Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 1,007,000,000 | ||
Common stock, Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 69,582,721 | ||
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, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 148,699 | $ 134,352 |
Accounts and notes receivable (less allowances — $1,949 and $1,490) | 245,365 | 178,537 |
Licensed programming | 53,468 | 3,207 |
Miscellaneous | 21,998 | 15,578 |
Assets held for sale — current | 136,004 | 14,221 |
Total current assets | 605,534 | 345,895 |
Investments | 7,699 | 14,221 |
Property and equipment | 209,995 | 225,437 |
Goodwill | 755,949 | 575,780 |
Other intangible assets | 425,975 | 412,551 |
Licensed programming (less current portion) | 85,269 | 1,796 |
Deferred income taxes | 20,076 | 16,608 |
Miscellaneous | 19,051 | 11,798 |
Assets held for sale — noncurrent | 0 | 131,820 |
Total Assets | 2,129,548 | 1,735,906 |
Current liabilities: | ||
Accounts payable | 23,647 | 15,976 |
Customer deposits and unearned revenue | 7,353 | 6,410 |
Current portion of long-term debt | 5,656 | 6,571 |
Accrued liabilities: | ||
Employee compensation and benefits | 41,939 | 31,198 |
Miscellaneous | 44,396 | 18,285 |
Program license liability | 58,176 | 10,665 |
Other current liabilities | 10,085 | 12,146 |
Liabilities held for sale — current | 19,536 | 2,880 |
Total current liabilities | 210,788 | 104,131 |
Long-term debt (less current portion) | 687,619 | 386,614 |
Other liabilities (less current portion) | 293,656 | 273,929 |
Liabilities held for sale — noncurrent | 0 | 25,297 |
Commitments and contingencies (Note 16) | ||
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; 2017 - 69,699,105 shares; 2016 - 70,042,300 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2017 - 11,932,722 shares; 2016 - 11,932,722 shares | 816 | 819 |
Additional paid-in capital | 1,129,020 | 1,132,540 |
Accumulated deficit | (90,061) | (94,077) |
Accumulated other comprehensive loss, net of income taxes | (102,922) | (93,347) |
Total The E.W. Scripps Company shareholders' equity | 936,853 | 945,935 |
Stockholders' Equity Attributable to Noncontrolling Interest | 632 | 0 |
Total equity | 937,485 | 945,935 |
Total Liabilities and Equity | 2,129,548 | 1,735,906 |
Common stock, Class A | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2017 - 69,699,105 shares; 2016 - 70,042,300 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2017 - 11,932,722 shares; 2016 - 11,932,722 shares | 697 | 700 |
Voting common stock | ||
Equity: | ||
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2017 - 69,699,105 shares; 2016 - 70,042,300 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2017 - 11,932,722 shares; 2016 - 11,932,722 shares | $ 119 | $ 119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowances for accounts and notes receivable | $ 1,949 | $ 1,490 |
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 | 69,699,105 | 70,042,300 |
Common stock, shares outstanding | 69,699,105 | 70,042,300 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | |||
Advertising | $ 564,708 | $ 609,612 | $ 489,246 |
Retransmission and carriage | 259,712 | 220,723 | 136,571 |
Other | 40,414 | 38,485 | 28,358 |
Total operating revenues | 864,834 | 868,820 | 654,175 |
Costs and Expenses: | |||
Employee compensation and benefits | 367,735 | 343,570 | 316,424 |
Programming | 216,467 | 166,986 | 112,165 |
Other expenses | 185,869 | 173,797 | 149,451 |
Acquisition and related integration costs | 0 | 578 | 37,988 |
Restructuring costs | 4,422 | 0 | 0 |
Total costs and expenses | 774,493 | 684,931 | 616,028 |
Depreciation, Amortization, and Losses (Gains): | |||
Depreciation | 34,049 | 32,474 | 32,812 |
Amortization of intangible assets | 22,294 | 22,730 | 16,979 |
Impairment of goodwill and intangibles | 35,732 | 0 | 24,613 |
(Gains) losses, net on disposal of property and equipment | 169 | 480 | 305 |
Net depreciation, amortization, and losses (gains) | 92,244 | 55,684 | 74,709 |
Operating income (loss) | (1,903) | 128,205 | (36,562) |
Interest expense | (26,697) | (18,039) | (15,099) |
Defined benefit pension plan expense | (14,112) | (14,332) | (58,674) |
Miscellaneous, net | 10,636 | (2,646) | (1,421) |
Income (loss) from continuing operations before income taxes | (32,076) | 93,188 | (111,756) |
Provision (benefit) for income taxes | (20,054) | 33,266 | (37,884) |
Income (loss) from continuing operations, net of tax | (12,022) | 59,922 | (73,872) |
Income (loss) from discontinued operations, net of tax | (2,595) | 7,313 | (8,605) |
Net income (loss) | (14,617) | 67,235 | (82,477) |
Net income (loss) attributable to noncontrolling interest | (1,511) | 0 | 0 |
Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ (13,106) | $ 67,235 | $ (82,477) |
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 | $ (0.13) | $ 0.71 | $ (0.95) |
Income (loss) from discontinued operations, per basic share | (0.03) | 0.09 | (0.11) |
Net income (loss) per basic share of common stock (USD per share) | (0.16) | 0.80 | (1.06) |
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 | (0.13) | 0.71 | (0.95) |
Income (loss) from discontinued operations, per diluted share | (0.03) | 0.09 | (0.11) |
Net income (loss) per diluted share of common stock (USD per share) | $ (0.16) | $ 0.80 | $ (1.06) |
Weighted average shares outstanding: | |||
Basic (in shares) | 82,052 | 83,339 | 77,373 |
Diluted (in shares) | 82,052 | 83,639 | 77,373 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (14,617) | $ 67,235 | $ (82,477) |
Changes in fair value of derivative, net of tax of $0, $142 and $148 | 0 | 242 | 237 |
Changes in defined benefit pension plans, net of tax of $4,152, $(2,455), and $21,139 | 10,150 | (3,936) | 33,825 |
Other | (355) | 149 | 253 |
Total comprehensive income (loss) | (4,822) | 63,690 | (48,162) |
Net income (loss) attributable to noncontrolling interest | (1,511) | 0 | 0 |
Total comprehensive income (loss) attributable to the shareholders of The E.W. Scripps Company | $ (3,311) | $ 63,690 | $ (48,162) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Changes in defined benefit pension plans, tax amount | $ 4,152 | $ (2,455) | $ 21,139 |
Changes in fair value of derivative, tax amount | $ 0 | $ 142 | $ 148 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ (14,617) | $ 67,235 | $ (82,477) |
Income (loss) from discontinued operations, net of tax | (2,595) | 7,313 | (8,605) |
Income (loss) from continuing operations, net of tax | (12,022) | 59,922 | (73,872) |
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | |||
Depreciation and amortization | 56,343 | 55,204 | 49,791 |
Impairment of goodwill and intangibles | 35,732 | 0 | 24,613 |
Gain on disposition of investments | (6,106) | 0 | 0 |
(Gains) losses on sale of property and equipment | 169 | 480 | 305 |
Deferred income taxes | (16,084) | 38,794 | (26,210) |
Stock and deferred compensation plans | 15,872 | 10,857 | 9,873 |
Pension expense, net of payments | (6,738) | 4,936 | 58,358 |
Other changes in certain working capital accounts, net | (20,508) | (34,861) | (40,434) |
Miscellaneous, net | (16,473) | 565 | 602 |
Net cash provided by continuing operating activities | 30,185 | 135,897 | 3,026 |
Net cash provided by discontinued operating activities | 10,667 | 10,596 | 5,844 |
Net operating activities | 40,852 | 146,493 | 8,870 |
Cash Flows from Investing Activities: | |||
Acquisitions, net of cash acquired | (280,940) | (43,500) | (46,838) |
Proceeds from sale of property held for sale | 0 | 0 | 14,500 |
Additions to property and equipment | (17,932) | (25,911) | (20,788) |
Acquisition of intangibles | (9,745) | 0 | 0 |
Purchase of investments | (836) | (2,128) | (7,658) |
Miscellaneous, net | 12,886 | 147 | 3,300 |
Net cash used in continuing investing activities | (296,567) | (71,392) | (57,484) |
Net cash used in discontinued investing activities | (2,500) | (2,036) | (3,878) |
Net investing activities | (299,067) | (73,428) | (61,362) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of long-term debt | 700,000 | 0 | 200,000 |
Payments on long-term debt | (393,927) | (6,635) | (122,406) |
Payments of financing costs | (9,671) | 0 | (2,592) |
Dividends paid | 0 | 0 | (59,523) |
Repurchase of Class A Common shares | (17,885) | (44,401) | (16,222) |
Proceeds from employee stock options | 1,461 | 4,641 | 7,249 |
Tax payments related to shares withheld for vested stock and RSUs | (4,576) | (2,681) | (5,237) |
Miscellaneous, net | (2,840) | (4,258) | 575 |
Net cash provided by (used in) continuing financing activities | 272,562 | (53,334) | 1,844 |
Increase (decrease) in cash, cash equivalents and restricted cash | 14,347 | 19,731 | (50,648) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 134,352 | 114,621 | 165,269 |
End of year | $ 148,699 | $ 134,352 | $ 114,621 |
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, 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 | ||||||||
Cash dividends: declared and paid | (59,523) | 0 | 0 | (59,523) | ||||||
Shares issued for acquisition | 636,000 | 263 | 635,737 | 0 | ||||||
Spin-off of Newspapers | (142,842) | 0 | (143,511) | 2,326 | (1,657) | |||||
Repurchase of Class A Common shares | (16,222) | [1] | (8) | [1] | (8,994) | [1] | (7,220) | |||
Compensation plans: net share issued | [1] | 11,799 | 13 | 11,786 | 0 | |||||
Other | 253 | 253 | ||||||||
Balance (Originally Reported) at Dec. 31, 2015 | 900,983 | 838 | 1,163,985 | (174,038) | (89,802) | 0 | ||||
Balance (Adjustment) at Dec. 31, 2015 | 14,750 | 0 | (58) | 14,808 | 0 | 0 | ||||
Balance (As Adjusted) | 915,733 | 838 | 1,163,927 | (159,230) | (89,802) | 0 | ||||
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 | 0 | 0 | 0 | 242 | |||||
Repurchase of Class A Common shares | (44,401) | [1] | (27) | (42,292) | (2,082) | |||||
Compensation plans: net share issued | [1] | 10,913 | 8 | 10,905 | 0 | |||||
Other | 149 | 149 | ||||||||
Balance at Dec. 31, 2016 | 945,935 | 819 | 1,132,540 | (94,077) | (93,347) | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Minority interest contribution to subsidiary | 2,143 | 2,143 | ||||||||
Net income (loss) | (14,617) | (13,106) | (1,511) | |||||||
Changes in defined benefit pension plans | 10,150 | 10,150 | ||||||||
Change in fair value of derivative | 0 | |||||||||
Repurchase of Class A Common shares | (17,885) | (10) | (15,627) | (2,248) | ||||||
Compensation plans: net share issued | [1] | 12,114 | 7 | 12,107 | ||||||
Reclassification of disproportionate tax effects from AOCL | (19,370) | 19,370 | (19,370) | |||||||
Other | (355) | (355) | ||||||||
Balance at Dec. 31, 2017 | $ 937,485 | $ 816 | $ 1,129,020 | $ (90,061) | $ (102,922) | $ 632 | ||||
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $4,576 in 2017, $2,681 in 2016 and $5,237 in 2015. |
Consolidated Statements of Equ9
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Shares issued on compensation plan | 661,256 | 867,196 | 1,313,313 |
Repurchase of Class A Common shares | 1,004,451 | 2,711,865 | 839,859 |
Shares issued for acquisition | 0 | 0 | 26,350,993 |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | $ 1.03 |
Cash dividends per share of common stock (USD per share) | $ 0 | $ 0 | $ 1.03 |
Tax payments related to shares withheld for vested stock and RSUs | $ 4,576 | $ 2,681 | $ 5,237 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 diverse media enterprise, serving audiences and businesses through a portfolio of local and national 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: Local Media, National Media and Other. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. In the fourth quarter of 2017, we began the process to divest our radio business. As of December 31, 2017, we have classified the radio segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statement of Operations. For additional information on the spin-off of our newspaper business and our radio business classified as held for sale, 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 a material effect on our financial position, results of operations or cash flows. We derive approximately 65% 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 media advertising, as well as retransmission and carriage fees received from cable operators and satellite carriers. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast and digital advertising revenue is recognized, net of agency commissions, when we air the advertisements. 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 and carriage — Our local television stations derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal based on the number of subscribers in our market. Our Newsy cable network receives carriage fees from cable operators for the right to distribute its programming based on the number of subscribers and contracted programming rates. We recognize retransmission and carriage revenues based on the contractual terms and rates. Other revenues — We derive revenues from sponsorships and community events through our Local Media segment. Our National Media segment offers subscription services for access to premium content to its 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, 2015 $ 1,390 Charged to costs and expenses 1,322 Amounts charged off, net (1,195 ) Balance as of December 31, 2015 1,517 Charged to costs and expenses 1,601 Amounts charged off, net (1,628 ) Balance as of December 31, 2016 1,490 Charged to costs and expenses 1,407 Amounts charged off, net (948 ) Balance as of December 31, 2017 $ 1,949 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. Network Launch Incentives — We may incur cash payments to cable and satellite operators for the initial long-term distribution agreements ("network launch incentives"). These fees are amortized over the life of the contract as expense in relation to a ratio of the periods revenue to the estimated total revenues over the term of the respective contract. 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 Programming — Programming includes 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 principally consist of television series and films. 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 license period has commenced and the programs are 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 or on a straight line basis. 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 if the programming is for our local broadcast stations, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Programming for our over-the-air broadcast network is reviewed for impairment using the individual network methodology. Program rights liabilities payable within the next twelve months are included as current liabilities and 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 stations. Broadcast television 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 our 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 Local Media group, Katz, Midroll and Newsy. As a result of our new segment structure, we considered if there was any goodwill impairment immediately prior to the realignment and determined that there was no impairment. 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 $9.8 million and $10.6 million at December 31, 2017 and 2016 , 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 from the Journal transactions, 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 Consolidated Balance Sheets with an offsetting receivable of $1.7 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 17. 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 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. The impact of forfeitures are recognized as they occur. 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) 2017 2016 2015 Numerator (for basic and diluted earnings per share) Net income (loss) from continuing operations $ (12,022 ) $ 59,922 $ (73,872 ) Loss attributable to noncontrolling interest 1,511 — — Income allocated to RSUs — (817 ) — Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company $ (10,511 ) $ 59,105 $ (73,872 ) Denominator Basic weighted-average shares outstanding 82,052 83,339 77,373 Effect of dilutive securities: Stock options held by employees and directors — 300 — Diluted weighted-average shares outstanding 82,052 83,639 77,373 Anti-dilutive securities (1) 1,220 — 1,907 (1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. For the years ended December 31, 2017 and 2015 , we incurred a net loss and the inclusion of RSUs and stock options would have been anti-dilutive, and accordingly the diluted EPS calculation for the period excludes those common share equivalents. |
Recently Adopted Standards and
