Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Statement of Operations and Comprehensive Income (Loss)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	495,180		$	2,828		$	—		$	498,008
Programming and direct operating expenses	—			262,352			609			—			262,961
Selling, general and administrative	29,577			112,388			782			—			142,747
Depreciation and amortization	1,924			50,410			2,842			—			55,176
Total Operating Expenses	31,501			425,150			4,233			—			460,884
Operating (Loss) Profit	(31,501		)	70,030			(1,405		)	—			37,124
Income on equity investments, net	—			32,381			—			—			32,381
Interest income	3,239			—			—			—			3,239
Interest expense	(42,842		)	—			—			—			(42,842		)
Pension and other postretirement periodic benefit credit, net	7,035			—			—			—			7,035
Loss on investment transaction	—			(5,001		)	—			—			(5,001		)
Other non-operating items, net	(282		)	—			—			—			(282		)
Intercompany income (charges)	12,413			(12,378		)	(35		)	—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(51,938		)	85,032			(1,440		)	—			31,654
Income tax (benefit) expense	(20,046		)	1,357			(3,733		)	—			(22,422		)
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	85,991			(179		)	—			(85,812		)	—
Income (Loss) from Continuing Operations	$	54,099		$	83,496		$	2,293		$	(85,812	)	$	54,076
Income from Discontinued Operations, net of taxes	—			—			—			—			—
Net Income (Loss)	$	54,099		$	83,496		$	2,293		$	(85,812	)	$	54,076
Net loss from continuing operations attributable to noncontrolling interests	—			—			23			—			23
Net Income (Loss) attributable to Tribune Media Company	$	54,099		$	83,496		$	2,316		$	(85,812	)	$	54,099
Comprehensive Income (Loss)	$	57,988		$	85,019		$	2,214		$	(87,233	)	$	57,988

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2017
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	448,248		$	2,285		$	—		$	450,533
Programming and direct operating expenses	—			296,987			550			—			297,537
Selling, general and administrative	25,955			99,673			879			—			126,507
Depreciation and amortization	2,902			49,902			3,137			—			55,941
Total Operating Expenses	28,857			446,562			4,566			—			479,985
Operating (Loss) Profit	(28,857		)	1,686			(2,281		)	—			(29,452		)
(Loss) income on equity investments, net	(482		)	21,540			—			—			21,058
Interest and dividend income	813			14			—			—			827
Interest expense	(40,313		)	—			(76		)	—			(40,389		)
Pension and other post retirement periodic benefit credit, net	5,703			—			—			—			5,703
Loss on extinguishments and modification of debt	(1,384		)	—			(51		)	—			(1,435		)
(Loss) gain on investment transactions, net	(143		)	5,810			—			—			5,667
Other non-operating items	(753		)	—			—			—			(753		)
Intercompany income (charges)	19,221			(19,179		)	(42		)	—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(46,195		)	9,871			(2,450		)	—			(38,774		)
Income tax benefit	(15,668		)	(3,562		)	(857		)	—			(20,087		)
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	11,840			(123		)	—			(11,717		)	—
(Loss) Income from Continuing Operations	$	(18,687	)	$	13,310		$	(1,593	)	$	(11,717	)	$	(18,687	)
Income from Discontinued Operations, net of taxes	—			—			—			—			—
Net (Loss) Income	$	(18,687	)	$	13,310		$	(1,593	)	$	(11,717	)	$	(18,687	)
Comprehensive (Loss) Income	$	(18,062	)	$	13,374		$	(1,074	)	$	(12,300	)	$	(18,062	)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,422,620		$	8,381		$	—		$	1,431,001
Programming and direct operating expenses	—			673,567			1,975			—			675,542
Selling, general and administrative	72,011			326,324			2,246			—			400,581
Depreciation and amortization	6,397			150,291			8,912			—			165,600
Gain on sales of spectrum	—			(133,197		)	—			—			(133,197		)
Total Operating Expenses	78,408			1,016,985			13,133			—			1,108,526
Operating (Loss) Profit	(78,408		)	405,635			(4,752		)	—			322,475
Income on equity investments, net	—			124,086			—			—			124,086
Interest income	7,473			—			—			—			7,473
Interest expense	(125,463		)	—			—			—			(125,463		)
Pension and other postretirement periodic benefit credit, net	21,104			—			—			—			21,104
Loss on investment transactions, net	—			(1,113		)	—			—			(1,113		)
Other non-operating items, net	(1,769		)	—			—			—			(1,769		)
Intercompany income (charges)	37,238			(37,133		)	(105		)	—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(139,825		)	491,475			(4,857		)	—			346,793
Income tax (benefit) expense	(37,221		)	108,965			(4,648		)	—			67,096
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	382,334			(715		)	—			(381,619		)	—
Income (Loss) from Continuing Operations	$	279,730		$	381,795		$	(209	)	$	(381,619	)	$	279,697
Income (Loss) from Discontinued Operations, net of taxes	—			—			—			—			—
Net Income (Loss)	$	279,730		$	381,795		$	(209	)	$	(381,619	)	$	279,697
Net loss from continuing operations attributable to noncontrolling interests	—			—			33			—			33
Net Income (Loss) attributable to Tribune Media Company	$	279,730		$	381,795		$	(176	)	$	(381,619	)	$	279,730
Comprehensive Income (Loss)	$	290,680		$	383,486		$	(713	)	$	(382,773	)	$	290,680

