 550,966 | 525,566 | 660,950 | 545,168 | 519,875 | 526,847 | 2,287,394 | 2,252,840 | 1,914,295 | ||
Operating income | 319,874 | 250,905 | 374,080 | 329,554 | 227,751 | 257,917 | 372,896 | 290,031 | 1,274,413 | 1,148,595 | 1,103,932 | ||
Interest expense, net | (21,612) | (23,092) | (24,203) | (24,252) | (29,912) | (32,609) | (33,175) | (33,745) | (93,159) | (129,441) | (108,047) | ||
Equity in earnings of affiliates | 9,577 | 8,758 | 20,974 | 20,449 | 15,519 | 8,473 | 21,712 | 25,678 | 59,758 | 71,382 | 80,916 | ||
(Loss) gain on derivatives | (1,848) | (3,446) | (3,672) | (2,336) | 4,008 | 2,827 | 8,267 | 2,766 | (11,302) | 17,868 | 50,256 | ||
(Loss) gain on sale of investments | $ 1,300 | PLN 5.6 | (2,442) | 1,416 | (16,373) | 208,197 | (1,026) | 191,824 | |||||
Miscellaneous, net | 19,951 | 2,854 | 32,181 | 27,540 | (28,120) | 21,276 | (21,672) | 6,066 | 82,526 | (22,450) | (5,193) | ||
Income from operations before income taxes | 325,942 | 233,537 | 400,776 | 350,955 | 189,246 | 257,884 | 331,655 | 498,993 | 1,311,210 | 1,277,778 | 1,121,864 | ||
Provision for income taxes | 210,166 | 70,454 | 115,099 | 101,140 | 96,937 | 76,043 | 98,303 | 159,047 | 496,859 | 430,330 | 343,391 | ||
Net income | 115,776 | 163,083 | 285,677 | 249,815 | 92,309 | 181,841 | 233,352 | 339,946 | 814,351 | 847,448 | 778,473 | ||
Less: net income attributable to non-controlling interests | (49,904) | (38,995) | (51,602) | (49,915) | (40,216) | (35,844) | (48,744) | (49,049) | (190,416) | (173,853) | (171,645) | ||
Net income attributable to SNI | $ 65,872 | $ 124,088 | $ 234,075 | $ 199,900 | $ 52,093 | $ 145,997 | $ 184,608 | $ 290,897 | $ 623,935 | $ 673,595 | $ 606,828 | ||
Basic net income per share: | |||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.51 | $ 0.95 | $ 1.80 | $ 1.54 | $ 0.40 | $ 1.13 | $ 1.42 | $ 2.25 | $ 4.79 | $ 5.20 | $ 4.68 | ||
Diluted net income per share: | |||||||||||||
Diluted (in dollars per share) | $ / shares | $ 0.50 | $ 0.95 | $ 1.79 | $ 1.53 | $ 0.40 | $ 1.12 | $ 1.42 | $ 2.24 | $ 4.76 | $ 5.18 | $ 4.66 | ||
Weighted average shares outstanding: | |||||||||||||
Basic | shares | 130,392 | 130,313 | 130,233 | 129,921 | 129,661 | 129,586 | 129,562 | 129,295 | 130,217 | 129,529 | 129,665 | ||
Diluted | shares | 131,353 | 131,262 | 130,884 | 130,743 | 130,350 | 130,124 | 130,141 | 129,790 | 131,063 | 130,104 | 130,255 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 814,351 | $ 847,448 | $ 778,473 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation, net of tax: 2017 - ($109); 2016 - ($3,652); 2015 - $1,695 | 353,523 | (226,355) | (76,937) |
Pension plan and SERP liability, net of tax: 2017 - $2,069; 2016 - $4,067; 2015 - ($1,878) | (3,576) | (6,999) | 775 |
Comprehensive income | 1,164,298 | 614,094 | 702,311 |
Less: comprehensive income attributable to non-controlling interests | (190,471) | (173,967) | (167,825) |
Comprehensive income attributable to SNI | $ 973,827 | $ 440,127 | $ 534,486 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation, tax | $ (109) | $ (3,652) | $ 1,695 |
Pension liability, tax | $ 2,069 | $ 4,067 | $ (1,878) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, PLN in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating Activities: | |||
Net income | $ 814,351 | $ 847,448 | $ 778,473 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 58,349 | 71,559 | 73,112 |
Amortization | 93,516 | 123,442 | 68,647 |
Goodwill write-down | 505 | 57,878 | |
Investment write-down | 10,701 | ||
Program amortization | 997,862 | 934,419 | 783,456 |
Program payments | (993,420) | (915,486) | (875,554) |
Equity in earnings of affiliates | (59,758) | (71,382) | (80,916) |
Share-based compensation | 40,219 | 35,198 | 29,568 |
Loss (gain) on derivatives | 11,302 | (17,868) | (50,256) |
Loss (gain) on sale of investments | 1,026 | (191,824) | |
(Gain) loss on foreign currency transactions | (86,690) | 16,137 | 22,430 |
Dividends received from equity investments | 77,780 | 65,277 | 93,624 |
Deferred income taxes | 67,854 | (10,427) | (24,678) |
Changes in working capital accounts: | |||
Accounts receivable, net | (86,022) | (2,462) | (79,070) |
Other assets | 8,962 | (17,657) | (12,702) |
Accounts payable | 1,926 | 8,887 | (1,501) |
Deferred revenue | 70,252 | (17,150) | 44,040 |
Accrued / refundable income taxes | 94,371 | 29,480 | 41,201 |
Other liabilities | (32,304) | 11,790 | 32,360 |
Other, net | (24,287) | (19,134) | (29,250) |
Cash provided by operating activities | 1,055,794 | 948,826 | 812,984 |
Investing Activities: | |||
Additions to property and equipment | (75,641) | (74,406) | (52,480) |
Collections of note receivable | 4,547 | 4,073 | 4,655 |
Purchase of investments | (21,112) | (15,916) | (35,023) |
Sale of investments | 46,733 | 226,484 | |
Purchase of subsidiary companies, net of cash acquired | (10,320) | (450) | (539,309) |
Investment in intangible | (11,634) | ||
Foreign currency call option premium | (16,000) | ||
Settlements of derivatives | (11,302) | 18,482 | 65,824 |
Other, net | 2,079 | (5,902) | (32,167) |
Cash (used in) provided by investing activities | (65,016) | 140,731 | (604,500) |
Financing Activities: | |||
Proceeds from debt | 630,000 | 475,000 | 3,180,764 |
Repayments of debt | (1,315,000) | (890,000) | (1,930,000) |
Debt issuance costs | (14,491) | ||
Early extinguishment of debt | (380,648) | (652,104) | |
Purchases of non-controlling interests | (15) | (103,500) | (853,853) |
Dividends paid to non-controlling interests | (186,116) | (157,687) | (189,539) |
Dividends paid | (156,684) | (129,725) | (118,857) |
Proceeds from stock options | 23,662 | 15,110 | 9,207 |
Other, net | 1,070 | (3,993) | (18,368) |
Cash used in financing activities | (1,003,083) | (1,175,443) | (875,743) |
Effect of exchange rate changes on cash and cash equivalents | 19,725 | (14,621) | 12,539 |
Increase (decrease) in cash and cash equivalents | 7,420 | (100,507) | (654,720) |
Cash and cash equivalents - beginning of period | 122,937 | 223,444 | 878,164 |
Cash and cash equivalents - end of period | 130,357 | 122,937 | 223,444 |
Supplemental Cash Flow Disclosures: | |||
Interest paid, excluding amounts capitalized | 93,472 | 131,158 | 95,336 |
Income taxes paid | $ 341,801 | $ 408,275 | 318,920 |
Common Class A [Member] | |||
Financing Activities: | |||
Repurchases of Class A Common Shares | $ (288,502) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interest [Member] | Redeemable Non-controlling Interests [Member] |
Total Equity Balance at Dec. 31, 2014 | $ 1,684,587 | $ 1,321 | $ 1,359,023 | $ 79,994 | $ (57,891) | $ 302,140 | $ 96,251 |
Comprehensive income (loss) | 705,071 | 606,828 | (72,342) | 170,585 | (2,760) | ||
Redeemable non-controlling interest fair value adjustments | (17,794) | (17,794) | 17,794 | ||||
Purchase of non-controlling interest | (853,853) | (853,853) | |||||
Addition to non-controlling interests | 858,530 | 858,530 | 700 | ||||
Dividends paid to non-controlling interests | (164,157) | (164,157) | (12,985) | ||||
Dividends declared and paid | (118,857) | (118,857) | |||||
Repurchases of Class A Common Shares: 3,986,275 shares | (288,502) | (40) | (43,677) | (244,785) | |||
Share-based compensation | 29,568 | 29,568 | |||||
Exercise of employee share options | 9,209 | 2 | 9,207 | ||||
Other share-based compensation, net | (7,856) | 4 | (7,860) | ||||
Tax impact of compensation plans | 1,230 | 1,230 | |||||
Total Equity Balance at Dec. 31, 2015 | 1,837,176 | 1,287 | 1,347,491 | 305,386 | (130,233) | 313,245 | 99,000 |
Comprehensive income (loss) | 613,076 | 673,595 | (233,468) | 172,949 | 1,018 | ||
Redeemable non-controlling interest fair value adjustments | (3,482) | (3,482) | 3,482 | ||||
Purchase of non-controlling interest | $ (103,500) | ||||||
Tax impact of purchase of non-controlling interest | 26,058 | 26,058 | |||||
Addition to non-controlling interests | 152 | 152 | |||||
Dividends paid to non-controlling interests | (157,687) | (157,687) | |||||
Dividends declared and paid | (129,725) | (129,725) | |||||
Share-based compensation | 35,198 | 35,198 | |||||
Exercise of employee share options | 15,110 | 3 | 15,107 | ||||
Other share-based compensation, net | (6,947) | 3 | (6,950) | ||||
Tax impact of compensation plans | (501) | (501) | |||||
Impact of ASC 718 implementation | 66 | (66) | |||||
Total Equity Balance at Dec. 31, 2016 | 2,228,428 | 1,293 | 1,390,411 | 871,766 | (363,701) | 328,659 | |
Comprehensive income (loss) | 1,164,298 | 623,935 | 349,892 | 190,471 | |||
Disposal of non-controlling interests | (15) | (15) | |||||
Tax impact of purchase of non-controlling interest | 2,957 | 2,957 | |||||
Dividends paid to non-controlling interests | (186,116) | (186,116) | |||||
Dividends declared and paid | (156,684) | (156,684) | |||||
Share-based compensation | 40,219 | 40,219 | |||||
Exercise of employee share options | 23,662 | 5 | 23,657 | ||||
Other share-based compensation, net | (5,561) | 3 | (5,564) | ||||
Total Equity Balance at Dec. 31, 2017 | $ 3,111,188 | $ 1,301 | $ 1,448,723 | $ 1,341,974 | $ (13,809) | $ 332,999 |
CONSOLIDATED STATEMENTS OF SHA9
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other comprehensive income (loss), net of tax: | |||
Dividends declared and paid: (in dollars per share) | $ 1.20 | $ 1 | $ 0.92 |
Repurchase of Class A Common shares (in shares) | 0 | 0 | 3,986,275 |
Convert Voting Shares to Class A Common Shares (in shares) | 466,690 | ||
Exercise of employee share options: shares issued (in shares) | 483,195 | 351,973 | 285,938 |
Other share-based compensation, net: shares issued (in shares) | 331,513 | 450,005 | 515,010 |
Other share-based compensation, net: shares repurchased (in shares) | 101,558 | 149,101 | 164,104 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION As used in the notes to the consolidated financial statements, the terms “SNI,” “Scripps,” “the Company,” “we,” “our,” “us” or similar terms may, depending on the context, refer to Scripps Networks Interactive, Inc., to one or more of its consolidated subsidiary companies or to all of them taken as a whole. Description of Business SNI operates in the media industry and has interests in domestic and international television networks and internet-based media properties. The Company has two reportable segments: U.S. Networks and International Networks. U.S. Networks includes our six domestic television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country. Additionally, U.S. Networks includes websites associated with the aforementioned television brands and other internet and digital businesses serving home, food and travel lifestyle-related categories. U.S. Networks also includes our digital content studio, Scripps Lifestyle Studios. We own 100.0 percent of each of our networks, with the exception of Food Network and Cooking Channel, of which we own 68.7 percent. International Networks includes the TVN portfolio of networks as well as HGTV Poland and other lifestyle-oriented networks available in the UK, EMEA, APAC and Latin America. International Networks also includes our 50.0 percent share of the results of UKTV, a general entertainment and lifestyle channel platform in the UK. Basis of Presentation The consolidated financial statements include the accounts of SNI and its majority-owned or controlled subsidiaries after elimination of intercompany accounts and transactions. Investments in which the Company lacks control but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. Investments in entities in which SNI has no control or significant influence and is not the primary beneficiary are accounted for using the cost method of accounting. The results of companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal, respectively. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates, judgements and assumptions that affect amounts and related disclosures reported in the consolidated financial statements and accompanying footnotes, including the selection of appropriate accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, judgment is applied based on analysis of the relevant circumstances, including historical experience, actuarial studies and other assumptions. Actual results could differ from estimates. Estimates, judgments, and assumptions inherent in the preparation of the consolidated financial statements include: accounting for business acquisitions and dispositions, asset impairments, equity method investments, revenue recognition, program assets, depreciation and amortization, defined benefit plans, share-based compensation, income taxes, fair value measurements and contingencies. Concentration Risks The Company’s primary sources of revenues include adverting sales and distribution fees, with between approximately 70.3 percent and 71.0 percent of our consolidated total operating revenues derived from advertising sales during 2017 and 2016, respectively. Operating results can be affected by changes in the demand for such services both nationally and in individual markets. The four largest distributors in the United States provide service to approximately 78.6 percent of homes receiving HGTV, Food Network and Travel Channel. Combined, the eight largest distributors in the United States provide service to more than 97.8 percent of homes receiving HGTV, Food Network and Travel Channel. The loss of distribution of our networks by any of these cable or satellite television systems could adversely affect our business. Foreign Currency Translation The reporting currency of the Company is the USD. The functional currency of most of the Company’s international subsidiaries is the local currency. Assets and liabilities denominated in foreign currencies are translated at exchange rates in effect at the balance sheet date, and equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss within stockholders’ equity, net of applicable taxes. Transactions denominated in currencies other than the subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. These unrealized foreign currency transaction gains and losses are recorded within miscellaneous, net in the consolidated statements of operations. Reclassifications Certain amounts within operating activities in our consolidated statements of cash flows for 2016 and 2015 have been reclassified to conform with current year presentation. During 2017, amounts totaling $16.1 million and $22.4 million, previously reported within other, net, for 2016 and 2015, respectively, have been reclassified to (gain) loss on foreign currency transactions. These reclassifications did not have an impact on the reported cash provided by operating activities in our consolidated statements of cash flows for 2016 or 2015. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with an original maturity of less than three months. Cash equivalents, which primarily consists of money market funds, are carried at cost plus accrued income, which approximates fair value. Accounts Receivable Accounts receivable includes amounts billed and currently due from customers and are presented net of an estimate for uncollectible accounts. The Company periodically evaluates outstanding receivable balances to assess collectability. Allowances for uncollectible accounts are generally based on market trends, economic conditions, aging of receivables, historical experience and customer specific risks of default. We extend credit to customers based upon our assessment of their individual financial condition. Collateral is generally not required from customers. Investments The Company holds investments that are accounted for using both the equity method and cost method of accounting. We utilize the equity method of accounting to account for investments if we have the ability to exercise significant influence over operating and financial policies of the investee. Significant influence typically exists if a 20.0 percent to 50.0 percent ownership interest in an entity is held unless persuasive evidence to the contrary exists. Under the equity method of accounting, investments are initially recorded at cost and subsequently increased or decreased to reflect our proportionate share of earnings or losses of the equity method investees. Cash payments to equity method investees, such as additional investments, advances and expenses incurred on behalf of investees, as well as payments from equity method investees, such as dividends, distributions and repayments of advances, are recorded as adjustments to investment balances. Goodwill and other intangible assets arising from the acquisition of an equity method investment are included in the carrying value of the investment. As goodwill is not reported separately, it is not separately tested for impairment. Instead, the entire equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We utilize the cost method of accounting to account for investments where we do not have the ability to exercise significant influence over operating and financial policies of the investee. Under the cost method of accounting, investments are initially recorded at cost and not adjusted to reflect our proportionate share of earnings or losses of the cost method investee. We regularly review our investments to determine if there has been any other-than-temporary decline in values. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which the carrying value of the investment exceeds fair value, the duration of the decline in fair value below carrying value and the current cash position, earnings and forecasts and near term prospects of the investee. The carrying value of an investment is adjusted when a decline in fair value below cost is determined to be other-than-temporary. Programs and Program Licenses Programming is either produced by us or for us by independent production companies or licensed under agreements with independent producers. Costs of produced content include direct production costs, production overhead, development costs and acquired production costs. Costs incurred for produced content are capitalized, and costs incurred to produce content not expected to be rebroadcast are expensed as incurred. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. Licensed program assets and liabilities are recorded when programs become available for airing. Program licenses are not discounted for imputed interest. Program assets are amortized over their estimated useful lives, commencing on their first airing and typically on an accelerated basis based on estimated future cash flows, and are included within cost of services in the consolidated statements of operations. Estimated future cash flows are based on revenues previously generated from similar content and planned program usage, which can change based upon market acceptance, advertising sales and distribution fees and the number of subscribers receiving our networks. Planned program usage is based on our current expectation of future airings taking into account historical usage of similar content. Accordingly, we periodically review revenue estimates and planned program usage and revise our assumptions if necessary. If actual demand or market conditions are less favorable than projected, a write-down to net realizable value is recorded. Development costs for programs that we have determined will not be produced are expensed. Deposits expected to be placed in service and the portion of the unamortized program asset balance expected to be amortized within one year are classified as a current asset within programs and program licenses on the consolidated balance sheets, while deposits not expected to be placed in service within one year and the unamortized program asset balance expected to be amortized after one year is separately stated as a non-current asset on the consolidated balance sheets. Program liabilities payable within one year are classified as a current liability as program rights payable on the consolidated balance sheets, while program liabilities payable after one year are included within other non-current liabilities on the consolidated balance sheets. The carrying value of our program rights liabilities approximate fair value. Property and Equipment Property and equipment, including internal use software, is stated at historical cost less accumulated depreciation and impairments. Costs incurred in the preliminary project stage to develop or acquire internal use software or websites are expensed as incurred. Upon completion of the preliminary project stage and management authorization of the project, costs to acquire or develop internal use software, which primarily include coding, designing and developing system interfaces, installation and testing, are capitalized if it is probable the project will be completed and the software will be used for its intended function. Costs incurred after implementation, such as maintenance and training, are expensed as incurred. Depreciation commences when property or equipment is placed in service for its intend use and is computed using a straight-line method over its estimated useful life as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years Goodwill Goodwill represents the cost of acquisitions in excess of the fair value of the acquired businesses’ tangible assets and separately identifiable intangible assets acquired. Goodwill is allocated to the Company’s reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. As of December 31, 2017, our reporting units for purposes of performing the impairment test for goodwill were U.S. Networks and TVN. Goodwill is not amortized, but is tested for impairment at the reporting unit level at least annually, as of October 1, for the Company, or when events occur or circumstances change that would indicate the fair value of a reporting unit may be below its carrying value. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test compares the fair value of the reporting unit, utilizing a combination of a discounted cash flow analysis and market comparables approach, to its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Finite-Lived Intangible Assets Finite-lived intangible assets consist mainly of the value assigned to network distribution rights, customer and advertiser lists, tradenames, broadcast licenses and other acquired rights. Network distribution rights represent the value assigned to programming services’ relationships with cable and satellite operators and telecommunication suppliers that distribute our content. These relationships provide the opportunity to deliver advertising to viewers. We amortize these contractual relationships on a straight-line basis over the terms of the distribution contracts and expected renewal periods, which approximate 20 years. Customer and advertiser lists, tradenames, broadcast licenses, acquired rights and other intangible assets are amortized in relation to their expected future cash flows or on a straight-line basis over estimated useful lives of up to 25 years. Impairment of Long-Lived Assets Long-lived assets, primarily property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or circumstances indicate the fair value of the assets may be below its carrying amount. Recoverability for long-lived assets is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flows are less than the carrying amount of the assets, then the carrying value of the assets are written down to estimated fair values, which are primarily based on forecasted discounted cash flows. Fair value of long-lived assets is determined based on a combination of a discounted cash flows and market approach. Income Taxes One of our consolidated subsidiary companies is a general partnership. Generally, income taxes on partnership income and losses accrue to the individual partners. Accordingly, our consolidated financial statements do not include any significant provision for income taxes on the non-controlling partners’ share of this consolidated subsidiary company’s income. No provision has been made for U.S. or foreign income taxes that could result from future remittances of undistributed earnings of our foreign subsidiaries that management intends to indefinitely reinvest outside the United States. Income taxes are recorded using the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates the Company expects to apply to taxable income in years in which those temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not such assets will be unrealized. In determining the Company’s tax provision for financial reporting purposes, we establish a reserve for uncertain tax positions taken, or expected to be taken, on a tax return unless the Company determines that such positions are more likely than not to be sustained upon examination based on their technical merits, including the resolution on any appeals or litigation. Interest and penalties associated with such tax positions are included in the provision for income taxes in the consolidated statements of income. The liability for additional taxes, penalties and interest is included within other non-current liabilities on the consolidated balance sheets. Revenue Recognition Revenue is recognized when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenue is reported net of sales taxes, value added taxes and other taxes collected from our customers. Our primary sources of revenues are from advertising sales on our television and digital networks and from distribution fees earned from the right to distribute our content. Advertising Advertising revenues are recognized, net of agency commissions, when advertisements are displayed. Advertising contracts for television may guarantee advertisers a minimum audience level for the programs in which their advertisements are broadcast. Advertising revenues are recognized for the actual audience level delivered. We provide the advertiser with additional advertising spots in future periods if guaranteed audience levels are not delivered. If guaranteed audience levels are not met, revenues are deferred for any shortfall until guaranteed audience levels are delivered, and an ADU accrual for “make-good” advertisements is recorded as a reduction of revenue. The estimated make-good accrual is adjusted throughout the term of the advertising contracts. Digital advertising includes (i) fixed duration campaigns whereby a banner, text or other advertisement appears for a specified period of time for a fee; (ii) impression-based campaigns where the fee is based upon the number of times an advertisement appears in web pages viewed by a user; and (iii) click-through based campaigns where the fee is based upon the number of users who click on an advertisement and are directed to the advertiser’s website. Advertising revenues from fixed duration campaigns are recognized over the period in which the advertising appears. Internet and digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs achieved is recognized as impressions are delivered or click-throughs occur. Distribution Cable, satellite and telecommunication service providers typically pay a per subscriber fee for the right to distribute our content under the terms of multi-year distribution contracts. Programming is delivered throughout the term of the agreement, and revenue is recognized as programming is provided based on contracted programming rates and reported subscriber levels. The amount of distribution fees received by the Company are based on amounts reported by distributors based on actual subscriber levels. Since actual subscriber information is not received until after the close of the reporting period, the number of subscribers receiving the Company’s programming is estimated for the reporting period. Adjustments to record actual subscribers have historically not been materially different from estimates. Distribution fees are reported net of volume discounts and incentives, which include cash payments, provided to distributors in exchange for initial multi-year distribution contracts. Revenues associated with digital distribution arrangements are recognized when we transfer control and the rights to distribute the content to a customer. Cost of Services Cost of services reflects the cost of providing our broadcast signal, programming and other content to various distribution platforms. The expenses captured within cost of services in our consolidated statements of operations include programming, primarily amortization, satellite transmission fees, production and operations and other direct costs. Marketing and Advertising Marketing and advertising costs, which totaled $197.6 million in 2017, $161.1 million in 2016 and $169.1 million in 2015, are reported within selling, general and administrative in the consolidated statements of operations and include costs incurred to promote our businesses and attract traffic to our digital platforms. Advertising production costs are deferred and expensed the first time the advertisement is shown. Marketing and other advertising costs are expensed as incurred. Share-Based Compensation We have a Long-Term Incentive Plan (the “LTI Plan”) that was amended in the second quarter of 2015 (the “2015 Amended LTI Plan”) and which is described more fully in Note 18 – Shareholders’ Equity Compensation expense is based on the grant date fair value of the award. The fair value of awards that grant an individual the underlying shares, such as RSUs and PBRSUs, is measured by the fair value of a Class A Common Share of SNI stock. The fair value of awards that grant an individual the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model was used to determine the fair value of awards with market conditions. Certain awards of Class A Common Shares have performance and service conditions under which the number of shares granted is determined by the extent to which such conditions are satisfied (“Performance Shares”). Compensation expense for Performance Shares not based on market conditions is measured by the grant date fair value of a Class A Common Share. In periods prior to completion of the performance period, compensation expense is based on estimates of the number of shares that will be earned. If the estimated achievement of the performance condition changes, a cumulative adjustment to compensation expense is recognized in the current period. Compensation expense related to Performance Shares with a market-based condition is recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. Compensation expense is recognized on a straight-line basis over the requisite service period of the award, with the impact of forfeitures realized as terminations occur. The requisite service period is generally the vesting period stated in the award. Share-based awards generally vest upon the retirement of the employee, so grants to retirement-eligible employees are expensed immediately, and grants to employees who will become retirement-eligible prior to the end of the stated vesting period are expensed over such shorter period. Net Income per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to SNI by the weighted average number of common shares outstanding, including participating securities outstanding. Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares. We include all unvested share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in both the number of basic and diluted shares outstanding EPS. The following table presents information about basic and diluted weighted average shares outstanding: Year ended December 31, (in thousands) 2017 2016 2015 Basic weighted average shares outstanding 130,217 129,529 129,665 Effect of dilutive securities: Unvested share units and shares held by employees 356 245 189 Stock options held by employees and directors 490 330 401 Diluted weighted average shares outstanding 131,063 130,104 130,255 Anti-dilutive share awards 243 1,057 863 For the years ended December 31, 2017, December 31, 2016 and December 31, 2015 the anti-dilutive share-based awards were not included in the computation of diluted weighted average shares outstanding. |