Recently Adopted Standards and Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Standards and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards — In March 2017, the Financial Accounting Standards Board (FASB) issued new guidance on the presentation of net periodic benefit cost in the statement of operations. It requires entities to disaggregate the current service cost component from the other components of net benefit cost. The service cost is presented with other current compensation costs in the statement of operations, while the other components are presented outside of income from operations. We elected to retrospectively adopt this guidance as of January 1, 2017. We do not have any service cost associated with our net benefit cost, as such, the impact of adopting this new guidance was to reclassify our defined benefit pension plan expense out of operating costs and expenses and to classify it as a non-operating expense below operating income. In January 2017, the FASB issued new guidance to simplify the measurement of goodwill impairments by eliminating Step 2 from the impairment test, which requires a hypothetical purchase price allocation to measure the amount of impairment loss. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. We have elected to adopt this guidance as of January 1, 2017. In March 2016, the FASB issued new guidance which simplifies the accounting for share-based compensation arrangements, including the related income tax consequences and classification in the statement of cash flows. We elected to 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. In January 2017, the FASB issued new guidance to clarify the definition of a business for acquisitions, with the intent to make application of the guidance more consistent and cost-efficient. We elected to adopt this guidance as of June 30, 2017, for acquisitions subsequent to our adoption date. We do not expect the adoption of this guidance to affect the treatment of future acquisitions or dispositions. In February 2018, the FASB issued new guidance that permits companies to reclassify the disproportionate tax effect in accumulated other comprehensive income ("AOCI") caused by the Tax Cuts and Jobs Act of 2017. We have adopted this guidance as of December 31, 2017. The impact of the adoption was to reclassify $19.4 million of tax effects related to our defined benefits plans from AOCI to retained earnings. Recently Issued Accounting Standards — In August 2016, the 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. 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 consolidated 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. 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 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 finalizing our assessment of the impact this new guidance will have on our consolidated financial statements. We expect to retrospectively apply this guidance. We do not expect that the adoption of this guidance will impact the timing of our revenue recognition. We do expect to have no more than $20 million of additional revenues in prior years from the impact of recording some revenue transactions on a gross basis that were previously recorded on a net basis. We expect that the adoption of the new standard will also require expanded footnote disclosure. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Katz On October 2, 2017 we acquired the Katz networks for $292 million , which is net of a 5.33% non controlling interest we owned prior to the acquisition date. Katz owns and operates four national television networks — Bounce, Grit, Escape and Laff. The acquisition was funded through the issuance of a new Term Loan B. Katz is included as part of our National Media segment. Pending the finalization of asset valuations, the following table summarizes the preliminary fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 21,372 Accounts receivable 44,306 Current portion of programs and program licenses 47,120 Intangible assets 32,300 Goodwill 209,572 Programs and program licenses (less current portion) 74,998 Other assets 1,395 Total assets acquired 431,063 Accounts payable and accrued liabilities 29,339 Current portion of program rights payable 46,376 Program rights payable (less current portion) 53,036 Net purchase price $ 302,312 Of the $32 million allocated to intangible assets, $8 million was assigned to trade names with a life of 10 years and $24 million was assigned to advertiser relationships with a life of 5 years. The goodwill of $210 million arises from being able to enter into the market for established over-the-air networks. The goodwill was allocated to our National Media 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 October 2, 2017 through December 31, 2017, revenues from the Katz operations were $41 million . Prior to the acquisition of Katz, we owned a 5.33% noncontrolling interest of the company. Upon obtaining a controlling interest in Katz, we recorded a $5.4 million gain from the fair value remeasurement of our 5.33% interest. This gain is included in Miscellaneous, net in our Consolidated Statement of Operations. 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, 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 National Media 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 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 currently generates advertising revenue for more than 300 podcast 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 National Media 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 Local Media ( $415 million ) and radio ( $41 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 are presented in the following table. For 2017 and 2016, the results assume that the Katz acquisition had taken place at the beginning of 2016. For 2015, the results assume that the Journal transaction had taken place at the beginning of 2014. The 2015 pro forma information does not include any results for Katz. 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 the acquired operations 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 for 2015 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) 2017 2016 2015 Operating revenues $ 978,303 $ 997,759 $ 778,118 Income (loss) from continuing operations (12,477 ) 55,506 (37,452 ) Income (loss) per share from continuing operations attributable to the shareholders of The E.W. Scripps Company Basic $ (0.13 ) $ 0.66 $ (0.45 ) Diluted (0.13 ) 0.65 (0.45 ) |
Asset Write-Downs and Other Cha
Asset Write-Downs and Other Charges and Credits | 12 Months Ended |
Dec. 31, 2017 | |
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 continuing operations before income taxes was affected by the following: 2017 — In the second quarter, we sold our newspaper syndication business, resulting in a gain of $3.0 million . Restructuring includes $3.5 million of severance associated with a change in senior management and employees, as well as outside consulting fees associated with changes in our management and operating structure. There was $3.2 million gain recorded for a reduction to the Midroll earn out accrual. In the third quarter of 2017, we recorded a $29 million non-cash charge to reduce the carrying value of goodwill and $6.3 million to reduce the value of intangible assets related to Cracked. For more information around the impairment of goodwill and intangibles, see Note 9. We recognized a $5.4 million gain on our investment in Katz when we completed the acquisition in the fourth quarter. 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 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. For additional information around the impairment of goodwill and intangibles, see Note 9. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Current: Federal $ 215 $ 904 $ 279 State and local (963 ) (1,628 ) (3,588 ) Total current income tax provision (748 ) (724 ) (3,309 ) Deferred: Federal (16,602 ) 31,029 (30,546 ) State and local (2,704 ) 2,961 (4,029 ) Total deferred income tax provision (19,306 ) 33,990 (34,575 ) Provision (benefit) for income taxes $ (20,054 ) $ 33,266 $ (37,884 ) 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, 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal tax benefit 2.2 3.0 3.5 Excess tax benefits from stock-based compensation 7.1 (1.8 ) — Nondeductible expenses (4.6 ) 1.4 (1.7 ) Reserve for uncertain tax positions 3.6 (0.8 ) 2.2 Nondeductible goodwill impairment — — (6.8 ) U.S. federal statutory rate change 13.2 — — Other 6.0 (1.1 ) 1.7 Effective income tax rate 62.5 % 35.7 % 33.9 % Nondeductible expenses in 2015 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) 2017 2016 Temporary differences: Property and equipment $ (14,493 ) $ (27,049 ) Goodwill and other intangible assets (52,532 ) (79,610 ) Investments, primarily gains and losses not yet recognized for tax purposes 2,792 5,180 Accrued expenses not deductible until paid 7,136 8,700 Deferred compensation and retiree benefits not deductible until paid 61,070 96,910 Other temporary differences, net 3,267 3,835 Total temporary differences 7,240 7,966 Federal and state net operating loss carryforwards 15,455 9,597 Valuation allowance for state deferred tax assets (2,619 ) (955 ) Net deferred tax asset (liability) $ 20,076 $ 16,608 Total federal operating loss carryforwards were $24 million and state operating loss carryforwards were $257 million at December 31, 2017 . Our state tax loss carryforwards expire through 2037. 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 totaled $20 million at December 31, 2017 . Management believes that it is more likely than not that we will realize the benefits of our federal deferred tax assets and therefore have not recorded a valuation allowance. The deferred tax asset 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. On December 22, 2017, the U.S. government enacted comprehensive tax legislation referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. The reduction of the U.S. corporate tax rate caused the company to adjust its federal deferred tax assets and liabilities to the lower base rate of 21% . The change in the rate resulted in a provisional estimated benefit of $4.2 million for the year ended December 31, 2017. This amount includes the benefit related to the rate change on the deferred tax liabilities included in the radio net assets that are classified as held for sale (see Note 21) as such benefit is required by GAAP to be included in income taxes from continuing operations. The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the company has utilized to calculate the transition impacts, including impacts from changes to current year taxable earnings estimates. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. 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 was approximately $16 million . 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) 2017 2016 2015 Gross unrecognized tax benefits at beginning of year $ 2,665 $ 5,011 $ 7,024 Increases in tax positions for prior years 16 22 859 Decreases in tax positions for prior years (390 ) (1,684 ) (96 ) Increases in tax positions for current years — 336 — Decreases in tax positions for current years (54 ) — — Decreases from lapse in statute of limitations (1,149 ) (1,020 ) (2,776 ) Gross unrecognized tax benefits at end of year $ 1,088 $ 2,665 $ 5,011 The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $0.4 million at December 31, 2017 . We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2017 and 2016 , we had accrued interest related to unrecognized tax benefits of $0.4 million . 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, 2017 , we are no longer subject to federal income tax examinations for years prior to 2014. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2013. In 2017 , 2016 and 2015 we recognized $1.1 million , $ 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 $0.2 million . |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash At December 31, 2017 and 2016 , our cash and cash equivalents included $5.1 million and $5.5 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, 2017 | |
Investments [Abstract] | |
Investments | Investments Investments consisted of the following: As of December 31, (in thousands) 2017 2016 Investments held at cost $ 4,603 $ 10,774 Equity method investments 3,096 3,447 Total investments $ 7,699 $ 14,221 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, 2017 and 2016 . 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: As of December 31, (in thousands) 2017 2016 Land and improvements $ 47,405 $ 47,405 Buildings and improvements 139,685 137,013 Equipment 308,873 299,544 Computer software 14,658 14,578 Total 510,621 498,540 Accumulated depreciation 300,626 273,103 Net property and equipment $ 209,995 $ 225,437 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by business segment was as follows: (in thousands) Local Media National Media Total Gross balance as of December 31, 2014 $ 292,693 $ 28,982 $ 321,675 Accumulated impairment losses (215,414 ) — (215,414 ) Net balance as of December 31, 2014 77,279 28,982 106,261 Journal acquisition 415,440 — 415,440 Midroll acquisition — 45,586 45,586 Impairment charge (1,500 ) (21,000 ) (22,500 ) Balance as of December 31, 2015 $ 491,219 $ 53,568 $ 544,787 Gross balance as of December 31, 2015 $ 708,133 $ 74,568 $ 782,701 Accumulated impairment losses (216,914 ) (21,000 ) (237,914 ) Net balance as of December 31, 2015 491,219 53,568 544,787 Cracked acquisition — 29,403 29,403 Stitcher acquisition — 1,590 1,590 Balance as of December 31, 2016 $ 491,219 $ 84,561 $ 575,780 Gross balance as of December 31, 2016 $ 708,133 $ 105,561 $ 813,694 Accumulated impairment losses (216,914 ) (21,000 ) (237,914 ) Net balance as of December 31, 2016 491,219 84,561 575,780 Cracked impairment charge — (29,403 ) (29,403 ) Katz acquisition — 209,572 209,572 Balance as of December 31, 2017 $ 491,219 $ 264,730 $ 755,949 Gross balance as of December 31, 2017 $ 708,133 $ 315,133 $ 1,023,266 Accumulated impairment losses (216,914 ) (50,403 ) (267,317 ) Net balance as of December 31, 2017 $ 491,219 $ 264,730 $ 755,949 Other intangible assets consisted of the following: As of December 31, (in thousands) 2017 2016 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 69,500 45,500 Other 37,069 26,923 Total carrying amount 355,013 320,867 Accumulated amortization: Television network affiliation relationships (49,639 ) (37,019 ) Customer lists and advertiser relationships (26,345 ) (22,525 ) Other (10,269 ) (5,987 ) Total accumulated amortization (86,253 ) (65,531 ) Net amortizable intangible assets 268,760 255,336 Indefinite-lived intangible assets — FCC licenses 157,215 157,215 Total other intangible assets $ 425,975 $ 412,551 We have classified our radio segment as held for sale as of December 31, 2017 and any goodwill or intangible assets associated with the radio segment are included in assets held for sale in the Consolidated Balance Sheets. The tables above have also been recast to reflect our new segment presentation. In 2017, we paid $9.7 million to acquire cable and satellite carriage rights for the launch of our Newsy cable network. These rights are amortized over the life of the respective carriage agreement. Additional amounts may be owed to the seller if certain conditions are met. Estimated amortization expense of intangible assets for each of the next five years is $27.5 million in 2018 , $26.1 million in 2019 , $24.9 million in 2020 , $22.5 million in 2021 , $20.3 million in 2022 and $147.5 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. If the fair value is less than the carrying value of the reporting unit then an impairment of goodwill exists and an impairment charge is recorded for the difference between the carrying value of the reporting unit and its estimated fair value, not to exceed the carrying value of the goodwill. The slower development of our original operating model and a revised operating model which will result in a smaller business for Cracked, created indications of impairment of goodwill as of September 30, 2017. Under the process required by GAAP, we estimated the fair value of Cracked. The fair value was determined using a combination of discounted cash flow 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 projected 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 requires significant judgments to be made by management. These judgments include, but are not limited to, long-term projections 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 produce significantly different results. We concluded that the fair value of Cracked did not exceed its carrying value as of September 30, 2017. Based upon our valuations, we recorded a $29 million non-cash charge in 2017 to reduce the carrying value of goodwill and $6.3 million to reduce the value of intangible assets. During 2015, changes in the market for the distribution of video programming services, including the development of over-the-top distribution platforms resulted in the need for additional investment in Newsy. The additional investment, combined with the slower development of our original revenue model, created indications of impairment of goodwill and we recorded a $21 million non-cash charge 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, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following: As of December 31, (in thousands) 2017 2016 Variable rate credit facility $ — $ — Senior unsecured notes 400,000 — Term loan B 299,250 390,521 Unsecured subordinated notes payable 2,656 5,312 Total outstanding principal 701,906 395,833 Less: Debt issuance costs (8,631 ) (2,648 ) Less: Current portion (5,656 ) (6,571 ) Long-term debt (less current portion) 687,619 386,614 Fair value of long-term debt * $ 703,572 $ 395,514 * Fair value of the Senior Notes and the term loan B were estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured subordinated 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. Senior Unsecured Notes On April 28, 2017, we issued $400 million of senior unsecured notes (the "Senior Notes"), which bear interest at a rate of 5.125% per annum and mature on May 15, 2025. The proceeds of the Senior Notes were used to repay our old term loan B, for the payment of the related issuance costs and for general corporate purposes. The Senior Notes were priced at 100% of par value and interest is payable semi-annually on May 15 and November 15. Prior