Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

We determine our business segments based upon our management and internal reporting structure. Our reportable segments are strategic businesses that offer different products and services.

Our television segment includes 15 ABC affiliates, five NBC affiliates, two FOX affiliates, two CBS affiliates and four non big-four affiliated stations. We also own five Azteca America Spanish-language affiliates. Our television stations reach approximately 18% of the nation’s television households. Our television stations earn revenue primarily from the sale of advertising time to local and national advertisers and retransmission fees received from cable operators and satellite carriers.

Our radio segment consists of 34 radio stations in eight markets. We operate 28 FM stations and six AM stations. Our radio stations earn revenue primarily from the sale of advertising to local advertisers.

Our digital segment includes the digital operations of our local television and radio businesses. It also includes the operations of national digital businesses such as Newsy, an over-the-top ("OTT") video news service, and Midroll, a podcast industry leader. Our digital operations earn revenue primarily through the sale of advertising and marketing services.

Syndication and other primarily includes the syndication of news features and comics and other features for the newspaper industry.

We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes and deferred income taxes.

Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.

Effective April 1, 2015, we began reporting our digital operations as a segment. We have recast the operating results for television, syndication and other, and shared services and corporate in prior periods to reflect this change.

Information regarding our business segments is as follows:

	For the years ended December 31,
(in thousands)	2015			2014			2013
Segment operating revenues:
Television	$	609,551		$	466,965		$	405,941
Radio	58,881			—			—
Digital	38,928			22,881			17,131
Syndication and other	8,296			8,906			9,285
Total operating revenues	$	715,656		$	498,752		$	432,357
Segment profit (loss):
Television	$	139,797		$	136,319		$	98,562
Radio	12,837			—			—
Digital	(17,103		)	(22,828		)	(18,716		)
Syndication and other	(1,074		)	(1,499		)	11
Shared services and corporate	(43,619		)	(41,772		)	(41,134		)
Defined benefit pension plan expense	(58,674		)	(5,671		)	(8,110		)
Acquisition and related integration costs	(37,988		)	(9,708		)	—
Depreciation and amortization of intangibles	(51,952		)	(32,180		)	(30,522		)
Impairment of goodwill and intangibles	(24,613		)	—			—
(Losses) gains, net on disposal of property, plant and equipment	(483		)	2,872			(296		)
Interest expense	(15,099		)	(8,494		)	(10,437		)
Miscellaneous, net	(1,421		)	(7,693		)	(11,350		)
(Loss) income from continuing operations before income taxes	$	(99,392	)	$	9,346		$	(21,992	)
Depreciation:
Television	$	29,685		$	21,676		$	22,561
Radio	1,366			—			—
Digital	525			413			29
Syndication and other	258			119			78
Shared services and corporate	2,344			1,960			1,476
Total depreciation	$	34,178		$	24,168		$	24,144
Amortization of intangibles:
Television	$	14,607		$	7,092		$	6,378
Radio	795			—			—
Digital	2,034			920			—
Shared services and corporate	338			—			—
Total amortization of intangibles	$	17,774		$	8,012		$	6,378

The following table presents additions to property, plant and equipment by segment:

	For the years ended December 31,
(in thousands)	2015		2014		2013
Additions to property, plant and equipment:
Television	$	20,988	$	13,039	$	12,595
Radio	2,317		—		—
Digital	66		208		—
Syndication and other	83		1,127		—
Shared services and corporate	1,851		1,926		4,095
Total additions to property, plant and equipment	$	25,305	$	16,300	$	16,690

Total assets by segment for the years ended December 31 were as follows:

	As of December 31,
(in thousands)	2015		2014		2013
Assets:
Television	$	1,251,733	$	509,652	$	410,092
Radio	147,579		—		—
Digital	103,432		41,034		—
Syndication and other	7,794		3,101		2,017
Shared services and corporate	170,322		257,909		315,128
Total assets of continuing operations	1,680,860		811,696		727,237
Discontinued operations	—		219,408		238,893
Total assets	$	1,680,860	$	1,031,104	$	966,130

No single customer provides more than 10% of our revenue.