[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: | 1-6383 |
Commonwealth of Virginia | 46-5188184 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
333 E. Franklin St., Richmond, VA | 23219 |
(Address of principal executive offices) | (Zip Code) |
Larger accelerated filer X | Accelerated filer |
Non-accelerated filer | Smaller reporting company |
Page | |||
Part I. | Financial Information | ||
Item 1. | Financial Statements | ||
Consolidated Condensed Balance Sheets – March 31, 2016 and December 31, 2015 | |||
Consolidated Condensed Statements of Comprehensive Income – Three months ended March 31, 2016 and March 31, 2015 | |||
Consolidated Condensed Statements of Cash Flows – Three months ended March 31, 2016 and March 31, 2015 | |||
Notes to Consolidated Condensed Financial Statements | |||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. | Quantitative and Qualitative Disclosure About Market Risk | ||
Item 4. | Controls and Procedures | ||
Part II. | Other Information | ||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 5. | Other Information | ||
Item 6. | Exhibits | ||
(a) Exhibits | |||
Signatures |
ASSETS | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 33,593 | $ | 41,091 | |||
Trade accounts receivable (less allowance for doubtful accounts 2016 - $4,448; 2015 - $4,634) | 291,889 | 298,474 | |||||
Prepaid expenses and other current assets | 17,387 | 15,083 | |||||
Total current assets | 342,869 | 354,648 | |||||
Property and equipment, net of accumulated depreciation 2016 - $162,653 ; 2015 - $145,274 | 457,418 | 470,537 | |||||
Other assets, net | 32,910 | 38,070 | |||||
Definite lived intangible assets, net of accumulated amortization 2016 - $160,897; 2015 - $138,072 | 849,839 | 871,129 | |||||
Broadcast licenses | 1,097,100 | 1,097,100 | |||||
Goodwill | 1,544,624 | 1,544,624 | |||||
Total assets (a) | $ | 4,324,760 | $ | 4,376,108 |
March 31, 2016 | December 31, 2015 | ||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 19,854 | $ | 35,800 | |||
Accrued salaries and wages | 21,129 | 21,465 | |||||
Accrued expenses and other current liabilities | 108,110 | 95,500 | |||||
Current installments of long-term debt | 3,514 | 3,804 | |||||
Current installments of obligation under capital leases | 841 | 859 | |||||
Total current liabilities | 153,448 | 157,428 | |||||
Long-term debt, net | 2,200,343 | 2,199,110 | |||||
Deferred tax liability and other long-term tax liabilities | 293,973 | 315,234 | |||||
Long-term capital lease obligations | 13,810 | 14,012 | |||||
Retirement and postretirement plans | 179,377 | 182,987 | |||||
Other liabilities | 33,287 | 34,920 | |||||
Total liabilities (b) | 2,874,238 | 2,903,691 | |||||
Commitments and contingencies | |||||||
Noncontrolling interests | 37,465 | 24,447 | |||||
Stockholders' equity: | |||||||
Preferred stock (no par value): authorized 50,000,000 shares; none outstanding | — | — | |||||
Common stock (no par value): | |||||||
Voting common stock, authorized 400,000,000 shares; issued 2016 - 129,241,012 and 2015 - 128,600,384 | 1,296,879 | 1,305,155 | |||||
Accumulated other comprehensive loss | (31,224 | ) | (31,224 | ) | |||
Retained earnings | 147,402 | 174,039 | |||||
Total stockholders' equity | 1,413,057 | 1,447,970 | |||||
Total liabilities, noncontrolling interests and stockholders' equity | $ | 4,324,760 | $ | 4,376,108 |
Three Months Ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Net operating revenue | $ | 343,463 | $ | 296,734 | ||||
Operating costs: | ||||||||
Operating expenses, excluding depreciation expense | 151,143 | 125,876 | ||||||
Selling, general and administrative expenses | 78,321 | 80,470 | ||||||
Amortization of program license rights | 12,066 | 11,758 | ||||||
Corporate and other expenses | 10,352 | 12,651 | ||||||
Depreciation and amortization | 40,121 | 40,283 | ||||||
Gain related to property and equipment, net | (768 | ) | (228 | ) | ||||
Merger-related expenses | 65,882 | 5,277 | ||||||
Restructuring expenses | 3,982 | — | ||||||
Total operating costs | 361,099 | 276,087 | ||||||
Operating income (loss) | (17,636 | ) | 20,647 | |||||
Other income (expense): | ||||||||
Interest expense | (28,556 | ) | (31,023 | ) | ||||
Debt modification and extinguishment costs | — | (613 | ) | |||||
Other, net | 74 | 3,290 | ||||||
Total other expense | (28,482 | ) | (28,346 | ) | ||||
Loss before income taxes | (46,118 | ) | (7,699 | ) | ||||
Income tax benefit | 20,405 | 3,157 | ||||||
Net loss | $ | (25,713 | ) | $ | (4,542 | ) | ||
Net income attributable to noncontrolling interests (included above) | 477 | 2,891 | ||||||
Net loss attributable to Media General | $ | (26,190 | ) | $ | (7,433 | ) | ||
Other comprehensive income | — | — | ||||||
Total comprehensive loss attributable to Media General | $ | (26,190 | ) | $ | (7,433 | ) | ||
Earnings (loss) per common share (basic and diluted): | ||||||||
Net loss per common share (basic) | $ | (0.20 | ) | $ | (0.06 | ) | ||
Net loss per common share (assuming dilution) | $ | (0.20 | ) | $ | (0.06 | ) |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (25,713 | ) | $ | (4,542 | ) | |
Adjustments to reconcile net income (loss): | |||||||
Deferred income tax benefit | (21,261 | ) | (3,357 | ) | |||
Depreciation and amortization | 40,121 | 40,283 | |||||
Amortization of program license rights | 12,066 | 11,758 | |||||
Amortization of debt premiums, discounts and issue costs | 2,033 | 308 | |||||
Gain on disposal of property and equipment, net | (768 | ) | (228 | ) | |||
Gain on relocation of spectrum | — | (3,120 | ) | ||||
Stock-based compensation | 2,078 | 3,010 | |||||
Debt modification and extinguishment costs | — | 613 | |||||
Change in assets and liabilities: | |||||||
Program license rights, net of liabilities | (12,110 | ) | (10,867 | ) | |||
Trade accounts receivable | 6,330 | 31,080 | |||||
Company owned life insurance (cash surrender value less policy loans including repayments) | (312 | ) | (519 | ) | |||
Trade accounts payable, accrued expenses and other liabilities | (3,728 | ) | (3,932 | ) | |||
Contributions to retirement plans | — | (1,250 | ) | ||||
Other, net | (3,535 | ) | (2,818 | ) | |||
Net cash (used) provided by operating activities | (4,799 | ) | 56,419 | ||||
Cash flows from investing activities: | |||||||
Capital expenditures | (6,763 | ) | (7,209 | ) | |||
Proceeds from the sale of property and equipment | 3,976 | 262 | |||||
Proceeds from spectrum relocation | — | 620 | |||||
Other, net | (10 | ) | (5 | ) | |||
Net cash used by investing activities | (2,797 | ) | (6,332 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of borrowings under Media General Credit Agreement | — | (35,000 | ) | ||||
Borrowings under Media General Revolving Credit Facility | 30,000 | — | |||||
Repayments under Media General Revolving Credit Facility | (30,000 | ) | — | ||||
Repayment of borrowings under Shield Media Credit Agreement | (800 | ) | (600 | ) | |||
Repayment of other borrowings | (290 | ) | (290 | ) | |||
Exercise of stock options | 1,408 | 958 | |||||
Other, net | (220 | ) | (764 | ) | |||
Net cash provided (used) by financing activities | 98 | (35,696 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (7,498 | ) | 14,391 | ||||
Cash and cash equivalents at beginning of period | 41,091 | 43,920 | |||||
Cash and cash equivalents at end of period | $ | 33,593 | $ | 58,311 | |||
Cash paid for interest | $ | 24,973 | $ | 29,444 | |||
Cash paid for income taxes, net | $ | 618 | $ | 1,963 | |||
Cash paid for Meredith termination fee | $ | 60,000 | $ | — |
Three Months Ended March 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Revenues | ||||||||
Broadcast | $ | 305,593 | $ | 266,484 | ||||
Digital | 37,870 | 30,250 | ||||||
Revenues | $ | 343,463 | $ | 296,734 |
Three Months Ended March 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Operating income | ||||||||
Broadcast | $ | 103,618 | $ | 80,821 | ||||
Digital | (1,685 | ) | (2,191 | ) | ||||
Segment operating income | 101,933 | 78,630 | ||||||
Corporate and other expenses | (10,352 | ) | (12,651 | ) | ||||
Depreciation and amortization | (40,121 | ) | (40,283 | ) | ||||
Gain related to property and equipment, net | 768 | 228 | ||||||
Merger-related expenses | (65,882 | ) | (5,277 | ) | ||||
Restructuring expenses | (3,982 | ) | — | |||||
Operating income (loss) | $ | (17,636 | ) | $ | 20,647 |
(In thousands) | March 31, 2016 | December 31, 2015 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 3,554 | $ | 3,693 | |||
Trade accounts receivable (less allowance for doubtful accounts 2016 - $89; 2015 - $94) | 7,985 | 9,798 | |||||
Prepaid expenses and other current assets | 715 | 796 | |||||
Total current assets | 12,254 | 14,287 | |||||
Property and equipment, net | 1,937 | 1,904 | |||||
Other assets, net | 2,874 | 3,094 | |||||
Definite lived intangible assets, net | 31,479 | 32,244 | |||||
Broadcast licenses | 71,300 | 71,300 | |||||
Goodwill | 21,859 | 21,859 | |||||
Total assets | $ | 141,703 | $ | 144,688 | |||
Liabilities | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 13 | $ | 16 | |||
Other accrued expenses and other current liabilities | 1,974 | 2,221 | |||||
Current installments of long-term debt | 3,514 | 3,804 | |||||
Total current liabilities | 5,501 | 6,041 | |||||
Long-term debt, net | 23,285 | 24,062 | |||||
Other liabilities | 6,981 | 8,310 | |||||
Total liabilities | $ | 35,767 | $ | 38,413 |
(In thousands) | 2016 | 2015 | |||||
Media General Credit Agreement | $ | 1,541,000 | $ | 1,541,000 | |||
2022 Notes | 400,000 | 400,000 | |||||
2021 Notes | 275,000 | 275,000 | |||||
Shield Media Credit Agreement | 26,400 | 27,200 | |||||
Other borrowings | 659 | 950 | |||||
Total debt | 2,243,059 | 2,244,150 | |||||
Less: net unamortized discount | (8,531 | ) | (8,992 | ) | |||
Less: scheduled current maturities | (3,514 | ) | (3,804 | ) | |||
Less: unamortized debt issuance fees | (30,671 | ) | (32,244 | ) | |||
Long-term debt excluding current maturities | $ | 2,200,343 | $ | 2,199,110 |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
(In thousands) | Amount | Value | Amount | Value | |||||||||||
Assets: | |||||||||||||||
Investments | |||||||||||||||
Trading securities | $ | 274 | $ | 274 | $ | 257 | $ | 257 | |||||||
Liabilities: | |||||||||||||||
Long-term debt: | |||||||||||||||
Media General Credit Agreement | 1,508,934 | 1,545,471 | 1,507,182 | 1,529,229 | |||||||||||
2022 Notes | 392,799 | 406,898 | 392,527 | 404,344 | |||||||||||
2021 Notes | 275,324 | 302,502 | 275,340 | 288,228 | |||||||||||
Shield Media Credit Agreement | 26,140 | 26,140 | 26,915 | 27,200 | |||||||||||
Other borrowings | 659 | 659 | 950 | 950 |
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In thousands, except | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||
per share amounts) | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||
Net income (loss) attributable to Media General | $ | (26,190 | ) | $ | (7,433 | ) | |||||||||||||||
Undistributed earnings attributable to participating securities | — | — | |||||||||||||||||||
Basic EPS | |||||||||||||||||||||
Income (loss) attributable to common stockholders | $ | (26,190 | ) | 128,595 | $ | (0.20 | ) | $ | (7,433 | ) | 129,384 | $ | (0.06 | ) | |||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options and warrants | — | — | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||||
Income (loss) attributable to common stockholders | $ | (26,190 | ) | 128,595 | $ | (0.20 | ) | $ | (7,433 | ) | 129,384 | $ | (0.06 | ) |
Three Months Ended | |||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||
(In thousands) | March 31, 2016 | March 31, 2015 | March 31, 2016 | March 31, 2015 | |||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 10 | |||||||
Interest cost | 4,650 | 7,400 | 200 | 110 | |||||||||||
Expected return on plan assets | (6,950 | ) | (9,981 | ) | — | — | |||||||||
Amortization of net loss | — | 258 | (25 | ) | — | ||||||||||
Net periodic benefit (income) cost | $ | (2,300 | ) | $ | (2,323 | ) | $ | 175 | $ | 120 |
Accumulated | |||||||||||||||||||
Other | Total | ||||||||||||||||||
Common Stock | Comprehensive | Retained | Stockholders' | ||||||||||||||||
(In thousands) | Voting | Non-Voting | Loss | Earnings | Equity | ||||||||||||||
Balance at December 31, 2015 | $ | 1,305,155 | $ | — | $ | (31,224 | ) | $ | 174,039 | $ | 1,447,970 | ||||||||
Net loss attributable to Media General | — | — | (26,190 | ) | (26,190 | ) | |||||||||||||
Exercise of stock options | 1,408 | — | — | — | 1,408 | ||||||||||||||
Stock-based compensation | 2,078 | — | — | — | 2,078 | ||||||||||||||
Revaluation of redeemable noncontrolling interest | (12,094 | ) | — | — | (447 | ) | (12,541 | ) | |||||||||||
Other | 332 | — | — | — | 332 | ||||||||||||||
Balance at March 31, 2016 | $ | 1,296,879 | $ | — | $ | (31,224 | ) | $ | 147,402 | $ | 1,413,057 |
Accumulated | |||||||||||||||||||
Other | Total | ||||||||||||||||||
Common Stock | Comprehensive | Retained | Stockholders' | ||||||||||||||||
(In thousands) | Voting | Non-Voting | Income | Earnings | Equity | ||||||||||||||
