Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
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-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 912,954,000 | ||
Common stock, Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 70,021,010 | ||
Voting common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,932,722 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 134,352 | $ 114,621 |
Accounts and notes receivable (less allowances - 2016, $1,632; 2015, $1,610) | 192,531 | 171,901 |
Income taxes receivable | 504 | 4,626 |
Miscellaneous | 18,508 | 11,482 |
Total current assets | 345,895 | 302,630 |
Investments | 14,221 | 13,856 |
Property and equipment | 260,731 | 271,047 |
Goodwill | 616,780 | 585,787 |
Other intangible assets | 467,896 | 479,187 |
Deferred income taxes | 9,075 | 13,640 |
Miscellaneous | 13,775 | 14,713 |
Total Assets | 1,728,373 | 1,680,860 |
Current liabilities: | ||
Accounts payable | 26,670 | 31,606 |
Customer deposits and unearned revenue | 7,122 | 8,508 |
Current portion of long-term debt | 6,571 | 6,656 |
Accrued liabilities: | ||
Employee compensation and benefits | 32,636 | 33,669 |
Miscellaneous | 18,986 | 25,392 |
Other current liabilities | 12,146 | 13,992 |
Total current liabilities | 104,131 | 119,823 |
Long-term debt (less current portion) | 386,614 | 392,487 |
Deferred income taxes | 17,740 | 0 |
Other liabilities (less current portion) | 273,953 | 267,567 |
Commitments and contingencies | ||
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; 2016 - 70,042,300 shares; 2015 - 71,886,969 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2016 - 11,932,722 shares; 2015 - 11,932,722 shares | 819 | 838 |
Additional paid-in capital | 1,132,540 | 1,163,985 |
Accumulated deficit | (94,077) | (174,038) |
Accumulated other comprehensive loss, net of income taxes | (93,347) | (89,802) |
Total equity | 945,935 | 900,983 |
Total Liabilities and Equity | 1,728,373 | 1,680,860 |
Common stock, Class A | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2016 - 70,042,300 shares; 2015 - 71,886,969 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2016 - 11,932,722 shares; 2015 - 11,932,722 shares | 700 | 719 |
Voting common stock | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2016 - 70,042,300 shares; 2015 - 71,886,969 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2016 - 11,932,722 shares; 2015 - 11,932,722 shares | $ 119 | $ 119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowances for accounts and notes receivable | $ 1,632 | $ 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 | 70,042,300 | 71,886,969 |
Common stock, shares outstanding | 70,042,300 | 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Revenues: | |||
Advertising | $ 680,760 | $ 548,205 | $ 421,546 |
Retransmission | 220,723 | 136,571 | 56,185 |
Other | 41,564 | 30,880 | 21,021 |
Total operating revenues | 943,047 | 715,656 | 498,752 |
Costs and Expenses: | |||
Employee compensation and benefits | 373,552 | 340,042 | 257,870 |
Programs and program licenses | 174,584 | 121,479 | 55,487 |
Other expenses | 194,227 | 163,297 | 115,175 |
Defined benefit pension plan expense | 14,332 | 58,674 | 5,671 |
Acquisition and related integration costs | 578 | 37,988 | 9,708 |
Total costs and expenses | 757,273 | 721,480 | 443,911 |
Depreciation, Amortization, and Losses (Gains): | |||
Depreciation | 34,791 | 34,178 | 24,168 |
Amortization of intangible assets | 23,790 | 17,774 | 8,012 |
Impairment of goodwill and intangibles | 0 | 24,613 | 0 |
Losses (gains), net on disposal of property and equipment | 543 | 483 | (2,872) |
Net depreciation, amortization, and losses (gains) | 59,124 | 77,048 | 29,308 |
Operating income (loss) | 126,650 | (82,872) | 25,533 |
Interest expense | (18,039) | (15,099) | (8,494) |
Miscellaneous, net | (2,646) | (1,421) | (7,693) |
Income (loss) from continuing operations before income taxes | 105,965 | (99,392) | 9,346 |
Provision (benefit) for income taxes | 38,730 | (32,755) | (111) |
Income (loss) from continuing operations | 67,235 | (66,637) | 9,457 |
Net (loss) income from discontinued operations, net of tax | 0 | (15,840) | 1,072 |
Net income (loss) | $ 67,235 | $ (82,477) | $ 10,529 |
Net income (loss) per basic share of common stock attributable to the shareholders of The E. W. Scripps Company: | |||
Income (loss) from continuing operations, per basic share | $ 0.80 | $ (0.86) | $ 0.16 |
(Loss) income from discontinued operations, per basic share | 0 | (0.20) | 0.02 |
Net income (loss) per basic share of common stock (USD per share) | 0.80 | (1.06) | 0.18 |
Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | |||
Income (loss) from continuing operations, per diluted share | 0.79 | (0.86) | 0.16 |
(Loss) income from discontinued operations, per diluted share | 0 | (0.20) | 0.02 |
Net income (loss) per diluted share of common stock (USD per share) | $ 0.79 | $ (1.06) | $ 0.18 |
Weighted average shares outstanding: | |||
Basic (in shares) | 83,339 | 77,373 | 56,342 |
Diluted (in shares) | 83,639 | 77,373 | 57,239 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 67,235 | $ (82,477) | $ 10,529 |
Changes in fair value of derivative, net of tax of $142, $148 and $145 | 242 | 237 | 239 |
Changes in defined benefit pension plans, net of tax of $(2,455), $21,139, and $(27,516) | (3,936) | 33,825 | (45,500) |
Other | 149 | 253 | (259) |
Total comprehensive income (loss) | $ 63,690 | $ (48,162) | $ (34,991) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in defined benefit pension plans, tax amount | $ (2,455) | $ 21,139 | $ (27,516) |
Changes in fair value of derivative, tax amount | $ 142 | $ 148 | $ 145 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 67,235 | $ (82,477) | $ 10,529 |
Net (loss) income from discontinued operations, net of tax | 0 | (15,840) | 1,072 |
Income (loss) from continuing operations | 67,235 | (66,637) | 9,457 |
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | |||
Depreciation and amortization | 58,581 | 51,952 | 32,180 |
Impairment of goodwill and intangibles | 0 | 24,613 | 0 |
Losses (gains) on sale of property and equipment | 543 | 483 | (2,872) |
Deferred income taxes | 39,267 | (26,831) | 5,384 |
Excess tax benefits of share-based compensation plans | 0 | 0 | (8,352) |
Stock and deferred compensation plans | 11,127 | 10,125 | 6,992 |
Pension expense, net of payments | 4,936 | 58,358 | 4,433 |
Other changes in certain working capital accounts, net | (35,865) | (43,790) | 29,243 |
Miscellaneous, net | 669 | 555 | 1,830 |
Net cash provided by continuing operating activities | 146,493 | 8,828 | 78,295 |
Net cash provided by discontinued operating activities | 0 | 42 | 23,760 |
Net operating activities | 146,493 | 8,870 | 102,055 |
Cash Flows from Investing Activities: | |||
Acquisitions, net of cash acquired | 43,500 | 46,838 | 149,284 |
Proceeds from sale of property and equipment | 56 | 1,722 | 5,856 |
Proceeds from sale of property held for sale | 0 | 14,500 | 0 |
Additions to property and equipment | (27,948) | (23,105) | (16,300) |
Purchase of investments | (2,128) | (7,658) | (2,652) |
Miscellaneous, net | 92 | 1,578 | 2,007 |
Net cash used in continuing investing activities | (73,428) | (59,801) | (160,373) |
Net cash used in discontinued investing activities | 0 | (1,561) | (1,564) |
Net investing activities | (73,428) | (61,362) | (161,937) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 0 | 200,000 | 0 |
Payments on long-term debt | (6,635) | (122,406) | (2,000) |
Payments of financing costs | 0 | (2,592) | (483) |
Dividends paid | 0 | (59,523) | 0 |
Repurchase of Class A Common shares | (44,401) | (16,222) | (21,237) |
Proceeds from employee stock options | 4,641 | 7,249 | 16,579 |
Tax payments related to shares withheld for vested stock and RSUs | (2,681) | (5,237) | (4,261) |
Excess tax benefits from stock compensation plans | 0 | 0 | 8,352 |
Miscellaneous, net | (4,258) | 575 | (1,264) |
Net cash provided by (used in) continuing financing activities | (53,334) | 1,844 | (4,314) |
Increase (Decrease) in cash, cash equivalents and restricted cash | 19,731 | (50,648) | (64,196) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 114,621 | 165,269 | 229,465 |
End of year | $ 134,352 | $ 114,621 | $ 165,269 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
Balance at Dec. 31, 2013 | $ 547,737 | $ 560 | $ 509,243 | $ 116,893 | $ (80,923) | $ 1,964 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 10,222 | 10,529 | (307) | ||||
Changes in defined benefit pension plans | (45,500) | (45,500) | |||||
Change in fair value of derivative | 239 | 239 | |||||
Repurchase of Class A Common shares | (21,237) | (12) | (12,496) | (8,729) | |||
Compensation plans: net share issued | [1] | 20,160 | 22 | 20,138 | 0 | ||
Excess tax expense of compensation plans | 8,571 | 8,571 | |||||
Other | (259) | (259) | |||||
Balance 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) | (82,477) | (82,477) | 0 | ||||
Changes in defined benefit pension plans | 33,825 | 33,825 | |||||
Change in fair value of derivative | 237 | 237 | |||||
Repurchase of Class A Common shares | (16,222) | (8) | (8,994) | (7,220) | |||
Compensation plans: net share issued | [1] | 11,799 | 13 | 11,786 | |||
Other | 253 | 253 | |||||
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 | (142,842) | (143,511) | 2,326 | (1,657) | |||
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | 900,983 | 838 | 1,163,985 | (174,038) | (89,802) | 0 | |
Balance (Scenario, Adjustment [Member]) at Dec. 31, 2015 | 14,750 | (58) | 14,808 | 0 | 0 | ||
Balance (Scenario, As Adjusted [Member]) at Dec. 31, 2015 | 915,733 | 838 | 1,163,927 | (159,230) | (89,802) | 0 | |
Balance at Dec. 31, 2015 | 900,983 | ||||||
Balance at Dec. 31, 2014 | 519,933 | 570 | 525,456 | 118,693 | (126,443) | 1,657 | |
Balance at Dec. 31, 2016 | 945,935 | 819 | 1,132,540 | (94,077) | (93,347) | 0 | |
Balance at Dec. 31, 2015 | 900,983 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 67,235 | 67,235 | 0 | ||||
Changes in defined benefit pension plans | (3,936) | (3,936) | |||||
Change in fair value of derivative | 242 | 242 | |||||
Repurchase of Class A Common shares | (44,401) | (27) | (42,292) | (2,082) | |||
Compensation plans: net share issued | [1] | 10,913 | 8 | 10,905 | |||
Other | 149 | 149 | |||||
Balance at Dec. 31, 2016 | $ 945,935 | $ 819 | $ 1,132,540 | $ (94,077) | $ (93,347) | $ 0 | |
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $2,681 in 2016, $5,237 in 2015 and $4,261 in 2014. |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares issued on compensation plan | 867,196 | 1,313,313 | 2,149,581 |
Repurchase of Class A Common shares | 2,711,865 | 839,859 | 1,181,560 |
Shares issued for acquisition | 26,350,993 | ||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 1.03 | $ 0 |
Cash dividends per share of common stock (USD per share) | $ 0 | $ 1.03 | $ 0 |
Tax payments related to shares withheld for vested stock and RSUs | $ 2,681 | $ 5,237 | $ 4,261 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies As used in the 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. Nature of Operations — We are a 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. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. For additional information on the spin-off, see Note 21. Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. We derive nearly 70% of our operating revenues from marketing services, including advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. 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. Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. 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. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast advertising revenue is recognized, net of agency commissions, when we air the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize advertising revenue from our podcast business when the podcast is downloaded for listening. Television advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. Retransmission — We derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. Other Revenues — We derive revenues from sponsorships and community events through our television and radio segments. We also derive revenues from sports affiliation fees we receive in the radio segment. Our digital segment offers digital marketing to our advertising customers and subscription services for access to premium content to our consumers. Our podcast business acts as a sales and marketing representative and earns commissions for its work. Cash Equivalents — Cash equivalents represent highly liquid investments with maturity of less than three months when acquired. Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers. A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2014 $ 1,120 Charged to costs and expenses 1,073 Amounts charged off, net (803 ) Balance as of December 31, 2014 1,390 Charged to costs and expenses 1,412 Amounts charged off, net (1,192 ) Balance as of December 31, 2015 1,610 Charged to costs and expenses 1,851 Amounts charged off, net (1,829 ) Balance as of December 31, 2016 $ 1,632 Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs, but are classified based on the type of cost incurred. We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television and radio stations. Broadcast television and radio stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are our television group, radio group, local digital, Midroll, Cracked and Newsy. Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. Impairment of Long-Lived Assets — We review long-lived assets (primarily property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the aggregate forecasted undiscounted cash flows derived from the operation of the assets to the carrying amount of the assets. If the aggregate undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.6 million and $10.7 million at December 31, 2016 and 2015 , respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Based on the terms of the Master Transaction Agreement, Scripps remains the primary obligor for newspaper insurance claims incurred prior to April 1, 2015. We recorded the liabilities related to these claims on our balance sheet with an offsetting receivable of $2.4 million , which will be paid by Journal Media Group. Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 18. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Upon adoption of new accounting guidance in 2016, the impact of forfeitures are recognized as they occur. Prior to the adoption of the new guidance, an estimate of forfeitures was made as the expense was recognized. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. 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: For the years ended December 31, (in thousands) 2016 2015 2014 Numerator (for basic and diluted earnings per share) Net income (loss) $ 67,235 $ (82,477 ) $ 10,529 Less income allocated to RSUs (917 ) — (240 ) Numerator for basic and diluted earnings per share $ 66,318 $ (82,477 ) $ 10,289 Denominator Basic weighted-average shares outstanding 83,339 77,373 56,342 Effect of dilutive securities: Stock options held by employees and directors 300 — 897 Diluted weighted-average shares outstanding 83,639 77,373 57,239 Anti-dilutive securities (1) — 1,907 — (1) Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. For 2015, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors were anti-dilutive, and accordingly the diluted EPS calculation 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 to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. 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 the Consolidated Statement of Operations. 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 | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Standards and Issued Accounting Standards | Recently Adopted Standards and Issued Accounting Standards Recently Issued Accounting Standards — In August 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to classification of certain cash receipts and payments in the statement of cash flows. This new guidance was issued with the objective of reducing diversity in practice around eight specific types of cash flows. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated statements of cash flows. In June 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. 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. We are currently assessing the impact this new guidance will have on our consolidated financial statements and have not yet determined a transition method. We are progressing in our process of adopting the new guidance and are working to identify all performance obligations and changes, if any, that the new guidance will have on the timing and amounts of revenue recorded. To date we are evaluating the impact, if any, that the new guidance might have on the revenue recognition for our retransmission consent agreements as well as our broadcast advertising arrangements. We are also evaluating the impact the new guidance has on our programming barter arrangements. Recently Adopted Accounting Standards — In November 2016, the FASB issued new guidance to clarify the classification and presentation of restricted cash in the statement of cash flows. Under the new guidance, restricted cash and restricted cash equivalents should be included in the cash and cash equivalent balances in the statement of cash flows. Additionally, changes in restricted cash and restricted cash equivalents should no longer be presented as a financing cash flow activity within the statement of cash flows. We have elected to early adopt this guidance as of December 31, 2016, and have retrospectively applied the guidance to prior periods. The impact of adopting the new guidance was to increase cash and cash equivalents by $6.6 million and $6.8 million at December 31, 2015 and 2014, respectively, due to the reclassification from restricted cash. In March 2016, the 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 used the modified retrospective transition method which 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 retained earnings as of December 31, 2015. Additionally, we have elected to adopt a policy of recording actual forfeitures, the impact of which is not material 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. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 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 now operates as part of Midroll Media, which significantly broadens 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. The final fair values of the assets acquired were $9.6 million of intangibles and $29.4 million of goodwill. Of the $9.6 million allocated to intangible assets, $7.6 million was for trade names with an estimated amortization period of 20 years. The remaining balance of $2.0 million was allocated to content library with an estimated amortization period of 3 years. The goodwill of $29 million arising from the transaction consists largely of the benefit we 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 December 31, 2016, revenues from the acquired Cracked operations were $4.0 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 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 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 21. The businesses acquired included 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 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 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 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 Cracked, Stitcher or Midroll as the impact of these acquisitions, individually or in the aggregate, are not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps Journal and adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and reflecting the transaction costs incurred in 2015 as if they were incurred in 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. For the years ended December 31, (in thousands, except per share data) (unaudited) 2015 2014 Operating revenues $ 778,118 $ 792,718 (Loss) income from continuing operations (37,452 ) 12,079 (Loss) income per share from continuing operations Basic $ (0.45 ) $ 0.14 Diluted (0.45 ) 0.14 |