Accounting Standards Updates
Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Standards Updates | 3. ACCOUNTING STANDARDS UPDATES Issued and Adopted In May 2017, the Financial Accounting Standards Board (the “FASB”) issued new accounting guidance related to the scope of modification accounting for equity awards, Compensation – Stock Compensation, In March 2017, the FASB issued new accounting guidance related to the presentation of net periodic pension costs and net periodic postretirement benefit costs, Compensation – Retirement Benefits, In January 2017, the FASB issued new accounting guidance related to intangibles, Simplifying the Test for Goodwill Impairment, In January 2017, the FASB issued new accounting guidance related to business combinations, Clarifying the Definition of a Business, Issued and Not Yet Adopted In March 2016, the FASB issued new accounting guidance related to revenue recognition, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers We currently recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenue is reported net of sales taxes, value added taxes and other taxes collected from our customers. Our primary sources of revenues are from advertising sales on our television and digital networks and from distribution fees earned from the right to distribute our content. Other revenue includes the licensing of content and brands, which is generally recognized over the license agreement, and production, which is generally recognized at the completion of the project. Based upon our assessment, there will not be a material change to the timing of revenue recognition in our financial statements. Advertising Advertising revenues are recognized, net of agency commissions, when advertisements are aired or displayed. Advertising contracts for television may guarantee advertisers a minimum number of audience impressions for their advertisements. Advertising revenues are recognized based on our performance obligations which we believe are either our airings of the ads or the actual impressions delivered. If guaranteed impressions are not met, revenues are deferred for any shortfall until guaranteed impressions are delivered and an accrual for “make-good” advertisements is recorded as a reduction of revenue. The estimated make-good accrual is reduced upon delivery of the impressions and revenue is recognized. Digital advertising includes (i) fixed duration campaigns whereby a banner, text or other advertisement appears for a specified period of time for a fee; (ii) impression-based campaigns where the fee is based upon the number of times an advertisement appears in web pages viewed by a user; and (iii) click-through based campaigns where the fee is based upon the number of users who click on an advertisement and are directed to the advertiser’s website. Advertising revenue from fixed duration campaigns are recognized over the period in which the advertising appears. Internet and digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs achieved is recognized as impressions are delivered or click-throughs occur. Revenues are billed upon airing of the advertisement, and undelivered impressions are recorded to deferred revenue. Based upon our assessment, there will not be a material change to the timing of revenue recognition in our financial statements. Distribution Cable, satellite and telecommunication service providers typically pay a per subscriber fee for the right to distribute our content under the terms of multi-year distribution contracts. Programming is delivered throughout the term of the agreement, and revenue is recognized as programming is provided based on contracted programming rates and reported subscriber levels. The amount of distribution fees received by the Company are accounted for as a license and are based on amounts reported by distributors based on actual subscriber levels, which is considered the performance obligation for distribution revenues. As the delivery of the subscription feed is considered a constant series of obligations being delivered over time, the performance obligation is considered satisfied and revenue is recognized at the end of each period. Since actual subscriber information is not received until after the close of the reporting period, the number of subscribers receiving the Company’s programming is estimated for the reporting period. Adjustments to record actual subscribers have historically not been materially different from estimates. Distribution fees are reported net of volume discounts and incentives, which include cash payments, provided to distributors in exchange for initial multi-year distribution contracts. Revenues associated with distribution fees are recognized when we deliver our content along with a license to distribute the content to a customer. Based upon our assessment, we do not believe there will be a material change to the timing of revenue recognition in our financial statements. The Company intends to apply the practical expediency of expensing costs that would otherwise be capitalized as assets recognized from costs to obtain or fulfill a contract with a customer when the amortization period is less than 12 months. In February 2016, the FASB issued new accounting guidance related to leases, Leases |
Significant Transactions
Significant Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Significant Transactions | 4. SIGNIFICANT TRANSACTIONS Merger Agreement with Discovery Communications, Inc. On July 30, 2017, the Company entered into the Merger Agreement with Discovery and Merger Sub, resulting in the Merger for a purchase price reflecting a total enterprise value of approximately $14.6 billion for the Company. Subject to the terms and conditions set forth in the Merger Agreement, including the collar mechanism described below, holders of the Company’s Class A Common Shares and Common Voting Shares, collectively the “SNI Shares”, will receive $63.00 in cash and $27.00 (based on Discovery’s July 21, 2017 closing price) in Discovery’s Series C Common Shares (“Series C Shares” or “DISCK”) for each SNI Share, (the “Merger Consideration”). The stock portion of the Merger Consideration will be subject to a collar based on the volume weighted average price of Discovery’s Series C Shares measured cumulatively over the 15 trading days ending on the third trading day prior to closing (the “Average Discovery Price”). Holders of SNI Shares will receive 1.2096 Series C Shares if the Average Discovery Price is less than $22.32 and 0.9408 Series C Shares if the Average Discovery Price is greater than $28.70. If the Average Discovery Price is greater than or equal to $22.32 but less than or equal to $28.70, holders of SNI Shares will receive a number of Series C Shares between 1.2096 and 0.9408 equal to $27.00 in value. If the Average Discovery Price is between $22.32 and $25.51, Discovery has the option to pay additional cash instead of issuing more shares. The Merger was approved unanimously by the Board of Directors of both SNI and Discovery and is subject to review by regulatory authorities in the U.S. and other jurisdictions. The Merger Agreement is also subject to a number of conditions, including, among other things and as further described in the Merger Agreement: (i) obtaining certain Required Governmental Consents (as defined in the Merger Agreement), (ii) the absence of specified adverse laws or orders, (iii) the Discovery Series C Shares being approved for listing on the NASDAQ Stock Market, (iv) the representations and warranties of the Company and Discovery being true and correct, subject to the materiality standards contained in the Merger Agreement, (v) the parties having complied in all material respects with their respective obligations under the Merger Agreement and (vi) no Company Material Adverse Effect or Discovery Material Adverse Effect (each as defined in the Merger Agreement) having occurred since signing of the Merger Agreement. On October 19, 2017, the SEC declared the registration statement on Form S-4 relating to the Merger effective, and on November 17, 2017, the shareholders of SNI approved the Merger and the adoption of the Merger Agreement, and the shareholders of Discovery approved the issuance of the Series C Shares by Discovery in connection with the Merger, each satisfying an additional condition to the closing of the transaction. The transaction is expected to close in the first quarter of 2018. The full terms of the transaction are included in the Merger Agreement dated July 30, 2017, which was included as Exhibit 2.1 to the Form 8-K filed with the SEC on July 31, 2017. In connection with the Merger Agreement, we have made certain representations, warranties and covenants, including, among other things, customary covenants to conduct business in the ordinary course consistent with past practice and to refrain from taking specified actions without Discovery’s consent during the period prior to closing. We incurred $29.3 million of Merger related expenses during the year ended December 31, 2017, including $28.9 million and $0.4 million classified as selling, general and administrative and cost of services, respectively, in our consolidated statements of operations. N-Vision and TVN Acquisitions On July 1, 2015 (the “Acquisition Date”), we acquired, through a wholly-owned subsidiary, 100.0 percent of the outstanding shares of N-Vision, which held a majority interest in TVN, for approximately €1,440.0 million, or $1,608.6 million. The Acquisition was funded with a portion of the net proceeds from the $1,500.0 million debt offering executed in June 2015 (the “Financing”) (see Note 13 – Debt To minimize the volatility in the purchase price that may have resulted from EUR to USD currency exchange rate changes, we entered into a foreign currency option contract during the first quarter of 2015 that effectively set the USD cash consideration for the Acquisition. We paid a $16.0 million premium to provide the Company a call option on €584 million at a cost of $625.0 million. The premium is reflected as both an expense in (loss) gain on derivatives within operating activities and as a cash outflow from foreign currency call option premium within investing activities in our consolidated statements of cash flows for the year ended December 31, 2015. The foreign currency option contract was settled during the second quarter of 2015, and the $31.9 million resulting gain is reflected as both a loss (gain) in gain on derivatives within operating activities and as a cash inflow from settlement of derivatives within investing activities in our consolidated statements of cash flows for the year ended December 31, 2015. The net impact of the various foreign currency contracts executed as a result of the Transactions resulted in a $44.2 million net gain for the year ended December 31, 2015, which is included within (loss) gain on derivatives in our consolidated statements of operations. We incurred $15.1 million of TVN transaction and integration related expenses for the year ended December 31, 2016, which are included within selling, general and administrative in our consolidated statements of operations. The following unaudited pro forma information presents the combined results of operations as if the Transactions had occurred at the beginning of fiscal year 2014, with TVN’s pre-acquisition results combined with SNI’s historical results prior to the Transactions. The 2016 and 2017 consolidated financial statements include the results of TVN for the entire period. These pro forma results do not necessarily reflect what would have occurred if the Acquisition had taken place January 1, 2014, nor do they represent the results that may occur in the future. (in thousands) Year ended December 31, Pro Forma Results (unaudited) 2015 Pro Forma Revenues $ 3,236,344 Pro forma net income attributable to SNI $ 584,618 Pro forma net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 4.51 Diluted $ 4.49 Weighted average shares outstanding: Basic 129,665 Diluted 130,255 TVN contributed operating revenues of $224.7 million and operating income of $36.7 million for the year ended 2015 from the Acquisition Date through December 31, 2015. Other Transactions In July 2017, the Company sold a wholly-owned entity for PLN 7.3 million, or $2.0 million, resulting in a PLN 5.6 million, or $1.3 million, loss for the year ended December 31, 2017, which is recorded in (loss) gain on sale of investments in our consolidated statements of operations and as a loss (gain) on sale of investments within operating activities in our consolidated statements of cash flows. The $2.0 million of cash received from the sale of this entity is included in sale of investments within investing activities in our consolidated statements of cash flows. This investment was previously included within the International Networks’ segment results. We recognized the following from this wholly-owned investment: Year ended December 31, (in thousands) 2017 2016 2015 Operating revenues $ 8,483 $ 13,966 $ 5,463 Loss from operations before income taxes $ (2,039 ) $ (4,313 ) $ (2,755 ) In May 2017, we acquired 100.0 percent of Spoon Media, Inc. (“Spoon”), a campus-oriented food resource for millennials, for $11.5 million in cash, which is included in purchase of subsidiary companies, net of cash acquired within investing activities in our consolidated statement of cash flows. As a result of the Spoon acquisition, we recorded $10.3 million of goodwill. In December 2016, we purchased the remaining 30.0 percent non-controlling interest in FNLA for $4.5 million, resulting in our 100.0 percent ownership of FNLA. In June 2016, we acquired a new network distribution right in Italy for €10.4 million, or approximately $11.6 million. The new distribution right was recorded as an intangible asset with a four year straight-line amortizable life. The acquisition of this asset is included in investment in intangible within investing activities in our consolidated statements of cash flows. In February 2016, we purchased the remaining 35.0 percent non-controlling interest in Travel Channel for $99.0 million, resulting in our 100.0 percent ownership of Travel Channel. |
Employee Termination Programs
Employee Termination Programs | 12 Months Ended |
Dec. 31, 2017 | |
Extraordinary And Unusual Items [Abstract] | |
Employee Termination Program | 5. EMPLOYEE TERMINATION PROGRAMS Reorganization During the fourth quarter of 2015, we executed the Reorganization and committed to undertaking activities intended to streamline and integrate the management of our domestic networks, creating a cohesive and holistic organization. Our 2017 operating results reflect an immaterial impact, while our 2016 and 2015 operating results include expense of $16.3 million and $3.9 million, respectively. The $16.3 million of expense in 2016 was classified as $10.8 million of selling, general and administrative and $5.5 million of cost of services, while the $3.9 million of expense in 2015 was classified as $3.2 million of selling, general and administrative and $0.7 million of cost of services. As a result, net income attributable to SNI was reduced by $10.1 million and $2.4 million in 2016 and 2015, respectively. The Reorganization was completed in the first quarter of 2017. A rollforward of the liability related to the Reorganization is as follows: Year ended December 31, 2017 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2016 $ 1,955 $ - $ 1,585 $ 3,540 Net accruals (142 ) - 39 (103 ) Payments (1,813 ) - (1,624 ) (3,437 ) Liability as of December 31, 2017 $ - $ - $ - $ - Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2015 $ 3,258 $ - $ 8 $ 3,266 Net accruals 10,539 - 5,765 16,304 Payments (11,159 ) - (3,043 ) (14,202 ) Non-cash (a ) (683 ) - (1,145 ) (1,828 ) Liability as of December 31, 2016 $ 1,955 $ - $ 1,585 $ 3,540 (a) The liability for the Reorganization is included within accrued liabilities on our consolidated balance sheet as of December 31, 2016. Restructuring Plan During the fourth quarter of 2014, we executed the Restructuring Plan and provided qualified employees with voluntary early retirement packages and notified employees of the elimination of certain positions within the Company. We also announced that we would be closing our Cincinnati office location in late 2015 and relocating certain positions to our Knoxville headquarters. Our 2016 and 2015 operating results include a gain of $0.3 million and expense of $17.9 million, respectively. The $17.9 million of expense in 2015 was classified as $13.3 million of selling, general and administrative, $2.8 million of cost of services and $1.8 million of depreciation. As a result, net income attributable to SNI was increased by $0.2 million in 2016 and reduced by $11.1 million in 2015. The Restructuring Plan was completed in the fourth quarter of 2016. A rollforward of the liability related to the Restructuring is as follows: Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2015 $ 605 $ - $ 5,314 $ 5,919 Net accruals 5 - (315 ) (310 ) Payments (610 ) - (4,315 ) (4,925 ) Non-cash (a) - - (684 ) (684 ) Liability as of December 31, 2016 $ - $ - $ - $ - (a) |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 6. FAIR VALUE MEASUREMENT Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified in one of three categories described below. • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs, other than quoted market prices in active markets, that are observable either directly or indirectly. Quoted prices for similar instruments in active markets or model driven valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. There were no transfers of assets or liabilities between the fair value measurement classifications during the periods presented. Recurring Measurements December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 41,517 $ 41,517 $ - $ - Total $ 41,517 $ 41,517 $ - $ - December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 658 $ 658 $ - $ - Total $ 658 $ 658 $ - $ - Other Financial Instruments The carrying values of our financial instruments do not materially differ from their estimated fair values as of December 31, 2017 and December 31, 2016, except for debt, which is disclosed in Note 13 – Debt Non-Recurring Measurements The majority of the Company’s non-financial instruments, which include goodwill, other intangible assets and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur such that a non-financial instrument is required to be evaluated for impairment, or at least annually for goodwill, a resulting asset impairment would require that the non-financial instrument be recorded at the lower of carrying value or fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Investments [Abstract] | |
Investments | 7. INVESTMENTS Investments consisted of the following: December 31, (in thousands) 2017 2016 Equity method investments $ 662,309 $ 641,327 Cost method investments 78,501 58,154 Total investments $ 740,810 $ 699,481 Investments accounted for using the equity method include the following: December 31, 2017 2016 UKTV 50.0% 50.0% HGTV Magazine 50.0% 50.0% Food Network Magazine 50.0% 50.0% Everytap - 40.0% HGTV Canada 33.0% 33.0% nC+ 32.0% 32.0% Food Canada 29.0% 29.0% Cooking Channel Canada 29.0% 29.0% Onet - 25.0% UKTV UKTV receives financing through a loan (the “UKTV Loan”) provided by SNI. The UKTV Loan is reported within other non-current assets on our consolidated balance sheets and totaled $102.8 million and $93.9 million as of December 31, 2017 and December 31, 2016, respectively. As a result of this financing arrangement and the level of equity investment at risk, we have determined that UKTV is a variable interest entity (“VIE”). SNI and its partner in the venture, the BBC, share equally in the profits of the entity, have equal representation on UKTV’s board of directors and share voting control in such matters as approving annual budgets, initiating financing arrangements and changing the scope of the business. However, the BBC maintains control over certain operational aspects of the business related to programming content, scheduling and editorial and creative development of UKTV. Additionally, certain key management personnel of UKTV are employees of the BBC. Since we do not control these activities that are critical to UKTV’s operating performance, we have determined that we are not the primary beneficiary of the entity and, therefore, account for the investment under the equity method of accounting. The Company’s investment in UKTV totaled $319.2 million and $305.1 million as of December 31, 2017 and December 31, 2016, respectively. A portion of the purchase price from our 50.0 percent investment in UKTV was attributed to amortizable intangible assets, which are included in the carrying value of our UKTV investment. Amortization expense attributed to intangible assets recognized upon acquiring our interest in UKTV reduces the equity in earnings we recognize from our UKTV investment. Accordingly, equity in earnings of affiliates includes our $37.3 million and $46.0 million proportionate share of UKTV’s results for the years ended December 31, 2017 and December 31, 2016, respectively, which were reduced by amortization of $12.3 million and $12.9 million for the years ended December 31, 2017 and December 31, 2016, respectively. Amortization that reduces the Company’s equity in UKTV’s earnings for future periods is expected to be as follows: (in thousands) Estimated Amortization* 2018 $ 13,082 2019 $ 13,368 2020 $ 13,559 2021 $ 12,563 2022 $ 9,063 Thereafter $ 79,297 * The functional currency of UKTV is the GBP, so these amounts are subject to change as the GBP to USD exchange rate fluctuates. nC+ The Company, through its ownership of TVN, has an investment in nC+. A portion of the purchase price from our 32.0 percent investment in nC+ was attributed to amortizable intangible assets, which are included in the carrying value of our nC+ investment. Amortization expense attributed to intangible assets recognized upon acquiring our interest in nC+ reduces the equity in earnings we recognize from our nC+ investment. Accordingly, equity in earnings of affiliates includes our $8.4 million and $6.6 million proportionate share of nC+’s results for the years ended December 31, 2017 and December 31, 2016, respectively, which were reduced by amortization of $4.1 million and $0.9 million for the years ended December 31, 2017 and December 31, 2016, respectively. Amortization that reduces the Company’s equity in nC+’s earnings for future periods is expected to be as follows: (in thousands) Estimated Amortization* 2018 $ 4,428 2019 $ 4,428 2020 $ 4,428 2021 $ 4,428 2022 $ 4,428 Thereafter $ 20,968 * The functional currency of nC+ is the PLN, so these amounts are subject to change as the PLN to USD exchange rate fluctuates. Acquisitions In June 2017, the Company invested $10.0 million in fuboTV, Inc., a sports-centric internet television streaming service with popular live sports and entertainment content providing access via multiple devices. In December 2017, the Company invested an additional $2.4 million in fuboTV. This investment is accounted for using the cost method of accounting. In May 2017, the Company invested $7.0 million in Philo, a cutting-edge campus television solution providing access to students on devices that expand beyond traditional cable systems. This investment is accounted for using the cost method of accounting. In September 2016 and June 2016, the Company invested $5.0 million in Pluto TV and an additional $4.7 million in Refinery29, respectively. The investments are both accounted for using the cost method of accounting. In December of 2016, the Company launched Cooking Channel Canada, with an initial investment of CAD 7.5 million, or approximately $5.7 million, for a 29.0 percent non-controlling interest. Dispositions In April 2017, the Company agreed to exercise our put right to sell our 25.0 percent interest in Onet to the controlling interest holder for PLN 185.0 million, or $46.7 million. The sale was executed in July 2017 and resulted in a $1.4 million gain for the year ended December 31, 2017, which is recorded in (loss) gain on sale of investments in our consolidated statements of operations and as a loss (gain) on sale of investments within operating activities in our consolidated statements of cash flows. The $46.7 million of cash received from the sale of Onet is included in sale of investments within investing activities in our consolidated statements of cash flows. In June 2016, an investment in which the Company accounted for using the cost method was sold. The proceeds from the sale totaled $1.5 million and resulted in a $16.4 million loss recognized for the year ended December 31, 2016, which is recorded in (loss) gain on sale of investments in our consolidated statements of operations and as a loss (gain) on sale of investments within operating activities in our consolidated statements of cash flows. The $1.5 million cash received from the sale of this investment is included in sale of investments within investing activities in our consolidated statement of cash flows. In February 2016, the Company sold its 7.3 percent equity interest in Fox Sports South to the controlling interest holder for $225.0 million upon the exercise of the Company’s put right. The sale of this ownership interest resulted in a $208.2 million gain Impairments/Write-offs In the third quarter of 2017, the Company wrote off two equity method investments and one cost method investment, resulting in a of $1.1 million loss on sale of investments in the aggregate, which is recorded in (loss) gain on sale of investments in our consolidated statements of operations and as a loss (gain) on sale of investments within operating activities in our consolidated statements of cash flows. The equity method investments were previously included within the International Networks’ segment results, and the cost method investment was included within Corporate and Other. The equity in earnings of affiliates related to the equity method investments was not material for any period presented. In the fourth quarter of 2016, the Company became aware of updated financial projections that were below previous projections for an equity method investment, resulting in an impairment analysis. As a result, we identified a write-down of $10.7 million associated with this equity-method investment. This impact was recorded in miscellaneous, net within our 2016 consolidated statement of operations. |
Programs and Program Licenses
Programs and Program Licenses | 12 Months Ended |
Dec. 31, 2017 | |
Programs And Program Licenses [Abstract] | |
Programs and Program Licenses | 8. PROGRAMS AND PROGRAM LICENSES Programs and program licenses consisted of the following: December 31, (in thousands) 2017 2016 Cost of programs available for broadcast $ 2,758,730 $ 2,610,364 Accumulated amortization (1,971,839 ) (1,823,985 ) Cost of programs available for broadcast, net 786,891 786,379 Progress payments on programs not yet available for broadcast 322,411 305,021 Total programs and program licenses $ 1,109,302 $ 1,091,400 In addition to the programs produced or licensed by us included in the table above, we have commitments to produce or license certain programming that is not yet available for broadcast. Additional remaining obligations under contracts to produce or license programs not yet available for broadcast totaled approximately $424.1 million and $408.4 million as of December 31, 2017 and December 31, 2016, respectively. If the programs are not produced by us or the licensor, our commitment would generally expire without obligation. Actual amortization in each of the next five years will exceed the amounts currently recorded as assets and presented above, as we will continue to produce and license additional programs. Estimated amortization of recorded program assets and the remaining obligations under contracts to purchase or license programs not yet available for broadcast, for each of the next five years is as follows: Programs Programs Not Available for Yet Available (in thousands) Broadcast for Broadcast Total 2018 $ 454,603 $ 318,718 $ 773,321 2019 221,377 207,152 428,529 2020 83,874 80,072 163,946 2021 23,817 30,510 54,327 2022 2,835 9,659 12,494 Later years 385 6 391 Total $ 786,891 $ 646,117 $ 1,433,008 Programming, which consists of program amortization and program impairments, is included within cost of services in our consolidated statements of operations. Program impairments totaled $86.7 million in 2017, $90.7 million in 2016 and $70.4 million in 2015. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 9. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: December 31, (in thousands) 2017 2016 Land and improvements $ 24,720 $ 22,744 Buildings and improvements 210,239 193,146 Equipment 212,916 188,908 Computer software 256,019 236,036 Total 703,894 640,834 Accumulated depreciation (370,826 ) (354,435 ) Property and equipment, net $ 333,068 $ 286,399 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 10. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill consisted of the following: December 31, 2017 (in thousands) Gross Accumulated Impairments (1) Net Goodwill $ 1,922,462 $ (102,769 ) $ 1,819,693 (1) $19.7 million and $83.1 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. December 31, 2016 (in thousands) Gross Accumulated Impairments (1) Net Goodwill $ 1,744,433 $ (102,264 ) $ 1,642,169 (1) $19.7 million and $82.6 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. Goodwill activity by business segment consisted of the following: (in thousands) Goodwill U.S. Networks International Networks Corporate and Other Total December 31, 2015 $ 510,484 $ 1,294,264 $ - $ 1,804,748 Purchase price allocation adjustments - (46,124 ) - (46,124 ) Additions - business acquisitions - 450 - 450 Write-down/impairment - (57,878 ) - (57,878 ) Foreign currency translation - (59,027 ) - (59,027 ) December 31, 2016 $ 510,484 $ 1,131,685 $ - $ 1,642,169 Additions - business acquisitions 10,320 - - 10,320 Write-down/impairment - (505 ) - (505 ) Foreign currency translation - 167,709 - 167,709 December 31, 2017 $ 520,804 $ 1,298,889 $ - $ 1,819,693 To determine the fair value of our reporting units, we used market data and discounted cash flow analyses. As the primary determination of fair value is determined using a discounted cash flow model, the resulting fair value is considered a Level 3 measurement. During the annual impairment analysis in 2016, management identified goodwill that was deemed to be impaired based upon economic conditions that differ from those forecasted in previous periods. Goodwill write-down totaled $0.5 million related to the sale of a TVN-owned entity in 2017 and $57.9 million related to our EMEA and APAC reporting units, which were completely written down in 2016 totaled $57.9 million, These write-downs are included within goodwill write-down in our consolidated statements of operations. Intangible assets consisted of the following: December 31, 2017 (in thousands) Intangible assets Gross Accumulated Amortization Net Acquired network distribution rights $ 747,941 $ (278,657 ) $ 469,284 Customer and advertiser lists 233,451 (117,134 ) 116,317 Copyrights and other tradenames 422,575 (98,058 ) 324,517 Broadcast licenses 137,773 (16,058 ) 121,715 Acquired rights and other 120,160 (42,321 ) 77,839 Total $ 1,661,900 $ (552,228 ) $ 1,109,672 December 31, 2016 (in thousands) Intangible assets Gross Accumulated Amortization Net Acquired network distribution rights $ 717,834 $ (232,856 ) $ 484,978 Customer and advertiser lists 209,314 (93,232 ) 116,082 Copyrights and other tradenames 362,236 (61,286 ) 300,950 Broadcast licenses 114,832 (7,861 ) 106,971 Acquired rights and other 119,885 (36,184 ) 83,701 Total $ 1,524,101 $ (431,419 ) $ 1,092,682 Intangible assets activity by business segment consisted of the following: (in thousands) Intangible Assets U.S. Networks International Networks Corporate and Other Total December 31, 2015 $ 484,599 $ 778,065 $ - $ 1,262,664 Additions - 11,634 - 11,634 Amortization (40,220 ) (67,279 ) - (107,499 ) Write-down/impairment - (16,330 ) - (16,330 ) Foreign currency translation - (57,787 ) - (57,787 ) December 31, 2016 $ 444,379 $ 648,303 $ - $ 1,092,682 Additions 231 - - 231 Amortization (40,691 ) (52,825 ) - (93,516 ) Write-down/impairment - (10,564 ) - (10,564 ) Foreign currency translation - 120,839 - 120,839 December 31, 2017 $ 403,919 $ 705,753 $ - $ 1,109,672 In 2017, we recognized a $10.5 million impairment on a network distribution right in preparation for the sale of this intangible asset. In 2016, we recognized a $15.9 million impairment on the long-lived intangible assets of our APAC reporting unit, within International Networks, which was recognized as accelerated amortization and recorded in amortization in our statements of operations and as a reduction to intangible assets, net on our consolidated balance sheets. Separately acquired intangible assets reflect the acquisition of certain rights that will expand our opportunity to earn future revenues. Cash payments for these acquired rights totaled $9.9 million, $9.9 million and $11.0 million in 2017, 2016 and 2015, respectively, and are included in other, net within investing activities in our consolidated statements of cash flows. Amortization expense associated with intangible assets for each of the next five years is expected to be as follows: (in thousands) Estimated Amortization * 2018 $ 99,442 2019 $ 95,701 2020 $ 91,759 2021 $ 89,577 2022 $ 77,966 Thereafter $ 655,227 * The functional currency of certain foreign subsidiaries differs from the USD, so these amounts are subject to change as exchange rates fluctuate. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current Portion [Abstract] | |
