Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | E.W. SCRIPPS Co |
Entity Central Index Key | 832,428 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Common stock, Class A | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 71,603,869 |
Voting common stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 11,932,722 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 66,479 | $ 108,061 |
Restricted cash | 5,460 | 6,560 |
Accounts and notes receivable (less allowances — $1,570 and $1,610) | 191,243 | 171,901 |
Income taxes receivable | 1,160 | 4,626 |
Miscellaneous | 13,241 | 11,482 |
Total current assets | 277,583 | 302,630 |
Investments | 14,840 | 13,856 |
Property and equipment | 263,696 | 271,047 |
Goodwill | 617,080 | 585,787 |
Other intangible assets | 479,773 | 479,187 |
Deferred income taxes | 20,698 | 13,640 |
Miscellaneous | 13,619 | 14,713 |
Total Assets | 1,687,289 | 1,680,860 |
Current liabilities: | ||
Accounts payable | 29,024 | 31,606 |
Customer deposits and unearned revenue | 7,297 | 8,508 |
Current portion of long-term debt | 6,656 | 6,656 |
Accrued liabilities: | ||
Employee compensation and benefits | 26,425 | 33,669 |
Miscellaneous | 22,482 | 25,392 |
Other current liabilities | 12,975 | 13,992 |
Total current liabilities | 104,859 | 119,823 |
Long-term debt (less current portion) | 390,825 | 392,487 |
Other liabilities (less current portion) | 267,204 | 267,567 |
Equity: | ||
Preferred stock, $.01 par — authorized: 25,000,000 shares; none outstanding | 0 | 0 |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 71,603,869 and 71,886,969 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | 835 | 838 |
Additional paid-in capital | 1,156,231 | 1,163,985 |
Accumulated deficit | (144,249) | (174,038) |
Accumulated other comprehensive loss, net of income taxes | (88,416) | (89,802) |
Total equity | 924,401 | 900,983 |
Total Liabilities and Equity | 1,687,289 | 1,680,860 |
Common stock, Class A | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 71,603,869 and 71,886,969 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | 716 | 719 |
Voting common stock | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 71,603,869 and 71,886,969 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | $ 119 | $ 119 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowances for accounts and notes receivable | $ 1,570 | $ 1,610 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, Class A | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 71,603,869 | 71,886,969 |
Common stock, shares outstanding | 71,603,869 | 71,886,969 |
Voting common stock | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 11,932,722 | 11,932,722 |
Common stock, shares outstanding | 11,932,722 | 11,932,722 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Revenues: | ||||
Advertising | $ 163,444 | $ 154,372 | $ 309,763 | $ 244,105 |
Retransmission | 53,433 | 36,495 | 107,047 | 64,413 |
Other | 10,940 | 7,267 | 20,505 | 12,639 |
Total operating revenues | 227,817 | 198,134 | 437,315 | 321,157 |
Costs and Expenses: | ||||
Employee compensation and benefits | 92,463 | 91,118 | 188,348 | 159,480 |
Programs and program licenses | 43,503 | 31,387 | 84,071 | 52,519 |
Other expenses | 50,284 | 43,611 | 96,031 | 72,871 |
Defined benefit pension plan expense | 3,449 | 4,120 | 6,899 | 6,806 |
Acquisition and related integration costs | 0 | 29,973 | 578 | 32,747 |
Total costs and expenses | 189,699 | 200,209 | 375,927 | 324,423 |
Depreciation, Amortization, and (Gains) Losses: | ||||
Depreciation | 8,928 | 8,604 | 17,584 | 14,791 |
Amortization of intangible assets | 5,858 | 4,762 | 11,613 | 6,870 |
Losses, net on disposal of property and equipment | 22 | 215 | 18 | 379 |
Net depreciation, amortization, and (gains) losses | 14,808 | 13,581 | 29,215 | 22,040 |
Operating income (loss) | 23,310 | (15,656) | 32,173 | (25,306) |
Interest expense | (4,432) | (4,225) | (9,011) | (6,277) |
Miscellaneous, net | (458) | 387 | (649) | (1,049) |
Income (loss) from continuing operations before income taxes | 18,420 | (19,494) | 22,513 | (32,632) |
Provision (benefit) for income taxes | 6,932 | (6,539) | 6,137 | (11,562) |
Income (loss) from continuing operations | 11,488 | (12,955) | 16,376 | (21,070) |
Loss from discontinued operations, net of tax | 0 | (18,448) | 0 | (15,432) |
Net income (loss) | $ 11,488 | $ (31,403) | $ 16,376 | $ (36,502) |
Net income (loss) per basic share of common stock: | ||||
Income (loss) from continuing operations (in dollars per share) | $ 0.14 | $ (0.15) | $ 0.19 | $ (0.30) |
Loss from discontinued operations (in dollars per share) | 0 | (0.22) | 0 | (0.22) |
Net income (loss) per basic share of common stock (in dollars per share) | 0.14 | (0.37) | 0.19 | (0.52) |
Net income (loss) per diluted share of common stock: | ||||
Income (loss) from continuing operations (in dollars per share) | 0.13 | (0.15) | 0.19 | (0.30) |
Loss from discontinued operations (in dollars per share) | 0 | (0.22) | 0 | (0.22) |
Net income (loss) per diluted share of common stock (in dollars per share) | $ 0.13 | $ (0.37) | $ 0.19 | $ (0.52) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ 11,488 | $ (31,403) | $ 16,376 | $ (36,502) |
Changes in fair value of derivative, net of tax of $37, $37, $74 and $73 | 59 | 59 | 118 | 119 |
Changes in defined benefit pension plans, net of tax of $401, $(1,669), $801 and $(1,211) | 640 | (2,716) | 1,282 | (1,959) |
Other | (7) | 84 | (14) | 84 |
Total comprehensive income (loss) | $ 12,180 | $ (33,976) | $ 17,762 | $ (38,258) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Changes in fair value of derivatives, tax amount | $ 37 | $ 37 | $ 74 | $ 73 |
Changes in defined benefit pension plans, tax amount | $ 401 | $ (1,669) | $ 801 | $ (1,211) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 16,376 | $ (36,502) |
Loss from discontinued operations | 0 | 15,432 |
Income (loss) from continuing operations | 16,376 | (21,070) |
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | ||
Depreciation and amortization | 29,197 | 21,661 |
Deferred income taxes | 6,825 | (9,786) |
Stock and deferred compensation plans | 8,861 | 7,886 |
Pension expense, net of payments | 5,099 | 6,756 |
Other changes in certain working capital accounts, net | (29,893) | (81,873) |
Miscellaneous, net | 896 | 6,810 |
Net cash provided by (used in) continuing operating activities | 37,361 | (69,616) |
Net cash provided by discontinued operating activities | 0 | 6,646 |
Net operating activities | 37,361 | (62,970) |
Cash Flows from Investing Activities: | ||
Payments to acquire businesses, net of cash acquired | (43,500) | 2,530 |
Additions to property and equipment | (13,382) | (8,771) |
Purchase of investments | (1,728) | (6,450) |
Change in restricted cash | 1,100 | 250 |
Proceeds from sale of property and equipment | 22 | 7 |
Net cash used in continuing investing activities | (57,488) | (12,434) |
Net cash used in discontinued investing activities | 0 | (1,561) |
Net investing activities | (57,488) | (13,995) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of long-term debt | 0 | 200,000 |
Payments on long-term debt | (2,000) | (117,750) |
Payments of financing costs | 0 | (2,592) |
Payments of ordinary dividends, Common Stock | 0 | (59,523) |
Repurchase of Class A Common shares | (18,686) | (2,683) |
Proceeds from exercise of employee stock options | 4,641 | 5,539 |
Tax payments related to shares withheld for RSU vesting | (2,603) | (5,037) |
Miscellaneous, net | (2,807) | 1,972 |
Net cash (used in) provided by continuing financing activities | (21,455) | 19,926 |
Decrease in cash and cash equivalents | (41,582) | (57,039) |
Cash and cash equivalents: | ||
Beginning of year | 108,061 | 158,459 |
End of period | 66,479 | 101,420 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 8,143 | 5,319 |
Income taxes paid | $ 355 | $ 13,970 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Balance, beginning at Dec. 31, 2014 | $ 519,933 | $ 570 | $ 525,456 | $ 118,693 | $ (126,443) | $ 1,657 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (36,502) | (36,502) | |||||
Changes in defined benefit pension plans | (1,959) | (1,959) | |||||
Changes in fair value of derivative | 119 | 119 | |||||
Cash dividends: declared and paid — $1.03 per share | (59,523) | (59,523) | |||||
Shares issued for acquisition: 26,350,993 shares issued | 636,000 | 263 | 635,737 | ||||
Spin-off of Newspapers | (138,159) | (138,828) | 2,326 | (1,657) | |||
Repurchase Class A Common shares: 115,819 in 2015 and 1,108,000 in 2016 | (2,683) | (1) | (1,226) | (1,456) | |||
Compensation plans: 1,015,549 net shares issued in 2015 and 824,900 in 2016 | [1] | 7,580 | 10 | 7,570 | |||
Other | 84 | 84 | |||||
Balance, ending at Jun. 30, 2015 | 924,890 | 842 | 1,167,537 | (117,616) | (125,873) | 0 | |
Balance, beginning (Scenario, Previously Reported) at Dec. 31, 2015 | 900,983 | 838 | 1,163,985 | (174,038) | (89,802) | 0 | |
Balance, beginning (Scenario, Adjustment) at Dec. 31, 2015 | 14,750 | 0 | (58) | 14,808 | 0 | 0 | |
Balance, beginning (Scenario, As Adjusted) at Dec. 31, 2015 | 915,733 | 838 | 1,163,927 | (159,230) | (89,802) | 0 | |
Balance, beginning at Dec. 31, 2015 | 900,983 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 16,376 | 16,376 | 0 | ||||
Changes in defined benefit pension plans | 1,282 | 1,282 | |||||
Changes in fair value of derivative | 118 | 118 | |||||
Repurchase Class A Common shares: 115,819 in 2015 and 1,108,000 in 2016 | (18,686) | (11) | (17,280) | (1,395) | |||
Compensation plans: 1,015,549 net shares issued in 2015 and 824,900 in 2016 | [1] | 9,592 | 8 | 9,584 | |||
Other | (14) | (14) | |||||
Balance, ending at Jun. 30, 2016 | $ 924,401 | $ 835 | $ 1,156,231 | $ (144,249) | $ (88,416) | $ 0 | |
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $2,603 in 2016 and $5,037 in 2015. |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 1.03 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 1.03 |
Number of shares issued in business acquisition | 0 | 26,350,993 |
Shares issued on compensation plans | 824,900 | 1,015,549 |
Repurchase of Class A Common shares | 1,108,000 | 115,819 |
Tax payments related to shares withheld for vested stock and RSUs | $ 2,603 | $ 5,037 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies As used in the Condensed Notes to Consolidated Financial Statements, the terms “Scripps,” “Company,” “we,” “our,” or “us” may, depending on the context, refer to The E.W. Scripps Company, to one or more of its consolidated subsidiary companies or to all of them taken as a whole. Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2015 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. Certain amounts in prior periods have been reclassified to conform to the current period's presentation. Nature of Operations — We are a diverse media enterprise with a portfolio of television, radio and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, radio, digital, and syndication and other. Additional information for our business segments is presented in the Condensed Notes to Consolidated Financial Statements. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. See Note 17 for information on the spin-off. Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. Revenue Recognition — We 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. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of broadcast and digital advertising, as well as retransmission fees received from cable operators and satellite carriers. The revenue recognition policies for each source of revenue are described in our 2015 Annual Report on Form 10-K. Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our Annual Report on Form 10-K for the year ended December 31, 2015 . The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), unrestricted Class A Common shares and performance units to key employees and non-employee directors. Share-based compensation costs totaled $2.2 million and $5.2 million for the second quarter of 2016 and 2015 , respectively. Year-to-date share-based compensation costs totaled $7.2 million and $7.1 million in 2016 and 2015 , respectively, of which $1.1 million for 2015 is included in discontinued operations. Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Numerator (for basic and diluted earnings per share) Income (loss) from continuing operations $ 11,488 $ (12,955 ) $ 16,376 $ (21,070 ) Less income allocated to RSUs (159 ) — (203 ) — Numerator for basic and diluted earnings per share from continuing operations $ 11,329 $ (12,955 ) $ 16,173 $ (21,070 ) Denominator Basic weighted-average shares outstanding 83,773 83,903 83,869 70,692 Effect of dilutive securities: Stock options held by employees and directors 278 — 315 — Diluted weighted-average shares outstanding 84,051 83,903 84,184 70,692 Anti-dilutive securities (1) — 2,230 — 2,230 (1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. For the quarter and six month period ended June 30, 2015 , we incurred a loss and the inclusion of RSUs and stock options held by employees and directors would have been anti-dilutive, and accordingly the diluted EPS calculation for the period excludes those common share equivalents. Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affected earnings. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in earnings. All ineffective changes in derivative fair values are recognized currently in earnings. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
