falsedesktopTRCO2019-06-30000072651319000020{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Item No. Part I. Financial Information\t\tPage\nItem 1. Financial Statements\t\t\nUnaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 2019 and June 30 2018\t\t2\nUnaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30 2019 and June 30 2018\t\t3\nUnaudited Condensed Consolidated Balance Sheets at June 30 2019 and December 31 2018\t\t4\nUnaudited Condensed Consolidated Statement of Shareholders' Equity for the Three and Six Months Ended June 30 2019 and June 30 2018\t\t6\nUnaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 2019 and June 30 2018\t\t8\nNotes to Unaudited Condensed Consolidated Financial Statements\t\t\n\tNote 1: Basis of Presentation and Significant Accounting Policies\t10\n\tNote 2: Assets Held for Sale\t16\n\tNote 3: Leases\t16\n\tNote 4: Goodwill and Other Intangible Assets\t18\n\tNote 5: Investments\t19\n\tNote 6: Debt\t21\n\tNote 7: Fair Value Measurements\t22\n\tNote 8: Commitments and Contingencies\t23\n\tNote 9: Income Taxes\t27\n\tNote 10: Pension and Other Retirement Plans\t28\n\tNote 11: Capital Stock\t28\n\tNote 12: Stock-Based Compensation\t30\n\tNote 13: Earnings Per Share\t32\n\tNote 14: Accumulated Other Comprehensive (Loss) Income\t33\n\tNote 15: Business Segments\t33\n\tNote 16: Condensed Consolidating Financial Statements\t34\n\tNote 17: Subsequent Events\t45\nItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations\t\t46\nItem 3. Quantitative and Qualitative Disclosures About Market Risk\t\t64\nItem 4. Controls and Procedures\t\t64\nPart II. Other Information\t\t\nItem 1. Legal Proceedings\t\t65\nItem 1A. Risk Factors\t\t67\nItem 2. Unregistered Sales of Equity Securities and Use of Proceeds\t\t67\nItem 3. Defaults Upon Senior Securities\t\t67\nItem 4. Mine Safety Disclosures\t\t67\nItem 5. Other Information\t\t67\nItem 6. Exhibits\t\t68\nSignature\t\t69\n", "q10k_tbl_1": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nOperating Revenues\t\t\t\t\nTelevision and Entertainment\t482557\t486417\t935984\t927119\nOther\t1479\t2941\t3040\t5874\nTotal operating revenues\t484036\t489358\t939024\t932993\nOperating Expenses\t\t\t\t\nProgramming\t134083\t111635\t253970\t212376\nDirect operating expenses\t98087\t98817\t197250\t200205\nSelling general and administrative\t129700\t125878\t262962\t257834\nDepreciation\t13867\t13281\t26819\t27056\nAmortization\t35018\t41681\t70039\t83368\nGain on sales of spectrum (Note 8)\t0\t0\t0\t(133197)\nTotal operating expenses\t410755\t391292\t811040\t647642\nOperating Profit\t73281\t98066\t127984\t285351\nIncome on equity investments net\t46527\t52568\t92212\t91705\nInterest income\t7726\t2336\t13973\t4234\nInterest expense\t(43777)\t(41990)\t(87392)\t(82621)\nPension and other postretirement periodic benefit credit net\t4524\t6985\t9154\t14069\nGain on investment transactions\t0\t0\t86272\t3888\nOther non-operating gain (loss) net\t80\t(26)\t(1543)\t91\nReorganization items net\t(876)\t(685)\t(2194)\t(1578)\nIncome Before Income Taxes\t87485\t117254\t238466\t315139\nIncome tax expense\t23835\t32816\t61612\t89518\nNet Income\t63650\t84438\t176854\t225621\nNet loss attributable to noncontrolling interests\t7\t4\t11\t10\nNet Income attributable to Tribune Media Company\t63657\t84442\t176865\t225631\nNet Earnings Per Common Share Attributable to Tribune Media Company:\t\t\t\t\nBasic\t0.72\t0.96\t2.01\t2.58\nDiluted\t0.71\t0.96\t1.98\t2.55\n", "q10k_tbl_2": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of dollars) (Unaudited)\t\t\t\t\n\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nNet Income\t63650\t84438\t176854\t225621\nOther Comprehensive Income (Loss) net of taxes\t\t\t\t\nPension and other post-retirement benefit items:\t\t\t\t\nChange in unrecognized benefit plan gains and losses arising during the period net of taxes of $(1001) and $(1327) for the three months and six months ended June 30 2019 and June 30 2018 respectively\t(2885)\t(3827)\t(2885)\t(3827)\nAdjustment for previously unrecognized benefit plan gains and losses included in net income net of taxes of $(14) and $(13) for the three months ended June 30 2019 and June 30 2018 respectively and $(33) and $(29) for the six months ended June 30 2019 and June 30 2018 respectively\t(38)\t(37)\t(92)\t(83)\nChange in unrecognized benefit plan gains and losses net of taxes\t(2923)\t(3864)\t(2977)\t(3910)\nCash flow hedging instruments:\t\t\t\t\nUnrealized gains and losses net of taxes of $(2585) and $975 for the three months ended June 30 2019 and June 30 2018 respectively and $(4325) and $3571 for the six months ended June 30 2019 and June 30 2018 respectively\t(7454)\t2810\t(12472)\t10297\nGains and losses reclassified to net income net of taxes of $(73) and $112 for the three months ended June 30 2019 and June 30 2018 respectively and $(147) and $326 for the six months ended June 30 2019 and June 30 2018 respectively\t(212)\t325\t(424)\t941\nChange in unrecognized gains and losses on cash flow hedging instruments net of taxes\t(7666)\t3135\t(12896)\t11238\nForeign currency translation adjustments:\t\t\t\t\nChange in foreign currency translation adjustments net of taxes of $(3) and $67 for the three months ended June 30 2019 and June 30 2018 respectively and $(8) and $58 for the six months ended June 30 2019 and June 30 2018\t203\t(702)\t(125)\t(267)\nOther Comprehensive Income (Loss) net of taxes\t(10386)\t(1431)\t(15998)\t7061\nComprehensive Income\t53264\t83007\t160856\t232682\nComprehensive loss attributable to noncontrolling interests\t7\t4\t11\t10\nComprehensive Income Attributable to Tribune Media Company\t53271\t83011\t160867\t232692\n", "q10k_tbl_3": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars except for share and per share data) (Unaudited)\t\t\n\tJune 30 2019\tDecember 31 2018\nAssets\t\t\nCurrent Assets\t\t\nCash and cash equivalents\t1314108\t1063041\nRestricted cash and cash equivalents\t16607\t16607\nAccounts receivable (net of allowances of $3662 and $4461)\t421309\t416938\nBroadcast rights\t72598\t98269\nIncome taxes receivable\t17607\t23922\nPrepaid expenses\t27009\t19444\nOther\t8865\t7509\nTotal current assets\t1878103\t1645730\nProperties\t\t\nProperty plant and equipment\t646743\t687377\nAccumulated depreciation\t(285262)\t(266078)\nNet properties\t361481\t421299\nOther Assets\t\t\nBroadcast rights\t70027\t95876\nOperating lease right-of-use assets (Note 3)\t196408\t0\nGoodwill\t3228547\t3228601\nOther intangible assets net\t1370614\t1442456\nAssets held for sale\t62789\t0\nInvestments\t1154700\t1264437\nOther\t140111\t152992\nTotal other assets\t6223196\t6184362\nTotal Assets (1)\t8462780\t8251391\n", "q10k_tbl_4": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of dollars except for share and per share data) (Unaudited)\t\t\n\tJune 30 2019\tDecember 31 2018\nLiabilities and Shareholders' Equity\t\t\nCurrent Liabilities\t\t\nAccounts payable\t42502\t44897\nIncome taxes payable\t55509\t9973\nEmployee compensation and benefits\t57360\t79482\nContracts payable for broadcast rights\t212046\t232687\nDeferred revenue\t13867\t12508\nInterest payable\t30652\t30086\nOperating lease liabilities (Note 3)\t19904\t0\nOther\t53876\t42160\nTotal current liabilities\t485716\t451793\nNon-Current Liabilities\t\t\nLong-term debt (net of unamortized discounts and debt issuance costs of $25995 and $29434)\t2929522\t2926083\nDeferred income taxes\t516216\t573924\nContracts payable for broadcast