Accrued Liabilities | 11. ACCRUED LIABILITIES Accrued current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Rent $ 15,660 $ 19,899 Advertising rebates 20,403 15,966 Marketing and advertising 14,334 14,385 Interest 6,504 6,644 Taxes payable 35,841 456 Other 96,914 95,130 Total accrued liabilities $ 189,656 $ 152,480 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES We file a consolidated U.S. federal income tax return, unitary tax returns in certain states and separate income tax returns for certain of our subsidiary companies in other states, as well as in foreign jurisdictions. Included in our federal and state income tax returns is our proportionate share of the taxable income or loss of partnerships and limited liability companies that are treated as partnerships for tax purposes (“pass-through entities”). Our consolidated financial statements do not include any significant provision for income taxes on the income of pass-through entities attributed to the non-controlling interests. Food Network and Cooking Channel are operated under the Partnership. Income (loss) from operations before income taxes consisted of the following: Year ended December 31, (in thousands) 2017 2016 2015 United States $ 1,234,680 $ 1,393,410 $ 1,187,353 Foreign 76,530 (115,632 ) (65,489 ) Total $ 1,311,210 $ 1,277,778 $ 1,121,864 The determination of US/non-US is primarily based on legal entity structure, which differs from our reportable segment structure. The provision for income taxes consisted of the following: Year ended December 31, (in thousands) 2017 2016 2015 Current: Federal $ 334,758 $ 334,744 $ 345,204 State and local 56,723 107,550 32,393 Foreign 38,601 (1,553 ) (6,183 ) Total current income tax provision 430,082 440,741 371,414 Deferred: Federal 51,798 (7,808 ) (31,731 ) State and local (15,923 ) (586 ) 5,611 Foreign 30,902 (2,017 ) (1,903 ) Total deferred income tax provision (benefit) 66,777 (10,411 ) (28,023 ) Provision for income taxes $ 496,859 $ 430,330 $ 343,391 For the year ended December 31, 2017, we had zero current tax expense allocated directly to shareholders’ equity for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes. For the years ended December 31, 2016 and December 31, 2015, $0.5 million of current tax expense and $1.2 million of benefit, respectively, was allocated directly to shareholders’ equity for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes. Due to the adoption of the new employee share-based compensation accounting guidance during 2016, all excess tax benefits and deficiencies are recognized as income tax expense in the consolidated statements of operations. On December 22, 2017, the 2017 Tax Act was signed into law, resulting in significant changes in the U.S. tax code. Changes included, but are not limited to: • a reduction in the U.S. federal corporate tax rate from 35.0 percent to 21.0 percent, effective January 1, 2018; • imposition of a one-time transition tax on the accumulated unremitted earnings of foreign subsidiaries; • a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; and • a provision that requires a current inclusion for certain so called global intangible low-taxed income (“GILTI”). Based on our initial analysis of the 2017 Tax Act, which is still in process, we recognized $79.6 million of tax expense related to the re-measurement of domestic deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. In addition, while certain of our foreign subsidiaries have unremitted earnings for U.S. GAAP purposes, we are in a net foreign deficit position for U.S. tax purposes due to losses incurred by certain of our other foreign subsidiaries. Consequently, we are not liable for the transition tax. The 2017 Tax Act provisions regarding GILTI apply if a controlled foreign corporation earnings exceed an amount equal to a standard rate of return on its tangible assets. Under these circumstances, excess income must be included in the gross income of the company’s U.S. shareholder. Because of the complexity of the new GILTI tax rules, we are continuing to evaluate these provisions of the Tax Act and will further consider the accounting policy election within the measurement period as provided for under the SEC’s guidance. The SEC has provided guidance regarding the accounting for the tax effects of the 2017 Tax Act. To the extent that a registrant’s accounting for certain income tax effects of the 2017 Tax Act is incomplete because it does not have the necessary information available, prepared, or analyzed to complete the related accounting, it may make a reasonable estimate of the tax effects. In accordance with this guidance, management has made a reasonable estimate of the 2017 Tax Act effects, as disclosed above, but will continue to assess its impact as more information and guidance becomes available. The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: Year ended December 31, 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Effect of: U.S. state and local income taxes, net of federal income tax benefit 2.2 5.6 2.2 Income of pass-through entities allocated to non-controlling interests (5.1 ) (4.8 ) (5.4 ) Section 199 - Domestic Production Activities deduction (2.5 ) (2.4 ) (2.5 ) 2017 Tax Act 6.1 - - Foreign tax law changes 2.3 - - Foreign earnings at other than U.S. rates (2.0 ) (0.3 ) 0.2 Other 1.9 0.6 1.1 Effective income tax rate 37.9 % 33.7 % 30.6 % The approximate effect of the temporary differences giving rise to deferred income tax (assets) liabilities were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Accrued expenses $ (27,862 ) $ (32,120 ) Deferred compensation (59,815 ) (85,524 ) Net operating loss carry-forwards (197,396 ) (145,414 ) Investments (91,828 ) (129,113 ) State taxes and interest (31,101 ) (52,999 ) Property and equipment (27,034 ) (34,267 ) Other (13,915 ) (32,310 ) Total deferred tax assets: (448,951 ) (511,747 ) Deferred tax liabilities: Intangible assets 179,764 157,675 Programs and program licenses 1,823 54,908 Other 6,992 5,544 Total deferred tax liabilities: 188,579 218,127 Valuation allowance for deferred tax assets 155,513 118,329 Net deferred tax asset $ (104,859 ) $ (175,291 ) As of December 31, 2017, there were $0.9 million of net operating loss (“NOL”) carry-forwards for federal income tax purposes with expiration beginning in 2032, $23.0 million of NOL carry-forwards in various state jurisdictions with expiration dates between 2029 and 2034 and $901.2 million of NOL carry-forwards in various foreign jurisdictions. Some of the foreign losses have an indefinite carry-forward period, and certain of the foreign losses expire beginning in 2018. A large portion of the deferred tax assets for the foreign and state loss carry-forwards has been reduced by a $149.4 million valuation allowance, as it is more likely than not that those NOL carry-forwards will not be realized. The Company has recorded a valuation allowance against deferred tax assets totaling $155.5 million and $118.3 million as of December 31, 2017 and December 31, 2016, respectively, as management believes it is more likely than not that certain deferred tax assets will not be realized in future tax periods. Future reductions in the valuation allowance associated with a change in management’s determination of the Company’s ability to realize these deferred tax assets may result in a decrease in the provision for income taxes. The valuation allowance increase is primarily related to certain prior year foreign NOLs that management has concluded will not be utilized in the future, partially offset by the expiration of prior year foreign NOLs that occurred during the year ended December 31, 2017. The valuation allowance was further impacted by currency fluctuations and changes in various foreign tax rates that occurred during the year ended December 31, 2017 and by management’s determination that it is more likely than not that certain foreign NOLs incurred during the year ended December 31, 2017 will not be realized. No provision has been made for U.S. federal and state income taxes or international income taxes that may result from future remittances of the undistributed earnings of foreign subsidiaries that are determined to be indefinitely reinvested, which were approximately $125.7 million at December 31, 2017. Determination of the amount of any unrecognized deferred income tax liability on these is not practicable. The activity related to gross unrecognized tax benefits was as follows: Year ended December 31, (in thousands) 2017 2016 2015 Gross unrecognized tax benefits - beginning of year $ 129,319 $ 109,693 $ 96,166 Increases in tax positions for prior years 45,927 9,567 19,679 Decreases in tax positions for prior years (1,566 ) (19,243 ) - Increases in tax positions for current year 13,772 30,142 17,712 Settlements with taxing authorities (56,246 ) (782 ) 495 Lapse in statute of limitations (872 ) (58 ) (24,359 ) Gross unrecognized tax benefits - end of year $ 130,334 $ 129,319 $ 109,693 The total net unrecognized tax benefits that would affect the effective tax rate, if recognized were $103.2 million at December 31, 2017, $84.2 million at December 31, 2016 and $78.3 million at December 31, 2015. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. We recognized $(0.4) million, $7.4 million and $0.1 million of interest expense and penalties in 2017, 2016 and 2015, respectively. We have accrued $18.2 million, $22.5 million and $11.5 million gross interest and penalties as of the year ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively. We file income tax returns in the U.S. and in various state, local and foreign jurisdictions. We are routinely examined by tax authorities in these jurisdictions. As of December 31, 2017, the Company is no longer subject to U.S. federal examinations for years before 2014. It is possible that examinations by tax authorities in state and foreign jurisdictions may be resolved within 12 months. Exclusive of interest and penalties, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next 12 months by a range of zero to $21.9 million, primarily due to settlement of tax examinations and expiration of the statute of limitations. With a few exceptions, the Company is no longer subject to examinations by state, local or foreign tax authorities for years prior to 2013. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 13. DEBT Debt consisted of the following: December 31, 2017 (in thousands) Maturity Gross Debt Issuance Costs Net Carrying Amount Amended Revolving Credit Facility 2019 - 2020 $ 40,000 $ - $ 40,000 2.75% Senior Notes 2019 499,334 (1,375 ) 497,959 2.80% Senior Notes 2020 599,011 (2,390 ) 596,621 3.50% Senior Notes 2022 399,218 (2,425 ) 396,793 3.90% Senior Notes 2024 497,477 (2,733 ) 494,744 3.95% Senior Notes 2025 499,295 (3,407 ) 495,888 Total debt 2,534,335 (12,330 ) 2,522,005 Current portion of debt - - - Debt (less current portion) $ 2,534,335 $ (12,330 ) $ 2,522,005 Fair value of debt * $ 2,565,041 December 31, 2016 (in thousands) Maturity Gross Debt Issuance Costs Net Carrying Amount Amended Revolving Credit Facility 2019 - 2020 $ 475,000 $ - $ 475,000 Term Loan 2017 250,000 (68 ) 249,932 2.75% Senior Notes 2019 498,979 (2,124 ) 496,855 2.80% Senior Notes 2020 598,602 (3,378 ) 595,224 3.50% Senior Notes 2022 399,040 (2,975 ) 396,065 3.90% Senior Notes 2024 497,110 (3,133 ) 493,977 3.95% Senior Notes 2025 499,200 (3,867 ) 495,333 Total debt 3,217,931 (15,545 ) 3,202,386 Current portion of debt (250,000 ) 68 (249,932 ) Debt (less current portion) $ 2,967,931 $ (15,477 ) $ 2,952,454 Fair value of debt * $ 3,254,862 *The fair value of the Senior Notes was estimated using Level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. Revolving Credit Facility In May 2015, we entered into the Amended Revolving Credit Facility. The Amended Revolving Credit Facility permits borrowings up to an aggregate principal amount of $900.0 million, which may be increased to $1,150.0 million at our option. The Amended Revolving Credit Facility matures in March 2020, with the exception of $32.5 million, which matures in March 2019. Borrowings under the Amended Revolving Credit Facility incur interest charges based on the Company’s credit ratings, with drawn amounts incurring interest at LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings. The Company had $40.0 million and $475.0 million of outstanding borrowings under the Amended Revolving Credit Facility as of December 31, 2017 and December 31, 2016, respectively. The weighted average interest was 2.1% and 1.8% for the years ended December 31, 2017 and December 31, 2016, respectively. Outstanding letters of credit under the Amended Revolving Credit Facility totaled $0.7 million and $0.8 million as of December 31, 2017 and December 31, 2016, respectively. Term Loan In June 2015, we entered into a $250.0 million senior unsecured Term Loan agreement. The Term Loan had a maturity date of June 2017, with outstanding borrowings incurring interest at LIBOR plus a range of 62.5 to 137.5 basis points, subject to the Company’s credit ratings. The weighted average interest rate on the Term Loan was 2.0% and 1.7% for the years ended December 31, 2017 and December 31, 2016, respectively. The Term Loan was repaid in accordance with its terms in the second quarter of 2017 and is classified within current portion of debt on our consolidated balance sheet as of December 31, 2016. Senior Notes In November 2014, we completed the sale of the 2019 Notes and the 2024 Notes. Interest is due on the 2019 Notes and 2024 Notes on May 15th and November 15th each year. Net proceeds from the issuance of these notes were utilized to repay the 2015 Notes that matured in January 2015. In June 2015, we completed the sale of the 2020 Notes, the 2022 Notes and the 2025 Notes, the “Newly Issued Notes”. The Newly Issued Notes are unsecured senior obligations of the Company and rank equally in right of payment with the Company’s existing and future unsecured and unsubordinated indebtedness. The proceeds of the Newly Issued Notes were used, in part, to fund the Transactions (see Note 4 – Significant Transactions In July 2015, the Company paid € 364.9 300.0 363.4 1.5 In September 2015 TVN Finance Corp. executed a partial pre-payment of the 2020 TVN Notes totaling €45.1 million, comprised of principal of €43.0 million, accrued interest of €0.8 million and premium of €1.3 million. The extinguishment of debt is separately reflected within financing activities in our consolidated statement of cash flows. In November, 2015 TVN Finance Corp. executed a full early redemption of the 2018 TVN Notes totaling €118.9 million, comprised of principal of €116.6 million, accrued interest of a nominal amount and premium of €2.3 million. An additional €4.6 million was paid simultaneously in fulfillment of the November 15 coupon payment due. The extinguishment of debt is separately reflected within financing activities in our consolidated statement of cash flows. In November 2015, TVN Finance Corp. executed a second partial pre-payment of the 2020 TVN Notes totaling €45.6 million, comprised of principal of €43.0 million, accrued interest of €1.3 million and premium of €1.3 million. At December 31, 2015, €344.0 million was outstanding on the 2020 TVN Notes. The extinguishment of debt is separately reflected within financing activities in our consolidated statement of cash flows. In September 2016, TVN Finance Corp. executed a third pre-payment of its 2020 TVN Notes totaling €45.1 million, comprised of principal of €43.0 million, accrued interest of €0.8 million and premium of €1.3 million. The extinguishment of debt is separately reflected within financing activities in our consolidated statement of cash flows. In December 2016, TVN Finance Corp. executed an early redemption for the balance of the 2020 TVN Notes outstanding totaling €323.2 million, comprised of principal of €301.0 million, accrued interest of €11.1 million and premium of €11.1 million. The extinguishment of debt is separately reflected within financing activities in our consolidated statement of cash flows. In December 2016, the 2016 Notes matured and were repaid in full. Debt Issuance Costs Debt issuance costs capitalized and included as a reduction against debt on our consolidated balance sheets included $12.3 million and $15.5 million of debt issuance costs as of December 31, 2017 and December 31, 2016, respectively. Debt issuance costs of $0.7 million and $1.1 million related to the Amended Revolving Credit Facility are included within other non-current assets on our consolidated balance sheets as of December 31, 2017 and December 31, 2016, respectively. We amortized $5.0 million, $6.0 million and $6.0 million of debt issuance costs within interest expense, net in our consolidated statement of operations for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively. Debt Covenants The Amended Revolving Credit Facility and all of our Senior Notes include certain affirmative and negative covenants, including limitations on the incurrence of additional indebtedness and maintenance of a maximum leverage ratio. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 14. EMPLOYEE BENEFIT PLANS Defined Benefit Plans We sponsor the Pension Plan, which covers certain of our U.S.-based employees. Expense recognized in relation to the Pension Plan is based upon actuarial valuations. Inherent in those valuations are key assumptions including discount rates and, where applicable, expected returns on assets and projected future salary rates. The discount rates used in the valuation of the Pension Plan are evaluated annually based on current market conditions. Benefits are generally based on the employee’s compensation and years of service. We also have a SERP. The SERP, which is unfunded, provides defined pension benefits, in addition to what is provided under the Pension Plan, to eligible executives based on average earnings, years of service and age at retirement. In 2009, the Pension Plan was amended whereby no additional service benefits will be earned by participants after December 31, 2009. The amount of eligible compensation that is used to calculate a plan participant’s pension benefit will continue to include any compensation earned by the employee through December 31, 2019, after which time all plan participants will have a frozen pension benefit. The measurement date used for the Pension Plan and SERP is December 31. The expense components consisted of the following: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2015 2017 2016 2015 Interest cost $ 3,318 $ 3,133 $ 2,940 $ 1,904 $ 1,519 $ 1,713 Expected return on plan assets, net of expenses (3,969 ) (3,851 ) (3,876 ) - - - Amortization of net loss 3,040 2,256 2,095 3,171 2,471 2,354 Special termination benefits - - 860 - - 290 Settlement charges 1,409 - 3,345 2,006 2,514 1,121 Total $ 3,798 $ 1,538 $ 5,364 $ 7,081 $ 6,504 $ 5,478 We made contributions of $1.4 million and $10.0 million to fund the Pension Plan during the years ended December 31, 2017 and December 31, 2016, respectively. We anticipate contributing $2.7 million to fund the Pension Plan in 2018. We made $4.3 million and $5.7 million in SERP benefit payments during the years ended December 31, 2017 and December 31, 2016, respectively. We anticipate making $12.9 million in SERP benefit payments in 2018. Assumptions used in determining the Pension Plan expense were as follows: Pension Plan SERP Year ended December 31, Year ended December 31, 2017 2016 2015 2017 2016 2015 Discount rate 3.60% 3.75% 3.46% 3.13% 3.39% 3.14% Long-term rate of return on plan assets 7.50% 7.50% 7.50% N/A N/A N/A Rate of compensation increases 4.20% 4.32% 4.54% 3.37% 3.10% 4.41% Input Description Discount rate Based on a bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. Long-term rate of return on plan assets Based on the weighted-average expected rate of return and capital market forecasts for each asset class employed and also considers our historical compounded return on plan assets for ten and 15 year periods. Increase in compensation levels Based on actual past experience and the near-term outlook. Obligations and Funded Status Defined benefit obligations and funded status are actuarially valued as of the end of each year. The following table presents information about our plan assets and obligations: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Accumulated benefit obligation $ 93,084 $ 88,733 $ 56,004 $ 49,520 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 94,732 $ 84,621 $ 55,464 $ 52,274 Interest cost 3,318 3,133 1,904 1,519 Benefits paid (922 ) (3,750 ) (253 ) (251 ) Actuarial losses 5,075 10,728 11,024 7,395 Settlement charges (4,334 ) - (4,011 ) (5,473 ) Projected benefit obligation at end of year 97,869 94,732 64,128 55,464 Plan assets: Fair value at beginning of year 55,630 45,713 - - Actual return on plan assets 8,934 3,667 - - Company contributions 1,417 10,000 4,264 5,724 Benefits paid (922 ) (3,750 ) (253 ) (251 ) Settlement charges (4,334 ) - (4,011 ) (5,473 ) Fair value at end of year 60,725 55,630 - - Under funded status $ (37,144 ) $ (39,102 ) $ (64,128 ) $ (55,464 ) Amounts recognized as assets and liabilities in the consolidated balance sheets: Current liabilities $ - $ - $ (12,929 ) $ (11,832 ) Non-current liabilities (37,144 ) (39,102 ) (51,199 ) (43,632 ) Total $ (37,144 ) $ (39,102 ) $ (64,128 ) $ (55,464 ) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 31,819 $ 36,158 $ 30,988 $ 25,142 Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss for the defined benefit plans consist of: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2015 2017 2016 2015 Net actuarial loss $ 109 $ 10,912 $ 5,695 $ 11,024 $ 7,395 $ 566 Amortization of net loss (3,040 ) (2,256 ) (2,095 ) (3,171 ) (2,471 ) (2,354 ) Settlement charges (1,409 ) - (3,345 ) (2,006 ) (2,514 ) (1,121 ) Total recognized in other comprehensive (income) loss (4,340 ) 8,656 255 5,847 2,410 (2,909 ) Net periodic benefit cost 3,798 1,538 5,364 7,081 6,504 5,478 Total recognized in net periodic benefit cost and other comprehensive loss $ (542 ) $ 10,194 $ 5,619 $ 12,928 $ 8,914 $ 2,569 We expect to recognize $2.6 million and $3.0 million of amortization related to the Pension Plan and SERP, respectively, from accumulated other comprehensive loss into net periodic benefit cost for the net actuarial loss during 2018. Accumulated benefit obligation in excess of plan assets for the defined benefit plans is as follows: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Accumulated benefit obligation $ 93,084 $ 88,733 $ 56,004 $ 49,520 Fair value of plan assets $ 60,725 $ 55,630 $ - $ - Projected benefit obligation in excess of plan assets for the defined benefit plans is as follows: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 97,869 $ 94,732 $ 64,128 $ 55,464 Fair value of plan assets $ 60,725 $ 55,630 $ - $ - Assumptions used to determine benefit obligations for the defined benefit plans were as follows: Pension Plan SERP Year ended December 31, Year ended December 31, 2017 2016 2017 2016 Discount rate 3.23% 3.60% 2.92% 3.13% Rate of compensation increases 3.61% 4.20% 3.13% 3.37% Plan Assets Our investment policy is to maximize the total rate of return on plan assets to meet the long-term funding obligations of the Pension Plan. Pension Plan assets are invested using a combination of active management and passive investment strategies. Risk is controlled through diversification among multiple asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning return targets and evaluating performance against these targets. Pension Plan asset allocations by asset category were as follows: Target Allocations December 31, Investment Type for 2018 2017 2016 U.S. equity securities 27.0% 30.0% 32.7% Non-U.S. equity securities 39.0% 41.7% 35.1% Fixed-income securities 30.0% 23.2% 27.2% Other 4.0% 5.1% 5.0% Total 100.0% 100.0% 100.0% Investment Type Description U.S. equity securities Includes common stocks of large, medium and small companies that are predominantly U.S.-based. Non-U.S. equity securities Includes common stocks of large, medium and small companies that are domiciled outside the U.S. Fixed-income securities Includes securities issued or guaranteed by the U.S. government and corporate debt obligations as well as investments in hedge fund products. Other Includes real estate investment, such as office, retail, apartment and industrial properties. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Plan asset categories that are measured at fair value and the level of inputs utilized for fair value are as follows: December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 U.S. equity securities Mutual funds $ 18,243 $ 18,243 $ — $ — Non-U.S. equity securities Mutual funds 25,377 25,377 — — Fixed income securities Mutual funds 14,012 14,012 — — Other Alternative investment funds 2,762 — 2,762 — Subtotal $ 60,394 $ 57,632 $ 2,762 $ — Cash 331 331 — — Total $ 60,725 $ 57,963 $ 2,762 $ — December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 U.S. equity securities Mutual funds $ 18,222 $ 18,222 $ — $ — Non-U.S. equity securities Mutual funds 19,563 19,563 — — Fixed income securities Mutual funds 15,135 15,135 — — Other Alternative investment funds 2,609 — 2,609 — Subtotal $ 55,529 $ 52,920 $ 2,609 $ — Cash 102 102 — — Total $ 55,631 $ 53,022 $ 2,609 $ — The estimated future benefit payments expected to be paid out for the defined benefits plans over the next ten years are as follows: (in thousands) Pension Plan SERP 2018 $ 6,584 $ 12,929 2019 $ 5,618 $ 6,039 2020 $ 5,907 $ 12,646 2021 $ 6,039 $ 3,076 2022 $ 6,251 $ 3,482 Thereafter $ 33,038 $ 13,716 Defined Contribution Retirement Plan Substantially all U.S.-based employees of the Company are covered by a Company-sponsored defined contribution plan (“DC Plan”). The Company matches a portion of employees’ voluntary contribution to this plan and makes additional contributions to eligible employees’ 401K accounts in accordance with enhanced provisions to the DC Plan. The amount contributed to each employee’s account is a percentage of the employee’s total eligible compensation based on age and service with the Company as of the first day of each year. Expense related to our DC plan was $19.0 million, $17.8 million and $17.4 million in 2017, 2016 and 2015, respectively. Employees of TVN and their subsidiaries are covered by state managed defined contribution plans. Contributions to these defined contribution plans are charged to the statements of operations in the period to which they relate. Expense related to these defined contribution plans was $4.8 million, $4.4 million and $2.1 million in 2017, 2016 and 2015, respectively. Executive Deferred Compensation Plan The Deferred Compensation Plan is available to certain management level employees and directors of the Company. Under the Deferred Compensation Plan, participants may elect to defer receipt of a portion of their annual base compensation and/or bonus. The Deferred Compensation Plan is an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits. We use corporate-owned life insurance contracts held in a rabbi trust to support the plan. We had investments within this rabbi trust valued at $52.1 million, including $45.4 million of cash surrender value of Company-owned life insurance contracts and $6.7 million held in mutual funds, at December 31, 2017. We had investments within this rabbi trust valued at $45.0 million, including $34.4 million of cash surrender value of Company-owned life insurance contracts and $10.6 million held in mutual funds, at December 31, 2016. These mutual funds are valued using Level 1 and Level 2 inputs. These instruments are included within other non-current assets on our consolidated balance sheets. Gains or losses related to these insurance contracts and mutual fund investments are included within miscellaneous, net in our consolidated statements of operations. The unsecured obligation totaled $68.3 million and $53.6 million as of December 31, 2017 and December 31, 2016, respectively. The long-term portion of the unsecured obligation totaled $65.3 million and $47.0 million as of December 31, 2017 and December 31, 2016, respectively, and is included within other non-current liabilities on our consolidated balance sheets. The short-term portion of the unsecured obligation totaled $3.0 million and $6.6 million as of December 31, 2017 and December 31, 2016, respectively, and is included within accrued liabilities on our consolidated balance sheets. |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | 15. OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Pension and post-employment benefits $ 88,343 $ 82,734 Deferred compensation 65,319 47,008 Uncertain tax positions 148,504 151,821 Other 13,051 21,318 Other non-current liabilities $ 315,217 $ 302,881 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 16. DERIVATIVE FINANCIAL INSTRUMENTS In order to minimize earnings and cash flow volatility resulting from foreign currency exchange rate changes, we may enter into derivative instruments, principally forward and option foreign currency contracts. These contracts are designed to hedge anticipated foreign currency transactions and changes in the value of specific assets, liabilities and probable commitments. We do not enter into derivative instruments for speculative trading purposes. The free-standing derivative forward contracts are used to offset our exposure to the change in value of specific foreign currency denominated assets and liabilities. These derivatives are not designated as hedges. Changes in the value of these contracts are recognized in earnings, thereby offsetting the current earnings effect of the related change in functional currency value of foreign currency denominated assets and liabilities. The gross notional amount of these contracts outstanding was zero at December 31, 2017 and December 31, 2016. We recognized $11.3 million of net losses, $17.9 million of net gains and $50.3 million of net gains from derivatives in 2017, 2016 and 2015, respectively, included within (loss) gain on derivatives in the consolidated statements of operations. Additionally, we recorded $86.7 million foreign currency transaction net gains, $16.1 million of foreign currency transaction net losses and $22.4 million of foreign currency transaction net losses in 2017, 2016 and 2015, respectively, which are included within miscellaneous, net in our consolidated statements of operations. |