Recently Adopted Standards and
Recently Adopted Standards and Issued Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Adopted Standards and Issued Accounting Standards | Recently Adopted Standards and Issued Accounting Standards Recently Adopted Accounting Standards — In March 2016, the Financial Accounting Standards Board (FASB) issued new guidance which simplifies the accounting for share-based compensation arrangements, including the income tax consequences and classification on the statement of cash flows. Under the new guidance, excess tax benefits and tax deficiencies are recognized as a discrete component of the income tax provision in the period they occur and not as an adjustment to additional paid-in capital. Also, a company's payments for tax withholdings should be classified in the statement of cash flows as a financing activity. It also requires excess tax benefits to be recorded on the exercise or vesting of share-based awards at the time they are deductible for income taxes and not when they reduce cash taxes. In addition, a company can now elect to record forfeitures of share-based awards as they occur or record estimated forfeitures with a true-up at the end of the vesting period. We have elected to early adopt this guidance effective January 1, 2016. The adoption was on a modified retrospective transition method basis and therefore had no impact on prior years. The impact of adopting this guidance was to record $14.7 million of previously unrecognized tax benefits, increasing deferred tax assets and opening retained earnings. We have elected to adopt a policy of recording actual forfeitures, the impact of which is immaterial to current or prior periods. In August 2014, the FASB issued new guidance related to the disclosures around consideration of going concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard was effective for us January 1, 2016. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards — In February 2016, the FASB issued new guidance on the accounting for leases. Under this guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In January 2016, the FASB issued new guidance on the recognition and measurement of financial instruments. This guidance primarily affects the accounting for equity method investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are currently evaluating the impact of this guidance on our consolidated financial statements. In May 2014, the FASB issued new guidance on revenue recognition. Under this new standard, an entity shall recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard creates a five-step process that requires entities to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. This standard permits the use of either the retrospective or cumulative effect transition method and will be effective for us beginning in 2018. Early adoption is permitted in 2017. We are currently evaluating the impact this guidance will have on our consolidated financial statements and have not yet determined a transition method. In 2016, the FASB issued new guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. The guidance is effective in 2020 with early adoption permitted in 2019. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Stitcher On June 6, 2016, we completed the acquisition of Stitcher for a cash purchase price of $4.5 million . Stitcher is a popular podcast listening service which facilitates discovery and streaming for more than 65,000 podcasts. Stitcher will operate as part of Midroll Media, which will significantly broaden Midroll's consumer base and technological capabilities. Of the $4.5 million purchase price, $2.9 million was allocated to intangible assets, the majority of which was technological software with an estimated amortization period of 3 years. The remainder of the purchase price was allocated to goodwill. Cracked On April 12, 2016, we acquired the multi-platform humor and satire brand Cracked, which informs and entertains millennial audiences with a website, original digital video, social media and a popular podcast. The purchase price was $39 million in cash. Pending the finalization of third-party valuations and other items, the preliminary fair values of the assets acquired were $9 million of intangibles and $30 million of goodwill. Of the $9 million allocated to intangible assets, $7 million was for trade names with an estimated amortization period of 20 years. The remaining balance of $2 million was allocated to content library with an estimated amortization period of 3 years. The goodwill of $30 million arising from the transaction consists largely of the benefit we will derive from being able to expand our presence and digital brands on the web, in over-the-top video and audio and on other emerging platforms. We allocated the goodwill to our digital segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes. From the acquisition date of April 12, 2016 through June 30, 2016 , revenues from the acquired Cracked operations were $1.2 million . Midroll Media On July 22, 2015, we acquired Midroll Media, a company that creates original podcasts and operates a network that generates advertising revenue for more than 200 shows. The purchase price was $50 million in cash, plus a $10 million earnout payable over three years. We estimated the fair value of the earnout to be $7 million . The following table summarizes the final fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 635 Accounts receivable 2,925 Other assets 482 Intangible assets 10,700 Goodwill 45,586 Total assets acquired 60,328 Current liabilities 3,365 Net purchase price $ 56,963 Of the $11 million allocated to intangible assets, $7 million was allocated to advertiser relationships with an estimated amortization period of 5 years and the remaining balance of $4 million was allocated to various other intangible assets. The goodwill of $ 46 million arising from the transaction consists largely of the benefit we will derive from being able to enter the podcast market with an established business. We allocated the goodwill to our digital segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes. Journal Communications Broadcast Group On April 1, 2015, we acquired the broadcast group owned by Journal Communications, Inc. ("Journal") as part of the transactions described in Note 17 . The businesses acquired include 12 television stations and 34 radio stations. We issued 26.4 million Class A Common shares to the Journal shareholders in exchange for their interest in Journal for a purchase price of $636 million . The fair value of the shares issued was determined on the basis of the closing market price of our Class A Common shares shares on April 1, 2015, the acquisition date. The following table summarizes the final fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 2,529 Accounts receivable 47,978 Other current assets 2,236 Property, plant and equipment 123,264 Intangible assets 294,800 Goodwill 456,440 Other long-term assets 6,350 Assets held for sale 14,500 Total assets acquired 948,097 Accounts payable and accrued liabilities 38,107 Employee benefit obligations 85,261 Deferred tax liability 57,112 Long-term debt 126,873 Other long-term liabilities 4,744 Net purchase price $ 636,000 Of the $295 million allocated to intangible assets, $112 million was for FCC licenses which we determined to have an indefinite life and, therefore, are not amortized. The remaining balance of $183 million was allocated to television network affiliation relationships and advertiser relationships with estimated amortization periods of 10 to 20 years. The goodwill of $456 million arising from the transaction consists largely of synergies and economies of scale and other benefits of a larger broadcast footprint. The goodwill was allocated to our television ( $395 million ), radio ( $41 million ) and digital ( $20 million ) segments. We treated the transaction as a stock acquisition for income tax purposes resulting in no step-up in the assets acquired. The goodwill is not deductible for income tax purposes. Concurrent with the acquisition of the Journal television stations, due to FCC conflict ownership rules, Journal was required to dispose of KNIN, the Fox affiliate located in Boise, ID. The station was placed in a divestiture trust for our benefit and was sold to Raycom Media, Inc. on October 1, 2015 for $14.5 million . The sale did not result in a gain or loss. Pro forma results of operations Pro forma results of operations, assuming the Journal transaction had taken place at the beginning of 2014, are included in the following table. The pro forma results do not include Midroll, Cracked or Stitcher as the impact of these acquisitions are not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps and Journal and adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and reflects the transaction costs incurred in 2015 as if they were incurred in the first quarter of 2014. The weighted average shares utilized in calculating the earnings per share assumes that the shares issued to the Journal shareholders were issued on January 1, 2014. The pro forma information does not include efficiencies, cost reductions or synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. Three Months Ended Six Months Ended (in thousands, except per share data) (unaudited) 2015 2015 Operating revenues $ 198,134 $ 383,619 Income from continuing operations attributable to the shareholders of The E.W. Scripps Company 9,308 6,578 Income per share from operations attributable to the shareholders of The E.W. Scripps Company: Basic $ 0.11 $ 0.08 Diluted 0.11 0.08 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary tax returns in certain states and other separate state income tax returns for our subsidiary companies. The income tax provision for interim periods is generally determined based upon the expected effective income tax rate for the full year and the tax rate applicable to certain discrete transactions in the interim period. To determine the annual effective income tax rate, we must estimate both the total income (loss) before income tax for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective income tax rate for