rights\t171143\t233275\nPension obligations net\t374964\t380322\nPostretirement medical life and other benefits\t8452\t8298\nOperating lease liabilities (Note 3)\t192378\t0\nOther obligations\t117872\t154599\nTotal non-current liabilities\t4310547\t4276501\nTotal Liabilities (1)\t4796263\t4728294\nCommitments and Contingent Liabilities (Note 8)\t\t\nShareholders' Equity\t\t\nPreferred stock ($0.001 par value per share)\t\t\nAuthorized: 40000000 shares; No shares issued and outstanding at June 30 2019 and at December 31 2018\t0\t0\nClass A Common Stock ($0.001 par value per share)\t\t\nAuthorized: 1000000000 shares; 102498285 shares issued and 88396100 shares outstanding at June 30 2019 and 101790837 shares issued and 87688652 shares outstanding at December 31 2018\t102\t102\nClass B Common Stock ($0.001 par value per share)\t\t\nAuthorized: 1000000000 shares; Issued and outstanding: 5557 shares at June 30 2019 and December 31 2018\t0\t0\nTreasury stock at cost: 14102185 shares at June 30 2019 and December 31 2018\t(632194)\t(632194)\nAdditional paid-in-capital\t4045530\t4031233\nRetained earnings\t368621\t223734\nAccumulated other comprehensive loss\t(120965)\t(104967)\nTotal Tribune Media Company shareholders' equity\t3661094\t3517908\nNoncontrolling interests\t5423\t5189\nTotal shareholders' equity\t3666517\t3523097\nTotal Liabilities and Shareholders' Equity\t8462780\t8251391\n", "q10k_tbl_5": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY THREE AND SIX MONTHS ENDED JUNE 30 2019 (In thousands except for share data) (Unaudited)\t\t\t\t\t\t\t\t\t\t\n\t\tRetained Earnings\tAccumulated Other Comprehensive Loss\tAdditional Paid-In Capital\t\t\tCommon Stock\t\t\t\n\tTotal\t\t\tClass A\t\tClass B\t\nTreasury Stock\t\tNon- controlling Interests\tAmount (at Cost)\tShares\tAmount (at Cost)\tShares\nBalance at December 31 2018\t3523097\t223734\t(104967)\t4031233\t(632194)\t5189\t102\t101790837\t0\t5557\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\nNet income (loss)\t113204\t113208\t0\t0\t0\t(4)\t0\t0\t0\t0\nOther comprehensive loss net of taxes\t(5612)\t0\t(5612)\t0\t0\t0\t0\t0\t0\t0\nComprehensive income\t107592\t\t\t\t\t\t\t\t\t\nRegular dividends declared to shareholders and warrant holders $0.25 per share\t(22061)\t(22349)\t0\t288\t0\t0\t0\t0\t0\t0\nStock-based compensation\t5418\t0\t0\t5418\t0\t0\t0\t0\t0\t0\nNet share settlements of stock-based awards\t(1279)\t0\t0\t(1279)\t0\t0\t0\t558474\t0\t0\nCumulative effect of a change in accounting principle\t12808\t12808\t0\t0\t0\t0\t0\t0\t0\t0\nContributions from noncontrolling interest\t190\t0\t0\t0\t0\t190\t0\t0\t0\t0\nBalance at March 31 2019\t3625765\t327401\t(110579)\t4035660\t(632194)\t5375\t102\t102349311\t0\t5557\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\nNet income (loss)\t63650\t63657\t0\t0\t0\t(7)\t0\t0\t0\t0\nOther comprehensive loss net of taxes\t(10386)\t0\t(10386)\t0\t0\t0\t0\t0\t0\t0\nComprehensive income\t53264\t\t\t\t\t\t\t\t\t\nRegular dividends declared to shareholders and warrant holders $0.25 per share\t(22114)\t(22437)\t0\t323\t0\t0\t0\t0\t0\t0\nStock-based compensation\t5502\t0\t0\t5502\t0\t0\t0\t0\t0\t0\nNet share settlements of stock-based awards\t4045\t0\t0\t4045\t0\t0\t0\t148974\t0\t0\nContributions from noncontrolling interest\t55\t0\t0\t0\t0\t55\t0\t0\t0\t0\nBalance at June 30 2019\t3666517\t368621\t(120965)\t4045530\t(632194)\t5423\t102\t102498285\t0\t5557\n", "q10k_tbl_6": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY THREE AND SIX MONTHS ENDED JUNE 30 2018 (In thousands except for share data) (Unaudited)\t\t\t\t\t\t\t\t\t\t\n\t\tRetained (Deficit) Earnings\tAccumulated Other Comprehensive (Loss) Income\tAdditional Paid-In Capital\t\t\tCommon Stock\t\t\t\n\tTotal\t\t\tClass A\t\tClass B\t\nTreasury Stock\t\tNon- controlling Interests\tAmount (at Cost)\tShares\tAmount (at Cost)\tShares\nBalance at December 31 2017\t3217180\t(114240)\t(48061)\t4011530\t(632194)\t44\t101\t101429999\t0\t5557\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\nNet income (loss)\t141183\t141189\t0\t0\t0\t(6)\t0\t0\t0\t0\nOther comprehensive income net of taxes\t8492\t0\t8492\t0\t0\t0\t0\t0\t0\t0\nComprehensive income\t149675\t\t\t\t\t\t\t\t\t\nRegular dividends declared to shareholders and warrant holders $0.25 per share\t(21922)\t(22243)\t0\t321\t0\t0\t0\t0\t0\t0\nStock-based compensation\t5114\t0\t0\t5114\t0\t0\t0\t0\t0\t0\nNet share settlements of stock-based awards\t(4912)\t0\t0\t(4913)\t0\t0\t1\t283545\t0\t0\nBalance at March 31 2018\t3345135\t4706\t(39569)\t4012052\t(632194)\t38\t102\t101713544\t0\t5557\nComprehensive income:\t\t\t\t\t\t\t\t\t\t\nNet income (loss)\t84438\t84442\t0\t0\t0\t(4)\t0\t0\t0\t0\nOther comprehensive loss net of taxes\t(1431)\t0\t(1431)\t0\t0\t0\t0\t0\t0\t0\nComprehensive income\t83007\t\t\t\t\t\t\t\t\t\nRegular dividends declared to shareholders and warrant holders $0.25 per share\t(21925)\t(22228)\t0\t303\t0\t0\t0\t0\t0\t0\nStock-based compensation\t5397\t0\t0\t5397\t0\t0\t0\t0\t0\t0\nNet share settlements of stock-based awards\t(230)\t0\t0\t(230)\t0\t0\t0\t14433\t0\t0\nDistribution to noncontrolling interests net\t(2)\t0\t0\t0\t0\t(2)\t0\t0\t0\t0\nBalance at June 30 2018\t3411382\t66920\t(41000)\t4017522\t(632194)\t32\t102\t101727977\t0\t5557\n", "q10k_tbl_7": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited)\t\t\n\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\nOperating Activities\t\t\nNet income\t176854\t225621\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nStock-based compensation\t10920\t10511\nPension credit and contributions\t(8661)\t(38027)\nDepreciation\t26819\t27056\nAmortization of other intangible assets\t70039\t83368\nIncome on equity investments net\t(92212)\t(91705)\nDistributions from equity investments\t181461\t158926\nAmortization of debt issuance costs and original issue discount\t3688\t3718\nGain on sales of spectrum (Note 8)\t0\t(133197)\nGain on investment transactions\t(86272)\t(3888)\nSpectrum repack reimbursements\t(5947)\t(1698)\nOther non-operating loss (gain) net\t846\t(91)\nChanges in working capital items:\t\t\nAccounts receivable net\t(4910)\t12917\nPrepaid expenses and other current assets\t(8327)\t(16825)\nAccounts payable\t1267\t(1857)\nEmployee compensation and benefits accrued expenses and other current liabilities\t(21461)\t(13993)\nDeferred revenue\t1359\t2801\nIncome taxes\t51853\t7271\nChange in broadcast rights net of liabilities\t(31253)\t(28612)\nDeferred income taxes\t(56631)\t17405\nOther net\t831\t1240\nNet cash provided by operating activities\t210263\t220941\nInvesting Activities\t\t\nCapital expenditures\t(30607)\t(24947)\nSpectrum repack reimbursements\t5947\t1698\nProceeds from the sales of investments\t107547\t3890\nOther net\t(919)\t1615\nNet cash provided by (used in) investing activities\t81968\t(17744)\n", "q10k_tbl_8": "TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of dollars) (Unaudited)\t\t\n\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\nFinancing Activities\t\t\nPayments of dividends\t(44175)\t(43847)\nTax withholdings related to net share settlements of share-based awards\t(8630)\t(5723)\nProceeds from stock option exercises\t11396\t581\nContribution from/(distributions to) noncontrolling interests\t245\t(2)\nNet cash used in financing activities\t(41164)\t(48991)\nNet Increase in Cash Cash Equivalents and Restricted Cash\t251067\t154206\nCash cash equivalents and restricted cash beginning of period\t1079648\t691251\nCash cash