Redeemable Non-controlling Inte
Redeemable Non-controlling Interests and Non-controlling Interest | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-controlling Interests and Non-controlling Interest | 17. REDEEMABLE NON-CONTROLLING INTERESTS AND NON-CONTROLLING INTEREST Redeemable Non-controlling Interests A non-controlling owner previously held a 35.0 percent interest in the Travel Channel. The owner of the non-controlling interest had a put option requiring us to purchase their interest, and we had a call option to acquire their interest. In February 2016, we purchased the remaining 35.0 percent non-controlling interest for $99.0 million, resulting in our 100.0 percent ownership of Travel Channel. A non-controlling owner previously held a 30.0 percent interest in FNLA. In December 2016, we purchased the remaining 30.0 percent non-controlling interest in FNLA for $4.5 million, resulting in our 100.0 percent ownership of FNLA. The following table summarizes the activity for account balances whose fair value measurements are estimated utilizing Level 3 inputs: December 31, (in thousands) 2017 2016 Balance - beginning of year $ - $ 99,000 Net income - 1,018 Fair value adjustments - 3,482 Purchase of non-controlling interest - (103,500 ) Balance - end of year $ - $ - The net income amount reflected in the table above are reported within net income attributable to non-controlling interests in our consolidated statements of operations. Non-controlling Interest The Food Network and Cooking Channel are operated and organized under the terms of the Partnership. The Company and a non-controlling owner hold interests in the Partnership. During the fourth quarter of 2016, the Partnership agreement was extended and specifies a dissolution date of December 31, 2020. If the term of the Partnership is not extended prior to that date, the Partnership agreement permits the Company, as holder of 80.0 percent of the applicable votes, to reconstitute the Partnership and continue its business. If for some reason the Partnership is not continued, it will be required to limit its activities to winding up, settling debts, liquidating assets and distributing proceeds to the partners in proportion to their partnership interests. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 18. SHAREHOLDERS’ EQUITY Capital Stock SNI’s capital structure includes Common Voting Shares and Class A Common Shares. Our Amended and Restated Articles of Incorporation provide that the holders of Class A Common Shares, who are not entitled to vote on any other matters except as required by Ohio law, are entitled to elect the greater of three or one-third of the directors. The Common Voting Shares and Class A Common Shares have equal dividend distribution rights. Incentive Plans The SNI 2015 Amended LTI Plan provides for long-term equity incentive compensation for key employees and members of the Board. T he 2015 Amended LTI Plan authorizes the grant of discretionary awards for employees and non-employee directors in the form of incentive or non-qualified stock options, stock appreciation rights, restricted shares, RSUs, performance shares, PBRSUs and other share-based awards and dividend equivalents. The Company has reserved 8.0 million Class A Common Shares for issuance under the 2015 Amended LTI Plan. The 2015 Amended LTI Plan will remain in effect until February 2025, unless terminated sooner by the Board. Termination will not affect outstanding grants and awards We satisfy stock option exercises and vested stock awards with newly-issued shares. Shares available for future share compensation grants totaled 6.3 million at December 31, 2017. Stock Options Stock options grant the recipient the right to purchase Class A Common Shares at not less than 100.0 percent of the fair market value on the date the option is granted. Stock options generally vest ratably and become exercisable over a three year period conditioned upon the individual's continued employment through that period, while those granted to non-employee directors vest over a one year period. Stock options generally vest immediately upon retirement, death or disability of the employee or upon a change in control of the Company or of the business in which the individual is employed. Unvested options are forfeited if employment is terminated for other reasons. Stock options granted to employees and non-employee directors generally have an eight year term. Stock options granted to non-employee directors prior to 2010 have a ten year term. Information about options is as follows: (shares in thousands) Number of Shares Weighted-Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2016 2,568 $ 60.04 Granted - Exercised (483 ) Forfeited (20 ) Outstanding at December 31, 2017 2,065 62.08 4.0 $ 42,437 Vested and expected to vest at December 31, 2017 2,065 62.08 4.0 42,437 Options exercisable at December 31, 2017 1,640 $ 53.40 3.5 $ 34,450 Additional information on exercises of stock options is as follows: Year ended December 31, (in thousands) 2017 2016 2015 Cash received upon exercise $ 23,662 $ 15,110 $ 9,207 Intrinsic value $ 15,278 $ 7,925 $ 6,030 Restricted Stock Units RSUs are converted into equal number of Class A Common Shares at the vesting date. The fair value of RSUs is based on the closing price of Class A Common Shares on the grant date. RSUs generally vest ratably over a range of one to five years conditioned upon the individual’s continued employment through that period. RSUs generally vest immediately upon retirement, death or disability of the employee or upon a change in control of the Company or of the business in which the individual is employed. Unvested RSUs are forfeited if employment is terminated for other reasons. Additional information about RSUs is as follows: Grant (shares in thousands) Units Weighted Average Unvested at December 31, 2016 380 $ 46.48 Granted 351 $ 77.97 Converted (292 ) $ 72.65 Forfeited (19 ) $ 70.55 Unvested at December 31, 2017 420 $ 41.21 Performance Based Restricted Stock Units PBRSUs that have been awarded represent the right to receive a grant of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less or more than the target number of shares, depending on the extent to which the specified performance measures are attained. The shares earned are issued as RSUs following the performance period and vest over a service period from the date of issuance. Generally, PBRSUs are tied to the Company’s cash flow initiatives. Additional information about PBRSUs is as follows: Grant (shares in thousands) Units Weighted Average Unvested at December 31, 2016 515 $ 74.67 Granted 211 $ 79.99 Converted (91 ) $ 70.69 Net adjustments based on performance (35 ) $ 81.98 Unvested at December 31, 2017 600 $ 68.38 Share-Based Compensation Compensation expense is based on the grant date fair value of the award. The fair value of awards that grant an individual the underlying shares such as RSUs and PBRSUs, is measured by the fair value of a Class A Common Share of SNI stock. The fair value of awards that grant an individual the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model is used to determine the fair value of awards with market conditions. Compensation expense is recognized on a straight-line basis over the requisite service period of the award, with the impact of forfeitures realized as terminations occur. The requisite service period is generally the vesting period stated in the award. Share-based awards generally vest upon the retirement of the employee, so grants to retirement-eligible employees are expensed immediately, and grants to employees who will become retirement-eligible prior to the end of the stated vesting period are expensed over such shorter period. We did not issue stock options during the year ended December 31, 2017. The weighted-average assumptions used in the binomial lattice model are as follows: Year ended December 31, 2016 2015 Weighted-average fair value of stock options granted $ 12.53 $ 15.18 Assumptions used to determine fair value: Dividend yield 1.62 % 1.28 % Risk-free rate of return 1.29 % 1.49 % Expected life (years) 4.9 5.0 Expected volatility 25.2 % 24.7 % Input Description Dividend yield Considers our historical dividend yield paid and expected dividend yield over the life of the options. Risk-free rate Based on the U.S. Treasury yield curve in effect at the time of grant. Expected life Represents the weighted-average period the stock options are expected to remain outstanding and is a derived output of the valuation model. Expected volatility Based on a combination of historical share price volatility for a longer period and the implied volatility of exchange-traded options on our Class A Common Shares. Share-based compensation was as follows: Year ended December 31, (in thousands) 2017 2016 2015 Stock options $ 1,093 $ 7,337 $ 7,399 RSUs and PBRSUs 39,126 27,861 22,169 Total share-based compensation $ 40,219 $ 35,198 $ 29,568 Unrecognized share-based compensation expense as of December 31, 2017 was as follows: (in thousands) Amount Weighted-Average Period Stock options $ 513 0.9 years RSUs and PBRSUs 22,799 1.67 years Total unrecognized share-based compensation $ 23,312 Share Repurchase Program The Repurchase Programs authorized by the Board permit us to acquire the Company’s Class A Common Shares. We did not repurchase any shares during the years ended December 31, 2017 or December 31, 2016. During the year ended December 31, 2015, we repurchased 4.0 million shares for $288.5 million, including 3.0 million shares repurchased for $216.8 million from Scripps family members. As of December 31, 2017, $1,512.5 million in authorization remains available for repurchase under the Repurchase Programs. All shares repurchased under the Repurchase Programs are retired and returned to authorized and unissued shares. There is no expiration date for the Repurchase Programs, and we are under no commitment or obligation to repurchase any particular amount of Class A Common Shares under the Repurchase Programs. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Comprehensive Income | 19. COMPREHENSIVE INCOME Changes in accumulated other comprehensive income or loss (“AOCI”) by component, net of income tax, consisted of the following: Year ended December 31, 2017 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (324,708 ) $ (38,993 ) $ (363,701 ) Other comprehensive income (loss) before reclassifications 353,468 (1,507 ) 351,961 Amounts reclassified from AOCI — (2,069 ) (2,069 ) Net current period other comprehensive income (loss) 353,468 (3,576 ) 349,892 Balance - end of year $ 28,760 $ (42,569 ) $ (13,809 ) Year ended December 31, 2016 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (98,239 ) $ (31,994 ) $ (130,233 ) Other comprehensive loss before reclassifications (226,469 ) (11,066 ) (237,535 ) Amounts reclassified from AOCI — 4,067 4,067 Net current period other comprehensive loss (226,469 ) (6,999 ) (233,468 ) Balance - end of year $ (324,708 ) $ (38,993 ) $ (363,701 ) Year ended December 31, 2015 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (25,122 ) $ (32,769 ) $ (57,891 ) Other comprehensive (loss) income before reclassifications (73,117 ) 2,653 (70,464 ) Amounts reclassified from AOCI — (1,878 ) (1,878 ) Net current period other comprehensive (loss) income (73,117 ) 775 (72,342 ) Balance - end of year $ (98,239 ) $ (31,994 ) $ (130,233 ) Amounts reclassified to net earnings for Pension Plan and SERP liability adjustments relate to the amortization of actuarial losses and settlement charges. These amounts are included within selling, general and administrative in our consolidated statements of operations and totaled $6.2 million, $4.7 million and $4.4 million in 2017, 2016 and 2015, respectively (see Note 14 – Employee Benefit Plans) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. COMMITMENTS AND CONTINGENCIES We are involved in litigation arising in the ordinary course of business, none of which is expected to result in a material loss. Minimum payments under non-cancelable operating leases as of December 31, 2017 are as follows: (in thousands) 2018 $ 27,391 2019 $ 22,623 2020 $ 20,725 2021 $ 18,297 2022 $ 844 Thereafter $ 1,269 We expect that the majority of our operating leases will be replaced with leases for similar facilities upon their expiration. Rent expense under cancelable and non-cancelable leases was as follows: (in thousands) 2017 $ 30,478 2016 $ 26,643 2015 $ 28,444 In the ordinary course of business, we enter into long-term service contracts to obtain satellite transmission services or other services. Liabilities for such commitments are recorded when the related services are rendered. Minimum payments for satellite transmission services as of December 31, 2017 are as follows: (in thousands) 2018 $ 37,827 2019 $ 17,716 2020 $ 8,853 2021 $ 3,644 2022 $ - Thereafter $ - We expect these contracts will be replaced with similar contracts upon their expiration. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 21. SEGMENT INFORMATION The Company has two reportable segments: U.S. Networks and International Networks which is determined based on our management and internal reporting structure. U.S. Networks includes our six domestic television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country. Additionally, U.S. Networks includes websites associated with the aforementioned television brands and other internet and digital businesses serving home, food and travel lifestyle-related categories. U.S. Networks also includes our digital content studio, Scripps Lifestyle Studios. We own 100.0 percent of each of our networks, with the exception of Food Network and Cooking Channel, of which we own 68.7 percent. Each of our networks is distributed by cable and satellite operators, telecommunication suppliers and other digital providers, such as those providing streaming, OTT or on-demand services. U.S. Networks generates revenues primarily from advertising sales and distribution fees. International Networks includes the TVN portfolio of networks as well as HGTV Poland and other lifestyle-oriented networks available in the UK, EMEA, APAC and Latin America. International Networks also includes our 50.0 percent share of the results of UKTV, a general entertainment and lifestyle channel platform in the UK. Corporate and Other includes the results of businesses not separately identified as reportable segments for external financial reporting purposes and will continue to be disclosed separately from the results of U.S. Networks and International Networks. The Company generally does not allocate employee-related corporate overhead costs to its reportable segments, but rather classifies these expenses within Corporate and Other. Intersegment revenue eliminations are included in Corporate and Other and totaled $27.1 million, $27.0 million and $26.3 million for the year ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively. Our CODM, whom we have identified as our CEO, evaluates the operating performance of our businesses and makes decisions about the allocation of resources to the businesses using a measure we refer to as segment profit (loss). Segment profit (loss) is defined as income (loss) from operations before income taxes excluding depreciation, amortization, goodwill write-down, interest expense, net, equity in earnings of affiliates, gain (loss) on derivatives, gain (loss) on sale of investments and other miscellaneous non-operating expenses, which are included in net income (loss) determined in accordance with GAAP. Information regarding our segments is as follows: Year ended December 31, 2017 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 2,069,422 $ 435,835 $ — $ 2,505,257 Distribution 840,175 115,229 — 955,404 Other 57,445 70,756 (27,055 ) 101,146 Total operating revenues 2,967,042 621,820 (27,055 ) 3,561,807 Cost of services, excluding depreciation and amortization 918,439 362,573 (27,018 ) 1,253,994 Selling, general and administrative 620,274 134,240 126,516 881,030 Segment profit (loss) 1,428,329 125,007 (126,553 ) 1,426,783 Depreciation 43,288 12,546 2,515 58,349 Amortization 40,691 52,825 — 93,516 Goodwill write-down — 505 — 505 Operating income (loss) 1,344,350 59,131 (129,068 ) 1,274,413 Interest (expense) income, net (491 ) 616 (93,284 ) (93,159 ) Equity in earnings of affiliates 20,292 39,466 — 59,758 Loss on derivatives — — (11,302 ) (11,302 ) Loss on sale of investments — (526 ) (500 ) (1,026 ) Miscellaneous, net 11,777 28,935 41,814 82,526 Income (loss) from operations before income taxes $ 1,375,928 $ 127,622 $ (192,340 ) $ 1,311,210 Additions to property and equipment: $ 44,203 $ 37,590 $ 5,844 $ 87,637 Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 2,029,095 $ 387,308 $ — $ 2,416,403 Distribution 785,849 108,529 (11 ) 894,367 Other 56,480 61,215 (27,030 ) 90,665 Total operating revenues 2,871,424 557,052 (27,041 ) 3,401,435 Cost of services, excluding depreciation and amortization 887,554 324,429 (18,755 ) 1,193,228 Selling, general and administrative 570,420 132,226 104,087 806,733 Segment profit (loss) 1,413,450 100,397 (112,373 ) 1,401,474 Depreciation 59,298 12,205 56 71,559 Amortization 40,220 83,222 — 123,442 Goodwill write-down — 57,878 — 57,878 Operating income (loss) 1,313,932 (52,908 ) (112,429 ) 1,148,595 Interest expense, net (232 ) (25,042 ) (104,167 ) (129,441 ) Equity in earnings of affiliates 23,943 47,439 — 71,382 Gain on derivatives — — 17,868 17,868 Gain (loss) on sale of investments 208,197 — (16,373 ) 191,824 Miscellaneous, net 13,259 98,740 (134,449 ) (22,450 ) Income (loss) from operations before income taxes $ 1,559,099 $ 68,229 $ (349,550 ) $ 1,277,778 Additions to property and equipment: $ 45,865 $ 22,983 $ 7,017 $ 75,865 Year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 1,851,574 $ 210,956 $ — $ 2,062,530 Distribution 800,134 74,850 — 874,984 Other 64,955 42,085 (26,327 ) 80,713 Total operating revenues 2,716,663 327,891 (26,327 ) 3,018,227 Cost of services, excluding depreciation and amortization 794,387 206,321 (13,351 ) 987,357 Selling, general and administrative 585,087 90,677 109,415 785,179 Segment profit (loss) 1,337,189 30,893 (122,391 ) 1,245,691 Depreciation 59,428 10,760 2,924 73,112 Amortization 40,166 28,481 — 68,647 Operating income (loss) 1,237,595 (8,348 ) (125,315 ) 1,103,932 Interest expense, net (2,635 ) (23,953 ) (81,459 ) (108,047 ) Equity in earnings of affiliates 43,851 37,065 — 80,916 (Loss) gain on derivatives — (3,845 ) 54,101 50,256 Miscellaneous, net 22,919 17,242 (45,354 ) (5,193 ) Income from operations before income taxes $ 1,301,730 $ 18,161 $ (198,027 ) $ 1,121,864 Additions to property and equipment: $ 40,120 $ 10,424 $ 1,936 $ 52,480 No single customer provides more than 10.0 percent of our revenue. Year ended December 31, (in thousands) 2017 2016 2015 Operating revenues by geographic location: United States $ 2,989,325 $ 2,884,474 $ 2,726,124 Poland 495,216 443,388 224,720 Other International 77,266 73,573 67,383 Total operating revenues $ 3,561,807 $ 3,401,435 $ 3,018,227 December 31, (in thousands) 2017 2016 2015 Long-lived assets by geographic location: United States $ 1,773,616 $ 1,809,919 $ 1,903,918 Poland 2,504,337 2,172,743 2,406,842 Other International 390,348 384,242 541,719 Total long-lived assets $ 4,668,301 $ 4,366,904 $ 4,852,479 December 31, (in thousands) 2017 2016 2015 Assets by segment: U.S. Networks $ 2,793,927 $ 2,800,137 $ 2,937,428 International Networks 3,413,152 2,991,607 3,276,989 Corporate and Other 314,601 408,550 457,897 Total assets $ 6,521,680 $ 6,200,294 $ 6,672,314 Other additions to long-lived assets include investments, capitalized intangible assets and capitalized programs. Assets held by our businesses outside of the United States totaled $3,379.9 million, $2,955.8 million and $3,238.2 million as of December 31, 2017, December 31, 2016 and December 31, 2015, respectively. |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | 22. SUMMARIZED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Year ended December 31, 2017 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 855,120 $ 925,046 $ 825,525 $ 956,116 $ 3,561,807 Operating expenses: Cost of services, excluding depreciation and amortization 279,039 299,851 318,292 356,812 1,253,994 Selling, general and administrative 207,370 212,397 224,192 237,071 881,030 Depreciation 14,960 13,660 14,736 14,993 58,349 Amortization 24,197 25,058 17,400 26,861 93,516 Goodwill write-down - - - 505 505 Total operating expenses 525,566 550,966 574,620 636,242 2,287,394 Operating income 329,554 374,080 250,905 319,874 1,274,413 Interest expense, net (24,252 ) (24,203 ) (23,092 ) (21,612 ) (93,159 ) Equity in earnings of affiliates 20,449 20,974 8,758 9,577 59,758 Loss on derivatives (2,336 ) (3,672 ) (3,446 ) (1,848 ) (11,302 ) Gain (loss) on sale of investments - 1,416 (2,442 ) - (1,026 ) Miscellaneous, net 27,540 32,181 2,854 19,951 82,526 Income from operations before income taxes 350,955 400,776 233,537 325,942 1,311,210 Provision for income taxes 101,140 115,099 70,454 210,166 496,859 Net income 249,815 285,677 163,083 115,776 814,351 Less: net income attributable to non-controlling interests (49,915 ) (51,602 ) (38,995 ) (49,904 ) (190,416 ) Net income attributable to SNI $ 199,900 $ 234,075 $ 124,088 $ 65,872 $ 623,935 Net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 1.54 $ 1.80 $ 0.95 $ 0.51 $ 4.79 Diluted $ 1.53 $ 1.79 $ 0.95 $ 0.50 $ 4.76 Weighted average shares outstanding: Basic 129,921 130,233 130,313 130,392 130,217 Diluted 130,743 130,884 131,262 131,353 131,063 Cash dividends declared per share of common stock $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 Year ended December 31, 2016 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 816,878 $ 892,771 $ 803,085 $ 888,701 $ 3,401,435 Operating expenses: Cost of services, excluding depreciation and amortization 279,667 286,999 298,207 328,355 1,193,228 Selling, general and administrative 198,821 191,133 200,820 215,959 806,733 Depreciation 17,297 16,089 20,370 17,803 71,559 Amortization 31,062 25,654 25,771 40,955 123,442 Goodwill write-down - - - 57,878 57,878 Total operating expenses 526,847 519,875 545,168 660,950 2,252,840 Operating income 290,031 372,896 257,917 227,751 1,148,595 Interest expense, net (33,745 ) (33,175 ) (32,609 ) (29,912 ) (129,441 ) Equity in earnings of affiliates 25,678 21,712 8,473 15,519 71,382 Gain on derivatives 2,766 8,267 2,827 4,008 17,868 Gain (loss) on sale of investments 208,197 (16,373 ) - - 191,824 Miscellaneous, net 6,066 (21,672 ) 21,276 (28,120 ) (22,450 ) Income from operations before income taxes 498,993 331,655 257,884 189,246 1,277,778 Provision for income taxes 159,047 98,303 76,043 96,937 430,330 Net income 339,946 233,352 181,841 92,309 847,448 Less: net income attributable to non-controlling interests (49,049 ) (48,744 ) (35,844 ) (40,216 ) (173,853 ) Net income attributable to SNI $ 290,897 $ 184,608 $ 145,997 $ 52,093 $ 673,595 Net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 2.25 $ 1.42 $ 1.13 $ 0.40 $ 5.20 Diluted $ 2.24 $ 1.42 $ 1.12 $ 0.40 $ 5.18 Weighted average shares outstanding: Basic 129,295 129,562 129,586 129,661 129,529 Diluted 129,790 130,141 130,124 130,350 130,104 Cash dividends declared per share of common stock $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00 |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS Members of the Scripps family who are parties to the Scripps Family Agreement hold a controlling interest in EWS. Therefore, EWS is a related party of the Company. The Scripps Family Agreement governs the transfer and voting of all Common Voting Shares held by certain descendants of Robert P. Scripps, descendants of John P. Scripps, certain trusts of which descendants of John P. Scripps or Robert P. Scripps are trustees or beneficiaries and an estate of a descendent of Robert P. Scripps, who are signatories to such agreement. SNI made payments to EWS totaling $2.4 million, $2.2 million and $4.8 million, in 2017, 2016 and 2015, respectively. These payments were made pursuant to a 2008 agreement for certain rights granted by a subsidiary of EWS with varying durations. These amounts are included within selling, general and administrative in the consolidated statements of operations. The Company had transactions with, nC+, an equity method investment of TVN, resulting in $12.1 million, $13.4 million and $5.1 million of revenues in, 2017, 2016 and 2015, respectively. Historically, the Company surrendered a portion of its taxable losses incurred in the UK to UKTV as consortium relief in accordance with the UK tax law. UKTV compensated the Company for the use of the taxable losses at a rate of 83.3 percent. The Company recognized no tax benefit related to the surrender of UK losses in 2017 and a benefit of approximately $4.9 million and $7.9 million at December 31, 2016 and December 31, 2015, respectively. There was no net receivable related to the tax benefit as of December 31, 2017 and the net receivable related to the tax benefit was approximately $1.6 million and $4.5 million as of December 31, 2016 and December 31, 2015, respectively. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Years Ended December 31, 2017, 2016 and 2015 Schedule II Schedule II Column A Column B Column C Column D Column E Column F (in thousands) Classification Balance Beginning of Period Additions Charged to Revenues, Costs, Expenses Deductions Amounts Charged Off-Net Increase (Decrease) Recorded Acquisitions (Divestitures) Balance End of Period Allowance for Doubtful Accounts Receivable December 31, 2017 $ 26,118 $ 6,847 $ 19,803 $ - $ 13,162 2016 $ 12,569 $ 30,917 $ 17,368 $ - $ 26,118 2015 $ 7,889 $ 8,090 $ 3,410 $ - $ 12,569 |
Description of Business and B34
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates, judgements and assumptions that affect amounts and related disclosures reported in the consolidated financial statements and accompanying footnotes, including the selection of appropriate accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, judgment is applied based on analysis of the relevant circumstances, including historical experience, actuarial studies and other assumptions. Actual results could differ from estimates. Estimates, judgments, and assumptions inherent in the preparation of the consolidated financial statements include: accounting for business acquisitions and dispositions, asset impairments, equity method investments, revenue recognition, program assets, depreciation and amortization, defined benefit plans, share-based compensation, income taxes, fair value measurements and contingencies. |
Concentration Risks | Concentration Risks The Company’s primary sources of revenues include adverting sales and distribution fees, with between approximately 70.3 percent and 71.0 percent of our consolidated total operating revenues derived from advertising sales during 2017 and 2016, respectively. Operating results can be affected by changes in the demand for such services both nationally and in individual markets. The four largest distributors in the United States provide service to approximately 78.6 percent of homes receiving HGTV, Food Network and Travel Channel. Combined, the eight largest distributors in the United States provide service to more than 97.8 percent of homes receiving HGTV, Food Network and Travel Channel. The loss of distribution of our networks by any of these cable or satellite television systems could adversely affect our business. |
Foreign Currency Translation | Foreign Currency Translation The reporting currency of the Company is the USD. The functional currency of most of the Company’s international subsidiaries is the local currency. Assets and liabilities denominated in foreign currencies are translated at exchange rates in effect at the balance sheet date, and equity balances are translated at historical rates. Revenues and expenses denominated in foreign currencies are translated at average exchange rates for the respective periods. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss within stockholders’ equity, net of applicable taxes. Transactions denominated in currencies other than the subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. These unrealized foreign currency transaction gains and losses are recorded within miscellaneous, net in the consolidated statements of operations. |
Reclassifications | Reclassifications Certain amounts within operating activities in our consolidated statements of cash flows for 2016 and 2015 have been reclassified to conform with current year presentation. During 2017, amounts totaling $16.1 million and $22.4 million, previously reported within other, net, for 2016 and 2015, respectively, have been reclassified to (gain) loss on foreign currency transactions. These reclassifications did not have an impact on the reported cash provided by operating activities in our consolidated statements of cash flows for 2016 or 2015. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with an original maturity of less than three months. Cash equivalents, which primarily consists of money market funds, are carried at cost plus accrued income, which approximates fair value. |
Accounts Receivable | Accounts Receivable Accounts receivable includes amounts billed and currently due from customers and are presented net of an estimate for uncollectible accounts. The Company periodically evaluates outstanding receivable balances to assess collectability. Allowances for uncollectible accounts are generally based on market trends, economic conditions, aging of receivables, historical experience and customer specific risks of default. We extend credit to customers based upon our assessment of their individual financial condition. Collateral is generally not required from customers. |