Asset Write-Downs and Other Cha
Asset Write-Downs and Other Charges and Credits | 12 Months Ended |
Dec. 31, 2016 | |
Asset Write-Downs and Other Charges and Credits [Abstract] | |
Asset Write-Downs and Other Charges and Credits | Asset Write-Downs and Other Charges and Credits Income (loss) from operations was affected by the following: 2016 — Acquisition and related integration costs of $0.6 million 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 acquired operations. 2015 — Acquisition and related integration costs of $38.0 million are costs incurred for the Journal transactions and other acquisitions, such as investment banking, legal and accounting fees, as well as costs to integrate the acquired operations. We recorded a $24.6 million non-cash charge to reduce the carrying value of our goodwill and certain intangible assets of Newsy and a smaller business. See Note 9 for additional information. 2014 — Acquisition and related integration costs of $9.7 million include costs associated with the acquisition of two television stations from Granite Broadcasting, as well as costs for the Journal transactions. We recorded a $3.0 million gain from the sale of excess land. We recorded a $5.9 million non-cash charge to reduce the carrying value of investments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary returns in certain states, and other separate state income tax returns for certain of our subsidiary companies. The provision for income taxes from continuing operations consisted of the following: For the years ended December 31, (in thousands) 2016 2015 2014 Current: Federal $ 904 $ 279 $ 2,358 State and local (1,441 ) (3,072 ) (8,769 ) Total current income tax provision (537 ) (2,793 ) (6,411 ) Deferred: Federal 35,573 (26,005 ) 6,402 State and local 3,694 (3,957 ) (102 ) Total deferred income tax provision 39,267 (29,962 ) 6,300 Provision (benefit) for income taxes $ 38,730 $ (32,755 ) $ (111 ) The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal tax benefit 3.5 3.5 3.4 Equity compensation tax windfall deduction (1.6 ) — — Nondeductible expenses 1.3 (2.0 ) 15.7 Reserve for uncertain tax positions (0.7 ) 2.5 (63.8 ) Goodwill impairment — (7.6 ) — Other (1.0 ) 1.6 8.5 Effective income tax rate 36.5 % 33.0 % (1.2 )% Nondeductible expenses in 2015 and 2014 include amounts for transaction costs related to the Journal transactions. The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, (in thousands) 2016 2015 Temporary differences: Property and equipment $ (35,904 ) $ (36,926 ) Goodwill and other intangible assets (96,773 ) (82,607 ) Investments, primarily gains and losses not yet recognized for tax purposes 5,218 5,997 Accrued expenses not deductible until paid 8,883 11,329 Deferred compensation and retiree benefits not deductible until paid 97,470 96,463 Other temporary differences, net 3,799 3,410 Total temporary differences (17,307 ) (2,334 ) Federal and state net operating loss carryforwards 9,597 17,005 Valuation allowance for state deferred tax assets (955 ) (1,031 ) Net deferred tax (liability)/asset $ (8,665 ) $ 13,640 Total federal operating loss carryforwards were $7 million and state operating loss carryforwards were $205 million at December 31, 2016 . Our federal tax loss carryforwards and our state tax loss carryforwards expire through 2036. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company. Deferred tax assets relating to our state jurisdictions totaled $9 million at December 31, 2016 , which includes the tax effect of state net operating loss carryforwards. 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 2015, deferred tax assets relating to employee share-based compensation from the vesting of RSUs and the exercise of stock options had not been recognized since we were in a net tax loss position in that year. The additional tax benefits were reflected as net operating loss carryforwards when we filed our tax returns, but the additional tax benefits were not recorded under GAAP until the tax deduction reduced taxes payable. The amount of unrecognized tax deductions for the years ended December 31, 2015 and 2014 were approximately $16 million and $23 million , respectively. Effective January 1, 2016, we adopted new accounting guidance that allows us to recognize the benefits when deductible for tax purposes. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Gross unrecognized tax benefits at beginning of year $ 5,011 $ 7,024 $ 14,824 Increases in tax positions for prior years 22 859 — Decreases in tax positions for prior years (1,684 ) (96 ) (525 ) Increases in tax positions for current years 336 — — Decreases from lapse in statute of limitations (1,020 ) (2,776 ) (7,275 ) Gross unrecognized tax benefits at end of year $ 2,665 $ 5,011 $ 7,024 The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $1.1 million at December 31, 2016 . We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2016 and 2015 , we had accrued interest related to unrecognized tax benefits of $0.4 million and $0.6 million , respectively. We file income tax returns in the U.S. and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2016 , we are no longer subject to federal income tax examinations for years prior to 2013. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2012. In 2016 and 2015 , we recognized $0.9 million and $ 2.5 million , respectively, of previously unrecognized net tax benefits primarily due to the lapse of the statute of limitations in certain tax jurisdictions. Due to the potential for resolution of federal and state examinations, and the expiration of various statutes of limitation, it is reasonably possible that our gross unrecognized tax benefits balance may change within the next twelve months by as much as $1.2 million . On July 1, 2008, we distributed all of the shares of Scripps Networks Interactive, Inc. (“SNI”) to the shareholders. Under the terms of the Tax Allocation Agreement with SNI, we receive any tax deductions for share-based compensation awards held by our employees in SNI. In 2015 and 2014 , we took deductions upon the exercise of those awards that totaled approximately $2.2 million and $8.1 million , respectively. With the adoption of new accounting guidance on January 1, 2016, any tax benefits received are recorded as a component of the current tax provision. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash At December 31, 2016 and 2015 , our cash and cash equivalents included $5.5 million and $6.6 million , respectively, held 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | Investments Investments consisted of the following: As of December 31, (in thousands) 2016 2015 Investments held at cost $ 10,774 $ 10,652 Equity method investments 3,447 3,204 Total investments $ 14,221 $ 13,856 Our investments do not trade in public markets, thus they do not have readily determinable fair values. We estimate the fair values of the investments to approximate their carrying values at December 31, 2016 and 2015 . There can be no assurance we would realize the carrying values of these securities upon their sale. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: As of December 31, (in thousands) 2016 2015 Land and improvements $ 59,176 $ 59,176 Buildings and improvements 148,392 141,510 Equipment 315,352 303,867 Computer software 14,581 17,664 Total 537,501 522,217 Accumulated depreciation 276,770 251,170 Net property and equipment $ 260,731 $ 271,047 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by business segment was as follows: (in thousands) Television Radio Digital Total Gross balance as of December 31, 2013 $ 243,380 $ — $ — $ 243,380 Accumulated impairment losses (215,414 ) — — (215,414 ) Net balance as of December 31, 2013 27,966 — — 27,966 Newsy acquisition — — 28,983 28,983 Granite stations acquisition 44,715 — — 44,715 WeatherSphere acquisition — — 4,597 4,597 Balance as of December 31, 2014 $ 72,681 $ — $ 33,580 $ 106,261 Gross balance as of December 31, 2014 $ 288,095 $ — $ 33,580 $ 321,675 Accumulated impairment losses (215,414 ) — — (215,414 ) Net balance as of December 31, 2014 72,681 — 33,580 106,261 Journal acquisition 395,440 41,000 20,000 456,440 Reassignment of goodwill for change in segments (2,000 ) — 2,000 — Midroll acquisition — — 45,586 45,586 Impairment charge — — (22,500 ) (22,500 ) Balance as of December 31, 2015 $ 466,121 $ 41,000 $ 78,666 $ 585,787 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 — — 29,403 29,403 Stitcher acquisition — — 1,590 1,590 Balance as of December 31, 2016 $ 466,121 $ 41,000 $ 109,659 $ 616,780 Gross balance as of December 31, 2016 $ 681,535 $ 41,000 $ 132,159 $ 854,694 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of December 31, 2016 $ 466,121 $ 41,000 $ 109,659 $ 616,780 Other intangible assets consisted of the following: As of December 31, (in thousands) 2016 2015 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 56,100 56,100 Other 26,923 14,423 Total carrying amount 331,467 318,967 Accumulated amortization: Television network affiliation relationships (37,019 ) (24,590 ) Customer lists and advertiser relationships (24,380 ) (17,092 ) Other (5,987 ) (1,913 ) Total accumulated amortization (67,386 ) (43,595 ) Net amortizable intangible assets 264,081 275,372 Indefinite-lived intangible assets — FCC licenses 203,815 203,815 Total other intangible assets $ 467,896 $ 479,187 Estimated amortization expense of intangible assets for each of the next five years is $22.0 million in 2017 , $21.5 million in 2018 , $20.0 million in 2019 , $18.5 million in 2020 , $16.2 million in 2021 and $165.9 million in later years. Goodwill and indefinite-lived intangible assets are tested for impairment annually and any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. Such indicators of impairment include, but are not limited to, changes in business climate or other factors resulting in low cash flow related to such assets. The testing for impairment is a two-step process. The first step is the estimation of the fair value of each of the reporting units, which is then compared to their carrying values. If the fair value is less than the carrying value of the reporting unit then an impairment of goodwill may exist. Step two is then performed to determine the amount of impairment. During 2015, changes in the market for the distribution of video programming services, including the development of over-the-top distribution platforms such as Apple TV, Comcast's Watchable, PlutoTV, Xumo, Roku and Sling, resulted in the need for additional investment in our video news service, Newsy. The additional investment, combined with the slower development of our original revenue model, created indications of impairment of goodwill as of September 30, 2015. Under the two-step process required by GAAP, we estimated the fair value of Newsy. Fair values were determined using a combination of an income approach, which estimated fair value based upon future revenues, expenses and cash flows discounted to their present value, and a market approach, which estimated fair value using market multiples of various financial measures compared to a set of comparable public companies. The discounted cash flow approach utilized unobservable factors, such as forecasted revenues and expenses and a discount rate applied to the estimated cash flows. The determination of the discount rate was based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. The inputs to the nonrecurring fair value determination of our reporting units are classified as Level 3 fair value measurements under GAAP. The valuation methodology and underlying financial information used to determine fair value required significant judgments to be made by management. These judgments included, but were not limited to, long-term forecasts of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could have produced significantly different results. We concluded that the fair value of Newsy did not exceed its carrying value as of September 30, 2015. As a result, we recorded a $21 million non-cash charge in the three months ended September 30, 2015 to reduce the carrying value of goodwill and $2.9 million to reduce the value of intangible assets. We also recorded a $1.5 million goodwill impairment charge on a second small business in 2015. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: As of December 31, (in thousands) 2016 2015 Variable rate credit facility $ — $ — Term loan B 390,521 394,500 Debt issuance costs on term loan B (2,648 ) (3,325 ) Net term loan B 387,873 391,175 Unsecured subordinated notes payable 5,312 7,968 Long-term debt 393,185 399,143 Current portion of long-term debt 6,571 6,656 Long-term debt, less current portion $ 386,614 $ 392,487 Fair value of long-term debt * $ 395,514 $ 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 ("Financing Agreement"). The Financing Agreement includes a $400 million term loan B which matures in November 2020 and a $100 million revolving credit facility which matures in November 2018. The 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 Financing Agreement allows us to make restricted payments (dividends and stock 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. In certain circumstances, the Financing Agreement requires that we must use a portion of excess cash flow, as defined, as well as the proceeds from a sale, to repay debt. As of December 31, 2016 , we were not required to make additional principal payments for excess cash flow. Under the terms of the 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 currently payable on the term loan B at rates based on LIBOR plus a fixed margin of 2.5% . Prior to December 2016, interest was payable at rates based on LIBOR, with a 0.75% LIBOR 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 December 31, 2016 , the interest rate was 3.27% on the term loan B. The weighted-average interest rate on borrowings was 3.48% and 3.44% during 2016 and 2015 , respectively. Scheduled principal payments on our term loan B at December 31, 2016 are: $3.9 million in 2017 , $3.9 million in 2018 $3.9 million in 2019 , and $378.8 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 December 31, 2016 and 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 annual installments of $2.7 million through 2018, with no prepayment right. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 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 entered into a $75 million notional value interest rate swap which expired in December 2016. Under the terms of the swap, we paid a fixed interest rate of 1.08% and received 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: December 31, 2016 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 $ — $ 299 (1) Balance recorded as other liabilities in Consolidated Balance Sheets Through November 2013, the above derivative instrument was designated as and qualified as a cash flow hedge. 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 were recognized in current period earnings. The balance in accumulated other comprehensive loss at the date of discontinuance of hedge accounting was being amortized into earnings on a straight-line basis through December 2016. For the years ended December 31, 2016 and 2015, approximately $0.4 million was amortized into earnings from accumulated other comprehensive loss and is included in the reclassified from accumulated OCL, gain/(loss) line in the table below. For the years ended December 31, (in thousands) 2016 2015 Gain reclassified from accumulated OCL $ 384 $ 384 Gain on derivative 299 172 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 : December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets/(liabilities): Cash equivalents $ — $ — $ — $ — Interest rate swap — — — — 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 | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consisted of the following: As of December 31, (in thousands) 2016 2015 Employee compensation and benefits $ 18,356 $ 16,808 Liability for pension benefits 232,788 221,965 Liabilities for uncertain tax positions 2,416 3,492 Other 20,393 25,302 Other liabilities (less current portion) $ 273,953 $ 267,567 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 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: For the years ended December 31, (in thousands) 2016 2015 2014 Other changes in certain working capital accounts, net Accounts and notes receivable $ (20,630 ) $ (21,389 ) $ (1,765 ) Income taxes receivable/payable, net 4,122 (13,700 ) 9,007 Accounts payable (1,550 ) (2,586 ) 5,509 Accrued employee compensation and benefits (1,033 ) 5,979 5,950 Other accrued liabilities (6,406 ) (8,161 ) 9,834 Other, net (10,368 ) (3,933 ) 708 Total $ (35,865 ) $ (43,790 ) $ 29,243 Information regarding supplemental cash flow disclosures is as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Interest paid $ 15,620 $ 13,436 $ 7,244 Income taxes paid 1,100 14,984 455 In 2015, we acquired capitalized software for $7.1 million through a long-term financing arrangement. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We sponsor two noncontributory defined benefit pension plans as well as two non-qualified Supplemental Executive Retirement Plans ("SERPs"). 