Balance at December 31, 2014 | $ | 1,322,284 | $ | — | $ | (36,445 | ) | $ | 214,582 | $ | 1,500,421 | ||||||||
Net income attributable to Media General | — | — | — | (7,433 | ) | (7,433 | ) | ||||||||||||
Exercise of stock options | 1,034 | — | — | — | 1,034 | ||||||||||||||
Stock-based compensation | 3,010 | — | — | — | 3,010 | ||||||||||||||
Revaluation of redeemable noncontrolling interest | — | — | — | (586 | ) | (586 | ) | ||||||||||||
Other | (633 | ) | — | — | — | (633 | ) | ||||||||||||
Balance at March 31, 2015 | $ | 1,325,695 | $ | — | $ | (36,445 | ) | $ | 206,563 | $ | 1,495,813 |
As of March 31, 2016 | |||||||||
(In thousands) | Digital | WAGT | Total | ||||||
Accrued restructuring as of December 31, 2015 | $ | 1,312 | $ | — | $ | 1,312 | |||
Severance charges | 1,826 | 538 | 2,364 | ||||||
Contract termination charges | 630 | 172 | 802 | ||||||
Cash severance payments | (1,594 | ) | — | (1,594 | ) | ||||
Accrued restructuring as of March 31, 2016 | $ | 2,174 | $ | 710 | $ | 2,884 | |||
Three months ended March 31, 2016 | |||||||||
(In thousands) | Digital | WAGT | Total | ||||||
Severance charges | $ | 1,826 | $ | 538 | $ | 2,364 | |||
Contract termination charges | 630 | 172 | 802 | ||||||
Asset impairment | — | 282 | 282 | ||||||
Legal fees | — | 477 | 477 | ||||||
Other | — | 57 | 57 | ||||||
Total restructuring expense | $ | 2,456 | $ | 1,526 | $ | 3,982 |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 29,512 | $ | 4,081 | $ | — | $ | 33,593 | |||||||||||
Trade accounts receivable, net | — | 77,599 | 183,913 | 30,377 | — | 291,889 | |||||||||||||||||
Prepaid expenses and other current assets | — | 2,743 | 13,144 | 1,500 | — | 17,387 | |||||||||||||||||
Total current assets | — | 80,342 | 226,569 | 35,958 | — | 342,869 | |||||||||||||||||
Property and equipment, net | — | 153,261 | 301,380 | 2,777 | — | 457,418 | |||||||||||||||||
Other assets, net | — | 727 | 29,038 | 3,145 | — | 32,910 | |||||||||||||||||
Definite lived intangible assets, net | — | 359,722 | 445,675 | 44,442 | — | 849,839 | |||||||||||||||||
Broadcast licenses | — | — | 1,025,800 | 71,300 | — | 1,097,100 | |||||||||||||||||
Goodwill | — | 527,077 | 924,708 | 92,839 | — | 1,544,624 | |||||||||||||||||
Advances to consolidated subsidiaries | — | (237,643 | ) | 254,351 | (16,708 | ) | — | — | |||||||||||||||
Investment in consolidated subsidiaries | 1,413,057 | 1,296,899 | — | — | (2,709,956 | ) | — | ||||||||||||||||
Total assets | $ | 1,413,057 | $ | 2,180,385 | $ | 3,207,521 | $ | 233,753 | $ | (2,709,956 | ) | $ | 4,324,760 | ||||||||||
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Trade accounts payable | $ | — | $ | 399 | $ | 16,459 | $ | 2,996 | $ | — | $ | 19,854 | |||||||||||
Accrued salaries and wages | — | 3,850 | 16,709 | 570 | — | 21,129 | |||||||||||||||||
Accrued expenses and other current liabilities | — | 22,291 | 80,050 | 5,769 | — | 108,110 | |||||||||||||||||
Current installments of long-term debt | — | — | — | 3,514 | — | 3,514 | |||||||||||||||||
Current installments of obligation under capital leases | — | 575 | 246 | 20 | — | 841 | |||||||||||||||||
Total current liabilities | — | 27,115 | 113,464 | 12,869 | — | 153,448 | |||||||||||||||||
Long-term debt, net | — | 668,122 | 1,508,935 | 23,286 | — | 2,200,343 | |||||||||||||||||
Deferred tax liability and other long-term tax liabilities | — | 58,015 | 237,358 | (1,400 | ) | — | 293,973 | ||||||||||||||||
Long-term capital lease obligations | — | 12,811 | 999 | — | — | 13,810 | |||||||||||||||||
Retirement and postretirement plans | — | — | 179,377 | — | — | 179,377 | |||||||||||||||||
Other liabilities | — | 1,265 | 27,056 | 4,966 | — | 33,287 | |||||||||||||||||
Total liabilities | — | 767,328 | 2,067,189 | 39,721 | — | 2,874,238 | |||||||||||||||||
Noncontrolling interests | — | — | — | 37,465 | — | 37,465 | |||||||||||||||||
Total stockholders (deficit) equity | 1,413,057 | 1,413,057 | 1,140,332 | 156,567 | (2,709,956 | ) | 1,413,057 | ||||||||||||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | $ | 1,413,057 | $ | 2,180,385 | $ | 3,207,521 | $ | 233,753 | $ | (2,709,956 | ) | $ | 4,324,760 |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,103 | $ | 35,925 | $ | 4,063 | $ | — | $ | 41,091 | |||||||||||
Trade accounts receivable, net | — | 75,866 | 192,306 | 30,302 | — | 298,474 | |||||||||||||||||
Prepaid expenses and other current assets | — | 3,264 | 10,441 | 1,378 | — | 15,083 | |||||||||||||||||
Total current assets | — | 80,233 | 238,672 | 35,743 | — | 354,648 | |||||||||||||||||
Property and equipment, net | — | 158,627 | 309,160 | 2,750 | — | 470,537 | |||||||||||||||||
Other assets, net | — | 7,199 | 27,523 | 3,348 | — | 38,070 | |||||||||||||||||
Definite lived intangible assets, net | — | 368,011 | 458,261 | 44,857 | — | 871,129 | |||||||||||||||||
Broadcast licenses | — | — | 1,025,800 | 71,300 | — | 1,097,100 | |||||||||||||||||
Goodwill | — | 527,077 | 924,708 | 92,839 | — | 1,544,624 | |||||||||||||||||
Advances to consolidated subsidiaries | — | (206,396 | ) | 223,051 | (16,655 | ) | — | ||||||||||||||||
Investment in consolidated subsidiaries | 1,447,970 | 1,319,392 | — | — | (2,767,362 | ) | — | ||||||||||||||||
Total assets | $ | 1,447,970 | $ | 2,254,143 | $ | 3,207,175 | $ | 234,182 | $ | (2,767,362 | ) | $ | 4,376,108 | ||||||||||
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Trade accounts payable | $ | — | $ | 2,010 | $ | 30,689 | $ | 3,101 | $ | — | $ | 35,800 | |||||||||||
Accrued salaries and wages | — | 2,022 | 19,016 | 427 | — | 21,465 | |||||||||||||||||
Accrued expenses and other current liabilities | — | 23,237 | 68,101 | 4,162 | — | 95,500 | |||||||||||||||||
Current installments of long-term debt | — | — | — | 3,804 | — | 3,804 | |||||||||||||||||
Current installments of obligation under capital leases | — | 575 | 256 | 28 | — | 859 | |||||||||||||||||
Total current liabilities | — | 27,844 | 118,062 | 11,522 | — | 157,428 | |||||||||||||||||
Long-term debt, net | — | 667,867 | 1,507,181 | 24,062 | — | 2,199,110 | |||||||||||||||||
Deferred tax liability and other long-term tax liabilities | — | 62,785 | 253,232 | (783 | ) | — | 315,234 | ||||||||||||||||
Long-term capital lease obligations | — | 12,953 | 1,059 | — | — | 14,012 | |||||||||||||||||
Retirement and postretirement plans | — | 25,917 | 157,070 | — | — | 182,987 | |||||||||||||||||
Other liabilities | — | 8,807 | 20,999 | 5,114 | — | 34,920 | |||||||||||||||||
Total liabilities | — | 806,173 | 2,057,603 | 39,915 | — | 2,903,691 | |||||||||||||||||
Noncontrolling interests | — | — | — | 24,447 | — | 24,447 | |||||||||||||||||
Total stockholders (deficit) equity | 1,447,970 | 1,447,970 | 1,149,572 | 169,820 | (2,767,362 | ) | 1,447,970 | ||||||||||||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | $ | 1,447,970 | $ | 2,254,143 | $ | 3,207,175 | $ | 234,182 | $ | (2,767,362 | ) | $ | 4,376,108 |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net operating revenue | $ | — | $ | 99,091 | $ | 235,157 | $ | 17,855 | $ | (8,640 | ) | $ | 343,463 | ||||||||||
Operating costs: | |||||||||||||||||||||||
Operating expenses, excluding depreciation expense | — | 42,160 | 100,634 | 13,447 | (5,098 | ) | 151,143 | ||||||||||||||||
Selling, general and administrative expenses | — | 22,693 | 53,541 | 2,252 | (165 | ) | 78,321 | ||||||||||||||||
Amortization of program licenses rights | — | 4,480 | 7,574 | 513 | (501 | ) | 12,066 | ||||||||||||||||
Corporate and other expenses | — | — | 10,350 | 2 | — | 10,352 | |||||||||||||||||
Depreciation and amortization | — | 14,399 | 23,948 | 1,774 | — | 40,121 | |||||||||||||||||
(Gain) loss related to property and equipment, net | — | (7 | ) | (833 | ) | 72 | — | (768 | ) | ||||||||||||||
Merger-related expenses | — | — | 65,882 | — | — | 65,882 | |||||||||||||||||
Restructuring expenses | — | — | 3,982 | — | — | 3,982 | |||||||||||||||||
Operating income (loss) | — | 15,366 | (29,921 | ) | (205 | ) | (2,876 | ) | (17,636 | ) | |||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | — | (10,694 | ) | (17,586 | ) | (276 | ) | — | (28,556 | ) | |||||||||||||
Intercompany income and (expenses) | — | (10,107 | ) | 10,451 | (344 | ) | — | — | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | (26,190 | ) | (15,958 | ) | — | — | 42,148 | — | |||||||||||||||
Other, net | — | — | 74 | — | — | 74 | |||||||||||||||||
Total other income (expense) | (26,190 | ) | (36,759 | ) | (7,061 | ) | (620 | ) | 42,148 | (28,482 | ) | ||||||||||||
Income (loss) before income taxes | (26,190 | ) | (21,393 | ) | (36,982 | ) | (825 | ) | 39,272 | (46,118 | ) | ||||||||||||
Income tax benefit (expense) | — | (4,797 | ) | 24,584 | 618 | — | 20,405 | ||||||||||||||||
Net income (loss) | $ | (26,190 | ) | $ | (26,190 | ) | $ | (12,398 | ) | $ | (207 | ) | $ | 39,272 | $ | (25,713 | ) | ||||||
Net income (loss) attributable to noncontrolling interest | — | — | — | 477 | — | 477 | |||||||||||||||||
Net income (loss) attributable to Media General | $ | (26,190 | ) | $ | (26,190 | ) | $ | (12,398 | ) | $ | (684 | ) | $ | 39,272 | $ | (26,190 | ) | ||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||
Total comprehensive income (loss) attributable to Media General | $ | (26,190 | ) | $ | (26,190 | ) | $ | (12,398 | ) | $ | (684 | ) | $ | 39,272 | $ | (26,190 | ) |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Media General Consolidated | ||||||||||||||||||
Net operating revenue | $ | — | $ | 88,218 | $ | 199,730 | $ | 13,742 | $ | (4,956 | ) | $ | 296,734 | ||||||||||
Operating costs: | |||||||||||||||||||||||
Operating expenses, excluding depreciation expense | — | 37,599 | 83,759 | 7,542 | (3,024 | ) | 125,876 | ||||||||||||||||
Selling, general and administrative expenses | — | 23,524 | 53,218 | 4,137 | (409 | ) | 80,470 | ||||||||||||||||
Amortization of program license rights | — | 4,178 | 7,101 | 479 | — | 11,758 | |||||||||||||||||
Corporate and other expenses | — | 3,201 | 9,458 | (8 | ) | — | 12,651 | ||||||||||||||||
Depreciation and amortization | — | 14,136 | 24,672 | 1,475 | — | 40,283 | |||||||||||||||||
Gain related to property and equipment, net | — | (36 | ) | (192 | ) | — | — | (228 | ) | ||||||||||||||
Merger-related expenses | — | 1,374 | 3,903 | — | — | 5,277 | |||||||||||||||||
Restructuring expenses | — | — | — | — | — | — | |||||||||||||||||
Operating income (loss) | — | 4,242 | 17,811 | 117 | (1,523 | ) | 20,647 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (1 | ) | (10,650 | ) | (20,087 | ) | (285 | ) | — | (31,023 | ) | ||||||||||||
Debt modification and extinguishment costs | — | — | (613 | ) | — | — | (613 | ) | |||||||||||||||
Intercompany income and (expenses) | — | (5,535 | ) | 5,767 | (232 | ) | — | — | |||||||||||||||
Equity in income (loss) from operations of consolidated subsidiaries | (7,432 | ) | (434 | ) | — | — | 7,866 | — | |||||||||||||||
Other, net | — | 82 | 708 | 2,500 | — | 3,290 | |||||||||||||||||
Total other income (expense) | (7,433 | ) | (16,537 | ) | (14,225 | ) | 1,983 | 7,866 | (28,346 | ) | |||||||||||||
Income (loss) before income taxes | (7,433 | ) | (12,295 | ) | 3,586 | 2,100 | 6,343 | (7,699 | ) | ||||||||||||||
Income tax benefit (expense) | — | 4,863 | (2,274 | ) | 568 | — | 3,157 | ||||||||||||||||
Net income (loss) | $ | (7,433 | ) | $ | (7,432 | ) | $ | 1,312 | $ | 2,668 | $ | 6,343 | $ | (4,542 | ) | ||||||||
Net income (loss) attributable to noncontrolling interests | — | — | (178 | ) | 3,069 | — | 2,891 | ||||||||||||||||
Net income (loss) attributable to Media General | $ | (7,433 | ) | $ | (7,432 | ) | $ | 1,490 | $ | (401 | ) | $ | 6,343 | $ | (7,433 | ) | |||||||
Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||
Total comprehensive income (loss) attributable to Media General | $ | (7,433 | ) | $ | (7,432 | ) | $ | 1,490 | $ | (401 | ) | $ | 6,343 | $ | (7,433 | ) |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Media General Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash used by operating activities | $ | — | $ | (4,065 | ) | $ | (596 | ) | $ | (138 | ) | $ | — | $ | (4,799 | ) | |||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (1,716 | ) | (3,649 | ) | (1,398 | ) | — | (6,763 | ) | |||||||||||||
Proceeds from the sale of PP&E | — | 29 | 3,947 | — | — | 3,976 | |||||||||||||||||
Receipt of dividend | — | 19,502 | — | — | (19,502 | ) | — | ||||||||||||||||
Advances on intercompany borrowings | — | (2,644 | ) | — | — | 2,644 | — | ||||||||||||||||
Payments from intercompany borrowings | — | — | 12,060 | — | (12,060 | ) | — | ||||||||||||||||
Other, net | — | — | (10 | ) | — | — | (10 | ) | |||||||||||||||
Net cash provided (used) by investing activities | — | 15,171 | 12,348 | (1,398 | ) | (28,918 | ) | (2,797 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Borrowings under Media General Revolving Credit Facility | — | — | 30,000 | — | — | 30,000 | |||||||||||||||||
Repayments under Media General Revolving Credit Facility | — | — | (30,000 | ) | — | — | (30,000 | ) | |||||||||||||||
Repayment of borrowings under Shield Media Credit Agreement | — | — | — | (800 | ) | — | (800 | ) | |||||||||||||||
