þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio (State or other jurisdiction of incorporation or organization) | 31-1223339 (IRS Employer Identification Number) | |
312 Walnut Street Cincinnati, Ohio (Address of principal executive offices) | 45202 (Zip Code) |
Title of each class Securities registered pursuant to Section 12(b) of the Act: | Name of each exchange on which registered New York Stock Exchange | |
Class A Common shares, $.01 par value | ||
Securities registered pursuant to Section 12(g) of the Act: | ||
Not applicable |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (do not check if a smaller reporting company) | Smaller reporting company o |
Item No. | Page | |
Item 1. | Business |
Station | Market | Network Affiliation/ DTV Channel | Affiliation Agreement Expires in | FCC License Expires in | Market Rank (1) | Stations in Market (2) | Percentage of U.S. Television Households in Mkt (3) | Average Audience Share (4) | ||||||||
WFTS-TV | Tampa, Ch. 28 | ABC/29 | 2019 | 2021 | 11 | 12 | 1.7% | 5 | ||||||||
KNXV-TV | Phoenix, Ch. 15 | ABC/15 | 2019 | 2022 | 12 | 13 | 1.7% | 5 | ||||||||
WXYZ-TV | Detroit, Ch. 7 | ABC/41 | 2019 | 2021 | 13 | 8 | 1.6% | 8 | ||||||||
WMYD-TV | Detroit, Ch. 20 | MY/21 | 2018 | 2021 | 13 | 8 | 1.6% | 2 | ||||||||
KMGH-TV | Denver, Ch. 7 | ABC/7 | 2019 | 2022 | 17 | 11 | 1.4% | 5 | ||||||||
WEWS-TV | Cleveland, Ch. 5 | ABC/15 | 2019 | 2021 | 19 | 8 | 1.3% | 7 | ||||||||
WMAR-TV | Baltimore, Ch. 2 | ABC/38 | 2019 | 2020 | 26 | 6 | 1.0% | 4 | ||||||||
WRTV-TV | Indianapolis, Ch. 6 | ABC/25 | 2019 | 2021 | 27 | 9 | 1.0% | 6 | ||||||||
KGTV-TV | San Diego, Ch. 10 | ABC/10 | 2019 | 2022 | 28 | 11 | 0.9% | 5 | ||||||||
WTVF-TV | Nashville, Ch. 5 | CBS/25 | 2018 | 2021 | 29 | 11 | 0.9% | 14 | ||||||||
KSHB-TV | Kansas City, Ch. 41 | NBC/42 | 2018 | 2022 | 33 | 8 | 0.8% | 6 | ||||||||
KMCI-TV | Lawrence, Ch. 38 | Ind./41 | N/A | 2022 | 33 | 8 | 0.8% | 2 | ||||||||
WTMJ-TV | Milwaukee, Ch. 4 | NBC/28 | 2018 | 2021 | 35 | 16 | 0.8% | 8 | ||||||||
WCPO-TV | Cincinnati, Ch. 9 | ABC/22 | 2019 | 2021 | 36 | 6 | 0.8% | 7 | ||||||||
WPTV-TV | W. Palm Beach, Ch. 5 | NBC/12 | 2018 | 2021 | 38 | 7 | 0.7% | 10 | ||||||||
KTNV-TV | Las Vegas, Ch. 13 | ABC/13 | 2017 | 2022 | 40 | 18 | 0.7% | 5 | ||||||||
WKBW-TV | Buffalo, Ch. 7 | ABC/38 | 2018 | 2023 | 53 | 8 | 0.5% | 6 | ||||||||
KJRH-TV | Tulsa, Ch. 2 | NBC/8 | 2018 | 2022 | 58 | 10 | 0.5% | 6 | ||||||||
WFTX-TV | Fort Myers/Naples, Ch. 4 | FOX/35 | 2019 | 2021 | 61 | 10 | 0.5% | 5 | ||||||||
WGBA-TV | Green Bay/Appleton, Ch. 26 | NBC/41 | 2018 | 2021 | 68 | 8 | 0.4% | 7 | ||||||||
WACY-TV | Green Bay/Appleton, Ch. 32 | MY/27 | 2017 | 2021 | 68 | 8 | 0.4% | 1 | ||||||||
KGUN-TV | Tucson, Ch. 9 | ABC/9 | 2017 | 2022 | 71 | 15 | 0.4% | 6 | ||||||||
KWBA-TV | Tucson, Ch. 58 | CW/44 | 2021 | 2022 | 71 | 15 | 0.4% | 1 | ||||||||
KMTV-TV | Omaha, Ch. 3 | CBS/45 | 2020 | 2022 | 74 | 11 | 0.4% | 8 | ||||||||
KIVI-TV | Boise, Ch. 6 | ABC/24 | 2017 | 2022 | 106 | 13 | 0.2% | 6 | ||||||||
WSYM-TV | Lansing, Ch. 47 | FOX/38 | 2019 | 2021 | 113 | 7 | 0.2% | 7 | ||||||||
KERO-TV | Bakersfield, Ch. 23 | ABC/10 | 2019 | 2022 | 126 | 4 | 0.2% | 5 |
(1) | Market rank represents the relative size of the television market in the United States. |
(2) | Stations in Market represents stations within the Designated Market Area per the Nielsen survey excluding public broadcasting stations, satellite stations, and low-power stations. |
(3) | Percentage of U.S. Television Households in Market represents the number of U.S. television households in Designated Market Area as a percentage of total U.S. television households. |
(4) | Average Audience Share represents the number of television households tuned to a specific station from 6 a.m. to 2 a.m. Monday-Sunday, as a percentage of total viewing households in the Designated Market Area. |
Market and Station | Format | Station Rank in Market (1) | Stations in Market (2) | FCC License Class (3) | FCC License Expires in | ||||||
Milwaukee, WI | |||||||||||
WTMJ-AM (4) | News/Talk/Sports | 3t | 28 | B | 2020 | ||||||
WKTI-FM (4) | Country | 13 | 28 | B | 2020 | ||||||
Omaha, NE | |||||||||||
KEZO-FM (4) | Rock | 5t | 19 | C0 | 2021 | ||||||
KKCD-FM (4) | Classic Rock | 8t | 19 | C2 | 2021 | ||||||
KSRZ-FM (4) | Adult Contemporary | 5t | 19 | C | 2021 | ||||||
KXSP-AM | Sports | 17t | 19 | B | 2021 | ||||||
KQCH-FM (4) | Contemporary Hits | 4 | 19 | C | 2021 | ||||||
Tucson, AZ | |||||||||||
KFFN-AM | Sports (Simulcast) | 20t | 30 | C | 2021 | ||||||
KMXZ-FM (4) | Adult Contemporary | 3 | 30 | C | 2021 | ||||||
KQTH-FM (4) | News/Talk | 20t | 30 | A | 2021 | ||||||
KTGV-FM | Rhythmic AC | 12t | 30 | C2 | 2021 | ||||||
Knoxville, TN | |||||||||||
WCYQ-FM | Country | 8 | 24 | A | 2020 | ||||||
WWST-FM (4) | Contemporary Hits | 4 | 24 | C1 | 2020 | ||||||
WKHT-FM (4) | Contemporary Hits/Rhythmic | 5 | 24 | A | 2020 | ||||||
WNOX-FM (4) | Classic Hits | 9t | 24 | C | 2020 | ||||||
Boise, ID | |||||||||||
KJOT-FM | Variety Rock | 11t | 23 | C | 2021 | ||||||
KQXR-FM | Active Rock | 6t | 23 | C1 | 2021 | ||||||
KTHI-FM | Classic Hits | 11t | 23 | C | 2021 | ||||||
KRVB-FM | Adult Alternative | 17t | 23 | C | 2021 | ||||||
Wichita, KS | |||||||||||
KFDI-FM (4) | Country | 1 | 20 | C | 2021 | ||||||
KICT-FM (4) | Rock | 3t | 20 | C1 | 2021 | ||||||
KFXJ-FM (4) | Classic Rock | 7t | 20 | C2 | 2021 | ||||||
KFTI-AM | Classic Country | 17t | 20 | B | 2021 | ||||||
KYQQ-FM | Regional Mexican | 12t | 20 | C0 | 2021 | ||||||
Springfield, MO | |||||||||||
KSGF-AM & FM | News/Talk (Simulcast) | 8t | 18 | B/C3 | 2021 | ||||||
KTTS-FM | Country | 1 | 18 | C | 2021 | ||||||
KSPW-FM | Contemporary Hits | 3t | 18 | C2 | 2021 | ||||||
KRVI-FM | Adult Hits | 3t | 18 | C3 | 2021 | ||||||
Tulsa, OK | |||||||||||
KFAQ-AM (4) | News/Talk | 15t | 27 | A | 2021 | ||||||
KVOO-FM (4) | Country | 8t | 27 | C | 2021 | ||||||
KXBL-FM (4) | Classic Country | 5t | 27 | C1 | 2021 | ||||||
KHTT-FM | Contemporary Hits | 8t | 27 | C0 | 2021 | ||||||
KBEZ-FM | Classic Hits | 8t | 27 | C0 | 2021 |
(1) | Station Market Rank equals the ranking of each station in its market, according to the Fall 2016 Nielsen audio survey. The diary ranking is determined based on the estimated share of persons 12 years and older and the Portable People Meter ("PPM") ranking is based on the estimated share of persons six years and older listening during an average 15-minute increment (also known as "average quarterly hour," or "AQH," share) occurring Monday-Sunday between 6:00 a.m. and midnight. When the rank is followed by the letter "t" it means tied. |
(2) | Includes stations qualified to be reported in the Fall 2016 Arbitron ratings book and that reported at least a 0.1 average rating. |
(3) | The FCC license class is a designation for the type of license based upon the radio broadcast service area according to radio broadcast rules compiled in the Code of Federal Regulations. |
(4) | Stations that are broadcasting in digital. |
Item 1A. | Risk Factors |
• | The advertising and marketing spending by customers can be subject to seasonal and cyclical variations and are likely to be adversely affected during economic downturns. |
• | Television and radio advertising revenues in even-numbered years benefit from political advertising, which is affected by campaign finance laws, as well as the competitiveness of specific political races in the markets where our television and radio stations operate. |
• | Continued consolidation and contraction of local advertisers in our local markets could adversely impact our operating results, given that we expect the majority of our advertising to be sold to local businesses in our markets. |
• | Television audiences continue to fragment in recent years as the broad distribution of cable and satellite television has greatly increased the options available to the public for viewing programming including live sports. Continued fragmentation of television audiences, and the growth of internet programming and streaming services, could adversely impact advertising rates, which will reflect the size and demographics of the audience reached by advertisers through our media businesses. |
• | Television stations have significant exposure to advertising in the automotive, retail and services industries. If advertising within these industries declines and we are unable to secure replacement advertisers, advertising revenues could decline and affect our profitability. |
• | Pursuant to FCC rules, local television stations must elect every three years to either (1) require cable operators and/or direct broadcast satellite carriers to carry the stations’ over the air signals or (2) enter into retransmission consent negotiations for carriage. At present, all of our stations have retransmission consent agreements with cable operators and satellite carriers. If our retransmission consent agreements are terminated or not renewed, or if our broadcast signals are distributed on less-favorable terms, our ability to compete effectively may be adversely affected. |
• | If we cannot renew our FCC broadcast licenses, our broadcast operations will be impaired. Our business will depend upon maintaining our broadcast licenses from the FCC, which has the authority to revoke licenses, not renew them, or renew them only with significant qualifications, including renewals for less than a full term. We cannot assure that future renewal applications will be approved, or that the renewals will not include conditions or qualifications that could adversely affect operations. If the FCC fails to renew any of these licenses, it could prevent us from operating the affected stations. If the FCC renews a license with substantial conditions or modifications (including renewing the license for a term of fewer than eight years), it could have a material adverse effect on the affected station’s revenue potential. |
• | As discussed under Federal Regulation of Broadcasting, the FCC is in the process of completing an auction in which some television licensees voluntarily auctioned away their spectrum rights. After this auction, an undetermined number of the remaining television stations will have their licenses modified to specify new operating frequencies and/or new transmitter locations, and the FCC is setting tight deadlines for the completion of these facility changes in order to make the reallocated spectrum promptly available to the wireless service buyers. Depending on the number of such relocations required and other factors such as the availability of specialized technical assistance and custom-made equipment, weather issues, and, for stations near international |
• | As also discussed under Federal Regulation of Broadcasting, the FCC is expected to promptly consider broadcasters’ proposal to permit the voluntary use of a new digital television transmission standard, ATSC 3.0, that is incompatible with the existing standard. Much uncertainty exists concerning the costs, benefits, and public acceptance of the services expected to become possible under this new standard, and television stations could be adversely affected by moving either too quickly or too slowly towards its adoption. |
• | The FCC and other government agencies are continually considering proposals intended to promote consumer interests. New government regulations affecting the television industry could raise programming costs, restrict broadcasters’ operating flexibility, reduce advertising revenues, raise the costs of delivering broadcast signals, or otherwise affect operating results. We cannot predict the nature or scope of future government regulation or its impact on our operations. |
• | general market and economic conditions and market trends, including in the television and radio broadcast industries and the financial markets generally; |
• | the political, economic and social situation in the United States; |
• | variations in quarterly operating results; |
• | inability to meet revenue projections; |
• | announcements by us or competitors of significant acquisitions, strategic partnerships, joint ventures, capital commitments or other business developments; |
• | adoption of new accounting standards affecting the broadcast industry; |
• | operations of competitors and the performance of competitors’ common stock; |
• | litigation and governmental action involving or affecting us or our subsidiaries; |
• | changes in financial estimates and recommendations by securities analysts; |
• | recruitment of key personnel; |
• | purchases or sales of blocks of our Class A Common shares; |
• | operating and stock performance of companies that investors may consider to be comparable to us; and |
• | changes in the regulatory environment, including rulemaking or other actions by the FCC. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Name | Age | Position | ||
Richard A. Boehne | 60 | President, Chief Executive Officer and Director (since July 2008); Executive Vice President (1999 to 2008) and Chief Operating Officer (2006 to 2008) | ||
Adam Symson | 42 | Chief Operating Officer (since November 2016); Senior Vice President/Digital (February 2013 to November 2016); Chief Digital Officer (2011 to February 2013); Vice President Interactive Media/Television (2007 to 2011) | ||
Timothy M. Wesolowski | 58 | Senior Vice President and Chief Financial Officer (since August 2011); Treasurer (2011 to 2015); Senior Vice President Finance - Call Center Division, Convergys Corporation (2010 to 2011); Senior Vice President Finance/Controller, Convergys Corporation (2006 to 2009) | ||
William Appleton | 68 | Senior Vice President and General Counsel (since July 2008); Managing Partner Cincinnati office, Baker & Hostetler, LLP (2003 to 2008) | ||
Lisa A. Knutson | 51 | Senior Vice President/Chief Administrative Officer (since September 2011); Senior Vice President/Human Resources (2008 to 2011) | ||
Brian G. Lawlor | 50 | Senior Vice President/Television (since January 2009); Vice President/General Manager of WPTV (2004 to 2008) | ||
Douglas F. Lyons | 60 | Vice President, Controller (since July 2008) and Treasurer (since May 2015); Vice President Finance/Administration (2006 to 2008), Director Financial Reporting (1997 to 2006) |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Quarter | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
2016 | ||||||||||||||||
Market price of common stock: | ||||||||||||||||
High | $ | 19.25 | $ | 17.69 | $ | 17.80 | $ | 19.41 | ||||||||
Low | 15.59 | 14.66 | 14.93 | 12.62 | ||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | ||||||||
2015 | ||||||||||||||||
Market price of common stock: | ||||||||||||||||
High | $ | 28.44 | $ | 25.41 | $ | 23.10 | $ | 22.56 | ||||||||
Low | 19.73 | 21.73 | 16.01 | 17.27 | ||||||||||||
Cash dividends per share of common stock | $ | — | $ | 1.03 | $ | — | $ | — |
Period | Total number of shares purchased | Average price paid per share | Total market value of shares purchased | Maximum value that may yet be purchased under the plans or programs(a) | |||||||||||
10/1/16-10/31/16 | 347,600 | $ | 15.05 | $ | 5,231,475 | $ | 48,873,594 | ||||||||
11/1/16-11/30/16 | 364,900 | 14.66 | 5,349,228 | $ | 43,524,366 | ||||||||||
12/1/16-12/31/16 | 229,541 | 18.07 | 4,147,433 | $ | — | ||||||||||
Total | 942,041 | $ | 15.63 | $ | 14,728,136 |
12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |||||||||||||||||||
The E. W. Scripps Company | $ | 100.00 | $ | 134.96 | $ | 271.16 | $ | 279.03 | $ | 268.78 | $ | 273.45 | ||||||||||||
S&P 500 Index | 100.00 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18 | ||||||||||||||||||
Current Peer Group Index | 100.00 | 137.50 | 302.82 | 276.05 | 260.79 | 258.59 |
Item 6. | Selected Financial Data |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
(a) | The consolidated financial statements of The E. W. Scripps Company are filed as part of this Form 10-K. See Index to Consolidated Financial Statement Information at page F-1. |
(b) | There are no supplemental schedules that are required to be filed as part of this Form 10-K. |
(c) | An exhibit index required by this item appears at page S-2 of this Form 10-K. |
THE E. W. SCRIPPS COMPANY | ||
Dated: February 24, 2017 | By: | /s/ Richard A. Boehne |
Richard A. Boehne | ||
President and Chief Executive Officer |
Signature | Title | |
/s/ Richard A. Boehne | Chairman of the Board of Directors, President, Chief Executive Officer | |
Richard A. Boehne | (Principal Executive Officer) | |
/s/ Timothy M. Wesolowski | Senior Vice President and Chief Financial Officer | |
Timothy M. Wesolowski | ||
/s/ Douglas F. Lyons | Vice President, Controller and Treasurer | |
Douglas F. Lyons | (Principal Accounting Officer) | |
/s/ Charles Barmonde | Director | |
Charles Barmonde | ||
/s/ Kelly P. Conlin | Director | |
Kelly P. Conlin | ||
/s/ John W. Hayden | Director | |
John W. Hayden | ||
/s/ Anne M. La Dow | Director | |
Anne M. La Dow | ||
/s/ Roger L. Ogden | Director | |
Roger L. Ogden | ||
/s/ Mary Peirce | Director | |
Mary Peirce | ||
/s/ J. Marvin Quin | Director | |
J. Marvin Quin | ||
/s/ Kim Williams | Director | |
Kim Williams |
Item No. | Page | ||
For the years ended December 31, | ||||||||||||||||||||
(in millions, except per share data) | 2016 (1) | 2015 (1) | 2014 (1) | 2013 (1) | 2012 (1) | |||||||||||||||
Summary of Operations (2) | ||||||||||||||||||||
Total operating revenues | $ | 943 | $ | 716 | $ | 499 | $ | 432 | $ | 504 | ||||||||||
Income (loss) from continuing operations before income taxes | 106 | (99 | ) | 9 | (22 | ) | 41 | |||||||||||||
Income (loss) from continuing operations, net of tax | 67 | (67 | ) | 9 | (10 | ) | 31 | |||||||||||||
Depreciation and amortization of intangibles | (59 | ) | (52 | ) | (32 | ) | (31 | ) | (30 | ) | ||||||||||
Per Share Data | ||||||||||||||||||||
Income (loss) from continuing operations — diluted | $ | 0.79 | $ | (0.86 | ) | $ | 0.16 | $ | (0.18 | ) | $ | 0.57 | ||||||||
Cash dividends | — | 1.03 | — | — | — | |||||||||||||||
Market Value of Common Shares at December 31 | ||||||||||||||||||||
Per share | $ | 19.33 | $ | 19.00 | $ | 22.35 | $ | 21.72 | $ | 10.81 | ||||||||||
Total | 1,585 | 1,591 | 1,274 | 1,217 | 600 | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Total assets | $ | 1,728 | $ | 1,681 | $ | 1,031 | $ | 966 | $ | 1,031 | ||||||||||
Long-term debt (including current portion) | 393 | 399 | 196 | 200 | 196 | |||||||||||||||
Equity | 946 | 901 | 520 | 548 | 540 |
(1) | 2016 — On April 12, 2016, we acquired Cracked. On June 6, 2016, we acquired Stitcher. Operating results for each are included for periods after the acquisitions. | |
2015 — On April 1, 2015, we acquired the broadcast group owned by Journal Communications, Inc. On July 22, 2015, we acquired Midroll Media. Operating results for each are included for periods after the acquisitions. | ||
2014 — On January 1, 2014, we acquired Media Convergence Group, Inc., which operates as Newsy. On June 16, 2014, we acquired two television stations owned by Granite Broadcasting Corporation. Operating results for each are included for periods after the acquisitions. | ||
(2) | The five-year summary of operations excludes the operating results of the following entities and the gains (losses) on their divestiture as they are accounted for as discontinued operations: | |
2015 — On April 1, 2015, we completed the spin-off of our newspaper business. |
For the years ended December 31, | ||||||||||||||||||
(in thousands) | 2016 | Change | 2015 | Change | 2014 | |||||||||||||
Operating revenues | $ | 943,047 | 31.8 | % | $ | 715,656 | 43.5 | % | $ | 498,752 | ||||||||
Employee compensation and benefits | (373,552 | ) | 9.9 | % | (340,042 | ) | 31.9 | % | (257,870 | ) | ||||||||
Programs and program licenses | (174,584 | ) | 43.7 | % | (121,479 | ) | 118.9 | % | (55,487 | ) | ||||||||
Other expenses | (194,227 | ) | 18.9 | % | (163,297 | ) | 41.8 | % | (115,175 | ) | ||||||||
Defined benefit pension plan expense | (14,332 | ) | (75.6 | )% | (58,674 | ) | (5,671 | ) | ||||||||||
Acquisition and related integration costs | (578 | ) | (37,988 | ) | (9,708 | ) | ||||||||||||
Depreciation and amortization of intangibles | (58,581 | ) | (51,952 | ) | (32,180 | ) | ||||||||||||
Impairment of goodwill and intangibles | — | (24,613 | ) | — | ||||||||||||||
(Losses) gains, net on disposal of property and equipment | (543 | ) | (483 | ) | 2,872 | |||||||||||||
Operating income (loss) | 126,650 | (82,872 | ) | 25,533 | ||||||||||||||
Interest expense | (18,039 | ) | (15,099 | ) | (8,494 | ) | ||||||||||||
Miscellaneous, net | (2,646 | ) | (1,421 | ) | (7,693 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | 105,965 | (99,392 | ) | 9,346 | ||||||||||||||
(Provision) benefit for income taxes | (38,730 | ) | 32,755 | 111 | ||||||||||||||
Income (loss) from continuing operations, net of tax | 67,235 | (66,637 | ) | 9,457 | ||||||||||||||
(Loss) income from discontinued operations, net of tax | — | (15,840 | ) | 1,072 | ||||||||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 |
For the years ended December 31, | |||||||||||
(in thousands) | 2016 | Change | 2015 | ||||||||
Facilities rent and maintenance | $ | 38,255 | 12.7 | % | $ | 33,937 | |||||
Ratings and consumer research services | 21,593 | 17.3 | % | 18,405 | |||||||
Purchased news and content | 12,461 | 40.2 | % | 8,888 | |||||||
Marketing and promotion | 13,631 | 12.7 | % | 12,097 | |||||||
Miscellaneous costs | 108,287 | 20.4 | % | 89,970 | |||||||
Total other expenses | $ | 194,227 | 18.9 | % | $ | 163,297 |
For the years ended December 31, | |||||||||||
(in thousands) | 2015 | Change | 2014 | ||||||||
Facilities rent and maintenance | $ | 33,937 | 29.9 | % | $ | 26,117 | |||||
Ratings and consumer research services | 18,405 | 34.5 | % | 13,680 | |||||||
Purchased news and content | 8,888 | 76.2 | % | 5,044 | |||||||
Marketing and promotion | 12,097 | 72.9 | % | 6,997 | |||||||
Miscellaneous costs | 89,970 | 42.0 | % | 63,337 | |||||||
Total other expenses | $ | 163,297 | 41.8 | % | $ | 115,175 |
For the years ended December 31, | ||||||||||||||||||
(in thousands) | 2016 | Change | 2015 | Change | 2014 | |||||||||||||
Segment operating revenues: | ||||||||||||||||||
Television | $ | 802,134 | 31.6 | % | $ | 609,551 | 30.5 | % | $ | 466,965 | ||||||||
Radio | 70,860 | 20.3 | % | 58,881 | — | |||||||||||||
Digital | 62,076 | 59.5 | % | 38,928 | 70.1 | % | 22,881 | |||||||||||
Syndication and other | 7,977 | (3.8 | )% | 8,296 | (6.8 | )% | 8,906 | |||||||||||
Total operating revenues | $ | 943,047 | $ | 715,656 | $ | 498,752 | ||||||||||||
Segment profit (loss): | ||||||||||||||||||
Television | $ | 249,268 | 78.3 | % | $ | 139,797 | 2.6 | % | $ | 136,319 | ||||||||
Radio | 12,797 | (0.3 | )% | 12,837 | — | |||||||||||||
Digital | (16,358 | ) | (4.4 | )% | (17,103 | ) | (25.1 | )% | (22,828 | ) | ||||||||
Syndication and other | (801 | ) | (1,074 | ) | (1,499 | ) | ||||||||||||
Shared services and corporate | (44,222 | ) | 1.4 | % | (43,619 | ) | 4.4 | % | (41,772 | ) | ||||||||
Defined benefit pension plan expense | (14,332 | ) | (58,674 | ) | (5,671 | ) | ||||||||||||
Acquisition and related integration costs | (578 | ) | (37,988 | ) | (9,708 | ) | ||||||||||||
Depreciation and amortization of intangibles | (58,581 | ) | (51,952 | ) | (32,180 | ) | ||||||||||||
Impairment of goodwill and intangibles | — | (24,613 | ) | — | ||||||||||||||
(Losses) gains, net on disposal of property and equipment | (543 | ) | (483 | ) | 2,872 | |||||||||||||
Interest expense | (18,039 | ) | (15,099 | ) | (8,494 | ) | ||||||||||||
Miscellaneous, net | (2,646 | ) | (1,421 | ) | (7,693 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | $ | 105,965 | $ | (99,392 | ) | $ | 9,346 |
For the years ended December 31, | ||||||||||||||||||
(in thousands) | 2016 | Change | 2015 | Change | 2014 | |||||||||||||
Segment operating revenues: | ||||||||||||||||||