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 which 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. We use a December 31 measurement date for our retirement plans. Retirement plans expense is based on valuations as of the beginning of each year. The components of the expense consisted of the following: For the years ended December 31, (in thousands) 2016 2015 2014 Service cost $ — $ — $ 85 Interest cost 27,359 30,477 25,539 Expected return on plan assets, net of expenses (18,466 ) (24,320 ) (23,481 ) Amortization of actuarial loss 4,406 4,617 2,861 Curtailment/Settlement losses — 46,793 — Total for defined benefit plans 13,299 57,567 5,004 Multi-employer plans 168 180 393 Withdrawal from GCIU multi-employer plan — 351 4,100 SERPs 1,033 1,107 896 Defined contribution plans 8,265 9,858 11,739 Net periodic benefit cost 22,765 69,063 22,132 Allocated to discontinued operations — (482 ) (8,985 ) Net periodic benefit cost - continuing operations $ 22,765 $ 68,581 $ 13,147 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Current year actuarial gain/(loss) $ (9,379 ) $ 1,026 $ (75,527 ) Amortization of actuarial loss 4,406 4,617 2,861 Curtailment/Settlement losses — 46,793 — Total $ (4,973 ) $ 52,436 $ (72,666 ) In addition to the amounts summarized above, amortization of actuarial losses of $0.2 million , $0.2 million and $0.3 million were recorded through other comprehensive income in 2016 , 2015 and 2014 , respectively, related to our SERPs. We recognized actuarial losses of $1.6 million and $0.6 million in 2016 and 2014, respectively, and an actuarial gain of $2.3 million in 2015, related to our SERPs. A one-time curtailment charge of $1.1 million was recorded in the second quarter of 2015 related to our defined benefit pension plan as a result of the spin-off of our newspaper business. On August 24, 2015, we offered eligible former employees with vested, deferred pension plan benefits the option to receive their benefits either as a lump-sum distribution or an immediate annuity payment. Approximately 4,300 former Scripps employees were eligible for this offer; former Journal Communications employees were not affected. All distributions were made from existing pension plan assets; company funds were not used to make the lump-sum distributions. The funded status of the plan remained materially unchanged as a result of this offer. The lump-sum payments were made in November 2015, at which time we recorded a non-cash settlement charge of $45.7 million . Assumptions used in determining the annual retirement plans expense were as follows: 2016 (1) 2015 (2) 2014 Discount rate 4.55 % 4.01%-4.53% 5.08 % Long-term rate of return on plan assets 4.50%-4.65% 4.10%-6.10% 5.25 % Increase in compensation levels N/A N/A 2.0 % (1) Ranges presented for long-term rate of return on plan assets for 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. (2) Ranges presented for discount rate and long-term rate of return on plan assets for 2015 represent the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Changes in other key actuarial assumptions affect the determination of the benefit obligations as of the measurement date and the calculation of net periodic benefit costs in subsequent periods. Recent actuarial studies indicate life expectancies are longer and thus increase the total expected benefit payments to plan participants. Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information about our employee benefit plan assets and obligations: Defined Benefit Plans SERPs For the years ended December 31, (in thousands) 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 611,257 $ 620,623 $ 19,800 $ 15,261 Service cost — — — — Interest cost 27,359 30,477 910 747 Benefits paid (33,571 ) (28,670 ) (1,030 ) (1,105 ) Actuarial (gains)/losses 20,490 (46,479 ) 1,580 (2,299 ) Curtailments/Settlements — (148,006 ) — — Journal acquisition — 183,312 — 10,778 Newspaper divestiture — — — (3,582 ) Projected benefit obligation at end of year 625,535 611,257 21,260 19,800 Plan assets: Fair value at beginning of year 407,797 495,047 — — Actual return on plan assets 29,577 (21,132 ) — — Company contributions 8,656 — 1,030 1,105 Benefits paid (33,571 ) (28,670 ) (1,030 ) (1,105 ) Curtailments/Settlements — (148,006 ) — — Journal acquisition — 110,558 — — Fair value at end of year 412,459 407,797 — — Funded status $ (213,076 ) $ (203,460 ) $ (21,260 ) $ (19,800 ) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (1,548 ) $ (1,295 ) Noncurrent liabilities (213,076 ) (203,460 ) (19,712 ) (18,505 ) Total $ (213,076 ) $ (203,460 ) $ (21,260 ) $ (19,800 ) Unrecognized net actuarial loss recognized in accumulated other comprehensive loss $ 144,294 $ 139,321 $ 6,342 $ 4,924 In 2017 , for our defined benefit pension plans, we expect to recognize amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs of $4.5 million (including $0.2 million for our SERPs). Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: Defined Benefit Plans SERPs As of December 31, (in thousands) 2016 2015 2016 2015 Accumulated benefit obligation $ 625,535 $ 611,257 $ 21,260 $ 19,800 Projected benefit obligation 625,535 611,257 21,260 19,800 Fair value of plan assets 412,459 407,797 — — Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: 2016 2015 2014 Weighted average discount rate 4.26 % 4.55 % 4.23 % Increase in compensation levels N/A N/A N/A In 2017 , we expect to contribute $1.6 million to fund SERP benefits and $17.5 million to fund our qualified defined benefit pension plans. Estimated future benefit payments expected to be paid from the plans for the next ten years are $34.7 million in 2017 , $35.4 million in 2018 , $35.7 million in 2019 , $36.6 million in 2020 , $37.5 million in 2021 and a total of $194 million for the five years ending 2026 . Plan Assets and Investment Strategy Our long-term investment strategy for pension assets is to earn a rate of return over time that minimizes future contributions to the plan while reducing the volatility of pension assets relative to pension liabilities. The strategy reflects the fact that we have frozen the accrual of service credits under our plans covering the majority of employees. We evaluate our asset allocation target ranges for equity, fixed income and other investments annually. We monitor actual asset allocations monthly and adjust as necessary. We control risk through diversification among multiple asset classes, managers and styles. Risk is further monitored at the manager and asset class level by evaluating performance against appropriate benchmarks. Information related to our pension plan asset allocations by asset category were as follows: Target allocation Percentage of plan assets as of December 31, 2017 2016 2015 US equity securities 20 % 20 % 14 % Non-US equity securities 30 % 30 % 21 % Fixed-income securities 45 % 44 % 58 % Other 5 % 6 % 7 % Total 100 % 100 % 100 % U.S. equity securities include common stocks of large, medium and small capitalization companies, which are predominantly U.S. based. Non-U.S. equity securities include companies domiciled outside of the U.S. and American depository receipts. Fixed-income securities include securities issued or guaranteed by the U.S. government, mortgage backed securities and corporate debt obligations. Other investments include real estate funds. By the end of 2016, we had fully transitioned to a new asset allocation strategy in which approximately 45% of plan assets are invested in a portfolio of fixed income securities with a duration approximately that of the projected payment of benefit obligations. The remaining 55% of plan assets are invested in equity securities and other return-seeking assets. The expected long-term rate of return on plan assets is based primarily upon the target asset allocation for plan assets and capital markets forecasts for each asset class employed. The following tables present our plan assets using the fair value hierarchy as of December 31, 2016 and 2015 : December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Equity securities Common/collective trust funds $ 204,084 $ — $ 204,084 $ — Fixed income Common/collective trust funds 184,000 — 184,000 — Real estate fund 21,646 — — 21,646 Cash equivalents 2,729 2,729 — — Fair value of plan assets $ 412,459 $ 2,729 $ 388,084 $ 21,646 December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Equity securities Common/collective trust funds $ 146,314 $ — $ 146,314 $ — Fixed income Common/collective trust funds 234,923 — 234,923 — Real estate fund 14,670 — — 14,670 Cash equivalents 11,890 11,890 — — Fair value of plan assets $ 407,797 $ 11,890 $ 381,237 $ 14,670 Equity securities-common/collective trust funds and fixed income-common/collective trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Common/collective trust funds are typically valued at their net asset values that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Real estate pertains to an investment in a real estate fund which invests in limited partnerships, limited liability corporations, real estate investment trusts, other funds and insurance company group annuity contracts. The valuations for these holdings are based on property appraisals using cash flow analysis and market transactions. The following table presents a reconciliation of Level 3 assets held during 2016 and 2015 : (in thousands) Real Estate Fund As of December 31, 2014 $ 21,661 Journal acquisition 4,802 Unrealized gains/(losses) 2,761 Sales (14,554 ) As of December 31, 2015 14,670 Purchases 5,400 Unrealized gains/(losses) 1,576 As of December 31, 2016 $ 21,646 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structure. 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. Our 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: For the years ended December 31, (in thousands) 2016 2015 2014 Segment operating revenues: Television $ 802,134 $ 609,551 $ 466,965 Radio 70,860 58,881 — Digital 62,076 38,928 22,881 Syndication and other 7,977 8,296 8,906 Total operating revenues $ 943,047 $ 715,656 $ 498,752 Segment profit (loss): Television $ 249,268 $ 139,797 $ 136,319 Radio 12,797 12,837 — Digital (16,358 ) (17,103 ) (22,828 ) Syndication and other (801 ) (1,074 ) (1,499 ) Shared services and corporate (44,222 ) (43,619 ) (41,772 ) Defined benefit pension plan expense (14,332 ) (58,674 ) (5,671 ) Acquisition and related integration costs (578 ) (37,988 ) (9,708 ) Depreciation and amortization of intangibles (58,581 ) (51,952 ) (32,180 ) Impairment of goodwill and intangibles — (24,613 ) — (Losses) gains, net on disposal of property and equipment (543 ) (483 ) 2,872 Interest expense (18,039 ) (15,099 ) (8,494 ) Miscellaneous, net (2,646 ) (1,421 ) (7,693 ) Income (loss) from continuing operations before income taxes $ 105,965 $ (99,392 ) $ 9,346 Depreciation: Television $ 30,184 $ 29,685 $ 21,676 Radio 2,317 1,366 — Digital 164 525 413 Syndication and other 263 258 119 Shared services and corporate 1,863 2,344 1,960 Total depreciation $ 34,791 $ 34,178 $ 24,168 Amortization of intangibles: Television $ 16,958 $ 14,607 $ 7,092 Radio 1,060 795 — Digital 4,419 2,034 920 Shared services and corporate 1,353 338 — Total amortization of intangibles $ 23,790 $ 17,774 $ 8,012 The following table presents additions to property and equipment by segment: For the years ended December 31, (in thousands) 2016 2015 2014 Additions to property and equipment: Television $ 21,064 $ 20,988 $ 13,039 Radio 2,037 2,317 — Digital 54 66 208 Syndication and other 124 83 1,127 Shared services and corporate 1,283 1,851 1,926 Total additions to property and equipment $ 24,562 $ 25,305 $ 16,300 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2016 2015 2014 Assets: Television $ 1,248,808 $ 1,251,733 $ 509,652 Radio 146,175 147,579 — Digital 148,994 103,432 41,034 Syndication and other 7,954 7,794 3,101 Shared services and corporate 176,442 170,322 257,909 Total assets of continuing operations 1,728,373 1,680,860 811,696 Discontinued operations — — 219,408 Total assets $ 1,728,373 $ 1,680,860 $ 1,031,104 No single customer provides more than 10% of our revenue. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Minimum payments on noncancelable leases at December 31, 2016 were: $5.1 million in 2017 , $5.4 million in 2018 , $4.6 million in 2019 , $3.6 million in 2020 , $2.5 million in 2021 and $6.6 million in later years. We expect our operating leases will be replaced with leases for similar facilities upon their expiration. Rental expense for cancelable and noncancelable leases was $12.2 million in 2016 , $9.7 million in 2015 and $8.2 million in 2014 . We are involved in litigation arising in the ordinary course of business, such as defamation actions, and governmental proceedings primarily relating to renewal of broadcast licenses, none of which is expected to result in material loss. |
Capital Stock and Share Based C
Capital Stock and Share Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock and Share-Based Compensation Plans | Capital Stock and Share-Based Compensation Plans 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 this authorization, we repurchased a total of $44.4 million of shares at prices ranging from $12.84 to $19.51 per share and $16.2 million of shares at prices ranging from $15.92 to $24.96 per share in 2016 and 2015, respectively. Before this authorization expired at the end of December 2016, an additional $0.5 million of shares were repurchased but not settled until 2017. In November 2016, our Board of Directors authorized a new repurchase program of up to $100 million of our Class A Common shares through December 31, 2018. No shares had been repurchased under this program as of December 31, 2016. Incentive Plans — We have adopted The E. W. Scripps Company 2010 Long-Term Incentive Plan (the “Plan”) which terminates on February 15, 2020. The Plan permits the granting of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We satisfy stock option exercises and vested stock awards with newly issued shares. As of December 31, 2016 , 4.5 million shares were available for future stock compensation awards. On the closing of the Journal transactions, the number and exercise price of all outstanding share awards retained by Scripps employees and directors were adjusted to maintain the awards' economic value. All other terms of the awards, including the terms and conditions relating to vesting, remained the same. Restricted share units outstanding immediately prior to the closing held by newspaper employees became fully vested and were treated in the same manner as outstanding shares of Class A Common shares (i.e. the holders received a combination of Scripps Class A Common shares, shares of Journal Media Group common stock and a cash dividend-equivalent payment in connection with the Scripps special dividend). Stock Options — Stock options grant the recipient the right to purchase Class A Common shares at not less than 100% of the fair market value on the date the option is granted. We have not issued any new stock options since 2008. The following table summarizes information about stock option transactions: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2013 3,370,048 $ 9.46 $7-11 Exercised (1,662,055 ) 10.01 9-11 Forfeited (4,117 ) 10.45 10-11 Outstanding at December 31, 2014 1,703,876 8.92 7-11 Exercised (877,966 ) 8.85 8-11 Impact of Journal transactions 170,969 7.62 6-9 Outstanding at December 31, 2015 996,879 7.45 6-9 Exercised (509,965 ) 8.07 8-9 Outstanding at December 31, 2016 486,914 6.81 6-9 The following table presents additional information about exercises of stock options: For the years ended December 31, (in thousands) 2016 2015 2014 Cash received upon exercise $ 4,641 $ 7,249 $ 16,579 Intrinsic value (market value on date of exercise less exercise price) 4,888 10,801 16,036 Tax benefits realized (1) 1,877 4,101 6,013 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. Information about options outstanding and options exercisable by year of grant is as follows: Options Outstanding and Exercisable Year of Grant Range of Exercise Prices Average Remaining Term (in years) Options on Shares Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) 2007 – expire in 2017 $8 0.32 37,313 $ 8.14 $ 0.4 2008 – expire in 2018 6-9 1.56 449,601 6.70 5.7 Total 6-9 1.46 486,914 6.81 $ 6.1 Restricted Stock Units — Awards of restricted stock units (RSUs) generally require no payment by the employee. RSUs are converted into an equal number of Class A Common shares when vested. These awards generally vest over a three or four year period, conditioned upon the individual’s continued employment through that period. Awards vest immediately upon the retirement, death or disability of the employee or upon a change in control of Scripps or in the business in which the individual is employed. Unvested awards may be forfeited if employment is terminated for other reasons. Awards are nontransferable during the vesting period, but the awards are entitled to all the rights of an outstanding share. There are no post-vesting restrictions on awards granted to employees and non-employee directors. Long-term incentive compensation includes performance share awards. Performance share awards represent the right to receive an award of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less or more than the target number of shares depending on the extent to which the specified performance measures are met or exceeded. Information and activity for our RSUs is presented below: Grant Date Fair Value Number of Shares Weighted Average Range of Prices Unvested at December 31, 2013 1,586,841 $ 10.59 7-20 Awarded 567,695 16.52 16-22 Vested (704,528 ) 10.40 7-20 Forfeited (225,487 ) 11.75 9-18 Unvested at December 31, 2014 1,224,521 13.24 7-22 Awarded 495,396 22.36 20-24 Vested (650,490 ) 12.17 7-22 Forfeited (220,770 ) 16.39 9-22 Impact of Journal transactions 61,384 13.73 7-22 Unvested at December 31, 2015 910,041 18.22 10-24 Awarded 996,839 15.76 13-18 Vested (444,267 ) 17.78 13-19 Forfeited (37,436 ) 16.82 12-24 Unvested at December 31, 2016 1,425,177 17.05 12-24 The following table presents additional information about RSU vesting: For the years ended December 31, (in thousands) 2016 2015 2014 Fair value of RSUs vested $ 7,898 $ 15,697 $ 12,906 Tax benefits realized on vesting (1) 3,033 5,965 4,840 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. Share-based Compensation Costs Share-based compensation costs were as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Total share-based compensation $ 8,093 $ 9,545 $ 7,631 Included in discontinued operations — (1,126 ) (1,426 ) Included in continuing operations $ 8,093 $ 8,419 $ 6,205 Share-based compensation, net of tax $ 4,985 $ 5,220 $ 3,878 As of December 31, 2016 , $7.5 million of total unrecognized compensation costs related to RSUs and performance shares is expected to be recognized over a weighted-average period of 2.3 years . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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: (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total As of December 31, 2014 $ (479 ) $ (125,877 ) $ (87 ) $ (126,443 ) Amounts reclassified from accumulated other comprehensive loss Interest rate swap (a) , net of tax of $148 237 — — 237 Actuarial gain (b) , net of tax of $21,298 — 33,825 253 34,078 Net current-period other comprehensive income (loss) 237 33,825 253 34,315 Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 As of December 31, 2015 (242 ) (89,740 ) 180 (89,802 ) Amounts reclassified from accumulated other comprehensive loss Interest rate swap (a) , net of tax of $142 242 — — 242 Actuarial (loss) gain (b) , net of tax of $(2,353) — (3,936 ) 149 (3,787 ) Net current-period other comprehensive income (loss) 242 (3,936 ) 149 (3,545 ) As of December 31, 2016 $ — $ (93,676 ) $ 329 $ (93,347 ) (a) Included in interest expense in the Consolidated Statements of Operations (b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | Summarized Quarterly Financial Information (Unaudited) Summarized quarterly financial information is as follows: 2016 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 209,498 $ 227,817 $ 233,040 $ 272,692 $ 943,047 Costs and expenses (186,228 ) (189,699 ) (190,797 ) (190,549 ) (757,273 ) Depreciation and amortization of intangibles (14,411 ) (14,786 ) (14,892 ) (14,492 ) (58,581 ) Impairment of goodwill and intangibles — — — — — Gains (losses), net on disposal of property and equipment 4 (22 ) (26 ) (499 ) (543 ) Interest expense (4,579 ) (4,432 ) (4,592 ) (4,436 ) (18,039 ) Miscellaneous, net (191 ) (458 ) (596 ) (1,401 ) (2,646 ) Income from continuing operations before income taxes 4,093 18,420 22,137 61,315 105,965 Provision (benefit) for income taxes (795 ) 6,932 9,615 22,978 38,730 Income from continuing operations, net of tax 4,888 11,488 12,522 38,337 67,235 Income (loss) from discontinued operations, net of tax — — — — — Net income $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income from continuing operations per basic share of common stock $ 0.06 $ 0.14 $ 0.15 $ 0.46 $ 0.80 Net income (loss) from discontinued operations per basic share of common stock $ — $ — $ — $ — $ — Net income from continuing operations per diluted share of common stock $ 0.06 $ 0.13 $ 0.15 $ 0.46 $ 0.79 Net income (loss) from discontinued operations per diluted share of common stock $ — $ — $ — $ — $ — Weighted average shares outstanding: Basic 83,965 83,773 83,230 82,401 83,339 Diluted 84,225 84,051 83,518 82,684 83,639 Cash dividends per share of common stock $ — $ — $ — $ — $ — 2015 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 123,023 $ 198,134 $ 189,691 $ 204,808 $ 715,656 Costs and expenses (124,214 ) (200,209 ) (173,962 ) (223,095 ) (721,480 ) Depreciation and amortization of intangibles (8,295 ) (13,366 ) (16,273 ) (14,018 ) (51,952 ) Impairment of goodwill and intangibles — — (24,613 ) — (24,613 ) (Losses) gains, net on disposal of property and equipment (164 ) (215 ) (200 ) 96 (483 ) Interest expense (2,052 ) (4,225 ) (4,246 ) (4,576 ) (15,099 ) Miscellaneous, net (1,436 ) 387 1,061 (1,433 ) (1,421 ) Loss from continuing operations before income taxes (13,138 ) (19,494 ) (28,542 ) (38,218 ) (99,392 ) Benefit for income taxes (5,023 ) (6,539 ) (4,099 ) (17,094 ) (32,755 ) Loss from continuing operations, net of tax (8,115 ) (12,955 ) (24,443 ) (21,124 ) (66,637 ) Income (loss) from discontinued operations, net of tax 3,015 (18,448 ) — (407 ) (15,840 ) Net loss $ (5,100 ) $ (31,403 ) $ (24,443 ) $ (21,531 ) $ (82,477 ) Net loss from continuing operations per basic share of common stock $ (0.14 ) $ (0.15 ) $ (0.29 ) $ (0.25 ) $ (0.86 ) Net income (loss) from discontinued operations per basic share of common stock $ 0.05 $ (0.22 ) $ — $ — $ (0.20 ) Net loss from continuing operations per diluted share of common stock $ (0.14 ) $ (0.15 ) $ (0.29 ) $ (0.25 ) $ (0.86 ) Net income (loss) from discontinued operations per diluted share of common stock $ 0.05 $ (0.22 ) $ — $ — $ (0.20 ) Weighted average shares outstanding: Basic 57,335 83,903 84,107 83,775 77,373 Diluted 57,335 83,903 84,107 83,775 77,373 Cash dividends per share of common stock $ — $ 1.03 $ — $ — $ 1.03 The sum of the quarterly net income per share amounts may not equal the reported annual amount because each amount is computed independently based upon the weighted-average number of shares outstanding for the period. |
Journal Broadcast Merger and Ne
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) | 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. Immediately following the spin-off and merger of the newspaper businesses, the Journal broadcast operations, and its related digital businesses, were merged into Scripps. 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 arms-length amounts. The outstanding balance was settled as of June 30, 2016. For the year ended December 31, 2016, the amounts we received from Journal Media Group and the amounts we paid to Journal Media Group were immaterial. For the year ended December 31, 2015, we received $3.3 million for services provided to Journal Media Group and we paid Journal Media Group $1.2 million for services provided to us. As of December 31, 2015, Journal Media Group owed Scripps approximately $2.0 million . 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, an impairment loss is recorded. Our analysis determined that 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, and was included in discontinued operations for the year ended December 31, 2015. The inputs to the nonrecurring fair value determination of the disposal unit are classified as Level 2 fair value measurements under GAAP. 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: For the years ended December 31, (in thousands) 2015 2014 Operating revenues $ 91,478 $ 370,316 Total costs and expenses (79,869 ) (349,210 ) Depreciation and amortization of intangibles (3,608 ) (16,890 ) Other, net (3,298 ) (1,308 ) Loss on disposal of Scripps Newspapers (30,000 ) — (Loss) income on discontinued operations before income taxes (25,297 ) 2,908 Benefit (provision) for income taxes 9,457 (2,143 ) Net (loss) income from discontinued operations (15,840 ) 765 Noncontrolling interest — (307 ) (Loss) income from discontinued operations, net of tax $ (15,840 ) $ 1,072 The Company incurred certain non-recurring costs directly related to the spin-off of our newspapers and acquisition of the Journal broadcast stations of $41 million for the year ended December 31, 2015. Accounting and other professional and consulting fees directly related to the newspaper spin-off of $3 million were allocated to discontinued operations in the Consolidated Statements of Operations. The remaining $38 million was included in earnings from continuing operations for the year ended December 31, 2015. The following table presents a summary of the net assets distributed on April 1, 2015. (in thousands) Assets: Total current assets $ 43,322 Property, plant and equipment 155,047 Other assets 3,829 Total assets included in the disposal group 202,198 Liabilities: Total current liabilities 47,664 Deferred income taxes 1,966 Other liabilities 9,057 Total liabilities included in the disposal group 58,687 Net assets included in the disposal group $ 143,511 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations — We are a 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. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. For additional information on the spin-off, see Note 21. |
Concentration Risks | Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. We derive nearly 70% of our operating revenues from marketing services, including advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. |
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. |
Consolidation | Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. |
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. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast advertising revenue is recognized, net of agency commissions, when we air the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize advertising revenue from our podcast business when the podcast is downloaded for listening. Television advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. Retransmission — We derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. Other Revenues — We derive revenues from sponsorships and community events through our television and radio segments. We also derive revenues from sports affiliation fees we receive in the radio segment. Our digital segment offers digital marketing to our advertising customers and subscription services for access to premium content to our consumers. Our podcast business acts as a sales and marketing representative and earns commissions for its work. |
Cash Equivalents | Cash Equivalents — Cash equivalents represent highly liquid investments with maturity of less than three months when acquired. |
Trade Receivables | Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers. A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2014 $ 1,120 Charged to costs and expenses 1,073 Amounts charged off, net (803 ) Balance as of December 31, 2014 1,390 Charged to costs and expenses 1,412 Amounts charged off, net (1,192 ) Balance as of December 31, 2015 1,610 Charged to costs and expenses 1,851 Amounts charged off, net (1,829 ) Balance as of December 31, 2016 $ 1,632 |
Investments | Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. |
Property and Equipment | Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years |
Programs and Program Licenses | Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs, but are classified based on the type of cost incurred. We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. |
Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television and radio stations. Broadcast television and radio stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are our television group, radio group, local digital, Midroll, Cracked and Newsy. |
Amortizable Intangible Assets | Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — We review long-lived assets (primarily property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the aggregate forecasted undiscounted cash flows derived from the operation of the assets to the carrying amount of the assets. If the aggregate undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. |
Self-Insured Risks | Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.6 million and $10.7 million at December 31, 2016 and 2015 , respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Based on the terms of the Master Transaction Agreement, Scripps remains the primary obligor for newspaper insurance claims incurred prior to April 1, 2015. We recorded the liabilities related to these claims on our balance sheet with an offsetting receivable of $2.4 million , which will be paid by Journal Media Group. |
Income Taxes | Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. |
Derivative Financial Instruments | Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. 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 to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. 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 the Consolidated Statement of Operations. 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. |
Share-Based Compensation | Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 18. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Upon adoption of new accounting guidance in 2016, the impact of forfeitures are recognized as they occur. Prior to the adoption of the new guidance, an estimate of forfeitures was made as the expense was recognized. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. |
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. The following table presents information about basic and diluted weighted-average shares outstanding: For the years ended December 31, (in thousands) 2016 2015 2014 Numerator (for basic and diluted earnings per share) Net income (loss) $ 67,235 $ (82,477 ) $ 10,529 Less income allocated to RSUs (917 ) — (240 ) Numerator for basic and diluted earnings per share $ 66,318 $ (82,477 ) $ 10,289 Denominator Basic weighted-average shares outstanding 83,339 77,373 56,342 Effect of dilutive securities: Stock options held by employees and directors 300 — 897 Diluted weighted-average shares outstanding 83,639 77,373 57,239 Anti-dilutive securities (1) — 1,907 — (1) Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. For 2015, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors were anti-dilutive, and accordingly the diluted EPS calculation excludes those common share equivalents. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of allowance for doubtful accounts | A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2014 $ 1,120 Charged to costs and expenses 1,073 Amounts charged off, net (803 ) Balance as of December 31, 2014 1,390 Charged to costs and expenses 1,412 Amounts charged off, net (1,192 ) Balance as of December 31, 2015 1,610 Charged to costs and expenses 1,851 Amounts charged off, net (1,829 ) Balance as of December 31, 2016 $ 1,632 |
Estimated useful lives of property and equipment | We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Property and equipment consisted of the following: As of December 31, (in thousands) 2016 2015 Land and improvements $ 59,176 $ 59,176 Buildings and improvements 148,392 141,510 Equipment 315,352 303,867 Computer software 14,581 17,664 Total 537,501 522,217 Accumulated depreciation 276,770 251,170 Net property and equipment $ 260,731 $ 271,047 |
Components of basic and diluted weighted-average shares | The following table presents information about basic and diluted weighted-average shares outstanding: For the years ended December 31, (in thousands) 2016 2015 2014 Numerator (for basic and diluted earnings per share) Net income (loss) $ 67,235 $ (82,477 ) $ 10,529 Less income allocated to RSUs (917 ) — (240 ) Numerator for basic and diluted earnings per share $ 66,318 $ (82,477 ) $ 10,289 Denominator Basic weighted-average shares outstanding 83,339 77,373 56,342 Effect of dilutive securities: Stock options held by employees and directors 300 — 897 Diluted weighted-average shares outstanding 83,639 77,373 57,239 Anti-dilutive securities (1) — 1,907 — (1) Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Pro forma results of operations | For the years ended December 31, (in thousands, except per share data) (unaudited) 2015 2014 Operating revenues $ 778,118 $ 792,718 (Loss) income from continuing operations (37,452 ) 12,079 (Loss) income per share from continuing operations Basic $ (0.45 ) $ 0.14 Diluted (0.45 ) 0.14 |
2015 Midroll acquisition | |
Business Acquisition [Line Items] | |
Fair values of the assets acquired and 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 |
2015 Journal acquisition | |
Business Acquisition [Line Items] | |
Fair values of the assets acquired and 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 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The provision for income taxes from continuing operations consisted of the following: For the years ended December 31, (in thousands) 2016 2015 2014 Current: Federal $ 904 $ 279 $ 2,358 State and local (1,441 ) (3,072 ) (8,769 ) Total current income tax provision (537 ) (2,793 ) (6,411 ) Deferred: Federal 35,573 (26,005 ) 6,402 State and local 3,694 (3,957 ) (102 ) Total deferred income tax provision 39,267 (29,962 ) 6,300 Provision (benefit) for income taxes $ 38,730 $ (32,755 ) $ (111 ) |
Effective income tax rate reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2016 2015 2014 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal tax benefit 3.5 3.5 3.4 Equity compensation tax windfall deduction (1.6 ) — — Nondeductible expenses 1.3 (2.0 ) 15.7 Reserve for uncertain tax positions (0.7 ) 2.5 (63.8 ) Goodwill impairment — (7.6 ) — Other (1.0 ) 1.6 8.5 Effective income tax rate 36.5 % 33.0 % (1.2 )% |
Schedule of deferred income tax (liabilities) assets | The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, (in thousands) 2016 2015 Temporary differences: Property and equipment $ (35,904 ) $ (36,926 ) Goodwill and other intangible assets (96,773 ) (82,607 ) Investments, primarily gains and losses not yet recognized for tax purposes 5,218 5,997 Accrued expenses not deductible until paid 8,883 11,329 Deferred compensation and retiree benefits not deductible until paid 97,470 96,463 Other temporary differences, net 3,799 3,410 Total temporary differences (17,307 ) (2,334 ) Federal and state net operating loss carryforwards 9,597 17,005 Valuation allowance for state deferred tax assets (955 ) (1,031 ) Net deferred tax (liability)/asset $ (8,665 ) $ 13,640 |
Gross unrecognized tax benefit reconciliation | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Gross unrecognized tax benefits at beginning of year $ 5,011 $ 7,024 $ 14,824 Increases in tax positions for prior years 22 859 — Decreases in tax positions for prior years (1,684 ) (96 ) (525 ) Increases in tax positions for current years 336 — — Decreases from lapse in statute of limitations (1,020 ) (2,776 ) (7,275 ) Gross unrecognized tax benefits at end of year $ 2,665 $ 5,011 $ 7,024 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Schedule of investments | Investments consisted of the following: As of December 31, (in thousands) 2016 2015 Investments held at cost $ 10,774 $ 10,652 Equity method investments 3,447 3,204 Total investments $ 14,221 $ 13,856 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | We compute depreciation using the straight-line method over estimated useful lives as follows: Buildings and improvements 15 to 45 years Leasehold improvements Shorter of term of lease or useful life Broadcast transmission towers and related equipment 15 to 35 years Other broadcast and program production equipment 3 to 15 years Computer hardware 3 to 5 years Office and other equipment 3 to 10 years Property and equipment consisted of the following: As of December 31, (in thousands) 2016 2015 Land and improvements $ 59,176 $ 59,176 Buildings and improvements 148,392 141,510 Equipment 315,352 303,867 Computer software 14,581 17,664 Total 537,501 522,217 Accumulated depreciation 276,770 251,170 Net property and equipment $ 260,731 $ 271,047 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by business segment | Goodwill by business segment was as follows: (in thousands) Television Radio Digital Total Gross balance as of December 31, 2013 $ 243,380 $ — $ — $ 243,380 Accumulated impairment losses (215,414 ) — — (215,414 ) Net balance as of December 31, 2013 27,966 — — 27,966 Newsy acquisition — — 28,983 28,983 Granite stations acquisition 44,715 — — 44,715 WeatherSphere acquisition — — 4,597 4,597 Balance as of December 31, 2014 $ 72,681 $ — $ 33,580 $ 106,261 Gross balance as of December 31, 2014 $ 288,095 $ — $ 33,580 $ 321,675 Accumulated impairment losses (215,414 ) — — (215,414 ) Net balance as of December 31, 2014 72,681 — 33,580 106,261 Journal acquisition 395,440 41,000 20,000 456,440 Reassignment of goodwill for change in segments (2,000 ) — 2,000 — Midroll acquisition — — 45,586 45,586 Impairment charge — — (22,500 ) (22,500 ) Balance as of December 31, 2015 $ 466,121 $ 41,000 $ 78,666 $ 585,787 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 — — 29,403 29,403 Stitcher acquisition — — 1,590 1,590 Balance as of December 31, 2016 $ 466,121 $ 41,000 $ 109,659 $ 616,780 Gross balance as of December 31, 2016 $ 681,535 $ 41,000 $ 132,159 $ 854,694 Accumulated impairment losses (215,414 ) — (22,500 ) (237,914 ) Net balance as of December 31, 2016 $ 466,121 $ 41,000 $ 109,659 $ 616,780 |
