Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Feb. 27, 2014 | Feb. 27, 2014 | Feb. 27, 2014 | Dec. 31, 2013 | Feb. 25, 2014 |
Class A common stock | Class B common stock | Class C common stock | LIN Television | LIN Television | |||
Entity Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'LIN Television Corporation | ' | ' | ' | ' | 'LIN Television Corporation | ' |
Entity Central Index Key | '0000931058 | ' | ' | ' | ' | '0000931058 | ' |
Document Type | '10-K | ' | ' | ' | ' | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | 31-Dec-13 | ' |
Amendment Flag | 'false | ' | ' | ' | ' | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | 'No | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | 'No | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | 'Non-accelerated Filer | ' |
Entity Public Float | ' | $794 | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 34,495,067 | 20,901,726 | 2 | ' | 1,000 |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' | 'FY | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $12,525 | $46,307 | ||
Accounts receivable, less allowance for doubtful accounts | 145,309 | 126,150 | ||
Deferred income tax assets | 6,898 | 0 | ||
Other current assets | 15,201 | 6,863 | ||
Total current assets | 179,933 | 179,320 | ||
Property and equipment, net | 221,078 | 241,491 | ||
Deferred financing costs | 16,448 | 19,135 | ||
Goodwill | 203,528 | 192,514 | ||
Broadcast licenses | 536,515 | 536,515 | ||
Other intangible assets, net | 47,049 | 59,554 | ||
Other assets | 12,299 | 12,885 | ||
Total assets | 1,216,850 | [1] | 1,241,414 | [1] |
Current liabilities: | ' | ' | ||
Current portion of long-term debt | 17,364 | 10,756 | ||
Accounts payable | 14,002 | 18,955 | ||
Income taxes payable | 1,420 | 766 | ||
Accrued expenses | 51,696 | 153,246 | ||
Deferred income tax liabilities | 0 | 168,219 | ||
Program obligations | 7,027 | 10,770 | ||
Total current liabilities | 91,509 | 362,712 | ||
Long-term debt, excluding current portion | 927,328 | 879,471 | ||
Deferred income tax liabilities | 64,686 | 40,556 | ||
Program obligations | 4,146 | 4,281 | ||
Other liabilities | 27,209 | 42,716 | ||
Total liabilities | 1,114,878 | [1] | 1,329,736 | [1] |
Commitments and Contingencies (Note 13) | ' | ' | ||
Redeemable noncontrolling interest | 12,845 | 3,242 | ||
Shareholders' equity (deficit): | ' | ' | ||
Treasury shares, 4,947,659 of class A common shares as of December 31, 2013 and 2012, at cost (b) | -21,984 | [2] | -21,984 | [2] |
Additional paid-in capital | 0 | [2] | 1,129,691 | [2] |
Accumulated deficit | -1,006,322 | -1,164,435 | ||
Accumulated other comprehensive loss | -25,526 | -35,384 | ||
Total equity (deficit) | 89,127 | -91,564 | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 1,216,850 | 1,241,414 | ||
Class A common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 624,564 | [2] | 313 | [2] |
Class B common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 518,395 | [2] | 235 | [2] |
Class C common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 0 | 0 | ||
LIN Television | ' | ' | ||
Current assets: | ' | ' | ||
Cash and cash equivalents | 12,525 | 46,307 | ||
Accounts receivable, less allowance for doubtful accounts | 145,409 | 126,150 | ||
Deferred income tax assets | 6,898 | 0 | ||
Other current assets | 15,201 | 6,863 | ||
Total current assets | 180,033 | 179,320 | ||
Property and equipment, net | 221,078 | 241,491 | ||
Deferred financing costs | 16,448 | 19,135 | ||
Goodwill | 203,528 | 192,514 | ||
Broadcast licenses | 536,515 | 536,515 | ||
Other intangible assets, net | 47,049 | 59,554 | ||
Other assets | 12,299 | 12,885 | ||
Total assets | 1,216,950 | [1] | 1,241,414 | [1] |
Current liabilities: | ' | ' | ||
Current portion of long-term debt | 17,364 | 10,756 | ||
Accounts payable | 14,002 | 18,955 | ||
Income taxes payable | 1,420 | 766 | ||
Accrued expenses | 51,696 | 153,246 | ||
Deferred income tax liabilities | 0 | 168,219 | ||
Program obligations | 7,027 | 10,770 | ||
Total current liabilities | 91,509 | 362,712 | ||
Long-term debt, excluding current portion | 929,328 | 879,471 | ||
Deferred income tax liabilities | 64,686 | 40,556 | ||
Program obligations | 4,146 | 4,281 | ||
Other liabilities | 27,209 | 42,716 | ||
Total liabilities | 1,116,878 | [1] | 1,329,736 | [1] |
Commitments and Contingencies (Note 13) | ' | ' | ||
Redeemable noncontrolling interest | 12,845 | 3,242 | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 0 | 0 | ||
Investment in parent company's stock, at cost | -21,984 | -21,984 | ||
Additional paid-in capital | 1,140,370 | 1,130,239 | ||
Accumulated deficit | -1,005,633 | -1,164,435 | ||
Accumulated other comprehensive loss | -25,526 | -35,384 | ||
Total equity (deficit) | 87,227 | -91,564 | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | $1,216,950 | $1,241,414 | ||
[1] | Our consolidated assets as of DecemberB 31, 2013 and 2012 include total assets of $56,056 and $60,380, respectively, of variable interest entities ("VIEs") that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of $44,677 and $46,604 and program rights of $2,186 and $2,060 as of DecemberB 31, 2013 and 2012, respectively. Our consolidated liabilities as of DecemberB 31, 2013 and 2012 include $4,126 and $4,577, respectively, of total liabilities of the VIEs for which the VIE's creditors have no recourse to the Company, including $2,727 and $4,152, respectively, of program obligations. See further description in NoteB 1b"Basis of Presentation and Summary of Significant Accounting Policies." | |||
[2] | In conjunction with the Merger of LIN TV with and into LIN LLC on July 30, 2013, LIN LLC was deemed the successor reporting entity to LIN TV. As such, the additional paid-in capital amount within LIN LLC's shareholders' equity as of December 31, 2013 has been allocated to the Class A and B share balances to conform to LIN LLC's basis of presentation as a limited liability company. For purposes of LIN TV's shareholders' deficit balance as of December 31, 2012, LIN TV's class A, B and C common shares had a par value of $0.01 per share that is not reflected as of December 31, 2013, as each share represents a limited liability interest in LIN LLC. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Accounts receivable, allowance for doubtful accounts | $3,188 | $3,599 | ||
Treasury stock, shares | 4,947,659 | 4,947,659 | ||
Total assets | 56,056 | 60,380 | ||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||
Program rights | 2,186 | 2,060 | ||
Total liabilities | 4,126 | 4,577 | ||
Program obligations | 2,727 | 4,152 | ||
Class A common stock | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, issued shares | 39,013,005 | 35,672,528 | ||
Common stock, outstanding shares | 34,065,346 | 30,724,869 | ||
Class B common stock | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 20,901,726 | 23,401,726 | ||
Common stock, outstanding shares | 20,901,726 | 23,401,726 | ||
Class C common stock | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 2 | 2 | ||
Common stock, outstanding shares | 2 | 2 | ||
LIN Television | ' | ' | ||
Accounts receivable, allowance for doubtful accounts | 3,188 | 3,599 | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 1,000 | 1,000 | ||
Total assets | 56,056 | [1] | 60,380 | [1] |
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||
Program rights | 2,186 | 2,060 | ||
Total liabilities | 4,126 | 4,577 | ||
Program obligations | $2,727 | $4,152 | ||
[1] | Our consolidated assets as of DecemberB 31, 2013 and 2012 include total assets of $56,056 and $60,380, respectively, of variable interest entities ("VIEs") that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of $44,677 and $46,604 and program rights of $2,186 and $2,060 as of DecemberB 31, 2013 and 2012, respectively. Our consolidated liabilities as of DecemberB 31, 2013 and 2012 include $4,126 and $4,577, respectively, of total liabilities of the VIEs for which the VIE's creditors have no recourse to the Company, including $2,727 and $4,152, respectively, of program obligations. See further description in NoteB 1b"Basis of Presentation and Summary of Significant Accounting Policies." |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net revenues | $652,363 | $553,462 | $400,003 |
Operating expenses: | ' | ' | ' |
Direct operating | 251,078 | 160,222 | 130,618 |
Selling, general and administrative | 162,550 | 125,267 | 103,770 |
Amortization of program rights | 29,242 | 23,048 | 21,406 |
Corporate | 41,377 | 34,246 | 26,481 |
Depreciation | 46,854 | 32,149 | 26,246 |
Amortization of intangible assets | 22,826 | 6,364 | 1,199 |
Restructuring | 3,895 | 1,009 | 707 |
Contract termination costs (Note 12) | 3,887 | 0 | 0 |
Loss from asset dispositions | 710 | 96 | 472 |
Operating income | 89,944 | 171,061 | 89,104 |
Other expense: | ' | ' | ' |
Interest expense, net | 56,607 | 46,683 | 50,706 |
Share of loss in equity investments | 56 | 98,309 | 4,957 |
Gain on derivative instruments | 0 | 0 | -1,960 |
Loss on extinguishment of debt | 0 | 3,341 | 1,694 |
Other expense, net | 2,100 | 237 | 51 |
Total other expense, net | 58,763 | 148,570 | 55,448 |
Income before (benefit from) provision for income taxes | 31,181 | 22,491 | 33,656 |
(Benefit from) provision for income taxes | -125,420 | 40,463 | -16,045 |
Income (loss) from continuing operations | 156,601 | -17,972 | 49,701 |
Discontinued operations: | ' | ' | ' |
Loss from discontinued operations, net of a benefit from income taxes of $541 and $595 for the years ended December 31, 2012 and 2011, respectively | 0 | -1,018 | -920 |
Gain on sale of discontinued operations, net of a provision for income taxes of $6,223 for the year ended December 31, 2012 | 0 | 11,389 | 0 |
Net income (loss) | 156,601 | -7,601 | 48,781 |
Net (loss) income attributable to noncontrolling interests | -1,512 | -556 | 204 |
Net income (loss) attributable to reporting entity | 158,113 | -7,045 | 48,577 |
Basic income (loss) per common share attributable to reporting entity: | ' | ' | ' |
Income (loss) from continuing operations attributable to reporting entity (in dollars per share) | $3.02 | ($0.32) | $0.89 |
(Loss) gain on the sale of discontinued operations, net | $0 | ($0.02) | ($0.02) |
Gain on the sale of discontinued operations, net of tax (in dollars per share) | ' | $0.21 | ' |
Net income (loss) attributable to reporting entity (in dollars per share) | $3.02 | ($0.13) | $0.87 |
Weighted-average number of common shares outstanding used in calculating basic income (loss) per common share (in shares) | 52,439 | 54,130 | 55,768 |
Diluted income (loss) per common share attributable to reporting entity: | ' | ' | ' |
Income (loss) from continuing operations attributable to reporting entity (in dollars per share) | $2.84 | ($0.32) | $0.87 |
Loss from discontinued operations, net of tax (in dollars per share) | $0 | ($0.02) | ($0.02) |
Gain on the sale of discontinued operations, net of tax (in dollars per share) | ' | $0.21 | ' |
Net income (loss) attributable to reporting entity (in dollars per share) | $2.84 | ($0.13) | $0.85 |
Weighted-average number of common shares outstanding used in calculating diluted income (loss) per common share (in shares) | 55,639 | 54,130 | 57,079 |
LIN Television | ' | ' | ' |
Net revenues | 652,363 | 553,462 | 400,003 |
Operating expenses: | ' | ' | ' |
Direct operating | 251,078 | 160,222 | 130,618 |
Selling, general and administrative | 162,550 | 125,267 | 103,770 |
Amortization of program rights | 29,242 | 23,048 | 21,406 |
Corporate | 40,668 | 34,246 | 26,481 |
Depreciation | 46,854 | 32,149 | 26,246 |
Amortization of intangible assets | 22,826 | 6,364 | 1,199 |
Restructuring | 3,895 | 1,009 | 707 |
Contract termination costs (Note 12) | 3,887 | 0 | 0 |
Loss from asset dispositions | 710 | 96 | 472 |
Operating income | 90,653 | 171,061 | 89,104 |
Other expense: | ' | ' | ' |
Interest expense, net | 56,627 | 46,683 | 50,706 |
Share of loss in equity investments | 56 | 98,309 | 4,957 |
Gain on derivative instruments | 0 | 0 | -1,960 |
Loss on extinguishment of debt | 0 | 3,341 | 1,694 |
Other expense, net | 2,100 | 237 | 51 |
Total other expense, net | 58,783 | 148,570 | 55,448 |
Income before (benefit from) provision for income taxes | 31,870 | 22,491 | 33,656 |
(Benefit from) provision for income taxes | -125,420 | 40,463 | -16,045 |
Income (loss) from continuing operations | 157,290 | -17,972 | 49,701 |
Discontinued operations: | ' | ' | ' |
Loss from discontinued operations, net of a benefit from income taxes of $541 and $595 for the years ended December 31, 2012 and 2011, respectively | 0 | -1,018 | -920 |
Gain on sale of discontinued operations, net of a provision for income taxes of $6,223 for the year ended December 31, 2012 | 0 | 11,389 | 0 |
Net income (loss) | 157,290 | -7,601 | 48,781 |
Net (loss) income attributable to noncontrolling interests | -1,512 | -556 | 204 |
Net income (loss) attributable to reporting entity | $158,802 | ($7,045) | $48,577 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Benefit from income taxes | $541 | $595 |
Provision for income taxes | 6,223 | ' |
LIN Television | ' | ' |
Benefit from income taxes | 541 | 595 |
Provision for income taxes | $6,223 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $156,601 | ($7,601) | $48,781 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax of $734, $609 and $379 for the years ended December 31, 2013, 2012 and 2011, respectively, reclassified | 1,120 | 969 | 374 |
Comprehensive income (loss) | 166,459 | -4,208 | 37,943 |
Comprehensive (loss) income attributable to noncontrolling interest | -1,512 | -556 | 204 |
Comprehensive income (loss) attributable to reporting entity | 167,971 | -3,652 | 37,739 |
LIN Television | ' | ' | ' |
Net income (loss) | 157,290 | -7,601 | 48,781 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax of $734, $609 and $379 for the years ended December 31, 2013, 2012 and 2011, respectively, reclassified | 1,120 | 969 | 374 |
Comprehensive income (loss) | 167,148 | -4,208 | 37,943 |
Comprehensive (loss) income attributable to noncontrolling interest | -1,512 | -556 | 204 |
Comprehensive income (loss) attributable to reporting entity | $168,660 | ($3,652) | $37,739 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension net gain (loss), tax | $5,705 | $1,523 | ($7,291) |
Amortization of pension net losses, tax | 734 | 609 | 379 |
LIN Television | ' | ' | ' |
Pension net gain (loss), tax | 5,705 | 1,523 | -7,291 |
Amortization of pension net losses, tax | $734 | $609 | $379 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Deficit) (USD $) | Total | Class A | Class B | Class C | Total Stockholder's Deficit | Common Stock | Common Stock | Common Stock | Treasury Stock (at cost) | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | Class A | Class B | Class C | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A | Class B | Common Stock | Parent Company Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ($131,432) | $294 | $235 | ' | ($7,869) | $1,109,814 | ($1,205,967) | ($27,939) | ($131,432) | ' | ' | $0 | ($7,869) | $1,110,343 | ($1,205,967) | ($27,939) |
Balance (in shares) at Dec. 31, 2010 | ' | ' | ' | ' | ' | 32,509,759 | 23,502,059 | 2 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension liability adjustment, net of tax | -10,838 | ' | ' | ' | -10,838 | ' | ' | ' | ' | ' | ' | -10,838 | -10,838 | ' | ' | ' | ' | ' | ' | -10,838 |
Unrealized gain on cash flow hedge, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,017 | ' | ' | ' | ' | 7,017 | ' | ' |
Issuance of LIN Media LLC class A common stock | ' | ' | ' | ' | 4,773 | 12 | ' | ' | ' | 4,761 | ' | ' | 4,773 | ' | ' | ' | ' | 4,773 | ' | ' |
Issuance of LIN Media LLC class A common stock (in shares) | ' | ' | ' | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B common shares to class A common shares (in shares) | ' | ' | ' | ' | ' | 100,333 | -100,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | 7,017 | 3 | ' | ' | ' | 7,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation (in shares) | ' | ' | ' | ' | ' | 890,077 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of LIN Media/TV Corp. class A common stock | ' | ' | ' | ' | -2,729 | ' | ' | ' | -2,729 | ' | ' | ' | 2,729 | ' | ' | ' | 2,729 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 48,577 | ' | ' | ' | 48,577 | ' | ' | ' | ' | ' | 48,577 | ' | 48,577 | ' | ' | ' | ' | ' | 48,577 | ' |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | -84,632 | 309 | 235 | ' | -10,598 | 1,121,589 | -1,157,390 | -38,777 | -84,632 | ' | ' | 0 | -10,598 | 1,122,133 | -1,157,390 | -38,777 |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | 34,650,169 | 23,401,726 | 2 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension liability adjustment, net of tax | 3,393 | ' | ' | ' | 3,393 | ' | ' | ' | ' | ' | ' | 3,393 | 3,393 | ' | ' | ' | ' | ' | ' | 3,393 |
Issuance of LIN Media LLC class A common stock | ' | ' | ' | ' | 1,314 | 4 | ' | ' | ' | 1,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of LIN Media LLC class A common stock (in shares) | ' | ' | ' | ' | ' | 1,022,359 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B common shares to class A common shares (in shares) | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | 6,792 | ' | ' | ' | ' | 6,792 | ' | ' | 8,106 | ' | ' | ' | ' | 8,106 | ' | ' |
Purchase of LIN Media/TV Corp. class A common stock | ' | -11,400 | ' | ' | -11,386 | ' | ' | ' | -11,386 | ' | ' | ' | -11,386 | -11,400 | ' | ' | -11,386 | ' | ' | ' |
Net income (loss) attributable to reporting entity | -7,045 | ' | ' | ' | -7,045 | ' | ' | ' | ' | ' | -7,045 | ' | -7,045 | ' | ' | ' | ' | ' | -7,045 | ' |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | -91,564 | 313 | 235 | ' | -21,984 | 1,129,691 | -1,164,435 | -35,384 | -91,564 | ' | ' | 0 | -21,984 | 1,130,239 | -1,164,435 | -35,384 |
Balance (in shares) at Dec. 31, 2012 | ' | 30,724,869 | 23,401,726 | 2 | ' | 35,672,528 | 23,401,726 | 2 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension liability adjustment, net of tax | 9,858 | ' | ' | ' | 9,858 | ' | ' | ' | ' | ' | ' | 9,858 | 9,858 | ' | ' | ' | ' | ' | ' | 9,858 |
Issuance of LIN Media LLC class A common stock | ' | ' | ' | ' | 1,845 | 395 | ' | ' | ' | 1,450 | ' | ' | 1,256 | ' | ' | ' | ' | 1,256 | ' | ' |
Issuance of LIN Media LLC class A common stock (in shares) | ' | ' | ' | ' | ' | 840,477 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B common shares to class A common shares | ' | ' | ' | ' | 0 | 25 | -25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B common shares to class A common shares (in shares) | ' | ' | -2,500,000 | ' | ' | 2,500,000 | -2,500,000 | ' | ' | ' | ' | ' | ' | ' | -2,500,000 | ' | ' | ' | ' | ' |
Tax benefit from exercise of share options | ' | ' | ' | ' | 1,591 | ' | ' | ' | ' | 1,591 | ' | ' | 1,591 | ' | ' | ' | ' | 1,591 | ' | ' |
Stock-based compensation | ' | ' | ' | ' | 9,284 | 2,593 | ' | ' | ' | 6,691 | ' | ' | 9,284 | ' | ' | ' | ' | 9,284 | ' | ' |
Dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000 | ' | ' | ' | ' | -2,000 | ' | ' |
Net income (loss) attributable to reporting entity | 158,113 | ' | ' | ' | 158,113 | ' | ' | ' | ' | ' | 158,113 | ' | 158,802 | ' | ' | ' | ' | ' | 158,802 | ' |
Effect of the Merger | ' | ' | ' | ' | 0 | 621,238 | 518,185 | ' | ' | -1,139,423 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | $89,127 | $624,564 | $518,395 | ' | ($21,984) | $0 | ($1,006,322) | ($25,526) | $87,227 | ' | ' | $0 | ($21,984) | $1,140,370 | ($1,005,633) | ($25,526) |
Balance (in shares) at Dec. 31, 2013 | ' | 34,065,346 | 20,901,726 | 2 | ' | 39,013,005 | 20,901,726 | 2 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax benefit (provision) | $6,439 | $2,132 | ($6,912) |
LIN Television | ' | ' | ' |
Tax benefit (provision) | $6,439 | $2,132 | ($6,912) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $156,601 | ($7,601) | $48,781 |
Loss from discontinued operations | 0 | 1,018 | 920 |
Gain on sale of discontinued operations | 0 | -11,389 | 0 |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 46,854 | 32,149 | 26,246 |
Amortization of intangible assets | 22,826 | 6,364 | 1,199 |
Amortization of financing costs and note discounts | 3,638 | 2,589 | 3,755 |
Amortization of program rights | 29,242 | 23,048 | 21,406 |
Cash payments for programming | -31,677 | -24,258 | -24,622 |
Loss on extinguishment of debt | 0 | 1,830 | 1,694 |
Gain on derivative instruments | 0 | 0 | -1,960 |
Share of loss in equity investments | 56 | 98,309 | 4,957 |
Deferred income taxes, net | -27,222 | 38,263 | -16,586 |
Extinguishment of income tax liability related to the Merger | -131,481 | 0 | 0 |
Stock-based compensation | 9,374 | 6,857 | 6,176 |
Loss from asset dispositions | 710 | 96 | 472 |
Other, net | -1,155 | 1,724 | 754 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Accounts receivable | -10,958 | -33,403 | -8,825 |
Other assets | -4,254 | -2,146 | -138 |
Accounts payable | -8,679 | 7,983 | 3,318 |
Income taxes payable | 654 | 0 | 0 |
Accrued interest expense | 4,327 | 1,746 | -851 |
Other liabilities and accrued expenses | -9,889 | 6,256 | -3,634 |
Net cash provided by operating activities, continuing operations | 48,967 | 149,435 | 63,062 |
Net cash used in operating activities, discontinued operations | 0 | -2,736 | -402 |
Net cash provided by operating activities | 48,967 | 146,699 | 62,660 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -29,374 | -28,230 | -20,069 |
Change in restricted cash | 0 | 255,159 | -255,159 |
Payments for business combinations, net of cash acquired | -10,082 | -358,495 | -9,033 |
Proceeds from the sale of assets | 86 | 79 | 74 |
Payments on derivative instruments | 0 | 0 | -2,020 |
Shortfall loans to joint venture with NBCUniversal | 0 | -2,292 | -2,483 |
Capital contribution to joint venture with NBCUniversal | -100,000 | 0 | 0 |
Other investments, net | 0 | 0 | -375 |
Net cash used in investing activities, continuing operations | -139,370 | -133,779 | -289,065 |
Net cash provided by (used in) investing activities, discontinued operations | 0 | 29,520 | -115 |
Net cash used in investing activities | -139,370 | -104,259 | -289,180 |
FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds on exercises of employee and director stock-based compensation | 1,845 | 1,314 | 841 |
Tax benefit from exercises of share options | 1,591 | 0 | 0 |
Proceeds from borrowings on long-term debt | 139,000 | 328,333 | 417,695 |
Payments of dividend | 0 | ' | ' |
Principal payments on long-term debt | -85,160 | -322,179 | -175,216 |
Payment of long-term debt issue costs | -655 | -10,272 | -7,662 |
Treasury shares purchased | 0 | -11,386 | -2,729 |
Net cash provided by (used in) financing activities | 56,621 | -14,190 | 232,929 |
Net (decrease) increase in cash and cash equivalents | -33,782 | 28,250 | 6,409 |
Cash and cash equivalents at the beginning of the period | 46,307 | 18,057 | 11,648 |
Cash and cash equivalents at the end of the period | 12,525 | 46,307 | 18,057 |
LIN Television | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | 157,290 | -7,601 | 48,781 |
Loss from discontinued operations | 0 | 1,018 | 920 |
Gain on sale of discontinued operations | 0 | -11,389 | 0 |
Adjustment to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 46,854 | 32,149 | 26,246 |
Amortization of intangible assets | 22,826 | 6,364 | 1,199 |
Amortization of financing costs and note discounts | 3,638 | 2,589 | 3,755 |
Amortization of program rights | 29,242 | 23,048 | 21,406 |
Cash payments for programming | -31,677 | -24,258 | -24,622 |
Loss on extinguishment of debt | 0 | 1,830 | 1,694 |
Gain on derivative instruments | 0 | 0 | -1,960 |
Share of loss in equity investments | 56 | 98,309 | 4,957 |
Deferred income taxes, net | -27,222 | 38,263 | -16,586 |
Extinguishment of income tax liability related to the Merger | -131,481 | 0 | 0 |
Stock-based compensation | 9,374 | 6,857 | 6,176 |
Loss from asset dispositions | 710 | 96 | 472 |
Other, net | -1,155 | 1,724 | 754 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Accounts receivable | -11,058 | -33,403 | -8,825 |
Other assets | -4,254 | -2,146 | -138 |
Accounts payable | -8,679 | 7,983 | 3,318 |
Income taxes payable | 654 | 0 | 0 |
Accrued interest expense | 4,327 | 1,746 | -851 |
Other liabilities and accrued expenses | -9,889 | 6,256 | -3,634 |
Net cash provided by operating activities, continuing operations | 49,556 | 149,435 | 63,062 |
Net cash used in operating activities, discontinued operations | 0 | -2,736 | -402 |
Net cash provided by operating activities | 49,556 | 146,699 | 62,660 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -29,374 | -28,230 | -20,069 |
Change in restricted cash | 0 | 255,159 | -255,159 |
Payments for business combinations, net of cash acquired | -10,082 | -358,495 | -9,033 |
Proceeds from the sale of assets | 86 | 79 | 74 |
Payments on derivative instruments | 0 | 0 | -2,020 |
Shortfall loans to joint venture with NBCUniversal | 0 | -2,292 | -2,483 |
Capital contribution to joint venture with NBCUniversal | -100,000 | 0 | 0 |
Other investments, net | 0 | 0 | -375 |
Net cash used in investing activities, continuing operations | -139,370 | -133,779 | -289,065 |
Net cash provided by (used in) investing activities, discontinued operations | 0 | 29,520 | -115 |
Net cash used in investing activities | -139,370 | -104,259 | -289,180 |
FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds on exercises of employee and director stock-based compensation | 1,256 | 1,314 | 841 |
Tax benefit from exercises of share options | 1,591 | ' | ' |
Proceeds from borrowings on long-term debt | 141,000 | 328,333 | 417,695 |
Payments of dividend | -2,000 | 0 | 0 |
Principal payments on long-term debt | -85,160 | -322,179 | -175,216 |
Payment of long-term debt issue costs | -655 | -10,272 | -7,662 |
Treasury shares purchased | 0 | -11,386 | -2,729 |
Net cash provided by (used in) financing activities | 56,032 | -14,190 | 232,929 |
Net (decrease) increase in cash and cash equivalents | -33,782 | 28,250 | 6,409 |
Cash and cash equivalents at the beginning of the period | 46,307 | 18,057 | 11,648 |
Cash and cash equivalents at the end of the period | $12,525 | $46,307 | $18,057 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation | ||||||||||||
LIN Media LLC ("LIN LLC"), together with its subsidiaries, including LIN Television Corporation ("LIN Television"), is a local multimedia company operating in the United States. LIN LLC and its subsidiaries are affiliates of Hicks, Muse & Co. Partners, L.P. ("HMC"). In these notes, the terms "Company," "we," "us" or "our" mean LIN LLC and all subsidiaries included in our consolidated financial statements. | ||||||||||||
On July 30, 2013, LIN TV Corp., a Delaware corporation (“LIN TV”), completed its merger with and into LIN LLC, a Delaware limited liability company and wholly owned subsidiary of LIN TV, with LIN LLC as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC (the “Merger Agreement”). Entry into the Merger Agreement had previously been announced by LIN TV on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 15, 2013. | ||||||||||||
LIN LLC filed a Current Report on Form 8-K on July 31, 2013 (the “Form 8-K”) for the purpose of establishing LIN LLC as the successor registrant to LIN TV pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to disclose certain related matters, including the consummation of the Merger. Pursuant to Rule 12g-3(a) under the Exchange Act and in accordance with the filing of the Form 8-K, the class A common shares representing limited liability interests in LIN LLC, as the successor registrant to LIN TV, were deemed registered under Section 12(b) of the Exchange Act. References to "LIN LLC," "we," "us," or the "Company" in this Annual Report on Form 10-K that include any period at and before the effectiveness of the Merger shall be deemed to refer to LIN TV as the predecessor registrant to LIN LLC. For more information concerning the effects of the Merger and the succession of LIN LLC to LIN TV upon its effectiveness, please see the Form 8-K. | ||||||||||||
We conduct our business through LIN Television and its subsidiaries. Prior to the Merger, LIN TV had no operations or assets other than its investments in its subsidiaries. Subsequent to the Merger and consistent with its classification as a partnership for federal income tax purposes, LIN LLC has separate operations relating to the administration of the partnership. The consolidated financial statements of LIN LLC represent its own operations and the consolidated operations of LIN Television, which remains a corporation after the Merger. | ||||||||||||
We guarantee all of LIN Television's debt. All of the consolidated wholly-owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television's Senior Secured Credit Facility, 83/8% Senior Notes due 2018 (the "83/8% Senior Notes") and 63/8% Senior Notes due 2021 (the "63/8% Senior Notes") on a joint-and-several basis, subject to customary release provisions. | ||||||||||||
Our consolidated financial statements reflect the operations of WWHO-TV in Columbus, OH and WUPW-TV in Toledo, OH as discontinued for all periods presented. See Note 3—"Discontinued Operations" for further discussion of our discontinued operations. | ||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain changes in classifications have been made to the prior period financial statements to conform to the current financial statement presentation. Our significant accounting policies are described below. | ||||||||||||
The accompanying consolidated financial statements include the accounts of our Company, our wholly-owned and majority-owned and controlled subsidiaries, and variable interest entities ("VIEs") for which we are the primary beneficiary. We review all local marketing agreements ("LMAs"), shared services agreements ("SSAs") or joint sales agreements ("JSAs"), to evaluate whether consolidation of entities party to such arrangements is required. All intercompany accounts and transactions have been eliminated. We conduct our business through our subsidiaries and have no operations or assets other than our investment in our subsidiaries and equity-method investments. We operate in one reportable segment. | ||||||||||||
Joint Venture Sale Transaction | ||||||||||||
On February 12, 2013, we, along with our wholly-owned subsidiaries LIN Television and LIN Television of Texas, L.P., a Delaware limited partnership (“LIN Texas”), entered into and closed the transactions contemplated by a transaction agreement (the “Transaction Agreement”) with NBC Telemundo License LLC, a Delaware limited liability company (“NBC”), NBCU New LLC I, a Delaware limited liability company, NBCU New LLC II, a Delaware limited liability company, General Electric Company, a New York corporation (“GE”), General Electric Capital Corporation, a Delaware corporation (“GECC” and together with GE, the “GE Parties”), National Broadcasting Company Holding, Inc., a Delaware corporation, Comcast Corporation, a Pennsylvania corporation (“Comcast”), NBCUniversal Media, LLC, a Delaware limited liability company (“NBCUniversal”), Lone Star SPV, LLC, a Delaware limited liability company and Station Venture Holdings, LLC, a Delaware limited liability company (“SVH”). SVH held a 99.75% interest in Station Venture Operations, LP (“SVO”), which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. The Transaction Agreement effected a series of transactions related to the ownership and sale of LIN Texas's 20.38% equity interest in SVH, a joint venture in which NBC, an affiliate of NBCUniversal, held the remaining 79.62% equity interest (collectively, the “JV Sale Transaction”). | ||||||||||||
SVH was a limited partner in a business that operated an NBC affiliate in Dallas and an NBC affiliate in San Diego pursuant to a management agreement. At the time of LIN Texas’s acquisition of its interest in SVH in 1998, GECC provided secured debt financing to SVH in the form of a $815.5 million non-amortizing senior secured note due 2023 to GECC (the “GECC Note”), and, in connection with SVH’s assumption of the GECC Note, LIN TV guaranteed the payment of the full amount of principal and interest on the GECC Note (the “GECC Guarantee”). | ||||||||||||
In addition, during 2009, 2010, 2011 and 2012, LIN Television entered into agreements with SVH, the GE Parties and NBCUniversal pursuant to which LIN Television, the GE Parties and NBCUniversal caused to be provided to SVH certain unsecured shortfall funding loans (the “Shortfall Funding Loans”) on the basis of each party’s percentage of equity interest in SVH in order to fund interest payments on the GECC Note. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the GECC Guarantee and recorded the related tax effects of the JV Sale Transaction and the capital contribution in our consolidated financial statements as of December 31, 2012 because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million incremental term loan facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million capital contribution. As a result of the JV Sale Transaction, after utilizing all of our available federal net operating loss carryforwards to offset the taxable gain recognized in such transaction, we had a $162.8 million income tax payable associated with this transaction remaining, $131.5 million of which was extinguished as a result of the closing of the transactions contemplated by the Merger Agreement further described below. | ||||||||||||
Concurrent with the closing of the JV Sale Transaction, LIN TV entered into the Merger Agreement with LIN LLC as described above. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes and the change in classification was treated as a liquidation of LIN TV for federal income tax purposes, and LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss in the amount of approximately $343 million, which represented the difference between its tax basis in the stock of LIN Television, and the fair market value of such stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and, we realized cash savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
Variable Interest Entities | ||||||||||||
In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. | ||||||||||||
We have a JSA and an SSA with WBDT Television, LLC (“WBDT”), a third party licensee, for WBDT-TV in the Dayton, OH market. We also have JSAs and SSAs with affiliates of Vaughan Acquisition LLC (“Vaughan”), a third party licensee, for WTGS-TV in the Savannah, GA market, WYTV-TV in the Youngstown, OH market and KTKA-TV in the Topeka, KS market and SSAs with KASY-TV Licensee, LLC (“KASY”), a third-party licensee, for KWBQ-TV in the Santa Fe, NM market, KRWB-TV in the Roswell, NM market and KASY-TV in the Albuquerque, NM market. Under these agreements, we provide administrative services to these stations, have an obligation to reimburse certain of the stations' expenses, and we are compensated through a performance-based fee structure that provides us the benefit of certain returns from the operation of these stations. | ||||||||||||
We determined that WBDT, Vaughan and KASY are VIEs and as a result of the JSAs and/or SSAs, we have variable interests in these entities. We are the primary beneficiary of these entities, and therefore, we consolidate these entities within our consolidated financial statements. | ||||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
The assets of our consolidated VIEs can only be used to settle the obligations of the VIEs, and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other liabilities of $47.8 million and $50.4 million as of December 31, 2013 and 2012, respectively, serve to reduce the carrying value of the entities, and are eliminated in our consolidated financial statements. This reflects the fact that as of December 31, 2013 and 2012, LIN Television has an option that it may exercise if the Federal Communications Commission ("FCC") attribution rules change. The option would allow LIN Television to acquire the assets or member's interest of the VIE entities for a nominal exercise price, which is significantly less than the carrying value of their tangible and intangible net assets. | ||||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. Our actual results could differ from these estimates. Estimates are used for the allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, assumptions used to determine fair value of financial instruments, amortization and impairment of program rights and intangible assets, share-based compensation and other long-term incentive compensation arrangements, pension costs, barter transactions, income taxes, employee medical insurance claims, useful lives of property and equipment, contingencies, litigation and net assets of businesses acquired. | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents consist of highly liquid, short-term investments that have an original maturity of three months or less when purchased. All of our available cash is on deposit with banking institutions that we believe to be financially sound. We had no material losses on our cash or cash equivalents during 2013. | ||||||||||||
Property and equipment | ||||||||||||
Property and equipment is recorded at cost and is depreciated using the straight-line method over the estimated useful lives of the assets, which are an average of 30 to 40 years for buildings and fixtures, and 3 to 15 years for broadcast and other equipment. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is included in consolidated net income or loss. Expenditures for maintenance and repairs, including expenditures for planned major maintenance activities, are expensed as incurred. We review our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||||||||||
Equity investments | ||||||||||||
Equity investments that we do not have a controlling interest in are accounted for using the equity method. Our share of the net income or loss for these investments, including any equity investment impairments or payments under related guarantees, is included in share of loss from equity investments on our consolidated statement of operations. We review our interest in our equity investments for impairment if there is a series of operating losses or other factors that may indicate that there is a decrease in the value of our investment that is other than temporary. | ||||||||||||
Revenue recognition | ||||||||||||
We recognize local, national and political advertising sales, net of agency commissions, during the period in which the advertisements or programs are aired on our television stations, and when payment is reasonably assured. Internet and mobile advertisement sales are recognized when the advertisement is displayed on our websites or the websites of our advertising network. We recognize retransmission consent fees in the period in which our service is delivered. Revenue generated by our digital companies is recognized over the service delivery period when necessary provisions of the contracts have been met. In addition, for the sale of third-party products and services by our digital companies, we evaluate whether it is appropriate to recognize revenue based on the gross amount billed to the customer or the net amount retained by us. | ||||||||||||
Barter transactions | ||||||||||||
We account for barter transactions at the fair value of the goods or services we receive from our customers, or the advertising time provided, whichever is more clearly indicative of fair value based on the judgment of our management. We record barter advertising revenue at the time the advertisement is aired and barter expense at the time the goods or services are used. We account for barter programs at fair value based on a calculation using the actual cash advertisements we sell within barter programs multiplied by one minus the program profit margin for similar syndicated programs where we pay cash to acquire the program rights. We record barter program revenue and expense when we air the barter program. We do not record barter revenue or expenses related to network programs. Barter revenue and expense included in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Barter revenue | $ | 5,552 | $ | 4,220 | $ | 4,071 | ||||||
Barter expense | (5,455 | ) | (4,176 | ) | (3,967 | ) | ||||||
Advertising expense | ||||||||||||
Advertising costs are expensed as incurred. We incurred advertising costs in the amounts of $3.9 million, $3.1 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Intangible assets | ||||||||||||
Intangible assets primarily include broadcast licenses, network affiliations, customer relationships, completed technology, non-compete agreements and goodwill. | ||||||||||||
We consider our broadcast licenses to be indefinite-lived intangible assets and as a result, we test the impairment of our broadcast licenses annually or whenever events or changes in circumstances indicate that such assets might be impaired. The use of an indefinite life for our broadcast licenses is based on our ability to renew the licenses and that such renewals generally may be obtained indefinitely and at little cost and that the technology used in broadcasting is not expected to be replaced in the foreseeable future. Therefore, cash flows derived from the broadcast licenses are expected to continue indefinitely. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. The impairment test consists of a comparison of the fair value of broadcast licenses with their carrying amount on a station-by-station basis using a discounted cash-flow valuation method, assuming a hypothetical start-up scenario. The future value of our broadcast licenses could be significantly impaired by the loss of the corresponding network affiliation agreements. Accordingly, such an event could trigger an assessment of the carrying value of a broadcast license. | ||||||||||||
We test the impairment of goodwill annually or whenever events or changes in circumstances indicate that goodwill might be impaired. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. Our reporting units are comprised of each of the markets in which our television stations operate, LIN Digital, Nami Media, Dedicated Media, Inc. ("Dedicated Media") and HYFN, Inc. ("HYFN"). The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined through the use of a discounted cash flow analysis. The valuation assumptions used in the discounted cash flow model reflect historical and projected performance of the reporting unit and prevailing values in the markets for similar assets. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by performing a hypothetical purchase price allocation, using the reporting unit's fair value (as determined in step one) as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recognized in an amount equal to that excess, but not more than the carrying value of the goodwill. An impairment assessment could be triggered by a significant reduction, or a forecast of such reductions, in operating results or cash flows at one or more of our reporting units, a significant adverse change in the national or local advertising marketplaces in which our television stations operate, or by adverse changes to FCC ownership rules, among other factors. We recorded an impairment charge during 2011, which is more fully described in Note 6—"Intangible Assets." | ||||||||||||
Long-lived assets | ||||||||||||
We periodically evaluate the net realizable value of long-lived assets, including tangible and intangible assets, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. When evaluating assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future cash flows associated with the asset group (undiscounted and without interest charges). If the estimated future cash flows used in this analysis are less than the carrying amount of the asset group, an impairment loss calculation is prepared. The impairment loss calculation compares the carrying amount of the asset group to the asset group's estimated future cash flows (discounted and with interest charges). If required, an impairment loss is recorded for the portion of the asset group's carrying value that exceeds the asset group's estimated future cash flows. | ||||||||||||
Program rights | ||||||||||||
Program rights are recorded as assets when the license period begins and the programs are delivered to our stations for broadcasting, at the gross amount of the related obligations. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as other current assets, while costs of those programs to be broadcast subsequently are considered non-current. Program costs are charged to operations over their estimated broadcast periods in a manner consistent with actual usage. | ||||||||||||
If the estimated net realizable value of acquired programming rights is less than unamortized cost (i.e. due to poor ratings), we would recognize an impairment charge to reduce the carrying value of the program rights to their net realizable value. | ||||||||||||
Program obligations are classified as current or non-current in accordance with the payment terms of the license agreement. | ||||||||||||
Share-based compensation | ||||||||||||
As of December 31, 2013, we have several share-based employee compensation plans, which are described more fully in Note 9—"Share-Based Compensation." We estimate the fair value of share option awards using a Black-Scholes valuation model. The Black-Scholes valuation model requires us to make assumptions and judgments about the variables used in the calculation, including the option's expected term, the expected volatility of the underlying shares and the number of share option awards that are expected to be forfeited. The expected term represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise patterns. Expected volatility is based on historical trends for our class A common shares over the expected term. Expected forfeitures are estimated using our historical experience. If future changes in estimates differ significantly from our current estimates, our future share-based compensation expense and results of operations could be materially impacted. | ||||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Direct operating | $ | 320 | $ | 270 | $ | 256 | ||||||
Selling, general and administrative | 1,460 | 1,019 | 1,266 | |||||||||
Corporate | 7,594 | 5,568 | 4,654 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Our accounting policy is to follow the tax law ordering approach regarding net operating losses and determining when tax benefits are realized related to excess share option deductions and credited to equity. | ||||||||||||
Income taxes | ||||||||||||
Deferred income taxes are recognized based on temporary differences between the financial statement and the tax basis of assets and liabilities using statutory tax rates in effect in the years in which the temporary differences are expected to reverse. We consider future taxable income and feasible tax planning strategies in assessing the need for establishing or removing a valuation allowance. We record or subsequently remove a valuation allowance to reflect our deferred tax assets to an amount that is more likely than not to be realized. In the event that our determination changes regarding the realization of all or part of our deferred tax assets in the future, an adjustment to the deferred tax asset is recorded to our consolidated statement of operations in the period in which such a determination is made. Due to the change in tax structure as a result of the Merger, we reversed an $18.2 million valuation allowance and recognized a corresponding tax benefit during 2013. For further discussion regarding this reversal, see Note 14 - "Income Taxes." | ||||||||||||
When accounting for uncertainty in income taxes, we follow the prescribed recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. | ||||||||||||
Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Concentration of credit risk with respect to cash and cash equivalents and investments are limited as we maintain primary banking relationships with only large nationally recognized institutions. We evaluated the viability of these institutions as of December 31, 2013 and we believe our risk is minimal. Credit risk with respect to trade receivables is limited, as our trade receivables are primarily related to advertising revenues generated from a large diversified group of local and nationally recognized advertisers and advertising agencies. We do not require collateral or other security against trade receivable balances, however, we do maintain reserves for potential bad debt losses, which are based on historical bad debt experience and an assessment of specific risks, and such reserves and bad debts have been within management's expectations for all years presented. | ||||||||||||
Earnings per share | ||||||||||||
Basic earnings per share ("EPS") is computed by dividing income attributable to common shareholders by the number of weighted-average outstanding common shares. Diluted EPS reflects the effect of the assumed exercise of share options and vesting of restricted shares only in the periods in which such effect would have been dilutive. | ||||||||||||
The following is a reconciliation of the weighted-average common shares outstanding for purposes of calculating basic and diluted income (loss) per common share (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator for earnings per common share calculation: | ||||||||||||
Income (loss) from continuing operations | $ | 156,601 | $ | (17,972 | ) | $ | 49,701 | |||||
Net (loss) income attributable to noncontrolling interest included in continuing operations | (1,512 | ) | (556 | ) | 204 | |||||||
Income (loss) from continuing operations attributable to LIN LLC | 158,113 | (17,416 | ) | 49,497 | ||||||||
Income (loss) from discontinued operations, including gain on sale | — | 10,371 | (920 | ) | ||||||||
Net income (loss) attributable to LIN LLC | $ | 158,113 | $ | (7,045 | ) | $ | 48,577 | |||||
Denominator for earnings per common share calculation: | ||||||||||||
Weighted-average common shares, basic | 52,439 | 54,130 | 55,768 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share options and restricted shares | 3,200 | — | 1,311 | |||||||||
Weighted-average common shares, diluted | 55,639 | 54,130 | 57,079 | |||||||||
We apply the treasury stock method to measure the dilutive effect of our outstanding share options and restricted share awards and include the respective common share equivalents in the denominator of our diluted income per common share calculation. Potentially dilutive securities representing 0.1 million, 1.2 million, and 0.4 million weighted shares of common shares issuable for share options and restricted shares for the years ended December 31, 2013, 2012 and 2011, respectively, were excluded from the computation of diluted income (loss) per common share for these periods because their effect would have been anti-dilutive. The net income (loss) per share amounts are the same for our class A, class B and class C common shares because the holders of each class are legally entitled to equal per share amounts whether through distributions or in liquidation. | ||||||||||||
Fair value of financial instruments | ||||||||||||
Certain financial instruments, including cash and cash equivalents, investments, accounts receivable and accounts payable are carried in the consolidated financial statements at amounts that approximate fair value. For certain financial assets and liabilities recorded at fair value on a recurring basis we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||
Derivative financial instruments | ||||||||||||
Derivatives are required to be recorded as assets or liabilities and measured at fair value. Gains or losses resulting from changes in the fair values of derivatives are recognized immediately or deferred, depending on the use of the derivative and whether or not it qualifies as a hedge. We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative financial instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | ||||||||||||
Retirement plans | ||||||||||||
We have a defined benefit retirement plan covering certain of our employees. Our pension benefit obligations and related costs are calculated using prescribed actuarial concepts. Additionally, we record the unfunded status of our plan on our consolidated balance sheets. Effective April 1, 2009, this plan was frozen and we do not expect to make additional benefit accruals to this plan, however, we continue to fund our existing vested obligations. | ||||||||||||
Redeemable noncontrolling interest | ||||||||||||
The following table presents the activity of the redeemable noncontrolling interest included in our consolidated balance sheets related to Nami Media, HYFN and Dedicated Media, which represents third parties’ proportionate share of our consolidated net assets (in thousands): | ||||||||||||
Redeemable | ||||||||||||
Noncontrolling | ||||||||||||
Interest | ||||||||||||
Acquisition of redeemable noncontrolling interest | $ | 3,503 | ||||||||||
Net loss | (556 | ) | ||||||||||
Share-based compensation | 295 | |||||||||||
Balance as of December 31, 2012 | 3,242 | |||||||||||
Acquisition of redeemable noncontrolling interest | 11,025 | |||||||||||
Net loss | (1,512 | ) | ||||||||||
Share-based compensation | 90 | |||||||||||
Balance as of December 31, 2013 | $ | 12,845 | ||||||||||
Recently issued accounting pronouncements | ||||||||||||
In July 2013 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In July 2012, there were revisions to the accounting standard for impairment tests of indefinite-lived intangible assets other than goodwill. Under the revised standard a company can first perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. A company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets, and can also bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this guidance effective January 1, 2013 and do not expect it to have a material impact on our impairment tests of indefinite-lived intangible assets. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation | ||||||||||||
LIN Television Corporation, a Delaware corporation (“LIN Television”), together with its subsidiaries, is a local multimedia company operating in the United States. LIN Television and its subsidiaries are affiliates of Hicks, Muse & Co. Partners, L.P. (“HMC”). In these notes, the terms “Company,” “we,” “us” or “our” mean LIN Television and all subsidiaries included in our consolidated financial statements. LIN Television is a wholly-owned subsidiary of LIN Media LLC, a Delaware limited liability company (“LIN LLC”). | ||||||||||||
On July 30, 2013, LIN TV Corp., a Delaware corporation (“LIN TV”), completed its merger with and into LIN LLC, a Delaware limited liability company and wholly owned subsidiary of LIN TV, with LIN LLC as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC (the “Merger Agreement”). Entry into the Merger Agreement had previously been announced by LIN TV on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 15, 2013. | ||||||||||||
LIN LLC filed a Current Report on Form 8-K on July 31, 2013 (the “Form 8-K”) for the purpose of establishing LIN LLC as the successor registrant to LIN TV pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to disclose certain related matters, including the consummation of the Merger. Pursuant to Rule 12g-3(a) under the Exchange Act and in accordance with the filing of the Form 8-K, the class A common shares representing limited liability interests in LIN LLC, as the successor registrant to LIN TV, were deemed registered under Section 12(b) of the Exchange Act. References to "LIN LLC," "we," "us," or the "Company" in this Annual Report on Form 10-K that include any period at and before the effectiveness of the Merger shall be deemed to refer to LIN TV as the predecessor registrant to LIN LLC. For more information concerning the effects of the Merger and the succession of LIN LLC to LIN TV upon its effectiveness, please see the Form 8-K. | ||||||||||||
LIN LLC's assets, liabilities, and operations relate solely to the administration of the LIN LLC partnership. LIN LLC guarantees all of our debt. All of the consolidated wholly-owned subsidiaries of LIN Television fully and unconditionally guarantee our Senior Secured Credit Facility, 83/8% Senior Notes due 2018 (the “83/8% Senior Notes”) and 63/8% Senior Notes due 2021 (the “63/8% Senior Notes”) on a joint-and-several basis, subject to customary release provisions. | ||||||||||||
Our consolidated financial statements reflect the operations of WWHO-TV in Columbus, OH and WUPW-TV in Toledo, OH as discontinued for all periods presented. See Note 3—“Discontinued Operations” for further discussion of our discontinued operations. | ||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain changes in classifications have been made to the prior period financial statements to conform to the current financial statement presentation. Our significant accounting policies are described below. | ||||||||||||
The accompanying consolidated financial statements include the accounts of our Company, our wholly-owned and majority-owned and controlled subsidiaries, and variable interest entities ("VIEs") for which we are the primary beneficiary. We review all local marketing agreements (“LMAs”), shared services agreements (“SSAs”) or joint sales agreements (“JSAs”), to evaluate whether consolidation of entities party to such arrangements is required. All intercompany accounts and transactions have been eliminated. We conduct our business through our subsidiaries and have no operations or assets other than our investment in our subsidiaries and equity-method investments. We operate in one reportable segment. | ||||||||||||
Joint Venture Sale Transaction | ||||||||||||
On February 12, 2013, we, along with LIN TV and our wholly-owned subsidiary, LIN Television of Texas, L.P., a Delaware limited partnership (“LIN Texas”) entered into and closed the transactions contemplated by a transaction agreement (the “Transaction Agreement”) with NBC Telemundo License LLC, a Delaware limited liability company (“NBC”), NBCU New LLC I, a Delaware limited liability company, NBCU New LLC II, a Delaware limited liability company, General Electric Company, a New York corporation (“GE”), General Electric Capital Corporation, a Delaware corporation (“GECC” and together with GE, the “GE Parties”), National Broadcasting Company Holding, Inc., a Delaware corporation, Comcast Corporation, a Pennsylvania corporation (“Comcast”), NBCUniversal Media, LLC, a Delaware limited liability company (“NBCUniversal”), Lone Star SPV, LLC, a Delaware limited liability company and Station Venture Holdings, LLC, a Delaware limited liability company (“SVH”). SVH held a 99.75% interest in Station Venture Operations, LP (“SVO”), which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. The Transaction Agreement effected a series of transactions related to the ownership and sale of LIN Texas’s 20.38% equity interest in SVH, a joint venture in which NBC, an affiliate of NBCUniversal, held the remaining 79.62% equity interest (collectively, the “JV Sale Transaction”). | ||||||||||||
SVH was a limited partner in a business that operated an NBC affiliate in Dallas and an NBC affiliate in San Diego pursuant to a management agreement. At the time of LIN Texas’s acquisition of its interest in SVH in 1998, GECC provided secured debt financing to SVH in the form of a $815.5 million non-amortizing senior secured note due 2023 to GECC (the “GECC Note”), and, in connection with SVH’s assumption of the GECC Note, LIN TV guaranteed the payment of the full amount of principal and interest on the GECC Note (the “GECC Guarantee”). | ||||||||||||
In addition, during 2009, 2010, 2011 and 2012, we entered into agreements with SVH, the GE Parties and NBCUniversal pursuant to which LIN Television, the GE Parties and NBCUniversal caused to be provided to SVH certain unsecured shortfall funding loans (the “Shortfall Funding Loans”) on the basis of each party’s percentage of equity interest in SVH in order to fund interest payments on the GECC Note. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the GECC Guarantee and recorded the related tax effects of the JV Sale Transaction and the capital contribution in our consolidated financial statements as of December 31, 2012 because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million incremental term loan facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million capital contribution. As a result of the JV Sale Transaction, LIN TV, after utilizing all of its available federal net operating loss carryforwards to offset the taxable gain recognized in such transaction, we had a $162.8 million income tax payable associated with this transaction remaining, $131.5 million of which was extinguished as a result of the closing of the transactions contemplated by the Merger Agreement further described below. | ||||||||||||
Concurrent with the closing of the JV Sale Transaction, LIN TV entered into the Merger Agreement with LIN LLC as described above. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes, and the change in classification was treated as a liquidation of LIN TV for federal income tax purposes, and LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss in the amount of approximately $343 million, which represented the difference between its tax basis in the stock of LIN Television, and the fair market value of such stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and, we realized cash savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
Variable Interest Entities | ||||||||||||
In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. | ||||||||||||
We have a JSA and an SSA with WBDT Television, LLC ("WBDT"), a third party licensee, for WBDT-TV in the Dayton, OH market. We also have JSAs and SSAs with affiliates of Vaughan Acquisition LLC ("Vaughan"), a third party licensee, for WTGS-TV in the Savannah, GA market, WYTV-TV in the Youngstown, OH market and KTKA-TV in the Topeka, KS market and SSAs with KASY-TV Licensee, LLC ("KASY"), a third-party licensee, for KWBQ-TV in the Santa Fe, NM market, KRWB-TV in the Roswell, NM market and KASY-TV in the Albuquerque, NM market. Under these agreements, we provide administrative services to these stations, have an obligation to reimburse certain of the stations' expenses, and we are compensated through a performance-based fee structure that provides us the benefit of certain returns from the operation of these stations. | ||||||||||||
We determined that WBDT, Vaughan and KASY are VIEs and as a result of the JSAs and/or SSAs, we have variable interests in these entities. We are the primary beneficiary of these entities, and therefore, we consolidate these entities within our consolidated financial statements. | ||||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
The assets of our consolidated VIEs can only be used to settle the obligations of the VIEs, and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other liabilities of $47.8 million and $50.4 million as of December 31, 2013 and 2012, respectively, serve to reduce the carrying value of the entities and are eliminated in our consolidated financial statements. This reflects the fact that as of December 31, 2013 and 2012, LIN Television has an option that it may exercise if the Federal Communications Commission ("FCC") attribution rules change. The option would allow LIN Television to acquire the assets or member's interest of the VIE entities for a nominal exercise price, which is significantly less than the carrying value of their tangible and intangible net assets. | ||||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. Our actual results could differ from these estimates. Estimates are used for the allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, assumptions used to determine fair value of financial instruments, amortization and impairment of program rights and intangible assets, share-based compensation and other long-term incentive compensation arrangements, pension costs, barter transactions, income taxes, employee medical insurance claims, useful lives of property and equipment, contingencies, litigation and net assets of businesses acquired. | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents consist of highly liquid, short-term investments that have an original maturity of three months or less when purchased. All of our available cash is on deposit with banking institutions that we believe to be financially sound. We had no material losses on our cash or cash equivalents during 2013. | ||||||||||||
Property and equipment | ||||||||||||
Property and equipment is recorded at cost and is depreciated using the straight-line method over the estimated useful lives of the assets, which are an average of 30 to 40 years for buildings and fixtures, and 3 to 15 years for broadcast and other equipment. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is included in consolidated net income or loss. Expenditures for maintenance and repairs, including expenditures for planned major maintenance activities, are expensed as incurred. We review our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||||||||||
Equity investments | ||||||||||||
Equity investments that we do not have a controlling interest in are accounted for using the equity method. Our share of the net income or loss for these investments, including any equity investment impairments or payments under related guarantees, is included in share of loss from equity investments on our consolidated statement of operations. We review our interest in our equity investments for impairment if there is a series of operating losses or other factors that may indicate that there is a decrease in the value of our investment that is other than temporary. | ||||||||||||
Revenue recognition | ||||||||||||
We recognize local, national and political advertising sales, net of agency commissions, during the period in which the advertisements or programs are aired on our television stations, and when payment is reasonably assured. Internet and mobile advertisement sales are recognized when the advertisement is displayed on our websites or the websites of our advertising network. We recognize retransmission consent fees in the period in which our service is delivered. Revenue generated by our digital companies is recognized over the service delivery period when necessary provisions of the contracts have been met. In addition, for the sale of third-party products and services by our digital companies, we evaluate whether it is appropriate to recognize revenue based on the gross amount billed to the customer or the net amount retained by us. | ||||||||||||
Barter transactions | ||||||||||||
We account for barter transactions at the fair value of the goods or services we receive from our customers, or the advertising time provided, whichever is more clearly indicative of fair value based on the judgment of our management. We record barter advertising revenue at the time the advertisement is aired and barter expense at the time the goods or services are used. We account for barter programs at fair value based on a calculation using the actual cash advertisements we sell within barter programs multiplied by one minus the program profit margin for similar syndicated programs where we pay cash to acquire the program rights. We record barter program revenue and expense when we air the barter program. We do not record barter revenue or expenses related to network programs. Barter revenue and expense included in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Barter revenue | $ | 5,552 | $ | 4,220 | $ | 4,071 | ||||||
Barter expense | (5,455 | ) | (4,176 | ) | (3,967 | ) | ||||||
Advertising expense | ||||||||||||
Advertising costs are expensed as incurred. We incurred advertising costs in the amounts of $3.9 million, $3.1 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Intangible assets | ||||||||||||
Intangible assets primarily include broadcast licenses, network affiliations, customer relationships, completed technology, non-compete agreements and goodwill. | ||||||||||||
