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SEGMENT DATA
9 Months Ended
Sep. 30, 2014
SEGMENT DATA  
SEGMENT DATA

7.              SEGMENT DATA

 

We measure segment performance based on operating income (loss).  Excluding discontinued operations, our broadcast segment includes stations in 76 markets located throughout the continental United States. The operating results of WLAJ-TV and WLWC-TV, which were sold effective March 1, 2013 and April 1, 2013, respectively, are classified as discontinued operations and are not included in our consolidated results of continuing operations for the three months ended September 30, 2013. Our other operating divisions primarily consist of sign design and fabrication; regional security alarm operating and bulk acquisitions; manufacturing and service of broadcast antennas and transmitters; and real estate ventures. All of our other operating divisions are located within the United States.  Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location.  Other Operating Divisions and Corporate are not reportable segments but are included for reconciliation purposes.  We had approximately $172.3 million and $171.7 million of intercompany loans between the broadcast segment, other operating divisions and corporate as of September 30, 2014 and 2013, respectively.  We had $5.3 million and $5.0 million in intercompany interest expense related to intercompany loans between the broadcast segment, other operating divisions and corporate for the three months ending September 30, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, we had $15.3 million and $15.0 million, respectively, in intercompany interest expense. All other intercompany transactions are immaterial.

 

Segment financial information is included in the following tables for the periods presented (in thousands):

 

For the three months ended September 30, 2014

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

476,538

 

$

18,418

 

$

 

$

494,956

 

Depreciation of property and equipment

 

24,516

 

559

 

267

 

25,342

 

Amortization of definite-lived intangible assets and other assets

 

32,724

 

1,754

 

 

34,478

 

Amortization of program contract costs and net realizable value adjustments

 

28,622

 

 

 

28,622

 

General and administrative overhead expenses

 

13,180

 

68

 

3,743

 

16,991

 

Operating income (loss)

 

104,776

 

897

 

(4,010

)

101,663

 

Interest expense

 

 

1,036

 

46,914

 

47,950

 

Income from equity and cost method investments

 

 

1,928

 

 

1,928

 

Assets

 

4,690,074

 

335,909

 

268,273

 

5,294,256

 

 

For the three months ended September 30, 2013

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

323,681

 

$

14,963

 

$

 

$

338,644

 

Depreciation of property and equipment

 

16,579

 

481

 

348

 

17,408

 

Amortization of definite-lived intangible assets and other assets

 

15,851

 

1,317

 

 

17,168

 

Amortization of program contract costs and net realizable value adjustments

 

19,229

 

 

 

19,229

 

General and administrative overhead expenses

 

14,633

 

576

 

900

 

16,109

 

Operating income (loss)

 

74,210

 

(113

)

(1,249

)

72,848

 

Interest expense

 

 

846

 

39,021

 

39,867

 

Income from equity and cost method investments

 

 

1,571

 

 

1,571

 

 

For the nine months ended September 30, 2014

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

1,311,931

 

$

50,809

 

$

 

$

1,362,740

 

Depreciation of property and equipment

 

72,455

 

1,716

 

801

 

74,972

 

Amortization of definite-lived intangible assets and other assets

 

79,238

 

4,957

 

 

84,195

 

Amortization of program contract costs and net realizable value adjustments

 

76,137

 

 

 

76,137

 

General and administrative overhead expenses

 

40,578

 

736

 

8,915

 

50,229

 

Operating income (loss)

 

293,942

 

1,476

 

(9,716

)

285,702

 

Interest expense

 

 

2,986

 

124,623

 

127,609

 

Income from equity and cost method investments

 

 

2,768

 

 

2,768

 

Assets

 

4,690,074

 

335,909

 

268,273

 

5,294,256

 

 

For the nine months ended September 30, 2013

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

896,153

 

$

39,263

 

$

 

$

935,416

 

Depreciation of property and equipment

 

44,739

 

1,330

 

1,039

 

47,108

 

Amortization of definite-lived intangible assets and other assets

 

45,089

 

3,638

 

 

48,727

 

Amortization of program contract costs and net realizable value adjustments

 

56,746

 

 

 

56,746

 

General and administrative overhead expenses

 

34,991

 

1,136

 

2,679

 

38,806

 

Operating income (loss)

 

224,652

 

(150

)

(3,718

)

220,784

 

Interest expense

 

 

2,385

 

120,644

 

123,029

 

Income from equity and cost method investments

 

 

115

 

 

115