Summary of other finite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2016 2015 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 56,100 56,100 Other 26,923 14,423 Total carrying amount 331,467 318,967 Accumulated amortization: Television network affiliation relationships (37,019 ) (24,590 ) Customer lists and advertiser relationships (24,380 ) (17,092 ) Other (5,987 ) (1,913 ) Total accumulated amortization (67,386 ) (43,595 ) Net amortizable intangible assets 264,081 275,372 Indefinite-lived intangible assets — FCC licenses 203,815 203,815 Total other intangible assets $ 467,896 $ 479,187 |
Summary of other indefinite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2016 2015 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 56,100 56,100 Other 26,923 14,423 Total carrying amount 331,467 318,967 Accumulated amortization: Television network affiliation relationships (37,019 ) (24,590 ) Customer lists and advertiser relationships (24,380 ) (17,092 ) Other (5,987 ) (1,913 ) Total accumulated amortization (67,386 ) (43,595 ) Net amortizable intangible assets 264,081 275,372 Indefinite-lived intangible assets — FCC licenses 203,815 203,815 Total other intangible assets $ 467,896 $ 479,187 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consisted of the following: As of December 31, (in thousands) 2016 2015 Variable rate credit facility $ — $ — Term loan B 390,521 394,500 Debt issuance costs on term loan B (2,648 ) (3,325 ) Net term loan B 387,873 391,175 Unsecured subordinated notes payable 5,312 7,968 Long-term debt 393,185 399,143 Current portion of long-term debt 6,571 6,656 Long-term debt, less current portion $ 386,614 $ 392,487 Fair value of long-term debt * $ 395,514 $ 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) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amounts and fair values of derivatives designated as and not designated as cash flow hedges | The notional amounts and fair values of derivative instruments are shown in the table below: December 31, 2016 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 $ — $ 299 (1) Balance recorded as other liabilities in Consolidated Balance Sheets |
Effective portion of the unrealized gain and loss on the derivative | For the years ended December 31, (in thousands) 2016 2015 Gain reclassified from accumulated OCL $ 384 $ 384 Gain on derivative 299 172 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and 2015 : December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Assets/(liabilities): Cash equivalents $ — $ — $ — $ — Interest rate swap — — — — 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) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities consisted of the following: As of December 31, (in thousands) 2016 2015 Employee compensation and benefits $ 18,356 $ 16,808 Liability for pension benefits 232,788 221,965 Liabilities for uncertain tax positions 2,416 3,492 Other 20,393 25,302 Other liabilities (less current portion) $ 273,953 $ 267,567 |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 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: For the years ended December 31, (in thousands) 2016 2015 2014 Other changes in certain working capital accounts, net Accounts and notes receivable $ (20,630 ) $ (21,389 ) $ (1,765 ) Income taxes receivable/payable, net 4,122 (13,700 ) 9,007 Accounts payable (1,550 ) (2,586 ) 5,509 Accrued employee compensation and benefits (1,033 ) 5,979 5,950 Other accrued liabilities (6,406 ) (8,161 ) 9,834 Other, net (10,368 ) (3,933 ) 708 Total $ (35,865 ) $ (43,790 ) $ 29,243 |
Information regarding supplemental cash flow disclosures | Information regarding supplemental cash flow disclosures is as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Interest paid $ 15,620 $ 13,436 $ 7,244 Income taxes paid 1,100 14,984 455 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of benefit expense | The components of the expense consisted of the following: For the years ended December 31, (in thousands) 2016 2015 2014 Service cost $ — $ — $ 85 Interest cost 27,359 30,477 25,539 Expected return on plan assets, net of expenses (18,466 ) (24,320 ) (23,481 ) Amortization of actuarial loss 4,406 4,617 2,861 Curtailment/Settlement losses — 46,793 — Total for defined benefit plans 13,299 57,567 5,004 Multi-employer plans 168 180 393 Withdrawal from GCIU multi-employer plan — 351 4,100 SERPs 1,033 1,107 896 Defined contribution plans 8,265 9,858 11,739 Net periodic benefit cost 22,765 69,063 22,132 Allocated to discontinued operations — (482 ) (8,985 ) Net periodic benefit cost - continuing operations $ 22,765 $ 68,581 $ 13,147 |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Current year actuarial gain/(loss) $ (9,379 ) $ 1,026 $ (75,527 ) Amortization of actuarial loss 4,406 4,617 2,861 Curtailment/Settlement losses — 46,793 — Total $ (4,973 ) $ 52,436 $ (72,666 ) |
Schedule of assumptions used | Assumptions used in determining the annual retirement plans expense were as follows: 2016 (1) 2015 (2) 2014 Discount rate 4.55 % 4.01%-4.53% 5.08 % Long-term rate of return on plan assets 4.50%-4.65% 4.10%-6.10% 5.25 % Increase in compensation levels N/A N/A 2.0 % (1) Ranges presented for long-term rate of return on plan assets for 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. (2) Ranges presented for discount rate and long-term rate of return on plan assets for 2015 represent the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: 2016 2015 2014 Weighted average discount rate 4.26 % 4.55 % 4.23 % Increase in compensation levels N/A N/A N/A |
Schedule of employee benefit plan assets and obligations | The following table presents information about our employee benefit plan assets and obligations: Defined Benefit Plans SERPs For the years ended December 31, (in thousands) 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 611,257 $ 620,623 $ 19,800 $ 15,261 Service cost — — — — Interest cost 27,359 30,477 910 747 Benefits paid (33,571 ) (28,670 ) (1,030 ) (1,105 ) Actuarial (gains)/losses 20,490 (46,479 ) 1,580 (2,299 ) Curtailments/Settlements — (148,006 ) — — Journal acquisition — 183,312 — 10,778 Newspaper divestiture — — — (3,582 ) Projected benefit obligation at end of year 625,535 611,257 21,260 19,800 Plan assets: Fair value at beginning of year 407,797 495,047 — — Actual return on plan assets 29,577 (21,132 ) — — Company contributions 8,656 — 1,030 1,105 Benefits paid (33,571 ) (28,670 ) (1,030 ) (1,105 ) Curtailments/Settlements — (148,006 ) — — Journal acquisition — 110,558 — — Fair value at end of year 412,459 407,797 — — Funded status $ (213,076 ) $ (203,460 ) $ (21,260 ) $ (19,800 ) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (1,548 ) $ (1,295 ) Noncurrent liabilities (213,076 ) (203,460 ) (19,712 ) (18,505 ) Total $ (213,076 ) $ (203,460 ) $ (21,260 ) $ (19,800 ) Unrecognized net actuarial loss recognized in accumulated other comprehensive loss $ 144,294 $ 139,321 $ 6,342 $ 4,924 |
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: Defined Benefit Plans SERPs As of December 31, (in thousands) 2016 2015 2016 2015 Accumulated benefit obligation $ 625,535 $ 611,257 $ 21,260 $ 19,800 Projected benefit obligation 625,535 611,257 21,260 19,800 Fair value of plan assets 412,459 407,797 — — |
Schedule of allocation of pension plan assets by asset category | Information related to our pension plan asset allocations by asset category were as follows: Target allocation Percentage of plan assets as of December 31, 2017 2016 2015 US equity securities 20 % 20 % 14 % Non-US equity securities 30 % 30 % 21 % Fixed-income securities 45 % 44 % 58 % Other 5 % 6 % 7 % Total 100 % 100 % 100 % |
Plan assets measured using the fair value hierarchy | The following tables present our plan assets using the fair value hierarchy as of December 31, 2016 and 2015 : December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Equity securities Common/collective trust funds $ 204,084 $ — $ 204,084 $ — Fixed income Common/collective trust funds 184,000 — 184,000 — Real estate fund 21,646 — — 21,646 Cash equivalents 2,729 2,729 — — Fair value of plan assets $ 412,459 $ 2,729 $ 388,084 $ 21,646 December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Equity securities Common/collective trust funds $ 146,314 $ — $ 146,314 $ — Fixed income Common/collective trust funds 234,923 — 234,923 — Real estate fund 14,670 — — 14,670 Cash equivalents 11,890 11,890 — — Fair value of plan assets $ 407,797 $ 11,890 $ 381,237 $ 14,670 |
Reconciliation of Level 3 assets | The following table presents a reconciliation of Level 3 assets held during 2016 and 2015 : (in thousands) Real Estate Fund As of December 31, 2014 $ 21,661 Journal acquisition 4,802 Unrealized gains/(losses) 2,761 Sales (14,554 ) As of December 31, 2015 14,670 Purchases 5,400 Unrealized gains/(losses) 1,576 As of December 31, 2016 $ 21,646 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Information regarding business segments | The following table presents additions to property and equipment by segment: For the years ended December 31, (in thousands) 2016 2015 2014 Additions to property and equipment: Television $ 21,064 $ 20,988 $ 13,039 Radio 2,037 2,317 — Digital 54 66 208 Syndication and other 124 83 1,127 Shared services and corporate 1,283 1,851 1,926 Total additions to property and equipment $ 24,562 $ 25,305 $ 16,300 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2016 2015 2014 Assets: Television $ 1,248,808 $ 1,251,733 $ 509,652 Radio 146,175 147,579 — Digital 148,994 103,432 41,034 Syndication and other 7,954 7,794 3,101 Shared services and corporate 176,442 170,322 257,909 Total assets of continuing operations 1,728,373 1,680,860 811,696 Discontinued operations — — 219,408 Total assets $ 1,728,373 $ 1,680,860 $ 1,031,104 Information regarding our business segments is as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Segment operating revenues: Television $ 802,134 $ 609,551 $ 466,965 Radio 70,860 58,881 — Digital 62,076 38,928 22,881 Syndication and other 7,977 8,296 8,906 Total operating revenues $ 943,047 $ 715,656 $ 498,752 Segment profit (loss): Television $ 249,268 $ 139,797 $ 136,319 Radio 12,797 12,837 — Digital (16,358 ) (17,103 ) (22,828 ) Syndication and other (801 ) (1,074 ) (1,499 ) Shared services and corporate (44,222 ) (43,619 ) (41,772 ) Defined benefit pension plan expense (14,332 ) (58,674 ) (5,671 ) Acquisition and related integration costs (578 ) (37,988 ) (9,708 ) Depreciation and amortization of intangibles (58,581 ) (51,952 ) (32,180 ) Impairment of goodwill and intangibles — (24,613 ) — (Losses) gains, net on disposal of property and equipment (543 ) (483 ) 2,872 Interest expense (18,039 ) (15,099 ) (8,494 ) Miscellaneous, net (2,646 ) (1,421 ) (7,693 ) Income (loss) from continuing operations before income taxes $ 105,965 $ (99,392 ) $ 9,346 Depreciation: Television $ 30,184 $ 29,685 $ 21,676 Radio 2,317 1,366 — Digital 164 525 413 Syndication and other 263 258 119 Shared services and corporate 1,863 2,344 1,960 Total depreciation $ 34,791 $ 34,178 $ 24,168 Amortization of intangibles: Television $ 16,958 $ 14,607 $ 7,092 Radio 1,060 795 — Digital 4,419 2,034 920 Shared services and corporate 1,353 338 — Total amortization of intangibles $ 23,790 $ 17,774 $ 8,012 |
Capital Stock and Share Based45
Capital Stock and Share Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of options outstanding and exercisable | The following table summarizes information about stock option transactions: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2013 3,370,048 $ 9.46 $7-11 Exercised (1,662,055 ) 10.01 9-11 Forfeited (4,117 ) 10.45 10-11 Outstanding at December 31, 2014 1,703,876 8.92 7-11 Exercised (877,966 ) 8.85 8-11 Impact of Journal transactions 170,969 7.62 6-9 Outstanding at December 31, 2015 996,879 7.45 6-9 Exercised (509,965 ) 8.07 8-9 Outstanding at December 31, 2016 486,914 6.81 6-9 Information about options outstanding and options exercisable by year of grant is as follows: Options Outstanding and Exercisable Year of Grant Range of Exercise Prices Average Remaining Term (in years) Options on Shares Outstanding Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) 2007 – expire in 2017 $8 0.32 37,313 $ 8.14 $ 0.4 2008 – expire in 2018 6-9 1.56 449,601 6.70 5.7 Total 6-9 1.46 486,914 6.81 $ 6.1 |
Schedule of cash proceeds received from exercises of stock options | The following table presents additional information about exercises of stock options: For the years ended December 31, (in thousands) 2016 2015 2014 Cash received upon exercise $ 4,641 $ 7,249 $ 16,579 Intrinsic value (market value on date of exercise less exercise price) 4,888 10,801 16,036 Tax benefits realized (1) 1,877 4,101 6,013 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
Restricted stock and restricted stock unit vesting activity | Information and activity for our RSUs is presented below: Grant Date Fair Value Number of Shares Weighted Average Range of Prices Unvested at December 31, 2013 1,586,841 $ 10.59 7-20 Awarded 567,695 16.52 16-22 Vested (704,528 ) 10.40 7-20 Forfeited (225,487 ) 11.75 9-18 Unvested at December 31, 2014 1,224,521 13.24 7-22 Awarded 495,396 22.36 20-24 Vested (650,490 ) 12.17 7-22 Forfeited (220,770 ) 16.39 9-22 Impact of Journal transactions 61,384 13.73 7-22 Unvested at December 31, 2015 910,041 18.22 10-24 Awarded 996,839 15.76 13-18 Vested (444,267 ) 17.78 13-19 Forfeited (37,436 ) 16.82 12-24 Unvested at December 31, 2016 1,425,177 17.05 12-24 |
Additional information about restricted stock and restricted stock unit vesting | The following table presents additional information about RSU vesting: For the years ended December 31, (in thousands) 2016 2015 2014 Fair value of RSUs vested $ 7,898 $ 15,697 $ 12,906 Tax benefits realized on vesting (1) 3,033 5,965 4,840 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
Schedule of stock compensation costs | Share-based compensation costs were as follows: For the years ended December 31, (in thousands) 2016 2015 2014 Total share-based compensation $ 8,093 $ 9,545 $ 7,631 Included in discontinued operations — (1,126 ) (1,426 ) Included in continuing operations $ 8,093 $ 8,419 $ 6,205 Share-based compensation, net of tax $ 4,985 $ 5,220 $ 3,878 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: (in thousands) Gains and Losses on Derivatives Defined Benefit Pension Items Other Total As of December 31, 2014 $ (479 ) $ (125,877 ) $ (87 ) $ (126,443 ) Amounts reclassified from accumulated other comprehensive loss Interest rate swap (a) , net of tax of $148 237 — — 237 Actuarial gain (b) , net of tax of $21,298 — 33,825 253 34,078 Net current-period other comprehensive income (loss) 237 33,825 253 34,315 Spin-off of Newspapers, net of tax of $1,517 — 2,312 14 2,326 As of December 31, 2015 (242 ) (89,740 ) 180 (89,802 ) Amounts reclassified from accumulated other comprehensive loss Interest rate swap (a) , net of tax of $142 242 — — 242 Actuarial (loss) gain (b) , net of tax of $(2,353) — (3,936 ) 149 (3,787 ) Net current-period other comprehensive income (loss) 242 (3,936 ) 149 (3,545 ) As of December 31, 2016 $ — $ (93,676 ) $ 329 $ (93,347 ) (a) Included in interest expense in the Consolidated Statements of Operations (b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized Quarterly Financia47
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Summarized quarterly financial information is as follows: 2016 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 209,498 $ 227,817 $ 233,040 $ 272,692 $ 943,047 Costs and expenses (186,228 ) (189,699 ) (190,797 ) (190,549 ) (757,273 ) Depreciation and amortization of intangibles (14,411 ) (14,786 ) (14,892 ) (14,492 ) (58,581 ) Impairment of goodwill and intangibles — — — — — Gains (losses), net on disposal of property and equipment 4 (22 ) (26 ) (499 ) (543 ) Interest expense (4,579 ) (4,432 ) (4,592 ) (4,436 ) (18,039 ) Miscellaneous, net (191 ) (458 ) (596 ) (1,401 ) (2,646 ) Income from continuing operations before income taxes 4,093 18,420 22,137 61,315 105,965 Provision (benefit) for income taxes (795 ) 6,932 9,615 22,978 38,730 Income from continuing operations, net of tax 4,888 11,488 12,522 38,337 67,235 Income (loss) from discontinued operations, net of tax — — — — — Net income $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income from continuing operations per basic share of common stock $ 0.06 $ 0.14 $ 0.15 $ 0.46 $ 0.80 Net income (loss) from discontinued operations per basic share of common stock $ — $ — $ — $ — $ — Net income from continuing operations per diluted share of common stock $ 0.06 $ 0.13 $ 0.15 $ 0.46 $ 0.79 Net income (loss) from discontinued operations per diluted share of common stock $ — $ — $ — $ — $ — Weighted average shares outstanding: Basic 83,965 83,773 83,230 82,401 83,339 Diluted 84,225 84,051 83,518 82,684 83,639 Cash dividends per share of common stock $ — $ — $ — $ — $ — 2015 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 123,023 $ 198,134 $ 189,691 $ 204,808 $ 715,656 Costs and expenses (124,214 ) (200,209 ) (173,962 ) (223,095 ) (721,480 ) Depreciation and amortization of intangibles (8,295 ) (13,366 ) (16,273 ) (14,018 ) (51,952 ) Impairment of goodwill and intangibles — — (24,613 ) — (24,613 ) (Losses) gains, net on disposal of property and equipment (164 ) (215 ) (200 ) 96 (483 ) Interest expense (2,052 ) (4,225 ) (4,246 ) (4,576 ) (15,099 ) Miscellaneous, net (1,436 ) 387 1,061 (1,433 ) (1,421 ) Loss from continuing operations before income taxes (13,138 ) (19,494 ) (28,542 ) (38,218 ) (99,392 ) Benefit for income taxes (5,023 ) (6,539 ) (4,099 ) (17,094 ) (32,755 ) Loss from continuing operations, net of tax (8,115 ) (12,955 ) (24,443 ) (21,124 ) (66,637 ) Income (loss) from discontinued operations, net of tax 3,015 (18,448 ) — (407 ) (15,840 ) Net loss $ (5,100 ) $ (31,403 ) $ (24,443 ) $ (21,531 ) $ (82,477 ) Net loss from continuing operations per basic share of common stock $ (0.14 ) $ (0.15 ) $ (0.29 ) $ (0.25 ) $ (0.86 ) Net income (loss) from discontinued operations per basic share of common stock $ 0.05 $ (0.22 ) $ — $ — $ (0.20 ) Net loss from continuing operations per diluted share of common stock $ (0.14 ) $ (0.15 ) $ (0.29 ) $ (0.25 ) $ (0.86 ) Net income (loss) from discontinued operations per diluted share of common stock $ 0.05 $ (0.22 ) $ — $ — $ (0.20 ) Weighted average shares outstanding: Basic 57,335 83,903 84,107 83,775 77,373 Diluted 57,335 83,903 84,107 83,775 77,373 Cash dividends per share of common stock $ — $ 1.03 $ — $ — $ 1.03 |
Journal Broadcast Merger and 48