the full year may differ from these estimates if income (loss) before income tax is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. We review and adjust our estimated effective income tax rate for the full year each quarter based upon our most recent estimates of income (loss) before income tax for the full year and the jurisdictions in which we expect that income will be taxed. The effective income tax rate for the six months ended June 30, 2016 and 2015 was 27% and 35% , respectively. The primary reason for the difference between these rates and the U.S. federal statutory rate of 35% is the impact of state taxes, non-deductible expenses (including a portion of transaction expense related to the Journal transactions in 2015), adjustments to reserves for uncertain tax positions (including interest) and excess tax benefits on share-based compensation ( $1.9 million in 2016). Deferred tax assets totaled $21 million at June 30, 2016 . Management believes that it is more likely than not that we will realize the benefits of our federal deferred tax assets and therefore has not recorded a valuation allowance for our federal deferred tax assets. If economic conditions worsen, future estimates of taxable income could be lower than our current estimates which may require valuation allowances to be recorded in future reporting periods. We recognize state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. During the period ended June 30, 2015 , deferred tax assets relating to employee share-based awards from the vesting of RSUs and the exercise of stock options were not recognized since we were in a net tax loss position for the period. The additional tax benefits were reflected as net operating loss carryforwards on our tax returns, but the additional tax benefits were not recorded under GAAP until the tax deductions reduced taxes payable. The amount of unrecognized tax deductions for the six months ended June 30, 2015 , was approximately $25 million . Effective January 1, 2016, we adopted new accounting guidance that allows us to recognize the benefits when deductible for tax purposes. |
Other Charges and Credits
Other Charges and Credits | 6 Months Ended |
Jun. 30, 2016 | |
Asset Write-Downs and Other Charges and Credits [Abstract] | |
Other Charges and Credits | Other Charges and Credits Acquisition and related integration costs of $0.6 million and $32.7 million for the six months ended June 30, 2016 and 2015 , respectively, and $30.0 million for the three months ended June 30, 2015 , include costs for spinning off our newspaper operations and costs associated with acquisitions, such as legal and accounting fees, as well as costs to integrate the acquired operations. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash At June 30, 2016 and December 31, 2015 , we had $5.5 million and $6.6 million , respectively, in a restricted cash account on deposit with our insurance carrier. This account serves as collateral, in place of an irrevocable stand-by letter of credit, to provide financial assurance that we will fulfill our obligations with respect to cash requirements associated with our workers compensation self-insurance. This cash is to remain on deposit with the carrier until all claims have been paid or we provide a letter of credit in lieu of the cash deposit. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill was as follows: (in thousands) Television Radio Digital Total Gross balance as of December 31, 2015 $ 681,535 $ 41,000 $ 101,166 $ 823,701 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of December 31, 2015 466,121 41,000 78,666 585,787 Cracked acquisition — — 29,703 29,703 Stitcher acquisition — — 1,590 1,590 Balance as of June 30, 2016 $ 466,121 $ 41,000 $ 109,959 $ 617,080 Gross balance as of June 30, 2016 $ 681,535 $ 41,000 $ 132,459 $ 854,994 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of June 30, 2016 $ 466,121 $ 41,000 $ 109,959 $ 617,080 Other intangible assets consisted of the following: (in thousands) As of As of Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 56,100 56,100 Other 26,623 14,423 Total carrying amount 331,167 318,967 Accumulated amortization: Television network affiliation relationships (30,804 ) (24,590 ) Customer lists and advertiser relationships (21,015 ) (17,092 ) Other (3,390 ) (1,913 ) Total accumulated amortization (55,209 ) (43,595 ) Net amortizable intangible assets 275,958 275,372 Other indefinite-lived intangible assets — FCC licenses 203,815 203,815 Total other intangible assets $ 479,773 $ 479,187 Estimated amortization expense of intangible assets for each of the next five years is $12.0 million for the remainder of 2016 , $21.8 million in 2017 , $21.4 million in 2018 , $19.7 million in 2019 , $18.6 million in 2020 , $16.3 million in 2021 , and $166.2 million in later years. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: (in thousands) As of As of Variable rate credit facility $ — $ — Term loan 392,500 394,500 Debt issuance costs on term loan (2,987 ) (3,325 ) Net term loan 389,513 391,175 Unsecured subordinated notes payable 7,968 7,968 Long-term debt 397,481 399,143 Current portion of long-term debt 6,656 6,656 Long-term debt (less current portion) $ 390,825 $ 392,487 Fair value of long-term debt * $ 399,241 $ 396,576 * Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy. Financing Agreement On April 1, 2015, we entered into a $500 million second amended revolving credit and term loan agreement ("Second Amended Financing Agreement") to amend the terms of our existing revolving credit and term loan agreement ("Amended Financing Agreement"), to add an incremental $200 million term loan B borrowing and to increase the line of credit by $25 million . The $400 million term loan B matures in November 2020 and the $100 million revolving credit facility matures in November 2018. The Second Amended Financing Agreement includes the maintenance of a net leverage ratio if we borrow more than 20% on the revolving credit facility. The term loan B requires that if we borrow additional amounts or make a permitted acquisition that we cannot exceed a stated net leverage ratio on a pro forma basis at the date of the transaction. The Second Amended Financing Agreement allows us to make restricted payments (dividends and share repurchases) up to $70 million plus additional amounts based on our financial results and condition. We can also make additional stock repurchases equal to the amount of proceeds that we receive from the exercise of stock options held by our employees. Additionally, we can make acquisitions as long as the pro forma net leverage ratio is less than 4.5 to 1.0 of assets. The Second Amended Financing Agreement in certain circumstances requires that we must use a portion of excess cash flow, and the proceeds from the sale, to repay debt. As of June 30, 2016 , we were not required to make additional principal payments based on excess cash flow. Any proceeds, up to a stipulated amount, that we receive from the upcoming FCC spectrum auction, should we choose to participate and our bid is accepted, will not be required to be used to pay down the term loan . Under the terms of the Second Amended Financing Agreement, we granted the lenders mortgages on certain of our real property, pledges of our equity interests in our subsidiaries and security interests in substantially all other personal property including cash, accounts receivables, and equipment. Interest is payable on the term loan B at rates based on LIBOR with a 0.75% floor, plus a fixed margin of 2.75% . Interest is payable on the revolving credit facility at rates based on LIBOR plus a margin based on our leverage ratio ranging from 2.25% to 2.75% . As of June 30, 2016 and December 31, 2015 , the interest rate was 3.50% on the term loan B. The weighted-average interest rate on borrowings was 3.50% and 3.37% for the six months ended June 30, 2016 and 2015 , respectively. Scheduled principal payments on the term loan at June 30, 2016 are: $2.0 million for the remainder of 2016 , $4.0 million in 2017 , $4.0 million in 2018 , $4.0 million in 2019 , and $378.5 million in 2020 . Commitment fees of 0.30% to 0.50% per annum, based on our leverage ratio, of the total unused commitment are payable under the revolving credit facility. As of June 30, 2016 and December 31, 2015 , we had outstanding letters of credit totaling $0.8 million . Unsecured Subordinated Notes Payable The unsecured subordinated promissory notes bear interest at a rate of 7.25% per annum payable quarterly. The notes are payable in equal annual installments of $2.7 million on September 30 of 2016, 2017 and 2018, with no prepayment right. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments We are exposed to various market risks, including changes in interest rates. To manage risks associated with the volatility of changes in interest rates, we may enter into interest rate management instruments. We may utilize interest rate swaps to manage our interest expense exposure by fixing our interest rate on portions of our floating rate term loan. We have entered into a $75 million notional value interest rate swap expiring in December 2016. Under the terms of the swap, we pay a fixed interest rate of 1.08% and receive interest at a variable rate equal to 30 day LIBOR. We did not provide or receive any collateral for this contract. Fair Value of Derivative Instruments The notional amounts and fair values of derivative instruments are shown in the table below: As of June 30, 2016 As of December 31, 2015 Notional amount Fair value Notional amount Fair value (in thousands) Asset Liability (1) Asset Liability (1) Undesignated derivatives: Interest rate swap $ 75,000 $ — $ 235 $ 75,000 $ — $ 299 (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheets Upon refinancing our term loan B in November 2013, this hedge no longer qualified as a cash flow hedge and gains and losses on the derivative are recorded in current period earnings. The balance in accumulated other comprehensive loss at the date of discontinuance of hedge accounting is being amortized into earnings on a straight-line basis through December 2016. Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Amounts reclassified from accumulated OCL, gain $ 96 $ 96 $ 192 $ 192 Gain (loss) on derivative 77 64 64 (110 ) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement We measure certain financial assets and liabilities at fair value on a recurring basis, such as cash equivalents and derivatives. The fair values of these financial assets and liabilities were determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. These levels of input are as follows: • 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. • Level 3 — Unobservable inputs based on our own assumptions. The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 : As of June 30, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets/(Liabilities): Cash equivalents $ 5,000 $ 5,000 $ — $ — Interest rate swap (235 ) — (235 ) — As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Assets/(Liabilities): Cash equivalents $ 5,000 $ 5,000 $ — $ — Interest rate swap (299 ) — (299 ) — |
Other Liabilities