equivalents and restricted cash end of period\t1330715\t845457\nCash Cash Equivalents and Restricted Cash are Comprised of:\t\t\nCash and cash equivalents\t1314108\t828850\nRestricted cash and cash equivalents\t16607\t16607\nTotal cash cash equivalents and restricted cash\t1330715\t845457\nSupplemental Schedule of Cash Flow Information\t\t\nCash paid during the period for:\t\t\nInterest\t83075\t79027\nIncome taxes net\t65347\t64294\n", "q10k_tbl_9": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nAdvertising\t298899\t311431\t568788\t581870\nRetransmission revenues\t132342\t117185\t265202\t235327\nCarriage fees\t40771\t40815\t81910\t82477\nOther\t10545\t16986\t20084\t27445\nTotal operating revenues\t482557\t486417\t935984\t927119\n", "q10k_tbl_10": "\tJune 30 2019\tDecember 31 2018\nBroadcast rights\t979\t2355\nOther intangible assets net\t56122\t61386\nOther assets\t8418\t8770\nTotal Assets\t65519\t72511\nContracts payable for broadcast rights\t870\t2186\nLong-term deferred revenue\t23731\t24164\nOther liabilities\t1206\t1291\nTotal Liabilities\t25807\t27641\n", "q10k_tbl_11": "2019 (excluding the six months ended June 30 2019)\t17057\n2020\t32641\n2021\t26697\n2022\t30665\n2023\t23856\nThereafter\t184070\nTotal lease payments\t314986\nLess: imputed interest\t102704\nTotal operating lease liabilities\t212282\n", "q10k_tbl_12": "2019\t33042\n2020\t31035\n2021\t22496\n2022\t22004\n2023\t20798\nThereafter\t91961\nTotal lease payments\t221336\n", "q10k_tbl_13": "\tJune 30 2019\t\t\tDecember 31 2018\t\t\n\tGross Amount\tAccumulated Amortization\tNet Amount\tGross Amount\tAccumulated Amortization\tNet Amount\nOther intangible assets subject to amortization\t\t\t\t\t\t\nAffiliate relationships (useful life of 16 years)\t212000\t(86125)\t125875\t212000\t(79500)\t132500\nAdvertiser relationships (useful life of 8 years)\t168000\t(136500)\t31500\t168000\t(126000)\t42000\nNetwork affiliation agreements (useful life of 11 to 16 years)\t228700\t(91154)\t137546\t228700\t(83649)\t145051\nRetransmission consent agreements (useful life of 7 to 12 years)\t830100\t(512092)\t318008\t830100\t(467073)\t363027\nOther (useful life of 5 to 15 years)\t8909\t(3224)\t5685\t16015\t(8137)\t7878\nTotal\t1447709\t(829095)\t618614\t1454815\t(764359)\t690456\nOther intangible assets not subject to amortization\t\t\t\t\t\t\nFCC licenses\t\t\t737200\t\t\t737200\nTrade name\t\t\t14800\t\t\t14800\nTotal other intangible assets net\t\t\t1370614\t\t\t1442456\nGoodwill\t\t\t3228547\t\t\t3228601\nTotal goodwill and other intangible assets\t\t\t4599161\t\t\t4671057\n", "q10k_tbl_14": "Other intangible assets subject to amortization\t\nBalance as of December 31 2018\t690456\nAmortization\t(70039)\nBalance sheet reclassifications (1)\t(1762)\nForeign currency translation adjustment\t(41)\nBalance as of June 30 2019\t618614\nOther intangible assets not subject to amortization\t\nBalance as of June 30 2019 and December 31 2018\t752000\nGoodwill\t\nGross balance as of December 31 2018\t3609601\nAccumulated impairment losses at December 31 2018\t(381000)\nBalance as of December 31 2018\t3228601\nForeign currency translation adjustment\t(54)\nBalance as of June 30 2019\t3228547\nTotal goodwill and other intangible assets as of June 30 2019\t4599161\n", "q10k_tbl_15": "\tJune 30 2019\tDecember 31 2018\nEquity method investments\t1149197\t1238457\nOther equity investments\t5503\t25980\nTotal investments\t1154700\t1264437\n", "q10k_tbl_16": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nIncome on equity investments net before amortization of basis difference\t58996\t65037\t117150\t116643\nAmortization of basis difference\t(12469)\t(12469)\t(24938)\t(24938)\nIncome on equity investments net\t46527\t52568\t92212\t91705\n", "q10k_tbl_17": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nCash distributions from equity investments\t28379\t43789\t181461\t158926\n", "q10k_tbl_18": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nRevenues net\t336200\t322154\t655915\t630099\nOperating income\t190888\t171788\t368920\t334544\nNet income\t190604\t176289\t378054\t341878\n", "q10k_tbl_19": "\tJune 30 2019\tDecember 31 2018\nTerm Loan Facility\t\t\nTerm B Loans due 2020 effective interest rate of 3.84% net of unamortized discount and debt issuance costs of $952 and $1268\t188673\t188357\nTerm C Loans due 2024 effective interest rate of 3.85% net of unamortized discount and debt issuance costs of $16565 and $18305\t1649327\t1647587\n5.875% Senior Notes due 2022 net of debt issuance costs of $8478 and $9861\t1091522\t1090139\nTotal debt\t2929522\t2926083\n", "q10k_tbl_20": "\tJune 30 2019\t\tDecember 31 2018\t\n\tFair Value\tCarrying Amount\tFair Value\tCarrying Amount\nTerm Loan Facility\t\t\t\t\nTerm B Loans due 2020\t189329\t188673\t187965\t188357\nTerm C Loans due 2024\t1662078\t1649327\t1631742\t1647587\n5.875% Senior Notes due 2022\t1120779\t1091522\t1111000\t1090139\n", "q10k_tbl_21": "\tPension Benefits\t\t\t\n\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nService cost\t203\t174\t416\t467\nInterest cost\t19229\t17829\t38398\t35569\nExpected return on plans' assets\t(23769)\t(24823)\t(47554)\t(49641)\nRecognized actuarial loss\t0\t8\t0\t8\nAmortization of prior service costs\t39\t35\t79\t70\nNet periodic benefit credit\t(4298)\t(6777)\t(8661)\t(13527)\n", "q10k_tbl_22": "\t2019\t\t2018\t\n\tPer Share\tTotal Amount\tPer Share\tTotal Amount\nFirst quarter\t0.25\t22061\t0.25\t21922\nSecond quarter\t0.25\t22114\t0.25\t21925\nTotal quarterly cash dividends declared and paid\t0.50\t44175\t0.50\t43847\n", "q10k_tbl_23": "\tSix Months Ended June 30 2019\t\n\tShares\tWeighted Avg. Exercise Price\nOutstanding beginning of period\t2431397\t36.54\nExercised)\t(357852\t31.84\nForfeited)\t(44740\t33.10\nCancelled)\t(9720\t57.24\nOutstanding end of period\t2019085\t37.35\nVested and exercisable end of period\t1373655\t39.65\n", "q10k_tbl_24": "\tSix Months Ended June 30 2019\t\n\tShares\tWeighted Avg. Fair Value\nOutstanding beginning of period\t1123554\t35.46\nGranted\t468469\t46.03\nDividend equivalent units granted\t12621\t46.11\nVested)\t(387343\t34.68\nDividend equivalent units vested)\t(23342\t37.58\nForfeited)\t(39285\t37.29\nDividend equivalent units forfeited)\t(1570\t38.77\nOutstanding and nonvested end of period\t1153104\t40.03\n", "q10k_tbl_25": "\tSix Months Ended June 30 2019\t\n\tShares\tWeighted Avg. Fair Value\nOutstanding beginning of period\t27812\t36.84\nOutstanding and nonvested end of period\t27812\t36.84\n", "q10k_tbl_26": "\tSix Months Ended June 30 2019\t\n\tShares\tWeighted Avg. Fair Value\nOutstanding beginning of period\t161515\t37.30\nGranted (1)\t49342\t46.43\nDividend equivalent units granted\t2121\t42.51\nVested)\t(119282\t36.60\nDividend equivalent units vested)\t(6548\t37.19\nOutstanding and nonvested end of period\t87148\t42.09\n", "q10k_tbl_27": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nEPS numerator:\t\t\t\t\nNet income as reported\t63650\t84438\t176854\t225621\nNet loss attributable to noncontrolling interests\t7\t4\t11\t10\nNet income attributable to Tribune Media Company\t63657\t84442\t176865\t225631\nLess: Dividends distributed to Warrants\t8\t8\t15\t15\nLess: Undistributed earnings allocated to Warrants\t14\t22\t46\t63\nNet income attributable to Tribune Media Company's common shareholders for basic EPS\t63635\t84412\t176804\t225553\nAdd: Undistributed earnings allocated to dilutive securities\t0\t0\t0\t1\nNet income attributable to Tribune Media Company's