to May 15, 2020, we may redeem the Senior Notes, in whole or in part, at any time, or from time to time, at a price equal to 100% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption, plus a “make-whole” premium, as set forth in the Senior Notes indenture. In addition, on or prior to May 15, 2020 , we may redeem up to 40% of the Senior Notes, using proceeds of equity offerings. If we sell certain of our assets or have a change of control, the holders of the Senior Notes may require us to repurchase some or all of the notes. The Senior Notes are also guaranteed by us and the majority our subsidiaries. The Senior Notes contain covenants with which we must comply that are typical for borrowing transactions of this nature. We incurred approximately $7.0 million of deferred financing costs in connection with the issuance of the Senior Notes, which will be amortized over the life of the Senior Notes. In connection with the new financing, we wrote off $2.4 million of deferred financing costs associated with our old term loan B to interest expense. Term Loan B On October 2, 2017, we issued a $300 million Term Loan B which matures in October 2024. Interest is payable on the Term Loan B at a rate based on LIBOR, plus a fixed margin of 2.25% . Term loan B also requires annual principal payments of $3 million . Our Financing Agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. Principal payments included in the contractual obligations table reflect only scheduled principal payments and do not reflect any amounts that may be required to be paid under this provision. As of December 31, 2017 , we were not required to make any additional principal payments for excess cash flow. Under a previous financing agreement, we had a $400 million term loan B that matured in November 2020. We repaid the term loan B in 2017 with the proceeds of our Senior Notes. As of December 31, 2017 and 2016 , the interest rate was 3.82% and 3.27% , respectively on the term loan B. The weighted-average interest rate was 3.42% and 3.48% in 2017 and 2016 , respectively. Revolving Credit Facility On April 28, 2017, we amended and restated our $100 million revolving credit facility ("Revolving Credit Facility"), increasing its capacity to $125 million and extending the maturity to April 2022. Interest is payable on the Revolving Credit Facility at rates based on LIBOR, plus a margin based on our leverage ratio, ranging from 1.75% to 2.50% . The Revolving Credit Facility includes maintaining of a net leverage ratio when we have outstanding borrowings on the facility, as well as other restrictions on payments (dividends and share repurchases). Additionally, we can make acquisitions as long as the pro forma net leverage ratio is less than 5.5 to 1.0 . 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. 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. 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. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2017 | |
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. The fair values of these financial assets 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 that are measured at fair value on a recurring basis at December 31, 2017 and 2016 : December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 69,480 $ 69,480 $ — $ — December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ — $ — $ — $ — |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consisted of the following: As of December 31, (in thousands) 2017 2016 Employee compensation and benefits $ 18,520 $ 18,356 Program licenses 54,641 2,440 Liability for pension benefits 207,406 232,788 Liabilities for uncertain tax positions 644 2,416 Other 12,445 17,929 Other liabilities (less current portion) $ 293,656 $ 273,929 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Other changes in certain working capital accounts, net Accounts and notes receivable $ (22,522 ) $ (20,511 ) $ (17,562 ) Income taxes receivable/payable, net (265 ) 4,626 (13,700 ) Accounts payable (7,259 ) (966 ) (2,696 ) Accrued employee compensation and benefits 3,175 (1,056 ) 6,309 Other accrued liabilities 12,645 (6,100 ) (7,087 ) Other, net (6,282 ) (10,854 ) (5,698 ) Total $ (20,508 ) $ (34,861 ) $ (40,434 ) Information regarding supplemental cash flow disclosures is as follows: For the years ended December 31, (in thousands) 2017 2016 2015 Interest paid $ 18,956 $ 15,620 $ 13,436 Income taxes paid 1,756 1,100 14,984 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, 2017 | |
Retirement Benefits [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 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 contributed additional amounts (referred to as transition credits) to certain employees' defined contribution retirement through 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) 2017 2016 2015 Interest cost $ 25,966 $ 27,359 $ 30,477 Expected return on plan assets, net of expenses (17,439 ) (18,466 ) (24,320 ) Amortization of actuarial loss 4,424 4,406 4,617 Curtailment/Settlement losses — — 46,793 Total for defined benefit plans 12,951 13,299 57,567 Multi-employer plans 253 168 180 Withdrawal from GCIU multi-employer plan — — 351 SERPs 1,161 1,033 1,107 Defined contribution plans 9,183 8,265 9,858 Net periodic benefit cost 23,548 22,765 69,063 Allocated to discontinued operations (687 ) (652 ) (886 ) Net periodic benefit cost - continuing operations $ 22,861 $ 22,113 $ 68,177 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) 2017 2016 2015 Current year actuarial gain/(loss) $ 12,205 $ (9,379 ) $ 1,026 Amortization of actuarial loss 4,424 4,406 4,617 Curtailment/Settlement losses — — 46,793 Total $ 16,629 $ (4,973 ) $ 52,436 In addition to the amounts summarized above, amortization of actuarial losses of $0.2 million was recorded through other comprehensive income in 2017 , 2016 and 2015 related to our SERPs. We recognized actuarial losses for our SERPs of $2.5 million and $1.6 million in 2017 and 2016, respectively, and an actuarial gain of $2.3 million in 2015. A one-time curtailment charge of $1.1 million was recorded in 2015 related to our defined benefit pension plan as a result of the spin-off of our newspaper business. In August 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. 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: 2017 (1) 2016 (1) 2015 (2) Discount rate 4.26 % 4.55 % 4.01%-4.53% Long-term rate of return on plan assets 4.20%-4.30% 4.50%-4.65% 4.10%-6.10% (1) Ranges presented for long-term rate of return on plan assets for 2017 and 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. 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) 2017 2016 2017 2016 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 625,535 $ 611,257 $ 21,260 $ 19,800 Interest cost 25,966 27,359 869 910 Benefits paid (34,997 ) (33,571 ) (948 ) (1,030 ) Actuarial (gains)/losses 38,032 20,490 2,510 1,580 Projected benefit obligation at end of year 654,536 625,535 23,691 21,260 Plan assets: Fair value at beginning of year 412,459 407,797 — — Actual return on plan assets 67,676 29,577 — — Company contributions 19,303 8,656 948 1,030 Benefits paid (34,997 ) (33,571 ) (948 ) (1,030 ) Fair value at end of year 464,441 412,459 — — Funded status $ (190,095 ) $ (213,076 ) $ (23,691 ) $ (21,260 ) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (6,380 ) $ (1,548 ) Noncurrent liabilities (190,095 ) (213,076 ) (17,311 ) (19,712 ) Total $ (190,095 ) $ (213,076 ) $ (23,691 ) $ (21,260 ) Unrecognized net actuarial loss recognized in accumulated other comprehensive loss $ 127,666 $ 144,294 $ 8,667 $ 6,342 In 2018 , 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 $4.0 million (including $0.3 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) 2017 2016 2017 2016 Accumulated benefit obligation $ 654,536 $ 625,535 $ 23,691 $ 21,260 Projected benefit obligation 654,536 625,535 23,691 21,260 Fair value of plan assets 464,441 412,459 — — Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: 2017 2016 2015 Weighted average discount rate 3.7 % 4.26 % 4.55 % In 2018 , we expect to contribute $6.5 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 $40.5 million in 2018 , $35.6 million in 2019 , $36.4 million in 2020 , $37.0 million in 2021 , $37.5 million in 2022 and a total of $193.8 million for the five years ending 2027 . 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 which cover 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, 2018 2017 2016 US equity securities 20 % 21 % 20 % Non-US equity securities 30 % 29 % 30 % Fixed-income securities 45 % 44 % 44 % Other 5 % 6 % 6 % 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. Under our asset allocation strategy 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 table presents our plan assets using the fair value hierarchy as of December 31, 2017 and 2016 : As of December 31, (in thousands) 2017 2016 Equity securities Common/collective trust funds $ 234,061 $ 204,084 Fixed income Common/collective trust funds 204,453 184,000 Real estate fund 23,102 21,646 Cash equivalents 2,825 2,729 Fair value of plan assets $ 464,441 $ 412,459 Our investments are valued using net asset value as a practical expedient as allowed under U.S. GAAP and therefore are not valued using the fair value hierarchy. 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource allocation decisions. Effective December 31, 2017, we realigned our businesses into a new internal organization and began reporting to reflect this new structure. Under the new structure we have the following reportable segments: Local Media, National Media and Other. We have recast the operating results for all periods to reflect this change. Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of fifteen ABC affiliates, five NBC affiliates, two FOX affiliates and two CBS affiliates. We also have two MyTV affiliates, one CW affiliate, one independent station and three Azteca America Spanish-language affiliates. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies and satellite carriers. Our National Media segment includes our collection of national brands. Our national media brands include Katz, Midroll Media (Midroll), Newsy and other national brands. These operations earn revenue primarily through the sale of advertising. 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) 2017 2016 2015 Segment operating revenues: Local Media $ 779,205 $ 836,154 $ 637,251 National Media 80,174 27,929 13,014 Other 5,455 4,737 3,910 Total operating revenues $ 864,834 $ 868,820 $ 654,175 Segment profit (loss): Local Media $ 156,890 $ 243,298 $ 127,597 National Media (9,260 ) (10,156 ) (2,448 ) Other (2,361 ) (2,513 ) (3,729 ) Shared services and corporate (50,506 ) (46,162 ) (45,285 ) Acquisition and related integration costs — (578 ) (37,988 ) Restructuring costs (4,422 ) — — Depreciation and amortization of intangible assets (56,343 ) (55,204 ) (49,791 ) Impairment of goodwill and intangibles (35,732 ) — (24,613 ) Gains (losses), net on disposal of property and equipment (169 ) (480 ) (305 ) Interest expense (26,697 ) (18,039 ) (15,099 ) Defined benefit pension plan expense (14,112 ) (14,332 ) (58,674 ) Miscellaneous, net 10,636 (2,646 ) (1,421 ) Income (loss) from continuing operations before income taxes $ (32,076 ) $ 93,188 $ (111,756 ) Depreciation: Local Media $ 31,870 $ 30,184 $ 29,685 National Media 88 164 525 Other 208 263 258 Shared services and corporate 1,883 1,863 2,344 Total depreciation $ 34,049 $ 32,474 $ 32,812 Amortization of intangibles: Local Media $ 15,084 $ 16,958 $ 14,607 National Media 5,856 4,419 2,034 Shared services and corporate 1,354 1,353 338 Total amortization of intangibles $ 22,294 $ 22,730 $ 16,979 The following table presents additions to property and equipment by segment: For the years ended December 31, (in thousands) 2017 2016 2015 Additions to property and equipment: Local Media $ 16,946 $ 21,064 $ 20,988 National Media 792 54 66 Other — 124 83 Shared services and corporate 367 1,283 1,851 Total additions to property and equipment $ 18,105 $ 22,525 $ 22,988 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2017 2016 2015 Assets: Local Media $ 1,273,735 $ 1,280,885 $ 1,285,054 National Media 528,479 117,725 70,861 Other 2,128 7,146 7,044 Shared services and corporate 189,202 184,109 195,307 Total assets of continuing operations 1,993,544 1,589,865 1,558,266 Discontinued operations 136,004 146,041 147,496 Total assets $ 2,129,548 $ 1,735,906 $ 1,705,762 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Minimum payments on noncancelable leases at December 31, 2017 were: $4.5 million in 2018 , $4.5 million in 2019 , $2.8 million in 2020 , $1.5 million in 2021 , $1.2 million in 2022 and $5.2 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 $13.1 million in 2017 , $11.1 million in 2016 and $8.8 million in 2015 . 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, 2017 | |
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 November 2016, our Board of Directors authorized a share repurchase program of up to $100 million of our Class A Common shares through December 2018. 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 and previous authorizations, we repurchased $17.9 million of shares at prices ranging from $14.05 and $23.01 per share, $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 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , we have $83 million outstanding under the current authorization. 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, 2017 , approximately 3.9 million shares were available for future stock compensation awards. On the closing of the Journal transactions in 2015, 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 our stock option activity: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2014 1,703,876 $ 8.92 $ 7-11 Exercised (877,966 ) 8.85 8-11 Forfeited 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 Exercised (235,407 ) 6.20 6-8 Outstanding at December 31, 2017 251,507 7.38 6-9 As of December 31, 2017 , all stock options outstanding and exercisable expire in 2018 and have an intrinsic value of $2.1 million . The following table summarizes additional information about exercises of stock options: For the years ended December 31, (in thousands) 2017 2016 2015 Cash received upon exercise $ 1,461 $ 4,641 $ 7,249 Intrinsic value (market value on date of exercise less exercise price) 3,919 4,888 10,801 Tax benefits realized (1) 1,497 1,877 4,101 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 2016, upon adoption of new accounting guidance, they are realized when generated. 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, including receiving stock dividend equivalents. 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. The following table summarizes our RSU activity: Fair Value Number of Shares Weighted Average Range of Prices 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 Awarded 653,522 22.51 17-24 Vested (581,920 ) 20.78 14-24 Forfeited (308,856 ) 17.20 14-24 Unvested at December 31, 2017 1,187,923 19.99 14-24 The following table summarizes additional information about RSU vesting: For the years ended December 31, (in thousands) 2017 2016 2015 Fair value of RSUs vested $ 12,090 $ 7,898 $ 15,697 Tax benefits realized on vesting (1) 4,630 3,033 5,965 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 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) 2017 2016 2015 Total share-based compensation $ 12,960 $ 8,093 $ 9,545 Included in discontinued operations (465 ) (270 ) (1,378 ) Included in continuing operations $ 12,495 $ 7,823 $ 8,167 Share-based compensation, net of tax $ 7,717 $ 4,835 $ 5,010 As of December 31, 2017 , $11.1 million of total unrecognized compensation costs related to RSUs and performance shares is expected to be recognized over a weighted-average period of 1.4 years . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 ) Amounts reclassified from accumulated other comprehensive loss Actuarial (loss) gain (b) , net of tax of $4,016 — 10,150 (355 ) 9,795 Net current-period other comprehensive income (loss) — 10,150 (355 ) 9,795 Reclassification of disproportionate tax effects from AOCL — (19,429 ) 59 (19,370 ) As of December 31, 2017 $ — $ (102,955 ) $ 33 $ (102,922 ) (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, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | Summarized Quarterly Financial Information (Unaudited) Summarized quarterly financial information is as follows: 2017 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 196,329 $ 213,749 $ 197,781 $ 256,975 $ 864,834 Costs and expenses (182,268 ) (181,602 ) (186,456 ) (224,167 ) (774,493 ) Depreciation and amortization of intangibles (13,861 ) (13,781 ) (13,775 ) (14,926 ) (56,343 ) Impairment of goodwill and intangibles — — (35,732 ) — (35,732 ) Gains (losses), net on disposal of property and equipment (47 ) (15 ) (114 ) 7 (169 ) Interest expense (4,195 ) (8,248 ) (5,720 ) (8,534 ) (26,697 ) Defined benefit pension plan expense (3,467 ) (3,467 ) (3,551 ) (3,627 ) (14,112 ) Miscellaneous, net (879 ) 5,103 1,187 5,225 10,636 Income (loss) from continuing operations before income taxes (8,388 ) 11,739 (46,380 ) 10,953 (32,076 ) Provision (benefit) for income taxes (5,655 ) 4,884 (18,776 ) (507 ) (20,054 ) Income (loss) from continuing operations, net of tax (2,733 ) 6,855 (27,604 ) 11,460 (12,022 ) Income (loss) from discontinued operations, net of tax 781 1,649 984 (6,009 ) (2,595 ) Net income (loss) (1,952 ) 8,504 (26,620 ) 5,451 (14,617 ) Net income (loss) attributable to noncontrolling interest — — — (1,511 ) (1,511 ) Net income (loss) attributable to the shareholders of The E.W. Scripps Company $ (1,952 ) $ 8,504 $ (26,620 ) $ 6,962 $ (13,106 ) Net income (loss) from continuing operations per basic share of common stock $ (0.03 ) $ 0.08 $ (0.34 ) $ 0.16 $ (0.13 ) Net income (loss) from discontinued operations per basic share of common stock $ 0.01 $ 0.02 $ 0.01 $ (0.07 ) $ (0.03 ) Net income (loss) from continuing operations per diluted share of common stock $ (0.03 ) $ 0.08 $ (0.34 ) $ 0.16 $ (0.13 ) Net income (loss) from discontinued operations per diluted share of common stock $ 0.01 $ 0.02 $ 0.01 $ (0.07 ) $ (0.03 ) Weighted average shares outstanding: Basic 82,079 82,302 82,039 81,792 82,052 Diluted 82,079 82,465 82,039 81,792 82,052 Cash dividends per share of common stock $ — $ — $ — $ — $ — In the third quarter of 2017, we recorded a $29 million non-cash charge to reduce the carrying value of goodwill and $6.3 million to reduce the value of intangible assets related to Cracked. For more information around the impairment of goodwill and intangibles, see Note 9. 