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Results of Discontinued Operations and Net Assets Distributed | The following table presents a summary of the net assets distributed on April 1, 2015. (in thousands) Assets: Total current assets $ 43,322 Property, plant and equipment 155,047 Other assets 3,829 Total assets included in the disposal group 202,198 Liabilities: Total current liabilities 47,664 Deferred income taxes 1,966 Other liabilities 9,057 Total liabilities included in the disposal group 58,687 Net assets included in the disposal group $ 143,511 Operating results of our discontinued operations were as follows: For the years ended December 31, (in thousands) 2015 2014 Operating revenues $ 91,478 $ 370,316 Total costs and expenses (79,869 ) (349,210 ) Depreciation and amortization of intangibles (3,608 ) (16,890 ) Other, net (3,298 ) (1,308 ) Loss on disposal of Scripps Newspapers (30,000 ) — (Loss) income on discontinued operations before income taxes (25,297 ) 2,908 Benefit (provision) for income taxes 9,457 (2,143 ) Net (loss) income from discontinued operations (15,840 ) 765 Noncontrolling interest — (307 ) (Loss) income from discontinued operations, net of tax $ (15,840 ) $ 1,072 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 10.6 | $ 10.7 |
Journal Media Group | Accounts receivable | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 2.4 | |
Television network affiliation relationships | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
Customer lists and other intangible assets | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
FCC licenses | Maximum | ||
Summary of Significant Accounting Policies [Line Items] | ||
FCC license term | 8 years | |
Operating revenue | Marketing services, including advertising | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 70.00% |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Trade Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts, beginning balance | $ 1,610 | $ 1,390 | $ 1,120 |
Charged to costs and expenses | 1,851 | 1,412 | 1,073 |
Amounts charged off, net | (1,829) | (1,192) | (803) |
Allowance for doubtful accounts, ending balance | $ 1,632 | $ 1,610 | $ 1,390 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Broadcast transmission towers and related equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Broadcast transmission towers and related equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 35 years |
Other broadcast and program production equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other broadcast and program production equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Computer hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Numerator (for basic and diluted earnings per share) | ||||||||||||
Net income (loss) | $ 38,337 | $ 12,522 | $ 11,488 | $ 4,888 | $ (21,531) | $ (24,443) | $ (31,403) | $ (5,100) | $ 67,235 | $ (82,477) | $ 10,529 | |
Less income allocated to RSUs | (917) | 0 | (240) | |||||||||
Numerator for basic and diluted earnings per share | $ 66,318 | $ (82,477) | $ 10,289 | |||||||||
Denominator | ||||||||||||
Basic weighted-average shares outstanding | 82,401 | 83,230 | 83,773 | 83,965 | 83,775 | 84,107 | 83,903 | 57,335 | 83,339 | 77,373 | 56,342 | |
Effect of dilutive securities: | ||||||||||||
Stock options held by employees and directors | 300 | 0 | 897 | |||||||||
Diluted weighted-average shares outstanding | 82,684 | 83,518 | 84,051 | 84,225 | 83,775 | 84,107 | 83,903 | 57,335 | 83,639 | 77,373 | 57,239 | |
Anti-dilutive securities | [1] | 0 | 1,907 | 0 | ||||||||
[1] | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Recently Adopted Standards an53
Recently Adopted Standards and Issued Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Restricted Cash and Cash Equivalents, Current | $ 5,500 | $ 6,600 | $ 6,800 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 2,665 | 5,011 | $ 7,024 | $ 14,824 |
Share Based Compensation Arrangements [Member] | Deferred Tax Asset | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 14,700 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | Jun. 06, 2016USD ($)show | Apr. 12, 2016USD ($) | Oct. 01, 2015USD ($) | Jul. 22, 2015USD ($)show | Apr. 01, 2015USD ($)radio_stationtelevision_stationshares | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 616,780,000 | $ 616,780,000 | $ 585,787,000 | $ 106,261,000 | $ 27,966,000 | |||||
Shares issued for acquisition | shares | 26,350,993 | |||||||||
KNIN [Member] | Raycom Media, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business disposition, consideration to be received | $ 14,500,000 | |||||||||
Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 466,121,000 | 466,121,000 | $ 466,121,000 | 72,681,000 | 27,966,000 | |||||
Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 41,000,000 | 41,000,000 | 41,000,000 | 0 | 0 | |||||
Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 109,659,000 | 109,659,000 | 78,666,000 | $ 33,580,000 | $ 0 | |||||
2016 Stitcher acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 4,500,000 | |||||||||
Number of podcast shows | show | 65,000 | |||||||||
Intangible assets acquired | $ 2,900,000 | |||||||||
Goodwill, Acquired During Period | 1,590,000 | |||||||||
2016 Stitcher acquisition | Computer software | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 3 years | |||||||||
2016 Stitcher acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Stitcher acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Stitcher acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 1,590,000 | |||||||||
2016 Cracked acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 39,000,000 | |||||||||
Intangible assets acquired | 9,600,000 | |||||||||
Goodwill | 29,000,000 | |||||||||
Revenues from acquired operations | $ 4,000,000 | |||||||||
Goodwill, Acquired During Period | 29,403,000 | |||||||||
2016 Cracked acquisition | Trade names | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 7,600,000 | |||||||||
Estimated useful life | 20 years | |||||||||
2016 Cracked acquisition | Media content | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 2,000,000 | |||||||||
Estimated useful life | 3 years | |||||||||
2016 Cracked acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Cracked acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Cracked acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 29,403,000 | |||||||||
2015 Midroll acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 50,000,000 | |||||||||
Number of podcast shows | show | 200 | |||||||||
Intangible assets acquired | $ 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 | |||||||||
Goodwill, Acquired During Period | 45,586,000 | |||||||||
2015 Midroll acquisition | Advertiser relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 7,000,000 | |||||||||
Estimated useful life | 5 years | |||||||||
2015 Midroll acquisition | Other intangible assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 4,000,000 | |||||||||
2015 Midroll acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 45,586,000 | |||||||||
2015 Journal acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 636,000,000 | |||||||||
Intangible assets acquired | 294,800,000 | |||||||||
Goodwill | $ 456,440,000 | |||||||||
Number of television stations acquired | television_station | 12 | |||||||||
Number of radio stations acquired | radio_station | 34 | |||||||||
Goodwill, Acquired During Period | 456,440,000 | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 183,000,000 | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | Minimum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 10 years | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 20 years | |||||||||
2015 Journal acquisition | FCC licenses | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 112,000,000 | |||||||||
2015 Journal acquisition | Common Stock | Common stock, Class A | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued for acquisition | shares | 26,400,000 | |||||||||
2015 Journal acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 395,000,000 | |||||||||
2015 Journal acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 41,000,000 | |||||||||
2015 Journal acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 20,000,000 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 22, 2015 | Apr. 01, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair values of the assets acquired and the liabilities assumed | ||||||
Goodwill | $ 616,780 | $ 585,787 | $ 106,261 | $ 27,966 | ||
2015 Journal acquisition | ||||||
Fair values of the assets acquired and the liabilities assumed | ||||||
Cash | $ 2,529 | |||||
Accounts receivable | 47,978 | |||||
Other assets | 2,236 | |||||
Equipment and software | 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 tax liability | 57,112 | |||||
Long-term debt | 126,873 | |||||
Other long-term liabilities | 4,744 | |||||
Net purchase price | $ 636,000 | |||||
2015 Midroll acquisition | ||||||
Fair values of the assets acquired and the liabilities assumed | ||||||
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 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Results of Operations (Details) - 2015 Journal acquisition - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Operating revenues | $ 778,118 | $ 792,718 |
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company | $ (37,452) | $ 12,079 |
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company: | ||
Basic (in dollars per share) | $ (0.45) | $ 0.14 |
Diluted (in dollars per share) | $ (0.45) | $ 0.14 |
Asset Write-Downs and Other C57
Asset Write-Downs and Other Charges and Credits - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)television_station | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Acquisition and related integration costs | $ 578 | $ 37,988 | $ 9,708 | ||||||||
Impairment of goodwill and intangibles | $ 0 | $ 0 | $ 24,613 | 0 | 24,613 | $ 0 | |||||
Number of Stations Acquired | television_station | 2 | ||||||||||
Gains (losses), net on disposal of property and equipment | $ (499) | $ (26) | $ (22) | $ 4 | $ 96 | $ (200) | $ (215) | $ (164) | $ (543) | $ (483) | $ 2,872 |
Non-cash charge to investments | 5,900 | ||||||||||
Land [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Gains (losses), net on disposal of property and equipment | $ 3,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Deferred tax assets | $ 9,000 | $ 13,640 | |
Net deferred tax liability | (8,665) | ||
Unrecognized tax deductions, share-based compensation | 16,000 | 23,000 | |
Potential affect of unrecognized tax benefits on effective tax rate | 1,100 | ||
Interest accrued on unrecognized tax benefits | 400 | 600 | |
Income tax benefit, recognition of previously unrecognized tax benefits | 900 | 2,500 | |
Potential change in unrecognized tax benefits | 1,200 | ||
Tax deductions resulting from exercise of share-based compensation awards | $ 2,200 | $ 8,100 | |
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 7,000 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 205,000 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ 904 | $ 279 | $ 2,358 | ||||||||
State and local | (1,441) | (3,072) | (8,769) | ||||||||
Total current income tax provision | (537) | (2,793) | (6,411) | ||||||||
Deferred federal | 35,573 | (26,005) | 6,402 | ||||||||
Deferred other | 3,694 | (3,957) | (102) | ||||||||
Total deferred income tax provision | 39,267 | (29,962) | 6,300 | ||||||||
Provision (benefit) for income taxes | $ 22,978 | $ 9,615 | $ 6,932 | $ (795) | $ (17,094) | $ (4,099) | $ (6,539) | $ (5,023) | $ 38,730 | $ (32,755) | $ (111) |
Income Taxes - Effective income
Income Taxes - Effective income tax reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate, Tax Rate Reconciliation | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Effect of: | |||
State and local income taxes, net of federal tax benefit | 3.50% | 3.50% | 3.40% |
Equity compensation tax windfall deduction | (1.60%) | 0.00% | 0.00% |
Nondeductible expenses | 1.30% | (2.00%) | 15.70% |
Reserve for uncertain tax positions | (0.70%) | 2.50% | (63.80%) |
Goodwill impairment | 0.00% | (7.60%) | 0.00% |
Other | (1.00%) | 1.60% | 8.50% |
Effective income tax rate | 36.50% | 33.00% | (1.20%) |
Income Taxes - Deferred tax (li
Income Taxes - Deferred tax (liabilities) assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Temporary differences [Abstract] | ||
Property and equipment | $ (35,904) | $ (36,926) |
Goodwill and other intangible assets | (96,773) | (82,607) |
Investments, primarily gains and losses not yet recognized for tax purposes | 5,218 | 5,997 |
Accrued expenses not deductible until paid | 8,883 | 11,329 |
Deferred compensation and retiree benefits not deductible until paid | 97,470 | 96,463 |
Other temporary differences, net | 3,799 | 3,410 |
Total temporary differences | (17,307) | (2,334) |
Federal and state net operating loss carryforwards | 9,597 | 17,005 |
Valuation allowance for state deferred tax assets | (955) | (1,031) |
Net deferred tax liability | (8,665) | |
Deferred Tax Assets, Net | $ 9,000 | $ 13,640 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 5,011 | $ 7,024 | $ 14,824 |
Increases in tax positions for prior years | 22 | 859 | 0 |
Decreases in tax positions for prior years | (1,684) | (96) | (525) |
Increases in tax positions for current years | 336 | 0 | 0 |
Decreases from lapse in statute of limitations | (1,020) | (2,776) | (7,275) |
Gross unrecognized tax benefits at end of year | $ 2,665 | $ 5,011 | $ 7,024 |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | |||
Restricted cash | $ 5.5 | $ 6.6 | $ 6.8 |
Investments - Schedule (Details
Investments - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments [Abstract] | ||
Investments held at cost | $ 10,774 | $ 10,652 |
Equity method investments | 3,447 | 3,204 |
Total investments | $ 14,221 | $ 13,856 |
Property and Equipment - Schedu
Property and Equipment - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 537,501 | $ 522,217 |
Accumulated depreciation | 276,770 | 251,170 |
Net property and equipment | 260,731 | 271,047 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 59,176 | 59,176 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 148,392 | 141,510 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 315,352 | 303,867 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,581 | $ 17,664 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of activity related to goodwill by business segment | |||||
Gross balance | $ 854,694 | $ 823,701 | $ 321,675 | $ 243,380 | |
Accumulated impairment losses | (237,914) | (237,914) | (215,414) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 585,787 | 106,261 | 27,966 | ||
Reassignment of goodwill for change in segments | 0 | ||||
2015 Impairment charge | (22,500) | ||||
Balance, end of period | 616,780 | 585,787 | 106,261 | ||
Television | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 681,535 | 681,535 | 288,095 | 243,380 | |
Accumulated impairment losses | (215,414) | (215,414) | (215,414) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 466,121 | 72,681 | 27,966 | ||
Reassignment of goodwill for change in segments | (2,000) | ||||
Balance, end of period | 466,121 | 466,121 | 72,681 | ||
Radio | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 41,000 | 41,000 | 0 | 0 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 41,000 | 0 | 0 | ||
Reassignment of goodwill for change in segments | 0 | ||||
Balance, end of period | 41,000 | 41,000 | 0 | ||
Digital | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 132,159 | 101,166 | 33,580 | 0 | |
Accumulated impairment losses | (22,500) | (22,500) | 0 | $ 0 | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 78,666 | 33,580 | 0 | ||
Reassignment of goodwill for change in segments | 2,000 | ||||
2015 Impairment charge | (22,500) | ||||
Balance, end of period | 109,659 | 78,666 | 33,580 | ||
2014 Newsy acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 28,983 | ||||
2015 Impairment charge | $ (21,000) | ||||
2014 Newsy acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 28,983 | ||||
2014 Granite stations acquisitions | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 44,715 | ||||
2014 Granite stations acquisitions | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 44,715 | ||||
2014 WeatherSphere acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 4,597 | ||||
2014 WeatherSphere acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 4,597 | ||||
2015 Journal acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 456,440 | ||||
2015 Journal acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 395,000 | ||||
2015 Journal acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 41,000 | ||||
2015 Journal acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 20,000 | ||||
2015 Midroll acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 45,586 | ||||
2015 Midroll acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 45,586 | ||||
2016 Cracked acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
2016 Cracked acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Cracked acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Cracked acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
2016 Stitcher acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 1,590 | ||||
2016 Stitcher acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Stitcher acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Stitcher acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 1,590 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying amount: | ||
Total carrying amount | $ 331,467 | $ 318,967 |
Accumulated amortization: | ||
Total accumulated amortization | (67,386) | (43,595) |
Net amortizable intangible assets | 264,081 | 275,372 |
Total other intangible assets | 467,896 | 479,187 |
FCC licenses | ||
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 | (37,019) | (24,590) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 56,100 | 56,100 |
Accumulated amortization: | ||
Total accumulated amortization | (24,380) | (17,092) |
Other intangible assets | ||
Carrying amount: | ||
Total carrying amount | 26,923 | 14,423 |
Accumulated amortization: | ||
Total accumulated amortization | $ (5,987) | $ (1,913) |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
2015 Impairment charge | $ 22,500 | ||
Estimated amortization expense of intangible assets for 2017 | $ 22,000 | ||
Estimated amortization expense of intangible assets for 2018 | 21,500 | ||
Estimated amortization expense of intangible assets for 2019 | 20,000 | ||
Estimated amortization expense of intangible assets for 2020 | 18,500 | ||
Estimated amortization expense of intangible assets for 2021 | 16,200 | ||
Estimated amortization expense of intangible assets for later years | $ 165,900 | ||
Second small business | |||
Goodwill [Line Items] | |||
2015 Impairment charge | $ 1,500 | ||
2014 Newsy acquisition | |||
Goodwill [Line Items] | |||
2015 Impairment charge | $ 21,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 2,900 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Components of Long-term debt | |||
Long-term debt | $ 393,185 | $ 399,143 | |