We consider our broadcast licenses to be indefinite-lived intangible assets and as a result, we test the impairment of our broadcast licenses annually or whenever events or changes in circumstances indicate that such assets might be impaired. The use of an indefinite life for our broadcast licenses is based on our ability to renew the licenses and that such renewals generally may be obtained indefinitely and at little cost and that the technology used in broadcasting is not expected to be replaced in the foreseeable future. Therefore, cash flows derived from the broadcast licenses are expected to continue indefinitely. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. The impairment test consists of a comparison of the fair value of broadcast licenses with their carrying amount on a station-by-station basis using a discounted cash-flow valuation method, assuming a hypothetical start-up scenario. The future value of our broadcast licenses could be significantly impaired by the loss of the corresponding network affiliation agreements. Accordingly, such an event could trigger an assessment of the carrying value of a broadcast license. | ||||||||||||
We test the impairment of goodwill annually or whenever events or changes in circumstances indicate that goodwill might be impaired. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. Our reporting units are comprised of each of the markets in which our television stations operate, LIN Digital, Nami Media, Dedicated Media, Inc. ("Dedicated Media") and HYFN, Inc. ("HYFN"). The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined through the use of a discounted cash flow analysis. The valuation assumptions used in the discounted cash flow model reflect historical and projected performance of the reporting unit and prevailing values in the markets for similar assets. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by performing a hypothetical purchase price allocation, using the reporting unit's fair value (as determined in step one) as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recognized in an amount equal to that excess, but not more than the carrying value of the goodwill. An impairment assessment could be triggered by a significant reduction, or a forecast of such reductions, in operating results or cash flows at one or more of our reporting units, a significant adverse change in the national or local advertising marketplaces in which our television stations operate, or by adverse changes to FCC ownership rules, among other factors. We recorded an impairment charge during 2011, which is more fully described in Note 6 -"Intangible Assets." | ||||||||||||
Long-lived assets | ||||||||||||
We periodically evaluate the net realizable value of long-lived assets, including tangible and intangible assets, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. When evaluating assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future cash flows associated with the asset group (undiscounted and without interest charges). If the estimated future cash flows used in this analysis are less than the carrying amount of the asset group, an impairment loss calculation is prepared. The impairment loss calculation compares the carrying amount of the asset group to the asset group's estimated future cash flows (discounted and with interest charges). If required, an impairment loss is recorded for the portion of the asset group's carrying value that exceeds the asset group's estimated future cash flows. | ||||||||||||
Program rights | ||||||||||||
Program rights are recorded as assets when the license period begins and the programs are delivered to our stations for broadcasting, at the gross amount of the related obligations. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as other current assets, while costs of those programs to be broadcast subsequently are considered non-current. Program costs are charged to operations over their estimated broadcast periods in a manner consistent with actual usage. | ||||||||||||
If the estimated net realizable value of acquired programming rights is less than unamortized cost (i.e. due to poor ratings), we would recognize an impairment charge to reduce the carrying value of the program rights to their net realizable value. | ||||||||||||
Program obligations are classified as current or non-current in accordance with the payment terms of the license agreement. | ||||||||||||
Share-based compensation | ||||||||||||
As of December 31, 2013, we have several share-based employee compensation plans, which are described more fully in Note 9—"Share-Based Compensation." We estimate the fair value of share option awards using a Black-Scholes valuation model. The Black-Scholes valuation model requires us to make assumptions and judgments about the variables used in the calculation, including the option's expected term, the expected volatility of the underlying shares and the number of share option awards that are expected to be forfeited. The expected term represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise patterns. Expected volatility is based on historical trends for LIN LLC's class A common shares over the expected term. Expected forfeitures are estimated using our historical experience. If future changes in estimates differ significantly from our current estimates, our future share-based compensation expense and results of operations could be materially impacted. | ||||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Direct operating | $ | 320 | $ | 270 | $ | 256 | ||||||
Selling, general and administrative | 1,460 | 1,019 | 1,266 | |||||||||
Corporate | 7,594 | 5,568 | 4,654 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Our accounting policy is to follow the tax law ordering approach regarding net operating losses and determining when tax benefits are realized related to excess share option deductions and credited to paid-in capital. | ||||||||||||
Income taxes | ||||||||||||
Deferred income taxes are recognized based on temporary differences between the financial statement and the tax basis of assets and liabilities using statutory tax rates in effect in the years in which the temporary differences are expected to reverse. We consider future taxable income and feasible tax planning strategies in assessing the need for establishing or removing a valuation allowance. We record or subsequently remove a valuation allowance to reflect our deferred tax assets to an amount that is more likely than not to be realized. In the event that our determination changes regarding the realization of all or part of our deferred tax assets in the future, an adjustment to the deferred tax asset is recorded to our consolidated statement of operations in the period in which such a determination is made. Due to the change in tax structure as a result of the Merger, we reversed an$18.2 million valuation allowance and recognized a corresponding tax benefit during 2013. For further discussion regarding this reversal, see Note 14 - "Income Taxes." | ||||||||||||
When accounting for uncertainty in income taxes, we follow the prescribed recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. | ||||||||||||
Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Concentration of credit risk with respect to cash and cash equivalents and investments are limited as we maintain primary banking relationships with only large nationally recognized institutions. We evaluated the viability of these institutions as of December 31, 2013 and we believe our risk is minimal. Credit risk with respect to trade receivables is limited, as our trade receivables are primarily related to advertising revenues generated from a large diversified group of local and nationally recognized advertisers and advertising agencies. We do not require collateral or other security against trade receivable balances, however, we do maintain reserves for potential bad debt losses, which are based on historical bad debt experience and an assessment of specific risks, and such reserves and bad debts have been within management's expectations for all years presented. | ||||||||||||
Fair value of financial instruments | ||||||||||||
Certain financial instruments, including cash and cash equivalents, investments, accounts receivable and accounts payable are carried in the consolidated financial statements at amounts that approximate fair value. For certain financial assets and liabilities recorded at fair value on a recurring basis we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||
Derivative financial instruments | ||||||||||||
Derivatives are required to be recorded as assets or liabilities and measured at fair value. Gains or losses resulting from changes in the fair values of derivatives are recognized immediately or deferred, depending on the use of the derivative and whether or not it qualifies as a hedge. We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative financial instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | ||||||||||||
Retirement plans | ||||||||||||
We have a defined benefit retirement plan covering certain of our employees. Our pension benefit obligations and related costs are calculated using prescribed actuarial concepts. Additionally, we record the unfunded status of our plan on our consolidated balance sheets. Effective April 1, 2009, this plan was frozen and we do not expect to make additional benefit accruals to this plan, however, we continue to fund our existing vested obligations. | ||||||||||||
Redeemable noncontrolling interest | ||||||||||||
The following table presents the activity of the redeemable noncontrolling interest included in our consolidated balance sheets related to Nami Media, HYFN and Dedicated Media, which represents third parties’ proportionate share of our consolidated net assets (in thousands): | ||||||||||||
Redeemable | ||||||||||||
Noncontrolling | ||||||||||||
Interest | ||||||||||||
Acquisition of redeemable noncontrolling interest | $ | 3,503 | ||||||||||
Net loss | (556 | ) | ||||||||||
Share-based compensation | 295 | |||||||||||
Balance as of December 31, 2012 | 3,242 | |||||||||||
Acquisition of redeemable noncontrolling interest | 11,025 | |||||||||||
Net loss | (1,512 | ) | ||||||||||
Share-based compensation | 90 | |||||||||||
Balance as of December 31, 2013 | $ | 12,845 | ||||||||||
Recently issued accounting pronouncements | ||||||||||||
In July 2013 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In July 2012, there were revisions to the accounting standard for impairment tests of indefinite-lived intangible assets other than goodwill. Under the revised standard a company can first perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. A company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets, and can also bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this guidance effective January 1, 2013 and do not expect it to have a material impact on our impairment tests of indefinite-lived intangible assets. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Entity Information [Line Items] | ' | |||||||
Acquisitions | ' | |||||||
Acquisitions | ||||||||
Federated Media Publishing, Inc. | ||||||||
On February 3, 2014, LIN Digital Media LLC, a wholly owned subsidiary of LIN Television, acquired 100% of the capital stock of Federated Media Publishing, Inc. ("Federated Media"), which we subsequently converted into a Delaware limited liability company. Federated Media is a digital content and conversational marketing company that leverages the relationships and content from its publishing network to deliver contextually relevant advertising and conversational and engagement tools that reach agencies’ and brands’ targeted audiences across digital and social media platforms. The purchase price totaled $22.4 million plus an adjustment for working capital delivered at closing and was funded from cash on hand and amounts drawn on our revolving credit facility. | ||||||||
We are in the process of making preliminary estimates of the fair value of the assets acquired and liabilities assumed of Federated Media, utilizing information available at the time of this report and these estimates are subject to refinement until all pertinent information has been obtained. We expect to complete the process of finalizing the purchase accounting and final estimates of fair value of assets and liabilities during the twelve months following the acquisition. | ||||||||
Dedicated Media, Inc. | ||||||||
On April 9, 2013, LIN Television acquired a 60% interest (calculated on a fully diluted basis) in Dedicated Media, a multi-channel advertisement buying and optimization company. Dedicated Media employs new technologies to create, plan and execute digital marketing campaigns on behalf of its clients. The purchase price totaled $5.8 million, which was funded from cash on hand at the time of the acquisition. | ||||||||
Under the terms of our agreement with Dedicated Media, we agreed to purchase the remaining outstanding shares of Dedicated Media by no later than February 15, 2015 if Dedicated Media achieves both (i) a target earnings before interest, taxes, depreciation and amortization (“EBITDA”) and (ii) a target gross profit in 2014, as outlined in the purchase agreement. The purchase price of these shares is based on multiples of Dedicated Media’s 2014 EBITDA and gross profit. Our maximum potential obligation under the purchase agreement is $26 million. If Dedicated Media does not meet the target EBITDA or target gross profit in 2014, we have the option to purchase the remaining outstanding shares using the same purchase price multiple. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 7,315 | ||||||
Equipment | 99 | |||||||
Definite-lived intangible assets | 4,620 | |||||||
Goodwill | 1,854 | |||||||
Current liabilities | (4,302 | ) | ||||||
Noncontrolling interest | (3,834 | ) | ||||||
Total | $ | 5,752 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $3.9 million, completed technology of $0.5 million, and trademarks of $0.2 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 8 years for customer relationships, 4 years for completed technology and 2 years for trademarks. | ||||||||
HYFN, Inc. | ||||||||
On April 4, 2013, LIN Television acquired a 50.1% interest (calculated on a fully diluted basis) in HYFN, a full service digital advertising agency specializing in the planning, development, deployment and support for websites, mobile sites, interactive banners, games and various applications for multiple devices. The purchase price totaled $7.2 million, $6.9 million of which was funded from cash on hand and $0.3 million was accrued at the time of the acquisition and was subsequently paid in accordance with the provisions of the purchase agreement during the first quarter of 2014. | ||||||||
Under the terms of our agreement with HYFN, we agreed to purchase the remaining outstanding shares of HYFN by no later than February 15, 2016 if HYFN achieves both (i) a target EBITDA and (ii) target net revenues in 2015, as outlined in the transaction agreements. The purchase price of these shares is based on multiples of HYFN’s 2015 net revenue and EBITDA. Our maximum potential obligation under the terms of our agreement is approximately $62.4 million. If HYFN does not meet the target EBITDA or target net revenues in 2015, we have the option to purchase the remaining outstanding shares using the same purchase price multiple. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 3,759 | ||||||
Non-current assets | 13 | |||||||
Equipment | 179 | |||||||
Definite-lived intangible assets | 3,580 | |||||||
Goodwill | 9,160 | |||||||
Current liabilities | (920 | ) | ||||||
Non-current liabilities | (1,361 | ) | ||||||
Noncontrolling interest | (7,191 | ) | ||||||
Total | $ | 7,219 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $2.4 million, completed technology of $1.1 million, and trademarks of $0.1 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 8 years for customer relationships, 3 years for completed technology and 3 years for trademarks. | ||||||||
Goodwill of $1.9 million and $9.2 million is the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired, and primarily represents the benefits of the incremental revenue we expect to generate from the acquisitions of Dedicated Media and HYFN, respectively. None of the goodwill recognized in connection with the acquisitions of Dedicated Media and HYFN is deductible for tax purposes. | ||||||||
Our obligations to purchase the noncontrolling interest holders’ shares of both Dedicated Media and HYFN are outside of our control, because they are based on the achievement of certain financial targets described above. Therefore, the noncontrolling interest related to Dedicated Media and HYFN as of December 31, 2013 has been reported as redeemable noncontrolling interest and classified as temporary equity on our consolidated balance sheets. As of the acquisition dates, the fair values of the noncontrolling interests were $3.8 million and $7.2 million for Dedicated Media and HYFN, respectively, and were measured based on the purchase prices for our 60% and 50.1% ownership interest in Dedicated Media and HYFN, respectively, and the net assets acquired as of the acquisition dates. As of December 31, 2013, we believe that achievement of the financial targets is not yet probable and therefore, have not reflected these obligations in our consolidated financial statements. | ||||||||
If we do not purchase the remaining outstanding shares of Dedicated Media or HYFN by the dates set forth in the respective purchase agreements, the noncontrolling interest holders have the right to purchase our interest. The purchase price of these shares is based on the same purchase price multiple described above and is exercisable only if the applicable financial targets are not met and we do not elect to purchase the remaining interest. The fair value of our elective purchase options, and the fair value of the options held by the noncontrolling interest holders is zero and no amounts related to these options are included in our consolidated financial statements as of December 31, 2013. | ||||||||
Net revenues and operating loss of HYFN and Dedicated Media included in our consolidated statements of operations for the year ended December 31, 2013 were $24.2 million and $(2.8) million, respectively. | ||||||||
New Vision Acquisition | ||||||||
On October 12, 2012, LIN Television completed its acquisition of television stations in eight markets that were previously owned by affiliates of New Vision Television, LLC ("New Vision") for $334.9 million, subject to certain post-closing adjustments, and including the assumption of $14.3 million of finance lease obligations. Concurrent with the acquisition, Vaughan, a third-party licensee, completed its acquisition of separately owned television stations (the "Vaughan Acquired Stations") in three markets for $4.6 million from PBC Broadcasting, LLC ("PBC"). | ||||||||
LIN Television also agreed to provide certain services to the Vaughan Acquired Stations pursuant to SSAs with Vaughan. Under the SSAs with Vaughan, we provide sales, administrative and technical services, supporting the business and operation of the Vaughan Acquired Stations in exchange for commissions and fees that provide us the benefit of certain returns from the business of the Vaughan Acquired Stations. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and Vaughan in the acquisition (in thousands): | ||||||||
Program rights assets | $ | 2,040 | ||||||
Property and equipment | 100,124 | |||||||
Broadcast licenses | 133,120 | |||||||
Definite-lived intangible assets | 55,837 | |||||||
Goodwill | 65,024 | |||||||
Current liabilities | (417 | ) | ||||||
Non-current liabilities | (2,239 | ) | ||||||
Long-term debt assumed | (13,989 | ) | ||||||
Total | $ | 339,500 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of network affiliations of $30.8 million, favorable leases of $8.6 million, advertiser relationships of $6.1 million, retransmission consent agreements of $7 million, and other intangible assets of $3.3 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 2 years for network affiliations, 32 years for favorable leases, 10 years for advertiser relationships, 5 years for retransmission consent agreements, and a weighted average life of 6 years for other intangible assets. | ||||||||
The results of operations for the year ended December 31, 2012 include the results of the New Vision stations since October 12, 2012. Net revenues and operating income of the television stations acquired during 2012 included in our consolidated statements of operations for the year ended December 31, 2012 were $40 million and $11.2 million, respectively. | ||||||||
Pro Forma Information | ||||||||
The following table sets forth unaudited pro forma results of operations, assuming that the acquisition of the television stations from New Vision, along with transactions necessary to finance the acquisition, occurred on January 1, 2011 (in thousands): | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 658,163 | $ | 514,340 | ||||
Net (loss) income | $ | (11,720 | ) | $ | 23,950 | |||
Basic (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.43 | |||
Diluted (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.42 | |||
This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we operated the businesses since January 1, 2011. The pro forma adjustments reflect depreciation expense, amortization of intangibles and amortization of program contract costs related to the fair value adjustments of the assets acquired, additional interest expense related to the financing of the transactions, exclusion of nonrecurring financing and transaction related costs and the related tax effects of the adjustments. | ||||||||
In connection with the acquisition of television stations from New Vision, we and New Vision incurred a combined total of $7.3 million of transaction related costs primarily related to legal and other professional services. These costs were not included in the 2012 pro forma amounts. The 2011 pro forma net income was adjusted to include these costs, as they are directly attributable to the acquisition. | ||||||||
ACME Television Acquisition | ||||||||
On December 10, 2012, LIN Television acquired certain assets of the ACME Television, LLC ("ACME") television stations KWBQ-TV, KRWB-TV and KASY-TV (collectively the "Acquired Stations"), each of which serves the Albuquerque-Santa Fe, NM market. KASY-TV Licensee, LLC ("KASY"), an unrelated third party, acquired the remaining assets of the Acquired Stations, including the FCC license. The aggregate purchase price for the Acquired Stations was $19 million, of which we paid approximately $17.3 million and KASY paid approximately $1.7 million. | ||||||||
LIN Television also agreed to provide certain services to the Acquired Stations pursuant to shared services arrangements with KASY. Under the shared services arrangements with KASY, we provide sales, administrative and technical services, supporting the business and operation of the Acquired Stations in exchange for commissions and fees that provide us the benefit of certain returns from the business of the Acquired Stations. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and KASY in the acquisitions (in thousands): | ||||||||
Current assets | $ | 1,656 | ||||||
Non-current assets | 1,968 | |||||||
Other intangible assets | 12,898 | |||||||
Goodwill | 5,331 | |||||||
Non-current liabilities | (2,858 | ) | ||||||
Total | $ | 18,995 | ||||||
Goodwill of $65 million and $5.3 million is the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired, and primarily represents the benefits of synergies and economies of scale we expect to realize from the acquisitions of the television stations from New Vision and ACME, respectively. All of the goodwill recognized in connection with the acquisitions of New Vision and ACME is deductible for tax purposes. | ||||||||
During the year ended December 31, 2013, certain measurement period adjustments were made to the initial allocation performed in the fourth quarter of 2012 for the New Vision and ACME acquisitions, which were not material to the consolidated financial statements. | ||||||||
Nami Media, Inc. | ||||||||
On November 22, 2011, LIN Television acquired a 57.6% interest (a 50.1% interest calculated on a fully diluted basis) in Nami Media Inc. ("Nami Media"), a digital advertising management and technology company. During 2013, Nami Media did not achieve the minimum threshold of earnings before interest, taxes, depreciation and amortization ("EBITDA") required to obligate LIN LLC to acquire the remaining outstanding shares. As of the date of this report, we have not exercised our option to acquire the remaining outstanding shares. | ||||||||
LIN Television | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Acquisitions | ' | |||||||
Acquisitions | ||||||||
Federated Media Publishing, Inc. | ||||||||
On February 3, 2014, LIN Digital Media LLC, a wholly owned subsidiary of LIN Television, acquired 100% of the capital stock of Federated Media Publishing, Inc. ("Federated Media"). Federated Media is a digital content and conversational marketing company that leverages the relationships and content from its publishing network to deliver contextually relevant advertising and conversational and engagement tools that reach agencies’ and brands’ targeted audiences across digital and social media platforms. The purchase price totaled $22.4 million plus an adjustment for working capital delivered at closing and was funded from cash on hand and amounts drawn on our revolving credit facility. | ||||||||
We are in the process of making preliminary estimates of the fair value of the assets acquired and liabilities assumed of Federated Media, utilizing information available at the time of this report and these estimates are subject to refinement until all pertinent information has been obtained. We expect to complete the process of finalizing the purchase accounting and final estimates of fair value of assets and liabilities during the twelve months following the acquisition. | ||||||||
Dedicated Media, Inc. | ||||||||
On April 9, 2013, we acquired a 60% interest (calculated on a fully diluted basis) in Dedicated Media, a multi-channel advertisement buying and optimization company. Dedicated Media employs new technologies to create, plan and execute digital marketing campaigns on behalf of its clients. The purchase price totaled $5.8 million, which was funded from cash on hand at the time of the acquisition. | ||||||||
Under the terms of our agreement with Dedicated Media, we agreed to purchase the remaining outstanding shares of Dedicated Media by no later than February 15, 2015 if Dedicated Media achieves both (i) a target earnings before interest, taxes, depreciation and amortization (“EBITDA”) and (ii) a target gross profit in 2014, as outlined in the purchase agreement. The purchase price of these shares is based on multiples of Dedicated Media’s 2014 EBITDA and gross profit. Our maximum potential obligation under the purchase agreement is $26 million. If Dedicated Media does not meet the target EBITDA or target gross profit in 2014, we have the option to purchase the remaining outstanding shares using the same purchase price multiple. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 7,315 | ||||||
Equipment | 99 | |||||||
Definite-lived intangible assets | 4,620 | |||||||
Goodwill | 1,854 | |||||||
Current liabilities | (4,302 | ) | ||||||
Noncontrolling interest | (3,834 | ) | ||||||
Total | $ | 5,752 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $3.9 million, completed technology of $0.5 million, and trademarks of $0.2 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 8 years for customer relationships, 4 years for completed technology and 2 years for trademarks. | ||||||||
HYFN, Inc. | ||||||||
On April 4, 2013, we acquired a 50.1% interest (calculated on a fully diluted basis) in HYFN, a full service digital advertising agency specializing in the planning, development, deployment and support for websites, mobile sites, interactive banners, games and various applications for multiple devices. The purchase price totaled $7.2 million, $6.9 million of which was funded from cash on hand and $0.3 million was accrued at the time of the acquisition and was subsequently paid in accordance with the provisions of the purchase agreement during the first quarter of 2014. | ||||||||
Under the terms of our agreement with HYFN, we agreed to purchase the remaining outstanding shares of HYFN by no later than February 15, 2016 if HYFN achieves both (i) a target EBITDA and (ii) target net revenues in 2015, as outlined in the transaction agreements. The purchase price of these shares is based on multiples of HYFN’s 2015 net revenue and EBITDA. Our maximum potential obligation under the terms of our agreement is approximately $62.4 million. If HYFN does not meet the target EBITDA or target net revenues in 2015, we have the option to purchase the remaining outstanding shares using the same purchase price multiple. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 3,759 | ||||||
Non-current assets | 13 | |||||||
Equipment | 179 | |||||||
Definite-lived intangible assets | 3,580 | |||||||
Goodwill | 9,160 | |||||||
Current liabilities | (920 | ) | ||||||
Non-current liabilities | (1,361 | ) | ||||||
Noncontrolling interest | (7,191 | ) | ||||||
Total | $ | 7,219 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $2.4 million, completed technology of $1.1 million, and trademarks of $0.1 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 8 years for customer relationships, 3 years for completed technology and 3 years for trademarks. | ||||||||
Goodwill of $1.9 million and $9.2 million is the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired, and primarily represents the benefits of the incremental revenue we expect to generate from the acquisitions of Dedicated Media and HYFN, respectively. None of the goodwill recognized in connection with the acquisitions of Dedicated Media and HYFN is deductible for tax purposes. | ||||||||
Our obligations to purchase the noncontrolling interest holders’ shares of both Dedicated Media and HYFN are outside of our control, because they are based on the achievement of certain financial targets described above. Therefore, the noncontrolling interest related to Dedicated Media and HYFN as of December 31, 2013 has been reported as redeemable noncontrolling interest and classified as temporary equity on our consolidated balance sheets. As of the acquisition dates, the fair values of the noncontrolling interests were $3.8 million and $7.2 million for Dedicated Media and HYFN, respectively, and were measured based on the purchase prices for our 60% and 50.1% ownership interest in Dedicated Media and HYFN, respectively, and the net assets acquired as of the acquisition dates. As of December 31, 2013, we believe that achievement of the financial targets is not yet probable and therefore, have not reflected these obligations in our consolidated financial statements. | ||||||||
If we do not purchase the remaining outstanding shares of Dedicated Media or HYFN by the dates set forth in the respective purchase agreements, the noncontrolling interest holders have the right to purchase our interest. The purchase price of these shares is based on the same purchase price multiple described above and is exercisable only if the applicable financial targets are not met and we do not elect to purchase the remaining interest. The fair value of our elective purchase options, and the fair value of the options held by the noncontrolling interest holders is zero and no amounts related to these options are included in our consolidated financial statements as of December 31, 2013. | ||||||||
Net revenues and operating loss of HYFN and Dedicated Media included in our consolidated statements of operations for the year ended December 31, 2013 were $24.2 million and $(2.8) million, respectively. | ||||||||
New Vision Acquisition | ||||||||
On October 12, 2012, we completed our acquisition of television stations in eight markets that were previously owned by affiliates of New Vision Television, LLC ("New Vision") for $334.9 million, subject to certain post-closing adjustments, and including the assumption of $14.3 million of finance lease obligations. Concurrent with the acquisition, Vaughan, a third-party licensee, completed its acquisition of separately owned television stations (the "Vaughan Acquired Stations") in three markets for $4.6 million from PBC Broadcasting, LLC ("PBC"). | ||||||||
We also agreed to provide certain services to the Vaughan Acquired Stations pursuant to SSAs with Vaughan. Under the SSAs with Vaughan, we provide sales, administrative and technical services, supporting the business and operation of the Vaughan Acquired Stations in exchange for commissions and fees that provide us the benefit of certain returns from the business of the Vaughan Acquired Stations. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and Vaughan in the acquisition (in thousands): | ||||||||
Program rights assets | $ | 2,040 | ||||||
Property and equipment | 100,124 | |||||||
Broadcast licenses | 133,120 | |||||||
Definite-lived intangible assets | 55,837 | |||||||
Goodwill | 65,024 | |||||||
Current liabilities | (417 | ) | ||||||
Non-current liabilities | (2,239 | ) | ||||||
Long-term debt assumed | (13,989 | ) | ||||||
Total | $ | 339,500 | ||||||
The amount allocated to definite-lived intangible assets represents the estimated fair values of network affiliations of $30.8 million, favorable leases of $8.6 million, advertiser relationships of $6.1 million, retransmission consent agreements of $7 million, and other intangible assets of $3.3 million. These intangible assets will be amortized over the estimated remaining useful lives of approximately 2 years for network affiliations, 32 years for favorable leases, 10 years for advertiser relationships, 5 years for retransmission consent agreements, and a weighted average life of 6 years for other intangible assets. | ||||||||
The results of operations for the year ended December 31, 2012 include the results of the New Vision stations since October 12, 2012. Net revenues and operating income of the television stations acquired during 2012 included in our consolidated statements of operations for the year ended December 31, 2012 were $40 million and $11.2 million, respectively. | ||||||||
Pro Forma Information | ||||||||
The following table sets forth unaudited pro forma results of operations, assuming that the acquisition of the television stations from New Vision, along with transactions necessary to finance the acquisition, occurred on January 1, 2011 (in thousands): | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 658,163 | $ | 514,340 | ||||
Net (loss) income | $ | (11,720 | ) | $ | 23,950 | |||
Basic (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.43 | |||
Diluted (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.42 | |||
This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we operated the businesses since January 1, 2011. The pro forma adjustments reflect depreciation expense, amortization of intangibles and amortization of program contract costs related to the fair value adjustments of the assets acquired, additional interest expense related to the financing of the transactions, exclusion of nonrecurring financing and transaction related costs and the related tax effects of the adjustments. | ||||||||
In connection with the acquisition of television stations from New Vision, we and New Vision incurred a combined total of $7.3 million of transaction related costs primarily related to legal and other professional services. These costs were not included in the 2012 pro forma amounts. The 2011 pro forma net income was adjusted to include these costs, as they are directly attributable to the acquisition. | ||||||||
ACME Television Acquisition | ||||||||
On December 10, 2012, we acquired certain assets of the ACME Television, LLC ("ACME") television stations KWBQ-TV, KRWB-TV and KASY-TV (collectively the "Acquired Stations"), each of which serves the Albuquerque-Santa Fe, NM market. KASY-TV Licensee, LLC ("KASY"), an unrelated third party, acquired the remaining assets of the Acquired Stations, including the FCC license. The aggregate purchase price for the Acquired Stations was $19 million, of which we paid approximately $17.3 million and KASY paid approximately $1.7 million. | ||||||||
We also agreed to provide certain services to the Acquired Stations pursuant to shared services arrangements with KASY. Under the shared services arrangements with KASY, we provide sales, administrative and technical services, supporting the business and operation of the Acquired Stations in exchange for commissions and fees that provide us the benefit of certain returns from the business of the Acquired Stations. | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and KASY in the acquisitions (in thousands): | ||||||||
Current assets | $ | 1,656 | ||||||
Non-current assets | 1,968 | |||||||
Other intangible assets | 12,898 | |||||||
Goodwill | 5,331 | |||||||
Non-current liabilities | (2,858 | ) | ||||||
Total | $ | 18,995 | ||||||
Goodwill of $65 million and $5.3 million is the excess of the aggregate purchase price over the fair value of the identifiable net assets acquired, and primarily represents the benefits of synergies and economies of scale we expect to realize from the acquisitions of the television stations from New Vision and ACME, respectively. All of the goodwill recognized in connection with the acquisitions of New Vision and ACME is deductible for tax purposes. | ||||||||
During the year ended December 31, 2013, certain measurement period adjustments were made to the initial allocation performed in the fourth quarter of 2012 for the New Vision and ACME acquisitions, which were not material to the consolidated financial statements. | ||||||||
Nami Media, Inc. | ||||||||
On November 22, 2011, we acquired a 57.6% interest (a 50.1% interest calculated on a fully diluted basis) in Nami Media Inc. ("Nami Media"), a digital advertising management and technology company. During 2013, Nami Media did not achieve the minimum threshold of earnings before interest, taxes, depreciation and amortization ("EBITDA") required to obligate us to acquire the remaining outstanding shares. As of the date of this report, we have not exercised our option to acquire the remaining outstanding shares. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
WWHO-TV | |||||||||||||||||||||||||
On February 16, 2012, we completed the sale of substantially all of the assets of WWHO-TV, our CW affiliate serving Columbus, OH. During the year ended December 31, 2012, we recorded a loss on the sale of WWHO-TV of $0.4 million ($0.3 million, net of tax). | |||||||||||||||||||||||||
WUPW-TV | |||||||||||||||||||||||||
On April 21, 2012, we completed the sale of substantially all of the assets of WUPW-TV to WUPW, LLC. During the year ended December 31, 2012, we recorded a gain on the sale of WUPW-TV of $18 million ($11.7 million, net of tax). | |||||||||||||||||||||||||
The following presents summarized information for the discontinued operations as follows (in thousands): | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
WWHO- | WUPW- | Total | WWHO- | WUPW- | Total | ||||||||||||||||||||
TV | TV | TV | TV | ||||||||||||||||||||||
Net revenues | $ | 440 | $ | 2,193 | $ | 2,633 | $ | 4,236 | $ | 7,585 | $ | 11,821 | |||||||||||||
Operating (loss) income | (393 | ) | (1,166 | ) | (1,559 | ) | (699 | ) | 1,079 | 380 | |||||||||||||||
Net (loss) income | (252 | ) | (766 | ) | (1,018 | ) | (1,427 | ) | 507 | (920 | ) | ||||||||||||||
LIN Television | ' | ||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
WWHO-TV | |||||||||||||||||||||||||
On February 16, 2012, we completed the sale of substantially all of the assets of WWHO-TV, our CW affiliate serving Columbus, OH. During the year ended December 31, 2012, we recorded a loss on the sale of WWHO-TV of $0.4 million ($0.3 million, net of tax). | |||||||||||||||||||||||||
WUPW-TV | |||||||||||||||||||||||||
On April 21, 2012, we completed the sale of substantially all of the assets of WUPW-TV to WUPW, LLC. During the year ended December 31, 2012, we recorded a gain on the sale of WUPW-TV of $18 million ($11.7 million, net of tax). | |||||||||||||||||||||||||
The following presents summarized information for the discontinued operations as follows (in thousands): | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
WWHO- | WUPW- | Total | WWHO- | WUPW- | Total | ||||||||||||||||||||
TV | TV | TV | TV | ||||||||||||||||||||||
Net revenues | $ | 440 | $ | 2,193 | $ | 2,633 | $ | 4,236 | $ | 7,585 | $ | 11,821 | |||||||||||||
Operating (loss) income | (393 | ) | (1,166 | ) | (1,559 | ) | (699 | ) | 1,079 | 380 | |||||||||||||||
Net (loss) income | (252 | ) | (766 | ) | (1,018 | ) | (1,427 | ) | 507 | (920 | ) | ||||||||||||||
Investments
Investments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Investments | ' | |||||||||||
Investments | ||||||||||||
Joint Venture with NBCUniversal | ||||||||||||
As of December 31, 2012, we held a 20.38% interest in SVH, a joint venture with NBCUniversal, and accounted for our interest using the equity method, as we did not have a controlling interest. SVH held a 99.75% interest in SVO, which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. | ||||||||||||
As further described in Note 1 - "Basis of Presentation and Summary of Significant Accounting Policies" and Note 13—"Commitments and Contingencies," on February 12, 2013, LIN TV, LIN Television, and LIN Texas entered into and simultaneously closed the transactions contemplated by the Transaction Agreement among subsidiaries of NBCUniversal, Comcast, the GE Parties, and SVH. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
The following table presents summarized financial information of SVH and SVO for the period from January 1, 2013 through February 12, 2013 and the years ending December 31, 2012 and 2011 (in thousands): | ||||||||||||
January 1 - February 12, | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
SVO: | ||||||||||||
Net revenues | $ | 11,951 | $ | 143,474 | $ | 118,833 | ||||||
Operating expenses | (9,148 | ) | (79,124 | ) | (71,350 | ) | ||||||
Net income before taxes | 2,805 | 64,653 | 47,791 | |||||||||
Net income after taxes | 2,793 | 64,515 | 47,743 | |||||||||
SVH: | ||||||||||||
Equity in income from limited partnership in SVO | $ | 2,786 | $ | 64,354 | $ | 47,624 | ||||||
Interest and other expense | (8,039 | ) | (69,365 | ) | (68,003 | ) | ||||||
Net loss | (5,253 | ) | (5,011 | ) | (20,379 | ) | ||||||
Cash distributions to SVH from SVO | 6,905 | 55,025 | 53,846 | |||||||||
Shortfall loans from LIN Television to SVH | — | 2,292 | 2,483 | |||||||||
Shortfall loans from General Electric Company ("GE") to SVH | — | 8,954 | 9,701 | |||||||||
February 12, | December 31, | |||||||||||
2013 (2) | 2012 | |||||||||||
SVH: | ||||||||||||
Cash and cash equivalents | $ | 6,905 | $ | — | ||||||||
Non-current assets | 205,433 | 209,552 | ||||||||||
Current liabilities | 8,155 | 544 | ||||||||||
Non-current liabilities(1) | 865,354 | 864,927 | ||||||||||
Shortfall loans outstanding and accrued interest payable to LIN Television from SVH | 10,159 | 10,080 | ||||||||||
Shortfall loans outstanding and accrued interest payable to NBCUniversal and General Electric from SVH | 39,695 | 39,382 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | See Note 13—"Commitments and Contingencies" for further description of the GECC Note. Non-current liabilities includes shortfall loans outstanding and accrued interest payable to the joint venture partners. | |||||||||||
(2) | Represents balances prior to the effect of the JV Sale Transaction. | |||||||||||
In 2008, we recorded an impairment charge that reduced the carrying value of our investment in SVH to $0. Subsequent to the reduction of the SVH carrying value to $0, and as a result of our guarantee of the GECC Note as further described in Note 13—"Commitments and Contingencies", we suspended recognition of equity method losses in our consolidated financial statements. | ||||||||||||
During the years ended December 31, 2012 and 2011, based on our estimate of our probable shortfall obligations to the joint venture, we recognized contingent liabilities of $4.2 million and $4.7 million, respectively, for the amounts that LIN Television expected to loan to SVH pursuant to the shortfall funding agreements with the GE Parties and NBCUniversal, as further described in Note 13—"Commitments and Contingencies." Because of uncertainty surrounding the joint venture's ability to repay shortfall loans, we concluded that it was more likely than not that the amounts recognized for accrued shortfall loans would not be recovered within a reasonable period of time, and concurrently recognized charges of $4.2 million and $4.7 million in 2012 and 2011, respectively, to reflect the impairment of the shortfall loans, which were classified within Share of loss in equity investments in our consolidated statement of operations. As a result of the JV Sale Transaction, as of February 12, 2013, we had no further shortfall funding obligations. Therefore, as of December 31, 2012, the remaining accrued shortfall funding liability of $6 million was also reversed and reflected in the Share of loss in equity investments line of our consolidated statement of operations. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Investments | ' | |||||||||||
Investments | ||||||||||||
Joint Venture with NBCUniversal | ||||||||||||
As of December 31, 2012, we held a 20.38% interest in SVH, a joint venture with NBCUniversal, and accounted for our interest using the equity method, as we did not have a controlling interest. SVH held a 99.75% interest in SVO, which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. | ||||||||||||
As further described in Note 1 - "Basis of Presentation and Summary of Significant Accounting Policies" and Note 13—"Commitments and Contingencies," on February 12, 2013, LIN TV, LIN Television, and LIN Texas entered into and simultaneously closed the transactions contemplated by the Transaction Agreement among subsidiaries of NBCUniversal, Comcast, the GE Parties, and SVH. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal , and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
The following table presents summarized financial information of SVH and SVO for the period from January 1, 2013 through February 12, 2013 and the years ending December 31, 2012 and 2011 (in thousands): | ||||||||||||
January1 - February 12, | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
SVO: | ||||||||||||
Net revenues | $ | 11,951 | $ | 143,474 | $ | 118,833 | ||||||
Operating expenses | (9,148 | ) | (79,124 | ) | (71,350 | ) | ||||||
Net income before taxes | 2,805 | 64,653 | 47,791 | |||||||||
Net income after taxes | 2,793 | 64,515 | 47,743 | |||||||||
SVH: | ||||||||||||
Equity in income from limited partnership in SVO | $ | 2,786 | $ | 64,354 | $ | 47,624 | ||||||
Interest and other expense | (8,039 | ) | (69,365 | ) | (68,003 | ) | ||||||
Net loss | (5,253 | ) | (5,011 | ) | (20,379 | ) | ||||||
Cash distributions to SVH from SVO | 6,905 | 55,025 | 53,846 | |||||||||
Shortfall loans from LIN Television to SVH | — | 2,292 | 2,483 | |||||||||
Shortfall loans from General Electric Company ("GE") to SVH | — | 8,954 | 9,701 | |||||||||
February 12, | December 31, | |||||||||||
2013 (2) | 2012 | |||||||||||
SVH: | ||||||||||||
Cash and cash equivalents | $ | 6,905 | $ | — | ||||||||
Non-current assets | 205,433 | 209,552 | ||||||||||
Current liabilities | 8,155 | 544 | ||||||||||
Non-current liabilities(1) | 865,354 | 864,927 | ||||||||||
Shortfall loans outstanding and accrued interest payable to LIN Television from SVH | 10,159 | 10,080 | ||||||||||
Shortfall loans outstanding and accrued interest payable to NBCUniversal and General Electric from SVH | 39,695 | 39,382 | ||||||||||
In 2008, we recorded an impairment charge that reduced the carrying value of our investment in SVH to $0. Subsequent to the reduction of the SVH carrying value to $0, and as a result of our guarantee of the GECC Note as further described in Note 13—"Commitments and Contingencies", we suspended recognition of equity method losses in our consolidated financial statements. | ||||||||||||
During the years ended December 31, 2012 and 2011, based on our estimate of our probable shortfall obligations to the joint venture, we recognized contingent liabilities of $4.2 million and $4.7 million, respectively, for the amounts that we expected to loan to SVH pursuant to the shortfall funding agreements with the GE Parties and NBCUniversal, as further described in Note 13—"Commitments and Contingencies." Because of uncertainty surrounding the joint venture's ability to repay shortfall loans, we concluded that it was more likely than not that the amounts recognized for accrued shortfall loans would not be recovered within a reasonable period of time, and concurrently recognized charges of $4.2 million and $4.7 million in 2012 and 2011, respectively, to reflect the impairment of the shortfall loans, which were classified within Share of loss in equity investments in our consolidated statement of operations. As a result of the JV Sale Transaction, as of February 12, 2013, we had no further shortfall funding obligations. Therefore, as of December 31, 2012, the remaining accrued shortfall funding liability of $6 million was also reversed and reflected in the Share of loss in equity investments line of our consolidated statement of operations. | ||||||||||||
_______________________________________________________________________________ | ||||||||||||
-1 | See Note 13—"Commitments and Contingencies" for further description of the GECC Note. Non-current liabilities includes shortfall loans outstanding and accrued interest payable to the joint venture partners. | |||||||||||
-2 | Represents balances prior to the effect of the JV Sale Transaction. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Entity Information [Line Items] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 21,152 | $ | 21,147 | ||||
Buildings and fixtures | 179,209 | 176,940 | ||||||
Broadcast equipment and other | 319,912 | 311,907 | ||||||
Total property and equipment | 520,273 | 509,994 | ||||||
Less accumulated depreciation | (299,195 | ) | (268,503 | ) | ||||
Property and equipment, net | $ | 221,078 | $ | 241,491 | ||||
We recorded depreciation expense of $46.9 million, $32.1 million and $26.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
LIN Television | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 21,152 | $ | 21,147 | ||||
Buildings and fixtures | 179,209 | 176,940 | ||||||
Broadcast equipment and other | 319,912 | 311,907 | ||||||
Total property and equipment | 520,273 | 509,994 | ||||||
Less accumulated depreciation | (299,195 | ) | (268,503 | ) | ||||
Property and equipment, net | $ | 221,078 | $ | 241,491 | ||||
We recorded depreciation expense of $46.9 million, $32.1 million and $26.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Entity Information [Line Items] | ' | |||||||||
Intangible Assets | ' | |||||||||
Intangible Assets | ||||||||||
The following table summarizes the carrying amount of each major class of intangible assets (in thousands): | ||||||||||
Weighted-Average | December 31, | |||||||||
Remaining Useful | ||||||||||
Life (in years) | 2013 | 2012 | ||||||||
Finite-Lived Intangible Assets: | ||||||||||
Network affiliations | 1 | $ | 32,996 | $ | 32,996 | |||||
Customer relationships | 9 | 14,941 | 8,631 | |||||||
Non-compete agreements | 1 | 1,588 | 1,588 | |||||||
Completed technology | 3 | 10,191 | 6,370 | |||||||
Favorable leases | 31 | 8,573 | 8,573 | |||||||
Retransmission consent agreements | 4 | 7,860 | 7,859 | |||||||
Other intangible assets | 19 | 9,817 | 9,609 | |||||||
Accumulated amortization | (38,917 | ) | (16,072 | ) | ||||||
Net finite-lived intangible assets | $ | 47,049 | $ | 59,554 | ||||||
Indefinite-Lived Intangible Assets: | ||||||||||
Broadcast licenses | $ | 536,515 | $ | 536,515 | ||||||
Summary: | ||||||||||
Goodwill | $ | 203,528 | $ | 192,514 | ||||||
Broadcast licenses and finite-lived intangible assets, net | 583,564 | 596,069 | ||||||||
Total intangible assets | $ | 787,092 | $ | 788,583 | ||||||
We recorded amortization expense of $22.8 million, $6.4 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
The following table summarizes the projected aggregate amortization expense for the next five years and thereafter (in thousands): | ||||||||||
Projected Aggregate | ||||||||||
Amortization Expense | ||||||||||
For the years ended December 31, | ||||||||||
2014 | $ | 15,971 | ||||||||
2015 | 5,783 | |||||||||
2016 | 4,980 | |||||||||
2017 | 3,266 | |||||||||
2018 | 2,042 | |||||||||
Thereafter | 15,007 | |||||||||
Total | $ | 47,049 | ||||||||
There were no events during 2013, 2012 and 2011 to warrant the performance of an interim impairment test of our indefinite-lived intangible assets. We recorded a $1.6 million impairment charge related to discontinued operations for the year ended December 31, 2011. | ||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Balance as of January 1, 2013 and 2012, respectively | $ | 192,514 | $ | 122,069 | ||||||
Acquisitions | 11,014 | 70,445 | ||||||||
Balance as of December 31, 2013 and 2012, respectively | $ | 203,528 | $ | 192,514 | ||||||
LIN Television | ' | |||||||||
Entity Information [Line Items] | ' | |||||||||
Intangible Assets | ' | |||||||||
Intangible Assets | ||||||||||
The following table summarizes the carrying amount of each major class of intangible assets (in thousands): | ||||||||||
Weighted-Average | December 31, | |||||||||
Remaining Useful | ||||||||||
Life (in years) | 2013 | 2012 | ||||||||
Finite-Lived Intangible Assets: | ||||||||||
Network affiliations | 1 | $ | 32,996 | $ | 32,996 | |||||
Customer relationships | 9 | 14,941 | 8,631 | |||||||
Non-compete agreements | 1 | 1,588 | 1,588 | |||||||
Completed technology | 3 | 10,191 | 6,370 | |||||||
Favorable leases | 31 | 8,573 | 8,573 | |||||||
Retransmission consent agreements | 4 | 7,860 | 7,859 | |||||||
Other intangible assets | 19 | 9,817 | 9,609 | |||||||
Accumulated amortization | (38,917 | ) | (16,072 | ) | ||||||
Net finite-lived intangible assets | $ | 47,049 | $ | 59,554 | ||||||
Indefinite-Lived Intangible Assets: | ||||||||||
Broadcast licenses | $ | 536,515 | $ | 536,515 | ||||||
Summary: | ||||||||||
Goodwill | $ | 203,528 | $ | 192,514 | ||||||
Broadcast licenses and finite-lived intangible assets, net | 583,564 | 596,069 | ||||||||
Total intangible assets | $ | 787,092 | $ | 788,583 | ||||||
We recorded amortization expense of $22.8 million , $6.4 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
The following table summarizes the projected aggregate amortization expense for the next five years and thereafter (in thousands): | ||||||||||
Projected Aggregate | ||||||||||
Amortization Expense | ||||||||||
For the years ended December 31, | ||||||||||
2014 | $ | 15,971 | ||||||||
2015 | 5,783 | |||||||||
2016 | 4,980 | |||||||||
2017 | 3,266 | |||||||||
2018 | 2,042 | |||||||||
Thereafter | 15,007 | |||||||||
Total | $ | 47,049 | ||||||||
There were no events during 2013, 2012 and 2011 to warrant the performance of an interim impairment test of our indefinite-lived intangible assets. We recorded a $1.6 million impairment charge related to discontinued operations for the year ended December 31, 2011. | ||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Balance as of January 1, 2013 and 2012, respectively | $ | 192,514 | $ | 122,069 | ||||||
Acquisitions | 11,014 | 70,445 | ||||||||
Balance as of December 31, 2013 and 2012, respectively | $ | 203,528 | $ | 192,514 | ||||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Debt consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | — | ||||||||||||||||||||||||||||
$118,750 and $125,000 Term loans, net of discount of $345 and $435 as of December 31, 2013 and December 31, 2012, respectively | 118,405 | 124,565 | ||||||||||||||||||||||||||||||
$314,200 and $257,400 Incremental term loans, net of discount of $1,684 and $2,020 as of December 31, 2013 and December 31, 2012, respectively | 312,516 | 255,380 | ||||||||||||||||||||||||||||||
83/8% Senior Notes due 2018 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||
63/8% Senior Notes due 2021 | 290,000 | 290,000 | ||||||||||||||||||||||||||||||
Capital lease obligations | 14,604 | 14,881 | ||||||||||||||||||||||||||||||
Other debt | 4,167 | 5,401 | ||||||||||||||||||||||||||||||
Total debt | 944,692 | 890,227 | ||||||||||||||||||||||||||||||
Less current portion | 17,364 | 10,756 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 927,328 | $ | 879,471 | ||||||||||||||||||||||||||||
Senior Secured Credit Facility | ||||||||||||||||||||||||||||||||
Our senior secured credit facility is comprised of a six-year, $125 million tranche A term loan and a five-year, $75 million revolving credit facility, and bears interest at a rate based on, at our option, either a) the LIBOR interest rate, or b) the ABR rate, which is an interest rate that is equal to the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 1/2 of 1 percent, and (iii) the one-month LIBOR rate plus 1%. In addition, the rate we select also bears an applicable margin based upon our Consolidated Senior Secured Leverage Ratio, currently set at 2.75% and 1.75% for LIBOR based loans and ABR rate loans, respectively. Following the issuance of this report during the first quarter of 2014, these rates will be 3% and 2% for LIBOR based loans and ABR rate loans, respectively. Lastly, the unused portion of the revolving credit facility is subject to a commitment fee based upon our Consolidated Senior Secured Leverage Ratio, currently set at 0.375% for both LIBOR based loans and ABR rate loans and will increase to 0.5% following the issuance of this report during the first quarter of 2014 for both LIBOR based loans and ABR rate loans. | ||||||||||||||||||||||||||||||||
Our senior secured credit facility also includes a seven-year, $260 million tranche B incremental term loan facility and a $60 million tranche B-2 incremental term facility that was funded on February 12, 2013 in connection with the JV Sale Transaction, each of which is subject to the terms of our Credit Agreement. Borrowings under the incremental term loan facility were used (i) to pay the call price for our redemption of all of our remaining 61/2% Senior Subordinated Notes, as described below, and (ii) to pay accrued interest, fees and expenses associated with the redemption. Borrowings under the incremental term loan facility bear interest at a rate based, at our option, on an adjusted LIBOR rate, plus an applicable margin of 3%; or an adjusted Base Rate, plus an applicable margin of 2%; provided that the adjusted LIBOR rate and the adjusted Base Rate shall at no time be less than 1% and 2%, respectively. | ||||||||||||||||||||||||||||||||
On December 24, 2012, we entered into an amendment to our Credit Agreement (the "Credit Agreement"), dated as of October 26, 2011, as amended on December 19, 2011, by and among LIN Television, JPMorgan Chase Bank, N.A., as Administrative Agent, and the banks and other financial institutions party thereto, which (1) replaced our $257.4 million tranche B term loan maturing in December 2018 with a new tranche B term loan of the same maturity which bears interest at a reduced rate and (2) made certain other changes to the Credit Agreement, including changes to the financial covenants therein that are favorable to LIN Television and its affiliates and (3) extended the maturity for a $60 million tranche of our revolving credit facility to October 2017 and on May 9, 2013, we extended the maturity date of the remaining $15 million tranche of our revolving credit facility to October 2017. We paid customary fees and expenses in connection with the closing of these amendments of $1.7 million. As a result of these amendments, we recorded a loss on extinguishment of debt of $1.2 million associated with a write-down of deferred financing fees and unamortized discount to our consolidated statement of operations during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
The terms of the Credit Agreement provide for customary representations and warranties, affirmative and negative covenants (including financial covenants), and events of default. The Credit Agreement also provides for the payment of customary fees and expenses by us. The senior secured credit facility can be accelerated upon events of default and require the term loans to be prepaid under certain circumstances with amounts determined by reference to the proceeds from certain asset sales (subject to reinvestment rights), the incurrence of certain indebtedness and a percentage of annual excess cash flow. | ||||||||||||||||||||||||||||||||
The senior secured credit facility ranks senior in right of payment to our existing and future subordinated indebtedness. LIN LLC and certain of our existing, or hereafter created or acquired, domestic subsidiaries guarantee the credit facilities on a senior basis. LIN Television and each of our subsidiary guarantors have granted a security interest in all or substantially all of our assets to secure the obligations under senior secured credit facility, and LIN LLC has granted a security interest in its capital stock of LIN Television to secure such obligations. | ||||||||||||||||||||||||||||||||
Our senior secured credit facility permits us to prepay loans and to permanently reduce the revolving credit commitments, in whole or in part, at any time. We are also obligated to make mandatory quarterly principal payments. In addition, our senior secured credit facility restricts the use of proceeds from asset sales not reinvested in our business and the use of proceeds from the issuance of debt (subject to certain exceptions), which must be used for mandatory prepayments of principal of the term loans. | ||||||||||||||||||||||||||||||||
The Credit Agreement governing our senior secured credit facility also requires on an annual basis, following the delivery of our year-end financial statements, and commencing after the year ended December 31, 2012, mandatory prepayments of principal of the term loans based on a computation of excess cash flow for the preceding fiscal year, as more fully described in the Credit Agreement. However, based on the excess cash flow computation for the year ended December 31, 2013, we will not be required to make such prepayments during the year ending December 31, 2014. | ||||||||||||||||||||||||||||||||
The incremental term loan facility is a senior secured obligation and ranks senior in right of payment to our existing and future subordinated indebtedness. The incremental term loan facility is guaranteed and secured on the same basis as the other credit facilities under the Credit Agreement. If we do not refinance, redeem or discharge our 83/8% Senior Notes on or prior to January 15, 2018, then, in such event, the maturity of the incremental term loan facility will be accelerated from December 21, 2018 to January 15, 2018. | ||||||||||||||||||||||||||||||||
The following table summarizes certain key terms including the LIBOR-based borrowing rates of our senior secured credit facility as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | ||||||||||||||||||||||||||||||
Facility | Term Loans | |||||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | |||||||||||||||||||||||||||||
Available balance as of December 31, 2013 | $ | 70,000 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rates as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Interest rate | 0.17 | % | 0.17 | % | 1 | % | ||||||||||||||||||||||||||
Applicable margin | 2.75 | % | 2.75 | % | 3 | % | ||||||||||||||||||||||||||
Total | 2.92 | % | 2.92 | % | 4 | % | ||||||||||||||||||||||||||
2009 Senior Secured Credit Facility | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2011, we recorded a loss on extinguishment of debt of $0.2 million consisting of a write-down of deferred financing fees related to the revolving credit facility and term loans under our 2009 senior secured credit facility. | ||||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 4/15/18 | |||||||||||||||||||||||||||||||
Annual interest rate | 8.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | April 15th | |||||||||||||||||||||||||||||||
October 15th | ||||||||||||||||||||||||||||||||
Our 83/8% Senior Notes are unsecured but rank equally in right of payment with all senior secured indebtedness and senior to all subordinated indebtedness. | ||||||||||||||||||||||||||||||||
The indenture governing our 83/8% Senior Notes contains covenants limiting our ability and the ability of our restricted subsidiaries to, among other things, incur certain additional indebtedness and issue preferred shares; make certain dividends, distributions, investments and other restricted payments; sell certain assets; agree to any restrictions on the ability of restricted subsidiaries to make payments to us; create certain liens; merge, consolidate or sell substantially all of our assets; and enter into certain transactions with affiliates. These covenants are subject to certain exceptions and qualifications. The indenture also has change of control provisions which may require our Company to purchase our 83/8% Senior Notes at a price equal to 101% of the principal amount thereof, together with accrued and unpaid interest. Additionally, if we sell assets under certain circumstances, we will be required to make an offer to purchase our 83/8% Senior Notes at their face amount, plus accrued and unpaid interest, if any, through the purchase date. | ||||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 1/15/21 | |||||||||||||||||||||||||||||||
Annual interest rate | 6.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | January 15th | |||||||||||||||||||||||||||||||
July 15th | ||||||||||||||||||||||||||||||||
On October 12, 2012, we completed the issuance and sale of $290 million in aggregate principal amount of our 63/8% Senior Notes. The net proceeds of our 63/8% Senior Notes were used to fund the remaining purchase price for the Acquisition as further described in Note 2—"Acquisitions." | ||||||||||||||||||||||||||||||||
Our 63/8% Senior Notes are unsecured but rank equally in right of payment with all senior secured indebtedness and senior to all subordinated indebtedness. | ||||||||||||||||||||||||||||||||
The indenture governing our 63/8% Senior Notes contains covenants limiting our ability and the ability of our restricted subsidiaries to, among other things, incur certain additional indebtedness and issue preferred shares; make certain dividends, distributions, investments and other restricted payments; sell certain assets; agree to any restrictions on the ability of restricted subsidiaries to make payments to us; create certain liens; merge, consolidate or sell substantially all of our assets; and enter into certain transactions with affiliates. These covenants are subject to certain exceptions and qualifications. The indenture also has change of control provisions which may require our Company to purchase our 63/8% Senior Notes at a price equal to 101% of the principal amount thereof, together with accrued and unpaid interest. Additionally, if we sell assets under certain circumstances, we will be required to make an offer to purchase our 63/8% Senior Notes at their face amount, plus accrued and unpaid interest, if any, through the purchase date. | ||||||||||||||||||||||||||||||||
61/2% Senior Subordinated Notes and 61/2% Senior Subordinated Notes—Class B | ||||||||||||||||||||||||||||||||
During the years ended December 31, 2012 and 2011, we redeemed $252 million and $165 million, respectively, of our 61/2% Senior Subordinated Notes. The redemption of these notes, at par, was funded in part by proceeds from the term loan, incremental term loan, the revolving credit facility and cash on hand. As a result of these redemptions, during the years ended December 31, 2012 and 2011, we recorded a loss on extinguishment of debt of $2.1 million and $1.5 million, respectively, associated with a write-down of deferred financing fees and unamortized discount to our consolidated statement of operations. | ||||||||||||||||||||||||||||||||