Other Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consisted of the following: (in thousands) As of As of Employee compensation and benefits $ 18,138 $ 16,808 Liability for pension benefits 225,297 221,965 Liabilities for uncertain tax positions 3,437 3,492 Other 20,332 25,302 Other liabilities (less current portion) $ 267,204 $ 267,567 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table presents additional information about the change in certain working capital accounts: Six Months Ended (in thousands) 2016 2015 Other changes in certain working capital accounts, net Accounts and notes receivable $ (19,342 ) $ (24,368 ) Transition services receivable, net — (17,889 ) Income taxes receivable/payable, net 3,466 (14,193 ) Accounts payable 472 (14,124 ) Accrued employee compensation and benefits (7,244 ) 260 Other accrued liabilities (2,910 ) (7,684 ) Other, net (4,335 ) (3,875 ) Total $ (29,893 ) $ (81,873 ) |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor two noncontributory defined benefit pension plans covering certain Scripps employees that began employment prior to June 30, 2008, as well as certain former Journal Communications, Inc. ("Journal") employees. We also have two non-qualified Supplemental Executive Retirement Plans ("SERPs") covering Scripps employees and certain former Journal employees. Both of the defined benefit plans and the SERPs have frozen the accrual of future benefits. We sponsor a defined contribution plan covering substantially all non-union and certain union employees. We match a portion of employees' voluntary contributions to this plan. In connection with freezing the accrual of service credits under certain of our defined benefit pension plans, we began contributing additional amounts (referred to as transition credits) to certain employees' defined contribution retirement accounts in 2011. These transition credits, which were determined based upon the employee’s age, compensation and years of service, ended in 2015. Other union-represented employees are covered by defined benefit pension plans jointly sponsored by us and the union, or by union-sponsored multi-employer plans. The components of the expense consisted of the following: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Interest cost $ 6,770 $ 8,179 $ 13,540 $ 14,628 Expected return on plan assets, net of expenses (4,599 ) (6,624 ) (9,196 ) (11,709 ) Amortization of actuarial loss 997 1,204 1,995 2,336 Curtailment — 1,080 — 1,080 Total for defined benefit plans 3,168 3,839 6,339 6,335 Multi-employer plans 42 38 85 97 SERP 281 281 560 547 Defined contribution plans 2,086 2,360 4,274 5,711 Net periodic benefit cost 5,577 6,518 11,258 12,690 Allocated to discontinued operations — — — (1,096 ) Net periodic benefit cost — continuing operations $ 5,577 $ 6,518 $ 11,258 $ 11,594 We contributed $0.5 million to fund current benefit payments for our SERPs and $1.2 million to our defined benefit pension plans during the six months ended June 30, 2016 . We anticipate contributing an additional $0.6 million to fund the SERP’s benefit payments during the remainder of 2016 . Additionally, we expect to contribute $5 million to $10 million for our qualified defined benefit pension plans in 2016 . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structures. Our reportable segments are strategic businesses that offer different products and services. Our television segment includes 15 ABC affiliates, five NBC affiliates, two FOX affiliates, two CBS affiliates and four non big-four affiliated stations. We also own five Azteca America Spanish-language affiliates. Our television stations reach approximately 18% of the nation’s television households. Television stations earn revenue primarily from the sale of advertising time to local, national and political advertisers and retransmission fees received from cable operators and satellite carriers. Our radio segment consists of 34 radio stations in eight markets. We operate 28 FM stations and six AM stations. Our radio stations earn revenue primarily from the sale of advertising to local advertisers. Our digital segment includes the digital operations of our local television and radio businesses. It also includes the operations of national digital businesses such as Newsy, an over-the-top ("OTT") video news service, Cracked, the multi-platform humor and satire brand, and Midroll, a podcast industry leader. Our digital operations earn revenue primarily through the sale of advertising and marketing services. Syndication and other primarily includes the syndication of news features and comics and other features for the newspaper industry. We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes, and deferred income taxes. Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our business segments is as follows: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Segment operating revenues: Television $ 191,745 $ 167,394 $ 371,649 $ 281,612 Radio 18,183 19,413 32,786 19,413 Digital 15,207 8,602 27,533 14,837 Syndication and other 2,682 2,725 5,347 5,295 Total operating revenues $ 227,817 $ 198,134 $ 437,315 $ 321,157 Segment profit (loss): Television $ 53,298 $ 44,596 $ 94,985 $ 66,650 Radio 3,903 4,908 6,046 4,908 Digital (4,715 ) (4,917 ) (7,848 ) (9,571 ) Syndication and other (1,045 ) (1,062 ) (152 ) (657 ) Shared services and corporate (9,874 ) (11,507 ) (24,166 ) (25,043 ) Defined benefit pension plan expense (3,449 ) (4,120 ) (6,899 ) (6,806 ) Acquisition and related integration costs — (29,973 ) (578 ) (32,747 ) Depreciation and amortization of intangibles (14,786 ) (13,366 ) (29,197 ) (21,661 ) Losses, net on disposal of property and equipment (22 ) (215 ) (18 ) (379 ) Interest expense (4,432 ) (4,225 ) (9,011 ) (6,277 ) Miscellaneous, net (458 ) 387 (649 ) (1,049 ) Income (loss) from continuing operations before income taxes $ 18,420 $ (19,494 ) $ 22,513 $ (32,632 ) Depreciation: Television $ 7,932 $ 7,238 $ 15,397 $ 12,624 Radio 543 549 1,080 549 Digital 54 132 108 262 Syndication and other 65 66 129 129 Shared services and corporate 334 619 870 1,227 Total depreciation $ 8,928 $ 8,604 $ 17,584 $ 14,791 Amortization of intangibles: Television $ 4,240 $ 4,262 $ 8,479 $ 6,150 Radio 265 280 530 280 Digital 1,014 220 1,927 440 Shared services and corporate 339 — 677 — Total amortization of intangibles $ 5,858 $ 4,762 $ 11,613 $ 6,870 Additions to property and equipment: Television $ 6,519 $ 5,802 $ 9,630 $ 7,743 Radio 83 16 316 16 Digital 13 — 17 — Syndication and other 26 15 41 69 Shared services and corporate 266 633 324 943 Total additions to property and equipment $ 6,907 $ 6,466 $ 10,328 $ 8,771 No single customer provides more than 10% of our revenue. |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law. Share Repurchase Plan — In May 2014, our Board of Directors authorized a repurchase program of up to $100 million of our Class A Common shares through December 2016. Shares may be repurchased from time to time at management's discretion, either in the open market, through pre-arranged trading plans or in privately negotiated block transactions. Under the authorization, we repurchased $18.7 million of shares at prices ranging from $14.71 to $19.51 per share during the first six months of 2016 . For the six months ended June 30, 2015 , we repurchased $2.7 million of shares at prices ranging from $21.60 to $24.94 per share. At June 30, 2016 , $65.1 million remained under this authorization. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: Three Months Ended June 30, 2016 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, March 31, 2016 $ (183 ) $ (89,098 ) $ 173 $ (89,108 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $37 (a) 59 — — 59 Actuarial gain (loss), net of tax of $397 (b) — 640 (7 ) 633 Net current-period other comprehensive income (loss) 59 640 (7 ) 692 Ending balance, June 30, 2016 $ (124 ) $ (88,458 ) $ 166 $ (88,416 ) Three Months Ended June 30, 2015 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, March 31, 2015 $ (419 ) $ (125,120 ) $ (87 ) $ (125,626 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $37 (a) 59 — — 59 Actuarial gain (loss), net of tax of $(1,669) (b) — (2,716 ) 84 (2,632 ) Net current-period other comprehensive income (loss) 59 (2,716 ) 84 (2,573 ) Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 Ending balance, June 30, 2015 $ (360 ) $ (125,524 ) $ 11 $ (125,873 ) Six Months Ended June 30, 2016 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, December 31, 2015 $ (242 ) $ (89,740 ) $ 180 $ (89,802 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $74 (a) 118 — — 118 Actuarial gain (loss), net of tax of $793 (b) — 1,282 (14 ) 1,268 Net current-period other comprehensive income (loss) 118 1,282 (14 ) 1,386 Ending balance, June 30, 2016 $ (124 ) $ (88,458 ) $ 166 $ (88,416 ) Six Months Ended June 30, 2015 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, December 31, 2014 $ (479 ) $ (125,877 ) $ (87 ) $ (126,443 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $73 (a) 119 — — 119 Actuarial gain (loss), net of tax of $(1,211) (b) — (1,959 ) 84 (1,875 ) Net current-period other comprehensive income (loss) 119 (1,959 ) 84 (1,756 ) Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 Ending balance, June 30, 2015 $ (360 ) $ (125,524 ) $ 11 $ (125,873 ) (a) Interest rate swap amortization is included in interest expense in the Condensed Consolidated Statements of Operations (b) Actuarial gain (loss) is included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Journal Broadcast Merger and Ne
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Journal Broadcast Merger and Newspaper Spin-off | Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) On July 30, 2014, Scripps and Journal Communications, Inc. ("Journal") agreed to merge their broadcast operations and spin-off their newspaper businesses and combine them into a separate publicly traded company. On April 1, 2015, Scripps and Journal separated their respective newspaper businesses and merged them, resulting in each becoming a wholly owned subsidiary of Journal Media Group, Inc. Journal Media Group combined the 13 Scripps newspapers with Journal's Milwaukee Journal Sentinel . Immediately following the spin-off and merger of the newspaper businesses, the Journal broadcast operations and its related digital business were merged into Scripps. The Company’s television operations reach approximately 18% of all U.S. television households and has approximately 3,800 employees across its television, radio and digital media operations. As part of the transactions, Scripps' shareholders received a $60 million special cash dividend on April 1, 2015. Certain agreements between Scripps and Journal Media Group, Inc. became effective in connection with the transactions, including Tax Matters Agreements and a Transition Services Agreement. Under the Transition Services Agreement, Scripps and Journal Media Group provided certain services to each other through March 31, 2016. The fees for the services were at arm's-length amounts. For the three and six months ended June 30, 2016 , the amount we received from Journal Media Group and the amount we paid to Journal Media Group was immaterial. For the three months ended June 30, 2015 , we were paid $1.4 million from Journal Media Group and we paid Journal Media Group $0.5 million for services. As of June 30, 2016 , there was no outstanding balance under this agreement. The Tax Matters Agreements set forth the allocations and responsibilities of Scripps and Journal Media Group with respect to liabilities for federal, state and local income taxes for periods before and after the spin-off, disputes with taxing authorities and indemnification of income taxes that would become due if the spin-off were taxable. Generally, Scripps is responsible for taxes prior to the separation and Journal Media Group will be responsible for taxes for periods after the separation of their respective businesses. Until the completion of the spin-off of our newspaper business, generally accepted accounting principles (“GAAP”) required us to assess impairment of the newspaper business long-lived assets using the held-and-used model. Under this model, if the expected cash flows over the life of the primary asset of the reporting unit are in excess of the carrying amount there is no impairment. Under this model no impairment charges were recorded at March 31, 2015. At the date of the spin-off of our newspaper