common shareholders for diluted EPS\t63635\t84412\t176804\t225554\nEPS denominator:\t\t\t\t\nWeighted average shares outstanding - basic\t88342\t87628\t88133\t87556\nImpact of dilutive securities\t772\t545\t969\t787\nWeighted average shares outstanding - diluted\t89114\t88173\t89102\t88343\nNet Income Per Common Share Attributable to Tribune Media Company:\t\t\t\t\nBasic\t0.72\t0.96\t2.01\t2.58\nDiluted\t0.71\t0.96\t1.98\t2.55\n", "q10k_tbl_28": "\tPension and Other Post-Retirement Benefit Items\tCash Flow Hedging Instruments\tForeign Currency Translation Adjustments\tTotal\nBalance at December 31 2018\t(108238)\t4564\t(1293)\t(104967)\nOther comprehensive income before reclassifications\t(2885)\t(12472)\t(125)\t(15482)\nAmounts reclassified from AOCI\t(92)\t(424)\t0\t(516)\nBalance at June 30 2019\t(111215)\t(8332)\t(1418)\t(120965)\n", "q10k_tbl_29": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nOperating Revenues\t\t\t\t\nTelevision and Entertainment\t482557\t486417\t935984\t927119\nCorporate and Other\t1479\t2941\t3040\t5874\nTotal operating revenues\t484036\t489358\t939024\t932993\nOperating Profit (Loss) (1)\t\t\t\t\nTelevision and Entertainment\t99603\t119767\t179528\t331619\nCorporate and Other\t(26322)\t(21701)\t(51544)\t(46268)\nTotal operating profit (loss)\t73281\t98066\t127984\t285351\nDepreciation\t\t\t\t\nTelevision and Entertainment\t12064\t10941\t23126\t21811\nCorporate and Other\t1803\t2340\t3693\t5245\nTotal depreciation\t13867\t13281\t26819\t27056\nAmortization\t\t\t\t\nTelevision and Entertainment\t35018\t41681\t70039\t83368\nCapital Expenditures\t\t\t\t\nTelevision and Entertainment\t15851\t7433\t27784\t17559\nCorporate and Other\t1378\t3841\t2823\t7388\nTotal capital expenditures\t17229\t11274\t30607\t24947\n", "q10k_tbl_30": "\tJune 30 2019\tDecember 31 2018\nAssets\t\t\nTelevision and Entertainment\t6941931\t6976808\nCorporate and Other\t1458060\t1274583\nAssets held for sale (2)\t62789\t0\nTotal assets\t8462780\t8251391\n", "q10k_tbl_31": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nOperating Revenues\t0\t482885\t1151\t0\t484036\nProgramming and direct operating expenses\t0\t231508\t662\t0\t232170\nSelling general and administrative\t24615\t104221\t864\t0\t129700\nDepreciation and amortization\t1558\t44468\t2859\t0\t48885\nTotal Operating Expenses\t26173\t380197\t4385\t0\t410755\nOperating (Loss) Profit\t(26173)\t102688\t(3234)\t0\t73281\nIncome (loss) on equity investments net\t0\t47177\t(650)\t0\t46527\nInterest income\t7720\t0\t6\t0\t7726\nInterest expense\t(43777)\t0\t0\t0\t(43777)\nPension and other postretirement periodic benefit credit net\t4524\t0\t0\t0\t4524\nOther non-operating items net\t(842)\t0\t46\t0\t(796)\nIntercompany income (charges)\t23578\t(23578)\t0\t0\t0\n(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries\t(34970)\t126287\t(3832)\t0\t87485\nIncome tax (benefit) expense\t(8336)\t33094\t(923)\t0\t23835\nEquity (deficit) in earnings of consolidated subsidiaries net of taxes\t90291\t(188)\t0\t(90103)\t0\nNet Income (Loss)\t63657\t93005\t(2909)\t(90103)\t63650\nNet loss attributable to noncontrolling interests\t0\t0\t7\t0\t7\nNet Income (Loss) attributable to Tribune Media Company\t63657\t93005\t(2902)\t(90103)\t63657\nComprehensive Income (Loss)\t53271\t92998\t(2692)\t(90306)\t53271\n", "q10k_tbl_32": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nOperating Revenues\t0\t486549\t2809\t0\t489358\nProgramming and direct operating expenses\t0\t209872\t580\t0\t210452\nSelling general and administrative\t19570\t105564\t744\t0\t125878\nDepreciation and amortization\t2069\t49949\t2944\t0\t54962\nTotal Operating Expenses\t21639\t365385\t4268\t0\t391292\nOperating (Loss) Profit\t(21639)\t121164\t(1459)\t0\t98066\nIncome on equity investments net\t0\t42684\t9884\t0\t52568\nInterest and dividend income\t2336\t0\t0\t0\t2336\nInterest expense\t(41990)\t0\t0\t0\t(41990)\nPension and other post retirement periodic benefit credit net\t6985\t0\t0\t0\t6985\nOther non-operating items\t(711)\t0\t0\t0\t(711)\nIntercompany income (charges)\t12412\t(12369)\t(43)\t0\t0\n(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries\t(42607)\t151479\t8382\t0\t117254\nIncome tax (benefit) expense\t(9620)\t40272\t2164\t0\t32816\nEquity (deficit) in earnings of consolidated subsidiaries net of taxes\t117429\t(198)\t0\t(117231)\t0\nNet Income (Loss)\t84442\t111009\t6218\t(117231)\t84438\nNet loss attributable to noncontrolling interests\t0\t0\t4\t0\t4\nNet Income (Loss) attributable to Tribune Media Company\t84442\t111009\t6222\t(117231)\t84442\nComprehensive Income (Loss)\t83011\t110968\t5561\t(116529)\t83011\n", "q10k_tbl_33": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nOperating Revenues\t0\t936522\t2502\t0\t939024\nProgramming and direct operating expenses\t0\t449860\t1360\t0\t451220\nSelling general and administrative\t48188\t213025\t1749\t0\t262962\nDepreciation and amortization\t3301\t87838\t5719\t0\t96858\nTotal Operating Expenses\t51489\t750723\t8828\t0\t811040\nOperating (Loss) Profit\t(51489)\t185799\t(6326)\t0\t127984\nIncome (loss) on equity investments net\t0\t93634\t(1422)\t0\t92212\nInterest income\t13966\t0\t7\t0\t13973\nInterest expense\t(87392)\t0\t0\t0\t(87392)\nPension and other postretirement periodic benefit credit net\t9154\t0\t0\t0\t9154\nGain on investment transaction\t0\t0\t86272\t0\t86272\nOther non-operating items net\t(2044)\t(1000)\t(693)\t0\t(3737)\nIntercompany income (charges)\t47156\t(47156)\t0\t0\t0\n(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries\t(70649)\t231277\t77838\t0\t238466\nIncome tax (benefit) expense\t(17124)\t61741\t16995\t0\t61612\nEquity (deficit) in earnings of consolidated subsidiaries net of taxes\t230390\t(348)\t0\t(230042)\t0\nNet Income (Loss)\t176865\t169188\t60843\t(230042)\t176854\nNet loss attributable to noncontrolling interests\t0\t0\t11\t0\t11\nNet Income (Loss) attributable to Tribune Media Company\t176865\t169188\t60854\t(230042)\t176865\nComprehensive Income (Loss)\t160867\t169166\t60751\t(229917)\t160867\n", "q10k_tbl_34": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nOperating Revenues\t0\t927440\t5553\t0\t932993\nProgramming and direct operating expenses\t0\t411215\t1366\t0\t412581\nSelling general and administrative\t42434\t213936\t1464\t0\t257834\nDepreciation and amortization\t4473\t99881\t6070\t0\t110424\nGain on sales of spectrum\t0\t(133197)\t0\t0\t(133197)\nTotal Operating Expenses\t46907\t591835\t8900\t0\t647642\nOperating (Loss) Profit\t(46907)\t335605\t(3347)\t0\t285351\nIncome on equity investments net\t0\t82042\t9663\t0\t91705\nInterest income\t4234\t0\t0\t0\t4234\nInterest expense\t(82621)\t0\t0\t0\t(82621)\nPension and other postretirement periodic benefit credit net\t14069\t0\t0\t0\t14069\nGain on investment transaction\t0\t0\t3888\t0\t3888\nOther non-operating items net\t(1487)\t0\t0\t0\t(1487)\nIntercompany income (charges)\t24825\t(24740)\t(85)\t0\t0\n(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries\t(87887)\t392907\t10119\t0\t315139\nIncome tax (benefit) expense\t(17175)\t104122\t2571\t0\t89518\nEquity (deficit) in earnings of consolidated subsidiaries net of taxes\t296343\t(536)\t0\t(295807)\t0\nNet Income (Loss)\t225631\t288249\t7548\t(295807)\t225621\nNet loss attributable to noncontrolling interests\t0\t0\t10\t0\t10\nNet Income (Loss) attributable to Tribune Media Company\t225631\t288249\t7558\t(295807)\t225631\nComprehensive Income (Loss)\t232692\t288183\t7357\t(295540)\t232692\n", "q10k_tbl_35": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nAssets\t\t\t\t\t\nCurrent Assets\t\t\t\t\t\nCash and cash equivalents\t1309266\t1730\t3112\t0\t1314108\nRestricted cash and cash equivalents\t16607\t0\t0\t0\t16607\nAccounts receivable net\t60\t420860\t389\t0\t421309\nBroadcast rights\t0\t71923\t675\t0\t72598\nIncome taxes receivable\t0\t17607\t0\t0\t17607\nPrepaid expenses\t10608\t16121\t280\t0\t27009\nOther\t7035\t1233\t597\t0\t8865\nTotal current assets\t1343576\t529474\t5053\t0\t1878103\nProperties\t\t\t\t\t\nProperty plant and equipment\t45237\t571828\t29678\t0\t646743\nAccumulated depreciation\t(34768)\t(248736)\t(1758)\t0\t(285262)\nNet properties\t10469\t323092\t27920\t0\t361481\nInvestments in subsidiaries\t11147221\t59140\t0\t(11206361)\t0\nOther Assets\t\t\t\t\t\nBroadcast rights\t0\t69723\t304\t0\t70027\nOperating lease right-of-use assets\t7796\t188474\t138\t0\t196408\nGoodwill\t0\t3220300\t8247\t0\t3228547\nOther intangible assets net\t0\t1309032\t61582\t0\t1370614\nAssets held for sale\t0\t62789\t0\t0\t62789\nInvestments\t850\t1145684\t8166\t0\t1154700\nIntercompany receivables\t3203083\t7113348\t1480848\t(11797279)\t0\nOther\t65491\t135641\t7849\t(68870)\t140111\nTotal other assets\t3277220\t13244991\t1567134\t(11866149)\t6223196\nTotal Assets\t15778486\t14156697\t1600107\t(23072510)\t8462780\n", "q10k_tbl_36": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nLiabilities and Shareholders' Equity (Deficit)\t\t\t\t\t\nCurrent Liabilities\t\t\t\t\t\nAccounts payable\t21464\t19609\t1429\t0\t42502\nIncome taxes payable\t0\t55509\t0\t0\t55509\nContracts payable for broadcast rights\t0\t211176\t870\t0\t212046\nDeferred revenue\t0\t12973\t894\t0\t13867\nInterest payable\t30652\t0\t0\t0\t30652\nOperating lease liabilities\t1664\t18204\t36\t0\t19904\nOther\t54004\t56229\t1003\t0\t111236\nTotal current liabilities\t107784\t373700\t4232\t0\t485716\nNon-Current Liabilities\t\t\t\t\t\nLong-term debt\t2929522\t0\t0\t0\t2929522\nDeferred income taxes\t0\t585086\t0\t(68870)\t516216\nContracts payable for broadcast rights\t0\t170803\t340\t0\t171143\nOperating lease liabilities\t8227\t184049\t102\t0\t192378\nIntercompany payables\t8681608\t2393930\t721741\t(11797279)\t0\nOther obligations\t390251\t87306\t23731\t0\t501288\nTotal non-current liabilities\t12009608\t3421174\t745914\t(11866149)\t4310547\nTotal liabilities\t12117392\t3794874\t750146\t(11866149)\t4796263\nShareholders' Equity (Deficit)\t\t\t\t\t\nCommon stock\t102\t0\t0\t0\t102\nTreasury stock\t(632194)\t0\t0\t0\t(632194)\nAdditional paid-in-capital\t4045530\t8307898\t913902\t(9221800)\t4045530\nRetained earnings (deficit)\t368621\t2055177\t(69198)\t(1985979)\t368621\nAccumulated other comprehensive (loss) income\t(120965)\t(1252)\t(166)\t1418\t(120965)\nTotal Tribune Media Company shareholders' equity (deficit)\t3661094\t10361823\t844538\t(11206361)\t3661094\nNoncontrolling interests\t0\t0\t5423\t0\t5423\nTotal shareholders' equity (deficit)\t3661094\t10361823\t849961\t(11206361)\t3666517\nTotal Liabilities and Shareholders' Equity (Deficit)\t15778486\t14156697\t1600107\t(23072510)\t8462780\n", "q10k_tbl_37": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nAssets\t\t\t\t\t\nCurrent Assets\t\t\t\t\t\nCash and cash equivalents\t1058961\t904\t3176\t0\t1063041\nRestricted cash and cash equivalents\t16607\t0\t0\t0\t16607\nAccounts receivable net\t323\t415836\t779\t0\t416938\nBroadcast rights\t0\t96308\t1961\t0\t98269\nIncome taxes receivable\t0\t23922\t0\t0\t23922\nPrepaid expenses\t6992\t12139\t313\t0\t19444\nOther\t6201\t1305\t3\t0\t7509\nTotal current assets\t1089084\t550414\t6232\t0\t1645730\nProperties\t\t\t\t\t\nProperty plant and equipment\t45684\t612282\t29411\t0\t687377\nAccumulated depreciation\t(31920)\t(232469)\t(1689)\t0\t(266078)\nNet properties\t13764\t379813\t27722\t0\t421299\nInvestments in subsidiaries\t10899707\t59488\t0\t(10959195)\t0\nOther Assets\t\t\t\t\t\nBroadcast rights\t0\t95482\t394\t0\t95876\nGoodwill\t0\t3220300\t8301\t0\t3228601\nOther intangible assets net\t0\t1375180\t67276\t0\t1442456\nInvestments\t850\t1233522\t30065\t0\t1264437\nIntercompany receivables\t2987672\t6571444\t1447586\t(11006702)\t0\nOther\t69856\t141117\t3229\t(61210)\t152992\nTotal other assets\t3058378\t12637045\t1556851\t(11067912)\t6184362\nTotal Assets\t15060933\t13626760\t1590805\t(22027107)\t8251391\n", "q10k_tbl_38": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nLiabilities and Shareholders' Equity (Deficit)\t\t\t\t\t\nCurrent Liabilities\t\t\t\t\t\nAccounts payable\t23051\t20357\t1489\t0\t44897\nIncome taxes payable\t0\t9973\t0\t0\t9973\nContracts payable for broadcast rights\t0\t230501\t2186\t0\t232687\nDeferred revenue\t0\t11639\t869\t0\t12508\nInterest payable\t30086\t0\t0\t0\t30086\nOther\t44702\t76694\t246\t0\t121642\nTotal current liabilities\t97839\t349164\t4790\t0\t451793\nNon-Current Liabilities\t\t\t\t\t\nLong-term debt\t2926083\t0\t0\t0\t2926083\nDeferred income taxes\t0\t570933\t64201\t(61210)\t573924\nContracts payable for broadcast rights\t0\t232850\t425\t0\t233275\nIntercompany payables\t8121544\t2176908\t708250\t(11006702)\t0\nOther\t397559\t121497\t24163\t0\t543219\nTotal non-current liabilities\t11445186\t3102188\t797039\t(11067912)\t4276501\nTotal Liabilities\t11543025\t3451352\t801829\t(11067912)\t4728294\nShareholders' Equity (Deficit)\t\t\t\t\t\nCommon stock\t102\t0\t0\t0\t102\nTreasury stock\t(632194)\t0\t0\t0\t(632194)\nAdditional paid-in-capital\t4031233\t8307898\t913902\t(9221800)\t4031233\nRetained (deficit) earnings\t223734\t1868740\t(130052)\t(1738688)\t223734\nAccumulated other comprehensive (loss) income\t(104967)\t(1230)\t(63)\t1293\t(104967)\nTotal Tribune Media Company shareholders' equity (deficit)\t3517908\t10175408\t783787\t(10959195)\t3517908\nNoncontrolling interests\t0\t0\t5189\t0\t5189\nTotal shareholders' equity (deficit)\t3517908\t10175408\t788976\t(10959195)\t3523097\nTotal Liabilities and Shareholders' Equity (Deficit)\t15060933\t13626760\t1590805\t(22027107)\t8251391\n", "q10k_tbl_39": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nNet cash (used in) provided by operating activities\t(51751)\t350238\t(88224)\t0\t210263\nInvesting Activities\t\t\t\t\t\nCapital expenditures\t(1188)\t(29558)\t139\t0\t(30607)\nSpectrum repack reimbursements\t0\t5947\t0\t0\t5947\nProceeds from the sales of investments\t0\t0\t107547\t0\t107547\nOther net\t0\t(919)\t0\t0\t(919)\nNet cash (used in) provided by investing activities\t(1188)\t(24530)\t107686\t0\t81968\nFinancing Activities\t\t\t\t\t\nPayments of dividends\t(44175)\t0\t0\t0\t(44175)\nTax withholdings related to net share settlements of share-based awards\t(8630)\t0\t0\t0\t(8630)\nProceeds from stock option exercises\t11396\t0\t0\t0\t11396\nContribution from noncontrolling interest\t0\t0\t245\t0\t245\nChange in intercompany receivables and payables and intercompany contributions\t344653\t(324882)\t(19771)\t0\t0\nNet cash provided by (used in) financing activities\t303244\t(324882)\t(19526)\t0\t(41164)\nNet Increase (decrease) in Cash Cash Equivalents and Restricted Cash\t250305\t826\t(64)\t0\t251067\nCash cash equivalents and restricted cash beginning of period\t1075568\t904\t3176\t0\t1079648\nCash cash equivalents and restricted cash end of period\t1325873\t1730\t3112\t0\t1330715\nCash Cash Equivalents and Restricted Cash are Comprised of:\t\t\t\t\t\nCash and cash equivalents\t1309266\t1730\t3112\t0\t1314108\nRestricted cash and cash equivalents\t16607\t0\t0\t0\t16607\nTotal