Local | $ | 326,929 | 3.8 | % | $ | 315,054 | 33.1 | % | $ | 236,772 | ||||||||
National | 139,664 | 1.3 | % | 137,935 | 26.0 | % | 109,448 | |||||||||||
Political | 100,761 | 9,151 | 57,981 | |||||||||||||||
Retransmission | 220,723 | 61.6 | % | 136,571 | 143.1 | % | 56,185 | |||||||||||
Other | 14,057 | 29.7 | % | 10,840 | 64.8 | % | 6,579 | |||||||||||
Total operating revenues | 802,134 | 31.6 | % | 609,551 | 30.5 | % | 466,965 | |||||||||||
Segment costs and expenses: | ||||||||||||||||||
Employee compensation and benefits | 256,571 | 5.9 | % | 242,303 | 28.0 | % | 189,261 | |||||||||||
Programs and program licenses | 162,821 | 47.1 | % | 110,722 | 99.5 | % | 55,487 | |||||||||||
Other expenses | 133,474 | 14.3 | % | 116,729 | 35.9 | % | 85,898 | |||||||||||
Total costs and expenses | 552,866 | 17.7 | % | 469,754 | 42.1 | % | 330,646 | |||||||||||
Segment profit | $ | 249,268 | 78.3 | % | $ | 139,797 | 2.6 | % | $ | 136,319 |
For the years ended December 31, | |||||||||||||||||
(in thousands) | 2016 | Change | 2015 | Change | 2014 | ||||||||||||
Segment operating revenues: | |||||||||||||||||
Advertising | $ | 67,771 | 20.4 | % | $ | 56,288 | $ | — | |||||||||
Other | 3,089 | 19.1 | % | 2,593 | — | ||||||||||||
Total operating revenues | 70,860 | 20.3 | % | 58,881 | — | ||||||||||||
Segment costs and expenses: | |||||||||||||||||
Employee compensation and benefits | 28,795 | 29.6 | % | 22,218 | — | ||||||||||||
Programs | 11,763 | 9.4 | % | 10,757 | — | ||||||||||||
Other expenses | 17,505 | 33.9 | % | 13,069 | — | ||||||||||||
Total costs and expenses | 58,063 | 26.1 | % | 46,044 | — | ||||||||||||
Segment profit | $ | 12,797 | (0.3 | )% | $ | 12,837 | $ | — |
For the years ended December 31, | ||||||||||||||||||
(in thousands) | 2016 | Change | 2015 | Change | 2014 | |||||||||||||
Total operating revenues | $ | 62,076 | 59.5 | % | $ | 38,928 | 70.1 | % | $ | 22,881 | ||||||||
Segment costs and expenses: | ||||||||||||||||||
Employee compensation and benefits | 47,077 | 23.6 | % | 38,077 | 5.6 | % | 36,067 | |||||||||||
Other expenses | 31,357 | 74.7 | % | 17,954 | 86.2 | % | 9,642 | |||||||||||
Total costs and expenses | 78,434 | 40.0 | % | 56,031 | 22.6 | % | 45,709 | |||||||||||
Segment loss | $ | (16,358 | ) | (4.4 | )% | $ | (17,103 | ) | (25.1 | )% | $ | (22,828 | ) |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 | |||||
(Loss) income from discontinued operations, net of tax | — | (15,840 | ) | 1,072 | ||||||||
Income (loss) from continuing operations, net of tax | 67,235 | (66,637 | ) | 9,457 | ||||||||
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | ||||||||||||
Depreciation and amortization | 58,581 | 51,952 | 32,180 | |||||||||
Impairment of goodwill and intangibles | — | 24,613 | — | |||||||||
Losses (gains) on sale of property and equipment | 543 | 483 | (2,872 | ) | ||||||||
Deferred income taxes | 39,267 | (26,831 | ) | 5,384 | ||||||||
Excess tax benefits of share-based compensation plans | — | — | (8,352 | ) | ||||||||
Stock and deferred compensation plans | 11,127 | 10,125 | 6,992 | |||||||||
Pension expense, net of payments | 4,936 | 58,358 | 4,433 | |||||||||
Other changes in certain working capital accounts, net | (35,865 | ) | (43,790 | ) | 29,243 | |||||||
Miscellaneous, net | 669 | 555 | 1,830 | |||||||||
Net cash provided by continuing operating activities | 146,493 | 8,828 | 78,295 | |||||||||
Net cash provided by discontinued operating activities | — | 42 | 23,760 | |||||||||
Net operating activities | $ | 146,493 | $ | 8,870 | $ | 102,055 |
• | In 2015, we made $15 million in estimated tax payments while no significant tax payments were made in 2016. Additionally, in 2016 we received a tax refund of $4.4 million. |
• | The accrual of payroll and annual incentive compensation, net of the payment amounts earned in the prior year, decreased working capital by $1.0 million in 2016 and increased working capital by $6.0 million in 2015. |
• | The timing of the payment of more than $8 million of our network affiliation fees at the end of 2016 reduced working capital in 2016. |
• | Collections of accounts receivable decreased $20 million in 2015 compared to 2014. Collections in an odd year are generally lower due to the impact of political advertising in the preceding period, which is paid in advance, increasing overall collections of accounts receivable in that year. |
• | In 2015, we made estimated income tax payments of $15 million. We did not make any significant tax payments in 2014. |
• | The timing of payments for accounts payable and accrued expenses decreased working capital by $26 million in 2015. |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Acquisitions, net of cash acquired | $ | (43,500 | ) | $ | (46,838 | ) | $ | (149,284 | ) | |||
Proceeds from sale of property and equipment | 56 | 1,722 | 5,856 | |||||||||
Proceeds from sale of property held for sale | — | 14,500 | — | |||||||||
Additions to property and equipment | (27,948 | ) | (23,105 | ) | (16,300 | ) | ||||||
Purchase of investments | (2,128 | ) | (7,658 | ) | (2,652 | ) | ||||||
Miscellaneous, net | 92 | 1,578 | 2,007 | |||||||||
Net cash used in continuing investing activities | (73,428 | ) | (59,801 | ) | (160,373 | ) | ||||||
Net cash used in discontinued investing activities | — | (1,561 | ) | (1,564 | ) | |||||||
Net investing activities | $ | (73,428 | ) | $ | (61,362 | ) | $ | (161,937 | ) |
• | In 2016, we acquired Cracked for $39 million and Stitcher for $4.5 million. |
• | In 2015, we acquired Midroll Media for $50 million. |
• | In 2015, we invested $5 million to fund the launch and operations of a media company specializing in programming for broadcast stations digital subchannels. |
• | In 2015, we received $14.5 million in proceeds from the sale of KNIN, the Fox affiliate located in Boise, ID, which had been placed in a divestiture trust as part of the Journal transactions. |
• | In 2014, we completed our acquisition of Media Convergence Group, Inc., which operates as Newsy, an over-the-top video news provider, for $35 million. |
• | In 2014, we completed our acquisition of two television stations owned by Granite Broadcasting Corporation for $110 million. |
• | In 2014, we received $5.8 million in proceeds from the sale of excess land. |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from issuance of long-term debt | $ | — | $ | 200,000 | $ | — | ||||||
Payments on long-term debt | (6,635 | ) | (122,406 | ) | (2,000 | ) | ||||||
Payments of financing costs | — | (2,592 | ) | (483 | ) | |||||||
Dividends paid | — | (59,523 | ) | — | ||||||||
Repurchase of Class A Common shares | (44,401 | ) | (16,222 | ) | (21,237 | ) | ||||||
Proceeds from employee stock options | 4,641 | 7,249 | 16,579 | |||||||||
Tax payments related to shares withheld for vested stock and RSUs | (2,681 | ) | (5,237 | ) | (4,261 | ) | ||||||
Excess tax benefits from stock compensation plans | — | — | 8,352 | |||||||||
Miscellaneous, net | (4,258 | ) | 575 | (1,264 | ) | |||||||
Net cash provided by (used in) continuing financing activities | $ | (53,334 | ) | $ | 1,844 | $ | (4,314 | ) |
Less than | Years | Years | Over | |||||||||||||||||
(in thousands) | 1 Year | 2 & 3 | 4 & 5 | 5 Years | Total | |||||||||||||||
Long-term debt: | ||||||||||||||||||||
Principal amounts | $ | 6,571 | $ | 10,486 | $ | 378,776 | $ | — | $ | 395,833 | ||||||||||
Interest on debt | 13,042 | 25,172 | 12,386 | — | 50,600 | |||||||||||||||
Programming: | ||||||||||||||||||||
Program licenses and network affiliation agreements | 173,482 | 304,257 | 1,439 | 52 | 479,230 | |||||||||||||||
Employee compensation and benefits: | ||||||||||||||||||||
Deferred compensation and other post-employment benefits | 1,340 | 3,685 | 3,585 | 10,280 | 18,890 | |||||||||||||||
Employment and talent contracts | 40,608 | 41,874 | 2,973 | — | 85,455 | |||||||||||||||
Operating leases: | ||||||||||||||||||||
Noncancelable | 5,071 | 10,028 | 6,093 | 6,639 | 27,831 | |||||||||||||||
Cancelable | 2,541 | 3,289 | 1,556 | 1,858 | 9,244 | |||||||||||||||
Pension obligations: | ||||||||||||||||||||
Minimum pension funding | 19,127 | 64,570 | 76,498 | 74,141 | 234,336 | |||||||||||||||
Other commitments: | ||||||||||||||||||||
Noncancelable purchase and service commitments | 11,254 | 13,323 | 11,240 | — | 35,817 | |||||||||||||||
Other purchase and service commitments | 19,112 | 17,729 | 4,243 | — | 41,084 | |||||||||||||||
Total contractual cash obligations | $ | 292,148 | $ | 494,413 | $ | 498,789 | $ | 92,970 | $ | 1,378,320 |
(in thousands) | ||||
Television | $ | 466,000 | ||
Radio | 41,000 | |||
Local Digital | 25,000 | |||
Newsy | 8,000 | |||
Cracked | 30,000 | |||
Midroll | 47,000 | |||
Total goodwill | $ | 617,000 |
2016 | 2015 | ||||
Discount rate for expense | 4.55 | % | 4.01%-4.53% | ||
Discount rate for obligations | 4.26 | % | 4.55 | % | |
Long-term rate of return on plan assets | 4.50%-4.65% | 4.10%-6.10% |
(in thousands) | 0.5% Increase | 0.5% Decrease | ||||||
Effect on 2017 total pension expense | $ | 300 | $ | (400 | ) | |||
Effect on pension benefit obligation as of December 31, 2016 | (37,700 | ) | 41,800 |
As of December 31, 2016 | As of December 31, 2015 | |||||||||||||||
(in thousands) | Cost Basis | Fair Value | Cost Basis | Fair Value | ||||||||||||
Financial instruments subject to interest rate risk: | ||||||||||||||||
Variable rate credit facility | $ | — | $ | — | $ | — | $ | — | ||||||||
Term loan B | 390,521 | 390,521 | 394,500 | 388,583 | ||||||||||||
Unsecured subordinated promissory notes | 5,312 | 4,993 | 7,968 | 7,993 | ||||||||||||
Long-term debt, including current portion | $ | 395,833 | $ | 395,514 | $ | 402,468 | $ | 396,576 | ||||||||
Interest rate swap | $ | — | $ | — | $ | 299 | $ | 299 | ||||||||
Financial instruments subject to market value risk: | ||||||||||||||||
Investments held at cost | $ | 10,774 | (a) | $ | 10,652 | (a) |
(a) | Includes securities that do not trade in public markets, thus the securities do not have readily determinable fair values. We estimate the fair value of these securities approximates their carrying value. There can be no assurance that we would realize the carrying value upon the sale of these securities. |
1. | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
2. | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and the directors of the Company; and |
3. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
/s/ Richard A. Boehne | ||
Richard A. Boehne | ||
President and Chief Executive Officer | ||
/s/ Timothy M. Wesolowski | ||
Timothy M. Wesolowski | ||
Senior Vice President and Chief Financial Officer |
As of December 31, | ||||||||
(in thousands, except share data) | 2016 | 2015 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 134,352 | $ | 114,621 | ||||
Accounts and notes receivable (less allowances — $1,632 and $1,610) | 192,531 | 171,901 | ||||||
Income taxes receivable | 504 | 4,626 | ||||||
Miscellaneous | 18,508 | 11,482 | ||||||
Total current assets | 345,895 | 302,630 | ||||||
Investments | 14,221 | 13,856 | ||||||
Property and equipment | 260,731 | 271,047 | ||||||
Goodwill | 616,780 | 585,787 | ||||||
Other intangible assets | 467,896 | 479,187 | ||||||
Deferred income taxes | 9,075 | 13,640 | ||||||
Miscellaneous | 13,775 | 14,713 | ||||||
Total Assets | $ | 1,728,373 | $ | 1,680,860 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 26,670 | $ | 31,606 | ||||
Customer deposits and unearned revenue | 7,122 | 8,508 | ||||||
Current portion of long-term debt | 6,571 | 6,656 | ||||||
Accrued liabilities: | ||||||||
Employee compensation and benefits | 32,636 | 33,669 | ||||||
Miscellaneous | 18,986 | 25,392 | ||||||
Other current liabilities | 12,146 | 13,992 | ||||||
Total current liabilities | 104,131 | 119,823 | ||||||
Long-term debt (less current portion) | 386,614 | 392,487 | ||||||
Deferred income taxes | 17,740 | — | ||||||
Other liabilities (less current portion) | 273,953 | 267,567 | ||||||
Commitments and contingencies (Note 17) | ||||||||
Equity: | ||||||||
Preferred stock, $.01 par — authorized: 25,000,000 shares; none outstanding | — | — | ||||||
Common stock, $.01 par: | ||||||||
Class A — authorized: 240,000,000 shares; issued and outstanding: 2016 - 70,042,300 shares; 2015 - 71,886,969 shares | 700 | 719 | ||||||
Voting — authorized: 60,000,000 shares; issued and outstanding: 2016 - 11,932,722 shares; 2015 - 11,932,722 shares | 119 | 119 | ||||||
Total | 819 | 838 | ||||||
Additional paid-in capital | 1,132,540 | 1,163,985 | ||||||
Accumulated deficit | (94,077 | ) | (174,038 | ) | ||||
Accumulated other comprehensive loss, net of income taxes | (93,347 | ) | (89,802 | ) | ||||
Total equity | 945,935 | 900,983 | ||||||
Total Liabilities and Equity | $ | 1,728,373 | $ | 1,680,860 |
For the years ended December 31, | ||||||||||||
(in thousands, except per share data) | 2016 | 2015 | 2014 | |||||||||
Operating Revenues: | ||||||||||||
Advertising | $ | 680,760 | $ | 548,205 | $ | 421,546 | ||||||
Retransmission | 220,723 | 136,571 | 56,185 | |||||||||
Other | 41,564 | 30,880 | 21,021 | |||||||||
Total operating revenues | 943,047 | 715,656 | 498,752 | |||||||||
Costs and Expenses: | ||||||||||||
Employee compensation and benefits | 373,552 | 340,042 | 257,870 | |||||||||
Programs and program licenses | 174,584 | 121,479 | 55,487 | |||||||||
Other expenses | 194,227 | 163,297 | 115,175 | |||||||||
Defined benefit pension plan expense | 14,332 | 58,674 | 5,671 | |||||||||
Acquisition and related integration costs | 578 | 37,988 | 9,708 | |||||||||
Total costs and expenses | 757,273 | 721,480 | 443,911 | |||||||||
Depreciation, Amortization, and Losses (Gains): | ||||||||||||
Depreciation | 34,791 | 34,178 | 24,168 | |||||||||
Amortization of intangible assets | 23,790 | 17,774 | 8,012 | |||||||||
Impairment of goodwill and intangibles | — | 24,613 | — | |||||||||
Losses (gains), net on disposal of property and equipment | 543 | 483 | (2,872 | ) | ||||||||
Net depreciation, amortization, and losses (gains) | 59,124 | 77,048 | 29,308 | |||||||||
Operating income (loss) | 126,650 | (82,872 | ) | 25,533 | ||||||||
Interest expense | (18,039 | ) | (15,099 | ) | (8,494 | ) | ||||||
Miscellaneous, net | (2,646 | ) | (1,421 | ) | (7,693 | ) | ||||||
Income (loss) from continuing operations before income taxes | 105,965 | (99,392 | ) | 9,346 | ||||||||
Provision (benefit) for income taxes | 38,730 | (32,755 | ) | (111 | ) | |||||||
Income (loss) from continuing operations, net of tax | 67,235 | (66,637 | ) | 9,457 | ||||||||
(Loss) income from discontinued operations, net of tax | — | (15,840 | ) | 1,072 | ||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 | |||||
Net income (loss) per basic share of common stock: | ||||||||||||
Income (loss) from continuing operations | $ | 0.80 | $ | (0.86 | ) | $ | 0.16 | |||||
(Loss) income from discontinued operations | — | (0.20 | ) | 0.02 | ||||||||
Net income (loss) per basic share of common stock | $ | 0.80 | $ | (1.06 | ) | $ | 0.18 | |||||
Net income (loss) per diluted share of common stock: | ||||||||||||
Income (loss) from continuing operations | $ | 0.79 | $ | (0.86 | ) | $ | 0.16 | |||||
(Loss) income from discontinued operations | — | (0.20 | ) | 0.02 | ||||||||
Net income (loss) per diluted share of common stock | $ | 0.79 | $ | (1.06 | ) | $ | 0.18 | |||||
Weighted average shares outstanding: | ||||||||||||
Basic | 83,339 | 77,373 | 56,342 | |||||||||
Diluted | 83,639 | 77,373 | 57,239 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 | |||||
Changes in fair value of derivative, net of tax of $142, $148 and $145 | 242 | 237 | 239 | |||||||||
Changes in defined benefit pension plans, net of tax of $(2,455), $21,139, and $(27,516) | (3,936 | ) | 33,825 | (45,500 | ) | |||||||
Other | 149 | 253 | (259 | ) | ||||||||
Total comprehensive income (loss) | $ | 63,690 | $ | (48,162 | ) | $ | (34,991 | ) |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 | |||||
(Loss) income from discontinued operations, net of tax | — | (15,840 | ) | 1,072 | ||||||||
Income (loss) from continuing operations, net of tax | 67,235 | (66,637 | ) | 9,457 | ||||||||
Adjustments to reconcile income (loss) from continuing operations to net cash flows from operating activities: | ||||||||||||
Depreciation and amortization | 58,581 | 51,952 | 32,180 | |||||||||
Impairment of goodwill and intangibles | — | 24,613 | — | |||||||||
Losses (gains) on sale of property and equipment | 543 | 483 | (2,872 | ) | ||||||||
Deferred income taxes | 39,267 | (26,831 | ) | 5,384 | ||||||||
Excess tax benefits of share-based compensation plans | — | — | (8,352 | ) | ||||||||
Stock and deferred compensation plans | 11,127 | 10,125 | 6,992 | |||||||||
Pension expense, net of payments | 4,936 | 58,358 | 4,433 | |||||||||
Other changes in certain working capital accounts, net | (35,865 | ) | (43,790 | ) | 29,243 | |||||||
Miscellaneous, net | 669 | 555 | 1,830 | |||||||||
Net cash provided by continuing operating activities | 146,493 | 8,828 | 78,295 | |||||||||
Net cash provided by discontinued operating activities | — | 42 | 23,760 | |||||||||
Net operating activities | 146,493 | 8,870 | 102,055 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Acquisitions, net of cash acquired | (43,500 | ) | (46,838 | ) | (149,284 | ) | ||||||
Proceeds from sale of property and equipment | 56 | 1,722 | 5,856 | |||||||||
Proceeds from sale of property held for sale | — | 14,500 | — | |||||||||
Additions to property and equipment | (27,948 | ) | (23,105 | ) | (16,300 | ) | ||||||
Purchase of investments | (2,128 | ) | (7,658 | ) | (2,652 | ) | ||||||
Miscellaneous, net | 92 | 1,578 | 2,007 | |||||||||
Net cash used in continuing investing activities | (73,428 | ) | (59,801 | ) | (160,373 | ) | ||||||
Net cash used in discontinued investing activities | — | (1,561 | ) | (1,564 | ) | |||||||
Net investing activities | (73,428 | ) | (61,362 | ) | (161,937 | ) | ||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from issuance of long-term debt | — | 200,000 | — | |||||||||
Payments on long-term debt | (6,635 | ) | (122,406 | ) | (2,000 | ) | ||||||
Payments of financing costs | — | (2,592 | ) | (483 | ) | |||||||
Dividends paid | — | (59,523 | ) | — | ||||||||
Repurchase of Class A Common shares | (44,401 | ) | (16,222 | ) | (21,237 | ) | ||||||
Proceeds from employee stock options | 4,641 | 7,249 | 16,579 | |||||||||
Tax payments related to shares withheld for vested stock and RSUs | (2,681 | ) | (5,237 | ) | (4,261 | ) | ||||||
Excess tax benefits from stock compensation plans | — | — | 8,352 | |||||||||
Miscellaneous, net | (4,258 | ) | 575 | (1,264 | ) | |||||||
Net cash provided by (used in) continuing financing activities | (53,334 | ) | 1,844 | (4,314 | ) | |||||||
Increase (Decrease) in cash, cash equivalents and restricted cash | 19,731 | (50,648 | ) | (64,196 | ) | |||||||
Cash, cash equivalents and restricted cash: | ||||||||||||
Beginning of year | 114,621 | 165,269 | 229,465 | |||||||||
End of year | $ | 134,352 | $ | 114,621 | $ | 165,269 |
(in thousands, except share data) | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||||||
As of December 31, 2013 | $ | 560 | $ | 509,243 | $ | 116,893 | $ | (80,923 | ) | $ | 1,964 | $ | 547,737 | |||||||||||
Net income (loss) | — | — | 10,529 | — | (307 | ) | 10,222 | |||||||||||||||||
Changes in defined benefit pension plans | — | — | — | (45,500 | ) | — | (45,500 | ) | ||||||||||||||||
Change in fair value of derivative | — | — | — | 239 | — | 239 | ||||||||||||||||||
Repurchase 1,181,560 Class A Common Shares | (12 | ) | (12,496 | ) | (8,729 | ) | — | — | (21,237 | ) | ||||||||||||||
Compensation plans: 2,149,581 net shares issued * | 22 | 20,138 | — | — | — | 20,160 | ||||||||||||||||||
Excess tax expense of compensation plans | — | 8,571 | — | — | — | 8,571 | ||||||||||||||||||
Other | — | — | — | (259 | ) | — | (259 | ) | ||||||||||||||||
As of December 31, 2014 | 570 | 525,456 | 118,693 | (126,443 | ) | 1,657 | 519,933 | |||||||||||||||||
Net loss | — | — | (82,477 | ) | — | — | (82,477 | ) | ||||||||||||||||
Changes in defined benefit pension plans | — | — | — | 33,825 | — | 33,825 | ||||||||||||||||||
Change in fair value of derivative | — | — | — | 237 | — | 237 | ||||||||||||||||||
Cash dividends: declared and paid - $1.03 per share | — | — | (59,523 | ) | — | — | (59,523 | ) | ||||||||||||||||
Shares issued for acquisition: 26,350,993 shares issued | 263 | 635,737 | — | — | — | 636,000 | ||||||||||||||||||
Spin-off of Newspapers | — | — | (143,511 | ) | 2,326 | (1,657 | ) | (142,842 | ) | |||||||||||||||
Repurchase 839,859 Class A Common Shares | (8 | ) | (8,994 | ) | (7,220 | ) | — | — | (16,222 | ) | ||||||||||||||
Compensation plans: 1,313,313 net shares issued * | 13 | 11,786 | — | — | — | 11,799 | ||||||||||||||||||
Other | — | — | — | 253 | — | 253 | ||||||||||||||||||
As of December 31, 2015, as originally reported | 838 | 1,163,985 | (174,038 | ) | (89,802 | ) | — | 900,983 | ||||||||||||||||
Adoption of new accounting guidance | — | (58 | ) | 14,808 | — | — | 14,750 | |||||||||||||||||
As of January 1, 2016, as adjusted | 838 | 1,163,927 | (159,230 | ) | (89,802 | ) | — | 915,733 | ||||||||||||||||
Net income | — | — | 67,235 | — | — | 67,235 | ||||||||||||||||||
Changes in defined benefit pension plans | — | — | — | (3,936 | ) | — | (3,936 | ) | ||||||||||||||||
Change in fair value of derivative | — | — | — | 242 | — | 242 | ||||||||||||||||||
Repurchase 2,711,865 Class A Common Shares | (27 | ) | (42,292 | ) | (2,082 | ) | — | — | (44,401 | ) | ||||||||||||||
Compensation plans: 867,196 net shares issued * | 8 | 10,905 | — | — | — | 10,913 | ||||||||||||||||||
Other | — | — | — | 149 | — | 149 | ||||||||||||||||||
As of December 31, 2016 | $ | 819 | $ | 1,132,540 | $ | (94,077 | ) | $ | (93,347 | ) | $ | — | $ | 945,935 |
(in thousands) | ||||
January 1, 2014 | $ | 1,120 | ||
Charged to costs and expenses | 1,073 | |||
Amounts charged off, net | (803 | ) | ||
Balance as of December 31, 2014 | 1,390 | |||
Charged to costs and expenses | 1,412 | |||
Amounts charged off, net | (1,192 | ) | ||
Balance as of December 31, 2015 | 1,610 | |||
Charged to costs and expenses | 1,851 | |||
Amounts charged off, net | (1,829 | ) | ||
Balance as of December 31, 2016 | $ | 1,632 |
Buildings and improvements | 15 to 45 years |
Leasehold improvements | Shorter of term of lease or useful life |
Broadcast transmission towers and related equipment | 15 to 35 years |
Other broadcast and program production equipment | 3 to 15 years |
Computer hardware | 3 to 5 years |
Office and other equipment | 3 to 10 years |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Numerator (for basic and diluted earnings per share) | ||||||||||||
Net income (loss) | $ | 67,235 | $ | (82,477 | ) | $ | 10,529 | |||||
Less income allocated to RSUs | (917 | ) | — | (240 | ) | |||||||
Numerator for basic and diluted earnings per share | $ | 66,318 | $ | (82,477 | ) | $ | 10,289 | |||||
Denominator | ||||||||||||
Basic weighted-average shares outstanding | 83,339 | 77,373 | 56,342 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options held by employees and directors | 300 | — | 897 | |||||||||
Diluted weighted-average shares outstanding | 83,639 | 77,373 | 57,239 | |||||||||
Anti-dilutive securities(1) | — | 1,907 | — |
(1) | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
(in thousands) | ||||
Assets: | ||||
Cash | $ | 635 | ||
Accounts receivable | 2,925 | |||
Other assets | 482 | |||
Intangible assets | 10,700 | |||
Goodwill | 45,586 | |||
Total assets acquired | 60,328 | |||
Current liabilities | 3,365 | |||
Net purchase price | $ | 56,963 |
(in thousands) | ||||
Assets: | ||||
Cash | $ | 2,529 | ||
Accounts receivable | 47,978 | |||
Other current assets | 2,236 | |||
Property and equipment | 123,264 | |||
Intangible assets | 294,800 | |||
Goodwill | 456,440 | |||
Other long-term assets | 6,350 | |||
