Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Line Items] | |||
Entity Registrant Name | Scripps Networks Interactive, Inc. | ||
Entity Central Index Key | 1,430,602 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4,993,000,000 | ||
Document Fiscal Year Focus | 2,015 | ||
Trading Symbol | SNI | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Common Class A [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 94,863,550 | ||
Voting Common Stock [Member] | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 33,850,481 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 223,444 | $ 878,164 | |
Accounts receivable, net of allowances: 2015 - $12,569; 2014 - $7,889 | 816,679 | 629,775 | |
Programs and program licenses | 588,999 | 477,575 | |
Other current assets | 98,759 | 110,816 | |
Total current assets | 1,727,881 | 2,096,330 | |
Investments | 807,630 | 463,344 | |
Property and equipment, net of accumulated depreciation: 2015 - $299,153; 2014 - $278,552 | 293,230 | 226,246 | |
Goodwill | [1] | 1,804,748 | 573,119 |
Other intangible assets, net | 1,262,664 | 595,881 | |
Programs and program licenses (less current portion) | 522,899 | 469,083 | |
Deferred income taxes | 91,954 | 79,096 | |
Other non-current assets | 161,308 | 154,382 | |
Total Assets | 6,672,314 | 4,657,481 | |
Current liabilities: | |||
Accounts payable | 35,308 | 21,499 | |
Current portion of debt | 499,174 | 883,895 | |
Program rights payable | 68,892 | 36,138 | |
Deferred revenue | 96,040 | 47,929 | |
Employee compensation and benefits | 115,266 | 73,185 | |
Accrued marketing and advertising | 11,437 | 3,765 | |
Other accrued liabilities | 148,532 | 90,444 | |
Total current liabilities | 974,649 | 1,156,855 | |
Debt (less current portion) | 3,511,098 | 1,485,359 | |
Other liabilities (less current portion) | 250,391 | 234,429 | |
Total liabilities | $ 4,736,138 | $ 2,876,643 | |
Commitments and contingencies (Note 20) | |||
Redeemable non-controlling interests (Note 16) | $ 99,000 | $ 96,251 | |
SNI shareholders’ equity: | |||
Preferred stock, $0.01 par - authorized: 25,000,000 shares; none outstanding | |||
Common stock | $ 1,287 | $ 1,321 | |
Additional paid-in capital | 1,347,491 | 1,359,023 | |
Retained earnings | 305,386 | 79,994 | |
Accumulated other comprehensive loss | (130,233) | (57,891) | |
Total SNI shareholders’ equity | 1,523,931 | 1,382,447 | |
Non-controlling interest (Note 16) | 313,245 | 302,140 | |
Total equity | 1,837,176 | 1,684,587 | |
Total Liabilities and Equity | 6,672,314 | 4,657,481 | |
Common Class A [Member] | |||
SNI shareholders’ equity: | |||
Common stock | 948 | 978 | |
Voting Common Stock [Member] | |||
SNI shareholders’ equity: | |||
Common stock | $ 339 | $ 343 | |
[1] | Includes accumulated impairments of $44,386 in 2015 and 2014 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Allowance for doubtful accounts receivable, current | $ 12,569 | $ 7,889 |
Accumulated depreciation of property and equipment | $ 299,153 | $ 278,552 |
SNI shareholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Class A [Member] | ||
SNI shareholders’ equity: | ||
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, issued (in shares) | 94,838,600 | 97,789,910 |
Common stock, outstanding (in shares) | 94,838,600 | 97,789,910 |
Voting Common Stock [Member] | ||
SNI shareholders’ equity: | ||
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 33,850,481 | 34,317,171 |
Common stock, outstanding (in shares) | 33,850,481 | 34,317,171 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues: | |||
Advertising | $ 2,062,530 | $ 1,816,388 | $ 1,717,734 |
Network affiliate fees, net | 874,984 | 799,178 | 758,220 |
Other | 80,713 | 49,890 | 54,855 |
Total operating revenues | 3,018,227 | 2,665,456 | 2,530,809 |
Cost of services, excluding depreciation and amortization of intangible assets | 987,357 | 778,896 | 699,294 |
Selling, general and administrative | 785,179 | 764,799 | 729,055 |
Depreciation | 68,949 | 72,979 | 63,010 |
Amortization of intangible assets | 68,647 | 55,603 | 54,570 |
Write-down of goodwill | 0 | 0 | 24,723 |
Loss on disposal of property and equipment | 4,163 | 870 | 1,681 |
Total operating expenses | 1,914,295 | 1,673,147 | 1,572,333 |
Operating income | 1,103,932 | 992,309 | 958,476 |
Interest expense, net | (108,047) | (52,687) | (48,710) |
Equity in earnings of affiliates | 80,916 | 85,631 | 79,644 |
Gain (loss) on derivatives | 50,256 | 2,810 | (7,085) |
Miscellaneous, net | (5,193) | (212) | 8,326 |
Income from operations before income taxes | 1,121,864 | 1,027,851 | 990,651 |
Provision for income taxes | 343,391 | 301,043 | 307,623 |
Net income | 778,473 | 726,808 | 683,028 |
Less: net income attributable to non-controlling interests | (171,645) | (181,533) | (177,958) |
Net income attributable to SNI | $ 606,828 | $ 545,275 | $ 505,070 |
Basic net income per share: | |||
Net income attributable to SNI common shareholders (in dollars per share) | $ 4.68 | $ 3.86 | $ 3.43 |
Diluted net income per share: | |||
Net income attributable to SNI common shareholders (in dollars per share) | $ 4.66 | $ 3.83 | $ 3.40 |
Weighted average shares outstanding: | |||
Weighted average basic shares outstanding | 129,665 | 141,297 | 147,326 |
Weighted average diluted shares outstanding | 130,255 | 142,193 | 148,502 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 778,473 | $ 726,808 | $ 683,028 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, net of tax: 2015 - $1,695; 2014 - $1,273; 2013 - $1,117 | (76,937) | (37,877) | 6,534 |
Pension Plan and SERP liability adjustments, net of tax: 2015 - ($1,878); 2014 - $4,783; 2013 - ($11,991) | 775 | (7,791) | 19,529 |
Comprehensive income | 702,311 | 681,140 | 709,091 |
Less: comprehensive income attributable to non-controlling interests | 167,825 | 181,227 | 177,688 |
Comprehensive income attributable to SNI | $ 534,486 | $ 499,913 | $ 531,403 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, tax | $ 1,695 | $ 1,273 | $ 1,117 |
Pension liability adjustment, tax | $ (1,878) | $ 4,783 | $ (11,991) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income | $ 778,473 | $ 726,808 | $ 683,028 |
Depreciation and amortization of intangible assets | 137,596 | 128,582 | 117,580 |
Write-down of goodwill | 0 | 0 | 24,723 |
Program amortization | 783,456 | 621,210 | 556,694 |
Equity in earnings of affiliates | (80,916) | (85,631) | (79,644) |
(Gain) loss on derivatives | (50,256) | (2,810) | 7,085 |
Program payments | (875,554) | (725,582) | (627,591) |
Dividends received from equity investments | 93,624 | 104,185 | 83,912 |
Deferred income taxes | (24,678) | 7,175 | 79,336 |
Share-based compensation | 29,568 | 35,474 | 36,845 |
Changes in working capital accounts (excluding the effects of acquisition): | |||
Accounts receivable, net | (79,070) | (10,932) | (52,691) |
Other assets | (12,702) | (2,188) | 1,255 |
Accounts payable | (1,501) | 3,593 | 5,001 |
Deferred revenue | 44,040 | (19,258) | 23,923 |
Accrued / refundable income taxes | 41,201 | (18,947) | (31,573) |
Other liabilities | 32,360 | 9,548 | 21,089 |
Other, net | (1,427) | 6,347 | 28,222 |
Cash provided by operating activities | 814,214 | 777,574 | 877,194 |
Cash Flows from Investing Activities: | |||
Additions to property and equipment | (52,480) | (53,775) | (72,990) |
Collections on note receivable | 4,655 | 4,481 | 12,939 |
Purchases of long-term investments | (35,023) | (17,042) | |
Purchases of subsidiary companies, net of cash acquired | (539,309) | (64,412) | |
Foreign currency call option premium | (16,000) | ||
Settlement on derivatives | 65,824 | ||
Other, net | (32,167) | (12,001) | (43,510) |
Cash used in investing activities | (604,500) | (78,337) | (167,973) |
Cash Flows from Financing Activities: | |||
Proceeds from debt | 3,180,764 | 1,189,555 | |
Repayments of debt | (1,930,000) | (195,000) | |
Deferred loan costs | (14,491) | (9,026) | |
Extinguishment of debt | (652,104) | ||
Purchase of non-controlling interests | (853,853) | ||
Dividends paid | (118,857) | (112,943) | (88,400) |
Dividends paid to non-controlling interests | (189,539) | (216,860) | (160,493) |
Proceeds from stock options | 9,207 | 39,605 | 42,976 |
Other, net | (19,598) | (1,361) | (1,762) |
Cash used in financing activities | (876,973) | (504,992) | (460,882) |
Effect of exchange rate changes on cash and cash equivalents | 12,539 | (2,452) | 507 |
(Decrease) increase in cash and cash equivalents | (654,720) | 191,793 | 248,846 |
Cash and cash equivalents: | |||
Beginning of year | 878,164 | 686,371 | 437,525 |
End of year | 223,444 | 878,164 | 686,371 |
Supplemental Cash Flow Disclosures: | |||
Interest paid, excluding amounts capitalized | 95,336 | 45,917 | 45,436 |
Income taxes paid | 318,920 | 309,519 | 229,966 |
Common Class A [Member] | |||
Cash Flows from Financing Activities: | |||
Repurchase of common shares | $ (288,502) | $ (1,198,962) | $ (253,203) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interest [Member] | Redeemable Noncontrolling Interests (Temporary Equity) [Member] |
Total Equity Balance at Dec. 31, 2012 | $ 2,128,051 | $ 1,489 | $ 1,405,699 | $ 452,598 | $ (38,862) | $ 307,127 | |
Comprehensive income (loss) | 698,288 | 505,070 | 26,333 | 166,885 | |||
Redeemable non-controlling interest fair value adjustments | 7,933 | 7,933 | $ (7,933) | ||||
Dividends paid to non-controlling interests | (154,123) | (154,123) | (6,370) | ||||
Dividends: declared and paid | (88,400) | (88,400) | |||||
Repurchases of class A common shares | (253,203) | (39) | (38,537) | (214,627) | |||
Share-based compensation expense | 36,845 | 36,845 | |||||
Exercise of employee share options | 42,976 | 9 | 42,967 | ||||
Other share-based compensation, net | (4,364) | 3 | (4,367) | ||||
Tax benefits of compensation plans | 4,889 | 4,889 | |||||
Total Equity Balance at Dec. 31, 2013 | 2,418,892 | 1,462 | 1,447,496 | 662,574 | (12,529) | 319,889 | |
Redeemable Non-controlling Interests (Temporary Equity) Balance at Dec. 31, 2012 | 136,500 | ||||||
Comprehensive income (loss) | 10,803 | ||||||
Redeemable Non-controlling Interests (Temporary Equity) Balance at Dec. 31, 2013 | 133,000 | ||||||
Comprehensive income (loss) | 671,461 | 545,275 | (45,362) | 171,548 | |||
Redeemable non-controlling interest fair value adjustments | 18,865 | 18,865 | (18,865) | ||||
Dividends paid to non-controlling interests | (189,297) | (189,297) | (27,563) | ||||
Dividends: declared and paid | (112,943) | (112,943) | |||||
Repurchases of class A common shares | (1,198,962) | (154) | (165,031) | (1,033,777) | |||
Share-based compensation expense | 35,474 | 35,474 | |||||
Exercise of employee share options | 39,605 | 10 | 39,595 | ||||
Other share-based compensation, net | (10,847) | 3 | (10,850) | ||||
Tax benefits of compensation plans | 12,339 | 12,339 | |||||
Total Equity Balance at Dec. 31, 2014 | 1,684,587 | 1,321 | 1,359,023 | 79,994 | (57,891) | 302,140 | |
Comprehensive income (loss) | 9,679 | ||||||
Redeemable Non-controlling Interests (Temporary Equity) Balance at Dec. 31, 2014 | 96,251 | ||||||
Comprehensive income (loss) | 705,071 | 606,828 | (72,342) | 170,585 | |||
Redeemable non-controlling interest fair value adjustments | (17,794) | (17,794) | 17,794 | ||||