cash cash equivalents and restricted cash\t1325873\t1730\t3112\t0\t1330715\n", "q10k_tbl_40": "\tParent (Tribune Media Company)\tGuarantor Subsidiaries\tNon-Guarantor Subsidiaries\tEliminations\tTribune Media Company Consolidated\nNet cash (used in) provided by operating activities\t(83042)\t327636\t(23653)\t0\t220941\nInvesting Activities\t\t\t\t\t\nCapital expenditures\t(6087)\t(18785)\t(75)\t0\t(24947)\nSpectrum repack reimbursement\t0\t1698\t0\t0\t1698\nProceeds from sales of investments\t0\t0\t3890\t0\t3890\nOther\t0\t2\t1613\t0\t1615\nNet cash (used in) provided by investing activities\t(6087)\t(17085)\t5428\t0\t(17744)\nFinancing Activities\t\t\t\t\t\nPayments of dividends\t(43847)\t0\t0\t0\t(43847)\nTax withholdings related to net share settlements of share-based awards\t(5723)\t0\t0\t0\t(5723)\nProceeds from stock option exercises\t581\t0\t0\t0\t581\nDistribution to noncontrolling interests\t0\t0\t(2)\t0\t(2)\nChange in intercompany receivables and payables and intercompany contributions\t291389\t(310622)\t19233\t0\t0\nNet cash provided by (used in) financing activities\t242400\t(310622)\t19231\t0\t(48991)\nNet Increase (Decrease) in Cash Cash Equivalents and Restricted Cash\t153271\t(71)\t1006\t0\t154206\nCash cash equivalents and restricted cash beginning of period\t687868\t1501\t1882\t0\t691251\nCash cash equivalents and restricted cash end of period\t841139\t1430\t2888\t0\t845457\nCash Cash Equivalents and Restricted Cash are Comprised of:\t\t\t\t\t\nCash and cash equivalents\t824532\t1430\t2888\t0\t828850\nRestricted cash and cash equivalents\t16607\t0\t0\t0\t16607\nTotal cash cash equivalents and restricted cash\t841139\t1430\t2888\t0\t845457\n", "q10k_tbl_41": "\tThree Months Ended\t\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\tJune 30 2019\tJune 30 2018\nGain on investment transactions\t0\t0\t86272\t3888\nOther non-operating gain (loss) net\t80\t(26)\t(1543)\t91\nTotal non-operating gain net\t80\t(26)\t84729\t3979\n", "q10k_tbl_42": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nOperating revenues\t484036\t489358\t-1%\t939024\t932993\t+1%\nOperating profit\t73281\t98066\t-25%\t127984\t285351\t-55%\nIncome on equity investments net\t46527\t52568\t-11%\t92212\t91705\t+1%\nNet income attributable to Tribune Media Company\t63657\t84442\t-25%\t176865\t225631\t-22%\n", "q10k_tbl_43": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nOperating revenues\t\t\t\t\t\t\nTelevision and Entertainment\t482557\t486417\t-1%\t935984\t927119\t+1%\nCorporate and Other\t1479\t2941\t-50%\t3040\t5874\t-48%\nTotal operating revenues\t484036\t489358\t-1%\t939024\t932993\t+1%\nOperating profit (loss)\t\t\t\t\t\t\nTelevision and Entertainment\t99603\t119767\t-17%\t179528\t331619\t-46%\nCorporate and Other\t(26322)\t(21701)\t+21%\t(51544)\t(46268)\t+11%\nTotal operating profit (loss)\t73281\t98066\t-25%\t127984\t285351\t-55%\n", "q10k_tbl_44": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nProgramming\t134083\t111635\t+20%\t253970\t212376\t+20%\nDirect operating expenses\t98087\t98817\t-1%\t197250\t200205\t-1%\nSelling general and administrative\t129700\t125878\t+3%\t262962\t257834\t+2%\nDepreciation\t13867\t13281\t+4%\t26819\t27056\t-1%\nAmortization\t35018\t41681\t-16%\t70039\t83368\t-16%\nGain on sales of spectrum\t0\t0\t-%\t0\t(133197)\t-100%\nTotal operating expenses\t410755\t391292\t+5%\t811040\t647642\t+25%\n", "q10k_tbl_45": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nOperating revenues\t482557\t486417\t-1%\t935984\t927119\t+1%\nOperating expenses\t382954\t366650\t+4%\t756456\t595500\t+27%\nOperating profit\t99603\t119767\t-17%\t179528\t331619\t-46%\n", "q10k_tbl_46": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nAdvertising\t298899\t311431\t-4%\t568788\t581870\t-2%\nRetransmission revenues\t132342\t117185\t+13%\t265202\t235327\t+13%\nCarriage fees\t40771\t40815\t-%\t81910\t82477\t-1%\nOther\t10545\t16986\t-38%\t20084\t27445\t-27%\nTotal operating revenues\t482557\t486417\t-1%\t935984\t927119\t+1%\n", "q10k_tbl_47": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nCompensation\t133776\t133224\t-%\t270204\t266956\t+1%\nProgramming\t134083\t111635\t+20%\t253970\t212376\t+20%\nDepreciation\t12064\t10941\t+10%\t23126\t21811\t+6%\nAmortization\t35018\t41681\t-16%\t70039\t83368\t-16%\nOther\t68013\t69169\t-2%\t139117\t144186\t-4%\nGain on sales of spectrum\t0\t0\t-%\t0\t(133197)\t-100%\nTotal operating expenses\t382954\t366650\t+4%\t756456\t595500\t+27%\n", "q10k_tbl_48": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nReal estate revenues\t1479\t2941\t-50%\t3040\t5874\t-48%\nOperating Expenses\t\t\t\t\t\t\nReal estate\t1627\t3003\t-46%\t3093\t5234\t-41%\nCorporate (1)\t26174\t21639\t+21%\t51491\t46908\t+10%\nTotal operating expenses\t27801\t24642\t+13%\t54584\t52142\t+5%\n", "q10k_tbl_49": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nIncome on equity investments net before amortization of basis difference\t58996\t65037\t-9%\t117150\t116643\t-%\nAmortization of basis difference (1)\t(12469)\t(12469)\t-%\t(24938)\t(24938)\t-%\nIncome on equity investments net\t46527\t52568\t-11%\t92212\t91705\t+1%\n", "q10k_tbl_50": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nCash distributions from equity investments\t28379\t43789\t-35%\t181461\t158926\t+14%\n", "q10k_tbl_51": "\tThree Months Ended\t\t\tSix Months Ended\t\t\n\tJune 30 2019\tJune 30 2018\tChange\tJune 30 2019\tJune 30 2018\tChange\nInterest income\t7726\t2336\t*\t13973\t4234\t*\nInterest expense\t43777\t41990\t+4%\t87392\t82621\t+6%\nIncome tax expense\t23835\t32816\t-27%\t61612\t89518\t-31%\n", "q10k_tbl_52": "\tSix Months Ended\t\n\tJune 30 2019\tJune 30 2018\nNet cash provided by operating activities\t210263\t220941\nNet cash provided by (used in) investing activities\t81968\t(17744)\nNet cash used in financing activities\t(41164)\t(48991)\nNet increase in cash cash equivalents and restricted cash\t251067\t154206\n", "q10k_tbl_53": "\tJune 30 2019\tDecember 31 2018\nTerm Loan Facility\t\t\nTerm B Loans due 2020 effective interest rate of 3.84% net of unamortized discount and debt issuance costs of $952 and $1268\t188673\t188357\nTerm C Loans due 2024 effective interest rate of 3.85% net of unamortized discount and debt issuance costs of $16565 and $18305\t1649327\t1647587\n5.875% Senior Notes due 2022 net of debt issuance costs of $8478 and $9861\t1091522\t1090139\nTotal debt\t2929522\t2926083\n", "q10k_tbl_54": "\t2019\t\t2018\t\n\tPer Share\tTotal Amount\tPer Share\tTotal Amount\nFirst quarter\t0.25\t22061\t0.25\t21922\nSecond quarter\t0.25\t22114\t0.25\t21925\nTotal quarterly cash dividends declared and paid\t0.50\t44175\t0.50\t43847\n", "q10k_tbl_55": "Exhibit No.\tDescription\n31.1\tCertification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\n31.2\tCertification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\n32.1\tSection 1350 Certification\n32.2\tSection 1350 Certification\n101.INS\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tXBRL Taxonomy Extension Schema\n101.CAL\tXBRL Taxonomy Extension Calculation Linkbase\n101.LAB\tXBRL Taxonomy Extension Label Linkbase\n101.PRE\tXBRL Taxonomy Extension Presentation Linkbase\n101.DEF\tXBRL Taxonomy Extension Definition Linkbase\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_1", "cf": "q10k_tbl_7"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8572
___________________________
TRIBUNE MEDIA COMPANY
(Exact name of registrant as specified in its charter)