Repayment of other borrowings | — | — | — | (290 | ) | — | (290 | ) | |||||||||||||||
Payment of dividend | — | — | (19,502 | ) | — | 19,502 | — | ||||||||||||||||
Proceeds from intercompany borrowings | — | — | — | 2,644 | (2,644 | ) | — | ||||||||||||||||
Payments on intercompany borrowing | — | (12,060 | ) | — | — | 12,060 | — | ||||||||||||||||
Exercise of stock options | — | — | 1,408 | — | — | 1,408 | |||||||||||||||||
Other, net | — | (149 | ) | (71 | ) | — | — | (220 | ) | ||||||||||||||
Net cash provided (used) by financing activities | — | (12,209 | ) | (18,165 | ) | 1,554 | 28,918 | 98 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (1,103 | ) | (6,413 | ) | 18 | — | (7,498 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 1,103 | 35,925 | 4,063 | — | 41,091 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 29,512 | $ | 4,081 | $ | — | $ | 33,593 |
Media General | LIN Television Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Media General Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash provided (used) by operating activities | $ | (1,402 | ) | $ | 12,021 | $ | 42,361 | $ | 3,439 | $ | — | $ | 56,419 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (2,314 | ) | (4,288 | ) | (607 | ) | — | (7,209 | ) | |||||||||||||
Proceeds from sale the of PP&E | — | 36 | 226 | — | — | 262 | |||||||||||||||||
Proceeds from spectrum sale | — | — | 620 | — | — | 620 | |||||||||||||||||
Receipt of dividend | — | 19,502 | — | — | (19,502 | ) | — | ||||||||||||||||
Payments from intercompany borrowings | 2,025 | — | 12,073 | — | (14,098 | ) | — | ||||||||||||||||
Payment of capital contributions | (3,011 | ) | — | — | — | 3,011 | — | ||||||||||||||||
Other, net | — | — | — | (5 | ) | — | (5 | ) | |||||||||||||||
Net cash provided (used) by investing activities | (986 | ) | 17,224 | 8,631 | (612 | ) | (30,589 | ) | (6,332 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Repayment of borrowings under Media General Credit Agreement | — | — | (35,000 | ) | — | — | (35,000 | ) | |||||||||||||||
Repayment of borrowings under Shield Media Credit Agreement | — | — | — | (600 | ) | — | (600 | ) | |||||||||||||||
Repayment of other borrowings | — | — | — | (290 | ) | — | (290 | ) | |||||||||||||||
Payment of dividend | — | — | (19,502 | ) | — | 19,502 | — | ||||||||||||||||
Payments on intercompany borrowing | — | (14,098 | ) | — | — | 14,098 | — | ||||||||||||||||
Receipt of capital contributions | — | 3,011 | — | — | (3,011 | ) | — | ||||||||||||||||
Exercise of stock options | — | — | 958 | — | — | 958 | |||||||||||||||||
Other, net | — | — | (777 | ) | 13 | — | (764 | ) | |||||||||||||||
Net cash (used) provided by financing activities | — | (11,087 | ) | (54,321 | ) | (877 | ) | 30,589 | (35,696 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (2,388 | ) | 18,158 | (3,329 | ) | 1,950 | — | 14,391 | |||||||||||||||
Cash and cash equivalents at beginning of period | 2,388 | 9,658 | 27,371 | 4,503 | — | 43,920 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 27,816 | $ | 24,042 | $ | 6,453 | $ | — | $ | 58,311 |
Three Months Ended | ||||||||||||
(Unaudited, in thousands) | March 31, 2016 | % of Total | March 31, 2015 | Percent Change | ||||||||
Local | $ | 230,224 | 67.0 | % | $ | 206,885 | 11.3 | % | ||||
National | 49,564 | 14.4 | % | 49,254 | 0.6 | % | ||||||
Political | 16,010 | 4.7 | % | 977 | 1,538.7 | % | ||||||
Digital | 37,870 | 11.0 | % | 30,250 | 25.2 | % | ||||||
Other | 9,795 | 2.9 | % | 9,368 | 4.6 | % | ||||||
Net operating revenue | $ | 343,463 | $ | 296,734 | 15.7 | % |
Three Months Ended | ||||||||
(Unaudited, in thousands) | March 31, 2016 | March 31, 2015 | ||||||
Net Operating Revenue | $ | 343,463 | $ | 296,734 | ||||
Less: Operating Costs | (361,099 | ) | (276,087 | ) | ||||
Operating Income | (17,636 | ) | 20,647 | |||||
Add: | ||||||||
Depreciation and amortization | 40,121 | 40,283 | ||||||
Corporate and other expenses | 10,352 | 12,651 | ||||||
Gain related to property and equipment, net | (768 | ) | (228 | ) | ||||
Program license rights, net | (44 | ) | (874 | ) | ||||
Merger-related expenses | 65,882 | 5,277 | ||||||
Restructuring expenses | 3,982 | — | ||||||
Broadcast cash flow | $ | 101,889 | $ | 77,756 |
Maturity Date | Amount | Interest Rate | |
Term Loan | 2020 | $1,541 million | LIBOR + 3.00% w/ 1% LIBOR floor |
Revolver | 2018 | $146 million available; None drawn | LIBOR + 2.50%; 0.5% commitment fee |
5.875% Senior Notes | 2022 | $400 million | Fixed |
6.375% Senior Notes | 2021 | $275 million | Fixed |
Shield Media Term Loans | 2018 | $26 million | LIBOR + 3.00% |
Other Borrowings | 2016/2017 | $0.7 million | LIBOR + 3.00% |
(a) Exhibits | |
31.1 | Section 302 Chief Executive Officer Certification |
31.2 | Section 302 Chief Financial Officer Certification |
32 | Section 906 Chief Executive Officer and Chief Financial Officer Certification |
101 | The following financial information from the Media General, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL includes: (i) Consolidated Condensed Balance Sheets at March 31, 2016 and December 31, 2015, (ii) Consolidated Condensed Statements of Comprehensive Income for the three month periods ended March 31, 2016 and March 31, 2015, (iii) Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2016 and March 31, 2015, and (iv) the Notes to Consolidated Condensed Financial Statements. |
MEDIA GENERAL, INC. | ||
Date: May 9, 2016 | By: | /s/ Vincent L. Sadusky |
Vincent L. Sadusky | ||
President and Chief Executive Officer |
Date: May 9, 2016 | By: | /s/ James F. Woodward |
James F. Woodward | ||
Senior Vice President, Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Media General, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting: and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 9, 2016 | |||
By: | /s/ Vincent L. Sadusky | ||
Vincent L. Sadusky | |||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Media General, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 9, 2016 | |||
By: | /s/ James F. Woodward | ||
James F. Woodward | |||
Senior Vice President, Chief Financial Officer |
By: | /s/ Vincent L. Sadusky | |
Vincent L. Sadusky | ||
President and Chief Executive Officer | ||
May 9, 2016 |
By: | /s/ James F. Woodward | |
James F. Woodward | ||
Senior Vice President, Chief Financial Officer | ||
May 9, 2016 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 04, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MEDIA GENERAL INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 129,272,908 | |
Amendment Flag | false | |
Entity Central Index Key | 0000216539 | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts (in Dollars) | $ 4,448 | $ 4,634 |
Accumulated depreciation | 162,653 | 145,274 |
Accumulated amortization | $ 160,897 | $ 138,072 |
Preferred stock par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 129,241,012 | 128,600,384 |
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net operating revenue | $ 343,463 | $ 296,734 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 151,143 | 125,876 |
Selling, general and administrative expenses | 78,321 | 80,470 |
Amortization of program license rights | 12,066 | 11,758 |
Corporate and other expenses | 10,352 | 12,651 |
Depreciation and amortization | 40,121 | 40,283 |
Gain related to property and equipment, net | (768) | (228) |
Merger-related expenses | 65,882 | 5,277 |
Restructuring expenses | 3,982 | 0 |
Total operating costs | 361,099 | 276,087 |
Operating income (loss) | (17,636) | 20,647 |
Other income (expense): | ||
Interest expense | (28,556) | (31,023) |
Debt modification and extinguishment costs | 0 | (613) |
Other, net | 74 | 3,290 |
Total other income (expense) | (28,482) | (28,346) |
Loss before income taxes | (46,118) | (7,699) |
Income tax benefit | 20,405 | 3,157 |
Net income (loss) | (25,713) | (4,542) |
Net income attributable to noncontrolling interests (included above) | 477 | 2,891 |
Net loss attributable to Media General | (26,190) | (7,433) |
Other comprehensive income | 0 | 0 |
Total comprehensive loss attributable to Media General | $ (26,190) | $ (7,433) |
Earnings (loss) per common share (basic and diluted): | ||
Net loss per common share (basic) (in dollars per share) | $ (0.20) | $ (0.06) |
Net loss per common share (assuming dilution) (in dollars per share) | $ (0.20) | $ (0.06) |
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Cash flows from operating activities: | ||
Net loss | $ (25,713) | $ (4,542) |
Deferred income tax benefit | (21,261) | (3,357) |
Depreciation and amortization | 40,121 | 40,283 |
Amortization of program license rights | 12,066 | 11,758 |
Amortization of debt premiums, discounts and issue costs | 2,033 | 308 |
Gain related to property and equipment, net | (768) | (228) |
Gain on relocation of spectrum | 0 | (3,120) |
Stock-based compensation | 2,078 | 3,010 |
Debt modification and extinguishment costs | 0 | 613 |
Program license rights, net of liabilities | (12,110) | (10,867) |
Trade accounts receivable | 6,330 | 31,080 |
Company owned life insurance (cash surrender value less policy loans including repayments) | (312) | (519) |
Trade accounts payable, accrued expenses and other liabilities | (3,728) | (3,932) |
Contributions to retirement plans | 0 | (1,250) |
Other, net | (3,535) | (2,818) |
Net cash (used) provided by operating activities | (4,799) | 56,419 |
Cash flows from investing activities: | ||
Capital expenditures | (6,763) | (7,209) |
Proceeds from the sale of property and equipment | 3,976 | 262 |
Proceeds from spectrum relocation | 0 | 620 |
Other, net | (10) | (5) |
Net cash provided (used) by investing activities | (2,797) | (6,332) |
Cash flows from financing activities: | ||
Repayments of borrowings | (800) | |
Borrowings under Media General Revolving Credit Facility | 30,000 | 0 |
Repayments under Media General Revolving Credit Facility | (30,000) | 0 |
Repayment of other borrowings | (290) | (290) |
Exercise of stock options | 1,408 | 958 |
Other, net | (220) | (764) |
Net cash provided (used) by financing activities | 98 | (35,696) |
Net (decrease) increase in cash and cash equivalents | (7,498) | 14,391 |
Cash and cash equivalents at beginning of period | 41,091 | 43,920 |
Cash and cash equivalents at end of period | 33,593 | 58,311 |
Cash paid for interest | 24,973 | 29,444 |
Cash paid for income taxes, net | 618 | 1,963 |
Cash paid for Meredith termination fee | 60,000 | 0 |
Media General Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | (35,000) |
Shield Media Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | $ (800) | $ (600) |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with applicable quarterly reporting regulations of the Securities and Exchange Commission. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and, accordingly, should be read in conjunction with the consolidated financial statements and related footnotes included in the Annual Report on Form 10-K of Media General, Inc. ("Media General" or the "Company") for the year ended December 31, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim financial information have been included. In September 2015 the Company announced a merger agreement under which the Company would have acquired all of the outstanding common stock of Meredith Corporation (“Meredith”) in a cash and stock transaction. Later in September of 2015 the Company received an unsolicited proposal from Nexstar Broadcasting Group, Inc. (“Nexstar”) to acquire all of the outstanding common stock of Media General. Following discussion between the various parties, in January 2016 Media General terminated its agreement with Meredith with Media General paying Meredith a $60 million termination fee and providing Meredith with an opportunity to negotiate for the purchase of certain broadcast and digital assets owned by the Company. Immediately thereafter, the Company entered into an agreement with Nexstar whereby Nexstar will acquire all outstanding shares of Media General for $10.55 per share in cash, 0.1249 shares of Nexstar Class A common stock for each Media General share and a contingent value right (CVR). The cash consideration and the stock consideration are fixed amounts and do not increase or decrease based upon the proceeds (if any) from the disposition of either Nexstar's or Media General's spectrum in the FCC auction. Upon the completion of the transaction, Nexstar will change its name to Nexstar Media Group. Each CVR will entitle Media General shareholders to a pro rata share of the net cash proceeds as received from the sale of Media General's spectrum in the Federal Communication Commission's upcoming Incentive Auction. It is estimated that Media General shareholders will own approximately 34% and existing Nexstar shareholders will retain approximately 66% ownership of the combined company after closing. The closing of the transaction is subject to the satisfaction of a number of conditions including, but not limited to, the approval of various matters relating to the transaction by Media General and Nexstar shareholders, the approval of the Federal Communications Commission (“FCC”), clearance under the Hart-Scott-Rodino antitrust act and certain third party consents. Merger-related expenses for the Meredith termination fee, legal and professional fees for the Meredith and Nexstar transactions totaled $66 million for the quarter ended March 31, 2016. The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries and certain variable interest entities (“VIE”) for which the Company is considered to be the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, the Company considers whether it has the power to direct certain activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. Assets of consolidated VIE’s can only be used to settle the obligations of that VIE. As discussed in Note 3, the Company consolidates the results of WXXA, WLAJ, WBDT, WYTV, KTKA, KWBQ, KRWB, and KASY pursuant to the VIE accounting guidance. All the liabilities are non-recourse to the Company, except for certain of the debt, which the Company guarantees. The Company is also the primary beneficiary of the VIE that holds the Supplemental 401(k) Plan’s investments and consolidates the plan accordingly. The Company has two reportable segments, “Broadcast” and “Digital” that are disclosed separately from our corporate activities. The Broadcast segment includes 71 television stations that are either owned, operated or serviced by the Company in 48 markets, all of which are engaged principally in the sale of television advertising. The Digital segment includes the operating results of the Company's digital businesses as well as the business operations related to the television station companion websites. The Company guarantees all of the debt of LIN Television Corporation ("LIN Television", a wholly owned subsidiary of the Company) and the debt of its consolidated VIEs. LIN Television guarantees all of the debt of its restricted wholly owned subsidiaries and the debt of its consolidated VIEs. All of the consolidated wholly owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television's 5.875% Senior Notes due 2022 (the “2022 Notes”) and the 6.375% Senior Notes due 2021 (the "2021 Notes") on a joint-and-several basis, subject to customary release provisions. In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) issued a converged standard on revenue recognition from contracts with customers, Accounting Standards Update ("ASU") 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. In August 2015 the FASB issued ASU 2015-14, Revenue From Contracts With Customers: Deferral of the Effective Date which defers the effective date of ASU 2014-09 until fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for annual periods beginning on or after December 15, 2015. The Company adopted this guidance as of January 1, 2016 and $30.7 million was reclassified to reduce "Long-term Debt" as of March 31, 2016. In order to conform to the presentation adopted $32.2 million was reclassified from "Other assets, net" to "Long-term Debt" in the 2015 figures presented on the Consolidated Condensed Balance Sheets and in Note 10 Guarantor Financial Information. Approximately $285 thousand was reclassified from "Other assets, net" to "Long-term Debt" in the 2015 figures presented in Note 3 Variable Interest Entities. In February 2016, the FASB issued ASU 2016-02, Leases, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements. In March 2016, the FASB released ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements. The ASU is effective for public companies in annual periods beginning after December 15, 2016, and interim periods within those years. |
Segment Information |
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Segment Information | Segment Information The Company has two reportable operating segments, “Broadcast” and “Digital” that are disclosed separately from our corporate activities. The Broadcast segment includes 71 television stations that are either owned, operated or serviced by the Company in 48 U.S. markets, all of which are engaged principally in the sale of television advertising. The Digital segment includes the operating results of the digital companies (Federated Media and HYFN) as well as the business operations related to the television station companion websites. Unallocated corporate expenses primarily include costs to operate as a public company and to operate corporate locations. The Company identifies operating segments based on how the chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. The CODM is the President, and Chief Executive Officer. The CODM evaluates performance and allocates resources based on operating income or loss for the Broadcast and Digital segments, excluding non-segment expenses.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Certain of the Company's broadcast stations provide services to other station owners within the same market via Joint Sales Agreements ("JSA") and/or Shared Service Agreements ("SSA"). The Company has JSA and/or SSA agreements with 8 stations. Depending on the specific terms of these agreements, the Company may provide a variety of operational and administrative services, assume an obligation to reimburse certain expenses of the stations and guarantee certain external borrowings by the station parent companies (refer to Note 6 for guaranteed borrowings). The Company is compensated for these services through performance based and/or administrative fees. Under certain JSAs, the Company has an option to acquire the related station at any time, subject to FCC consent, until the expiration of the applicable JSA. The Company has determined that the stations with which it has JSAs and/or SSAs, and certain of their parent companies, are VIEs as a result of the terms of the agreements. The Company is the primary beneficiary of the VIEs, because (a) subject to the ultimate control of the broadcast licensees, the Company has the power to direct the activities which significantly impact the economic performance of the VIEs through the services the Company provides and (b) the Company absorbs returns and losses which would be considered significant to the VIEs. Therefore, the financial results and financial position of these entities have been consolidated by the Company in accordance with the VIE accounting guidance. The carrying amounts and classification of the assets and liabilities of the consolidated VIE entities described above, which have been included in the consolidated balance sheets as of March 31, 2016, and December 31, 2015, were as follows:
The assets of the Company’s consolidated VIEs can only be used to settle the obligations of the VIEs and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. At March 31, 2016, the Company has an option to acquire the assets or member's interest of the VIE entities that it may exercise if the FCC attribution rules change to permit the Company to acquire such interest. The option exercise price is of nominal value and significantly less than the carrying value of their tangible and intangible net assets. The options are carried at zero on the Company’s consolidated balance sheet, as any value attributable to the options is eliminated in the consolidation of the VIEs. In an order adopted in March 2014, the FCC concluded that JSAs should be “attributable” for purposes of the media ownership rules if they permit a television licensee to sell more than 15% of the commercial inventory of a television station owned by a third party in the same market. Pursuant to the Consolidated Appropriations Act of 2016, the Company will be required to modify or terminate its existing JSAs no later than September 30, 2025, unless they are able to obtain a waiver of such rules. Accordingly, absent further developments, or the grant of waivers, the Company continues to monitor regulatory developments and evaluate potential changes to its JSA and SSA arrangements. |
Debt and Other Financial Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Other Financial Instruments | Debt and Other Financial Instruments Long-term debt at March 31, 2016, and December 31, 2015, was as follows:
Media General Credit Agreement In July 2013, the Company entered into a credit agreement with a syndicate of lenders to provide the Company with a term loan and access to a revolving credit facility. The funds borrowed under the credit agreement and subsequent amendments (together the "Credit Agreement") have been used by the Company to facilitate acquisitions and mergers. The term loan under the Credit Agreement matures in July 2020 and bears interest at LIBOR (with a floor of 1%) plus a margin of 3%. There were no principal repayments on the term loan during the first quarter of 2016. The Company repaid $35 million of principal on the term loan during the three months ended March 31, 2015. The early repayment of debt resulted in debt extinguishment costs of $0.6 million during the three months ended March 31, 2015 due to the accelerated recognition of deferred debt-related items. As of March 31, 2016, there was $1.5 billion outstanding under the Credit Agreement. The revolving credit facility under the Credit Agreement also includes revolving credit commitments of $150 million. The revolving credit facility matures in October 2019, bears an interest rate of LIBOR plus a margin of 2.50% and is subject to a 0.5% commitment fee per annum with respect to the undrawn portion of the facility. The Company has $146 million of availability under the revolving credit facility (giving effect to $4 million of letters of credit which have been issued but are undrawn). Shield Media Credit Agreement Shield Media LLC (and its subsidiary WXXA) and Shield Media Lansing LLC (and its subsidiary WLAJ) (collectively, “Shield Media”), companies that control subsidiaries with which the Company has joint sales and shared services arrangements for 2 stations as described in Note 3, entered into a new credit agreement with a syndicate of lenders, dated July 31, 2013. The term loans outstanding under this agreement mature in July 2018 and bear interest at LIBOR plus a margin of 3%. The Shield Media term loans are guaranteed by the Company and are secured by liens on substantially all of the assets of the Company, on a pari passu basis with the Credit Agreement. The Company repaid $0.8 million and $0.6 million of principal on the term loan during the three months ended March 31, 2016 and 2015, respectively. 2022 Notes On November 5, 2014, the Company's predecessor, MGOC, Inc. ("Old Media General") completed the issuance of $400 million in aggregate principal amount of 5.875% Senior Unsecured Notes due in 2022 (the “2022 Notes”) in connection with the financing of the Old Media General's combination (the "LIN Merger") with LIN Media, LLC ("LIN Media"). The net proceeds from the offering of the 2022 Notes were used to repay certain indebtedness of LIN Media in connection with the LIN Merger, including the satisfaction and discharge of LIN Television’s $200 million aggregate principal amount of 8.375% Senior Notes due 2018 and the payment of related fees and expenses. The 2022 Notes were issued under an indenture, dated as of November 5, 2014 (the “2022 Notes Indenture”). Media General, as the direct parent of LIN Television, and certain of the wholly owned subsidiaries of LIN Television provide full and unconditional guarantees to the 2022 Notes, on a senior basis. 2021 Notes LIN Television’s previously issued 6.375% Senior Notes due 2021 (the "2021 Notes") remained outstanding as of the consummation of the LIN Merger. Following the consummation of the LIN Merger, Media General, as the new direct parent of LIN Television, and certain of the wholly owned subsidiaries of LIN Television provide full and unconditional guarantees of the 2021 Notes, on a senior basis. The Company received an unsolicited offer and repaid $15 million of principal at an $800 thousand premium during the year ended December 31, 2015. No principal payments were made during the first quarter of 2016. As of March 31, 2016, the aggregate principal amount outstanding under the 2021 Notes was $275 million. Fair Value The following table includes information about the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2016, and December 31, 2015:
Trading securities held by the Supplemental 401(k) Plan are carried at fair value and are determined by reference to quoted market prices. The fair values of the 2021 and 2022 Notes were determined by reference to the most recent trading prices. The fair value of all other debt instruments were determined using discounted cash flow analysis' and an estimate of the current borrowing rate. Under the fair value hierarchy, the Company’s trading securities fall under Level 1 (quoted prices in active markets), the 2021 and 2022 Notes fall under Level 2 (other observable inputs) and the Media General Credit Agreement, Shield Media Credit Agreement and Other Borrowings fall under Level 3 (unobservable inputs). |