2016 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 194,196 $ 208,833 $ 212,838 $ 252,953 $ 868,820 Costs and expenses (170,390 ) (171,924 ) (170,506 ) (172,111 ) (684,931 ) Depreciation and amortization of intangibles (13,609 ) (13,978 ) (13,974 ) (13,643 ) (55,204 ) Impairment of goodwill and intangibles — — — — — Gains (losses), net on disposal of property and equipment 4 (22 ) (26 ) (436 ) (480 ) Interest expense (4,579 ) (4,432 ) (4,592 ) (4,436 ) (18,039 ) Defined benefit pension plan expense (3,450 ) (3,449 ) (3,605 ) (3,828 ) (14,332 ) Miscellaneous, net (191 ) (458 ) (596 ) (1,401 ) (2,646 ) Income (loss) from continuing operations before income taxes 1,981 14,570 19,539 57,098 93,188 Provision (benefit) for income taxes (1,606 ) 5,510 8,563 20,799 33,266 Income (loss) from continuing operations, net of tax 3,587 9,060 10,976 36,299 59,922 Income (loss) from discontinued operations, net of tax 1,301 2,428 1,546 2,038 7,313 Net income (loss) $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to the shareholders of The E.W. Scripps Company $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income (loss) from continuing operations per basic share of common stock $ 0.04 $ 0.11 $ 0.13 $ 0.44 $ 0.71 Net income (loss) from discontinued operations per basic share of common stock $ 0.02 $ 0.03 $ 0.02 $ 0.02 $ 0.09 Net income (loss) from continuing operations per diluted share of common stock $ 0.04 $ 0.10 $ 0.13 $ 0.44 $ 0.71 Net income (loss) from discontinued operations per diluted share of common stock $ 0.02 $ 0.03 $ 0.02 $ 0.02 $ 0.09 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 $ — $ — $ — $ — $ — The sum of the quarterly net income (loss) 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. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling owner holds a 30% interest in our venture to develop, produce and air our lifestyle daytime talk show. In April 2017, on the formation of the venture, the noncontrolling owner made a $2.1 million non-cash contribution to the venture. The contribution included the rights to the show concept, contractual rights with the show's talent, as well as other pre-production items. |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Radio Divestiture In the fourth quarter of 2017, we began the process to divest our radio business. As of December 31, 2017, we have classified the radio segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statement of Operations. On classifying our radio business as held for sale 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. The carrying value increased from our annual impairment testing date of October 31, 2017 to December 31, 2017 due to the reduction in the value of the reporting unit's deferred tax liability as a result of the tax rate reduction from the Tax Act. As a result we recorded an $8 million goodwill impairment charge. Operating results of our radio operations included in discontinued operations were as follows: For the years ended December 31, (in thousands) 2017 2016 2015 Operating revenues $ 69,684 $ 74,227 $ 61,481 Total costs and expenses (58,115 ) (58,010 ) (46,778 ) Depreciation and amortization of intangibles (2,910 ) (3,377 ) (2,161 ) Impairment of goodwill (8,000 ) — — Other, net (258 ) (63 ) (178 ) Income (loss) from discontinued operations before income taxes 401 12,777 12,364 Provision for income taxes (2,996 ) (5,464 ) (5,129 ) Net income (loss) from discontinued operations (2,595 ) 7,313 7,235 The following table presents a summary of the radio assets held for sale included in our Consolidated Balance Sheets. December 31, (in thousands) 2017 2016 Assets: Total current assets $ 12,891 $ 14,221 Property and equipment 35,470 35,294 Goodwill and intangible assets 87,462 96,345 Other assets 181 181 Total assets included in the disposal group 136,004 146,041 Liabilities: Total current liabilities 3,248 2,880 Deferred income taxes 16,288 25,273 Other liabilities — 24 Total liabilities included in the disposal group 19,536 28,177 Net assets included in the disposal group $ 116,468 $ 117,864 Newspaper spin-off 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. As part of the transactions, Scripps' shareholders received a $60 million special cash dividend on April 1, 2015. Under a 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 . 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. 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 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. Operating results of our divested Newspaper operations included in discontinued operations for the year ended December 31, 2015 were as follows: (in thousands) Operating revenues $ 91,478 Total costs and expenses (79,869 ) Depreciation and amortization of intangibles (3,608 ) Other, net (3,298 ) Loss on disposal of Scripps Newspapers (30,000 ) Loss on discontinued operations before income taxes (25,297 ) Benefit for income taxes 9,457 Net loss from discontinued operations (15,840 ) Noncontrolling interest — Loss from discontinued operations, net of tax $ (15,840 ) 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 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, 2017 | |
Network Launch Incentives [Line Items] | |
Nature of Operations | Nature of Operations — We are a diverse media enterprise, serving audiences and businesses through a portfolio of local and national 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: Local Media, National Media and Other. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. In the fourth quarter of 2017, we began the process to divest our radio business. As of December 31, 2017, we have classified the radio segment as held for sale in our Consolidated Balance Sheets and reported its results as discontinued operations in our Consolidated Statement of Operations. For additional information on the spin-off of our newspaper business and our radio business classified as held for sale, 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 a material effect on our financial position, results of operations or cash flows. We derive approximately 65% 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 media advertising, as well as retransmission and carriage fees received from cable operators and satellite carriers. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast and digital advertising revenue is recognized, net of agency commissions, when we air the advertisements. 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 and carriage — Our local television stations derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal based on the number of subscribers in our market. Our Newsy cable network receives carriage fees from cable operators for the right to distribute its programming based on the number of subscribers and contracted programming rates. We recognize retransmission and carriage revenues based on the contractual terms and rates. Other revenues — We derive revenues from sponsorships and community events through our Local Media segment. Our National Media segment offers subscription services for access to premium content to its 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, 2015 $ 1,390 Charged to costs and expenses 1,322 Amounts charged off, net (1,195 ) Balance as of December 31, 2015 1,517 Charged to costs and expenses 1,601 Amounts charged off, net (1,628 ) Balance as of December 31, 2016 1,490 Charged to costs and expenses 1,407 Amounts charged off, net (948 ) Balance as of December 31, 2017 $ 1,949 |
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. |
Network Launch Incentives [Table Text Block] | Network Launch Incentives — We may incur cash payments to cable and satellite operators for the initial long-term distribution agreements ("network launch incentives"). These fees are amortized over the life of the contract as expense in relation to a ratio of the periods revenue to the estimated total revenues over the term of the respective contract. |
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 |
Programming | Programming — Programming includes 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 principally consist of television series and films. 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 license period has commenced and the programs are 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 or on a straight line basis. 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 if the programming is for our local broadcast stations, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Programming for our over-the-air broadcast network is reviewed for impairment using the individual network methodology. Program rights liabilities payable within the next twelve months are included as current liabilities and 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 stations. Broadcast television 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 our 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 Local Media group, Katz, Midroll 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 $9.8 million and $10.6 million at December 31, 2017 and 2016 , 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 from the Journal transactions, 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 Consolidated Balance Sheets with an offsetting receivable of $1.7 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. |
Risk Management Contracts | 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. |
Share-Based Compensation | Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 17. 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 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. The impact of forfeitures are recognized as they occur. 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) 2017 2016 2015 Numerator (for basic and diluted earnings per share) Net income (loss) from continuing operations $ (12,022 ) $ 59,922 $ (73,872 ) Loss attributable to noncontrolling interest 1,511 — — Income allocated to RSUs — (817 ) — Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company $ (10,511 ) $ 59,105 $ (73,872 ) Denominator Basic weighted-average shares outstanding 82,052 83,339 77,373 Effect of dilutive securities: Stock options held by employees and directors — 300 — Diluted weighted-average shares outstanding 82,052 83,639 77,373 Anti-dilutive securities (1) 1,220 — 1,907 (1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. For the years ended December 31, 2017 and 2015 , we incurred a net loss and the inclusion of RSUs and stock options would have been anti-dilutive, and accordingly the diluted EPS calculation for the period excludes those common share equivalents. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of allowance for doubtful accounts | A rollforward of the allowance for doubtful accounts is as follows: (in thousands) January 1, 2015 $ 1,390 Charged to costs and expenses 1,322 Amounts charged off, net (1,195 ) Balance as of December 31, 2015 1,517 Charged to costs and expenses 1,601 Amounts charged off, net (1,628 ) Balance as of December 31, 2016 1,490 Charged to costs and expenses 1,407 Amounts charged off, net (948 ) Balance as of December 31, 2017 $ 1,949 |
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) 2017 2016 Land and improvements $ 47,405 $ 47,405 Buildings and improvements 139,685 137,013 Equipment 308,873 299,544 Computer software 14,658 14,578 Total 510,621 498,540 Accumulated depreciation 300,626 273,103 Net property and equipment $ 209,995 $ 225,437 |
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) 2017 2016 2015 Numerator (for basic and diluted earnings per share) Net income (loss) from continuing operations $ (12,022 ) $ 59,922 $ (73,872 ) Loss attributable to noncontrolling interest 1,511 — — Income allocated to RSUs — (817 ) — Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company $ (10,511 ) $ 59,105 $ (73,872 ) Denominator Basic weighted-average shares outstanding 82,052 83,339 77,373 Effect of dilutive securities: Stock options held by employees and directors — 300 — Diluted weighted-average shares outstanding 82,052 83,639 77,373 Anti-dilutive securities (1) 1,220 — 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, 2017 | |
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 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 Pending the finalization of asset valuations, the following table summarizes the preliminary fair values of the assets acquired and the liabilities assumed: (in thousands) Assets: Cash $ 21,372 Accounts receivable 44,306 Current portion of programs and program licenses 47,120 Intangible assets 32,300 Goodwill 209,572 Programs and program licenses (less current portion) 74,998 Other assets 1,395 Total assets acquired 431,063 Accounts payable and accrued liabilities 29,339 Current portion of program rights payable 46,376 Program rights payable (less current portion) 53,036 Net purchase price $ 302,312 |
Pro forma results of operations | For the years ended December 31, (in thousands, except per share data) (unaudited) 2017 2016 2015 Operating revenues $ 978,303 $ 997,759 $ 778,118 Income (loss) from continuing operations (12,477 ) 55,506 (37,452 ) Income (loss) per share from continuing operations attributable to the shareholders of The E.W. Scripps Company Basic $ (0.13 ) $ 0.66 $ (0.45 ) Diluted (0.13 ) 0.65 (0.45 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Current: Federal $ 215 $ 904 $ 279 State and local (963 ) (1,628 ) (3,588 ) Total current income tax provision (748 ) (724 ) (3,309 ) Deferred: Federal (16,602 ) 31,029 (30,546 ) State and local (2,704 ) 2,961 (4,029 ) Total deferred income tax provision (19,306 ) 33,990 (34,575 ) Provision (benefit) for income taxes $ (20,054 ) $ 33,266 $ (37,884 ) |
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, 2017 2016 2015 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal tax benefit 2.2 3.0 3.5 Excess tax benefits from stock-based compensation 7.1 (1.8 ) — Nondeductible expenses (4.6 ) 1.4 (1.7 ) Reserve for uncertain tax positions 3.6 (0.8 ) 2.2 Nondeductible goodwill impairment — — (6.8 ) U.S. federal statutory rate change 13.2 — — Other 6.0 (1.1 ) 1.7 Effective income tax rate 62.5 % 35.7 % 33.9 % |
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) 2017 2016 Temporary differences: Property and equipment $ (14,493 ) $ (27,049 ) Goodwill and other intangible assets (52,532 ) (79,610 ) Investments, primarily gains and losses not yet recognized for tax purposes 2,792 5,180 Accrued expenses not deductible until paid 7,136 8,700 Deferred compensation and retiree benefits not deductible until paid 61,070 96,910 Other temporary differences, net 3,267 3,835 Total temporary differences 7,240 7,966 Federal and state net operating loss carryforwards 15,455 9,597 Valuation allowance for state deferred tax assets (2,619 ) (955 ) Net deferred tax asset (liability) $ 20,076 $ 16,608 |
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) 2017 2016 2015 Gross unrecognized tax benefits at beginning of year $ 2,665 $ 5,011 $ 7,024 Increases in tax positions for prior years 16 22 859 Decreases in tax positions for prior years (390 ) (1,684 ) (96 ) Increases in tax positions for current years — 336 — Decreases in tax positions for current years (54 ) — — Decreases from lapse in statute of limitations (1,149 ) (1,020 ) (2,776 ) Gross unrecognized tax benefits at end of year $ 1,088 $ 2,665 $ 5,011 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Schedule of investments | Investments consisted of the following: As of December 31, (in thousands) 2017 2016 Investments held at cost $ 4,603 $ 10,774 Equity method investments 3,096 3,447 Total investments $ 7,699 $ 14,221 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 Land and improvements $ 47,405 $ 47,405 Buildings and improvements 139,685 137,013 Equipment 308,873 299,544 Computer software 14,658 14,578 Total 510,621 498,540 Accumulated depreciation 300,626 273,103 Net property and equipment $ 209,995 $ 225,437 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by business segment | Goodwill by business segment was as follows: (in thousands) Local Media National Media Total Gross balance as of December 31, 2014 $ 292,693 $ 28,982 $ 321,675 Accumulated impairment losses (215,414 ) — (215,414 ) Net balance as of December 31, 2014 77,279 28,982 106,261 Journal acquisition 415,440 — 415,440 Midroll acquisition — 45,586 45,586 Impairment charge (1,500 ) (21,000 ) (22,500 ) Balance as of December 31, 2015 $ 491,219 $ 53,568 $ 544,787 Gross balance as of December 31, 2015 $ 708,133 $ 74,568 $ 782,701 Accumulated impairment losses (216,914 ) (21,000 ) (237,914 ) Net balance as of December 31, 2015 491,219 53,568 544,787 Cracked acquisition — 29,403 29,403 Stitcher acquisition — 1,590 1,590 Balance as of December 31, 2016 $ 491,219 $ 84,561 $ 575,780 Gross balance as of December 31, 2016 $ 708,133 $ 105,561 $ 813,694 Accumulated impairment losses (216,914 ) (21,000 ) (237,914 ) Net balance as of December 31, 2016 491,219 84,561 575,780 Cracked impairment charge — (29,403 ) (29,403 ) Katz acquisition — 209,572 209,572 Balance as of December 31, 2017 $ 491,219 $ 264,730 $ 755,949 Gross balance as of December 31, 2017 $ 708,133 $ 315,133 $ 1,023,266 Accumulated impairment losses (216,914 ) (50,403 ) (267,317 ) Net balance as of December 31, 2017 $ 491,219 $ 264,730 $ 755,949 |