Assets held for sale | 14,500 | |||
Total assets acquired | 948,097 | |||
Accounts payable and accrued liabilities | 38,107 | |||
Employee benefit obligations | 85,261 | |||
Deferred tax liability | 57,112 | |||
Long-term debt | 126,873 | |||
Other long-term liabilities | 4,744 | |||
Net purchase price | $ | 636,000 |
For the years ended December 31, | ||||||||
(in thousands, except per share data) (unaudited) | 2015 | 2014 | ||||||
Operating revenues | $ | 778,118 | $ | 792,718 | ||||
(Loss) income from continuing operations | (37,452 | ) | 12,079 | |||||
(Loss) income per share from continuing operations | ||||||||
Basic | $ | (0.45 | ) | $ | 0.14 | |||
Diluted | (0.45 | ) | 0.14 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Current: | ||||||||||||
Federal | $ | 904 | $ | 279 | $ | 2,358 | ||||||
State and local | (1,441 | ) | (3,072 | ) | (8,769 | ) | ||||||
Total current income tax provision | (537 | ) | (2,793 | ) | (6,411 | ) | ||||||
Deferred: | ||||||||||||
Federal | 35,573 | (26,005 | ) | 6,402 | ||||||||
State and local | 3,694 | (3,957 | ) | (102 | ) | |||||||
Total deferred income tax provision | 39,267 | (29,962 | ) | 6,300 | ||||||||
Provision (benefit) for income taxes | $ | 38,730 | $ | (32,755 | ) | $ | (111 | ) |
For the years ended December 31, | |||||||||
2016 | 2015 | 2014 | |||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Effect of: | |||||||||
State and local income taxes, net of federal tax benefit | 3.5 | 3.5 | 3.4 | ||||||
Equity compensation tax windfall deduction | (1.6 | ) | — | — | |||||
Nondeductible expenses | 1.3 | (2.0 | ) | 15.7 | |||||
Reserve for uncertain tax positions | (0.7 | ) | 2.5 | (63.8 | ) | ||||
Goodwill impairment | — | (7.6 | ) | — | |||||
Other | (1.0 | ) | 1.6 | 8.5 | |||||
Effective income tax rate | 36.5 | % | 33.0 | % | (1.2 | )% |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Temporary differences: | ||||||||
Property and equipment | $ | (35,904 | ) | $ | (36,926 | ) | ||
Goodwill and other intangible assets | (96,773 | ) | (82,607 | ) | ||||
Investments, primarily gains and losses not yet recognized for tax purposes | 5,218 | 5,997 | ||||||
Accrued expenses not deductible until paid | 8,883 | 11,329 | ||||||
Deferred compensation and retiree benefits not deductible until paid | 97,470 | 96,463 | ||||||
Other temporary differences, net | 3,799 | 3,410 | ||||||
Total temporary differences | (17,307 | ) | (2,334 | ) | ||||
Federal and state net operating loss carryforwards | 9,597 | 17,005 | ||||||
Valuation allowance for state deferred tax assets | (955 | ) | (1,031 | ) | ||||
Net deferred tax (liability)/asset | $ | (8,665 | ) | $ | 13,640 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Gross unrecognized tax benefits at beginning of year | $ | 5,011 | $ | 7,024 | $ | 14,824 | ||||||
Increases in tax positions for prior years | 22 | 859 | — | |||||||||
Decreases in tax positions for prior years | (1,684 | ) | (96 | ) | (525 | ) | ||||||
Increases in tax positions for current years | 336 | — | — | |||||||||
Decreases from lapse in statute of limitations | (1,020 | ) | (2,776 | ) | (7,275 | ) | ||||||
Gross unrecognized tax benefits at end of year | $ | 2,665 | $ | 5,011 | $ | 7,024 |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Investments held at cost | $ | 10,774 | $ | 10,652 | ||||
Equity method investments | 3,447 | 3,204 | ||||||
Total investments | $ | 14,221 | $ | 13,856 |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Land and improvements | $ | 59,176 | $ | 59,176 | ||||
Buildings and improvements | 148,392 | 141,510 | ||||||
Equipment | 315,352 | 303,867 | ||||||
Computer software | 14,581 | 17,664 | ||||||
Total | 537,501 | 522,217 | ||||||
Accumulated depreciation | 276,770 | 251,170 | ||||||
Net property and equipment | $ | 260,731 | $ | 271,047 |
(in thousands) | Television | Radio | Digital | Total | ||||||||||||
Gross balance as of December 31, 2013 | $ | 243,380 | $ | — | $ | — | $ | 243,380 | ||||||||
Accumulated impairment losses | (215,414 | ) | — | — | (215,414 | ) | ||||||||||
Net balance as of December 31, 2013 | 27,966 | — | — | 27,966 | ||||||||||||
Newsy acquisition | — | — | 28,983 | 28,983 | ||||||||||||
Granite stations acquisition | 44,715 | — | — | 44,715 | ||||||||||||
WeatherSphere acquisition | — | — | 4,597 | 4,597 | ||||||||||||
Balance as of December 31, 2014 | $ | 72,681 | $ | — | $ | 33,580 | $ | 106,261 | ||||||||
Gross balance as of December 31, 2014 | $ | 288,095 | $ | — | $ | 33,580 | $ | 321,675 | ||||||||
Accumulated impairment losses | (215,414 | ) | — | — | (215,414 | ) | ||||||||||
Net balance as of December 31, 2014 | 72,681 | — | 33,580 | 106,261 | ||||||||||||
Journal acquisition | 395,440 | 41,000 | 20,000 | 456,440 | ||||||||||||
Reassignment of goodwill for change in segments | (2,000 | ) | — | 2,000 | — | |||||||||||
Midroll acquisition | — | — | 45,586 | 45,586 | ||||||||||||
Impairment charge | — | — | (22,500 | ) | (22,500 | ) | ||||||||||
Balance as of December 31, 2015 | $ | 466,121 | $ | 41,000 | $ | 78,666 | $ | 585,787 | ||||||||
Gross balance as of December 31, 2015 | $ | 681,535 | $ | 41,000 | $ | 101,166 | $ | 823,701 | ||||||||
Accumulated impairment losses | (215,414 | ) | — | (22,500 | ) | (237,914 | ) | |||||||||
Net balance as of December 31, 2015 | 466,121 | 41,000 | 78,666 | 585,787 | ||||||||||||
Cracked acquisition | — | — | 29,403 | 29,403 | ||||||||||||
Stitcher acquisition | — | — | 1,590 | 1,590 | ||||||||||||
Balance as of December 31, 2016 | $ | 466,121 | $ | 41,000 | $ | 109,659 | $ | 616,780 | ||||||||
Gross balance as of December 31, 2016 | $ | 681,535 | $ | 41,000 | $ | 132,159 | $ | 854,694 | ||||||||
Accumulated impairment losses | (215,414 | ) | — | (22,500 | ) | (237,914 | ) | |||||||||
Net balance as of December 31, 2016 | $ | 466,121 | $ | 41,000 | $ | 109,659 | $ | 616,780 |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Amortizable intangible assets: | ||||||||
Carrying amount: | ||||||||
Television network affiliation relationships | $ | 248,444 | $ | 248,444 | ||||
Customer lists and advertiser relationships | 56,100 | 56,100 | ||||||
Other | 26,923 | 14,423 | ||||||
Total carrying amount | 331,467 | 318,967 | ||||||
Accumulated amortization: | ||||||||
Television network affiliation relationships | (37,019 | ) | (24,590 | ) | ||||
Customer lists and advertiser relationships | (24,380 | ) | (17,092 | ) | ||||
Other | (5,987 | ) | (1,913 | ) | ||||
Total accumulated amortization | (67,386 | ) | (43,595 | ) | ||||
Net amortizable intangible assets | 264,081 | 275,372 | ||||||
Indefinite-lived intangible assets — FCC licenses | 203,815 | 203,815 | ||||||
Total other intangible assets | $ | 467,896 | $ | 479,187 |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Variable rate credit facility | $ | — | $ | — | ||||
Term loan B | 390,521 | 394,500 | ||||||
Debt issuance costs on term loan B | (2,648 | ) | (3,325 | ) | ||||
Net term loan B | 387,873 | 391,175 | ||||||
Unsecured subordinated notes payable | 5,312 | 7,968 | ||||||
Long-term debt | 393,185 | 399,143 | ||||||
Current portion of long-term debt | 6,571 | 6,656 | ||||||
Long-term debt, less current portion | $ | 386,614 | $ | 392,487 | ||||
Fair value of long-term debt * | $ | 395,514 | $ | 396,576 |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | |||||||||||||||||||||
(in thousands) | Asset | Liability (1) | Asset | Liability (1) | ||||||||||||||||||||
Undesignated derivatives: | ||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | 75,000 | $ | — | $ | 299 | ||||||||||||
(1) Balance recorded as other liabilities in Consolidated Balance Sheets |
For the years ended December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Gain reclassified from accumulated OCL | $ | 384 | $ | 384 | ||||
Gain on derivative | 299 | 172 |
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. |
• | Level 2 — Inputs, other than quoted market prices in active markets, that are observable either directly or indirectly. |
• | Level 3 — Unobservable inputs based on our own assumptions. |
December 31, 2016 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets/(liabilities): | ||||||||||||||||
Cash equivalents | $ | — | $ | — | $ | — | $ | — | ||||||||
Interest rate swap | — | — | — | — |
December 31, 2015 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets/(liabilities): | ||||||||||||||||
Cash equivalents | $ | 5,000 | $ | 5,000 | $ | — | $ | — | ||||||||
Interest rate swap | (299 | ) | — | (299 | ) | — |
As of December 31, | ||||||||
(in thousands) | 2016 | 2015 | ||||||
Employee compensation and benefits | $ | 18,356 | $ | 16,808 | ||||
Liability for pension benefits | 232,788 | 221,965 | ||||||
Liabilities for uncertain tax positions | 2,416 | 3,492 | ||||||
Other | 20,393 | 25,302 | ||||||
Other liabilities (less current portion) | $ | 273,953 | $ | 267,567 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Other changes in certain working capital accounts, net | ||||||||||||
Accounts and notes receivable | $ | (20,630 | ) | $ | (21,389 | ) | $ | (1,765 | ) | |||
Income taxes receivable/payable, net | 4,122 | (13,700 | ) | 9,007 | ||||||||
Accounts payable | (1,550 | ) | (2,586 | ) | 5,509 | |||||||
Accrued employee compensation and benefits | (1,033 | ) | 5,979 | 5,950 | ||||||||
Other accrued liabilities | (6,406 | ) | (8,161 | ) | 9,834 | |||||||
Other, net | (10,368 | ) | (3,933 | ) | 708 | |||||||
Total | $ | (35,865 | ) | $ | (43,790 | ) | $ | 29,243 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Interest paid | $ | 15,620 | $ | 13,436 | $ | 7,244 | ||||||
Income taxes paid | 1,100 | 14,984 | 455 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Service cost | $ | — | $ | — | $ | 85 | ||||||
Interest cost | 27,359 | 30,477 | 25,539 | |||||||||
Expected return on plan assets, net of expenses | (18,466 | ) | (24,320 | ) | (23,481 | ) | ||||||
Amortization of actuarial loss | 4,406 | 4,617 | 2,861 | |||||||||
Curtailment/Settlement losses | — | 46,793 | — | |||||||||
Total for defined benefit plans | 13,299 | 57,567 | 5,004 | |||||||||
Multi-employer plans | 168 | 180 | 393 | |||||||||
Withdrawal from GCIU multi-employer plan | — | 351 | 4,100 | |||||||||
SERPs | 1,033 | 1,107 | 896 | |||||||||
Defined contribution plans | 8,265 | 9,858 | 11,739 | |||||||||
Net periodic benefit cost | 22,765 | 69,063 | 22,132 | |||||||||
Allocated to discontinued operations | — | (482 | ) | (8,985 | ) | |||||||
Net periodic benefit cost - continuing operations | $ | 22,765 | $ | 68,581 | $ | 13,147 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Current year actuarial gain/(loss) | $ | (9,379 | ) | $ | 1,026 | $ | (75,527 | ) | ||||
Amortization of actuarial loss | 4,406 | 4,617 | 2,861 | |||||||||
Curtailment/Settlement losses | — | 46,793 | — | |||||||||
Total | $ | (4,973 | ) | $ | 52,436 | $ | (72,666 | ) |
2016 (1) | 2015 (2) | 2014 | ||||||
Discount rate | 4.55 | % | 4.01%-4.53% | 5.08 | % | |||
Long-term rate of return on plan assets | 4.50%-4.65% | 4.10%-6.10% | 5.25 | % | ||||
Increase in compensation levels | N/A | N/A | 2.0 | % |
Defined Benefit Plans | SERPs | |||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | $ | 611,257 | $ | 620,623 | $ | 19,800 | $ | 15,261 | ||||||||
Service cost | — | — | — | — | ||||||||||||
Interest cost | 27,359 | 30,477 | 910 | 747 | ||||||||||||
Benefits paid | (33,571 | ) | (28,670 | ) | (1,030 | ) | (1,105 | ) | ||||||||
Actuarial (gains)/losses | 20,490 | (46,479 | ) | 1,580 | (2,299 | ) | ||||||||||
Curtailments/Settlements | — | (148,006 | ) | — | — | |||||||||||
Journal acquisition | — | 183,312 | — | 10,778 | ||||||||||||
Newspaper divestiture | — | — | — | (3,582 | ) | |||||||||||
Projected benefit obligation at end of year | 625,535 | 611,257 | 21,260 | 19,800 | ||||||||||||
Plan assets: | ||||||||||||||||
Fair value at beginning of year | 407,797 | 495,047 | — | — | ||||||||||||
Actual return on plan assets | 29,577 | (21,132 | ) | — | — | |||||||||||
Company contributions | 8,656 | — | 1,030 | 1,105 | ||||||||||||
Benefits paid | (33,571 | ) | (28,670 | ) | (1,030 | ) | (1,105 | ) | ||||||||
Curtailments/Settlements | — | (148,006 | ) | — | — | |||||||||||
Journal acquisition | — | 110,558 | — | — | ||||||||||||
Fair value at end of year | 412,459 | 407,797 | — | — | ||||||||||||
Funded status | $ | (213,076 | ) | $ | (203,460 | ) | $ | (21,260 | ) | $ | (19,800 | ) | ||||
Amounts recognized in Consolidated Balance Sheets: | ||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (1,548 | ) | $ | (1,295 | ) | ||||||
Noncurrent liabilities | (213,076 | ) | (203,460 | ) | (19,712 | ) | (18,505 | ) | ||||||||
Total | $ | (213,076 | ) | $ | (203,460 | ) | $ | (21,260 | ) | $ | (19,800 | ) | ||||
Unrecognized net actuarial loss recognized in accumulated other comprehensive loss | $ | 144,294 | $ | 139,321 | $ | 6,342 | $ | 4,924 |
Defined Benefit Plans | SERPs | |||||||||||||||
As of December 31, | ||||||||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Accumulated benefit obligation | $ | 625,535 | $ | 611,257 | $ | 21,260 | $ | 19,800 | ||||||||
Projected benefit obligation | 625,535 | 611,257 | 21,260 | 19,800 | ||||||||||||
Fair value of plan assets | 412,459 | 407,797 | — | — |
2016 | 2015 | 2014 | |||||||
Weighted average discount rate | 4.26 | % | 4.55 | % | 4.23 | % | |||
Increase in compensation levels | N/A | N/A | N/A |
Target allocation | Percentage of plan assets as of December 31, | ||||||||
2017 | 2016 | 2015 | |||||||
US equity securities | 20 | % | 20 | % | 14 | % | |||
Non-US equity securities | 30 | % | 30 | % | 21 | % | |||
Fixed-income securities | 45 | % | 44 | % | 58 | % | |||
Other | 5 | % | 6 | % | 7 | % | |||
Total | 100 | % | 100 | % | 100 | % |
December 31, 2016 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Equity securities | ||||||||||||||||
Common/collective trust funds | $ | 204,084 | $ | — | $ | 204,084 | $ | — | ||||||||
Fixed income | ||||||||||||||||
Common/collective trust funds | 184,000 | — | 184,000 | — | ||||||||||||
Real estate fund | 21,646 | — | — | 21,646 | ||||||||||||
Cash equivalents | 2,729 | 2,729 | — | — | ||||||||||||
Fair value of plan assets | $ | 412,459 | $ | 2,729 | $ | 388,084 | $ | 21,646 |
December 31, 2015 | ||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Equity securities | ||||||||||||||||
Common/collective trust funds | $ | 146,314 | $ | — | $ | 146,314 | $ | — | ||||||||
Fixed income | ||||||||||||||||
Common/collective trust funds | 234,923 | — | 234,923 | — | ||||||||||||
Real estate fund | 14,670 | — | — | 14,670 | ||||||||||||
Cash equivalents | 11,890 | 11,890 | — | — | ||||||||||||
Fair value of plan assets | $ | 407,797 | $ | 11,890 | $ | 381,237 | $ | 14,670 |
(in thousands) | Real Estate Fund | |||
As of December 31, 2014 | $ | 21,661 | ||
Journal acquisition | 4,802 | |||
Unrealized gains/(losses) | 2,761 | |||
Sales | (14,554 | ) | ||
As of December 31, 2015 | 14,670 | |||
Purchases | 5,400 | |||
Unrealized gains/(losses) | 1,576 | |||
As of December 31, 2016 | $ | 21,646 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Segment operating revenues: | ||||||||||||
Television | $ | 802,134 | $ | 609,551 | $ | 466,965 | ||||||
Radio | 70,860 | 58,881 | — | |||||||||
Digital | 62,076 | 38,928 | 22,881 | |||||||||
Syndication and other | 7,977 | 8,296 | 8,906 | |||||||||
Total operating revenues | $ | 943,047 | $ | 715,656 | $ | 498,752 | ||||||
Segment profit (loss): | ||||||||||||
Television | $ | 249,268 | $ | 139,797 | $ | 136,319 | ||||||
Radio | 12,797 | 12,837 | — | |||||||||
Digital | (16,358 | ) | (17,103 | ) | (22,828 | ) | ||||||
Syndication and other | (801 | ) | (1,074 | ) | (1,499 | ) | ||||||
Shared services and corporate | (44,222 | ) | (43,619 | ) | (41,772 | ) | ||||||
Defined benefit pension plan expense | (14,332 | ) | (58,674 | ) | (5,671 | ) | ||||||
Acquisition and related integration costs | (578 | ) | (37,988 | ) | (9,708 | ) | ||||||
Depreciation and amortization of intangibles | (58,581 | ) | (51,952 | ) | (32,180 | ) | ||||||
Impairment of goodwill and intangibles | — | (24,613 | ) | — | ||||||||
(Losses) gains, net on disposal of property and equipment | (543 | ) | (483 | ) | 2,872 | |||||||
Interest expense | (18,039 | ) | (15,099 | ) | (8,494 | ) | ||||||
Miscellaneous, net | (2,646 | ) | (1,421 | ) | (7,693 | ) | ||||||
Income (loss) from continuing operations before income taxes | $ | 105,965 | $ | (99,392 | ) | $ | 9,346 | |||||
Depreciation: | ||||||||||||
Television | $ | 30,184 | $ | 29,685 | $ | 21,676 | ||||||
Radio | 2,317 | 1,366 | — | |||||||||
Digital | 164 | 525 | 413 | |||||||||
Syndication and other | 263 | 258 | 119 | |||||||||
Shared services and corporate | 1,863 | 2,344 | 1,960 | |||||||||
Total depreciation | $ | 34,791 | $ | 34,178 | $ | 24,168 | ||||||
Amortization of intangibles: | ||||||||||||
Television | $ | 16,958 | $ | 14,607 | $ | 7,092 | ||||||
Radio | 1,060 | 795 | — | |||||||||
Digital | 4,419 | 2,034 | 920 | |||||||||
Shared services and corporate | 1,353 | 338 | — | |||||||||
Total amortization of intangibles | $ | 23,790 | $ | 17,774 | $ | 8,012 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Additions to property and equipment: | ||||||||||||
Television | $ | 21,064 | $ | 20,988 | $ | 13,039 | ||||||
Radio | 2,037 | 2,317 | — | |||||||||
Digital | 54 | 66 | 208 | |||||||||
Syndication and other | 124 | 83 | 1,127 | |||||||||
Shared services and corporate | 1,283 | 1,851 | 1,926 | |||||||||
Total additions to property and equipment | $ | 24,562 | $ | 25,305 | $ | 16,300 |
As of December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Assets: | ||||||||||||
Television | $ | 1,248,808 | $ | 1,251,733 | $ | 509,652 | ||||||
Radio | 146,175 | 147,579 | — | |||||||||
Digital | 148,994 | 103,432 | 41,034 | |||||||||
Syndication and other | 7,954 | 7,794 | 3,101 | |||||||||
Shared services and corporate | 176,442 | 170,322 | 257,909 | |||||||||
Total assets of continuing operations | 1,728,373 | 1,680,860 | 811,696 | |||||||||
Discontinued operations | — | — | 219,408 | |||||||||
Total assets | $ | 1,728,373 | $ | 1,680,860 | $ | 1,031,104 |
Number of Shares | Weighted- Average Exercise Price | Range of Exercise Prices | |||||||
Outstanding at December 31, 2013 | 3,370,048 | $ | 9.46 | $7-11 | |||||
Exercised | (1,662,055 | ) | 10.01 | 9-11 | |||||
Forfeited | (4,117 | ) | 10.45 | 10-11 | |||||
Outstanding at December 31, 2014 | 1,703,876 | 8.92 | 7-11 | ||||||
Exercised | (877,966 | ) | 8.85 | 8-11 | |||||
Impact of Journal transactions | 170,969 | 7.62 | 6-9 | ||||||
Outstanding at December 31, 2015 | 996,879 | 7.45 | 6-9 | ||||||
Exercised | (509,965 | ) | 8.07 | 8-9 | |||||
Outstanding at December 31, 2016 | 486,914 | 6.81 | 6-9 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Cash received upon exercise | $ | 4,641 | $ | 7,249 | $ | 16,579 | ||||||
Intrinsic value (market value on date of exercise less exercise price) | 4,888 | 10,801 | 16,036 | |||||||||
Tax benefits realized (1) | 1,877 | 4,101 | 6,013 |
Options Outstanding and Exercisable | |||||||||||||||
Year of Grant | Range of Exercise Prices | Average Remaining Term (in years) | Options on Shares Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value (in millions) | ||||||||||
2007 – expire in 2017 | $8 | 0.32 | 37,313 | $ | 8.14 | $ | 0.4 | ||||||||
2008 – expire in 2018 | 6-9 | 1.56 | 449,601 | 6.70 | 5.7 | ||||||||||
Total | 6-9 | 1.46 | 486,914 | 6.81 | $ | 6.1 |
Grant Date Fair Value | |||||||||
Number of Shares | Weighted Average | Range of Prices | |||||||
Unvested at December 31, 2013 | 1,586,841 | $ | 10.59 | 7-20 | |||||
Awarded | 567,695 | 16.52 | 16-22 | ||||||
Vested | (704,528 | ) | 10.40 | 7-20 | |||||
Forfeited | (225,487 | ) | 11.75 | 9-18 | |||||
Unvested at December 31, 2014 | 1,224,521 | 13.24 | 7-22 | ||||||
Awarded | 495,396 | 22.36 | 20-24 | ||||||
Vested | (650,490 | ) | 12.17 | 7-22 | |||||
Forfeited | (220,770 | ) | 16.39 | 9-22 | |||||
Impact of Journal transactions | 61,384 | 13.73 | 7-22 | ||||||
Unvested at December 31, 2015 | 910,041 | 18.22 | 10-24 | ||||||
Awarded | 996,839 | 15.76 | 13-18 | ||||||
Vested | (444,267 | ) | 17.78 | 13-19 | |||||
Forfeited | (37,436 | ) | 16.82 | 12-24 | |||||
Unvested at December 31, 2016 | 1,425,177 | 17.05 | 12-24 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Fair value of RSUs vested | $ | 7,898 | $ | 15,697 | $ | 12,906 | ||||||
Tax benefits realized on vesting (1) | 3,033 | 5,965 | 4,840 |
For the years ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Total share-based compensation | $ | 8,093 | $ | 9,545 | $ | 7,631 | ||||||
Included in discontinued operations | — | (1,126 | ) | (1,426 | ) | |||||||
Included in continuing operations | $ | 8,093 | $ | 8,419 | $ | 6,205 | ||||||
Share-based compensation, net of tax | $ | 4,985 | $ | 5,220 | $ | 3,878 |
(in thousands) | Gains and Losses on Derivatives | Defined Benefit Pension Items | Other | Total | ||||||||||||
As of December 31, 2014 | $ | (479 | ) | $ | (125,877 | ) | $ | (87 | ) | $ | (126,443 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||
Interest rate swap (a), net of tax of $148 | 237 | — | — | 237 | ||||||||||||
Actuarial gain (b), net of tax of $21,298 | — | 33,825 | 253 | 34,078 | ||||||||||||
Net current-period other comprehensive income (loss) | 237 | 33,825 | 253 | 34,315 | ||||||||||||
Spin-off of Newspapers, net of tax of $1,517 | — | 2,312 | 14 | 2,326 | ||||||||||||
As of December 31, 2015 | (242 | ) | (89,740 | ) | 180 | (89,802 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||
Interest rate swap (a), net of tax of $142 | 242 | — | — | 242 | ||||||||||||
Actuarial (loss) gain (b), net of tax of $(2,353) | — | (3,936 | ) | 149 | (3,787 | ) | ||||||||||
Net current-period other comprehensive income (loss) | 242 | (3,936 | ) | 149 | (3,545 | ) | ||||||||||
As of December 31, 2016 | $ | — | $ | (93,676 | ) | $ | 329 | $ | (93,347 | ) |
2016 | 1st | 2nd | 3rd | 4th | ||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | |||||||||||||||
Operating revenues | $ | 209,498 | $ | 227,817 | $ | 233,040 | $ | 272,692 | $ | 943,047 | ||||||||||
Costs and expenses | (186,228 | ) | (189,699 | ) | (190,797 | ) | (190,549 | ) | (757,273 | ) | ||||||||||
Depreciation and amortization of intangibles | (14,411 | ) | (14,786 | ) | (14,892 | ) | (14,492 | ) | (58,581 | ) | ||||||||||
Impairment of goodwill and intangibles | — | — | — | — | — | |||||||||||||||
Gains (losses), net on disposal of property and equipment | 4 | (22 | ) | (26 | ) | (499 | ) | (543 | ) | |||||||||||
Interest expense | (4,579 | ) | (4,432 | ) | (4,592 | ) | (4,436 | ) | (18,039 | ) | ||||||||||
Miscellaneous, net | (191 | ) | (458 | ) | (596 | ) | (1,401 | ) | (2,646 | ) | ||||||||||
Income from continuing operations before income taxes | 4,093 | 18,420 | 22,137 | 61,315 | 105,965 | |||||||||||||||
Provision (benefit) for income taxes | (795 | ) | 6,932 | 9,615 | 22,978 | 38,730 | ||||||||||||||
Income from continuing operations, net of tax | 4,888 | 11,488 | 12,522 | 38,337 | 67,235 | |||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
Net income | $ | 4,888 | $ | 11,488 | $ | 12,522 | $ | 38,337 | $ | 67,235 | ||||||||||
Net income from continuing operations per basic share of common stock | $ | 0.06 | $ | 0.14 | $ | 0.15 | $ | 0.46 | $ | 0.80 | ||||||||||
Net income (loss) from discontinued operations per basic share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Net income from continuing operations per diluted share of common stock | $ | 0.06 | $ | 0.13 | $ | 0.15 | $ | 0.46 | $ | 0.79 | ||||||||||
Net income (loss) from discontinued operations per diluted share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 83,965 | 83,773 | 83,230 | 82,401 | 83,339 | |||||||||||||||
Diluted | 84,225 | 84,051 | 83,518 | 82,684 | 83,639 | |||||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — |
2015 | 1st | 2nd | 3rd | 4th | ||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | |||||||||||||||