Taxes on Income |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | Taxes on Income The effective tax benefit was 44.2% in the first quarter of 2016 as compared to 41.0% in the first quarter of 2015. The higher tax benefit is due primarily to a discrete tax benefit recorded in the first quarter of 2016 related to failed merger-related expenses recorded in the prior year. In 2016 the Company adopted Approach I as defined under ASC 740 with respect to merger-related expenses and has provided tax benefit on “sell-side” merger expenses until the proposed transaction is finalized. Ultimately, some of these expenses may be non-deductible. The tax expense in both years was predominantly non-cash due to the Company’s significant net operating loss carryover. Current tax expense was approximately $0.9 million and $0.2 million for the first quarters of 2016 and 2015, respectively; it was attributable primarily to state income taxes. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted income per share for the three months ended March 31, 2016, and 2015:
We have excluded 1.2 million and 1.1 million of common shares issuable for share options and restricted shares from the calculation of diluted earnings per share for the three months ended March 31, 2016 and 2015, respectively, because the net loss causes these shares to be anti-dilutive. |
Retirement and Postretirement Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement and Postretirement Plans | Retirement and Postretirement Plans The Company has a funded, qualified non-contributory defined benefit retirement plan which covers substantially all Legacy Media General employees hired before 2007 along with defined benefit retirement plans for KRON-TV and LIN that were merged into the Media General qualified plan on December 31, 2014 and December 31, 2015, respectively. Additionally the Company has a non-contributory unfunded supplemental executive retirement and ERISA excess plans which supplement the coverage available to certain executives. All of these retirement plans are frozen. The Company also has a retiree medical savings account plan which reimburses eligible retired employees for certain medical expenses and an unfunded plan that provides certain health and life insurance benefits to retired employees who were hired prior to 1992. The following tables provide the components of net periodic benefit cost (income) for the Company’s benefit plans for the first quarters of 2016 and 2015:
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Stockholders' Equity |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity The following table shows the components of the Company’s stockholders’ equity as of and for the three months ended March 31, 2016:
The following table shows the components of the Company’s stockholders’ equity as of and for the three months ended March 31, 2015:
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Other |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other Restructuring activities In the first quarter of 2016, the Company took additional steps under a plan to restructure certain digital segment operations that began in September 2015. The plan is expected to save the Company approximately $14.7 million in operating costs annually based on the steps completed since plan inception. The Company recorded restructuring expense of $2.5 million related to the plan during the first quarter ended March 31, 2016 comprised of $1.8 million of severance and $630 thousand of lease termination charges. On October 16, 2009, Media General entered into a Joint Sales Agreement (“JSA”) and Shared Services Agreement (“SSA”) with Schurz Communications, Inc and WAGT Television, Inc. Pursuant to the JSA and SSA, Media General provided certain services and sold advertising time for WAGT. In February 2016, Schurz Communications, Inc. sold WAGT to Gray Television Group, Inc., ("Gray") and assigned the JSA and SSA to Gray. However, upon the closing of the station sale, WAGT ceased performance of the agreements. For the first quarter ending March 31, 2016, the Company recorded a restructuring charge of $1.5 million for WAGT. As of March 31, 2016, Media General is still pursing legal causes of action against Gray, and Schurz Communications, Inc. and WAGT Television, Inc., including but not limited to, causes of action for breach of contract. The following tables present the activity associated with the March 31, 2016 balance of the restructuring liability and the nature and amount of exit charges incurred in the three months ended March 31, 2016:
Subsequent Event In April 2016, the Company acquired the remaining shares of HYFN, a full service digital advertising agency for a purchase price of approximately $35 million plus one-time compensation expense of $7 million related to the transaction for a total cash outflow of $42 million. Prior to the transaction, the Company held 50.1% of the outstanding shares of HYFN. For the first quarter ended March 31, 2016, the Company increased the value of noncontrolling interest in HYFN by $12.1 million. |
Guarantor Financial Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements Guarantor Financials [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Financial Information | Guarantor Financial Information LIN Television, a 100% owned subsidiary of Media General, is the primary obligor of the 2021 Notes and 2022 Notes. Media General fully and unconditionally guarantees all of LIN Television’s obligations under the 2021 Notes and the 2022 Notes on a joint and several basis. Additionally, all of the consolidated 100% owned subsidiaries of LIN Television fully and unconditionally guarantee LIN Television’s obligations under the 2021 Notes and 2022 Notes on a joint and several basis. There are certain limitations in the ability of the subsidiaries to pay dividends to Media General. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for Media General, LIN Television (as the issuer), the Guarantor Subsidiaries, and the Non-Guarantor Subsidiaries, together with certain eliminations. Media General, Inc. Condensed Consolidating Balance Sheet March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Balance Sheet December 31, 2015 (in thousands)
Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (in thousands)
Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through March 31, 2015 (in thousands)
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated |
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The carrying amounts and classification of the assets and liabilities of the consolidated VIE entities described above, which have been included in the consolidated balance sheets as of March 31, 2016, and December 31, 2015, were as follows:
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Debt and Other Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Long-term debt at March 31, 2016, and December 31, 2015, was as follows:
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Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following table includes information about the carrying values and estimated fair values of the Company’s financial instruments at March 31, 2016, and December 31, 2015:
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Earnings Per Share (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted income per share for the three months ended March 31, 2016, and 2015:
|
Retirement and Postretirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following tables provide the components of net periodic benefit cost (income) for the Company’s benefit plans for the first quarters of 2016 and 2015:
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | The following table shows the components of the Company’s stockholders’ equity as of and for the three months ended March 31, 2016:
The following table shows the components of the Company’s stockholders’ equity as of and for the three months ended March 31, 2015:
|
Other (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve and Restructuring Costs | The following tables present the activity associated with the March 31, 2016 balance of the restructuring liability and the nature and amount of exit charges incurred in the three months ended March 31, 2016:
|
Guarantor Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements Guarantor Financials [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Media General, Inc. Condensed Consolidating Balance Sheet March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Balance Sheet December 31, 2015 (in thousands)
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Condensed Consolidating Statement of Comprehensive Income | Media General, Inc. Condensed Consolidated Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (in thousands)
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Condensed Consolidating Statement of Cash Flows | Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through March 31, 2016 (in thousands)
Media General, Inc. Condensed Consolidating Statement of Cash Flows Year to date through March 31, 2015 (in thousands)
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Basis of Presentation Basis of Presentation (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
$ / shares
|
Mar. 31, 2016
USD ($)
station
market
segment
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Nov. 05, 2014 |
|
Business Acquisition [Line Items] | |||||
Acquisition related costs, canceled acquisition, breakup fee | $ 60,000 | $ 0 | |||
Merger-related expenses | $ 65,882 | $ 5,277 | |||
Number of reportable segments | segment | 2 | ||||
Number of stations | station | 71 | ||||
Number of markets | market | 48 | ||||
Debt issuance costs | $ 30,671 | $ 32,244 | |||
JSA and SSA entities [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of stations | station | 2 | ||||
Meredith Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition related costs, canceled acquisition, breakup fee | $ 60,000 | ||||
Senior Notes 2022 [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest rate (percentage) | 5.875% | 5.875% | |||
Senior Notes 2022 [Member] | LIN Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest rate (percentage) | 8.375% | ||||
Senior Notes 2021 [Member] | LIN Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest rate (percentage) | 6.375% | ||||
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt issuance costs | (32,200) | ||||
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | JSA and SSA entities [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt issuance costs | (285) | ||||
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt issuance costs | $ 30,700 | 32,200 | |||
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member] | JSA and SSA entities [Member] | |||||
Business Acquisition [Line Items] | |||||
Debt issuance costs | $ 285 | ||||
Nexstar Broadcasting Group, Inc. [Member] | Media General [Member] | |||||
Business Acquisition [Line Items] | |||||
Unsolicited tender offer, share price (in dollars per share) | $ / shares | $ 10.55 | ||||
Unsolicited tender offer, acquirer shares per share (in shares) | 0.1249 | ||||
Ownership percentage maintained by acquiree (percentage) | 34.00% | ||||
Ownership percentage acquired (percentage) | 66.00% |
Segment Information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
station
market
segment
| |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 2 |
Number of stations | station | 71 |
Number of markets | market | 48 |
Broadcast [Member] | |
Segment Reporting Information [Line Items] | |
Number of stations | station | 71 |
Number of markets | market | 48 |
Segment Information - Operating Segments, Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Revenues | ||
Revenues | $ 343,463 | $ 296,734 |
Broadcast [Member] | ||
Revenues | ||
Revenues | 305,593 | 266,484 |
Digital [Member] | ||
Revenues | ||
Revenues | $ 37,870 | $ 30,250 |
Segment Information - Operating Segments, Profit (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Operating income | ||
Operating income (loss) | $ (17,636) | $ 20,647 |
Corporate and other expenses | (10,352) | (12,651) |
Depreciation and amortization | (40,121) | (40,283) |
Merger-related expenses | (65,882) | (5,277) |
Restructuring expenses | (3,982) | 0 |
Operating Segments [Member] | ||
Operating income | ||
Operating income (loss) | 101,933 | 78,630 |
Operating Segments [Member] | Broadcast [Member] | ||
Operating income | ||
Operating income (loss) | 103,618 | 80,821 |
Operating Segments [Member] | Digital [Member] | ||
Operating income | ||
Operating income (loss) | (1,685) | (2,191) |
Corporate [Member] | ||
Operating income | ||
Corporate and other expenses | (10,352) | (12,651) |
Segment Reconciling Items [Member] | ||
Operating income | ||
Depreciation and amortization | (40,121) | (40,283) |
Gain related to property and equipment, net | 768 | 228 |
Merger-related expenses | (65,882) | (5,277) |
Restructuring expenses | $ (3,982) | $ 0 |
Variable Interest Entities (Details) |
1 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2014 |
Mar. 31, 2016
USD ($)
station
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 33,593,000 | $ 41,091,000 | $ 58,311,000 | $ 43,920,000 | ||||||
