Business Segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Business Segments

NOTE 20: BUSINESS SEGMENTS

The Company’s business consists of Television and Entertainmentoperations and the management of certain owned real estate assets. The Company also holds a variety of investments, including equity investments in TV Food Network and CareerBuilder. The Company’s Digital and Data operations, which had previously been presented as a separate reportable segment, are reported in discontinued operations (see Note 2 for further information).

Television and Entertainment is a reportable segment which provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations and their websites, WGN America and other digital assets. The Company’s 42 local television stations (including the three stations to which the Company provides certain services under SSAs with Dreamcatcher) consist of 14 FOX television affiliates, 12 CW Network, LLC television affiliates, 6 CBS television affiliates, 3 ABC television affiliates, 3 MY television affiliates, 2 NBC television affiliates and 2 independent television stations. Additionally, the Television and Entertainment segment includes the digital multicast network services through Antenna TV and through the operation and distribution of THIS TV; WGN America, a national general entertainment cable network; and radio program services on WGN-AM, a Chicago radio station.

Corporate and Other includes the Company’s real estate operating segment responsible for the management of certain owned real estate assets, including revenues from leasing Company-owned office and production facilities and any gains or losses from the sales of owned real estate, as well as certain administrative activities associated with operating the Company’s corporate office functions and managing the Company’s predominantly frozen company-sponsored defined benefit pension plans. Corporate and Other is not a reportable segment but is included below for reconciliation purposes.

No single customer provides more than 10% of the Company’s consolidated revenues. In determining operating profit for each segment, none of the following items have been included: income and loss on equity investments, interest and dividend income, interest expense, non-operating items, reorganization costs or income taxes. Assets represent those tangible and intangible assets used in the operations of each segment.

The following table summarizes business segment financial data for the fiscal years ended December 31, 2017, December 31, 2016 and December 31, 2015 (in thousands):

	2017			2016		2015
Operating Revenues from Continuing Operations (1)
Television and Entertainment	$	1,835,423		$	1,909,896	$	1,752,542
Corporate and Other	13,536			38,034		49,425
Total operating revenues	$	1,848,959		$	1,947,930	$	1,801,967
Operating Profit (Loss) from Continuing Operations (1)
Television and Entertainment	$	196,100		$	324,837	$	(175,140	)
Corporate and Other	(87,632		)	108,737		(94,195		)
Total operating profit (loss)	$	108,468		$	433,574	$	(269,335	)
Depreciation from Continuing Operations (2)
Television and Entertainment	$	42,713		$	45,083	$	48,437
Corporate and Other	13,601			13,742		16,117
Total depreciation	$	56,314		$	58,825	$	64,554
Amortization from Continuing Operations (2)
Television and Entertainment	$	166,679		$	166,664	$	166,404
Total amortization	$	166,679		$	166,664	$	166,404
Capital Expenditures
Television and Entertainment	$	48,667		$	59,167	$	33,173
Corporate and Other	16,587			16,944		32,285
Discontinued Operations	1,578			23,548		23,626
Total capital expenditures	$	66,832		$	99,659	$	89,084
Assets
Television and Entertainment	$	7,197,859		$	7,484,591
Corporate and Other (3)	932,569			1,228,526
Assets held for sale (4)	38,900			17,176
Discontinued Operations (4)	—			670,758
Total assets	$	8,169,328		$	9,401,051

(1) See Note 2 for the disclosures of operating revenues and operating (loss) profit included in discontinued operations for the historical periods.

(2) Depreciation from discontinued operations totaled $14 million and $10 million for the years ended December 31, 2016 and December 31, 2015. Amortization from discontinued operations totaled $30 million and $29 million for the years ended December 31, 2016 and December 31, 2015.

(3) As of December 31, 2017 and December 31, 2016, Corporate total assets included $18 million related to restricted cash held to satisfy remaining claim obligations to holders of priority claims and fees earned by professional advisors during Chapter 11 proceedings (see Note 3). Corporate and Other assets include certain real estate assets (see Note 2) as well as the Company’s equity investment in CareerBuilder.

(4) See Note 2 for information regarding discontinued operations and Note 6 for information regarding assets held for sale.