Summary of other finite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2017 2016 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 69,500 45,500 Other 37,069 26,923 Total carrying amount 355,013 320,867 Accumulated amortization: Television network affiliation relationships (49,639 ) (37,019 ) Customer lists and advertiser relationships (26,345 ) (22,525 ) Other (10,269 ) (5,987 ) Total accumulated amortization (86,253 ) (65,531 ) Net amortizable intangible assets 268,760 255,336 Indefinite-lived intangible assets — FCC licenses 157,215 157,215 Total other intangible assets $ 425,975 $ 412,551 |
Summary of other indefinite-lived intangible assets | Other intangible assets consisted of the following: As of December 31, (in thousands) 2017 2016 Amortizable intangible assets: Carrying amount: Television network affiliation relationships $ 248,444 $ 248,444 Customer lists and advertiser relationships 69,500 45,500 Other 37,069 26,923 Total carrying amount 355,013 320,867 Accumulated amortization: Television network affiliation relationships (49,639 ) (37,019 ) Customer lists and advertiser relationships (26,345 ) (22,525 ) Other (10,269 ) (5,987 ) Total accumulated amortization (86,253 ) (65,531 ) Net amortizable intangible assets 268,760 255,336 Indefinite-lived intangible assets — FCC licenses 157,215 157,215 Total other intangible assets $ 425,975 $ 412,551 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consisted of the following: As of December 31, (in thousands) 2017 2016 Variable rate credit facility $ — $ — Senior unsecured notes 400,000 — Term loan B 299,250 390,521 Unsecured subordinated notes payable 2,656 5,312 Total outstanding principal 701,906 395,833 Less: Debt issuance costs (8,631 ) (2,648 ) Less: Current portion (5,656 ) (6,571 ) Long-term debt (less current portion) 687,619 386,614 Fair value of long-term debt * $ 703,572 $ 395,514 * Fair value of the Senior Notes and the term loan B were estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured subordinated 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. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities that are measured at fair value on a recurring basis | The following tables set forth our assets that are measured at fair value on a recurring basis at December 31, 2017 and 2016 : December 31, 2017 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ 69,480 $ 69,480 $ — $ — December 31, 2016 (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents $ — $ — $ — $ — |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities consisted of the following: As of December 31, (in thousands) 2017 2016 Employee compensation and benefits $ 18,520 $ 18,356 Program licenses 54,641 2,440 Liability for pension benefits 207,406 232,788 Liabilities for uncertain tax positions 644 2,416 Other 12,445 17,929 Other liabilities (less current portion) $ 293,656 $ 273,929 |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Other changes in certain working capital accounts, net Accounts and notes receivable $ (22,522 ) $ (20,511 ) $ (17,562 ) Income taxes receivable/payable, net (265 ) 4,626 (13,700 ) Accounts payable (7,259 ) (966 ) (2,696 ) Accrued employee compensation and benefits 3,175 (1,056 ) 6,309 Other accrued liabilities 12,645 (6,100 ) (7,087 ) Other, net (6,282 ) (10,854 ) (5,698 ) Total $ (20,508 ) $ (34,861 ) $ (40,434 ) |
Information regarding supplemental cash flow disclosures | Information regarding supplemental cash flow disclosures is as follows: For the years ended December 31, (in thousands) 2017 2016 2015 Interest paid $ 18,956 $ 15,620 $ 13,436 Income taxes paid 1,756 1,100 14,984 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Components of benefit expense | The components of the expense consisted of the following: For the years ended December 31, (in thousands) 2017 2016 2015 Interest cost $ 25,966 $ 27,359 $ 30,477 Expected return on plan assets, net of expenses (17,439 ) (18,466 ) (24,320 ) Amortization of actuarial loss 4,424 4,406 4,617 Curtailment/Settlement losses — — 46,793 Total for defined benefit plans 12,951 13,299 57,567 Multi-employer plans 253 168 180 Withdrawal from GCIU multi-employer plan — — 351 SERPs 1,161 1,033 1,107 Defined contribution plans 9,183 8,265 9,858 Net periodic benefit cost 23,548 22,765 69,063 Allocated to discontinued operations (687 ) (652 ) (886 ) Net periodic benefit cost - continuing operations $ 22,861 $ 22,113 $ 68,177 |
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) 2017 2016 2015 Current year actuarial gain/(loss) $ 12,205 $ (9,379 ) $ 1,026 Amortization of actuarial loss 4,424 4,406 4,617 Curtailment/Settlement losses — — 46,793 Total $ 16,629 $ (4,973 ) $ 52,436 |
Schedule of assumptions used | Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: 2017 2016 2015 Weighted average discount rate 3.7 % 4.26 % 4.55 % Assumptions used in determining the annual retirement plans expense were as follows: 2017 (1) 2016 (1) 2015 (2) Discount rate 4.26 % 4.55 % 4.01%-4.53% Long-term rate of return on plan assets 4.20%-4.30% 4.50%-4.65% 4.10%-6.10% (1) Ranges presented for long-term rate of return on plan assets for 2017 and 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. |
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) 2017 2016 2017 2016 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 625,535 $ 611,257 $ 21,260 $ 19,800 Interest cost 25,966 27,359 869 910 Benefits paid (34,997 ) (33,571 ) (948 ) (1,030 ) Actuarial (gains)/losses 38,032 20,490 2,510 1,580 Projected benefit obligation at end of year 654,536 625,535 23,691 21,260 Plan assets: Fair value at beginning of year 412,459 407,797 — — Actual return on plan assets 67,676 29,577 — — Company contributions 19,303 8,656 948 1,030 Benefits paid (34,997 ) (33,571 ) (948 ) (1,030 ) Fair value at end of year 464,441 412,459 — — Funded status $ (190,095 ) $ (213,076 ) $ (23,691 ) $ (21,260 ) Amounts recognized in Consolidated Balance Sheets: Current liabilities $ — $ — $ (6,380 ) $ (1,548 ) Noncurrent liabilities (190,095 ) (213,076 ) (17,311 ) (19,712 ) Total $ (190,095 ) $ (213,076 ) $ (23,691 ) $ (21,260 ) Unrecognized net actuarial loss recognized in accumulated other comprehensive loss $ 127,666 $ 144,294 $ 8,667 $ 6,342 |
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) 2017 2016 2017 2016 Accumulated benefit obligation $ 654,536 $ 625,535 $ 23,691 $ 21,260 Projected benefit obligation 654,536 625,535 23,691 21,260 Fair value of plan assets 464,441 412,459 — — |
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, 2018 2017 2016 US equity securities 20 % 21 % 20 % Non-US equity securities 30 % 29 % 30 % Fixed-income securities 45 % 44 % 44 % Other 5 % 6 % 6 % Total 100 % 100 % 100 % |
Plan assets measured using the fair value hierarchy | The following table presents our plan assets using the fair value hierarchy as of December 31, 2017 and 2016 : As of December 31, (in thousands) 2017 2016 Equity securities Common/collective trust funds $ 234,061 $ 204,084 Fixed income Common/collective trust funds 204,453 184,000 Real estate fund 23,102 21,646 Cash equivalents 2,825 2,729 Fair value of plan assets $ 464,441 $ 412,459 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Additions to property and equipment: Local Media $ 16,946 $ 21,064 $ 20,988 National Media 792 54 66 Other — 124 83 Shared services and corporate 367 1,283 1,851 Total additions to property and equipment $ 18,105 $ 22,525 $ 22,988 Total assets by segment for the years ended December 31 were as follows: As of December 31, (in thousands) 2017 2016 2015 Assets: Local Media $ 1,273,735 $ 1,280,885 $ 1,285,054 National Media 528,479 117,725 70,861 Other 2,128 7,146 7,044 Shared services and corporate 189,202 184,109 195,307 Total assets of continuing operations 1,993,544 1,589,865 1,558,266 Discontinued operations 136,004 146,041 147,496 Total assets $ 2,129,548 $ 1,735,906 $ 1,705,762 Information regarding our business segments is as follows: For the years ended December 31, (in thousands) 2017 2016 2015 Segment operating revenues: Local Media $ 779,205 $ 836,154 $ 637,251 National Media 80,174 27,929 13,014 Other 5,455 4,737 3,910 Total operating revenues $ 864,834 $ 868,820 $ 654,175 Segment profit (loss): Local Media $ 156,890 $ 243,298 $ 127,597 National Media (9,260 ) (10,156 ) (2,448 ) Other (2,361 ) (2,513 ) (3,729 ) Shared services and corporate (50,506 ) (46,162 ) (45,285 ) Acquisition and related integration costs — (578 ) (37,988 ) Restructuring costs (4,422 ) — — Depreciation and amortization of intangible assets (56,343 ) (55,204 ) (49,791 ) Impairment of goodwill and intangibles (35,732 ) — (24,613 ) Gains (losses), net on disposal of property and equipment (169 ) (480 ) (305 ) Interest expense (26,697 ) (18,039 ) (15,099 ) Defined benefit pension plan expense (14,112 ) (14,332 ) (58,674 ) Miscellaneous, net 10,636 (2,646 ) (1,421 ) Income (loss) from continuing operations before income taxes $ (32,076 ) $ 93,188 $ (111,756 ) Depreciation: Local Media $ 31,870 $ 30,184 $ 29,685 National Media 88 164 525 Other 208 263 258 Shared services and corporate 1,883 1,863 2,344 Total depreciation $ 34,049 $ 32,474 $ 32,812 Amortization of intangibles: Local Media $ 15,084 $ 16,958 $ 14,607 National Media 5,856 4,419 2,034 Shared services and corporate 1,354 1,353 338 Total amortization of intangibles $ 22,294 $ 22,730 $ 16,979 |
Capital Stock and Share Based44
Capital Stock and Share Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of options outstanding and exercisable | The following table summarizes our stock option activity: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2014 1,703,876 $ 8.92 $ 7-11 Exercised (877,966 ) 8.85 8-11 Forfeited 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 Exercised (235,407 ) 6.20 6-8 Outstanding at December 31, 2017 251,507 7.38 6-9 |
Schedule of cash proceeds received from exercises of stock options | The following table summarizes additional information about exercises of stock options: For the years ended December 31, (in thousands) 2017 2016 2015 Cash received upon exercise $ 1,461 $ 4,641 $ 7,249 Intrinsic value (market value on date of exercise less exercise price) 3,919 4,888 10,801 Tax benefits realized (1) 1,497 1,877 4,101 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 2016, upon adoption of new accounting guidance, they are realized when generated. |
Restricted stock and restricted stock unit vesting activity | The following table summarizes our RSU activity: Fair Value Number of Shares Weighted Average Range of Prices 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 Awarded 653,522 22.51 17-24 Vested (581,920 ) 20.78 14-24 Forfeited (308,856 ) 17.20 14-24 Unvested at December 31, 2017 1,187,923 19.99 14-24 |
Additional information about restricted stock and restricted stock unit vesting | The following table summarizes additional information about RSU vesting: For the years ended December 31, (in thousands) 2017 2016 2015 Fair value of RSUs vested $ 12,090 $ 7,898 $ 15,697 Tax benefits realized on vesting (1) 4,630 3,033 5,965 (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 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) 2017 2016 2015 Total share-based compensation $ 12,960 $ 8,093 $ 9,545 Included in discontinued operations (465 ) (270 ) (1,378 ) Included in continuing operations $ 12,495 $ 7,823 $ 8,167 Share-based compensation, net of tax $ 7,717 $ 4,835 $ 5,010 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 ) Amounts reclassified from accumulated other comprehensive loss Actuarial (loss) gain (b) , net of tax of $4,016 — 10,150 (355 ) 9,795 Net current-period other comprehensive income (loss) — 10,150 (355 ) 9,795 Reclassification of disproportionate tax effects from AOCL — (19,429 ) 59 (19,370 ) As of December 31, 2017 $ — $ (102,955 ) $ 33 $ (102,922 ) (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 Financia46
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Summarized quarterly financial information is as follows: 2017 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 196,329 $ 213,749 $ 197,781 $ 256,975 $ 864,834 Costs and expenses (182,268 ) (181,602 ) (186,456 ) (224,167 ) (774,493 ) Depreciation and amortization of intangibles (13,861 ) (13,781 ) (13,775 ) (14,926 ) (56,343 ) Impairment of goodwill and intangibles — — (35,732 ) — (35,732 ) Gains (losses), net on disposal of property and equipment (47 ) (15 ) (114 ) 7 (169 ) Interest expense (4,195 ) (8,248 ) (5,720 ) (8,534 ) (26,697 ) Defined benefit pension plan expense (3,467 ) (3,467 ) (3,551 ) (3,627 ) (14,112 ) Miscellaneous, net (879 ) 5,103 1,187 5,225 10,636 Income (loss) from continuing operations before income taxes (8,388 ) 11,739 (46,380 ) 10,953 (32,076 ) Provision (benefit) for income taxes (5,655 ) 4,884 (18,776 ) (507 ) (20,054 ) Income (loss) from continuing operations, net of tax (2,733 ) 6,855 (27,604 ) 11,460 (12,022 ) Income (loss) from discontinued operations, net of tax 781 1,649 984 (6,009 ) (2,595 ) Net income (loss) (1,952 ) 8,504 (26,620 ) 5,451 (14,617 ) Net income (loss) attributable to noncontrolling interest — — — (1,511 ) (1,511 ) Net income (loss) attributable to the shareholders of The E.W. Scripps Company $ (1,952 ) $ 8,504 $ (26,620 ) $ 6,962 $ (13,106 ) Net income (loss) from continuing operations per basic share of common stock $ (0.03 ) $ 0.08 $ (0.34 ) $ 0.16 $ (0.13 ) Net income (loss) from discontinued operations per basic share of common stock $ 0.01 $ 0.02 $ 0.01 $ (0.07 ) $ (0.03 ) Net income (loss) from continuing operations per diluted share of common stock $ (0.03 ) $ 0.08 $ (0.34 ) $ 0.16 $ (0.13 ) Net income (loss) from discontinued operations per diluted share of common stock $ 0.01 $ 0.02 $ 0.01 $ (0.07 ) $ (0.03 ) Weighted average shares outstanding: Basic 82,079 82,302 82,039 81,792 82,052 Diluted 82,079 82,465 82,039 81,792 82,052 Cash dividends per share of common stock $ — $ — $ — $ — $ — In the third quarter of 2017, we recorded a $29 million non-cash charge to reduce the carrying value of goodwill and $6.3 million to reduce the value of intangible assets related to Cracked. For more information around the impairment of goodwill and intangibles, see Note 9. 2016 1st 2nd 3rd 4th (in thousands, except per share data) Quarter Quarter Quarter Quarter Total Operating revenues $ 194,196 $ 208,833 $ 212,838 $ 252,953 $ 868,820 Costs and expenses (170,390 ) (171,924 ) (170,506 ) (172,111 ) (684,931 ) Depreciation and amortization of intangibles (13,609 ) (13,978 ) (13,974 ) (13,643 ) (55,204 ) Impairment of goodwill and intangibles — — — — — Gains (losses), net on disposal of property and equipment 4 (22 ) (26 ) (436 ) (480 ) Interest expense (4,579 ) (4,432 ) (4,592 ) (4,436 ) (18,039 ) Defined benefit pension plan expense (3,450 ) (3,449 ) (3,605 ) (3,828 ) (14,332 ) Miscellaneous, net (191 ) (458 ) (596 ) (1,401 ) (2,646 ) Income (loss) from continuing operations before income taxes 1,981 14,570 19,539 57,098 93,188 Provision (benefit) for income taxes (1,606 ) 5,510 8,563 20,799 33,266 Income (loss) from continuing operations, net of tax 3,587 9,060 10,976 36,299 59,922 Income (loss) from discontinued operations, net of tax 1,301 2,428 1,546 2,038 7,313 Net income (loss) $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income (loss) attributable to noncontrolling interest — — — — — Net income (loss) attributable to the shareholders of The E.W. Scripps Company $ 4,888 $ 11,488 $ 12,522 $ 38,337 $ 67,235 Net income (loss) from continuing operations per basic share of common stock $ 0.04 $ 0.11 $ 0.13 $ 0.44 $ 0.71 Net income (loss) from discontinued operations per basic share of common stock $ 0.02 $ 0.03 $ 0.02 $ 0.02 $ 0.09 Net income (loss) from continuing operations per diluted share of common stock $ 0.04 $ 0.10 $ 0.13 $ 0.44 $ 0.71 Net income (loss) from discontinued operations per diluted share of common stock $ 0.02 $ 0.03 $ 0.02 $ 0.02 $ 0.09 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 $ — $ — $ — $ — $ — |
Assets Held for Sale and Disc47
