TRIBUNE CO

CIK:0000726513|SEC Filings

Condensed Consolidated Statements Of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Operating Revenues

Total operating revenues

$ 484,036

$ 489,358

$ 939,024

$ 932,993

Operating Expenses

Programming

134,083

111,635

253,970

212,376

Direct operating expenses

98,087

98,817

197,250

200,205

Selling, general and administrative

129,700

125,878

262,962

257,834

Depreciation

13,867

13,281

26,819

27,056

Amortization

35,018

41,681

70,039

83,368

Gain on sales of spectrum

(133,197)

Total operating expenses

410,755

391,292

811,040

647,642

Operating Profit

^[1]

73,281

98,066

127,984

285,351

Income on equity investments, net

46,527

52,568

92,212

91,705

Interest income

7,726

2,336

13,973

4,234

Interest expense

(43,777)

(41,990)

(87,392)

(82,621)

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

(26)

(1,543)

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

Net Income attributable to Tribune Media Company

$ 63,657

$ 84,442

$ 176,865

$ 225,631

Earnings Per Share

Basic

$ 0.72

$ 0.96

$ 2.01

$ 2.58

Diluted

$ 0.71

$ 0.96

$ 1.98

$ 2.55

Corporate and Other

Operating Revenues

Total operating revenues

$ 1,479

$ 2,941

$ 3,040

$ 5,874

Operating Expenses

Depreciation

1,803

2,340

3,693

5,245

Operating Profit

^[1]

(26,322)

(21,701)

(51,544)

(46,268)

Television and Entertainment

Operating Revenues

Total operating revenues

$ 482,557

$ 486,417

$ 935,984

$ 927,119

[1]	(1) Operating profit (loss) for each segment excludes income and loss on equity investments, interest income, interest expense, pension and other postretirement period benefit cost (credit), non-operating items, reorganization costs and income taxes.

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Operating Activities
Net Income	$ 63,650	$ 113,204	$ 84,438	$ 141,183	$ 176,854	$ 225,621
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	6,000		5,000		10,920	10,511
Pension credit and contributions					(8,661)	(38,027)
Depreciation	13,867		13,281		26,819	27,056
Amortization of other intangible assets					70,039	83,368
Income on equity investments, net	(46,527)		(52,568)		(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)	0		0		0	(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	(17,229)		(11,274)		(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)
Financing Activities
Payments of dividends					(44,175)	(43,847)
Tax withholdings related to net share settlements of share-based awards					(8,630)	(5,723)
Proceeds from stock option exercises					11,396	581
Contribution from/(distributions to) noncontrolling interests					245	(2)
Net cash used in financing activities					(41,164)	(48,991)
Net Increase in Cash, Cash Equivalents and Restricted Cash					251,067	154,206
Cash, cash equivalents and restricted cash, beginning of period		$ 1,079,648		$ 691,251	1,079,648	691,251	$ 691,251
Cash, cash equivalents and restricted cash, end of period	1,330,715		845,457		1,330,715	845,457	1,079,648
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	1,314,108		828,850		1,314,108	828,850	1,063,041
Restricted cash and cash equivalents	16,607		16,607		16,607	16,607	16,607
Cash, cash equivalents and restricted cash, end of period	$ 1,330,715		$ 845,457		1,330,715	845,457	$ 1,079,648
Supplemental Schedule of Cash Flow Information
Interest					83,075	79,027
Income taxes, net					$ 65,347	$ 64,294

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2019

Dec. 31, 2018

Current Assets

Cash and cash equivalents

$ 1,314,108

$ 1,063,041

Restricted cash and cash equivalents

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

196,408

Goodwill

3,228,547

3,228,601

Other intangible assets, net

1,370,614

1,442,456

Assets held for sale

^[1]

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)

^[2]

8,462,780

8,251,391

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

192,378

Other obligations

117,872

154,599

Total non-current liabilities

4,310,547

4,276,501

Total Liabilities (1)

^[2]

4,796,263

4,728,294

Commitments and Contingent Liabilities

Shareholders’ Equity

Preferred stock

Common Stock

102

Treasury stock, at cost: 14,102,185 shares at June 30, 2019 and December 31, 2018

(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

Class A Common Stock

Shareholders’ Equity

Common Stock

102

Total shareholders’ equity

102

Class B Common Stock

Shareholders’ Equity

Common Stock

Total shareholders’ equity

$ 0

[1]

(2)

See Note 2 for information regarding assets held for sale.

[2]

(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).