Trade accounts receivable (less allowance for doubtful accounts 2016 - $89; 2015 - $94) | 291,889,000 | 298,474,000 | ||||||||
Prepaid expenses and other current assets | 17,387,000 | 15,083,000 | ||||||||
Total current assets | 342,869,000 | 354,648,000 | ||||||||
Property and equipment, net | 457,418,000 | 470,537,000 | ||||||||
Other assets, net | 32,910,000 | 38,070,000 | ||||||||
Definite lived intangible assets, net | 849,839,000 | 871,129,000 | ||||||||
Broadcast licenses | 1,097,100,000 | 1,097,100,000 | ||||||||
Goodwill | 1,544,624,000 | 1,544,624,000 | ||||||||
Total assets | [1] | 4,324,760,000 | 4,376,108,000 | |||||||
Current liabilities: | ||||||||||
Trade accounts payable | 19,854,000 | 35,800,000 | ||||||||
Accrued expenses and other current liabilities | 108,110,000 | 95,500,000 | ||||||||
Current installments of long-term debt | 3,514,000 | 3,804,000 | ||||||||
Total current liabilities | 153,448,000 | 157,428,000 | ||||||||
Long-term debt excluding current maturities | 2,200,343,000 | 2,199,110,000 | ||||||||
Other liabilities | 33,287,000 | 34,920,000 | ||||||||
Total liabilities | [2] | 2,874,238,000 | 2,903,691,000 | |||||||
Trade accounts receivable, allowance for doubtful accounts (in Dollars) | $ 4,448,000 | 4,634,000 | ||||||||
JSA and SSA entities [Member] | ||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||||||
Number of stations | station | 8 | |||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 3,554,000 | 3,693,000 | ||||||||
Trade accounts receivable (less allowance for doubtful accounts 2016 - $89; 2015 - $94) | 7,985,000 | 9,798,000 | ||||||||
Prepaid expenses and other current assets | 715,000 | 796,000 | ||||||||
Total current assets | 12,254,000 | 14,287,000 | ||||||||
Property and equipment, net | 1,937,000 | 1,904,000 | ||||||||
Other assets, net | 2,874,000 | 3,094,000 | ||||||||
Definite lived intangible assets, net | 31,479,000 | 32,244,000 | ||||||||
Broadcast licenses | 71,300,000 | 71,300,000 | ||||||||
Goodwill | 21,859,000 | 21,859,000 | ||||||||
Total assets | 141,703,000 | 144,688,000 | ||||||||
Current liabilities: | ||||||||||
Trade accounts payable | 13,000 | 16,000 | ||||||||
Accrued expenses and other current liabilities | 1,974,000 | 2,221,000 | ||||||||
Current installments of long-term debt | 3,514,000 | 3,804,000 | ||||||||
Total current liabilities | 5,501,000 | 6,041,000 | ||||||||
Long-term debt excluding current maturities | 23,285,000 | 24,062,000 | ||||||||
Other liabilities | 6,981,000 | 8,310,000 | ||||||||
Total liabilities | 35,767,000 | 38,413,000 | ||||||||
Trade accounts receivable, allowance for doubtful accounts (in Dollars) | 89,000 | $ 94,000 | ||||||||
Threshold on media ownership rules (more than) (percentage) | 15.00% | |||||||||
Company Owned Option To Acquire Assets Or Equity [Member] | ||||||||||
Current liabilities: | ||||||||||
Carrying amount of ineligible options | $ 0 | |||||||||
|
Debt and Other Financial Instruments - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,243,059 | $ 2,244,150 |
Less: net unamortized discount | (8,531) | (8,992) |
Less: scheduled current maturities | (3,514) | (3,804) |
Less: unamortized debt issuance fees | (30,671) | (32,244) |
Long-term debt excluding current maturities | 2,200,343 | 2,199,110 |
Media General Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,541,000 | 1,541,000 |
The 2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 400,000 | 400,000 |
The 2021 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 275,000 | 275,000 |
Shield Media Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,400 | 27,200 |
Other Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 659 | $ 950 |
Debt and Other Financial Instruments - Narrative (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jul. 31, 2013 |
Jul. 31, 2013 |
Mar. 31, 2016
USD ($)
station
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Nov. 05, 2014
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Debt modification and extinguishment costs | $ 0 | $ 613,000 | ||||
Number of stations | station | 71 | |||||
JSA and SSA entities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of stations | station | 2 | |||||
Media General Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, current | $ 1,500,000,000 | |||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | |||||
Line of credit facility, unused capacity, percentage | 0.50% | |||||
Line of credit facility, remaining borrowing capacity | $ 146,000,000 | |||||
Media General Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 2.50% | |||||
Letter of Credit [Member] | Media General Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, remaining borrowing capacity | $ 4,000,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | 0 | 35,000,000 | ||||
Debt modification and extinguishment costs | 600,000 | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage, minimum (percentage) | 1.00% | |||||
Basis spread on variable rate (percentage) | 3.00% | |||||
Shield Media Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percentage) | 3.00% | |||||
Shield Media Term Loan [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | $ 800,000 | $ 600,000 | ||||
Senior Notes 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 400,000,000 | |||||
Interest rate (percentage) | 5.875% | 5.875% | ||||
Senior Notes 2022 [Member] | LIN Merger [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 200,000,000 | |||||
Interest rate (percentage) | 8.375% | |||||
Senior Notes 2021 [Member] | LIN Merger [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | $ 0 | $ 15,000,000 | ||||
Principal amount | $ 275,000,000 | |||||
Interest rate (percentage) | 6.375% | |||||
Payment of debt extinguishment costs | $ 800,000 |
Debt and Other Financial Instruments - Fair value of financial instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments | ||
Trading securities | $ 274 | $ 257 |
Long-term debt: | ||
Other borrowings | 659 | 950 |
Media General Credit Agreement [Member] | ||
Long-term debt: | ||
Long-term debt, carrying amount | 1,508,934 | 1,507,182 |
Long-term debt, fair value | 1,545,471 | 1,529,229 |
Senior Notes 2022 [Member] | ||
Long-term debt: | ||
Long-term debt, carrying amount | 392,799 | 392,527 |
Long-term debt, fair value | 406,898 | 404,344 |
Senior Notes 2021 [Member] | ||
Long-term debt: | ||
Long-term debt, carrying amount | 275,324 | 275,340 |
Long-term debt, fair value | 302,502 | 288,228 |
Shield Media Credit Agreement [Member] | ||
Long-term debt: | ||
Long-term debt, carrying amount | 26,140 | 26,915 |
Long-term debt, fair value | $ 26,140 | $ 27,200 |
Taxes on Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate (percentage) | 44.20% | 41.00% |
Current income tax expense | $ 0.9 | $ 0.2 |
Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to Media General | $ (26,190) | $ (7,433) |
Undistributed earnings attributable to participating securities | 0 | 0 |
Basic EPS | ||
Income (loss) attributable to common stockholders | $ (26,190) | $ (7,433) |
Income (loss) attributable to common stockholders (in shares) | 128,595 | 129,384 |
Income (loss) attributable to common stockholders (in dollars per share) | $ (0.20) | $ (0.06) |
Effect of dilutive securities: | ||
Stock options and warrants (in shares) | 0 | 0 |
Diluted EPS | ||
Income (loss) attributable to common stockholders | $ (26,190) | $ (7,433) |
Income (loss) attributable to common stockholders (in shares) | 128,595 | 129,384 |
Income (loss) attributable to common stockholders (in dollars per share) | $ (0.20) | $ (0.06) |
Earnings Per Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1.2 | 1.1 |
Retirement and Postretirement Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 4,650 | 7,400 |
Expected return on plan assets | (6,950) | (9,981) |
Amortization of net loss | 0 | 258 |
Net periodic benefit (income) cost | (2,300) | (2,323) |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0 | 10 |
Interest cost | 200 | 110 |
Expected return on plan assets | 0 | 0 |
Amortization of net loss | (25) | 0 |
Net periodic benefit (income) cost | $ 175 | $ 120 |
Stockholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 1,447,970 | $ 1,500,421 |
Net income attributable to Media General | (26,190) | (7,433) |
Exercise of stock options | 1,408 | 1,034 |
Stock-based compensation | 2,078 | 3,010 |
Revaluation of redeemable noncontrolling interest | (12,541) | (586) |
Other | 332 | (633) |
Ending balance | 1,413,057 | 1,495,813 |
Common Stock [Member] | Voting Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,305,155 | 1,322,284 |
Exercise of stock options | 1,408 | 1,034 |
Stock-based compensation | 2,078 | 3,010 |
Revaluation of redeemable noncontrolling interest | (12,094) | |
Other | 332 | (633) |
Ending balance | 1,296,879 | 1,325,695 |
Common Stock [Member] | Nonvoting Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 0 | 0 |
Ending balance | 0 | 0 |
AOCI Attributable to Parent [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (31,224) | (36,445) |
Ending balance | (31,224) | (36,445) |
Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 174,039 | 214,582 |
Net income attributable to Media General | (26,190) | (7,433) |
Revaluation of redeemable noncontrolling interest | (447) | (586) |
Ending balance | $ 147,402 | $ 206,563 |
Other - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Apr. 30, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 3,982 | $ 0 | |
Revaluation of redeemable noncontrolling interest | $ (12,541) | $ (586) | |
HYFN Inc [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Noncontrolling interest, ownership percentage by parent (percentage) | 50.10% | ||
Revaluation of redeemable noncontrolling interest | $ 12,100 | ||
Subsequent Event [Member] | HYFN Inc [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Purchase price | $ 35,000 | ||
One-time compensation expense related to the transaction | 7,000 | ||
Total cash outflow | $ 42,000 | ||
Digital Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected savings related to restructuring | 14,700 | ||
Restructuring expenses | 2,456 | ||
WAGT Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 1,526 | ||
Severance Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 2,364 | ||
Severance Charges [Member] | Digital Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 1,826 | ||
Severance Charges [Member] | WAGT Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 538 | ||
Contract Termination [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 802 | ||
Contract Termination [Member] | Digital Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 630 | ||
Contract Termination [Member] | WAGT Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 172 |
Other - Restructuring Reserve Rollforward and Schedule of Reserve Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Restructuring Reserve [Roll Forward] | ||
Accrued restructuring as of December 31, 2015 | $ 1,312 | |
Restructuring expenses | 3,982 | $ 0 |
Accrued restructuring as of March 31, 2016 | 2,884 | |
Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accrued restructuring as of December 31, 2015 | 1,312 | |
Restructuring expenses | 2,456 | |
Accrued restructuring as of March 31, 2016 | 2,174 | |
WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Accrued restructuring as of December 31, 2015 | 0 | |
Restructuring expenses | 1,526 | |
Accrued restructuring as of March 31, 2016 | 710 | |
Severance Charges [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 2,364 | |
Cash severance payments | (1,594) | |
Severance Charges [Member] | Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 1,826 | |
Cash severance payments | (1,594) | |
Severance Charges [Member] | WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 538 | |
Cash severance payments | 0 | |
Contract Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 802 | |
Contract Termination [Member] | Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 630 | |
Contract Termination [Member] | WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 172 | |
Asset Impairment [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 282 | |
Asset Impairment [Member] | Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 0 | |
Asset Impairment [Member] | WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 282 | |
Legal Fees [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 477 | |
Legal Fees [Member] | Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 0 | |
Legal Fees [Member] | WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 477 | |
Other Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 57 | |
Other Restructuring [Member] | Digital Restructuring Plan [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | 0 | |
Other Restructuring [Member] | WAGT Restructuring [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring expenses | $ 57 |
Guarantor Financial Information - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
LIN Television Corporation [Member] | |
Interim Period, Costs Not Allocable [Line Items] | |
Ownership interest (percentage) | 100.00% |