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Results of Discontinued Operations and Net Assets Distributed | Operating results of our divested Newspaper operations included in discontinued operations for the year ended December 31, 2015 were as follows: (in thousands) Operating revenues $ 91,478 Total costs and expenses (79,869 ) Depreciation and amortization of intangibles (3,608 ) Other, net (3,298 ) Loss on disposal of Scripps Newspapers (30,000 ) Loss on discontinued operations before income taxes (25,297 ) Benefit for income taxes 9,457 Net loss from discontinued operations (15,840 ) Noncontrolling interest — Loss from discontinued operations, net of tax $ (15,840 ) 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 radio operations included in discontinued operations were as follows: For the years ended December 31, (in thousands) 2017 2016 2015 Operating revenues $ 69,684 $ 74,227 $ 61,481 Total costs and expenses (58,115 ) (58,010 ) (46,778 ) Depreciation and amortization of intangibles (2,910 ) (3,377 ) (2,161 ) Impairment of goodwill (8,000 ) — — Other, net (258 ) (63 ) (178 ) Income (loss) from discontinued operations before income taxes 401 12,777 12,364 Provision for income taxes (2,996 ) (5,464 ) (5,129 ) Net income (loss) from discontinued operations (2,595 ) 7,313 7,235 The following table presents a summary of the radio assets held for sale included in our Consolidated Balance Sheets. December 31, (in thousands) 2017 2016 Assets: Total current assets $ 12,891 $ 14,221 Property and equipment 35,470 35,294 Goodwill and intangible assets 87,462 96,345 Other assets 181 181 Total assets included in the disposal group 136,004 146,041 Liabilities: Total current liabilities 3,248 2,880 Deferred income taxes 16,288 25,273 Other liabilities — 24 Total liabilities included in the disposal group 19,536 28,177 Net assets included in the disposal group $ 116,468 $ 117,864 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 9.8 | $ 10.6 |
Journal Media Group | Accounts receivable | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 1.7 | |
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 | 65.00% |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Trade Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts, beginning balance | $ 1,490 | $ 1,517 | $ 1,390 |
Charged to costs and expenses | 1,407 | 1,601 | 1,322 |
Amounts charged off, net | (948) | (1,628) | (1,195) |
Allowance for doubtful accounts, ending balance | $ 1,949 | $ 1,490 | $ 1,517 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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 Accoun51
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Numerator (for basic and diluted earnings per share) | ||||||||||||
Net income (loss) from continuing operations | $ 11,460 | $ (27,604) | $ 6,855 | $ (2,733) | $ 36,299 | $ 10,976 | $ 9,060 | $ 3,587 | $ (12,022) | $ 59,922 | $ (73,872) | |
Loss attributable to noncontrolling interest | $ (1,511) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 1,511 | 0 | 0 | |
Income allocated to RSUs | 0 | (817) | 0 | |||||||||
Net income (loss) | $ (10,511) | $ 59,105 | $ (73,872) | |||||||||
Denominator | ||||||||||||
Basic weighted-average shares outstanding | 81,792 | 82,039 | 82,302 | 82,079 | 82,401 | 83,230 | 83,773 | 83,965 | 82,052 | 83,339 | 77,373 | |
Effect of dilutive securities: | ||||||||||||
Stock options held by employees and directors | 0 | 300 | 0 | |||||||||
Diluted weighted-average shares outstanding | 81,792 | 82,039 | 82,465 | 82,079 | 82,684 | 83,518 | 84,051 | 84,225 | 82,052 | 83,639 | 77,373 | |
Anti-dilutive securities | [1] | 1,220 | 0 | 1,907 | ||||||||
[1] | Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Recently Adopted Standards an52
Recently Adopted Standards and Issued Accounting Standards (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 1,088 | $ 2,665 | $ 5,011 | $ 7,024 |
Reclassification of tax effects from AOCI to retained earnings | 19,370 | |||
Share Based Compensation Arrangements [Member] | Deferred Tax Asset | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 14,700 | |||
Adjustments for New Accounting Pronouncement [Member] | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Revenues | 20,000 | |||
AOCI | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Reclassification of tax effects from AOCI to retained earnings | 19,370 | |||
AOCI | Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Reclassification of tax effects from AOCI to retained earnings | 19,400 | |||
Retained Earnings | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Reclassification of tax effects from AOCI to retained earnings | (19,370) | |||
Retained Earnings | Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Reclassification of tax effects from AOCI to retained earnings | $ (19,400) |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | Oct. 02, 2017USD ($) | Jun. 06, 2016USD ($)show | Apr. 12, 2016USD ($) | Oct. 01, 2015USD ($) | Jul. 22, 2015USD ($)show | Apr. 01, 2015USD ($)radio_stationtelevision_stationshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 755,949,000 | $ 575,780,000 | $ 755,949,000 | $ 575,780,000 | $ 544,787,000 | $ 106,261,000 | ||||||
Shares issued for acquisition | shares | 0 | 0 | 26,350,993 | |||||||||
Goodwill, Acquired During Period | $ 209,572,000 | |||||||||||
KNIN [Member] | Raycom Media, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business disposition, consideration to be received | $ 14,500,000 | |||||||||||
Local Media | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | 491,219,000 | 491,219,000 | 491,219,000 | $ 491,219,000 | $ 491,219,000 | $ 77,279,000 | ||||||
Goodwill, Acquired During Period | 0 | |||||||||||
Katz Broadcasting Group | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, purchase price | $ 292,000,000 | |||||||||||
Noncontrolling interest prior to acquisition | 5.33% | |||||||||||
Intangible assets acquired | $ 32,300,000 | |||||||||||
Goodwill | 209,572,000 | |||||||||||
Revenues from acquired operations | $ 41,000,000 | |||||||||||
Gain on fair value remeasurement of acquisition | $ 5,400,000 | |||||||||||
Katz Broadcasting Group | Trade names | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets acquired | $ 8,000,000 | |||||||||||
Estimated useful life | 10 years | |||||||||||
Katz Broadcasting Group | Advertiser relationships | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets acquired | $ 24,000,000 | |||||||||||
Estimated useful life | 5 years | |||||||||||
2016 Stitcher acquisition | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, purchase price | $ 4,500,000 | |||||||||||
Intangible assets acquired | $ 2,900,000 | |||||||||||
Number of podcast shows | show | 65,000 | |||||||||||
Goodwill, Acquired During Period | 1,590,000 | |||||||||||
2016 Stitcher acquisition | Computer software | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated useful life | 3 years | |||||||||||
2016 Stitcher acquisition | Local Media | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Acquired During Period | 0 | |||||||||||
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 | Local Media | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Acquired During Period | $ 0 | |||||||||||
2015 Midroll acquisition | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business acquisition, purchase price | $ 50,000,000 | |||||||||||
Intangible assets acquired | 10,700,000 | |||||||||||
Goodwill | $ 45,586,000 | |||||||||||
Number of podcast shows | show | 300 | |||||||||||
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 | Local Media | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Acquired During Period | 0 | |||||||||||
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 | 415,440,000 | |||||||||||
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 | Local Media | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill, Acquired During Period | $ 415,440,000 | |||||||||||
2015 Journal acquisition | Radio | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 41,000,000 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Oct. 02, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 22, 2015 | Apr. 01, 2015 | Dec. 31, 2014 |
Fair values of the assets acquired and the liabilities assumed | |||||||
Current portion of programs and program licenses | $ 53,468 | $ 3,207 | |||||
Goodwill | 755,949 | 575,780 | $ 544,787 | $ 106,261 | |||
Programs and program licenses, less current portion | 85,269 | 1,796 | |||||
Program license liability | 58,176 | 10,665 | |||||
Program rights payable (less current portion) | $ 54,641 | $ 2,440 | |||||
Katz Broadcasting Group | |||||||
Fair values of the assets acquired and the liabilities assumed | |||||||
Cash | $ 21,372 | ||||||
Accounts receivable | 44,306 | ||||||
Current portion of programs and program licenses | 47,120 | ||||||
Intangible assets | 32,300 | ||||||
Goodwill | 209,572 | ||||||
Programs and program licenses, less current portion | 74,998 | ||||||
Other long-term assets | 1,395 | ||||||
Total assets acquired | 431,063 | ||||||
Accounts payable and accrued liabilities | 29,339 | ||||||
Program license liability | 46,376 | ||||||
Program rights payable (less current portion) | 53,036 | ||||||
Net purchase price | $ 302,312 | ||||||
2015 Midroll acquisition | |||||||
Fair values of the assets acquired and the liabilities assumed | |||||||
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 | |||||||
Fair values of the assets acquired and the liabilities assumed | |||||||
Cash | $ 2,529 | ||||||
Accounts receivable | 47,978 | ||||||
Other 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 |
Acquisitions - Pro Forma Result
Acquisitions - Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | |||
Operating revenues | $ 978,303 | $ 997,759 | $ 778,118 |
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company | $ (12,477) | $ 55,506 | $ (37,452) |
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company: | |||
Basic (in dollars per share) | $ (0.13) | $ 0.66 | $ (0.45) |
Diluted (in dollars per share) | $ (0.13) | $ 0.65 | $ (0.45) |
Asset Write-Downs and Other C56
Asset Write-Downs and Other Charges and Credits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Impairment of Intangible Assets, Finite-lived | $ 6,300 | ||||||||||
Restructuring costs | 4,422 | $ 0 | $ 0 | ||||||||
Impairment charge | $ 29,000 | 29,403 | 22,500 | ||||||||
Acquisition and related integration costs | 0 | 578 | 37,988 | ||||||||
Impairment of goodwill and intangibles | $ 0 | $ 35,732 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 35,732 | $ 0 | $ 24,613 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Newspaper Syndication [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 3,000 | ||||||||||
Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | 3,500 | ||||||||||
2015 Midroll acquisition | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Business Combination, Earn-Out Provision, Adjustment | $ 3,200 | ||||||||||
Katz Broadcasting Group | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Gain recorded on investments | $ 5,400 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Deferred tax assets | $ 20,000 | $ 16,608 | |
Provisional discrete net benefit due to rate change | 4,200 | ||
Net deferred tax liability | 20,076 | ||
Unrecognized tax deductions, share-based compensation | 16,000 | ||
Potential affect of unrecognized tax benefits on effective tax rate | 400 | ||
Interest accrued on unrecognized tax benefits | 400 | ||
Income tax benefit, recognition of previously unrecognized tax benefits | 1,100 | $ 900 | $ 2,500 |
Potential change in unrecognized tax benefits | 200 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 24,000 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 257,000 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 215 | $ 904 | $ 279 | ||||||||
State and local | (963) | (1,628) | (3,588) | ||||||||
Total current income tax provision | (748) | (724) | (3,309) | ||||||||
Deferred federal | (16,602) | 31,029 | (30,546) | ||||||||
Deferred state and local | (2,704) | 2,961 | (4,029) | ||||||||
Total deferred income tax provision | (19,306) | 33,990 | (34,575) | ||||||||
Provision (benefit) for income taxes | $ (507) | $ (18,776) | $ 4,884 | $ (5,655) | $ 20,799 | $ 8,563 | $ 5,510 | $ (1,606) | $ (20,054) | $ 33,266 | $ (37,884) |
Income Taxes - Effective income
Income Taxes - Effective income tax reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 2.20% | 3.00% | 3.50% |
Excess tax benefits from stock-based compensation | 7.10% | (1.80%) | 0.00% |
Nondeductible expenses | (4.60%) | 1.40% | (1.70%) |
Reserve for uncertain tax positions | 3.60% | (0.80%) | 2.20% |
Nondeductible goodwill impairment | 0.00% | 0.00% | (6.80%) |
U.S. federal statutory rate change | 13.20% | 0.00% | 0.00% |
Other | 6.00% | (1.10%) | 1.70% |
Effective income tax rate | 62.50% | 35.70% | 33.90% |
Income Taxes - Deferred tax (li
Income Taxes - Deferred tax (liabilities) assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Temporary differences [Abstract] | ||
Property and equipment | $ (14,493) | $ (27,049) |
Goodwill and other intangible assets | (52,532) | (79,610) |
Investments, primarily gains and losses not yet recognized for tax purposes | 2,792 | 5,180 |
Accrued expenses not deductible until paid | 7,136 | 8,700 |
Deferred compensation and retiree benefits not deductible until paid | 61,070 | 96,910 |
Other temporary differences, net | 3,267 | 3,835 |
Total temporary differences | 7,240 | 7,966 |
Federal and state net operating loss carryforwards | 15,455 | 9,597 |
Valuation allowance for state deferred tax assets | (2,619) | (955) |
Net deferred tax liability | (20,076) | |
Deferred Tax Assets, Net | $ 20,000 | $ 16,608 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 2,665 | $ 5,011 | $ 7,024 |
Increases in tax positions for prior years | 16 | 22 | 859 |
Decreases in tax positions for prior years | (390) | (1,684) | (96) |
Increases in tax positions for current years | 0 | 336 | 0 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (54) | 0 | 0 |
Decreases from lapse in statute of limitations | (1,149) | (1,020) | (2,776) |
Gross unrecognized tax benefits at end of year | $ 1,088 | $ 2,665 | $ 5,011 |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 5.1 | $ 5.5 |
Investments - Schedule (Details
Investments - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments [Abstract] | ||
Investments held at cost | $ 4,603 | $ 10,774 |
Equity method investments | 3,096 | 3,447 |
Total investments | $ 7,699 | $ 14,221 |
Property and Equipment - Schedu
Property and Equipment - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 510,621 | $ 498,540 |
Accumulated depreciation | 300,626 | 273,103 |
Net property and equipment | 209,995 | 225,437 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,405 | 47,405 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 139,685 | 137,013 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 308,873 | 299,544 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,658 | $ 14,578 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of activity related to goodwill by business segment | |||||
Gross balance | $ 1,023,266 | $ 813,694 | $ 782,701 | $ 321,675 | |
Accumulated impairment losses | (267,317) | (237,914) | (237,914) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 575,780 | 544,787 | 106,261 | ||
Acquisitions | 209,572 | ||||
Impairment charge | $ (29,000) | (29,403) | (22,500) | ||
Balance, end of period | 755,949 | 575,780 | 544,787 | ||
Local Media | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 708,133 | 708,133 | 708,133 | 292,693 | |
Accumulated impairment losses | (216,914) | (216,914) | (216,914) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 491,219 | 491,219 | 77,279 | ||
Acquisitions | 0 | ||||
Impairment charge | 0 | (1,500) | |||
Balance, end of period | 491,219 | 491,219 | 491,219 | ||
National Media | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 315,133 | 105,561 | 74,568 | 28,982 | |
Accumulated impairment losses | (50,403) | (21,000) | (21,000) | $ 0 | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 84,561 | 53,568 | 28,982 | ||
Acquisitions | 209,572 | ||||
Impairment charge | (29,403) | (21,000) | |||
Balance, end of period | $ 264,730 | 84,561 | 53,568 | ||
Journal acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 415,440 | ||||
Journal acquisition | Local Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 415,440 | ||||
Journal acquisition | National Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
Midroll acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 45,586 | ||||
Midroll acquisition | Local Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
Midroll acquisition | National Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 45,586 | ||||
Cracked acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
Cracked acquisition | Local Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
Cracked acquisition | National Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
Stitcher acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 1,590 | ||||
Stitcher acquisition | Local Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
Stitcher acquisition | National Media | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 1,590 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying amount: | ||
Total carrying amount | $ 355,013 | $ 320,867 |
Accumulated amortization: | ||
Total accumulated amortization | (86,253) | (65,531) |
Net amortizable intangible assets | 268,760 | 255,336 |
Total other intangible assets | 425,975 | 412,551 |
FCC licenses | ||
Accumulated amortization: | ||
Other indefinite-lived intangible assets - FCC licenses | 157,215 | 157,215 |
Television network affiliation relationships | ||
Carrying amount: | ||
Total carrying amount | 248,444 | 248,444 |
Accumulated amortization: | ||
Total accumulated amortization | (49,639) | (37,019) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 69,500 | 45,500 |
Accumulated amortization: | ||
Total accumulated amortization | (26,345) | (22,525) |