Operating revenues | $ | 123,023 | $ | 198,134 | $ | 189,691 | $ | 204,808 | $ | 715,656 | ||||||||||
Costs and expenses | (124,214 | ) | (200,209 | ) | (173,962 | ) | (223,095 | ) | (721,480 | ) | ||||||||||
Depreciation and amortization of intangibles | (8,295 | ) | (13,366 | ) | (16,273 | ) | (14,018 | ) | (51,952 | ) | ||||||||||
Impairment of goodwill and intangibles | — | — | (24,613 | ) | — | (24,613 | ) | |||||||||||||
(Losses) gains, net on disposal of property and equipment | (164 | ) | (215 | ) | (200 | ) | 96 | (483 | ) | |||||||||||
Interest expense | (2,052 | ) | (4,225 | ) | (4,246 | ) | (4,576 | ) | (15,099 | ) | ||||||||||
Miscellaneous, net | (1,436 | ) | 387 | 1,061 | (1,433 | ) | (1,421 | ) | ||||||||||||
Loss from continuing operations before income taxes | (13,138 | ) | (19,494 | ) | (28,542 | ) | (38,218 | ) | (99,392 | ) | ||||||||||
Benefit for income taxes | (5,023 | ) | (6,539 | ) | (4,099 | ) | (17,094 | ) | (32,755 | ) | ||||||||||
Loss from continuing operations, net of tax | (8,115 | ) | (12,955 | ) | (24,443 | ) | (21,124 | ) | (66,637 | ) | ||||||||||
Income (loss) from discontinued operations, net of tax | 3,015 | (18,448 | ) | — | (407 | ) | (15,840 | ) | ||||||||||||
Net loss | $ | (5,100 | ) | $ | (31,403 | ) | $ | (24,443 | ) | $ | (21,531 | ) | $ | (82,477 | ) | |||||
Net loss from continuing operations per basic share of common stock | $ | (0.14 | ) | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.25 | ) | $ | (0.86 | ) | |||||
Net income (loss) from discontinued operations per basic share of common stock | $ | 0.05 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.20 | ) | ||||||||
Net loss from continuing operations per diluted share of common stock | $ | (0.14 | ) | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.25 | ) | $ | (0.86 | ) | |||||
Net income (loss) from discontinued operations per diluted share of common stock | $ | 0.05 | $ | (0.22 | ) | $ | — | $ | — | $ | (0.20 | ) | ||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 57,335 | 83,903 | 84,107 | 83,775 | 77,373 | |||||||||||||||
Diluted | 57,335 | 83,903 | 84,107 | 83,775 | 77,373 | |||||||||||||||
Cash dividends per share of common stock | $ | — | $ | 1.03 | $ | — | $ | — | $ | 1.03 |
For the years ended December 31, | ||||||||
(in thousands) | 2015 | 2014 | ||||||
Operating revenues | $ | 91,478 | $ | 370,316 | ||||
Total costs and expenses | (79,869 | ) | (349,210 | ) | ||||
Depreciation and amortization of intangibles | (3,608 | ) | (16,890 | ) | ||||
Other, net | (3,298 | ) | (1,308 | ) | ||||
Loss on disposal of Scripps Newspapers | (30,000 | ) | — | |||||
(Loss) income on discontinued operations before income taxes | (25,297 | ) | 2,908 | |||||
Benefit (provision) for income taxes | 9,457 | (2,143 | ) | |||||
Net (loss) income from discontinued operations | (15,840 | ) | 765 | |||||
Noncontrolling interest | — | (307 | ) | |||||
(Loss) income from discontinued operations, net of tax | $ | (15,840 | ) | $ | 1,072 |
(in thousands) | ||||
Assets: | ||||
Total current assets | $ | 43,322 | ||
Property, plant and equipment | 155,047 | |||
Other assets | 3,829 | |||
Total assets included in the disposal group | 202,198 | |||
Liabilities: | ||||
Total current liabilities | 47,664 | |||
Deferred income taxes | 1,966 | |||
Other liabilities | 9,057 | |||
Total liabilities included in the disposal group | 58,687 | |||
Net assets included in the disposal group | $ | 143,511 |
Exhibits | S-2 |
Exhibit Number | Exhibit Description | Form | File Number | Exhibit | Report Date | |||||
2.01 | Master Transaction Agreement, dated as of July 30, 2014, by and among The E. W. Scripps Company, Scripps Media, Inc., Desk Spinco, Inc., Scripps NP Operating, LLC (f/k/a Desk NP Operating, LLC), Desk NP Merger Co., Desk BC Merger, LLC, Journal Communications, Inc., Boat Spinco, Inc., Boat NP Merger Co., and Journal Media Group, Inc. (f/k/a Boat NP Newco, Inc.) | S-4 | 333-200388 | 2.1 | 11/20/2014 | |||||
3.01 | Amended Articles of Incorporation of The E.W. Scripps Company | 8-K | 000-16914 | 99.03 | 2/17/2009 | |||||
3.02 | Amended and Restated Code of Regulations of The E.W. Scripps Company | 8-K | 000-16914 | 10.02 | 5/10/2007 | |||||
3.03 | Amendment to Amended Articles of Incorporation of The E. W. Scripps Company | 8-K | 000-16914 | 3.1 | 3/11/2015 | |||||
10.01 | The E.W. Scripps Company 2010 Long-Term Incentive Plan (Amended and Restated as of February 24, 2015) | DEF 14A | 000-16914 | Appendix | 5/4/2015 | |||||
10.02 | Amendment No. 1 to The E.W. Scripps Company 2010 Long-Term Incentive Plan | * | ||||||||
10.03 | Amended and Restated 1997 Long-Term Incentive Plan | DEF 14A | 000-16914 | Appendix | 6/13/2008 | |||||
10.04 | Form of Independent Director Nonqualified Stock Option Agreement | 8-K | 000-16914 | 10.03B | 2/9/2005 | |||||
10.05 | The E.W. Scripps Company Executive Annual Incentive Plan | 10-K | 000-16914 | 10.07 | 12/31/2015 | |||||
10.06 | The E.W. Scripps Company Executive Severance Plan Amended and Restated as of February 23, 2015 | 8-K | 000-16914 | 10.1 | 2/23/2015 | |||||
10.07 | The E.W. Scripps Company Employee Stock Purchase Plan | S-8 | 333-151963 | 99 | 6/26/2008 | |||||
10.08 | Amended and Restated Scripps Family Agreement dated May 19, 2015 | SC 13D | 005-43473 | 2 | 6/5/2015 | |||||
10.09 | 1997 Deferred Compensation and Stock Plan for Directors, as amended | 8-K | 000-16914 | 10.61 | 5/8/2008 | |||||
10.10 | Scripps Supplemental Executive Retirement Plan as Amended and Restated effective February 23, 2015 | * | ||||||||
10.11 | Employment Agreement between the Company and Richard A. Boehne | 8-K | 000-16914 | 10.66 | 2/15/2011 | |||||
10.12 | Amendment to Employment Agreement between the Company and Richard A. Boehne | 8-K | 000-16914 | 10.1 | 11/4/2014 | |||||
10.13 | Scripps Senior Executive Change in Control Plan, Amended and Restated effective February 23, 2015 | * | ||||||||
10.14 | Scripps Executive Deferred Compensation Plan, Amended and Restated as of February 23, 2015 | * | ||||||||
10.15 | The E.W. Scripps Company Restricted Share Unit Agreement (Non-Employee Directors) | * | ||||||||
10.16 | Employee Restricted Share Unit Agreement | * | ||||||||
10.17 | Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of April 1, 2015 | 8-K | 000-16914 | 10.1 | 4/1/2015 | |||||
10.18 | First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of September 11, 2015 | 10-K | 000-16914 | 10.23 | 12/31/2015 | |||||
10.19 | Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 13, 2016 | * | ||||||||
14 | Code of Ethics for CEO and Senior Financial Officers | 10-K | 000-16914 | 14 | 12/31/2004 | |||||
21 | Subsidiaries of the Company | * | ||||||||
23 | Consent of Independent Registered Public Accounting Firm | * | ||||||||
31(a) | Section 302 Certifications | * | ||||||||
31(b) | Section 302 Certifications | * | ||||||||
32(a) | Section 906 Certifications | * | ||||||||
32(b) | Section 906 Certifications | * | ||||||||
101.INS | XBRL Instance Document (furnished herewith) | * | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document (furnished herewith) | * | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (furnished herewith) | * | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (furnished herewith) | * | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (furnished herewith) | * | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (furnished herewith) | * |
TABLE OF CONTENTS | |||
Page | |||
ARTICLE 1. | INTRODUCTION | 2 | |
ARTICLE 2. | DEFINITIONS | 2 | |
ARTICLE 3. | PLAN PARTICIPATION | 6 | |
ARTICLE 4. | ACCELERATION OF VESTING OF EQUITY AWARDS | 6 | |
ARTICLE 5. | TERMINATION PAYMENT AND OTHER BENEFITS UPON CERTAIN TERMINATIONS OF EMPLOYMENT AFTER CHANGE IN CONTROL | 6 | |
ARTICLE 6. | NON-DUPLICATION OF PAYMENTS AND BENEFITS | 8 | |
ARTICLE 7. | SOURCE OF PAYMENTS | 8 | |
ARTICLE 8. | PLAN ADMINISTRATION AND CLAIMS PROCEDURE | 8 | |
ARTICLE 9. | ARBITRATION OF DISPUTES | 9 | |
ARTICLE 10. | MISCELLANEOUS PROVISIONS | 9 |
1.1 | In General. The E.W. Scripps Company adopted the Scripps Senior Executive Change in Control Plan, effective April 28, 2004 and subsequently amended the Plan effective June 12, 2008. The Company hereby amends and restates the Plan, in its entirety, effective as of the Distribution Time to conform to the terms and conditions of the Employee Matters Agreement. |
1.2 | Purpose. The Plan generally provides for certain potential termination payments and other benefits for covered executives if their employment terminates under prescribed circumstances after a change in control, all as specifically described in the following provisions of the Plan. The Company believes that it will derive substantial benefits by adopting the Plan because its existence will: |
(a) | Allow Covered Executives to focus on the Company’s business and objectively evaluate any future proposals during potential change in control transactions, whether at the Company or the subsidiary or divisional level; |
(b) | Assist the Company in attracting and retaining selected executives; |
(c) | Provide for greater consistency of protection for selected executives; and |
(d) | Avoid problems associated with adopting change in control agreements during any future potential change in control transaction. |
1.3 | Transfer of Certain Covered Executives to the Journal Media Group, Inc. Senior Executive Change in Control Plan. In accordance with the terms and conditions of the Employee Matters Agreement, effective as of the Distribution Time, each Former Scripps Executive CIC Plan Participant shall cease to participate in the Plan (and shall have no further rights under the Plan), and effective as of the Newspaper Merger Effective Time (or effective as of the Transition Period End Date, as applicable with respect to Transition Period Services Providers who become Former Scripps Executive Severance Plan Participants after the Newspaper Merger Effective Time), each Former Scripps Executive CIC Plan Participant shall become a participant in the Journal Media Group, Inc. Executive Change in Control Plan. |
2.1 | “Annual Incentive” means the higher of (a) a Covered Executive’s target annual incentive in the then partial calendar year, if applicable, of his/her termination of employment, or (b) his/her highest actual annual incentive earned in the three (3) full prior calendar years preceding his/her termination of employment under an annual incentive plan sponsored by the Company. |
2.2 | “Base Salary” means a Covered Executive’s highest annualized rate of basic salary in effect at any time during the then current partial calendar year, if applicable, and three (3) full prior calendar years preceding his/her termination of employment. |
2.3 | “Benefit Coverage” means the medical, dental, disability, life and accidental death insurance benefits which the Covered Executive and his/her eligible dependents, if any, were receiving at the time of his/her termination of employment (or, if materially greater, at the time of the prior Change in Control). |
(a) | Commission of a felony or an act or series of acts that results in material injury to the business or reputation of the Company or any subsidiary; |
(b) | Willful failure to perform duties of employment, if such failure has not been cured in all material respects within twenty (20) days after the Company or any subsidiary, as applicable, gives notice thereof; or |
(c) | Breach of any material term, provision or condition of employment, which breach has not been cured in all material respects within twenty (20) days after the Company or any subsidiary, as applicable, gives notice thereof. |
2.6 | “Change in Control” means, with respect to all Covered Executives under the Plan, the occurrence of any of the following with respect to the Company: |
(a) | Any Person becomes a Beneficial Owner of a majority of the outstanding Common Voting Shares, $.01 par value, of the Company (or shares of capital stock of the Company with comparable or unlimited voting rights), excluding, however, any Person that is or becomes a party to the Scripps Family Agreement, dated October 15, 1992, as amended currently and as it may be amended from time to time in the future (the “Family Agreement”); or |
(b) | Assets of the Company accounting for 90% or more of the Company’s revenues are disposed of pursuant to a merger, consolidation, sale, or plan of liquidation and dissolution (unless the parties to the Family Agreement have Beneficial Ownership of, directly or indirectly, a controlling interest (defined as owning a majority of the voting power) in the entity surviving such merger or consolidation or acquiring such assets upon such sale or in connection with such plan of liquidation and dissolution). |
(a) | Any Person, other than the Company or an Affiliate, acquires Beneficial Ownership of securities of the particular subsidiary of the Company employing the participant having at least fifty percent (50%) of the voting power of such Designated Subsidiary’s then outstanding securities; or |
(b) | The Designated Subsidiary sells to any Person other than the Company or an Affiliate all or substantially all of the assets of the particular division thereof to which the Designated Participant is assigned. |
2.10 | “Covered Executive” means an employee of the Company or its subsidiaries who is employed as an executive and who is listed in Appendix A at the time of a Change in Control. For purposes of clarity, no Former Scripps Executive CIC Plan Participant shall be treated as a Covered Executive for purposes of the Plan after the Distribution Time (or after the Transition Period End Date, as applicable with respect to a Transition Period Services Provider who becomes a Former Scripps Executive Severance CIC Participant after the Newspaper Merger Effective Time). |
2.11 | “Disability” means a Covered Executive’s termination or suspension of employment accompanied by his/her actual receipt of a Disability Retirement Benefit under the Scripps Pension Plan or a Disability Benefit under the Scripps Long Term Disability Income Plan. A Covered Executive will be deemed to be in actual receipt of the aforementioned benefits during any waiting period, of up to ninety (90) days duration, that is a prerequisite for the commencement of benefit payments. |
2.12 | “Employee Matters Agreement” means the Employee Matters Agreement, by and among The E.W. Scripps Company, Desk Spinco, Inc., Desk NP Operating, LLC, Journal Communications, Inc., Boat Spinco, Inc., and Boat NP Newco, Inc., dated as of July 30, 2014. |
2.13 | “Good Reason” means any of the following actions on or after a Change in Control, without the Covered Executive’s consent: |
(a) | A material diminution in a Covered Executive’s annual salary or target annual incentive opportunity below the amount of annual salary or target annual incentive opportunity in effect immediately prior to such Change in Control; |
(b) | A material diminution in a Covered Executive’s authority, duties, or responsibilities as compared to his/her authority, duties, or responsibilities immediately prior to such Change in Control; |
(c) | A material diminution in the authority, duties, or responsibilities of the supervisor to whom the Covered Executive is required to report, including a requirement that the Covered Executive report to a corporate officer or employee instead of reporting directly to the Board; |
(d) | A material diminution in the budget over which a Covered Executive retains authority as compared to the budget over which he/she had authority immediately prior to such Change in Control; |
(e) | A material change in geographic location at which a Covered Executive is principally employed as compared to the geographic location immediately prior to such Change in Control; or |
(f) | The Company’s (or successor’s) material breach of this Plan or of any material term, provision or condition of employment of a Covered Executive, unless the Covered Executive’s employment is terminated for Cause within the applicable cure period set forth below. |
2.14 | “Master Transaction Agreement” means the Master Transaction Agreement, by and among The E. W. Scripps Company, Scripps Media, Inc., Desk Spinco, Inc., Desk NP Operating, LLC, Desk NP Merger Co., Desk BC Merger, LLC, Journal Communications, Inc., Boat Spinco, Inc., Boat NP Merger Co., and Boat NP Newco, Inc., dated as of July 30, 2014. |
2.15 | “Maximum Benefit Period” is the number of months following the Covered Executive’s termination of employment equal to twelve (12) times his/her Termination Pay Multiple. The Maximum Benefit Period automatically shall end if a Covered Executive dies, but only with respect to his/her own coverage, with coverage of any eligible dependent(s) continuing as though the Covered Executive had not died so long as all required employee premiums or contributions continue to be paid by the eligible dependent(s). |
(a) | The actuarial equivalent of the benefit under the Scripps Pension Plan and the Scripps Supplemental Executive Retirement Plan that the Covered Executive would receive under the terms of those plans as in effect on the Change in Control, or if more favorable to the Covered Executive, on his or her termination of employment, if the Covered Executive’s employment continued for a number of years (or fractions thereof) equal to his or her Termination Pay Multiple, assuming for this purpose that: (i) the Covered Executive’s age (but not his or her years of service) is increased by the number of years that the Covered Executive is deemed to be so employed, and (ii) the rate of base salary and bonus for each year that the Covered Executive is deemed to be so employed shall be determined by reference to the Covered Executive’s Base Salary and Annual Incentive; provided that in no event shall a Covered Executive be deemed to earn compensation for any period after December 31, 2014; over |
(b) | The actuarial equivalent of the Covered Executive’s actual benefit, if any, under the Scripps Pension Plan and the Scripps Supplemental Executive Retirement Plan as of the Covered Executive’s date of termination. |
2.17 | “Plan” means the Scripps Senior Executive Change in Control Plan as set forth herein and as from time to time in effect. |
2.18 | “Retirement” means a Covered Executive’s voluntary termination of employment, with or without Good Reason, on or after attaining age 65. |
2.19 | “Scripps Long Term Disability Income Plan” means the employee benefit plan of that name sponsored by the Company, including any amended, restated or successor version of that plan. |
2.20 | “Scripps Pension Plan” means the tax-qualified employee pension plan of that name sponsored by the Company, including any amended, restated or successor version of that plan. “Scripps |
2.21 | “Termination Payment” is the payment described in Section 5.2 to which a Covered Executive may become entitled following termination of his/her employment under the circumstances described in Section 5.1. |
2.22 | “Termination Pay Multiple” is the number set forth beside a Covered Executive’s name in Appendix A under the column so named Termination Pay Multiple. |
2.23 | In addition to the foregoing, certain other terms of more limited usage are defined in other Articles of the Plan. All terms defined in the Plan are designated with initial capital letters. |
2.24 | Whenever appropriate, words used herein in the singular may be read as the plural and the plural may be read as the singular. Unless otherwise clear from the context, words used herein in the masculine shall also be deemed to include the feminine. |
2.25 | Capitalized terms that are not defined in this Article 2 shall have the meaning set forth in the Employee Matters Agreement or Master Transaction Agreement, as applicable. |
ARTICLE 5. | TERMINATION PAYMENT AND OTHER BENEFITS UPON CERTAIN TERMINATIONS OF EMPLOYMENT AFTER CHANGE IN CONTROL |
5.1 | Eligibility for Termination Payment. A Covered Executive will be entitled to receive a Termination Payment (described in Section 5.2) if, within twenty-four (24) months after a Change in Control, his/her employment with the Company is terminated either (a) by the Company without Cause, or (b) by the Covered Executive for Good Reason. Notwithstanding the foregoing, a Covered Executive will not be entitled to any Termination Payment if his/her termination of employment is (x) of his/her own initiative for any reason other than Good Reason, or (y) on account of his/her Retirement, Disability or death. A Termination Payment is in lieu of any further salary, bonus, annual incentive or other payments to a Covered Executive for periods subsequent to the date of his/her termination of employment; but the Covered Executive still will retain any and all of his/her vested rights under the Company’s employee pension and benefit plans and arrangements, including, without limitation, the Scripps Pension Plan and the Scripps Supplemental Executive Retirement Plan. |
5.2 | Amount of Termination Payment. A Covered Executive’s Termination Payment is a cash lump sum equal to the amount computed by multiplying (a) the sum of his/her Base Salary plus Annual Incentive, by (b) his/her Termination Pay Multiple. A Covered Executive’s Termination Payment will be paid by the Company within thirty (30) days following his/her termination of employment. |
5.3 | Other Benefit Coverage. If a Covered Executive qualifies for a Termination Payment under Section 5.1, his/her Benefit Coverage shall be continued for the Maximum Benefit Period or, if less, until the Covered Executive obtains full-time employment providing benefits substantially similar to his/her Benefit Coverage. To receive such Benefit Coverage, the Covered Executive must continue to pay the same percentage of the total benefit premiums or contributions required from similarly situated executive employees at the time of the Covered Executive’s termination of employment (or, if materially less, at the time of the prior Change in Control). |
5.4 | Pension Enhancement. If a Covered Executive qualifies for a Termination Payment under Section 5.1, he/she will receive a cash lump sum equal to the actuarially determined value of a Pension Enhancement. The Pension Enhancement will be paid by the Company at the same time as the Termination Payment. |
5.5 | Gross-Up Payment. A Covered Executive also shall be entitled to a Gross-Up Payment, if applicable. The Company’s obligation to make Gross-Up Payments under this Section 5.5 shall be conditioned upon a Covered Executive’s termination of employment. “Gross-Up Payment” is the lump sum benefit payment hereinafter described in this Section 5.5. |
8.1 | Plan Administration. The Plan shall be administered by the Committee and/or its designee(s). The Committee shall have rights, powers and duties with respect to the Plan that are comparable to those granted to the designated pension board under the Scripps Pension Plan. Without limiting the generality of the foregoing, the Committee has full authority to (a) interpret the Plan, (b) determine all questions |
