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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts and Classification of Assets and Liabilities of VIEs

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets for the periods presented, were as follows (in thousands):



	As of September 30, 2018		As of December 31, 2017
ASSETS
Current assets:
Accounts receivable	$	17,514	$	19,566
Other current assets	8,804		8,937
Total current assets	26,318		28,503

Program contract costs, less current portion	2,394		822
Property and equipment, net	5,575		6,215
Goodwill and indefinite-lived intangible assets	15,064		15,064
Definite-lived intangible assets, net	69,424		74,442
Other assets	2,374		5,601
Total assets	$	121,149	$	130,647

LIABILITIES
Current liabilities:
Other current liabilities	$	19,720	$	23,564

Notes payable, capital leases and commercial bank financing, less current portion	18,673		23,217
Program contracts payable, less current portion	9,279		11,213
Other long-term liabilities	650		650
Total liabilities	$	48,322	$	58,644

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the effects of adoption on our consolidated financial statements for the comparative periods presented (in thousands):



	Three Months Ended							Nine Months Ended
	September 30, 2017							September 30, 2017
	As Reported		Adoption of ASC 606			As Adjusted		As Reported		Adoption of ASC 606			As Adjusted
Revenues realized from station barter arrangements (a)	$	31,787	$	(26,359	)	$	5,428	$	91,817	$	(76,413	)	$	15,404
Expenses realized from barter arrangements (b)	$	26,696	$	(26,359	)	$	337	$	77,491	$	(76,413	)	$	1,078
Operating income	$	103,447	$	—		$	103,447	$	379,924	$	—		$	379,924
Net income	$	30,637	$	—		$	30,637	$	132,483	$	—		$	132,483
Basic EPS	$	0.30	$	—		$	0.30	$	1.34	$	—		$	1.34
Diluted EPS	$	0.30	$	—		$	0.30	$	1.32	$	—		$	1.32


(a)	The remaining balance in the "as adjusted" column relates to trade revenue, which was unaffected by the adoption and has been reclassified to media revenue.


(b)	The remaining balance in the "as adjusted" column relates to trade expense, which was unaffected by the adoption and has been reclassified to media production expense.

Disaggregation of Revenue

The following table presents our revenue disaggregated by type and segment (in thousands):



	Three Months Ended
	September 30, 2018						September 30, 2017
	Broadcast		Other		Total		Broadcast		Other		Total
Advertising revenue	$	365,617	$	19,629	$	385,246	$	314,930	$	16,056	$	330,986
Distribution revenue	302,780		27,913		330,693		258,841		26,517		285,358
Other media and non-media revenues	10,274		40,047		50,321		11,170		17,018		28,188
Total revenues	$	678,671	$	87,589	$	766,260	$	584,941	$	59,591	$	644,532

	Nine Months Ended
	September 30, 2018						September 30, 2017
	Broadcast		Other		Total		Broadcast		Other		Total
Advertising revenue	$	1,002,734	$	57,963	$	1,060,697	$	953,254	$	38,830	$	992,084
Distribution revenue	881,836		82,675		964,511		759,632		80,355		839,987
Other media and non-media revenues	32,274		104,274		136,548		32,891		58,740		91,631
Total revenues	$	1,916,844	$	244,912	$	2,161,756	$	1,745,777	$	177,925	$	1,923,702

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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