___________________________
Delaware
36-1880355
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
515 North State Street,
Chicago,
Illinois
60654
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (312)222-3394.
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Class A Common Stock, par value $0.001 per share
TRCO
The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
ý
Accelerated Filer
o
Non-Accelerated Filer
o
Smaller Reporting Company
o
Emerging Growth Company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes o No ý
As of July 31, 2019, 88,405,196 shares of the registrant’s Class A Common Stock and 5,557 shares of the registrant’s Class B Common Stock were outstanding.
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
TRIBUNE MEDIA COMPANY
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2019
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Pension and other postretirement periodic benefit credit, net
4,524
6,985
9,154
14,069
Gain on investment transactions
—
—
86,272
3,888
Other non-operating gain (loss), net
80
(26
)
(1,543
)
91
Reorganization items, net
(876
)
(685
)
(2,194
)
(1,578
)
Income Before Income Taxes
87,485
117,254
238,466
315,139
Income tax expense
23,835
32,816
61,612
89,518
Net Income
$
63,650
$
84,438
$
176,854
$
225,621
Net loss attributable to noncontrolling interests
7
4
11
10
Net Income attributable to Tribune Media Company
$
63,657
$
84,442
$
176,865
$
225,631
Net Earnings Per Common Share Attributable to Tribune Media Company:
Basic
$
0.72
$
0.96
$
2.01
$
2.58
Diluted
$
0.71
$
0.96
$
1.98
$
2.55
See Notes to Unaudited Condensed Consolidated Financial Statements
2
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of dollars)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2019
June 30, 2018
June 30, 2019
June 30, 2018
Net Income
$
63,650
$
84,438
$
176,854
$
225,621
Other Comprehensive Income (Loss), net of taxes
Pension and other post-retirement benefit items:
Change in unrecognized benefit plan gains and losses arising during the period, net of taxes of $(1,001) and $(1,327) for the three months and six months ended June 30, 2019 and June 30, 2018, respectively
(2,885
)
(3,827
)
(2,885
)
(3,827
)
Adjustment for previously unrecognized benefit plan gains and losses included in net income, net of taxes of $(14) and $(13) for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(33) and $(29) for the six months ended June 30, 2019 and June 30, 2018, respectively
(38
)
(37
)
(92
)
(83
)
Change in unrecognized benefit plan gains and losses, net of taxes
(2,923
)
(3,864
)
(2,977
)
(3,910
)
Cash flow hedging instruments:
Unrealized gains and losses, net of taxes of $(2,585) and $975 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(4,325) and $3,571 for the six months ended June 30, 2019 and June 30, 2018, respectively
(7,454
)
2,810
(12,472
)
10,297
Gains and losses reclassified to net income, net of taxes of $(73) and $112 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(147) and $326 for the six months ended June 30, 2019 and June 30, 2018, respectively
(212
)
325
(424
)
941
Change in unrecognized gains and losses on cash flow hedging instruments, net of taxes
(7,666
)
3,135
(12,896
)
11,238
Foreign currency translation adjustments:
Change in foreign currency translation adjustments, net of taxes of $(3) and $67 for the three months ended June 30, 2019 and June 30, 2018, respectively, and $(8) and $58 for the six months ended June 30, 2019 and June 30, 2018
203
(702
)
(125
)
(267
)
Other Comprehensive Income (Loss), net of taxes
(10,386
)
(1,431
)
(15,998
)
7,061
Comprehensive Income
$
53,264
$
83,007
$
160,856
$
232,682
Comprehensive loss attributable to noncontrolling interests
7
4
11
10
Comprehensive Income Attributable to Tribune Media Company
$
53,271
$
83,011
$
160,867
$
232,692
See Notes to Unaudited Condensed Consolidated Financial Statements
3
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)
June 30, 2019
December 31, 2018
Assets
Current Assets
Cash and cash equivalents
$
1,314,108
$
1,063,041
Restricted cash and cash equivalents
16,607
16,607
Accounts receivable (net of allowances of $3,662 and $4,461)
421,309
416,938
Broadcast rights
72,598
98,269
Income taxes receivable
17,607
23,922
Prepaid expenses
27,009
19,444
Other
8,865
7,509
Total current assets
1,878,103
1,645,730
Properties
Property, plant and equipment
646,743
687,377
Accumulated depreciation
(285,262
)
(266,078
)
Net properties
361,481
421,299
Other Assets
Broadcast rights
70,027
95,876
Operating lease right-of-use assets (Note 3)
196,408
—
Goodwill
3,228,547
3,228,601
Other intangible assets, net
1,370,614
1,442,456
Assets held for sale
62,789
—
Investments
1,154,700
1,264,437
Other
140,111
152,992
Total other assets
6,223,196
6,184,362
Total Assets (1)
$
8,462,780
$
8,251,391
See Notes to Unaudited Condensed Consolidated Financial Statements
4
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share and per share data)
(Unaudited)
June 30, 2019
December 31, 2018
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable
$
42,502
$
44,897
Income taxes payable
55,509
9,973
Employee compensation and benefits
57,360
79,482
Contracts payable for broadcast rights
212,046
232,687
Deferred revenue
13,867
12,508
Interest payable
30,652
30,086
Operating lease liabilities (Note 3)
19,904
—
Other
53,876
42,160
Total current liabilities
485,716
451,793
Non-Current Liabilities
Long-term debt (net of unamortized discounts and debt issuance costs of $25,995 and $29,434)
2,929,522
2,926,083
Deferred income taxes
516,216
573,924
Contracts payable for broadcast rights
171,143
233,275
Pension obligations, net
374,964
380,322
Postretirement, medical, life and other benefits
8,452
8,298
Operating lease liabilities (Note 3)
192,378
—
Other obligations
117,872
154,599
Total non-current liabilities
4,310,547
4,276,501
Total Liabilities (1)
4,796,263
4,728,294
Commitments and Contingent Liabilities (Note 8)
Shareholders’ Equity
Preferred stock ($0.001 par value per share)
Authorized: 40,000,000 shares; No shares issued and outstanding at June 30, 2019 and at December 31, 2018
—
—
Class A Common Stock ($0.001 par value per share)
Authorized: 1,000,000,000 shares; 102,498,285 shares issued and 88,396,100 shares outstanding at June 30, 2019 and 101,790,837 shares issued and 87,688,652 shares outstanding at December 31, 2018
102
102
Class B Common Stock ($0.001 par value per share)
Authorized: 1,000,000,000 shares; Issued and outstanding: 5,557 shares at June 30, 2019 and December 31, 2018
—
—
Treasury stock, at cost: 14,102,185 shares at June 30, 2019 and December 31, 2018
(632,194
)
(632,194
)
Additional paid-in-capital
4,045,530
4,031,233
Retained earnings
368,621
223,734
Accumulated other comprehensive loss
(120,965
)
(104,967
)
Total Tribune Media Company shareholders’ equity
3,661,094
3,517,908
Noncontrolling interests
5,423
5,189
Total shareholders’ equity
3,666,517
3,523,097
Total Liabilities and Shareholders’ Equity
$
8,462,780
$
8,251,391
(1)
The Company’s consolidated total assets as of June 30, 2019 and December 31, 2018 include total assets of variable interest entities (“VIEs”) of $66 million and $73 million, respectively, which can only be used to settle the obligations of the VIEs. The Company’s consolidated total liabilities as of June 30, 2019 and December 31, 2018 include total liabilities of the VIEs of $26 million and $28 million, respectively, for which the creditors of the VIEs have no recourse to the Company (see Note 1).