8.2 | Claims Procedure. If any Covered Executive’s claim for payments or benefits under the Plan is denied, the Committee shall cause a written notice to be sent to the Covered Executive setting forth the specific reasons for the denial, specific reference to the provisions of the Plan on which the denial is based, a description of any material or information necessary to perfect the denied claim (together with an explanation of why such material or information is necessary), and an explanation of the review procedure described below. Within sixty (60) days after receipt of such notice of denial from the Committee, the Covered Executive, or his/her duly authorized representative, may request a review of the denied claim by written application to the Committee. In connection with such request for review, the Covered Executive, or his/her duly authorized representative, shall be entitled to review any and all documents pertinent to the claim or its denial and also shall be entitled to submit issues and comments in writing. The decision of the Committee upon such review shall be made not later than sixty (60) days after the receipt of such request for review, unless special circumstances shall require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after the Committee’s receipt of the request for review. The decision of the Committee upon review of the denied application shall be in writing and shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based. All written communications from the Committee under this Section 8.2 shall be written in a manner calculated to be understood by the recipient. |
10.1 | ERISA and Governing Law. The Plan is an unfunded deferred compensation plan for a select group of management or highly compensated employees, as defined in Section 201(2) and 401(a)(1) of the Employee Retirement Security Act of 1974, as amended (“ERISA”). As such, the Plan is expressly excluded from all, or substantially all, of the provisions of ERISA, including but not limited to Parts 2 and 3 of Title I thereof. None of the statutory rights and protections conferred on participants by ERISA are conferred under the terms of this Plan, except as expressly noted or required by operation of law. To the extent not superseded by federal law, the laws of the State of Ohio shall control in any and all matters relating to the Plan. |
10.2 | Benefits Are Nonassignable. No right, payment or benefit under the Plan may be pledged, assigned, anticipated or alienated in any way by any Covered Executive, otherwise than by will or the laws of descent and distribution. This Plan shall inure to the benefit of and be enforceable by the legal representatives of a Covered Executive. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Plan by operation of law or otherwise. This Plan shall inure to the benefit of and be binding upon the Company and its successors and assigns. |
10.3 | Amendment, Suspension or Termination of Plan. The Company hereby reserves the right and power to amend, suspend or terminate the Plan, in whole or in part, at any time and from time to time; provided, however, that any action taken after a Change in Control or within sixty (60) days prior to a Change in Control cannot materially adversely affect the rights, payments or benefits of any employee who then is a Covered Executive without his/her express written consent. All actions pursuant to this Section 10.3 shall be set forth in a written instrument adopted by the Committee and approved or ratified by the Board. |
10.4 | No Guarantee Of Employment. Nothing contained in the Plan shall be construed as a contract of employment between the Company or any Covered Executive, or as a right of any Covered Executive to continue in the employment of the Company, or as a limitation of the right of the Company to discharge any Covered Executive, with or without cause, at any time. |
10.5 | Severability. If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof; instead, each provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein. |
(a) | Section 409A of the Code (“Section 409A”) imposes payment restrictions on “separation pay” (i.e., payments owed to a Covered Executive upon termination of employment). Failure to comply with these restrictions could result in negative tax consequences to the Covered Executive, including immediate taxation, interest and a 20% penalty tax. It is the Company’s intent that this Plan be exempt from the application of, or otherwise comply with, the requirements of Section 409A. Specifically, any taxable benefits or payments provided under this Plan are intended to be separate payments that qualify for the “short-term deferral” exception to Section 409A to the maximum extent possible, and to the extent they do not so qualify, are intended to qualify for the involuntary separation pay exceptions to Section 409A, to the maximum extent possible. If neither of these exceptions applies, then notwithstanding any provision in this Plan to the contrary: |
(i) | All amounts that would otherwise be paid or provided during the first six (6) months following the date of termination shall instead be accumulated through and paid or provided (together with interest on any delayed payment at the applicable federal rate under the Code), on the first business day following the six (6) month anniversary of the Covered Executive’s termination of employment. |
(ii) | Any expense eligible for reimbursement must be incurred, or any entitlement to a benefit must be used, during the applicable expense reimbursement or benefit continuation period provided in this Plan. The amount of the reimbursable expense or benefit to which a Covered Executive is entitled during a calendar year will not |
(b) | For purposes of this Plan, “termination of employment” or words or phrases to that effect shall mean a “separation from service” within the meaning of Section 409A. |
Title: | Senior Vice President and Chief Financial Officer |
□ | to convert 100% of the outstanding principal amount of the Existing Term Loans held by such Lender into a Tranche B Term Loan in a like principal amount. |
□ | to have 100% of the outstanding principal amount of the Existing Term Loans held by such Lender prepaid on the Second Amendment Effective Date and purchase by assignment the principal amount of Tranche B Term Loans committed to separately by the undersigned. |
Name of Subsidiary | Jurisdiction of Incorporation | |
Scripps Media, Inc. | Delaware |
1. | I have reviewed this annual report on Form 10-K of The E. W. Scripps Company; |
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 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 disclosure 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 registrant's 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 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. |
1. | I have reviewed this annual report on Form 10-K of The E. W. Scripps Company; |
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 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 disclosure 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 registrant's 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 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. |
(1) | The Annual Report on Form 10-K of the Company for the year ended December 31, 2016 (the “Report”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
(1) | The Annual Report on Form 10-K of the Company for the year ended December 31, 2016 (the “Report”), which this certification accompanies, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Jan. 31, 2017 |
Jun. 30, 2016 |
|
Document Information [Line Items] | |||
Entity Registrant Name | E.W. SCRIPPS Co | ||
Entity Central Index Key | 0000832428 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 912,954,000 | ||
Common stock, Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 70,021,010 | ||
Voting common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 11,932,722 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Allowances for accounts and notes receivable | $ 1,632 | $ 1,610 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, Class A | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 70,042,300 | 71,886,969 |
Common stock, shares outstanding | 70,042,300 | 71,886,969 |
Voting common stock | ||
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 11,932,722 | 11,932,722 |
Common stock, shares outstanding | 11,932,722 | 11,932,722 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 67,235 | $ (82,477) | $ 10,529 |
Changes in fair value of derivative, net of tax of $142, $148 and $145 | 242 | 237 | 239 |
Changes in defined benefit pension plans, net of tax of $(2,455), $21,139, and $(27,516) | (3,936) | 33,825 | (45,500) |
Other | 149 | 253 | (259) |
Total comprehensive income (loss) | $ 63,690 | $ (48,162) | $ (34,991) |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Comprehensive Income [Abstract] | |||
Changes in defined benefit pension plans, tax amount | $ (2,455) | $ 21,139 | $ (27,516) |
Changes in fair value of derivative, tax amount | $ 142 | $ 148 | $ 145 |
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Stockholders' Equity [Abstract] | |||
Shares issued on compensation plan | 867,196 | 1,313,313 | 2,149,581 |
Repurchase of Class A Common shares | 2,711,865 | 839,859 | 1,181,560 |
Shares issued for acquisition | 26,350,993 | ||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 1.03 | $ 0 |
Cash dividends per share of common stock (USD per share) | $ 0 | $ 1.03 | $ 0 |
Tax payments related to shares withheld for vested stock and RSUs | $ 2,681 | $ 5,237 | $ 4,261 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies As used in the Notes to Consolidated Financial Statements, the terms “Scripps,” “Company,” “we,” “our,” or “us” may, depending on the context, refer to The E. W. Scripps Company, to one or more of its consolidated subsidiary companies or to all of them taken as a whole. Nature of Operations — We are a media enterprise with a portfolio of television, radio and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, radio, digital, and syndication and other. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. For additional information on the spin-off, see Note 21. Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. We derive nearly 70% of our operating revenues from marketing services, including advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of broadcast and digital advertising, as well as retransmission fees received from cable operators and satellite carriers. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast advertising revenue is recognized, net of agency commissions, when we air the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize advertising revenue from our podcast business when the podcast is downloaded for listening. Television advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. Retransmission — We derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. Other Revenues — We derive revenues from sponsorships and community events through our television and radio segments. We also derive revenues from sports affiliation fees we receive in the radio segment. Our digital segment offers digital marketing to our advertising customers and subscription services for access to premium content to our consumers. Our podcast business acts as a sales and marketing representative and earns commissions for its work. Cash Equivalents — Cash equivalents represent highly liquid investments with maturity of less than three months when acquired. Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers. A rollforward of the allowance for doubtful accounts is as follows:
Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows:
Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs, but are classified based on the type of cost incurred. We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television and radio stations. Broadcast television and radio stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are our television group, radio group, local digital, Midroll, Cracked and Newsy. Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. Impairment of Long-Lived Assets — We review long-lived assets (primarily property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the aggregate forecasted undiscounted cash flows derived from the operation of the assets to the carrying amount of the assets. If the aggregate undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.6 million and $10.7 million at December 31, 2016 and 2015, respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Based on the terms of the Master Transaction Agreement, Scripps remains the primary obligor for newspaper insurance claims incurred prior to April 1, 2015. We recorded the liabilities related to these claims on our balance sheet with an offsetting receivable of $2.4 million, which will be paid by Journal Media Group. Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 18. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Upon adoption of new accounting guidance in 2016, the impact of forfeitures are recognized as they occur. Prior to the adoption of the new guidance, an estimate of forfeitures was made as the expense was recognized. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding:
For 2015, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors were anti-dilutive, and accordingly the diluted EPS calculation excludes those common share equivalents. Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in the Consolidated Statement of Operations. All ineffective changes in derivative fair values are recognized currently in earnings. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
Recently Adopted Standards and Issued Accounting Standards |
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Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Standards and Issued Accounting Standards | Recently Adopted Standards and Issued Accounting Standards Recently Issued Accounting Standards — In August 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to classification of certain cash receipts and payments in the statement of cash flows. This new guidance was issued with the objective of reducing diversity in practice around eight specific types of cash flows. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated statements of cash flows. In June 2016, the FASB issued new guidance that changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that will replace today’s “incurred loss” model and generally will result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except that the losses will be recognized as an allowance. The guidance is effective in 2020 with early adoption permitted in 2019. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption. In February 2016, the FASB issued new guidance on the accounting for leases. Under this guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In January 2016, the FASB issued new guidance on the recognition and measurement of financial instruments. This guidance primarily affects the accounting for equity method investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. We are currently evaluating the impact of this guidance on our consolidated financial statements. In May 2014, the FASB issued new guidance on revenue recognition. Under this new standard, an entity shall recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard creates a five-step process that requires entities to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. This standard permits the use of either the retrospective or cumulative effect transition method and will be effective for us beginning in 2018. We are currently assessing the impact this new guidance will have on our consolidated financial statements and have not yet determined a transition method. We are progressing in our process of adopting the new guidance and are working to identify all performance obligations and changes, if any, that the new guidance will have on the timing and amounts of revenue recorded. To date we are evaluating the impact, if any, that the new guidance might have on the revenue recognition for our retransmission consent agreements as well as our broadcast advertising arrangements. We are also evaluating the impact the new guidance has on our programming barter arrangements. Recently Adopted Accounting Standards — In November 2016, the FASB issued new guidance to clarify the classification and presentation of restricted cash in the statement of cash flows. Under the new guidance, restricted cash and restricted cash equivalents should be included in the cash and cash equivalent balances in the statement of cash flows. Additionally, changes in restricted cash and restricted cash equivalents should no longer be presented as a financing cash flow activity within the statement of cash flows. We have elected to early adopt this guidance as of December 31, 2016, and have retrospectively applied the guidance to prior periods. The impact of adopting the new guidance was to increase cash and cash equivalents by $6.6 million and $6.8 million at December 31, 2015 and 2014, respectively, due to the reclassification from restricted cash. In March 2016, the FASB issued new guidance which simplifies the accounting for share-based compensation arrangements, including the income tax consequences and classification on the statement of cash flows. Under the new guidance, excess tax benefits and tax deficiencies are recognized as a discrete component of the income tax provision in the period they occur and not as an adjustment to additional paid-in capital. Also, a company's payments for tax withholdings should be classified in the statement of cash flows as a financing activity. It also requires excess tax benefits to be recorded on the exercise or vesting of share-based awards at the time they are deductible for income taxes and not when they reduce cash taxes. In addition, a company can now elect to record forfeitures of share-based awards as they occur or record estimated forfeitures with a true-up at the end of the vesting period. We have elected to early adopt this guidance effective January 1, 2016. The adoption used the modified retrospective transition method which had no impact on prior years. The impact of adopting this guidance was to record $14.7 million of previously unrecognized tax benefits, increasing deferred tax assets and retained earnings as of December 31, 2015. Additionally, we have elected to adopt a policy of recording actual forfeitures, the impact of which is not material to current or prior periods. In August 2014, the FASB issued new guidance related to the disclosures around consideration of going concern. The new standard provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard was effective for us January 1, 2016. The adoption of this standard did not have a material impact on our consolidated financial statements. |
Acquisitions |
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Acquisitions | Acquisitions Stitcher On June 6, 2016, we completed the acquisition of Stitcher for a cash purchase price of $4.5 million. Stitcher is a popular podcast listening service which facilitates discovery and streaming for more than 65,000 podcasts. Stitcher now operates as part of Midroll Media, which significantly broadens Midroll's consumer base and technological capabilities. Of the $4.5 million purchase price, $2.9 million was allocated to intangible assets, the majority of which was technological software with an estimated amortization period of 3 years. The remainder of the purchase price was allocated to goodwill. Cracked On April 12, 2016, we acquired the multi-platform humor and satire brand Cracked, which informs and entertains millennial audiences with a website, original digital video, social media and a popular podcast. The purchase price was $39 million in cash. The final fair values of the assets acquired were $9.6 million of intangibles and $29.4 million of goodwill. Of the $9.6 million allocated to intangible assets, $7.6 million was for trade names with an estimated amortization period of 20 years. The remaining balance of $2.0 million was allocated to content library with an estimated amortization period of 3 years. The goodwill of $29 million arising from the transaction consists largely of the benefit we derive from being able to expand our presence and digital brands on the web, in over-the-top video and audio and on other emerging platforms. We allocated the goodwill to our digital segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes. From the acquisition date of April 12, 2016 through December 31, 2016, revenues from the acquired Cracked operations were $4.0 million. Midroll Media On July 22, 2015, we acquired Midroll Media, a company that creates original podcasts and operates a network that generates advertising revenue for more than 200 shows. The purchase price was $50 million in cash, plus a $10 million earnout payable over three years. We estimated the fair value of the earnout to be $7 million. The following table summarizes the final fair values of the assets acquired and the liabilities assumed:
Of the $11 million allocated to intangible assets, $7 million was allocated to advertiser relationships with an estimated amortization period of 5 years and the balance of $4 million was allocated to various other intangible assets. The goodwill of $46 million arising from the transaction consists largely of the benefit we derive from being able to enter the podcast market with an established business. We allocated the goodwill to our digital segment. We treated the transaction as an asset acquisition for income tax purposes with a step-up in the assets acquired. The goodwill is deductible for income tax purposes. Journal Communications Broadcast Group On April 1, 2015, we acquired the broadcast group owned by Journal Communications, Inc. ("Journal") as part of the transactions described in Note 21. The businesses acquired included 12 television stations and 34 radio stations. We issued 26.4 million Class A Common shares to the Journal shareholders in exchange for their interest in Journal for a purchase price of $636 million. The fair value of the shares issued was determined on the basis of the closing market price of our Class A Common shares on April 1, 2015, the acquisition date. The following table summarizes the final fair values of the assets acquired and the liabilities assumed:
Of the $295 million allocated to intangible assets, $112 million was for FCC licenses which we determined to have an indefinite life and, therefore, are not amortized. The remaining balance of $183 million was allocated to television network affiliation relationships and advertiser relationships with estimated amortization periods of 10 to 20 years. The goodwill of $456 million arising from the transaction consists largely of synergies and economies of scale and other benefits of a larger broadcast footprint. The goodwill was allocated to our television ($395 million), radio ($41 million) and digital ($20 million) segments. We treated the transaction as a stock acquisition for income tax purposes resulting in no step-up in the assets acquired. The goodwill is not deductible for income tax purposes. Concurrent with the acquisition of the Journal television stations, due to FCC conflict ownership rules, Journal was required to dispose of KNIN, the Fox affiliate located in Boise, ID. The station was placed in a divestiture trust for our benefit and was sold on October 1, 2015 for $14.5 million. The sale did not result in a gain or loss. Pro forma results of operations Pro forma results of operations, assuming the Journal transaction had taken place at the beginning of 2014, are included in the following table. The pro forma results do not include Cracked, Stitcher or Midroll as the impact of these acquisitions, individually or in the aggregate, are not material to prior year results of operations. The pro forma information includes the historical results of operations of Scripps Journal and adjustments for additional depreciation and amortization of the assets acquired, additional interest expense related to the financing of the transaction and reflecting the transaction costs incurred in 2015 as if they were incurred in 2014. The weighted average shares utilized in calculating the earnings per share assumes that the shares issued to the Journal shareholders were issued on January 1, 2014. The pro forma information does not include efficiencies, cost reductions or synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period.
