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Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2017
Disposal Groups, Including Discontinued Operations
The following table is a summary of the assets and liabilities of discontinued operations (in thousands):
 
 
 
December 31,
2017
 
December 31,
2016
 
Major Classes of Current Assets of Discontinued Operations
 
 
 
 
 
 
 
Accounts receivable
 
$
 
$
3,868
 
Prepaid expenses and other current assets
 
 
 
 
625
 
Barter transactions
 
 
 
 
132
 
Total of current assets of discontinued operations
 
$
 
$
4,625
 
 
 
 
 
 
 
 
 
Major Classes of Non-Current Assets of Discontinued Operations
 
 
 
 
 
 
 
Property and equipment, net (1)
 
$
 
$
7,388
 
Broadcast licenses, net (1)
 
 
 
 
9,607
 
Other intangibles, deferred costs and investments, net (1)
 
 
 
 
1,053
 
Total of non-current assets of discontinued operations
 
$
 
$
18,048
 
Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets
 
$
 
$
22,673
 
 
 
 
 
 
 
 
 
Major Classes of Current Liabilities of Discontinued Operations
 
 
 
 
 
 
 
Accounts payable
 
$
 
$
759
 
Barter transactions
 
 
 
 
163
 
Current portion of long term debt
 
 
 
 
1,078
 
Other liabilities (1)
 
 
 
 
971
 
Total of current liabilities of discontinued operations
 
$
 
$
2,971
 
 
 
 
 
 
 
 
 
Major Classes of Current Liabilities of Discontinued Operations
 
 
 
 
 
 
 
Other liabilities (1)
 
$
 
$
1,058
 
Total of non-current liabilities of discontinued operations
 
$
 
$
1,058
 
Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets
 
$
 
$
4,029
 
Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets
 
$
 
$
18,644
 
 
(1)
For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. We closed the disposition on September 1, 2017, therefore all amounts in the current year are considered current assets or liabilities of discontinued operations.
Joplin, Missouri and Victoria, Texas Television Stations [Member]  
Disposal Groups, Including Discontinued Operations
The following table shows the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s Consolidated Statements of Operations (in thousands):
 
 
 
Year Ended December 31,
 
 
 
2017  (5)
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Net operating revenue
 
$
14,238
 
$
23,636
 
$
21,064
 
Station operating expense (1)
 
 
9,757
 
 
14,743
 
 
14,080
 
Other operating (income) expense
 
 
31
 
 
(42)
 
 
32
 
Operating income
 
 
4,450
 
 
8,935
 
 
6,952
 
Interest expense (2)
 
 
21
 
 
32
 
 
33
 
Other income (3)
 
 
 
 
 
 
(417)
 
Income before income taxes
 
 
4,429
 
 
8,903
 
 
7,336
 
Pretax gain on the disposal of discontinued operations
 
 
50,842
 
 
 
 
 
Total pretax gain on discontinued operations
 
 
55,271
 
 
8,903
 
 
7,336
 
Income tax expense (4)
 
 
22,800
 
 
3,627
 
 
3,068
 
Income from discontinued operations, net of tax
 
$
32,471
 
$
5,276
 
$
4,268
 
 
(1)
No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.
(2)
Interest expense related to the Surtsey debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.
(3)
Other income in 2015 relates to a gain on an insurance claim.
(4)
The effective tax rates on pretax income from discontinued operations were approximately 41%.
(5)
Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.
Disclosure of Condensed Consolidated Statements of Cash Flows
The following table represents the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands):
 
 
 
December 31,
2017
 
December 31,
2016
 
December 31,
2015
 
 
 
 
 
 
 
 
 
 
 
 
Cash paid during the period
 
 
 
 
 
 
 
 
 
 
Interest
 
$
21
 
$
32
 
$
33
 
Income taxes
 
 
23,260
 
 
2,677
 
 
1,972
 
 
 
 
 
 
 
 
 
 
 
 
Significant operating non-cash items
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization (1)
 
$
445
 
$
1,387
 
$
1,399
 
Broadcast program rights amortization
 
 
418
 
 
628
 
 
637
 
Barter revenue, net
 
 
18
 
 
32
 
 
(50)
 
Acquisition of property and equipment
 
 
 
 
43
 
 
3
 
Loss (gain) on sale of assets
 
 
31
 
 
(42)
 
 
32
 
Pretax gain on television sale
 
 
50,842
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant investing items
 
 
 
 
 
 
 
 
 
 
Acquisition of property and equipment
 
$
335
 
$
894
 
$
1,973
 
Proceeds from sale and disposal of assets
 
 
 
 
(59)
 
 
(3)
 
Net proceeds from sale of television stations (2)
 
 
69,528
 
 
 
 
 
Proceeds from insurance claim
 
 
 
 
 
 
(777)
 
 
(1)
No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.
(2)
Net proceeds from the sale of the television stations reflect the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.