Other intangible assets | ||
Carrying amount: | ||
Total carrying amount | 37,069 | 26,923 |
Accumulated amortization: | ||
Total accumulated amortization | $ (10,269) | $ (5,987) |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Estimated amortization expense of intangible assets for 2018 | $ 27,500 | ||||
Estimated amortization expense of intangible assets for 2019 | 26,100 | ||||
Estimated amortization expense of intangible assets for 2020 | 24,900 | ||||
Estimated amortization expense of intangible assets for 2021 | 22,500 | ||||
Estimated amortization expense of intangible assets for 2022 | 20,300 | ||||
Estimated amortization expense of intangible assets for later years | 147,500 | ||||
Goodwill [Line Items] | |||||
Impairment charge | $ 29,000 | 29,403 | $ 22,500 | ||
Impairment of Intangible Assets, Finite-lived | 6,300 | ||||
Newsy | |||||
Goodwill [Line Items] | |||||
Impairment charge | $ 21,000 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 2,900 | ||||
Second small business | |||||
Goodwill [Line Items] | |||||
Impairment charge | $ 1,500 | ||||
Cable And Satellite Carriage Rights | |||||
Goodwill [Line Items] | |||||
Intangible assets acquired | $ 9,700 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) | Dec. 31, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | |
Components of Long-term debt | ||||
Long-term debt | $ 701,906,000 | $ 395,833,000 | ||
Less: Debt issuance costs | (8,631,000) | (2,648,000) | ||
Current portion of long-term debt | (5,656,000) | (6,571,000) | ||
Long-term debt (less current portion) | 687,619,000 | 386,614,000 | ||
Fair value of long-term debt | [1] | 703,572,000 | 395,514,000 | |
Variable rate credit facility | ||||
Components of Long-term debt | ||||
Long-term debt | 0 | 0 | ||
Term loan | ||||
Components of Long-term debt | ||||
Long-term debt | 299,250,000 | 390,521,000 | ||
Senior unsecured notes | ||||
Components of Long-term debt | ||||
Long-term debt | 400,000,000 | 0 | ||
Unsecured subordinated notes payable | ||||
Components of Long-term debt | ||||
Long-term debt | $ 2,656,000 | $ 5,312,000 | ||
Financing Agreement | Variable rate credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||
[1] | * Fair value of the Senior Notes and the term loan B were estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured subordinated 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) | Oct. 02, 2017USD ($) | Apr. 28, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2016 |
Senior 5.125% Unsecured Notes, Due 2025 | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Write off of Deferred Debt Issuance Cost | $ 2,400,000 | |||||
Term Loan B, Maturing 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 300,000,000 | |||||
Variable interest rate | 3.82% | 3.27% | ||||
Weighted average interest rate | 3.42% | 3.48% | ||||
Debt periodic payment | $ 3,000,000 | |||||
Term Loan B, Maturing 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Repaid debt face amount | $ 400,000,000 | |||||
Financing Agreement | Variable rate credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit and term loan agreement | $ 100,000,000 | |||||
Unsecured subordinated notes payable | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured subordinated notes payable stated percentage interest rate | 7.25% | |||||
Debt periodic payment | $ 2,700,000 | |||||
Unsecured subordinated notes payable | Senior 5.125% Unsecured Notes, Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 400,000,000 | |||||
Unsecured subordinated notes payable stated percentage interest rate | 5.125% | |||||
Debt Instrument, Issuance Price, Percentage Of Par | 100.00% | |||||
Debt Issuance Costs, Net | $ 7,000,000 | |||||
Line of Credit | Financing Agreement Amendment | Variable rate credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit and term loan agreement | $ 125,000,000 | |||||
Pro forma net leverage ratio | 5.5 | 5.5 | ||||
Line of Credit | Financing Agreement Amendment | Variable rate credit facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | |||||
Line of Credit | Financing Agreement Amendment | Variable rate credit facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | |||||
Debt Instrument, Redemption, Period One [Member] | Unsecured subordinated notes payable | Senior 5.125% Unsecured Notes, Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Debt Instrument, Redemption, Period Two [Member] | Unsecured subordinated notes payable | Senior 5.125% Unsecured Notes, Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 40.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan B, Maturing 2024 | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus margin range | 2.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit | Financing Agreement Amendment | Variable rate credit facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus margin range | 1.75% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit | Financing Agreement Amendment | Variable rate credit facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus margin range | 2.50% |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - Recurring Measurements - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | $ 69,480 | $ 0 |
Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 69,480 | 0 |
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 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other liabilities | ||
Employee compensation and benefits | $ 18,520 | $ 18,356 |
Program licenses | 54,641 | 2,440 |
Liability for pension benefits | 207,406 | 232,788 |
Liabilities for uncertain tax positions | 644 | 2,416 |
Other | 12,445 | 17,929 |
Other liabilities (less current portion) | $ 293,656 | $ 273,929 |
Supplemental Cash Flow Inform72
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts and notes receivable | $ (22,522) | $ (20,511) | $ (17,562) |
Income taxes receivable/payable, net | (265) | 4,626 | (13,700) |
Accounts payable | (7,259) | (966) | (2,696) |
Accrued employee compensation and benefits | 3,175 | (1,056) | 6,309 |
Other accrued liabilities | 12,645 | (6,100) | (7,087) |
Other, net | (6,282) | (10,854) | (5,698) |
Total | $ (20,508) | $ (34,861) | $ (40,434) |
Supplemental Cash Flow Inform73
Supplemental Cash Flow Information - Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Interest paid | $ 18,956 | $ 15,620 | $ 13,436 |
Income taxes paid | $ 1,756 | 1,100 | $ 14,984 |
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 | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)plan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | $ 4,000 | ||||
Estimated future benefit payments expected to be paid in 2018 | 40,500 | ||||
Estimated future benefit payments expected to be paid in 2019 | 35,600 | ||||
Estimated future benefit payments expected to be paid in 2020 | 36,400 | ||||
Estimated future benefit payments expected to be paid in 2021 | 37,000 | ||||
Estimated future benefit payments expected to be paid in 2022 | 37,500 | ||||
Total estimated future benefit payments expected to be paid for the five years ending 2027 | $ 193,800 | ||||
Target plan asset allocations range | 100.00% | ||||
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) | $ 12,205 | $ (9,379) | $ 1,026 | ||
Curtailments | $ 1,100 | 0 | 0 | 46,793 | |
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) | (200) | ||
Current year actuarial gain (loss) | (2,500) | $ 2,300 | $ (1,600) | ||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | 300 | ||||
Expected contributions to benefit plans | $ 6,500 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Net periodic benefit cost | $ 23,548 | $ 22,765 | $ 69,063 | |
Pension and Other Postretirement Benefit Expense, Discontinued Operations | (687) | (652) | (886) | |
Pension and Other Postretirement Benefit Expense, Continuing Operations | 22,861 | 22,113 | 68,177 | |
Withdrawal from Multiemployer Defined Benefit Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Net periodic benefit cost | 0 | 0 | 351 | |
Multi-employer plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Net periodic benefit cost | 253 | 168 | 180 | |
Pension Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 25,966 | 27,359 | 30,477 | |
Expected return on plan assets, net of expenses | (17,439) | (18,466) | (24,320) | |
Amortization of actuarial loss | 4,424 | 4,406 | 4,617 | |
Curtailments | $ 1,100 | 0 | 0 | 46,793 |
Total for defined benefit plans | 12,951 | 13,299 | 57,567 | |
Pension Plan | Defined contribution plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Net periodic benefit cost | 9,183 | 8,265 | 9,858 | |
SERPs | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 869 | 910 | ||
Net periodic benefit cost | $ 1,161 | $ 1,033 | $ 1,107 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes Recognized in OCI (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Current year actuarial gain/(loss) | $ 12,205 | $ (9,379) | $ 1,026 | |
Amortization of actuarial loss | (4,424) | (4,406) | (4,617) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 1,100 | 0 | 0 | 46,793 |
Total | $ 16,629 | $ (4,973) | $ 52,436 |
Employee Benefit Plans - Annual
Employee Benefit Plans - Annual Retirement Plan Expense Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.26% | 4.55% | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.01% | ||
Long-term rate of return on plan assets | 4.20% | 4.50% | 4.10% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.53% | ||
Long-term rate of return on plan assets | 4.30% | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined benefit plans | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 625,535 | $ 611,257 | |
Interest cost | 25,966 | 27,359 | $ 30,477 |
Benefits paid | (34,997) | (33,571) | |
Actuarial (gains)/losses | 38,032 | 20,490 | |
Projected benefit obligation at end of year | 654,536 | 625,535 | 611,257 |
Plan assets: | |||
Fair value at beginning of year | 412,459 | 407,797 | |
Actual return on plan assets | 67,676 | 29,577 | |
Company contributions | 19,303 | 8,656 | |
Benefits paid | (34,997) | (33,571) | |
Fair value at end of year | 464,441 | 412,459 | 407,797 |
Funded status | (190,095) | (213,076) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (190,095) | (213,076) | |
Total | (190,095) | (213,076) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss recognized in accumulated other comprehensive loss | 127,666 | 144,294 | |
SERPs | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 21,260 | 19,800 | |
Interest cost | 869 | 910 | |
Benefits paid | (948) | (1,030) | |
Actuarial (gains)/losses | 2,510 | 1,580 | |
Projected benefit obligation at end of year | 23,691 | 21,260 | 19,800 |
Plan assets: | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 948 | 1,030 | |
Benefits paid | (948) | (1,030) | |
Fair value at end of year | 0 | 0 | $ 0 |
Funded status | (23,691) | (21,260) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | (6,380) | (1,548) | |
Noncurrent liabilities | (17,311) | (19,712) | |
Total | (23,691) | (21,260) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss recognized in accumulated other comprehensive loss | $ 8,667 | $ 6,342 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plans with Accumulated Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 654,536 | $ 625,535 | |
Projected benefit obligation | 654,536 | 625,535 | $ 611,257 |
Fair value of plan assets | 464,441 | 412,459 | 407,797 |
SERPs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 23,691 | 21,260 | |
Projected benefit obligation | 23,691 | 21,260 | 19,800 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan Obligations Assumptions (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Weighted average discount rate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.70% | 4.26% | 4.55% |
Employee Benefit Plans - Alloca
Employee Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 21.00% | 20.00% |
Non-US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30.00% | |
Percentage of plan assets at end of period | 29.00% | 30.00% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45.00% | |
Percentage of plan assets at end of period | 44.00% | 44.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5.00% | |
Percentage of plan assets at end of period | 6.00% | 6.00% |
Employee Benefit Plans - Sche82
Employee Benefit Plans - Schedule of plan assets by fair value hierarchy (Details) - Estimate of fair value - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 464,441 | $ 412,459 |
Equity securities, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 234,061 | 204,084 |
Fixed income, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 204,453 | 184,000 |
Real Estate Fund | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 23,102 | 21,646 |
Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,825 | $ 2,729 |
Segment Information - Narrative
Segment Information - Narrative (Details) - Local Media | Dec. 31, 2017affiliate |
ABC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 15 |
NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 5 |
FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
Non big-four affiliated stations | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 1 |
Azteca America Spanish-language affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 3 |
My TV Affiliates [Member] | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
CW Affiliate [Member] | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 1 |
Segment Information - Schedule
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment operating revenues: | |||||||||||
Total operating revenues | $ 256,975 | $ 197,781 | $ 213,749 | $ 196,329 | $ 252,953 | $ 212,838 | $ 208,833 | $ 194,196 | $ 864,834 | $ 868,820 | $ 654,175 |
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (1,903) | 128,205 | (36,562) | ||||||||
Acquisition and related integration costs | 0 | (578) | (37,988) | ||||||||
Restructuring costs | (4,422) | 0 | 0 | ||||||||
Depreciation and amortization of intangibles | (14,926) | (13,775) | (13,781) | (13,861) | (13,643) | (13,974) | (13,978) | (13,609) | (56,343) | (55,204) | (49,791) |
Impairment of goodwill and intangibles | 0 | (35,732) | 0 | 0 | 0 | 0 | 0 | 0 | (35,732) | 0 | (24,613) |
Gains (losses), net on disposal of property and equipment | 7 | (114) | (15) | (47) | (436) | (26) | (22) | 4 | (169) | (480) | (305) |
Interest expense | (8,534) | (5,720) | (8,248) | (4,195) | (4,436) | (4,592) | (4,432) | (4,579) | (26,697) | (18,039) | (15,099) |
Defined benefit pension plan expense | (3,627) | (3,551) | (3,467) | (3,467) | (3,828) | (3,605) | (3,449) | (3,450) | (14,112) | (14,332) | (58,674) |
Miscellaneous, net | 5,225 | $ 1,187 | $ 5,103 | $ (879) | (1,401) | $ (596) | $ (458) | $ (191) | 10,636 | (2,646) | (1,421) |
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | (32,076) | 93,188 | (111,756) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 34,049 | 32,474 | 32,812 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 22,294 | 22,730 | 16,979 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 18,105 | 22,525 | 22,988 | ||||||||
Assets | |||||||||||
Total assets | 2,129,548 | 1,735,906 | 2,129,548 | 1,735,906 | 1,705,762 | ||||||
Continuing Operations | |||||||||||
Assets | |||||||||||
Total assets | 1,993,544 | 1,589,865 | 1,993,544 | 1,589,865 | 1,558,266 | ||||||
Discontinued Operations | |||||||||||
Assets | |||||||||||
Total assets | 136,004 | 146,041 | 136,004 | 146,041 | 147,496 | ||||||
Local Media | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 779,205 | 836,154 | 637,251 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 156,890 | 243,298 | 127,597 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 31,870 | 30,184 | 29,685 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 15,084 | 16,958 | 14,607 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 16,946 | 21,064 | 20,988 | ||||||||
Assets | |||||||||||
Total assets | 1,273,735 | 1,280,885 | 1,273,735 | 1,280,885 | 1,285,054 | ||||||
National Media | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 80,174 | 27,929 | 13,014 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (9,260) | (10,156) | (2,448) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 88 | 164 | 525 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 5,856 | 4,419 | 2,034 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 792 | 54 | 66 | ||||||||
Assets | |||||||||||
Total assets | 528,479 | 117,725 | 528,479 | 117,725 | 70,861 | ||||||
Other | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 5,455 | 4,737 | 3,910 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (2,361) | (2,513) | (3,729) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 208 | 263 | 258 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 0 | 124 | 83 | ||||||||
Assets | |||||||||||
Total assets | 2,128 | 7,146 | 2,128 | 7,146 | 7,044 | ||||||
Shared services and corporate | |||||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (50,506) | (46,162) | (45,285) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 1,883 | 1,863 | 2,344 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 1,354 | 1,353 | 338 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 367 | 1,283 | 1,851 | ||||||||
Assets | |||||||||||
Total assets | $ 189,202 | $ 184,109 | $ 189,202 | $ 184,109 | $ 195,307 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum payments on noncancelable leases in 2018 | $ 4.5 | ||
Future minimum payments on noncancelable leases in 2019 | 4.5 | ||
Future minimum payments on noncancelable leases in 2020 | 2.8 | ||