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Asset Write-Downs and Other Charges and Credits |
12 Months Ended |
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Dec. 31, 2016 | |
Asset Write-Downs and Other Charges and Credits [Abstract] | |
Asset Write-Downs and Other Charges and Credits | Asset Write-Downs and Other Charges and Credits Income (loss) from operations was affected by the following: 2016 — Acquisition and related integration costs of $0.6 million include costs for spinning off our newspaper operations and costs associated with acquisitions, such as legal and accounting fees, as well as costs to integrate acquired operations. 2015 — Acquisition and related integration costs of $38.0 million are costs incurred for the Journal transactions and other acquisitions, such as investment banking, legal and accounting fees, as well as costs to integrate the acquired operations. We recorded a $24.6 million non-cash charge to reduce the carrying value of our goodwill and certain intangible assets of Newsy and a smaller business. See Note 9 for additional information. 2014 — Acquisition and related integration costs of $9.7 million include costs associated with the acquisition of two television stations from Granite Broadcasting, as well as costs for the Journal transactions. We recorded a $3.0 million gain from the sale of excess land. We recorded a $5.9 million non-cash charge to reduce the carrying value of investments. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary returns in certain states, and other separate state income tax returns for certain of our subsidiary companies. The provision for income taxes from continuing operations consisted of the following:
The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:
Nondeductible expenses in 2015 and 2014 include amounts for transaction costs related to the Journal transactions. The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows:
Total federal operating loss carryforwards were $7 million and state operating loss carryforwards were $205 million at December 31, 2016. Our federal tax loss carryforwards and our state tax loss carryforwards expire through 2036. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company. Deferred tax assets relating to our state jurisdictions totaled $9 million at December 31, 2016, which includes the tax effect of state net operating loss carryforwards. We recognize state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. During 2015, deferred tax assets relating to employee share-based compensation from the vesting of RSUs and the exercise of stock options had not been recognized since we were in a net tax loss position in that year. The additional tax benefits were reflected as net operating loss carryforwards when we filed our tax returns, but the additional tax benefits were not recorded under GAAP until the tax deduction reduced taxes payable. The amount of unrecognized tax deductions for the years ended December 31, 2015 and 2014 were approximately $16 million and $23 million, respectively. Effective January 1, 2016, we adopted new accounting guidance that allows us to recognize the benefits when deductible for tax purposes. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $1.1 million at December 31, 2016. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2016 and 2015, we had accrued interest related to unrecognized tax benefits of $0.4 million and $0.6 million, respectively. We file income tax returns in the U.S. and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2016, we are no longer subject to federal income tax examinations for years prior to 2013. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2012. In 2016 and 2015, we recognized $0.9 million and $2.5 million, respectively, of previously unrecognized net tax benefits primarily due to the lapse of the statute of limitations in certain tax jurisdictions. Due to the potential for resolution of federal and state examinations, and the expiration of various statutes of limitation, it is reasonably possible that our gross unrecognized tax benefits balance may change within the next twelve months by as much as $1.2 million. On July 1, 2008, we distributed all of the shares of Scripps Networks Interactive, Inc. (“SNI”) to the shareholders. Under the terms of the Tax Allocation Agreement with SNI, we receive any tax deductions for share-based compensation awards held by our employees in SNI. In 2015 and 2014, we took deductions upon the exercise of those awards that totaled approximately $2.2 million and $8.1 million, respectively. With the adoption of new accounting guidance on January 1, 2016, any tax benefits received are recorded as a component of the current tax provision. |
Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash At December 31, 2016 and 2015, our cash and cash equivalents included $5.5 million and $6.6 million, respectively, held in a restricted cash account on deposit with our insurance carrier. This account serves as collateral, in place of an irrevocable stand-by letter of credit, to provide financial assurance that we will fulfill our obligations with respect to cash requirements associated with our workers' compensation self-insurance. This cash is to remain on deposit with the carrier until all claims have been paid or we provide a letter of credit in lieu of the cash deposit. |
Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consisted of the following:
Our investments do not trade in public markets, thus they do not have readily determinable fair values. We estimate the fair values of the investments to approximate their carrying values at December 31, 2016 and 2015. There can be no assurance we would realize the carrying values of these securities upon their sale. |
Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment consisted of the following:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by business segment was as follows:
Other intangible assets consisted of the following:
Estimated amortization expense of intangible assets for each of the next five years is $22.0 million in 2017, $21.5 million in 2018, $20.0 million in 2019, $18.5 million in 2020, $16.2 million in 2021 and $165.9 million in later years. Goodwill and indefinite-lived intangible assets are tested for impairment annually and any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. Such indicators of impairment include, but are not limited to, changes in business climate or other factors resulting in low cash flow related to such assets. The testing for impairment is a two-step process. The first step is the estimation of the fair value of each of the reporting units, which is then compared to their carrying values. If the fair value is less than the carrying value of the reporting unit then an impairment of goodwill may exist. Step two is then performed to determine the amount of impairment. During 2015, changes in the market for the distribution of video programming services, including the development of over-the-top distribution platforms such as Apple TV, Comcast's Watchable, PlutoTV, Xumo, Roku and Sling, resulted in the need for additional investment in our video news service, Newsy. The additional investment, combined with the slower development of our original revenue model, created indications of impairment of goodwill as of September 30, 2015. Under the two-step process required by GAAP, we estimated the fair value of Newsy. Fair values were determined using a combination of an income approach, which estimated fair value based upon future revenues, expenses and cash flows discounted to their present value, and a market approach, which estimated fair value using market multiples of various financial measures compared to a set of comparable public companies. The discounted cash flow approach utilized unobservable factors, such as forecasted revenues and expenses and a discount rate applied to the estimated cash flows. The determination of the discount rate was based on a cost of capital model, using a risk-free rate, adjusted by a stock-beta adjusted risk premium and a size premium. The inputs to the nonrecurring fair value determination of our reporting units are classified as Level 3 fair value measurements under GAAP. The valuation methodology and underlying financial information used to determine fair value required significant judgments to be made by management. These judgments included, but were not limited to, long-term forecasts of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could have produced significantly different results. We concluded that the fair value of Newsy did not exceed its carrying value as of September 30, 2015. As a result, we recorded a $21 million non-cash charge in the three months ended September 30, 2015 to reduce the carrying value of goodwill and $2.9 million to reduce the value of intangible assets. We also recorded a $1.5 million goodwill impairment charge on a second small business in 2015. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
* Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy. Financing Agreement On April 1, 2015, we entered into a $500 million second amended revolving credit and term loan agreement ("Financing Agreement"). The Financing Agreement includes a $400 million term loan B which matures in November 2020 and a $100 million revolving credit facility which matures in November 2018. The Financing Agreement includes the maintenance of a net leverage ratio if we borrow more than 20% on the revolving credit facility. The term loan B requires that if we borrow additional amounts or make a permitted acquisition that we cannot exceed a stated net leverage ratio on a pro forma basis at the date of the transaction. The Financing Agreement allows us to make restricted payments (dividends and stock repurchases) up to $70 million plus additional amounts based on our financial results and condition. We can also make additional stock repurchases equal to the amount of proceeds that we receive from the exercise of stock options held by our employees. Additionally, we can make acquisitions as long as the pro forma net leverage ratio is less than 4.5 to 1.0. In certain circumstances, the Financing Agreement requires that we must use a portion of excess cash flow, as defined, as well as the proceeds from a sale, to repay debt. As of December 31, 2016, we were not required to make additional principal payments for excess cash flow. Under the terms of the Financing Agreement, we granted the lenders mortgages on certain of our real property, pledges of our equity interests in our subsidiaries and security interests in substantially all other personal property, including cash, accounts receivables, and equipment. Interest is currently payable on the term loan B at rates based on LIBOR plus a fixed margin of 2.5%. Prior to December 2016, interest was payable at rates based on LIBOR, with a 0.75% LIBOR floor, plus a fixed margin of 2.75%. Interest is payable on the revolving credit facility at rates based on LIBOR plus a margin based on our leverage ratio ranging from 2.25% to 2.75%. As of December 31, 2016, the interest rate was 3.27% on the term loan B. The weighted-average interest rate on borrowings was 3.48% and 3.44% during 2016 and 2015, respectively. Scheduled principal payments on our term loan B at December 31, 2016 are: $3.9 million in 2017, $3.9 million in 2018 $3.9 million in 2019, and $378.8 million in 2020. Commitment fees of 0.30% to 0.50% per annum, based on our leverage ratio, of the total unused commitment are payable under the revolving credit facility. As of December 31, 2016 and 2015, we had outstanding letters of credit totaling $0.8 million. Unsecured Subordinated Notes Payable The unsecured subordinated promissory notes bear interest at a rate of 7.25% per annum payable quarterly. The notes are payable in annual installments of $2.7 million through 2018, with no prepayment right. |
Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments We are exposed to various market risks, including changes in interest rates. To manage risks associated with the volatility of changes in interest rates, we may enter into interest rate management instruments. We may utilize interest rate swaps to manage our interest expense exposure by fixing our interest rate on portions of our floating rate term loan. We entered into a $75 million notional value interest rate swap which expired in December 2016. Under the terms of the swap, we paid a fixed interest rate of 1.08% and received interest at a variable rate equal to 30 day LIBOR. We did not provide or receive any collateral for this contract. Fair Value of Derivative Instruments The notional amounts and fair values of derivative instruments are shown in the table below:
Through November 2013, the above derivative instrument was designated as and qualified as a cash flow hedge. Upon refinancing our term loan B in November 2013, this hedge no longer qualified as a cash flow hedge and gains and losses on the derivative were recognized in current period earnings. The balance in accumulated other comprehensive loss at the date of discontinuance of hedge accounting was being amortized into earnings on a straight-line basis through December 2016. For the years ended December 31, 2016 and 2015, approximately $0.4 million was amortized into earnings from accumulated other comprehensive loss and is included in the reclassified from accumulated OCL, gain/(loss) line in the table below.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement We measure certain financial assets and liabilities at fair value on a recurring basis, such as cash equivalents and derivatives. The fair values of these financial assets and liabilities were determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. These levels of input are as follows:
The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and 2015:
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Other Liabilities |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | Other Liabilities Other liabilities consisted of the following:
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table presents additional information about the change in certain working capital accounts:
Information regarding supplemental cash flow disclosures is as follows:
In 2015, we acquired capitalized software for $7.1 million through a long-term financing arrangement. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans We sponsor two noncontributory defined benefit pension plans as well as two non-qualified Supplemental Executive Retirement Plans ("SERPs"). Both of the defined benefit plans and the SERPs have frozen the accrual of future benefits. We sponsor a defined contribution plan covering substantially all non-union and certain union employees. We match a portion of employees' voluntary contributions to this plan. In connection with freezing the accrual of service credits under certain of our defined benefit pension plans, we began contributing additional amounts (referred to as transition credits) to certain employees' defined contribution retirement accounts which ended in 2015. Other union-represented employees are covered by defined benefit pension plans jointly sponsored by us and the union, or by union-sponsored multi-employer plans. We use a December 31 measurement date for our retirement plans. Retirement plans expense is based on valuations as of the beginning of each year. The components of the expense consisted of the following:
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
In addition to the amounts summarized above, amortization of actuarial losses of $0.2 million, $0.2 million and $0.3 million were recorded through other comprehensive income in 2016, 2015 and 2014, respectively, related to our SERPs. We recognized actuarial losses of $1.6 million and $0.6 million in 2016 and 2014, respectively, and an actuarial gain of $2.3 million in 2015, related to our SERPs. A one-time curtailment charge of $1.1 million was recorded in the second quarter of 2015 related to our defined benefit pension plan as a result of the spin-off of our newspaper business. On August 24, 2015, we offered eligible former employees with vested, deferred pension plan benefits the option to receive their benefits either as a lump-sum distribution or an immediate annuity payment. Approximately 4,300 former Scripps employees were eligible for this offer; former Journal Communications employees were not affected. All distributions were made from existing pension plan assets; company funds were not used to make the lump-sum distributions. The funded status of the plan remained materially unchanged as a result of this offer. The lump-sum payments were made in November 2015, at which time we recorded a non-cash settlement charge of $45.7 million. Assumptions used in determining the annual retirement plans expense were as follows:
(1) Ranges presented for long-term rate of return on plan assets for 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. (2) Ranges presented for discount rate and long-term rate of return on plan assets for 2015 represent the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Changes in other key actuarial assumptions affect the determination of the benefit obligations as of the measurement date and the calculation of net periodic benefit costs in subsequent periods. Recent actuarial studies indicate life expectancies are longer and thus increase the total expected benefit payments to plan participants. Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information about our employee benefit plan assets and obligations:
In 2017, for our defined benefit pension plans, we expect to recognize amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs of $4.5 million (including $0.2 million for our SERPs). Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
In 2017, we expect to contribute $1.6 million to fund SERP benefits and $17.5 million to fund our qualified defined benefit pension plans. Estimated future benefit payments expected to be paid from the plans for the next ten years are $34.7 million in 2017, $35.4 million in 2018, $35.7 million in 2019, $36.6 million in 2020, $37.5 million in 2021 and a total of $194 million for the five years ending 2026. Plan Assets and Investment Strategy Our long-term investment strategy for pension assets is to earn a rate of return over time that minimizes future contributions to the plan while reducing the volatility of pension assets relative to pension liabilities. The strategy reflects the fact that we have frozen the accrual of service credits under our plans covering the majority of employees. We evaluate our asset allocation target ranges for equity, fixed income and other investments annually. We monitor actual asset allocations monthly and adjust as necessary. We control risk through diversification among multiple asset classes, managers and styles. Risk is further monitored at the manager and asset class level by evaluating performance against appropriate benchmarks. Information related to our pension plan asset allocations by asset category were as follows:
U.S. equity securities include common stocks of large, medium and small capitalization companies, which are predominantly U.S. based. Non-U.S. equity securities include companies domiciled outside of the U.S. and American depository receipts. Fixed-income securities include securities issued or guaranteed by the U.S. government, mortgage backed securities and corporate debt obligations. Other investments include real estate funds. By the end of 2016, we had fully transitioned to a new asset allocation strategy in which approximately 45% of plan assets are invested in a portfolio of fixed income securities with a duration approximately that of the projected payment of benefit obligations. The remaining 55% of plan assets are invested in equity securities and other return-seeking assets. The expected long-term rate of return on plan assets is based primarily upon the target asset allocation for plan assets and capital markets forecasts for each asset class employed. The following tables present our plan assets using the fair value hierarchy as of December 31, 2016 and 2015:
Equity securities-common/collective trust funds and fixed income-common/collective trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Common/collective trust funds are typically valued at their net asset values that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Real estate pertains to an investment in a real estate fund which invests in limited partnerships, limited liability corporations, real estate investment trusts, other funds and insurance company group annuity contracts. The valuations for these holdings are based on property appraisals using cash flow analysis and market transactions. The following table presents a reconciliation of Level 3 assets held during 2016 and 2015:
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Segment Information | Segment Information We determine our business segments based upon our management and internal reporting structure. Our reportable segments are strategic businesses that offer different products and services. Our television segment includes 15 ABC affiliates, five NBC affiliates, two FOX affiliates, two CBS affiliates and four non big-four affiliated stations. We also own five Azteca America Spanish-language affiliates. Our television stations reach approximately 18% of the nation’s television households. Our television stations earn revenue primarily from the sale of advertising time to local, national and political advertisers and retransmission fees received from cable operators and satellite carriers. Our radio segment consists of 34 radio stations in eight markets. We operate 28 FM stations and six AM stations. Our radio stations earn revenue primarily from the sale of advertising to local advertisers. Our digital segment includes the digital operations of our local television and radio businesses. It also includes the operations of our national digital businesses of Newsy, an over-the-top ("OTT") video news service, Cracked, the multi-platform humor and satire brand, and Midroll, a podcast industry leader. Our digital operations earn revenue primarily through the sale of advertising and marketing services. Syndication and other primarily includes the syndication of news features and comics and other features for the newspaper industry. We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes and deferred income taxes. Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our business segments is as follows:
The following table presents additions to property and equipment by segment:
Total assets by segment for the years ended December 31 were as follows:
No single customer provides more than 10% of our revenue. |
Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Minimum payments on noncancelable leases at December 31, 2016 were: $5.1 million in 2017, $5.4 million in 2018, $4.6 million in 2019, $3.6 million in 2020, $2.5 million in 2021 and $6.6 million in later years. We expect our operating leases will be replaced with leases for similar facilities upon their expiration. Rental expense for cancelable and noncancelable leases was $12.2 million in 2016, $9.7 million in 2015 and $8.2 million in 2014. We are involved in litigation arising in the ordinary course of business, such as defamation actions, and governmental proceedings primarily relating to renewal of broadcast licenses, none of which is expected to result in material loss. |
Capital Stock and Share Based Compensation Plans |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock and Share-Based Compensation Plans | Capital Stock and Share-Based Compensation Plans Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law. Share Repurchase Plan — In May 2014, our Board of Directors authorized a repurchase program of up to $100 million of our Class A Common shares through December 2016. Shares may be repurchased from time to time at management's discretion, either in the open market, through pre-arranged trading plans or in privately negotiated block transactions. Under this authorization, we repurchased a total of $44.4 million of shares at prices ranging from $12.84 to $19.51 per share and $16.2 million of shares at prices ranging from $15.92 to $24.96 per share in 2016 and 2015, respectively. Before this authorization expired at the end of December 2016, an additional $0.5 million of shares were repurchased but not settled until 2017. In November 2016, our Board of Directors authorized a new repurchase program of up to $100 million of our Class A Common shares through December 31, 2018. No shares had been repurchased under this program as of December 31, 2016. Incentive Plans — We have adopted The E. W. Scripps Company 2010 Long-Term Incentive Plan (the “Plan”) which terminates on February 15, 2020. The Plan permits the granting of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We satisfy stock option exercises and vested stock awards with newly issued shares. As of December 31, 2016, 4.5 million shares were available for future stock compensation awards. On the closing of the Journal transactions, the number and exercise price of all outstanding share awards retained by Scripps employees and directors were adjusted to maintain the awards' economic value. All other terms of the awards, including the terms and conditions relating to vesting, remained the same. Restricted share units outstanding immediately prior to the closing held by newspaper employees became fully vested and were treated in the same manner as outstanding shares of Class A Common shares (i.e. the holders received a combination of Scripps Class A Common shares, shares of Journal Media Group common stock and a cash dividend-equivalent payment in connection with the Scripps special dividend). Stock Options — Stock options grant the recipient the right to purchase Class A Common shares at not less than 100% of the fair market value on the date the option is granted. We have not issued any new stock options since 2008. The following table summarizes information about stock option transactions:
The following table presents additional information about exercises of stock options:
(1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. Information about options outstanding and options exercisable by year of grant is as follows:
Restricted Stock Units — Awards of restricted stock units (RSUs) generally require no payment by the employee. RSUs are converted into an equal number of Class A Common shares when vested. These awards generally vest over a three or four year period, conditioned upon the individual’s continued employment through that period. Awards vest immediately upon the retirement, death or disability of the employee or upon a change in control of Scripps or in the business in which the individual is employed. Unvested awards may be forfeited if employment is terminated for other reasons. Awards are nontransferable during the vesting period, but the awards are entitled to all the rights of an outstanding share. There are no post-vesting restrictions on awards granted to employees and non-employee directors. Long-term incentive compensation includes performance share awards. Performance share awards represent the right to receive an award of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less or more than the target number of shares depending on the extent to which the specified performance measures are met or exceeded. Information and activity for our RSUs is presented below:
The following table presents additional information about RSU vesting:
(1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. Share-based Compensation Costs Share-based compensation costs were as follows:
As of December 31, 2016, $7.5 million of total unrecognized compensation costs related to RSUs and performance shares is expected to be recognized over a weighted-average period of 2.3 years. |
Accumulated Other Comprehensive Loss (Notes) |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows:
(a) Included in interest expense in the Consolidated Statements of Operations (b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized Quarterly Financial Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Quarterly Financial Information (Unaudited) | Summarized Quarterly Financial Information (Unaudited) Summarized quarterly financial information is as follows:
The sum of the quarterly net income per share amounts may not equal the reported annual amount because each amount is computed independently based upon the weighted-average number of shares outstanding for the period. |
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) | Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) On July 30, 2014, Scripps and Journal Communications, Inc. ("Journal") agreed to merge their broadcast operations and spin-off their newspaper businesses and combine them into a separate publicly traded company. On April 1, 2015, Scripps and Journal separated their respective newspaper businesses and merged them, resulting in each becoming a wholly owned subsidiary of Journal Media Group, Inc. Immediately following the spin-off and merger of the newspaper businesses, the Journal broadcast operations, and its related digital businesses, were merged into Scripps. As part of the transactions, Scripps' shareholders received a $60 million special cash dividend on April 1, 2015. Certain agreements between Scripps and Journal Media Group, Inc. became effective in connection with the transactions, including Tax Matters Agreements and a Transition Services Agreement. Under the Transition Services Agreement, Scripps and Journal Media Group provided certain services to each other through March 31, 2016. The fees for the services were at arms-length amounts. The outstanding balance was settled as of June 30, 2016. For the year ended December 31, 2016, the amounts we received from Journal Media Group and the amounts we paid to Journal Media Group were immaterial. For the year ended December 31, 2015, we received $3.3 million for services provided to Journal Media Group and we paid Journal Media Group $1.2 million for services provided to us. As of December 31, 2015, Journal Media Group owed Scripps approximately $2.0 million. The Tax Matters Agreements set forth the allocations and responsibilities of Scripps and Journal Media Group with respect to liabilities for federal, state and local income taxes for periods before and after the spin-off, disputes with taxing authorities and indemnification of income taxes that would become due if the spin-off were taxable. Generally, Scripps is responsible for taxes prior to the separation and Journal Media Group will be responsible for taxes for periods after the separation of their respective businesses. Until the completion of the spin-off of our newspaper business, generally accepted accounting principles (“GAAP”) required us to assess impairment of the newspaper business long-lived assets using the held-and-used model. Under this model, if the expected cash flows over the life of the primary asset of the reporting unit are in excess of the carrying amount there is no impairment. Under this model no impairment charges were recorded at March 31, 2015. At the date of the spin-off of our newspaper business, GAAP required us to assess impairment using the held-for-sale model. This model compares the fair value of the disposal unit to its carrying value and if the fair value is lower, an impairment loss is recorded. Our analysis determined that there was a non-cash impairment loss on disposal of the newspaper business of $30 million, which was recorded on the date of the spin-off, April 1, 2015, and was included in discontinued operations for the year ended December 31, 2015. The inputs to the nonrecurring fair value determination of the disposal unit are classified as Level 2 fair value measurements under GAAP. As a result of the spin-off, Scripps newspapers has been presented as discontinued operations in the financial statements for all periods presented. Operating results of our discontinued operations were as follows:
The Company incurred certain non-recurring costs directly related to the spin-off of our newspapers and acquisition of the Journal broadcast stations of $41 million for the year ended December 31, 2015. Accounting and other professional and consulting fees directly related to the newspaper spin-off of $3 million were allocated to discontinued operations in the Consolidated Statements of Operations. The remaining $38 million was included in earnings from continuing operations for the year ended December 31, 2015. The following table presents a summary of the net assets distributed on April 1, 2015.
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations | Nature of Operations — We are a media enterprise with a portfolio of television, radio and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, radio, digital, and syndication and other. On April 1, 2015, we distributed our newspaper business to our shareholders in a tax-free spin-off. For additional information on the spin-off, see Note 21. |
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Concentration Risks | Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. We derive nearly 70% of our operating revenues from marketing services, including advertising. Changes in the demand for such services, both nationally and in individual markets, can affect operating results. |
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Use of Estimates | Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; the fair value of assets acquired and liabilities assumed in business combinations; and self-insured risks. While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. |
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Consolidation | Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. |
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Revenue Recognition | Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of broadcast and digital advertising, as well as retransmission fees received from cable operators and satellite carriers. Revenue recognition policies for each source of revenue are outlined below. Advertising — Broadcast advertising revenue is recognized, net of agency commissions, when we air the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize advertising revenue from our podcast business when the podcast is downloaded for listening. Television advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. Retransmission — We derive revenues from cable operators and satellite carriers for the retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. Other Revenues — We derive revenues from sponsorships and community events through our television and radio segments. We also derive revenues from sports affiliation fees we receive in the radio segment. Our digital segment offers digital marketing to our advertising customers and subscription services for access to premium content to our consumers. Our podcast business acts as a sales and marketing representative and earns commissions for its work. |
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Cash Equivalents | Cash Equivalents — Cash equivalents represent highly liquid investments with maturity of less than three months when acquired. |
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Trade Receivables | Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers. A rollforward of the allowance for doubtful accounts is as follows:
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Investments | Investments — From time to time, we make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. |
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Property and Equipment | Property and Equipment — Property and equipment is carried at cost less depreciation. We compute depreciation using the straight-line method over estimated useful lives as follows:
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Programs and Program Licenses | Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees consist of pre-determined fixed fees in all cases and variable payments based on a share of retransmission revenues above the fixed fees for some of our agreements. Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows, are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs, but are classified based on the type of cost incurred. We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period, such as prime time, are evaluated on an aggregate basis. Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. |
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Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television and radio stations. Broadcast television and radio stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. We do not amortize goodwill or our FCC licenses, but we review them for impairment at least annually or any time events occur or conditions change that would indicate it is more likely than not the fair value of a reporting unit is below its carrying value. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether our FCC licenses, classified as indefinite-lived intangible assets, continue to have indefinite lives. We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are our television group, radio group, local digital, Midroll, Cracked and Newsy. |
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Amortizable Intangible Assets | Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. |
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — We review long-lived assets (primarily property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the aggregate forecasted undiscounted cash flows derived from the operation of the assets to the carrying amount of the assets. If the aggregate undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. |
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Self-Insured Risks | Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $10.6 million and $10.7 million at December 31, 2016 and 2015, respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Based on the terms of the Master Transaction Agreement, Scripps remains the primary obligor for newspaper insurance claims incurred prior to April 1, 2015. We recorded the liabilities related to these claims on our balance sheet with an offsetting receivable of $2.4 million, which will be paid by Journal Media Group. |
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Income Taxes | Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. |
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Derivative Financial Instruments | Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in the Consolidated Statement of Operations. All ineffective changes in derivative fair values are recognized currently in earnings. All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
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Share-Based Compensation | Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 18. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs) and unrestricted Class A Common shares and performance units to key employees and non-employee directors. We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. Compensation costs are recognized on a straight-line basis over the requisite service period of the award. Upon adoption of new accounting guidance in 2016, the impact of forfeitures are recognized as they occur. Prior to the adoption of the new guidance, an estimate of forfeitures was made as the expense was recognized. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. |
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Earnings Per Share (EPS) | Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding:
For 2015, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors were anti-dilutive, and accordingly the diluted EPS calculation excludes those common share equivalents. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for doubtful accounts | A rollforward of the allowance for doubtful accounts is as follows:
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Estimated useful lives of property and equipment | We compute depreciation using the straight-line method over estimated useful lives as follows:
Property and equipment consisted of the following:
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Components of basic and diluted weighted-average shares | The following table presents information about basic and diluted weighted-average shares outstanding:
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Acquisitions (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma results of operations |
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2015 Midroll acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair values of the assets acquired and liabilities assumed | The following table summarizes the final fair values of the assets acquired and the liabilities assumed:
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2015 Journal acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair values of the assets acquired and liabilities assumed | The following table summarizes the final fair values of the assets acquired and the liabilities assumed:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | The provision for income taxes from continuing operations consisted of the following:
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Effective income tax rate reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:
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Schedule of deferred income tax (liabilities) assets | The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows:
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Gross unrecognized tax benefit reconciliation | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments | Investments consisted of the following:
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Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | We compute depreciation using the straight-line method over estimated useful lives as follows:
Property and equipment consisted of the following:
|
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill by business segment | Goodwill by business segment was as follows:
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Summary of other finite-lived intangible assets | Other intangible assets consisted of the following:
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Summary of other indefinite-lived intangible assets | Other intangible assets consisted of the following:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Long-term debt | Long-term debt consisted of the following:
* Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. The fair value of the unsecured promissory notes is determined based on a discounted cash flow analysis using current market interest rates of comparable instruments and is classified as Level 2 in the fair value hierarchy. |
Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts and fair values of derivatives designated as and not designated as cash flow hedges | The notional amounts and fair values of derivative instruments are shown in the table below:
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Effective portion of the unrealized gain and loss on the derivative |
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Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities that are measured at fair value on a recurring basis | The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and 2015:
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Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities consisted of the following:
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in certain working capital accounts | The following table presents additional information about the change in certain working capital accounts:
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Information regarding supplemental cash flow disclosures | Information regarding supplemental cash flow disclosures is as follows:
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Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of benefit expense | The components of the expense consisted of the following:
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Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
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Schedule of assumptions used | Assumptions used in determining the annual retirement plans expense were as follows:
(1) Ranges presented for long-term rate of return on plan assets for 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. (2) Ranges presented for discount rate and long-term rate of return on plan assets for 2015 represent the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan. Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
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Schedule of employee benefit plan assets and obligations | The following table presents information about our employee benefit plan assets and obligations:
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Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
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Schedule of allocation of pension plan assets by asset category | Information related to our pension plan asset allocations by asset category were as follows:
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Plan assets measured using the fair value hierarchy | The following tables present our plan assets using the fair value hierarchy as of December 31, 2016 and 2015:
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Reconciliation of Level 3 assets | The following table presents a reconciliation of Level 3 assets held during 2016 and 2015:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information regarding business segments | The following table presents additions to property and equipment by segment:
Total assets by segment for the years ended December 31 were as follows:
Information regarding our business segments is as follows:
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Capital Stock and Share Based Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of options outstanding and exercisable | The following table summarizes information about stock option transactions:
Information about options outstanding and options exercisable by year of grant is as follows:
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Schedule of cash proceeds received from exercises of stock options | The following table presents additional information about exercises of stock options:
(1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
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Restricted stock and restricted stock unit vesting activity | Information and activity for our RSUs is presented below:
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Additional information about restricted stock and restricted stock unit vesting | The following table presents additional information about RSU vesting:
(1) Benefits for 2015 were not recognized under prior accounting guidance until realized. In 2016, upon adoption of new accounting guidance, they are realized when generated. |
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Schedule of stock compensation costs | Share-based compensation costs were as follows:
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Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows:
(a) Included in interest expense in the Consolidated Statements of Operations (b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of quarterly financial information | Summarized quarterly financial information is as follows:
|
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Results of Discontinued Operations and Net Assets Distributed | The following table presents a summary of the net assets distributed on April 1, 2015.