See Notes to Unaudited Condensed Consolidated Financial Statements
5
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2019
(In thousands, except for share data)
(Unaudited)
Retained
Earnings
Accumulated Other Comprehensive Loss
Additional Paid-In Capital
Common Stock
Total
Class A
Class B
Treasury Stock
Non-
controlling Interests
Amount (at Cost)
Shares
Amount (at Cost)
Shares
Balance at December 31, 2018
$
3,523,097
$
223,734
$
(104,967
)
$
4,031,233
$
(632,194
)
$
5,189
$
102
101,790,837
$
—
5,557
Comprehensive income:
Net income (loss)
113,204
113,208
—
—
—
(4
)
—
—
—
—
Other comprehensive loss, net of taxes
(5,612
)
—
(5,612
)
—
—
—
—
—
—
—
Comprehensive income
107,592
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(22,061
)
(22,349
)
—
288
—
—
—
—
—
—
Stock-based compensation
5,418
—
—
5,418
—
—
—
—
—
—
Net share settlements of stock-based awards
(1,279
)
—
—
(1,279
)
—
—
—
558,474
—
—
Cumulative effect of a change in accounting principle
12,808
12,808
—
—
—
—
—
—
—
—
Contributions from noncontrolling interest
190
—
—
—
—
190
—
—
—
—
Balance at March 31, 2019
$
3,625,765
$
327,401
$
(110,579
)
$
4,035,660
$
(632,194
)
$
5,375
$
102
102,349,311
$
—
5,557
Comprehensive income:
Net income (loss)
63,650
63,657
—
—
—
(7
)
—
—
—
—
Other comprehensive loss, net of taxes
(10,386
)
—
(10,386
)
—
—
—
—
—
—
—
Comprehensive income
53,264
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(22,114
)
(22,437
)
—
323
—
—
—
—
—
—
Stock-based compensation
5,502
—
—
5,502
—
—
—
—
—
—
Net share settlements of stock-based awards
4,045
—
—
4,045
—
—
—
148,974
—
—
Contributions from noncontrolling interest
55
—
—
—
—
55
—
—
—
—
Balance at June 30, 2019
$
3,666,517
$
368,621
$
(120,965
)
$
4,045,530
$
(632,194
)
$
5,423
$
102
102,498,285
$
—
5,557
See Notes to Unaudited Condensed Consolidated Financial Statements
6
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
THREE AND SIX MONTHS ENDED JUNE 30, 2018
(In thousands, except for share data)
(Unaudited)
Retained (Deficit)
Earnings
Accumulated Other Comprehensive (Loss) Income
Additional Paid-In Capital
Common Stock
Total
Class A
Class B
Treasury Stock
Non-
controlling Interests
Amount (at Cost)
Shares
Amount (at Cost)
Shares
Balance at December 31, 2017
$
3,217,180
$
(114,240
)
$
(48,061
)
$
4,011,530
$
(632,194
)
$
44
$
101
101,429,999
$
—
5,557
Comprehensive income:
Net income (loss)
141,183
141,189
—
—
—
(6
)
—
—
—
—
Other comprehensive income, net of taxes
8,492
—
8,492
—
—
—
—
—
—
—
Comprehensive income
149,675
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(21,922
)
(22,243
)
—
321
—
—
—
—
—
—
Stock-based compensation
5,114
—
—
5,114
—
—
—
—
—
—
Net share settlements of stock-based awards
(4,912
)
—
—
(4,913
)
—
—
1
283,545
—
—
Balance at March 31, 2018
$
3,345,135
$
4,706
$
(39,569
)
$
4,012,052
$
(632,194
)
$
38
$
102
101,713,544
$
—
5,557
Comprehensive income:
Net income (loss)
84,438
84,442
—
—
—
(4
)
—
—
—
—
Other comprehensive loss, net of taxes
(1,431
)
—
(1,431
)
—
—
—
—
—
—
—
Comprehensive income
83,007
Regular dividends declared to shareholders and warrant holders, $0.25 per share
(21,925
)
(22,228
)
—
303
—
—
—
—
—
—
Stock-based compensation
5,397
—
—
5,397
—
—
—
—
—
—
Net share settlements of stock-based awards
(230
)
—
—
(230
)
—
—
—
14,433
—
—
Distribution to noncontrolling interests, net
(2
)
—
—
—
—
(2
)
—
—
—
—
Balance at June 30, 2018
$
3,411,382
$
66,920
$
(41,000
)
$
4,017,522
$
(632,194
)
$
32
$
102
101,727,977
$
—
5,557
See Notes to Unaudited Condensed Consolidated Financial Statements
7
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Six Months Ended
June 30, 2019
June 30, 2018
Operating Activities
Net income
$
176,854
$
225,621
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
10,920
10,511
Pension credit and contributions
(8,661
)
(38,027
)
Depreciation
26,819
27,056
Amortization of other intangible assets
70,039
83,368
Income on equity investments, net
(92,212
)
(91,705
)
Distributions from equity investments
181,461
158,926
Amortization of debt issuance costs and original issue discount
3,688
3,718
Gain on sales of spectrum (Note 8)
—
(133,197
)
Gain on investment transactions
(86,272
)
(3,888
)
Spectrum repack reimbursements
(5,947
)
(1,698
)
Other non-operating loss (gain), net
846
(91
)
Changes in working capital items:
Accounts receivable, net
(4,910
)
12,917
Prepaid expenses and other current assets
(8,327
)
(16,825
)
Accounts payable
1,267
(1,857
)
Employee compensation and benefits, accrued expenses and other current liabilities
(21,461
)
(13,993
)
Deferred revenue
1,359
2,801
Income taxes
51,853
7,271
Change in broadcast rights, net of liabilities
(31,253
)
(28,612
)
Deferred income taxes
(56,631
)
17,405
Other, net
831
1,240
Net cash provided by operating activities
210,263
220,941
Investing Activities
Capital expenditures
(30,607
)
(24,947
)
Spectrum repack reimbursements
5,947
1,698
Proceeds from the sales of investments
107,547
3,890
Other, net
(919
)
1,615
Net cash provided by (used in) investing activities
81,968
(17,744
)
See Notes to Unaudited Condensed Consolidated Financial Statements
8
TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
(Unaudited)
Six Months Ended
June 30, 2019
June 30, 2018
Financing Activities
Payments of dividends
(44,175
)
(43,847
)
Tax withholdings related to net share settlements of share-based awards