Investments | Investments The Company holds investments that are accounted for using both the equity method and cost method of accounting. We utilize the equity method of accounting to account for investments if we have the ability to exercise significant influence over operating and financial policies of the investee. Significant influence typically exists if a 20.0 percent to 50.0 percent ownership interest in an entity is held unless persuasive evidence to the contrary exists. Under the equity method of accounting, investments are initially recorded at cost and subsequently increased or decreased to reflect our proportionate share of earnings or losses of the equity method investees. Cash payments to equity method investees, such as additional investments, advances and expenses incurred on behalf of investees, as well as payments from equity method investees, such as dividends, distributions and repayments of advances, are recorded as adjustments to investment balances. Goodwill and other intangible assets arising from the acquisition of an equity method investment are included in the carrying value of the investment. As goodwill is not reported separately, it is not separately tested for impairment. Instead, the entire equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We utilize the cost method of accounting to account for investments where we do not have the ability to exercise significant influence over operating and financial policies of the investee. Under the cost method of accounting, investments are initially recorded at cost and not adjusted to reflect our proportionate share of earnings or losses of the cost method investee. We regularly review our investments to determine if there has been any other-than-temporary decline in values. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which the carrying value of the investment exceeds fair value, the duration of the decline in fair value below carrying value and the current cash position, earnings and forecasts and near term prospects of the investee. The carrying value of an investment is adjusted when a decline in fair value below cost is determined to be other-than-temporary. |
Programs and Program Licenses | Programs and Program Licenses Programming is either produced by us or for us by independent production companies or licensed under agreements with independent producers. Costs of produced content include direct production costs, production overhead, development costs and acquired production costs. Costs incurred for produced content are capitalized, and costs incurred to produce content not expected to be rebroadcast are expensed as incurred. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. Licensed program assets and liabilities are recorded when programs become available for airing. Program licenses are not discounted for imputed interest. Program assets are amortized over their estimated useful lives, commencing on their first airing and typically on an accelerated basis based on estimated future cash flows, and are included within cost of services in the consolidated statements of operations. Estimated future cash flows are based on revenues previously generated from similar content and planned program usage, which can change based upon market acceptance, advertising sales and distribution fees and the number of subscribers receiving our networks. Planned program usage is based on our current expectation of future airings taking into account historical usage of similar content. Accordingly, we periodically review revenue estimates and planned program usage and revise our assumptions if necessary. If actual demand or market conditions are less favorable than projected, a write-down to net realizable value is recorded. Development costs for programs that we have determined will not be produced are expensed. Deposits expected to be placed in service and the portion of the unamortized program asset balance expected to be amortized within one year are classified as a current asset within programs and program licenses on the consolidated balance sheets, while deposits not expected to be placed in service within one year and the unamortized program asset balance expected to be amortized after one year is separately stated as a non-current asset on the consolidated balance sheets. Program liabilities payable within one year are classified as a current liability as program rights payable on the consolidated balance sheets, while program liabilities payable after one year are included within other non-current liabilities on the consolidated balance sheets. The carrying value of our program rights liabilities approximate fair value. |
Property and Equipment | Property and Equipment Property and equipment, including internal use software, is stated at historical cost less accumulated depreciation and impairments. Costs incurred in the preliminary project stage to develop or acquire internal use software or websites are expensed as incurred. Upon completion of the preliminary project stage and management authorization of the project, costs to acquire or develop internal use software, which primarily include coding, designing and developing system interfaces, installation and testing, are capitalized if it is probable the project will be completed and the software will be used for its intended function. Costs incurred after implementation, such as maintenance and training, are expensed as incurred. Depreciation commences when property or equipment is placed in service for its intend use and is computed using a straight-line method over its estimated useful life as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years |
Goodwill | Goodwill Goodwill represents the cost of acquisitions in excess of the fair value of the acquired businesses’ tangible assets and separately identifiable intangible assets acquired. Goodwill is allocated to the Company’s reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. As of December 31, 2017, our reporting units for purposes of performing the impairment test for goodwill were U.S. Networks and TVN. Goodwill is not amortized, but is tested for impairment at the reporting unit level at least annually, as of October 1, for the Company, or when events occur or circumstances change that would indicate the fair value of a reporting unit may be below its carrying value. The annual goodwill impairment test allows for the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. If it is determined, on the basis of qualitative factors, that the fair value of a reporting unit is, more likely than not, less than its carrying value, the quantitative impairment test is required. The quantitative impairment test compares the fair value of the reporting unit, utilizing a combination of a discounted cash flow analysis and market comparables approach, to its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets Finite-lived intangible assets consist mainly of the value assigned to network distribution rights, customer and advertiser lists, tradenames, broadcast licenses and other acquired rights. Network distribution rights represent the value assigned to programming services’ relationships with cable and satellite operators and telecommunication suppliers that distribute our content. These relationships provide the opportunity to deliver advertising to viewers. We amortize these contractual relationships on a straight-line basis over the terms of the distribution contracts and expected renewal periods, which approximate 20 years. Customer and advertiser lists, tradenames, broadcast licenses, acquired rights and other intangible assets are amortized in relation to their expected future cash flows or on a straight-line basis over estimated useful lives of up to 25 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, primarily property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or circumstances indicate the fair value of the assets may be below its carrying amount. Recoverability for long-lived assets is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flows are less than the carrying amount of the assets, then the carrying value of the assets are written down to estimated fair values, which are primarily based on forecasted discounted cash flows. Fair value of long-lived assets is determined based on a combination of a discounted cash flows and market approach. |
Income Taxes | Income Taxes One of our consolidated subsidiary companies is a general partnership. Generally, income taxes on partnership income and losses accrue to the individual partners. Accordingly, our consolidated financial statements do not include any significant provision for income taxes on the non-controlling partners’ share of this consolidated subsidiary company’s income. No provision has been made for U.S. or foreign income taxes that could result from future remittances of undistributed earnings of our foreign subsidiaries that management intends to indefinitely reinvest outside the United States. Income taxes are recorded using the asset and liability method of accounting for income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates the Company expects to apply to taxable income in years in which those temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more likely than not such assets will be unrealized. In determining the Company’s tax provision for financial reporting purposes, we establish a reserve for uncertain tax positions taken, or expected to be taken, on a tax return unless the Company determines that such positions are more likely than not to be sustained upon examination based on their technical merits, including the resolution on any appeals or litigation. Interest and penalties associated with such tax positions are included in the provision for income taxes in the consolidated statements of income. The liability for additional taxes, penalties and interest is included within other non-current liabilities on the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition Revenue is recognized when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. Revenue is reported net of sales taxes, value added taxes and other taxes collected from our customers. Our primary sources of revenues are from advertising sales on our television and digital networks and from distribution fees earned from the right to distribute our content. Advertising Advertising revenues are recognized, net of agency commissions, when advertisements are displayed. Advertising contracts for television may guarantee advertisers a minimum audience level for the programs in which their advertisements are broadcast. Advertising revenues are recognized for the actual audience level delivered. We provide the advertiser with additional advertising spots in future periods if guaranteed audience levels are not delivered. If guaranteed audience levels are not met, revenues are deferred for any shortfall until guaranteed audience levels are delivered, and an ADU accrual for “make-good” advertisements is recorded as a reduction of revenue. The estimated make-good accrual is adjusted throughout the term of the advertising contracts. Digital advertising includes (i) fixed duration campaigns whereby a banner, text or other advertisement appears for a specified period of time for a fee; (ii) impression-based campaigns where the fee is based upon the number of times an advertisement appears in web pages viewed by a user; and (iii) click-through based campaigns where the fee is based upon the number of users who click on an advertisement and are directed to the advertiser’s website. Advertising revenues from fixed duration campaigns are recognized over the period in which the advertising appears. Internet and digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs achieved is recognized as impressions are delivered or click-throughs occur. Distribution Cable, satellite and telecommunication service providers typically pay a per subscriber fee for the right to distribute our content under the terms of multi-year distribution contracts. Programming is delivered throughout the term of the agreement, and revenue is recognized as programming is provided based on contracted programming rates and reported subscriber levels. The amount of distribution fees received by the Company are based on amounts reported by distributors based on actual subscriber levels. Since actual subscriber information is not received until after the close of the reporting period, the number of subscribers receiving the Company’s programming is estimated for the reporting period. Adjustments to record actual subscribers have historically not been materially different from estimates. Distribution fees are reported net of volume discounts and incentives, which include cash payments, provided to distributors in exchange for initial multi-year distribution contracts. Revenues associated with digital distribution arrangements are recognized when we transfer control and the rights to distribute the content to a customer. |
Cost of Services | Cost of Services Cost of services reflects the cost of providing our broadcast signal, programming and other content to various distribution platforms. The expenses captured within cost of services in our consolidated statements of operations include programming, primarily amortization, satellite transmission fees, production and operations and other direct costs. |
Marketing and Advertising Costs | Marketing and Advertising Marketing and advertising costs, which totaled $197.6 million in 2017, $161.1 million in 2016 and $169.1 million in 2015, are reported within selling, general and administrative in the consolidated statements of operations and include costs incurred to promote our businesses and attract traffic to our digital platforms. Advertising production costs are deferred and expensed the first time the advertisement is shown. Marketing and other advertising costs are expensed as incurred. |
Share-Based Compensation | Share-Based Compensation We have a Long-Term Incentive Plan (the “LTI Plan”) that was amended in the second quarter of 2015 (the “2015 Amended LTI Plan”) and which is described more fully in Note 18 – Shareholders’ Equity Compensation expense is based on the grant date fair value of the award. The fair value of awards that grant an individual the underlying shares, such as RSUs and PBRSUs, is measured by the fair value of a Class A Common Share of SNI stock. The fair value of awards that grant an individual the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model was used to determine the fair value of awards with market conditions. Certain awards of Class A Common Shares have performance and service conditions under which the number of shares granted is determined by the extent to which such conditions are satisfied (“Performance Shares”). Compensation expense for Performance Shares not based on market conditions is measured by the grant date fair value of a Class A Common Share. In periods prior to completion of the performance period, compensation expense is based on estimates of the number of shares that will be earned. If the estimated achievement of the performance condition changes, a cumulative adjustment to compensation expense is recognized in the current period. Compensation expense related to Performance Shares with a market-based condition is recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. Compensation expense is recognized on a straight-line basis over the requisite service period of the award, with the impact of forfeitures realized as terminations occur. The requisite service period is generally the vesting period stated in the award. Share-based awards generally vest upon the retirement of the employee, so grants to retirement-eligible employees are expensed immediately, and grants to employees who will become retirement-eligible prior to the end of the stated vesting period are expensed over such shorter period. |
Net Income Per Share | Net Income per Share Basic earnings per share (“EPS”) is calculated by dividing net income attributable to SNI by the weighted average number of common shares outstanding, including participating securities outstanding. Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares. We include all unvested share-based awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in both the number of basic and diluted shares outstanding EPS. The following table presents information about basic and diluted weighted average shares outstanding: Year ended December 31, (in thousands) 2017 2016 2015 Basic weighted average shares outstanding 130,217 129,529 129,665 Effect of dilutive securities: Unvested share units and shares held by employees 356 245 189 Stock options held by employees and directors 490 330 401 Diluted weighted average shares outstanding 131,063 130,104 130,255 Anti-dilutive share awards 243 1,057 863 For the years ended December 31, 2017, December 31, 2016 and December 31, 2015 the anti-dilutive share-based awards were not included in the computation of diluted weighted average shares outstanding. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Depreciation for Estimated useful Life by using straight-Line Method | Depreciation commences when property or equipment is placed in service for its intend use and is computed using a straight-line method over its estimated useful life as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years |
Summary of Basic and Diluted Weighted Average Shares Outstanding | The following table presents information about basic and diluted weighted average shares outstanding: Year ended December 31, (in thousands) 2017 2016 2015 Basic weighted average shares outstanding 130,217 129,529 129,665 Effect of dilutive securities: Unvested share units and shares held by employees 356 245 189 Stock options held by employees and directors 490 330 401 Diluted weighted average shares outstanding 131,063 130,104 130,255 Anti-dilutive share awards 243 1,057 863 |
Significant Transactions (Table
Significant Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Pro forma results | (in thousands) Year ended December 31, Pro Forma Results (unaudited) 2015 Pro Forma Revenues $ 3,236,344 Pro forma net income attributable to SNI $ 584,618 Pro forma net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 4.51 Diluted $ 4.49 Weighted average shares outstanding: Basic 129,665 Diluted 130,255 |
Summary of Wholly-owned Investment | We recognized the following from this wholly-owned investment: Year ended December 31, (in thousands) 2017 2016 2015 Operating revenues $ 8,483 $ 13,966 $ 5,463 Loss from operations before income taxes $ (2,039 ) $ (4,313 ) $ (2,755 ) |
Employee Termination Programs (
Employee Termination Programs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganization [Member] | |
Schedule of Rollforward of the Liability Related to the Reorganization | A rollforward of the liability related to the Reorganization is as follows: Year ended December 31, 2017 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2016 $ 1,955 $ - $ 1,585 $ 3,540 Net accruals (142 ) - 39 (103 ) Payments (1,813 ) - (1,624 ) (3,437 ) Liability as of December 31, 2017 $ - $ - $ - $ - Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2015 $ 3,258 $ - $ 8 $ 3,266 Net accruals 10,539 - 5,765 16,304 Payments (11,159 ) - (3,043 ) (14,202 ) Non-cash (a ) (683 ) - (1,145 ) (1,828 ) Liability as of December 31, 2016 $ 1,955 $ - $ 1,585 $ 3,540 (a) |
Voluntary Early Retirement Program, Employee Termination and Contract Termination Costs [Member] | |
Summary of Rollforward of Liability Related to Restructuring | A rollforward of the liability related to the Restructuring is as follows: Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2015 $ 605 $ - $ 5,314 $ 5,919 Net accruals 5 - (315 ) (310 ) Payments (610 ) - (4,315 ) (4,925 ) Non-cash (a) - - (684 ) (684 ) Liability as of December 31, 2016 $ - $ - $ - $ - (a) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value on recurring measurements | Recurring Measurements December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 41,517 $ 41,517 $ - $ - Total $ 41,517 $ 41,517 $ - $ - December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 658 $ 658 $ - $ - Total $ 658 $ 658 $ - $ - |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of investment | Investments consisted of the following: December 31, (in thousands) 2017 2016 Equity method investments $ 662,309 $ 641,327 Cost method investments 78,501 58,154 Total investments $ 740,810 $ 699,481 |
Equity method investments | Investments accounted for using the equity method include the following: December 31, 2017 2016 UKTV 50.0% 50.0% HGTV Magazine 50.0% 50.0% Food Network Magazine 50.0% 50.0% Everytap - 40.0% HGTV Canada 33.0% 33.0% nC+ 32.0% 32.0% Food Canada 29.0% 29.0% Cooking Channel Canada 29.0% 29.0% Onet - 25.0% |
UKTV [Member] | |
Summary of Estimated Amortization | Amortization that reduces the Company’s equity in UKTV’s earnings for future periods is expected to be as follows: (in thousands) Estimated Amortization* 2018 $ 13,082 2019 $ 13,368 2020 $ 13,559 2021 $ 12,563 2022 $ 9,063 Thereafter $ 79,297 * The functional currency of UKTV is the GBP, so these amounts are subject to change as the GBP to USD exchange rate fluctuates. |
nC+ [Member] | |
Summary of Estimated Amortization | Amortization that reduces the Company’s equity in nC+’s earnings for future periods is expected to be as follows: (in thousands) Estimated Amortization* 2018 $ 4,428 2019 $ 4,428 2020 $ 4,428 2021 $ 4,428 2022 $ 4,428 Thereafter $ 20,968 * The functional currency of nC+ is the PLN, so these amounts are subject to change as the PLN to USD exchange rate fluctuates. |
Programs and Program Licenses (
Programs and Program Licenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Programs And Program Licenses [Abstract] | |
Programs and program licenses | Programs and program licenses consisted of the following: December 31, (in thousands) 2017 2016 Cost of programs available for broadcast $ 2,758,730 $ 2,610,364 Accumulated amortization (1,971,839 ) (1,823,985 ) Cost of programs available for broadcast, net 786,891 786,379 Progress payments on programs not yet available for broadcast 322,411 305,021 Total programs and program licenses $ 1,109,302 $ 1,091,400 |
Summary of estimated amortization of recorded program assets and remaining obligations under contracts to purchase or license programs not yet available for broadcast | Actual amortization in each of the next five years will exceed the amounts currently recorded as assets and presented above, as we will continue to produce and license additional programs. Estimated amortization of recorded program assets and the remaining obligations under contracts to purchase or license programs not yet available for broadcast, for each of the next five years is as follows: Programs Programs Not Available for Yet Available (in thousands) Broadcast for Broadcast Total 2018 $ 454,603 $ 318,718 $ 773,321 2019 221,377 207,152 428,529 2020 83,874 80,072 163,946 2021 23,817 30,510 54,327 2022 2,835 9,659 12,494 Later years 385 6 391 Total $ 786,891 $ 646,117 $ 1,433,008 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consisted of the following: December 31, (in thousands) 2017 2016 Land and improvements $ 24,720 $ 22,744 Buildings and improvements 210,239 193,146 Equipment 212,916 188,908 Computer software 256,019 236,036 Total 703,894 640,834 Accumulated depreciation (370,826 ) (354,435 ) Property and equipment, net $ 333,068 $ 286,399 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill | Goodwill consisted of the following: December 31, 2017 (in thousands) Gross Accumulated Impairments (1) Net Goodwill $ 1,922,462 $ (102,769 ) $ 1,819,693 (1) $19.7 million and $83.1 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. December 31, 2016 (in thousands) Gross Accumulated Impairments (1) Net Goodwill $ 1,744,433 $ (102,264 ) $ 1,642,169 (1) $19.7 million and $82.6 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. |
Intangible assets | Intangible assets consisted of the following: December 31, 2017 (in thousands) Intangible assets Gross Accumulated Amortization Net Acquired network distribution rights $ 747,941 $ (278,657 ) $ 469,284 Customer and advertiser lists 233,451 (117,134 ) 116,317 Copyrights and other tradenames 422,575 (98,058 ) 324,517 Broadcast licenses 137,773 (16,058 ) 121,715 Acquired rights and other 120,160 (42,321 ) 77,839 Total $ 1,661,900 $ (552,228 ) $ 1,109,672 December 31, 2016 (in thousands) Intangible assets Gross Accumulated Amortization Net Acquired network distribution rights $ 717,834 $ (232,856 ) $ 484,978 Customer and advertiser lists 209,314 (93,232 ) 116,082 Copyrights and other tradenames 362,236 (61,286 ) 300,950 Broadcast licenses 114,832 (7,861 ) 106,971 Acquired rights and other 119,885 (36,184 ) 83,701 Total $ 1,524,101 $ (431,419 ) $ 1,092,682 |
Summary of amortization expense associated with intangible assets | Amortization expense associated with intangible assets for each of the next five years is expected to be as follows: (in thousands) Estimated Amortization * 2018 $ 99,442 2019 $ 95,701 2020 $ 91,759 2021 $ 89,577 2022 $ 77,966 Thereafter $ 655,227 * The functional currency of certain foreign subsidiaries differs from the USD, so these amounts are subject to change as exchange rates fluctuate. |
Goodwill [Member] | |
Activity by business segment | Goodwill activity by business segment consisted of the following: (in thousands) Goodwill U.S. Networks International Networks Corporate and Other Total December 31, 2015 $ 510,484 $ 1,294,264 $ - $ 1,804,748 Purchase price allocation adjustments - (46,124 ) - (46,124 ) Additions - business acquisitions - 450 - 450 Write-down/impairment - (57,878 ) - (57,878 ) Foreign currency translation - (59,027 ) - (59,027 ) December 31, 2016 $ 510,484 $ 1,131,685 $ - $ 1,642,169 Additions - business acquisitions 10,320 - - 10,320 Write-down/impairment - (505 ) - (505 ) Foreign currency translation - 167,709 - 167,709 December 31, 2017 $ 520,804 $ 1,298,889 $ - $ 1,819,693 |
Intangible Assets [Member] | |
Activity by business segment | Intangible assets activity by business segment consisted of the following: (in thousands) Intangible Assets U.S. Networks International Networks Corporate and Other Total December 31, 2015 $ 484,599 $ 778,065 $ - $ 1,262,664 Additions - 11,634 - 11,634 Amortization (40,220 ) (67,279 ) - (107,499 ) Write-down/impairment - (16,330 ) - (16,330 ) Foreign currency translation - (57,787 ) - (57,787 ) December 31, 2016 $ 444,379 $ 648,303 $ - $ 1,092,682 Additions 231 - - 231 Amortization (40,691 ) (52,825 ) - (93,516 ) Write-down/impairment - (10,564 ) - (10,564 ) Foreign currency translation - 120,839 - 120,839 December 31, 2017 $ 403,919 $ 705,753 $ - $ 1,109,672 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities Current Portion [Abstract] | |
Accrued Liabilities | Accrued current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Rent $ 15,660 $ 19,899 Advertising rebates 20,403 15,966 Marketing and advertising 14,334 14,385 Interest 6,504 6,644 Taxes payable 35,841 456 Other 96,914 95,130 Total accrued liabilities $ 189,656 $ 152,480 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income (loss) from operations before income taxes | Income (loss) from operations before income taxes consisted of the following: Year ended December 31, (in thousands) 2017 2016 2015 United States $ 1,234,680 $ 1,393,410 $ 1,187,353 Foreign 76,530 (115,632 ) (65,489 ) Total $ 1,311,210 $ 1,277,778 $ 1,121,864 |
Provision for income taxes | The provision for income taxes consisted of the following: Year ended December 31, (in thousands) 2017 2016 2015 Current: Federal $ 334,758 $ 334,744 $ 345,204 State and local 56,723 107,550 32,393 Foreign 38,601 (1,553 ) (6,183 ) Total current income tax provision 430,082 440,741 371,414 Deferred: Federal 51,798 (7,808 ) (31,731 ) State and local (15,923 ) (586 ) 5,611 Foreign 30,902 (2,017 ) (1,903 ) Total deferred income tax provision (benefit) 66,777 (10,411 ) (28,023 ) Provision for income taxes $ 496,859 $ 430,330 $ 343,391 |
Effective income tax rate reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: Year ended December 31, 2017 2016 2015 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Effect of: U.S. state and local income taxes, net of federal income tax benefit 2.2 5.6 2.2 Income of pass-through entities allocated to non-controlling interests (5.1 ) (4.8 ) (5.4 ) Section 199 - Domestic Production Activities deduction (2.5 ) (2.4 ) (2.5 ) 2017 Tax Act 6.1 - - Foreign tax law changes 2.3 - - Foreign earnings at other than U.S. rates (2.0 ) (0.3 ) 0.2 Other 1.9 0.6 1.1 Effective income tax rate 37.9 % 33.7 % 30.6 % |
Deferred tax assets and liabilities | The approximate effect of the temporary differences giving rise to deferred income tax (assets) liabilities were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Accrued expenses $ (27,862 ) $ (32,120 ) Deferred compensation (59,815 ) (85,524 ) Net operating loss carry-forwards (197,396 ) (145,414 ) Investments (91,828 ) (129,113 ) State taxes and interest (31,101 ) (52,999 ) Property and equipment (27,034 ) (34,267 ) Other (13,915 ) (32,310 ) Total deferred tax assets: (448,951 ) (511,747 ) Deferred tax liabilities: Intangible assets 179,764 157,675 Programs and program licenses 1,823 54,908 Other 6,992 5,544 Total deferred tax liabilities: 188,579 218,127 Valuation allowance for deferred tax assets 155,513 118,329 Net deferred tax asset $ (104,859 ) $ (175,291 ) |
Gross unrecognized tax benefits | The activity related to gross unrecognized tax benefits was as follows: Year ended December 31, (in thousands) 2017 2016 2015 Gross unrecognized tax benefits - beginning of year $ 129,319 $ 109,693 $ 96,166 Increases in tax positions for prior years 45,927 9,567 19,679 Decreases in tax positions for prior years (1,566 ) (19,243 ) - Increases in tax positions for current year 13,772 30,142 17,712 Settlements with taxing authorities (56,246 ) (782 ) 495 Lapse in statute of limitations (872 ) (58 ) (24,359 ) Gross unrecognized tax benefits - end of year $ 130,334 $ 129,319 $ 109,693 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term debt | Debt consisted of the following: December 31, 2017 (in thousands) Maturity Gross Debt Issuance Costs Net Carrying Amount Amended Revolving Credit Facility 2019 - 2020 $ 40,000 $ - $ 40,000 2.75% Senior Notes 2019 499,334 (1,375 ) 497,959 2.80% Senior Notes 2020 599,011 (2,390 ) 596,621 3.50% Senior Notes 2022 399,218 (2,425 ) 396,793 3.90% Senior Notes 2024 497,477 (2,733 ) 494,744 3.95% Senior Notes 2025 499,295 (3,407 ) 495,888 Total debt 2,534,335 (12,330 ) 2,522,005 Current portion of debt - - - Debt (less current portion) $ 2,534,335 $ (12,330 ) $ 2,522,005 Fair value of debt * $ 2,565,041 December 31, 2016 (in thousands) Maturity Gross Debt Issuance Costs Net Carrying Amount Amended Revolving Credit Facility 2019 - 2020 $ 475,000 $ - $ 475,000 Term Loan 2017 250,000 (68 ) 249,932 2.75% Senior Notes 2019 498,979 (2,124 ) 496,855 2.80% Senior Notes 2020 598,602 (3,378 ) 595,224 3.50% Senior Notes 2022 399,040 (2,975 ) 396,065 3.90% Senior Notes 2024 497,110 (3,133 ) 493,977 3.95% Senior Notes 2025 499,200 (3,867 ) 495,333 Total debt 3,217,931 (15,545 ) 3,202,386 Current portion of debt (250,000 ) 68 (249,932 ) Debt (less current portion) $ 2,967,931 $ (15,477 ) $ 2,952,454 Fair value of debt * $ 3,254,862 *The fair value of the Senior Notes was estimated using Level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Expense components of pension plan and SERP | The measurement date used for the Pension Plan and SERP is December 31. The expense components consisted of the following: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2015 2017 2016 2015 Interest cost $ 3,318 $ 3,133 $ 2,940 $ 1,904 $ 1,519 $ 1,713 Expected return on plan assets, net of expenses (3,969 ) (3,851 ) (3,876 ) - - - Amortization of net loss 3,040 2,256 2,095 3,171 2,471 2,354 Special termination benefits - - 860 - - 290 Settlement charges 1,409 - 3,345 2,006 2,514 1,121 Total $ 3,798 $ 1,538 $ 5,364 $ 7,081 $ 6,504 $ 5,478 |