Capital Lease Obligations | ||||||||||||||||||||||||||||||||
As part of the transactions further described in Note 2—"Acquisitions," we assumed $15.1 million in capital lease obligations related to buildings and equipment. These leases mature over a period of 4 to 19 years and are payable in monthly installments. The total outstanding balance of these capital lease obligations was $14.6 million as of December 31, 2013. LIN Television fully and unconditionally guarantees these lease obligations. | ||||||||||||||||||||||||||||||||
Other Debt | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, Vaughan, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $4.6 million to fund a portion of the purchase price for the acquisition of certain assets of PBC. This term loan matures in equal quarterly installments through October 2017. LIN Television fully and unconditionally guarantees this loan. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, KASY, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $1.7 million to fund a portion of the purchase price for the acquisition of certain assets of ACME. This term loan matures in equal quarterly installments through December 2017. LIN Television fully and unconditionally guarantees this loan. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2011, WBDT, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $0.9 million to fund a portion of the purchase price for the acquisition of certain assets of WBDT-TV. This term loan matures in equal quarterly installments through May 2016. LIN Television fully and unconditionally guarantees this loan. | ||||||||||||||||||||||||||||||||
Repayment of Principal | ||||||||||||||||||||||||||||||||
The following table summarizes scheduled future principal repayments on our debt agreements and capital leases (in thousands): | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | 83/8% Senior | 63/8% Senior | Capital | Other | Total | |||||||||||||||||||||||||
Facilities | Term Loans | Notes | Notes | Leases | Debt | |||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | 4/15/18 | 1/15/21 | Various | Various | |||||||||||||||||||||||||
2014 | $ | — | $ | 12,500 | $ | 3,200 | $ | — | $ | — | $ | 502 | $ | 1,162 | $ | 17,364 | ||||||||||||||||
2015 | — | 18,750 | 3,200 | — | — | 528 | 1,162 | 23,640 | ||||||||||||||||||||||||
2016 | — | 25,000 | 3,200 | — | — | 620 | 1,024 | 29,844 | ||||||||||||||||||||||||
2017 | 5,000 | (1) | 62,500 | 3,200 | — | — | 577 | 819 | 72,096 | |||||||||||||||||||||||
2018 | — | — | 301,400 | 200,000 | — | 609 | — | 502,009 | ||||||||||||||||||||||||
2019 and thereafter | — | — | — | — | 290,000 | 11,768 | — | 301,768 | ||||||||||||||||||||||||
Total | $ | 5,000 | $ | 118,750 | $ | 314,200 | $ | 200,000 | $ | 290,000 | $ | 14,604 | $ | 4,167 | $ | 946,721 | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
(1) | An additional $25 million was outstanding on our revolving credit facility as of the date of this report and is not reflected in our balance sheet as of December 31, 2013. | |||||||||||||||||||||||||||||||
The fair values of our long-term debt are estimated based on quoted market prices for the same or similar issues (Level 2 inputs of the three-level fair value hierarchy). The carrying amounts and fair values of our long-term debt were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | 5,000 | $ | — | $ | — | ||||||||||||||||||||||||
Term loans | 430,921 | 432,105 | 379,945 | 380,599 | ||||||||||||||||||||||||||||
Senior notes | 490,000 | 512,983 | 490,000 | 524,500 | ||||||||||||||||||||||||||||
Other debt | 4,167 | 4,167 | 5,401 | 5,401 | ||||||||||||||||||||||||||||
Total | $ | 930,088 | $ | 954,255 | $ | 875,346 | $ | 910,500 | ||||||||||||||||||||||||
LIN Television | ' | |||||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Debt consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | — | ||||||||||||||||||||||||||||
$118,750 and $125,000 Term loans, net of discount of $345 and $435 as of December 31, 2013 and December 31, 2012, respectively | 118,405 | 124,565 | ||||||||||||||||||||||||||||||
$314,200 and $257,400 Incremental term loans, net of discount of $1,684 and $2,020 as of December 31, 2013 and December 31, 2012, respectively | 312,516 | 255,380 | ||||||||||||||||||||||||||||||
83/8% Senior Notes due 2018 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||
63/8% Senior Notes due 2021 | 290,000 | 290,000 | ||||||||||||||||||||||||||||||
Capital lease obligations | 14,604 | 14,881 | ||||||||||||||||||||||||||||||
Other debt | 6,167 | 5,401 | ||||||||||||||||||||||||||||||
Total debt | 946,692 | 890,227 | ||||||||||||||||||||||||||||||
Less current portion | 17,364 | 10,756 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 929,328 | $ | 879,471 | ||||||||||||||||||||||||||||
Senior Secured Credit Facility | ||||||||||||||||||||||||||||||||
Our senior secured credit facility is comprised of a six-year, $125 million tranche A term loan and a five-year, $75 million revolving credit facility, and bears interest at a rate based on, at our option, either a) the LIBOR interest rate, or b) the ABR rate, which is an interest rate that is equal to the greatest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 1/2 of 1 percent, and (iii) the one-month LIBOR rate plus 1%. In addition, the rate we select also bears an applicable margin based upon our Consolidated Senior Secured Leverage Ratio, currently set at 2.75% and 1.75% for LIBOR based loans and ABR rate loans, respectively. Following the issuance of this report during the first quarter of 2014, these rates will be 3% and 2% for LIBOR based loans and ABR rate loans, respectively. Lastly, the unused portion of the revolving credit facility is subject to a commitment fee based upon our Consolidated Senior Secured Leverage Ratio, currently set at 0.375% for both LIBOR based loans and ABR rate loans and will increase to 0.5% following the issuance of this report during the first quarter of 2014 for both LIBOR based loans and ABR rate loans. | ||||||||||||||||||||||||||||||||
Our senior secured credit facility also includes a seven-year, $260 million tranche B incremental term loan facility and a $60 million tranche B-2 incremental term facility that was funded on February 12, 2013 in connection with the JV Sale Transaction, each of which is subject to the terms of our Credit Agreement. Borrowings under the incremental term loan facility were used (i) to pay the call price for our redemption of all of our remaining 61/2% Senior Subordinated Notes, as described below, and (ii) to pay accrued interest, fees and expenses associated with the redemption. Borrowings under the incremental term loan facility bear interest at a rate based, at our option, on an adjusted LIBOR rate, plus an applicable margin of 3%; or an adjusted Base Rate, plus an applicable margin of 2%; provided that the adjusted LIBOR rate and the adjusted Base Rate shall at no time be less than 1% and 2%, respectively. | ||||||||||||||||||||||||||||||||
On December 24, 2012, we entered into an amendment to our Credit Agreement (the "Credit Agreement"), dated as of October 26, 2011, as amended on December 19, 2011, by and among LIN Television, JPMorgan Chase Bank, N.A., as Administrative Agent, and the banks and other financial institutions party thereto, which (1) replaced our $257.4 million tranche B term loan maturing in December 2018 with a new tranche B term loan of the same maturity which bears interest at a reduced rate and (2) made certain other changes to the Credit Agreement, including changes to the financial covenants therein that are favorable to LIN Television and its affiliates and (3) extended the maturity for a $60 million tranche of our revolving credit facility to October 2017 and on May 9, 2013, we extended the maturity date of the remaining $15 million tranche of our revolving credit facility to October 2017. We paid customary fees and expenses in connection with the closing of these amendments of $1.7 million. As a result of these amendments, we recorded a loss on extinguishment of debt of $1.2 million associated with a write-down of deferred financing fees and unamortized discount to our consolidated statement of operations during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
The terms of the Credit Agreement provide for customary representations and warranties, affirmative and negative covenants (including financial covenants), and events of default. The Credit Agreement also provides for the payment of customary fees and expenses by us. The senior secured credit facility can be accelerated upon events of default and require the term loans to be prepaid under certain circumstances with amounts determined by reference to the proceeds from certain asset sales (subject to reinvestment rights), the incurrence of certain indebtedness and a percentage of annual excess cash flow. | ||||||||||||||||||||||||||||||||
The senior secured credit facility ranks senior in right of payment to our existing and future subordinated indebtedness. LIN LLC and certain of our existing, or hereafter created or acquired, domestic subsidiaries guarantee the credit facilities on a senior basis. We and each of our subsidiary guarantors have granted a security interest in all or substantially all of our assets to secure the obligations under senior secured credit facility, and LIN LLC has granted a security interest in its capital stock of LIN Television to secure such obligations. | ||||||||||||||||||||||||||||||||
Our senior secured credit facility permits us to prepay loans and to permanently reduce the revolving credit commitments, in whole or in part, at any time. We are also obligated to make mandatory quarterly principal payments. In addition, our senior secured credit facility restricts the use of proceeds from asset sales not reinvested in our business and the use of proceeds from the issuance of debt (subject to certain exceptions), which must be used for mandatory prepayments of principal of the term loans. | ||||||||||||||||||||||||||||||||
The Credit Agreement governing our senior secured credit facility also requires on an annual basis, following the delivery of our year-end financial statements, and commencing after the year ended December 31, 2012, mandatory prepayments of principal of the term loans based on a computation of excess cash flow for the preceding fiscal year, as more fully described in the Credit Agreement. However, based on the excess cash flow computation for the year ended December 31, 2013, we will not be required to make such prepayments during the year ending December 31, 2014. | ||||||||||||||||||||||||||||||||
The incremental term loan facility is a senior secured obligation and ranks senior in right of payment to our existing and future subordinated indebtedness. The incremental term loan facility is guaranteed and secured on the same basis as the other credit facilities under the Credit Agreement. If we do not refinance, redeem or discharge our 83/8% Senior Notes on or prior to January 15, 2018, then, in such event, the maturity of the incremental term loan facility will be accelerated from December 21, 2018 to January 15, 2018. | ||||||||||||||||||||||||||||||||
The following table summarizes certain key terms including the LIBOR-based borrowing rates of our senior secured credit facility as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | ||||||||||||||||||||||||||||||
Facility | Term Loans | |||||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | |||||||||||||||||||||||||||||
Available balance as of December 31, 2013 | $ | 70,000 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rates as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Interest rate | 0.17 | % | 0.17 | % | 1 | % | ||||||||||||||||||||||||||
Applicable margin | 2.75 | % | 2.75 | % | 3 | % | ||||||||||||||||||||||||||
Total | 2.92 | % | 2.92 | % | 4 | % | ||||||||||||||||||||||||||
2009 Senior Secured Credit Facility | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2011, we recorded a loss on extinguishment of debt of $0.2 million consisting of a write-down of deferred financing fees related to the revolving credit facility and term loans under our 2009 senior secured credit facility. | ||||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 4/15/18 | |||||||||||||||||||||||||||||||
Annual interest rate | 8.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | April 15th | |||||||||||||||||||||||||||||||
October 15th | ||||||||||||||||||||||||||||||||
Our 83/8% Senior Notes are unsecured but rank equally in right of payment with all senior secured indebtedness and senior to all subordinated indebtedness. | ||||||||||||||||||||||||||||||||
The indenture governing our 83/8% Senior Notes contains covenants limiting our ability and the ability of our restricted subsidiaries to, among other things, incur certain additional indebtedness and issue preferred shares; make certain dividends, distributions, investments and other restricted payments; sell certain assets; agree to any restrictions on the ability of restricted subsidiaries to make payments to us; create certain liens; merge, consolidate or sell substantially all of our assets; and enter into certain transactions with affiliates. These covenants are subject to certain exceptions and qualifications. The indenture also has change of control provisions which may require our Company to purchase our 83/8% Senior Notes at a price equal to 101% of the principal amount thereof, together with accrued and unpaid interest. Additionally, if we sell assets under certain circumstances, we will be required to make an offer to purchase our 83/8% Senior Notes at their face amount, plus accrued and unpaid interest, if any, through the purchase date. | ||||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 1/15/21 | |||||||||||||||||||||||||||||||
Annual interest rate | 6.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | January 15th | |||||||||||||||||||||||||||||||
July 15th | ||||||||||||||||||||||||||||||||
On October 12, 2012, we completed the issuance and sale of $290 million in aggregate principal amount of our 63/8% Senior Notes. The net proceeds of our 63/8% Senior Notes were used to fund the remaining purchase price for the Acquisition as further described in Note 2—"Acquisitions." | ||||||||||||||||||||||||||||||||
Our 63/8% Senior Notes are unsecured but rank equally in right of payment with all senior secured indebtedness and senior to all subordinated indebtedness. | ||||||||||||||||||||||||||||||||
The indenture governing our 63/8% Senior Notes contains covenants limiting our ability and the ability of our restricted subsidiaries to, among other things, incur certain additional indebtedness and issue preferred shares; make certain dividends, distributions, investments and other restricted payments; sell certain assets; agree to any restrictions on the ability of restricted subsidiaries to make payments to us; create certain liens; merge, consolidate or sell substantially all of our assets; and enter into certain transactions with affiliates. These covenants are subject to certain exceptions and qualifications. The indenture also has change of control provisions which may require our Company to purchase our 63/8% Senior Notes at a price equal to 101% of the principal amount thereof, together with accrued and unpaid interest. Additionally, if we sell assets under certain circumstances, we will be required to make an offer to purchase our 63/8% Senior Notes at their face amount, plus accrued and unpaid interest, if any, through the purchase date. | ||||||||||||||||||||||||||||||||
61/2% Senior Subordinated Notes and 61/2% Senior Subordinated Notes—Class B | ||||||||||||||||||||||||||||||||
During the years ended December 31, 2012 and 2011, we redeemed $252 million and $165 million, respectively, of our 61/2% Senior Subordinated Notes. The redemption of these notes, at par, was funded in part by proceeds from the term loan, incremental term loan, the revolving credit facility and cash on hand. As a result of these redemptions, during the years ended December 31, 2012 and 2011, we recorded a loss on extinguishment of debt of $2.1 million and $1.5 million, respectively, associated with a write-down of deferred financing fees and unamortized discount to our consolidated statement of operations. | ||||||||||||||||||||||||||||||||
Capital Lease Obligations | ||||||||||||||||||||||||||||||||
As part of the transactions further described in Note 2—"Acquisitions," we assumed $15.1 million in capital lease obligations related to buildings and equipment. These leases mature over a period of 4 to 19 years and are payable in monthly installments. The total outstanding balance of these capital lease obligations was $14.6 million as of December 31, 2013. LIN Television fully and unconditionally guarantees these lease obligations. | ||||||||||||||||||||||||||||||||
Other Debt | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, Vaughan, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $4.6 million to fund a portion of the purchase price for the acquisition of certain assets of PBC. This term loan matures in equal quarterly installments through October 2017. We fully and unconditionally guarantee this loan. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2012, KASY, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $1.7 million to fund a portion of the purchase price for the acquisition of certain assets of ACME. This term loan matures in equal quarterly installments through December 2017. We fully and unconditionally guarantee this loan. | ||||||||||||||||||||||||||||||||
During the year ended December 31, 2011, WBDT, a consolidated VIE, entered into a term loan with an unrelated third party in an original principal amount of $0.9 million to fund a portion of the purchase price for the acquisition of certain assets of WBDT-TV. This term loan matures in equal quarterly installments through May 2016. We fully and unconditionally guarantee this loan. | ||||||||||||||||||||||||||||||||
Repayment of Principal | ||||||||||||||||||||||||||||||||
The following table summarizes scheduled future principal repayments on our debt agreements and capital leases (in thousands): | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | 83/8% | 63/8% | Capital | Other Debt | Total | |||||||||||||||||||||||||
Facilities | Term Loans | Senior Notes | Senior Notes | Leases | ||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | 4/15/18 | 1/15/21 | Various | Various | |||||||||||||||||||||||||
2014 | $ | — | $ | 12,500 | $ | 3,200 | $ | — | $ | — | $ | 502 | $ | 1,162 | $ | 17,364 | ||||||||||||||||
2015 | — | 18,750 | 3,200 | — | — | 528 | 1,162 | 23,640 | ||||||||||||||||||||||||
2016 | — | 25,000 | 3,200 | — | — | 620 | 1,024 | 29,844 | ||||||||||||||||||||||||
2017 | 5,000 | (1) | 62,500 | 3,200 | — | — | 577 | 819 | 72,096 | |||||||||||||||||||||||
2018 | — | — | 301,400 | 200,000 | — | 609 | 2,000 | 504,009 | ||||||||||||||||||||||||
2019 and thereafter | — | — | — | — | 290,000 | 11,768 | — | 301,768 | ||||||||||||||||||||||||
Total | $ | 5,000 | $ | 118,750 | $ | 314,200 | $ | 200,000 | $ | 290,000 | $ | 14,604 | $ | 6,167 | $ | 948,721 | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
(1) | An additional $25 million was outstanding on our revolving credit facility as of the date of this report and is not reflected in our balance sheet as of December 31, 2013. | |||||||||||||||||||||||||||||||
The fair values of our long-term debt are estimated based on quoted market prices for the same or similar issues (Level 2 inputs of the three-level fair value hierarchy). The carrying amounts and fair values of our long-term debt were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | 5,000 | $ | — | $ | — | ||||||||||||||||||||||||
Term loans | 430,921 | 432,105 | 379,945 | 380,599 | ||||||||||||||||||||||||||||
Senior notes | 490,000 | 512,983 | 490,000 | 524,500 | ||||||||||||||||||||||||||||
Other debt | 6,167 | 6,167 | 5,401 | 5,401 | ||||||||||||||||||||||||||||
Total | $ | 932,088 | $ | 956,255 | $ | 875,346 | $ | 910,500 | ||||||||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Entity Information [Line Items] | ' |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | |
During the second quarter of 2006, we entered into a contract to hedge a notional amount of the declining balances of our term loans under our prior senior secured credit facility (the "2006 interest rate hedge") to mitigate changes in our cash flows resulting from fluctuations in interest rates. The 2006 interest rate hedge was historically designated as a cash flow hedge, however, as a result of a repayment of $45.9 million of principal on our term loans under our 2009 senior secured credit facility during 2010, the 2006 interest rate hedge ceased to be highly effective in hedging the variable rate cash flows. As a result, all changes in fair value were recorded in our consolidated statement of operations, including a gain of approximately $2 million for the year ended December 31, 2011. | |
The 2006 interest rate hedge expired on November 4, 2011. Accordingly, there are no amounts related to the 2006 interest rate hedge included in our consolidated balance sheets as of December 31, 2013 and 2012. | |
As of December 31, 2013, we have no derivative contracts outstanding. | |
LIN Television | ' |
Entity Information [Line Items] | ' |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | |
During the second quarter of 2006, we entered into a contract to hedge a notional amount of the declining balances of our term loans under our prior senior secured credit facility (the "2006 interest rate hedge") to mitigate changes in our cash flows resulting from fluctuations in interest rates. The 2006 interest rate hedge was historically designated as a cash flow hedge, however, as a result of a repayment of $45.9 million of principal on our term loans under our 2009 senior secured credit facility during 2010, the 2006 interest rate hedge ceased to be highly effective in hedging the variable rate cash flows. As a result, all changes in fair value were recorded in our consolidated statement of operations, including a gain of approximately $2 million for the year ended December 31, 2011. | |
The 2006 interest rate hedge expired on November 4, 2011. Accordingly, there are no amounts related to the 2006 interest rate hedge included in our consolidated balance sheets as of December 31, 2013 and 2012. | |
As of December 31, 2013, we have no derivative contracts outstanding. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Share-Based Compensation | ||||||||||||
We have several share-based compensation plans, including our 1998 Option Plan, the Amended and Restated 2002 Stock Plan and the Amended and Restated 2002 Non-Employee Director Stock Plan (collectively, the "Stock Plans"), that permit us to grant non-qualified options in our class A common shares or restricted share awards, to certain directors, officers and key employees of our Company. | ||||||||||||
Options granted under the Stock Plans vest over a four-year service period, unless otherwise designated by the Compensation Committee upon grant. Options expire ten years from the date of grant. We issue new shares of our class A common shares when options are exercised or from shares that we repurchased pursuant to our Board authorized share repurchase program as further described in Note 11—"Shareholders' Equity." Restricted share awards vest over a service period designated by the Compensation Committee upon grant. There were 6,787,940 shares authorized for grant under the various Stock Plans and 2,375,605 shares available for future grant as of December 31, 2013. Both the shares authorized and shares available exclude 1,552,983 shares under plans in effect prior to 2002 from which we do not intend to re-grant and consider unavailable for future grants. | ||||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Employee share options | $ | 2,933 | $ | 1,868 | $ | 1,492 | ||||||
Restricted share awards | 6,348 | 4,896 | 4,320 | |||||||||
Modifications to share option agreements | 93 | 93 | 364 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
We did not capitalize any share-based compensation expense for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
We have not yet recognized compensation expense relating to unvested employee share options and restricted share awards of $2.6 million and $14 million, respectively, which will be recognized over a weighted-average future period of approximately 1.3 years and 1.7 years, respectively. | ||||||||||||
During the year ended December 31, 2013, we received $1.4 million from the exercise of share options and $0.4 million from the purchase of our class A common stock pursuant to our employee stock purchase plan ("ESPP"), which terminated upon consummation of the Merger. | ||||||||||||
Share Options | ||||||||||||
The following table provides additional information regarding our share options for the year ended December 31, 2013 as follows (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Exercise Price | ||||||||||||
Per Share | ||||||||||||
Outstanding at the beginning of the year | 4,894 | $ | 3.42 | |||||||||
Granted during the year | 110 | 12.29 | ||||||||||
Exercised or converted during the year | (420 | ) | 3.23 | |||||||||
Forfeited during the year | (163 | ) | 5.43 | |||||||||
Expired during the year | (9 | ) | 3.57 | |||||||||
Outstanding at the end of the year | 4,412 | 3.58 | ||||||||||
Exercisable or convertible at the end of the year | 3,304 | 2.79 | ||||||||||
As of December 31, 2013, the weighted-average remaining contractual life of the options outstanding and the options exercisable was 6.1 years and 5.3 years, respectively. Additionally, as of December 31, 2013, the aggregate intrinsic value of the options outstanding and the options exercisable was $110.7 million and $85.5 million, respectively. The intrinsic value in the table above represents the total pre-tax intrinsic value based on our closing price as of December 31, 2013, which would have been received by the option holders had all option holders exercised their options and immediately sold their shares on that date. | ||||||||||||
The fair value of each share option grant or modification is estimated on the date of grant or modification using a Black-Scholes valuation model, which incorporates the following assumptions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected term(1) | 5 to 6 years | 5 to 6 years | 5 to 6 years | |||||||||
Expected volatility(2) | 95% to 96% | 98% to 99% | 97% to 99% | |||||||||
Expected dividends | $— | $— | $— | |||||||||
Risk-free rate(3) | 0.8% to 1.2% | 0.6% to 1.1% | 0.9% to 2.6% | |||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | The expected term was estimated using our historical experience. | |||||||||||
(2) | Expected volatility is based on historical trends for our class A common shares over the expected term. | |||||||||||
(3) | The risk-free interest rate for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life. | |||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recognized share-based compensation expense for a modification to our share option agreements of $0.1 million, $0.1 million and $0.4 million, respectively, as a result of an exchange offer we completed in 2009. | ||||||||||||
Restricted Share Awards | ||||||||||||
The following table provides additional information regarding the restricted share awards for the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Price Per | ||||||||||||
Share | ||||||||||||
Unvested at the beginning of the year | 2,294 | $ | 5.98 | |||||||||
Granted during the year | 582 | 18.89 | ||||||||||
Vested during the year | (960 | ) | 6 | |||||||||
Forfeited during the year | (205 | ) | 5.87 | |||||||||
Unvested at the end of the year | 1,711 | 10.37 | ||||||||||
The following table provides further information for both our restricted share awards and share option awards (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total fair value of options and awards granted | $ | 12,349 | $ | 10,347 | $ | 4,983 | ||||||
Total intrinsic value of options exercised | 5,136 | 865 | 225 | |||||||||
Total fair value of awards vested | 18,050 | 7,718 | 7,522 | |||||||||
Employee Stock Purchase Plan | ||||||||||||
As a result of the Merger, the ESPP was terminated, effective July 30, 2013. Prior to this, under the terms of our ESPP, our eligible employees could elect to have up to 10% of eligible compensation deducted from their pay to purchase our class A common stock. The purchase price of each share was 85% of the average of the high and low per share trading price of our class A common stock on the NYSE on the last trading day of each month during the offering period. During the year ended December 31, 2013, 2012 and 2011, employees purchased 42,734, 173,244 and 187,350 shares, respectively, at a weighted-average price of $10.05, $3.55 and $3.38, respectively. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Share-Based Compensation | ||||||||||||
We have several share-based compensation plans, including the 1998 Option Plan, the Amended and Restated 2002 Stock Plan and the Amended and Restated 2002 Non-Employee Director Stock Plan (collectively, the "Stock Plans"), that permit us to grant non-qualified options in LIN LLC's class A common shares or restricted share awards, to certain directors, officers and key employees of our Company. | ||||||||||||
Options granted under the Stock Plans vest over a four-year service period, unless otherwise designated by the Compensation Committee upon grant. Options expire ten years from the date of grant. We issue new shares of LIN LLC's class A common shares when options are exercised or from shares that we repurchased pursuant to our Board authorized share repurchase program as further described in Note 11—"Shareholders' Equity." Restricted share awards vest over a service period designated by the Compensation Committee upon grant. There were 6,787,940 shares authorized for grant under the various Stock Plans and 2,375,605 shares available for future grant as of December 31, 2013. Both the shares authorized and shares available exclude 1,552,983 shares under plans in effect prior to 2002 from which we do not intend to re-grant and consider unavailable for future grants. | ||||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Employee share options | $ | 2,933 | $ | 1,868 | $ | 1,492 | ||||||
Restricted share awards | 6,348 | 4,896 | 4,320 | |||||||||
Modifications to share option agreements | 93 | 93 | 364 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
We did not capitalize any share-based compensation expense for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
We have not yet recognized compensation expense relating to unvested employee share options and restricted share awards of $2.6 million and $14 million, respectively, which will be recognized over a weighted-average future period of approximately 1.3 years and 1.7 years, respectively. | ||||||||||||
During the year ended December 31, 2013, we received $1.4 million from the exercise of share options and $0.4 million from the purchase of LIN TV's class A common stock pursuant to the employee stock purchase plan ("ESPP"), which terminated upon consummation of the Merger. | ||||||||||||
Share Options | ||||||||||||
The following table provides additional information regarding our share options for the year ended December 31, 2013 as follows (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Exercise Price | ||||||||||||
Per Share | ||||||||||||
Outstanding at the beginning of the year | 4,894 | $ | 3.42 | |||||||||
Granted during the year | 110 | 12.29 | ||||||||||
Exercised or converted during the year | (420 | ) | 3.23 | |||||||||
Forfeited during the year | (163 | ) | 5.43 | |||||||||
Expired during the year | (9 | ) | 3.57 | |||||||||
Outstanding at the end of the year | 4,412 | 3.58 | ||||||||||
Exercisable or convertible at the end of the year | 3,304 | 2.79 | ||||||||||
As of December 31, 2013, the weighted-average remaining contractual life of the options outstanding and the options exercisable was 6.1 years and 5.3 years, respectively. Additionally, as of December 31, 2013, the aggregate intrinsic value of the options outstanding and the options exercisable was $110.7 million and $85.5 million, respectively. The intrinsic value in the table above represents the total pre-tax intrinsic value based on our closing price as of December 31, 2013, which would have been received by the option holders had all option holders exercised their options and immediately sold their shares on that date. | ||||||||||||
The fair value of each share option grant or modification is estimated on the date of grant or modification using a Black-Scholes valuation model, which incorporates the following assumptions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected term(1) | 5 to 6 years | 5 to 6 years | 5 to 6 years | |||||||||
Expected volatility(2) | 95% to 96% | 98% to 99% | 97% to 99% | |||||||||
Expected dividends | $— | $— | $— | |||||||||
Risk-free rate(3) | 0.8% to 1.2% | 0.6% to 1.1% | 0.9% to 2.6% | |||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | The expected term was estimated using our historical experience. | |||||||||||
(2) | Expected volatility is based on historical trends for LIN LLC class A common shares over the expected term. | |||||||||||
(3) | The risk-free interest rate for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life. | |||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recognized share-based compensation expense for a modification to our share option agreements of $0.1 million, $0.1 million and $0.4 million, respectively, as a result of an exchange offer we completed in 2009. | ||||||||||||
Restricted Share Awards | ||||||||||||
The following table provides additional information regarding the restricted share awards for the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average Price | ||||||||||||
Per Share | ||||||||||||
Unvested at the beginning of the year | 2,294 | $ | 5.98 | |||||||||
Granted during the year | 582 | 18.89 | ||||||||||
Vested during the year | (960 | ) | 6 | |||||||||
Forfeited during the year | (205 | ) | 5.87 | |||||||||
Unvested at the end of the year | 1,711 | 10.37 | ||||||||||
The following table provides further information for both our restricted share awards and share option awards (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total fair value of options and awards granted | $ | 12,349 | $ | 10,347 | $ | 4,983 | ||||||
Total intrinsic value of options exercised | 5,136 | 865 | 225 | |||||||||
Total fair value of awards vested | 18,050 | 7,718 | 7,522 | |||||||||
Employee Stock Purchase Plan | ||||||||||||
As a result of the Merger, the ESPP was terminated, effective July 30, 2013. Prior to this, under the terms of our ESPP, our eligible employees could elect to have up to 10% of eligible compensation deducted from their pay to purchase shares of LIN TV's class A common stock. The purchase price of each share was 85% of the average of the high and low per share trading price of LIN TV's class A common stock on the NYSE on the last trading day of each month during the offering period. During the year ended December 31, 2013, 2012 and 2011, employees purchased 42,734, 173,244 and 187,350 shares, respectively, at a weighted-average price of $10.05, $3.55 and $3.38, respectively. |
Retirement_Plans
Retirement Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||
Retirement Plans | ' | |||||||||||||
Retirement Plans | ||||||||||||||
401(k) Plan | ||||||||||||||
We provide a defined contribution plan ("401(k) Plan") for eligible employees. Effective January 1, 2010, we began making a 3% non-elective contribution for all eligible employees, which vests 100% after two years of service. We contributed $4.8 million, $3.9 million and $3.6 million to the 401(k) Plan in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Supplemental Income Deferral Plan | ||||||||||||||
Effective July 1, 2010, we also made available to certain employees, including our executive officers, the LIN Television Corporation Supplemental Income Deferral Plan ("SIDP"). This plan provides benefits to highly compensated employees in circumstances in which the maximum limits established under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code prevent them from receiving Company contributions. We contributed $0.5 million, $0.5 million and $0.2 million to this plan during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The SIDP also allows eligible executive officers to defer 5%- 80% of their base salaries and 5%- 100% of their annual non-equity incentive awards on a tax-deferred basis and receive tax-deferred market-based growth. During 2013, the Company made contributions to the SIDP for each of the named executive officers in amounts equal to 5% of their base salary and non-equity incentive plan compensation. | ||||||||||||||
Retirement Plans | ||||||||||||||
We have historically provided defined benefit retirement plans to our employees who did not receive matching contributions from our Company to their 401(k) Plan accounts. Our defined benefit plans were non-contributory plans under which we made contributions either to: a) traditional plan participants based on periodic actuarial valuations, which are expensed over the expected average remaining service lives of current employees through the LIN Television Corporation Retirement Plan ("Retirement Plan"); or b) cash balance plan participants based on 5% of each participant's eligible compensation through the Supplemental Benefit Retirement Plan of LIN Television Corporation ("SERP"). | ||||||||||||||
Effective April 1, 2009, these plan were frozen and we do not expect to make additional benefit accruals to these plans, however we continue to fund our existing vested obligations. We contributed $5.4 million, $7.4 million and $5.4 million to our pension plans during the years ended December 31, 2013, 2012 and 2011, respectively. We anticipate contributing $5.7 million to the plans in 2014. | ||||||||||||||
We record the unfunded status of our defined benefit plans as a liability. For the years ended December 31, 2013 and December 31, 2012, each plan was underfunded. The plan assets and benefit obligations of our defined benefit plans are recorded at fair value. Information regarding the change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets for our traditional defined benefit plan and our cash balance plan are as follows (in thousands): | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in projected benefit obligation | ||||||||||||||
Projected benefit obligation, beginning of period | $ | 134,969 | $ | 133,047 | ||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 5,259 | 5,379 | ||||||||||||
Actuarial (gain) loss | (10,282 | ) | 1,485 | |||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Curtailment | — | — | ||||||||||||
Projected benefit obligation, end of period | $ | 125,003 | $ | 134,969 | ||||||||||
Accumulated benefit obligation | $ | 125,003 | $ | 134,969 | ||||||||||
Change in plan assets | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 96,412 | $ | 82,314 | ||||||||||
Actual return on plan assets | 10,611 | 11,621 | ||||||||||||
Employer contributions | 5,359 | 7,419 | ||||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Fair value of plan assets, end of period | $ | 107,439 | $ | 96,412 | ||||||||||
Unfunded status of the plan | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Total amount recognized as accrued benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
The following table includes the pension related accounts recognized on our consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Other accrued expenses (current) | $ | (695 | ) | $ | (373 | ) | ||||||||
Other liabilities (long-term) | (16,869 | ) | (38,184 | ) | ||||||||||
Total amount recognized as accrued pension benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Accumulated other comprehensive loss: | ||||||||||||||
Net loss | $ | 32,681 | $ | 48,978 | ||||||||||
Tax benefit | 12,915 | 19,354 | ||||||||||||
Net loss, net of tax benefit | 19,766 | 29,624 | ||||||||||||
Pension tax liability | 5,760 | 5,760 | ||||||||||||
Accumulated other comprehensive loss related to net periodic pension benefit cost | $ | 25,526 | $ | 35,384 | ||||||||||
The total net loss of $32.7 million for the year ending December 31, 2013 relates to deferred actuarial losses from changes in discount rates, differences between actual and assumed asset returns, and differences between actual and assumed demographic experience (rates of turnover, retirement rates, mortality rates and prior to the plan freeze, rates of compensation increases). During 2014, we expect to amortize net losses of $1.3 million, which are included in accumulated other comprehensive loss as of December 31, 2013. | ||||||||||||||
The following table includes other changes in plan assets and benefit obligations that were recognized in other comprehensive income (loss) (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net gain (loss) | $ | 14,443 | $ | 3,947 | $ | (18,503 | ) | |||||||
Amortization of net actuarial loss | 1,854 | 1,578 | 753 | |||||||||||
Net gain (loss) | $ | 16,297 | $ | 5,525 | $ | (17,750 | ) | |||||||
Tax benefit (provision) | 6,439 | 2,132 | (6,912 | ) | ||||||||||
Total amount recognized in other comprehensive income (loss) | $ | 9,858 | $ | 3,393 | $ | (10,838 | ) | |||||||
Components of net periodic pension benefit cost were (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||
Interest cost | 5,259 | 5,379 | 5,872 | |||||||||||
Expected return on plan assets | (6,450 | ) | (6,190 | ) | (6,824 | ) | ||||||||
Amortization of prior service cost | — | — | — | |||||||||||
Amortization of net loss | 1,854 | 1,579 | 754 | |||||||||||
Net periodic benefit cost (gain) | $ | 663 | $ | 768 | $ | (198 | ) | |||||||
Our expected future pension benefit payments for the next 10 years are as follows (in thousands): | ||||||||||||||
Expected Future Pension | ||||||||||||||
Benefit Payments | ||||||||||||||
For Years Ended December 31, | ||||||||||||||
2014 | $ | 7,914 | ||||||||||||
2015 | 5,879 | |||||||||||||
2016 | 5,955 | |||||||||||||
2017 | 5,966 | |||||||||||||
2018 | 6,281 | |||||||||||||
2019 through 2023 | 38,156 | |||||||||||||
Weighted-average assumptions used to estimate our pension benefit obligations and to determine our net periodic pension benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
SERP | Retirement Plan | SERP | Retirement Plan | SERP | Retirement Plan | |||||||||
Discount rate used to estimate our pension benefit obligation | 4.70% | 5.00% | 3.60% | 4.00% | 3.9 | % | 4.2 | % | ||||||
Discount rate used to determine net periodic pension benefit | 3.60% | 4.00% | 3.90% | 4.20% | 5.25 | % | 5.25 | % | ||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Expected long-term rate-of-return on plan assets | N/A | 7.00% | N/A | 7.00% | N/A | 7 | % | |||||||
For the discount rate for the years ended December 31, 2013 and 2012, we used a custom bond modeler that develops a hypothetical portfolio of high quality corporate bonds, rated AA- and above by Standard & Poor's, that could be purchased to settle the obligations of the plan. The yield on this hypothetical portfolio represents a reasonable rate to value our plan liability. | ||||||||||||||
We considered the current levels of expected returns on a risk-free investment, the historical levels of risk premium associated with each of our pension asset classes, the expected future returns for each of our pension asset classes and then weighted each asset class based on our pension plan asset allocation to derive an expected long-term return on pension plan assets. During the years ended December 31, 2013, 2012 and 2011, our actual rate of return on plan assets was 12.0%, 15.4% and 4.0%. | ||||||||||||||
Our investment objective is to achieve a consistent total rate-of-return that will equal or exceed our actuarial assumptions and to equal or exceed the benchmarks that we use for each of our pension plan asset classes. The following asset allocation is designed to create a diversified portfolio of pension plan assets that is consistent with our target asset allocation and risk policy: | ||||||||||||||
Target Allocation | Percentage of Plan Assets | |||||||||||||
as of December 31, | ||||||||||||||
Asset Category | 2013 | 2013 | 2012 | |||||||||||
Equity securities | 60 | % | 60 | % | 55 | % | ||||||||
Debt securities | 40 | % | 40 | % | 45 | % | ||||||||
100 | % | 100 | % | 100 | % | |||||||||
The following table summarizes our pension plan assets measured at fair value using the prescribed three-level fair value hierarchy as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | |||||||||||||
Observable Inputs | ||||||||||||||
(Level 1) | (Level 2) | Total | ||||||||||||
December 31, 2013: | ||||||||||||||
Cash and cash equivalents | $ | 690 | $ | — | $ | 690 | ||||||||
Money market fund | — | 762 | 762 | |||||||||||
Commingled pools: | ||||||||||||||
U.S. equity | — | 37,645 | 37,645 | |||||||||||
International equity | — | 18,884 | 18,884 | |||||||||||
REIT | — | 3,213 | 3,213 | |||||||||||
High yield bond | — | 4,101 | 4,101 | |||||||||||
Emerging markets | — | 5,994 | 5,994 | |||||||||||
Investment grade fixed income | — | 36,150 | 36,150 | |||||||||||
Total | $ | 690 | $ | 106,749 | $ | 107,439 | ||||||||
December 31, 2012: | ||||||||||||||
Cash and cash equivalents | $ | 573 | $ | — | $ | 573 | ||||||||
Money market fund | — | 519 | 519 | |||||||||||
Commingled pools: | ||||||||||||||
U.S. equity | — | 30,034 | 30,034 | |||||||||||
International equity | — | 15,241 | 15,241 | |||||||||||
REIT | — | 3,875 | 3,875 | |||||||||||
High yield bond | — | 2,916 | 2,916 | |||||||||||
Emerging markets | — | 6,374 | 6,374 | |||||||||||
Investment grade fixed income | — | 36,880 | 36,880 | |||||||||||
Total | $ | 573 | $ | 95,839 | $ | 96,412 | ||||||||
The commingled pools, U.S. and International stock funds and U.S. bond funds consist of various funds that are valued at the net asset value of units held by the plan at year-end as determined by the custodian, based on fair value of the underlying securities. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, while we believe these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in different fair value measurement as of the reporting date. | ||||||||||||||
LIN Television | ' | |||||||||||||
Entity Information [Line Items] | ' | |||||||||||||
Retirement Plans | ' | |||||||||||||
Retirement Plans | ||||||||||||||
401(k) Plan | ||||||||||||||
We provide a defined contribution plan ("401(k) Plan") for eligible employees. Effective January 1, 2010, we began making a 3% non-elective contribution for all eligible employees, which vests 100% after two years of service. We contributed $4.8 million, $3.9 million and $3.6 million to the 401(k) Plan in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Supplemental Income Deferral Plan | ||||||||||||||
Effective July 1, 2010, we also made available to certain employees, including our executive officers, the LIN Television Corporation Supplemental Income Deferral Plan ("SIDP"). This plan provides benefits to highly compensated employees in circumstances in which the maximum limits established under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Internal Revenue Code prevent them from receiving Company contributions. We contributed $0.5 million, $0.5 million and $0.2 million to this plan during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The SIDP also allows eligible executive officers to defer 5% - 80% of their base salaries and 5% - 100% of their annual non-equity incentive awards on a tax-deferred basis and receive tax-deferred market-based growth. During 2013, the Company made contributions to the SIDP for each of the named executive officers in amounts equal to 5% of their base salary and non-equity incentive plan compensation. | ||||||||||||||
Retirement Plans | ||||||||||||||
We have historically provided defined benefit retirement plans to our employees who did not receive matching contributions from our Company to their 401(k) Plan accounts. Our defined benefit plans were non-contributory plans under which we made contributions either to: a) traditional plan participants based on periodic actuarial valuations, which are expensed over the expected average remaining service lives of current employees through the LIN Television Corporation Retirement Plan ("Retirement Plan"); or b) cash balance plan participants based on 5% of each participant's eligible compensation through the Supplemental Benefit Retirement Plan of LIN Television Corporation ("SERP"). | ||||||||||||||
Effective April 1, 2009, these plans were frozen and we do not expect to make additional benefit accruals to these plans, however we continue to fund our existing vested obligations. We contributed $5.4 million, $7.4 million and $5.4 million to our pension plans during the years ended December 31, 2013, 2012 and 2011, respectively. We anticipate contributing $5.7 million to the plans in 2014. | ||||||||||||||
We record the unfunded status of our defined benefit plans as a liability. For the years ended December 31, 2013 and December 31, 2012, each plan was underfunded. The plan assets and benefit obligations of our defined benefit plans are recorded at fair value. Information regarding the change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets for our traditional defined benefit plan and our cash balance plan are as follows (in thousands): | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in projected benefit obligation | ||||||||||||||
Projected benefit obligation, beginning of period | $ | 134,969 | $ | 133,047 | ||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 5,259 | 5,379 | ||||||||||||
Actuarial (gain) loss | (10,282 | ) | 1,485 | |||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Curtailment | — | — | ||||||||||||
Projected benefit obligation, end of period | $ | 125,003 | $ | 134,969 | ||||||||||
Accumulated benefit obligation | $ | 125,003 | $ | 134,969 | ||||||||||
Change in plan assets | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 96,412 | $ | 82,314 | ||||||||||
Actual return on plan assets | 10,611 | 11,621 | ||||||||||||
Employer contributions | 5,359 | 7,419 | ||||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Fair value of plan assets, end of period | $ | 107,439 | $ | 96,412 | ||||||||||
Unfunded status of the plan | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Total amount recognized as accrued benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
The following table includes the pension related accounts recognized on our consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Other accrued expenses (current) | $ | (695 | ) | $ | (373 | ) | ||||||||
Other liabilities (long-term) | (16,869 | ) | (38,184 | ) | ||||||||||
Total amount recognized as accrued pension benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Accumulated other comprehensive loss: | ||||||||||||||
Net loss | $ | 32,681 | $ | 48,978 | ||||||||||
Tax benefit | 12,915 | 19,354 | ||||||||||||
Net loss, net of tax benefit | 19,766 | 29,624 | ||||||||||||
Pension tax liability | 5,760 | 5,760 | ||||||||||||
Accumulated other comprehensive loss related to net periodic pension benefit cost | $ | 25,526 | $ | 35,384 | ||||||||||
The total net loss of $32.7 million for the year ending December 31, 2013 relates to deferred actuarial losses from changes in discount rates, differences between actual and assumed asset returns, and differences between actual and assumed demographic experience (rates of turnover, retirement rates, mortality rates and prior to the plan freeze, rates of compensation increases). During 2014, we expect to amortize net losses of $1.3 million, which are included in accumulated other comprehensive loss as of December 31, 2013. | ||||||||||||||
The following table includes other changes in plan assets and benefit obligations that were recognized in other comprehensive income (loss) (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net gain (loss) | $ | 14,443 | $ | 3,947 | $ | (18,503 | ) | |||||||
Amortization of net actuarial loss | 1,854 | 1,578 | 753 | |||||||||||
Net gain (loss) | $ | 16,297 | $ | 5,525 | $ | (17,750 | ) | |||||||
Tax benefit (provision) | 6,439 | 2,132 | (6,912 | ) | ||||||||||
Total amount recognized in other comprehensive income (loss) | $ | 9,858 | $ | 3,393 | $ | (10,838 | ) | |||||||
Components of net periodic pension benefit cost were (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||
Interest cost | 5,259 | 5,379 | 5,872 | |||||||||||
Expected return on plan assets | (6,450 | ) | (6,190 | ) | (6,824 | ) | ||||||||
Amortization of prior service cost | — | — | — | |||||||||||
Amortization of net loss | 1,854 | 1,579 | 754 | |||||||||||
Net periodic benefit cost (gain) | $ | 663 | $ | 768 | $ | (198 | ) | |||||||
Our expected future pension benefit payments for the next 10 years are as follows (in thousands): | ||||||||||||||
For Years Ended December 31, | Expected Future Pension | |||||||||||||
Benefit Payments | ||||||||||||||
2014 | $ | 7,914 | ||||||||||||
2015 | 5,879 | |||||||||||||
2016 | 5,955 | |||||||||||||
2017 | 5,966 | |||||||||||||
2018 | 6,281 | |||||||||||||
2019 through 2023 | 38,156 | |||||||||||||
Weighted-average assumptions used to estimate our pension benefit obligations and to determine our net periodic pension benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
SERP | Retirement Plan | SERP | Retirement Plan | SERP | Retirement Plan | |||||||||
Discount rate used to estimate our pension benefit obligation | 4.70% | 5.00% | 3.60% | 4.00% | 3.90% | 4.20% | ||||||||
Discount rate used to determine net periodic pension benefit | 3.60% | 4.00% | 3.90% | 4.20% | 5.25% | 5.25% | ||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Expected long-term rate-of-return on plan assets | N/A | 7.00% | N/A | 7.00% | N/A | 7.00% | ||||||||
For the discount rate for the years ended December 31, 2013 and 2012, we used a custom bond modeler that develops a hypothetical portfolio of high quality corporate bonds, rated AA- and above by Standard & Poor's, that could be purchased to settle the obligations of the plan. The yield on this hypothetical portfolio represents a reasonable rate to value our plan liability. | ||||||||||||||
We considered the current levels of expected returns on a risk-free investment, the historical levels of risk premium associated with each of our pension asset classes, the expected future returns for each of our pension asset classes and then weighted each asset class based on our pension plan asset allocation to derive an expected long-term return on pension plan assets. During the years ended December 31, 2013, 2012 and 2011, our actual rate of return on plan assets was 12.0%, 15.4% and 4.0%. | ||||||||||||||
Our investment objective is to achieve a consistent total rate-of-return that will equal or exceed our actuarial assumptions and to equal or exceed the benchmarks that we use for each of our pension plan asset classes. The following asset allocation is designed to create a diversified portfolio of pension plan assets that is consistent with our target asset allocation and risk policy: | ||||||||||||||
Target Allocation | Percentage of Plan Assets | |||||||||||||
as of December 31, | ||||||||||||||
Asset Category | 2013 | 2013 | 2012 | |||||||||||
Equity securities | 60% | 60% | 55% | |||||||||||
Debt securities | 40% | 40% | 45% | |||||||||||
100% | 100% | 100% | ||||||||||||
The following table summarizes our pension plan assets measured at fair value using the prescribed three-level fair value hierarchy as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | |||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
(Level 1) | (Level 2) | Total | ||||||||||||
December 31, 2013: | ||||||||||||||
Cash and cash equivalents | $ | 690 | $ | — | $ | 690 | ||||||||
Money market fund | — | 762 | 762 | |||||||||||
Commingled pools: | — | |||||||||||||
U.S. equity | — | 37,645 | 37,645 | |||||||||||
International equity | — | 18,884 | 18,884 | |||||||||||
REIT | — | 3,213 | 3,213 | |||||||||||
High yield bond | — | 4,101 | 4,101 | |||||||||||
Emerging markets | — | 5,994 | 5,994 | |||||||||||
Investment grade fixed income | — | 36,150 | 36,150 | |||||||||||
Total | $ | 690 | $ | 106,749 | $ | 107,439 | ||||||||
December 31, 2012: | ||||||||||||||
Cash and cash equivalents | $ | 573 | $ | — | $ | 573 | ||||||||
Money market fund | — | 519 | 519 | |||||||||||
Commingled pools: | — | |||||||||||||
U.S. equity | — | 30,034 | 30,034 | |||||||||||
International equity | — | 15,241 | 15,241 | |||||||||||
REIT | — | 3,875 | 3,875 | |||||||||||
High yield bond | — | 2,916 | 2,916 | |||||||||||
Emerging markets | — | 6,374 | 6,374 | |||||||||||
Investment grade fixed income | — | 36,880 | 36,880 | |||||||||||
Total | $ | 573 | $ | 95,839 | $ | 96,412 | ||||||||
The commingled pools, U.S. and International stock funds and U.S. bond funds consist of various funds that are valued at the net asset value of units held by the plan at year-end as determined by the custodian, based on fair value of the underlying securities. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, while we believe these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in different fair value measurement as of the reporting date. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Entity Information [Line Items] | ' |
Shareholders' Equity | ' |
Shareholders' Equity | |
During the year ended December 31, 2011, our Board of Directors approved a stock repurchase program that authorized us to repurchase up to $25 million of our class A common shares over a 12 month period. This program was extended by our Board of Directors in November 2012 and was scheduled to expire on the earlier of the completion of all purchases contemplated by the plan or November 14, 2013; however, on February 12, 2013, as a result of entering into the Merger Agreement, we terminated the share repurchase program. Prior to the termination, during the year ended December 31, 2012, we repurchased approximately 3.3 million shares of our class A common shares on the open market for an aggregate purchase price of $11.4 million. We did not repurchase any shares during the year ended December 31, 2013. | |
Our class B common shares are convertible into an equal number of shares of our class A or class C common shares in various circumstances. During the year ended December 31, 2013, 2.5 million shares of our class B common shares were converted into class A common shares. During the year ended December 31, 2012, none of our class B common shares were converted into class A common shares. | |
LIN Television | ' |
Entity Information [Line Items] | ' |
Shareholders' Equity | ' |
Shareholders' Equity | |
During the year ended December 31, 2011, LIN TV's Board of Directors approved a stock repurchase program that authorized LIN TV to repurchase up to $25 million of LIN TV's class A common stock over a 12 month period. This program was extended by LIN TV's Board of Directors in November 2012 and was scheduled to expire on the earlier of the completion of all purchases contemplated by the plan or November 14, 2013; however, on February 12, 2013, as a result of entering into the Merger Agreement, LIN TV terminated the share repurchase program. Prior to the termination, during the year ended December 31, 2012, LIN TV repurchased approximately 3.3 million shares of LIN TV's class A common stock on the open market for an aggregate purchase price of $11.4 million. There were no shares repurchased during the year ended December 31, 2013. | |
LIN LLC's class B common shares are convertible into an equal number of shares of LIN LLC's class A or class C common shares in various circumstances. During the year ended December 31, 2013, prior to the Merger, 2.5 million shares of LIN TV's class B common stock were converted into shares of class A common stock. During the year ended December 31, 2012, none of LIN TV's class B common stock was converted into class A common stock. |
Restructuring_and_Contract_Ter
Restructuring and Contract Termination Costs | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Entity Information [Line Items] | ' | |||
Restructuring and Contract Termination Costs | ' | |||
Restructuring and Contract Termination Costs | ||||
During the year ended December 31, 2013, we recorded restructuring charges of $3.9 million primarily related to severance and related costs associated with the integration of the television stations acquired during 2012. During the years ended December 31, 2012 and 2011, we recorded restructuring charges of $1.0 million and $0.7 million, respectively, as a result of severance and related costs as well as the consolidation of certain activities at our stations and our corporate headquarters. During the years ended December 31, 2013, 2012 and 2011, we made cash payments of $4.2 million, $0.8 million and $1.1 million related to these restructuring actions. We expect to make cash payments of $0.4 million related to these restructuring actions during 2014. | ||||
The activity for these restructuring charges relating to severance and related costs is as follows (in thousands): | ||||
Severance and | ||||
Related | ||||
Balance as of December 31, 2011 | $ | 515 | ||
Charges | 1,009 | |||
Payments | (807 | ) | ||
Balance as of December 31, 2012 | $ | 717 | ||
Charges | 3,895 | |||
Payments | (4,189 | ) | ||
Balance as of December 31, 2013 | $ | 423 | ||
In December 2013, we terminated an agreement with a service provider that provided national sales representation and made a payment of $5.4 million to exit our agreement prior to its expiration. Concurrent with the termination of the agreement, we released $1.5 million of deferred credits associated with the terminated contract. The amount of the one-time termination payment, offset by the release of the deferred credits, has been reflected as Contract termination costs in our consolidated statement of operations for 2013. | ||||
LIN Television | ' | |||
Entity Information [Line Items] | ' | |||
Restructuring and Contract Termination Costs | ' | |||
Restructuring and Contract Termination Costs | ||||
During the year ended December 31, 2013, we recorded restructuring charges of $3.9 million primarily related to severance and related costs associated with the integration of the television stations acquired during 2012. During the years ended December 31, 2012 and 2011, we recorded restructuring charges of $1.0 million and $0.7 million, respectively, as a result of severance and related costs as well as the consolidation of certain activities at our stations and our corporate headquarters. During the years ended December 31, 2013, 2012 and 2011, we made cash payments of $4.2 million, $0.8 million and $1.1 million related to these restructuring actions. We expect to make cash payments of $0.4 million related to these restructuring actions during 2014. | ||||
The activity for these restructuring charges relating to severance and related costs is as follows (in thousands): | ||||
Severance and | ||||
Related | ||||
Balance as of December 31, 2011 | $ | 515 | ||
Charges | 1,009 | |||
Payments | (807 | ) | ||
Balance as of December 31, 2012 | $ | 717 | ||
Charges | 3,895 | |||
Payments | (4,189 | ) | ||
Balance as of December 31, 2013 | $ | 423 | ||
In December 2013, we terminated an agreement with a service provider that provided national sales representation and made a payment of $5.4 million to exit our agreement prior to its expiration. Concurrent with the termination of the agreement, we released $1.5 million of deferred credits associated with the terminated contract. The amount of the one-time termination payment, offset by the release of the deferred credits, has been reflected as Contract termination costs in our consolidated statement of operations for 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
Commitments | ||||||||||||
We lease land, buildings, vehicles and equipment pursuant to non-cancelable operating lease agreements and we contract for general services pursuant to non-cancelable operating agreements that expire at various dates through 2036. In addition, we have entered into commitments for future syndicated entertainment and sports programming. Future payments for these non-cancelable operating leases and agreements, and future payments associated with syndicated television programs as of December 31, 2013 are as follows (in thousands): | ||||||||||||
Operating Leases | Syndicated | Total | ||||||||||
and Agreements | Television | |||||||||||
Programming(1) | ||||||||||||
Year | ||||||||||||
2014 | $ | 45,076 | $ | 27,119 | $ | 72,195 | ||||||
2015 | 33,930 | 26,675 | 60,605 | |||||||||
2016 | 16,140 | 17,387 | 33,527 | |||||||||
2017 | 12,146 | 3,133 | 15,279 | |||||||||
2018 | 1,611 | 153 | 1,764 | |||||||||
Thereafter | 7,139 | 214 | 7,353 | |||||||||
Total obligations | $ | 116,042 | $ | 74,681 | $ | 190,723 | ||||||
_____________________________________________ | ||||||||||||
(1)Includes $6.3 million of program obligations recorded on our consolidated balance sheet as of December 31, 2013. | ||||||||||||
Rent expense, resulting from operating leases, was $5.8 million, $2.5 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Contingencies | ||||||||||||
GECC Guarantee and the Merger | ||||||||||||
GECC provided secured debt financing for the joint venture between NBCUniversal and us, in the form of an $815.5 million non-amortizing senior secured note due 2023 bearing interest at an initial rate of 8% per annum until March 1, 2013 and 9% per annum thereafter. The GECC Note was an obligation of the joint venture. As of December 31, 2012, we had a 20.38% equity interest in the joint venture and NBCUniversal had the remaining 79.62% equity interest, in which we and NBCUniversal each had a 50% voting interest. NBCUniversal operated two television stations, KXAS-TV, an NBC affiliate in Dallas, and KNSD-TV, an NBC affiliate in San Diego, pursuant to a management agreement. LIN TV had previously guaranteed the payment of principal and interest on the GECC Note. | ||||||||||||
On February 12, 2013, we, along with our wholly-owned subsidiaries, LIN Television and LIN Texas, entered into, and simultaneously closed the JV Sale Transaction with subsidiaries of NBCUniversal, the GE Parties, Comcast, and SVH whereby in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations relating to the shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the guarantee and recorded the related tax effects in our consolidated financial statements as of December 31, 2012, because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million Incremental Facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million payment. As a result of the JV Sale Transaction, after utilizing all of our available Federal net operating loss (“NOL”) carryforwards, we had an approximate $162.8 million income tax payable remaining, $131.5 million of which was extinguished as a result of the Merger described below. | ||||||||||||
On July 30, 2013, LIN TV was merged with and into LIN LLC with LIN LLC continuing as the surviving entity. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes and that change in classification was treated as a liquidation of LIN TV for federal income tax purposes with the result that LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss of approximately $343 million, which represents the difference between its tax basis in the stock of LIN Television, and the fair market value of this stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and as a result, we realized tax savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
Litigation | ||||||||||||