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2017
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,352,933		$	7,027		$	—	$	1,359,960
Programming and direct operating expenses	—			785,816			5,798			—		791,614
Selling, general and administrative	100,188			336,566			2,596			—		439,350
Depreciation and amortization	8,788			148,591			9,383			—		166,762
Total Operating Expenses	108,976			1,270,973			17,777			—		1,397,726
Operating (Loss) Profit	(108,976		)	81,960			(10,750		)	—		(37,766		)
(Loss) income on equity investments, net	(1,521		)	100,377			—			—		98,856
Interest and dividend income	1,829			51			—			—		1,880
Interest expense	(118,929		)	—			(403		)	—		(119,332		)
Pension and other postretirement periodic benefit credit, net	17,111			—			—			—		17,111
Loss on extinguishments and modification of debt	(20,436		)	—			(51		)	—		(20,487		)
Gain on investment transactions, net	4,807			5,810			—			—		10,617
Write-downs of investment	—			(180,800		)	—			—		(180,800		)
Other non-operating items, net	(1,407		)	—			—			—		(1,407		)
Intercompany income (charges)	66,907			(66,756		)	(151		)	—		—
Loss from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(160,615		)	(59,358		)	(11,355		)	—		(231,328		)
Income tax benefit	(56,260		)	(21,035		)	(4,311		)	—		(81,606		)
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes	(45,367		)	(2,797		)	—			48,164		—
(Loss) Income from Continuing Operations	$	(149,722	)	$	(41,120	)	$	(7,044	)	$	48,164	$	(149,722	)
Income (Loss) from Discontinued Operations, net of taxes	15,039			(1,904		)	807			1,097		15,039
Net (Loss) Income	$	(134,683	)	$	(43,024	)	$	(6,237	)	$	49,261	$	(134,683	)
Comprehensive (Loss) Income	$	(124,148	)	$	(37,036	)	$	6,653		$	30,383	$	(124,148	)

Condensed Consolidating Balance Sheets

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF SEPTEMBER 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Assets
Current Assets
Cash and cash equivalents	$	881,201		$	3,394		$	3,156		$	—		$	887,751
Restricted cash and cash equivalents	16,607			—			—			—			16,607
Accounts receivable, net	180			391,929			1,065			—			393,174
Broadcast rights	—			102,832			2,615			—			105,447
Income taxes receivable	—			57,197			—			—			57,197
Prepaid expenses	13,132			14,426			378			—			27,936
Other	5,310			1,196			5,451			—			11,957
Total current assets	916,430			570,974			12,665			—			1,500,069
Properties
Property, plant and equipment	45,289			593,503			29,128			—			667,920
Accumulated depreciation	(30,085		)	(228,543		)	(1,673		)	—			(260,301		)
Net properties	15,204			364,960			27,455			—			407,619
Investments in subsidiaries	10,763,794			75,252			—			(10,839,046		)	—
Other Assets
Broadcast rights	—			112,720			442			—			113,162
Goodwill	—			3,220,300			8,416			—			3,228,716
Other intangible assets, net	—			1,417,344			70,190			—			1,487,534
Assets held for sale	—			—			28,955			—			28,955
Investments	850			1,210,546			20,477			—			1,231,873
Intercompany receivables	2,850,022			7,308,247			409,569			(10,567,838		)	—
Other	63,239			142,616			999			(43,289		)	163,565
Total other assets	2,914,111			13,411,773			539,048			(10,611,127		)	6,253,805
Total Assets	$	14,609,539		$	14,422,959		$	579,168		$	(21,450,173	)	$	8,161,493