Assumptions used in determining annual pension plan expense | Assumptions used in determining the Pension Plan expense were as follows: Pension Plan SERP Year ended December 31, Year ended December 31, 2017 2016 2015 2017 2016 2015 Discount rate 3.60% 3.75% 3.46% 3.13% 3.39% 3.14% Long-term rate of return on plan assets 7.50% 7.50% 7.50% N/A N/A N/A Rate of compensation increases 4.20% 4.32% 4.54% 3.37% 3.10% 4.41% |
Benefit obligation and funded status | The following table presents information about our plan assets and obligations: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Accumulated benefit obligation $ 93,084 $ 88,733 $ 56,004 $ 49,520 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 94,732 $ 84,621 $ 55,464 $ 52,274 Interest cost 3,318 3,133 1,904 1,519 Benefits paid (922 ) (3,750 ) (253 ) (251 ) Actuarial losses 5,075 10,728 11,024 7,395 Settlement charges (4,334 ) - (4,011 ) (5,473 ) Projected benefit obligation at end of year 97,869 94,732 64,128 55,464 Plan assets: Fair value at beginning of year 55,630 45,713 - - Actual return on plan assets 8,934 3,667 - - Company contributions 1,417 10,000 4,264 5,724 Benefits paid (922 ) (3,750 ) (253 ) (251 ) Settlement charges (4,334 ) - (4,011 ) (5,473 ) Fair value at end of year 60,725 55,630 - - Under funded status $ (37,144 ) $ (39,102 ) $ (64,128 ) $ (55,464 ) Amounts recognized as assets and liabilities in the consolidated balance sheets: Current liabilities $ - $ - $ (12,929 ) $ (11,832 ) Non-current liabilities (37,144 ) (39,102 ) (51,199 ) (43,632 ) Total $ (37,144 ) $ (39,102 ) $ (64,128 ) $ (55,464 ) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 31,819 $ 36,158 $ 30,988 $ 25,142 |
Changes in plan assets and benefit obligations recognized in other comprehensive loss for defined benefit plans | Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss for the defined benefit plans consist of: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2015 2017 2016 2015 Net actuarial loss $ 109 $ 10,912 $ 5,695 $ 11,024 $ 7,395 $ 566 Amortization of net loss (3,040 ) (2,256 ) (2,095 ) (3,171 ) (2,471 ) (2,354 ) Settlement charges (1,409 ) - (3,345 ) (2,006 ) (2,514 ) (1,121 ) Total recognized in other comprehensive (income) loss (4,340 ) 8,656 255 5,847 2,410 (2,909 ) Net periodic benefit cost 3,798 1,538 5,364 7,081 6,504 5,478 Total recognized in net periodic benefit cost and other comprehensive loss $ (542 ) $ 10,194 $ 5,619 $ 12,928 $ 8,914 $ 2,569 |
Accumulated benefit obligation in excess of plan assets for defined benefit plans | Accumulated benefit obligation in excess of plan assets for the defined benefit plans is as follows: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Accumulated benefit obligation $ 93,084 $ 88,733 $ 56,004 $ 49,520 Fair value of plan assets $ 60,725 $ 55,630 $ - $ - |
Projected benefit obligation in excess of plan assets for defined benefit plans | Projected benefit obligation in excess of plan assets for the defined benefit plans is as follows: Pension Plan SERP Year ended December 31, Year ended December 31, (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 97,869 $ 94,732 $ 64,128 $ 55,464 Fair value of plan assets $ 60,725 $ 55,630 $ - $ - |
Assumptions used to determine defined benefit plan benefit obligation | Assumptions used to determine benefit obligations for the defined benefit plans were as follows: Pension Plan SERP Year ended December 31, Year ended December 31, 2017 2016 2017 2016 Discount rate 3.23% 3.60% 2.92% 3.13% Rate of compensation increases 3.61% 4.20% 3.13% 3.37% |
Pension plan assets allocation | Pension Plan asset allocations by asset category were as follows: Target Allocations December 31, Investment Type for 2018 2017 2016 U.S. equity securities 27.0% 30.0% 32.7% Non-U.S. equity securities 39.0% 41.7% 35.1% Fixed-income securities 30.0% 23.2% 27.2% Other 4.0% 5.1% 5.0% Total 100.0% 100.0% 100.0% |
Defined benefit plan assets at fair value | Plan asset categories that are measured at fair value and the level of inputs utilized for fair value are as follows: December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 U.S. equity securities Mutual funds $ 18,243 $ 18,243 $ — $ — Non-U.S. equity securities Mutual funds 25,377 25,377 — — Fixed income securities Mutual funds 14,012 14,012 — — Other Alternative investment funds 2,762 — 2,762 — Subtotal $ 60,394 $ 57,632 $ 2,762 $ — Cash 331 331 — — Total $ 60,725 $ 57,963 $ 2,762 $ — December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 U.S. equity securities Mutual funds $ 18,222 $ 18,222 $ — $ — Non-U.S. equity securities Mutual funds 19,563 19,563 — — Fixed income securities Mutual funds 15,135 15,135 — — Other Alternative investment funds 2,609 — 2,609 — Subtotal $ 55,529 $ 52,920 $ 2,609 $ — Cash 102 102 — — Total $ 55,631 $ 53,022 $ 2,609 $ — |
Estimated future benefit payments | The estimated future benefit payments expected to be paid out for the defined benefits plans over the next ten years are as follows: (in thousands) Pension Plan SERP 2018 $ 6,584 $ 12,929 2019 $ 5,618 $ 6,039 2020 $ 5,907 $ 12,646 2021 $ 6,039 $ 3,076 2022 $ 6,251 $ 3,482 Thereafter $ 33,038 $ 13,716 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | Other non-current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Pension and post-employment benefits $ 88,343 $ 82,734 Deferred compensation 65,319 47,008 Uncertain tax positions 148,504 151,821 Other 13,051 21,318 Other non-current liabilities $ 315,217 $ 302,881 |
Redeemable Non-controlling In49
Redeemable Non-controlling Interests and Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Summary of activity for account balances whose fair value measurements are estimated utilizing level 3 inputs | The following table summarizes the activity for account balances whose fair value measurements are estimated utilizing Level 3 inputs: December 31, (in thousands) 2017 2016 Balance - beginning of year $ - $ 99,000 Net income - 1,018 Fair value adjustments - 3,482 Purchase of non-controlling interest - (103,500 ) Balance - end of year $ - $ - |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stock options transactions | (shares in thousands) Number of Shares Weighted-Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2016 2,568 $ 60.04 Granted - Exercised (483 ) Forfeited (20 ) Outstanding at December 31, 2017 2,065 62.08 4.0 $ 42,437 Vested and expected to vest at December 31, 2017 2,065 62.08 4.0 42,437 Options exercisable at December 31, 2017 1,640 $ 53.40 3.5 $ 34,450 |
Value of exercises of stock options | Additional information on exercises of stock options is as follows: Year ended December 31, (in thousands) 2017 2016 2015 Cash received upon exercise $ 23,662 $ 15,110 $ 9,207 Intrinsic value $ 15,278 $ 7,925 $ 6,030 |
Restricted stock units | Additional information about RSUs is as follows: Grant (shares in thousands) Units Weighted Average Unvested at December 31, 2016 380 $ 46.48 Granted 351 $ 77.97 Converted (292 ) $ 72.65 Forfeited (19 ) $ 70.55 Unvested at December 31, 2017 420 $ 41.21 |
Performance based restricted stock units | Additional information about PBRSUs is as follows: Grant (shares in thousands) Units Weighted Average Unvested at December 31, 2016 515 $ 74.67 Granted 211 $ 79.99 Converted (91 ) $ 70.69 Net adjustments based on performance (35 ) $ 81.98 Unvested at December 31, 2017 600 $ 68.38 |
Weighted-average assumptions used in estimate of compensation costs of share options | We did not issue stock options during the year ended December 31, 2017. The weighted-average assumptions used in the binomial lattice model are as follows: Year ended December 31, 2016 2015 Weighted-average fair value of stock options granted $ 12.53 $ 15.18 Assumptions used to determine fair value: Dividend yield 1.62 % 1.28 % Risk-free rate of return 1.29 % 1.49 % Expected life (years) 4.9 5.0 Expected volatility 25.2 % 24.7 % |
Share-Based Compensation | Share-based compensation was as follows: Year ended December 31, (in thousands) 2017 2016 2015 Stock options $ 1,093 $ 7,337 $ 7,399 RSUs and PBRSUs 39,126 27,861 22,169 Total share-based compensation $ 40,219 $ 35,198 $ 29,568 |
Unrecognized Share-Based Compensation Expense | Unrecognized share-based compensation expense as of December 31, 2017 was as follows: (in thousands) Amount Weighted-Average Period Stock options $ 513 0.9 years RSUs and PBRSUs 22,799 1.67 years Total unrecognized share-based compensation $ 23,312 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Schedule of accumulated other comprehensive income (loss), net of income tax | Changes in accumulated other comprehensive income or loss (“AOCI”) by component, net of income tax, consisted of the following: Year ended December 31, 2017 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (324,708 ) $ (38,993 ) $ (363,701 ) Other comprehensive income (loss) before reclassifications 353,468 (1,507 ) 351,961 Amounts reclassified from AOCI — (2,069 ) (2,069 ) Net current period other comprehensive income (loss) 353,468 (3,576 ) 349,892 Balance - end of year $ 28,760 $ (42,569 ) $ (13,809 ) Year ended December 31, 2016 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (98,239 ) $ (31,994 ) $ (130,233 ) Other comprehensive loss before reclassifications (226,469 ) (11,066 ) (237,535 ) Amounts reclassified from AOCI — 4,067 4,067 Net current period other comprehensive loss (226,469 ) (6,999 ) (233,468 ) Balance - end of year $ (324,708 ) $ (38,993 ) $ (363,701 ) Year ended December 31, 2015 (in thousands) Foreign Currency Translation Pension Plan and SERP Liability Total Accumulated Other Comprehensive (Loss) Income Balance - beginning of year $ (25,122 ) $ (32,769 ) $ (57,891 ) Other comprehensive (loss) income before reclassifications (73,117 ) 2,653 (70,464 ) Amounts reclassified from AOCI — (1,878 ) (1,878 ) Net current period other comprehensive (loss) income (73,117 ) 775 (72,342 ) Balance - end of year $ (98,239 ) $ (31,994 ) $ (130,233 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of minimum payments under non-cancelable operating leases | Minimum payments under non-cancelable operating leases as of December 31, 2017 are as follows: (in thousands) 2018 $ 27,391 2019 $ 22,623 2020 $ 20,725 2021 $ 18,297 2022 $ 844 Thereafter $ 1,269 |
Rent expense under cancelable and non-cancelable leases | Rent expense under cancelable and non-cancelable leases was as follows: (in thousands) 2017 $ 30,478 2016 $ 26,643 2015 $ 28,444 |
Summary of minimum payments for satellite transmission services | Minimum payments for satellite transmission services as of December 31, 2017 are as follows: (in thousands) 2018 $ 37,827 2019 $ 17,716 2020 $ 8,853 2021 $ 3,644 2022 $ - Thereafter $ - |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information regarding business segments | Intersegment revenue eliminations are included in Corporate and Other and totaled $27.1 million, $27.0 million and $26.3 million for the year ended December 31, 2017, December 31, 2016 and December 31, 2015, respectively. Our CODM, whom we have identified as our CEO, evaluates the operating performance of our businesses and makes decisions about the allocation of resources to the businesses using a measure we refer to as segment profit (loss). Segment profit (loss) is defined as income (loss) from operations before income taxes excluding depreciation, amortization, goodwill write-down, interest expense, net, equity in earnings of affiliates, gain (loss) on derivatives, gain (loss) on sale of investments and other miscellaneous non-operating expenses, which are included in net income (loss) determined in accordance with GAAP. Information regarding our segments is as follows: Year ended December 31, 2017 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 2,069,422 $ 435,835 $ — $ 2,505,257 Distribution 840,175 115,229 — 955,404 Other 57,445 70,756 (27,055 ) 101,146 Total operating revenues 2,967,042 621,820 (27,055 ) 3,561,807 Cost of services, excluding depreciation and amortization 918,439 362,573 (27,018 ) 1,253,994 Selling, general and administrative 620,274 134,240 126,516 881,030 Segment profit (loss) 1,428,329 125,007 (126,553 ) 1,426,783 Depreciation 43,288 12,546 2,515 58,349 Amortization 40,691 52,825 — 93,516 Goodwill write-down — 505 — 505 Operating income (loss) 1,344,350 59,131 (129,068 ) 1,274,413 Interest (expense) income, net (491 ) 616 (93,284 ) (93,159 ) Equity in earnings of affiliates 20,292 39,466 — 59,758 Loss on derivatives — — (11,302 ) (11,302 ) Loss on sale of investments — (526 ) (500 ) (1,026 ) Miscellaneous, net 11,777 28,935 41,814 82,526 Income (loss) from operations before income taxes $ 1,375,928 $ 127,622 $ (192,340 ) $ 1,311,210 Additions to property and equipment: $ 44,203 $ 37,590 $ 5,844 $ 87,637 Year ended December 31, 2016 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 2,029,095 $ 387,308 $ — $ 2,416,403 Distribution 785,849 108,529 (11 ) 894,367 Other 56,480 61,215 (27,030 ) 90,665 Total operating revenues 2,871,424 557,052 (27,041 ) 3,401,435 Cost of services, excluding depreciation and amortization 887,554 324,429 (18,755 ) 1,193,228 Selling, general and administrative 570,420 132,226 104,087 806,733 Segment profit (loss) 1,413,450 100,397 (112,373 ) 1,401,474 Depreciation 59,298 12,205 56 71,559 Amortization 40,220 83,222 — 123,442 Goodwill write-down — 57,878 — 57,878 Operating income (loss) 1,313,932 (52,908 ) (112,429 ) 1,148,595 Interest expense, net (232 ) (25,042 ) (104,167 ) (129,441 ) Equity in earnings of affiliates 23,943 47,439 — 71,382 Gain on derivatives — — 17,868 17,868 Gain (loss) on sale of investments 208,197 — (16,373 ) 191,824 Miscellaneous, net 13,259 98,740 (134,449 ) (22,450 ) Income (loss) from operations before income taxes $ 1,559,099 $ 68,229 $ (349,550 ) $ 1,277,778 Additions to property and equipment: $ 45,865 $ 22,983 $ 7,017 $ 75,865 Year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Consolidated Operating revenues: Advertising $ 1,851,574 $ 210,956 $ — $ 2,062,530 Distribution 800,134 74,850 — 874,984 Other 64,955 42,085 (26,327 ) 80,713 Total operating revenues 2,716,663 327,891 (26,327 ) 3,018,227 Cost of services, excluding depreciation and amortization 794,387 206,321 (13,351 ) 987,357 Selling, general and administrative 585,087 90,677 109,415 785,179 Segment profit (loss) 1,337,189 30,893 (122,391 ) 1,245,691 Depreciation 59,428 10,760 2,924 73,112 Amortization 40,166 28,481 — 68,647 Operating income (loss) 1,237,595 (8,348 ) (125,315 ) 1,103,932 Interest expense, net (2,635 ) (23,953 ) (81,459 ) (108,047 ) Equity in earnings of affiliates 43,851 37,065 — 80,916 (Loss) gain on derivatives — (3,845 ) 54,101 50,256 Miscellaneous, net 22,919 17,242 (45,354 ) (5,193 ) Income from operations before income taxes $ 1,301,730 $ 18,161 $ (198,027 ) $ 1,121,864 Additions to property and equipment: $ 40,120 $ 10,424 $ 1,936 $ 52,480 No single customer provides more than 10.0 percent of our revenue. |
Operating revenues and long lived assets by geographical location | Year ended December 31, (in thousands) 2017 2016 2015 Operating revenues by geographic location: United States $ 2,989,325 $ 2,884,474 $ 2,726,124 Poland 495,216 443,388 224,720 Other International 77,266 73,573 67,383 Total operating revenues $ 3,561,807 $ 3,401,435 $ 3,018,227 December 31, (in thousands) 2017 2016 2015 Long-lived assets by geographic location: United States $ 1,773,616 $ 1,809,919 $ 1,903,918 Poland 2,504,337 2,172,743 2,406,842 Other International 390,348 384,242 541,719 Total long-lived assets $ 4,668,301 $ 4,366,904 $ 4,852,479 December 31, (in thousands) 2017 2016 2015 Assets by segment: U.S. Networks $ 2,793,927 $ 2,800,137 $ 2,937,428 International Networks 3,413,152 2,991,607 3,276,989 Corporate and Other 314,601 408,550 457,897 Total assets $ 6,521,680 $ 6,200,294 $ 6,672,314 |
Summarized Quarterly Financia54
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information | Year ended December 31, 2017 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 855,120 $ 925,046 $ 825,525 $ 956,116 $ 3,561,807 Operating expenses: Cost of services, excluding depreciation and amortization 279,039 299,851 318,292 356,812 1,253,994 Selling, general and administrative 207,370 212,397 224,192 237,071 881,030 Depreciation 14,960 13,660 14,736 14,993 58,349 Amortization 24,197 25,058 17,400 26,861 93,516 Goodwill write-down - - - 505 505 Total operating expenses 525,566 550,966 574,620 636,242 2,287,394 Operating income 329,554 374,080 250,905 319,874 1,274,413 Interest expense, net (24,252 ) (24,203 ) (23,092 ) (21,612 ) (93,159 ) Equity in earnings of affiliates 20,449 20,974 8,758 9,577 59,758 Loss on derivatives (2,336 ) (3,672 ) (3,446 ) (1,848 ) (11,302 ) Gain (loss) on sale of investments - 1,416 (2,442 ) - (1,026 ) Miscellaneous, net 27,540 32,181 2,854 19,951 82,526 Income from operations before income taxes 350,955 400,776 233,537 325,942 1,311,210 Provision for income taxes 101,140 115,099 70,454 210,166 496,859 Net income 249,815 285,677 163,083 115,776 814,351 Less: net income attributable to non-controlling interests (49,915 ) (51,602 ) (38,995 ) (49,904 ) (190,416 ) Net income attributable to SNI $ 199,900 $ 234,075 $ 124,088 $ 65,872 $ 623,935 Net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 1.54 $ 1.80 $ 0.95 $ 0.51 $ 4.79 Diluted $ 1.53 $ 1.79 $ 0.95 $ 0.50 $ 4.76 Weighted average shares outstanding: Basic 129,921 130,233 130,313 130,392 130,217 Diluted 130,743 130,884 131,262 131,353 131,063 Cash dividends declared per share of common stock $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 1.20 Year ended December 31, 2016 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 816,878 $ 892,771 $ 803,085 $ 888,701 $ 3,401,435 Operating expenses: Cost of services, excluding depreciation and amortization 279,667 286,999 298,207 328,355 1,193,228 Selling, general and administrative 198,821 191,133 200,820 215,959 806,733 Depreciation 17,297 16,089 20,370 17,803 71,559 Amortization 31,062 25,654 25,771 40,955 123,442 Goodwill write-down - - - 57,878 57,878 Total operating expenses 526,847 519,875 545,168 660,950 2,252,840 Operating income 290,031 372,896 257,917 227,751 1,148,595 Interest expense, net (33,745 ) (33,175 ) (32,609 ) (29,912 ) (129,441 ) Equity in earnings of affiliates 25,678 21,712 8,473 15,519 71,382 Gain on derivatives 2,766 8,267 2,827 4,008 17,868 Gain (loss) on sale of investments 208,197 (16,373 ) - - 191,824 Miscellaneous, net 6,066 (21,672 ) 21,276 (28,120 ) (22,450 ) Income from operations before income taxes 498,993 331,655 257,884 189,246 1,277,778 Provision for income taxes 159,047 98,303 76,043 96,937 430,330 Net income 339,946 233,352 181,841 92,309 847,448 Less: net income attributable to non-controlling interests (49,049 ) (48,744 ) (35,844 ) (40,216 ) (173,853 ) Net income attributable to SNI $ 290,897 $ 184,608 $ 145,997 $ 52,093 $ 673,595 Net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: Basic $ 2.25 $ 1.42 $ 1.13 $ 0.40 $ 5.20 Diluted $ 2.24 $ 1.42 $ 1.12 $ 0.40 $ 5.18 Weighted average shares outstanding: Basic 129,295 129,562 129,586 129,661 129,529 Diluted 129,790 130,141 130,124 130,350 130,104 Cash dividends declared per share of common stock $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00 |
Description of Business and B55
Description of Business and Basis of Presentation - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)SegmentDistributor | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Ownership interest (in hundredths) | 100.00% | ||
Other, net | $ (24,287) | $ (19,134) | $ (29,250) |
Restatement Adjustment [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
(Gain) loss on foreign currency transactions | 16,100 | 22,400 | |
Other, net | $ 16,100 | $ 22,400 | |
Minimum [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Ownership interest (in hundredths) | 20.00% | ||
Maximum [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | ||
Customer Concentration Risk [Member] | Cable and Satellite Distribution Systems [Member] | Four Largest Distributers [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Concentration risks | 78.60% | ||
Number of largest distributors | Distributor | 4 | ||
Customer Concentration Risk [Member] | Cable and Satellite Distribution Systems [Member] | Eight Largest Distributers [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Number of largest distributors | Distributor | 8 | ||
Customer Concentration Risk [Member] | Cable and Satellite Distribution Systems [Member] | Eight Largest Distributers [Member] | Minimum [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Concentration risks | 97.80% | ||
Customer Concentration Risk [Member] | Advertising Revenue [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Concentration risks | 70.30% | 71.00% | |
UKTV [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | 50.00% | |
Food Network Partnership [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Ownership interest (in hundredths) | 68.70% |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Marketing and advertising costs | $ 197.6 | $ 161.1 | $ 169.1 |
Contractual Relationship [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 20 years | ||
Customer and advertiser lists [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Tradenames [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Broadcast licenses [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Acquired Rights [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Other Intangible Assets [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ownership interest (in hundredths) | 20.00% | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ownership interest (in hundredths) | 50.00% |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Summary of Depreciation for Estimated useful Life by using straight-Line Method (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and improvements [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 35 years |
Buildings and improvements [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 45 years |
Leasehold improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Leasehold improvements | Term of lease or useful life |
Program Production Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Program Production Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 15 years |
Office and Other Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Office and Other Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Summary of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
Basic weighted average shares outstanding | 130,392 | 130,313 | 130,233 | 129,921 | 129,661 | 129,586 | 129,562 | 129,295 | 130,217 | 129,529 | 129,665 |
Effect of dilutive securities: | |||||||||||
Unvested share units and shares held by employees | 356 | 245 | 189 | ||||||||
Stock options held by employees and directors | 490 | 330 | 401 | ||||||||
Diluted weighted average shares outstanding | 131,353 | 131,262 | 130,884 | 130,743 | 130,350 | 130,124 | 130,141 | 129,790 | 131,063 | 130,104 | 130,255 |
Anti-dilutive share awards | 243 | 1,057 | 863 |
Significant Transactions - Addi
Significant Transactions - Additional Information (Details) $ / shares in Units, $ in Thousands, € in Millions, PLN in Millions | Jul. 30, 2017USD ($)$ / sharesshares | Jul. 02, 2015USD ($) | Jul. 02, 2015EUR (€) | Jul. 31, 2017USD ($) | Jul. 31, 2017PLN | May 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Jul. 31, 2017PLN |
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Selling, general and administrative | $ 237,071 | $ 224,192 | $ 212,397 | $ 207,370 | $ 215,959 | $ 200,820 | $ 191,133 | $ 198,821 | $ 881,030 | $ 806,733 | $ 785,179 | |||||||||||||
Cost of services | 356,812 | 318,292 | 299,851 | 279,039 | 328,355 | 298,207 | 286,999 | 279,667 | $ 1,253,994 | 1,193,228 | 987,357 | |||||||||||||
Business acquisition, acquisition date | Jan. 1, 2014 | |||||||||||||||||||||||
Business acquisition consideration | $ 15 | 103,500 | 853,853 | |||||||||||||||||||||
Foreign currency option premium | 16,000 | |||||||||||||||||||||||
Cash consideration | € | € 584 | |||||||||||||||||||||||
Call option cost | $ 625,000 | |||||||||||||||||||||||
(Loss) gain on derivatives | (1,848) | (3,446) | (3,672) | $ (2,336) | 4,008 | $ 2,827 | 8,267 | 2,766 | (11,302) | 17,868 | 50,256 | |||||||||||||
Derivative contract net gain | (11,300) | 17,900 | 50,300 | |||||||||||||||||||||
Operating revenues | 3,236,344 | |||||||||||||||||||||||
Operating income | 584,618 | |||||||||||||||||||||||
Goodwill | $ 1,642,169 | $ 1,819,693 | $ 1,642,169 | $ 1,804,748 | 1,819,693 | 1,642,169 | 1,804,748 | |||||||||||||||||
Consideration on sale of wholly owned investments | $ 2,000 | PLN 7.3 | ||||||||||||||||||||||
Gain (loss) on sale of wholly owned investments | $ 1,300 | PLN 5.6 | $ (2,442) | $ 1,416 | $ (16,373) | $ 208,197 | $ (1,026) | 191,824 | ||||||||||||||||
Purchase of non-controlling interest | 853,853 | |||||||||||||||||||||||
Ownership interest (in hundredths) | 100.00% | 100.00% | ||||||||||||||||||||||
Payment to acquire new network distribution right | $ 11,634 | |||||||||||||||||||||||
New Network Distribution Right [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Payment to acquire new network distribution right | $ 11,600 | € 10.4 | ||||||||||||||||||||||
New distribution rights of intangible asset expected life in years | 4 years | 4 years | ||||||||||||||||||||||
FNLA [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Ownership interest acquired (in hundredths) | 30.00% | 30.00% | 30.00% | |||||||||||||||||||||
Purchase of non-controlling interest | $ 4,500 | |||||||||||||||||||||||
Ownership interest (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||
Travel Channel [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Ownership interest acquired (in hundredths) | 35.00% | |||||||||||||||||||||||
Purchase of non-controlling interest | $ 99,000 | |||||||||||||||||||||||
Ownership interest (in hundredths) | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||
Foreign Currency Option Contract [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
(Loss) gain on derivatives | 31,900 | |||||||||||||||||||||||
Discovery and Merger Sub [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Date of merger agreement | Jul. 30, 2017 | |||||||||||||||||||||||
Approximate total enterprise value of the company upon merger | $ 14,600,000 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement consideration transferred cash per shares | $ / shares | $ 63 | |||||||||||||||||||||||
Merger agreement transaction based on closing price date | Jul. 21, 2017 | |||||||||||||||||||||||
Merger related expenses | $ 29,300 | |||||||||||||||||||||||
Selling, general and administrative | 28,900 | |||||||||||||||||||||||
Cost of services | 400 | |||||||||||||||||||||||
Business acquisition related expenses | $ 29,300 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | $ 25.51 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | 22.32 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Average Price Per Share Greater Than or Equal to 22.32 [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | 22.32 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Average Price Per Share Less Than or Equal to 28.70 [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | 28.70 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction share price | $ / shares | $ 27 | |||||||||||||||||||||||
Merger agreement computation of average price of per share description | The stock portion of the Merger Consideration will be subject to a collar based on the volume weighted average price of Discovery’s Series C Shares measured cumulatively over the 15 trading days ending on the third trading day prior to closing (the “Average Discovery Price”). | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction number of shares receivable | shares | 1.2096 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction number of shares receivable | shares | 0.9408 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Average Price Per Share Less Than 22.32 [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction number of shares receivable | shares | 1.2096 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Average Price Per Share Less Than 22.32 [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | $ 22.32 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Average Price Per Share Greater Than 28.70 [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction number of shares receivable | shares | 0.9408 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Average Price Per Share Greater Than 28.70 [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | $ 28.70 | |||||||||||||||||||||||
Discovery Communications, Inc. [Member] | Series C Common Shares [Member] | Average Price Per Share Equal to 27.00 [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger agreement transaction average share price | $ / shares | $ 27 | |||||||||||||||||||||||
N-Vision B.V. [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Outstanding shares acquired, percentage | 100.00% | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 1,500,000 | |||||||||||||||||||||||
Derivative contract net gain | $ 44,200 | |||||||||||||||||||||||
N-Vision B.V. and TVN [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition consideration | 2,462,500 | |||||||||||||||||||||||
TVN [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Merger related expenses | $ 15,100 | |||||||||||||||||||||||
Business acquisition, acquisition date | Jul. 1, 2015 | |||||||||||||||||||||||
Business acquisition consideration | 1,608,600 | € 1,440 | ||||||||||||||||||||||
Outstanding voting share purchase price amount | 831,500 | |||||||||||||||||||||||
Outstanding voting share purchase price amount through squeeze-out. | $ 22,400 | |||||||||||||||||||||||
Business acquisition related expenses | $ 15,100 | |||||||||||||||||||||||
Operating revenues | 224,700 | |||||||||||||||||||||||
Operating income | $ 36,700 | |||||||||||||||||||||||
Spoon Media, Inc. [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Business acquisition consideration | $ 11,500 | |||||||||||||||||||||||
Business acquisition percentage of voting interest acquired | 100.00% | |||||||||||||||||||||||
Goodwill | $ 10,300 |
Significant Transactions - Pro
Significant Transactions - Pro forma Results (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Business Combinations [Abstract] | |
Pro Forma Revenues | $ | $ 3,236,344 |
Pro forma net income attributable to SNI | $ | $ 584,618 |
Pro forma net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: | |
Basic | $ / shares | $ 4.51 |
Diluted | $ / shares | $ 4.49 |
Weighted average shares outstanding: | |
Basic | shares | 129,665 |
Diluted | shares | 130,255 |
Significant Transactions - Summ
Significant Transactions - Summary of Wholly-owned Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | |||
Operating revenues | $ 8,483 | $ 13,966 | $ 5,463 |
Loss from operations before income taxes | $ (2,039) | $ (4,313) | $ (2,755) |
Employee Termination Programs -
Employee Termination Programs - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Selling, general and administrative | $ 237,071 | $ 224,192 | $ 212,397 | $ 207,370 | $ 215,959 | $ 200,820 | $ 191,133 | $ 198,821 | $ 881,030 | $ 806,733 | $ 785,179 |
Net income attributable to SNI | 65,872 | 124,088 | 234,075 | 199,900 | 52,093 | 145,997 | 184,608 | 290,897 | 623,935 | 673,595 | 606,828 |
Increase (decrease) in net income related to voluntary early retirement and termination costs | 200 | (11,100) | |||||||||
Depreciation | $ 14,993 | $ 14,736 | $ 13,660 | $ 14,960 | $ 17,803 | $ 20,370 | $ 16,089 | $ 17,297 | 58,349 | 71,559 | 73,112 |