We are involved in various claims and lawsuits that are generally incidental to our business. We are vigorously contesting all of these matters. The outcome of any current or future litigation cannot be accurately predicted. We record accruals for such contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. No estimate of the possible loss or range of loss can be made at this time because the inherently unpredictable nature of legal proceedings may be exacerbated by various factors, including: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) there are significant facts in dispute; or (vi) there is a wide range of potential outcomes. Although the outcome of these and other legal proceedings cannot be predicted, we believe that their ultimate resolution will not have a material adverse effect on us. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
Commitments | ||||||||||||
We lease land, buildings, vehicles and equipment pursuant to non-cancelable operating lease agreements and we contract for general services pursuant to non-cancelable operating agreements that expire at various dates through 2036. In addition, we have entered into commitments for future syndicated entertainment and sports programming. Future payments for these non-cancelable operating leases and agreements, and future payments associated with syndicated television programs as of December 31, 2013 are as follows (in thousands): | ||||||||||||
Operating Leases | Syndicated | Total | ||||||||||
and Agreements | Television | |||||||||||
Programming(1) | ||||||||||||
Year | ||||||||||||
2014 | $ | 45,076 | $ | 27,119 | $ | 72,195 | ||||||
2015 | 33,930 | 26,675 | 60,605 | |||||||||
2016 | 16,140 | 17,387 | 33,527 | |||||||||
2017 | 12,146 | 3,133 | 15,279 | |||||||||
2018 | 1,611 | 153 | 1,764 | |||||||||
Thereafter | 7,139 | 214 | 7,353 | |||||||||
Total obligations | $ | 116,042 | $ | 74,681 | $ | 190,723 | ||||||
(1)Includes $6.3 million of program obligations recorded on our consolidated balance sheet as of December 31, 2013 | ||||||||||||
Rent expense, resulting from operating leases, was $5.8 million, $2.5 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Contingencies | ||||||||||||
GECC Guarantee and the Merger | ||||||||||||
GECC provided secured debt financing for the joint venture between NBCUniversal and us, in the form of an $815.5 million non-amortizing senior secured note due 2023 bearing interest at an initial rate of 8% per annum until March 1, 2013 and 9% per annum thereafter. The GECC Note was an obligation of the joint venture. As of December 31, 2012, we had a 20.38% equity interest in the joint venture and NBCUniversal had the remaining 79.62% equity interest, in which we and NBCUniversal each had a 50% voting interest. NBCUniversal operated two television stations, KXAS-TV, an NBC affiliate in Dallas, and KNSD-TV, an NBC affiliate in San Diego, pursuant to a management agreement. LIN TV had previously guaranteed the payment of principal and interest on the GECC Note. | ||||||||||||
On February 12, 2013, we, along with our wholly-owned subsidiaries, LIN Television and LIN Texas, entered into, and simultaneously closed the JV Sale Transaction with subsidiaries of NBCUniversal, the GE Parties, Comcast and SVH whereby in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations relating to the shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the guarantee and recorded the related tax effects in our consolidated financial statements as of December 31, 2012, because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million Incremental Facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million payment. As a result of the JV Sale Transaction, after utilizing all of our available Federal net operating loss (“NOL”) carryforwards, we had an approximate $162.8 million income tax payable remaining, $131.5 million of which was extinguished as a result of the Merger described below. | ||||||||||||
On July 30, 2013, LIN TV was merged with and into LIN LLC with LIN LLC continuing as the surviving entity. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes and that change in classification was treated as a liquidation of LIN TV for federal income tax purposes with the result that LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss of approximately $343 million, which represents the difference between its tax basis in the stock of LIN Television, and the fair market value of this stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and as a result, we realized tax savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
Litigation | ||||||||||||
We are involved in various claims and lawsuits that are generally incidental to our business. We are vigorously contesting all of these matters. The outcome of any current or future litigation cannot be accurately predicted. We record accruals for such contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. No estimate of the possible loss or range of loss can be made at this time because the inherently unpredictable nature of legal proceedings may be exacerbated by various factors, including: (i) the damages sought in the proceedings are unsubstantiated or indeterminate; (ii) discovery is not complete; (iii) the proceeding is in its early stages; (iv) the matters present legal uncertainties; (v) there are significant facts in dispute; or (vi) there is a wide range of potential outcomes. Although the outcome of these and other legal proceedings cannot be predicted, we believe that their ultimate resolution will not have a material adverse effect on us. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Our income before income taxes is solely from domestic operations. The (benefit from) provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 26,056 | $ | 21 | $ | 543 | ||||||
State | 5,636 | 1,571 | 652 | |||||||||
Foreign | — | 633 | — | |||||||||
Total current | $ | 31,692 | $ | 2,225 | $ | 1,195 | ||||||
Deferred: | ||||||||||||
Federal | $ | (124,201 | ) | $ | 33,865 | $ | (25,907 | ) | ||||
State | (32,911 | ) | 4,373 | 8,667 | ||||||||
Total deferred | (157,112 | ) | 38,238 | (17,240 | ) | |||||||
Total current and deferred | $ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | ||||
The following table reconciles the amount that would be calculated by applying the 35% federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision assuming federal statutory rate | $ | 10,913 | $ | 7,871 | $ | 11,780 | ||||||
State taxes, net of federal tax benefit | 3,863 | 5,723 | 1,790 | |||||||||
State tax law/rate changes, net of federal tax benefit | — | 1,883 | 5,703 | |||||||||
Change in valuation allowance | (18,157 | ) | (4,622 | ) | (36,541 | ) | ||||||
Share compensation | (53 | ) | (17 | ) | 601 | |||||||
Reserve for tax contingencies | 124 | 633 | — | |||||||||
Impact of JV Sale Transaction | — | 28,435 | — | |||||||||
Impact of the Merger | (124,306 | ) | — | — | ||||||||
Non-deductible acquisition and Merger related transaction costs | 1,645 | — | — | |||||||||
Other | 551 | 557 | 622 | |||||||||
$ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | |||||
Effective income tax rate on continuing operations | (402.2 | )% | 179.9 | % | (47.7 | )% | ||||||
During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. These valuation allowances were reversed after evaluating our ability to recover certain net operating loss carryforwards due to the change in tax structure as a result of the Merger, as we concluded the Company will more likely than not be able to realize these deferred tax assets. | ||||||||||||
The impact of the JV Sale Transaction is a result of entering into and consummating the transactions contemplated by the JV Transaction Agreement on February 12, 2013, as described further in Note 1—"Basis of Presentation and Summary of Significant Accounting Policies" and in Note 13—"Commitments and Contingencies." The JV Sale Transaction resulted in the recognition of $27.5 million and $0.9 million of incremental short-term deferred federal and state tax liabilities, respectively, in excess of those which were previously established. The financial impact of the JV Sale Transaction and corresponding tax expense of $28.4 million are reflected in our consolidated financial statements for the year ended December 31, 2012. During the first quarter of 2013, approximately $162.8 million of short term deferred liabilities were reclassified to income taxes payable upon the consummation of the JV Sale Transaction. As a result of the close of the Merger on July 30, 2013, $131.5 million of this tax liability was extinguished, resulting in a remaining tax liability of approximately $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
The 2011 state tax law/rate change, net of federal tax benefit, of $5.7 million is primarily a result of state tax legislation enacted in Michigan in May 2011, which repealed the Michigan business tax ("MBT"), and implemented a corporate income tax instead, effective January 2012. As a result of the elimination of the MBT, certain future tax deductions that were available to be utilized beginning in 2015, and had been recognized as deferred tax assets in our financial statements, will not be deductible. Therefore, during the year ended December 31, 2011, we recognized incremental deferred income tax expense of $5.1 million, net of federal benefit, for the reversal of these previously established deferred tax assets. In addition, the 2012 state tax law/rate change, net of federal tax benefit, of $1.9 million is a result of a change in the effective tax rate used to value our deferred tax assets/liabilities. | ||||||||||||
The components of the net deferred tax liability are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Deferred gain related to equity investment in NBC joint venture | $ | — | $ | 259,049 | ||||||||
Property and equipment | 11,816 | 12,822 | ||||||||||
Intangible assets | 54,859 | 36,761 | ||||||||||
Deferred gain on debt repurchase | 18,140 | 18,309 | ||||||||||
Noncontrolling interest | 849 | 549 | ||||||||||
Other | 7,629 | 7,476 | ||||||||||
Total | $ | 93,293 | $ | 334,966 | ||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | (17,707 | ) | $ | (110,169 | ) | ||||||
Equity investments | (2,372 | ) | (1,554 | ) | ||||||||
Other | (15,426 | ) | (32,625 | ) | ||||||||
Valuation allowance | — | 18,157 | ||||||||||
Total | (35,505 | ) | (126,191 | ) | ||||||||
Net deferred tax liabilities | $ | 57,788 | $ | 208,775 | ||||||||
We maintain a valuation allowance related to our deferred tax asset position when management believes it is more likely than not that the deferred tax assets will not be realized in the future. As of December 31, 2012, we had a valuation allowance of $18.2 million offsetting certain state net operating loss carryforwards and other state deferred tax assets. During the third quarter of 2013, after evaluating our ability to recover certain net operating loss carryforwards due to the change in tax structure as a result of the Merger, we determined that we will more likely than not be able to realize these deferred tax assets. As a result, we reversed the valuation allowance and recognized a corresponding tax benefit of $18.2 million. | ||||||||||||
As of December 31, 2013, we had federal net operating loss carryforwards (tax effected) of approximately $4.6 million that begin to expire in 2034. Additionally, we had state net operating loss carryforwards that vary by jurisdiction (tax effected, net of federal benefit) of $13.1 million, expiring through 2033. Included in the total federal and state net operating loss carryforwards (tax effected) is $4.9 million that would be recorded in equity when realized. | ||||||||||||
Unrecognized Tax Benefits. | ||||||||||||
The Company's uncertain tax positions for the years ended December 31, 2013, 2012, and 2011 are limited to certain unrecognized state and foreign benefits totaling $24.5 million, $26.6 million and $26.4 million, respectively. As of December 31, 2013, 2012 and 2011, there are $0.9 million, $0.8 million and $0 million of unrecognized tax benefits, respectively, that if recognized would reduce the effective tax rate from continuing operations. | ||||||||||||
We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. During the years ended December 31, 2013, 2012 and 2011, we did not recognize or accrue any amounts related to interest and penalties. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 26,559 | $ | 26,381 | $ | 26,610 | ||||||
Additions for tax positions of current year | 733 | 1,798 | 2,386 | |||||||||
Additions for tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (2,084 | ) | (1,133 | ) | (2,128 | ) | ||||||
Reductions related to settlements with taxing authorities | — | — | — | |||||||||
Reductions related to expiration of the statute of limitations | (730 | ) | (487 | ) | (487 | ) | ||||||
Balance at end of year | $ | 24,478 | $ | 26,559 | $ | 26,381 | ||||||
We file a consolidated federal income tax return and we file numerous other consolidated and separate income tax returns in U.S. state jurisdictions. Tax years 2009-2012 remain open to examination by major taxing jurisdictions. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Our income before income taxes is solely from domestic operations. The (benefit from) provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 26,056 | $ | 21 | $ | 543 | ||||||
State | 5,636 | 1,571 | 652 | |||||||||
Foreign | — | 633 | — | |||||||||
Total current | $ | 31,692 | $ | 2,225 | $ | 1,195 | ||||||
Deferred: | ||||||||||||
Federal | $ | (124,201 | ) | $ | 33,865 | $ | (25,907 | ) | ||||
State | (32,911 | ) | 4,373 | 8,667 | ||||||||
Total deferred | (157,112 | ) | 38,238 | (17,240 | ) | |||||||
Total current and deferred | $ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | ||||
The following table reconciles the amount that would be calculated by applying the 35% federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision assuming federal statutory rate | $ | 10,913 | $ | 7,871 | $ | 11,780 | ||||||
State taxes, net of federal tax benefit | 3,863 | 5,723 | 1,790 | |||||||||
State tax law/rate changes, net of federal tax benefit | — | 1,883 | 5,703 | |||||||||
Change in valuation allowance | (18,157 | ) | (4,622 | ) | (36,541 | ) | ||||||
Share compensation | (53 | ) | (17 | ) | 601 | |||||||
Reserve for tax contingencies | 124 | 633 | — | |||||||||
Impact of JV Sale Transaction | — | 28,435 | — | |||||||||
Impact of the Merger | (124,306 | ) | — | — | ||||||||
Non-deductible acquisition and Merger related transaction costs | 1,645 | — | — | |||||||||
Other | 551 | 557 | 622 | |||||||||
$ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | |||||
Effective income tax rate on continuing operations | (402.2 | )% | 179.9 | % | (47.7 | )% | ||||||
During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. These valuation allowances were reversed after evaluating our ability to recover certain net operating loss carryforwards due to the change in tax structure as a result of the Merger, as we concluded the Company will more likely than not be able to realize these deferred tax assets. | ||||||||||||
The impact of the JV Sale Transaction is a result of entering into and consummating the transactions contemplated by the JV Transaction Agreement on February 12, 2013, as described further in Note 1—"Basis of Presentation and Summary of Significant Accounting Policies" and in Note 13—"Commitments and Contingencies." The JV Sale Transaction resulted in the recognition of $27.5 million and $0.9 million of incremental short-term deferred federal and state tax liabilities, respectively, in excess of those which were previously established. The financial impact of the JV Sale Transaction and corresponding tax expense of $28.4 million are reflected in our consolidated financial statements for the year ended December 31, 2012. During the first quarter of 2013, approximately $162.8 million of short term deferred liabilities were reclassified to income taxes payable upon the consummation of the JV Sale Transaction. As a result of the close of the Merger on July 30, 2013, $131.5 million of this tax liability was extinguished, resulting in a remaining tax liability of approximately $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
The 2011 state tax law/rate change, net of federal tax benefit, of $5.7 million is primarily a result of state tax legislation enacted in Michigan in May 2011, which repealed the Michigan business tax ("MBT"), and implemented a corporate income tax instead, effective January 2012. As a result of the elimination of the MBT, certain future tax deductions that were available to be utilized beginning in 2015, and had been recognized as deferred tax assets in our financial statements, will not be deductible. Therefore, during the year ended December 31, 2011, we recognized incremental deferred income tax expense of $5.1 million, net of federal benefit, for the reversal of these previously established deferred tax assets. In addition, the 2012 state tax law/rate change, net of federal tax benefit, of $1.9 million is a result of a change in the effective tax rate used to value our deferred tax assets/liabilities. | ||||||||||||
The components of the net deferred tax liability are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Deferred gain related to equity investment in NBC joint venture | $ | — | $ | 259,049 | ||||||||
Property and equipment | 11,816 | 12,822 | ||||||||||
Intangible assets | 54,859 | 36,761 | ||||||||||
Deferred gain on debt repurchase | 18,140 | 18,309 | ||||||||||
Noncontrolling interest | 849 | 549 | ||||||||||
Other | 7,629 | 7,476 | ||||||||||
Total | $ | 93,293 | $ | 334,966 | ||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | (17,707 | ) | $ | (110,169 | ) | ||||||
Equity investments | (2,372 | ) | (1,554 | ) | ||||||||
Other | (15,426 | ) | (32,625 | ) | ||||||||
Valuation allowance | — | 18,157 | ||||||||||
Total | (35,505 | ) | (126,191 | ) | ||||||||
Net deferred tax liabilities | $ | 57,788 | $ | 208,775 | ||||||||
We maintain a valuation allowance related to our deferred tax asset position when management believes it is more likely than not that the deferred tax assets will not be realized in the future. As of December 31, 2012, we had a valuation allowance of $18.2 million offsetting certain state net operating loss carryforwards and other state deferred tax assets. During the third quarter of 2013, after evaluating our ability to recover certain net operating loss carryforwards due to the change in tax structure as a result of the Merger, we determined that we will more likely than not be able to realize these deferred tax assets. As a result, we reversed the valuation allowance and recognized a corresponding tax benefit of $18.2 million. | ||||||||||||
As of December 31, 2013, we had federal net operating loss carryforwards (tax effected) of approximately $4.6 million that begin to expire in 2034. Additionally, we had state net operating loss carryforwards that vary by jurisdiction (tax effected, net of federal benefit) of $13.1 million, expiring through 2033. Included in the total federal and state net operating loss carryforwards (tax effected) is $4.9 million that would be recorded in additional paid-in capital when realized. | ||||||||||||
Unrecognized Tax Benefits. | ||||||||||||
The Company's uncertain tax positions for the years ended December 31, 2013, 2012, and 2011 are limited to certain unrecognized state and foreign benefits totaling $24.5 million, $26.6 million and $26.4 million, respectively. As of December 31, 2013, 2012 and 2011, there are $0.9 million, $0.8 million and $0 million of unrecognized tax benefits, respectively, that if recognized would reduce the effective tax rate from continuing operations. | ||||||||||||
We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. During the years ended December 31, 2013, 2012 and 2011, we did not recognize or accrue any amounts related to interest and penalties. | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 26,559 | $ | 26,381 | $ | 26,610 | ||||||
Additions for tax positions of current year | 733 | 1,798 | 2,386 | |||||||||
Additions for tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (2,084 | ) | (1,133 | ) | (2,128 | ) | ||||||
Reductions related to settlements with taxing authorities | — | — | — | |||||||||
Reductions related to expiration of the statute of limitations | (730 | ) | (487 | ) | (487 | ) | ||||||
Balance at end of year | $ | 24,478 | $ | 26,559 | $ | 26,381 | ||||||
We file a consolidated federal income tax return and we file numerous other consolidated and separate income tax returns in U.S. state jurisdictions. Tax years 2009-2012 remain open to examination by major taxing jurisdictions. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Entity Information [Line Items] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 11,817 | $ | 11,275 | ||||
Accrued contract costs | 3,394 | 4,163 | ||||||
Accrued interest | 12,168 | 7,841 | ||||||
Accrued capital contribution to joint venture | — | 100,000 | ||||||
Other accrued expenses | 24,317 | 29,967 | ||||||
Total | $ | 51,696 | $ | 153,246 | ||||
LIN Television | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 11,817 | $ | 11,275 | ||||
Accrued contract costs | 3,394 | 4,163 | ||||||
Accrued interest | 12,168 | 7,841 | ||||||
Accrued capital contribution to joint venture | — | 100,000 | ||||||
Other accrued expenses | 24,317 | 29,967 | ||||||
Total | $ | 51,696 | $ | 153,246 | ||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Entity Information [Line Items] | ' |
Subsequent Events | ' |
Subsequent Events | |
On February 3, 2014, LIN Digital Media LLC, a wholly owned subsidiary, completed its acquisition of Federated Media Publishing, Inc. ("Federated Media"), which was subsequently converted into a Delaware limited liability company. Federated Media is an industry-leading digital content and conversational marketing company. For further information on this acquisition, see Note 2 — “Acquisitions.” | |
LIN Television | ' |
Entity Information [Line Items] | ' |
Subsequent Events | ' |
Subsequent Events | |
On February 3, 2014, LIN Digital Media LLC, a wholly owned subsidiary, completed its acquisition of Federated Media Publishing, Inc. ("Federated Media"). Federated Media is an industry-leading digital content and conversational marketing company. For further information on this acquisition, see Note 2 — “Acquisitions.” |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ||||||||||||||||||||||||
LIN Television, a 100% owned subsidiary of LIN LLC, is the primary obligor of our senior secured credit facility, our 83/8% Senior Notes and our 63/8% Senior Notes, which are further described in Note 7 — “ Debt”. LIN LLC fully and unconditionally guarantees all of LIN Television’s debt on a joint-and-several basis. Additionally, all of the consolidated 100% owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television’s senior secured credit facility, our 83/8% Senior Notes and our 63/8% Senior Notes on a joint-and-several basis, subject to customary release provisions. There are certain contractual restrictions on LIN Television’s ability to obtain funds in the form of dividends or loans from the non-guarantor subsidiaries. | ||||||||||||||||||||||||
The following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income and consolidated statements of cash flows of LIN LLC, LIN Television, as the issuer, the guarantor subsidiaries, and the non-guarantor subsidiaries of LIN Television and the elimination entries necessary to consolidate or combine the issuer with the guarantor and non-guarantor subsidiaries. These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X Rule 3-10. | ||||||||||||||||||||||||
The condensed consolidating balance sheet as of December 31, 2012, has been revised to correct certain immaterial errors relating to intercompany balances. The revisions comprise a $4.3 million decrease in advances to subsidiaries lines in the LIN Television and the Guarantor Subsidiaries columns, a $4.3 million decrease in intercompany liabilities in the LIN Television and Non-Guarantor Subsidiaries columns, a $4.3 million decrease in the Total Shareholders’ (deficit) equity line of the Guarantor column, and a $4.3 million increase in the Total Shareholders’ (deficit) equity line of the Non-Guarantor column. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10,313 | $ | 3 | $ | 2,209 | $ | — | $ | 12,525 | ||||||||||||
Accounts receivable, net | — | 88,905 | 39,416 | 16,988 | — | 145,309 | ||||||||||||||||||
Deferred income tax assets | — | 5,818 | 1,080 | — | — | 6,898 | ||||||||||||||||||
Other current assets | — | 12,264 | 1,049 | 1,888 | — | 15,201 | ||||||||||||||||||
Total current assets | — | 117,300 | 41,548 | 21,085 | — | 179,933 | ||||||||||||||||||
Property and equipment, net | — | 180,480 | 35,752 | 4,846 | — | 221,078 | ||||||||||||||||||
Deferred financing costs | — | 16,357 | — | 91 | — | 16,448 | ||||||||||||||||||
Goodwill | — | 169,492 | 18,518 | 15,518 | — | 203,528 | ||||||||||||||||||
Broadcast licenses, net | — | — | 493,814 | 42,701 | — | 536,515 | ||||||||||||||||||
Other intangible assets, net | — | 31,303 | 1,840 | 13,906 | — | 47,049 | ||||||||||||||||||
Advances to consolidated subsidiaries | 1,900 | 7,764 | 968,728 | — | (978,392 | ) | — | |||||||||||||||||
Investment in consolidated subsidiaries | 87,227 | 1,534,600 | — | — | (1,621,827 | ) | — | |||||||||||||||||
Other assets | — | 52,778 | 2,688 | 1,276 | (44,443 | ) | 12,299 | |||||||||||||||||
Total assets | $ | 89,127 | $ | 2,110,074 | $ | 1,562,888 | $ | 99,423 | $ | (2,644,662 | ) | $ | 1,216,850 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 16,112 | $ | — | $ | 1,252 | $ | — | $ | 17,364 | ||||||||||||
Accounts payable | — | 4,185 | 5,339 | 4,478 | — | 14,002 | ||||||||||||||||||
Income taxes payable | — | 749 | 671 | — | — | 1,420 | ||||||||||||||||||
Accrued expenses | — | 42,570 | 6,254 | 2,872 | — | 51,696 | ||||||||||||||||||
Program obligations | — | 4,711 | 1,013 | 1,303 | — | 7,027 | ||||||||||||||||||
Total current liabilities | — | 68,327 | 13,277 | 9,905 | — | 91,509 | ||||||||||||||||||
Long-term debt, excluding current portion | — | 924,223 | — | 3,105 | — | 927,328 | ||||||||||||||||||
Deferred income tax liabilities | — | 30,013 | 33,824 | 849 | — | 64,686 | ||||||||||||||||||
Program obligations | — | 2,505 | 217 | 1,424 | — | 4,146 | ||||||||||||||||||
Intercompany liabilities | — | 970,628 | — | 7,764 | (978,392 | ) | — | |||||||||||||||||
Other liabilities | — | 27,151 | 58 | 44,443 | (44,443 | ) | 27,209 | |||||||||||||||||
Total liabilities | — | 2,022,847 | 47,376 | 67,490 | (1,022,835 | ) | 1,114,878 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 12,845 | — | 12,845 | ||||||||||||||||||
Total shareholders' equity (deficit) | 89,127 | 87,227 | 1,515,512 | 19,088 | (1,621,827 | ) | 89,127 | |||||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders' equity (deficit) | $ | 89,127 | $ | 2,110,074 | $ | 1,562,888 | $ | 99,423 | $ | (2,644,662 | ) | $ | 1,216,850 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,625 | $ | 573 | $ | 1,109 | $ | — | $ | 46,307 | ||||||||||||
Accounts receivable, net | — | 87,103 | 31,144 | 7,903 | — | 126,150 | ||||||||||||||||||
Deferred income tax assets | — | 67,412 | — | 97 | (67,509 | ) | — | |||||||||||||||||
Other current assets | — | 4,850 | 554 | 1,459 | — | 6,863 | ||||||||||||||||||
Total current assets | — | 203,990 | 32,271 | 10,568 | (67,509 | ) | 179,320 | |||||||||||||||||
Property and equipment, net | — | 197,125 | 39,534 | 4,832 | — | 241,491 | ||||||||||||||||||
Deferred financing costs | — | 19,020 | — | 115 | — | 19,135 | ||||||||||||||||||
Goodwill | — | 169,492 | 18,518 | 4,504 | — | 192,514 | ||||||||||||||||||
Broadcast licenses, net | — | — | 493,814 | 42,701 | — | 536,515 | ||||||||||||||||||
Other intangible assets, net | — | 48,897 | 2,775 | 7,882 | — | 59,554 | ||||||||||||||||||
Advances to consolidated subsidiaries | — | 6,746 | 1,345,971 | — | (1,352,717 | ) | — | |||||||||||||||||
Investment in consolidated subsidiaries | — | 1,554,903 | — | — | (1,554,903 | ) | — | |||||||||||||||||
Other assets | — | 53,987 | 2,552 | 1,626 | (45,280 | ) | 12,885 | |||||||||||||||||
Total assets | $ | — | $ | 2,254,160 | $ | 1,935,435 | $ | 72,228 | $ | (3,020,409 | ) | $ | 1,241,414 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' DEFICIT | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 9,243 | $ | — | $ | 1,513 | $ | — | $ | 10,756 | ||||||||||||
Accounts payable | — | 14,335 | 3,385 | 1,235 | — | 18,955 | ||||||||||||||||||
Income taxes payable | — | 372 | 394 | — | — | 766 | ||||||||||||||||||
Accrued expenses | — | 37,020 | 115,605 | 621 | — | 153,246 | ||||||||||||||||||
Deferred income tax liabilities | — | — | 235,728 | — | (67,509 | ) | 168,219 | |||||||||||||||||
Program obligations | — | 7,479 | 1,106 | 2,185 | — | 10,770 | ||||||||||||||||||
Total current liabilities | — | 68,449 | 356,218 | 5,554 | (67,509 | ) | 362,712 | |||||||||||||||||
Long-term debt, excluding current portion | — | 875,512 | — | 3,959 | — | 879,471 | ||||||||||||||||||
Deferred income tax liabilities | — | 10,910 | 29,000 | 646 | — | 40,556 | ||||||||||||||||||
Program obligations | — | 2,222 | 92 | 1,967 | — | 4,281 | ||||||||||||||||||
Intercompany liabilities | — | 1,345,971 | 3,842 | 2,904 | (1,352,717 | ) | — | |||||||||||||||||
Accumulated losses in excess of investment in consolidated subsidiaries | 91,564 | — | — | — | (91,564 | ) | — | |||||||||||||||||
Other liabilities | — | 42,660 | 56 | 45,280 | (45,280 | ) | 42,716 | |||||||||||||||||
Total liabilities | 91,564 | 2,345,724 | 389,208 | 60,310 | (1,557,070 | ) | 1,329,736 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 3,242 | — | 3,242 | ||||||||||||||||||
Total shareholders' (deficit) equity | (91,564 | ) | (91,564 | ) | 1,546,227 | 8,676 | (1,463,339 | ) | (91,564 | ) | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders' equity (deficit) | $ | — | $ | 2,254,160 | $ | 1,935,435 | $ | 72,228 | $ | (3,020,409 | ) | $ | 1,241,414 | |||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 428,806 | $ | 181,678 | $ | 55,850 | $ | (13,971 | ) | $ | 652,363 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 145,176 | 76,275 | 37,295 | (7,668 | ) | 251,078 | |||||||||||||||||
Selling, general and administrative | — | 109,679 | 40,934 | 12,516 | (579 | ) | 162,550 | |||||||||||||||||
Amortization of program rights | — | 21,452 | 5,690 | 2,100 | — | 29,242 | ||||||||||||||||||
Corporate | 709 | 40,668 | — | — | — | 41,377 | ||||||||||||||||||
Depreciation | — | 38,306 | 7,256 | 1,292 | — | 46,854 | ||||||||||||||||||
Amortization of intangible assets | — | 17,594 | 935 | 4,297 | — | 22,826 | ||||||||||||||||||
Restructuring | — | 3,633 | — | 262 | — | 3,895 | ||||||||||||||||||
Contract termination costs | — | 3,887 | — | — | — | 3,887 | ||||||||||||||||||
Loss from asset dispositions | — | 705 | 5 | — | — | 710 | ||||||||||||||||||
Operating (loss) income | (709 | ) | 47,706 | 50,583 | (1,912 | ) | (5,724 | ) | 89,944 | |||||||||||||||
Other (income) expense: | ||||||||||||||||||||||||
Interest expense, net | — | 56,386 | — | 221 | — | 56,607 | ||||||||||||||||||
Share of loss in equity investments | — | 56 | — | — | — | 56 | ||||||||||||||||||
Intercompany (income) expense | (20 | ) | 27,947 | (28,243 | ) | 316 | — | — | ||||||||||||||||
Other, net | 2,097 | — | 3 | — | 2,100 | |||||||||||||||||||
Total other (income) expense, net | (20 | ) | 86,486 | (28,243 | ) | 540 | — | 58,763 | ||||||||||||||||
(Loss) income from continuing operations before taxes and equity in (loss) income from operations of consolidated subsidiaries | (689 | ) | (38,780 | ) | 78,826 | (2,452 | ) | (5,724 | ) | 31,181 | ||||||||||||||
(Benefit from) provision for income taxes | — | (155,975 | ) | 31,530 | (975 | ) | — | (125,420 | ) | |||||||||||||||
Net (loss) income from continuing operations | (689 | ) | 117,195 | 47,296 | (1,477 | ) | (5,724 | ) | 156,601 | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | 158,802 | 41,607 | — | — | (200,409 | ) | — | |||||||||||||||||
Net income (loss) | 158,113 | 158,802 | 47,296 | (1,477 | ) | (206,133 | ) | 156,601 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (1,512 | ) | — | (1,512 | ) | ||||||||||||||||
Net income (loss) attributable to LIN Media LLC | $ | 158,113 | $ | 158,802 | $ | 47,296 | $ | 35 | $ | (206,133 | ) | $ | 158,113 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net income (loss) | $ | 158,113 | $ | 158,802 | $ | 47,296 | $ | (1,477 | ) | $ | (206,133 | ) | $ | 156,601 | ||||||||||
Pension net gain, net of tax of $5,705 | 8,738 | 8,738 | — | — | (8,738 | ) | 8,738 | |||||||||||||||||
Amortization of pension net losses, net of tax of $734 | 1,120 | 1,120 | — | — | (1,120 | ) | 1,120 | |||||||||||||||||
Comprehensive income (loss) | 167,971 | 168,660 | 47,296 | (1,477 | ) | (215,991 | ) | 166,459 | ||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (1,512 | ) | — | (1,512 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to LIN Media LLC | $ | 167,971 | $ | 168,660 | $ | 47,296 | $ | 35 | $ | (215,991 | ) | $ | 167,971 | |||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 369,779 | $ | 181,458 | $ | 9,571 | $ | (7,346 | ) | $ | 553,462 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 96,504 | 62,352 | 5,201 | (3,835 | ) | 160,222 | |||||||||||||||||
Selling, general and administrative | — | 85,638 | 37,917 | 2,152 | (440 | ) | 125,267 | |||||||||||||||||
Amortization of program rights | — | 16,644 | 5,437 | 967 | — | 23,048 | ||||||||||||||||||
Corporate | — | 30,357 | 3,889 | — | — | 34,246 | ||||||||||||||||||
Depreciation | — | 24,061 | 7,635 | 453 | — | 32,149 | ||||||||||||||||||
Amortization of intangible assets | — | 4,139 | 935 | 1,290 | — | 6,364 | ||||||||||||||||||
Restructuring | — | 1,009 | — | — | — | 1,009 | ||||||||||||||||||
Loss (gain) from asset dispositions | — | 111 | (15 | ) | — | — | 96 | |||||||||||||||||
Operating income (loss) | — | 111,316 | 63,308 | (492 | ) | (3,071 | ) | 171,061 | ||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||
Interest expense, net | — | 46,625 | — | 156 | (98 | ) | 46,683 | |||||||||||||||||
Share of loss in equity investments | — | 153 | 98,156 | — | — | 98,309 | ||||||||||||||||||
Loss on extinguishment of debt | — | 3,341 | — | — | — | 3,341 | ||||||||||||||||||
Intercompany fees and expenses | — | 26,549 | (26,548 | ) | (1 | ) | — | — | ||||||||||||||||
Other, net | — | 237 | — | — | — | 237 | ||||||||||||||||||
Total other expense (income), net | — | 76,905 | 71,608 | 155 | (98 | ) | 148,570 | |||||||||||||||||
Income (loss) from continuing operations before taxes and equity in (loss) income from operations of consolidated subsidiaries | — | 34,411 | (8,300 | ) | (647 | ) | (2,973 | ) | 22,491 | |||||||||||||||
Provision for (benefit from) income taxes | — | 44,298 | (3,320 | ) | (515 | ) | — | 40,463 | ||||||||||||||||
Net loss from continuing operations | — | (9,887 | ) | (4,980 | ) | (132 | ) | (2,973 | ) | (17,972 | ) | |||||||||||||
Loss from discontinued operations, net | — | (251 | ) | (744 | ) | — | (23 | ) | (1,018 | ) | ||||||||||||||
(Loss) gain on the sale of discontinued operations, net | — | (289 | ) | 11,678 | — | — | 11,389 | |||||||||||||||||
Equity in (loss) income from operations of consolidated subsidiaries | (7,045 | ) | 3,382 | — | — | 3,663 | — | |||||||||||||||||
Net (loss) income | (7,045 | ) | (7,045 | ) | 5,954 | (132 | ) | 667 | (7,601 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (556 | ) | — | (556 | ) | ||||||||||||||||
Net (loss) income attributable to LIN Media LLC | $ | (7,045 | ) | $ | (7,045 | ) | $ | 5,954 | $ | 424 | $ | 667 | $ | (7,045 | ) | |||||||||
Condensed Consolidating Statement of Comprehensive Loss | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net (loss) income | $ | (7,045 | ) | $ | (7,045 | ) | $ | 5,954 | $ | (132 | ) | $ | 667 | $ | (7,601 | ) | ||||||||
Pension net gain, net of tax of $1,523 | 2,424 | 2,424 | — | — | (2,424 | ) | 2,424 | |||||||||||||||||
Amortization of pension net losses, net of tax of $609 | 969 | 969 | — | — | (969 | ) | 969 | |||||||||||||||||
Comprehensive (loss) income | (3,652 | ) | (3,652 | ) | 5,954 | (132 | ) | (2,726 | ) | (4,208 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (556 | ) | — | (556 | ) | ||||||||||||||||
Comprehensive (loss) income attributable to LIN Media LLC | $ | (3,652 | ) | $ | (3,652 | ) | $ | 5,954 | $ | 424 | $ | (2,726 | ) | $ | (3,652 | ) | ||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 263,958 | $ | 136,891 | $ | 1,745 | $ | (2,591 | ) | $ | 400,003 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 78,492 | 53,877 | 604 | (2,355 | ) | 130,618 | |||||||||||||||||
Selling, general and administrative | — | 69,018 | 34,825 | 491 | (564 | ) | 103,770 | |||||||||||||||||
Amortization of program rights | — | 15,535 | 5,438 | 433 | — | 21,406 | ||||||||||||||||||
Corporate | — | 24,838 | 1,643 | — | — | 26,481 | ||||||||||||||||||
Depreciation | — | 19,169 | 7,030 | 47 | — | 26,246 | ||||||||||||||||||
Amortization of intangible assets | — | 264 | 868 | 67 | — | 1,199 | ||||||||||||||||||
Restructuring | — | 707 | — | — | — | 707 | ||||||||||||||||||
Loss from asset dispositions | — | 351 | 121 | — | — | 472 | ||||||||||||||||||
Operating income | — | 55,584 | 33,089 | 103 | 328 | 89,104 | ||||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||
Interest expense, net | — | 50,688 | — | 21 | (3 | ) | 50,706 | |||||||||||||||||
Share of loss in equity investments | — | 260 | 4,697 | — | — | 4,957 | ||||||||||||||||||
Gain on derivative instruments | — | (1,960 | ) | — | — | — | (1,960 | ) | ||||||||||||||||
Loss on extinguishment of debt | — | 1,694 | — | — | — | 1,694 | ||||||||||||||||||
Intercompany fees and expenses | — | 57,931 | (57,945 | ) | 14 | — | — | |||||||||||||||||
Other, net | — | 68 | (4 | ) | (13 | ) | — | 51 | ||||||||||||||||
Total other expense (income), net | — | 108,681 | (53,252 | ) | 22 | (3 | ) | 55,448 | ||||||||||||||||
(Loss) income from continuing operations before taxes and equity in income (loss) from operations of consolidated subsidiaries | — | (53,097 | ) | 86,341 | 81 | 331 | 33,656 | |||||||||||||||||
(Benefit from) provision for income taxes | — | (50,521 | ) | 34,536 | (60 | ) | — | (16,045 | ) | |||||||||||||||
Net (loss) income from continuing operations | — | (2,576 | ) | 51,805 | 141 | 331 | 49,701 | |||||||||||||||||
(Loss) income from discontinued operations, net | — | (1,316 | ) | 544 | — | (148 | ) | (920 | ) | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | 48,577 | 52,469 | — | — | (101,046 | ) | — | |||||||||||||||||
Net income (loss) | 48,577 | 48,577 | 52,349 | 141 | (100,863 | ) | 48,781 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 204 | — | 204 | ||||||||||||||||||
Net income (loss) attributable to LIN Media LLC | $ | 48,577 | $ | 48,577 | $ | 52,349 | $ | (63 | ) | $ | (100,863 | ) | $ | 48,577 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net income (loss) | $ | 48,577 | $ | 48,577 | $ | 52,349 | $ | 141 | $ | (100,863 | ) | $ | 48,781 | |||||||||||
Pension net loss, net of tax of $(7,291) | (11,212 | ) | (11,212 | ) | — | — | 11,212 | (11,212 | ) | |||||||||||||||
Amortization of pension net loss, net of tax of $379 | 374 | 374 | — | — | (374 | ) | 374 | |||||||||||||||||
Comprehensive income (loss) | 37,739 | 37,739 | 52,349 | 141 | (90,025 | ) | 37,943 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | — | 204 | 204 | ||||||||||||||||||
Comprehensive income (loss) attributable to LIN Media LLC | $ | 37,739 | $ | 37,739 | $ | 52,349 | $ | 141 | $ | (90,229 | ) | $ | 37,739 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities, continuing operations | $ | (589 | ) | $ | (1,986 | ) | $ | 50,612 | $ | 930 | $ | — | $ | 48,967 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (22,768 | ) | (3,540 | ) | (3,066 | ) | — | (29,374 | ) | ||||||||||||||
Payments for business combinations, net of cash acquired | — | (10,082 | ) | — | — | — | (10,082 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 66 | 20 | — | — | 86 | ||||||||||||||||||
Capital contribution to joint venture with NBCUniversal | — | — | (100,000 | ) | — | — | (100,000 | ) | ||||||||||||||||
Receipt of dividend | 2,000 | 78,011 | — | — | (80,011 | ) | — | |||||||||||||||||
Advances on intercompany borrowings | (2,000 | ) | (4,550 | ) | — | — | 6,550 | — | ||||||||||||||||
Payments from intercompany borrowings | — | 15,009 | 145,358 | — | (160,367 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities, continuing operations | — | 55,686 | 41,838 | (3,066 | ) | (233,828 | ) | (139,370 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | 589 | 1,256 | — | — | — | 1,845 | ||||||||||||||||||
Tax benefit from exercises of share options | — | 1,591 | — | — | — | 1,591 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 139,000 | — | — | — | 139,000 | ||||||||||||||||||
Principal payments on long-term debt | — | (83,846 | ) | — | (1,314 | ) | — | (85,160 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (655 | ) | — | — | — | (655 | ) | ||||||||||||||||
Payment of dividend | — | (2,000 | ) | (78,011 | ) | — | 80,011 | — | ||||||||||||||||
Proceeds from intercompany borrowings | — | 2,000 | — | 4,550 | (6,550 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | (145,358 | ) | (15,009 | ) | — | 160,367 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 589 | (88,012 | ) | (93,020 | ) | 3,236 | 233,828 | 56,621 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (34,312 | ) | (570 | ) | 1,100 | — | (33,782 | ) | |||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 44,625 | 573 | 1,109 | — | 46,307 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | — | $ | 10,313 | $ | 3 | $ | 2,209 | $ | — | $ | 12,525 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by operating activities, continuing operations | $ | — | $ | 142,255 | $ | 4,998 | $ | 2,159 | $ | 23 | $ | 149,435 | ||||||||||||
Net cash used in operating activities, discontinued operations | — | (471 | ) | (2,242 | ) | — | (23 | ) | (2,736 | ) | ||||||||||||||
Net cash provided by operating activities | — | 141,784 | 2,756 | 2,159 | — | 146,699 | ||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (20,158 | ) | (5,709 | ) | (2,363 | ) | — | (28,230 | ) | ||||||||||||||
Change in restricted cash | — | 255,159 | — | — | — | 255,159 | ||||||||||||||||||
Payments for business combinations, net of cash acquired | — | (352,162 | ) | — | (6,333 | ) | — | (358,495 | ) | |||||||||||||||
Proceeds from the sale of assets | — | 30 | 49 | — | — | 79 | ||||||||||||||||||
Shortfall loan to joint venture with NBCUniversal | — | (2,292 | ) | — | — | — | (2,292 | ) | ||||||||||||||||
Advances on intercompany borrowings | — | (2,400 | ) | — | — | 2,400 | — | |||||||||||||||||
Payments from intercompany borrowings | — | 20,382 | — | — | (20,382 | ) | — | |||||||||||||||||
Net cash used in investing activities, continuing operations | — | (101,441 | ) | (5,660 | ) | (8,696 | ) | (17,982 | ) | (133,779 | ) | |||||||||||||
Net cash provided by investing activities, discontinued operations | — | 6,314 | 23,206 | — | — | 29,520 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | (95,127 | ) | 17,546 | (8,696 | ) | (17,982 | ) | (104,259 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | — | 1,314 | — | — | — | 1,314 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 322,000 | — | 6,333 | — | 328,333 | ||||||||||||||||||
Principal payments on long-term debt | — | (320,374 | ) | — | (1,805 | ) | — | (322,179 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (10,157 | ) | — | (115 | ) | — | (10,272 | ) | |||||||||||||||
Treasury stock purchased | — | (11,386 | ) | — | — | — | (11,386 | ) | ||||||||||||||||
Proceeds from intercompany borrowings | — | — | — | 2,400 | (2,400 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | — | (20,382 | ) | — | 20,382 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | — | (18,603 | ) | (20,382 | ) | 6,813 | 17,982 | (14,190 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 28,054 | (80 | ) | 276 | — | 28,250 | |||||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 16,571 | 653 | 833 | — | 18,057 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | — | $ | 44,625 | $ | 573 | $ | 1,109 | $ | — | $ | 46,307 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by operating activities, continuing operations | $ | — | $ | 52,012 | $ | 10,799 | $ | 103 | $ | 148 | $ | 63,062 | ||||||||||||
Net cash (used in) provided by operating activities, discontinued operations | — | (1,180 | ) | 926 | — | (148 | ) | (402 | ) | |||||||||||||||
Net cash provided by operating activities | — | 50,832 | 11,725 | 103 | — | 62,660 | ||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (12,266 | ) | (7,763 | ) | (40 | ) | — | (20,069 | ) | ||||||||||||||
Change in restricted cash | — | (255,159 | ) | — | — | — | (255,159 | ) | ||||||||||||||||
Payments for business combinations, net of cash acquired | — | (10,046 | ) | — | 1,013 | — | (9,033 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 72 | 2 | — | — | 74 | ||||||||||||||||||
Payments on derivative instruments | — | (2,020 | ) | — | — | — | (2,020 | ) | ||||||||||||||||
Shortfall loan to joint venture with NBCUniversal | — | (2,483 | ) | — | — | — | (2,483 | ) | ||||||||||||||||
Other investments, net | — | (375 | ) | — | — | — | (375 | ) | ||||||||||||||||
Advances to consolidated subsidiaries | — | (400 | ) | — | — | 400 | — | |||||||||||||||||
Payments from consolidated subsidiaries | — | 3,750 | — | — | (3,750 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities, continuing operations | — | (278,927 | ) | (7,761 | ) | 973 | (3,350 | ) | (289,065 | ) | ||||||||||||||
Net cash used in investing activities, discontinued operations | — | (106 | ) | (9 | ) | — | — | (115 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | — | (279,033 | ) | (7,770 | ) | 973 | (3,350 | ) | (289,180 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | — | 841 | — | — | — | 841 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 417,695 | — | — | — | 417,695 | ||||||||||||||||||
Principal payments on long-term debt | — | (174,573 | ) | — | (643 | ) | — | (175,216 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (7,662 | ) | — | — | — | (7,662 | ) | ||||||||||||||||
Treasury stock purchased | — | (2,729 | ) | — | — | — | (2,729 | ) | ||||||||||||||||
Proceeds from intercompany borrowings | — | — | — | 400 | (400 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | — | (3,750 | ) | — | 3,750 | — | |||||||||||||||||
Net cash provided by (used in) financing activities, continuing operations | — | 233,572 | (3,750 | ) | (243 | ) | 3,350 | 232,929 | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | — | $ | 233,572 | $ | (3,750 | ) | $ | (243 | ) | $ | 3,350 | $ | 232,929 | ||||||||||
Net increase in cash and cash equivalents | — | 5,371 | 205 | 833 | — | 6,409 | ||||||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 11,200 | 448 | — | — | 11,648 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | — | 16,571 | 653 | 833 | — | 18,057 | ||||||||||||||||||
Unaudited_Quarterly_Data
Unaudited Quarterly Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Unaudited Quarterly Data | ' | |||||||||||||||
Unaudited Quarterly Data | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net revenues | $ | 140,992 | $ | 164,346 | $ | 163,110 | $ | 183,915 | ||||||||
Operating income | $ | 11,776 | $ | 26,916 | $ | 23,226 | $ | 28,026 | ||||||||
(Loss) income from continuing operations | $ | (1,020 | ) | $ | 7,169 | $ | 146,508 | (1) | $ | 3,944 | ||||||
Net (loss) income attributable to LIN Media LLC | $ | (856 | ) | $ | 7,475 | $ | 146,938 | $ | 4,556 | |||||||
Basic (loss) earnings per common share from continuing operations attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.14 | $ | 2.78 | $ | 0.09 | |||||||
Basic (loss) earnings per common share attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.14 | $ | 2.78 | $ | 0.09 | |||||||
Diluted (loss) earnings per common share from continuing operations attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.13 | $ | 2.63 | $ | 0.08 | |||||||
Diluted (loss) earnings per common share attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.13 | $ | 2.63 | $ | 0.08 | |||||||
Weighted-average number of common shares outstanding used in calculating income per common share: | ||||||||||||||||
Basic | 51,910 | 52,278 | 52,791 | 52,879 | ||||||||||||
Diluted | 51,910 | 55,595 | 55,855 | 56,240 | ||||||||||||
________________________________________ | ||||||||||||||||
(1) During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net revenues | $ | 103,200 | $ | 121,016 | $ | 133,076 | $ | 196,170 | ||||||||
Operating income | $ | 20,460 | $ | 34,995 | $ | 44,367 | $ | 71,239 | ||||||||
Income (loss) from continuing operations | $ | 5,115 | $ | 15,457 | $ | 19,619 | $ | (58,163 | ) | |||||||
(Loss) income from discontinued operations | $ | (1,231 | ) | $ | 11,602 | $ | — | $ | — | |||||||
Net income (loss) attributable to LIN Media LLC | $ | 4,266 | $ | 27,118 | $ | 19,659 | $ | (58,088 | ) | |||||||
Basic earnings (loss) per common share from continuing operations attributable to LIN Media LLC | $ | 0.1 | $ | 0.28 | $ | 0.37 | $ | (1.09 | ) | |||||||
Basic earnings (loss) per common share attributable to LIN Media LLC | $ | 0.08 | $ | 0.49 | $ | 0.37 | $ | (1.09 | ) | |||||||
Diluted earnings (loss) per common share from continuing operations attributable to LIN Media LLC | $ | 0.1 | $ | 0.27 | $ | 0.36 | $ | (1.09 | ) | |||||||
Diluted earnings (loss) per common share attributable to LIN Media LLC | $ | 0.08 | $ | 0.48 | $ | 0.36 | $ | (1.09 | ) | |||||||
Weighted-average number of common shares outstanding used in calculating income per common share: | ||||||||||||||||
Basic | 56,184 | 55,174 | 53,066 | 53,169 | ||||||||||||
Diluted | 57,512 | 56,300 | 54,353 | 53,169 | ||||||||||||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Cash paid for interest expense | $ | 48,646 | $ | 42,348 | $ | 47,801 | ||||||
Cash paid for income taxes—continuing operations | $ | 32,937 | $ | 1,103 | $ | 559 | ||||||
Non-cash investing activities: | ||||||||||||
Accrual for estimated shortfall loans to SVH | $ | — | $ | — | $ | 4,697 | ||||||
Non-cash financing activities: | ||||||||||||
Capital leases assumed in acquisitions | $ | 179 | $ | 14,896 | $ | — | ||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Cash paid for interest expense | $ | 48,646 | $ | 42,348 | $ | 47,801 | ||||||
Cash paid for income taxes—continuing operations | $ | 32,937 | $ | 1,103 | $ | 559 | ||||||
Non-cash investing activities: | ||||||||||||
Accrual for estimated shortfall loans to SVH | $ | — | $ | — | $ | 4,697 | ||||||
Non-cash financing activities: | ||||||||||||
Capital leases assumed in acquisitions | $ | 179 | $ | 14,896 | $ | — | ||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Balance at | Charged(Released) to | Deductions | Balance at | |||||||||||||
Beginning of | Operations | End of | ||||||||||||||
Period | Period | |||||||||||||||
(in thousands) | ||||||||||||||||
Allowance for doubtful accounts as of December 31, | ||||||||||||||||
2013 | $ | 3,599 | $ | 1,608 | $ | (2,019 | ) | $ | 3,188 | |||||||
2012 | $ | 2,310 | $ | 2,047 | $ | (758 | ) | $ | 3,599 | |||||||
2011 | $ | 2,194 | $ | 760 | $ | (644 | ) | $ | 2,310 | |||||||
Valuation allowance for state and federal deferred tax assets as of December 31, | ||||||||||||||||
2013 | $ | 18,157 | $ | (18,157 | ) | $ | — | $ | — | |||||||
2012 | $ | 23,422 | $ | (5,265 | ) | $ | — | $ | 18,157 | |||||||
2011 | $ | 59,990 | $ | (36,568 | ) | $ | — | $ | 23,422 | |||||||
LIN Television | ' | |||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Balance at | Charged (Released) to | Deductions | Balance at | |||||||||||||
Beginning of | Operations | End of | ||||||||||||||
Period | Period | |||||||||||||||
(in thousands) | ||||||||||||||||
Allowance for doubtful accounts as of December 31, | ||||||||||||||||
2013 | $ | 3,599 | $ | 1,608 | $ | (2,019 | ) | $ | 3,188 | |||||||
2012 | $ | 2,310 | $ | 2,047 | $ | (758 | ) | $ | 3,599 | |||||||
2011 | $ | 2,194 | $ | 760 | $ | (644 | ) | $ | 2,310 | |||||||
Valuation allowance for state and federal deferred tax assets as of December 31, | ||||||||||||||||
2013 | $ | 18,157 | $ | (18,157 | ) | $ | — | $ | — | |||||||
2012 | $ | 23,422 | $ | (5,265 | ) | $ | — | $ | 18,157 | |||||||
2011 | $ | 59,990 | $ | (36,568 | ) | $ | — | $ | 23,422 | |||||||
Schedule_ICondensed_Financial_
Schedule I-Condensed Financial Information of the Registrant | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule I-Condensed Financial Information of the Registrant | ' | |||||||||||
Schedule I—Condensed Financial Information of the Registrant | ||||||||||||
LIN Media LLC | ||||||||||||
Condensed Balance Sheets | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in thousands, | ||||||||||||
except share data) | ||||||||||||
ASSETS | ||||||||||||
Advances to consolidated subsidiaries | $ | 1,900 | $ | — | ||||||||
Investment in consolidated subsidiaries | 87,227 | — | ||||||||||
Total assets | $ | 89,127 | $ | — | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||||||
Liabilities: | ||||||||||||
Accumulated losses in excess of investment in consolidated subsidiaries | $ | — | $ | 91,564 | ||||||||
Shareholders' equity (deficit): | ||||||||||||
Class A common shares, 100,000,000 shares authorized, Issued: 39,013,005 and 35,672,528 shares as of December 31, 2013 and 2012, respectively, Outstanding: 34,065,346 and 30,724,869 shares as of December 31, 2013 and 2012, respectively (a) | 624,564 | 313 | ||||||||||
Class B common shares, 50,000,000 shares authorized, 20,901,726 and 23,401,726 shares as of December 31, 2013 and 2012, respectively, issued and outstanding; convertible into an equal number of shares of class A or class C common shares (a) | 518,395 | 235 | ||||||||||
Class C common shares, 50,000,000 shares authorized, 2 shares as of December 31, 2013 and 2012, issued and outstanding; convertible into an equal number of shares of class A common shares | — | — | ||||||||||
Treasury shares, 4,947,659 of class A common shares as of December 31, 2013 and 2012, at cost | (21,984 | ) | (21,984 | ) | ||||||||
Additional paid-in capital (a) | — | 1,129,691 | ||||||||||
Accumulated deficit | (1,006,322 | ) | (1,164,435 | ) | ||||||||
Accumulated other comprehensive loss | (25,526 | ) | (35,384 | ) | ||||||||
Total shareholders' equity (deficit) | 89,127 | (91,564 | ) | |||||||||
Total liabilities and LIN Media LLC shareholders' equity | $ | 89,127 | $ | — | ||||||||
____________________________________________________ | ||||||||||||
(a) In conjunction with the Merger of LIN TV with and into LIN LLC on July 30, 2013, LIN Media LLC was deemed the successor reporting entity to LIN TV. As such, the additional paid-in capital amount within LIN LLC's shareholders' equity as of December 31, 2013 has been allocated to the Class A and B share balances to conform to LIN LLC's basis of presentation as a limited liability company. For purposes of LIN TV's shareholders' deficit balance as of December 31, 2012, LIN TV's class A, B and C common shares had a par value of $0.01 per share that is not reflected as of December 31, 2013, as each share represents a limited liability interest in LIN Media LLC. | ||||||||||||
LIN Media LLC | ||||||||||||
Condensed Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Net Revenues | $ | — | $ | — | $ | — | ||||||
Operating expenses: | ||||||||||||
Corporate | 709 | — | — | |||||||||
Operating loss | (709 | ) | — | — | ||||||||
Other income: | ||||||||||||
Intercompany income | (20 | ) | — | — | ||||||||
Total other income | (20 | ) | — | — | ||||||||
Loss from continuing operations before taxes and equity in income (loss) from operations of consolidated subsidiaries | (689 | ) | — | — | ||||||||
Net loss from continuing operations | (689 | ) | — | — | ||||||||
Equity in income (loss) from operations of consolidated subsidiaries | 158,802 | (7,045 | ) | 48,577 | ||||||||
Net income (loss) attributable to LIN Media LLC | $ | 158,113 | $ | (7,045 | ) | $ | 48,577 | |||||
Basic income (loss) per common share attributable to LIN Media LLC | $ | 3.02 | $ | (0.13 | ) | $ | 0.87 | |||||
Diluted income (loss) per common share attributable to LIN Media LLC | $ | 2.84 | $ | (0.13 | ) | $ | 0.85 | |||||
Weighted-average number of common shares outstanding used in calculating basic income per common share | 52,439 | 54,130 | 55,768 | |||||||||
Weighted-average number of common shares outstanding used in calculating diluted income per common share | 55,639 | 54,130 | 57,079 | |||||||||
LIN Media LLC | ||||||||||||
Condensed Statements of Comprehensive Income (Loss) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Net income (loss) attributable to LIN Media LLC | $ | 158,113 | $ | (7,045 | ) | $ | 48,577 | |||||
Pension net gain, net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | (11,212 | ) | ||||||||
Amortization of pension net losses, net of tax of $734, $609 and $379 for the years ended December 31, 2013, 2012 and 2011, respectively | 1,120 | 969 | 374 | |||||||||
Comprehensive income (loss) attributable to LIN Media LLC | $ | 167,971 | $ | (3,652 | ) | $ | 37,739 | |||||
LIN Media LLC | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net cash used in operating activities | $ | (589 | ) | $ | — | $ | — | |||||
INVESTING ACTIVITIES: | ||||||||||||
Receipt of dividend | 2,000 | — | — | |||||||||
Advances to consolidated subsidiaries | (2,000 | ) | — | — | ||||||||
Net cash provided by investing activities | — | — | — | |||||||||
FINANCING ACTIVITIES: | ||||||||||||
Net proceeds from exercises of employee and director stock-based compensation | 589 | — | — | |||||||||
Net cash provided by financing activities | 589 | — | — | |||||||||
Net change in cash and cash equivalents | — | — | — | |||||||||
Cash and cash equivalents at the beginning of the period | — | — | — | |||||||||
Cash and cash equivalents at the end of the period | $ | — | $ | — | $ | — | ||||||
1. Background and Basis of Presentation | ||||||||||||
LIN Media LLC (“LIN LLC”) has no material assets or operations other than its ownership in LIN Television Corporation (“LIN Television”) and its subsidiaries. Certain covenants within LIN Television's Senior Secured Credit Facility limit its ability to distribute funds to LIN LLC in the form of dividends, loans or advances. Accordingly, these condensed financial statements of LIN LLC have been presented on a "Parent Only" basis. The condensed parent company financial statements should be read in conjunction with the consolidated financial statements and notes of LIN LLC included in this Annual Report on Form 10-K. |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
LIN Media LLC ("LIN LLC"), together with its subsidiaries, including LIN Television Corporation ("LIN Television"), is a local multimedia company operating in the United States. LIN LLC and its subsidiaries are affiliates of Hicks, Muse & Co. Partners, L.P. ("HMC"). In these notes, the terms "Company," "we," "us" or "our" mean LIN LLC and all subsidiaries included in our consolidated financial statements. | ||||||||||||
On July 30, 2013, LIN TV Corp., a Delaware corporation (“LIN TV”), completed its merger with and into LIN LLC, a Delaware limited liability company and wholly owned subsidiary of LIN TV, with LIN LLC as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC (the “Merger Agreement”). Entry into the Merger Agreement had previously been announced by LIN TV on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 15, 2013. | ||||||||||||
LIN LLC filed a Current Report on Form 8-K on July 31, 2013 (the “Form 8-K”) for the purpose of establishing LIN LLC as the successor registrant to LIN TV pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to disclose certain related matters, including the consummation of the Merger. Pursuant to Rule 12g-3(a) under the Exchange Act and in accordance with the filing of the Form 8-K, the class A common shares representing limited liability interests in LIN LLC, as the successor registrant to LIN TV, were deemed registered under Section 12(b) of the Exchange Act. References to "LIN LLC," "we," "us," or the "Company" in this Annual Report on Form 10-K that include any period at and before the effectiveness of the Merger shall be deemed to refer to LIN TV as the predecessor registrant to LIN LLC. For more information concerning the effects of the Merger and the succession of LIN LLC to LIN TV upon its effectiveness, please see the Form 8-K. | ||||||||||||
We conduct our business through LIN Television and its subsidiaries. Prior to the Merger, LIN TV had no operations or assets other than its investments in its subsidiaries. Subsequent to the Merger and consistent with its classification as a partnership for federal income tax purposes, LIN LLC has separate operations relating to the administration of the partnership. The consolidated financial statements of LIN LLC represent its own operations and the consolidated operations of LIN Television, which remains a corporation after the Merger. | ||||||||||||
We guarantee all of LIN Television's debt. All of the consolidated wholly-owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television's Senior Secured Credit Facility, 83/8% Senior Notes due 2018 (the "83/8% Senior Notes") and 63/8% Senior Notes due 2021 (the "63/8% Senior Notes") on a joint-and-several basis, subject to customary release provisions. | ||||||||||||
Our consolidated financial statements reflect the operations of WWHO-TV in Columbus, OH and WUPW-TV in Toledo, OH as discontinued for all periods presented. See Note 3—"Discontinued Operations" for further discussion of our discontinued operations. | ||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain changes in classifications have been made to the prior period financial statements to conform to the current financial statement presentation. Our significant accounting policies are described below. | ||||||||||||
The accompanying consolidated financial statements include the accounts of our Company, our wholly-owned and majority-owned and controlled subsidiaries, and variable interest entities ("VIEs") for which we are the primary beneficiary. We review all local marketing agreements ("LMAs"), shared services agreements ("SSAs") or joint sales agreements ("JSAs"), to evaluate whether consolidation of entities party to such arrangements is required. All intercompany accounts and transactions have been eliminated. We conduct our business through our subsidiaries and have no operations or assets other than our investment in our subsidiaries and equity-method investments. We operate in one reportable segment. | ||||||||||||
Joint Venture Sale Transaction | ' | |||||||||||
Joint Venture Sale Transaction | ||||||||||||
On February 12, 2013, we, along with our wholly-owned subsidiaries LIN Television and LIN Television of Texas, L.P., a Delaware limited partnership (“LIN Texas”), entered into and closed the transactions contemplated by a transaction agreement (the “Transaction Agreement”) with NBC Telemundo License LLC, a Delaware limited liability company (“NBC”), NBCU New LLC I, a Delaware limited liability company, NBCU New LLC II, a Delaware limited liability company, General Electric Company, a New York corporation (“GE”), General Electric Capital Corporation, a Delaware corporation (“GECC” and together with GE, the “GE Parties”), National Broadcasting Company Holding, Inc., a Delaware corporation, Comcast Corporation, a Pennsylvania corporation (“Comcast”), NBCUniversal Media, LLC, a Delaware limited liability company (“NBCUniversal”), Lone Star SPV, LLC, a Delaware limited liability company and Station Venture Holdings, LLC, a Delaware limited liability company (“SVH”). SVH held a 99.75% interest in Station Venture Operations, LP (“SVO”), which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. The Transaction Agreement effected a series of transactions related to the ownership and sale of LIN Texas's 20.38% equity interest in SVH, a joint venture in which NBC, an affiliate of NBCUniversal, held the remaining 79.62% equity interest (collectively, the “JV Sale Transaction”). | ||||||||||||
SVH was a limited partner in a business that operated an NBC affiliate in Dallas and an NBC affiliate in San Diego pursuant to a management agreement. At the time of LIN Texas’s acquisition of its interest in SVH in 1998, GECC provided secured debt financing to SVH in the form of a $815.5 million non-amortizing senior secured note due 2023 to GECC (the “GECC Note”), and, in connection with SVH’s assumption of the GECC Note, LIN TV guaranteed the payment of the full amount of principal and interest on the GECC Note (the “GECC Guarantee”). | ||||||||||||
In addition, during 2009, 2010, 2011 and 2012, LIN Television entered into agreements with SVH, the GE Parties and NBCUniversal pursuant to which LIN Television, the GE Parties and NBCUniversal caused to be provided to SVH certain unsecured shortfall funding loans (the “Shortfall Funding Loans”) on the basis of each party’s percentage of equity interest in SVH in order to fund interest payments on the GECC Note. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the GECC Guarantee and recorded the related tax effects of the JV Sale Transaction and the capital contribution in our consolidated financial statements as of December 31, 2012 because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million incremental term loan facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million capital contribution. As a result of the JV Sale Transaction, after utilizing all of our available federal net operating loss carryforwards to offset the taxable gain recognized in such transaction, we had a $162.8 million income tax payable associated with this transaction remaining, $131.5 million of which was extinguished as a result of the closing of the transactions contemplated by the Merger Agreement further described below. | ||||||||||||
Concurrent with the closing of the JV Sale Transaction, LIN TV entered into the Merger Agreement with LIN LLC as described above. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes and the change in classification was treated as a liquidation of LIN TV for federal income tax purposes, and LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss in the amount of approximately $343 million, which represented the difference between its tax basis in the stock of LIN Television, and the fair market value of such stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and, we realized cash savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. | ||||||||||||
Variable Interest Entities | ' | |||||||||||
Variable Interest Entities | ||||||||||||
In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. | ||||||||||||
We have a JSA and an SSA with WBDT Television, LLC (“WBDT”), a third party licensee, for WBDT-TV in the Dayton, OH market. We also have JSAs and SSAs with affiliates of Vaughan Acquisition LLC (“Vaughan”), a third party licensee, for WTGS-TV in the Savannah, GA market, WYTV-TV in the Youngstown, OH market and KTKA-TV in the Topeka, KS market and SSAs with KASY-TV Licensee, LLC (“KASY”), a third-party licensee, for KWBQ-TV in the Santa Fe, NM market, KRWB-TV in the Roswell, NM market and KASY-TV in the Albuquerque, NM market. Under these agreements, we provide administrative services to these stations, have an obligation to reimburse certain of the stations' expenses, and we are compensated through a performance-based fee structure that provides us the benefit of certain returns from the operation of these stations. | ||||||||||||
We determined that WBDT, Vaughan and KASY are VIEs and as a result of the JSAs and/or SSAs, we have variable interests in these entities. We are the primary beneficiary of these entities, and therefore, we consolidate these entities within our consolidated financial statements. | ||||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
