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 our national digital businesses of 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 Nine Months Ended (in thousands) 2016 2015 2016 2015 Segment operating revenues: Television $ 197,283 $ 157,437 $ 568,932 $ 439,049 Radio 19,301 20,421 52,087 39,834 Digital 15,754 10,861 43,287 25,698 Syndication and other 702 972 6,049 6,267 Total operating revenues $ 233,040 $ 189,691 $ 670,355 $ 510,848 Segment profit (loss): Television $ 58,305 $ 31,707 $ 153,290 $ 98,357 Radio 2,528 4,073 8,574 8,981 Digital (5,633 ) (3,639 ) (13,481 ) (13,210 ) Syndication and other (832 ) (572 ) (984 ) (1,229 ) Shared services and corporate (8,520 ) (8,658 ) (32,686 ) (33,701 ) Defined benefit pension plan expense (3,605 ) (2,976 ) (10,504 ) (9,782 ) Acquisition and related integration costs — (4,206 ) (578 ) (36,953 ) Depreciation and amortization of intangibles (14,892 ) (16,273 ) (44,089 ) (37,934 ) Impairment of goodwill and intangibles — (24,613 ) — (24,613 ) Losses, net on disposal of property and equipment (26 ) (200 ) (44 ) (579 ) Interest expense (4,592 ) (4,246 ) (13,603 ) (10,523 ) Miscellaneous, net (596 ) 1,061 (1,245 ) 12 Income (loss) from continuing operations before income taxes $ 22,137 $ (28,542 ) $ 44,650 $ (61,174 ) Depreciation: Television $ 7,120 $ 9,765 $ 22,517 $ 22,389 Radio 653 554 1,733 1,103 Digital 40 132 148 394 Syndication and other 67 66 196 195 Shared services and corporate 527 575 1,397 1,802 Total depreciation $ 8,407 $ 11,092 $ 25,991 $ 25,883 Amortization of intangibles: Television $ 4,239 $ 4,262 $ 12,718 $ 10,412 Radio 265 280 795 560 Digital 1,643 639 3,570 1,079 Shared services and corporate 338 — 1,015 — Total amortization of intangibles $ 6,485 $ 5,181 $ 18,098 $ 12,051 Additions to property and equipment: Television $ 6,618 $ 5,607 $ 16,248 $ 13,350 Radio 628 623 944 639 Digital 34 46 51 46 Syndication and other 74 7 115 76 Shared services and corporate 643 190 967 1,133 Total additions to property and equipment $ 7,997 $ 6,473 $ 18,325 $ 15,244 No single customer provides more than 10% of our revenue. |