business, GAAP required us to assess impairment using the held-for-sale model. This model compares the fair value of the disposal unit to its carrying value and if the fair value is lower, then an impairment loss is recorded. Our analysis determined that as of April 1, 2015 there was a non-cash impairment loss on disposal of the newspaper business of $30 million which was recorded on the date of the spin-off, April 1, 2015, which was included in discontinued operations for the quarter and six months ended June 30, 2015. As a result of the spin-off, Scripps newspapers has been presented as discontinued operations in the financial statements for all periods presented. Operating results of our discontinued operations were as follows: Three Months Ended Six Months Ended (in thousands) 2015 2015 Operating revenues $ — $ 91,478 Total costs and expenses (240 ) (79,517 ) Depreciation and amortization of intangibles — (3,608 ) Other, net — (3,298 ) Loss on disposal of Scripps Newspapers (30,000 ) (30,000 ) Loss from discontinued operations before income taxes (30,240 ) (24,945 ) Benefit for income taxes 11,792 9,513 Net loss from discontinued operations $ (18,448 ) $ (15,432 ) The Company incurred certain non-recurring costs directly related to the spin-off of our newspapers and acquisition of the Journal broadcast stations of $30 million and $36 million for the quarter and six months ended June 30, 2015 , respectively. Accounting and other professional and consulting fees directly related to the newspaper spin-off of $3 million were allocated to discontinued operations in the Condensed Consolidated Statements of Operations. The remaining amount of $33 million was recorded in earnings from continuing operations for the six months ended June 30, 2015 . |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2015 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. Certain amounts in prior periods have been reclassified to conform to the current period's presentation. |
Nature of Operations | Nature of Operations — We are a diverse media enterprise with a portfolio of television, radio and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, radio, digital, and syndication and other. Additional information for our business segments is presented in the Condensed Notes to Consolidated Financial Statements. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. See Note 17 for information on the spin-off. |
Use of Estimates | Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. |
Revenue Recognition | Revenue Recognition — We 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. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of broadcast and digital advertising, as well as retransmission fees received from cable operators and satellite carriers. The revenue recognition policies for each source of revenue are described in our 2015 Annual Report on Form 10-K. |
Share-Based Compensation | Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our Annual Report on Form 10-K for the year ended December 31, 2015 . The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), unrestricted Class A Common shares and performance units to key employees and non-employee directors. Share-based compensation costs totaled $2.2 million and $5.2 million for the second quarter of 2016 and 2015 , respectively. Year-to-date share-based compensation costs totaled $7.2 million and $7.1 million in 2016 and 2015 , respectively, of which $1.1 million for 2015 is included in discontinued operations. |
Earnings Per Share (EPS) | Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. |
Derivative Financial Instruments | Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affected earnings. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in earnings. All ineffective changes in derivative fair values are recognized currently in earnings. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Components of basic and diluted weighted-average shares | The following table presents information about basic and diluted weighted-average shares outstanding: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Numerator (for basic and diluted earnings per share) Income (loss) from continuing operations $ 11,488 $ (12,955 ) $ 16,376 $ (21,070 ) Less income allocated to RSUs (159 ) — (203 ) — Numerator for basic and diluted earnings per share from continuing operations $ 11,329 $ (12,955 ) $ 16,173 $ (21,070 ) Denominator Basic weighted-average shares outstanding 83,773 83,903 83,869 70,692 Effect of dilutive securities: Stock options held by employees and directors 278 — 315 — Diluted weighted-average shares outstanding 84,051 83,903 84,184 70,692 Anti-dilutive securities (1) — 2,230 — 2,230 (1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Pro forma results of operations | Pro forma results of operations, assuming the Journal transaction had taken place at the beginning of 2014, are included in the following table. The pro forma results do not include Midroll, Cracked or Stitcher as the impact of these acquisitions are not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps and Journal and adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and reflects the transaction costs incurred in 2015 as if they were incurred in the first quarter of 2014. The weighted average shares utilized in calculating the earnings per share assumes that the shares issued to the Journal shareholders were issued on January 1, 2014. The pro forma information does not include efficiencies, cost reductions or synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. Three Months Ended Six Months Ended (in thousands, except per share data) (unaudited) 2015 2015 Operating revenues $ 198,134 $ 383,619 Income from continuing operations attributable to the shareholders of The E.W. Scripps Company 9,308 6,578 Income per share from operations attributable to the shareholders of The E.W. Scripps Company: Basic $ 0.11 $ 0.08 Diluted 0.11 0.08 |
Midroll Media | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Fair values of the assets acquired and the liabilities assumed | The following table summarizes the final fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 635 Accounts receivable 2,925 Other assets 482 Intangible assets 10,700 Goodwill 45,586 Total assets acquired 60,328 Current liabilities 3,365 Net purchase price $ 56,963 |
Journal Communications, Inc. | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Fair values of the assets acquired and the liabilities assumed | The following table summarizes the final fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 2,529 Accounts receivable 47,978 Other current assets 2,236 Property, plant and equipment 123,264 Intangible assets 294,800 Goodwill 456,440 Other long-term assets 6,350 Assets held for sale 14,500 Total assets acquired 948,097 Accounts payable and accrued liabilities 38,107 Employee benefit obligations 85,261 Deferred tax liability 57,112 Long-term debt 126,873 Other long-term liabilities 4,744 Net purchase price $ 636,000 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill was as follows: (in thousands) Television Radio Digital Total Gross balance as of December 31, 2015 $ 681,535 $ 41,000 $ 101,166 $ 823,701 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of December 31, 2015 466,121 41,000 78,666 585,787 Cracked acquisition — — 29,703 29,703 Stitcher acquisition — — 1,590 1,590 Balance as of June 30, 2016 $ 466,121 $ 41,000 $ 109,959 $ 617,080 Gross balance as of June 30, 2016 $ 681,535 $ 41,000 $ 132,459 $ 854,994 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of June 30, 2016 $ 466,121 $ 41,000 $ 109,959 $ 617,080 |
Summary of other intangible assets | Other intangible assets consisted of the following: (in thousands) As of As of Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 56,100 56,100 Other 26,623 14,423 Total carrying amount 331,167 318,967 Accumulated amortization: Television network affiliation relationships (30,804 ) (24,590 ) Customer lists and advertiser relationships (21,015 ) (17,092 ) Other (3,390 ) (1,913 ) Total accumulated amortization (55,209 ) (43,595 ) Net amortizable intangible assets 275,958 275,372 Other indefinite-lived intangible assets — FCC licenses 203,815 203,815 Total other intangible assets $ 479,773 $ 479,187 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consisted of the following: (in thousands) As of As of Variable rate credit facility $ — $ — Term loan 392,500 394,500 Debt issuance costs on term loan (2,987 ) (3,325 ) Net term loan 389,513 391,175 Unsecured subordinated notes payable 7,968 7,968 Long-term debt 397,481 399,143 Current portion of long-term debt 6,656 6,656 Long-term debt (less current portion) $ 390,825 $ 392,487 Fair value of long-term debt * $ 399,241 $ 396,576 * Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amounts and fair values of derivatives | The notional amounts and fair values of derivative instruments are shown in the table below: As of June 30, 2016 As of December 31, 2015 Notional amount Fair value Notional amount Fair value (in thousands) Asset Liability (1) Asset Liability (1) Undesignated derivatives: Interest rate swap $ 75,000 $ — $ 235 $ 75,000 $ — $ 299 (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheets |
Effective portion of the unrealized gain and loss on the derivative | Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Amounts reclassified from accumulated OCL, gain $ 96 $ 96 $ 192 $ 192 Gain (loss) on derivative 77 64 64 (110 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities that are measured at fair value on a recurring basis | The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at June 30, 2016 and December 31, 2015 : As of June 30, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets/(Liabilities): Cash equivalents $ 5,000 $ 5,000 $ — $ — Interest rate swap (235 ) — (235 ) — As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Assets/(Liabilities): Cash equivalents $ 5,000 $ 5,000 $ — $ — Interest rate swap (299 ) — (299 ) — |
Other Liabilities (Tables)
Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities consisted of the following: (in thousands) As of As of Employee compensation and benefits $ 18,138 $ 16,808 Liability for pension benefits 225,297 221,965 Liabilities for uncertain tax positions 3,437 3,492 Other 20,332 25,302 Other liabilities (less current portion) $ 267,204 $ 267,567 |
Supplemental Cash Flow Inform35