The assets of our consolidated VIEs can only be used to settle the obligations of the VIEs, and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other liabilities of $47.8 million and $50.4 million as of December 31, 2013 and 2012, respectively, serve to reduce the carrying value of the entities, and are eliminated in our consolidated financial statements. This reflects the fact that as of December 31, 2013 and 2012, LIN Television has an option that it may exercise if the Federal Communications Commission ("FCC") attribution rules change. The option would allow LIN Television to acquire the assets or member's interest of the VIE entities for a nominal exercise price, which is significantly less than the carrying value of their tangible and intangible net assets. | ||||||||||||
Use of estimates | ' | |||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. Our actual results could differ from these estimates. Estimates are used for the allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, assumptions used to determine fair value of financial instruments, amortization and impairment of program rights and intangible assets, share-based compensation and other long-term incentive compensation arrangements, pension costs, barter transactions, income taxes, employee medical insurance claims, useful lives of property and equipment, contingencies, litigation and net assets of businesses acquired. | ||||||||||||
Cash and cash equivalents | ' | |||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents consist of highly liquid, short-term investments that have an original maturity of three months or less when purchased. All of our available cash is on deposit with banking institutions that we believe to be financially sound. | ||||||||||||
Property and equipment | ' | |||||||||||
Property and equipment | ||||||||||||
Property and equipment is recorded at cost and is depreciated using the straight-line method over the estimated useful lives of the assets, which are an average of 30 to 40 years for buildings and fixtures, and 3 to 15 years for broadcast and other equipment. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is included in consolidated net income or loss. Expenditures for maintenance and repairs, including expenditures for planned major maintenance activities, are expensed as incurred. We review our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||||||||||
Equity investments | ' | |||||||||||
Equity investments | ||||||||||||
Equity investments that we do not have a controlling interest in are accounted for using the equity method. Our share of the net income or loss for these investments, including any equity investment impairments or payments under related guarantees, is included in share of loss from equity investments on our consolidated statement of operations. We review our interest in our equity investments for impairment if there is a series of operating losses or other factors that may indicate that there is a decrease in the value of our investment that is other than temporary. | ||||||||||||
Revenue recognition | ' | |||||||||||
Revenue recognition | ||||||||||||
We recognize local, national and political advertising sales, net of agency commissions, during the period in which the advertisements or programs are aired on our television stations, and when payment is reasonably assured. Internet and mobile advertisement sales are recognized when the advertisement is displayed on our websites or the websites of our advertising network. We recognize retransmission consent fees in the period in which our service is delivered. Revenue generated by our digital companies is recognized over the service delivery period when necessary provisions of the contracts have been met. In addition, for the sale of third-party products and services by our digital companies, we evaluate whether it is appropriate to recognize revenue based on the gross amount billed to the customer or the net amount retained by us. | ||||||||||||
Barter transactions | ' | |||||||||||
Barter transactions | ||||||||||||
We account for barter transactions at the fair value of the goods or services we receive from our customers, or the advertising time provided, whichever is more clearly indicative of fair value based on the judgment of our management. We record barter advertising revenue at the time the advertisement is aired and barter expense at the time the goods or services are used. We account for barter programs at fair value based on a calculation using the actual cash advertisements we sell within barter programs multiplied by one minus the program profit margin for similar syndicated programs where we pay cash to acquire the program rights. We record barter program revenue and expense when we air the barter program. We do not record barter revenue or expenses related to network programs. | ||||||||||||
Advertising expense | ' | |||||||||||
Advertising expense | ||||||||||||
Advertising costs are expensed as incurred. | ||||||||||||
Intangible assets | ' | |||||||||||
Intangible assets | ||||||||||||
Intangible assets primarily include broadcast licenses, network affiliations, customer relationships, completed technology, non-compete agreements and goodwill. | ||||||||||||
We consider our broadcast licenses to be indefinite-lived intangible assets and as a result, we test the impairment of our broadcast licenses annually or whenever events or changes in circumstances indicate that such assets might be impaired. The use of an indefinite life for our broadcast licenses is based on our ability to renew the licenses and that such renewals generally may be obtained indefinitely and at little cost and that the technology used in broadcasting is not expected to be replaced in the foreseeable future. Therefore, cash flows derived from the broadcast licenses are expected to continue indefinitely. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. The impairment test consists of a comparison of the fair value of broadcast licenses with their carrying amount on a station-by-station basis using a discounted cash-flow valuation method, assuming a hypothetical start-up scenario. The future value of our broadcast licenses could be significantly impaired by the loss of the corresponding network affiliation agreements. Accordingly, such an event could trigger an assessment of the carrying value of a broadcast license. | ||||||||||||
We test the impairment of goodwill annually or whenever events or changes in circumstances indicate that goodwill might be impaired. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. Our reporting units are comprised of each of the markets in which our television stations operate, LIN Digital, Nami Media, Dedicated Media, Inc. ("Dedicated Media") and HYFN, Inc. ("HYFN"). The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined through the use of a discounted cash flow analysis. The valuation assumptions used in the discounted cash flow model reflect historical and projected performance of the reporting unit and prevailing values in the markets for similar assets. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by performing a hypothetical purchase price allocation, using the reporting unit's fair value (as determined in step one) as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recognized in an amount equal to that excess, but not more than the carrying value of the goodwill. An impairment assessment could be triggered by a significant reduction, or a forecast of such reductions, in operating results or cash flows at one or more of our reporting units, a significant adverse change in the national or local advertising marketplaces in which our television stations operate, or by adverse changes to FCC ownership rules, among other factors. We recorded an impairment charge during 2011, which is more fully described in Note 6—"Intangible Assets | ||||||||||||
Long-lived assets | ' | |||||||||||
Long-lived assets | ||||||||||||
We periodically evaluate the net realizable value of long-lived assets, including tangible and intangible assets, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. When evaluating assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future cash flows associated with the asset group (undiscounted and without interest charges). If the estimated future cash flows used in this analysis are less than the carrying amount of the asset group, an impairment loss calculation is prepared. The impairment loss calculation compares the carrying amount of the asset group to the asset group's estimated future cash flows (discounted and with interest charges). If required, an impairment loss is recorded for the portion of the asset group's carrying value that exceeds the asset group's estimated future cash flows. | ||||||||||||
Program rights | ' | |||||||||||
Program rights | ||||||||||||
Program rights are recorded as assets when the license period begins and the programs are delivered to our stations for broadcasting, at the gross amount of the related obligations. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as other current assets, while costs of those programs to be broadcast subsequently are considered non-current. Program costs are charged to operations over their estimated broadcast periods in a manner consistent with actual usage. | ||||||||||||
If the estimated net realizable value of acquired programming rights is less than unamortized cost (i.e. due to poor ratings), we would recognize an impairment charge to reduce the carrying value of the program rights to their net realizable value. | ||||||||||||
Program obligations are classified as current or non-current in accordance with the payment terms of the license agreement. | ||||||||||||
Share-based compensation | ' | |||||||||||
Share-based compensation | ||||||||||||
As of December 31, 2013, we have several share-based employee compensation plans, which are described more fully in Note 9—"Share-Based Compensation." We estimate the fair value of share option awards using a Black-Scholes valuation model. The Black-Scholes valuation model requires us to make assumptions and judgments about the variables used in the calculation, including the option's expected term, the expected volatility of the underlying shares and the number of share option awards that are expected to be forfeited. The expected term represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise patterns. Expected volatility is based on historical trends for our class A common shares over the expected term. Expected forfeitures are estimated using our historical experience. If future changes in estimates differ significantly from our current estimates, our future share-based compensation expense and results of operations could be materially impacted. | ||||||||||||
Income taxes | ' | |||||||||||
Income taxes | ||||||||||||
Deferred income taxes are recognized based on temporary differences between the financial statement and the tax basis of assets and liabilities using statutory tax rates in effect in the years in which the temporary differences are expected to reverse. We consider future taxable income and feasible tax planning strategies in assessing the need for establishing or removing a valuation allowance. We record or subsequently remove a valuation allowance to reflect our deferred tax assets to an amount that is more likely than not to be realized. In the event that our determination changes regarding the realization of all or part of our deferred tax assets in the future, an adjustment to the deferred tax asset is recorded to our consolidated statement of operations in the period in which such a determination is made. Due to the change in tax structure as a result of the Merger, we reversed an $18.2 million valuation allowance and recognized a corresponding tax benefit during 2013. For further discussion regarding this reversal, see Note 14 - "Income Taxes." | ||||||||||||
When accounting for uncertainty in income taxes, we follow the prescribed recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. | ||||||||||||
Concentration of credit risk | ' | |||||||||||
Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Concentration of credit risk with respect to cash and cash equivalents and investments are limited as we maintain primary banking relationships with only large nationally recognized institutions. We evaluated the viability of these institutions as of December 31, 2013 and we believe our risk is minimal. Credit risk with respect to trade receivables is limited, as our trade receivables are primarily related to advertising revenues generated from a large diversified group of local and nationally recognized advertisers and advertising agencies. We do not require collateral or other security against trade receivable balances, however, we do maintain reserves for potential bad debt losses, which are based on historical bad debt experience and an assessment of specific risks, and such reserves and bad debts have been within management's expectations for all years presented. | ||||||||||||
Earnings per share | ' | |||||||||||
Earnings per share | ||||||||||||
Basic earnings per share ("EPS") is computed by dividing income attributable to common shareholders by the number of weighted-average outstanding common shares. Diluted EPS reflects the effect of the assumed exercise of share options and vesting of restricted shares only in the periods in which such effect would have been dilutive. | ||||||||||||
The following is a reconciliation of the weighted-average common shares outstanding for purposes of calculating basic and diluted income (loss) per common share (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator for earnings per common share calculation: | ||||||||||||
Income (loss) from continuing operations | $ | 156,601 | $ | (17,972 | ) | $ | 49,701 | |||||
Net (loss) income attributable to noncontrolling interest included in continuing operations | (1,512 | ) | (556 | ) | 204 | |||||||
Income (loss) from continuing operations attributable to LIN LLC | 158,113 | (17,416 | ) | 49,497 | ||||||||
Income (loss) from discontinued operations, including gain on sale | — | 10,371 | (920 | ) | ||||||||
Net income (loss) attributable to LIN LLC | $ | 158,113 | $ | (7,045 | ) | $ | 48,577 | |||||
Denominator for earnings per common share calculation: | ||||||||||||
Weighted-average common shares, basic | 52,439 | 54,130 | 55,768 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share options and restricted shares | 3,200 | — | 1,311 | |||||||||
Weighted-average common shares, diluted | 55,639 | 54,130 | 57,079 | |||||||||
We apply the treasury stock method to measure the dilutive effect of our outstanding share options and restricted share awards and include the respective common share equivalents in the denominator of our diluted income per common share calculation. Potentially dilutive securities representing 0.1 million, 1.2 million, and 0.4 million weighted shares of common shares issuable for share options and restricted shares for the years ended December 31, 2013, 2012 and 2011, respectively, were excluded from the computation of diluted income (loss) per common share for these periods because their effect would have been anti-dilutive. The net income (loss) per share amounts are the same for our class A, class B and class C common shares because the holders of each class are legally entitled to equal per share amounts whether through distributions or in liquidation. | ||||||||||||
Fair value of financial instruments | ' | |||||||||||
Fair value of financial instruments | ||||||||||||
Certain financial instruments, including cash and cash equivalents, investments, accounts receivable and accounts payable are carried in the consolidated financial statements at amounts that approximate fair value. For certain financial assets and liabilities recorded at fair value on a recurring basis we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||
Derivative financial instruments | ' | |||||||||||
Derivative financial instruments | ||||||||||||
Derivatives are required to be recorded as assets or liabilities and measured at fair value. Gains or losses resulting from changes in the fair values of derivatives are recognized immediately or deferred, depending on the use of the derivative and whether or not it qualifies as a hedge. We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative financial instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | ||||||||||||
Retirement plans | ' | |||||||||||
Retirement plans | ||||||||||||
We have a defined benefit retirement plan covering certain of our employees. Our pension benefit obligations and related costs are calculated using prescribed actuarial concepts. Additionally, we record the unfunded status of our plan on our consolidated balance sheets. Effective April 1, 2009, this plan was frozen and we do not expect to make additional benefit accruals to this plan, however, we continue to fund our existing vested obligations. | ||||||||||||
Recently issued accounting pronouncements | ' | |||||||||||
Recently issued accounting pronouncements | ||||||||||||
In July 2013 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In July 2012, there were revisions to the accounting standard for impairment tests of indefinite-lived intangible assets other than goodwill. Under the revised standard a company can first perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. A company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets, and can also bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this guidance effective January 1, 2013 and do not expect it to have a material impact on our impairment tests of indefinite-lived intangible assets. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
LIN Television Corporation, a Delaware corporation (“LIN Television”), together with its subsidiaries, is a local multimedia company operating in the United States. LIN Television and its subsidiaries are affiliates of Hicks, Muse & Co. Partners, L.P. (“HMC”). In these notes, the terms “Company,” “we,” “us” or “our” mean LIN Television and all subsidiaries included in our consolidated financial statements. LIN Television is a wholly-owned subsidiary of LIN Media LLC, a Delaware limited liability company (“LIN LLC”). | ||||||||||||
On July 30, 2013, LIN TV Corp., a Delaware corporation (“LIN TV”), completed its merger with and into LIN LLC, a Delaware limited liability company and wholly owned subsidiary of LIN TV, with LIN LLC as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC (the “Merger Agreement”). Entry into the Merger Agreement had previously been announced by LIN TV on its Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 15, 2013. | ||||||||||||
LIN LLC filed a Current Report on Form 8-K on July 31, 2013 (the “Form 8-K”) for the purpose of establishing LIN LLC as the successor registrant to LIN TV pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to disclose certain related matters, including the consummation of the Merger. Pursuant to Rule 12g-3(a) under the Exchange Act and in accordance with the filing of the Form 8-K, the class A common shares representing limited liability interests in LIN LLC, as the successor registrant to LIN TV, were deemed registered under Section 12(b) of the Exchange Act. References to "LIN LLC," "we," "us," or the "Company" in this Annual Report on Form 10-K that include any period at and before the effectiveness of the Merger shall be deemed to refer to LIN TV as the predecessor registrant to LIN LLC. For more information concerning the effects of the Merger and the succession of LIN LLC to LIN TV upon its effectiveness, please see the Form 8-K. | ||||||||||||
LIN LLC's assets, liabilities, and operations relate solely to the administration of the LIN LLC partnership. LIN LLC guarantees all of our debt. All of the consolidated wholly-owned subsidiaries of LIN Television fully and unconditionally guarantee our Senior Secured Credit Facility, 83/8% Senior Notes due 2018 (the “83/8% Senior Notes”) and 63/8% Senior Notes due 2021 (the “63/8% Senior Notes”) on a joint-and-several basis, subject to customary release provisions. | ||||||||||||
Our consolidated financial statements reflect the operations of WWHO-TV in Columbus, OH and WUPW-TV in Toledo, OH as discontinued for all periods presented. See Note 3—“Discontinued Operations” for further discussion of our discontinued operations. | ||||||||||||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain changes in classifications have been made to the prior period financial statements to conform to the current financial statement presentation. Our significant accounting policies are described below. | ||||||||||||
The accompanying consolidated financial statements include the accounts of our Company, our wholly-owned and majority-owned and controlled subsidiaries, and variable interest entities ("VIEs") for which we are the primary beneficiary. We review all local marketing agreements (“LMAs”), shared services agreements (“SSAs”) or joint sales agreements (“JSAs”), to evaluate whether consolidation of entities party to such arrangements is required. All intercompany accounts and transactions have been eliminated. We conduct our business through our subsidiaries and have no operations or assets other than our investment in our subsidiaries and equity-method investments. We operate in one reportable segment. | ||||||||||||
Joint Venture Sale Transaction | ' | |||||||||||
Joint Venture Sale Transaction | ||||||||||||
On February 12, 2013, we, along with LIN TV and our wholly-owned subsidiary, LIN Television of Texas, L.P., a Delaware limited partnership (“LIN Texas”) entered into and closed the transactions contemplated by a transaction agreement (the “Transaction Agreement”) with NBC Telemundo License LLC, a Delaware limited liability company (“NBC”), NBCU New LLC I, a Delaware limited liability company, NBCU New LLC II, a Delaware limited liability company, General Electric Company, a New York corporation (“GE”), General Electric Capital Corporation, a Delaware corporation (“GECC” and together with GE, the “GE Parties”), National Broadcasting Company Holding, Inc., a Delaware corporation, Comcast Corporation, a Pennsylvania corporation (“Comcast”), NBCUniversal Media, LLC, a Delaware limited liability company (“NBCUniversal”), Lone Star SPV, LLC, a Delaware limited liability company and Station Venture Holdings, LLC, a Delaware limited liability company (“SVH”). SVH held a 99.75% interest in Station Venture Operations, LP (“SVO”), which is the operating company that managed KXAS-TV and KNSD-TV, the television stations that comprised the joint venture. The Transaction Agreement effected a series of transactions related to the ownership and sale of LIN Texas’s 20.38% equity interest in SVH, a joint venture in which NBC, an affiliate of NBCUniversal, held the remaining 79.62% equity interest (collectively, the “JV Sale Transaction”). | ||||||||||||
SVH was a limited partner in a business that operated an NBC affiliate in Dallas and an NBC affiliate in San Diego pursuant to a management agreement. At the time of LIN Texas’s acquisition of its interest in SVH in 1998, GECC provided secured debt financing to SVH in the form of a $815.5 million non-amortizing senior secured note due 2023 to GECC (the “GECC Note”), and, in connection with SVH’s assumption of the GECC Note, LIN TV guaranteed the payment of the full amount of principal and interest on the GECC Note (the “GECC Guarantee”). | ||||||||||||
In addition, during 2009, 2010, 2011 and 2012, we entered into agreements with SVH, the GE Parties and NBCUniversal pursuant to which LIN Television, the GE Parties and NBCUniversal caused to be provided to SVH certain unsecured shortfall funding loans (the “Shortfall Funding Loans”) on the basis of each party’s percentage of equity interest in SVH in order to fund interest payments on the GECC Note. | ||||||||||||
Pursuant to the JV Sale Transaction, in exchange for LIN Television causing a $100 million capital contribution to be made to SVH (which was used to prepay a portion of the GECC Note), LIN TV was released from the GECC Guarantee and any further obligations related to any shortfall funding agreements. Further, LIN Texas sold its 20.38% equity interest in SVH to affiliates of NBCUniversal, and the LIN parties transferred their rights to receivables related to the Shortfall Funding Loans for $1.00. As a result of the JV Sale Transaction, neither we nor any of our direct or indirect subsidiaries have any further investment in or obligations (funding or otherwise) related to SVH, including, without limitation, to make any other unsecured shortfall loans or payments under the GECC Note or the GECC Guarantee. | ||||||||||||
We accrued for and expensed the $100 million capital contribution to SVH to secure the release of the GECC Guarantee and recorded the related tax effects of the JV Sale Transaction and the capital contribution in our consolidated financial statements as of December 31, 2012 because it represented a probable and estimable obligation of the Company. In February 2013, we entered into a $60 million incremental term loan facility and utilized $40 million of cash on hand and borrowings under our revolving credit facility to fund the $100 million capital contribution. As a result of the JV Sale Transaction, LIN TV, after utilizing all of its available federal net operating loss carryforwards to offset the taxable gain recognized in such transaction, we had a $162.8 million income tax payable associated with this transaction remaining, $131.5 million of which was extinguished as a result of the closing of the transactions contemplated by the Merger Agreement further described below. | ||||||||||||
Concurrent with the closing of the JV Sale Transaction, LIN TV entered into the Merger Agreement with LIN LLC as described above. The Merger enabled the surviving entity to be classified as a partnership for federal income tax purposes, and the change in classification was treated as a liquidation of LIN TV for federal income tax purposes, and LIN TV realized a capital loss in its 100% equity interest in LIN Television. | ||||||||||||
Based on an average of the opening and closing trading prices of LIN TV's class A common stock on the day of the Merger, LIN TV realized a capital loss in the amount of approximately $343 million, which represented the difference between its tax basis in the stock of LIN Television, and the fair market value of such stock as of July 30, 2013. The capital loss realized and existing net operating losses were used to offset a portion of the capital gain recognized in the JV Sale Transaction and, we realized cash savings of $131.5 million, resulting in a remaining tax liability of $31.3 million associated with the JV Sale Transaction. We made state and federal tax payments to settle this tax liability during the fourth quarter of 2013. | ||||||||||||
Variable Interest Entities | ' | |||||||||||
Variable Interest Entities | ||||||||||||
In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. | ||||||||||||
We have a JSA and an SSA with WBDT Television, LLC ("WBDT"), a third party licensee, for WBDT-TV in the Dayton, OH market. We also have JSAs and SSAs with affiliates of Vaughan Acquisition LLC ("Vaughan"), a third party licensee, for WTGS-TV in the Savannah, GA market, WYTV-TV in the Youngstown, OH market and KTKA-TV in the Topeka, KS market and SSAs with KASY-TV Licensee, LLC ("KASY"), a third-party licensee, for KWBQ-TV in the Santa Fe, NM market, KRWB-TV in the Roswell, NM market and KASY-TV in the Albuquerque, NM market. Under these agreements, we provide administrative services to these stations, have an obligation to reimburse certain of the stations' expenses, and we are compensated through a performance-based fee structure that provides us the benefit of certain returns from the operation of these stations. | ||||||||||||
We determined that WBDT, Vaughan and KASY are VIEs and as a result of the JSAs and/or SSAs, we have variable interests in these entities. We are the primary beneficiary of these entities, and therefore, we consolidate these entities within our consolidated financial statements. | ||||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
The assets of our consolidated VIEs can only be used to settle the obligations of the VIEs, and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other liabilities of $47.8 million and $50.4 million as of December 31, 2013 and 2012, respectively, serve to reduce the carrying value of the entities and are eliminated in our consolidated financial statements. This reflects the fact that as of December 31, 2013 and 2012, LIN Television has an option that it may exercise if the Federal Communications Commission ("FCC") attribution rules change. The option would allow LIN Television to acquire the assets or member's interest of the VIE entities for a nominal exercise price, which is significantly less than the carrying value of their tangible and intangible net assets. | ||||||||||||
Use of estimates | ' | |||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. Our actual results could differ from these estimates. Estimates are used for the allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, assumptions used to determine fair value of financial instruments, amortization and impairment of program rights and intangible assets, share-based compensation and other long-term incentive compensation arrangements, pension costs, barter transactions, income taxes, employee medical insurance claims, useful lives of property and equipment, contingencies, litigation and net assets of businesses acquired. | ||||||||||||
Cash and cash equivalents | ' | |||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents consist of highly liquid, short-term investments that have an original maturity of three months or less when purchased. All of our available cash is on deposit with banking institutions that we believe to be financially sound. We had no material losses on our cash or cash equivalents during 2013. | ||||||||||||
Property and equipment | ' | |||||||||||
Property and equipment | ||||||||||||
Property and equipment is recorded at cost and is depreciated using the straight-line method over the estimated useful lives of the assets, which are an average of 30 to 40 years for buildings and fixtures, and 3 to 15 years for broadcast and other equipment. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss is included in consolidated net income or loss. Expenditures for maintenance and repairs, including expenditures for planned major maintenance activities, are expensed as incurred. We review our property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. | ||||||||||||
Equity investments | ' | |||||||||||
Equity investments | ||||||||||||
Equity investments that we do not have a controlling interest in are accounted for using the equity method. Our share of the net income or loss for these investments, including any equity investment impairments or payments under related guarantees, is included in share of loss from equity investments on our consolidated statement of operations. We review our interest in our equity investments for impairment if there is a series of operating losses or other factors that may indicate that there is a decrease in the value of our investment that is other than temporary. | ||||||||||||
Revenue recognition | ' | |||||||||||
Revenue recognition | ||||||||||||
We recognize local, national and political advertising sales, net of agency commissions, during the period in which the advertisements or programs are aired on our television stations, and when payment is reasonably assured. Internet and mobile advertisement sales are recognized when the advertisement is displayed on our websites or the websites of our advertising network. We recognize retransmission consent fees in the period in which our service is delivered. Revenue generated by our digital companies is recognized over the service delivery period when necessary provisions of the contracts have been met. In addition, for the sale of third-party products and services by our digital companies, we evaluate whether it is appropriate to recognize revenue based on the gross amount billed to the customer or the net amount retained by us. | ||||||||||||
Barter transactions | ' | |||||||||||
Barter transactions | ||||||||||||
We account for barter transactions at the fair value of the goods or services we receive from our customers, or the advertising time provided, whichever is more clearly indicative of fair value based on the judgment of our management. We record barter advertising revenue at the time the advertisement is aired and barter expense at the time the goods or services are used. We account for barter programs at fair value based on a calculation using the actual cash advertisements we sell within barter programs multiplied by one minus the program profit margin for similar syndicated programs where we pay cash to acquire the program rights. We record barter program revenue and expense when we air the barter program. We do not record barter revenue or expenses related to network programs. | ||||||||||||
Advertising expense | ' | |||||||||||
Advertising expense | ||||||||||||
Advertising costs are expensed as incurred. | ||||||||||||
Intangible assets | ' | |||||||||||
Intangible assets | ||||||||||||
Intangible assets primarily include broadcast licenses, network affiliations, customer relationships, completed technology, non-compete agreements and goodwill. | ||||||||||||
We consider our broadcast licenses to be indefinite-lived intangible assets and as a result, we test the impairment of our broadcast licenses annually or whenever events or changes in circumstances indicate that such assets might be impaired. The use of an indefinite life for our broadcast licenses is based on our ability to renew the licenses and that such renewals generally may be obtained indefinitely and at little cost and that the technology used in broadcasting is not expected to be replaced in the foreseeable future. Therefore, cash flows derived from the broadcast licenses are expected to continue indefinitely. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. The impairment test consists of a comparison of the fair value of broadcast licenses with their carrying amount on a station-by-station basis using a discounted cash-flow valuation method, assuming a hypothetical start-up scenario. The future value of our broadcast licenses could be significantly impaired by the loss of the corresponding network affiliation agreements. Accordingly, such an event could trigger an assessment of the carrying value of a broadcast license. | ||||||||||||
We test the impairment of goodwill annually or whenever events or changes in circumstances indicate that goodwill might be impaired. We proceed directly to the first step of the impairment test without attempting to qualitatively assess whether an impairment was more likely than not. Our reporting units are comprised of each of the markets in which our television stations operate, LIN Digital, Nami Media, Dedicated Media, Inc. ("Dedicated Media") and HYFN, Inc. ("HYFN"). The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined through the use of a discounted cash flow analysis. The valuation assumptions used in the discounted cash flow model reflect historical and projected performance of the reporting unit and prevailing values in the markets for similar assets. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered impaired. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by performing a hypothetical purchase price allocation, using the reporting unit's fair value (as determined in step one) as the purchase price. If the carrying amount of goodwill exceeds the implied fair value, an impairment charge is recognized in an amount equal to that excess, but not more than the carrying value of the goodwill. An impairment assessment could be triggered by a significant reduction, or a forecast of such reductions, in operating results or cash flows at one or more of our reporting units, a significant adverse change in the national or local advertising marketplaces in which our television stations operate, or by adverse changes to FCC ownership rules, among other factors. We recorded an impairment charge during 2011, which is more fully described in Note 6 -"Intangible Assets." | ||||||||||||
Long-lived assets | ' | |||||||||||
Long-lived assets | ||||||||||||
We periodically evaluate the net realizable value of long-lived assets, including tangible and intangible assets, relying on a number of factors including operating results, business plans, economic projections and anticipated future cash flows. When evaluating assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future cash flows associated with the asset group (undiscounted and without interest charges). If the estimated future cash flows used in this analysis are less than the carrying amount of the asset group, an impairment loss calculation is prepared. The impairment loss calculation compares the carrying amount of the asset group to the asset group's estimated future cash flows (discounted and with interest charges). If required, an impairment loss is recorded for the portion of the asset group's carrying value that exceeds the asset group's estimated future cash flows. | ||||||||||||
Program rights | ' | |||||||||||
Program rights | ||||||||||||
Program rights are recorded as assets when the license period begins and the programs are delivered to our stations for broadcasting, at the gross amount of the related obligations. Costs incurred in connection with the purchase of programs to be broadcast within one year are classified as other current assets, while costs of those programs to be broadcast subsequently are considered non-current. Program costs are charged to operations over their estimated broadcast periods in a manner consistent with actual usage. | ||||||||||||
If the estimated net realizable value of acquired programming rights is less than unamortized cost (i.e. due to poor ratings), we would recognize an impairment charge to reduce the carrying value of the program rights to their net realizable value. | ||||||||||||
Program obligations are classified as current or non-current in accordance with the payment terms of the license agreement. | ||||||||||||
Share-based compensation | ' | |||||||||||
Share-based compensation | ||||||||||||
As of December 31, 2013, we have several share-based employee compensation plans, which are described more fully in Note 9—"Share-Based Compensation." We estimate the fair value of share option awards using a Black-Scholes valuation model. The Black-Scholes valuation model requires us to make assumptions and judgments about the variables used in the calculation, including the option's expected term, the expected volatility of the underlying shares and the number of share option awards that are expected to be forfeited. The expected term represents the weighted-average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and our historical exercise patterns. Expected volatility is based on historical trends for LIN LLC's class A common shares over the expected term. Expected forfeitures are estimated using our historical experience. If future changes in estimates differ significantly from our current estimates, our future share-based compensation expense and results of operations could be materially impacted. | ||||||||||||
Our accounting policy is to follow the tax law ordering approach regarding net operating losses and determining when tax benefits are realized related to excess share option deductions and credited to paid-in capital. | ||||||||||||
Income taxes | ' | |||||||||||
Income taxes | ||||||||||||
Deferred income taxes are recognized based on temporary differences between the financial statement and the tax basis of assets and liabilities using statutory tax rates in effect in the years in which the temporary differences are expected to reverse. We consider future taxable income and feasible tax planning strategies in assessing the need for establishing or removing a valuation allowance. We record or subsequently remove a valuation allowance to reflect our deferred tax assets to an amount that is more likely than not to be realized. In the event that our determination changes regarding the realization of all or part of our deferred tax assets in the future, an adjustment to the deferred tax asset is recorded to our consolidated statement of operations in the period in which such a determination is made. Due to the change in tax structure as a result of the Merger, we reversed an$18.2 million valuation allowance and recognized a corresponding tax benefit during 2013. For further discussion regarding this reversal, see Note 14 - "Income Taxes." | ||||||||||||
When accounting for uncertainty in income taxes, we follow the prescribed recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. We recognize interest and penalties related to uncertain tax positions as a component of income tax expense. | ||||||||||||
Concentration of credit risk | ' | |||||||||||
Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. Concentration of credit risk with respect to cash and cash equivalents and investments are limited as we maintain primary banking relationships with only large nationally recognized institutions. We evaluated the viability of these institutions as of December 31, 2013 and we believe our risk is minimal. Credit risk with respect to trade receivables is limited, as our trade receivables are primarily related to advertising revenues generated from a large diversified group of local and nationally recognized advertisers and advertising agencies. We do not require collateral or other security against trade receivable balances, however, we do maintain reserves for potential bad debt losses, which are based on historical bad debt experience and an assessment of specific risks, and such reserves and bad debts have been within management's expectations for all years presented. | ||||||||||||
Fair value of financial instruments | ' | |||||||||||
Fair value of financial instruments | ||||||||||||
Certain financial instruments, including cash and cash equivalents, investments, accounts receivable and accounts payable are carried in the consolidated financial statements at amounts that approximate fair value. For certain financial assets and liabilities recorded at fair value on a recurring basis we maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||||||
Derivative financial instruments | ' | |||||||||||
Derivative financial instruments | ||||||||||||
Derivatives are required to be recorded as assets or liabilities and measured at fair value. Gains or losses resulting from changes in the fair values of derivatives are recognized immediately or deferred, depending on the use of the derivative and whether or not it qualifies as a hedge. We have historically used derivative financial instruments in the management of our interest rate exposure for our long-term debt. In accordance with our interest rate risk management policy, we do not enter into derivative financial instruments unless there is an underlying exposure, and we do not enter into derivative financial instruments for speculative trading purposes. | ||||||||||||
Retirement plans | ' | |||||||||||
Retirement plans | ||||||||||||
We have a defined benefit retirement plan covering certain of our employees. Our pension benefit obligations and related costs are calculated using prescribed actuarial concepts. Additionally, we record the unfunded status of our plan on our consolidated balance sheets. Effective April 1, 2009, this plan was frozen and we do not expect to make additional benefit accruals to this plan, however, we continue to fund our existing vested obligations. | ||||||||||||
Recently issued accounting pronouncements | ' | |||||||||||
Recently issued accounting pronouncements | ||||||||||||
In July 2013 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. This new guidance is effective prospectively for annual reporting periods beginning on or after December 15, 2013 and interim periods therein. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. We prospectively adopted this guidance effective January 1, 2013 and it did not have a material impact on our financial statements. | ||||||||||||
In July 2012, there were revisions to the accounting standard for impairment tests of indefinite-lived intangible assets other than goodwill. Under the revised standard a company can first perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. A company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets, and can also bypass the qualitative assessment and perform the quantitative impairment test for any indefinite-lived intangible in any period. The revised standard is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this guidance effective January 1, 2013 and do not expect it to have a material impact on our impairment tests of indefinite-lived intangible assets. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of assets and liabilities of WBDT, Vaughan and Kasy included in the consolidating balance sheets | ' | |||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
Schedule of barter revenue and expense included in the consolidated statements of operations | ' | |||||||||||
Barter revenue and expense included in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Barter revenue | $ | 5,552 | $ | 4,220 | $ | 4,071 | ||||||
Barter expense | (5,455 | ) | (4,176 | ) | (3,967 | ) | ||||||
Schedule of stock-based compensation expense included in the Company's consolidated statements of operations | ' | |||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Direct operating | $ | 320 | $ | 270 | $ | 256 | ||||||
Selling, general and administrative | 1,460 | 1,019 | 1,266 | |||||||||
Corporate | 7,594 | 5,568 | 4,654 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Schedule of reconciliation of the weighted average common shares outstanding for purposes of calculating basic and diluted (loss) income per common share | ' | |||||||||||
The following is a reconciliation of the weighted-average common shares outstanding for purposes of calculating basic and diluted income (loss) per common share (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator for earnings per common share calculation: | ||||||||||||
Income (loss) from continuing operations | $ | 156,601 | $ | (17,972 | ) | $ | 49,701 | |||||
Net (loss) income attributable to noncontrolling interest included in continuing operations | (1,512 | ) | (556 | ) | 204 | |||||||
Income (loss) from continuing operations attributable to LIN LLC | 158,113 | (17,416 | ) | 49,497 | ||||||||
Income (loss) from discontinued operations, including gain on sale | — | 10,371 | (920 | ) | ||||||||
Net income (loss) attributable to LIN LLC | $ | 158,113 | $ | (7,045 | ) | $ | 48,577 | |||||
Denominator for earnings per common share calculation: | ||||||||||||
Weighted-average common shares, basic | 52,439 | 54,130 | 55,768 | |||||||||
Effect of dilutive securities: | ||||||||||||
Share options and restricted shares | 3,200 | — | 1,311 | |||||||||
Weighted-average common shares, diluted | 55,639 | 54,130 | 57,079 | |||||||||
Schedule of changes in the redeemable noncontrolling interest related to Nami Media | ' | |||||||||||
The following table presents the activity of the redeemable noncontrolling interest included in our consolidated balance sheets related to Nami Media, HYFN and Dedicated Media, which represents third parties’ proportionate share of our consolidated net assets (in thousands): | ||||||||||||
Redeemable | ||||||||||||
Noncontrolling | ||||||||||||
Interest | ||||||||||||
Acquisition of redeemable noncontrolling interest | $ | 3,503 | ||||||||||
Net loss | (556 | ) | ||||||||||
Share-based compensation | 295 | |||||||||||
Balance as of December 31, 2012 | 3,242 | |||||||||||
Acquisition of redeemable noncontrolling interest | 11,025 | |||||||||||
Net loss | (1,512 | ) | ||||||||||
Share-based compensation | 90 | |||||||||||
Balance as of December 31, 2013 | $ | 12,845 | ||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of assets and liabilities of WBDT, Vaughan and Kasy included in the consolidating balance sheets | ' | |||||||||||
The carrying amounts and classifications of the assets and liabilities of the variable interest entities described above, which have been included in our consolidating balance sheets as of December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 278 | $ | 418 | ||||||||
Accounts receivable, net | 6,345 | 6,021 | ||||||||||
Other assets | 927 | 2,092 | ||||||||||
Total current assets | 7,550 | 8,531 | ||||||||||
Property and equipment, net | 2,469 | 3,190 | ||||||||||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ||||||||||
Other assets | 1,360 | 2,055 | ||||||||||
Total assets | $ | 56,056 | $ | 60,380 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of long-term debt | $ | 1,162 | $ | 1,451 | ||||||||
Accounts payable | 63 | — | ||||||||||
Accrued expenses | 1,336 | 425 | ||||||||||
Program obligations | 1,303 | 2,185 | ||||||||||
Total current liabilities | 3,864 | 4,061 | ||||||||||
Long-term debt, excluding current portion | 3,005 | 3,950 | ||||||||||
Program obligations | 1,424 | 1,967 | ||||||||||
Other liabilities | 47,763 | 50,402 | ||||||||||
Total liabilities | $ | 56,056 | $ | 60,380 | ||||||||
Schedule of barter revenue and expense included in the consolidated statements of operations | ' | |||||||||||
Barter revenue and expense included in the consolidated statements of operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Barter revenue | $ | 5,552 | $ | 4,220 | $ | 4,071 | ||||||
Barter expense | (5,455 | ) | (4,176 | ) | (3,967 | ) | ||||||
Schedule of stock-based compensation expense included in the Company's consolidated statements of operations | ' | |||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Direct operating | $ | 320 | $ | 270 | $ | 256 | ||||||
Selling, general and administrative | 1,460 | 1,019 | 1,266 | |||||||||
Corporate | 7,594 | 5,568 | 4,654 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Schedule of changes in the redeemable noncontrolling interest related to Nami Media | ' | |||||||||||
The following table presents the activity of the redeemable noncontrolling interest included in our consolidated balance sheets related to Nami Media, HYFN and Dedicated Media, which represents third parties’ proportionate share of our consolidated net assets (in thousands): | ||||||||||||
Redeemable | ||||||||||||
Noncontrolling | ||||||||||||
Interest | ||||||||||||
Acquisition of redeemable noncontrolling interest | $ | 3,503 | ||||||||||
Net loss | (556 | ) | ||||||||||
Share-based compensation | 295 | |||||||||||
Balance as of December 31, 2012 | 3,242 | |||||||||||
Acquisition of redeemable noncontrolling interest | 11,025 | |||||||||||
Net loss | (1,512 | ) | ||||||||||
Share-based compensation | 90 | |||||||||||
Balance as of December 31, 2013 | $ | 12,845 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
New Vision | ' | |||||||
Acquisitions | ' | |||||||
Schedule of unaudited pro forma results of operations | ' | |||||||
The following table sets forth unaudited pro forma results of operations, assuming that the acquisition of the television stations from New Vision, along with transactions necessary to finance the acquisition, occurred on January 1, 2011 (in thousands): | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 658,163 | $ | 514,340 | ||||
Net (loss) income | $ | (11,720 | ) | $ | 23,950 | |||
Basic (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.43 | |||
Diluted (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.42 | |||
LIN Television | Dedicated Media, Inc. | ' | |||||||
Acquisitions | ' | |||||||
Summary of the provisional allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | |||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 7,315 | ||||||
Equipment | 99 | |||||||
Definite-lived intangible assets | 4,620 | |||||||
Goodwill | 1,854 | |||||||
Current liabilities | (4,302 | ) | ||||||
Noncontrolling interest | (3,834 | ) | ||||||
Total | $ | 5,752 | ||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 7,315 | ||||||
Equipment | 99 | |||||||
Definite-lived intangible assets | 4,620 | |||||||
Goodwill | 1,854 | |||||||
Current liabilities | (4,302 | ) | ||||||
Noncontrolling interest | (3,834 | ) | ||||||
Total | $ | 5,752 | ||||||
LIN Television | HYFN, Inc. | ' | |||||||
Acquisitions | ' | |||||||
Summary of the provisional allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | |||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 3,759 | ||||||
Non-current assets | 13 | |||||||
Equipment | 179 | |||||||
Definite-lived intangible assets | 3,580 | |||||||
Goodwill | 9,160 | |||||||
Current liabilities | (920 | ) | ||||||
Non-current liabilities | (1,361 | ) | ||||||
Noncontrolling interest | (7,191 | ) | ||||||
Total | $ | 7,219 | ||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by us in the acquisition (in thousands): | ||||||||
Current assets | $ | 3,759 | ||||||
Non-current assets | 13 | |||||||
Equipment | 179 | |||||||
Definite-lived intangible assets | 3,580 | |||||||
Goodwill | 9,160 | |||||||
Current liabilities | (920 | ) | ||||||
Non-current liabilities | (1,361 | ) | ||||||
Noncontrolling interest | (7,191 | ) | ||||||
Total | $ | 7,219 | ||||||
LIN Television | New Vision and Vaughan | ' | |||||||
Acquisitions | ' | |||||||
Summary of the provisional allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | |||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and Vaughan in the acquisition (in thousands): | ||||||||
Program rights assets | $ | 2,040 | ||||||
Property and equipment | 100,124 | |||||||
Broadcast licenses | 133,120 | |||||||
Definite-lived intangible assets | 55,837 | |||||||
Goodwill | 65,024 | |||||||
Current liabilities | (417 | ) | ||||||
Non-current liabilities | (2,239 | ) | ||||||
Long-term debt assumed | (13,989 | ) | ||||||
Total | $ | 339,500 | ||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and Vaughan in the acquisition (in thousands): | ||||||||
Program rights assets | $ | 2,040 | ||||||
Property and equipment | 100,124 | |||||||
Broadcast licenses | 133,120 | |||||||
Definite-lived intangible assets | 55,837 | |||||||
Goodwill | 65,024 | |||||||
Current liabilities | (417 | ) | ||||||
Non-current liabilities | (2,239 | ) | ||||||
Long-term debt assumed | (13,989 | ) | ||||||
Total | $ | 339,500 | ||||||
LIN Television | New Vision | ' | |||||||
Acquisitions | ' | |||||||
Schedule of unaudited pro forma results of operations | ' | |||||||
The following table sets forth unaudited pro forma results of operations, assuming that the acquisition of the television stations from New Vision, along with transactions necessary to finance the acquisition, occurred on January 1, 2011 (in thousands): | ||||||||
2012 | 2011 | |||||||
Net revenue | $ | 658,163 | $ | 514,340 | ||||
Net (loss) income | $ | (11,720 | ) | $ | 23,950 | |||
Basic (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.43 | |||
Diluted (loss) income per common share attributable to LIN LLC | $ | (0.22 | ) | $ | 0.42 | |||
LIN Television | ACME | ' | |||||||
Acquisitions | ' | |||||||
Summary of the provisional allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | |||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and KASY in the acquisitions (in thousands): | ||||||||
Current assets | $ | 1,656 | ||||||
Non-current assets | 1,968 | |||||||
Other intangible assets | 12,898 | |||||||
Goodwill | 5,331 | |||||||
Non-current liabilities | (2,858 | ) | ||||||
Total | $ | 18,995 | ||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed by both us and KASY in the acquisitions (in thousands): | ||||||||
Current assets | $ | 1,656 | ||||||
Non-current assets | 1,968 | |||||||
Other intangible assets | 12,898 | |||||||
Goodwill | 5,331 | |||||||
Non-current liabilities | (2,858 | ) | ||||||
Total | $ | 18,995 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||
Summary of information for discontinued operations | ' | ||||||||||||||||||||||||
The following presents summarized information for the discontinued operations as follows (in thousands): | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
WWHO- | WUPW- | Total | WWHO- | WUPW- | Total | ||||||||||||||||||||
TV | TV | TV | TV | ||||||||||||||||||||||
Net revenues | $ | 440 | $ | 2,193 | $ | 2,633 | $ | 4,236 | $ | 7,585 | $ | 11,821 | |||||||||||||
Operating (loss) income | (393 | ) | (1,166 | ) | (1,559 | ) | (699 | ) | 1,079 | 380 | |||||||||||||||
Net (loss) income | (252 | ) | (766 | ) | (1,018 | ) | (1,427 | ) | 507 | (920 | ) | ||||||||||||||
LIN Television | ' | ||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||
Summary of information for discontinued operations | ' | ||||||||||||||||||||||||
The following presents summarized information for the discontinued operations as follows (in thousands): | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
WWHO- | WUPW- | Total | WWHO- | WUPW- | Total | ||||||||||||||||||||
TV | TV | TV | TV | ||||||||||||||||||||||
Net revenues | $ | 440 | $ | 2,193 | $ | 2,633 | $ | 4,236 | $ | 7,585 | $ | 11,821 | |||||||||||||
Operating (loss) income | (393 | ) | (1,166 | ) | (1,559 | ) | (699 | ) | 1,079 | 380 | |||||||||||||||
Net (loss) income | (252 | ) | (766 | ) | (1,018 | ) | (1,427 | ) | 507 | (920 | ) | ||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Summarized financial information of SVH and SVO | ' | |||||||||||
The following table presents summarized financial information of SVH and SVO for the period from January 1, 2013 through February 12, 2013 and the years ending December 31, 2012 and 2011 (in thousands): | ||||||||||||
January 1 - February 12, | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
SVO: | ||||||||||||
Net revenues | $ | 11,951 | $ | 143,474 | $ | 118,833 | ||||||
Operating expenses | (9,148 | ) | (79,124 | ) | (71,350 | ) | ||||||
Net income before taxes | 2,805 | 64,653 | 47,791 | |||||||||
Net income after taxes | 2,793 | 64,515 | 47,743 | |||||||||
SVH: | ||||||||||||
Equity in income from limited partnership in SVO | $ | 2,786 | $ | 64,354 | $ | 47,624 | ||||||
Interest and other expense | (8,039 | ) | (69,365 | ) | (68,003 | ) | ||||||
Net loss | (5,253 | ) | (5,011 | ) | (20,379 | ) | ||||||
Cash distributions to SVH from SVO | 6,905 | 55,025 | 53,846 | |||||||||
Shortfall loans from LIN Television to SVH | — | 2,292 | 2,483 | |||||||||
Shortfall loans from General Electric Company ("GE") to SVH | — | 8,954 | 9,701 | |||||||||
February 12, | December 31, | |||||||||||
2013 (2) | 2012 | |||||||||||
SVH: | ||||||||||||
Cash and cash equivalents | $ | 6,905 | $ | — | ||||||||
Non-current assets | 205,433 | 209,552 | ||||||||||
Current liabilities | 8,155 | 544 | ||||||||||
Non-current liabilities(1) | 865,354 | 864,927 | ||||||||||
Shortfall loans outstanding and accrued interest payable to LIN Television from SVH | 10,159 | 10,080 | ||||||||||
Shortfall loans outstanding and accrued interest payable to NBCUniversal and General Electric from SVH | 39,695 | 39,382 | ||||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | See Note 13—"Commitments and Contingencies" for further description of the GECC Note. Non-current liabilities includes shortfall loans outstanding and accrued interest payable to the joint venture partners. | |||||||||||
(2) | Represents balances prior to the effect of the JV Sale Transaction. | |||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Summarized financial information of SVH and SVO | ' | |||||||||||
January1 - February 12, | Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | ||||||||||
SVO: | ||||||||||||
Net revenues | $ | 11,951 | $ | 143,474 | $ | 118,833 | ||||||
Operating expenses | (9,148 | ) | (79,124 | ) | (71,350 | ) | ||||||
Net income before taxes | 2,805 | 64,653 | 47,791 | |||||||||
Net income after taxes | 2,793 | 64,515 | 47,743 | |||||||||
SVH: | ||||||||||||
Equity in income from limited partnership in SVO | $ | 2,786 | $ | 64,354 | $ | 47,624 | ||||||
Interest and other expense | (8,039 | ) | (69,365 | ) | (68,003 | ) | ||||||
Net loss | (5,253 | ) | (5,011 | ) | (20,379 | ) | ||||||
Cash distributions to SVH from SVO | 6,905 | 55,025 | 53,846 | |||||||||
Shortfall loans from LIN Television to SVH | — | 2,292 | 2,483 | |||||||||
Shortfall loans from General Electric Company ("GE") to SVH | — | 8,954 | 9,701 | |||||||||
February 12, | December 31, | |||||||||||
2013 (2) | 2012 | |||||||||||
SVH: | ||||||||||||
Cash and cash equivalents | $ | 6,905 | $ | — | ||||||||
Non-current assets | 205,433 | 209,552 | ||||||||||
Current liabilities | 8,155 | 544 | ||||||||||
Non-current liabilities(1) | 865,354 | 864,927 | ||||||||||
Shortfall loans outstanding and accrued interest payable to LIN Television from SVH | 10,159 | 10,080 | ||||||||||
Shortfall loans outstanding and accrued interest payable to NBCUniversal and General Electric from SVH | 39,695 | 39,382 | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Entity Information [Line Items] | ' | |||||||
Schedule of property and equipment | ' | |||||||
Property and equipment consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 21,152 | $ | 21,147 | ||||
Buildings and fixtures | 179,209 | 176,940 | ||||||
Broadcast equipment and other | 319,912 | 311,907 | ||||||
Total property and equipment | 520,273 | 509,994 | ||||||
Less accumulated depreciation | (299,195 | ) | (268,503 | ) | ||||
Property and equipment, net | $ | 221,078 | $ | 241,491 | ||||
LIN Television | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Schedule of property and equipment | ' | |||||||
Property and equipment consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and land improvements | $ | 21,152 | $ | 21,147 | ||||
Buildings and fixtures | 179,209 | 176,940 | ||||||
Broadcast equipment and other | 319,912 | 311,907 | ||||||
Total property and equipment | 520,273 | 509,994 | ||||||
Less accumulated depreciation | (299,195 | ) | (268,503 | ) | ||||
Property and equipment, net | $ | 221,078 | $ | 241,491 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Entity Information [Line Items] | ' | |||||||||
Summary of the carrying amount of each major class of intangible assets | ' | |||||||||
The following table summarizes the carrying amount of each major class of intangible assets (in thousands): | ||||||||||
Weighted-Average | December 31, | |||||||||
Remaining Useful | ||||||||||
Life (in years) | 2013 | 2012 | ||||||||
Finite-Lived Intangible Assets: | ||||||||||
Network affiliations | 1 | $ | 32,996 | $ | 32,996 | |||||
Customer relationships | 9 | 14,941 | 8,631 | |||||||
Non-compete agreements | 1 | 1,588 | 1,588 | |||||||
Completed technology | 3 | 10,191 | 6,370 | |||||||
Favorable leases | 31 | 8,573 | 8,573 | |||||||
Retransmission consent agreements | 4 | 7,860 | 7,859 | |||||||
Other intangible assets | 19 | 9,817 | 9,609 | |||||||
Accumulated amortization | (38,917 | ) | (16,072 | ) | ||||||
Net finite-lived intangible assets | $ | 47,049 | $ | 59,554 | ||||||
Indefinite-Lived Intangible Assets: | ||||||||||
Broadcast licenses | $ | 536,515 | $ | 536,515 | ||||||
Summary: | ||||||||||
Goodwill | $ | 203,528 | $ | 192,514 | ||||||
Broadcast licenses and finite-lived intangible assets, net | 583,564 | 596,069 | ||||||||
Total intangible assets | $ | 787,092 | $ | 788,583 | ||||||
Summary of the projected aggregate amortization expense for the next five years and thereafter | ' | |||||||||
The following table summarizes the projected aggregate amortization expense for the next five years and thereafter (in thousands): | ||||||||||
Projected Aggregate | ||||||||||
Amortization Expense | ||||||||||
For the years ended December 31, | ||||||||||
2014 | $ | 15,971 | ||||||||
2015 | 5,783 | |||||||||
2016 | 4,980 | |||||||||
2017 | 3,266 | |||||||||
2018 | 2,042 | |||||||||
Thereafter | 15,007 | |||||||||
Total | $ | 47,049 | ||||||||
Schedule of the changes in the carrying amount of goodwill | ' | |||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Balance as of January 1, 2013 and 2012, respectively | $ | 192,514 | $ | 122,069 | ||||||
Acquisitions | 11,014 | 70,445 | ||||||||
Balance as of December 31, 2013 and 2012, respectively | $ | 203,528 | $ | 192,514 | ||||||
LIN Television | ' | |||||||||
Entity Information [Line Items] | ' | |||||||||
Summary of the carrying amount of each major class of intangible assets | ' | |||||||||
The following table summarizes the carrying amount of each major class of intangible assets (in thousands): | ||||||||||
Weighted-Average | December 31, | |||||||||
Remaining Useful | ||||||||||
Life (in years) | 2013 | 2012 | ||||||||
Finite-Lived Intangible Assets: | ||||||||||
Network affiliations | 1 | $ | 32,996 | $ | 32,996 | |||||
Customer relationships | 9 | 14,941 | 8,631 | |||||||
Non-compete agreements | 1 | 1,588 | 1,588 | |||||||
Completed technology | 3 | 10,191 | 6,370 | |||||||
Favorable leases | 31 | 8,573 | 8,573 | |||||||
Retransmission consent agreements | 4 | 7,860 | 7,859 | |||||||
Other intangible assets | 19 | 9,817 | 9,609 | |||||||
Accumulated amortization | (38,917 | ) | (16,072 | ) | ||||||
Net finite-lived intangible assets | $ | 47,049 | $ | 59,554 | ||||||
Indefinite-Lived Intangible Assets: | ||||||||||
Broadcast licenses | $ | 536,515 | $ | 536,515 | ||||||
Summary: | ||||||||||
Goodwill | $ | 203,528 | $ | 192,514 | ||||||
Broadcast licenses and finite-lived intangible assets, net | 583,564 | 596,069 | ||||||||
Total intangible assets | $ | 787,092 | $ | 788,583 | ||||||
Summary of the projected aggregate amortization expense for the next five years and thereafter | ' | |||||||||
The following table summarizes the projected aggregate amortization expense for the next five years and thereafter (in thousands): | ||||||||||
Projected Aggregate | ||||||||||
Amortization Expense | ||||||||||
For the years ended December 31, | ||||||||||
2014 | $ | 15,971 | ||||||||
2015 | 5,783 | |||||||||
2016 | 4,980 | |||||||||
2017 | 3,266 | |||||||||
2018 | 2,042 | |||||||||
Thereafter | 15,007 | |||||||||
Total | $ | 47,049 | ||||||||
Schedule of the changes in the carrying amount of goodwill | ' | |||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, respectively, are as follows (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Balance as of January 1, 2013 and 2012, respectively | $ | 192,514 | $ | 122,069 | ||||||
Acquisitions | 11,014 | 70,445 | ||||||||
Balance as of December 31, 2013 and 2012, respectively | $ | 203,528 | $ | 192,514 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||||||||
Debt consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | — | ||||||||||||||||||||||||||||
$118,750 and $125,000 Term loans, net of discount of $345 and $435 as of December 31, 2013 and December 31, 2012, respectively | 118,405 | 124,565 | ||||||||||||||||||||||||||||||
$314,200 and $257,400 Incremental term loans, net of discount of $1,684 and $2,020 as of December 31, 2013 and December 31, 2012, respectively | 312,516 | 255,380 | ||||||||||||||||||||||||||||||
83/8% Senior Notes due 2018 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||
63/8% Senior Notes due 2021 | 290,000 | 290,000 | ||||||||||||||||||||||||||||||
Capital lease obligations | 14,604 | 14,881 | ||||||||||||||||||||||||||||||
Other debt | 4,167 | 5,401 | ||||||||||||||||||||||||||||||
Total debt | 944,692 | 890,227 | ||||||||||||||||||||||||||||||
Less current portion | 17,364 | 10,756 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 927,328 | $ | 879,471 | ||||||||||||||||||||||||||||
Summary of scheduled future principal repayments on the entity's debt agreements | ' | |||||||||||||||||||||||||||||||
The following table summarizes scheduled future principal repayments on our debt agreements and capital leases (in thousands): | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | 83/8% Senior | 63/8% Senior | Capital | Other | Total | |||||||||||||||||||||||||
Facilities | Term Loans | Notes | Notes | Leases | Debt | |||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | 4/15/18 | 1/15/21 | Various | Various | |||||||||||||||||||||||||
2014 | $ | — | $ | 12,500 | $ | 3,200 | $ | — | $ | — | $ | 502 | $ | 1,162 | $ | 17,364 | ||||||||||||||||