Operating results of our discontinued operations were as follows:
|
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 10.6 | $ 10.7 |
Journal Media Group | Accounts receivable | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated liabilities for unpaid claims | $ 2.4 | |
Television network affiliation relationships | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
Customer lists and other intangible assets | ||
Summary of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 20 years | |
FCC licenses | Maximum | ||
Summary of Significant Accounting Policies [Line Items] | ||
FCC license term | 8 years | |
Operating revenue | Marketing services, including advertising | ||
Summary of Significant Accounting Policies [Line Items] | ||
Concentration Risk, Percentage | 70.00% |
Summary of Significant Accounting Policies - Trade Receivables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts, beginning balance | $ 1,610 | $ 1,390 | $ 1,120 |
Charged to costs and expenses | 1,851 | 1,412 | 1,073 |
Amounts charged off, net | (1,829) | (1,192) | (803) |
Allowance for doubtful accounts, ending balance | $ 1,632 | $ 1,610 | $ 1,390 |
Summary of Significant Accounting Policies - Estimated useful lives (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Broadcast transmission towers and related equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Broadcast transmission towers and related equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 35 years |
Other broadcast and program production equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other broadcast and program production equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Computer hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office and other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office and other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Numerator (for basic and diluted earnings per share) | |||||||||||||
Net income (loss) | $ 38,337 | $ 12,522 | $ 11,488 | $ 4,888 | $ (21,531) | $ (24,443) | $ (31,403) | $ (5,100) | $ 67,235 | $ (82,477) | $ 10,529 | ||
Less income allocated to RSUs | (917) | 0 | (240) | ||||||||||
Numerator for basic and diluted earnings per share | $ 66,318 | $ (82,477) | $ 10,289 | ||||||||||
Denominator | |||||||||||||
Basic weighted-average shares outstanding | 82,401 | 83,230 | 83,773 | 83,965 | 83,775 | 84,107 | 83,903 | 57,335 | 83,339 | 77,373 | 56,342 | ||
Effect of dilutive securities: | |||||||||||||
Stock options held by employees and directors | 300 | 0 | 897 | ||||||||||
Diluted weighted-average shares outstanding | 82,684 | 83,518 | 84,051 | 84,225 | 83,775 | 84,107 | 83,903 | 57,335 | 83,639 | 77,373 | 57,239 | ||
Anti-dilutive securities | [1] | 0 | 1,907 | 0 | |||||||||
|
Recently Adopted Standards and Issued Accounting Standards (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Restricted Cash and Cash Equivalents, Current | $ 5,500 | $ 6,600 | $ 6,800 | |
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 2,665 | 5,011 | $ 7,024 | $ 14,824 |
Share Based Compensation Arrangements [Member] | Deferred Tax Asset | ||||
New Accounting Pronouncement, Early Adoption [Line Items] | ||||
Unrecognized Tax Benefits | $ 14,700 |
Acquisitions - Narrative (Details) |
9 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 06, 2016
USD ($)
show
|
Apr. 12, 2016
USD ($)
|
Oct. 01, 2015
USD ($)
|
Jul. 22, 2015
USD ($)
show
|
Apr. 01, 2015
USD ($)
radio_station
television_station
shares
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 616,780,000 | $ 616,780,000 | $ 585,787,000 | $ 106,261,000 | $ 27,966,000 | |||||
Shares issued for acquisition | shares | 26,350,993 | |||||||||
KNIN [Member] | Raycom Media, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business disposition, consideration to be received | $ 14,500,000 | |||||||||
Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 466,121,000 | 466,121,000 | $ 466,121,000 | 72,681,000 | 27,966,000 | |||||
Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 41,000,000 | 41,000,000 | 41,000,000 | 0 | 0 | |||||
Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | 109,659,000 | 109,659,000 | 78,666,000 | $ 33,580,000 | $ 0 | |||||
2016 Stitcher acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 4,500,000 | |||||||||
Number of podcast shows | show | 65,000 | |||||||||
Intangible assets acquired | $ 2,900,000 | |||||||||
Goodwill, Acquired During Period | 1,590,000 | |||||||||
2016 Stitcher acquisition | Computer software | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 3 years | |||||||||
2016 Stitcher acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Stitcher acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Stitcher acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 1,590,000 | |||||||||
2016 Cracked acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 39,000,000 | |||||||||
Intangible assets acquired | 9,600,000 | |||||||||
Goodwill | 29,000,000 | |||||||||
Revenues from acquired operations | $ 4,000,000 | |||||||||
Goodwill, Acquired During Period | 29,403,000 | |||||||||
2016 Cracked acquisition | Trade names | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 7,600,000 | |||||||||
Estimated useful life | 20 years | |||||||||
2016 Cracked acquisition | Media content | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 2,000,000 | |||||||||
Estimated useful life | 3 years | |||||||||
2016 Cracked acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Cracked acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 0 | |||||||||
2016 Cracked acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 29,403,000 | |||||||||
2015 Midroll acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 50,000,000 | |||||||||
Number of podcast shows | show | 200 | |||||||||
Intangible assets acquired | $ 10,700,000 | |||||||||
Goodwill | 45,586,000 | |||||||||
Business acquisition, earnout provision | $ 10,000,000 | |||||||||
Earnout provision, payment term | 3 years | |||||||||
Earnout provision, fair value | $ 7,000,000 | |||||||||
Goodwill, Acquired During Period | 45,586,000 | |||||||||
2015 Midroll acquisition | Advertiser relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 7,000,000 | |||||||||
Estimated useful life | 5 years | |||||||||
2015 Midroll acquisition | Other intangible assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 4,000,000 | |||||||||
2015 Midroll acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 45,586,000 | |||||||||
2015 Journal acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, purchase price | $ 636,000,000 | |||||||||
Intangible assets acquired | 294,800,000 | |||||||||
Goodwill | $ 456,440,000 | |||||||||
Number of television stations acquired | television_station | 12 | |||||||||
Number of radio stations acquired | radio_station | 34 | |||||||||
Goodwill, Acquired During Period | 456,440,000 | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 183,000,000 | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | Minimum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 10 years | |||||||||
2015 Journal acquisition | Retransmission agreements, television network affiliate relationships, advertiser relationships | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Estimated useful life | 20 years | |||||||||
2015 Journal acquisition | FCC licenses | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Intangible assets acquired | $ 112,000,000 | |||||||||
2015 Journal acquisition | Common Stock | Common stock, Class A | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued for acquisition | shares | 26,400,000 | |||||||||
2015 Journal acquisition | Television | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 395,000,000 | |||||||||
2015 Journal acquisition | Radio | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | 41,000,000 | |||||||||
2015 Journal acquisition | Digital | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill, Acquired During Period | $ 20,000,000 |
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Jul. 22, 2015 |
Apr. 01, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|---|
Fair values of the assets acquired and the liabilities assumed | ||||||
Goodwill | $ 616,780 | $ 585,787 | $ 106,261 | $ 27,966 | ||
2015 Journal acquisition | ||||||
Fair values of the assets acquired and the liabilities assumed | ||||||
Cash | $ 2,529 | |||||
Accounts receivable | 47,978 | |||||
Other assets | 2,236 | |||||
Equipment and software | 123,264 | |||||
Intangible assets | 294,800 | |||||
Goodwill | 456,440 | |||||
Other long-term assets | 6,350 | |||||
Assets held for sale | 14,500 | |||||
Total assets acquired | 948,097 | |||||
Accounts payable and accrued liabilities | 38,107 | |||||
Employee benefit obligations | 85,261 | |||||
Long-term deferred tax liability | 57,112 | |||||
Long-term debt | 126,873 | |||||
Other long-term liabilities | 4,744 | |||||
Net purchase price | $ 636,000 | |||||
2015 Midroll acquisition | ||||||
Fair values of the assets acquired and the liabilities assumed | ||||||
Cash | $ 635 | |||||
Accounts receivable | 2,925 | |||||
Intangible assets | 10,700 | |||||
Goodwill | 45,586 | |||||
Other long-term assets | 482 | |||||
Total assets acquired | 60,328 | |||||
Current liabilities | 3,365 | |||||
Net purchase price | $ 56,963 |
Acquisitions - Pro Forma Results of Operations (Details) - 2015 Journal acquisition - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | ||
Operating revenues | $ 778,118 | $ 792,718 |
Income (loss) from continuing operations attributable to the shareholders of The E.W. Scripps Company | $ (37,452) | $ 12,079 |
Income (loss) per share from operations attributable to the shareholders of The E.W. Scripps Company: | ||
Basic (in dollars per share) | $ (0.45) | $ 0.14 |
Diluted (in dollars per share) | $ (0.45) | $ 0.14 |
Asset Write-Downs and Other Charges and Credits - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
television_station
|
|
Restructuring Cost and Reserve [Line Items] | |||||||||||
Acquisition and related integration costs | $ 578 | $ 37,988 | $ 9,708 | ||||||||
Impairment of goodwill and intangibles | $ 0 | $ 0 | $ 24,613 | 0 | 24,613 | $ 0 | |||||
Number of Stations Acquired | television_station | 2 | ||||||||||
Gains (losses), net on disposal of property and equipment | $ (499) | $ (26) | $ (22) | $ 4 | $ 96 | $ (200) | $ (215) | $ (164) | $ (543) | $ (483) | $ 2,872 |
Non-cash charge to investments | 5,900 | ||||||||||
Land [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Gains (losses), net on disposal of property and equipment | $ 3,000 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Contingency [Line Items] | |||
Deferred tax assets | $ 9,000 | $ 13,640 | |
Net deferred tax liability | (8,665) | ||
Unrecognized tax deductions, share-based compensation | 16,000 | 23,000 | |
Potential affect of unrecognized tax benefits on effective tax rate | 1,100 | ||
Interest accrued on unrecognized tax benefits | 400 | 600 | |
Income tax benefit, recognition of previously unrecognized tax benefits | 900 | 2,500 | |
Potential change in unrecognized tax benefits | 1,200 | ||
Tax deductions resulting from exercise of share-based compensation awards | $ 2,200 | $ 8,100 | |
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 7,000 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 205,000 |
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current: | |||||||||||
Federal | $ 904 | $ 279 | $ 2,358 | ||||||||
State and local | (1,441) | (3,072) | (8,769) | ||||||||
Total current income tax provision | (537) | (2,793) | (6,411) | ||||||||
Deferred federal | 35,573 | (26,005) | 6,402 | ||||||||
Deferred other | 3,694 | (3,957) | (102) | ||||||||
Total deferred income tax provision | 39,267 | (29,962) | 6,300 | ||||||||
Provision (benefit) for income taxes | $ 22,978 | $ 9,615 | $ 6,932 | $ (795) | $ (17,094) | $ (4,099) | $ (6,539) | $ (5,023) | $ 38,730 | $ (32,755) | $ (111) |
Income Taxes - Effective income tax reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Effective Income Tax Rate, Tax Rate Reconciliation | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Effect of: | |||
State and local income taxes, net of federal tax benefit | 3.50% | 3.50% | 3.40% |
Equity compensation tax windfall deduction | (1.60%) | 0.00% | 0.00% |
Nondeductible expenses | 1.30% | (2.00%) | 15.70% |
Reserve for uncertain tax positions | (0.70%) | 2.50% | (63.80%) |
Goodwill impairment | 0.00% | (7.60%) | 0.00% |
Other | (1.00%) | 1.60% | 8.50% |
Effective income tax rate | 36.50% | 33.00% | (1.20%) |
Income Taxes - Deferred tax (liabilities) assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Temporary differences [Abstract] | ||
Property and equipment | $ (35,904) | $ (36,926) |
Goodwill and other intangible assets | (96,773) | (82,607) |
Investments, primarily gains and losses not yet recognized for tax purposes | 5,218 | 5,997 |
Accrued expenses not deductible until paid | 8,883 | 11,329 |
Deferred compensation and retiree benefits not deductible until paid | 97,470 | 96,463 |
Other temporary differences, net | 3,799 | 3,410 |
Total temporary differences | (17,307) | (2,334) |
Federal and state net operating loss carryforwards | 9,597 | 17,005 |
Valuation allowance for state deferred tax assets | (955) | (1,031) |
Net deferred tax liability | (8,665) | |
Deferred Tax Assets, Net | $ 9,000 | $ 13,640 |
Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits at beginning of year | $ 5,011 | $ 7,024 | $ 14,824 |
Increases in tax positions for prior years | 22 | 859 | 0 |
Decreases in tax positions for prior years | (1,684) | (96) | (525) |
Increases in tax positions for current years | 336 | 0 | 0 |
Decreases from lapse in statute of limitations | (1,020) | (2,776) | (7,275) |
Gross unrecognized tax benefits at end of year | $ 2,665 | $ 5,011 | $ 7,024 |
Restricted Cash - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Cash and Cash Equivalents [Abstract] | |||
Restricted cash | $ 5.5 | $ 6.6 | $ 6.8 |
Investments - Schedule (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments [Abstract] | ||
Investments held at cost | $ 10,774 | $ 10,652 |
Equity method investments | 3,447 | 3,204 |
Total investments | $ 14,221 | $ 13,856 |
Property and Equipment - Schedule (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 537,501 | $ 522,217 |
Accumulated depreciation | 276,770 | 251,170 |
Net property and equipment | 260,731 | 271,047 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 59,176 | 59,176 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 148,392 | 141,510 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 315,352 | 303,867 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 14,581 | $ 17,664 |
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Summary of activity related to goodwill by business segment | |||||
Gross balance | $ 854,694 | $ 823,701 | $ 321,675 | $ 243,380 | |
Accumulated impairment losses | (237,914) | (237,914) | (215,414) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 585,787 | 106,261 | 27,966 | ||
Reassignment of goodwill for change in segments | 0 | ||||
2015 Impairment charge | (22,500) | ||||
Balance, end of period | 616,780 | 585,787 | 106,261 | ||
Television | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 681,535 | 681,535 | 288,095 | 243,380 | |
Accumulated impairment losses | (215,414) | (215,414) | (215,414) | (215,414) | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 466,121 | 72,681 | 27,966 | ||
Reassignment of goodwill for change in segments | (2,000) | ||||
Balance, end of period | 466,121 | 466,121 | 72,681 | ||
Radio | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 41,000 | 41,000 | 0 | 0 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 41,000 | 0 | 0 | ||
Reassignment of goodwill for change in segments | 0 | ||||
Balance, end of period | 41,000 | 41,000 | 0 | ||
Digital | |||||
Summary of activity related to goodwill by business segment | |||||
Gross balance | 132,159 | 101,166 | 33,580 | 0 | |
Accumulated impairment losses | (22,500) | (22,500) | 0 | $ 0 | |
Goodwill [Roll Forward] | |||||
Balance, beginning of period | 78,666 | 33,580 | 0 | ||
Reassignment of goodwill for change in segments | 2,000 | ||||
2015 Impairment charge | (22,500) | ||||
Balance, end of period | 109,659 | 78,666 | 33,580 | ||
2014 Newsy acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 28,983 | ||||
2015 Impairment charge | $ (21,000) | ||||
2014 Newsy acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 28,983 | ||||
2014 Granite stations acquisitions | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 44,715 | ||||
2014 Granite stations acquisitions | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 44,715 | ||||
2014 WeatherSphere acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 4,597 | ||||
2014 WeatherSphere acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 4,597 | ||||
2015 Journal acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 456,440 | ||||
2015 Journal acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 395,000 | ||||
2015 Journal acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 41,000 | ||||
2015 Journal acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 20,000 | ||||
2015 Midroll acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 45,586 | ||||
2015 Midroll acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 45,586 | ||||
2016 Cracked acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
2016 Cracked acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Cracked acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Cracked acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 29,403 | ||||
2016 Stitcher acquisition | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 1,590 | ||||
2016 Stitcher acquisition | Television | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Stitcher acquisition | Radio | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | 0 | ||||
2016 Stitcher acquisition | Digital | |||||
Goodwill [Roll Forward] | |||||
Acquisitions | $ 1,590 |
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Carrying amount: | ||
Total carrying amount | $ 331,467 | $ 318,967 |
Accumulated amortization: | ||
Total accumulated amortization | (67,386) | (43,595) |
Net amortizable intangible assets | 264,081 | 275,372 |
Total other intangible assets | 467,896 | 479,187 |
FCC licenses | ||
Accumulated amortization: | ||
Other indefinite-lived intangible assets - FCC licenses | 203,815 | 203,815 |
Television network affiliation relationships | ||
Carrying amount: | ||
Total carrying amount | 248,444 | 248,444 |
Accumulated amortization: | ||
Total accumulated amortization | (37,019) | (24,590) |
Customer lists and advertiser relationships | ||
Carrying amount: | ||
Total carrying amount | 56,100 | 56,100 |
Accumulated amortization: | ||
Total accumulated amortization | (24,380) | (17,092) |
Other intangible assets | ||
Carrying amount: | ||
Total carrying amount | 26,923 | 14,423 |
Accumulated amortization: | ||
Total accumulated amortization | $ (5,987) | $ (1,913) |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | |||
2015 Impairment charge | $ 22,500 | ||
Estimated amortization expense of intangible assets for 2017 | $ 22,000 | ||
Estimated amortization expense of intangible assets for 2018 | 21,500 | ||
Estimated amortization expense of intangible assets for 2019 | 20,000 | ||
Estimated amortization expense of intangible assets for 2020 | 18,500 | ||
Estimated amortization expense of intangible assets for 2021 | 16,200 | ||
Estimated amortization expense of intangible assets for later years | $ 165,900 | ||
Second small business | |||
Goodwill [Line Items] | |||
2015 Impairment charge | $ 1,500 | ||
2014 Newsy acquisition | |||
Goodwill [Line Items] | |||
2015 Impairment charge | $ 21,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 2,900 |
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Components of Long-term debt | ||||
Long-term debt | $ 393,185 | $ 399,143 | ||
Debt issuance costs on term loan | (2,648) | (3,325) | ||
Net term loan | 387,873 | 391,175 | ||
Current portion of long-term debt | 6,571 | 6,656 | ||
Long-term debt (less current portion) | 386,614 | 392,487 | ||
Fair value of long-term debt | [1] | 395,514 | 396,576 | |
Variable rate credit facility | ||||
Components of Long-term debt | ||||
Long-term debt | 0 | 0 | ||
Term loan | ||||
Components of Long-term debt | ||||
Long-term debt | 390,521 | 394,500 | ||
Unsecured subordinated notes payable | ||||
Components of Long-term debt | ||||
Long-term debt | $ 5,312 | $ 7,968 | ||
|
Long-Term Debt - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Apr. 01, 2015 |
|
Long-Term Debt (Textual) [Abstract] | |||
Letters of credit outstanding amount | $ 800,000 | $ 800,000 | |
Minimum | |||
Long-Term Debt (Textual) [Abstract] | |||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | ||
Maximum | |||
Long-Term Debt (Textual) [Abstract] | |||
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | ||
Financing Agreement | |||
Long-Term Debt (Textual) [Abstract] | |||
Revolving credit and term loan agreement | $ 500,000,000 | ||
Restricted payment for dividend and share repurchase, maximum | $ 70,000,000 | ||
Pro forma net leverage ratio | 4.5 | ||
Financing Agreement | Variable rate credit facility | |||
Long-Term Debt (Textual) [Abstract] | |||
Revolving credit and term loan agreement | 100,000,000 | ||
Financing Agreement | Variable rate credit facility | Minimum | |||
Long-Term Debt (Textual) [Abstract] | |||
Revolving credit facility, amount outstanding that triggers net leverage ratio (percent) | 20.00% | ||
LIBOR plus margin range | 2.25% | ||
Financing Agreement | Variable rate credit facility | Maximum | |||
Long-Term Debt (Textual) [Abstract] | |||
LIBOR plus margin range | 2.75% | ||
Financing Agreement | Term loan | |||
Long-Term Debt (Textual) [Abstract] | |||
Term loan, gross | $ 400,000,000 | ||
Variable interest rate, floor | 3.27% | ||
LIBOR plus margin range | 2.50% | 2.75% | |
Weighted average interest rate | 3.48% | 3.44% | |
Scheduled principal payments on long-term debt in 2017 | $ 3,900,000 | ||
Scheduled principal payments on long-term debt in 2018 | 3,900,000 | ||
Scheduled principal payments on long-term debt in 2019 | 3,900,000 | ||
Scheduled principal payments on long-term debt in 2020 | $ 378,800,000 | ||
Financing Agreement | Term loan | Minimum | |||
Long-Term Debt (Textual) [Abstract] | |||
Variable interest rate, floor | 0.75% | ||
Unsecured subordinated notes payable | |||
Long-Term Debt (Textual) [Abstract] | |||
Unsecured subordinated notes payable stated percentage interest rate | 7.25% | ||
Unsecured subordinated notes payable periodic payment | $ 2,700,000 |
Financial Instruments - Narrative (Details) - Interest rate swaps - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Financial Instruments (Textual) [Abstract] | ||
Notional Amount | $ 75,000 | |
Fixed LIBOR interest rate | 1.08% | |
Accumulated Other Comprehensive Income (Loss), Amortization of Gain (Loss) on Derivative Instrument, Included in Net Income | $ 400 | $ 400 |
Financial Instruments - Notional Amounts (Details) - Interest rate swaps - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivatives designated as and not designated as cash flow hedges: | ||
Notional Amount | $ 75,000 | |
Not designated as cash flow hedge | ||
Derivatives designated as and not designated as cash flow hedges: | ||
Notional Amount | 0 | $ 75,000 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | $ 0 | $ 299 |
Financial Instruments - Effective Portion of Unrealized Gain and Loss (Details) - Interest rate swaps - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Amortization of Gain (Loss) on Derivative Instrument, Included in Net Income | $ 400 | $ 400 |
Derivatives designated as and not designated as cash flow hedges: | ||
Reclassified from Accumulated OCL, Gain/(Loss) | 384 | 384 |
Derivative, Gain (Loss) on Derivative, Net | $ 299 | $ 172 |
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - Recurring Measurements - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | $ 0 | $ 5,000 |
Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 5,000 |
Level 2 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Level 3 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Interest rate swaps | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | 0 | (299) |
Interest rate swaps | Level 1 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | 0 | 0 |
Interest rate swaps | Level 2 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | 0 | (299) |
Interest rate swaps | Level 3 | ||
Assets and liabilities that are measured at fair value on a recurring basis | ||
Interest rate swap | $ 0 | $ 0 |
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other liabilities | ||
Employee compensation and benefits | $ 18,356 | $ 16,808 |
Liability for pension benefits | 232,788 | 221,965 |
Liabilities for uncertain tax positions | 2,416 | 3,492 |
Other | 20,393 | 25,302 |
Other liabilities (less current portion) | $ 273,953 | $ 267,567 |
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Accounts and notes receivable | $ (20,630) | $ (21,389) | $ (1,765) |
Income taxes receivable/payable, net | 4,122 | (13,700) | 9,007 |
Accounts payable | (1,550) | (2,586) | 5,509 |
Accrued employee compensation and benefits | (1,033) | 5,979 | 5,950 |
Other accrued liabilities | (6,406) | (8,161) | 9,834 |
Other, net | (10,368) | (3,933) | 708 |
Total | $ (35,865) | $ (43,790) | $ 29,243 |
Supplemental Cash Flow Information - Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Interest paid | $ 15,620 | $ 13,436 | $ 7,244 |
Income taxes paid | $ 1,100 | 14,984 | $ 455 |
Computer software | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible software assets acquired | $ 7,100 |
Employee Benefit Plans - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 24, 2015
former_employee
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
plan
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | $ 4,500 | |||||
Estimated future benefit payments expected to be paid in 2017 | 34,700 | |||||
Estimated future benefit payments expected to be paid in 2018 | 35,400 | |||||
Estimated future benefit payments expected to be paid in 2019 | 35,700 | |||||
Estimated future benefit payments expected to be paid in 2020 | 36,600 | |||||
Estimated future benefit payments expected to be paid in 2021 | 37,500 | |||||
Total estimated future benefit payments expected to be paid for the five years ending 2026 | $ 194,000 | |||||
Fixed-income securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations range | 45.00% | |||||
Equity and other return-seeking assets | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target plan asset allocations range | 55.00% | |||||
Defined benefit plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of plans | plan | 2 | |||||
Current year actuarial gain (loss) | $ (9,379) | $ 1,026 | $ (75,527) | |||
Curtailments | $ 1,100 | 0 | 46,793 | 0 | ||
Number of eligible former employees | former_employee | 4,300 | |||||
Defined benefit pension plan, noncash pension settlement charge | $ 45,700 | |||||
Expected contributions to benefit plans | $ 17,500 | |||||
SERPs | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of plans | plan | 2 | |||||
Amortization of actuarial loss | $ (200) | (200) | (300) | |||
Current year actuarial gain (loss) | (1,600) | $ 2,300 | $ (600) | |||
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | 200 | |||||
Expected contributions to benefit plans | $ 1,600 |
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 22,765 | $ 69,063 | $ 22,132 | |
Pension and Other Postretirement Benefit Expense, Discontinued Operations | 0 | (482) | (8,985) | |
Pension and Other Postretirement Benefit Expense, Continuing Operations | 22,765 | 68,581 | 13,147 | |
Defined benefit plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | 85 | |
Interest cost | 27,359 | 30,477 | 25,539 | |
Expected return on plan assets, net of expenses | (18,466) | (24,320) | (23,481) | |
Amortization of actuarial loss | 4,406 | 4,617 | 2,861 | |
Curtailments | $ 1,100 | 0 | 46,793 | 0 |
Total for defined benefit plans | 13,299 | 57,567 | 5,004 | |
Multi-employer plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 168 | 180 | 393 | |
Withdrawal from GCIU multi-employer plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 0 | 351 | 4,100 | |
SERPs | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0 | 0 | ||
Interest cost | 910 | 747 | ||
Net periodic benefit cost | 1,033 | 1,107 | 896 | |
Defined contribution plans | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 8,265 | $ 9,858 | $ 11,739 |
Employee Benefit Plans - Changes Recognized in OCI (Details) - Defined benefit plans - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Current year actuarial gain/(loss) | $ (9,379) | $ 1,026 | $ (75,527) | |
Amortization of actuarial loss | (4,406) | (4,617) | (2,861) | |
Curtailments | $ 1,100 | 0 | 46,793 | 0 |
Total | $ (4,973) | $ 52,436 | $ (72,666) |
Employee Benefit Plans - Annual Retirement Plan Expense Assumptions (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.55% | 5.08% | |
Long-term rate of return on plan assets | 5.25% | ||
Increase in compensation levels | 2.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.01% | ||
Long-term rate of return on plan assets | 4.50% | 4.10% | |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.53% | ||
Long-term rate of return on plan assets | 4.65% | 6.10% |
Employee Benefit Plans - Schedule of Defined Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined benefit plans | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | $ 611,257 | $ 620,623 | |
Service cost | 0 | 0 | $ 85 |
Interest cost | 27,359 | 30,477 | 25,539 |
Benefits paid | (33,571) | (28,670) | |