Dividends paid to non-controlling interests | (164,157) | (164,157) | (12,985) | ||||
Dividends: declared and paid | (118,857) | (118,857) | |||||
Repurchases of class A common shares | (288,502) | (40) | (43,677) | (244,785) | |||
Share-based compensation expense | 29,568 | 29,568 | |||||
Exercise of employee share options | 9,209 | 2 | 9,207 | ||||
Other share-based compensation, net | (7,856) | 4 | (7,860) | ||||
Tax benefits of compensation plans | 1,230 | 1,230 | |||||
Total Equity Balance at Dec. 31, 2015 | 1,837,176 | $ 1,287 | $ 1,347,491 | $ 305,386 | $ (130,233) | 313,245 | |
Purchase of non-controlling interests | (853,853) | (853,853) | |||||
Addition to non-controlling interests | 858,530 | $ 858,530 | |||||
Comprehensive income (loss) | (2,760) | ||||||
Dividends declared and paid: $0.60 per share | 700 | $ 700 | |||||
Redeemable Non-controlling Interests (Temporary Equity) Balance at Dec. 31, 2015 | $ 99,000 |
CONSOLIDATED STATEMENTS OF SHA9
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income (loss), net of tax: | |||
Dividends: declared and paid (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.60 |
Repurchase of class A common shares (in shares) | 3,986,275 | 15,447,884 | 3,917,471 |
Convert Voting Shares to Class A Common Shares (in shares) | 466,690 | ||
Exercise of employee share options: shares issued (in shares) | 285,938 | 1,007,676 | 990,383 |
Other share-based compensation, net: shares issued (in shares) | 515,010 | 513,690 | 352,599 |
Other share-based compensation, net: shares repurchased (in shares) | 164,104 | 175,239 | 104,178 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION As used in the notes to the consolidated financial statements, the terms “SNI,” “Scripps,” “the Company,” “we,” “our,” “us,” or similar terms may, depending on the context, refer to Scripps Networks Interactive, Inc. (“SNI”), to one or more of its consolidated subsidiary companies or to all of them taken as a whole. Description of Business We operate in the media industry and have interests in domestic and international television networks and internet-based media properties. Scripps acquired 100% of TVN S.A. (“TVN”) in the third quarter of 2015 through a series of three distinct transactions (see Note 4 – Acquisitions International Networks includes the lifestyle-oriented networks available in the United Kingdom (“UK”), other European markets, the Middle East and Africa (“EMEA”), Asia Pacific (“APAC”) and Latin America. Additionally, International Networks includes TVN, which operates a portfolio of free-to-air and pay-TV lifestyle and entertainment networks, including TVN, TVN24, TVN Style, TTV, TVN Turbo, TVN24 Biznes i Świat. Also included in TVN is TVN Media, an advertising sales house. Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of SNI and its majority-owned subsidiary companies after elimination of intercompany accounts and transactions. Consolidated subsidiary companies include general partnerships and limited liability companies in which more than a 50 percent residual interest is owned. Investments in 20 percent to 50 percent owned companies and partnerships or companies and partnerships in which we exercise significant influence over the operating and financial policies are accounted for using the equity method. The results of companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make a variety of decisions that affect reported amounts and the related disclosures, including the selection of appropriate 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 consolidated financial statements include estimates, judgments, and assumptions used in accounting for business acquisitions and dispositions, asset impairments, equity method investments, revenue recognition, program assets, depreciation and amortization, pension plans, share-based compensation, income taxes, redeemable non-controlling interests in subsidiaries, fair value measurements and contingencies. While we re-evaluate our estimates and assumptions on an on-going basis, actual results could differ from those estimated at the time consolidated financial statements were prepared. Concentration Risks Approximately 68.3 percent of our operating revenues are derived from advertising. Operating results can be affected by changes in the demand for such services both nationally and in individual markets. The six largest cable television systems and the two largest direct broadcast satellite television systems in the United States (“U.S.”) provide service to more than 91.8 percent of homes receiving HGTV, Food Network and Travel Channel. The loss of distribution of our networks by any of these cable or satellite television systems could adversely affect our business. Foreign Currency Translation Substantially all of our international subsidiaries use the local currency of their respective country as their functional currency. Assets and liabilities of such international subsidiaries are translated using end-of-period exchange rates while results of operations are translated using the average exchange rates throughout the year. Equity is translated at historical exchange rates, with the resulting cumulative translation adjustment included as a component of accumulated other comprehensive loss within shareholders’ equity, net of applicable taxes. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency using end-of-period exchange rates. Gains or losses resulting from such remeasurement are recorded in income. Foreign exchange gains and losses are included within miscellaneous, net in the consolidated statements of operations. Reclassifications Certain amounts within operating activities in our consolidated statements of cash flows for 2014 and 2013 have been reclassified to conform with current year presentation. During 2015, amounts totaling $3.9 million and $10.0 million, previously reported within stock and deferred compensation plans for 2014 and 2013, respectively, have been reclassified to other, net. Amounts totaling $2.8 million and $7.1 million, previously reported within other, net, for 2014 and 2013, respectively, have been reclassified to (gain) loss on derivatives. Amounts totaling $6.8 million and $9.7 million, previously reported within accrued employee compensation and benefits, for 2014 and 2013, respectively, have been reclassified to other liabilities. Amounts totaling $7.0 million for 2014 and 2013, previously reported within amortization of network distribution costs have been reclassified to other, net from operating activities in our consolidated statements of cash flows. Additionally, amounts totaling ($19.3) million and $23.9 million, previously reported within other liabilities, for 2014 and 2013, respectively, have been reclassified to deferred revenue. These reclassifications did not have an impact on the reported cash provided by operating activities in our consolidated statements of cash flows for 2014 or 2013. We also made a reclassification to conform to the current year presentation in our consolidated statements of operations for 2014 and 2013 between miscellaneous, net and gain (loss) on derivatives totaling $2.8 million and ($7.1) million, respectively. This adjustment did not impact reported net income for 2014 or 2013. As part of our normal operations, we develop and, in some instances, purchase content in the United States and license it to certain of our international operations. In conjunction with our change in reporting of two reportable segments, we changed where we present intercompany program license revenues. Accordingly, we reclassified $9.8 million of revenues previously recorded in Corporate and Other to U.S. Networks for the first six months of 2015 related to these activities. Additionally, $13.0 million and $10.4 million of revenues from these activities for 2014 and 2013, respectively are now reflected in U.S. Networks. In addition to the segment changes noted above, in the fourth quarter of 2014, we modified our management reporting structure related to the operating results from our uLive business. In conjunction with this change in reporting structure, we now report the results of uLive within U.S. Networks, formally referred to as Lifestyle Media, rather than within Corporate and Other. This reclassification only affected our segment reporting and did not change our consolidated operating revenues, operating income or net income. In connection with the adoption of the Financial Accounting Standards Board (“FASB”) guidance on Balance Sheet Classification of Deferred Taxes – Accounting Standards Updates In connection with the adoption of the FASB guidance on Imputation of Interest – Accounting Standards Updates As a result of these changes to our reportable segments, certain prior period segment results have been recast to reflect the current presentation (see Note 21 – Segment Information As of December 31, 2014 As of December 31, 2013 (in thousands) As Reported Amounts Reclassified Revised As Reported Amounts Reclassified Revised Segment Operating Revenues U.S. Networks $ 2,575,376 $ 12,981 $ 2,588,357 $ 2,455,650 $ 10,411 $ 2,466,061 International Networks 90,180 90,180 75,677 75,677 Corporate and Other 90,080 (103,161 ) (13,081 ) 75,159 (86,088 ) (10,929 ) Total segment operating revenues $ 2,665,456 $ - $ 2,665,456 $ 2,530,809 $ - $ 2,530,809 Segment Profit (Loss) U.S. Networks $ 1,255,437 $ 12,980 $ 1,268,417 $ 1,202,356 $ 10,411 $ 1,212,767 International Networks (41,854 ) (41,854 ) (17,535 ) (17,535 ) Corporate and Other (133,676 ) 28,874 (104,802 ) (99,896 ) 7,124 (92,772 ) Total segment profit $ 1,121,761 $ - $ 1,121,761 $ 1,102,460 $ - $ 1,102,460 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Assets U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total assets $ 4,667,632 $ (10,151 ) $ 4,657,481 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Liabilities and Equity U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total liabilities and equity $ 4,667,632 $ (10,151 ) $ 4,657,481 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with an original maturity of less than three months. Cash equivalents, which primarily consist of money market funds, are carried at cost plus accrued income, which approximates fair value. Accounts Receivable We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. Allowances for credit losses are generally based on trends, economic conditions, review of aging categories, historical experience and specific identification of customers at risk of default. Investments We have investments that are accounted for using both the equity method and cost method of accounting. We utilize the equity method to account for investments in equity securities if our investment gives us the ability to exercise significant influence over operating and financial policies of the investee. Under the equity method of accounting, investments are initially recorded at cost and subsequently increased or decreased to reflect our proportionate share of net earnings or losses of the equity method investees. Cash payments to equity method investees, such as additional investments, loans, advances and expenses incurred on behalf of investees, as well as dividends from equity method investees, are recorded as adjustments to the investment balances. Goodwill and other intangible assets arising from the acquisition of an equity method investment are included in the carrying value of the investment. As goodwill is not reported separately, it is not separately tested for impairment. Instead, the entire equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We utilize the cost method to account for investments where we do not have the ability to exercise significant influence over operating and financial policies of the investee. Our cost method investments, which are all in private companies, are recorded at cost and not adjusted to reflect our proportionate share of net earnings or losses of the cost method investee. We regularly review our investments to determine if there has been any other-than-temporary decline in values. 