2015 | — | 18,750 | 3,200 | — | — | 528 | 1,162 | 23,640 | ||||||||||||||||||||||||
2016 | — | 25,000 | 3,200 | — | — | 620 | 1,024 | 29,844 | ||||||||||||||||||||||||
2017 | 5,000 | (1) | 62,500 | 3,200 | — | — | 577 | 819 | 72,096 | |||||||||||||||||||||||
2018 | — | — | 301,400 | 200,000 | — | 609 | — | 502,009 | ||||||||||||||||||||||||
2019 and thereafter | — | — | — | — | 290,000 | 11,768 | — | 301,768 | ||||||||||||||||||||||||
Total | $ | 5,000 | $ | 118,750 | $ | 314,200 | $ | 200,000 | $ | 290,000 | $ | 14,604 | $ | 4,167 | $ | 946,721 | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
(1) | An additional $25 million was outstanding on our revolving credit facility as of the date of this report and is not reflected in our balance sheet as of December 31, 2013. | |||||||||||||||||||||||||||||||
Schedule of carrying amounts and fair values of long-term debt | ' | |||||||||||||||||||||||||||||||
The carrying amounts and fair values of our long-term debt were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | 5,000 | $ | — | $ | — | ||||||||||||||||||||||||
Term loans | 430,921 | 432,105 | 379,945 | 380,599 | ||||||||||||||||||||||||||||
Senior notes | 490,000 | 512,983 | 490,000 | 524,500 | ||||||||||||||||||||||||||||
Other debt | 4,167 | 4,167 | 5,401 | 5,401 | ||||||||||||||||||||||||||||
Total | $ | 930,088 | $ | 954,255 | $ | 875,346 | $ | 910,500 | ||||||||||||||||||||||||
8.375% Senior Notes | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 4/15/18 | |||||||||||||||||||||||||||||||
Annual interest rate | 8.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | April 15th | |||||||||||||||||||||||||||||||
October 15th | ||||||||||||||||||||||||||||||||
6.375% Senior Notes | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 1/15/21 | |||||||||||||||||||||||||||||||
Annual interest rate | 6.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | January 15th | |||||||||||||||||||||||||||||||
July 15th | ||||||||||||||||||||||||||||||||
Senior Secured Credit Facility | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
The following table summarizes certain key terms including the LIBOR-based borrowing rates of our senior secured credit facility as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | ||||||||||||||||||||||||||||||
Facility | Term Loans | |||||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | |||||||||||||||||||||||||||||
Available balance as of December 31, 2013 | $ | 70,000 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rates as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Interest rate | 0.17 | % | 0.17 | % | 1 | % | ||||||||||||||||||||||||||
Applicable margin | 2.75 | % | 2.75 | % | 3 | % | ||||||||||||||||||||||||||
Total | 2.92 | % | 2.92 | % | 4 | % | ||||||||||||||||||||||||||
LIN Television | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||||||||
Debt consisted of the following (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | — | ||||||||||||||||||||||||||||
$118,750 and $125,000 Term loans, net of discount of $345 and $435 as of December 31, 2013 and December 31, 2012, respectively | 118,405 | 124,565 | ||||||||||||||||||||||||||||||
$314,200 and $257,400 Incremental term loans, net of discount of $1,684 and $2,020 as of December 31, 2013 and December 31, 2012, respectively | 312,516 | 255,380 | ||||||||||||||||||||||||||||||
83/8% Senior Notes due 2018 | 200,000 | 200,000 | ||||||||||||||||||||||||||||||
63/8% Senior Notes due 2021 | 290,000 | 290,000 | ||||||||||||||||||||||||||||||
Capital lease obligations | 14,604 | 14,881 | ||||||||||||||||||||||||||||||
Other debt | 6,167 | 5,401 | ||||||||||||||||||||||||||||||
Total debt | 946,692 | 890,227 | ||||||||||||||||||||||||||||||
Less current portion | 17,364 | 10,756 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 929,328 | $ | 879,471 | ||||||||||||||||||||||||||||
Summary of scheduled future principal repayments on the entity's debt agreements | ' | |||||||||||||||||||||||||||||||
The following table summarizes scheduled future principal repayments on our debt agreements and capital leases (in thousands): | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | 83/8% | 63/8% | Capital | Other Debt | Total | |||||||||||||||||||||||||
Facilities | Term Loans | Senior Notes | Senior Notes | Leases | ||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | 4/15/18 | 1/15/21 | Various | Various | |||||||||||||||||||||||||
2014 | $ | — | $ | 12,500 | $ | 3,200 | $ | — | $ | — | $ | 502 | $ | 1,162 | $ | 17,364 | ||||||||||||||||
2015 | — | 18,750 | 3,200 | — | — | 528 | 1,162 | 23,640 | ||||||||||||||||||||||||
2016 | — | 25,000 | 3,200 | — | — | 620 | 1,024 | 29,844 | ||||||||||||||||||||||||
2017 | 5,000 | (1) | 62,500 | 3,200 | — | — | 577 | 819 | 72,096 | |||||||||||||||||||||||
2018 | — | — | 301,400 | 200,000 | — | 609 | 2,000 | 504,009 | ||||||||||||||||||||||||
2019 and thereafter | — | — | — | — | 290,000 | 11,768 | — | 301,768 | ||||||||||||||||||||||||
Total | $ | 5,000 | $ | 118,750 | $ | 314,200 | $ | 200,000 | $ | 290,000 | $ | 14,604 | $ | 6,167 | $ | 948,721 | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
(1) | An additional $25 million was outstanding on our revolving credit facility as of the date of this report and is not reflected in our balance sheet as of December 31, 2013. | |||||||||||||||||||||||||||||||
Schedule of carrying amounts and fair values of long-term debt | ' | |||||||||||||||||||||||||||||||
The carrying amounts and fair values of our long-term debt were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Revolving credit loans | $ | 5,000 | $ | 5,000 | $ | — | $ | — | ||||||||||||||||||||||||
Term loans | 430,921 | 432,105 | 379,945 | 380,599 | ||||||||||||||||||||||||||||
Senior notes | 490,000 | 512,983 | 490,000 | 524,500 | ||||||||||||||||||||||||||||
Other debt | 6,167 | 6,167 | 5,401 | 5,401 | ||||||||||||||||||||||||||||
Total | $ | 932,088 | $ | 956,255 | $ | 875,346 | $ | 910,500 | ||||||||||||||||||||||||
LIN Television | 8.375% Senior Notes | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
83/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 4/15/18 | |||||||||||||||||||||||||||||||
Annual interest rate | 8.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | April 15th | |||||||||||||||||||||||||||||||
October 15th | ||||||||||||||||||||||||||||||||
LIN Television | 6.375% Senior Notes | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
63/8% Senior Notes | ||||||||||||||||||||||||||||||||
Final maturity date | 1/15/21 | |||||||||||||||||||||||||||||||
Annual interest rate | 6.38% | |||||||||||||||||||||||||||||||
Payable semi-annually in arrears | January 15th | |||||||||||||||||||||||||||||||
July 15th | ||||||||||||||||||||||||||||||||
LIN Television | Senior Secured Credit Facility | ' | |||||||||||||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||||||||||||||
Summary of certain key terms including the LIBOR-based borrowing rates of the entity's senior secured credit facility | ' | |||||||||||||||||||||||||||||||
The following table summarizes certain key terms including the LIBOR-based borrowing rates of our senior secured credit facility as of December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Credit Facility | ||||||||||||||||||||||||||||||||
Revolving | Term Loans | Incremental | ||||||||||||||||||||||||||||||
Facility | Term Loans | |||||||||||||||||||||||||||||||
Final maturity date | 10/26/17 | 10/26/17 | 12/21/18 | |||||||||||||||||||||||||||||
Available balance as of December 31, 2013 | $ | 70,000 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rates as of December 31, 2013: | ||||||||||||||||||||||||||||||||
Interest rate | 0.17 | % | 0.17 | % | 1 | % | ||||||||||||||||||||||||||
Applicable margin | 2.75 | % | 2.75 | % | 3 | % | ||||||||||||||||||||||||||
Total | 2.92 | % | 2.92 | % | 4 | % | ||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of stock-based compensation expense included in the entity's consolidated statements of operations | ' | |||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Employee share options | $ | 2,933 | $ | 1,868 | $ | 1,492 | ||||||
Restricted share awards | 6,348 | 4,896 | 4,320 | |||||||||
Modifications to share option agreements | 93 | 93 | 364 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Schedule of additional information regarding stock options | ' | |||||||||||
The following table provides additional information regarding our share options for the year ended December 31, 2013 as follows (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Exercise Price | ||||||||||||
Per Share | ||||||||||||
Outstanding at the beginning of the year | 4,894 | $ | 3.42 | |||||||||
Granted during the year | 110 | 12.29 | ||||||||||
Exercised or converted during the year | (420 | ) | 3.23 | |||||||||
Forfeited during the year | (163 | ) | 5.43 | |||||||||
Expired during the year | (9 | ) | 3.57 | |||||||||
Outstanding at the end of the year | 4,412 | 3.58 | ||||||||||
Exercisable or convertible at the end of the year | 3,304 | 2.79 | ||||||||||
Schedule of assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | |||||||||||
The fair value of each share option grant or modification is estimated on the date of grant or modification using a Black-Scholes valuation model, which incorporates the following assumptions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected term(1) | 5 to 6 years | 5 to 6 years | 5 to 6 years | |||||||||
Expected volatility(2) | 95% to 96% | 98% to 99% | 97% to 99% | |||||||||
Expected dividends | $— | $— | $— | |||||||||
Risk-free rate(3) | 0.8% to 1.2% | 0.6% to 1.1% | 0.9% to 2.6% | |||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | The expected term was estimated using our historical experience. | |||||||||||
(2) | Expected volatility is based on historical trends for our class A common shares over the expected term. | |||||||||||
(3) | The risk-free interest rate for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life. | |||||||||||
Schedule of additional information regarding the restricted stock unit awards | ' | |||||||||||
The following table provides additional information regarding the restricted share awards for the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Price Per | ||||||||||||
Share | ||||||||||||
Unvested at the beginning of the year | 2,294 | $ | 5.98 | |||||||||
Granted during the year | 582 | 18.89 | ||||||||||
Vested during the year | (960 | ) | 6 | |||||||||
Forfeited during the year | (205 | ) | 5.87 | |||||||||
Unvested at the end of the year | 1,711 | 10.37 | ||||||||||
Schedule of information for restricted stock unit and stock option awards | ' | |||||||||||
The following table provides further information for both our restricted share awards and share option awards (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total fair value of options and awards granted | $ | 12,349 | $ | 10,347 | $ | 4,983 | ||||||
Total intrinsic value of options exercised | 5,136 | 865 | 225 | |||||||||
Total fair value of awards vested | 18,050 | 7,718 | 7,522 | |||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of stock-based compensation expense included in the entity's consolidated statements of operations | ' | |||||||||||
The following table presents the share-based compensation expense included in our consolidated statements of operations as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Employee share options | $ | 2,933 | $ | 1,868 | $ | 1,492 | ||||||
Restricted share awards | 6,348 | 4,896 | 4,320 | |||||||||
Modifications to share option agreements | 93 | 93 | 364 | |||||||||
Total share-based compensation | $ | 9,374 | $ | 6,857 | $ | 6,176 | ||||||
Schedule of additional information regarding stock options | ' | |||||||||||
The following table provides additional information regarding our share options for the year ended December 31, 2013 as follows (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average | ||||||||||||
Exercise Price | ||||||||||||
Per Share | ||||||||||||
Outstanding at the beginning of the year | 4,894 | $ | 3.42 | |||||||||
Granted during the year | 110 | 12.29 | ||||||||||
Exercised or converted during the year | (420 | ) | 3.23 | |||||||||
Forfeited during the year | (163 | ) | 5.43 | |||||||||
Expired during the year | (9 | ) | 3.57 | |||||||||
Outstanding at the end of the year | 4,412 | 3.58 | ||||||||||
Exercisable or convertible at the end of the year | 3,304 | 2.79 | ||||||||||
Schedule of assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | |||||||||||
The fair value of each share option grant or modification is estimated on the date of grant or modification using a Black-Scholes valuation model, which incorporates the following assumptions: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Expected term(1) | 5 to 6 years | 5 to 6 years | 5 to 6 years | |||||||||
Expected volatility(2) | 95% to 96% | 98% to 99% | 97% to 99% | |||||||||
Expected dividends | $— | $— | $— | |||||||||
Risk-free rate(3) | 0.8% to 1.2% | 0.6% to 1.1% | 0.9% to 2.6% | |||||||||
_______________________________________________________________________________ | ||||||||||||
(1) | The expected term was estimated using our historical experience. | |||||||||||
(2) | Expected volatility is based on historical trends for LIN LLC class A common shares over the expected term. | |||||||||||
(3) | The risk-free interest rate for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life. | |||||||||||
Schedule of additional information regarding the restricted stock unit awards | ' | |||||||||||
The following table provides additional information regarding the restricted share awards for the year ended December 31, 2013 (in thousands, except per share data): | ||||||||||||
Shares | Weighted- | |||||||||||
Average Price | ||||||||||||
Per Share | ||||||||||||
Unvested at the beginning of the year | 2,294 | $ | 5.98 | |||||||||
Granted during the year | 582 | 18.89 | ||||||||||
Vested during the year | (960 | ) | 6 | |||||||||
Forfeited during the year | (205 | ) | 5.87 | |||||||||
Unvested at the end of the year | 1,711 | 10.37 | ||||||||||
Schedule of information for restricted stock unit and stock option awards | ' | |||||||||||
The following table provides further information for both our restricted share awards and share option awards (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total fair value of options and awards granted | $ | 12,349 | $ | 10,347 | $ | 4,983 | ||||||
Total intrinsic value of options exercised | 5,136 | 865 | 225 | |||||||||
Total fair value of awards vested | 18,050 | 7,718 | 7,522 | |||||||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||
Schedule of change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets | ' | |||||||||||||
Information regarding the change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets for our traditional defined benefit plan and our cash balance plan are as follows (in thousands): | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in projected benefit obligation | ||||||||||||||
Projected benefit obligation, beginning of period | $ | 134,969 | $ | 133,047 | ||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 5,259 | 5,379 | ||||||||||||
Actuarial (gain) loss | (10,282 | ) | 1,485 | |||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Curtailment | — | — | ||||||||||||
Projected benefit obligation, end of period | $ | 125,003 | $ | 134,969 | ||||||||||
Accumulated benefit obligation | $ | 125,003 | $ | 134,969 | ||||||||||
Change in plan assets | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 96,412 | $ | 82,314 | ||||||||||
Actual return on plan assets | 10,611 | 11,621 | ||||||||||||
Employer contributions | 5,359 | 7,419 | ||||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Fair value of plan assets, end of period | $ | 107,439 | $ | 96,412 | ||||||||||
Unfunded status of the plan | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Total amount recognized as accrued benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Schedule of pension related accounts recognized on the entity's consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs | ' | |||||||||||||
The following table includes the pension related accounts recognized on our consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Other accrued expenses (current) | $ | (695 | ) | $ | (373 | ) | ||||||||
Other liabilities (long-term) | (16,869 | ) | (38,184 | ) | ||||||||||
Total amount recognized as accrued pension benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Accumulated other comprehensive loss: | ||||||||||||||
Net loss | $ | 32,681 | $ | 48,978 | ||||||||||
Tax benefit | 12,915 | 19,354 | ||||||||||||
Net loss, net of tax benefit | 19,766 | 29,624 | ||||||||||||
Pension tax liability | 5,760 | 5,760 | ||||||||||||
Accumulated other comprehensive loss related to net periodic pension benefit cost | $ | 25,526 | $ | 35,384 | ||||||||||
Schedule of other changes in plan assets and benefit obligation recognized in other comprehensive income (loss) | ' | |||||||||||||
The following table includes other changes in plan assets and benefit obligations that were recognized in other comprehensive income (loss) (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net gain (loss) | $ | 14,443 | $ | 3,947 | $ | (18,503 | ) | |||||||
Amortization of net actuarial loss | 1,854 | 1,578 | 753 | |||||||||||
Net gain (loss) | $ | 16,297 | $ | 5,525 | $ | (17,750 | ) | |||||||
Tax benefit (provision) | 6,439 | 2,132 | (6,912 | ) | ||||||||||
Total amount recognized in other comprehensive income (loss) | $ | 9,858 | $ | 3,393 | $ | (10,838 | ) | |||||||
Schedule of the components of net periodic pension benefit cost | ' | |||||||||||||
Components of net periodic pension benefit cost were (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||
Interest cost | 5,259 | 5,379 | 5,872 | |||||||||||
Expected return on plan assets | (6,450 | ) | (6,190 | ) | (6,824 | ) | ||||||||
Amortization of prior service cost | — | — | — | |||||||||||
Amortization of net loss | 1,854 | 1,579 | 754 | |||||||||||
Net periodic benefit cost (gain) | $ | 663 | $ | 768 | $ | (198 | ) | |||||||
Schedule of the entity's expected future pension benefit payments for the next 10 years | ' | |||||||||||||
Our expected future pension benefit payments for the next 10 years are as follows (in thousands): | ||||||||||||||
Expected Future Pension | ||||||||||||||
Benefit Payments | ||||||||||||||
For Years Ended December 31, | ||||||||||||||
2014 | $ | 7,914 | ||||||||||||
2015 | 5,879 | |||||||||||||
2016 | 5,955 | |||||||||||||
2017 | 5,966 | |||||||||||||
2018 | 6,281 | |||||||||||||
2019 through 2023 | 38,156 | |||||||||||||
Schedule of weighted average assumptions used to estimate pension benefit obligations and to determine the entity's net periodic pension benefit cost | ' | |||||||||||||
Weighted-average assumptions used to estimate our pension benefit obligations and to determine our net periodic pension benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
SERP | Retirement Plan | SERP | Retirement Plan | SERP | Retirement Plan | |||||||||
Discount rate used to estimate our pension benefit obligation | 4.70% | 5.00% | 3.60% | 4.00% | 3.9 | % | 4.2 | % | ||||||
Discount rate used to determine net periodic pension benefit | 3.60% | 4.00% | 3.90% | 4.20% | 5.25 | % | 5.25 | % | ||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Expected long-term rate-of-return on plan assets | N/A | 7.00% | N/A | 7.00% | N/A | 7 | % | |||||||
Schedule of asset allocation, designed to create a diversified portfolio of pension plan assets that is consistent with the entity's target asset allocation and risk policy | ' | |||||||||||||
The following asset allocation is designed to create a diversified portfolio of pension plan assets that is consistent with our target asset allocation and risk policy: | ||||||||||||||
Target Allocation | Percentage of Plan Assets | |||||||||||||
as of December 31, | ||||||||||||||
Asset Category | 2013 | 2013 | 2012 | |||||||||||
Equity securities | 60 | % | 60 | % | 55 | % | ||||||||
Debt securities | 40 | % | 40 | % | 45 | % | ||||||||
100 | % | 100 | % | 100 | % | |||||||||
Summary of the entity's pension plan assets measured at fair value using the prescribed three-level fair value hierarchy | ' | |||||||||||||
The following table summarizes our pension plan assets measured at fair value using the prescribed three-level fair value hierarchy as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | |||||||||||||
Observable Inputs | ||||||||||||||
(Level 1) | (Level 2) | Total | ||||||||||||
December 31, 2013: | ||||||||||||||
Cash and cash equivalents | $ | 690 | $ | — | $ | 690 | ||||||||
Money market fund | — | 762 | 762 | |||||||||||
Commingled pools: | ||||||||||||||
U.S. equity | — | 37,645 | 37,645 | |||||||||||
International equity | — | 18,884 | 18,884 | |||||||||||
REIT | — | 3,213 | 3,213 | |||||||||||
High yield bond | — | 4,101 | 4,101 | |||||||||||
Emerging markets | — | 5,994 | 5,994 | |||||||||||
Investment grade fixed income | — | 36,150 | 36,150 | |||||||||||
Total | $ | 690 | $ | 106,749 | $ | 107,439 | ||||||||
December 31, 2012: | ||||||||||||||
Cash and cash equivalents | $ | 573 | $ | — | $ | 573 | ||||||||
Money market fund | — | 519 | 519 | |||||||||||
Commingled pools: | ||||||||||||||
U.S. equity | — | 30,034 | 30,034 | |||||||||||
International equity | — | 15,241 | 15,241 | |||||||||||
REIT | — | 3,875 | 3,875 | |||||||||||
High yield bond | — | 2,916 | 2,916 | |||||||||||
Emerging markets | — | 6,374 | 6,374 | |||||||||||
Investment grade fixed income | — | 36,880 | 36,880 | |||||||||||
Total | $ | 573 | $ | 95,839 | $ | 96,412 | ||||||||
LIN Television | ' | |||||||||||||
Entity Information [Line Items] | ' | |||||||||||||
Schedule of change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets | ' | |||||||||||||
Information regarding the change in the projected benefit obligation, the accumulated benefit obligation and the change in the fair value of plan assets for our traditional defined benefit plan and our cash balance plan are as follows (in thousands): | ||||||||||||||
Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Change in projected benefit obligation | ||||||||||||||
Projected benefit obligation, beginning of period | $ | 134,969 | $ | 133,047 | ||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 5,259 | 5,379 | ||||||||||||
Actuarial (gain) loss | (10,282 | ) | 1,485 | |||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Curtailment | — | — | ||||||||||||
Projected benefit obligation, end of period | $ | 125,003 | $ | 134,969 | ||||||||||
Accumulated benefit obligation | $ | 125,003 | $ | 134,969 | ||||||||||
Change in plan assets | ||||||||||||||
Fair value of plan assets, beginning of period | $ | 96,412 | $ | 82,314 | ||||||||||
Actual return on plan assets | 10,611 | 11,621 | ||||||||||||
Employer contributions | 5,359 | 7,419 | ||||||||||||
Benefits paid | (4,943 | ) | (4,942 | ) | ||||||||||
Fair value of plan assets, end of period | $ | 107,439 | $ | 96,412 | ||||||||||
Unfunded status of the plan | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Total amount recognized as accrued benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Schedule of pension related accounts recognized on the entity's consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs | ' | |||||||||||||
The following table includes the pension related accounts recognized on our consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Other accrued expenses (current) | $ | (695 | ) | $ | (373 | ) | ||||||||
Other liabilities (long-term) | (16,869 | ) | (38,184 | ) | ||||||||||
Total amount recognized as accrued pension benefit liability | $ | (17,564 | ) | $ | (38,557 | ) | ||||||||
Accumulated other comprehensive loss: | ||||||||||||||
Net loss | $ | 32,681 | $ | 48,978 | ||||||||||
Tax benefit | 12,915 | 19,354 | ||||||||||||
Net loss, net of tax benefit | 19,766 | 29,624 | ||||||||||||
Pension tax liability | 5,760 | 5,760 | ||||||||||||
Accumulated other comprehensive loss related to net periodic pension benefit cost | $ | 25,526 | $ | 35,384 | ||||||||||
Schedule of other changes in plan assets and benefit obligation recognized in other comprehensive income (loss) | ' | |||||||||||||
The following table includes other changes in plan assets and benefit obligations that were recognized in other comprehensive income (loss) (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Net gain (loss) | $ | 14,443 | $ | 3,947 | $ | (18,503 | ) | |||||||
Amortization of net actuarial loss | 1,854 | 1,578 | 753 | |||||||||||
Net gain (loss) | $ | 16,297 | $ | 5,525 | $ | (17,750 | ) | |||||||
Tax benefit (provision) | 6,439 | 2,132 | (6,912 | ) | ||||||||||
Total amount recognized in other comprehensive income (loss) | $ | 9,858 | $ | 3,393 | $ | (10,838 | ) | |||||||
Schedule of the components of net periodic pension benefit cost | ' | |||||||||||||
Components of net periodic pension benefit cost were (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||
Interest cost | 5,259 | 5,379 | 5,872 | |||||||||||
Expected return on plan assets | (6,450 | ) | (6,190 | ) | (6,824 | ) | ||||||||
Amortization of prior service cost | — | — | — | |||||||||||
Amortization of net loss | 1,854 | 1,579 | 754 | |||||||||||
Net periodic benefit cost (gain) | $ | 663 | $ | 768 | $ | (198 | ) | |||||||
Schedule of the entity's expected future pension benefit payments for the next 10 years | ' | |||||||||||||
Our expected future pension benefit payments for the next 10 years are as follows (in thousands): | ||||||||||||||
For Years Ended December 31, | Expected Future Pension | |||||||||||||
Benefit Payments | ||||||||||||||
2014 | $ | 7,914 | ||||||||||||
2015 | 5,879 | |||||||||||||
2016 | 5,955 | |||||||||||||
2017 | 5,966 | |||||||||||||
2018 | 6,281 | |||||||||||||
2019 through 2023 | 38,156 | |||||||||||||
Schedule of weighted average assumptions used to estimate pension benefit obligations and to determine the entity's net periodic pension benefit cost | ' | |||||||||||||
Weighted-average assumptions used to estimate our pension benefit obligations and to determine our net periodic pension benefit cost are as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
SERP | Retirement Plan | SERP | Retirement Plan | SERP | Retirement Plan | |||||||||
Discount rate used to estimate our pension benefit obligation | 4.70% | 5.00% | 3.60% | 4.00% | 3.90% | 4.20% | ||||||||
Discount rate used to determine net periodic pension benefit | 3.60% | 4.00% | 3.90% | 4.20% | 5.25% | 5.25% | ||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||
Expected long-term rate-of-return on plan assets | N/A | 7.00% | N/A | 7.00% | N/A | 7.00% | ||||||||
Schedule of asset allocation, designed to create a diversified portfolio of pension plan assets that is consistent with the entity's target asset allocation and risk policy | ' | |||||||||||||
The following asset allocation is designed to create a diversified portfolio of pension plan assets that is consistent with our target asset allocation and risk policy: | ||||||||||||||
Target Allocation | Percentage of Plan Assets | |||||||||||||
as of December 31, | ||||||||||||||
Asset Category | 2013 | 2013 | 2012 | |||||||||||
Equity securities | 60% | 60% | 55% | |||||||||||
Debt securities | 40% | 40% | 45% | |||||||||||
100% | 100% | 100% | ||||||||||||
Summary of the entity's pension plan assets measured at fair value using the prescribed three-level fair value hierarchy | ' | |||||||||||||
The following table summarizes our pension plan assets measured at fair value using the prescribed three-level fair value hierarchy as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | |||||||||||||
Observable | ||||||||||||||
Inputs | ||||||||||||||
(Level 1) | (Level 2) | Total | ||||||||||||
December 31, 2013: | ||||||||||||||
Cash and cash equivalents | $ | 690 | $ | — | $ | 690 | ||||||||
Money market fund | — | 762 | 762 | |||||||||||
Commingled pools: | — | |||||||||||||
U.S. equity | — | 37,645 | 37,645 | |||||||||||
International equity | — | 18,884 | 18,884 | |||||||||||
REIT | — | 3,213 | 3,213 | |||||||||||
High yield bond | — | 4,101 | 4,101 | |||||||||||
Emerging markets | — | 5,994 | 5,994 | |||||||||||
Investment grade fixed income | — | 36,150 | 36,150 | |||||||||||
Total | $ | 690 | $ | 106,749 | $ | 107,439 | ||||||||
December 31, 2012: | ||||||||||||||
Cash and cash equivalents | $ | 573 | $ | — | $ | 573 | ||||||||
Money market fund | — | 519 | 519 | |||||||||||
Commingled pools: | — | |||||||||||||
U.S. equity | — | 30,034 | 30,034 | |||||||||||
International equity | — | 15,241 | 15,241 | |||||||||||
REIT | — | 3,875 | 3,875 | |||||||||||
High yield bond | — | 2,916 | 2,916 | |||||||||||
Emerging markets | — | 6,374 | 6,374 | |||||||||||
Investment grade fixed income | — | 36,880 | 36,880 | |||||||||||
Total | $ | 573 | $ | 95,839 | $ | 96,412 | ||||||||
Restructuring_and_Contract_Ter1
Restructuring and Contract Termination Costs (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Entity Information [Line Items] | ' | |||
Schedule of activities for restructuring actions | ' | |||
The activity for these restructuring charges relating to severance and related costs is as follows (in thousands): | ||||
Severance and | ||||
Related | ||||
Balance as of December 31, 2011 | $ | 515 | ||
Charges | 1,009 | |||
Payments | (807 | ) | ||
Balance as of December 31, 2012 | $ | 717 | ||
Charges | 3,895 | |||
Payments | (4,189 | ) | ||
Balance as of December 31, 2013 | $ | 423 | ||
LIN Television | ' | |||
Entity Information [Line Items] | ' | |||
Schedule of activities for restructuring actions | ' | |||
The activity for these restructuring charges relating to severance and related costs is as follows (in thousands): | ||||
Severance and | ||||
Related | ||||
Balance as of December 31, 2011 | $ | 515 | ||
Charges | 1,009 | |||
Payments | (807 | ) | ||
Balance as of December 31, 2012 | $ | 717 | ||
Charges | 3,895 | |||
Payments | (4,189 | ) | ||
Balance as of December 31, 2013 | $ | 423 | ||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of future payments for the non-cancelable operating leases and agreements, and future payments associated with syndicated television programs | ' | |||||||||||
Future payments for these non-cancelable operating leases and agreements, and future payments associated with syndicated television programs as of December 31, 2013 are as follows (in thousands): | ||||||||||||
Operating Leases | Syndicated | Total | ||||||||||
and Agreements | Television | |||||||||||
Programming(1) | ||||||||||||
Year | ||||||||||||
2014 | $ | 45,076 | $ | 27,119 | $ | 72,195 | ||||||
2015 | 33,930 | 26,675 | 60,605 | |||||||||
2016 | 16,140 | 17,387 | 33,527 | |||||||||
2017 | 12,146 | 3,133 | 15,279 | |||||||||
2018 | 1,611 | 153 | 1,764 | |||||||||
Thereafter | 7,139 | 214 | 7,353 | |||||||||
Total obligations | $ | 116,042 | $ | 74,681 | $ | 190,723 | ||||||
_____________________________________________ | ||||||||||||
(1)Includes $6.3 million of program obligations recorded on our consolidated balance sheet as of December 31, 2013. | ||||||||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of future payments for the non-cancelable operating leases and agreements, and future payments associated with syndicated television programs | ' | |||||||||||
Operating Leases | Syndicated | Total | ||||||||||
and Agreements | Television | |||||||||||
Programming(1) | ||||||||||||
Year | ||||||||||||
2014 | $ | 45,076 | $ | 27,119 | $ | 72,195 | ||||||
2015 | 33,930 | 26,675 | 60,605 | |||||||||
2016 | 16,140 | 17,387 | 33,527 | |||||||||
2017 | 12,146 | 3,133 | 15,279 | |||||||||
2018 | 1,611 | 153 | 1,764 | |||||||||
Thereafter | 7,139 | 214 | 7,353 | |||||||||
Total obligations | $ | 116,042 | $ | 74,681 | $ | 190,723 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of provision for (benefit from) income taxes | ' | |||||||||||
The (benefit from) provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 26,056 | $ | 21 | $ | 543 | ||||||
State | 5,636 | 1,571 | 652 | |||||||||
Foreign | — | 633 | — | |||||||||
Total current | $ | 31,692 | $ | 2,225 | $ | 1,195 | ||||||
Deferred: | ||||||||||||
Federal | $ | (124,201 | ) | $ | 33,865 | $ | (25,907 | ) | ||||
State | (32,911 | ) | 4,373 | 8,667 | ||||||||
Total deferred | (157,112 | ) | 38,238 | (17,240 | ) | |||||||
Total current and deferred | $ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | ||||
Schedule of reconciliation of the amount calculated by applying the 35 % federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes and effective income tax rate on continuing operations | ' | |||||||||||
The following table reconciles the amount that would be calculated by applying the 35% federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision assuming federal statutory rate | $ | 10,913 | $ | 7,871 | $ | 11,780 | ||||||
State taxes, net of federal tax benefit | 3,863 | 5,723 | 1,790 | |||||||||
State tax law/rate changes, net of federal tax benefit | — | 1,883 | 5,703 | |||||||||
Change in valuation allowance | (18,157 | ) | (4,622 | ) | (36,541 | ) | ||||||
Share compensation | (53 | ) | (17 | ) | 601 | |||||||
Reserve for tax contingencies | 124 | 633 | — | |||||||||
Impact of JV Sale Transaction | — | 28,435 | — | |||||||||
Impact of the Merger | (124,306 | ) | — | — | ||||||||
Non-deductible acquisition and Merger related transaction costs | 1,645 | — | — | |||||||||
Other | 551 | 557 | 622 | |||||||||
$ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | |||||
Effective income tax rate on continuing operations | (402.2 | )% | 179.9 | % | (47.7 | )% | ||||||
Schedule of the components of the net deferred tax liability | ' | |||||||||||
The components of the net deferred tax liability are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Deferred gain related to equity investment in NBC joint venture | $ | — | $ | 259,049 | ||||||||
Property and equipment | 11,816 | 12,822 | ||||||||||
Intangible assets | 54,859 | 36,761 | ||||||||||
Deferred gain on debt repurchase | 18,140 | 18,309 | ||||||||||
Noncontrolling interest | 849 | 549 | ||||||||||
Other | 7,629 | 7,476 | ||||||||||
Total | $ | 93,293 | $ | 334,966 | ||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | (17,707 | ) | $ | (110,169 | ) | ||||||
Equity investments | (2,372 | ) | (1,554 | ) | ||||||||
Other | (15,426 | ) | (32,625 | ) | ||||||||
Valuation allowance | — | 18,157 | ||||||||||
Total | (35,505 | ) | (126,191 | ) | ||||||||
Net deferred tax liabilities | $ | 57,788 | $ | 208,775 | ||||||||
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 26,559 | $ | 26,381 | $ | 26,610 | ||||||
Additions for tax positions of current year | 733 | 1,798 | 2,386 | |||||||||
Additions for tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (2,084 | ) | (1,133 | ) | (2,128 | ) | ||||||
Reductions related to settlements with taxing authorities | — | — | — | |||||||||
Reductions related to expiration of the statute of limitations | (730 | ) | (487 | ) | (487 | ) | ||||||
Balance at end of year | $ | 24,478 | $ | 26,559 | $ | 26,381 | ||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of provision for (benefit from) income taxes | ' | |||||||||||
Our income before income taxes is solely from domestic operations. The (benefit from) provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 26,056 | $ | 21 | $ | 543 | ||||||
State | 5,636 | 1,571 | 652 | |||||||||
Foreign | — | 633 | — | |||||||||
Total current | $ | 31,692 | $ | 2,225 | $ | 1,195 | ||||||
Deferred: | ||||||||||||
Federal | $ | (124,201 | ) | $ | 33,865 | $ | (25,907 | ) | ||||
State | (32,911 | ) | 4,373 | 8,667 | ||||||||
Total deferred | (157,112 | ) | 38,238 | (17,240 | ) | |||||||
Total current and deferred | $ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | ||||
Schedule of reconciliation of the amount calculated by applying the 35 % federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes and effective income tax rate on continuing operations | ' | |||||||||||
The following table reconciles the amount that would be calculated by applying the 35% federal statutory rate to income before income taxes to the actual (benefit from) provision for income taxes (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Provision assuming federal statutory rate | $ | 10,913 | $ | 7,871 | $ | 11,780 | ||||||
State taxes, net of federal tax benefit | 3,863 | 5,723 | 1,790 | |||||||||
State tax law/rate changes, net of federal tax benefit | — | 1,883 | 5,703 | |||||||||
Change in valuation allowance | (18,157 | ) | (4,622 | ) | (36,541 | ) | ||||||
Share compensation | (53 | ) | (17 | ) | 601 | |||||||
Reserve for tax contingencies | 124 | 633 | — | |||||||||
Impact of JV Sale Transaction | — | 28,435 | — | |||||||||
Impact of the Merger | (124,306 | ) | — | — | ||||||||
Non-deductible acquisition and Merger related transaction costs | 1,645 | — | — | |||||||||
Other | 551 | 557 | 622 | |||||||||
$ | (125,420 | ) | $ | 40,463 | $ | (16,045 | ) | |||||
Effective income tax rate on continuing operations | (402.2 | )% | 179.9 | % | (47.7 | )% | ||||||
Schedule of the components of the net deferred tax liability | ' | |||||||||||
The components of the net deferred tax liability are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Deferred gain related to equity investment in NBC joint venture | $ | — | $ | 259,049 | ||||||||
Property and equipment | 11,816 | 12,822 | ||||||||||
Intangible assets | 54,859 | 36,761 | ||||||||||
Deferred gain on debt repurchase | 18,140 | 18,309 | ||||||||||
Noncontrolling interest | 849 | 549 | ||||||||||
Other | 7,629 | 7,476 | ||||||||||
Total | $ | 93,293 | $ | 334,966 | ||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | (17,707 | ) | $ | (110,169 | ) | ||||||
Equity investments | (2,372 | ) | (1,554 | ) | ||||||||
Other | (15,426 | ) | (32,625 | ) | ||||||||
Valuation allowance | — | 18,157 | ||||||||||
Total | (35,505 | ) | (126,191 | ) | ||||||||
Net deferred tax liabilities | $ | 57,788 | $ | 208,775 | ||||||||
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | |||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 26,559 | $ | 26,381 | $ | 26,610 | ||||||
Additions for tax positions of current year | 733 | 1,798 | 2,386 | |||||||||
Additions for tax positions of prior years | — | — | — | |||||||||
Reductions for tax positions of prior years | (2,084 | ) | (1,133 | ) | (2,128 | ) | ||||||
Reductions related to settlements with taxing authorities | — | — | — | |||||||||
Reductions related to expiration of the statute of limitations | (730 | ) | (487 | ) | (487 | ) | ||||||
Balance at end of year | $ | 24,478 | $ | 26,559 | $ | 26,381 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Entity Information [Line Items] | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 11,817 | $ | 11,275 | ||||
Accrued contract costs | 3,394 | 4,163 | ||||||
Accrued interest | 12,168 | 7,841 | ||||||
Accrued capital contribution to joint venture | — | 100,000 | ||||||
Other accrued expenses | 24,317 | 29,967 | ||||||
Total | $ | 51,696 | $ | 153,246 | ||||
LIN Television | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued compensation | $ | 11,817 | $ | 11,275 | ||||
Accrued contract costs | 3,394 | 4,163 | ||||||
Accrued interest | 12,168 | 7,841 | ||||||
Accrued capital contribution to joint venture | — | 100,000 | ||||||
Other accrued expenses | 24,317 | 29,967 | ||||||
Total | $ | 51,696 | $ | 153,246 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10,313 | $ | 3 | $ | 2,209 | $ | — | $ | 12,525 | ||||||||||||
Accounts receivable, net | — | 88,905 | 39,416 | 16,988 | — | 145,309 | ||||||||||||||||||
Deferred income tax assets | — | 5,818 | 1,080 | — | — | 6,898 | ||||||||||||||||||
Other current assets | — | 12,264 | 1,049 | 1,888 | — | 15,201 | ||||||||||||||||||
Total current assets | — | 117,300 | 41,548 | 21,085 | — | 179,933 | ||||||||||||||||||
Property and equipment, net | — | 180,480 | 35,752 | 4,846 | — | 221,078 | ||||||||||||||||||
Deferred financing costs | — | 16,357 | — | 91 | — | 16,448 | ||||||||||||||||||
Goodwill | — | 169,492 | 18,518 | 15,518 | — | 203,528 | ||||||||||||||||||
Broadcast licenses, net | — | — | 493,814 | 42,701 | — | 536,515 | ||||||||||||||||||
Other intangible assets, net | — | 31,303 | 1,840 | 13,906 | — | 47,049 | ||||||||||||||||||
Advances to consolidated subsidiaries | 1,900 | 7,764 | 968,728 | — | (978,392 | ) | — | |||||||||||||||||
Investment in consolidated subsidiaries | 87,227 | 1,534,600 | — | — | (1,621,827 | ) | — | |||||||||||||||||
Other assets | — | 52,778 | 2,688 | 1,276 | (44,443 | ) | 12,299 | |||||||||||||||||
Total assets | $ | 89,127 | $ | 2,110,074 | $ | 1,562,888 | $ | 99,423 | $ | (2,644,662 | ) | $ | 1,216,850 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 16,112 | $ | — | $ | 1,252 | $ | — | $ | 17,364 | ||||||||||||
Accounts payable | — | 4,185 | 5,339 | 4,478 | — | 14,002 | ||||||||||||||||||
Income taxes payable | — | 749 | 671 | — | — | 1,420 | ||||||||||||||||||
Accrued expenses | — | 42,570 | 6,254 | 2,872 | — | 51,696 | ||||||||||||||||||
Program obligations | — | 4,711 | 1,013 | 1,303 | — | 7,027 | ||||||||||||||||||
Total current liabilities | — | 68,327 | 13,277 | 9,905 | — | 91,509 | ||||||||||||||||||
Long-term debt, excluding current portion | — | 924,223 | — | 3,105 | — | 927,328 | ||||||||||||||||||
Deferred income tax liabilities | — | 30,013 | 33,824 | 849 | — | 64,686 | ||||||||||||||||||
Program obligations | — | 2,505 | 217 | 1,424 | — | 4,146 | ||||||||||||||||||
Intercompany liabilities | — | 970,628 | — | 7,764 | (978,392 | ) | — | |||||||||||||||||
Other liabilities | — | 27,151 | 58 | 44,443 | (44,443 | ) | 27,209 | |||||||||||||||||
Total liabilities | — | 2,022,847 | 47,376 | 67,490 | (1,022,835 | ) | 1,114,878 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 12,845 | — | 12,845 | ||||||||||||||||||
Total shareholders' equity (deficit) | 89,127 | 87,227 | 1,515,512 | 19,088 | (1,621,827 | ) | 89,127 | |||||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders' equity (deficit) | $ | 89,127 | $ | 2,110,074 | $ | 1,562,888 | $ | 99,423 | $ | (2,644,662 | ) | $ | 1,216,850 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,625 | $ | 573 | $ | 1,109 | $ | — | $ | 46,307 | ||||||||||||
Accounts receivable, net | — | 87,103 | 31,144 | 7,903 | — | 126,150 | ||||||||||||||||||
Deferred income tax assets | — | 67,412 | — | 97 | (67,509 | ) | — | |||||||||||||||||
Other current assets | — | 4,850 | 554 | 1,459 | — | 6,863 | ||||||||||||||||||
Total current assets | — | 203,990 | 32,271 | 10,568 | (67,509 | ) | 179,320 | |||||||||||||||||
Property and equipment, net | — | 197,125 | 39,534 | 4,832 | — | 241,491 | ||||||||||||||||||
Deferred financing costs | — | 19,020 | — | 115 | — | 19,135 | ||||||||||||||||||
Goodwill | — | 169,492 | 18,518 | 4,504 | — | 192,514 | ||||||||||||||||||
Broadcast licenses, net | — | — | 493,814 | 42,701 | — | 536,515 | ||||||||||||||||||
Other intangible assets, net | — | 48,897 | 2,775 | 7,882 | — | 59,554 | ||||||||||||||||||
Advances to consolidated subsidiaries | — | 6,746 | 1,345,971 | — | (1,352,717 | ) | — | |||||||||||||||||
Investment in consolidated subsidiaries | — | 1,554,903 | — | — | (1,554,903 | ) | — | |||||||||||||||||
Other assets | — | 53,987 | 2,552 | 1,626 | (45,280 | ) | 12,885 | |||||||||||||||||
Total assets | $ | — | $ | 2,254,160 | $ | 1,935,435 | $ | 72,228 | $ | (3,020,409 | ) | $ | 1,241,414 | |||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' DEFICIT | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 9,243 | $ | — | $ | 1,513 | $ | — | $ | 10,756 | ||||||||||||
Accounts payable | — | 14,335 | 3,385 | 1,235 | — | 18,955 | ||||||||||||||||||
Income taxes payable | — | 372 | 394 | — | — | 766 | ||||||||||||||||||
Accrued expenses | — | 37,020 | 115,605 | 621 | — | 153,246 | ||||||||||||||||||
Deferred income tax liabilities | — | — | 235,728 | — | (67,509 | ) | 168,219 | |||||||||||||||||
Program obligations | — | 7,479 | 1,106 | 2,185 | — | 10,770 | ||||||||||||||||||
Total current liabilities | — | 68,449 | 356,218 | 5,554 | (67,509 | ) | 362,712 | |||||||||||||||||
Long-term debt, excluding current portion | — | 875,512 | — | 3,959 | — | 879,471 | ||||||||||||||||||
Deferred income tax liabilities | — | 10,910 | 29,000 | 646 | — | 40,556 | ||||||||||||||||||
Program obligations | — | 2,222 | 92 | 1,967 | — | 4,281 | ||||||||||||||||||
Intercompany liabilities | — | 1,345,971 | 3,842 | 2,904 | (1,352,717 | ) | — | |||||||||||||||||
Accumulated losses in excess of investment in consolidated subsidiaries | 91,564 | — | — | — | (91,564 | ) | — | |||||||||||||||||
Other liabilities | — | 42,660 | 56 | 45,280 | (45,280 | ) | 42,716 | |||||||||||||||||
Total liabilities | 91,564 | 2,345,724 | 389,208 | 60,310 | (1,557,070 | ) | 1,329,736 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 3,242 | — | 3,242 | ||||||||||||||||||
Total shareholders' (deficit) equity | (91,564 | ) | (91,564 | ) | 1,546,227 | 8,676 | (1,463,339 | ) | (91,564 | ) | ||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders' equity (deficit) | $ | — | $ | 2,254,160 | $ | 1,935,435 | $ | 72,228 | $ | (3,020,409 | ) | $ | 1,241,414 | |||||||||||
Schedule of Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 263,958 | $ | 136,891 | $ | 1,745 | $ | (2,591 | ) | $ | 400,003 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 78,492 | 53,877 | 604 | (2,355 | ) | 130,618 | |||||||||||||||||
Selling, general and administrative | — | 69,018 | 34,825 | 491 | (564 | ) | 103,770 | |||||||||||||||||
Amortization of program rights | — | 15,535 | 5,438 | 433 | — | 21,406 | ||||||||||||||||||
Corporate | — | 24,838 | 1,643 | — | — | 26,481 | ||||||||||||||||||
Depreciation | — | 19,169 | 7,030 | 47 | — | 26,246 | ||||||||||||||||||
Amortization of intangible assets | — | 264 | 868 | 67 | — | 1,199 | ||||||||||||||||||
Restructuring | — | 707 | — | — | — | 707 | ||||||||||||||||||
Loss from asset dispositions | — | 351 | 121 | — | — | 472 | ||||||||||||||||||
Operating income | — | 55,584 | 33,089 | 103 | 328 | 89,104 | ||||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||
Interest expense, net | — | 50,688 | — | 21 | (3 | ) | 50,706 | |||||||||||||||||
Share of loss in equity investments | — | 260 | 4,697 | — | — | 4,957 | ||||||||||||||||||
Gain on derivative instruments | — | (1,960 | ) | — | — | — | (1,960 | ) | ||||||||||||||||
Loss on extinguishment of debt | — | 1,694 | — | — | — | 1,694 | ||||||||||||||||||
Intercompany fees and expenses | — | 57,931 | (57,945 | ) | 14 | — | — | |||||||||||||||||
Other, net | — | 68 | (4 | ) | (13 | ) | — | 51 | ||||||||||||||||
Total other expense (income), net | — | 108,681 | (53,252 | ) | 22 | (3 | ) | 55,448 | ||||||||||||||||
(Loss) income from continuing operations before taxes and equity in income (loss) from operations of consolidated subsidiaries | — | (53,097 | ) | 86,341 | 81 | 331 | 33,656 | |||||||||||||||||
(Benefit from) provision for income taxes | — | (50,521 | ) | 34,536 | (60 | ) | — | (16,045 | ) | |||||||||||||||
Net (loss) income from continuing operations | — | (2,576 | ) | 51,805 | 141 | 331 | 49,701 | |||||||||||||||||
(Loss) income from discontinued operations, net | — | (1,316 | ) | 544 | — | (148 | ) | (920 | ) | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | 48,577 | 52,469 | — | — | (101,046 | ) | — | |||||||||||||||||
Net income (loss) | 48,577 | 48,577 | 52,349 | 141 | (100,863 | ) | 48,781 | |||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 204 | — | 204 | ||||||||||||||||||
Net income (loss) attributable to LIN Media LLC | $ | 48,577 | $ | 48,577 | $ | 52,349 | $ | (63 | ) | $ | (100,863 | ) | $ | 48,577 | ||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 428,806 | $ | 181,678 | $ | 55,850 | $ | (13,971 | ) | $ | 652,363 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 145,176 | 76,275 | 37,295 | (7,668 | ) | 251,078 | |||||||||||||||||
Selling, general and administrative | — | 109,679 | 40,934 | 12,516 | (579 | ) | 162,550 | |||||||||||||||||
Amortization of program rights | — | 21,452 | 5,690 | 2,100 | — | 29,242 | ||||||||||||||||||
Corporate | 709 | 40,668 | — | — | — | 41,377 | ||||||||||||||||||
Depreciation | — | 38,306 | 7,256 | 1,292 | — | 46,854 | ||||||||||||||||||
Amortization of intangible assets | — | 17,594 | 935 | 4,297 | — | 22,826 | ||||||||||||||||||
Restructuring | — | 3,633 | — | 262 | — | 3,895 | ||||||||||||||||||
Contract termination costs | — | 3,887 | — | — | — | 3,887 | ||||||||||||||||||
Loss from asset dispositions | — | 705 | 5 | — | — | 710 | ||||||||||||||||||
Operating (loss) income | (709 | ) | 47,706 | 50,583 | (1,912 | ) | (5,724 | ) | 89,944 | |||||||||||||||
Other (income) expense: | ||||||||||||||||||||||||
Interest expense, net | — | 56,386 | — | 221 | — | 56,607 | ||||||||||||||||||
Share of loss in equity investments | — | 56 | — | — | — | 56 | ||||||||||||||||||
Intercompany (income) expense | (20 | ) | 27,947 | (28,243 | ) | 316 | — | — | ||||||||||||||||
Other, net | 2,097 | — | 3 | — | 2,100 | |||||||||||||||||||
Total other (income) expense, net | (20 | ) | 86,486 | (28,243 | ) | 540 | — | 58,763 | ||||||||||||||||
(Loss) income from continuing operations before taxes and equity in (loss) income from operations of consolidated subsidiaries | (689 | ) | (38,780 | ) | 78,826 | (2,452 | ) | (5,724 | ) | 31,181 | ||||||||||||||
(Benefit from) provision for income taxes | — | (155,975 | ) | 31,530 | (975 | ) | — | (125,420 | ) | |||||||||||||||
Net (loss) income from continuing operations | (689 | ) | 117,195 | 47,296 | (1,477 | ) | (5,724 | ) | 156,601 | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | 158,802 | 41,607 | — | — | (200,409 | ) | — | |||||||||||||||||
Net income (loss) | 158,113 | 158,802 | 47,296 | (1,477 | ) | (206,133 | ) | 156,601 | ||||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (1,512 | ) | — | (1,512 | ) | ||||||||||||||||
Net income (loss) attributable to LIN Media LLC | $ | 158,113 | $ | 158,802 | $ | 47,296 | $ | 35 | $ | (206,133 | ) | $ | 158,113 | |||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net revenues | $ | — | $ | 369,779 | $ | 181,458 | $ | 9,571 | $ | (7,346 | ) | $ | 553,462 | |||||||||||
Operating expenses: | ||||||||||||||||||||||||
Direct operating | — | 96,504 | 62,352 | 5,201 | (3,835 | ) | 160,222 | |||||||||||||||||
Selling, general and administrative | — | 85,638 | 37,917 | 2,152 | (440 | ) | 125,267 | |||||||||||||||||
Amortization of program rights | — | 16,644 | 5,437 | 967 | — | 23,048 | ||||||||||||||||||
Corporate | — | 30,357 | 3,889 | — | — | 34,246 | ||||||||||||||||||
Depreciation | — | 24,061 | 7,635 | 453 | — | 32,149 | ||||||||||||||||||
Amortization of intangible assets | — | 4,139 | 935 | 1,290 | — | 6,364 | ||||||||||||||||||
Restructuring | — | 1,009 | — | — | — | 1,009 | ||||||||||||||||||
Loss (gain) from asset dispositions | — | 111 | (15 | ) | — | — | 96 | |||||||||||||||||
Operating income (loss) | — | 111,316 | 63,308 | (492 | ) | (3,071 | ) | 171,061 | ||||||||||||||||
Other expense (income): | ||||||||||||||||||||||||
Interest expense, net | — | 46,625 | — | 156 | (98 | ) | 46,683 | |||||||||||||||||
Share of loss in equity investments | — | 153 | 98,156 | — | — | 98,309 | ||||||||||||||||||
Loss on extinguishment of debt | — | 3,341 | — | — | — | 3,341 | ||||||||||||||||||
Intercompany fees and expenses | — | 26,549 | (26,548 | ) | (1 | ) | — | — | ||||||||||||||||
Other, net | — | 237 | — | — | — | 237 | ||||||||||||||||||
Total other expense (income), net | — | 76,905 | 71,608 | 155 | (98 | ) | 148,570 | |||||||||||||||||
Income (loss) from continuing operations before taxes and equity in (loss) income from operations of consolidated subsidiaries | — | 34,411 | (8,300 | ) | (647 | ) | (2,973 | ) | 22,491 | |||||||||||||||
Provision for (benefit from) income taxes | — | 44,298 | (3,320 | ) | (515 | ) | — | 40,463 | ||||||||||||||||
Net loss from continuing operations | — | (9,887 | ) | (4,980 | ) | (132 | ) | (2,973 | ) | (17,972 | ) | |||||||||||||
Loss from discontinued operations, net | — | (251 | ) | (744 | ) | — | (23 | ) | (1,018 | ) | ||||||||||||||
(Loss) gain on the sale of discontinued operations, net | — | (289 | ) | 11,678 | — | — | 11,389 | |||||||||||||||||
Equity in (loss) income from operations of consolidated subsidiaries | (7,045 | ) | 3,382 | — | — | 3,663 | — | |||||||||||||||||
Net (loss) income | (7,045 | ) | (7,045 | ) | 5,954 | (132 | ) | 667 | (7,601 | ) | ||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (556 | ) | — | (556 | ) | ||||||||||||||||
Net (loss) income attributable to LIN Media LLC | $ | (7,045 | ) | $ | (7,045 | ) | $ | 5,954 | $ | 424 | $ | 667 | $ | (7,045 | ) | |||||||||
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net income (loss) | $ | 158,113 | $ | 158,802 | $ | 47,296 | $ | (1,477 | ) | $ | (206,133 | ) | $ | 156,601 | ||||||||||
Pension net gain, net of tax of $5,705 | 8,738 | 8,738 | — | — | (8,738 | ) | 8,738 | |||||||||||||||||
Amortization of pension net losses, net of tax of $734 | 1,120 | 1,120 | — | — | (1,120 | ) | 1,120 | |||||||||||||||||
Comprehensive income (loss) | 167,971 | 168,660 | 47,296 | (1,477 | ) | (215,991 | ) | 166,459 | ||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (1,512 | ) | — | (1,512 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to LIN Media LLC | $ | 167,971 | $ | 168,660 | $ | 47,296 | $ | 35 | $ | (215,991 | ) | $ | 167,971 | |||||||||||
Condensed Consolidating Statement of Comprehensive Loss | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net (loss) income | $ | (7,045 | ) | $ | (7,045 | ) | $ | 5,954 | $ | (132 | ) | $ | 667 | $ | (7,601 | ) | ||||||||
Pension net gain, net of tax of $1,523 | 2,424 | 2,424 | — | — | (2,424 | ) | 2,424 | |||||||||||||||||
Amortization of pension net losses, net of tax of $609 | 969 | 969 | — | — | (969 | ) | 969 | |||||||||||||||||
Comprehensive (loss) income | (3,652 | ) | (3,652 | ) | 5,954 | (132 | ) | (2,726 | ) | (4,208 | ) | |||||||||||||
Comprehensive loss attributable to noncontrolling interest | — | — | — | (556 | ) | — | (556 | ) | ||||||||||||||||
Comprehensive (loss) income attributable to LIN Media LLC | $ | (3,652 | ) | $ | (3,652 | ) | $ | 5,954 | $ | 424 | $ | (2,726 | ) | $ | (3,652 | ) | ||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
Net income (loss) | $ | 48,577 | $ | 48,577 | $ | 52,349 | $ | 141 | $ | (100,863 | ) | $ | 48,781 | |||||||||||
Pension net loss, net of tax of $(7,291) | (11,212 | ) | (11,212 | ) | — | — | 11,212 | (11,212 | ) | |||||||||||||||
Amortization of pension net loss, net of tax of $379 | 374 | 374 | — | — | (374 | ) | 374 | |||||||||||||||||
Comprehensive income (loss) | 37,739 | 37,739 | 52,349 | 141 | (90,025 | ) | 37,943 | |||||||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | — | — | 204 | 204 | ||||||||||||||||||
Comprehensive income (loss) attributable to LIN Media LLC | $ | 37,739 | $ | 37,739 | $ | 52,349 | $ | 141 | $ | (90,229 | ) | $ | 37,739 | |||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities, continuing operations | $ | (589 | ) | $ | (1,986 | ) | $ | 50,612 | $ | 930 | $ | — | $ | 48,967 | ||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (22,768 | ) | (3,540 | ) | (3,066 | ) | — | (29,374 | ) | ||||||||||||||
Payments for business combinations, net of cash acquired | — | (10,082 | ) | — | — | — | (10,082 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 66 | 20 | — | — | 86 | ||||||||||||||||||
Capital contribution to joint venture with NBCUniversal | — | — | (100,000 | ) | — | — | (100,000 | ) | ||||||||||||||||
Receipt of dividend | 2,000 | 78,011 | — | — | (80,011 | ) | — | |||||||||||||||||
Advances on intercompany borrowings | (2,000 | ) | (4,550 | ) | — | — | 6,550 | — | ||||||||||||||||
Payments from intercompany borrowings | — | 15,009 | 145,358 | — | (160,367 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities, continuing operations | — | 55,686 | 41,838 | (3,066 | ) | (233,828 | ) | (139,370 | ) | |||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | 589 | 1,256 | — | — | — | 1,845 | ||||||||||||||||||
Tax benefit from exercises of share options | — | 1,591 | — | — | — | 1,591 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 139,000 | — | — | — | 139,000 | ||||||||||||||||||
Principal payments on long-term debt | — | (83,846 | ) | — | (1,314 | ) | — | (85,160 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (655 | ) | — | — | — | (655 | ) | ||||||||||||||||
Payment of dividend | — | (2,000 | ) | (78,011 | ) | — | 80,011 | — | ||||||||||||||||
Proceeds from intercompany borrowings | — | 2,000 | — | 4,550 | (6,550 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | (145,358 | ) | (15,009 | ) | — | 160,367 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 589 | (88,012 | ) | (93,020 | ) | 3,236 | 233,828 | 56,621 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (34,312 | ) | (570 | ) | 1,100 | — | (33,782 | ) | |||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 44,625 | 573 | 1,109 | — | 46,307 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | — | $ | 10,313 | $ | 3 | $ | 2,209 | $ | — | $ | 12,525 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by operating activities, continuing operations | $ | — | $ | 142,255 | $ | 4,998 | $ | 2,159 | $ | 23 | $ | 149,435 | ||||||||||||
Net cash used in operating activities, discontinued operations | — | (471 | ) | (2,242 | ) | — | (23 | ) | (2,736 | ) | ||||||||||||||
Net cash provided by operating activities | — | 141,784 | 2,756 | 2,159 | — | 146,699 | ||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (20,158 | ) | (5,709 | ) | (2,363 | ) | — | (28,230 | ) | ||||||||||||||
Change in restricted cash | — | 255,159 | — | — | — | 255,159 | ||||||||||||||||||
Payments for business combinations, net of cash acquired | — | (352,162 | ) | — | (6,333 | ) | — | (358,495 | ) | |||||||||||||||
Proceeds from the sale of assets | — | 30 | 49 | — | — | 79 | ||||||||||||||||||
Shortfall loan to joint venture with NBCUniversal | — | (2,292 | ) | — | — | — | (2,292 | ) | ||||||||||||||||
Advances on intercompany borrowings | — | (2,400 | ) | — | — | 2,400 | — | |||||||||||||||||
Payments from intercompany borrowings | — | 20,382 | — | — | (20,382 | ) | — | |||||||||||||||||
Net cash used in investing activities, continuing operations | — | (101,441 | ) | (5,660 | ) | (8,696 | ) | (17,982 | ) | (133,779 | ) | |||||||||||||
Net cash provided by investing activities, discontinued operations | — | 6,314 | 23,206 | — | — | 29,520 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | (95,127 | ) | 17,546 | (8,696 | ) | (17,982 | ) | (104,259 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | — | 1,314 | — | — | — | 1,314 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 322,000 | — | 6,333 | — | 328,333 | ||||||||||||||||||
Principal payments on long-term debt | — | (320,374 | ) | — | (1,805 | ) | — | (322,179 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (10,157 | ) | — | (115 | ) | — | (10,272 | ) | |||||||||||||||
Treasury stock purchased | — | (11,386 | ) | — | — | — | (11,386 | ) | ||||||||||||||||
Proceeds from intercompany borrowings | — | — | — | 2,400 | (2,400 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | — | (20,382 | ) | — | 20,382 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | — | (18,603 | ) | (20,382 | ) | 6,813 | 17,982 | (14,190 | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 28,054 | (80 | ) | 276 | — | 28,250 | |||||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 16,571 | 653 | 833 | — | 18,057 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | — | $ | 44,625 | $ | 573 | $ | 1,109 | $ | — | $ | 46,307 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
LIN Media LLC | LIN Television | Guarantor | Non-Guarantor | Consolidating/ | LIN Media LLC | |||||||||||||||||||
Corporation | Subsidiaries | Subsidiaries | Eliminating | Consolidated | ||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net cash provided by operating activities, continuing operations | $ | — | $ | 52,012 | $ | 10,799 | $ | 103 | $ | 148 | $ | 63,062 | ||||||||||||
Net cash (used in) provided by operating activities, discontinued operations | — | (1,180 | ) | 926 | — | (148 | ) | (402 | ) | |||||||||||||||
Net cash provided by operating activities | — | 50,832 | 11,725 | 103 | — | 62,660 | ||||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Capital expenditures | — | (12,266 | ) | (7,763 | ) | (40 | ) | — | (20,069 | ) | ||||||||||||||
Change in restricted cash | — | (255,159 | ) | — | — | — | (255,159 | ) | ||||||||||||||||
Payments for business combinations, net of cash acquired | — | (10,046 | ) | — | 1,013 | — | (9,033 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 72 | 2 | — | — | 74 | ||||||||||||||||||
Payments on derivative instruments | — | (2,020 | ) | — | — | — | (2,020 | ) | ||||||||||||||||
Shortfall loan to joint venture with NBCUniversal | — | (2,483 | ) | — | — | — | (2,483 | ) | ||||||||||||||||
Other investments, net | — | (375 | ) | — | — | — | (375 | ) | ||||||||||||||||
Advances to consolidated subsidiaries | — | (400 | ) | — | — | 400 | — | |||||||||||||||||
Payments from consolidated subsidiaries | — | 3,750 | — | — | (3,750 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities, continuing operations | — | (278,927 | ) | (7,761 | ) | 973 | (3,350 | ) | (289,065 | ) | ||||||||||||||
Net cash used in investing activities, discontinued operations | — | (106 | ) | (9 | ) | — | — | (115 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | — | (279,033 | ) | (7,770 | ) | 973 | (3,350 | ) | (289,180 | ) | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net proceeds on exercises of employee and director stock-based compensation | — | 841 | — | — | — | 841 | ||||||||||||||||||
Proceeds from borrowings on long-term debt | — | 417,695 | — | — | — | 417,695 | ||||||||||||||||||
Principal payments on long-term debt | — | (174,573 | ) | — | (643 | ) | — | (175,216 | ) | |||||||||||||||
Payment of long-term debt issue costs | — | (7,662 | ) | — | — | — | (7,662 | ) | ||||||||||||||||
Treasury stock purchased | — | (2,729 | ) | — | — | — | (2,729 | ) | ||||||||||||||||
Proceeds from intercompany borrowings | — | — | — | 400 | (400 | ) | — | |||||||||||||||||
Payments on intercompany borrowings | — | — | (3,750 | ) | — | 3,750 | — | |||||||||||||||||
Net cash provided by (used in) financing activities, continuing operations | — | 233,572 | (3,750 | ) | (243 | ) | 3,350 | 232,929 | ||||||||||||||||
Net cash provided by (used in) financing activities | $ | — | $ | 233,572 | $ | (3,750 | ) | $ | (243 | ) | $ | 3,350 | $ | 232,929 | ||||||||||
Net increase in cash and cash equivalents | — | 5,371 | 205 | 833 | — | 6,409 | ||||||||||||||||||
Cash and cash equivalents at the beginning of the period | — | 11,200 | 448 | — | — | 11,648 | ||||||||||||||||||
Cash and cash equivalents at the end of the period | — | 16,571 | 653 | 833 | — | 18,057 | ||||||||||||||||||
Unaudited_Quarterly_Data_Table
Unaudited Quarterly Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of unaudited quarterly data | ' | |||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net revenues | $ | 140,992 | $ | 164,346 | $ | 163,110 | $ | 183,915 | ||||||||
Operating income | $ | 11,776 | $ | 26,916 | $ | 23,226 | $ | 28,026 | ||||||||
(Loss) income from continuing operations | $ | (1,020 | ) | $ | 7,169 | $ | 146,508 | (1) | $ | 3,944 | ||||||
Net (loss) income attributable to LIN Media LLC | $ | (856 | ) | $ | 7,475 | $ | 146,938 | $ | 4,556 | |||||||
Basic (loss) earnings per common share from continuing operations attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.14 | $ | 2.78 | $ | 0.09 | |||||||
Basic (loss) earnings per common share attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.14 | $ | 2.78 | $ | 0.09 | |||||||
Diluted (loss) earnings per common share from continuing operations attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.13 | $ | 2.63 | $ | 0.08 | |||||||
Diluted (loss) earnings per common share attributable to LIN Media LLC | $ | (0.02 | ) | $ | 0.13 | $ | 2.63 | $ | 0.08 | |||||||
Weighted-average number of common shares outstanding used in calculating income per common share: | ||||||||||||||||
Basic | 51,910 | 52,278 | 52,791 | 52,879 | ||||||||||||
Diluted | 51,910 | 55,595 | 55,855 | 56,240 | ||||||||||||
________________________________________ | ||||||||||||||||
(1) During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net revenues | $ | 103,200 | $ | 121,016 | $ | 133,076 | $ | 196,170 | ||||||||
Operating income | $ | 20,460 | $ | 34,995 | $ | 44,367 | $ | 71,239 | ||||||||
Income (loss) from continuing operations | $ | 5,115 | $ | 15,457 | $ | 19,619 | $ | (58,163 | ) | |||||||
(Loss) income from discontinued operations | $ | (1,231 | ) | $ | 11,602 | $ | — | $ | — | |||||||
Net income (loss) attributable to LIN Media LLC | $ | 4,266 | $ | 27,118 | $ | 19,659 | $ | (58,088 | ) | |||||||
Basic earnings (loss) per common share from continuing operations attributable to LIN Media LLC | $ | 0.1 | $ | 0.28 | $ | 0.37 | $ | (1.09 | ) | |||||||
Basic earnings (loss) per common share attributable to LIN Media LLC | $ | 0.08 | $ | 0.49 | $ | 0.37 | $ | (1.09 | ) | |||||||
Diluted earnings (loss) per common share from continuing operations attributable to LIN Media LLC | $ | 0.1 | $ | 0.27 | $ | 0.36 | $ | (1.09 | ) | |||||||
Diluted earnings (loss) per common share attributable to LIN Media LLC | $ | 0.08 | $ | 0.48 | $ | 0.36 | $ | (1.09 | ) | |||||||
Weighted-average number of common shares outstanding used in calculating income per common share: | ||||||||||||||||
Basic | 56,184 | 55,174 | 53,066 | 53,169 | ||||||||||||
Diluted | 57,512 | 56,300 | 54,353 | 53,169 | ||||||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of supplemental disclosure of cash flow information | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Cash paid for interest expense | $ | 48,646 | $ | 42,348 | $ | 47,801 | ||||||
Cash paid for income taxes—continuing operations | $ | 32,937 | $ | 1,103 | $ | 559 | ||||||
Non-cash investing activities: | ||||||||||||
Accrual for estimated shortfall loans to SVH | $ | — | $ | — | $ | 4,697 | ||||||
Non-cash financing activities: | ||||||||||||
Capital leases assumed in acquisitions | $ | 179 | $ | 14,896 | $ | — | ||||||
LIN Television | ' | |||||||||||
Entity Information [Line Items] | ' | |||||||||||
Schedule of supplemental disclosure of cash flow information | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Cash paid for interest expense | $ | 48,646 | $ | 42,348 | $ | 47,801 | ||||||
Cash paid for income taxes—continuing operations | $ | 32,937 | $ | 1,103 | $ | 559 | ||||||
Non-cash investing activities: | ||||||||||||
Accrual for estimated shortfall loans to SVH | $ | — | $ | — | $ | 4,697 | ||||||
Non-cash financing activities: | ||||||||||||
Capital leases assumed in acquisitions | $ | 179 | $ | 14,896 | $ | — | ||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||
Schedule of valuation and qualifying accounts | ' | |||||||||||||||
Balance at | Charged(Released) to | Deductions | Balance at | |||||||||||||
Beginning of | Operations | End of | ||||||||||||||
Period | Period | |||||||||||||||
(in thousands) | ||||||||||||||||
Allowance for doubtful accounts as of December 31, | ||||||||||||||||
2013 | $ | 3,599 | $ | 1,608 | $ | (2,019 | ) | $ | 3,188 | |||||||
2012 | $ | 2,310 | $ | 2,047 | $ | (758 | ) | $ | 3,599 | |||||||
2011 | $ | 2,194 | $ | 760 | $ | (644 | ) | $ | 2,310 | |||||||
Valuation allowance for state and federal deferred tax assets as of December 31, | ||||||||||||||||
2013 | $ | 18,157 | $ | (18,157 | ) | $ | — | $ | — | |||||||
2012 | $ | 23,422 | $ | (5,265 | ) | $ | — | $ | 18,157 | |||||||
2011 | $ | 59,990 | $ | (36,568 | ) | $ | — | $ | 23,422 | |||||||
LIN Television | ' | |||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||
Schedule of valuation and qualifying accounts | ' | |||||||||||||||
Balance at | Charged (Released) to | Deductions | Balance at | |||||||||||||
Beginning of | Operations | End of | ||||||||||||||
Period | Period | |||||||||||||||
(in thousands) | ||||||||||||||||
Allowance for doubtful accounts as of December 31, | ||||||||||||||||
2013 | $ | 3,599 | $ | 1,608 | $ | (2,019 | ) | $ | 3,188 | |||||||
2012 | $ | 2,310 | $ | 2,047 | $ | (758 | ) | $ | 3,599 | |||||||