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Change in certain working capital accounts | The following table presents additional information about the change in certain working capital accounts: Six Months Ended (in thousands) 2016 2015 Other changes in certain working capital accounts, net Accounts and notes receivable $ (19,342 ) $ (24,368 ) Transition services receivable, net — (17,889 ) Income taxes receivable/payable, net 3,466 (14,193 ) Accounts payable 472 (14,124 ) Accrued employee compensation and benefits (7,244 ) 260 Other accrued liabilities (2,910 ) (7,684 ) Other, net (4,335 ) (3,875 ) Total $ (29,893 ) $ (81,873 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of benefit expense | The components of the expense consisted of the following: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Interest cost $ 6,770 $ 8,179 $ 13,540 $ 14,628 Expected return on plan assets, net of expenses (4,599 ) (6,624 ) (9,196 ) (11,709 ) Amortization of actuarial loss 997 1,204 1,995 2,336 Curtailment — 1,080 — 1,080 Total for defined benefit plans 3,168 3,839 6,339 6,335 Multi-employer plans 42 38 85 97 SERP 281 281 560 547 Defined contribution plans 2,086 2,360 4,274 5,711 Net periodic benefit cost 5,577 6,518 11,258 12,690 Allocated to discontinued operations — — — (1,096 ) Net periodic benefit cost — continuing operations $ 5,577 $ 6,518 $ 11,258 $ 11,594 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Information regarding business segments | Information regarding our business segments is as follows: Three Months Ended Six Months Ended (in thousands) 2016 2015 2016 2015 Segment operating revenues: Television $ 191,745 $ 167,394 $ 371,649 $ 281,612 Radio 18,183 19,413 32,786 19,413 Digital 15,207 8,602 27,533 14,837 Syndication and other 2,682 2,725 5,347 5,295 Total operating revenues $ 227,817 $ 198,134 $ 437,315 $ 321,157 Segment profit (loss): Television $ 53,298 $ 44,596 $ 94,985 $ 66,650 Radio 3,903 4,908 6,046 4,908 Digital (4,715 ) (4,917 ) (7,848 ) (9,571 ) Syndication and other (1,045 ) (1,062 ) (152 ) (657 ) Shared services and corporate (9,874 ) (11,507 ) (24,166 ) (25,043 ) Defined benefit pension plan expense (3,449 ) (4,120 ) (6,899 ) (6,806 ) Acquisition and related integration costs — (29,973 ) (578 ) (32,747 ) Depreciation and amortization of intangibles (14,786 ) (13,366 ) (29,197 ) (21,661 ) Losses, net on disposal of property and equipment (22 ) (215 ) (18 ) (379 ) Interest expense (4,432 ) (4,225 ) (9,011 ) (6,277 ) Miscellaneous, net (458 ) 387 (649 ) (1,049 ) Income (loss) from continuing operations before income taxes $ 18,420 $ (19,494 ) $ 22,513 $ (32,632 ) Depreciation: Television $ 7,932 $ 7,238 $ 15,397 $ 12,624 Radio 543 549 1,080 549 Digital 54 132 108 262 Syndication and other 65 66 129 129 Shared services and corporate 334 619 870 1,227 Total depreciation $ 8,928 $ 8,604 $ 17,584 $ 14,791 Amortization of intangibles: Television $ 4,240 $ 4,262 $ 8,479 $ 6,150 Radio 265 280 530 280 Digital 1,014 220 1,927 440 Shared services and corporate 339 — 677 — Total amortization of intangibles $ 5,858 $ 4,762 $ 11,613 $ 6,870 Additions to property and equipment: Television $ 6,519 $ 5,802 $ 9,630 $ 7,743 Radio 83 16 316 16 Digital 13 — 17 — Syndication and other 26 15 41 69 Shared services and corporate 266 633 324 943 Total additions to property and equipment $ 6,907 $ 6,466 $ 10,328 $ 8,771 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: Three Months Ended June 30, 2016 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, March 31, 2016 $ (183 ) $ (89,098 ) $ 173 $ (89,108 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $37 (a) 59 — — 59 Actuarial gain (loss), net of tax of $397 (b) — 640 (7 ) 633 Net current-period other comprehensive income (loss) 59 640 (7 ) 692 Ending balance, June 30, 2016 $ (124 ) $ (88,458 ) $ 166 $ (88,416 ) Three Months Ended June 30, 2015 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, March 31, 2015 $ (419 ) $ (125,120 ) $ (87 ) $ (125,626 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $37 (a) 59 — — 59 Actuarial gain (loss), net of tax of $(1,669) (b) — (2,716 ) 84 (2,632 ) Net current-period other comprehensive income (loss) 59 (2,716 ) 84 (2,573 ) Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 Ending balance, June 30, 2015 $ (360 ) $ (125,524 ) $ 11 $ (125,873 ) Six Months Ended June 30, 2016 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, December 31, 2015 $ (242 ) $ (89,740 ) $ 180 $ (89,802 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $74 (a) 118 — — 118 Actuarial gain (loss), net of tax of $793 (b) — 1,282 (14 ) 1,268 Net current-period other comprehensive income (loss) 118 1,282 (14 ) 1,386 Ending balance, June 30, 2016 $ (124 ) $ (88,458 ) $ 166 $ (88,416 ) Six Months Ended June 30, 2015 (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total Beginning balance, December 31, 2014 $ (479 ) $ (125,877 ) $ (87 ) $ (126,443 ) Other comprehensive income before reclassifications — — — — Amounts reclassified from accumulated other comprehensive loss Interest rate swap, net of tax of $73 (a) 119 — — 119 Actuarial gain (loss), net of tax of $(1,211) (b) — (1,959 ) 84 (1,875 ) Net current-period other comprehensive income (loss) 119 (1,959 ) 84 (1,756 ) Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 Ending balance, June 30, 2015 $ (360 ) $ (125,524 ) $ 11 $ (125,873 ) (a) Interest rate swap amortization is included in interest expense in the Condensed Consolidated Statements of Operations (b) Actuarial gain (loss) is included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Journal Broadcast Merger and 39
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Operating Results and Net Assets Distributed | Operating results of our discontinued operations were as follows: Three Months Ended Six Months Ended (in thousands) 2015 2015 Operating revenues $ — $ 91,478 Total costs and expenses (240 ) (79,517 ) Depreciation and amortization of intangibles — (3,608 ) Other, net — (3,298 ) Loss on disposal of Scripps Newspapers (30,000 ) (30,000 ) Loss from discontinued operations before income taxes (30,240 ) (24,945 ) Benefit for income taxes 11,792 9,513 Net loss from discontinued operations $ (18,448 ) $ (15,432 ) |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation costs | $ 2.2 | $ 5.2 | $ 7.2 | $ 7.1 |
Discontinued Operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation costs | $ 1.1 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Numerator (for basic and diluted earnings per share) | |||||
Income (loss) from continuing operations | $ 11,488 | $ (12,955) | $ 16,376 | $ (21,070) | |
Less income allocated to RSUs | 159 | 0 | 203 | 0 | |
Numerator for basic and diluted earnings per share from continuing operations | $ 11,329 | $ (12,955) | $ 16,173 | $ (21,070) | |
Denominator | |||||
Basic weighted-average shares outstanding | 83,773 | 83,903 | 83,869 | 70,692 | |
Effect of dilutive securities: | |||||
Stock options held by employees and directors | 278 | 0 | 315 | 0 | |
Diluted weighted-average shares outstanding | 84,051 | 83,903 | 84,184 | 70,692 | |
Anti-dilutive securities | [1] | 0 | 2,230 | 0 | 2,230 |
[1] | (1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding |
Recently Adopted Standards an42
Recently Adopted Standards and Issued Accounting Standards Recently Adopted Standards and Issued Accounting Standards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Deferred Taxes | Share Based Compensation Arrangements | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Unrecognized Tax Benefits | $ 14.7 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | Jun. 06, 2016USD ($)show | Apr. 12, 2016USD ($) | Oct. 01, 2015USD ($) | Jul. 22, 2015USD ($)show | Apr. 01, 2015USD ($)radio_stationtelevision_stationshares | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($)shares | Jun. 30, 2015shares | Dec. 31, 2015USD ($) |
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill | $ 617,080,000 | $ 617,080,000 | $ 585,787,000 | ||||||
Number of shares issued in business acquisition | shares | 0 | 26,350,993 | |||||||
KNIN | Raycom Media, Inc. | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Business disposition, consideration to be received | $ 14,500,000 | ||||||||
Television | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill | 466,121,000 | $ 466,121,000 | 466,121,000 | ||||||
Radio | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill | 41,000,000 | 41,000,000 | 41,000,000 | ||||||
Digital | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill | 109,959,000 | 109,959,000 | $ 78,666,000 | ||||||
Stitcher | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Business acquisition, purchase price | $ 4,500,000 | ||||||||
Number of podcast shows (more than) | show | 65,000 | ||||||||
Intangible assets | $ 2,900,000 | ||||||||
Goodwill acquisition | 1,590,000 | ||||||||
Stitcher | Television | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 0 | ||||||||
Stitcher | Radio | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 0 | ||||||||
Stitcher | Digital | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 1,590,000 | ||||||||
Stitcher | Computer Software, Intangible Asset | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible asset, estimated amortization period | 3 years | ||||||||
Cracked | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Business acquisition, purchase price | $ 39,000,000 | ||||||||
Intangible assets | 9,300,000 | ||||||||
Goodwill | 29,700,000 | ||||||||
Operating revenues | $ 1,200,000 | ||||||||
Goodwill acquisition | 29,703,000 | ||||||||
Cracked | Television | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 0 | ||||||||
Cracked | Radio | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 0 | ||||||||
Cracked | Digital | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | $ 29,703,000 | ||||||||
Cracked | Trade Names | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 7,400,000 | ||||||||
Intangible asset, estimated amortization period | 20 years | ||||||||
Cracked | Media Content | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 1,900,000 | ||||||||
Intangible asset, estimated amortization period | 3 years | ||||||||
Midroll Media | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Business acquisition, purchase price | $ 50,000,000 | ||||||||
Number of podcast shows (more than) | show | 200 | ||||||||
Intangible assets | $ 10,700,000 | ||||||||
Goodwill | 45,586,000 | ||||||||
Business acquisition, earnout provision | $ 10,000,000 | ||||||||
Earnout provision, payment term | 3 years | ||||||||
Earnout provision, fair value | $ 7,000,000 | ||||||||
Midroll Media | Advertiser relationships | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 7,000,000 | ||||||||
Intangible asset, estimated amortization period | 5 years | ||||||||
Midroll Media | Other intangible assets | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 4,000,000 | ||||||||
Journal Communications, Inc. | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Business acquisition, purchase price | $ 636,000,000 | ||||||||
Intangible assets | 294,800,000 | ||||||||
Goodwill | $ 456,440,000 | ||||||||
Number of television stations acquired | television_station | 12 | ||||||||
Number of radio stations acquired | radio_station | 34 | ||||||||
Journal Communications, Inc. | Television | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | $ 395,000,000 | ||||||||
Journal Communications, Inc. | Radio | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 41,000,000 | ||||||||
Journal Communications, Inc. | Digital | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Goodwill acquisition | 20,000,000 | ||||||||
Journal Communications, Inc. | FCC licenses | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 111,600,000 | ||||||||
Journal Communications, Inc. | Common Stock | Common stock, Class A | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Number of shares issued in business acquisition | shares | 26,400,000 | ||||||||
Journal Communications, Inc. | Retransmission agreements, television network affiliate relationships and advertiser relationships | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible assets | $ 183,000,000 | ||||||||
Journal Communications, Inc. | Retransmission agreements, television network affiliate relationships and advertiser relationships | Minimum | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible asset, estimated amortization period | 10 years | ||||||||
Journal Communications, Inc. | Retransmission agreements, television network affiliate relationships and advertiser relationships | Maximum | |||||||||
Acquisitions (Textual) [Abstract] | |||||||||
Intangible asset, estimated amortization period | 20 years |
Acquisitions - Fair Value of As
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Apr. 12, 2016 | Dec. 31, 2015 | Jul. 22, 2015 | Apr. 01, 2015 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Goodwill | $ 617,080 | $ 585,787 | |||
Cracked | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Intangible assets | $ 9,300 | ||||
Goodwill | $ 29,700 | ||||
Midroll Media | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Cash | $ 635 | ||||
Accounts receivable | 2,925 | ||||
Intangible assets | 10,700 | ||||