Debt issuance costs on term loan | (2,648) | (3,325) | |
Net term loan | 387,873 | 391,175 | |
Current portion of long-term debt | 6,571 | 6,656 | |
Long-term debt (less current portion) | 386,614 | 392,487 | |
Fair value of long-term debt | [1] | 395,514 | 396,576 |
Variable rate credit facility | |||
Components of Long-term debt | |||
Long-term debt | 0 | 0 | |
Term loan | |||
Components of Long-term debt | |||
Long-term debt | 390,521 | 394,500 | |
Unsecured subordinated notes payable | |||
Components of Long-term debt | |||
Long-term debt | $ 5,312 | $ 7,968 | |
[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 ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2015 | |
Long-Term Debt (Textual) [Abstract] | |||
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 | $ 500,000,000 | ||
Restricted payment for dividend and share repurchase, maximum | $ 70,000,000 | ||
Pro forma net leverage ratio | 4.5 | ||
Financing Agreement | Variable rate credit facility | |||
Long-Term Debt (Textual) [Abstract] | |||
Revolving credit and term loan agreement | 100,000,000 | ||
Financing Agreement | Variable rate credit facility | Minimum | |||
Long-Term Debt (Textual) [Abstract] | |||
Revolving credit facility, amount outstanding that triggers net leverage ratio (percent) | 20.00% | ||
LIBOR plus margin range | 2.25% | ||
Financing Agreement | Variable rate credit facility | Maximum | |||
Long-Term Debt (Textual) [Abstract] | |||
LIBOR plus margin range | 2.75% | ||
Financing Agreement | Term loan | |||
Long-Term Debt (Textual) [Abstract] | |||
Term loan, gross | $ 400,000,000 | ||
Variable interest rate, floor | 3.27% | ||
LIBOR plus margin range | 2.50% | 2.75% | |
Weighted average interest rate | 3.48% | 3.44% | |
Scheduled principal payments on long-term debt in 2017 | $ 3,900,000 | ||
Scheduled principal payments on long-term debt in 2018 | 3,900,000 | ||
Scheduled principal payments on long-term debt in 2019 | 3,900,000 | ||
Scheduled principal payments on long-term debt in 2020 | $ 378,800,000 | ||
Financing Agreement | Term loan | Minimum | |||
Long-Term Debt (Textual) [Abstract] | |||
Variable interest rate, floor | 0.75% | ||
Unsecured subordinated notes payable | |||
Long-Term Debt (Textual) [Abstract] | |||
Unsecured subordinated notes payable stated percentage interest rate | 7.25% | ||
Unsecured subordinated notes payable periodic payment | $ 2,700,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - Interest rate swaps - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Instruments (Textual) [Abstract] | ||
Notional Amount | $ 75,000 | |
Fixed LIBOR interest rate | 1.08% | |
Accumulated Other Comprehensive Income (Loss), Amortization of Gain (Loss) on Derivative Instrument, Included in Net Income | $ 400 | $ 400 |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts (Details) - Interest rate swaps - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives designated as and not designated as cash flow hedges: | ||
Notional Amount | $ 75,000 | |
Not designated as cash flow hedge | ||
Derivatives designated as and not designated as cash flow hedges: | ||
Notional Amount | 0 | $ 75,000 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | $ 0 | $ 299 |
Financial Instruments - Effecti
Financial Instruments - Effective Portion of Unrealized Gain and Loss (Details) - Interest rate swaps - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Amortization of Gain (Loss) on Derivative Instrument, Included in Net Income | $ 400 | $ 400 |
Derivatives designated as and not designated as cash flow hedges: | ||
Reclassified from Accumulated OCL, Gain/(Loss) | 384 | 384 |
Derivative, Gain (Loss) on Derivative, Net | $ 299 | $ 172 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - Recurring Measurements - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | $ 0 | $ 5,000 |
Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 5,000 |
Level 2 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Level 3 | ||
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 | 0 | (299) |
Interest rate swaps | Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | 0 | 0 |
Interest rate swaps | Level 2 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | 0 | (299) |
Interest rate swaps | Level 3 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | $ 0 | $ 0 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other liabilities | ||
Employee compensation and benefits | $ 18,356 | $ 16,808 |
Liability for pension benefits | 232,788 | 221,965 |
Liabilities for uncertain tax positions | 2,416 | 3,492 |
Other | 20,393 | 25,302 |
Other liabilities (less current portion) | $ 273,953 | $ 267,567 |
Supplemental Cash Flow Inform76
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts and notes receivable | $ (20,630) | $ (21,389) | $ (1,765) |
Income taxes receivable/payable, net | 4,122 | (13,700) | 9,007 |
Accounts payable | (1,550) | (2,586) | 5,509 |
Accrued employee compensation and benefits | (1,033) | 5,979 | 5,950 |
Other accrued liabilities | (6,406) | (8,161) | 9,834 |
Other, net | (10,368) | (3,933) | 708 |
Total | $ (35,865) | $ (43,790) | $ 29,243 |
Supplemental Cash Flow Inform77
Supplemental Cash Flow Information - Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Interest paid | $ 15,620 | $ 13,436 | $ 7,244 |
Income taxes paid | $ 1,100 | 14,984 | $ 455 |
Computer software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible software assets acquired | $ 7,100 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Thousands | Aug. 24, 2015former_employee | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)plan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | $ 4,500 | |||||
Estimated future benefit payments expected to be paid in 2017 | 34,700 | |||||
Estimated future benefit payments expected to be paid in 2018 | 35,400 | |||||
Estimated future benefit payments expected to be paid in 2019 | 35,700 | |||||
Estimated future benefit payments expected to be paid in 2020 | 36,600 | |||||
Estimated future benefit payments expected to be paid in 2021 | 37,500 | |||||
Total estimated future benefit payments expected to be paid for the five years ending 2026 | $ 194,000 | |||||
Fixed-income securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations range | 45.00% | |||||
Equity and other return-seeking assets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations range | 55.00% | |||||
Defined benefit plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of plans | plan | 2 | |||||
Current year actuarial gain (loss) | $ (9,379) | $ 1,026 | $ (75,527) | |||
Curtailments | $ 1,100 | 0 | 46,793 | 0 | ||
Number of eligible former employees | former_employee | 4,300 | |||||
Defined benefit pension plan, noncash pension settlement charge | $ 45,700 | |||||
Expected contributions to benefit plans | $ 17,500 | |||||
SERPs | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of plans | plan | 2 | |||||
Amortization of actuarial loss | $ (200) | (200) | (300) | |||
Current year actuarial gain (loss) | (1,600) | $ 2,300 | $ (600) | |||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | 200 | |||||
Expected contributions to benefit plans | $ 1,600 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 22,765 | $ 69,063 | $ 22,132 | |
Pension and Other Postretirement Benefit Expense, Discontinued Operations | 0 | (482) | (8,985) | |
Pension and Other Postretirement Benefit Expense, Continuing Operations | 22,765 | 68,581 | 13,147 | |
Defined benefit plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | 85 | |
Interest cost | 27,359 | 30,477 | 25,539 | |
Expected return on plan assets, net of expenses | (18,466) | (24,320) | (23,481) | |
Amortization of actuarial loss | 4,406 | 4,617 | 2,861 | |
Curtailments | $ 1,100 | 0 | 46,793 | 0 |
Total for defined benefit plans | 13,299 | 57,567 | 5,004 | |
Multi-employer plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 168 | 180 | 393 | |
Withdrawal from GCIU multi-employer plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 0 | 351 | 4,100 | |
SERPs | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | ||
Interest cost | 910 | 747 | ||
Net periodic benefit cost | 1,033 | 1,107 | 896 | |
Defined contribution plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 8,265 | $ 9,858 | $ 11,739 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes Recognized in OCI (Details) - Defined benefit plans - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Current year actuarial gain/(loss) | $ (9,379) | $ 1,026 | $ (75,527) | |
Amortization of actuarial loss | (4,406) | (4,617) | (2,861) | |
Curtailments | $ 1,100 | 0 | 46,793 | 0 |
Total | $ (4,973) | $ 52,436 | $ (72,666) |
Employee Benefit Plans - Annual
Employee Benefit Plans - Annual Retirement Plan Expense Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.55% | 5.08% | |
Long-term rate of return on plan assets | 5.25% | ||
Increase in compensation levels | 2.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.01% | ||
Long-term rate of return on plan assets | 4.50% | 4.10% | |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.53% | ||
Long-term rate of return on plan assets | 4.65% | 6.10% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined benefit plans | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 611,257 | $ 620,623 | |
Service cost | 0 | 0 | $ 85 |
Interest cost | 27,359 | 30,477 | 25,539 |
Benefits paid | (33,571) | (28,670) | |
Actuarial (gains)/losses | 20,490 | (46,479) | |
Curtailments/Settlements | 0 | (148,006) | |
Journal acquisition | 0 | 183,312 | |
Newspaper divestiture | 0 | 0 | |
Projected benefit obligation at end of year | 625,535 | 611,257 | 620,623 |
Plan Assets: | |||
Fair value at beginning of year | 407,797 | 495,047 | |
Actual return on plan assets | 29,577 | (21,132) | |
Company contributions | 8,656 | 0 | |
Benefits paid | (33,571) | (28,670) | |
Curtailments/Settlements | 0 | (148,006) | |
Journal acquisition | 0 | 110,558 | |
Fair value at end of year | 412,459 | 407,797 | 495,047 |
Funded status | (213,076) | (203,460) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (213,076) | (203,460) | |
Total | (213,076) | (203,460) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss | 144,294 | 139,321 | |
SERPs | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 19,800 | 15,261 | |
Service cost | 0 | 0 | |
Interest cost | 910 | 747 | |
Benefits paid | (1,030) | (1,105) | |
Actuarial (gains)/losses | 1,580 | (2,299) | |
Curtailments/Settlements | 0 | 0 | |
Journal acquisition | 0 | 10,778 | |
Newspaper divestiture | 0 | (3,582) | |
Projected benefit obligation at end of year | 21,260 | 19,800 | 15,261 |
Plan Assets: | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1,030 | 1,105 | |
Benefits paid | (1,030) | (1,105) | |
Curtailments/Settlements | 0 | 0 | |
Journal acquisition | 0 | 0 | |
Fair value at end of year | 0 | 0 | $ 0 |
Funded status | (21,260) | (19,800) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | (1,548) | (1,295) | |
Noncurrent liabilities | (19,712) | (18,505) | |
Total | (21,260) | (19,800) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss | $ 6,342 | $ 4,924 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plans with Accumulated Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 625,535 | $ 611,257 | |
Projected benefit obligation | 625,535 | 611,257 | $ 620,623 |
Fair value of plan assets | 412,459 | 407,797 | 495,047 |
SERPs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 21,260 | 19,800 | |
Projected benefit obligation | 21,260 | 19,800 | 15,261 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan Obligations Assumptions (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Weighted average discount rate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.26% | 4.55% | 4.23% |
Employee Benefit Plans - Alloca
Employee Benefit Plans - Allocation of Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percentage of plan assets at end of period | 100.00% | 100.00% |
US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 20.00% | |
Percentage of plan assets at end of period | 20.00% | 14.00% |
Non-US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30.00% | |
Percentage of plan assets at end of period | 30.00% | 21.00% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45.00% | |
Percentage of plan assets at end of period | 44.00% | 58.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5.00% | |
Percentage of plan assets at end of period | 6.00% | 7.00% |
Employee Benefit Plans - Sche86
Employee Benefit Plans - Schedule of plan assets by fair value hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,729 | $ 11,890 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 388,084 | 381,237 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Equity securities, Common/collective trust funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity securities, Common/collective trust funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 204,084 | 146,314 |
Equity securities, Common/collective trust funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income, Common/collective trust funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income, Common/collective trust funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 184,000 | 234,923 |
Fixed income, Common/collective trust funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 2,729 | 11,890 |
Cash equivalents | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash equivalents | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Estimate of fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 412,459 | 407,797 |
Estimate of fair value | Equity securities, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 204,084 | 146,314 |
Estimate of fair value | Fixed income, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 184,000 | 234,923 |
Estimate of fair value | Real Estate Fund | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Estimate of fair value | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,729 | $ 11,890 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of level 3 assets (Details) - Defined benefit plans - Real Estate Fund - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 14,670 | $ 21,661 |
Purchases | 5,400 | 4,802 |
Unrealized gains/(losses) | 1,576 | 2,761 |
Sales | (14,554) | |
Ending Balance | $ 21,646 | $ 14,670 |
Segment Information - Narrative
Segment Information - Narrative (Details) | Dec. 31, 2016radio_stationcustomeraffiliatemarket |
Segment Reporting Information [Line Items] | |
Number of major customers | customer | 0 |
Percentage of revenue by major customer | 10.00% |
Television | |
Segment Reporting Information [Line Items] | |
Percentage of television market capture | 18.00% |
Television | ABC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 15 |
Television | NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 5 |
Television | FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
Television | CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
Television | Non big-four affiliated stations | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 4 |
Television | Azteca America Spanish-language affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 5 |
Radio | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 34 |
Number of radio markets in which entity operates | market | 8 |
Radio | Radio - FM [Member] | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 28 |
Radio | Radio - AM [Member] | |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment operating revenues: | |||||||||||
Total operating revenues | $ 272,692 | $ 233,040 | $ 227,817 | $ 209,498 | $ 204,808 | $ 189,691 | $ 198,134 | $ 123,023 | $ 943,047 | $ 715,656 | $ 498,752 |
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 126,650 | (82,872) | 25,533 | ||||||||
Defined benefit pension plan expense | (14,332) | (58,674) | (5,671) | ||||||||
Acquisition and related integration costs | (578) | (37,988) | (9,708) | ||||||||
Depreciation and amortization of intangibles | (14,492) | (14,892) | (14,786) | (14,411) | (14,018) | (16,273) | (13,366) | (8,295) | (58,581) | (51,952) | (32,180) |
Impairment of goodwill and intangibles | 0 | 0 | (24,613) | 0 | (24,613) | 0 | |||||
Gains (losses), net on disposal of property and equipment | (499) | (26) | (22) | 4 | 96 | (200) | (215) | (164) | (543) | (483) | 2,872 |
Interest expense | (4,436) | (4,592) | (4,432) | (4,579) | (4,576) | (4,246) | (4,225) | (2,052) | (18,039) | (15,099) | (8,494) |
Miscellaneous, net | (1,401) | $ (596) | $ (458) | $ (191) | (1,433) | $ 1,061 | $ 387 | $ (1,436) | (2,646) | (1,421) | (7,693) |
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | 105,965 | (99,392) | 9,346 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 34,791 | 34,178 | 24,168 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 23,790 | 17,774 | 8,012 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 24,562 | 25,305 | 16,300 | ||||||||
Assets | |||||||||||
Total assets | 1,728,373 | 1,680,860 | 1,728,373 | 1,680,860 | 1,031,104 | ||||||
Continuing Operations | |||||||||||
Assets | |||||||||||
Total assets | 1,728,373 | 1,680,860 | 1,728,373 | 1,680,860 | 811,696 | ||||||
Discontinued Operations | |||||||||||
Assets | |||||||||||
Total assets | 0 | 0 | 0 | 0 | 219,408 | ||||||
Television | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 802,134 | 609,551 | 466,965 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 249,268 | 139,797 | 136,319 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 30,184 | 29,685 | 21,676 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 16,958 | 14,607 | 7,092 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 21,064 | 20,988 | 13,039 | ||||||||
Assets | |||||||||||
Total assets | 1,248,808 | 1,251,733 | 1,248,808 | 1,251,733 | 509,652 | ||||||
Radio | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 70,860 | 58,881 | 0 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 12,797 | 12,837 | 0 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 2,317 | 1,366 | 0 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 1,060 | 795 | 0 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 2,037 | 2,317 | 0 | ||||||||
Assets | |||||||||||
Total assets | 146,175 | 147,579 | 146,175 | 147,579 | 0 | ||||||
Digital | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 62,076 | 38,928 | 22,881 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (16,358) | (17,103) | (22,828) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 164 | 525 | 413 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 4,419 | 2,034 | 920 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 54 | 66 | 208 | ||||||||
Assets | |||||||||||
Total assets | 148,994 | 103,432 | 148,994 | 103,432 | 41,034 | ||||||
Syndication and other | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 7,977 | 8,296 | 8,906 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (801) | (1,074) | (1,499) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 263 | 258 | 119 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 124 | 83 | 1,127 | ||||||||