2011 | $ | 2,194 | $ | 760 | $ | (644 | ) | $ | 2,310 | |||||||
Valuation allowance for state and federal deferred tax assets as of December 31, | ||||||||||||||||
2013 | $ | 18,157 | $ | (18,157 | ) | $ | — | $ | — | |||||||
2012 | $ | 23,422 | $ | (5,265 | ) | $ | — | $ | 18,157 | |||||||
2011 | $ | 59,990 | $ | (36,568 | ) | $ | — | $ | 23,422 | |||||||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Principles of consolidation | ' |
Number of reportable segments | 1 |
8.375% Senior Notes | ' |
Basis of presentation and summary of significant accounting policies | ' |
Interest rate (as a percent) | 8.38% |
6.375% Senior Notes | ' |
Basis of presentation and summary of significant accounting policies | ' |
Interest rate (as a percent) | 6.38% |
LIN Television | ' |
Principles of consolidation | ' |
Number of reportable segments | 1 |
LIN Television | 8.375% Senior Notes | ' |
Basis of presentation and summary of significant accounting policies | ' |
Interest rate (as a percent) | 8.38% |
LIN Television | 6.375% Senior Notes | ' |
Basis of presentation and summary of significant accounting policies | ' |
Interest rate (as a percent) | 6.38% |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Jul. 30, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jul. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | |
Transaction agreement | Merger transaction | SVH | SVH | SVH | SVH | SVH | SVH | SVO | SVO | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Texas | NBCUniversal | NBCUniversal | Senior Secured Credit Facility | Incremental term loans, net of discount | Incremental term loans, net of discount | |||||
GECC Note | GECC Note | GECC Note | Transaction agreement | Merger transaction | Merger transaction | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVO | SVH | SVH | SVH | SVH | Senior Secured Credit Facility | Senior Secured Credit Facility | |||||||||||||||
GECC Note | GECC Note | Transaction agreement | Transaction agreement | Transaction agreement | Transaction agreement | Transaction agreement | Transaction agreement | SVH | LIN Television | ||||||||||||||||||||||||||
Transaction agreement | SVH | ||||||||||||||||||||||||||||||||||
Transaction agreement | |||||||||||||||||||||||||||||||||||
Basis of presentation and summary of significant accounting policies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage held by SVH | ' | ' | ' | ' | ' | ' | 20.38% | 20.38% | ' | ' | ' | ' | 99.75% | 99.75% | ' | ' | ' | ' | ' | ' | 20.38% | 20.38% | ' | ' | ' | ' | ' | ' | 99.75% | 20.38% | ' | ' | ' | ' | ' |
Equity interest held by NBCUniversal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.62% | 79.62% | ' | ' | ' |
Debt financing provided by GECC | ' | ' | ' | ' | ' | ' | ' | ' | ' | $815,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $815,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution in exchange of equity interest sold | ' | 100,000,000 | 0 | 0 | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | 0 | 0 | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.38% | ' | ' | ' | ' | 20.38% | ' | ' | ' | ' | ' |
Short Term Deferred Liabilities Reclassified to Income Taxes Payable upon Consummation of Transaction | ' | ' | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Accrued liability to secure the release of the guarantee and the related income tax consequences | ' | 0 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | 0 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 |
Amount of cash on hand and borrowings under the revolving credit facility utilized to fund the payment | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Tax saving due to setting offsetting of realized capital loss and net operating losses with the capital gain | ' | ' | 131,500,000 | ' | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital loss resulting from difference between tax basis and fair value of subsidiary stock | ' | 343,000,000 | ' | ' | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cash on hand and borrowings under the revolving credit facility utilized to fund the payment | ' | ' | $162,800,000 | ' | ' | $31,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $162,800,000 | ' | $31,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Summ5
Basis of Presentation and Summary of Significant Accounting Policies (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $12,525 | $46,307 | $18,057 | $11,648 | ||
Accounts receivable, net | 145,309 | 126,150 | ' | ' | ||
Other assets | 15,201 | 6,863 | ' | ' | ||
Total current assets | 179,933 | 179,320 | ' | ' | ||
Property and equipment, net | 221,078 | 241,491 | ' | ' | ||
Broadcast licenses and other intangible assets, net | 583,564 | 596,069 | ' | ' | ||
Other assets | 12,299 | 12,885 | ' | ' | ||
Total assets | 1,216,850 | [1] | 1,241,414 | [1] | ' | ' |
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 17,364 | 10,756 | ' | ' | ||
Accounts payable | 14,002 | 18,955 | ' | ' | ||
Accrued expenses | 51,696 | 153,246 | ' | ' | ||
Program obligations | 7,027 | 10,770 | ' | ' | ||
Total current liabilities | 91,509 | 362,712 | ' | ' | ||
Long-term debt, excluding current portion | 927,328 | 879,471 | ' | ' | ||
Program obligations | 4,146 | 4,281 | ' | ' | ||
Other liabilities | 27,209 | 42,716 | ' | ' | ||
Total liabilities | 1,114,878 | [1] | 1,329,736 | [1] | ' | ' |
WBDT, Vaughan and KASY | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 278 | 418 | ' | ' | ||
Accounts receivable, net | 6,345 | 6,021 | ' | ' | ||
Other assets | 927 | 2,092 | ' | ' | ||
Total current assets | 7,550 | 8,531 | ' | ' | ||
Property and equipment, net | 2,469 | 3,190 | ' | ' | ||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ' | ' | ||
Other assets | 1,360 | 2,055 | ' | ' | ||
Total assets | 56,056 | 60,380 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 1,162 | 1,451 | ' | ' | ||
Accounts payable | 63 | 0 | ' | ' | ||
Accrued expenses | 1,336 | 425 | ' | ' | ||
Program obligations | 1,303 | 2,185 | ' | ' | ||
Total current liabilities | 3,864 | 4,061 | ' | ' | ||
Long-term debt, excluding current portion | 3,005 | 3,950 | ' | ' | ||
Program obligations | 1,424 | 1,967 | ' | ' | ||
Other liabilities | 47,763 | 50,402 | ' | ' | ||
Total liabilities | 56,056 | 60,380 | ' | ' | ||
LIN Television | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 12,525 | 46,307 | 18,057 | 11,648 | ||
Accounts receivable, net | 145,409 | 126,150 | ' | ' | ||
Other assets | 15,201 | 6,863 | ' | ' | ||
Total current assets | 180,033 | 179,320 | ' | ' | ||
Property and equipment, net | 221,078 | 241,491 | ' | ' | ||
Broadcast licenses and other intangible assets, net | 583,564 | 596,069 | ' | ' | ||
Other assets | 12,299 | 12,885 | ' | ' | ||
Total assets | 1,216,950 | [1] | 1,241,414 | [1] | ' | ' |
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 17,364 | 10,756 | ' | ' | ||
Accounts payable | 14,002 | 18,955 | ' | ' | ||
Accrued expenses | 51,696 | 153,246 | ' | ' | ||
Program obligations | 7,027 | 10,770 | ' | ' | ||
Total current liabilities | 91,509 | 362,712 | ' | ' | ||
Long-term debt, excluding current portion | 929,328 | 879,471 | ' | ' | ||
Program obligations | 4,146 | 4,281 | ' | ' | ||
Other liabilities | 27,209 | 42,716 | ' | ' | ||
Total liabilities | 1,116,878 | [1] | 1,329,736 | [1] | ' | ' |
LIN Television | WBDT, Vaughan and KASY | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 278 | 418 | ' | ' | ||
Accounts receivable, net | 6,345 | 6,021 | ' | ' | ||
Other assets | 927 | 2,092 | ' | ' | ||
Total current assets | 7,550 | 8,531 | ' | ' | ||
Property and equipment, net | 2,469 | 3,190 | ' | ' | ||
Broadcast licenses and other intangible assets, net | 44,677 | 46,604 | ' | ' | ||
Other assets | 1,360 | 2,055 | ' | ' | ||
Total assets | 56,056 | 60,380 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 1,162 | 1,451 | ' | ' | ||
Accounts payable | 63 | 0 | ' | ' | ||
Accrued expenses | 1,336 | 425 | ' | ' | ||
Program obligations | 1,303 | 2,185 | ' | ' | ||
Total current liabilities | 3,864 | 4,061 | ' | ' | ||
Long-term debt, excluding current portion | 3,005 | 3,950 | ' | ' | ||
Program obligations | 1,424 | 1,967 | ' | ' | ||
Other liabilities | 47,763 | 50,402 | ' | ' | ||
Total liabilities | $56,056 | $60,380 | ' | ' | ||
[1] | Our consolidated assets as of DecemberB 31, 2013 and 2012 include total assets of $56,056 and $60,380, respectively, of variable interest entities ("VIEs") that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of $44,677 and $46,604 and program rights of $2,186 and $2,060 as of DecemberB 31, 2013 and 2012, respectively. Our consolidated liabilities as of DecemberB 31, 2013 and 2012 include $4,126 and $4,577, respectively, of total liabilities of the VIEs for which the VIE's creditors have no recourse to the Company, including $2,727 and $4,152, respectively, of program obligations. See further description in NoteB 1b"Basis of Presentation and Summary of Significant Accounting Policies." |
Basis_of_Presentation_and_Summ6
Basis of Presentation and Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Barter transactions | ' | ' | ' |
Multiplier for calculating fair value under barter programs | 1 | ' | ' |
Barter revenue | $5,552,000 | $4,220,000 | $4,071,000 |
Barter expense | -5,455,000 | -4,176,000 | -3,967,000 |
Advertising expense | ' | ' | ' |
Advertising costs incurred | 3,900,000 | 3,100,000 | 2,600,000 |
Buildings and fixtures | Minimum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '30 years | ' | ' |
Buildings and fixtures | Maximum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '40 years | ' | ' |
Broadcast equipment and other | Minimum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Broadcast equipment and other | Maximum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '15 years | ' | ' |
LIN Television | ' | ' | ' |
Barter transactions | ' | ' | ' |
Multiplier for calculating fair value under barter programs | 1 | ' | ' |
Barter revenue | 5,552,000 | 4,220,000 | 4,071,000 |
Barter expense | -5,455,000 | -4,176,000 | -3,967,000 |
Advertising expense | ' | ' | ' |
Advertising costs incurred | $3,900,000 | $3,100,000 | $2,600,000 |
LIN Television | Buildings and fixtures | Minimum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '30 years | ' | ' |
LIN Television | Buildings and fixtures | Maximum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '40 years | ' | ' |
LIN Television | Broadcast equipment and other | Minimum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
LIN Television | Broadcast equipment and other | Maximum | ' | ' | ' |
Property and equipment | ' | ' | ' |
Estimated useful life | '15 years | ' | ' |
Basis_of_Presentation_and_Summ7
Basis of Presentation and Summary of Significant Accounting Policies (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | $9,374,000 | $6,857,000 | $6,176,000 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Decrease in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | ' | ' | |
Numerator for earnings per common share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income (loss) from continuing operations | 3,944,000 | 146,508,000 | [1] | 7,169,000 | -1,020,000 | -58,163,000 | 19,619,000 | 15,457,000 | 5,115,000 | 156,601,000 | -17,972,000 | 49,701,000 |
Net (loss) income attributable to noncontrolling interest included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,512,000 | -556,000 | 204,000 | |
Income (loss) from continuing operations attributable to LIN Media LLC | ' | ' | ' | ' | ' | ' | ' | ' | 158,113,000 | -17,416,000 | 49,497,000 | |
Income (loss) from discontinued operations, including gain on sale | ' | ' | ' | ' | 0 | 0 | 11,602,000 | -1,231,000 | 0 | 10,371,000 | -920,000 | |
Net income (loss) attributable to reporting entity | 4,556,000 | 146,938,000 | 7,475,000 | -856,000 | -58,088,000 | 19,659,000 | 27,118,000 | 4,266,000 | 158,113,000 | -7,045,000 | 48,577,000 | |
Denominator for earnings per common share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted-average common shares, basic (in shares) | 52,879,000 | 52,791,000 | 52,278,000 | 51,910,000 | 53,169,000 | 53,066,000 | 55,174,000 | 56,184,000 | 52,439,000 | 54,130,000 | 55,768,000 | |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock options and restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 0 | 1,311,000 | |
Weighted-average common shares, diluted (in shares) | 56,240,000 | 55,855,000 | 55,595,000 | 51,910,000 | 53,169,000 | 54,353,000 | 56,300,000 | 57,512,000 | 55,639,000 | 54,130,000 | 57,079,000 | |
Antidilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 1,200,000 | 400,000 | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 320,000 | 270,000 | 256,000 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,460,000 | 1,019,000 | 1,266,000 | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,594,000 | 5,568,000 | 4,654,000 | |
LIN Television | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 9,374,000 | 6,857,000 | 6,176,000 | |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Decrease in valuation allowance | ' | -18,200,000 | ' | ' | ' | ' | ' | ' | 18,200,000 | ' | ' | |
Numerator for earnings per common share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 157,290,000 | -17,972,000 | 49,701,000 | |
Net (loss) income attributable to noncontrolling interest included in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,512,000 | -556,000 | 204,000 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | 158,802,000 | -7,045,000 | 48,577,000 | |
LIN Television | Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 320,000 | 270,000 | 256,000 | |
LIN Television | Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,460,000 | 1,019,000 | 1,266,000 | |
LIN Television | Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation expense before tax | ' | ' | ' | ' | ' | ' | ' | ' | $7,594,000 | $5,568,000 | $4,654,000 | |
[1] | During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." |
Basis_of_Presentation_and_Summ8
Basis of Presentation and Summary of Significant Accounting Policies (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Redeemable noncontrolling interest | ' | ' |
Balance as of the end of the period | $12,845 | $3,242 |
Nami Media, HYFN and Dedicated Media | ' | ' |
Redeemable noncontrolling interest | ' | ' |
Balance as of the beginning of the period | 3,242 | ' |
Acquisition of redeemable noncontrolling interest | 11,025 | 3,503 |
Net income (loss) | -1,512 | -556 |
Share-based compensation | 90 | 295 |
Balance as of the end of the period | 12,845 | 3,242 |
LIN Television | ' | ' |
Redeemable noncontrolling interest | ' | ' |
Balance as of the end of the period | 12,845 | 3,242 |
LIN Television | Nami Media, HYFN and Dedicated Media | ' | ' |
Redeemable noncontrolling interest | ' | ' |
Balance as of the beginning of the period | 3,242 | ' |
Acquisition of redeemable noncontrolling interest | 11,025 | 3,503 |
Net income (loss) | -1,512 | -556 |
Share-based compensation | 90 | 295 |
Balance as of the end of the period | $12,845 | $3,242 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 12, 2012 | Feb. 03, 2014 | Dec. 31, 2013 | Apr. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 09, 2013 | Apr. 09, 2013 | Apr. 09, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Apr. 04, 2013 | Apr. 04, 2013 | Oct. 12, 2012 | Oct. 12, 2012 | Oct. 31, 2012 | Oct. 12, 2012 | Oct. 31, 2012 | Oct. 12, 2012 | Oct. 31, 2012 | Oct. 12, 2012 | Oct. 31, 2012 | Oct. 12, 2012 | Oct. 31, 2012 | Oct. 12, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 10, 2012 | Dec. 10, 2012 | Nov. 22, 2011 |
ACME | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | ||||
KASY-TV Licensed, LLC ("KASY") | Vaughan | Federated Media Publishing, Inc. | Dedicated Media Inc and HYFN Inc | Dedicated Media, Inc. | Dedicated Media, Inc. | Dedicated Media, Inc. | Dedicated Media, Inc. | Dedicated Media, Inc. | Dedicated Media, Inc. | HYFN, Inc. | HYFN, Inc. | HYFN, Inc. | HYFN, Inc. | HYFN, Inc. | HYFN, Inc. | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision and Vaughan | New Vision | New Vision | New Vision | New Vision and ACME | ACME | ACME | Nami Media | |||||||
market | Subsequent event | Maximum | Customer relationships | Completed technology | Trademarks | Maximum | Customer relationships | Completed technology | Trademarks | Network affiliations | Network affiliations | Favorable leases | Favorable leases | Advertiser relationships | Advertiser relationships | Retransmission consent agreements | Retransmission consent agreements | Other intangible assets | Other intangible assets | KASY-TV Licensed, LLC ("KASY") | ||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 60.00% | ' | ' | ' | ' | ' | 50.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.60% |
Purchase price | ' | ' | ' | ' | ' | ' | ' | $4,600,000 | $22,400,000 | ' | $5,800,000 | ' | ' | ' | ' | ' | $7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $334,900,000 | ' | ' | ' | ' | ' | ' |
Potential obligation or liability | 190,723,000 | ' | ' | ' | 190,723,000 | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | 62,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisional allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,315,000 | ' | ' | ' | ' | ' | 3,759,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,656,000 | ' |
Non-current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,968,000 | ' |
Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,000 | ' | ' | ' | ' | ' | 179,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,620,000 | ' | ' | 3,900,000 | 500,000 | 200,000 | 3,580,000 | ' | ' | 2,400,000 | 1,100,000 | 100,000 | ' | 30,800,000 | ' | 8,600,000 | ' | 6,100,000 | ' | 7,000,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | 12,898,000 | ' |
Program rights assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Broadcast licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Definite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,837,000 | 30,800,000 | ' | 8,600,000 | ' | 6,100,000 | ' | 7,000,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 203,528,000 | 192,514,000 | 122,069,000 | ' | 203,528,000 | 192,514,000 | 122,069,000 | ' | ' | ' | 1,854,000 | ' | ' | ' | ' | ' | 9,160,000 | ' | ' | ' | ' | ' | 65,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | 5,300,000 | 5,331,000 | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,302,000 | ' | ' | ' | ' | ' | -920,000 | ' | ' | ' | ' | ' | -417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,239,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,989,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,361,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,858,000 | ' |
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,834,000 | ' | ' | ' | ' | ' | -7,191,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,752,000 | ' | ' | ' | ' | ' | 7,219,000 | ' | ' | ' | ' | ' | 339,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,995,000 | ' |
Estimated remaining useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '4 years | '2 years | ' | ' | ' | '8 years | '3 years | '3 years | ' | '2 years | '2 years | '32 years | '32 years | '10 years | '10 years | '5 years | '5 years | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' |
Amount of purchase price paid | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,300,000 | 19,000,000 | ' |
Assumption of finance lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 658,163,000 | 514,340,000 | ' | ' | ' | ' |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,720,000 | 23,950,000 | ' | ' | ' | ' |
Basic (loss) income per common share attributable to LIN LLC (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | $0.43 | ' | ' | ' | ' |
Diluted (loss) income per common share attributable to LIN LLC (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.22) | $0.42 | ' | ' | ' | ' |
Fair value of option to purchase the remaining outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,200,000 | ' | ' | ' | ' | ' | ' | ' | 24,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,200,000 | ' | ' | ' |
Number of markets covered by network-affiliated television stations | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,300,000 | ' | ' | ' | ' | ' | ' |
Ownership interest calculated on a fully diluted basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.10% |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale, net of tax | $0 | $11,389,000 | $0 |
Net revenues | ' | 2,633,000 | 11,821,000 |
Operating (loss) income | ' | -1,559,000 | 380,000 |
Net (loss) income | 0 | -1,018,000 | -920,000 |
WWHO-TV | ' | ' | ' |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale | ' | -400,000 | ' |
Gain (loss) recorded on sale, net of tax | ' | -300,000 | ' |
Net revenues | ' | 440,000 | 4,236,000 |
Operating (loss) income | ' | -393,000 | -699,000 |
Net (loss) income | ' | -252,000 | -1,427,000 |
WUPW-TV | ' | ' | ' |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale | ' | 18,000,000 | ' |
Gain (loss) recorded on sale, net of tax | ' | 11,700,000 | ' |
Net revenues | ' | 2,193,000 | 7,585,000 |
Operating (loss) income | ' | -1,166,000 | 1,079,000 |
Net (loss) income | ' | -766,000 | 507,000 |
LIN Television | ' | ' | ' |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale, net of tax | 0 | 11,389,000 | 0 |
Net revenues | ' | 2,633,000 | 11,821,000 |
Operating (loss) income | ' | -1,559,000 | 380,000 |
Net (loss) income | 0 | -1,018,000 | -920,000 |
LIN Television | WWHO-TV | ' | ' | ' |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale | ' | -400,000 | ' |
Gain (loss) recorded on sale, net of tax | ' | -300,000 | ' |
Net revenues | ' | 440,000 | 4,236,000 |
Operating (loss) income | ' | -393,000 | -699,000 |
Net (loss) income | ' | -252,000 | -1,427,000 |
LIN Television | WUPW-TV | ' | ' | ' |
Discontinued Operations | ' | ' | ' |
Gain (loss) recorded on sale | ' | 18,000,000 | ' |
Gain (loss) recorded on sale, net of tax | ' | 11,700,000 | ' |
Net revenues | ' | 2,193,000 | 7,585,000 |
Operating (loss) income | ' | -1,166,000 | 1,079,000 |
Net (loss) income | ' | ($766,000) | $507,000 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2008 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
LIN Television | LIN Television | LIN Television | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVH | SVO | SVO | SVO | SVO | SVO | SVO | |||||||||
GECC Note | GECC Note | GECC Note | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Texas | NBC Universal and General Electric | NBC Universal and General Electric | NBC Universal and General Electric | LIN Television | LIN Television | LIN Television | |||||||||||||||||||
Transaction agreement | GECC Note | GECC Note | GECC Note | Transaction agreement | |||||||||||||||||||||||||||||||||
Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Ownership percentage | ' | ' | ' | ' | ' | ' | 20.38% | 20.38% | ' | ' | ' | ' | ' | ' | 20.38% | ' | 20.38% | ' | ' | ' | ' | ' | 20.38% | ' | ' | ' | 99.75% | 99.75% | ' | ' | 99.75% | ' | |||||
Capital contribution made by the entity | $100,000,000 | $0 | $0 | $100,000,000 | $0 | $0 | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Ownership interest sold (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.38% | ' | ' | ' | 20.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Proceeds from sale of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Summarized financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net revenues/ equity in income from limited partnership interest in SVO | ' | ' | ' | ' | ' | ' | 2,786,000 | 64,354,000 | 47,624,000 | ' | ' | ' | ' | 2,786,000 | 64,354,000 | 47,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,951,000 | 143,474,000 | 118,833,000 | 11,951,000 | 143,474,000 | 118,833,000 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,148,000 | -79,124,000 | -71,350,000 | 9,148,000 | 79,124,000 | 71,350,000 | |||||
Net income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,805,000 | 64,653,000 | 47,791,000 | 2,805,000 | 64,653,000 | 47,791,000 | |||||
Interest and other expenses | ' | ' | ' | ' | ' | ' | -8,039,000 | -69,365,000 | -68,003,000 | ' | ' | ' | ' | 8,039,000 | 69,365,000 | 68,003,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income (loss) after taxes | ' | ' | ' | ' | ' | ' | -5,253,000 | -5,011,000 | -20,379,000 | ' | ' | ' | ' | -5,253,000 | -5,011,000 | -20,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,793,000 | 64,515,000 | 47,743,000 | 2,793,000 | 64,515,000 | 47,743,000 | |||||
Cash distributions from SVO | ' | ' | ' | ' | ' | ' | 6,905,000 | 55,025,000 | 53,846,000 | ' | ' | ' | ' | 6,905,000 | 55,025,000 | 53,846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shortfall loans | ' | ' | ' | ' | ' | ' | 0 | 2,292,000 | 2,483,000 | ' | ' | ' | ' | 0 | 2,292,000 | 2,483,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 8,954,000 | 9,701,000 | ' | ' | ' | ' | ' | ' | |||||
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 6,905,000 | [1] | 0 | ' | ' | ' | ' | ' | 6,905,000 | [1] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Non-current assets | ' | ' | ' | ' | ' | ' | 205,433,000 | [1] | 209,552,000 | ' | ' | ' | ' | ' | 205,433,000 | [1] | 209,552,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current liabilities | ' | ' | ' | ' | ' | ' | 8,155,000 | [1] | 544,000 | ' | ' | ' | ' | ' | 8,155,000 | [1] | 544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Non-current liabilities | ' | ' | ' | ' | ' | ' | 865,354,000 | [1],[2] | 864,927,000 | [2] | ' | ' | ' | ' | ' | 865,354,000 | [1],[2] | 864,927,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shortfall loans outstanding and accrued interest payable | ' | ' | ' | ' | ' | ' | 10,159,000 | [1] | 10,080,000 | ' | ' | ' | ' | ' | 10,159,000 | [1] | 10,080,000 | ' | ' | ' | ' | ' | ' | ' | ' | 39,695,000 | [1] | 39,382,000 | ' | ' | ' | ' | ' | ' | ' | ||
Carrying value of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shortfall liabilities recognized | 0 | 0 | 4,697,000 | ' | ' | 4,697,000 | ' | ' | ' | ' | ' | 4,200,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charge recognized on the shortfall loans | 56,000 | 98,309,000 | 4,957,000 | 56,000 | 98,309,000 | 4,957,000 | ' | ' | ' | ' | ' | 4,200,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reversal of remaining accrued shortfall funding liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Represents balances prior to the effect of the JV Sale Transaction. | ||||||||||||||||||||||||||||||||||||
[2] | See NoteB 13b"Commitments and Contingencies" for further description of the GECC Note. Non-current liabilities includes shortfall loans outstanding and accrued interest payable to the joint venture partners. |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property and equipment | ' | ' | ' |
Total property and equipment | $520,273 | $509,994 | ' |
Less accumulated depreciation | -299,195 | -268,503 | ' |
Property and equipment, net | 221,078 | 241,491 | ' |
Depreciation expense | 46,854 | 32,149 | 26,246 |
Land and land improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 21,152 | 21,147 | ' |
Buildings and fixtures | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 179,209 | 176,940 | ' |
Broadcast equipment and other | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 319,912 | 311,907 | ' |
LIN Television | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 520,273 | 509,994 | ' |
Less accumulated depreciation | -299,195 | -268,503 | ' |
Property and equipment, net | 221,078 | 241,491 | ' |
Depreciation expense | 46,854 | 32,149 | 26,246 |
LIN Television | Land and land improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 21,152 | 21,147 | ' |
LIN Television | Buildings and fixtures | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | 179,209 | 176,940 | ' |
LIN Television | Broadcast equipment and other | ' | ' | ' |
Property and equipment | ' | ' | ' |
Total property and equipment | $319,912 | $311,907 | ' |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Network affiliations | Network affiliations | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | Completed technology | Completed technology | Favorable leases | Favorable leases | Retransmission consent agreements | Retransmission consent agreements | Other intangible assets | Other intangible assets | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | |||
Network affiliations | Network affiliations | Customer relationships | Customer relationships | Non-compete agreements | Non-compete agreements | Completed technology | Completed technology | Favorable leases | Favorable leases | Retransmission consent agreements | Retransmission consent agreements | Other intangible assets | Other intangible assets | |||||||||||||||||||||
Finite-Lived Intangible Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Remaining Useful Life (in years) | ' | ' | ' | '1 year | ' | '9 years | ' | '1 year | ' | '3 years | ' | '31 years | ' | '4 years | ' | '19 years | ' | ' | ' | ' | '1 year | ' | '9 years | ' | '1 year | ' | '3 years | ' | '31 years | ' | '4 years | ' | '19 years | ' |
Finite-lived intangible assets, Gross | ' | ' | ' | $32,996 | $32,996 | $14,941 | $8,631 | $1,588 | $1,588 | $10,191 | $6,370 | $8,573 | $8,573 | $7,860 | $7,859 | $9,817 | $9,609 | ' | ' | ' | $32,996 | $32,996 | $14,941 | $8,631 | $1,588 | $1,588 | $10,191 | $6,370 | $8,573 | $8,573 | $7,860 | $7,859 | $9,817 | $9,609 |
Accumulated amortization | -38,917 | -16,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,917 | -16,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net finite-lived intangible assets | 47,049 | 59,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,049 | 59,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Broadcast licenses | 536,515 | 536,515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 536,515 | 536,515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 203,528 | 192,514 | 122,069 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,528 | 192,514 | 122,069 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Broadcast licenses and finite-lived intangible assets, net | 583,564 | 596,069 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 583,564 | 596,069 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets | $787,092 | $788,583 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $787,092 | $788,583 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Details_2
Intangible Assets (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets: | ' | ' | ' |
Amortization of intangible assets | $22,826,000 | $6,364,000 | $1,199,000 |
Projected aggregate amortization expense for the next five years and thereafter | ' | ' | ' |
2014 | 15,971,000 | ' | ' |
2015 | 5,783,000 | ' | ' |
2016 | 4,980,000 | ' | ' |
2017 | 3,266,000 | ' | ' |
2018 | 2,042,000 | ' | ' |
Thereafter | 15,007,000 | ' | ' |
Net finite-lived intangible assets | 47,049,000 | 59,554,000 | ' |
Impairment charge related to discontinued operations | ' | ' | 1,600,000 |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 192,514,000 | 122,069,000 | ' |
Acquisitions | 11,014,000 | 70,445,000 | ' |
Balance at the end of the period | 203,528,000 | 192,514,000 | 122,069,000 |
LIN Television | ' | ' | ' |
Finite-Lived Intangible Assets: | ' | ' | ' |
Amortization of intangible assets | 22,826,000 | 6,364,000 | 1,199,000 |
Projected aggregate amortization expense for the next five years and thereafter | ' | ' | ' |
2014 | 15,971,000 | ' | ' |
2015 | 5,783,000 | ' | ' |
2016 | 4,980,000 | ' | ' |
2017 | 3,266,000 | ' | ' |
2018 | 2,042,000 | ' | ' |
Thereafter | 15,007,000 | ' | ' |
Net finite-lived intangible assets | 47,049,000 | 59,554,000 | ' |
Impairment charge related to discontinued operations | ' | ' | 1,600,000 |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period | 192,514,000 | 122,069,000 | ' |
Acquisitions | 11,014,000 | 70,445,000 | ' |
Balance at the end of the period | $203,528,000 | $192,514,000 | $122,069,000 |
Debt_Details
Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 24, 2012 | Dec. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 9-May-13 | Dec. 24, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 24, 2012 | Dec. 21, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 9-May-13 | Dec. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Dec. 31, 2012 | Dec. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Senior Secured Credit Facility | Senior Secured Credit Facility | Credit Agreement | Credit Agreement | 2009 Senior Secured Credit Facility | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | 8.375% Senior Notes | 8.375% Senior Notes | 6.375% Senior Notes | 6.375% Senior Notes | 6.375% Senior Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | 6.5% Senior Subordinated Notes Due 2013 | Capital lease obligations | Capital lease obligations | Capital lease obligations | Capital lease obligations | Other debt | Other debt | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | |||||
LIBOR | Adjusted Base Rate | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Credit Agreement | Credit Agreement | Credit Agreement | Vaughan | KASY | WBDT | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Minimum | Maximum | Senior Secured Credit Facility | Senior Secured Credit Facility | Credit Agreement | Credit Agreement | 2009 Senior Secured Credit Facility | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Revolving credit loans | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | Incremental term loans, net of discount | 8.375% Senior Notes | 8.375% Senior Notes | 6.375% Senior Notes | 6.375% Senior Notes | 6.375% Senior Notes | Senior Subordinated Notes | Senior Subordinated Notes | 6.5% Senior Subordinated Notes Due 2013 | Capital lease obligations | Capital lease obligations | Capital lease obligations | Capital lease obligations | Other debt | Other debt | ||||||||||||||||||||||||||
LIBOR | Adjusted Base Rate | Adjusted base rate, prime rate | Adjusted base rate, Federal Funds rate | Adjusted base rate, one month LIBOR | LIBOR | Adjusted Base Rate | Adjusted Base Rate | Adjusted LIBOR | LIBOR | Adjusted Base Rate | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Credit Agreement | Credit Agreement | Credit Agreement | Vaughan | KASY | WBDT | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | LIBOR | Adjusted Base Rate | Adjusted base rate, prime rate | Adjusted base rate, Federal Funds rate | Adjusted base rate, one month LIBOR | Adjusted Base Rate | Adjusted Base Rate | Adjusted LIBOR | Adjusted LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $118,750,000 | $125,000,000 | ' | $314,200,000 | ' | $257,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $118,750,000 | $125,000,000 | ' | $315,200,000 | ' | $260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | 1,700,000 | 900,000 | 125,000,000 | ' | 60,000,000 | ' | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,600,000 | 1,700,000 | 900,000 | 125,000,000 | ' | 60,000,000 | ' | 260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000 | 435,000 | ' | 1,684,000 | ' | 2,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000 | 435,000 | ' | 1,684,000 | ' | 2,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 2.00% | ' | 8.38% | ' | ' | 6.38% | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 1.00% | 8.38% | ' | ' | 6.38% | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' |
Total debt | ' | 944,692,000 | 890,227,000 | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,405,000 | 124,565,000 | ' | 312,516,000 | ' | 255,380,000 | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | 290,000,000 | 290,000,000 | ' | ' | ' | ' | 14,604,000 | 14,881,000 | ' | ' | 4,167,000 | 5,401,000 | 946,692,000 | 890,227,000 | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118,405,000 | 124,565,000 | ' | 312,516,000 | ' | 255,380,000 | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | 290,000,000 | 290,000,000 | ' | ' | ' | 14,604,000 | 14,881,000 | ' | ' | 6,167,000 | 5,401,000 |
Less current portion | ' | 17,364,000 | 10,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,364,000 | 10,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | ' | 927,328,000 | 879,471,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 929,328,000 | 879,471,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'Prime Rate | 'Federal Funds Effective Rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'adjusted Base Rate | ' | 'adjusted LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'Prime Rate | 'Federal Funds Effective Rate | 'one-month LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'adjusted Base Rate | ' | 'adjusted LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread next fiscal quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee (as a percent) | ' | ' | ' | ' | 0.38% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee next fiscal quarter | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount for which terms were amended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customary fees and expenses in connection with the closing of amendment | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | 0 | 3,341,000 | 1,694,000 | ' | ' | 1,200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 3,341,000 | 1,694,000 | ' | ' | 1,200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Available balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 1.75% | ' | 0.50% | 1.00% | 2.75% | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 1.75% | ' | 0.50% | 1.00% | 2.75% | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | 2.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | ' | ' | ' | 2.92% | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which debt instrument may be required to be repurchased in the event of change of control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' |
Term of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '19 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '19 years | ' | ' |
Additional facility outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | $17,364,000 | ' | |
2015 | 23,640,000 | ' | |
2016 | 29,844,000 | ' | |
2017 | 72,096,000 | ' | |
2018 | 502,009,000 | ' | |
2019 and thereafter | 301,768,000 | ' | |
Total debt | 946,721,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 930,088,000 | 875,346,000 | |
Estimated Fair Value | 954,255,000 | 910,500,000 | |
Revolving credit loans | ' | ' | |
Long-term Debt | ' | ' | |
Additional facility outstanding | 25,000,000 | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 0 | ' | |
2015 | 0 | ' | |
2016 | 0 | ' | |
2017 | 5,000,000 | [1] | ' |
2018 | 0 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 5,000,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 5,000,000 | 0 | |
Estimated Fair Value | 5,000,000 | 0 | |
Term loans | ' | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 430,921,000 | 379,945,000 | |
Estimated Fair Value | 432,105,000 | 380,599,000 | |
Term loans, net of discount | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 12,500,000 | ' | |
2015 | 18,750,000 | ' | |
2016 | 25,000,000 | ' | |
2017 | 62,500,000 | ' | |
2018 | 0 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 118,750,000 | ' | |
Incremental term loans, net of discount | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 3,200,000 | ' | |
2015 | 3,200,000 | ' | |
2016 | 3,200,000 | ' | |
2017 | 3,200,000 | ' | |
2018 | 301,400,000 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 314,200,000 | ' | |
Senior notes | ' | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 490,000,000 | 490,000,000 | |
Estimated Fair Value | 512,983,000 | 524,500,000 | |
8.375% Senior Notes | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 0 | ' | |
2015 | 0 | ' | |
2016 | 0 | ' | |
2017 | 0 | ' | |
2018 | 200,000,000 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 200,000,000 | ' | |
6.375% Senior Notes | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 0 | ' | |
2015 | 0 | ' | |
2016 | 0 | ' | |
2017 | 0 | ' | |
2018 | 0 | ' | |
2019 and thereafter | 290,000,000 | ' | |
Total debt | 290,000,000 | ' | |
Finance Leases | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 502,000 | ' | |
2015 | 528,000 | ' | |
2016 | 620,000 | ' | |
2017 | 577,000 | ' | |
2018 | 609,000 | ' | |
2019 and thereafter | 11,768,000 | ' | |
Total debt | 14,604,000 | ' | |
Other debt | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 1,162,000 | ' | |
2015 | 1,162,000 | ' | |
2016 | 1,024,000 | ' | |
2017 | 819,000 | ' | |
2018 | 0 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 4,167,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 4,167,000 | 5,401,000 | |
Estimated Fair Value | 4,167,000 | 5,401,000 | |
LIN Television | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 17,364,000 | ' | |
2015 | 23,640,000 | ' | |
2016 | 29,844,000 | ' | |
2017 | 72,096,000 | ' | |
2018 | 504,009,000 | ' | |
2019 and thereafter | 301,768,000 | ' | |
Total debt | 948,721,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 932,088,000 | 875,346,000 | |
Estimated Fair Value | 956,255,000 | 910,500,000 | |
LIN Television | Revolving credit loans | ' | ' | |
Long-term Debt | ' | ' | |
Additional facility outstanding | 25,000,000 | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2017 | 5,000,000 | ' | |
2018 | 0 | ' | |
Total debt | 5,000,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 5,000,000 | 0 | |
Estimated Fair Value | 5,000,000 | 0 | |
LIN Television | Term loans | ' | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 430,921,000 | 379,945,000 | |
Estimated Fair Value | 432,105,000 | 380,599,000 | |
LIN Television | Term loans, net of discount | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 12,500,000 | ' | |
2015 | 18,750,000 | ' | |
2016 | 25,000,000 | ' | |
2017 | 62,500,000 | ' | |
2018 | 0 | ' | |
Total debt | 118,750,000 | ' | |
LIN Television | Incremental term loans, net of discount | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 3,200,000 | ' | |
2015 | 3,200,000 | ' | |
2016 | 3,200,000 | ' | |
2017 | 3,200,000 | ' | |
2018 | 301,400,000 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 314,200,000 | ' | |
LIN Television | Senior notes | ' | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 490,000,000 | 490,000,000 | |
Estimated Fair Value | 512,983,000 | 524,500,000 | |
LIN Television | 8.375% Senior Notes | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2018 | 200,000,000 | ' | |
2019 and thereafter | 0 | ' | |
Total debt | 200,000,000 | ' | |
LIN Television | 6.375% Senior Notes | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2019 and thereafter | 290,000,000 | ' | |
Total debt | 290,000,000 | ' | |
LIN Television | Finance Leases | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 502,000 | ' | |
2015 | 528,000 | ' | |
2016 | 620,000 | ' | |
2017 | 577,000 | ' | |
2018 | 609,000 | ' | |
2019 and thereafter | 11,768,000 | ' | |
Total debt | 14,604,000 | ' | |
LIN Television | Other debt | ' | ' | |
Scheduled future principal repayments on debt agreements | ' | ' | |
2014 | 1,162,000 | ' | |
2015 | 1,162,000 | ' | |
2016 | 1,024,000 | ' | |
2017 | 819,000 | ' | |
2018 | 2,000,000 | ' | |
Total debt | 6,167,000 | ' | |
Carrying amounts and fair values of long-term debt | ' | ' | |
Carrying Amount | 6,167,000 | 5,401,000 | |
Estimated Fair Value | $6,167,000 | $5,401,000 | |
[1] | An additional $25 million was outstanding on our revolving credit facility as of the date of this report and is not reflected in our balance sheet as of December 31, 2013. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
2006 interest rate hedge | Cash flow hedge | LIN Television | LIN Television | LIN Television | LIN Television | ||||
2006 interest rate hedge | Cash flow hedge | ||||||||
2009 Senior Secured Credit Facility | 2006 interest rate hedge | ||||||||
Term loans | 2009 Senior Secured Credit Facility | ||||||||
Term loans | |||||||||
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of principal on loan | $85,160 | $322,179 | $175,216 | ' | $45,900 | $85,160 | $322,179 | $175,216 | $45,900 |
Gain on derivative instruments | $0 | $0 | $1,960 | $2,000 | ' | $0 | $0 | $1,960 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-based compensation | ' | ' | ' |
Share-based compensation expense before tax | $9,374,000 | $6,857,000 | $6,176,000 |
Proceeds from the exercise of stock options and purchase of class A common stock | 1,845,000 | 1,314,000 | 841,000 |
Stock Plans | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Number of shares authorized for grant | 6,787,940 | ' | ' |
Number of shares available for grant | 2,375,605 | ' | ' |
Number of shares unavailable for future grants under the plans in effect prior to 2002 | 1,552,983 | ' | ' |
Stock Plans | Employee stock options | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Expiration term | '10 years | ' | ' |
Share-based compensation expense before tax | 2,933,000 | 1,868,000 | 1,492,000 |
Modifications to stock option agreements | 93,000 | 93,000 | 364,000 |
Amount of compensation expense relating to unvested employee stock options and restricted stock unit awards not yet recognized | 2,600,000 | ' | ' |
Expected weighted-average period for recognition of compensation expense | '1 year 3 months 18 days | ' | ' |
Proceeds from the exercise of stock options and purchase of class A common stock | 1,400,000 | ' | ' |
Stock Plans | Restricted stock unit awards | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Share-based compensation expense before tax | 6,348,000 | 4,896,000 | 4,320,000 |
Amount of compensation expense relating to unvested employee stock options and restricted stock unit awards not yet recognized | 14,000,000 | ' | ' |
Expected weighted-average period for recognition of compensation expense | '1 year 8 months 12 days | ' | ' |
ESPP | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Proceeds from the exercise of stock options and purchase of class A common stock | 400,000 | ' | ' |
LIN Television | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Share-based compensation expense before tax | 9,374,000 | 6,857,000 | 6,176,000 |
Proceeds from the exercise of stock options and purchase of class A common stock | 1,256,000 | 1,314,000 | 841,000 |
LIN Television | Stock Plans | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Number of shares authorized for grant | 6,787,940 | ' | ' |
Number of shares available for grant | 2,375,605 | ' | ' |
Number of shares unavailable for future grants under the plans in effect prior to 2002 | 1,552,983 | ' | ' |
LIN Television | Stock Plans | Employee stock options | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Expiration term | '10 years | ' | ' |
Share-based compensation expense before tax | 2,933,000 | 1,868,000 | 1,492,000 |
Modifications to stock option agreements | 93,000 | 93,000 | 364,000 |
Amount of compensation expense relating to unvested employee stock options and restricted stock unit awards not yet recognized | 2,600,000 | ' | ' |
Expected weighted-average period for recognition of compensation expense | '1 year 3 months 18 days | ' | ' |
Proceeds from the exercise of stock options and purchase of class A common stock | 1,400,000 | ' | ' |
LIN Television | Stock Plans | Restricted stock unit awards | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Share-based compensation expense before tax | 6,348,000 | 4,896,000 | 4,320,000 |
Amount of compensation expense relating to unvested employee stock options and restricted stock unit awards not yet recognized | 14,000,000 | ' | ' |
Expected weighted-average period for recognition of compensation expense | '1 year 8 months 12 days | ' | ' |
LIN Television | ESPP | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Proceeds from the exercise of stock options and purchase of class A common stock | $400,000 | ' | ' |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 2) (USD $) | 7 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 30, 2013 | ||||
Stock Plans | ' | ' | ' | ' | ' | |||
Information for restricted stock unit and stock option awards | ' | ' | ' | ' | ' | |||
Total fair value of awards granted | ' | $12,349,000 | $10,347,000 | $4,983,000 | ' | |||
Total intrinsic value of awards exercised | ' | 5,136,000 | 865,000 | 225,000 | ' | |||
Total fair value of awards vested | ' | 18,050,000 | 7,718,000 | 7,522,000 | ' | |||
Stock Plans | Employee stock options | ' | ' | ' | ' | ' | |||
Shares | ' | ' | ' | ' | ' | |||
Outstanding at the beginning of the year (in shares) | 4,894,000 | 4,894,000 | ' | ' | ' | |||
Granted during the year (in shares) | ' | 110,000 | ' | ' | ' | |||
Exercised or converted during the year (in shares) | ' | -420,000 | ' | ' | ' | |||
Forfeited during the year (in shares) | ' | -163,000 | ' | ' | ' | |||
Expired during the year (in shares) | ' | -9,000 | ' | ' | ' | |||
Outstanding at the end of the year (in shares) | ' | 4,412,000 | 4,894,000 | ' | ' | |||
Exercisable or convertible at the end of the year (in shares) | ' | 3,304,000 | ' | ' | ' | |||
Weighted-Average Exercise Price Per Share | ' | ' | ' | ' | ' | |||
Outstanding at the beginning of the year (in dollars per share) | 3.42 | $3.42 | ' | ' | ' | |||
Granted during the year (in dollars per share) | ' | $12.29 | ' | ' | ' | |||
Exercised or converted during the year (in dollars per share) | ' | $3.23 | ' | ' | ' | |||
Forfeited during the year (in dollars per share) | ' | $5.43 | ' | ' | ' | |||
Expired during the year (in dollars per share) | ' | $3.57 | ' | ' | ' | |||
Outstanding at the end of the year (in dollars per share) | ' | $3.58 | $3.42 | ' | ' | |||
Exercisable or convertible at the end of the year (in dollars per share) | ' | $2.79 | ' | ' | ' | |||
Additional information | ' | ' | ' | ' | ' | |||
Weighted-average remaining contractual life of options outstanding | ' | '6 years 1 month 6 days | ' | ' | ' | |||
Weighted-average remaining contractual life of options exercisable | ' | '5 years 3 months 18 days | ' | ' | ' | |||
Aggregate intrinsic value of options outstanding | ' | 110,700,000 | ' | ' | ' | |||
Aggregate intrinsic value of options exercisable | ' | 85,500,000 | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected dividends | ' | 0 | 0 | 0 | ' | |||
Stock-based compensation expense recognized for modification to stock option agreements | ' | ' | ' | ' | ' | |||
Stock-based compensation expense recognized for modification to stock option agreements | ' | 93,000 | 93,000 | 364,000 | ' | |||
Stock Plans | Employee stock options | Minimum | ' | ' | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected term | ' | '5 years | [1] | '5 years | [1] | '5 years | [1] | ' |
Expected volatility (as a percent) | ' | 95.00% | [2] | 98.00% | [2] | 97.00% | [2] | ' |
Risk-free rate (as a percent) | ' | 0.80% | [3] | 0.60% | [3] | 0.90% | [3] | ' |
Stock Plans | Employee stock options | Maximum | ' | ' | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected term | ' | '6 years | [1] | '6 years | [1] | '6 years | [1] | ' |
Expected volatility (as a percent) | ' | 96.00% | [2] | 99.00% | [2] | 99.00% | [2] | ' |
Risk-free rate (as a percent) | ' | 1.20% | [3] | 1.10% | [3] | 2.60% | [3] | ' |
Stock Plans | Restricted stock unit awards | ' | ' | ' | ' | ' | |||
Shares | ' | ' | ' | ' | ' | |||
Unvested at the beginning of the year (in shares) | 2,294,000 | 2,294,000 | ' | ' | ' | |||
Granted during the year (in shares) | ' | 582,000 | ' | ' | ' | |||
Vested during the year (in shares) | ' | -960,000 | ' | ' | ' | |||
Forfeited during the year (in shares) | ' | -205,000 | ' | ' | ' | |||
Unvested at the end of the year (in shares) | ' | 1,711,000 | ' | ' | ' | |||
Weighted-Average Price Per Share | ' | ' | ' | ' | ' | |||
Unvested at the beginning of the year (in dollars per share) | 5.98 | $5.98 | ' | ' | ' | |||
Granted during the year (in dollars per share) | ' | $18.89 | ' | ' | ' | |||
Vested during the year (in dollars per share) | ' | $6 | ' | ' | ' | |||
Forfeited during the year (in dollars per share) | ' | $5.87 | ' | ' | ' | |||
Unvested at the end of the year (in dollars per share) | ' | $10.37 | ' | ' | ' | |||
ESPP | ' | ' | ' | ' | ' | |||
Information for restricted stock unit and stock option awards | ' | ' | ' | ' | ' | |||
Maximum percentage of eligible compensation that can be contributed by the eligible employees | 10.00% | ' | ' | ' | ' | |||
Purchase price expressed as a percentage of the average of the high and low per share trading price of common stock | 85.00% | ' | ' | ' | ' | |||
Number of shares purchased by employees | ' | 42,734 | 173,244 | 187,350 | ' | |||
Weighted-average price of shares purchased by employees (in dollars per share) | ' | $10.05 | $3.55 | $3.38 | ' | |||
LIN Television | Stock Plans | ' | ' | ' | ' | ' | |||
Information for restricted stock unit and stock option awards | ' | ' | ' | ' | ' | |||
Total fair value of awards granted | ' | 12,349,000 | 10,347,000 | 4,983,000 | ' | |||
Total intrinsic value of awards exercised | ' | 5,136,000 | 865,000 | 225,000 | ' | |||
Total fair value of awards vested | ' | 18,050,000 | 7,718,000 | 7,522,000 | ' | |||
LIN Television | Stock Plans | Employee stock options | ' | ' | ' | ' | ' | |||
Shares | ' | ' | ' | ' | ' | |||
Outstanding at the beginning of the year (in shares) | 4,894,000 | 4,894,000 | ' | ' | ' | |||
Granted during the year (in shares) | ' | 110,000 | ' | ' | ' | |||
Exercised or converted during the year (in shares) | ' | -420,000 | ' | ' | ' | |||
Forfeited during the year (in shares) | ' | -163,000 | ' | ' | ' | |||
Expired during the year (in shares) | ' | -9,000 | ' | ' | ' | |||
Outstanding at the end of the year (in shares) | ' | 4,412,000 | 4,894,000 | ' | ' | |||
Exercisable or convertible at the end of the year (in shares) | ' | 3,304,000 | ' | ' | ' | |||
Weighted-Average Exercise Price Per Share | ' | ' | ' | ' | ' | |||
Outstanding at the beginning of the year (in dollars per share) | 3.42 | $3.42 | ' | ' | ' | |||
Granted during the year (in dollars per share) | ' | $12.29 | ' | ' | ' | |||
Exercised or converted during the year (in dollars per share) | ' | $3.23 | ' | ' | ' | |||
Forfeited during the year (in dollars per share) | ' | $5.43 | ' | ' | ' | |||
Expired during the year (in dollars per share) | ' | $3.57 | ' | ' | ' | |||
Outstanding at the end of the year (in dollars per share) | ' | $3.58 | $3.42 | ' | ' | |||
Exercisable or convertible at the end of the year (in dollars per share) | ' | $2.79 | ' | ' | ' | |||
Additional information | ' | ' | ' | ' | ' | |||
Weighted-average remaining contractual life of options outstanding | ' | '6 years 1 month 6 days | ' | ' | ' | |||
Weighted-average remaining contractual life of options exercisable | ' | '5 years 3 months 18 days | ' | ' | ' | |||
Aggregate intrinsic value of options outstanding | ' | 110,700,000 | ' | ' | ' | |||
Aggregate intrinsic value of options exercisable | ' | 85,500,000 | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected dividends | ' | 0 | 0 | 0 | ' | |||
Stock-based compensation expense recognized for modification to stock option agreements | ' | ' | ' | ' | ' | |||
Stock-based compensation expense recognized for modification to stock option agreements | ' | $93,000 | $93,000 | $364,000 | ' | |||
LIN Television | Stock Plans | Employee stock options | Minimum | ' | ' | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected term | ' | '5 years | [1] | '5 years | [1] | '5 years | [1] | ' |
Expected volatility (as a percent) | ' | 95.00% | [4] | 98.00% | [4] | 97.00% | [4] | ' |
Risk-free rate (as a percent) | ' | 0.80% | [3] | 0.60% | [3] | 0.90% | [3] | ' |
LIN Television | Stock Plans | Employee stock options | Maximum | ' | ' | ' | ' | ' | |||
Assumptions used to estimate the fair value of each stock option grant or modification on the date of grant | ' | ' | ' | ' | ' | |||
Expected term | ' | '6 years | [1] | '6 years | [1] | '6 years | [1] | ' |
Expected volatility (as a percent) | ' | 96.00% | [4] | 99.00% | [4] | 99.00% | [4] | ' |
Risk-free rate (as a percent) | ' | 1.20% | [3] | 1.10% | [3] | 2.60% | [3] | ' |
LIN Television | Stock Plans | Restricted stock unit awards | ' | ' | ' | ' | ' | |||
Shares | ' | ' | ' | ' | ' | |||
Unvested at the beginning of the year (in shares) | 2,294,000 | 2,294,000 | ' | ' | ' | |||
Granted during the year (in shares) | ' | 582,000 | ' | ' | ' | |||
Vested during the year (in shares) | ' | -960,000 | ' | ' | ' | |||
Forfeited during the year (in shares) | ' | -205,000 | ' | ' | ' | |||
Unvested at the end of the year (in shares) | ' | 1,711,000 | ' | ' | ' | |||
Weighted-Average Price Per Share | ' | ' | ' | ' | ' | |||
Unvested at the beginning of the year (in dollars per share) | 5.98 | $5.98 | ' | ' | ' | |||
Granted during the year (in dollars per share) | ' | $18.89 | ' | ' | ' | |||
Vested during the year (in dollars per share) | ' | $6 | ' | ' | ' | |||
Forfeited during the year (in dollars per share) | ' | $5.87 | ' | ' | ' | |||
Unvested at the end of the year (in dollars per share) | ' | $10.37 | ' | ' | ' | |||
LIN Television | ESPP | ' | ' | ' | ' | ' | |||
Information for restricted stock unit and stock option awards | ' | ' | ' | ' | ' | |||
Maximum percentage of eligible compensation that can be contributed by the eligible employees | ' | ' | ' | ' | 10.00% | |||
Purchase price expressed as a percentage of the average of the high and low per share trading price of common stock | 85.00% | ' | ' | ' | ' | |||
Number of shares purchased by employees | ' | 42,734 | 173,244 | 187,350 | ' | |||
Weighted-average price of shares purchased by employees (in dollars per share) | ' | $10.05 | $3.55 | $3.38 | ' | |||
[1] | The expected term was estimated using our historical experience. | |||||||
[2] | Expected volatility is based on historical trends for our classB A common shares over the expected term. | |||||||
[3] | The risk-free interest rate for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a similar expected life. | |||||||
[4] | Expected volatility is based on historical trends for LIN LLC classB A common shares over the expected term. |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Employer's contribution for eligible employees (as a percent) | 3.00% | ' | ' |
Vesting percentage for employer contribution | 100.00% | ' | ' |
Amount contributed in the plan | $4.80 | $3.90 | $3.60 |
401(k) Plan | Period effective January 1, 2010 | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Period of service after which employer contribution vests | '2 years | ' | ' |
LIN Television Corporation Supplemental Income Deferral Plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Amount contributed in the plan | 0.5 | 0.5 | 0.2 |
LIN Television Corporation Supplemental Income Deferral Plan | Minimum | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Percentage of base salaries which can be deferred | 5.00% | ' | ' |
Percentage of annual non-equity incentive awards which can be deferred | 5.00% | ' | ' |
LIN Television Corporation Supplemental Income Deferral Plan | Maximum | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Percentage of base salaries which can be deferred | 80.00% | ' | ' |
Percentage of annual non-equity incentive awards which can be deferred | 100.00% | ' | ' |
LIN Television | 401(k) Plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Employer's contribution for eligible employees (as a percent) | 3.00% | ' | ' |
Vesting percentage for employer contribution | 100.00% | ' | ' |
Amount contributed in the plan | 4.8 | 3.9 | 3.6 |
LIN Television | 401(k) Plan | Period effective January 1, 2010 | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Period of service after which employer contribution vests | '2 years | ' | ' |
LIN Television | LIN Television Corporation Supplemental Income Deferral Plan | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Employer's contribution for eligible employees (as a percent) | 5.00% | ' | ' |
Amount contributed in the plan | $0.50 | $0.50 | $0.20 |
LIN Television | LIN Television Corporation Supplemental Income Deferral Plan | Minimum | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Percentage of base salaries which can be deferred | 5.00% | ' | ' |
Percentage of annual non-equity incentive awards which can be deferred | 5.00% | ' | ' |
LIN Television | LIN Television Corporation Supplemental Income Deferral Plan | Maximum | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Percentage of base salaries which can be deferred | 80.00% | ' | ' |
Percentage of annual non-equity incentive awards which can be deferred | 100.00% | ' | ' |
Retirement_Plans_Details_2
Retirement Plans (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retirement plan | ' | ' | ' |
Employer's contribution as percentage of cash balance plan participants eligible compensation | 5.00% | ' | ' |
Anticipated employer's contribution to the plan in 2014 | $5,700,000 | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Projected benefit obligation, beginning of period | 134,969,000 | 133,047,000 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 5,259,000 | 5,379,000 | 5,872,000 |
Actuarial loss | -10,282,000 | 1,485,000 | ' |
Benefits paid | -4,943,000 | -4,942,000 | ' |
Curtailment | 0 | 0 | ' |
Projected benefit obligation, end of period | 125,003,000 | 134,969,000 | 133,047,000 |
Accumulated benefit obligation | ' | ' | ' |
Accumulated benefit obligation | 125,003,000 | 134,969,000 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of period | 96,412,000 | 82,314,000 | ' |
Actual return on plan assets | 10,611,000 | 11,621,000 | ' |
Employer contributions | 5,359,000 | 7,419,000 | 5,400,000 |
Benefits paid | -4,943,000 | -4,942,000 | ' |
Fair value of plan assets, end of period | 107,439,000 | 96,412,000 | 82,314,000 |
Unfunded status of the plan and amount recognized as accrued benefit liability | ' | ' | ' |
Unfunded status of the plan | -17,564,000 | -38,557,000 | ' |
Total amount recognized as accrued benefit liability | -17,564,000 | -38,557,000 | ' |
Pension related accounts recognized on the consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs | ' | ' | ' |
Other accrued expenses (current) | -695,000 | -373,000 | ' |
Other liabilities (long-term) | -16,869,000 | -38,184,000 | ' |
Total amount recognized as accrued pension benefit liability | -17,564,000 | -38,557,000 | ' |
Accumulated other comprehensive loss: | ' | ' | ' |
Net loss | 32,681,000 | 48,978,000 | ' |
Tax benefit | 12,915,000 | 19,354,000 | ' |
Net loss, net of tax benefit | 19,766,000 | 29,624,000 | ' |
Pension tax liability | 5,760,000 | 5,760,000 | ' |
Accumulated other comprehensive loss related to net periodic pension benefit cost | 25,526,000 | 35,384,000 | ' |
Net losses expected to be amortized during the next fiscal year | ' | ' | ' |
Net losses expected to be amortized during the next fiscal year | 1,300,000 | ' | ' |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Net gain (loss) | 14,443,000 | 3,947,000 | -18,503,000 |
Amortization of net actuarial loss | 1,854,000 | 1,578,000 | 753,000 |
Net gain (loss) | 16,297,000 | 5,525,000 | -17,750,000 |
Tax benefit (provision) | 6,439,000 | 2,132,000 | -6,912,000 |
Total amount recognized in other comprehensive income (loss) | 9,858,000 | 3,393,000 | -10,838,000 |
Components of net periodic pension benefit cost | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 5,259,000 | 5,379,000 | 5,872,000 |
Expected return on plan assets | -6,450,000 | -6,190,000 | -6,824,000 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | 1,854,000 | 1,579,000 | 754,000 |
Net periodic benefit cost | 663,000 | 768,000 | -198,000 |
Expected future pension benefit payments for the next 10 years | ' | ' | ' |
2014 | 7,914,000 | ' | ' |
2015 | 5,879,000 | ' | ' |
2016 | 5,955,000 | ' | ' |
2017 | 5,966,000 | ' | ' |
2018 | 6,281,000 | ' | ' |
2019 through 2023 | 38,156,000 | ' | ' |
Actual return on plan assets | ' | ' | ' |
Actual rate of return on plan assets (as a percent) | 12.00% | 15.40% | 4.00% |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | 100.00% | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 106,749,000 | 95,839,000 | ' |
Equity securities | ' | ' | ' |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | 60.00% | ' | ' |
Percentage of Plan Assets | 60.00% | 55.00% | ' |
Debt securities | ' | ' | ' |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | 40.00% | ' | ' |
Percentage of Plan Assets | 40.00% | 45.00% | ' |
Cash or cash equivalents | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
Cash or cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
Money market funds | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 762,000 | 519,000 | ' |
Money market funds | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 762,000 | 519,000 | ' |
U.S. equity | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 37,645,000 | 30,034,000 | ' |
U.S. equity | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 37,645,000 | 30,034,000 | ' |
International equity | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 18,884,000 | 15,241,000 | ' |
International equity | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 18,884,000 | 15,241,000 | ' |
REIT | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 3,213,000 | 3,875,000 | ' |
REIT | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 3,213,000 | 3,875,000 | ' |
High yield bond | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 4,101,000 | 2,916,000 | ' |
High yield bond | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 4,101,000 | 2,916,000 | ' |
Emerging markets | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 5,994,000 | 6,374,000 | ' |
Emerging markets | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 5,994,000 | 6,374,000 | ' |
Investment grade fixed income | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 36,150,000 | 36,880,000 | ' |
Investment grade fixed income | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 36,150,000 | 36,880,000 | ' |
SERP | ' | ' | ' |
Weighted average assumptions used to estimate pension benefit obligations and to determine net periodic pension benefit cost | ' | ' | ' |
Discount rate used to estimate our pension benefit obligation (as a percent) | 4.70% | 3.60% | 3.90% |
Discount rate used to determine net periodic pension benefit cost (as a percent) | 3.60% | 3.90% | 5.25% |
Retirement Plan | ' | ' | ' |
Weighted average assumptions used to estimate pension benefit obligations and to determine net periodic pension benefit cost | ' | ' | ' |
Discount rate used to estimate our pension benefit obligation (as a percent) | 5.00% | 4.00% | 4.20% |
Discount rate used to determine net periodic pension benefit cost (as a percent) | 4.00% | 4.20% | 5.25% |
Expected long-term rate-of-return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% |
LIN Television | ' | ' | ' |
Retirement plan | ' | ' | ' |
Employer's contribution as percentage of cash balance plan participants eligible compensation | 5.00% | ' | ' |
Anticipated employer's contribution to the plan in 2014 | 5,700,000 | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Projected benefit obligation, beginning of period | 134,969,000 | 133,047,000 | ' |
Interest cost | 5,259,000 | 5,379,000 | 5,872,000 |
Actuarial loss | -10,282,000 | 1,485,000 | ' |
Benefits paid | -4,943,000 | -4,942,000 | ' |
Projected benefit obligation, end of period | 125,003,000 | 134,969,000 | 133,047,000 |
Accumulated benefit obligation | ' | ' | ' |
Accumulated benefit obligation | 125,003,000 | 134,969,000 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of period | 96,412,000 | 82,314,000 | ' |
Actual return on plan assets | 10,611,000 | 11,621,000 | ' |
Employer contributions | 5,359,000 | 7,419,000 | 5,400,000 |
Benefits paid | -4,943,000 | -4,942,000 | ' |
Fair value of plan assets, end of period | 107,439,000 | 96,412,000 | 82,314,000 |
Unfunded status of the plan and amount recognized as accrued benefit liability | ' | ' | ' |
Unfunded status of the plan | -17,564,000 | -38,557,000 | ' |
Total amount recognized as accrued benefit liability | -17,564,000 | -38,557,000 | ' |
Pension related accounts recognized on the consolidated balance sheets and the components of accumulated other comprehensive loss related to the net periodic pension benefit costs | ' | ' | ' |
Other accrued expenses (current) | -695,000 | -373,000 | ' |
