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SEGMENT DATA:
12 Months Ended
Dec. 31, 2014
SEGMENT DATA  
SEGMENT DATA

 

14. SEGMENT DATA:

 

We measure segment performance based on operating income (loss).  Excluding discontinued operations, our broadcast segment includes stations in 79 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 years ended 2013 and 2012. 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 $171.9 million of intercompany loans between the broadcast segment, other operating divisions and corporate as of December 31, 2014 and 2013, respectively.  We had $20.7 million, $20.0 million, and $20.0 million in intercompany interest expense related to intercompany loans between the broadcast segment, other operating divisions and corporate for the years ended December 31, 2014, 2013, and 2012, respectively. All other intercompany transactions are immaterial.

 

Financial information for our operating segments is included in the following tables for the years ended December 31, 2014, 2013 and 2012 (in thousands):

 

For the year ended December 31, 2014

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

1,904,988

 

$

71,570

 

$

 

$

1,976,558

 

Depreciation of property and equipment

 

99,823

 

2,350

 

1,118

 

103,291

 

Amortization of definite-lived intangible assets and other assets

 

118,654

 

6,842

 

 

125,496

 

Amortization of program contract costs and net realizable value adjustments

 

106,629

 

 

 

106,629

 

General and administrative overhead expenses

 

56,179

 

973

 

12,261

 

69,413

 

Operating income (loss)

 

505,941

 

2,089

 

(13,379

)

494,651

 

Interest expense

 

 

4,042

 

170,820

 

174,862

 

Income from equity and cost method investments

 

 

2,313

 

 

2,313

 

Goodwill

 

1,964,041

 

512

 

 

1,964,553

 

Assets

 

4,941,446

 

356,380

 

154,346

 

5,452,172

 

Capital expenditures

 

78,865

 

2,593

 

 

81,458

 

 

For the year ended December 31, 2013

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

1,306,187

 

$

56,944

 

$

 

$

1,363,131

 

Depreciation of property and equipment

 

67,320

 

1,891

 

1,343

 

70,554

 

Amortization of definite-lived intangible assets and other assets

 

65,786

 

5,034

 

 

70,820

 

Amortization of program contract costs and net realizable value adjustments

 

80,925

 

 

 

80,925

 

General and administrative overhead expenses

 

47,272

 

1,350

 

4,504

 

53,126

 

Operating income (loss)

 

329,312

 

555

 

(5,847

)

324,020

 

Interest expense

 

 

3,251

 

159,686

 

162,937

 

Income from equity and cost method investments

 

 

621

 

 

621

 

Goodwill

 

1,376,594

 

3,488

 

 

1,380,082

 

Assets

 

3,450,006

 

296,657

 

400,809

 

4,147,472

 

Capital expenditures

 

35,694

 

4,994

 

2,700

 

43,388

 

 

For the year ended December 31, 2012

 

Broadcast

 

Other
Operating
Divisions

 

Corporate

 

Consolidated

 

Revenue

 

$

1,007,498

 

$

54,181

 

$

 

$

1,061,679

 

Depreciation of property and equipment

 

44,054

 

1,496

 

1,523

 

47,073

 

Amortization of definite-lived intangible assets and other assets

 

33,701

 

4,398

 

 

38,099

 

Amortization of program contract costs and net realizable value adjustments

 

60,990

 

 

 

60,990

 

General and administrative overhead expenses

 

28,854

 

1,697

 

2,840

 

33,391

 

Operating income (loss)

 

333,157

 

491

 

(4,363

)

329,285

 

Interest expense

 

 

3,282

 

125,271

 

128,553

 

Income from equity and cost method investments

 

 

9,670

 

 

9,670