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 the investments carrying value exceeds fair value, the duration of the decline in fair value below carrying value and the current cash position, earnings and cash forecasts and near term prospects of the investee. The carrying value of an investment is adjusted when a decline in fair value below cost is determined to be other-than-temporary. Programs and Program Licenses Programming is either produced by us or for us by independent production companies or licensed under agreements with independent producers. Costs of programs produced include capitalizable direct costs, production overhead, development costs and acquired production costs. Production costs for programs produced are capitalized. Costs to produce live programming that are not expected to be rebroadcast are expensed as incurred. 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. Licensed program assets and liabilities are recorded when programs become available for broadcast. Program licenses are not discounted for imputed interest. Program assets are amortized over the estimated useful lives of the programs based on future cash flows and are included within cost of services in the consolidated statements of operations. The amortization of program assets generally results in an accelerated method over the estimated useful lives. Estimated future cash flows can change based upon market acceptance, advertising and network affiliate fee rates, the number of subscribers receiving our networks and program usage. Accordingly, we periodically review revenue estimates and planned program usage and revise our assumptions if necessary. If actual demand or market conditions are less favorable than projected, a write-down to net realizable value is recorded. Development costs for programs that we have determined will not be produced are written off. Deposits and the portion of the unamortized balance expected to be amortized within one year are classified as a current asset within programs and program licenses on the consolidated balance sheets, while those expected to be amortized after one year are separately stated as a non-current asset on the consolidated balance sheets. Program liabilities payable within one year are classified as a current liability within program rights payable on the consolidated balance sheets. Program liabilities payable after one year are included in other non-current liabilities on the consolidated balance sheets. The carrying value of our program rights liabilities approximate fair value. Property and Equipment Property and equipment, including internal use software, is carried at historical cost less accumulated depreciation and impairments. Costs incurred in the preliminary project stage to develop or acquire internal use software or websites are expensed as incurred. Upon completion of the preliminary project stage and management authorization of the project, costs to acquire or develop internal use software, which primarily include coding, designing and developing system interfaces, installation and testing, are capitalized if it is probable the project will be completed and the software will be used for its intended function. Costs incurred after implementation, such as maintenance and training, are expensed as incurred. Depreciation is computed using a straight-line method over estimated useful lives as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years Goodwill Goodwill represents the cost of acquisitions in excess of the fair value of the acquired businesses’ tangible assets and separately identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually, or when events occur or circumstances change that would indicate the fair value of a reporting unit may be below its carrying value. We perform our annual impairment review during the fourth quarter. A reporting unit is defined as operating segments or groupings of businesses one level below the operating segment level. As of December 31, 2015, our reporting units for purposes of performing the impairment test for goodwill were U.S. Networks, International Networks conducting business in EMEA, International Networks conducting business in APAC and TVN. Finite-Lived Intangible Assets Finite-lived intangible assets consist mainly of the value assigned to network distribution relationships, tradenames, broadcast licenses, customer and advertiser lists and other acquired rights. Network distribution relationships represent the value assigned to programming services’ relationships with cable and satellite television systems and telecommunication service providers that distribute its programs. These relationships and distribution provide the opportunity to deliver advertising to viewers. We amortize these contractual relationships on a straight-line basis over the terms of the distribution contracts and expected renewal periods, which approximate 20 years. Customer and advertiser lists, trade names and other intangible assets are amortized in relation to their expected future cash flows or on a straight-line basis over estimated useful lives of up to 25 years. Impairment of Long-Lived Assets Long-lived assets, primarily property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or circumstances indicate the fair value of the assets may be below its carrying value. Recoverability for long-lived assets is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flows are less than the carrying amount of the assets, then the carrying value of the assets are written down to estimated fair values, which are primarily based on forecasted discounted cash flows. Fair value of long-lived assets is determined based on a combination of discounted cash flows and market approaches. Income Taxes Some of our consolidated subsidiary companies are general partnerships and limited liability companies, which are treated as partnerships for tax purposes. Generally, income taxes on partnership income and losses accrue to the individual partners. Accordingly, our consolidated financial statements do not include any significant provision for income taxes on the non-controlling partners’ share of those consolidated subsidiary companies’ income. No provision has been made for U.S. or foreign income taxes that could result from future remittances of undistributed earnings of our foreign subsidiaries that management intends to indefinitely reinvest outside the United States. Deferred income taxes are provided 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. Our temporary differences primarily result from intangible assets, investments and deferred compensation. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, on 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 within other liabilities (less current portion) on the consolidated balance sheets. Revenue Recognition Revenue is recognized 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. Revenue is reported net of sales taxes, value added taxes and other taxes collected from our customers. Our primary sources of revenue are from the sale of television, internet and mobile advertising and fees for programming services per subscriber (“network affiliate fees”). Revenue recognition policies for each source of revenue are described below. Advertising Advertising revenue is recognized, net of agency commissions, when advertisements are displayed. Internet and mobile advertising includes (i) fixed duration campaigns whereby a banner, text or other advertisement appears for a specified period of time for a fee; (ii) impression-based campaigns where the fee is based upon the number of times an advertisement appears in web pages viewed by a user; and (iii) click-through based campaigns where the fee is based upon the number of users who click on an advertisement and are directed to the advertiser’s website. Advertising revenue from fixed duration campaigns are recognized over the period in which the advertising appears. Internet and mobile advertising revenue that is based upon the number of impressions delivered or the number of click-throughs achieved is recognized as impressions are delivered or click-throughs occur. Advertising contracts may guarantee the advertiser a minimum audience for the programs in which their advertisements are broadcast over the term of the advertising contracts. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. If we determine we have not delivered the guaranteed audience, an accrual for “make-good” advertisements is recorded as a reduction of revenue. The estimated make-good accrual is adjusted throughout the term of the advertising contracts. Network Affiliate Fees Cable and satellite television operators and telecommunication service providers generally pay a network affiliate fee for the right to distribute our programming under the terms of multi-year distribution contracts. Network affiliate fees are reported net of volume discounts earned by the distributors and incentive costs offered to system operators in exchange for initial multi-year distribution contracts. We recognize network affiliate fees as revenue over the term of the contracts, including any free periods. Network launch incentives are capitalized as assets upon launch of our programming and amortized against network affiliate fees based on the ratio of each period’s revenue to expected total revenue over the term of the contracts. Network affiliate fees due to us, net of applicable discounts, are reported to us by cable and satellite television operators and telecommunication service providers. Such information is generally not received until after the close of the reporting period. Therefore, reported network affiliate fee revenues are based upon our estimates of the number of subscribers receiving our programming and the amount of volume-based discounts each cable and satellite television operator and telecommunication provider is entitled to receive. We subsequently adjust these estimated amounts based upon the actual amounts of network affiliate fees received. Such adjustments have not been significant. Revenues associated with digital distribution arrangements are recognized when we transfer control and the rights to distribute the content to a customer. Merchandise Sales TVN operates a teleshopping business, which includes selling merchandise to individual customers. Merchandise sales are