Segment Information

12 Months Ended

Dec. 31, 2016

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, national and political 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 our national digital businesses of Newsy, an over-the-top ("OTT") video news service, Cracked, the multi-platform humor and satire brand, 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.

Information regarding our business segments is as follows:

	For the years ended December 31,
(in thousands)	2016			2015			2014
Segment operating revenues:
Television	$	802,134		$	609,551		$	466,965
Radio	70,860			58,881			—
Digital	62,076			38,928			22,881
Syndication and other	7,977			8,296			8,906
Total operating revenues	$	943,047		$	715,656		$	498,752
Segment profit (loss):
Television	$	249,268		$	139,797		$	136,319
Radio	12,797			12,837			—
Digital	(16,358		)	(17,103		)	(22,828		)
Syndication and other	(801		)	(1,074		)	(1,499		)
Shared services and corporate	(44,222		)	(43,619		)	(41,772		)
Defined benefit pension plan expense	(14,332		)	(58,674		)	(5,671		)
Acquisition and related integration costs	(578		)	(37,988		)	(9,708		)
Depreciation and amortization of intangibles	(58,581		)	(51,952		)	(32,180		)
Impairment of goodwill and intangibles	—			(24,613		)	—
(Losses) gains, net on disposal of property and equipment	(543		)	(483		)	2,872
Interest expense	(18,039		)	(15,099		)	(8,494		)
Miscellaneous, net	(2,646		)	(1,421		)	(7,693		)
Income (loss) from continuing operations before income taxes	$	105,965		$	(99,392	)	$	9,346
Depreciation:
Television	$	30,184		$	29,685		$	21,676
Radio	2,317			1,366			—
Digital	164			525			413
Syndication and other	263			258			119
Shared services and corporate	1,863			2,344			1,960
Total depreciation	$	34,791		$	34,178		$	24,168
Amortization of intangibles:
Television	$	16,958		$	14,607		$	7,092
Radio	1,060			795			—
Digital	4,419			2,034			920
Shared services and corporate	1,353			338			—
Total amortization of intangibles	$	23,790		$	17,774		$	8,012

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

	For the years ended December 31,
(in thousands)	2016		2015		2014
Additions to property and equipment:
Television	$	21,064	$	20,988	$	13,039
Radio	2,037		2,317		—
Digital	54		66		208
Syndication and other	124		83		1,127
Shared services and corporate	1,283		1,851		1,926
Total additions to property and equipment	$	24,562	$	25,305	$	16,300

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

	As of December 31,
(in thousands)	2016		2015		2014
Assets:
Television	$	1,248,808	$	1,251,733	$	509,652
Radio	146,175		147,579		—
Digital	148,994		103,432		41,034
Syndication and other	7,954		7,794		3,101
Shared services and corporate	176,442		170,322		257,909
Total assets of continuing operations	1,728,373		1,680,860		811,696
Discontinued operations	—		—		219,408
Total assets	$	1,728,373	$	1,680,860	$	1,031,104

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