Future minimum payments on noncancelable leases in 2021 | 1.5 | ||
Future minimum payments on noncancelable leases in 2022 | 1.2 | ||
Future minimum payments on noncancelable leases due in later years | 5.2 | ||
Rental expense | $ 13.1 | $ 11.1 | $ 8.8 |
Capital Stock and Share Based86
Capital Stock and Share Based Compensation Plans - Narrative (Details) | 12 Months Ended | |||||
Dec. 31, 2017USD ($)directorcommon_share$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Nov. 30, 2016USD ($) | |||
Class of Stock [Line Items] | ||||||
Classes of common shares | common_share | 2 | |||||
Minimum number of directors up for election to entitle shareholders to vote | director | 3 | |||||
Minumum percent of directors up for election to entitle shareholders to vote | 33.33% | |||||
Stock repurchased during period, value | $ 17,885,000 | $ 44,401,000 | [1] | $ 16,222,000 | [1] | |
Number of shares available for future stock compensation grants | shares | 3,900,000 | |||||
Total unrecognized compensation cost related to restricted stock, RSUs and performance shares | $ 11,100,000 | |||||
Common stock, Class A | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||||
Stock repurchased during period, value | 17,900,000 | $ 44,400,000 | $ 16,200,000 | |||
Outstanding amount authorized | $ 83,000,000 | |||||
Common stock, Class A | Minimum | ||||||
Class of Stock [Line Items] | ||||||
Range of price of shares repurchased (in usd per share) | $ / shares | $ 14.05 | $ 12.84 | $ 15.92 | |||
Common stock, Class A | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Range of price of shares repurchased (in usd per share) | $ / shares | $ 23.01 | $ 19.51 | $ 24.96 | |||
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 | 1 year 5 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 | |||||
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $4,576 in 2017, $2,681 in 2016 and $5,237 in 2015. |
Capital Stock and Share Based87
Capital Stock and Share Based Compensation Plans - Summary of stock option transactions (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / 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 | 486,914 | 996,879 | 1,703,876 | |
Options exercised in period, number of shares | shares | (235,407) | (509,965) | (877,966) | |
Options forfeited in period, number of shares | shares | 170,969 | |||
Options outstanding at end of period, number of shares | shares | 486,914 | 996,879 | ||
Options exercisable, number of shares | shares | 251,507 | |||
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) | $ 6.81 | $ 7.45 | $ 8.92 | |
Options exercised in period, weighted-average exercise price (USD per share) | 6.20 | 8.07 | 8.85 | |
Options forfeited in period, weighted-average exercise price (USD per share) | 7.62 | |||
Options outstanding at end of period, weighted-average exercise price (USD per share) | 7.38 | 6.81 | 7.45 | |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 7.38 | $ 6.81 | $ 8.92 | |
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 | 6 | 7 | |
Options outstanding at beginning of period, upper end of range of exercise price range (USD per share) | 9 | 9 | 11 | |
Options exercised, lower end of exercise price range (USD per share) | 6 | 6 | 8 | |
Options exercised, upper end of exercise price range (USD per share) | 8 | 9 | 11 | |
Options forfeited, lower end of exercise price range (USD per share) | 8 | |||
Options forfeited, upper end of exercise price range (USD per share) | 9 | |||
Options impact of spin-off, lower end of exercise price range (USD per share) | ||||
Options impact of spin-off, upper end of exercise price range (USD per share) | ||||
Options outstanding at end of period, lower end of range of exercise price range (USD per share) | 6 | 6 | 6 | |
Options outstanding at end of period, upper end of range of exercise price range (USD per share) | 9 | 9 | 9 | |
Options exercisable, lower end of exercise price range (USD per share) | 6 | 6 | 6 | |
Options exercisable, upper end of exercise price range | 9 | 9 | 9 | |
Stock Options | ||||
Options Exercisable, Aggregate Intrinsic Value | $ | $ 2.1 |
Capital Stock and Share Based88
Capital Stock and Share Based Compensation Plans - Cash proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received upon exercise | $ 1,461 | $ 4,641 | $ 7,249 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received upon exercise | 1,461 | 4,641 | 7,249 | |
Intrinsic value (market value on date of exercise less exercise price) | 3,919 | 4,888 | 10,801 | |
Tax benefits realized | [1] | $ 1,497 | $ 1,877 | $ 4,101 |
[1] | (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 2016, upon adoption of new accounting guidance, they are realized when generated. |
Capital Stock and Share Based89
Capital Stock and Share Based Compensation Plans - Options outstanding and exercisable (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 486,914 | 996,879 | 1,703,876 | |
Options on Shares Exercisable | 251,507 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 7.38 | $ 6.81 | $ 7.45 | $ 8.92 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 7.38 | $ 6.81 | $ 8.92 | |
Stock Options | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Options Exercisable, Aggregate Intrinsic Value | $ 2.1 |
Capital Stock and Share Based90
Capital Stock and Share Based Compensation Plans - Restricted stock and restricted stock unit activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended | |||
Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested shares at beginning of period, number of shares | shares | 1,425,177 | 910,041 | 1,224,521 | |
Shares and units awarded in period, number of shares | shares | 653,522 | 996,839 | 495,396 | |
Shares and units vested in period, number of shares | shares | (581,920) | (444,267) | (650,490) | |
Shares and units forfeited in period, number of shares | shares | (308,856) | (37,436) | (220,770) | |
Shares and units impact of spin-off, number of shares | shares | 61,384 | |||
Unvested shares at end of period, number of shares | shares | 1,187,923 | 1,425,177 | 910,041 | |
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) | $ 19.99 | $ 17.05 | $ 18.22 | $ 13.24 |
Shares and units awarded in period, weighted-average value (USD per share) | 22.51 | 15.76 | 22.36 | |
Shares and units vested in period, weighted-average value (USD per share) | 20.78 | 17.78 | 12.17 | |
Shares and units forfeited in period, weighted-average value (USD per share) | 17.20 | 16.82 | 16.39 | |
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) | $ 19.99 | $ 17.05 | $ 18.22 | |
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) | 12 | 7 | 7 | |
Unvested shares and units, range of exercise prices, beginning of period, upper range (USD per share) | 24 | 22 | 22 | |
Shares and units awarded in period, range of exercise prices, lower range (USD per share) | 17 | 10 | 20 | |
Shares and units awarded in period, range of exercise prices, upper range (USD per share) | 24 | 24 | 24 | |
Shares and units vested in period, range of exercise prices, lower range (USD per share) | 14 | 13 | 7 | |
Shares and units vested in period, range of exercise prices, upper range (USD per share) | 24 | 18 | 22 | |
Shares and units forfeited in period, range of exercise prices, lower range (USD per share) | 14 | 13 | 9 | |
Shares and units forfeited in period, range of exercise prices, upper range (USD per share) | 24 | 19 | 22 | |
Shares and units impact of spin-off, range of exercise prices, lower range (USD per share) | $ 12 | |||
Shares and units impact of spin-off, range of exercise prices, upper range (USD per share) | $ 24 | |||
Unvested shares and units, range of exercise prices, end of period, lower range (USD per share) | 14 | 12 | 7 | |
Unvested shares and units, range of exercise prices, end of period, upper range (USD per share) | 24 | 24 | 22 |
Capital Stock and Share Based91
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of RSUs vested | $ 12,090 | $ 7,898 | $ 15,697 | |
Tax benefits realized on shares and units vested | [1] | $ 4,630 | $ 3,033 | $ 5,965 |
[1] | (1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2017 and 2016, upon adoption of new accounting guidance, they are realized when generated. |
Capital Stock and Share Based92
Capital Stock and Share Based Compensation Plans - Schedule of stock compensation costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation, net of tax | $ 7,717 | $ 4,835 | $ 5,010 |
Discontinued Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 465 | 270 | 1,378 |
Continuing Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 12,495 | 7,823 | 8,167 |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 12,960 | $ 8,093 | $ 9,545 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | $ (93,347) | $ (89,802) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 in 2016 | 242 | |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, tax | 0 | 142 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $4,016 and $(2,353) in 2017 and 2016, respectively | 9,795 | (3,787) |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), tax | 4,016 | (2,353) |
Net current-period other comprehensive income (loss) | 9,795 | (3,545) |
Reclassification of disproportionate tax effects from AOCL | (19,370) | |
Accumulated other comprehensive loss, ending balance | (102,922) | (93,347) |
Gains and Losses on Derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | 0 | (242) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 in 2016 | 242 | |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $4,016 and $(2,353) in 2017 and 2016, respectively | 0 | 0 |
Net current-period other comprehensive income (loss) | 0 | 242 |
Accumulated other comprehensive loss, ending balance | 0 | 0 |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (93,676) | (89,740) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 in 2016 | 0 | |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $4,016 and $(2,353) in 2017 and 2016, respectively | 10,150 | (3,936) |
Net current-period other comprehensive income (loss) | 10,150 | (3,936) |
Reclassification of disproportionate tax effects from AOCL | (19,429) | |
Accumulated other comprehensive loss, ending balance | (102,955) | (93,676) |
Other | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | 329 | 180 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 in 2016 | 0 | |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $4,016 and $(2,353) in 2017 and 2016, respectively | (355) | 149 |
Net current-period other comprehensive income (loss) | (355) | 149 |
Reclassification of disproportionate tax effects from AOCL | 59 | |
Accumulated other comprehensive loss, ending balance | $ 33 | $ 329 |
Summarized Quarterly Financia94
Summarized Quarterly Financial Information (Unaudited) - Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment charge | $ 29,000 | $ 29,403 | $ 22,500 | ||||||||
Impairment of Intangible Assets, Finite-lived | 6,300 | ||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 256,975 | 197,781 | $ 213,749 | $ 196,329 | $ 252,953 | $ 212,838 | $ 208,833 | $ 194,196 | 864,834 | $ 868,820 | 654,175 |
Costs and expenses | (224,167) | (186,456) | (181,602) | (182,268) | (172,111) | (170,506) | (171,924) | (170,390) | (774,493) | (684,931) | (616,028) |
Depreciation and amortization of intangibles | (14,926) | (13,775) | (13,781) | (13,861) | (13,643) | (13,974) | (13,978) | (13,609) | (56,343) | (55,204) | (49,791) |
Impairment of goodwill and intangibles | 0 | (35,732) | 0 | 0 | 0 | 0 | 0 | 0 | (35,732) | 0 | (24,613) |
Gains (losses), net on disposal of property and equipment | 7 | (114) | (15) | (47) | (436) | (26) | (22) | 4 | (169) | (480) | (305) |
Interest expense | (8,534) | (5,720) | (8,248) | (4,195) | (4,436) | (4,592) | (4,432) | (4,579) | (26,697) | (18,039) | (15,099) |
Defined benefit pension plan expense | (3,627) | (3,551) | (3,467) | (3,467) | (3,828) | (3,605) | (3,449) | (3,450) | (14,112) | (14,332) | (58,674) |
Miscellaneous, net | 5,225 | 1,187 | 5,103 | (879) | (1,401) | (596) | (458) | (191) | 10,636 | (2,646) | (1,421) |
Income (loss) from continuing operations before income taxes | 10,953 | (46,380) | 11,739 | (8,388) | 57,098 | 19,539 | 14,570 | 1,981 | (32,076) | 93,188 | (111,756) |
Provision (benefit) for income taxes | (507) | (18,776) | 4,884 | (5,655) | 20,799 | 8,563 | 5,510 | (1,606) | (20,054) | 33,266 | (37,884) |
Income (loss) from continuing operations, net of tax | 11,460 | (27,604) | 6,855 | (2,733) | 36,299 | 10,976 | 9,060 | 3,587 | (12,022) | 59,922 | (73,872) |
Income (loss) from discontinued operations, net of tax | (6,009) | 984 | 1,649 | 781 | 2,038 | 1,546 | 2,428 | 1,301 | (2,595) | 7,313 | (8,605) |
Net income (loss) | 5,451 | (26,620) | 8,504 | (1,952) | 38,337 | 12,522 | 11,488 | 4,888 | (14,617) | 67,235 | (82,477) |
Net income (loss) attributable to noncontrolling interest | 1,511 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,511) | 0 | 0 |
Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ 6,962 | $ (26,620) | $ 8,504 | $ (1,952) | $ 38,337 | $ 12,522 | $ 11,488 | $ 4,888 | $ (13,106) | $ 67,235 | $ (82,477) |
Income (loss) from continuing operations, per basic share | $ 0.16 | $ (0.34) | $ 0.08 | $ (0.03) | $ 0.44 | $ 0.13 | $ 0.11 | $ 0.04 | $ (0.13) | $ 0.71 | $ (0.95) |
Income (loss) from discontinued operations, per basic share | (0.07) | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.03 | 0.02 | (0.03) | 0.09 | (0.11) |
Income (loss) from continuing operations, per diluted share | 0.16 | (0.34) | 0.08 | (0.03) | 0.44 | 0.13 | 0.10 | 0.04 | (0.13) | 0.71 | (0.95) |
Income (loss) from discontinued operations, per diluted share | $ (0.07) | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.02 | $ 0.02 | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.09 | $ (0.11) |
Basic weighted-average shares outstanding | 81,792 | 82,039 | 82,302 | 82,079 | 82,401 | 83,230 | 83,773 | 83,965 | 82,052 | 83,339 | 77,373 |
Diluted weighted-average shares outstanding | 81,792 | 82,039 | 82,465 | 82,079 | 82,684 | 83,518 | 84,051 | 84,225 | 82,052 | 83,639 | 77,373 |
Cash dividends per share of common stock (USD per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1.03 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Noncontrolling Interest [Abstract] | |
Noncontrolling interest in joint venture | 30.00% |
Non-cash contributions to venture | $ 2.1 |
Assets Held for Sale and Disc96
Assets Held for Sale and Discontinued Operations - Operating Results of Discontinued Operations and Net Assets Distributed (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment of goodwill | $ (29,000) | $ (29,403) | $ (22,500) | |||||||||
(Loss) income from discontinued operations, net of tax | $ (6,009) | $ 984 | $ 1,649 | $ 781 | $ 2,038 | $ 1,546 | $ 2,428 | $ 1,301 | (2,595) | $ 7,313 | (8,605) | |
Spinoff | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Operating revenues | 91,478 | |||||||||||
Total costs and expenses | (79,869) | |||||||||||
Depreciation and amortization of intangibles | (3,608) | |||||||||||
Other, net | (3,298) | |||||||||||
Loss on disposal of Scripps Newspapers | (30,000) | |||||||||||
(Loss) income on discontinued operations before income taxes | (25,297) | |||||||||||
Benefit (provision) for income taxes | 9,457 | |||||||||||
Net (loss) income from discontinued operations | (15,840) | |||||||||||
Noncontrolling interest | 0 | |||||||||||
(Loss) income from discontinued operations, net of tax | (15,840) | |||||||||||
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 | |||||||||||
Radio | Discontinued Operations, Held-for-sale | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Operating revenues | 69,684 | 74,227 | 61,481 | |||||||||
Total costs and expenses | (58,115) | (58,010) | (46,778) | |||||||||
Depreciation and amortization of intangibles | (2,910) | (3,377) | (2,161) | |||||||||
Impairment of goodwill | (8,000) | 0 | 0 | |||||||||
Other, net | (258) | (63) | (178) | |||||||||
(Loss) income on discontinued operations before income taxes | 401 | 12,777 | 12,364 | |||||||||
Benefit (provision) for income taxes | (2,996) | (5,464) | (5,129) | |||||||||
(Loss) income from discontinued operations, net of tax | (2,595) | 7,313 | $ 7,235 | |||||||||
Assets: | ||||||||||||
Total current assets | 12,891 | 14,221 | 12,891 | 14,221 | ||||||||
Property, plant and equipment | 35,470 | 35,294 | 35,470 | 35,294 | ||||||||
Goodwill and intangible assets | 87,462 | 96,345 | 87,462 | 96,345 | ||||||||
Other assets | 181 | 181 | 181 | 181 | ||||||||
Total assets included in the disposal group | 136,004 | 146,041 | 136,004 | 146,041 | ||||||||
Liabilities: | ||||||||||||
Total current liabilities | 3,248 | 2,880 | 3,248 | 2,880 | ||||||||
Deferred income taxes | 16,288 | 25,273 | 16,288 | 25,273 | ||||||||
Other liabilities | 0 | 24 | 0 | 24 | ||||||||
Total liabilities included in the disposal group | 19,536 | 28,177 | 19,536 | 28,177 | ||||||||
Net assets included in the disposal group | $ 116,468 | $ 117,864 | $ 116,468 | $ 117,864 |
Assets Held for Sale and Disc97
Assets Held for Sale and Discontinued Operations - Narrative (Details) - USD ($) | Apr. 01, 2015 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge | $ 29,000,000 | $ 29,403,000 | $ 22,500,000 | ||
Other Receivables, Gross, Current | 2,000,000 | ||||
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-for-sale | $ 30,000,000 | ||||
Radio | Discontinued Operations, Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment charge | $ 8,000,000 | $ 0 | $ 0 |