Segment Information

We determine our business segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource allocation decisions. We report our financial performance based on the following segments: Local Media, National Media, Other.

Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of fifteen ABC affiliates, five NBC affiliates, two FOX affiliates and two CBS affiliates. We also have two MyTV affiliates, one CW affiliate, two independent stations and four Azteca America Spanish-language affiliates. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunication companies and satellite carriers. We also receive retransmission fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue.

Our National Media segment includes our collection of national brands. Our national media brands include Katz, Stitcher and its advertising network Midroll Media (Midroll), Newsy, Triton and other national brands. These operations earn revenue primarily through the sale of advertising.

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.

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:



	For the years ended December 31,
(in thousands)	2018			2017			2016

Segment operating revenues:
Local Media	$	917,480		$	778,376		$	835,290
National Media	286,170			93,141			34,424
Other	4,775			5,455			4,737
Total operating revenues	$	1,208,425		$	876,972		$	874,451
Segment profit (loss):
Local Media	$	251,119		$	156,890		$	243,298
National Media	13,920			(9,260		)	(10,156		)
Other	(3,680		)	(2,361		)	(2,513		)
Shared services and corporate	(53,123		)	(50,506		)	(46,162		)
Acquisition and related integration costs	(4,124		)	—			(578		)
Restructuring costs	(8,911		)	(4,422		)	—
Depreciation and amortization of intangible assets	(63,987		)	(56,343		)	(55,204		)
Impairment of goodwill and intangible assets	—			(35,732		)	—
Gains (losses), net on disposal of property and equipment	(1,255		)	(169		)	(480		)
Interest expense	(36,184		)	(26,697		)	(18,039		)
Defined benefit pension plan expense	(19,752		)	(14,112		)	(14,332		)
Miscellaneous, net	152			10,636			(2,646		)
Income (loss) from continuing operations before income taxes	$	74,175		$	(32,076	)	$	93,188
Depreciation:
Local Media	$	30,467		$	31,870		$	30,184
National Media	2,592			88			164
Other	150			208			263
Shared services and corporate	1,432			1,883			1,863
Total depreciation	$	34,641		$	34,049		$	32,474
Amortization of intangible assets:
Local Media	$	14,821		$	15,084		$	16,958
National Media	13,172			5,856			4,419
Shared services and corporate	1,353			1,354			1,353
Total amortization of intangible assets	$	29,346		$	22,294		$	22,730

A disaggregation of the principal activities from which we generate revenue is as follows:



	For the years ended December 31,
(in thousands)	2018		2017		2016

Operating revenues:
Core advertising	$	696,449	$	555,228	$	507,987
Political	139,600		8,651		100,761
Retransmission and carriage	304,402		259,712		220,723
Other	67,974		53,381		44,980
Total operating revenues	$	1,208,425	$	876,972	$	874,451

The following table presents additions to property and equipment by segment:



	For the years ended December 31,
(in thousands)	2018		2017		2016

Additions to property and equipment:
Local Media	$	37,773	$	16,946	$	21,064
National Media	15,164		792		54
Other	—		—		124
Shared services and corporate	723		367		1,283
Total additions to property and equipment	$	53,660	$	18,105	$	22,525

Total assets by segment for the years ended December 31 were as follows:



	As of December 31,
(in thousands)	2018		2017		2016

Assets:
Local Media	$	1,261,526	$	1,273,735	$	1,280,885
National Media	737,987		528,479		117,725
Other	865		2,128		7,146
Shared services and corporate	129,683		189,202		184,109
Total assets of continuing operations	2,130,061		1,993,544		1,589,865
Discontinued operations	—		136,004		146,041
Total assets	$	2,130,061	$	2,129,548	$	1,735,906