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF SEPTEMBER 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable	$	20,679		$	19,842		$	1,434		$	—		$	41,955
Income taxes payable	—			8,452			—			—			8,452
Contracts payable for broadcast rights	—			261,761			2,848			—			264,609
Deferred revenue	—			13,127			866			—			13,993
Interest payable	14,473			—			—			—			14,473
Other	41,546			56,690			5,658			—			103,894
Total current liabilities	76,698			359,872			10,806			—			447,376
Non-Current Liabilities
Long-term debt	2,924,340			—			—			—			2,924,340
Deferred income taxes	—			564,730			59,638			(43,289		)	581,079
Contracts payable for broadcast rights	—			259,204			467			—			259,671
Intercompany payables	7,810,885			2,476,063			280,890			(10,567,838		)	—
Other	344,255			121,834			24,380			—			490,469
Total non-current liabilities	11,079,480			3,421,831			365,375			(10,611,127		)	4,255,559
Total liabilities	11,156,178			3,781,703			376,181			(10,611,127		)	4,702,935
Shareholders’ Equity (Deficit)
Common stock	102			—			—			—			102
Treasury stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,023,769			9,041,422			204,299			(9,245,721		)	4,023,769
Retained earnings (deficit)	98,795			1,600,819			(6,692		)	(1,594,127		)	98,795
Accumulated other comprehensive (loss) income	(37,111		)	(985		)	183			802			(37,111		)
Total Tribune Media Company shareholders’ equity (deficit)	3,453,361			10,641,256			197,790			(10,839,046		)	3,453,361
Noncontrolling interests	—			—			5,197			—			5,197
Total shareholders’ equity (deficit)	3,453,361			10,641,256			202,987			(10,839,046		)	3,458,558
Total Liabilities and Shareholders’ Equity (Deficit)	$	14,609,539		$	14,422,959		$	579,168		$	(21,450,173	)	$	8,161,493

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2017
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Assets
Current Assets
Cash and cash equivalents	$	670,302		$	1,501		$	1,882		$	—		$	673,685
Restricted cash and cash equivalents	17,566			—			—			—			17,566
Accounts receivable, net	143			418,950			1,002			—			420,095
Broadcast rights	—			126,668			2,506			—			129,174
Income taxes receivable	—			18,274			—			—			18,274
Prepaid expenses	8,647			11,245			266			—			20,158
Other	12,487			1,552			—			—			14,039
Total current assets	709,145			578,190			5,656			—			1,292,991
Properties
Property, plant and equipment	58,622			557,394			57,666			—			673,682
Accumulated depreciation	(29,505		)	(196,644		)	(7,238		)	—			(233,387		)
Net properties	29,117			360,750			50,428			—			440,295
Investments in subsidiaries	10,378,948			74,610			—			(10,453,558		)	—
Other Assets
Broadcast rights	—			133,567			116			—			133,683
Goodwill	—			3,220,300			8,688			—			3,228,988
Other intangible assets, net	—			1,534,761			78,904			—			1,613,665
Assets held for sale	—			38,900			—			—			38,900
Investments	850			1,258,851			22,090			—			1,281,791
Intercompany receivables	2,520,570			6,527,083			411,059			(9,458,712		)	—
Other	65,743			135,373			376			(62,477		)	139,015
Total other assets	2,587,163			12,848,835			521,233			(9,521,189		)	6,436,042
Total Assets	$	13,704,373		$	13,862,385		$	577,317		$	(19,974,747	)	$	8,169,328

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2017
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable	$	24,529		$	22,487		$	1,303		$	—		$	48,319
Income taxes payable	—			36,252			—			—			36,252
Contracts payable for broadcast rights	—			250,553			2,691			—			253,244
Deferred revenue	—			11,074			868			—			11,942
Interest payable	30,525			—			—			—			30,525
Deferred spectrum auction proceeds	—			172,102			—			—			172,102
Other	44,817			57,063			3			—			101,883
Total current liabilities	99,871			549,531			4,865			—			654,267
Non-Current Liabilities
Long-term debt	2,919,185			—			—			—			2,919,185
Deferred income taxes	—			485,608			85,043			(62,477		)	508,174
Contracts payable for broadcast rights	—			300,269			151			—			300,420
Intercompany payables	7,044,972			2,148,695			265,045			(9,458,712		)	—
Other	423,209			121,870			25,023			—			570,102
Total non-current liabilities	10,387,366			3,056,442			375,262			(9,521,189		)	4,297,881
Total Liabilities	10,487,237			3,605,973			380,127			(9,521,189		)	4,952,148
Shareholders’ Equity (Deficit)
Common stock	101			—			—			—			101
Treasury stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,011,530			9,040,065			202,942			(9,243,007		)	4,011,530
Retained (deficit) earnings	(114,240		)	1,219,023			(6,516		)	(1,212,507		)	(114,240		)
Accumulated other comprehensive (loss) income	(48,061		)	(2,676		)	720			1,956			(48,061		)
Total Tribune Media Company shareholders’ equity (deficit)	3,217,136			10,256,412			197,146			(10,453,558		)	3,217,136
Noncontrolling interests	—			—			44			—			44
Total shareholders’ equity (deficit)	3,217,136			10,256,412			197,190			(10,453,558		)	3,217,180
Total Liabilities and Shareholders’ Equity (Deficit)	$	13,704,373		$	13,862,385		$	577,317		$	(19,974,747	)	$	8,169,328