Guarantor Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|---|---|
Current assets: | |||||||||
Cash and cash equivalents | $ 33,593 | $ 41,091 | $ 58,311 | $ 43,920 | |||||
Trade accounts receivable, net | 291,889 | 298,474 | |||||||
Prepaid expenses and other current assets | 17,387 | 15,083 | |||||||
Total current assets | 342,869 | 354,648 | |||||||
Property and equipment, net | 457,418 | 470,537 | |||||||
Other assets, net | 32,910 | 38,070 | |||||||
Definite lived intangible assets, net | 849,839 | 871,129 | |||||||
Broadcast licenses | 1,097,100 | 1,097,100 | |||||||
Goodwill | 1,544,624 | 1,544,624 | |||||||
Advances to consolidated subsidiaries | 0 | 0 | |||||||
Investment in consolidated subsidiaries | 0 | 0 | |||||||
Total assets | [1] | 4,324,760 | 4,376,108 | ||||||
Current liabilities: | |||||||||
Trade accounts payable | 19,854 | 35,800 | |||||||
Accrued salaries and wages | 21,129 | 21,465 | |||||||
Accrued expenses and other current liabilities | 108,110 | 95,500 | |||||||
Current installments of long-term debt | 3,514 | 3,804 | |||||||
Current installments of obligation under capital leases | 841 | 859 | |||||||
Total current liabilities | 153,448 | 157,428 | |||||||
Long-term debt excluding current maturities | 2,200,343 | 2,199,110 | |||||||
Deferred tax liability and other long-term tax liabilities | 293,973 | 315,234 | |||||||
Long-term capital lease obligations | 13,810 | 14,012 | |||||||
Retirement and postretirement plans | 179,377 | 182,987 | |||||||
Other liabilities | 33,287 | 34,920 | |||||||
Total liabilities | [2] | 2,874,238 | 2,903,691 | ||||||
Noncontrolling interests | 37,465 | 24,447 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | 1,413,057 | 1,447,970 | 1,495,813 | 1,500,421 | |||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | 4,324,760 | 4,376,108 | |||||||
Reportable Legal Entities [Member] | Media General [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 2,388 | |||||
Trade accounts receivable, net | 0 | 0 | |||||||
Prepaid expenses and other current assets | 0 | 0 | |||||||
Total current assets | 0 | 0 | |||||||
Property and equipment, net | 0 | 0 | |||||||
Other assets, net | 0 | 0 | |||||||
Definite lived intangible assets, net | 0 | 0 | |||||||
Broadcast licenses | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Advances to consolidated subsidiaries | 0 | 0 | |||||||
Investment in consolidated subsidiaries | 1,413,057 | 1,447,970 | |||||||
Total assets | 1,413,057 | 1,447,970 | |||||||
Current liabilities: | |||||||||
Trade accounts payable | 0 | 0 | |||||||
Accrued salaries and wages | 0 | 0 | |||||||
Accrued expenses and other current liabilities | 0 | 0 | |||||||
Current installments of long-term debt | 0 | 0 | |||||||
Current installments of obligation under capital leases | 0 | 0 | |||||||
Total current liabilities | 0 | 0 | |||||||
Long-term debt excluding current maturities | 0 | 0 | |||||||
Deferred tax liability and other long-term tax liabilities | 0 | 0 | |||||||
Long-term capital lease obligations | 0 | 0 | |||||||
Retirement and postretirement plans | 0 | 0 | |||||||
Other liabilities | 0 | 0 | |||||||
Total liabilities | 0 | 0 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | 1,413,057 | 1,447,970 | |||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | 1,413,057 | 1,447,970 | |||||||
Reportable Legal Entities [Member] | LIN Television Corporation [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 1,103 | 27,816 | 9,658 | |||||
Trade accounts receivable, net | 77,599 | 75,866 | |||||||
Prepaid expenses and other current assets | 2,743 | 3,264 | |||||||
Total current assets | 80,342 | 80,233 | |||||||
Property and equipment, net | 153,261 | 158,627 | |||||||
Other assets, net | 727 | 7,199 | |||||||
Definite lived intangible assets, net | 359,722 | 368,011 | |||||||
Broadcast licenses | 0 | 0 | |||||||
Goodwill | 527,077 | 527,077 | |||||||
Advances to consolidated subsidiaries | (237,643) | (206,396) | |||||||
Investment in consolidated subsidiaries | 1,296,899 | 1,319,392 | |||||||
Total assets | 2,180,385 | 2,254,143 | |||||||
Current liabilities: | |||||||||
Trade accounts payable | 399 | 2,010 | |||||||
Accrued salaries and wages | 3,850 | 2,022 | |||||||
Accrued expenses and other current liabilities | 22,291 | 23,237 | |||||||
Current installments of long-term debt | 0 | 0 | |||||||
Current installments of obligation under capital leases | 575 | 575 | |||||||
Total current liabilities | 27,115 | 27,844 | |||||||
Long-term debt excluding current maturities | 668,122 | 667,867 | |||||||
Deferred tax liability and other long-term tax liabilities | 58,015 | 62,785 | |||||||
Long-term capital lease obligations | 12,811 | 12,953 | |||||||
Retirement and postretirement plans | 0 | 25,917 | |||||||
Other liabilities | 1,265 | 8,807 | |||||||
Total liabilities | 767,328 | 806,173 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | 1,413,057 | 1,447,970 | |||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | 2,180,385 | 2,254,143 | |||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 29,512 | 35,925 | 24,042 | 27,371 | |||||
Trade accounts receivable, net | 183,913 | 192,306 | |||||||
Prepaid expenses and other current assets | 13,144 | 10,441 | |||||||
Total current assets | 226,569 | 238,672 | |||||||
Property and equipment, net | 301,380 | 309,160 | |||||||
Other assets, net | 29,038 | 27,523 | |||||||
Definite lived intangible assets, net | 445,675 | 458,261 | |||||||
Broadcast licenses | 1,025,800 | 1,025,800 | |||||||
Goodwill | 924,708 | 924,708 | |||||||
Advances to consolidated subsidiaries | 254,351 | 223,051 | |||||||
Investment in consolidated subsidiaries | 0 | 0 | |||||||
Total assets | 3,207,521 | 3,207,175 | |||||||
Current liabilities: | |||||||||
Trade accounts payable | 16,459 | 30,689 | |||||||
Accrued salaries and wages | 16,709 | 19,016 | |||||||
Accrued expenses and other current liabilities | 80,050 | 68,101 | |||||||
Current installments of long-term debt | 0 | 0 | |||||||
Current installments of obligation under capital leases | 246 | 256 | |||||||
Total current liabilities | 113,464 | 118,062 | |||||||
Long-term debt excluding current maturities | 1,508,935 | 1,507,181 | |||||||
Deferred tax liability and other long-term tax liabilities | 237,358 | 253,232 | |||||||
Long-term capital lease obligations | 999 | 1,059 | |||||||
Retirement and postretirement plans | 179,377 | 157,070 | |||||||
Other liabilities | 27,056 | 20,999 | |||||||
Total liabilities | 2,067,189 | 2,057,603 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | 1,140,332 | 1,149,572 | |||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | 3,207,521 | 3,207,175 | |||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 4,081 | 4,063 | 6,453 | 4,503 | |||||
Trade accounts receivable, net | 30,377 | 30,302 | |||||||
Prepaid expenses and other current assets | 1,500 | 1,378 | |||||||
Total current assets | 35,958 | 35,743 | |||||||
Property and equipment, net | 2,777 | 2,750 | |||||||
Other assets, net | 3,145 | 3,348 | |||||||
Definite lived intangible assets, net | 44,442 | 44,857 | |||||||
Broadcast licenses | 71,300 | 71,300 | |||||||
Goodwill | 92,839 | 92,839 | |||||||
Advances to consolidated subsidiaries | (16,708) | (16,655) | |||||||
Investment in consolidated subsidiaries | 0 | 0 | |||||||
Total assets | 233,753 | 234,182 | |||||||
Current liabilities: | |||||||||
Trade accounts payable | 2,996 | 3,101 | |||||||
Accrued salaries and wages | 570 | 427 | |||||||
Accrued expenses and other current liabilities | 5,769 | 4,162 | |||||||
Current installments of long-term debt | 3,514 | 3,804 | |||||||
Current installments of obligation under capital leases | 20 | 28 | |||||||
Total current liabilities | 12,869 | 11,522 | |||||||
Long-term debt excluding current maturities | 23,286 | 24,062 | |||||||
Deferred tax liability and other long-term tax liabilities | (1,400) | (783) | |||||||
Long-term capital lease obligations | 0 | 0 | |||||||
Retirement and postretirement plans | 0 | 0 | |||||||
Other liabilities | 4,966 | 5,114 | |||||||
Total liabilities | 39,721 | 39,915 | |||||||
Noncontrolling interests | 37,465 | 24,447 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | 156,567 | 169,820 | |||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | 233,753 | 234,182 | |||||||
Eliminations [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||||
Trade accounts receivable, net | 0 | 0 | |||||||
Prepaid expenses and other current assets | 0 | 0 | |||||||
Total current assets | 0 | 0 | |||||||
Property and equipment, net | 0 | 0 | |||||||
Other assets, net | 0 | 0 | |||||||
Definite lived intangible assets, net | 0 | 0 | |||||||
Broadcast licenses | 0 | 0 | |||||||
Goodwill | 0 | $ 0 | |||||||
Advances to consolidated subsidiaries | 0 | ||||||||
Investment in consolidated subsidiaries | (2,709,956) | $ (2,767,362) | |||||||
Total assets | (2,709,956) | (2,767,362) | |||||||
Current liabilities: | |||||||||
Trade accounts payable | 0 | 0 | |||||||
Accrued salaries and wages | 0 | 0 | |||||||
Accrued expenses and other current liabilities | 0 | 0 | |||||||
Current installments of long-term debt | 0 | 0 | |||||||
Current installments of obligation under capital leases | 0 | 0 | |||||||
Total current liabilities | 0 | 0 | |||||||
Long-term debt excluding current maturities | 0 | 0 | |||||||
Deferred tax liability and other long-term tax liabilities | 0 | 0 | |||||||
Long-term capital lease obligations | 0 | 0 | |||||||
Retirement and postretirement plans | 0 | 0 | |||||||
Other liabilities | 0 | 0 | |||||||
Total liabilities | 0 | 0 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Stockholders' equity: | |||||||||
Total stockholders (deficit) equity | (2,709,956) | (2,767,362) | |||||||
Total liabilities, noncontrolling interest and stockholders' equity (deficit) | $ (2,709,956) | $ (2,767,362) | |||||||
|
Guarantor Financial Information - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | $ 343,463 | $ 296,734 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 151,143 | 125,876 |
Selling, general and administrative expenses | 78,321 | 80,470 |
Amortization of program license rights | 12,066 | 11,758 |
Corporate and other expenses | 10,352 | 12,651 |
Depreciation and amortization | 40,121 | 40,283 |
Gain related to property and equipment, net | (768) | (228) |
Merger-related expenses | 65,882 | 5,277 |
Restructuring expenses | 3,982 | 0 |
Operating income (loss) | (17,636) | 20,647 |
Other income (expense): | ||
Interest expense, net | (28,556) | (31,023) |
Debt modification and extinguishment costs | 0 | (613) |
Intercompany income and (expenses) | 0 | 0 |
Equity in income (loss) from operations of consolidated subsidiaries | 0 | 0 |
Other, net | 74 | 3,290 |
Total other income (expense) | (28,482) | (28,346) |
Loss before income taxes | (46,118) | (7,699) |
Income tax benefit (expense) | 20,405 | 3,157 |
Net income (loss) | (25,713) | (4,542) |
Net income (loss) attributable to noncontrolling interest | 477 | 2,891 |
Net loss attributable to Media General | (26,190) | (7,433) |
Other comprehensive income | 0 | 0 |
Total comprehensive loss attributable to Media General | (26,190) | (7,433) |
Reportable Legal Entities [Member] | Media General [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | 0 | 0 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Amortization of program license rights | 0 | 0 |
Corporate and other expenses | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Gain related to property and equipment, net | 0 | 0 |
Merger-related expenses | 0 | 0 |
Restructuring expenses | 0 | 0 |
Operating income (loss) | 0 | 0 |
Other income (expense): | ||
Interest expense, net | 0 | (1) |
Debt modification and extinguishment costs | 0 | |
Intercompany income and (expenses) | 0 | 0 |
Equity in income (loss) from operations of consolidated subsidiaries | (26,190) | (7,432) |
Other, net | 0 | 0 |
Total other income (expense) | (26,190) | (7,433) |
Loss before income taxes | (26,190) | (7,433) |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | (26,190) | (7,433) |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to Media General | (26,190) | (7,433) |
Other comprehensive income | 0 | |
Total comprehensive loss attributable to Media General | (26,190) | (7,433) |
Reportable Legal Entities [Member] | LIN Television Corporation [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | 99,091 | 88,218 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 42,160 | 37,599 |
Selling, general and administrative expenses | 22,693 | 23,524 |
Amortization of program license rights | 4,480 | 4,178 |
Corporate and other expenses | 0 | 3,201 |
Depreciation and amortization | 14,399 | 14,136 |
Gain related to property and equipment, net | (7) | (36) |
Merger-related expenses | 0 | 1,374 |
Restructuring expenses | 0 | 0 |
Operating income (loss) | 15,366 | 4,242 |
Other income (expense): | ||
Interest expense, net | (10,694) | (10,650) |
Debt modification and extinguishment costs | 0 | |
Intercompany income and (expenses) | (10,107) | (5,535) |