Reorganization [Member] | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Costs for severance, retention, relocation and benefit cost | 16,300 | 3,900 | |||||||||
Selling, general and administrative | 10,800 | 3,200 | |||||||||
Cost of services | 5,500 | 700 | |||||||||
Net income attributable to SNI | (10,100) | (2,400) | |||||||||
Restructuring charges | $ (103) | 16,304 | |||||||||
Voluntary Early Retirement Program and Employee Termination [Member] | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Selling, general and administrative | 13,300 | ||||||||||
Cost of services | 2,800 | ||||||||||
Restructuring charges | $ (300) | 17,900 | |||||||||
Depreciation | $ 1,800 |
Employee Termination Programs63
Employee Termination Programs - Summary of Rollforward of the Liability Related to the Reorganization (Details) - Reorganization [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | $ 3,540 | $ 3,266 | |
Net accruals | (103) | 16,304 | |
Payments | (3,437) | (14,202) | |
Non-cash | [1] | (1,828) | |
Liability, ending balance | 3,540 | ||
U.S. Networks [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | 1,955 | 3,258 | |
Net accruals | (142) | 10,539 | |
Payments | (1,813) | (11,159) | |
Non-cash | [1] | (683) | |
Liability, ending balance | 1,955 | ||
Corporate and Other [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | 1,585 | 8 | |
Net accruals | 39 | 5,765 | |
Payments | $ (1,624) | (3,043) | |
Non-cash | [1] | (1,145) | |
Liability, ending balance | $ 1,585 | ||
[1] | Primarily represents the reclassification of current period charges for share-based compensation. |
Employee Termination Programs64
Employee Termination Programs - Summary of Rollforward of the Liability Related to Restructuring (Details) - Voluntary Early Retirement Program, Employee Termination and Contract Termination Costs [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | $ 5,919 | |
Net accruals | (310) | |
Payments | (4,925) | |
Non-cash | (684) | [1] |
Liability, ending balance | ||
U.S. Networks [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | 605 | |
Net accruals | 5 | |
Payments | (610) | |
Liability, ending balance | ||
Corporate and Other [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | 5,314 | |
Net accruals | (315) | |
Payments | (4,315) | |
Non-cash | $ (684) | [1] |
Liability, ending balance | ||
[1] | Primarily represents the reclassification of current period charges for accelerated depreciation, pension payments made from the pension plan and share-based compensation. |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value on a Recurring Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash equivalents | $ 41,517 | $ 658 |
Total | 41,517 | 658 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 41,517 | 658 |
Total | $ 41,517 | $ 658 |
Investments - Summary of Invest
Investments - Summary of Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Investments [Abstract] | ||
Equity method investments | $ 662,309 | $ 641,327 |
Cost method investments | 78,501 | 58,154 |
Total investments | $ 740,810 | $ 699,481 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
UKTV [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 50.00% | 50.00% |
HGTV Magazine [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 50.00% | 50.00% |
Food Network Magazine [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 50.00% | 50.00% |
Everytap [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 40.00% | |
HGTV Canada [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 33.00% | 33.00% |
nC+ [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 32.00% | 32.00% |
Food Canada [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 29.00% | 29.00% |
Cooking Channel Canada [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 29.00% | 29.00% |
Onet [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest (in hundredths) | 25.00% |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands, PLN in Millions, CAD in Millions | Apr. 26, 2017USD ($) | Apr. 26, 2017PLN | Dec. 31, 2017USD ($)Investment | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Jul. 31, 2017PLN | Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Jun. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($)Investment | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016CAD |
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Other non-current assets | $ 190,344 | $ 190,344 | $ 146,151 | $ 190,344 | $ 146,151 | |||||||||||||||||
Equity method investments | $ 662,309 | 662,309 | 641,327 | 662,309 | 641,327 | |||||||||||||||||
Equity in earnings of affiliates | 9,577 | $ 8,758 | $ 20,974 | $ 20,449 | 15,519 | $ 8,473 | $ 21,712 | $ 25,678 | 59,758 | 71,382 | $ 80,916 | |||||||||||
Proceeds from the sale of equity investment value accounted for using cost method | $ 1,500 | |||||||||||||||||||||
Loss (gain) on sale of investments | $ (1,300) | PLN (5.6) | 2,442 | (1,416) | 16,373 | (208,197) | 1,026 | (191,824) | ||||||||||||||
Tax expense on sale of equity investments | $ 210,166 | $ 70,454 | $ 115,099 | $ 101,140 | 96,937 | $ 76,043 | $ 98,303 | $ 159,047 | $ 496,859 | 430,330 | $ 343,391 | |||||||||||
Equity-method investment, write-down | 10,700 | |||||||||||||||||||||
Number of equity method investments wrote off | Investment | 2 | 2 | 2 | |||||||||||||||||||
Number of cost method investments wrote off | Investment | 1 | 1 | 1 | |||||||||||||||||||
Loss on sale of investments | $ 1,100 | |||||||||||||||||||||
UKTV [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Other non-current assets | $ 102,800 | $ 102,800 | 93,900 | 102,800 | 93,900 | |||||||||||||||||
Equity method investments | $ 319,200 | $ 319,200 | $ 305,100 | $ 319,200 | $ 305,100 | |||||||||||||||||
Ownership interest (in hundredths) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Equity in earnings of affiliates | $ 37,300 | $ 46,000 | ||||||||||||||||||||
Amortization | $ 12,300 | $ 12,900 | ||||||||||||||||||||
nC+ [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Ownership interest (in hundredths) | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | 32.00% | ||||||||||||||||
Equity in earnings of affiliates | $ 8,400 | $ 6,600 | ||||||||||||||||||||
Amortization | $ 4,100 | 900 | ||||||||||||||||||||
FuboTV, Inc. [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Investment in cost method | $ 2,400 | $ 10,000 | ||||||||||||||||||||
Philo | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Investment in cost method | $ 7,000 | |||||||||||||||||||||
Pluto TV [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Investment in cost method | $ 5,000 | |||||||||||||||||||||
Refinery29 [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Investment in cost method | $ 4,700 | |||||||||||||||||||||
Cooking Channel Canada [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Equity method investments | $ 5,700 | $ 5,700 | CAD 7.5 | |||||||||||||||||||
Ownership interest (in hundredths) | 29.00% | 29.00% | 29.00% | 29.00% | 29.00% | 29.00% | ||||||||||||||||
Onet [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Ownership interest (in hundredths) | 25.00% | 25.00% | 25.00% | |||||||||||||||||||
Equity method investment ownership percentage agreed to sell | 25.00% | 25.00% | ||||||||||||||||||||
Divestiture, cash purchase price | $ 46,700 | PLN 185 | ||||||||||||||||||||
Gains from sell of put rights | $ 1,400 | |||||||||||||||||||||
Fox Sports South [Member] | ||||||||||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||||||||||
Divestiture, cash purchase price | $ 225,000 | |||||||||||||||||||||
Equity method investment ownership percentage sold | 7.30% | |||||||||||||||||||||
Gain on sale of investments | $ 208,200 | |||||||||||||||||||||
Tax expense on sale of equity investments | $ 73,700 |
Investments - Summary of Estima
Investments - Summary of Estimated Amortization (Details) $ in Thousands | Dec. 31, 2017USD ($) | |
Finite Lived Intangible Assets [Line Items] | ||
2,018 | $ 99,442 | [1] |
2,019 | 95,701 | [1] |
2,020 | 91,759 | [1] |
2,021 | 89,577 | [1] |
2,022 | 77,966 | [1] |
Thereafter | 655,227 | [1] |
UKTV [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2,018 | 13,082 | [2] |
2,019 | 13,368 | [2] |
2,020 | 13,559 | [2] |
2,021 | 12,563 | [2] |
2,022 | 9,063 | [2] |
Thereafter | 79,297 | [2] |
nC+ [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2,018 | 4,428 | [3] |
2,019 | 4,428 | [3] |
2,020 | 4,428 | [3] |
2,021 | 4,428 | [3] |
2,022 | 4,428 | [3] |
Thereafter | $ 20,968 | [3] |
[1] | The functional currency of certain foreign subsidiaries differs from the USD, so these amounts are subject to change as exchange rates fluctuate. | |
[2] | The functional currency of UKTV is the GBP, so these amounts are subject to change as the GBP to USD exchange rate fluctuates. | |
[3] | The functional currency of nC+ is the PLN, so these amounts are subject to change as the PLN to USD exchange rate fluctuates. |
Programs and Program Licenses -
Programs and Program Licenses - Summary of Programs and Program Licenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Programs And Program Licenses [Abstract] | ||
Cost of programs available for broadcast | $ 2,758,730 | $ 2,610,364 |
Accumulated amortization | (1,971,839) | (1,823,985) |
Cost of programs available for broadcast, net | 786,891 | 786,379 |
Progress payments on programs not yet available for broadcast | 322,411 | 305,021 |
Total programs and program licenses | $ 1,109,302 | $ 1,091,400 |
Programs and Program Licenses71
Programs and Program Licenses - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Programs And Program Licenses [Abstract] | |||
Additional remaining obligations under contracts to produce or license programs not yet available for broadcast | $ 424.1 | $ 408.4 | |
Program impairment | $ 86.7 | $ 90.7 | $ 70.4 |
Programs and Program Licenses72
Programs and Program Licenses - Summary of Estimated Amortization of Recorded Program Assets and Remaining Obligations Under Contracts to Purchase or License Programs Not Yet Available for Broadcast (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Estimated future amortization expense [Abstract] | |
2,018 | $ 773,321 |
2,019 | 428,529 |
2,020 | 163,946 |
2,021 | 54,327 |
2,022 | 12,494 |
Later years | 391 |
Total | 1,433,008 |
Programs Available for Broadcast [Member] | |
Estimated future amortization expense [Abstract] | |
2,018 | 454,603 |
2,019 | 221,377 |
2,020 | 83,874 |
2,021 | 23,817 |
2,022 | 2,835 |
Later years | 385 |
Total | 786,891 |
Programs not Available for Broadcast [Member] | |
Estimated future amortization expense [Abstract] | |
2,018 | 318,718 |
2,019 | 207,152 |
2,020 | 80,072 |
2,021 | 30,510 |
2,022 | 9,659 |
Later years | 6 |
Total | $ 646,117 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and Equipment [Line Items] | ||
Property and equipment, Gross | $ 703,894 | $ 640,834 |
Accumulated depreciation | (370,826) | (354,435) |
Property and equipment, net | 333,068 | 286,399 |
Land Improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 24,720 | 22,744 |
Buildings and improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 210,239 | 193,146 |
Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 212,916 | 188,908 |
Computer Software Tangible Assets | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | $ 256,019 | $ 236,036 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill, Gross | $ 1,922,462 | $ 1,744,433 | |||
Goodwill, Accumulated Impairments | (102,769) | [1] | (102,264) | [2] | |
Goodwill, Net | $ 1,819,693 | $ 1,642,169 | $ 1,804,748 | ||
[1] | ) $19.7 million and $83.1 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively | ||||
[2] | ) $19.7 million and $82.6 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets - Goodwill (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Goodwill [Line Items] | ||||
Goodwill, Accumulated Impairments | $ 102,769 | [1] | $ 102,264 | [2] |
U.S. Networks [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Accumulated Impairments | 19,700 | 19,700 | ||
International Networks [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Accumulated Impairments | $ 83,100 | $ 82,600 | ||
[1] | ) $19.7 million and $83.1 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively | |||
[2] | ) $19.7 million and $82.6 million of accumulated impairments to goodwill are within U.S. Networks and International Networks, respectively. |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Goodwill Activity by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||
Beginning of period | $ 1,642,169 | $ 1,804,748 | ||
Purchase price allocation adjustments | (46,124) | |||
Additions - business acquisitions | 10,320 | 450 | ||
Write-down/impairment | $ (505) | $ (57,878) | (505) | (57,878) |
Foreign currency translation | 167,709 | (59,027) | ||
End of period | 1,819,693 | 1,642,169 | 1,819,693 | 1,642,169 |
U.S. Networks [Member] | ||||
Goodwill [Line Items] | ||||
Beginning of period | 510,484 | 510,484 | ||
Additions - business acquisitions | 10,320 | |||
End of period | 520,804 | 510,484 | 520,804 | 510,484 |
International Networks [Member] | ||||
Goodwill [Line Items] | ||||
Beginning of period | 1,131,685 | 1,294,264 | ||
Purchase price allocation adjustments | (46,124) | |||
Additions - business acquisitions | 450 | |||
Write-down/impairment | (505) | (57,878) | ||
Foreign currency translation | 167,709 | (59,027) | ||
End of period | $ 1,298,889 | $ 1,131,685 | $ 1,298,889 | $ 1,131,685 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 505 | $ 57,878 | $ 505 | $ 57,878 | |||
Impairment on long-lived intangible assets | 10,564 | 16,330 | |||||
Cash Paid For An Intangible Asset | 11,634 | ||||||
Network Distribution Right [Member] | |||||||
Goodwill [Line Items] | |||||||
Impairment on long-lived intangible assets | 10,500 | ||||||
Cash Paid For An Intangible Asset | $ 11,600 | € 10.4 | |||||
Acquired rights and other [Member] | |||||||
Goodwill [Line Items] | |||||||
Cash Paid For An Intangible Asset | 9,900 | 9,900 | $ 11,000 | ||||
TVN [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 500 | ||||||
EMEA and APAC Reporting Units [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 57,900 | ||||||
International Networks [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 505 | 57,878 | |||||
Impairment on long-lived intangible assets | $ 10,564 | 16,330 | |||||
International Networks [Member] | APAC [Member] | |||||||
Goodwill [Line Items] | |||||||
Impairment on long-lived intangible assets | $ 15,900 |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible assets: | |||
Intangible assets, Gross | $ 1,661,900 | $ 1,524,101 | |
Accumulated Amortization | (552,228) | (431,419) | |
Intangible assets, Net | 1,109,672 | 1,092,682 | $ 1,262,664 |
Acquired network distribution [Member] | |||
Intangible assets: | |||
Intangible assets, Gross | 747,941 | 717,834 | |
Accumulated Amortization | (278,657) | (232,856) | |
Intangible assets, Net | 469,284 | 484,978 | |
Customer and advertiser lists [Member] | |||
Intangible assets: | |||
Intangible assets, Gross | 233,451 | 209,314 | |
Accumulated Amortization | (117,134) | (93,232) | |
Intangible assets, Net | 116,317 | 116,082 | |
Copyrights and other trade names [Member] | |||
Intangible assets: | |||
Intangible assets, Gross | 422,575 | 362,236 | |
Accumulated Amortization | (98,058) | (61,286) | |
Intangible assets, Net | 324,517 | 300,950 | |
Broadcast licenses [Member] | |||
Intangible assets: | |||
Intangible assets, Gross | 137,773 | 114,832 | |
Accumulated Amortization | (16,058) | (7,861) | |
Intangible assets, Net | 121,715 | 106,971 | |
Acquired rights and other [Member] | |||
Intangible assets: | |||
Intangible assets, Gross | 120,160 | 119,885 | |
Accumulated Amortization | (42,321) | (36,184) | |
Intangible assets, Net | $ 77,839 | $ 83,701 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets - Intangible Assets Activity by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Balance as of beginning of period | $ 1,092,682 | $ 1,262,664 |
Additions | 231 | 11,634 |
Amortization | (93,516) | (107,499) |
Write-down/impairment | (10,564) | (16,330) |
Foreign currency translation | 120,839 | (57,787) |
Balance as of end of period | 1,109,672 | 1,092,682 |
U.S. Networks [Member] | ||
Goodwill [Line Items] | ||
Balance as of beginning of period | 444,379 | 484,599 |
Additions | 231 | |
Amortization | (40,691) | (40,220) |
Balance as of end of period | 403,919 | 444,379 |
International Networks [Member] | ||
Goodwill [Line Items] | ||
Balance as of beginning of period | 648,303 | 778,065 |
Additions | 11,634 | |
Amortization | (52,825) | (67,279) |
Write-down/impairment | (10,564) | (16,330) |
Foreign currency translation | 120,839 | (57,787) |
Balance as of end of period | $ 705,753 | $ 648,303 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets- Summary of Amortization Expense Associated with Intangible Assets (Details) $ in Thousands | Dec. 31, 2017USD ($) | [1] |
Estimated future amortization expense [Abstract] | ||
2,018 | $ 99,442 | |
2,019 | 95,701 | |
2,020 | 91,759 | |
2,021 | 89,577 | |
2,022 | 77,966 | |
Thereafter | $ 655,227 | |
[1] | The functional currency of certain foreign subsidiaries differs from the USD, so these amounts are subject to change as exchange rates fluctuate. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Rent | $ 15,660 | $ 19,899 |
Advertising rebates | 20,403 | 15,966 |
Marketing and advertising | 14,334 | 14,385 |
Interest | 6,504 | 6,644 |
Taxes payable | 35,841 | 456 |
Other | 96,914 | 95,130 |
Total accrued liabilities | $ 189,656 | $ 152,480 |
Income (loss) from operations b
Income (loss) from operations before income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 1,234,680 | $ 1,393,410 | $ 1,187,353 | ||||||||
Foreign | 76,530 | (115,632) | (65,489) | ||||||||
Income from operations before income taxes | $ 325,942 | $ 233,537 | $ 400,776 | $ 350,955 | $ 189,246 | $ 257,884 | $ 331,655 | $ 498,993 | $ 1,311,210 | $ 1,277,778 | $ 1,121,864 |
Income Taxes - Provision for In
Income Taxes - Provision for Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 334,758 | $ 334,744 | $ 345,204 | ||||||||
State and local | 56,723 | 107,550 | 32,393 | ||||||||
Foreign | 38,601 | (1,553) | (6,183) | ||||||||
Total current income tax provision | 430,082 | 440,741 | 371,414 | ||||||||
Deferred: | |||||||||||
Federal | 51,798 | (7,808) | (31,731) | ||||||||
State and local | (15,923) | (586) | 5,611 | ||||||||
Foreign | 30,902 | (2,017) | (1,903) | ||||||||
Total deferred income tax provision (benefit) | 66,777 | (10,411) | (28,023) | ||||||||
Provision for income taxes | $ 210,166 | $ 70,454 | $ 115,099 | $ 101,140 | $ 96,937 | $ 76,043 | $ 98,303 | $ 159,047 | $ 496,859 | $ 430,330 | $ 343,391 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | |||||
Current tax (expense) benefit allocated directly to stockholder’s equity for compensation expense | $ 0 | $ (500,000) | $ 1,200,000 | ||
U.S. federal corporate tax rate | 35.00% | 35.00% | 35.00% | ||
Estimated change in recognized tax expense | $ 79,600,000 | ||||
Net operating loss carry-forwards, federal income tax | $ 900,000 | ||||
Net operating loss carry-forwards, various state jurisdictions | 23,000,000 | ||||
Net operating loss carry-forwards, various foreign jurisdictions | 901,200,000 | ||||
Valuation allowance for deferred tax assets | 155,513,000 | $ 118,329,000 | |||
Undistributed earnings of foreign subsidiaries | 125,700,000 | ||||
Unrecognized tax benefits that would affect the effective tax rate | 103,200,000 | 84,200,000 | $ 78,300,000 | ||
Interest benefit from accrued interest and penalties | (400,000) | 7,400,000 | 100,000 | ||
Interest on income taxes accrued | 18,200,000 | $ 22,500,000 | $ 11,500,000 | ||
Net Operating Loss and Non-deductible Interest Expense Carryforwards [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance for deferred tax assets | $ 149,400,000 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards expiration dates | 2,032 | ||||
Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards expiration dates | 2,018 | ||||
Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Decrease in gross unrecognized tax benefits balance | $ 0 | ||||
Minimum [Member] | State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards expiration dates | 2,029 | ||||
Maximum [Member] | |||||
Income Taxes [Line Items] | |||||
Decrease in gross unrecognized tax benefits balance | $ 21,900,000 | ||||
Maximum [Member] | State and Local Jurisdiction | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards expiration dates | 2,034 | ||||
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
U.S. federal corporate tax rate | 21.00% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective income tax rate reconciliation [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
U.S. state and local income taxes, net of federal income tax benefit | 2.20% | 5.60% | 2.20% |
Income of pass-through entities allocated to non-controlling interests | (5.10%) | (4.80%) | (5.40%) |
Section 199 - Domestic Production Activities deduction | (2.50%) | (2.40%) | (2.50%) |
2017 Tax Act | 6.10% | ||
Foreign tax law changes | 2.30% | ||
Foreign earnings at other than U.S. rates | (2.00%) | (0.30%) | 0.20% |
Other | 1.90% | 0.60% | 1.10% |
Effective income tax rate | 37.90% | 33.70% | 30.60% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Accrued expenses | $ (27,862) | $ (32,120) |
Deferred compensation | (59,815) | (85,524) |
Net operating loss carry-forwards | (197,396) | (145,414) |
Investments | (91,828) | (129,113) |
State taxes and interest | (31,101) | (52,999) |
Property and equipment | (27,034) | (34,267) |
Other | (13,915) | (32,310) |
Total deferred tax assets: | (448,951) | (511,747) |
Deferred tax liabilities: | ||
Intangible assets | 179,764 | 157,675 |
Programs and program licenses | 1,823 | 54,908 |
Other | 6,992 | 5,544 |
Total deferred tax liabilities: | 188,579 | 218,127 |
Valuation allowance for deferred tax assets | 155,513 | 118,329 |
Net deferred tax asset | $ (104,859) | $ (175,291) |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Gross unrecognized tax benefits - beginning of year | $ 129,319 | $ 109,693 | $ 96,166 |
Increases in tax positions for prior years | 45,927 | 9,567 | 19,679 |
Decreases in tax positions for prior years | (1,566) | (19,243) | |
Increases in tax positions for current year | 13,772 | 30,142 | 17,712 |
Settlements with taxing authorities | (56,246) | (782) | 495 |
Lapse in statute of limitations | (872) | (58) | (24,359) |
Gross unrecognized tax benefits - end of year | $ 130,334 | $ 129,319 | $ 109,693 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 26, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Gross | $ 2,534,335 | $ 3,217,931 | ||
Current portion of debt, gross | (250,000) | |||
Debt (less current portion), gross | 2,534,335 | 2,967,931 | ||
Debt Issuance Costs | (12,330) | (15,545) | ||
Debt Issuance Costs, Current portion of debt | 68 | |||
Debt Issuance Costs, Debt (less current portion) | (12,330) | (15,477) | ||
Total debt, net | 2,522,005 | 3,202,386 | ||
Current portion of debt, net | (249,932) | |||
Debt (less current portion) | 2,522,005 | 2,952,454 | ||
Fair value of debt | [1] | 2,565,041 | 3,254,862 | |
Amended Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | 40,000 | 475,000 | ||
Amended Revolving Credit Facility | $ 40,000 | $ 475,000 | ||
Amended Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date | Mar. 31, 2019 | Mar. 31, 2019 | ||
Amended Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date | Mar. 31, 2020 | Mar. 31, 2020 | ||
2.75 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 499,334 | $ 498,979 | ||
Debt Issuance Costs | (1,375) | (2,124) | ||
Senior Notes | $ 497,959 | $ 496,855 | ||
Debt Instrument Maturity Date | May 15, 2019 | May 15, 2019 | ||
2.80 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 599,011 | $ 598,602 | ||
Debt Issuance Costs | (2,390) | (3,378) | ||
Senior Notes | $ 596,621 | $ 595,224 | ||
Debt Instrument Maturity Date | Dec. 31, 2020 | Dec. 31, 2020 | ||
3.50 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 399,218 | $ 399,040 | ||
Debt Issuance Costs | (2,425) | (2,975) | ||
Senior Notes | $ 396,793 | $ 396,065 | ||
Debt Instrument Maturity Date | Dec. 31, 2022 | Dec. 31, 2022 | ||
3.90 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 497,477 | $ 497,110 | ||
Debt Issuance Costs | (2,733) | (3,133) | ||
Senior Notes | $ 494,744 | $ 493,977 | ||
Debt Instrument Maturity Date | Nov. 15, 2024 | Nov. 15, 2024 | ||
3.95 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 499,295 | $ 499,200 | ||
Debt Issuance Costs | (3,407) | (3,867) | ||
Senior Notes | $ 495,888 | $ 495,333 | ||
Debt Instrument Maturity Date | Dec. 31, 2025 | Dec. 31, 2025 | ||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross | $ 250,000 | |||
Debt Issuance Costs | (68) | |||
Term Loan | $ 250,000 | $ 249,932 | ||
Debt Instrument Maturity Date | Jun. 30, 2017 | Jun. 30, 2017 | ||
[1] | The fair value of the Senior Notes was estimated using Level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
2.75 % Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument Stated interest rate | 2.75% | 2.75% |
2.80 % Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument Stated interest rate | 2.80% | 2.80% |
3.50 % Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument Stated interest rate | 3.50% | 3.50% |
3.90 % Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument Stated interest rate | 3.90% | 3.90% |
3.95 % Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument Stated interest rate | 3.95% | 3.95% |
Debt - Additional Information (
Debt - Additional Information (Details) € in Millions | Nov. 16, 2015EUR (€) | Jun. 26, 2015USD ($) | Dec. 31, 2016EUR (€) | Sep. 30, 2016EUR (€) | Nov. 30, 2015EUR (€) | Sep. 30, 2015EUR (€) | Jul. 31, 2015EUR (€) | May 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||
Pre-payment of principal amount | € 364.9 | |||||||||||||
Debt instrument, repurchase amount | 300 | |||||||||||||
Debt instrument, annual principal payment | 363.4 | |||||||||||||
Debt instrument, increase, accrued interest | € 1.5 | |||||||||||||
Pre-payment of long term debt | $ | $ 1,315,000,000 | $ 890,000,000 | $ 1,930,000,000 | |||||||||||
Debt instrument additional payment | € 4.6 | |||||||||||||
Debt issuance of costs | $ | 12,300,000 | 15,500,000 | ||||||||||||
Amortization of debt issuance costs | $ | 5,000,000 | 6,000,000 | $ 6,000,000 | |||||||||||
Amended Revolving Credit Facility [Member] | Other Non-current Assets [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, debt issuance of costs | $ | $ 700,000 | 1,100,000 | ||||||||||||
TVN [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior note early redemption amount | € 118.9 | |||||||||||||
Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term Loan | $ | $ 250,000,000 | $ 249,932,000 | ||||||||||||
Debt Instrument Maturity Date | Jun. 30, 2017 | Jun. 30, 2017 | ||||||||||||
Weighted average interest rate | 2.00% | 2.00% | 1.70% | |||||||||||
TVN 7.38% Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Pre-payment of principal amount | € 301 | € 43 | € 43 | € 43 | ||||||||||
Pre-payment of long term debt | 323.2 | 45.1 | 45.6 | 45.1 | ||||||||||
Debt Instrument, Accrued interest | € 11.1 | 0.8 | 1.3 | 0.8 | ||||||||||
Debt Instrument, premium | € 1.3 | € 1.3 | € 1.3 | € 11.1 | ||||||||||
Senior Notes | € 344 | |||||||||||||
TVN 7.88% Senior Notes [Member] | TVN [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Pre-payment of principal amount | € 116.6 | |||||||||||||
Debt Instrument, premium | € 2.3 | |||||||||||||
Debt instrument redemption date | Nov. 30, 2015 | Nov. 30, 2015 | ||||||||||||
Minimum [Member] | Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 62.5 | |||||||||||||
Maximum [Member] | Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 137.5 | |||||||||||||
Amended Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ | $ 1,150,000,000 | |||||||||||||
Expiration date of revolving credit facility | Mar. 31, 2020 | |||||||||||||
Line of credit facility, remaining borrowing capacity | $ | $ 32,500,000 | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ | $ 900,000,000 | |||||||||||||
Line of credit facility, interest rate description | LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings. | LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings. | ||||||||||||
Revolving credit facility | $ | $ 40,000,000 | $ 475,000,000 | ||||||||||||
Outstanding borrowings weighted average interest rate | 2.10% | 2.10% | 1.80% | |||||||||||
Letters of credit outstanding, amount | $ | $ 700,000 | $ 800,000 | ||||||||||||
Amended Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 69 | |||||||||||||
Basis spread on variable rate, commitment fee | 6 | |||||||||||||
Debt Instrument Maturity Date | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | |||||||||||
Amended Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 130 | |||||||||||||
Basis spread on variable rate, commitment fee | 20 | |||||||||||||
Debt Instrument Maturity Date | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2020 |
Employee Benefit Plans - Expens
Employee Benefit Plans - Expense Components of Pension Plan and SERP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 3,318 | $ 3,133 | $ 2,940 |
Expected return on plan assets, net of expenses | (3,969) | (3,851) | (3,876) |
Amortization of net loss | 3,040 | 2,256 | 2,095 |
Special termination benefits | 860 | ||
Settlement charges | 1,409 | 3,345 | |
Total | 3,798 | 1,538 | 5,364 |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 1,904 | 1,519 | 1,713 |
Amortization of net loss | 3,171 | 2,471 | 2,354 |
Special termination benefits | 290 | ||
Settlement charges | 2,006 | 2,514 | 1,121 |
Total | $ 7,081 | $ 6,504 | $ 5,478 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Historical compounded return on plan assets, minimum (in years) | 10 years | ||
Historical compounded return on plan assets, maximum (in years) | 15 years | ||
Defined contribution plans | $ 19,000 | $ 17,800 | $ 17,400 |
Cash Surrender Value of Life Insurance | 45,400 | 34,400 | |
Deferred compensation | 68,300 | 53,600 | |
Deferred compensation, non current | 65,319 | 47,008 | |
Deferred compensation, current | 3,000 | 6,600 | |
Rabbi Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets held in trust, current | 52,100 | 45,000 | |
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets held in trust, current | 6,700 | 10,600 | |
TVN [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plans | 4,800 | 4,400 | $ 2,100 |
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 1,417 | 10,000 | |
Expected contributing cash | 2,700 | ||
Expected benefit payments to SERP in 2018 | 6,584 | ||
Net actuarial loss during 2018 | 2,600 | ||
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | 4,264 | $ 5,724 | |
Expected benefit payments to SERP in 2018 | 12,929 | ||
Net actuarial loss during 2018 | $ 3,000 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Determining Pension Plans Expense (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans [Member] | |||
Assumptions used in determining annual retirement plan expense [Abstract] | |||
Discount rate | 3.60% | 3.75% | 3.46% |
Long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increases | 4.20% | 4.32% | 4.54% |
SERP [Member] | |||
Assumptions used in determining annual retirement plan expense [Abstract] | |||
Discount rate | 3.13% | 3.39% | 3.14% |
Rate of compensation increases | 3.37% | 3.10% | 4.41% |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Obligation and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Plan assets: | |||