recognized when goods are shipped to the customer, with a right to return within ten days. Historical experience is used to estimate and provide for such returns at the time of sale. Cost of Services Cost of services reflects the cost of providing our broadcast signal, programming and other content to respective distribution platforms. The expenses captured within cost of services in our consolidated statements of operations include programming, satellite transmission fees, production and operations and other direct costs. Cost of services also includes the cost incurred to buy or produce inventory for TVN’s teleshopping business. Marketing and Advertising Marketing and advertising costs, which totaled $169.1 million in 2015, $160.4 million in 2014 and $144.5 million in 2013 and are reported within selling, general and administrative in the consolidated statements of operations, include costs incurred to promote our businesses and to attract traffic to our websites. Advertising production costs are deferred and expensed the first time the advertisement is shown. Other marketing and advertising costs are expensed as incurred. Share-Based Compensation We have a Long-Term Incentive Plan (the “LTI Plan”), that was amended in the second quarter of 2015 (the “Amended LTI Plan”) and which is described more fully in Note 19 - Capital Stock and Share Compensation Plans Compensation cost is based on the grant date fair value of the award. The fair value of awards that grant the employee the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model is used to determine the fair value of awards with market conditions. The fair value of awards that grant the employee the underlying shares is measured by the fair value of a class A common share of SNI stock. Certain awards of class A common shares have performance and service conditions under which the number of shares granted is determined by the extent to which such conditions are met (“Performance Shares”). Compensation costs for Performance Shares not based on market conditions 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 on estimates of the number of shares that will be earned. Compensation costs related to Performance Shares with a market-based condition are recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. Compensation costs, net of estimated forfeitures due to termination of employment, are recognized on a straight-line basis over the requisite service period of the award. The requisite service period is generally the vesting period stated in the award. A portion of our share-based grants generally vest upon the retirement of the employee, so 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. Net Income per Share The computation of basic earnings per share (“EPS”) is calculated by dividing net income attributable to SNI by the weighted average number of common shares outstanding, including participating securities outstanding. Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares. We include all unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS. The following table presents information about basic and diluted weighted average shares outstanding: For the years ended December 31, (in thousands) 2015 2014 2013 Basic weighted average shares outstanding 129,665 141,297 147,326 Effect of dilutive securities: Unvested performance share awards and share units held by employees 189 228 274 Stock options held by employees and directors 401 668 902 Diluted weighted average shares outstanding 130,255 142,193 148,502 Anti-dilutive share awards 863 298 129 |
Accounting Standards Updates
Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Standards Updates | 3. ACCOUNTING STANDARDS UPDATES Issued and Adopted In November 2015, the FASB issued new accounting guidance related to the classification of deferred taxes, Balance Sheet Classification of Deferred Taxes In September 2015, the FASB issued new accounting guidance related to business combinations, Simplifying the Accounting for Measurement-Period Adjustments In April 2015, the FASB issued new accounting guidance related to cloud computing fees, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB updated accounting guidance related to interest, Imputation of Interest Issued and Not Yet Adopted In May 2015, the FASB issued new accounting guidance related to revenue recognition, Revenue from Contracts with Customers, |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 4. ACQUISITIONS On July 1, 2015 (the “Acquisition Date”), we acquired, through a wholly-owned subsidiary, 100.0 percent of the outstanding shares of N-Vision B.V., a Dutch limited liability company (“N-Vision”) that held a majority interest in TVN, for approximately €1,440.0 million, or $1,608.6 million, comprised of cash consideration of €584.0 million, or $652.4 million, and principal amounts of debt assumed of €856.0 million, or $956.2 million, including €556.0 million, or $621.1 million, of debt directly attributed to TVN (the “Acquisition”). The Acquisition was funded with a portion of the net proceeds from the $1,500.0 million debt offering executed in June 2015 (the “Financing”) (see Note 13 – Debt The primary purpose of the Acquisition was to obtain N-Vision’s 52.7 percent controlling interest in the voting shares of TVN, a public media company listed on the Warsaw Stock Exchange (the “WSE”). The assets held by TVN are considered complementary to our existing business and align with our international growth strategy. To minimize the volatility in the purchase price that may have resulted from Euro to U.S. Dollar currency exchange rate changes, we entered into a foreign currency option contract during the first quarter of 2015 that effectively set the U.S. Dollar cash consideration for the Acquisition. We paid a $16.0 million premium to provide the Company a call option on €584 million at a cost of $625.0 million. The premium is reflected both as an expense in gain (loss) on derivatives within operating activities and as a cash outflow from foreign currency call option premium within investing activities in our consolidated statements of cash flows for the year ended December 31, 2015. The foreign currency option contract was settled during the second quarter of 2015, and the $31.9 million resulting gain is included both as a gain in gain (loss) on derivatives within operating activities and a cash inflow from settlement on derivatives within investing activities in our consolidated statements of cash flows for the year ended December 31, 2015. The net impact of the various foreign currency contracts executed as a result of the Transactions resulted in a $44.2 million net gain for the year ended December 31, 2015, which is included within gain (loss) on derivatives in our consolidated statements of operations. We also recognized $24.2 million of net losses for the year ended December 31, 2015 related to the foreign currency effects on cash balances held for the Transactions. These losses are included within miscellaneous, net in our consolidated statements of operations. Within three months of completing the Acquisition, the Company was required under Polish law to launch a mandatory public tender offer for a minimum ownership of 66.0 percent of TVN’s total voting shares outstanding. On June 9, 2015 the Company announced its intention to tender for all remaining outstanding voting shares of TVN to achieve 100.0 percent ownership. On July 6, 2015, the Company tendered for the remaining outstanding voting shares of TVN at a purchase price equal to 20.0 Zloty per share. Final cash consideration paid was approximately $853.9 million. The window to tender shares opened July 24, 2015 and continued through August 24, 2015, resulting in the acquisition of an additional 156.7 million shares, or a cumulative 98.8 percent ownership of TVN’s outstanding share capital. This enabled the Company to effectuate the Squeeze-out for the remaining unredeemed shares, which was completed on September 28, 2015 and resulted in 100.0 percent ownership of TVN. As part of the integration of TVN, the Company, through TVN, filed the documentation required under Polish law to effect the delisting of TVN shares from the WSE, which became effective December 3, 2015. The incremental shares purchased through the Tender Offer and Squeeze-out were financed through a combination of cash on hand, borrowings under our $900.0 million amended revolving credit facility (the “Amended Revolving Credit Facility”) and net proceeds from our $250.0 million term loan (the “Term Loan”) (see Note 13 – Debt We incurred transaction and integration related costs of $28.3 million associated with the Acquisition. These transaction and integration costs are included within selling, general and administrative expenses in our consolidated statements of operations and reduced net income attributable to SNI by $17.4 million. On July 31, 2015, the Company paid €364.9 million to retire the €300.0 million Senior PIK Toggle Notes due 2021 (“the 2021 PIK Notes”), which was debt at the parent of TVN and included as a component of the debt assumed in the Acquisition purchase price. The payment included the aggregate principal and a required make-whole component totaling €363.4 million, as well as accrued and unpaid interest of €1.5 million. The extinguishment of debt, including the make-whole component, is reflected as a financing activity in our consolidated statements of cash flows. On September 15, 2015, TVN executed a partial pre-payment of its 7.38% Senior Notes due 2020 (the “2020 TVN Notes”) totaling €45.1 million, comprised of principal of €43.0 million, accrued but unpaid interest of €0.8 million and premium of €1.3 million. Under the terms of the 2020 TVN Notes, TVN has the right to make a payment of 10.0 percent of the original principal amount in each rolling twelve month period prior to December 31, 2016 without an early pre-payment penalty. On November 16, 2015, TVN Finance Corporation III AB (“TVN Finance Corp.”), an indirect wholly-owned subsidiary of the Company, executed a second partial pre-payment of the 2020 TVN Notes totaling €45.6 million, comprised of principal of €43.0 million, accrued but unpaid interest of €1.3 million and premium of €1.3 million. On November 16, 2015, TVN Finance Corp. executed a full early redemption of its 7.88% Senior Notes due 2018 (the “2018 TVN Notes”) totaling €118.9 million, comprised of principal of €116.6 million, accrued but unpaid interest of a nominal amount and premium of €2.3 million. An additional €4.6 million was paid simultaneously in fulfillment of the November 15 coupon payment due. The extinguishment of debt is reflected as a financing activity in our consolidated statements of cash flows. The Acquisition was accounted for using the acquisition method of accounting, which requires, among other things, that we allocate the purchase price to the assets acquired and liabilities assumed based on their fair values as of the Acquisition Date. We have reported the results of operations for TVN for the period beginning on the Acquisition Date and ended on December 31, 2015 in our consolidated financial statements. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the Acquisition Date. Certain estimated values for the Acquisition, including goodwill, investments, intangibles and deferred taxes are not yet finalized. Therefore, the preliminary purchase price allocations are subject to change as we complete our analysis of the fair value at the Acquisition Date. The purchase price was allocated based on information available at the Acquisition Date. (in thousands) Balance Sheet Classification Fair Value Cash consideration transferred $ 652,365 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired: Cash and cash equivalents 105,714 Restricted cash 7,342 Accounts receivable 110,387 Other current assets 21,592 Property and equipment 92,133 Programs and program licenses 79,211 Other intangible assets 760,636 Investments 354,719 Liabilities assumed: — Accounts payable (28,941 ) Program rights payable (current portion) (19,395 ) Deferred revenue (2,132 ) Employee compensation and benefits (27,896 ) Accrued marketing and advertising (543 ) Other accrued liabilities (64,224 ) Deferred income taxes (43,530 ) 7.88% 2018 Senior Notes (128,577 ) 7.38% 2020 Senior Notes (528,205 ) 11.00%/12.00% 2021 PIK Toggle Notes (409,549 ) Term Loan (18,178 ) Program rights payable (less current portion) (3,492 ) Other liabilities (less current portion) (5,624 ) Non-controlling interest (858,530 ) Goodwill 1,259,447 Net Assets Acquired $ 652,365 The following table represents the preliminary fair value of identifiable intangible assets and their assumed estimated useful lives. (in thousands) Intangible Asset Category Type Weighted Average Life in Years Fair Value Copyrights and other tradenames Amortizable 23 $ 333,912 Broadcast licenses Amortizable 25 128,017 Customer lists Amortizable 15 26,670 Advertiser lists Amortizable 7 106,681 Acquired rights and other Amortizable 20 165,356 $ 760,636 As a result of the Acquisition, we preliminarily recognized goodwill of $1,259.4 million. The purchase price was assigned to assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date, and the excess was allocated to goodwill, as shown in the table above. Goodwill represents the value we expect to achieve through the Acquisition and is recorded in the International Networks segment. The fair value of this goodwill is not deductible for U.S. income tax purposes. We utilized various valuation techniques to determine fair value, primarily discounted cash flow analyses and excess earnings valuation approaches, each of which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy (see Note 6 – Fair Value Measurement The following unaudited pro forma information presents the combined results of operations as if the Transactions had occurred at the beginning of fiscal year 2014, with TVN’s pre-acquisition results combined with our historical results. The pro forma results contained in the following table include adjustments for amortization of acquired intangibles, depreciation expense, transaction costs, interest expense as a result of the Financing and related income taxes. Any potential cost savings or other operational efficiencies that could result from the Transactions are not included in these pro forma results. These pro forma results do not necessarily reflect what would have occurred if the Acquisition had taken place January 1, 2014, nor do they represent the results that may occur in the future. For the years ended (in thousands) December 31, Pro Forma Results (unaudited) 2015 2014 Pro Forma Revenues $ 3,236,344 $ 3,166,652 Pro forma net income attributable to SNI $ 584,618 $ 499,767 Pro forma net income attributable to SNI per basic share of common stock $ 4.51 $ 3.54 Pro forma net income attributable to SNI per diluted share of common stock $ 4.49 $ 3.51 Weighted average basic shares outstanding 129,665 141,297 Weighted average diluted shares outstanding 130,255 142,193 We did not recognize any contingent consideration arising from the Acquisition. TVN contributed operating revenues of $224.7 million and operating income of $36.7 million for 2015 from the Acquisition Date through December 31, 2015. |
Employee and Contract Terminati
Employee and Contract Termination Costs | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Employee and Contract Termination Costs | 5. EMPLOYEE AND CONTRACT TERMINATION COSTS Restructuring Plan During the fourth quarter of 2014, we announced a plan to provide qualified employees with voluntary early retirement packages and notified employees of the elimination of certain positions within the Company (the “Restructuring Plan”). We also announced that the Company would be closing its Cincinnati, OH office location in 2015 and relocating certain employees to its Knoxville, TN headquarters during 2015. Our 2015 and 2014 operating results include $17.9 million and $14.4 million, respectively, of severance, retention and related retirement benefit costs, as well as relocation and accelerated depreciation expense that was incurred as a result of the Restructuring Plan. Net income attributable to SNI was reduced by $11.1 million and $8.9 million in 2015 and 2014, respectively. The Restructuring Plan was substantially completed as of December 31, 2015. A rollforward of the liability related to Restructuring Plan charges by segment is as follows: For the year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2014 $ 12,041 $ - $ 2,031 $ 14,072 Net accruals 7,403 - 10,519 17,922 Payments (17,265 ) - (4,809 ) (22,074 ) Non-cash (a) (1,574 ) - (2,427 ) (4,001 ) Liability as of December 31, 2015 $ 605 $ - $ 5,314 $ 5,919 For the year ended December 31, 2014 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2013 $ - $ - $ - $ - Net accruals 12,041 - 2,311 14,352 Payments - - (280 ) (280 ) Non-cash (a) - - - - Liability as of December 31, 2014 $ 12,041 $ - $ 2,031 $ 14,072 (a) Reorganization During the fourth quarter of 2015, the Company committed to undertaking activities intended to streamline and integrate the management of its various networks, creating a cohesive and holistic organization (the “Reorganization”). As part of the Reorganization, the Company announced it would be relocating certain employees to its Knoxville, TN headquarters during 2016. Our 2015 operating results include $3.9 million of costs for severance, retention and related benefit costs incurred as a result of the Reorganization, and net income attributable to SNI was reduced by $2.4 million in 2015. We anticipate that the Reorganization will be completed by the end of 2016. A rollforward of the liability related to the charges by segment is as follows: For the year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2014 $ - $ - $ - $ - Net accruals 3,835 - 31 3,866 Payments (19 ) - (23 ) (42 ) Non-cash (b) (558 ) - - (558 ) Liability as of December 31, 2015 $ 3,258 $ - $ 8 $ 3,266 (b) Contract Termination Costs During the second quarter of 2014, we reached an agreement to terminate the master services agreement and sales agency agreement related to services provided for our Food Network and Fine Living operations in EMEA. We also entered into an arrangement that established a transition plan for us to assume the activities associated with these provided services. Selling, general and administrative includes a $9.7 million charge in 2014 for the early termination of these agreements. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 6 . FAIR VALUE MEASUREMENT Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified in one of three categories described below. · 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. Quoted prices for similar instruments in active markets or model driven valuations in which all significant inputs and significant value drivers are observable in active markets. · Level 3 — Valuations derived from valuations techniques in which one or more significant inputs or significant value drivers are unobservable. There have been no transfers of assets or liabilities between the fair value measurement classifications during the year ended December 31, 2015. The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis as of December 31: As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 80,944 $ 80,944 $ - $ - Derivative asset 615 - 615 - Total assets $ 81,559 $ 80,944 $ 615 $ - Temporary equity- Redeemable non-controlling interests $ 99,000 $ - $ - $ 99,000 As of December 31, 2014 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 738,090 $ 738,090 $ - $ - Derivative asset 86 - 86 - Total assets $ 738,176 $ 738,090 $ 86 $ - Temporary equity- Redeemable non-controlling interests $ 96,251 $ - $ - $ 96,251 Derivatives include free-standing foreign currency forward contracts, which are marked to market at each reporting period. We classify our foreign currency forward contracts as Level 2, as the valuation inputs are based on quoted prices and market observable data of similar instruments. We determine the fair market value of the redeemable non-controlling interest using a combination of a discounted cash flow valuation model and a market approach that applies revenues and EBITDA estimates against the calculated multiples of comparable companies. Operating revenues and EBITDA are key assumptions utilized in both the discounted cash flow valuation model and the market approach. The selected discount rate of approximately 10.5 percent is also a key assumption in our discounted cash flow valuation model (See Note 16— Redeemable Non-controlling Interests and Non-controlling Interest Subsequent Events The following table summarizes the activity for account balances whose fair value measurements are estimated utilizing level 3 inputs: (in thousands) As of December 31, Redeemable Non-controlling Interests 2015 2014 Beginning period balance $ 96,251 $ 133,000 Dividends paid to non-controlling interests (12,985 ) (27,563 ) Net (loss) income (2,760 ) 9,679 Additions to non-controlling interests 700 - Fair value adjustments 17,794 (18,865 ) Ending period balance $ 99,000 $ 96,251 The net income amounts reflected in the table above are reported within net income attributable to non-controlling interests in our consolidated statements of operations. Other Financial Instruments The carrying values of our financial instruments do not materially differ from their estimated fair values as of December 31, 2015 and December 31, 2014 except for debt, which is disclosed in Note 13 – Debt Non-Recurring Measurements The majority of the Company’s non-financial instruments, which include goodwill and other intangible assets and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur, or at least annually for goodwill, such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that the non-financial instrument be recorded at the lower of cost or fair value. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Investments [Abstract] | |