Goodwill | 45,586 | ||||
Other long-term assets | 482 | ||||
Total assets acquired | 60,328 | ||||
Current liabilities | 3,365 | ||||
Net purchase price | $ 56,963 | ||||
Journal Communications, Inc. | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Cash | $ 2,529 | ||||
Accounts receivable | 47,978 | ||||
Other assets | 2,236 | ||||
Property, plant and equipment | 123,264 | ||||
Intangible assets | 294,800 | ||||
Goodwill | 456,440 | ||||
Other long-term assets | 6,350 | ||||
Assets held for sale | 14,500 | ||||
Total assets acquired | 948,097 | ||||
Accounts payable and accrued liabilities | 38,107 | ||||
Employee benefit obligations | 85,261 | ||||
Long-term deferred liability | 57,112 | ||||
Long-term debt | 126,873 | ||||
Other long-term liabilities | 4,744 | ||||
Net purchase price | $ 636,000 |
Acquisitions - Pro Forma Disclo
Acquisitions - Pro Forma Disclosures (Details) - Journal Communications, Inc. - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Operating revenues | $ 198,134 | $ 383,619 |
Income from continuing operations attributable to the shareholders of The E.W. Scripps Company | $ 9,308 | $ 6,578 |
Income per share from operations attributable to the shareholders of The E.W. Scripps Company - Basic (in dollars per share) | $ 0.11 | $ 0.08 |
Income per share from operations attributable to the shareholders of The E.W. Scripps Company - Diluted (in dollars per share) | $ 0.11 | $ 0.08 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 27.00% | 35.00% |
U.S. Federal statutory rate | 35.00% | 35.00% |
Excess tax benefits on share-based compensation | $ 1.9 | |
Deferred tax assets | $ 20.7 | |
Unrecognized deductions for share based compensation awards | $ 25 |
Other Charges and Credits - Nar
Other Charges and Credits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Acquisition and related integration costs | $ 0 | $ 29,973 | $ 578 | $ 32,747 |
Journal Communications, Inc. | ||||
Business Acquisition [Line Items] | ||||
Acquisition and related integration costs | $ 29,973 | $ 578 | $ 32,747 |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 5,460 | $ 6,560 |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | Apr. 01, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | |||
Goodwill, Gross | $ 854,994 | $ 823,701 | |
Goodwill, Impaired, Accumulated Impairment Loss | (237,914) | (237,914) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 585,787 | ||
Goodwill, ending balance | 617,080 | ||
Cracked | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 29,703 | ||
Stitcher | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 1,590 | ||
Journal Communications, Inc. | |||
Goodwill [Roll Forward] | |||
Goodwill, ending balance | $ 456,440 | ||
Television | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 681,535 | 681,535 | |
Goodwill, Impaired, Accumulated Impairment Loss | (215,414) | (215,414) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 466,121 | ||
Goodwill, ending balance | 466,121 | ||
Television | Cracked | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 0 | ||
Television | Stitcher | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 0 | ||
Television | Journal Communications, Inc. | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 395,000 | ||
Radio | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 41,000 | 41,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 41,000 | ||
Goodwill, ending balance | 41,000 | ||
Radio | Cracked | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 0 | ||
Radio | Stitcher | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 0 | ||
Radio | Journal Communications, Inc. | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 41,000 | ||
Digital | |||
Goodwill [Line Items] | |||
Goodwill, Gross | 132,459 | 101,166 | |
Goodwill, Impaired, Accumulated Impairment Loss | (22,500) | $ (22,500) | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 78,666 | ||
Goodwill, ending balance | 109,959 | ||
Digital | Cracked | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | 29,703 | ||
Digital | Stitcher | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | $ 1,590 | ||
Digital | Journal Communications, Inc. | |||
Goodwill [Roll Forward] | |||
Goodwill acquisition | $ 20,000 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Carrying amount: | ||
Total carrying amount | $ 331,167 | $ 318,967 |
Accumulated amortization: | ||
Total accumulated amortization | (55,209) | (43,595) |
Net amortizable intangible assets | 275,958 | 275,372 |
Total other intangible assets | 479,773 | 479,187 |
Licensing agreements | ||
Accumulated amortization: | ||
Other indefinite-lived intangible assets — FCC licenses | 203,815 | 203,815 |
Television network affiliation relationships | ||
Carrying amount: | ||
Total carrying amount | 248,444 | 248,444 |
Accumulated amortization: | ||
Total accumulated amortization | (30,804) | (24,590) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 56,100 | 56,100 |
Accumulated amortization: | ||
Total accumulated amortization | (21,015) | (17,092) |
Other | ||
Carrying amount: | ||
Total carrying amount | 26,623 | 14,423 |
Accumulated amortization: | ||
Total accumulated amortization | $ (3,390) | $ (1,913) |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated amortization expense of intangible assets for the remainder of 2016 | $ 12 |
Estimated amortization expense of intangible assets for 2017 | 21.8 |
Estimated amortization expense of intangible assets for 2018 | 21.4 |
Estimated amortization expense of intangible assets for 2019 | 19.7 |
Estimated amortization expense of intangible assets for 2020 | 18.6 |
Estimated amortization expense of intangible assets for 2021 | 16.3 |
Estimated amortization expense of intangible assets for later years | $ 166.2 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Components of Long-term debt | |||
Long-term debt | $ 397,481 | $ 399,143 | |
Debt Issuance Cost | (2,987) | (3,325) | |
Long-term Debt, Net of Debt Issuance Cost | 389,513 | 391,175 | |
Current portion of long-term debt | 6,656 | 6,656 | |
Long-term debt (less current portion) | 390,825 | 392,487 | |
Fair value of long-term debt | [1] | 399,241 | 396,576 |
Unsecured subordinated notes payable | |||
Components of Long-term debt | |||
Long-term debt | 7,968 | 7,968 | |
Variable rate credit facility | |||
Components of Long-term debt | |||
Long-term debt | 0 | 0 | |
Term loan | |||
Components of Long-term debt | |||
Long-term debt | $ 392,500 | $ 394,500 | |
[1] | * Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy. |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Apr. 01, 2015 | |
Long-Term Debt (Textual) [Abstract] | ||||
Current portion of long-term debt | $ 6,656,000 | $ 6,656,000 | ||
Long-term debt (less current portion) | 390,825,000 | 392,487,000 | ||
Scheduled principal payments on long-term debt in 2016 | 2,000,000 | |||
Scheduled principal payments on long-term debt in 2017 | 4,000,000 | |||
Scheduled principal payments on long-term debt in 2018 | 4,000,000 | |||
Scheduled principal payments on long-term debt in 2019 | 4,000,000 | |||
Scheduled principal payments on long-term debt in 2020 | 378,500,000 | |||
Letters of credit outstanding amount | $ 800,000 | $ 800,000 | ||
Minimum | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | |||
Maximum | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | |||
Financing Agreement | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Revolving credit and term loan agreement to finance acquisition | $ 500,000,000 | |||
Restricted payment for dividend and share repurchase, maximum | $ 70,000,000 | |||
Ratio of Indebtedness to Net Capital | 4.5 | |||
Term loan B | Financing Agreement | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Revolving credit and term loan agreement, increase in borrowing capacity | 200,000,000 | |||
Long-term debt, term loan | 400,000,000 | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.50% | 3.50% | ||
LIBOR plus margin range | 2.75% | |||
Weighted average interest rate | 3.50% | 3.37% | ||
Term loan B | Financing Agreement | Minimum | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.75% | |||
Revolving credit facility | Financing Agreement | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Revolving credit and term loan agreement to finance acquisition | 100,000,000 | |||
Revolving credit and term loan agreement, increase in borrowing capacity | $ 25,000,000 | |||
Revolving credit facility | Financing Agreement | Minimum | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Line of Credit Facility, Amount Outstanding, Trigger Leverage Ratio, Percentage | 20.00% | |||
LIBOR plus margin range | 2.25% | |||
Revolving credit facility | Financing Agreement | Maximum | ||||
Long-Term Debt (Textual) [Abstract] | ||||
LIBOR plus margin range | 2.75% | |||
Unsecured subordinated notes payable | ||||
Long-Term Debt (Textual) [Abstract] | ||||
Stated interest rate (percent) | 7.25% | |||
Annual installment payments | $ 2,700,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - Interest rate swaps - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 75,000 | $ 75,000 |
Fixed LIBOR interest rate | 1.08% |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivatives designated as cash flow hedges: | |||
Derivative, Notional Amount | $ 75,000 | $ 75,000 | |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | |
Interest Rate Derivative Liabilities, at Fair Value | [1] | $ 235 | $ 299 |
[1] | (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheets |
Financial Instruments - Effecti
Financial Instruments - Effective Portion of Unrealized Gain and Loss (Details) - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivatives designated as cash flow hedges: | ||||
Amounts reclassified from accumulated OCL, gain | $ 96 | $ 96 | $ 192 | $ 192 |
Gain (loss) on derivative | $ 77 | $ 64 | $ 64 | $ (110) |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Cash equivalents | $ 5,000 | $ 5,000 | |
Level 1 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Cash equivalents | 5,000 | 5,000 | |
Level 2 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Cash equivalents | 0 | 0 | |
Level 3 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Cash equivalents | 0 | 0 | |
Interest rate swaps | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Interest rate swap | [1] | (235) | (299) |
Interest rate swaps | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Interest rate swap | (235) | (299) | |
Interest rate swaps | Level 1 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Interest rate swap | 0 | 0 | |
Interest rate swaps | Level 2 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Interest rate swap | (235) | (299) | |
Interest rate swaps | Level 3 | Recurring Measurements | |||
Assets and liabilities that are measured at fair value on a recurring basis | |||
Interest rate swap | $ 0 | $ 0 | |
[1] | (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheets |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other liabilities | ||
Employee compensation and benefits | $ 18,138 | $ 16,808 |
Liability for pension benefits | 225,297 | 221,965 |
Liabilities for uncertain tax positions | 3,437 | 3,492 |
Other | 20,332 | 25,302 |
Other liabilities (less current portion) | $ 267,204 | $ 267,567 |
Supplemental Cash Flow Inform59
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Other changes in certain working capital accounts, net | ||
Accounts and notes receivable | $ (19,342) | $ (24,368) |
Transition services receivable, net | 0 | (17,889) |
Income taxes receivable/payable, net | 3,466 | (14,193) |
Accounts payable | 472 | (14,124) |
Accrued employee compensation and benefits | (7,244) | 260 |
Other accrued liabilities | (2,910) | (7,684) |
Other, net | (4,335) | (3,875) |