Fair value at beginning of year | $ 55,631 | ||
Fair value at end of year | 60,725 | $ 55,631 | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Non-current liabilities | (88,343) | (82,734) | |
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 93,084 | 88,733 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 94,732 | 84,621 | |
Interest cost | 3,318 | 3,133 | $ 2,940 |
Benefits paid | (922) | (3,750) | |
Actuarial losses | 5,075 | 10,728 | |
Settlement charges | (4,334) | ||
Projected benefit obligation at end of year | 97,869 | 94,732 | 84,621 |
Plan assets: | |||
Fair value at beginning of year | 55,630 | 45,713 | |
Actual return on plan assets | 8,934 | 3,667 | |
Company contributions | 1,417 | 10,000 | |
Benefits paid | (922) | (3,750) | |
Settlement charges | (4,334) | ||
Fair value at end of year | 60,725 | 55,630 | 45,713 |
Under funded status | (37,144) | (39,102) | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Non-current liabilities | (37,144) | (39,102) | |
Total | (37,144) | (39,102) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | 31,819 | 36,158 | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 56,004 | 49,520 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 55,464 | 52,274 | |
Interest cost | 1,904 | 1,519 | 1,713 |
Benefits paid | (253) | (251) | |
Actuarial losses | 11,024 | 7,395 | |
Settlement charges | (4,011) | (5,473) | |
Projected benefit obligation at end of year | 64,128 | 55,464 | $ 52,274 |
Plan assets: | |||
Company contributions | 4,264 | 5,724 | |
Benefits paid | (253) | (251) | |
Settlement charges | (4,011) | (5,473) | |
Under funded status | (64,128) | (55,464) | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Current liabilities | (12,929) | (11,832) | |
Non-current liabilities | (51,199) | (43,632) | |
Total | (64,128) | (55,464) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | $ 30,988 | $ 25,142 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Information About Plan Assets And Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans [Member] | |||
Changes in plan assets and benefit obligations recognized in Other Comprehensive Income [Abstract] | |||
Net actuarial loss | $ 109 | $ 10,912 | $ 5,695 |
Amortization of net loss | (3,040) | (2,256) | (2,095) |
Settlement charges | (1,409) | (3,345) | |
Total recognized in other comprehensive (income) loss | (4,340) | 8,656 | 255 |
Net periodic benefit cost | 3,798 | 1,538 | 5,364 |
Total recognized in net periodic benefit cost and other comprehensive loss | (542) | 10,194 | 5,619 |
SERP [Member] | |||
Changes in plan assets and benefit obligations recognized in Other Comprehensive Income [Abstract] | |||
Net actuarial loss | 11,024 | 7,395 | 566 |
Amortization of net loss | (3,171) | (2,471) | (2,354) |
Settlement charges | (2,006) | (2,514) | (1,121) |
Total recognized in other comprehensive (income) loss | 5,847 | 2,410 | (2,909) |
Net periodic benefit cost | 7,081 | 6,504 | 5,478 |
Total recognized in net periodic benefit cost and other comprehensive loss | $ 12,928 | $ 8,914 | $ 2,569 |
Employee Benefit Plans - Summ96
Employee Benefit Plans - Summary of Accumulated Benefit Obligation in Excess of Plan Assets for Defined Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans [Member] | ||
Accumulated benefit obligation in excess of plan assets [Abstract] | ||
Accumulated benefit obligation | $ 93,084 | $ 88,733 |
Fair value of plan assets | 60,725 | 55,630 |
SERP [Member] | ||
Accumulated benefit obligation in excess of plan assets [Abstract] | ||
Accumulated benefit obligation | $ 56,004 | $ 49,520 |
Employee Benefit Plans - Summ97
Employee Benefit Plans - Summary of Projected Benefit Obligation in Excess of Plan Assets for Defined Benefit Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 97,869 | $ 94,732 |
Fair value of plan assets | 60,725 | 55,630 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 64,128 | $ 55,464 |
Employee Benefit Plans - Summ98
Employee Benefit Plans - Summary of Assumptions Used to Determine Benefit Obligations For Defined Benefit Plans (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans [Member] | ||
Assumptions used to determine defined benefit plan obligations [Abstract] | ||
Discount rate | 3.23% | 3.60% |
Rate of compensation increases | 3.61% | 4.20% |
SERP [Member] | ||
Assumptions used to determine defined benefit plan obligations [Abstract] | ||
Discount rate | 2.92% | 3.13% |
Rate of compensation increases | 3.13% | 3.37% |
Employee Benefit Plans - Summ99
Employee Benefit Plans - Summary of Pension Plan Asset Allocations By Asset Category (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 100.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 100.00% | 100.00% |
U.S. Equity Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 27.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 30.00% | 32.70% |
Non-U.S. Equity Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 39.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 41.70% | 35.10% |
Fixed Income Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 30.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 23.20% | 27.20% |
Other Mutual Funds [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 4.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 5.10% | 5.00% |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan Assets at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 60,725 | $ 55,631 |
U.S. Equity Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18,243 | 18,222 |
Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25,377 | 19,563 |
Fixed Income Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,012 | 15,135 |
Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,762 | 2,609 |
Plan Assets, Subtotal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 60,394 | 55,529 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 331 | 102 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57,963 | 53,022 |
Level 1 [Member] | U.S. Equity Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18,243 | 18,222 |
Level 1 [Member] | Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25,377 | 19,563 |
Level 1 [Member] | Fixed Income Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,012 | 15,135 |
Level 1 [Member] | Plan Assets, Subtotal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 57,632 | 52,920 |
Level 1 [Member] | Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 331 | 102 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,762 | 2,609 |
Level 2 [Member] | Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,762 | 2,609 |
Level 2 [Member] | Plan Assets, Subtotal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,762 | $ 2,609 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plans [Member] | |
Estimated future benefit payments [Abstract] | |
2,018 | $ 6,584 |
2,019 | 5,618 |
2,020 | 5,907 |
2,021 | 6,039 |
2,022 | 6,251 |
Thereafter | 33,038 |
SERP [Member] | |
Estimated future benefit payments [Abstract] | |
2,018 | 12,929 |
2,019 | 6,039 |
2,020 | 12,646 |
2,021 | 3,076 |
2,022 | 3,482 |
Thereafter | $ 13,716 |
Other Non-Current Liabilities -
Other Non-Current Liabilities - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Pension and post-employment benefits | $ 88,343 | $ 82,734 |
Deferred compensation | 65,319 | 47,008 |
Uncertain tax positions | 148,504 | 151,821 |
Other | 13,051 | 21,318 |
Other non-current liabilities | $ 315,217 | $ 302,881 |
Derivative Financial Instrum103
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Gross notional amount | $ 0 | $ 0 | |
Recognized net gains (losses) from derivatives | (11,300,000) | 17,900,000 | $ 50,300,000 |
Foreign currency transaction gains (losses) before tax | $ 86,690,000 | $ (16,137,000) | $ (22,430,000) |
Redeemable Non-controlling I104
Redeemable Non-controlling Interests and Non-controlling Interest - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Minority Interest [Line Items] | ||||
Purchase of non-controlling interest | $ 853,853 | |||
Ownership interest (in hundredths) | 100.00% | |||
Voting interest held by the company (in hundredths) | 80.00% | |||
Travel Channel [Member] | ||||
Minority Interest [Line Items] | ||||
Ownership interest held by noncontrolling interest (in hundredths) | 35.00% | |||
Purchase of non-controlling interest | $ 99,000 | |||
Ownership interest (in hundredths) | 100.00% | 100.00% | ||
FNLA [Member] | ||||
Minority Interest [Line Items] | ||||
Ownership interest held by noncontrolling interest (in hundredths) | 30.00% | |||
Purchase of non-controlling interest | $ 4,500 | |||
Ownership interest (in hundredths) | 100.00% | 100.00% |
Redeemable Non-controlling I105
Redeemable Non-controlling Interests and Non-controlling Interest - Summary of Activity for Account Balances Whose Fair Value Measurements are Estimated Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interests [Roll Forward] | |||
Net income | $ (190,471) | $ (173,967) | $ (167,825) |
Fair value adjustments | (3,482) | (17,794) | |
Purchase of non-controlling interest | (853,853) | ||
Redeemable Non-controlling Interests [Member] | |||
Redeemable Noncontrolling Interests [Roll Forward] | |||
Balance - beginning of year | 99,000 | ||
Net income | 1,018 | ||
Fair value adjustments | 3,482 | 17,794 | |
Purchase of non-controlling interest | $ (103,500) | ||
Balance - end of year | $ 99,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Directorshares | Dec. 31, 2016shares | Dec. 31, 2015USD ($)shares | |
Capital stock [Abstract] | |||
Number of directors entitled to be elected, minimum | Director | 3 | ||
Percentage of directors entitled to be elected, maximum | 33.33% | ||
Incentive Plans [Abstract] | |||
LTI Plan expiration date | Feb. 28, 2025 | ||
Shares available for future stock compensation grants (in million shares) | 6,300,000 | ||
Stock Options and Restricted Stock Units [Abstract] | |||
Right to repurchase shares at fair market value (in hundredths) | 100.00% | ||
Expiration after grant date, prior (in years) | eight year | ||
Expiration after grant date, after (in years) | ten year | ||
Stock option issued (in shares) | 0 | ||
Share Repurchase Program [Abstract] | |||
Repurchase of Class A Common shares (in shares) | 0 | 0 | 3,986,275 |
Cost of shares repurchased | $ | $ 288.5 | ||
Authorized amount | $ | $ 1,512.5 | ||
Scripps Family Members [Member] | |||
Share Repurchase Program [Abstract] | |||
Repurchase of Class A Common shares (in shares) | 3,000,000 | ||
Cost of shares repurchased | $ | $ 216.8 | ||
Restricted Stock Units [Member] | Minimum [Member] | |||
Stock Options and Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock Units [Member] | Maximum [Member] | |||
Stock Options and Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 5 years | ||
Employee [Member] | |||
Stock Options and Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 3 years | ||
Non Employee Director [Member] | |||
Stock Options and Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 1 year | ||
Common Class A [Member] | |||
Capital stock [Abstract] | |||
Shares reserved for issuance of stock | 8,000,000 |
Shareholders' Equity - Stock op
Shareholders' Equity - Stock options transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding stock options [Roll forward] | |||
Beginning balance | 2,568,000 | ||
Granted | 0 | ||
Exercised | (483,195) | (351,973) | (285,938) |
Forfeited | (20,000) | ||
Ending balance | 2,065,000 | 2,568,000 | |
Vested and expected to vest | 2,065,000 | ||
Options exercisable | 1,640,000 | ||
Weighted-average exercise price [Abstract] | |||
Beginning balance | $ 60.04 | ||
Ending balance | 62.08 | $ 60.04 | |
Vested and expected to vest | 62.08 | ||
Options exercisable | $ 53.40 | ||
Weighted-Average Remaining Term | 4 years | ||
Weight-Average remaining term vested and expected to vest | 4 years | ||
Weighted Average remaining term options exercisable | 3 years 6 months | ||
Aggregate intrinsic value, outstanding | $ 42,437 | ||
Aggregated intrinsic value, vested and expected to vest | 42,437 | ||
Aggregate intrinsic value, exercisable | $ 34,450 |
Shareholders' Equity - Value of
Shareholders' Equity - Value of exercises of stock options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Cash received upon exercise | $ 23,662 | $ 15,110 | $ 9,207 |
Intrinsic value | $ 15,278 | $ 7,925 | $ 6,030 |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted stock units (Details) - Restricted Stock Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Unvested units or shares [Roll Forward] | |
Balance, beginning (in shares) | shares | 380 |
Granted (in shares) | shares | 351 |
Converted (in shares) | shares | (292) |
Forfeited (in shares) | shares | (19) |
Balance, ending (in shares) | shares | 420 |
Unvested units or shares, weighted average grant date fair value [Abstract] | |
Balance, beginning (in dollars per share) | $ / shares | $ 46.48 |
Granted (in dollars per share) | $ / shares | 77.97 |
Converted (in dollars per share) | $ / shares | 72.65 |
Forfeited (in dollars per share) | $ / shares | 70.55 |
Balance, end (in dollars per share) | $ / shares | $ 41.21 |
Shareholders' Equity - Performa
Shareholders' Equity - Performance based restricted stock units (Details) - Performance Based Restricted Stock Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Unvested units or shares [Roll Forward] | |
Balance, beginning (in shares) | shares | 515 |
Granted (in shares) | shares | 211 |
Converted (in shares) | shares | (91) |
Balance, ending (in shares) | shares | 600 |
Net adjustments based on performance | shares | (35) |
Unvested units or shares, weighted average grant date fair value [Abstract] | |
Balance, beginning (in dollars per share) | $ / shares | $ 74.67 |
Granted (in dollars per share) | $ / shares | 79.99 |
Converted (in dollars per share) | $ / shares | 70.69 |
Balance, end (in dollars per share) | $ / shares | 68.38 |
Net adjustments based on performance | $ / shares | $ 81.98 |
Shareholders' Equity - Weighted
Shareholders' Equity - Weighted-average assumptions used in estimate of compensation costs of share options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units [Abstract] | ||
Weighted-average fair value of stock options granted | $ 12.53 | $ 15.18 |
Assumptions used to determine fair value: | ||
Dividend yield | 1.62% | 1.28% |
Risk-free rate of return | 1.29% | 1.49% |
Expected life (years) | 4 years 10 months 24 days | 5 years |
Expected volatility | 25.20% | 24.70% |
Shareholders' Equity - Share-Ba
Shareholders' Equity - Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation | $ 40,219 | $ 35,198 | $ 29,568 |
Stock options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation | 1,093 | 7,337 | 7,399 |
RSUs and PBRSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation | $ 39,126 | $ 27,861 | $ 22,169 |
Shareholders' Equity - Unrecogn
Shareholders' Equity - Unrecognized Share Based Compensation Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized share-based compensation | $ 23,312 |
Stock options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized share-based compensation | $ 513 |
Weighted-Average Period | 10 months 24 days |
RSUs and PBRSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized share-based compensation | $ 22,799 |
Weighted-Average Period | 1 year 8 months 1 day |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss), Net of Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Total Equity Balance | $ 2,228,428 | $ 1,837,176 | $ 1,684,587 |
Other comprehensive income (loss) before reclassifications | 351,961 | (237,535) | (70,464) |
Amounts reclassified from AOCI | (2,069) | 4,067 | (1,878) |
Net current period other comprehensive income (loss) | 349,892 | (233,468) | (72,342) |
Total Equity Balance | 3,111,188 | 2,228,428 | 1,837,176 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Total Equity Balance | (324,708) | (98,239) | (25,122) |
Other comprehensive income (loss) before reclassifications | 353,468 | (226,469) | (73,117) |
Net current period other comprehensive income (loss) | 353,468 | (226,469) | (73,117) |
Total Equity Balance | 28,760 | (324,708) | (98,239) |
Pension Plan and SERP Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Total Equity Balance | (38,993) | (31,994) | (32,769) |
Other comprehensive income (loss) before reclassifications | (1,507) | (11,066) | 2,653 |
Amounts reclassified from AOCI | (2,069) | 4,067 | (1,878) |
Net current period other comprehensive income (loss) | (3,576) | (6,999) | 775 |
Total Equity Balance | (42,569) | (38,993) | (31,994) |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Total Equity Balance | (363,701) | (130,233) | (57,891) |
Total Equity Balance | $ (13,809) | $ (363,701) | $ (130,233) |
Comprehensive Income - Addition
Comprehensive Income - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |||
Amounts reclassified to net earnings relating to amortization of actuarial losses | $ 6.2 | $ 4.7 | $ 4.4 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Minimum Payments under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating leases [Abstract] | |
2,018 | $ 27,391 |
2,019 | 22,623 |
2,020 | 20,725 |
2,021 | 18,297 |
2,022 | 844 |
Thereafter | $ 1,269 |
Commitments and Contingencie117
Commitments and Contingencies - Rent Expense under Cancelable and Non-Cancelable Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Rental expense | $ 30,478 | $ 26,643 | $ 28,444 |
Commitments and Contingencie118
Commitments and Contingencies - Summary of Minimum Payments for Satellite Transmission Services (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term contract commitments [Abstract] | |
2,018 | $ 37,827 |
2,019 | 17,716 |
2,020 | 8,853 |
2,021 | $ 3,644 |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)Segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Operating Revenues | |||||||||||
Number of reportable segments | Segment | 2 | ||||||||||
ASSETS | |||||||||||
Ownership interest (in hundredths) | 100.00% | 100.00% | |||||||||
Intersegment revenue | $ 956,116 | $ 825,525 | $ 925,046 | $ 855,120 | $ 888,701 | $ 803,085 | $ 892,771 | $ 816,878 | $ 3,561,807 | $ 3,401,435 | $ 3,018,227 |
Total Assets | 6,521,680 | 6,200,294 | 6,521,680 | 6,200,294 | 6,672,314 | ||||||
Outside the U.S. [Member] | |||||||||||
ASSETS | |||||||||||
Total Assets | $ 3,379,900 | $ 2,955,800 | 3,379,900 | 2,955,800 | 3,238,200 | ||||||
Intersegment Revenue Eliminations [Member] | |||||||||||
ASSETS | |||||||||||
Intersegment revenue | $ (27,100) | $ (27,000) | $ (26,300) | ||||||||
UKTV [Member] | |||||||||||
ASSETS | |||||||||||
Ownership interest (in hundredths) | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
Food Network Partnership [Member] | |||||||||||
ASSETS | |||||||||||
Ownership interest (in hundredths) | 68.70% | 68.70% |
Segment Information - Informati
Segment Information - Information Regarding Business Segments (Details) $ in Thousands, PLN in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2017USD ($) | Jul. 31, 2017PLN | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating revenues: | |||||||||||||
Advertising | $ 2,505,257 | $ 2,416,403 | $ 2,062,530 | ||||||||||
Distribution | 955,404 | 894,367 | 874,984 | ||||||||||
Other | 101,146 | 90,665 | 80,713 | ||||||||||
Total operating revenues | $ 956,116 | $ 825,525 | $ 925,046 | $ 855,120 | $ 888,701 | $ 803,085 | $ 892,771 | $ 816,878 | 3,561,807 | 3,401,435 | 3,018,227 | ||
Cost of services, excluding depreciation and amortization | 356,812 | 318,292 | 299,851 | 279,039 | 328,355 | 298,207 | 286,999 | 279,667 | 1,253,994 | 1,193,228 | 987,357 | ||
Selling, general and administrative | 237,071 | 224,192 | 212,397 | 207,370 | 215,959 | 200,820 | 191,133 | 198,821 | 881,030 | 806,733 | 785,179 | ||
Segment profit (loss) | 1,426,783 | 1,401,474 | 1,245,691 | ||||||||||
Depreciation | 14,993 | 14,736 | 13,660 | 14,960 | 17,803 | 20,370 | 16,089 | 17,297 | 58,349 | 71,559 | 73,112 | ||
Amortization | 26,861 | 17,400 | 25,058 | 24,197 | 40,955 | 25,771 | 25,654 | 31,062 | 93,516 | 123,442 | 68,647 | ||
Goodwill write-down | 505 | 57,878 | 505 | 57,878 | |||||||||
Operating income | 319,874 | 250,905 | 374,080 | 329,554 | 227,751 | 257,917 | 372,896 | 290,031 | 1,274,413 | 1,148,595 | 1,103,932 | ||
Interest (expense) income, net | (21,612) | (23,092) | (24,203) | (24,252) | (29,912) | (32,609) | (33,175) | (33,745) | (93,159) | (129,441) | (108,047) | ||
Equity in earnings of affiliates | 9,577 | 8,758 | 20,974 | 20,449 | 15,519 | 8,473 | 21,712 | 25,678 | 59,758 | 71,382 | 80,916 | ||
(Loss) gain on derivatives | (1,848) | (3,446) | (3,672) | (2,336) | 4,008 | 2,827 | 8,267 | 2,766 | (11,302) | 17,868 | 50,256 | ||
(Loss) gain on sale of investments | $ 1,300 | PLN 5.6 | (2,442) | 1,416 | (16,373) | 208,197 | (1,026) | 191,824 | |||||
Miscellaneous, net | 19,951 | 2,854 | 32,181 | 27,540 | (28,120) | 21,276 | (21,672) | 6,066 | 82,526 | (22,450) | (5,193) | ||
Income from operations before income taxes | $ 325,942 | $ 233,537 | $ 400,776 | $ 350,955 | $ 189,246 | $ 257,884 | $ 331,655 | $ 498,993 | 1,311,210 | 1,277,778 | 1,121,864 | ||
Additions to property and equipment: | 87,637 | 75,865 | 52,480 | ||||||||||
International Networks [Member] | |||||||||||||
Operating revenues: | |||||||||||||
Goodwill write-down | 505 | 57,878 | |||||||||||
Operating Segments [Member] | U.S. Networks [Member] | |||||||||||||
Operating revenues: | |||||||||||||
Advertising | 2,069,422 | 2,029,095 | 1,851,574 | ||||||||||
Distribution | 840,175 | 785,849 | 800,134 | ||||||||||
Other | 57,445 | 56,480 | 64,955 | ||||||||||
Total operating revenues | 2,967,042 | 2,871,424 | 2,716,663 | ||||||||||
Cost of services, excluding depreciation and amortization | 918,439 | 887,554 | 794,387 | ||||||||||
Selling, general and administrative | 620,274 | 570,420 | 585,087 | ||||||||||
Segment profit (loss) | 1,428,329 | 1,413,450 | 1,337,189 | ||||||||||
Depreciation | 43,288 | 59,298 | 59,428 | ||||||||||
Amortization | 40,691 | 40,220 | 40,166 | ||||||||||
Operating income | 1,344,350 | 1,313,932 | 1,237,595 | ||||||||||
Interest (expense) income, net | (491) | (232) | (2,635) | ||||||||||
Equity in earnings of affiliates | 20,292 | 23,943 | 43,851 | ||||||||||
(Loss) gain on sale of investments | 208,197 | ||||||||||||
Miscellaneous, net | 11,777 | 13,259 | 22,919 | ||||||||||
Income from operations before income taxes | 1,375,928 | 1,559,099 | 1,301,730 | ||||||||||
Additions to property and equipment: | 44,203 | 45,865 | 40,120 | ||||||||||
Operating Segments [Member] | International Networks [Member] | |||||||||||||
Operating revenues: | |||||||||||||
Advertising | 435,835 | 387,308 | 210,956 | ||||||||||
Distribution | 115,229 | 108,529 | 74,850 | ||||||||||
Other | 70,756 | 61,215 | 42,085 | ||||||||||
Total operating revenues | 621,820 | 557,052 | 327,891 | ||||||||||
Cost of services, excluding depreciation and amortization | 362,573 | 324,429 | 206,321 | ||||||||||
Selling, general and administrative | 134,240 | 132,226 | 90,677 | ||||||||||
Segment profit (loss) | 125,007 | 100,397 | 30,893 | ||||||||||
Depreciation | 12,546 | 12,205 | 10,760 | ||||||||||
Amortization | 52,825 | 83,222 | 28,481 | ||||||||||
Goodwill write-down | 505 | 57,878 | |||||||||||
Operating income | 59,131 | (52,908) | (8,348) | ||||||||||
Interest (expense) income, net | 616 | (25,042) | (23,953) | ||||||||||
Equity in earnings of affiliates | 39,466 | 47,439 | 37,065 | ||||||||||
(Loss) gain on derivatives | (3,845) | ||||||||||||
(Loss) gain on sale of investments | (526) | ||||||||||||
Miscellaneous, net | 28,935 | 98,740 | 17,242 | ||||||||||
Income from operations before income taxes | 127,622 | 68,229 | 18,161 | ||||||||||
Additions to property and equipment: | 37,590 | 22,983 | 10,424 | ||||||||||
Corporate and Other [Member] | |||||||||||||
Operating revenues: | |||||||||||||
Distribution | (11) | ||||||||||||
Other | (27,055) | (27,030) | (26,327) | ||||||||||
Total operating revenues | (27,055) | (27,041) | (26,327) | ||||||||||
Cost of services, excluding depreciation and amortization | (27,018) | (18,755) | (13,351) | ||||||||||
Selling, general and administrative | 126,516 | 104,087 | 109,415 | ||||||||||
Segment profit (loss) | (126,553) | (112,373) | (122,391) | ||||||||||
Depreciation | 2,515 | 56 | 2,924 | ||||||||||
Operating income | (129,068) | (112,429) | (125,315) | ||||||||||
Interest (expense) income, net | (93,284) | (104,167) | (81,459) | ||||||||||
(Loss) gain on derivatives | (11,302) | 17,868 | 54,101 | ||||||||||
(Loss) gain on sale of investments | (500) | (16,373) | |||||||||||
Miscellaneous, net | 41,814 | (134,449) | (45,354) | ||||||||||
Income from operations before income taxes | (192,340) | (349,550) | (198,027) | ||||||||||
Additions to property and equipment: | $ 5,844 | $ 7,017 | $ 1,936 |
Segment Information - Operating
Segment Information - Operating Revenues And Long Lived Assets By Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenues by geographic location: | |||||||||||
Total operating revenues | $ 956,116 | $ 825,525 | $ 925,046 | $ 855,120 | $ 888,701 | $ 803,085 | $ 892,771 | $ 816,878 | $ 3,561,807 | $ 3,401,435 | $ 3,018,227 |
Long-lived assets by geographic location: | |||||||||||
Total long-lived assets | 4,668,301 | 4,366,904 | 4,668,301 | 4,366,904 | 4,852,479 | ||||||
ASSETS | |||||||||||
Total assets | 6,521,680 | 6,200,294 | 6,521,680 | 6,200,294 | 6,672,314 | ||||||
Operating Segments [Member] | U.S. Networks [Member] | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | 2,967,042 | 2,871,424 | 2,716,663 | ||||||||
ASSETS | |||||||||||
Total assets | 2,793,927 | 2,800,137 | 2,793,927 | 2,800,137 | 2,937,428 | ||||||
Operating Segments [Member] | International Networks [Member] | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | 621,820 | 557,052 | 327,891 | ||||||||
ASSETS | |||||||||||
Total assets | 3,413,152 | 2,991,607 | 3,413,152 | 2,991,607 | 3,276,989 | ||||||
Corporate and Other [Member] | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | (27,055) | (27,041) | (26,327) | ||||||||
ASSETS | |||||||||||
Total assets | 314,601 | 408,550 | 314,601 | 408,550 | 457,897 | ||||||
United States | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | 2,989,325 | 2,884,474 | 2,726,124 | ||||||||
Long-lived assets by geographic location: | |||||||||||
Total long-lived assets | 1,773,616 | 1,809,919 | 1,773,616 | 1,809,919 | 1,903,918 | ||||||
Poland | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | 495,216 | 443,388 | 224,720 | ||||||||
Long-lived assets by geographic location: | |||||||||||
Total long-lived assets | 2,504,337 | 2,172,743 | 2,504,337 | 2,172,743 | 2,406,842 | ||||||
Other International | |||||||||||
Operating revenues by geographic location: | |||||||||||
Total operating revenues | 77,266 | 73,573 | 67,383 | ||||||||
Long-lived assets by geographic location: | |||||||||||
Total long-lived assets | $ 390,348 | $ 384,242 | $ 390,348 | $ 384,242 | $ 541,719 |
Summarized Quarterly Financi122
Summarized Quarterly Financial Information (Unaudited) (Details) $ / shares in Units, shares in Thousands, $ in Thousands, PLN in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2017USD ($) | Jul. 31, 2017PLN | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Operating revenues | $ 956,116 | $ 825,525 | $ 925,046 | $ 855,120 | $ 888,701 | $ 803,085 | $ 892,771 | $ 816,878 | $ 3,561,807 | $ 3,401,435 | $ 3,018,227 | ||
Operating expenses: | |||||||||||||
Cost of services, excluding depreciation and amortization | 356,812 | 318,292 | 299,851 | 279,039 | 328,355 | 298,207 | 286,999 | 279,667 | 1,253,994 | 1,193,228 | 987,357 | ||
Selling, general and administrative | 237,071 | 224,192 | 212,397 | 207,370 | 215,959 | 200,820 | 191,133 | 198,821 | 881,030 | 806,733 | 785,179 | ||
Depreciation | 14,993 | 14,736 | 13,660 | 14,960 | 17,803 | 20,370 | 16,089 | 17,297 | 58,349 | 71,559 | 73,112 | ||
Amortization | 26,861 | 17,400 | 25,058 | 24,197 | 40,955 | 25,771 | 25,654 | 31,062 | 93,516 | 123,442 | 68,647 | ||
Goodwill write-down | 505 | 57,878 | 505 | 57,878 | |||||||||
Total operating expenses | 636,242 | 574,620 | 550,966 | 525,566 | 660,950 | 545,168 | 519,875 | 526,847 | 2,287,394 | 2,252,840 | 1,914,295 | ||
Operating income | 319,874 | 250,905 | 374,080 | 329,554 | 227,751 | 257,917 | 372,896 | 290,031 | 1,274,413 | 1,148,595 | 1,103,932 | ||
Interest expense, net | (21,612) | (23,092) | (24,203) | (24,252) | (29,912) | (32,609) | (33,175) | (33,745) | (93,159) | (129,441) | (108,047) | ||
Equity in earnings of affiliates | 9,577 | 8,758 | 20,974 | 20,449 | 15,519 | 8,473 | 21,712 | 25,678 | 59,758 | 71,382 | 80,916 | ||
(Loss) gain on derivatives | (1,848) | (3,446) | (3,672) | (2,336) | 4,008 | 2,827 | 8,267 | 2,766 | (11,302) | 17,868 | 50,256 | ||
(Loss) gain on sale of investments | $ 1,300 | PLN 5.6 | (2,442) | 1,416 | (16,373) | 208,197 | (1,026) | 191,824 | |||||
Miscellaneous, net | 19,951 | 2,854 | 32,181 | 27,540 | (28,120) | 21,276 | (21,672) | 6,066 | 82,526 | (22,450) | (5,193) | ||
Income from operations before income taxes | 325,942 | 233,537 | 400,776 | 350,955 | 189,246 | 257,884 | 331,655 | 498,993 | 1,311,210 | 1,277,778 | 1,121,864 | ||
Provision for income taxes | 210,166 | 70,454 | 115,099 | 101,140 | 96,937 | 76,043 | 98,303 | 159,047 | 496,859 | 430,330 | 343,391 | ||
Net income | 115,776 | 163,083 | 285,677 | 249,815 | 92,309 | 181,841 | 233,352 | 339,946 | 814,351 | 847,448 | 778,473 | ||
Less: net income attributable to non-controlling interests | (49,904) | (38,995) | (51,602) | (49,915) | (40,216) | (35,844) | (48,744) | (49,049) | (190,416) | (173,853) | (171,645) | ||
Net income attributable to SNI | $ 65,872 | $ 124,088 | $ 234,075 | $ 199,900 | $ 52,093 | $ 145,997 | $ 184,608 | $ 290,897 | $ 623,935 | $ 673,595 | $ 606,828 | ||
Net income attributable to SNI Class A Common and Common Voting shareholders per share of common stock: | |||||||||||||
Basic | $ / shares | $ 0.51 | $ 0.95 | $ 1.80 | $ 1.54 | $ 0.40 | $ 1.13 | $ 1.42 | $ 2.25 | $ 4.79 | $ 5.20 | $ 4.68 | ||
Diluted | $ / shares | $ 0.50 | $ 0.95 | $ 1.79 | $ 1.53 | $ 0.40 | $ 1.12 | $ 1.42 | $ 2.24 | $ 4.76 | $ 5.18 | $ 4.66 | ||
Weighted average shares outstanding: | |||||||||||||
Basic | shares | 130,392 | 130,313 | 130,233 | 129,921 | 129,661 | 129,586 | 129,562 | 129,295 | 130,217 | 129,529 | 129,665 | ||
Diluted | shares | 131,353 | 131,262 | 130,884 | 130,743 | 130,350 | 130,124 | 130,141 | 129,790 | 131,063 | 130,104 | 130,255 | ||
Cash dividends declared per share of common stock | $ / shares | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.20 | $ 1 |
Related Party Transactions- Add
Related Party Transactions- Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
TVN [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from equity-method investment | $ 12,100,000 | $ 13,400,000 | $ 5,100,000 |
E. W. Scripps Company [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation payment including selling, general and administrative expenses | $ 2,400,000 | 2,200,000 | 4,800,000 |
UK To UKTV [Member] | |||
Related Party Transaction [Line Items] | |||
Taxable losses compensation rate | 83.30% | ||
Tax benefit recognized related to the surrender of U.K. losses | $ 0 | 4,900,000 | 7,900,000 |
Net receivable due related to tax benefits | $ 0 | $ 1,600,000 | $ 4,500,000 |
Schedule II Valuation and Qu124
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance beginning of period | $ 26,118 | $ 12,569 | $ 7,889 |
Additions charged to revenues, costs, expenses | 6,847 | 30,917 | 8,090 |
Deductions amounts charged off-net | 19,803 | 17,368 | 3,410 |
Balance end of period | $ 13,162 | $ 26,118 | $ 12,569 |