Other liabilities (long-term) | -16,869,000 | -38,184,000 | ' |
Total amount recognized as accrued pension benefit liability | -17,564,000 | -38,557,000 | ' |
Accumulated other comprehensive loss: | ' | ' | ' |
Net loss | 32,681,000 | 48,978,000 | ' |
Tax benefit | 12,915,000 | 19,354,000 | ' |
Net loss, net of tax benefit | 19,766,000 | 29,624,000 | ' |
Pension tax liability | 5,760,000 | 5,760,000 | ' |
Accumulated other comprehensive loss related to net periodic pension benefit cost | 25,526,000 | 35,384,000 | ' |
Net losses expected to be amortized during the next fiscal year | ' | ' | ' |
Net losses expected to be amortized during the next fiscal year | 1,300,000 | ' | ' |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Net gain (loss) | 14,443,000 | 3,947,000 | -18,503,000 |
Amortization of net actuarial loss | 1,854,000 | 1,578,000 | 753,000 |
Net gain (loss) | 16,297,000 | 5,525,000 | -17,750,000 |
Tax benefit (provision) | 6,439,000 | 2,132,000 | -6,912,000 |
Total amount recognized in other comprehensive income (loss) | 9,858,000 | 3,393,000 | -10,838,000 |
Components of net periodic pension benefit cost | ' | ' | ' |
Interest cost | 5,259,000 | 5,379,000 | 5,872,000 |
Expected return on plan assets | -6,450,000 | -6,190,000 | -6,824,000 |
Amortization of net loss | 1,854,000 | 1,579,000 | 754,000 |
Net periodic benefit cost | 663,000 | 768,000 | -198,000 |
Expected future pension benefit payments for the next 10 years | ' | ' | ' |
2014 | 7,914,000 | ' | ' |
2015 | 5,879,000 | ' | ' |
2016 | 5,955,000 | ' | ' |
2017 | 5,966,000 | ' | ' |
2018 | 6,281,000 | ' | ' |
2019 through 2023 | 38,156,000 | ' | ' |
Actual return on plan assets | ' | ' | ' |
Actual rate of return on plan assets (as a percent) | 12.00% | 15.40% | 4.00% |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | 100.00% | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% | ' |
LIN Television | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
LIN Television | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 106,749,000 | 95,839,000 | ' |
LIN Television | Equity securities | ' | ' | ' |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | 60.00% | ' | ' |
Percentage of Plan Assets | 60.00% | 55.00% | ' |
LIN Television | Debt securities | ' | ' | ' |
Target and actual asset allocation percentage | ' | ' | ' |
Target Allocation (as a percent) | ' | ' | 40.00% |
Percentage of Plan Assets | 40.00% | 45.00% | ' |
LIN Television | Cash or cash equivalents | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
LIN Television | Cash or cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 690,000 | 573,000 | ' |
LIN Television | Money market funds | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 762,000 | 519,000 | ' |
LIN Television | Money market funds | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 762,000 | 519,000 | ' |
LIN Television | U.S. equity | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 37,645,000 | 30,034,000 | ' |
LIN Television | U.S. equity | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 37,645,000 | 30,034,000 | ' |
LIN Television | International equity | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 18,884,000 | 15,241,000 | ' |
LIN Television | International equity | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 18,884,000 | 15,241,000 | ' |
LIN Television | REIT | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 3,213,000 | 3,875,000 | ' |
LIN Television | REIT | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 3,213,000 | 3,875,000 | ' |
LIN Television | High yield bond | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 4,101,000 | 2,916,000 | ' |
LIN Television | High yield bond | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 4,101,000 | 2,916,000 | ' |
LIN Television | Emerging markets | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 5,994,000 | 6,374,000 | ' |
LIN Television | Emerging markets | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 5,994,000 | 6,374,000 | ' |
LIN Television | Investment grade fixed income | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | 36,150,000 | 36,880,000 | ' |
LIN Television | Investment grade fixed income | Significant Observable Inputs (Level 2) | ' | ' | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, end of period | $36,150,000 | $36,880,000 | ' |
LIN Television | SERP | ' | ' | ' |
Weighted average assumptions used to estimate pension benefit obligations and to determine net periodic pension benefit cost | ' | ' | ' |
Discount rate used to estimate our pension benefit obligation (as a percent) | 4.70% | 3.60% | 3.90% |
Discount rate used to determine net periodic pension benefit cost (as a percent) | 3.60% | 3.90% | 5.25% |
LIN Television | Retirement Plan | ' | ' | ' |
Weighted average assumptions used to estimate pension benefit obligations and to determine net periodic pension benefit cost | ' | ' | ' |
Discount rate used to estimate our pension benefit obligation (as a percent) | 5.00% | 4.00% | 4.20% |
Discount rate used to determine net periodic pension benefit cost (as a percent) | 4.00% | 4.20% | 5.25% |
Expected long-term rate-of-return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class A common stock | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | $25,000,000 |
Period over which stock can be repurchased under the stock repurchase program | ' | ' | '12 months |
Number of shares repurchased | 0 | 3,300,000 | ' |
Aggregate purchase price of shares repurchased | ' | 11,400,000 | ' |
Class B common stock | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Conversion of class B common stock into class A common stock (in shares) | 2,500,000 | 0 | ' |
LIN Television | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Aggregate purchase price of shares repurchased | ' | 11,386,000 | -2,729,000 |
LIN Television | Class A common stock | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | 25,000,000 |
Period over which stock can be repurchased under the stock repurchase program | ' | ' | '12 months |
Number of shares repurchased | 0 | 3,300,000 | ' |
Aggregate purchase price of shares repurchased | ' | $11,400,000 | ' |
LIN Television | Class B common stock | ' | ' | ' |
Stockholders' equity | ' | ' | ' |
Conversion of class B common stock into class A common stock (in shares) | 2,500,000 | ' | ' |
Restructuring_and_Contract_Ter2
Restructuring and Contract Terminnation Costs (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Severance and Related | Severance and Related | Total | Total | Total | Contract Termination | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | ||||
Severance and Related | Severance and Related | Total | Total | Total | Contract Termination | |||||||||||||
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash payments during 2014 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 717,000 | 515,000 | ' | ' | ' | ' | ' | ' | ' | 717,000 | 515,000 | ' | ' | ' | ' |
Charges | 3,895,000 | 1,009,000 | 707,000 | 3,895,000 | 1,009,000 | ' | ' | ' | ' | 3,895,000 | 1,009,000 | 707,000 | 3,895,000 | 1,009,000 | 3,900,000 | 1,000,000 | 700,000 | ' |
Payments | ' | ' | ' | -4,189,000 | -807,000 | -4,200,000 | -800,000 | -1,100,000 | -5,400,000 | ' | ' | ' | -4,189,000 | -807,000 | -4,200,000 | -800,000 | -1,100,000 | -5,400,000 |
Balance at the end of the period | ' | ' | ' | 423,000 | 717,000 | ' | ' | ' | ' | ' | ' | ' | 423,000 | 717,000 | ' | ' | ' | ' |
Decrease in deferred credits | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Commitments | ' | ' | ' | |
2014 | $72,195,000 | ' | ' | |
2015 | 60,605,000 | ' | ' | |
2016 | 33,527,000 | ' | ' | |
2017 | 15,279,000 | ' | ' | |
2018 | 1,764,000 | ' | ' | |
Thereafter | 7,353,000 | ' | ' | |
Total obligations | 190,723,000 | ' | ' | |
Program obligations | 6,300,000 | ' | ' | |
Rent expense | 5,800,000 | 2,500,000 | 1,500,000 | |
Operating Leases and Agreements | ' | ' | ' | |
Commitments | ' | ' | ' | |
2014 | 45,076,000 | ' | ' | |
2015 | 33,930,000 | ' | ' | |
2016 | 16,140,000 | ' | ' | |
2017 | 12,146,000 | ' | ' | |
2018 | 1,611,000 | ' | ' | |
Thereafter | 7,139,000 | ' | ' | |
Total obligations | 116,042,000 | ' | ' | |
Syndicated Television Programming | ' | ' | ' | |
Commitments | ' | ' | ' | |
2014 | 27,119,000 | [1] | ' | ' |
2015 | 26,675,000 | [1] | ' | ' |
2016 | 17,387,000 | [1] | ' | ' |
2017 | 3,133,000 | [1] | ' | ' |
2018 | 153,000 | [1] | ' | ' |
Thereafter | 214,000 | [1] | ' | ' |
Total obligations | 74,681,000 | [1] | ' | ' |
LIN Television | ' | ' | ' | |
Commitments | ' | ' | ' | |
2014 | 72,195,000 | ' | ' | |
2015 | 60,605,000 | ' | ' | |
2016 | 33,527,000 | ' | ' | |
2017 | 15,279,000 | ' | ' | |
2018 | 1,764,000 | ' | ' | |
Thereafter | 7,353,000 | ' | ' | |
Total obligations | 190,723,000 | ' | ' | |
Rent expense | 5,800,000 | 2,500,000 | 1,500,000 | |
LIN Television | Operating Leases and Agreements | ' | ' | ' | |
Commitments | ' | ' | ' | |
2014 | 45,076,000 | ' | ' | |
2015 | 33,930,000 | ' | ' | |
2016 | 16,140,000 | ' | ' | |
2017 | 12,146,000 | ' | ' | |
2018 | 1,611,000 | ' | ' | |
Thereafter | 7,139,000 | ' | ' | |
Total obligations | 116,042,000 | ' | ' | |
LIN Television | Syndicated Television Programming | ' | ' | ' | |
Commitments | ' | ' | ' | |
2014 | 27,119,000 | [1] | ' | ' |
2015 | 26,675,000 | [1] | ' | ' |
2016 | 17,387,000 | [1] | ' | ' |
2017 | 3,133,000 | [1] | ' | ' |
2018 | 153,000 | [1] | ' | ' |
Thereafter | 214,000 | [1] | ' | ' |
Total obligations | 74,681,000 | [1] | ' | ' |
Program obligations | $6,300,000 | ' | ' | |
[1] | Includes $6.3 million of program obligations recorded on our consolidated balance sheet as of December 31, 2013. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||
Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Feb. 12, 2013 | Feb. 12, 2013 | Dec. 31, 2013 | Feb. 12, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | |
Joint venture | Joint venture | GECC Note | GECC Note | GECC Note | GECC Note | GECC Note | NBCUniversal | NBCUniversal | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Texas | LIN Texas | LIN Texas | Senior Secured Credit Facility | Senior Secured Credit Facility | Senior Secured Credit Facility | ||||||
Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | GECC Note | GECC Note | GECC Note | GECC Note | Sale Transaction | Sale Transaction | Sale Transaction | Sale Transaction | Sale Transaction | Sale Transaction | Sale Transaction | Sale Transaction | Incremental term loans, net of discount | Incremental term loans, net of discount | ||||||||||||
Period until March 1, 2013 | Period after March 1, 2013 | station | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Joint venture | Sale Transaction | LIN Television | ||||||||||||||||||
Period until March 1, 2013 | Period after March 1, 2013 | Subsequent event | Subsequent event | Subsequent event | Joint venture | Sale Transaction | ||||||||||||||||||||||||||||
Joint venture | ||||||||||||||||||||||||||||||||||
Commitment and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt financing provided by GECC | ' | ' | ' | ' | ' | ' | ' | ' | $815,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $815,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest percentage | ' | ' | ' | ' | ' | 20.38% | 20.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.38% | 20.38% | ' | ' | ' | ' | ' | ' | ' | ' | 20.38% | ' | 20.38% | ' | ' | ' |
Equity interest held by NBCUniversal (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.62% | 79.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting Interest in Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Television Station's Being Operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Capital contribution in exchange of equity interest sold | ' | 100,000,000 | 0 | 0 | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 0 | 0 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' |
Additional borrowings | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 |
Loss Contingency Cash on Hand and Borrowings Utilized to Fund Payment | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Accrued capital contribution to joint venture | ' | 0 | 100,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | 0 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of cash on hand and borrowings under the revolving credit facility utilized to fund the payment | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Tax Liability Associated with Transaction Extinguished | ' | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Capital Loss Resulting from Difference Between Tax Basis and Fair Value of Subsidiary Stock | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) Tax Saving Due to Offsetting of Realized Capital Loss and Operating Loss with Capital Gain | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Deferred Tax Liability Associated with Transaction | ' | ' | ' | ' | $31,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Transaction agreement | Transaction agreement | Merger transaction | Merger transaction | Federal | State | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | LIN Television | ||||
Transaction agreement | Transaction agreement | Transaction agreement | Merger transaction | Merger transaction | Merger transaction | Federal | State | |||||||||||
Transaction agreement | Transaction agreement | |||||||||||||||||
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | $26,056,000 | $21,000 | $543,000 | ' | ' | ' | ' | ' | ' | $26,056,000 | $21,000 | $543,000 | ' | ' | ' | ' | ' | ' |
State | 5,636,000 | 1,571,000 | 652,000 | ' | ' | ' | ' | ' | ' | 5,636,000 | 1,571,000 | 652,000 | ' | ' | ' | ' | ' | ' |
Foreign | ' | 633,000 | ' | ' | ' | ' | ' | ' | ' | 0 | 633,000 | ' | ' | ' | ' | ' | ' | ' |
Total current | 31,692,000 | 2,225,000 | 1,195,000 | ' | ' | ' | ' | ' | ' | 31,692,000 | 2,225,000 | 1,195,000 | ' | ' | ' | ' | ' | ' |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | -124,201,000 | 33,865,000 | -25,907,000 | ' | ' | ' | ' | ' | ' | -124,201,000 | 33,865,000 | -25,907,000 | ' | ' | ' | ' | ' | ' |
State | -32,911,000 | 4,373,000 | 8,667,000 | ' | ' | ' | ' | ' | ' | -32,911,000 | 4,373,000 | 8,667,000 | ' | ' | ' | ' | ' | ' |
Total deferred | -157,112,000 | 38,238,000 | -17,240,000 | ' | ' | ' | ' | ' | ' | -157,112,000 | 38,238,000 | -17,240,000 | ' | ' | ' | ' | ' | ' |
Total current and deferred | -125,420,000 | 40,463,000 | -16,045,000 | ' | ' | -124,300,000 | ' | ' | ' | -125,420,000 | 40,463,000 | -16,045,000 | ' | -124,300,000 | ' | ' | ' | ' |
Federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' |
Reconciliation of the amount calculated by applying the federal statutory rate to income before income taxes to the actual provision for (benefit from) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision assuming federal statutory rate | 10,913,000 | 7,871,000 | 11,780,000 | ' | ' | ' | ' | ' | ' | 10,913,000 | 7,871,000 | 11,780,000 | ' | ' | ' | ' | ' | ' |
State taxes, net of federal tax benefit | 3,863,000 | 5,723,000 | 1,790,000 | ' | ' | ' | ' | ' | ' | 3,863,000 | 5,723,000 | 1,790,000 | ' | ' | ' | ' | ' | ' |
State tax law/rate changes, net of federal tax benefit | 0 | 1,883,000 | 5,703,000 | ' | ' | ' | ' | ' | ' | ' | 1,883,000 | 5,703,000 | ' | ' | ' | ' | ' | ' |
Change in valuation allowance | -18,157,000 | -4,622,000 | -36,541,000 | ' | ' | ' | ' | ' | ' | -18,157,000 | -4,622,000 | -36,541,000 | ' | ' | ' | ' | ' | ' |
Stock compensation | -53,000 | -17,000 | 601,000 | ' | ' | ' | ' | ' | ' | -53,000 | -17,000 | 601,000 | ' | ' | ' | ' | ' | ' |
Reserve of tax contingencies | 124,000 | 633,000 | 0 | ' | ' | ' | ' | ' | ' | 124,000 | 633,000 | ' | ' | ' | ' | ' | ' | ' |
Impact of JV Sale Transaction | 0 | 28,435,000 | 0 | 28,400,000 | ' | ' | ' | 27,500,000 | 900,000 | ' | 28,435,000 | ' | 28,400,000 | ' | ' | ' | 27,500,000 | 900,000 |
Impact of the Merger | -124,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | -124,306,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-deductible acquisition and Merger related transaction costs | 1,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,645,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 551,000 | 557,000 | 622,000 | ' | ' | ' | ' | ' | ' | 551,000 | 557,000 | 622,000 | ' | ' | ' | ' | ' | ' |
Effective income tax rate on continuing operations (as a percent) | -402.20% | 179.90% | -47.70% | ' | ' | ' | ' | ' | ' | -402.20% | 179.90% | -47.70% | ' | ' | ' | ' | ' | ' |
Short Term Deferred Liabilities Reclassified to Income Taxes Payable upon Consummation of Transaction | ' | ' | ' | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax saving due to setting offsetting of realized capital loss and net operating losses with the capital gain | ' | 131,500,000 | ' | ' | ' | ' | 131,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 131,500,000 | ' | ' |
Short-term deferred Federal and State tax liability associated with sale transaction | ' | 162,800,000 | ' | ' | ' | ' | 31,300,000 | ' | ' | ' | 162,800,000 | ' | ' | ' | 31,300,000 | ' | ' | ' |
Incremental deferred income tax expense recognized, net of federal benefit | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred tax liabilities: | ' | ' | ' |
Deferred gain related to equity investment in NBC joint venture | ' | $0 | $259,049,000 |
Property and equipment | ' | 11,816,000 | 12,822,000 |
Intangible assets | ' | 54,859,000 | 36,761,000 |
Deferred gain on debt repurchase | ' | 18,140,000 | 18,309,000 |
Noncontrolling interest | ' | 849,000 | 549,000 |
Other | ' | 7,629,000 | 7,476,000 |
Total | ' | 93,293,000 | 334,966,000 |
Deferred tax assets: | ' | ' | ' |
Net operating loss carryforwards | ' | -17,707,000 | -110,169,000 |
Equity investments | ' | -2,372,000 | -1,554,000 |
Other | ' | -15,426,000 | -32,625,000 |
Valuation allowance | ' | 0 | 18,157,000 |
Total | ' | -35,505,000 | -126,191,000 |
Net deferred tax liabilities | ' | 57,788,000 | 208,775,000 |
Decrease in valuation allowance | ' | 18,200,000 | ' |
LIN Television | ' | ' | ' |
Deferred tax liabilities: | ' | ' | ' |
Deferred gain related to equity investment in NBC joint venture | ' | 0 | 259,049,000 |
Property and equipment | ' | 11,816,000 | 12,822,000 |
Intangible assets | ' | 54,859,000 | 36,761,000 |
Deferred gain on debt repurchase | ' | 18,140,000 | 18,309,000 |
Noncontrolling interest | ' | 849,000 | 549,000 |
Other | ' | 7,629,000 | 7,476,000 |
Total | ' | 93,293,000 | 334,966,000 |
Deferred tax assets: | ' | ' | ' |
Net operating loss carryforwards | ' | -17,707,000 | -110,169,000 |
Equity investments | ' | -2,372,000 | -1,554,000 |
Other | ' | -15,426,000 | -32,625,000 |
Valuation allowance | ' | 0 | 18,157,000 |
Total | ' | -35,505,000 | -126,191,000 |
Net deferred tax liabilities | ' | 57,788,000 | 208,775,000 |
Decrease in valuation allowance | ($18,200,000) | $18,200,000 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating loss carryforwards | ' |
Net operating loss carryforwards utilized upon completion of sale transaction | $4.90 |
Federal | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | 4.6 |
State | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | 13.1 |
LIN Television | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards utilized upon completion of sale transaction | 4.9 |
LIN Television | Federal | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | 4.6 |
LIN Television | State | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | $13.10 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Entity Information [Line Items] | ' | ' | ' |
Unrecognized tax benefits that if recognized would reduce the effective tax rate from continuing operations | $900,000 | $800,000 | $0 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | ' | ' |
Balance at beginning of year | 26,559,000 | 26,381,000 | 26,610,000 |
Additions for tax positions of current year | 733,000 | 1,798,000 | 2,386,000 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | -2,084,000 | -1,133,000 | -2,128,000 |
Reductions related to settlements with taxing authorities | 0 | 0 | 0 |
Reductions related to expiration of the statue of limitations | -730,000 | -487,000 | -487,000 |
Balance at end of year | 24,478,000 | 26,559,000 | 26,381,000 |
LIN Television | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Unrecognized tax benefits that if recognized would reduce the effective tax rate from continuing operations | 900,000 | 800,000 | 0 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | ' | ' |
Balance at beginning of year | 26,559,000 | 26,381,000 | 26,610,000 |
Additions for tax positions of current year | 733,000 | 1,798,000 | 2,386,000 |
Reductions for tax positions of prior years | -2,084,000 | -1,133,000 | -2,128,000 |
Reductions related to expiration of the statue of limitations | -730,000 | -487,000 | -487,000 |
Balance at end of year | $24,478,000 | $26,559,000 | $26,381,000 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Entity Information [Line Items] | ' | ' |
Accrued compensation | $11,817 | $11,275 |
Accrued contract costs | 3,394 | 4,163 |
Accrued interest | 12,168 | 7,841 |
Accrued capital contribution to joint venture | 0 | 100,000 |
Other accrued expenses | 24,317 | 29,967 |
Total | 51,696 | 153,246 |
LIN Television | ' | ' |
Entity Information [Line Items] | ' | ' |
Accrued compensation | 11,817 | 11,275 |
Accrued contract costs | 3,394 | 4,163 |
Accrued interest | 12,168 | 7,841 |
Accrued capital contribution to joint venture | 0 | 100,000 |
Other accrued expenses | 24,317 | 29,967 |
Total | $51,696 | $153,246 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Percentage of ownership in subsidiaries | 100.00% | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $12,525 | $46,307 | $18,057 | $11,648 | ||
Accounts receivable, net | 145,309 | 126,150 | ' | ' | ||
Deferred income tax assets | 6,898 | 0 | ' | ' | ||
Other current assets | 15,201 | 6,863 | ' | ' | ||
Total current assets | 179,933 | 179,320 | ' | ' | ||
Property and equipment, net | 221,078 | 241,491 | ' | ' | ||
Deferred financing costs | 16,448 | 19,135 | ' | ' | ||
Goodwill | 203,528 | 192,514 | 122,069 | ' | ||
Broadcast licenses | 536,515 | 536,515 | ' | ' | ||
Other intangible assets, net | 47,049 | 59,554 | ' | ' | ||
Advances to consolidated subsidiaries | 0 | 0 | ' | ' | ||
Investment in consolidated subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 12,299 | 12,885 | ' | ' | ||
Total assets | 1,216,850 | [1] | 1,241,414 | [1] | ' | ' |
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 17,364 | 10,756 | ' | ' | ||
Accounts payable | 14,002 | 18,955 | ' | ' | ||
Income taxes payable | 1,420 | 766 | ' | ' | ||
Accrued expenses | 51,696 | 153,246 | ' | ' | ||
Deferred income tax liabilities | 0 | 168,219 | ' | ' | ||
Program obligations | 7,027 | 10,770 | ' | ' | ||
Total current liabilities | 91,509 | 362,712 | ' | ' | ||
Long-term debt, excluding current portion | 927,328 | 879,471 | ' | ' | ||
Deferred income tax liabilities | 64,686 | 40,556 | ' | ' | ||
Program obligations | 4,146 | 4,281 | ' | ' | ||
Intercompany liabilities | 0 | 0 | ' | ' | ||
Accumulated losses in excess of investment in consolidated subsidiaries | ' | 0 | ' | ' | ||
Other liabilities | 27,209 | 42,716 | ' | ' | ||
Total liabilities | 1,114,878 | [1] | 1,329,736 | [1] | ' | ' |
Redeemable noncontrolling interest | 12,845 | 3,242 | ' | ' | ||
Total equity (deficit) | 89,127 | -91,564 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 1,216,850 | 1,241,414 | ' | ' | ||
8.375% Senior Notes | ' | ' | ' | ' | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Interest rate (as a percent) | 8.38% | ' | ' | ' | ||
6.375% Senior Notes | ' | ' | ' | ' | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Interest rate (as a percent) | 6.38% | ' | ' | ' | ||
LIN Media LLC | ' | ' | ' | ' | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Percentage of ownership in subsidiaries | 100.00% | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Advances to consolidated subsidiaries | 1,900 | ' | ' | ' | ||
Investment in consolidated subsidiaries | 87,227 | 0 | ' | ' | ||
Total assets | 89,127 | 0 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accumulated losses in excess of investment in consolidated subsidiaries | 0 | 91,564 | ' | ' | ||
Total liabilities | ' | 91,564 | ' | ' | ||
Total equity (deficit) | 89,127 | -91,564 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 89,127 | 0 | ' | ' | ||
LIN Television Corporation | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 10,313 | 44,625 | 16,571 | 11,200 | ||
Accounts receivable, net | 88,905 | 87,103 | ' | ' | ||
Deferred income tax assets | 5,818 | 67,412 | ' | ' | ||
Other current assets | 12,264 | 4,850 | ' | ' | ||
Total current assets | 117,300 | 203,990 | ' | ' | ||
Property and equipment, net | 180,480 | 197,125 | ' | ' | ||
Deferred financing costs | 16,357 | 19,020 | ' | ' | ||
Goodwill | 169,492 | 169,492 | ' | ' | ||
Other intangible assets, net | 31,303 | 48,897 | ' | ' | ||
Advances to consolidated subsidiaries | 7,764 | 6,746 | ' | ' | ||
Investment in consolidated subsidiaries | 1,534,600 | 1,554,903 | ' | ' | ||
Other assets | 52,778 | 53,987 | ' | ' | ||
Total assets | 2,110,074 | 2,254,160 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 16,112 | 9,243 | ' | ' | ||
Accounts payable | 4,185 | 14,335 | ' | ' | ||
Income taxes payable | 749 | 372 | ' | ' | ||
Accrued expenses | 42,570 | 37,020 | ' | ' | ||
Program obligations | 4,711 | 7,479 | ' | ' | ||
Total current liabilities | 68,327 | 68,449 | ' | ' | ||
Long-term debt, excluding current portion | 924,223 | 875,512 | ' | ' | ||
Deferred income tax liabilities | 30,013 | 10,910 | ' | ' | ||
Program obligations | 2,505 | 2,222 | ' | ' | ||
Intercompany liabilities | 970,628 | 1,345,971 | ' | ' | ||
Other liabilities | 27,151 | 42,660 | ' | ' | ||
Total liabilities | 2,022,847 | 2,345,724 | ' | ' | ||
Total equity (deficit) | 87,227 | -91,564 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 2,110,074 | 2,254,160 | ' | ' | ||
LIN Television Corporation | 8.375% Senior Notes | ' | ' | ' | ' | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Interest rate (as a percent) | 8.38% | ' | ' | ' | ||
LIN Television Corporation | 6.375% Senior Notes | ' | ' | ' | ' | ||
Condensed consolidating financial statements | ' | ' | ' | ' | ||
Interest rate (as a percent) | 6.38% | ' | ' | ' | ||
LIN Television Corporation | Reclassification of Certain Immaterial Intercompany Balances Between Guarantor and Non-Guarantor Subsidiaries | Restatement Adjustment | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Advances to consolidated subsidiaries | ' | -4,300 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Intercompany liabilities | ' | -4,300 | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 3 | 573 | 653 | 448 | ||
Accounts receivable, net | 39,416 | 31,144 | ' | ' | ||
Deferred income tax assets | 1,080 | ' | ' | ' | ||
Other current assets | 1,049 | 554 | ' | ' | ||
Total current assets | 41,548 | 32,271 | ' | ' | ||
Property and equipment, net | 35,752 | 39,534 | ' | ' | ||
Goodwill | 18,518 | 18,518 | ' | ' | ||
Broadcast licenses | 493,814 | 493,814 | ' | ' | ||
Other intangible assets, net | 1,840 | 2,775 | ' | ' | ||
Advances to consolidated subsidiaries | 968,728 | 1,345,971 | ' | ' | ||
Other assets | 2,688 | 2,552 | ' | ' | ||
Total assets | 1,562,888 | 1,935,435 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable | 5,339 | 3,385 | ' | ' | ||
Income taxes payable | 671 | 394 | ' | ' | ||
Accrued expenses | 6,254 | 115,605 | ' | ' | ||
Deferred income tax liabilities | ' | 235,728 | ' | ' | ||
Program obligations | 1,013 | 1,106 | ' | ' | ||
Total current liabilities | 13,277 | 356,218 | ' | ' | ||
Deferred income tax liabilities | 33,824 | 29,000 | ' | ' | ||
Program obligations | 217 | 92 | ' | ' | ||
Intercompany liabilities | ' | 3,842 | ' | ' | ||
Other liabilities | 58 | 56 | ' | ' | ||
Total liabilities | 47,376 | 389,208 | ' | ' | ||
Total equity (deficit) | 1,515,512 | 1,546,227 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 1,562,888 | 1,935,435 | ' | ' | ||
Guarantor Subsidiaries | Reclassification of Certain Immaterial Intercompany Balances Between Guarantor and Non-Guarantor Subsidiaries | Restatement Adjustment | ' | ' | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Total equity (deficit) | ' | -4,300 | ' | ' | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 2,209 | 1,109 | 833 | 0 | ||
Accounts receivable, net | 16,988 | 7,903 | ' | ' | ||
Deferred income tax assets | ' | 97 | ' | ' | ||
Other current assets | 1,888 | 1,459 | ' | ' | ||
Total current assets | 21,085 | 10,568 | ' | ' | ||
Property and equipment, net | 4,846 | 4,832 | ' | ' | ||
Deferred financing costs | 91 | 115 | ' | ' | ||
Goodwill | 15,518 | 4,504 | ' | ' | ||
Broadcast licenses | 42,701 | 42,701 | ' | ' | ||
Other intangible assets, net | 13,906 | 7,882 | ' | ' | ||
Other assets | 1,276 | 1,626 | ' | ' | ||
Total assets | 99,423 | 72,228 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Current portion of long-term debt | 1,252 | 1,513 | ' | ' | ||
Accounts payable | 4,478 | 1,235 | ' | ' | ||
Income taxes payable | 0 | ' | ' | ' | ||
Accrued expenses | 2,872 | 621 | ' | ' | ||
Program obligations | 1,303 | 2,185 | ' | ' | ||
Total current liabilities | 9,905 | 5,554 | ' | ' | ||
Long-term debt, excluding current portion | 3,105 | 3,959 | ' | ' | ||
Deferred income tax liabilities | 849 | 646 | ' | ' | ||
Program obligations | 1,424 | 1,967 | ' | ' | ||
Intercompany liabilities | 7,764 | 2,904 | ' | ' | ||
Other liabilities | 44,443 | 45,280 | ' | ' | ||
Total liabilities | 67,490 | 60,310 | ' | ' | ||
Redeemable noncontrolling interest | 12,845 | 3,242 | ' | ' | ||
Total equity (deficit) | 19,088 | 8,676 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 99,423 | 72,228 | ' | ' | ||
Non-Guarantor Subsidiaries | Reclassification of Certain Immaterial Intercompany Balances Between Guarantor and Non-Guarantor Subsidiaries | Restatement Adjustment | ' | ' | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Total equity (deficit) | ' | 4,300 | ' | ' | ||
Eliminations | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Deferred income tax assets | ' | -67,509 | ' | ' | ||
Total current assets | ' | -67,509 | ' | ' | ||
Advances to consolidated subsidiaries | -978,392 | -1,352,717 | ' | ' | ||
Investment in consolidated subsidiaries | -1,621,827 | -1,554,903 | ' | ' | ||
Other assets | -44,443 | -45,280 | ' | ' | ||
Total assets | -2,644,662 | -3,020,409 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Income taxes payable | 0 | ' | ' | ' | ||
Deferred income tax liabilities | ' | -67,509 | ' | ' | ||
Total current liabilities | ' | -67,509 | ' | ' | ||
Intercompany liabilities | -978,392 | -1,352,717 | ' | ' | ||
Accumulated losses in excess of investment in consolidated subsidiaries | ' | -91,564 | ' | ' | ||
Other liabilities | -44,443 | -45,280 | ' | ' | ||
Total liabilities | -1,022,835 | -1,557,070 | ' | ' | ||
Total equity (deficit) | -1,621,827 | -1,463,339 | ' | ' | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | ($2,644,662) | ($3,020,409) | ' | ' | ||
[1] | Our consolidated assets as of DecemberB 31, 2013 and 2012 include total assets of $56,056 and $60,380, respectively, of variable interest entities ("VIEs") that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of $44,677 and $46,604 and program rights of $2,186 and $2,060 as of DecemberB 31, 2013 and 2012, respectively. Our consolidated liabilities as of DecemberB 31, 2013 and 2012 include $4,126 and $4,577, respectively, of total liabilities of the VIEs for which the VIE's creditors have no recourse to the Company, including $2,727 and $4,152, respectively, of program obligations. See further description in NoteB 1b"Basis of Presentation and Summary of Significant Accounting Policies." |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $183,915 | $163,110 | $164,346 | $140,992 | $196,170 | $133,076 | $121,016 | $103,200 | $652,363 | $553,462 | $400,003 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | 251,078 | 160,222 | 130,618 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 162,550 | 125,267 | 103,770 | |
Amortization of program rights | ' | ' | ' | ' | ' | ' | ' | ' | 29,242 | 23,048 | 21,406 | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 41,377 | 34,246 | 26,481 | |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 46,854 | 32,149 | 26,246 | |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 22,826 | 6,364 | 1,199 | |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 3,895 | 1,009 | 707 | |
Contract termination costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,887 | 0 | 0 | |
Loss from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 710 | 96 | 472 | |
Operating income | 28,026 | 23,226 | 26,916 | 11,776 | 71,239 | 44,367 | 34,995 | 20,460 | 89,944 | 171,061 | 89,104 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 56,607 | 46,683 | 50,706 | |
Share of loss in equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 98,309 | 4,957 | |
Gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,960 | |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,341 | 1,694 | |
Intercompany (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | 237 | 51 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 58,763 | 148,570 | 55,448 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 31,181 | 22,491 | 33,656 | |
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -125,420 | 40,463 | -16,045 | |
Income (loss) from continuing operations | 3,944 | 146,508 | [1] | 7,169 | -1,020 | -58,163 | 19,619 | 15,457 | 5,115 | 156,601 | -17,972 | 49,701 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,018 | -920 | |
Gain (loss) recorded on sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,389 | 0 | |
Equity in (loss) income from operations of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 156,601 | -7,601 | 48,781 | |
Net (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,512 | -556 | 204 | |
Net income (loss) attributable to reporting entity | 4,556 | 146,938 | 7,475 | -856 | -58,088 | 19,659 | 27,118 | 4,266 | 158,113 | -7,045 | 48,577 | |
LIN Media LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 709 | 0 | 0 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -709 | 0 | 0 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Intercompany (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 0 | 0 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 0 | 0 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -689 | 0 | 0 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -689 | 0 | 0 | |
Equity in (loss) income from operations of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 158,802 | -7,045 | 48,577 | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 158,113 | -7,045 | 48,577 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | 158,113 | -7,045 | 48,577 | |
LIN Television Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 428,806 | 369,779 | 263,958 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | 145,176 | 96,504 | 78,492 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 109,679 | 85,638 | 69,018 | |
Amortization of program rights | ' | ' | ' | ' | ' | ' | ' | ' | 21,452 | 16,644 | 15,535 | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 40,668 | 30,357 | 24,838 | |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 38,306 | 24,061 | 19,169 | |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 17,594 | 4,139 | 264 | |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 3,633 | 1,009 | 707 | |
Contract termination costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,887 | ' | ' | |
Loss from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 705 | 111 | -351 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 47,706 | 111,316 | 55,584 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 56,386 | 46,625 | 50,688 | |
Share of loss in equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 153 | 260 | |
Gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,960 | |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,341 | 1,694 | |
Intercompany (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 27,947 | 26,549 | 57,931 | |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,097 | 237 | 68 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 86,486 | 76,905 | 108,681 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -38,780 | 34,411 | -53,097 | |
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -155,975 | 44,298 | -50,521 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 117,195 | -9,887 | -2,576 | |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -251 | -1,316 | |
Gain (loss) recorded on sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | -289 | ' | |
Equity in (loss) income from operations of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 41,607 | 3,382 | 52,469 | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 158,802 | -7,045 | 48,577 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | 158,802 | -7,045 | 48,577 | |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 181,678 | 181,458 | 136,891 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | 76,275 | 62,352 | 53,877 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 40,934 | 37,917 | 34,825 | |
Amortization of program rights | ' | ' | ' | ' | ' | ' | ' | ' | 5,690 | 5,437 | 5,438 | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,889 | 1,643 | |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 7,256 | 7,635 | 7,030 | |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 935 | 935 | 868 | |
Loss from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -15 | -121 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 50,583 | 63,308 | 33,089 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share of loss in equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,156 | 4,697 | |
Intercompany (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | -28,243 | -26,548 | -57,945 | |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -28,243 | 71,608 | -53,252 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 78,826 | -8,300 | 86,341 | |
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 31,530 | -3,320 | 34,536 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 47,296 | -4,980 | 51,805 | |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -744 | 544 | |
Gain (loss) recorded on sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,678 | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 47,296 | 5,954 | 52,349 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | 47,296 | 5,954 | 52,349 | |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 55,850 | 9,571 | 1,745 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | 37,295 | 5,201 | 604 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 12,516 | 2,152 | 491 | |
Amortization of program rights | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | 967 | 433 | |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,292 | 453 | 47 | |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,297 | 1,290 | 67 | |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 262 | ' | ' | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,912 | -492 | 103 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 221 | 156 | 21 | |
Intercompany (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | 316 | -1 | 14 | |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | -13 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 540 | 155 | 22 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,452 | -647 | 81 | |
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -975 | -515 | -60 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,477 | -132 | 141 | |
Gain (loss) recorded on sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,477 | -132 | 141 | |
Net (loss) income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1,512 | -556 | 204 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 424 | -63 | |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed consolidating financial statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | -13,971 | -7,346 | -2,591 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Direct operating | ' | ' | ' | ' | ' | ' | ' | ' | -7,668 | -3,835 | -2,355 | |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -579 | -440 | -564 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -5,724 | -3,071 | 328 | |
Other expense (income): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -98 | -3 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -98 | -3 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -5,724 | -2,973 | 331 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -5,724 | -2,973 | 331 | |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23 | -148 | |
Gain (loss) recorded on sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |
Equity in (loss) income from operations of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -200,409 | 3,663 | -101,046 | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -206,133 | 667 | -100,863 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | ($206,133) | $667 | ($100,863) | |
[1] | During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | $156,601 | ($7,601) | $48,781 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax | 1,120 | 969 | 374 |
Comprehensive income (loss) | 166,459 | -4,208 | 37,943 |
Comprehensive loss attributable to noncontrolling interest | -1,512 | -556 | 204 |
Comprehensive income (loss) attributable to reporting entity | 167,971 | -3,652 | 37,739 |
Pension net gain (loss), tax | 5,705 | 1,523 | -7,291 |
Amortization of pension net losses, tax | 734 | 609 | 379 |
LIN Media LLC | ' | ' | ' |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | 158,113 | -7,045 | 48,577 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax | 1,120 | 969 | 374 |
Comprehensive income (loss) | 167,971 | -3,652 | 37,739 |
Comprehensive income (loss) attributable to reporting entity | 167,971 | -3,652 | 37,739 |
Pension net gain (loss), tax | 5,705 | 1,523 | -7,291 |
Amortization of pension net losses, tax | 734 | 609 | 379 |
LIN Television Corporation | ' | ' | ' |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | 158,802 | -7,045 | 48,577 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax | 1,120 | 969 | 374 |
Comprehensive income (loss) | 168,660 | -3,652 | 37,739 |
Comprehensive income (loss) attributable to reporting entity | 168,660 | -3,652 | 37,739 |
Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | 47,296 | 5,954 | 52,349 |
Comprehensive income (loss) | 47,296 | 5,954 | 52,349 |
Comprehensive income (loss) attributable to reporting entity | 47,296 | 5,954 | 52,349 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | -1,477 | -132 | 141 |
Comprehensive income (loss) | -1,477 | -132 | 141 |
Comprehensive loss attributable to noncontrolling interest | -1,512 | -556 | ' |
Comprehensive income (loss) attributable to reporting entity | 35 | 424 | 141 |
Eliminations | ' | ' | ' |
Condensed consolidating financial statements | ' | ' | ' |
Net income (loss) | -206,133 | 667 | -100,863 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | -8,738 | -2,424 | 11,212 |
Amortization of pension net losses, net of tax | -1,120 | -969 | -374 |
Comprehensive income (loss) | -215,991 | -2,726 | -90,025 |
Comprehensive loss attributable to noncontrolling interest | ' | ' | 204 |
Comprehensive income (loss) attributable to reporting entity | ($215,991) | ($2,726) | ($90,229) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | $48,967 | $149,435 | $63,062 |
Net cash used in operating activities, discontinued operations | 0 | -2,736 | -402 |
Net cash provided by operating activities | 48,967 | 146,699 | 62,660 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -29,374 | -28,230 | -20,069 |
Change in restricted cash | 0 | 255,159 | -255,159 |
Payments for business combinations, net of cash acquired | -10,082 | -358,495 | -9,033 |
Proceeds from the sale of assets | 86 | 79 | 74 |
Capital contribution to joint venture with NBCUniversal | -100,000 | 0 | 0 |
Receipt of dividend | 0 | ' | ' |
Payments on derivative instruments | 0 | 0 | -2,020 |
Shortfall loans to joint venture with NBCUniversal | 0 | -2,292 | -2,483 |
Advances on intercompany borrowings | 0 | 0 | ' |
Payments from intercompany borrowings | 0 | 0 | ' |
Other investments, net | 0 | 0 | -375 |
Advances to consolidated subsidiaries | ' | ' | 0 |
Payments from consolidated subsidiaries | ' | ' | 0 |
Net cash used in investing activities, continuing operations | -139,370 | -133,779 | -289,065 |
Net cash provided by (used in) investing activities, discontinued operations | 0 | 29,520 | -115 |
Net cash used in investing activities | -139,370 | -104,259 | -289,180 |
FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds on exercises of employee and director stock-based compensation | 1,845 | 1,314 | 841 |
Tax benefit from exercises of share options | 1,591 | 0 | 0 |
Proceeds from borrowings on long-term debt | 139,000 | 328,333 | 417,695 |
Principal payments on long-term debt | -85,160 | -322,179 | -175,216 |
Payment of long-term debt issue costs | -655 | -10,272 | -7,662 |
Payments of dividend | 0 | ' | ' |
Treasury shares purchased | 0 | -11,386 | -2,729 |
Proceeds from intercompany borrowings | 0 | 0 | 0 |
Payments on intercompany borrowings | 0 | 0 | 0 |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | 232,929 |
Net cash provided by (used in) financing activities | 56,621 | -14,190 | 232,929 |
Net (decrease) increase in cash and cash equivalents | -33,782 | 28,250 | 6,409 |
Cash and cash equivalents at the beginning of the period | 46,307 | 18,057 | 11,648 |
Cash and cash equivalents at the end of the period | 12,525 | 46,307 | 18,057 |
LIN Media LLC | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | -589 | ' | ' |
Net cash provided by operating activities | -589 | 0 | 0 |
INVESTING ACTIVITIES: | ' | ' | ' |
Receipt of dividend | 2,000 | 0 | 0 |
Advances on intercompany borrowings | -2,000 | 0 | 0 |
Net cash used in investing activities, continuing operations | 0 | 0 | 0 |
Net cash used in investing activities | ' | 0 | 0 |
FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds on exercises of employee and director stock-based compensation | 589 | 0 | 0 |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | 0 |
Net cash provided by (used in) financing activities | 589 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at the end of the period | 0 | 0 | 0 |
LIN Television Corporation | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | -1,986 | 142,255 | 52,012 |
Net cash used in operating activities, discontinued operations | ' | -471 | -1,180 |
Net cash provided by operating activities | ' | 141,784 | 50,832 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -22,768 | -20,158 | -12,266 |
Change in restricted cash | ' | 255,159 | -255,159 |
Payments for business combinations, net of cash acquired | -10,082 | -352,162 | -10,046 |
Proceeds from the sale of assets | 66 | 30 | 72 |
Receipt of dividend | 78,011 | ' | ' |
Payments on derivative instruments | ' | ' | -2,020 |
Shortfall loans to joint venture with NBCUniversal | ' | -2,292 | -2,483 |
Advances on intercompany borrowings | -4,550 | -2,400 | ' |
Payments from intercompany borrowings | 15,009 | 20,382 | ' |
Other investments, net | ' | ' | -375 |
Advances to consolidated subsidiaries | ' | ' | -400 |
Payments from consolidated subsidiaries | ' | ' | 3,750 |
Net cash used in investing activities, continuing operations | 55,686 | -101,441 | -278,927 |
Net cash provided by (used in) investing activities, discontinued operations | ' | 6,314 | -106 |
Net cash used in investing activities | ' | -95,127 | -279,033 |
FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds on exercises of employee and director stock-based compensation | 1,256 | 1,314 | 841 |
Tax benefit from exercises of share options | 1,591 | ' | ' |
Proceeds from borrowings on long-term debt | 139,000 | 322,000 | 417,695 |
Principal payments on long-term debt | -83,846 | -320,374 | -174,573 |
Payment of long-term debt issue costs | -655 | -10,157 | -7,662 |
Payments of dividend | -2,000 | ' | ' |
Treasury shares purchased | ' | -11,386 | -2,729 |
Proceeds from intercompany borrowings | 2,000 | ' | ' |
Payments on intercompany borrowings | -145,358 | ' | ' |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | 233,572 |
Net cash provided by (used in) financing activities | -88,012 | -18,603 | 233,572 |
Net (decrease) increase in cash and cash equivalents | -34,312 | 28,054 | 5,371 |
Cash and cash equivalents at the beginning of the period | 44,625 | 16,571 | 11,200 |
Cash and cash equivalents at the end of the period | 10,313 | 44,625 | 16,571 |
Guarantor Subsidiaries | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | 50,612 | 4,998 | 10,799 |
Net cash used in operating activities, discontinued operations | ' | -2,242 | 926 |
Net cash provided by operating activities | ' | 2,756 | 11,725 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -3,540 | -5,709 | -7,763 |
Proceeds from the sale of assets | 20 | 49 | 2 |
Capital contribution to joint venture with NBCUniversal | -100,000 | ' | ' |
Payments from intercompany borrowings | 145,358 | ' | ' |
Payments from consolidated subsidiaries | ' | ' | 0 |
Net cash used in investing activities, continuing operations | 41,838 | -5,660 | -7,761 |
Net cash provided by (used in) investing activities, discontinued operations | ' | 23,206 | -9 |
Net cash used in investing activities | ' | 17,546 | -7,770 |
FINANCING ACTIVITIES: | ' | ' | ' |
Payments of dividend | -78,011 | ' | ' |
Payments on intercompany borrowings | -15,009 | -20,382 | -3,750 |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | -3,750 |
Net cash provided by (used in) financing activities | -93,020 | -20,382 | -3,750 |
Net (decrease) increase in cash and cash equivalents | -570 | -80 | 205 |
Cash and cash equivalents at the beginning of the period | 573 | 653 | 448 |
Cash and cash equivalents at the end of the period | 3 | 573 | 653 |
Non-Guarantor Subsidiaries | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | 930 | 2,159 | 103 |
Net cash provided by operating activities | ' | 2,159 | 103 |
INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -3,066 | -2,363 | -40 |
Payments for business combinations, net of cash acquired | ' | -6,333 | 1,013 |
Net cash used in investing activities, continuing operations | -3,066 | -8,696 | 973 |
Net cash used in investing activities | ' | -8,696 | 973 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from borrowings on long-term debt | ' | 6,333 | ' |
Principal payments on long-term debt | -1,314 | -1,805 | -643 |
Payment of long-term debt issue costs | ' | -115 | ' |
Treasury shares purchased | ' | 0 | ' |
Proceeds from intercompany borrowings | 4,550 | 2,400 | 400 |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | -243 |
Net cash provided by (used in) financing activities | 3,236 | 6,813 | -243 |
Net (decrease) increase in cash and cash equivalents | 1,100 | 276 | 833 |
Cash and cash equivalents at the beginning of the period | 1,109 | 833 | 0 |
Cash and cash equivalents at the end of the period | 2,209 | 1,109 | 833 |
Eliminations | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by operating activities, continuing operations | 0 | 23 | 148 |
Net cash used in operating activities, discontinued operations | ' | -23 | -148 |
Net cash provided by operating activities | ' | 0 | 0 |
INVESTING ACTIVITIES: | ' | ' | ' |
Receipt of dividend | -80,011 | ' | ' |
Advances on intercompany borrowings | 6,550 | 2,400 | ' |
Payments from intercompany borrowings | -160,367 | -20,382 | ' |
Advances to consolidated subsidiaries | ' | ' | 400 |
Payments from consolidated subsidiaries | ' | ' | -3,750 |
Net cash used in investing activities, continuing operations | -233,828 | -17,982 | -3,350 |
Net cash used in investing activities | ' | -17,982 | -3,350 |
FINANCING ACTIVITIES: | ' | ' | ' |
Payments of dividend | 80,011 | ' | ' |
Proceeds from intercompany borrowings | -6,550 | -2,400 | -400 |
Payments on intercompany borrowings | 160,367 | 20,382 | 3,750 |
Net cash provided by (used in) financing activities, continuing operations | ' | ' | 3,350 |
Net cash provided by (used in) financing activities | 233,828 | 17,982 | 3,350 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at the end of the period | $0 | $0 | $0 |
Unaudited_Quarterly_Data_Detai
Unaudited Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $183,915 | $163,110 | $164,346 | $140,992 | $196,170 | $133,076 | $121,016 | $103,200 | $652,363 | $553,462 | $400,003 | |
Operating income | 28,026 | 23,226 | 26,916 | 11,776 | 71,239 | 44,367 | 34,995 | 20,460 | 89,944 | 171,061 | 89,104 | |
Income (loss) from continuing operations | 3,944 | 146,508 | [1] | 7,169 | -1,020 | -58,163 | 19,619 | 15,457 | 5,115 | 156,601 | -17,972 | 49,701 |
(Loss) income from discontinued operations | ' | ' | ' | ' | 0 | 0 | 11,602 | -1,231 | 0 | 10,371 | -920 | |
Net income (loss) attributable to LIN Media LLC | $4,556 | $146,938 | $7,475 | ($856) | ($58,088) | $19,659 | $27,118 | $4,266 | $158,113 | ($7,045) | $48,577 | |
Basic earnings (loss) per common share from continuing operations attributable to LIN Media LLC (in dollars per share) | $0 | $2.78 | $0.14 | ($0.02) | ($1.09) | $0.37 | $0.28 | $0.10 | $3.02 | ($0.32) | $0.89 | |
Basic earnings (loss) per common share attributable to LIN Media LLC (in dollars per share) | $0.09 | $2.78 | $0.14 | ($0.02) | ($1.09) | $0.37 | $0.49 | $0.08 | $3.02 | ($0.13) | $0.87 | |
Diluted earnings (loss) per common share from continuing operations attributable to LIN Media LLC (in dollars per share) | $0.08 | $2.63 | $0.13 | ($0.02) | ($1.09) | $0.36 | $0.27 | $0.10 | $2.84 | ($0.32) | $0.87 | |
Diluted earnings (loss) per common share attributable to LIN Media LLC (in dollars per share) | $0.08 | $2.63 | $0.13 | ($0.02) | ($1.09) | $0.36 | $0.48 | $0.08 | $2.84 | ($0.13) | $0.85 | |
Weighted-average number of common shares outstanding used in calculating income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic (in shares) | 52,879 | 52,791 | 52,278 | 51,910 | 53,169 | 53,066 | 55,174 | 56,184 | 52,439 | 54,130 | 55,768 | |
Diluted (in shares) | 56,240 | 55,855 | 55,595 | 51,910 | 53,169 | 54,353 | 56,300 | 57,512 | 55,639 | 54,130 | 57,079 | |
[1] | During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." |
Unaudited_Quarterly_Data_Paren
Unaudited Quarterly Data Parenthetical (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes | ' | ' | ' |
Income tax benefit | $125,420,000 | ($40,463,000) | $16,045,000 |
Decrease in valuation allowance | 18,200,000 | ' | ' |
Merger transaction | ' | ' | ' |
Income Taxes | ' | ' | ' |
Income tax benefit | $124,300,000 | ' | ' |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Entity Information [Line Items] | ' | ' | ' |
Cash paid for interest expense | $48,646 | $42,348 | $47,801 |
Cash paid from income taxes - continuing operations | 32,937 | 1,103 | 559 |
Non-cash investing activities: | ' | ' | ' |
Accrual for estimated shortfall loans to SVH | 0 | 0 | 4,697 |
Non-cash financing activities: | ' | ' | ' |
Capital leases assumed in acquisitions | 179 | 14,896 | 0 |
LIN Television | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Cash paid for interest expense | 48,646 | 42,348 | 47,801 |
Cash paid from income taxes - continuing operations | 32,937 | 1,103 | 559 |
Non-cash investing activities: | ' | ' | ' |
Accrual for estimated shortfall loans to SVH | ' | ' | 4,697 |
Non-cash financing activities: | ' | ' | ' |
Capital leases assumed in acquisitions | $179 | $14,896 | ' |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | $3,599 | $2,310 | $2,194 |
Charged (Released) to Operations | 1,608 | 2,047 | 760 |
Deductions | -2,019 | -758 | -644 |
Balance at End of Period | 3,188 | 3,599 | 2,310 |
Valuation allowance for state and federal deferred tax assets | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | 18,157 | 23,422 | 59,990 |
Charged (Released) to Operations | -18,157 | -5,265 | -36,568 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | 0 | 18,157 | 23,422 |
LIN Television | Allowance for doubtful accounts | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | 3,599 | 2,310 | 2,194 |
Charged (Released) to Operations | 1,608 | 2,047 | 760 |
Deductions | -2,019 | -758 | -644 |
Balance at End of Period | 3,188 | 3,599 | 2,310 |
LIN Television | Valuation allowance for state and federal deferred tax assets | ' | ' | ' |
Valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | 18,157 | 23,422 | 59,990 |
Charged (Released) to Operations | -18,157 | -5,265 | -36,568 |
Balance at End of Period | $0 | $18,157 | $23,422 |
Schedule_ICondensed_Financial_1
Schedule I-Condensed Financial Information of the Registrant (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Advances to consolidated subsidiaries | $0 | $0 | ||
Investment in consolidated subsidiaries | 0 | 0 | ||
Total assets | 1,216,850 | [1] | 1,241,414 | [1] |
Liabilities: | ' | ' | ||
Accumulated losses in excess of investment in consolidated subsidiaries | ' | 0 | ||
Common stock, other disclosures | ' | ' | ||
Treasury shares, 4,947,659 of class A common shares as of December 31, 2013 and 2012, at cost | -21,984 | [2] | -21,984 | [2] |
Additional paid-in capital | 0 | [2] | 1,129,691 | [2] |
Accumulated deficit | -1,006,322 | -1,164,435 | ||
Accumulated other comprehensive loss | -25,526 | -35,384 | ||
Total equity (deficit) | 89,127 | -91,564 | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 1,216,850 | 1,241,414 | ||
Treasury stock, other disclosures | ' | ' | ||
Treasury stock, shares | 4,947,659 | 4,947,659 | ||
Class A common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 624,564 | [2] | 313 | [2] |
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, issued shares | 39,013,005 | 35,672,528 | ||
Common stock, outstanding shares | 34,065,346 | 30,724,869 | ||
Class B common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 518,395 | [2] | 235 | [2] |
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 20,901,726 | 23,401,726 | ||
Common stock, outstanding shares | 20,901,726 | 23,401,726 | ||
Class C common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 0 | 0 | ||
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 2 | 2 | ||
Common stock, outstanding shares | 2 | 2 | ||
LIN Media LLC | ' | ' | ||
ASSETS | ' | ' | ||
Advances to consolidated subsidiaries | 1,900 | ' | ||
Investment in consolidated subsidiaries | 87,227 | 0 | ||
Total assets | 89,127 | 0 | ||
Liabilities: | ' | ' | ||
Accumulated losses in excess of investment in consolidated subsidiaries | 0 | 91,564 | ||
Common stock, other disclosures | ' | ' | ||
Treasury shares, 4,947,659 of class A common shares as of December 31, 2013 and 2012, at cost | -21,984 | [3] | -21,984 | [3] |
Additional paid-in capital | 0 | 1,129,691 | ||
Accumulated deficit | -1,006,322 | -1,164,435 | ||
Accumulated other comprehensive loss | -25,526 | -35,384 | ||
Total equity (deficit) | 89,127 | -91,564 | ||
Total liabilities, redeemable noncontrolling interest and equity (deficit) | 89,127 | 0 | ||
Treasury stock, other disclosures | ' | ' | ||
Treasury stock, shares | 4,947,659 | 4,947,659 | ||
LIN Media LLC | Class A common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 624,564 | 313 | ||
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, issued shares | 39,013,005 | 35,672,528 | ||
Common stock, outstanding shares | 34,065,346 | 30,724,869 | ||
LIN Media LLC | Class B common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | 518,395 | 235 | ||
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 2 | 2 | ||
Common stock, outstanding shares | 2 | 2 | ||
LIN Media LLC | Class C common stock | ' | ' | ||
Shareholders' equity (deficit): | ' | ' | ||
Common Stock, $0.01 par value | $0 | $0 | ||
Common stock, other disclosures | ' | ' | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common stock, issued shares | 20,901,726 | 23,401,726 | ||
Common stock, outstanding shares | 20,901,726 | 23,401,726 | ||
[1] | Our consolidated assets as of DecemberB 31, 2013 and 2012 include total assets of $56,056 and $60,380, respectively, of variable interest entities ("VIEs") that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of $44,677 and $46,604 and program rights of $2,186 and $2,060 as of DecemberB 31, 2013 and 2012, respectively. Our consolidated liabilities as of DecemberB 31, 2013 and 2012 include $4,126 and $4,577, respectively, of total liabilities of the VIEs for which the VIE's creditors have no recourse to the Company, including $2,727 and $4,152, respectively, of program obligations. See further description in NoteB 1b"Basis of Presentation and Summary of Significant Accounting Policies." | |||
[2] | In conjunction with the Merger of LIN TV with and into LIN LLC on July 30, 2013, LIN LLC was deemed the successor reporting entity to LIN TV. As such, the additional paid-in capital amount within LIN LLC's shareholders' equity as of December 31, 2013 has been allocated to the Class A and B share balances to conform to LIN LLC's basis of presentation as a limited liability company. For purposes of LIN TV's shareholders' deficit balance as of December 31, 2012, LIN TV's class A, B and C common shares had a par value of $0.01 per share that is not reflected as of December 31, 2013, as each share represents a limited liability interest in LIN LLC. | |||
[3] | In conjunction with the Merger of LIN TV with and into LIN LLC on July 30, 2013, LIN Media LLC was deemed the successor reporting entity to LIN TV. As such, the additional paid-in capital amount within LIN LLC's shareholders' equity as of December 31, 2013 has been allocated to the Class A and B share balances to conform to LIN LLC's basis of presentation as a limited liability company. For purposes of LIN TV's shareholders' deficit balance as of December 31, 2012, LIN TV's class A, B and C common shares had a par value of $0.01 per share that is not reflected as of December 31, 2013, as each class represents a limited liability interest in LIN Media LLC. |
Schedule_ICondensed_Financial_2
Schedule I-Condensed Financial Information of the Registrant (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | $183,915 | $163,110 | $164,346 | $140,992 | $196,170 | $133,076 | $121,016 | $103,200 | $652,363 | $553,462 | $400,003 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 41,377 | 34,246 | 26,481 | |
Operating income | 28,026 | 23,226 | 26,916 | 11,776 | 71,239 | 44,367 | 34,995 | 20,460 | 89,944 | 171,061 | 89,104 | |
Intercompany income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 58,763 | 148,570 | 55,448 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 31,181 | 22,491 | 33,656 | |
Income (loss) from continuing operations | 3,944 | 146,508 | [1] | 7,169 | -1,020 | -58,163 | 19,619 | 15,457 | 5,115 | 156,601 | -17,972 | 49,701 |
Net income (loss) attributable to reporting entity | 4,556 | 146,938 | 7,475 | -856 | -58,088 | 19,659 | 27,118 | 4,266 | 158,113 | -7,045 | 48,577 | |
Basic (loss) income per common share attributable to LIN Media LLC (in dollars per share) | $0.09 | $2.78 | $0.14 | ($0.02) | ($1.09) | $0.37 | $0.49 | $0.08 | $3.02 | ($0.13) | $0.87 | |
Diluted (loss) income per common share attributable to LIN Media LLC (in dollars per share) | $0.08 | $2.63 | $0.13 | ($0.02) | ($1.09) | $0.36 | $0.48 | $0.08 | $2.84 | ($0.13) | $0.85 | |
Weighted-average number of common shares outstanding used in calculating basic income per common share (in shares) | 52,879 | 52,791 | 52,278 | 51,910 | 53,169 | 53,066 | 55,174 | 56,184 | 52,439 | 54,130 | 55,768 | |
Weighted-average number of common shares outstanding used in calculating diluted income per common share (in shares) | 56,240 | 55,855 | 55,595 | 51,910 | 53,169 | 54,353 | 56,300 | 57,512 | 55,639 | 54,130 | 57,079 | |
LIN Media LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | 709 | 0 | 0 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -709 | 0 | 0 | |
Intercompany income | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 0 | 0 | |
Total other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -20 | 0 | 0 | |
Income before (benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -689 | 0 | 0 | |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -689 | 0 | 0 | |
Equity in (loss) income from operations of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -158,802 | 7,045 | -48,577 | |
Net income (loss) attributable to reporting entity | ' | ' | ' | ' | ' | ' | ' | ' | $158,113 | ($7,045) | $48,577 | |
Basic (loss) income per common share attributable to LIN Media LLC (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $3.02 | ($0.13) | $0.87 | |
Diluted (loss) income per common share attributable to LIN Media LLC (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.84 | ($0.13) | $0.85 | |
Weighted-average number of common shares outstanding used in calculating basic income per common share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 52,439 | 54,130 | 55,768 | |
Weighted-average number of common shares outstanding used in calculating diluted income per common share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 55,639 | 54,130 | 57,079 | |
[1] | During the year ended December 31, 2013, we recognized a $124.3 million tax benefit as a result of the Merger as well as an $18.2 million tax benefit as a result of the reversal of state valuation allowances. For further discussion, see Note 14 - "Income Taxes." |
Schedule_ICondensed_Financial_3
Schedule I-Condensed Financial Information of the Registrant (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Statements of Comprehensive (Loss) Income | ' | ' | ' |
Net income attributable to LIN Media LLC | $156,601 | ($7,601) | $48,781 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax of $734, $609 and $379 for the years ended December 31, 2013, 2012 and 2011, respectively, reclassified | 1,120 | 969 | 374 |
Comprehensive income (loss) attributable to reporting entity | 167,971 | -3,652 | 37,739 |
Pension net gain (loss), tax | 5,705 | 1,523 | -7,291 |
Amortization of pension net losses, tax | 734 | 609 | 379 |
LIN Media LLC | ' | ' | ' |
Condensed Statements of Comprehensive (Loss) Income | ' | ' | ' |
Net income attributable to LIN Media LLC | 158,113 | -7,045 | 48,577 |
Pension net gain (loss), net of tax of $5,705, $1,523 and $(7,291) for the years ended December 31, 2013, 2012 and 2011, respectively | 8,738 | 2,424 | -11,212 |
Amortization of pension net losses, net of tax of $734, $609 and $379 for the years ended December 31, 2013, 2012 and 2011, respectively, reclassified | 1,120 | 969 | 374 |
Comprehensive income (loss) attributable to reporting entity | 167,971 | -3,652 | 37,739 |
Pension net gain (loss), tax | 5,705 | 1,523 | -7,291 |
Amortization of pension net losses, tax | $734 | $609 | $379 |
Schedule_ICondensed_Financial_4
Schedule I-Condensed Financial Information of the Registrant (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net cash used in by operating activities | $48,967 | $146,699 | $62,660 |
Receipt of dividend | 0 | ' | ' |
Advances on intercompany borrowings | 0 | 0 | ' |
Net cash used in investing activities, continuing operations | -139,370 | -133,779 | -289,065 |
Net proceeds on exercises of employee and director stock-based compensation | 1,845 | 1,314 | 841 |
Net cash provided by (used in) financing activities | 56,621 | -14,190 | 232,929 |
Net (decrease) increase in cash and cash equivalents | -33,782 | 28,250 | 6,409 |
Cash and cash equivalents at the beginning of the period | 46,307 | 18,057 | 11,648 |
Cash and cash equivalents at the end of the period | 12,525 | 46,307 | 18,057 |
LIN Media LLC | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash used in by operating activities | -589 | 0 | 0 |
Receipt of dividend | 2,000 | 0 | 0 |
Advances on intercompany borrowings | -2,000 | 0 | 0 |
Net cash used in investing activities, continuing operations | 0 | 0 | 0 |
Net proceeds on exercises of employee and director stock-based compensation | 589 | 0 | 0 |
Net cash provided by (used in) financing activities | 589 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at the beginning of the period | 0 | 0 | 0 |
Cash and cash equivalents at the end of the period | $0 | $0 | $0 |