Total | $ (29,893) | $ (81,873) |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 5,577 | $ 6,518 | $ 11,258 | $ 12,690 |
Allocated to discontinued operations | 0 | 0 | 0 | (1,096) |
Net periodic benefit cost — continuing operations | 5,577 | 6,518 | 11,258 | 11,594 |
Defined contribution plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 2,086 | 2,360 | 4,274 | 5,711 |
Multi-employer plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 42 | 38 | 85 | 97 |
Defined benefit plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Interest cost | 6,770 | 8,179 | 13,540 | 14,628 |
Expected return on plan assets, net of expenses | (4,599) | (6,624) | (9,196) | (11,709) |
Amortization of actuarial loss | 997 | 1,204 | 1,995 | 2,336 |
Defined Benefit Plan, Curtailments | 0 | 1,080 | 0 | 1,080 |
Total for defined benefit plans | 3,168 | 3,839 | 6,339 | 6,335 |
SERP | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 281 | $ 281 | $ 560 | $ 547 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | $ 0.5 |
Estimated future contributions | 0.6 |
Defined benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions to benefit plan | 1.2 |
Minimum | Defined benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions | 5 |
Maximum | Defined benefit plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions | $ 10 |
Segment Information - Narrative
Segment Information - Narrative (Details) | Jun. 30, 2016radio_stationcustomeraffiliatemarket |
Segment Reporting Information [Line Items] | |
Number of major customers customers | customer | 0 |
Percentage of revenue by major customer | 10.00% |
Television | |
Segment Reporting Information [Line Items] | |
Percentage of market capture | 18.00% |
Television | ABC affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 15 |
Television | NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 5 |
Television | FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 2 |
Television | CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 2 |
Television | Non big four affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 4 |
Television | Azteca America affiliates | |
Segment Reporting Information [Line Items] | |
Number of affiliates | 5 |
Radio | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 34 |
Number of markets in which the company operates | market | 8 |
Radio | Radio - FM | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 28 |
Radio | Radio - AM | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 6 |
Segment Information - Schedule
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Information regarding business segments | ||||
Total operating revenues | $ 227,817 | $ 198,134 | $ 437,315 | $ 321,157 |
Defined benefit pension plan expense | (3,449) | (4,120) | (6,899) | (6,806) |
Acquisition and related integration costs | 0 | (29,973) | (578) | (32,747) |
Depreciation and amortization of intangibles | (14,786) | (13,366) | (29,197) | (21,661) |
Losses, net on disposal of property and equipment | (22) | (215) | (18) | (379) |
Interest expense | (4,432) | (4,225) | (9,011) | (6,277) |
Miscellaneous, net | (458) | 387 | (649) | (1,049) |
Income (loss) from continuing operations before income taxes | 18,420 | (19,494) | 22,513 | (32,632) |
Depreciation: | ||||
Total depreciation | 8,928 | 8,604 | 17,584 | 14,791 |
Amortization of intangibles: | ||||
Total amortization of intangibles | 5,858 | 4,762 | 11,613 | 6,870 |
Additions to property and equipment: | ||||
Total additions to property and equipment | 6,907 | 6,466 | 10,328 | 8,771 |
Television | ||||
Information regarding business segments | ||||
Total operating revenues | 191,745 | 167,394 | 371,649 | 281,612 |
Segment profit (loss) | 53,298 | 44,596 | 94,985 | 66,650 |
Depreciation: | ||||
Total depreciation | 7,932 | 7,238 | 15,397 | 12,624 |
Amortization of intangibles: | ||||
Total amortization of intangibles | 4,240 | 4,262 | 8,479 | 6,150 |
Additions to property and equipment: | ||||
Total additions to property and equipment | 6,519 | 5,802 | 9,630 | 7,743 |
Radio | ||||
Information regarding business segments | ||||
Total operating revenues | 18,183 | 19,413 | 32,786 | 19,413 |
Segment profit (loss) | 3,903 | 4,908 | 6,046 | 4,908 |
Depreciation: | ||||
Total depreciation | 543 | 549 | 1,080 | 549 |
Amortization of intangibles: | ||||
Total amortization of intangibles | 265 | 280 | 530 | 280 |
Additions to property and equipment: | ||||
Total additions to property and equipment | 83 | 16 | 316 | 16 |
Digital | ||||
Information regarding business segments | ||||
Total operating revenues | 15,207 | 8,602 | 27,533 | 14,837 |
Segment profit (loss) | (4,715) | (4,917) | (7,848) | (9,571) |
Depreciation: | ||||
Total depreciation | 54 | 132 | 108 | 262 |
Amortization of intangibles: | ||||
Total amortization of intangibles | 1,014 | 220 | 1,927 | 440 |
Additions to property and equipment: | ||||
Total additions to property and equipment | 13 | 0 | 17 | 0 |
Syndication and other | ||||
Information regarding business segments | ||||
Total operating revenues | 2,682 | 2,725 | 5,347 | 5,295 |
Segment profit (loss) | (1,045) | (1,062) | (152) | (657) |
Depreciation: | ||||
Total depreciation | 65 | 66 | 129 | 129 |
Additions to property and equipment: | ||||
Total additions to property and equipment | 26 | 15 | 41 | 69 |
Shared services and corporate | ||||
Information regarding business segments | ||||
Segment profit (loss) | (9,874) | (11,507) | (24,166) | (25,043) |
Depreciation: | ||||
Total depreciation | 334 | 619 | 870 | 1,227 |
Amortization of intangibles: | ||||
Total amortization of intangibles | 339 | 0 | 677 | 0 |
Additions to property and equipment: | ||||
Total additions to property and equipment | $ 266 | $ 633 | $ 324 | $ 943 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2016USD ($)directorcommon_share$ / shares | Jun. 30, 2015USD ($)$ / shares | May 31, 2014USD ($) | |
Class of Stock [Line Items] | |||
Classes of common shares | common_share | 2 | ||
Stock repurchased during period, value | $ 18,686,000 | $ 2,683,000 | |
Minimum | |||
Class of Stock [Line Items] | |||
Minimum number of directors up for election to entitle shareholders to vote | director | 0.3333 | ||
Maximum | |||
Class of Stock [Line Items] | |||
Minimum number of directors up for election to entitle shareholders to vote | director | 3 | ||
Common stock, Class A | |||
Class of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 100,000,000 | ||
Stock repurchased during period, value | $ 18,700,000 | $ 2,700,000 | |
Stock repurchase program, remaining authorized amount | $ 65,100,000 | ||
Common stock, Class A | Minimum | |||
Class of Stock [Line Items] | |||
Stock repurchased during period (in dollars per share) | $ / shares | $ 14.71 | $ 21.60 | |
Common stock, Class A | Maximum | |||
Class of Stock [Line Items] | |||
Stock repurchased during period (in dollars per share) | $ / shares | $ 19.51 | $ 24.94 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Beginning balance | $ (89,108) | $ (125,626) | $ (89,802) | $ (126,443) | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |||
Ending balance | (88,416) | (125,873) | (88,416) | (125,873) | |||
Spin-off of Newspapers | (138,159) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap | [1] | 59 | 59 | 118 | 119 | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss) | [2] | 633 | (2,632) | 1,268 | (1,875) | ||
Net current-period other comprehensive income | 692 | (2,573) | 1,386 | (1,756) | |||
Gains and Losses on Derivatives | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Beginning balance | (183) | (419) | (242) | (479) | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |||
Ending balance | (124) | (360) | (124) | (360) | |||
Spin-off of Newspapers | 0 | 0 | |||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss) | [2] | 0 | 0 | 0 | 0 | ||
Net current-period other comprehensive income | 59 | 59 | 118 | 119 | |||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap | 59 | [1] | 59 | [1] | 118 | 119 | |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, tax | 37 | 37 | 74 | 73 | |||
Defined Benefit Pension Items | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Beginning balance | (89,098) | (125,120) | (89,740) | (125,877) | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |||
Ending balance | (88,458) | (125,524) | (88,458) | (125,524) | |||
Spin-off of Newspapers | 2,312 | 2,312 | |||||
Stockholders' Equity Note, Spinoff Transaction, Tax Effect | 1,517 | 1,517 | |||||
Defined Benefit Pension Items | Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap | [1] | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss) | 640 | [2] | (2,716) | [2] | 1,282 | (1,959) | |
Amounts reclassification from accumulated other comprehensive loss, Actuarial gain (loss), tax | 397 | (1,669) | 793 | (1,211) | |||
Net current-period other comprehensive income | 640 | (2,716) | 1,282 | (1,959) | |||
Other | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Beginning balance | 173 | (87) | 180 | (87) | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |||
Ending balance | 166 | 11 | 166 | 11 | |||
Spin-off of Newspapers | 14 | 14 | |||||
Other | Reclassification out of Accumulated Other Comprehensive Income | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap | [1] | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss) | (7) | [2] | 84 | [2] | (14) | 84 | |
Net current-period other comprehensive income | $ (7) | 84 | $ (14) | 84 | |||
AOCI Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Loss [Roll Forward] | |||||||
Spin-off of Newspapers | $ 2,326 | $ 2,326 | |||||
[1] | (a) Interest rate swap amortization is included in interest expense in the Condensed Consolidated Statements of Operations | ||||||
[2] | (b) Actuarial gain (loss) is included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Journal Broadcast Merger and 66
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) Narrative (Details) | Apr. 01, 2015USD ($)employeenewspaper | Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) |
Journal Communications, Inc. | ||||
Business Acquisition [Line Items] | ||||
Proceeds from Services Provided to Related Party | $ 1,400,000 | |||
Payments for Services Performed by Related Party | 500,000 | |||
Transition services agreement receivable, net | $ 0 | |||
Spin-off | ||||
Business Acquisition [Line Items] | ||||
Special cash dividend | $ 60,000,000 | |||
Transaction costs expensed | $ 30,000,000 | $ 36,000,000 | ||
Disposal Group, Including Discontinued Operation, Professional Fees | 3,000,000 | |||
Professional Fees | 33,000,000 | |||
Spin-off | Journal Communications, Inc. | ||||
Business Acquisition [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 30,000,000 | |||
Spin-off | Newspaper operations | Parent company | ||||
Business Acquisition [Line Items] | ||||
Number of newspapers | newspaper | 13 | |||
Spin-off | Television operations | Journal Communications, Inc. | ||||
Business Acquisition [Line Items] | ||||
Television operations, percentage of U.S. households reached | 18.00% | |||
Spin-off | Television, Radio, and Digital Operations | Journal Communications, Inc. | ||||
Business Acquisition [Line Items] | ||||
Approximate number of employees | employee | 3,800 |
Journal Broadcast Merger and 67
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) Discontinued Operations (Details) - Spin-off - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Operating results of discontinued operations: | ||
Operating revenues | $ 0 | $ 91,478 |
Total costs and expenses | (240) | (79,517) |
Depreciation and amortization of intangibles | 0 | (3,608) |
Other, net | 0 | (3,298) |
Loss on disposal of Scripps Newspapers | (30,000) | (30,000) |
Loss from discontinued operations before income taxes | (30,240) | (24,945) |
Benefit for income taxes | 11,792 | 9,513 |
Net loss from discontinued operations | $ (18,448) | $ (15,432) |