Actuarial (gains)/losses | 20,490 | (46,479) | |
Curtailments/Settlements | 0 | (148,006) | |
Journal acquisition | 0 | 183,312 | |
Newspaper divestiture | 0 | 0 | |
Projected benefit obligation at end of year | 625,535 | 611,257 | 620,623 |
Plan Assets: | |||
Fair value at beginning of year | 407,797 | 495,047 | |
Actual return on plan assets | 29,577 | (21,132) | |
Company contributions | 8,656 | 0 | |
Benefits paid | (33,571) | (28,670) | |
Curtailments/Settlements | 0 | (148,006) | |
Journal acquisition | 0 | 110,558 | |
Fair value at end of year | 412,459 | 407,797 | 495,047 |
Funded status | (213,076) | (203,460) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (213,076) | (203,460) | |
Total | (213,076) | (203,460) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss | 144,294 | 139,321 | |
SERPs | |||
Change in Projected Benefit Obligation | |||
Projected benefit obligation at beginning of year | 19,800 | 15,261 | |
Service cost | 0 | 0 | |
Interest cost | 910 | 747 | |
Benefits paid | (1,030) | (1,105) | |
Actuarial (gains)/losses | 1,580 | (2,299) | |
Curtailments/Settlements | 0 | 0 | |
Journal acquisition | 0 | 10,778 | |
Newspaper divestiture | 0 | (3,582) | |
Projected benefit obligation at end of year | 21,260 | 19,800 | 15,261 |
Plan Assets: | |||
Fair value at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1,030 | 1,105 | |
Benefits paid | (1,030) | (1,105) | |
Curtailments/Settlements | 0 | 0 | |
Journal acquisition | 0 | 0 | |
Fair value at end of year | 0 | 0 | $ 0 |
Funded status | (21,260) | (19,800) | |
Amounts Recognized in Consolidated Balance Sheets: | |||
Current liabilities | (1,548) | (1,295) | |
Noncurrent liabilities | (19,712) | (18,505) | |
Total | (21,260) | (19,800) | |
Amounts Recognized in Accumulated Other Comprehensive Loss: | |||
Unrecognized net actuarial loss | $ 6,342 | $ 4,924 |
Employee Benefit Plans - Pension Plans with Accumulated Benefit Obligation in Excess of Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Defined benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 625,535 | $ 611,257 | |
Projected benefit obligation | 625,535 | 611,257 | $ 620,623 |
Fair value of plan assets | 412,459 | 407,797 | 495,047 |
SERPs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 21,260 | 19,800 | |
Projected benefit obligation | 21,260 | 19,800 | 15,261 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans - Defined Benefit Plan Obligations Assumptions (Details) |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Weighted average discount rate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.26% | 4.55% | 4.23% |
Employee Benefit Plans - Allocation of Plan Assets (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100.00% | |
Percentage of plan assets at end of period | 100.00% | 100.00% |
US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 20.00% | |
Percentage of plan assets at end of period | 20.00% | 14.00% |
Non-US equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30.00% | |
Percentage of plan assets at end of period | 30.00% | 21.00% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45.00% | |
Percentage of plan assets at end of period | 44.00% | 58.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5.00% | |
Percentage of plan assets at end of period | 6.00% | 7.00% |
Employee Benefit Plans - Schedule of plan assets by fair value hierarchy (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,729 | $ 11,890 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 388,084 | 381,237 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Equity securities, Common/collective trust funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Equity securities, Common/collective trust funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 204,084 | 146,314 |
Equity securities, Common/collective trust funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income, Common/collective trust funds | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed income, Common/collective trust funds | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 184,000 | 234,923 |
Fixed income, Common/collective trust funds | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 2,729 | 11,890 |
Cash equivalents | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash equivalents | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Estimate of fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 412,459 | 407,797 |
Estimate of fair value | Equity securities, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 204,084 | 146,314 |
Estimate of fair value | Fixed income, Common/collective trust funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 184,000 | 234,923 |
Estimate of fair value | Real Estate Fund | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | 21,646 | 14,670 |
Estimate of fair value | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of plan assets | $ 2,729 | $ 11,890 |
Employee Benefit Plans - Reconciliation of level 3 assets (Details) - Defined benefit plans - Real Estate Fund - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 14,670 | $ 21,661 |
Purchases | 5,400 | 4,802 |
Unrealized gains/(losses) | 1,576 | 2,761 |
Sales | (14,554) | |
Ending Balance | $ 21,646 | $ 14,670 |
Segment Information - Narrative (Details) |
Dec. 31, 2016
radio_station
customer
affiliate
market
|
---|---|
Segment Reporting Information [Line Items] | |
Number of major customers | customer | 0 |
Percentage of revenue by major customer | 10.00% |
Television | |
Segment Reporting Information [Line Items] | |
Percentage of television market capture | 18.00% |
Television | ABC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 15 |
Television | NBC affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 5 |
Television | FOX affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
Television | CBS affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 2 |
Television | Non big-four affiliated stations | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 4 |
Television | Azteca America Spanish-language affiliates | |
Segment Reporting Information [Line Items] | |
Number of television affiliates | 5 |
Radio | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 34 |
Number of radio markets in which entity operates | market | 8 |
Radio | Radio - FM [Member] | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 28 |
Radio | Radio - AM [Member] | |
Segment Reporting Information [Line Items] | |
Number of radio stations | radio_station | 6 |
Segment Information - Schedule of Business Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment operating revenues: | |||||||||||
Total operating revenues | $ 272,692 | $ 233,040 | $ 227,817 | $ 209,498 | $ 204,808 | $ 189,691 | $ 198,134 | $ 123,023 | $ 943,047 | $ 715,656 | $ 498,752 |
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 126,650 | (82,872) | 25,533 | ||||||||
Defined benefit pension plan expense | (14,332) | (58,674) | (5,671) | ||||||||
Acquisition and related integration costs | (578) | (37,988) | (9,708) | ||||||||
Depreciation and amortization of intangibles | (14,492) | (14,892) | (14,786) | (14,411) | (14,018) | (16,273) | (13,366) | (8,295) | (58,581) | (51,952) | (32,180) |
Impairment of goodwill and intangibles | 0 | 0 | (24,613) | 0 | (24,613) | 0 | |||||
Gains (losses), net on disposal of property and equipment | (499) | (26) | (22) | 4 | 96 | (200) | (215) | (164) | (543) | (483) | 2,872 |
Interest expense | (4,436) | (4,592) | (4,432) | (4,579) | (4,576) | (4,246) | (4,225) | (2,052) | (18,039) | (15,099) | (8,494) |
Miscellaneous, net | (1,401) | $ (596) | $ (458) | $ (191) | (1,433) | $ 1,061 | $ 387 | $ (1,436) | (2,646) | (1,421) | (7,693) |
Income (loss) from continuing operations before income taxes, extraordinary items, noncontrolling interest | 105,965 | (99,392) | 9,346 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 34,791 | 34,178 | 24,168 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 23,790 | 17,774 | 8,012 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 24,562 | 25,305 | 16,300 | ||||||||
Assets | |||||||||||
Total assets | 1,728,373 | 1,680,860 | 1,728,373 | 1,680,860 | 1,031,104 | ||||||
Continuing Operations | |||||||||||
Assets | |||||||||||
Total assets | 1,728,373 | 1,680,860 | 1,728,373 | 1,680,860 | 811,696 | ||||||
Discontinued Operations | |||||||||||
Assets | |||||||||||
Total assets | 0 | 0 | 0 | 0 | 219,408 | ||||||
Television | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 802,134 | 609,551 | 466,965 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 249,268 | 139,797 | 136,319 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 30,184 | 29,685 | 21,676 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 16,958 | 14,607 | 7,092 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 21,064 | 20,988 | 13,039 | ||||||||
Assets | |||||||||||
Total assets | 1,248,808 | 1,251,733 | 1,248,808 | 1,251,733 | 509,652 | ||||||
Radio | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 70,860 | 58,881 | 0 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | 12,797 | 12,837 | 0 | ||||||||
Depreciation: | |||||||||||
Total depreciation | 2,317 | 1,366 | 0 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 1,060 | 795 | 0 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 2,037 | 2,317 | 0 | ||||||||
Assets | |||||||||||
Total assets | 146,175 | 147,579 | 146,175 | 147,579 | 0 | ||||||
Digital | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 62,076 | 38,928 | 22,881 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (16,358) | (17,103) | (22,828) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 164 | 525 | 413 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 4,419 | 2,034 | 920 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 54 | 66 | 208 | ||||||||
Assets | |||||||||||
Total assets | 148,994 | 103,432 | 148,994 | 103,432 | 41,034 | ||||||
Syndication and other | |||||||||||
Segment operating revenues: | |||||||||||
Total operating revenues | 7,977 | 8,296 | 8,906 | ||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (801) | (1,074) | (1,499) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 263 | 258 | 119 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 124 | 83 | 1,127 | ||||||||
Assets | |||||||||||
Total assets | 7,954 | 7,794 | 7,954 | 7,794 | 3,101 | ||||||
Shared services and corporate | |||||||||||
Segment profit (loss): | |||||||||||
Operating Income (Loss) | (44,222) | (43,619) | (41,772) | ||||||||
Depreciation: | |||||||||||
Total depreciation | 1,863 | 2,344 | 1,960 | ||||||||
Amortization of intangibles: | |||||||||||
Total amortization of intangibles | 1,353 | 338 | 0 | ||||||||
Additions to property, plant and equipment: | |||||||||||
Total additions to property, plant and equipment | 1,283 | 1,851 | 1,926 | ||||||||
Assets | |||||||||||
Total assets | $ 176,442 | $ 170,322 | $ 176,442 | $ 170,322 | $ 257,909 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum payments on noncancelable leases in 2017 | $ 5.1 | ||
Future minimum payments on noncancelable leases in 2018 | 5.4 | ||
Future minimum payments on noncancelable leases in 2019 | 4.6 | ||
Future minimum payments on noncancelable leases in 2020 | 3.6 | ||
Future minimum payments on noncancelable leases in 2021 | 2.5 | ||
Future minimum payments on noncancelable leases due in later years | 6.6 | ||
Rental expense | $ 12.2 | $ 9.7 | $ 8.2 |
Capital Stock and Share Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | 24 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
director
common_share
shares
|
Dec. 31, 2016
USD ($)
director
common_share
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
director
common_share
shares
|
Nov. 30, 2016
USD ($)
|
May 31, 2014
USD ($)
|
|
Class of Stock [Line Items] | |||||||
Classes of common shares | common_share | 2 | 2 | 2 | ||||
Minimum number of directors up for election to entitle shareholders to vote | director | 3 | 3 | 3 | ||||
Minumum percent of directors up for election to entitle shareholders to vote | 33.33% | 33.33% | 33.33% | ||||
Stock repurchased during period, value | $ 44,401 | $ 16,222 | $ 21,237 | ||||
Number of shares available for future stock compensation grants | shares | 4,500,000.0 | 4,500,000.0 | 4,500,000.0 | ||||
Total unrecognized compensation cost related to restricted stock, RSUs and performance shares | $ 7,500 | $ 7,500 | $ 7,500 | ||||
Stock Options | Common stock, Class A | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Purchase price of stock options granted, percent of fair market value | 100.00% | ||||||
Restricted Stock Units (RSUs) | |||||||
Class of Stock [Line Items] | |||||||
Weighted-average period of recognition, years | 2 years 3 months | ||||||
Restricted Stock Units (RSUs) | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 3 years | ||||||
Restricted Stock Units (RSUs) | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Vesting period of stock options | 4 years | ||||||
First Repurchase Plan | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Range of price of shares repurchased | $ / shares | $ 12.84 | $ 15.92 | |||||
First Repurchase Plan | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Range of price of shares repurchased | $ / shares | $ 19.51 | $ 24.96 | |||||
First Repurchase Plan | Common stock, Class A | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||
Stock repurchased during period, value | $ 1,000 | $ 16,000 | $ 44,000 | ||||
Second Repurchase Plan | Common stock, Class A | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100,000 | ||||||
Stock repurchased during period, value | $ 0 |
Capital Stock and Share Based Compensation Plans - Summary of stock option transactions (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2013
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable [Roll Forward] | ||||
Options outstanding at beginning of period, number of shares | shares | 996,879 | 1,703,876 | 3,370,048 | |
Options exercised in period, number of shares | shares | (509,965) | (877,966) | (1,662,055) | |
Options forfeited in period, number of shares | shares | (4,117) | |||
Options impact of spin-off, number of shares | shares | 170,969 | |||
Options outstanding at end of period, number of shares | shares | 996,879 | 1,703,876 | ||
Options exercisable, number of shares | shares | 486,914 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Weighted Average Exercise Price [Roll Forward] | ||||
Options outstanding at beginning of period, weighted-average exercise price (USD per share) | $ 7.45 | $ 8.92 | $ 9.46 | |
Options exercised in period, weighted-average exercise price (USD per share) | 8.07 | 8.85 | 10.01 | |
Options forfeited in period, weighted-average exercise price (USD per share) | 10.45 | |||
Options impact of spin-off, weighted-average exercise price (USD per share) | 7.62 | |||
Options outstanding at end of period, weighted-average exercise price (USD per share) | 6.81 | 7.45 | 8.92 | |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Exercise Price Range [Roll Forward] | ||||
Options outstanding at beginning of period, lower end of range of exercise price range (USD per share) | 6 | 7 | 7 | |
Options outstanding at beginning of period, upper end of range of exercise price range (USD per share) | 9 | 11 | 11 | |
Options exercised, lower end of exercise price range (USD per share) | 8 | 8 | 9 | |
Options exercised, upper end of exercise price range (USD per share) | 9 | 11 | 11 | |
Options forfeited, lower end of exercise price range (USD per share) | 10 | |||
Options forfeited, upper end of exercise price range (USD per share) | 11 | |||
Options impact of spin-off, lower end of exercise price range (USD per share) | $ 6 | |||
Options impact of spin-off, upper end of exercise price range (USD per share) | $ 9 | |||
Options outstanding at end of period, lower end of range of exercise price range (USD per share) | 6 | 6 | 7 | |
Options outstanding at end of period, upper end of range of exercise price range (USD per share) | 9 | 9 | 11 | |
Options exercisable, lower end of exercise price range (USD per share) | 6 | 6 | 7 | |
Options exercisable, upper end of exercise price range | 9 | 9 | 11 |
Capital Stock and Share Based Compensation Plans - Cash proceeds (Details) - Stock Options - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash received upon exercise | $ 4,641 | $ 7,249 | $ 16,579 | ||
Intrinsic value (market value on date of exercise less exercise price) | 4,888 | 10,801 | 16,036 | ||
Tax benefits realized | [1] | $ 1,877 | $ 4,101 | $ 6,013 | |
|
Capital Stock and Share Based Compensation Plans - Options outstanding and exercisable (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | $ 6 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | $ 9 | |||
Options on Shares Outstanding | 996,879 | 1,703,876 | 3,370,048 | |
Options on Shares Exercisable | 486,914 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | 6.81 | $ 7.45 | $ 8.92 | $ 9.46 |
2007 – expire in 2017 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | 8 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | 8 | |||
2008 – expire in 2018 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Range of Exercise Prices, Lower Range Limit (USD per share) | 6 | |||
Range of Exercise Prices, Upper Range Limit (USD per share) | $ 9 | |||
Stock Options | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 1 year 5 months 16 days | |||
Options on Shares Outstanding | 486,914 | |||
Options on Shares Exercisable | 486,914 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.81 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.81 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 6.1 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 6.1 | |||
Stock Options | 2007 – expire in 2017 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 3 months 26 days | |||
Options on Shares Outstanding | 37,313 | |||
Options on Shares Exercisable | 37,313 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 8.14 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 8.14 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 0.4 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 0.4 | |||
Stock Options | 2008 – expire in 2018 | ||||
Information about options outstanding and options exercisable by year of grant | ||||
Average Remaining Term | 1 year 6 months 21 days | |||
Options on Shares Outstanding | 449,601 | |||
Options on Shares Exercisable | 449,601 | |||
Options Outstanding, Weighted Average Exercise Price (USD per share) | $ 6.70 | |||
Options Exercisable, Weighted Average Exercise Price (USD per share) | $ 6.70 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 5.7 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 5.7 |
Capital Stock and Share Based Compensation Plans - Restricted stock and restricted stock unit activity (Details) - Restricted Stock Units (RSUs) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2013
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Unvested shares at beginning of period, number of shares | shares | 910,041 | 1,224,521 | 1,586,841 | |
Shares and units awarded in period, number of shares | shares | 996,839 | 495,396 | 567,695 | |
Shares and units vested in period, number of shares | shares | (444,267) | (650,490) | (704,528) | |
Shares and units forfeited in period, number of shares | shares | (37,436) | (220,770) | (225,487) | |
Shares and units impact of spin-off, number of shares | shares | 61,384 | |||
Unvested shares at end of period, number of shares | shares | 1,425,177 | 910,041 | 1,224,521 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Unvested shares at beginning of period, weighted-average value (USD per share) | $ 17.05 | $ 18.22 | $ 13.24 | $ 10.59 |
Shares and units awarded in period, weighted-average value (USD per share) | 15.76 | 22.36 | 16.52 | |
Shares and units vested in period, weighted-average value (USD per share) | 17.78 | 12.17 | 10.40 | |
Shares and units forfeited in period, weighted-average value (USD per share) | 16.82 | 16.39 | 11.75 | |
Shares and units impact of spin-off, weighted-average value (USD per share) | 13.73 | |||
Unvested shares at end of period, weighted-average value (USD per share) | $ 17.05 | $ 18.22 | $ 13.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Exercise Price Range [Roll Forward] | ||||
Unvested shares and units, range of exercise prices, beginning of period, lower range (USD per share) | 10 | 7 | 7 | |
Unvested shares and units, range of exercise prices, beginning of period, upper range (USD per share) | 24 | 22 | 20 | |
Shares and units awarded in period, range of exercise prices, lower range (USD per share) | 13 | 20 | 16 | |
Shares and units awarded in period, range of exercise prices, upper range (USD per share) | 18 | 24 | 22 | |
Shares and units vested in period, range of exercise prices, lower range (USD per share) | 13 | 7 | 7 | |
Shares and units vested in period, range of exercise prices, upper range (USD per share) | 19 | 22 | 20 | |
Shares and units forfeited in period, range of exercise prices, lower range (USD per share) | 12 | 9 | 9 | |
Shares and units forfeited in period, range of exercise prices, upper range (USD per share) | 24 | 22 | 18 | |
Shares and units impact of spin-off, range of exercise prices, lower range (USD per share) | $ 7 | |||
Shares and units impact of spin-off, range of exercise prices, upper range (USD per share) | $ 22 | |||
Unvested shares and units, range of exercise prices, end of period, lower range (USD per share) | 12 | 10 | 7 | |
Unvested shares and units, range of exercise prices, end of period, upper range (USD per share) | 24 | 24 | 22 |
Capital Stock and Share Based Compensation Plans - Additional restricted stock and restricted stock unit vesting (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of shares and units vested | $ 7,898 | $ 15,697 | $ 12,906 | ||
Tax benefits realized on shares and units vested | [1] | $ 3,033 | $ 5,965 | $ 4,840 | |
|
Capital Stock and Share Based Compensation Plans - Schedule of stock compensation costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation, net of tax | $ 4,985 | $ 5,220 | $ 3,878 |
Discontinued Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 0 | 1,126 | 1,426 |
Continuing Operations | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | 8,093 | 8,419 | 6,205 |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based compensation | $ 8,093 | $ 9,545 | $ 7,631 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | $ (89,802) | $ (126,443) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, tax | 142 | 148 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | (3,787) | 34,078 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), tax | (2,353) | 21,298 |
Net current-period other comprehensive income (loss) | (3,545) | 34,315 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 2,326 | |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, tax | 0 | 1,517 |
Accumulated other comprehensive loss, ending balance | (93,347) | (89,802) |
Gains and Losses on Derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (242) | (479) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | 0 | 0 |
Net current-period other comprehensive income (loss) | 242 | 237 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 0 | |
Accumulated other comprehensive loss, ending balance | 0 | (242) |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | (89,740) | (125,877) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | (3,936) | 33,825 |
Net current-period other comprehensive income (loss) | (3,936) | 33,825 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 2,312 | |
Accumulated other comprehensive loss, ending balance | (93,676) | (89,740) |
Other | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Accumulated other comprehensive loss, beginning balance | 180 | (87) |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $142 and $148 in 2016 and 2015, respectively | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial gain (loss), net of tax of $(2,353) and $21,298 in 2016 and 2015, respectively | 149 | 253 |
Net current-period other comprehensive income (loss) | 149 | 253 |
Amounts reclassified from accumulated other comprehensive loss, Impact of spin-off, net of tax of $1,517 | 14 | |
Accumulated other comprehensive loss, ending balance | $ 329 | $ 180 |
Summarized Quarterly Financial Information (Unaudited) - Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 272,692 | $ 233,040 | $ 227,817 | $ 209,498 | $ 204,808 | $ 189,691 | $ 198,134 | $ 123,023 | $ 943,047 | $ 715,656 | $ 498,752 |
Costs and expenses | (190,549) | (190,797) | (189,699) | (186,228) | (223,095) | (173,962) | (200,209) | (124,214) | (757,273) | (721,480) | (443,911) |
Depreciation and amortization of intangibles | (14,492) | (14,892) | (14,786) | (14,411) | (14,018) | (16,273) | (13,366) | (8,295) | (58,581) | (51,952) | (32,180) |
Impairment of goodwill and intangibles | 0 | 0 | (24,613) | 0 | (24,613) | 0 | |||||
Gains (losses), net on disposal of property and equipment | (499) | (26) | (22) | 4 | 96 | (200) | (215) | (164) | (543) | (483) | 2,872 |
Interest expense | (4,436) | (4,592) | (4,432) | (4,579) | (4,576) | (4,246) | (4,225) | (2,052) | (18,039) | (15,099) | (8,494) |
Miscellaneous, net | (1,401) | (596) | (458) | (191) | (1,433) | 1,061 | 387 | (1,436) | (2,646) | (1,421) | (7,693) |
Income (loss) from continuing operations before income taxes | 61,315 | 22,137 | 18,420 | 4,093 | (38,218) | (28,542) | (19,494) | (13,138) | 105,965 | (99,392) | 9,346 |
Provision (benefit) for income taxes | 22,978 | 9,615 | 6,932 | (795) | (17,094) | (4,099) | (6,539) | (5,023) | 38,730 | (32,755) | (111) |
Net (loss) income from continuing operations | 38,337 | 12,522 | 11,488 | 4,888 | (21,124) | (24,443) | (12,955) | (8,115) | 67,235 | (66,637) | |
Net (loss) income from discontinued operations, net of tax | 0 | 0 | 0 | 0 | (407) | 0 | (18,448) | 3,015 | 0 | (15,840) | 1,072 |
Net income (loss) | $ 38,337 | $ 12,522 | $ 11,488 | $ 4,888 | $ (21,531) | $ (24,443) | $ (31,403) | $ (5,100) | $ 67,235 | $ (82,477) | $ 10,529 |
Income (loss) from continuing operations, per basic share | $ 0.46 | $ 0.15 | $ 0.14 | $ 0.06 | $ (0.25) | $ (0.29) | $ (0.15) | $ (0.14) | $ 0.80 | $ (0.86) | $ 0.16 |
(Loss) income from discontinued operations, per basic share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.22) | 0.05 | 0.00 | (0.20) | 0.02 |
Income (loss) from continuing operations, per diluted share | 0.46 | 0.15 | 0.13 | 0.06 | (0.25) | (0.29) | (0.15) | (0.14) | 0.79 | (0.86) | 0.16 |
(Loss) income from discontinued operations, per diluted share | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.22) | $ 0.05 | $ 0.00 | $ (0.20) | $ 0.02 |
Basic weighted-average shares outstanding | 82,401 | 83,230 | 83,773 | 83,965 | 83,775 | 84,107 | 83,903 | 57,335 | 83,339 | 77,373 | 56,342 |
Diluted weighted-average shares outstanding | 82,684 | 83,518 | 84,051 | 84,225 | 83,775 | 84,107 | 83,903 | 57,335 | 83,639 | 77,373 | 57,239 |
Cash dividends per share of common stock (USD per share) | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0 | $ 0 | $ 1.03 | $ 0 | $ 0 | $ 1.03 | $ 0 |
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) - Narrative (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Apr. 01, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other Receivables, Gross, Current | $ 2,000,000 | |||
Acquisition and related integration costs | $ 578,000 | 37,988,000 | $ 9,708,000 | |
2015 Journal acquisition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash dividend | $ 60,000,000 | |||
Proceeds from services provided to merger partner | 3,300,000 | |||
Payments for services provided by merger partner | 1,200,000 | |||
Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Transaction costs expensed | 41,000,000 | |||
Disposal Group, including discontinued operation, professional fees | 3,000,000 | |||
Spinoff | 2015 Journal acquisition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets, held-and-used | $ 0 | |||
Impairment of long-lived assets, held-for-sale | $ 30,000,000 |
Journal Broadcast Merger and Newspaper Spin-off (Discontinued Operations) - Operating Results of Discontinued Operations and Net Assets Distributed (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 01, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net (loss) income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ (407) | $ 0 | $ (18,448) | $ 3,015 | $ 0 | $ (15,840) | $ 1,072 | |
Spinoff | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Operating revenues | 91,478 | 370,316 | ||||||||||
Total costs and expenses | (79,869) | (349,210) | ||||||||||
Depreciation and amortization of intangibles | (3,608) | (16,890) | ||||||||||
Other, net | (3,298) | (1,308) | ||||||||||
Loss on disposal of Scripps Newspapers | (30,000) | 0 | ||||||||||
(Loss) income on discontinued operations before income taxes | (25,297) | 2,908 | ||||||||||
Benefit (provision) for income taxes | 9,457 | (2,143) | ||||||||||
Net (loss) income from discontinued operations | (15,840) | 765 | ||||||||||
Noncontrolling interest | 0 | (307) | ||||||||||
Net (loss) income from discontinued operations | $ (15,840) | $ 1,072 | ||||||||||
Assets: | ||||||||||||
Total current assets | $ 43,322 | |||||||||||
Property, plant and equipment | 155,047 | |||||||||||
Other assets | 3,829 | |||||||||||
Total assets included in the disposal group | 202,198 | |||||||||||
Liabilities: | ||||||||||||
Total current liabilities | 47,664 | |||||||||||
Deferred income taxes | 1,966 | |||||||||||
Other liabilities | 9,057 | |||||||||||
Total liabilities included in the disposal group | 58,687 | |||||||||||
Net assets included in the disposal group | $ 143,511 |
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