Assets | |||||||||||
Total assets | 7,954 | 7,794 | 7,954 | 7,794 | 3,101 | ||||||
Shared services and corporate | |||||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (44,222) | (43,619) | (41,772) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 1,863 | 2,344 | 1,960 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 1,353 | 338 | 0 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 1,283 | 1,851 | 1,926 | ||||||||
Assets | |||||||||||
Total assets | $ 176,442 | $ 170,322 | $ 176,442 | $ 170,322 | $ 257,909 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum payments on noncancelable leases in 2017 | $ 5.1 | ||
Future minimum payments on noncancelable leases in 2018 | 5.4 | ||
Future minimum payments on noncancelable leases in 2019 | 4.6 | ||
Future minimum payments on noncancelable leases in 2020 | 3.6 | ||
Future minimum payments on noncancelable leases in 2021 | 2.5 | ||
Future minimum payments on noncancelable leases due in later years | 6.6 | ||
Rental expense | $ 12.2 | $ 9.7 | $ 8.2 |
Capital Stock and Share Based91
Capital Stock and Share Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2016USD ($)directorcommon_shareshares | Dec. 31, 2016USD ($)directorcommon_share$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)directorcommon_shareshares | Nov. 30, 2016USD ($) | May 31, 2014USD ($) | |
Class of Stock [Line Items] | |||||||
Classes of common shares | common_share | 2 | 2 | 2 | ||||
Minimum number of directors up for election to entitle shareholders to vote | director | 3 | 3 | 3 | ||||
Minumum percent of directors up for election to entitle shareholders to vote | 33.33% | 33.33% | 33.33% | ||||
Stock repurchased during period, value | $ 44,401 | $ 16,222 | $ 21,237 | ||||
Number of shares available for future stock compensation grants | shares | 4,500,000 | 4,500,000 | 4,500,000 | ||||
Total unrecognized compensation cost related to restricted stock, RSUs and performance shares | $ 7,500 | $ 7,500 | $ 7,500 | ||||
Stock Options | Common stock, Class A | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Purchase price of stock options granted, percent of fair market value | 100.00% | ||||||
Restricted Stock Units (RSUs) | |||||||
Class of Stock [Line Items] | |||||||
Weighted-average period of recognition, years | 2 years 3 months | ||||||
Restricted Stock Units (RSUs) | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 3 years | ||||||
Restricted Stock Units (RSUs) | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 4 years | ||||||
First Repurchase Plan | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Range of price of shares repurchased | $ / shares | $ 12.84 | $ 15.92 | |||||
First Repurchase Plan | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Range of price of shares repurchased | $ / shares | $ 19.51 | $ 24.96 | |||||
First Repurchase Plan | Common stock, Class A | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||
Stock repurchased during period, value | $ 1,000 | $ 16,000 | $ 44,000 | ||||
Second Repurchase Plan | Common stock, Class A | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||
Stock repurchased during period, value | $ 0 |
Capital Stock and Share Based92
Capital Stock and Share Based Compensation Plans - Summary of stock option transactions (Details) | 12 Months Ended | |||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable [Roll Forward] | ||||
Options outstanding at beginning of period, number of shares | shares | 996,879 | 1,703,876 | 3,370,048 | |
Options exercised in period, number of shares | shares | (509,965) | (877,966) | (1,662,055) | |
Options forfeited in period, number of shares | shares | (4,117) | |||
Options impact of spin-off, number of shares | shares | 170,969 | |||
Options outstanding at end of period, number of shares | shares | 996,879 | 1,703,876 | ||
Options exercisable, number of shares | shares | 486,914 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, weighted-average exercise price (USD per share) | $ 7.45 | $ 8.92 | $ 9.46 | |
Options exercised in period, weighted-average exercise price (USD per share) | 8.07 | 8.85 | 10.01 | |
Options forfeited in period, weighted-average exercise price (USD per share) | 10.45 | |||
Options impact of spin-off, weighted-average exercise price (USD per share) | 7.62 | |||
Options outstanding at end of period, weighted-average exercise price (USD per share) | 6.81 | 7.45 | 8.92 | |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Exercise Price Range [Roll Forward] | ||||
Options outstanding at beginning of period, lower end of range of exercise price range (USD per share) | 6 | 7 | 7 | |
Options outstanding at beginning of period, upper end of range of exercise price range (USD per share) | 9 | 11 | 11 | |
Options exercised, lower end of exercise price range (USD per share) | 8 | 8 | 9 | |
Options exercised, upper end of exercise price range (USD per share) | 9 | 11 | 11 | |
Options forfeited, lower end of exercise price range (USD per share) | 10 | |||
Options forfeited, upper end of exercise price range (USD per share) | 11 | |||
Options impact of spin-off, lower end of exercise price range (USD per share) | $ 6 | |||
Options impact of spin-off, upper end of exercise price range (USD per share) | $ 9 | |||
Options outstanding at end of period, lower end of range of exercise price range (USD per share) | 6 | 6 | 7 | |
Options outstanding at end of period, upper end of range of exercise price range (USD per share) | 9 | 9 | 11 | |
Options exercisable, lower end of exercise price range (USD per share) | 6 | 6 | 7 | |
Options exercisable, upper end of exercise price range | 9 | 9 | 11 |
Capital Stock and Share Based93
Capital Stock and Share Based Compensation Plans - Cash proceeds (Details) - Stock Options - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received upon exercise | $ 4,641 | $ 7,249 | $ 16,579 | |
Intrinsic value (market value on date of exercise less exercise price) | 4,888 | 10,801 | 16,036 | |
Tax benefits realized | [1] | $ 1,877 | $ 4,101 | $ 6,013 |
[1] | (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
Capital Stock and Share Based94
Capital Stock and Share Based Compensation Plans - Options outstanding and exercisable (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | $ 6 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | $ 9 | |||
Options on Shares Outstanding | 996,879 | 1,703,876 | 3,370,048 | |
Options on Shares Exercisable | 486,914 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
2007 – expire in 2017 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | 8 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | 8 | |||
2008 – expire in 2018 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | 6 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | $ 9 | |||
Stock Options | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 1 year 5 months 16 days | |||
Options on Shares Outstanding | 486,914 | |||
Options on Shares Exercisable | 486,914 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.81 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.81 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 6.1 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 6.1 | |||
Stock Options | 2007 – expire in 2017 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 3 months 26 days | |||
Options on Shares Outstanding | 37,313 | |||
Options on Shares Exercisable | 37,313 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 8.14 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 8.14 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 0.4 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 0.4 | |||
Stock Options | 2008 – expire in 2018 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 1 year 6 months 21 days | |||
Options on Shares Outstanding | 449,601 | |||
Options on Shares Exercisable | 449,601 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.70 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.70 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 5.7 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 5.7 |
Capital Stock and Share Based95
Capital Stock and Share Based Compensation Plans - Restricted stock and restricted stock unit activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended | |||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested shares at beginning of period, number of shares | shares | 910,041 | 1,224,521 | 1,586,841 | |
Shares and units awarded in period, number of shares | shares | 996,839 | 495,396 | 567,695 | |
Shares and units vested in period, number of shares | shares | (444,267) | (650,490) | (704,528) | |
Shares and units forfeited in period, number of shares | shares | (37,436) | (220,770) | (225,487) | |
Shares and units impact of spin-off, number of shares | shares | 61,384 | |||
Unvested shares at end of period, number of shares | shares | 1,425,177 | 910,041 | 1,224,521 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Unvested shares at beginning of period, weighted-average value (USD per share) | $ 17.05 | $ 18.22 | $ 13.24 | $ 10.59 |
Shares and units awarded in period, weighted-average value (USD per share) | 15.76 | 22.36 | 16.52 | |
Shares and units vested in period, weighted-average value (USD per share) | 17.78 | 12.17 | 10.40 | |
Shares and units forfeited in period, weighted-average value (USD per share) | 16.82 | 16.39 | 11.75 | |
Shares and units impact of spin-off, weighted-average value (USD per share) | 13.73 | |||
Unvested shares at end of period, weighted-average value (USD per share) | $ 17.05 | $ 18.22 | $ 13.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Exercise Price Range [Roll Forward] | ||||
Unvested shares and units, range of exercise prices, beginning of period, lower range (USD per share) | 10 | 7 | 7 | |
Unvested shares and units, range of exercise prices, beginning of period, upper range (USD per share) | 24 | 22 | 20 | |
Shares and units awarded in period, range of exercise prices, lower range (USD per share) | 13 | 20 | 16 | |
Shares and units awarded in period, range of exercise prices, upper range (USD per share) | 18 | 24 | 22 | |
Shares and units vested in period, range of exercise prices, lower range (USD per share) | 13 | 7 | 7 | |
Shares and units vested in period, range of exercise prices, upper range (USD per share) | 19 | 22 | 20 | |
Shares and units forfeited in period, range of exercise prices, lower range (USD per share) | 12 | 9 | 9 | |
Shares and units forfeited in period, range of exercise prices, upper range (USD per share) | 24 | 22 | 18 | |
Shares and units impact of spin-off, range of exercise prices, lower range (USD per share) | $ 7 | |||
Shares and units impact of spin-off, range of exercise prices, upper range (USD per share) | $ 22 | |||
Unvested shares and units, range of exercise prices, end of period, lower range (USD per share) | 12 | 10 | 7 | |
Unvested shares and units, range of exercise prices, end of period, upper range (USD per share) | 24 | 24 | 22 |
Capital Stock and Share Based96
Capital Stock and Share Based Compensation Plans - Additional restricted stock and restricted stock unit vesting (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares and units vested | $ 7,898 | $ 15,697 | $ 12,906 | |
Tax benefits realized on shares and units vested | [1] | $ 3,033 | $ 5,965 | $ 4,840 |
[1] | (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
Capital Stock and Share Based97
Capital Stock and Share Based Compensation Plans - Schedule of stock compensation costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation, net of tax | $ 4,985 | $ 5,220 | $ 3,878 |
Discontinued Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 0 | 1,126 | 1,426 |
Continuing Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 8,093 | 8,419 | 6,205 |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 8,093 | $ 9,545 | $ 7,631 |
Accumulated Other Comprehensi98
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | $ (89,802) | $ (126,443) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, tax | 142 | 148 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | (3,787) | 34,078 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), tax | (2,353) | 21,298 |
Net current-period other comprehensive income (loss) | (3,545) | 34,315 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 2,326 | |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, tax | 0 | 1,517 |
Accumulated other comprehensive loss, ending balance | (93,347) | (89,802) |
Gains and Losses on Derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (242) | (479) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | 0 | 0 |
Net current-period other comprehensive income (loss) | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 0 | |
Accumulated other comprehensive loss, ending balance | 0 | (242) |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (89,740) | (125,877) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | (3,936) | 33,825 |
Net current-period other comprehensive income (loss) | (3,936) | 33,825 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 2,312 | |
Accumulated other comprehensive loss, ending balance | (93,676) | (89,740) |
Other | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | 180 | (87) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | 149 | 253 |
Net current-period other comprehensive income (loss) | 149 | 253 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 14 | |
Accumulated other comprehensive loss, ending balance | $ 329 | $ 180 |
Summarized Quarterly Financia99
Summarized Quarterly Financial Information (Unaudited) - Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 272,692 | $ 233,040 | $ 227,817 | $ 209,498 | $ 204,808 | $ 189,691 | $ 198,134 | $ 123,023 | $ 943,047 | $ 715,656 | $ 498,752 |
Costs and expenses | (190,549) | (190,797) | (189,699) | (186,228) | (223,095) | (173,962) | (200,209) | (124,214) | (757,273) | (721,480) | (443,911) |
Depreciation and amortization of intangibles | (14,492) | (14,892) | (14,786) | (14,411) | (14,018) | (16,273) | (13,366) | (8,295) | (58,581) | (51,952) | (32,180) |
Impairment of goodwill and intangibles | 0 | 0 | (24,613) | 0 | (24,613) | 0 | |||||
Gains (losses), net on disposal of property and equipment | (499) | (26) | (22) | 4 | 96 | (200) | (215) | (164) | (543) | (483) | 2,872 |
Interest expense | (4,436) | (4,592) | (4,432) | (4,579) | (4,576) | (4,246) | (4,225) | (2,052) | (18,039) | (15,099) | (8,494) |
Miscellaneous, net | (1,401) | (596) | (458) | (191) | (1,433) | 1,061 | 387 | (1,436) | (2,646) | (1,421) | (7,693) |
Income (loss) from continuing operations before income taxes | 61,315 | 22,137 | 18,420 | 4,093 | (38,218) | (28,542) | (19,494) | (13,138) | 105,965 | (99,392) | 9,346 |
Provision (benefit) for income taxes | 22,978 | 9,615 | 6,932 | (795) | (17,094) | (4,099) | (6,539) | (5,023) | 38,730 | (32,755) | (111) |
Net (loss) income from continuing operations | 38,337 | 12,522 | 11,488 | 4,888 | (21,124) | (24,443) | (12,955) | (8,115) | 67,235 | (66,637) | |
Net (loss) income from discontinued operations, net of tax | 0 | 0 | 0 | 0 | (407) | 0 | (18,448) | 3,015 | 0 | (15,840) | 1,072 |
Net income (loss) | $ 38,337 | $ 12,522 | $ 11,488 | $ 4,888 | $ (21,531) | $ (24,443) | $ (31,403) | $ (5,100) | $ 67,235 | $ (82,477) | $ 10,529 |
Income (loss) from continuing operations, per basic share | $ 0.46 | $ 0.15 | $ 0.14 | $ 0.06 | $ (0.25) | $ (0.29) | $ (0.15) | $ (0.14) | $ 0.80 | $ (0.86) | $ 0.16 |
(Loss) income from discontinued operations, per basic share | 0 | 0 | 0 | 0 | 0 | 0 | (0.22) | 0.05 | 0 | (0.20) | 0.02 |
Income (loss) from continuing operations, per diluted share | 0.46 | 0.15 | 0.13 | 0.06 | (0.25) | (0.29) | (0.15) | (0.14) | 0.79 | (0.86) | 0.16 |
(Loss) income from discontinued operations, per diluted share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.22) | $ 0.05 | $ 0 | $ (0.20) | $ 0.02 |
Basic weighted-average shares outstanding | 82,401 | 83,230 | 83,773 | 83,965 | 83,775 | 84,107 | 83,903 | 57,335 | 83,339 | 77,373 | 56,342 |
Diluted weighted-average shares outstanding | 82,684 | 83,518 | 84,051 | 84,225 | 83,775 | 84,107 | 83,903 | 57,335 | 83,639 | 77,373 | 57,239 |
Cash dividends per share of common stock (USD per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1.03 | $ 0 | $ 0 | $ 1.03 | $ 0 |
Journal Broadcast Merger and100
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) - Narrative (Details) - USD ($) | Apr. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other Receivables, Gross, Current | $ 2,000,000 | |||
Acquisition and related integration costs | $ 578,000 | 37,988,000 | $ 9,708,000 | |
2015 Journal acquisition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash dividend | $ 60,000,000 | |||
Proceeds from services provided to merger partner | 3,300,000 | |||
Payments for services provided by merger partner | 1,200,000 | |||
Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Transaction costs expensed | 41,000,000 | |||
Disposal Group, including discontinued operation, professional fees | 3,000,000 | |||
Spinoff | 2015 Journal acquisition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets, held-and-used | $ 0 | |||
Impairment of long-lived assets, held-for-sale | $ 30,000,000 |
Journal Broadcast Merger and101
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) - Operating Results of Discontinued Operations and Net Assets Distributed (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 01, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net (loss) income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ (407) | $ 0 | $ (18,448) | $ 3,015 | $ 0 | $ (15,840) | $ 1,072 | |
Spinoff | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Operating revenues | 91,478 | 370,316 | ||||||||||
Total costs and expenses | (79,869) | (349,210) | ||||||||||
Depreciation and amortization of intangibles | (3,608) | (16,890) | ||||||||||
Other, net | (3,298) | (1,308) | ||||||||||
Loss on disposal of Scripps Newspapers | (30,000) | 0 | ||||||||||
(Loss) income on discontinued operations before income taxes | (25,297) | 2,908 | ||||||||||
Benefit (provision) for income taxes | 9,457 | (2,143) | ||||||||||
Net (loss) income from discontinued operations | (15,840) | 765 | ||||||||||
Noncontrolling interest | 0 | (307) | ||||||||||
Net (loss) income from discontinued operations | $ (15,840) | $ 1,072 | ||||||||||
Assets: | ||||||||||||
Total current assets | $ 43,322 | |||||||||||
Property, plant and equipment | 155,047 | |||||||||||
Other assets | 3,829 | |||||||||||
Total assets included in the disposal group | 202,198 | |||||||||||
Liabilities: | ||||||||||||
Total current liabilities | 47,664 | |||||||||||
Deferred income taxes | 1,966 | |||||||||||
Other liabilities | 9,057 | |||||||||||
Total liabilities included in the disposal group | 58,687 | |||||||||||
Net assets included in the disposal group | $ 143,511 |