Condensed Consolidating Statement of Cash Flows

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Net cash (used in) provided by operating activities	$	(145,783	)	$	469,683		$	(17,051	)	$	—	$	306,849
Investing Activities
Capital expenditures	(8,822		)	(36,175		)	(2,455		)	—		(47,452		)
Spectrum repack reimbursements	—			6,967			—			—		6,967
Proceeds from sales of real estate and other assets	—			66			—			—		66
Proceeds from the sales of investments	—			15,232			—			—		15,232
Other, net	—			(84		)	1,613			—		1,529
Net cash used in investing activities	(8,822		)	(13,994		)	(842		)	—		(23,658		)
Financing Activities
Payments of dividends	(65,776		)	—			—			—		(65,776		)
Tax withholdings related to net share settlements of share-based awards	(5,765		)	—			—			—		(5,765		)
Proceeds from stock option exercises	982			—			—			—		982
Contributions from noncontrolling interests, net	—			—			475			—		475
Change in intercompany receivables and payables and intercompany contributions	435,104			(453,796		)	18,692			—		—
Net cash provided by (used in) financing activities	364,545			(453,796		)	19,167			—		(70,084		)
Net Increase in Cash, Cash Equivalents and Restricted Cash	209,940			1,893			1,274			—		213,107
Cash, cash equivalents and restricted cash, beginning of period	687,868			1,501			1,882			—		691,251
Cash, cash equivalents and restricted cash, end of period	$	897,808		$	3,394		$	3,156		$	—	$	904,358
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	$	881,201		$	3,394		$	3,156		$	—	$	887,751
Restricted cash	16,607			—			—			—		16,607
Total cash, cash equivalents and restricted cash	$	897,808		$	3,394		$	3,156		$	—	$	904,358

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Net cash (used in) provided by operating activities	$	(184,784	)	$	346,753		$	9,525		$	—	$	171,494
Investing Activities
Capital expenditures	(3,812		)	(33,645		)	(3,966		)	—		(41,423		)
Net proceeds from the sale of business	574,817			(8,168		)	(12,162		)	—		554,487
Proceeds from FCC spectrum auction	—			172,102			—			—		172,102
Proceeds from sales of real estate and other assets	—			61,240			—			—		61,240
Proceeds from sales of investments	5,769			142,552			—			—		148,321
Distributions from equity investments	—			4,608			—			—		4,608
Other, net	—			(25		)	805			—		780
Net cash provided by (used in) investing activities	576,774			338,664			(15,323		)	—		900,115
Financing Activities
Long-term borrowings	202,694			—			—			—		202,694
Repayments of long-term debt	(688,708		)	—			(14,819		)	—		(703,527		)
Long-term debt issuance costs	(1,689		)	—			—			—		(1,689		)
Payments of dividends	(564,499		)	—			—			—		(564,499		)
Tax withholdings related to net share settlements of share-based awards	(8,030		)	—			—			—		(8,030		)
Proceeds from stock option exercises	11,231			—			—			—		11,231
Contributions from noncontrolling interests	—			—			1,318			—		1,318
Change in intercompany receivables and payables and intercompany contributions (1)	680,631			(690,989		)	10,358			—		—
Net cash used in financing activities	(368,370		)	(690,989		)	(3,143		)	—		(1,062,502		)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	23,620			(5,572		)	(8,941		)	—		9,107
Cash, cash equivalents and restricted cash, beginning of period	592,204			7,378			11,616			—		611,198
Cash, cash equivalents and restricted cash, end of period	$	615,824		$	1,806		$	2,675		$	—	$	620,305
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	$	598,258		$	1,806		$	2,675		$	—	$	602,739
Restricted cash	17,566			—			—			—		17,566
Total cash, cash equivalents and restricted cash	$	615,824		$	1,806		$	2,675		$	—	$	620,305

(1) Excludes the impact of a $54 million non-cash settlement of intercompany balances upon dissolution of certain Guarantor and Non-Guarantor subsidiaries included in the Gracenote Sale.