Equity in income (loss) from operations of consolidated subsidiaries | (15,958) | (434) |
Other, net | 0 | 82 |
Total other income (expense) | (36,759) | (16,537) |
Loss before income taxes | (21,393) | (12,295) |
Income tax benefit (expense) | (4,797) | 4,863 |
Net income (loss) | (26,190) | (7,432) |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to Media General | (26,190) | (7,432) |
Other comprehensive income | 0 | 0 |
Total comprehensive loss attributable to Media General | (26,190) | (7,432) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | 235,157 | 199,730 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 100,634 | 83,759 |
Selling, general and administrative expenses | 53,541 | 53,218 |
Amortization of program license rights | 7,574 | 7,101 |
Corporate and other expenses | 10,350 | 9,458 |
Depreciation and amortization | 23,948 | 24,672 |
Gain related to property and equipment, net | (833) | (192) |
Merger-related expenses | 65,882 | 3,903 |
Restructuring expenses | 3,982 | 0 |
Operating income (loss) | (29,921) | 17,811 |
Other income (expense): | ||
Interest expense, net | (17,586) | (20,087) |
Debt modification and extinguishment costs | (613) | |
Intercompany income and (expenses) | 10,451 | 5,767 |
Equity in income (loss) from operations of consolidated subsidiaries | 0 | 0 |
Other, net | 74 | 708 |
Total other income (expense) | (7,061) | (14,225) |
Loss before income taxes | (36,982) | 3,586 |
Income tax benefit (expense) | 24,584 | (2,274) |
Net income (loss) | (12,398) | 1,312 |
Net income (loss) attributable to noncontrolling interest | 0 | (178) |
Net loss attributable to Media General | (12,398) | 1,490 |
Other comprehensive income | 0 | 0 |
Total comprehensive loss attributable to Media General | (12,398) | 1,490 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | 17,855 | 13,742 |
Operating costs: | ||
Operating expenses, excluding depreciation expense | 13,447 | 7,542 |
Selling, general and administrative expenses | 2,252 | 4,137 |
Amortization of program license rights | 513 | 479 |
Corporate and other expenses | 2 | (8) |
Depreciation and amortization | 1,774 | 1,475 |
Gain related to property and equipment, net | 72 | 0 |
Merger-related expenses | 0 | 0 |
Restructuring expenses | 0 | 0 |
Operating income (loss) | (205) | 117 |
Other income (expense): | ||
Interest expense, net | (276) | (285) |
Debt modification and extinguishment costs | 0 | |
Intercompany income and (expenses) | (344) | (232) |
Equity in income (loss) from operations of consolidated subsidiaries | 0 | 0 |
Other, net | 0 | 2,500 |
Total other income (expense) | (620) | 1,983 |
Loss before income taxes | (825) | 2,100 |
Income tax benefit (expense) | 618 | 568 |
Net income (loss) | (207) | 2,668 |
Net income (loss) attributable to noncontrolling interest | 477 | 3,069 |
Net loss attributable to Media General | (684) | (401) |
Other comprehensive income | 0 | 0 |
Total comprehensive loss attributable to Media General | (684) | (401) |
Eliminations [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net operating revenue | (8,640) | (4,956) |
Operating costs: | ||
Operating expenses, excluding depreciation expense | (5,098) | (3,024) |
Selling, general and administrative expenses | (165) | (409) |
Amortization of program license rights | (501) | 0 |
Corporate and other expenses | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Gain related to property and equipment, net | 0 | 0 |
Merger-related expenses | 0 | 0 |
Restructuring expenses | 0 | 0 |
Operating income (loss) | (2,876) | (1,523) |
Other income (expense): | ||
Interest expense, net | 0 | 0 |
Debt modification and extinguishment costs | 0 | |
Intercompany income and (expenses) | 0 | 0 |
Equity in income (loss) from operations of consolidated subsidiaries | 42,148 | 7,866 |
Other, net | 0 | 0 |
Total other income (expense) | 42,148 | 7,866 |
Loss before income taxes | 39,272 | 6,343 |
Income tax benefit (expense) | 0 | 0 |
Net income (loss) | 39,272 | 6,343 |
Net income (loss) attributable to noncontrolling interest | 0 | 0 |
Net loss attributable to Media General | 39,272 | 6,343 |
Other comprehensive income | 0 | |
Total comprehensive loss attributable to Media General | $ 39,272 | $ 6,343 |
Guarantor Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Cash flows from operating activities: | ||
Net cash used by operating activities | $ (4,799) | $ 56,419 |
Cash flows from investing activities: | ||
Capital expenditures | (6,763) | (7,209) |
Proceeds from the sale of property and equipment | 3,976 | 262 |
Proceeds from spectrum relocation | 0 | 620 |
Receipt of dividend | 0 | 0 |
Advances on intercompany borrowings | 0 | |
Payments from intercompany borrowings | 0 | 0 |
Payment of capital contributions | 0 | |
Other, net | (10) | (5) |
Net cash provided (used) by investing activities | (2,797) | (6,332) |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 30,000 | 0 |
Repayments under Media General Revolving Credit Facility | (30,000) | 0 |
Repayments of borrowings | (800) | |
Repayment of other borrowings | (290) | (290) |
Payment of dividend | 0 | 0 |
Proceeds from intercompany borrowings | 0 | |
Payments on intercompany borrowing | 0 | 0 |
Receipt of capital contributions | 0 | |
Exercise of stock options | 1,408 | 958 |
Other, net | (220) | (764) |
Net cash provided (used) by financing activities | 98 | (35,696) |
Net (decrease) increase in cash and cash equivalents | (7,498) | 14,391 |
Cash and cash equivalents at beginning of period | 41,091 | 43,920 |
Cash and cash equivalents at end of period | 33,593 | 58,311 |
Shield Media Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | (800) | (600) |
Media General Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | (35,000) |
Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net cash used by operating activities | 0 | 0 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from spectrum relocation | 0 | |
Receipt of dividend | (19,502) | (19,502) |
Advances on intercompany borrowings | 2,644 | |
Payments from intercompany borrowings | (12,060) | (14,098) |
Payment of capital contributions | 3,011 | |
Other, net | 0 | 0 |
Net cash provided (used) by investing activities | (28,918) | (30,589) |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 0 | |
Repayments under Media General Revolving Credit Facility | 0 | |
Repayments of borrowings | 0 | |
Repayment of other borrowings | 0 | 0 |
Payment of dividend | 19,502 | 19,502 |
Proceeds from intercompany borrowings | (2,644) | |
Payments on intercompany borrowing | 12,060 | 14,098 |
Receipt of capital contributions | (3,011) | |
Exercise of stock options | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided (used) by financing activities | 28,918 | 30,589 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Eliminations [Member] | Shield Media Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Eliminations [Member] | Media General Credit Agreement [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Media General [Member] | ||
Cash flows from operating activities: | ||
Net cash used by operating activities | 0 | (1,402) |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from spectrum relocation | 0 | |
Receipt of dividend | 0 | 0 |
Advances on intercompany borrowings | 0 | |
Payments from intercompany borrowings | 0 | 2,025 |
Payment of capital contributions | (3,011) | |
Other, net | 0 | 0 |
Net cash provided (used) by investing activities | 0 | (986) |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 0 | |
Repayments under Media General Revolving Credit Facility | 0 | |
Repayments of borrowings | 0 | |
Repayment of other borrowings | 0 | 0 |
Payment of dividend | 0 | 0 |
Proceeds from intercompany borrowings | 0 | |
Payments on intercompany borrowing | 0 | 0 |
Receipt of capital contributions | 0 | |
Exercise of stock options | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided (used) by financing activities | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | (2,388) |
Cash and cash equivalents at beginning of period | 0 | 2,388 |
Cash and cash equivalents at end of period | 0 | 0 |
Reportable Legal Entities [Member] | LIN Television Corporation [Member] | ||
Cash flows from operating activities: | ||
Net cash used by operating activities | (4,065) | 12,021 |
Cash flows from investing activities: | ||
Capital expenditures | (1,716) | (2,314) |
Proceeds from the sale of property and equipment | 29 | 36 |
Proceeds from spectrum relocation | 0 | |
Receipt of dividend | 19,502 | 19,502 |
Advances on intercompany borrowings | (2,644) | |
Payments from intercompany borrowings | 0 | 0 |
Payment of capital contributions | 0 | |
Other, net | 0 | 0 |
Net cash provided (used) by investing activities | 15,171 | 17,224 |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 0 | |
Repayments under Media General Revolving Credit Facility | 0 | |
Repayments of borrowings | 0 | |
Repayment of other borrowings | 0 | 0 |
Payment of dividend | 0 | 0 |
Proceeds from intercompany borrowings | 0 | |
Payments on intercompany borrowing | (12,060) | (14,098) |
Receipt of capital contributions | 3,011 | |
Exercise of stock options | 0 | 0 |
Other, net | (149) | 0 |
Net cash provided (used) by financing activities | (12,209) | (11,087) |
Net (decrease) increase in cash and cash equivalents | (1,103) | 18,158 |
Cash and cash equivalents at beginning of period | 1,103 | 9,658 |
Cash and cash equivalents at end of period | 0 | 27,816 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash used by operating activities | (596) | 42,361 |
Cash flows from investing activities: | ||
Capital expenditures | (3,649) | (4,288) |
Proceeds from the sale of property and equipment | 3,947 | 226 |
Proceeds from spectrum relocation | 620 | |
Receipt of dividend | 0 | 0 |
Advances on intercompany borrowings | 0 | |
Payments from intercompany borrowings | 12,060 | 12,073 |
Payment of capital contributions | 0 | |
Other, net | (10) | 0 |
Net cash provided (used) by investing activities | 12,348 | 8,631 |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 30,000 | |
Repayments under Media General Revolving Credit Facility | (30,000) | |
Repayments of borrowings | 0 | |
Repayment of other borrowings | 0 | 0 |
Payment of dividend | (19,502) | (19,502) |
Proceeds from intercompany borrowings | 0 | |
Payments on intercompany borrowing | 0 | 0 |
Receipt of capital contributions | 0 | |
Exercise of stock options | 1,408 | 958 |
Other, net | (71) | (777) |
Net cash provided (used) by financing activities | (18,165) | (54,321) |
Net (decrease) increase in cash and cash equivalents | (6,413) | (3,329) |
Cash and cash equivalents at beginning of period | 35,925 | 27,371 |
Cash and cash equivalents at end of period | 29,512 | 24,042 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash used by operating activities | (138) | 3,439 |
Cash flows from investing activities: | ||
Capital expenditures | (1,398) | (607) |
Proceeds from the sale of property and equipment | 0 | 0 |
Proceeds from spectrum relocation | 0 | |
Receipt of dividend | 0 | 0 |
Advances on intercompany borrowings | 0 | |
Payments from intercompany borrowings | 0 | 0 |
Payment of capital contributions | 0 | |
Other, net | 0 | (5) |
Net cash provided (used) by investing activities | (1,398) | (612) |
Cash flows from financing activities: | ||
Borrowings under Media General Revolving Credit Facility | 0 | |
Repayments under Media General Revolving Credit Facility | 0 | |
Repayments of borrowings | (800) | |
Repayment of other borrowings | (290) | (290) |
Payment of dividend | 0 | 0 |
Proceeds from intercompany borrowings | 2,644 | |
Payments on intercompany borrowing | 0 | 0 |
Receipt of capital contributions | 0 | |
Exercise of stock options | 0 | 0 |
Other, net | 0 | 13 |
Net cash provided (used) by financing activities | 1,554 | (877) |
Net (decrease) increase in cash and cash equivalents | 18 | 1,950 |
Cash and cash equivalents at beginning of period | 4,063 | 4,503 |
Cash and cash equivalents at end of period | $ 4,081 | 6,453 |
Reportable Legal Entities [Member] | Shield Media Credit Agreement [Member] | Media General [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Shield Media Credit Agreement [Member] | LIN Television Corporation [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Shield Media Credit Agreement [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Shield Media Credit Agreement [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | (600) | |
Reportable Legal Entities [Member] | Media General Credit Agreement [Member] | Media General [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Media General Credit Agreement [Member] | LIN Television Corporation [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | 0 | |
Reportable Legal Entities [Member] | Media General Credit Agreement [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | (35,000) | |
Reportable Legal Entities [Member] | Media General Credit Agreement [Member] | Non-Guarantor Subsidiaries [Member] | ||
Cash flows from financing activities: | ||
Repayments of borrowings | $ 0 |
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