Investments | 7. INVESTMENTS Investments consisted of the following: As of December 31, (in thousands) 2015 2014 Equity method investments $ 741,823 $ 431,612 Cost method investments 65,807 31,732 Total investments $ 807,630 $ 463,344 During the year ended December 31, 2015, we recognized impairments on our cost method investments of $0.4 million. We did not recognize any impairments on our cost method investments during the twelve months ended December 31, 2014. During 2015, the Company paid $30.5 million to acquire a 10.0 percent non-controlling interest in Refinery29, a web-based media site whose focus is female millennial audiences. Also in 2015, we paid $2.0 million for a minor interest in Thrive Market and $2.0 million for an incremental ownership interest in Tastemade. These investments are being accounted for under the cost method of accounting. The Company’s acquisition of N-Vision resulted in the addition of certain equity method investments that are held by TVN or a subsidiary of TVN. On a consolidated basis, investments accounted for using the equity method include the following: As of December 31, (in thousands) 2015 2014 UKTV 50.00% 50.00% HGTV Magazine JV 50.00% 50.00% Food Network Magazine JV 50.00% 50.00% * Everytap 40.00% - HGTV Canada 33.00% 33.00% * nC+ 32.00% - Food Canada 29.00% 29.00% * Onet 25.00% - Fox-BRV Southern Sports Holdings 7.25% 7.25% * Acquired as a part of the N-Vision Acquisition UKTV UKTV receives financing through a loan provided by us. The loan, totaling $112.1 million at December 31, 2015 and $116.2 million at December 31, 2014, is reported within other non-current assets on our consolidated balance sheets, effectively act as a revolving credit facility for UKTV. As a result of this financing arrangement and the level of equity investment at risk, we have determined that UKTV is a variable interest entity (“VIE”). SNI and its partner in the venture share equally in the profits of the entity, have equal representation on UKTV’s board of directors and share voting control in such matters as approving annual budgets, initiating financing arrangements and changing the scope of the business. However, our partner maintains control over certain operational aspects of the business related to programming content, scheduling and the editorial and creative development of UKTV. Additionally, certain key management personnel of UKTV are employees of our partner. Since we do not control these activities that are critical to UKTV’s operating performance, we have determined that we are not the primary beneficiary of the entity and account for the investment under the equity method of accounting. As of December 31, 2015 and December 31, 2014, the Company’s investment in UKTV was $353.4 million and $376.9 million, respectively. A portion of the purchase price from our 50.0 percent investment in UKTV was attributed to amortizable intangible assets, which are included in the carrying value of our UKTV investment. Amortization recorded on these intangible assets reduces the equity in earnings recognized from our UKTV investment. The table below summarizes estimated amortization that we expect to reduce the Company’s equity in UKTV’s earnings for future periods: ( in thousands ) Estimated Amortization** 2016 $ 13,700 2017 $ 13,800 2018 $ 13,800 2019 $ 13,800 2020 $ 13,900 Thereafter $ 101,700 ** The functional currency of UKTV is the Great British Pound ("GBP"), so these amounts are subject to change as the GBP to U.S. Dollar exchange rates fluctuate. nC+ TVN’s investment in nC+ is held subject to the terms of a shareholders’ agreement, which includes provisions regarding the composition of the management and supervisory boards and the appointment of their members, an exit strategy and a list of matters which require the consent of TVN. According to the shareholders’ agreement, nC+ shall distribute 75.0 percent of its distributable consolidated profits to shareholders in proportion to their pro rata share. Canal+ Group (“Canal+”), the controlling interest owner, has call options to acquire TVN’s 32.0 percent of nC+ at market value, which options are exercisable during the three month periods beginning November 30, 2015 and November 30, 2016. Additionally, TVN and Canal+ have the right following the call option periods to sell its interest in nC+ (with Canal+ having the right to require TVN to sell its shares in nC+ on the same terms) and, if not exercised, TVN has the right to require nC+ to undertake an initial public offering (“IPO”). A portion of the purchase price from our 32.0 percent investment in nC+, as a result of the acquisition of N-Vision, was attributed to amortizable intangible assets, which is included in the carrying value of our nC+ investment. Amortization recorded on these intangible assets reduces the equity in earnings recognized from our nC+ investment. Onet The Company, through TVN Online Investments Holding, holds a 25.0 percent interest in Onet Holding Group (Onet Holding Sp. z o.o. and its subsidiaries, “Onet”), and Ringier Axel Springer Media AG (“RAS”) holds the remaining 75.0 percent interest and is the controlling interest owner. As TVN has significant influence on, but not control over, Onet, this investment is accounted for using the equity method of accounting. The shareholders’ agreement, which regulates the cooperation between TVN and RAS with respect to Onet and, indirectly, Onet Group (“Grupa Onet”), contains a swap option for TVN to exchange a number of TVN’s subsidiaries’ shares in Onet for the shares in RAS, which option is valid if RAS conducts an IPO. Furthermore, under the shareholders’ agreement, the following options are granted: the first put option for TVN (or its subsidiary) to sell all its shares in Onet to RAS at any time during (i) the 90-day period commencing on January 1, 2016 or (ii) the 20 business day period commencing after Onet’s shareholders’ meeting has approved its financial statements for the most recently concluded financial year, whichever period ends later; and the call option for RAS to acquire the shares in Onet’s share capital from TVN (or its subsidiary) at any time during (i) the 90-day period commencing on January 1, 2017 or (ii) the 20 business day period commencing after Onet’s shareholders’ meeting has approved its financial statements for the most recently concluded financial year, whichever period ends later; and the second put option for TVN (or its subsidiary) to sell all its shares in Onet to RAS at any time within 60 days following the expiration of the call option period. The shareholders’ agreement also contains the standard “joint-exit” clauses allowing TVN and RAS to sell jointly all their shares in Grupa Onet held directly or indirectly (drag-along and tag-along rights). The shareholders’ agreement also contains a call option for RAS in the event that TVN no longer controls, directly or indirectly, its stake in Onet. According to the shareholders’ agreement, Onet shall distribute at least 70.0 percent of its distributable consolidated profits to shareholders in proportion to their pro rata share. Fox-BRV Southern Sports Holdings The Company exercises significant control over Fox-BRV Southern Sports Holdings (“Fox South”) through board positions held and, therefore, this investment is accounted for using the equity method of accounting (see Note 24 - Subsequent Events Aggregated statement of operations data for investments accounted for under the equity method of accounting is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Operating revenues $ 1,973,515 $ 1,333,239 $ 1,263,231 Operating income $ 753,249 $ 708,958 $ 666,227 Net income $ 568,358 $ 522,435 $ 483,143 Aggregated balance sheet information for investments accounted for under the equity method of accounting is as follows: As of December 31, (in thousands) 2015 2014 Current assets $ 847,444 $ 586,287 Non-current assets 677,069 105,630 Total Assets $ 1,524,513 $ 691,917 Current liabilities $ 475,582 $ 224,459 Non-current liabilities 150,411 136,321 Equity 898,519 331,137 Total Liabilities and Equity $ 1,524,513 $ 691,917 |
Programs and Program Licenses
Programs and Program Licenses | 12 Months Ended |
Dec. 31, 2015 | |
Programs And Program Licenses [Abstract] | |
Programs and Program Licenses | 8. PROGRAMS AND PROGRAM LICENSES Programs and program licenses consisted of the following: As of December 31, (in thousands) 2015 2014 Cost of programs available for broadcast $ 2,588,311 $ 2,253,574 Accumulated amortization 1,764,532 1,564,008 Total 823,779 689,566 Progress payments on programs not yet available for broadcast 288,119 257,092 Total programs and program licenses $ 1,111,898 $ 946,658 In addition to the programs owned or licensed by us included in the table above, we have commitments to license certain programming that is not yet available for broadcast. Remaining obligations under contracts to purchase or license programs not yet available for broadcast totaled approximately $240.0 million and $244.0 million at December 31, 2015 and December 31, 2014, respectively. If the programs are not produced, our commitment to license the programs would generally expire without obligation. Program and program license expense, which consists of program amortization and program impairments, is included within cost of services in our consolidated statements of operations. Program impairments totaled $70.4 million in 2015, $38.4 million in 2014 and $32.0 million in 2013. Estimated amortization of recorded program assets and program commitments for each of the next five years is as follows: Programs Programs Not Available for Yet Available (in thousands) Broadcast for Broadcast Total 2016 $ 468,308 $ 226,835 $ 695,143 2017 228,595 157,628 386,223 2018 98,242 79,078 177,320 2019 25,787 48,802 74,589 2020 1,140 14,561 15,701 Later years 1,707 1,426 3,133 Total $ 823,779 $ 528,330 $ 1,352,109 Actual amortization in each of the next five years will exceed the amounts presented above as we will continue to produce and license additional programs. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 9. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: As of December 31, (in thousands) 2015 2014 Land and improvements $ 23,606 $ 12,857 Buildings and improvements 190,199 155,736 Equipment 172,302 127,221 Computer software 206,276 208,984 Total 592,383 504,798 Accumulated depreciation (299,153 ) (278,552 ) Property and equipment $ 293,230 $ 226,246 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 10. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: As of December 31, ( in thousands ) 2015 2014 Goodwill, net (1) $ 1,804,748 $ 573,119 Other intangible assets: Amortizable intangible assets: Carrying amount: Acquired network distribution rights $ 744,962 $ 586,687 Customer and advertiser lists 223,726 94,669 Copyrights and other tradenames 390,111 66,782 Broadcast licenses 124,030 - Acquired rights and other 120,267 120,227 Total carrying amount 1,603,096 868,365 Accumulated amortization: Acquired network distribution rights (195,678 ) (157,847 ) Customer and advertiser lists (81,892 ) (71,870 ) Copyrights and other tradenames (30,875 ) (20,046 ) Broadcast licenses (2,524 ) - Acquired rights and other (29,463 ) (22,721 ) Total accumulated amortization (340,432 ) (272,484 ) Total other intangible assets, net $ 1,262,664 $ 595,881 (1) Includes accumulated impairments of $44,386 in 2015 and 2014 Activity related to goodwill and amortizable intangible assets by segment is as follows: (in thousands) U.S. Networks International Networks Corporate and Other Total Goodwill Balance as of December 31, 2013 $ 510,484 $ 64,098 $ - $ 574,582 Additions - business acquisitions - - - - Foreign currency translation adjustment - (1,463 ) - (1,463 ) Balance as of December 31, 2014 510,484 62,635 573,119 Additions - business acquisitions - 1,259,447 - 1,259,447 Foreign currency translation adjustment - (27,818 ) - (27,818 ) Balance as of December 31, 2015 $ 510,484 $ 1,294,264 $ - $ 1,804,748 (in thousands) Amortizable Intangible Assets Balance as of December 31, 2013 $ 573,083 $ 81,926 $ - $ 655,009 Additions - business acquisitions - - - - Foreign currency translation adjustment - (3,525 ) - (3,525 ) Amortization (48,318 ) (7,285 ) - (55,603 ) Balance as of December 31, 2014 524,765 71,116 - 595,881 Additions - business acquisitions - 761,362 - 761,362 Foreign currency translation adjustment - (25,932 ) (25,932 ) Amortization (40,166 ) (28,481 ) - (68,647 ) Balance as of December 31, 2015 $ 484,599 $ 778,065 $ - $ 1,262,664 Separately acquired intangible assets reflect the acquisition of certain rights that will expand our opportunity to earn future revenues. Cash payments for these acquired rights totaled $11.0 million, $10.9 million and $31.3 million in 2015, 2014 and 2013, respectively, and are reported as other, net in our consolidated statements of cash flows. To determine the fair value of our reporting units, we used market data and discounted cash flow analyses. As the primary determination of fair value is determined using a discounted cash flow model, the resulting fair value is considered a Level 3 measurement. No impairment charges were identified as a result of our goodwill analyses in 2015 or 2014. We recorded a $24.7 million charge in 2013 to write-down goodwill associated with our EMEA reporting unit driven by delayed expansion into certain markets. Amortization expense associated with intangible assets for each of the next five years is expected to be as follows: ( in thousands ) Estimated Amortization ** 2016 $ 86,310 2017 $ 85,247 2018 $ 84,951 2019 $ 85,828 2020 $ 77,570 Thereafter $ 842,758 ** The functional currency of certain foreign subsidiaries differs from the U.S. Dollar, so these amounts are subject to change as rates fluctuate. |
Other Accrued Current Liabiliti
Other Accrued Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current Portion [Abstract] | |
Other Accrued Liabilities | 11. OTHER ACCRUED LIABILITIES Other accrued current liabilities consisted of the following: As of December 31, (in thousands) 2015 2014 Accrued rent $ 21,736 $ 18,290 Accrued advertising rebates 20,808 25 Accrued interest 8,400 22,742 Accrued expenses 97,588 49,387 Total $ 148,532 $ 90,444 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES We file a consolidated U.S. federal income tax return, unitary tax returns in certain states and separate income tax returns for certain of our subsidiary companies in other states, as well as in foreign jurisdictions. Included in our federal and state income tax returns is our proportionate share of the taxable income or loss of partnerships and limited liability companies that are treated as partnerships for tax purposes (“pass-through entities”). Our consolidated financial statements do not include any significant provision for income taxes on the income of pass-through entities attributed to the non-controlling interests. Food Network and Cooking Channel are operated under the terms of a general partnership agreement (“Partnership”). The Travel Channel is a limited liability company and treated as a partnership for tax purposes. Income (loss) from operations before income taxes consisted of the following: For the years ended December 31, (in thousands) 2015 2014 2013 United States $ 1,187,353 $ 1,063,942 $ 1,025,761 Foreign (65,489 ) (36,091 ) (35,110 ) Total $ 1,121,864 $ 1,027,851 $ 990,651 The determination of US/non-US is primarily based on legal entity structure, which differs from our reportable segment structure. The provision for income taxes consisted of the following: For the years ended December 31, (in thousands) 2015 2014 2013 Current: Federal $ 345,204 $ 269,047 $ 181,403 State and local 32,393 31,155 37,655 Foreign (6,183 ) 2,038 517 Total current income tax provision 371,414 302,240 219,575 Deferred: Federal (31,731 ) 694 84,504 State and local 5,611 85 5,742 Foreign (1,903 ) (1,976 ) (2,198 ) Total deferred income tax (benefit) provision (28,023 ) (1,197 ) 88,048 Provision for income taxes $ 343,391 $ 301,043 $ 307,623 During the years ended December 31, 2015, December 31, 2014 and December 31, 2013, a current tax benefit of $1.2 million, $12.3 million and $4.9 million, respectively, was allocated directly to shareholders’ equity for compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes. The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Effect of: U.S. state and local income taxes, net of federal income tax benefit 2.2 2.2 2.2 Income of pass-through entities allocated to non-controlling interests (5.4 ) (6.2 ) (6.3 ) Section 199 - Domestic Production Activities deduction (2.5 ) (2.3 ) (2.4 ) Other 1.3 0.6 2.6 Effective income tax rate 30.6 % 29.3 % 31.1 % The approximate effect of the temporary differences giving rise to deferred income tax (assets) liabilities were as follows: As of December 31, (in thousands) 2015 2014 Deferred tax assets: Accrued expenses $ (30,764 ) $ (13,200 ) Deferred compensation (73,672 ) (73,150 ) Capital loss carry-forwards (9,316 ) (6,867 ) Net operating loss carry-forwards (157,475 ) (33,745 ) Investments (80,992 ) (96,387 ) State taxes and interest (35,671 ) - Property and equipment (30,885 ) (22,648 ) Other (26,530 ) (10,110 ) Total deferred tax assets: (445,305 ) (256,107 ) Deferred tax liabilities: Intangible assets 178,132 71,570 Programs and program licenses 45,897 64,765 Other 5,880 - Total deferred tax liabilities: 229,909 136,335 Valuation allowance for deferred tax assets 123,442 40,676 Net deferred tax asset $ (91,954 ) $ (79,096 ) As of December 31, 2015, there were $2.3 million of net operating loss carry-forwards for federal income tax purposes with expiration beginning in 2032 while there were approximately $17.9 million of net operating loss carry-forwards in various state jurisdictions with expiration dates between 2028 and 2034. Net operating loss carry-forwards in various foreign jurisdictions were approximately $736.4 million as of December 31, 2015. Some of the foreign losses have an indefinite carry-forward period and certain of the foreign losses expire beginning in 2016. A large portion of the deferred tax assets for the foreign and state loss carry-forwards have been reduced by a valuation allowance of $109.2 million, as it is more likely than not that these loss carry-forwards will not be realized. At December 31, 2015, capital losses available to the Company totaled $25.6 million, with most of these losses scheduled to expire in 2016. Accordingly, a valuation allowance of $9.3 million was recorded on the deferred tax asset for these losses, as management believed it was more likely than not that the capital losses would not be utilized based on information available as of December 31, 2015. However, as described in Note 24 – Subsequent Events The Company has recorded a valuation allowance against deferred tax assets of $123.4 million and $40.7 million as of December 31, 2015 and December 31, 2014, respectively, as management believes it is more likely than not that certain deferred tax assets will not be realized in future tax periods. Future reductions in the valuation allowance associated with a change in management’s determination of the Company’s ability to realize these deferred tax assets may result in a decrease in the provision for income taxes. During the year ended December 31, 2015, the valuation allowance was increased by $47.3 million related to net operating losses generated by N-Vision No provision has been made for United States federal and state income taxes or international income taxes that may result from future remittances of the undistributed earnings of foreign subsidiaries that are determined to be indefinitely reinvested, which were approximately $105.6 million at December 31, 2015. Determination of the amount of any unrecognized deferred income tax liability on these is not practicable. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Gross unrecognized tax benefits - beginning of year $ 96,166 $ 109,462 $ 94,219 Increases in tax positions for prior years 19,679 2,169 20,931 Decreases in tax positions for prior years - (11,254 ) (6,020 ) Increases in tax positions for current year 17,712 15,149 13,709 Settlements with taxing authorities 495 - - Lapse in statute of limitations (24,359 ) (19,360 ) (13,377 ) Gross unrecognized tax benefits - end of year $ 109,693 $ 96,166 $ 109,462 The total net unrecognized tax benefits that would affect the effective tax rate if recognized was $78.3 million at December 31, 2015, $62.8 million at December 31, 2014 and $65.4 million at December 31, 2013. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. We have recognized interest expense of approximately $0.1 million in 2015, $0.5 million in 2014 and $2.8 million in 2013. We have accrued gross interest and penalties of approximately $11.5 million in 2015, $10.9 million in 2014 and $10.2 million in 2013. We file income tax returns in the U.S. and in various state, local and foreign jurisdictions. We are routinely examined by tax authorities in these jurisdictions. As of December 31, 2015, the Company is no longer subject to U.S. federal examinations for years before 2012. It is possible that examinations by tax authorities in state and foreign jurisdictions may be resolved within twelve months. Exclusive of interest and penalties, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next twelve months by a range of zero to $63.5 million, primarily due to settlement of tax examinations and expiration of the statute of limitations. With a few exceptions, the Company is no longer subject to examinations by state, local or foreign tax authorities for years prior to 2011. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 13. DEBT Debt consisted of the following: As of December 31, (in thousands) Maturity 2015 2014 Amended Revolving Credit Facility 2019 - 2020 $ 389,170 $ - Term Loan 2017 249,129 - 3.55% Senior Notes 2015 - 883,895 2.70% Senior Notes 2016 499,174 498,272 2.75% Senior Notes 2019 495,750 494,644 TVN 7.38% Senior Notes 2020 399,986 - 2.80% Senior Notes 2020 593,796 - 3.50% Senior Notes 2022 395,309 - 3.90% Senior Notes 2024 493,210 492,443 3.95% Senior Notes 2025 494,748 - Total debt $ 4,010,272 $ 2,369,254 Current portion of debt (499,174 ) (883,895 ) Debt (less current portion) $ 3,511,098 $ 1,485,359 Fair value of long-term debt * $ 3,977,985 $ 2,409,995 * The fair value of the senior notes were estimated using level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. Revolving Credit Facilities On March 31, 2014, we entered into a five year revolving credit facility (the “Facility”) that permitted $650.0 million in aggregate borrowings with an expiration date of March 2019. On May 18, 2015, we entered into the Amended Revolving Credit Facility to amend the Facility. The Amended Revolving Credit Facility provides $250.0 million additional revolving loan capacity permitting borrowings up to an aggregate principal amount of $900.0 million, which may be increased to $1,150.0 million at our option. Additionally, the Amended Revolving Credit Facility extends the maturity one year to a scheduled maturity of March 2020, with the exception of $32.5 million, which remains scheduled to mature in March 2019. Borrowings under the Amended Revolving Credit Facility incur interest charges based on the Company’s credit rating with drawn amounts incurring interest at LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings. The Company had outstanding borrowings of $389.2 million under the Amended Revolving Credit Facility at December 31, 2015, incurring interest at a rate of approximately 1.44% throughout the year ended December 31, 2015. The Company had $1.1 million of outstanding letters of credit under the Amended Revolving Credit Facility at December 31, 2015, and there were no outstanding borrowings or letters of credit under the Facility at December 31, 2014. At the Acquisition Date, TVN had an outstanding revolving credit facility (the “TVN Facility”) in the amount of PLN 300.0 million and a cash loan (the “Cash Loan”) in the amount of €25.0 million bearing interest at a floating rate of EURIBOR for the relevant interest period, plus the bank’s margin. The TVN Facility and Cash Loan were scheduled to mature in June 2017, but both were repaid in full and cancelled as of December 31, 2015. Term Loan On June 26, 2015, we entered into a $250.0 million senior unsecured Term Loan agreement. The Term Loan has a maturity date of June 2017, with outstanding borrowings incurring interest at LIBOR plus a range of 62.5 to 137.5 basis points, subject to the Company’s credit ratings. The weighted average interest rate on the Term Loan was 1.37% for the year ended December 31, 2015. Senior Notes In November 2014, we completed the sale of $500.0 million aggregate principal amount of 2.75% Senior Notes due 2019 (the “2019 Notes”) and $500.0 million aggregate principal amount of 3.90% Senior Notes due 2024 (the “2024 Notes”). Interest is due on the 2019 Notes and 2024 Notes on May 15th and November 15th each year. Net proceeds from the issuance of these notes were utilized to repay our $885.0 million aggregate principal amount of 3.55% Senior Notes that matured in January 2015. Our $500.0 million aggregate principal amount of 2.70% Senior Notes mature in December 2016 (the “2016 Notes”). Interest is paid on the 2016 Notes on June 15th and December 15th of each year. On June 2, 2015, we completed the sale of $600.0 million aggregate principal amount of 2.80% Senior Notes due 2020 (the “2020 Notes”), $400.0 million aggregate principal amount of 3.50% Senior Notes due 2022 (the “2022 Notes”) and $500.0 million aggregate principal amount of 3.95% Senior Notes due 2025 (the “2025 Notes” and together with the 2020 and 2022 Notes, the “Newly Issued Notes”). The Newly Issued Notes are unsecured senior obligations of the Company and rank equally in right of payment with the Company’s existing and future unsecured and unsubordinated indebtedness. The proceeds of the Newly Issued Notes were used, in part, to fund the Transactions (see Note 4 – Acquisitions Amounts capitalized and included as a reduction against long term debt on our consolidated balance sheets include $20.4 million of debt issuance costs related to the Amended Revolving Credit Facility, Term Loan and Newly Issued Notes, all of which were undertaken to finance the Transactions. We amortized $6.0 million and $3.0 million of debt issuance costs for the years ended December 31, 2015 and December 31, 2014, respectively, within interest expense, net in our consolidated statements of operations. On July 31, 2015, the Company paid € 364.9 300.0 363.4 1.5 On November 19, 2010, TVN Finance Corp. issued the 2018 TVN Notes. On November 16, 2015, TVN Finance Corp. executed a full early redemption of the 2018 TVN Notes totaling €118.9 million, comprised of principal of €116.6 million, accrued but unpaid interest of a nominal amount and premium of €2.3 million. An additional €4.6 million was paid at the same time in fulfillment of the November 15 coupon payment due. The extinguishment of debt is reflected as a financing activity in our consolidated statements of cash flows. On September 16, 2013, TVN Finance Corp. issued the 2020 TVN Notes. Prior to December 15, 2016 TVN Finance Corp may redeem up to 40 percent of the original principal amount of the 2020 TVN Notes with net cash proceeds of one or more equity offerings at a redemption price of 107.38% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Also, prior to December 15, 2016, TVN Finance Corp. may redeem up to 10.0 percent of the original principal amount of the 2020 TVN Notes at a redemption price equal to 103.00% of the aggregate principal amount plus accrued and unpaid interest, if any, to the redemption date. A 10.0 percent redemption was executed in September 2015 and in November 2015, leaving one more opportunity to redeem another 10.0 percent at 103.00% prior to December 16, 2016. At any time prior to December 16, 2016 TVN Finance Corp. may redeem the 2020 TVN Notes in whole, but not in part, at a price equal to 100.00% of the principal amount plus the applicable make-whole premium and accrued and unpaid interest, if any, up to the redemption date. The 2020 TVN Notes are senior unsecured obligations and are governed by a number of covenants including, but not limited to, restrictions on the level of additional indebtedness, payment of dividends, sale of assets and transactions with affiliated companies. On September 15, 2015 TVN executed a partial pre-payment of the 2020 TVN Notes totaling €45.1 million, comprised of principal of €43.0 million, accrued but unpaid interest of €0.8 million and premium of €1.3 million. On November 16, 2015, TVN Finance Corp. executed a second partial pre-payment of the 2020 TVN Notes totaling €45.6 million, comprised of principal of €43.0 million, accrued but unpaid interest of €1.3 million and premium of €1.3 million. At December 31, 2015, €344.0 million was outstanding on the 2020 TVN Notes. Debt Covenants The Amended Revolving Credit Facility, Term Loan, all of our Senior Notes and the TVN debt all include certain affirmative and negative covenants, including limitations on the incurrence of additional indebtedness and maintenance of a maximum leverage ratio. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 14. OTHER LIABILITIES Other liabilities consisted of the following: As of December 31, (in thousands) 2015 2014 Pension and post-employment benefits $ 73,683 $ 81,012 Deferred compensation 41,992 41,096 Uncertain tax positions 101,908 69,898 Other 32,808 42,423 Other liabilities (less current portion) $ 250,391 $ 234,429 |
Foreign Exchange Risk Managemen
Foreign Exchange Risk Management | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Foreign Exchange Risk Management | 15. FOREIGN EXCHANGE RISK MANAGEMENT In order to minimize earnings and cash flow volatility resulting from currency exchange rate changes, on occasion we enter into derivative instruments, principally forward and option foreign currency contracts. These contracts are designed to hedge anticipated foreign currency transactions and changes in the value of specific assets, liabilities and probable commitments. We do not enter into currency exchange rate derivative instruments for speculative purposes. The free-standing derivative forward contracts are used to offset our exposure to the change in value of specific foreign currency denominated assets and liabilities. These derivatives are not designated as hedges. Changes in the value of these contracts are recognized in earnings, thereby offsetting the current earnings effect of the related change in functional currency value of foreign currency denominated assets and liabilities. The gross notional amount of these contracts outstanding was of $118.6 million at December 31, 2015, $124.3 million December 31, 2014 and $236.0 million at December 31, 2013. The cash flow settlements from these derivative contracts are primarily reported within investing activities in the consolidated statements of cash flows. We recognized $50.3 million of gains in 2015, $2.8 million of gains in 2014 and $7.1 million of losses in 2013 from these forward contracts, included within gain (loss) loss on derivatives in the consolidated statements of operations. The gains and losses from these forward contracts are offset by foreign exchange transaction losses of $22.4 million that were recognized in 2015, $4.2 million of losses that were recognized in 2014 and $2.8 million of gains that were recognized in 2013. Foreign exchange transaction gains and losses are included within miscellaneous, net in our consolidated statements of operations. |
Redeemable Non-controlling Inte
Redeemable Non-controlling Interests and Non-controlling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-controlling Interests and Non-controlling Interest | 16. REDEEMABLE NON-CONTROLLING INTERESTS AND NON-CONTROLLING INTEREST Redeemable Non-controlling Interests A non-controlling owner holds a 35.0 percent interest in the Travel Channel. The owner of the non-controlling interest has a put option requiring us to repurchase their interest, and we have a call option to acquire their interest. The owner of the non-controlling interest will receive negotiated value for their interest at the time either option is exercised. The put option on the non-controlling interest in the Travel Channel became exercisable on August 18, 2014, and our call option became exercisable on December 15, 2015. On January 6, 2016, the Company notified the owner of the non-controlling interest of its intention to exercise the call option, resulting in 100.0 percent ownership of Travel Channel (see Note 24 – Subsequent Events A non-controlling owner holds a 30.0 percent interest in Food Network Latin America (“FNLA”). The owner of the non-controlling interest has a put option requiring us to repurchase their interest, and we have a call option to acquire their interest. The owner of the non-controlling interest will receive fair market value for their interest at the time either option is exercised. The put option on the non-controlling interest in FNLA becomes exercisable in 2017, and our call option becomes exercisable in 2024, or upon the occurrence of other contractual call events as outlined in the agreement. Non-controlling Interest The Food Network and Cooking Channel are operated and organized under the terms of the Partnership. The Company and a non-controlling owner hold interests in the Partnership. During the fourth quarter of 2014, the Partnership was extended and specifies a dissolution date of December 31, 2016. If the term of the Partnership is not extended prior to that date, the Partnership agreement permits the Company, as holder of 80.0 percent of the applicable votes, to reconstitute the Partnership and continue its business. If for some reason the Partnership is not continued, it will be required to limit its activities to winding up, settling debts, liquidating assets and distributing proceeds to the partners in proportion to their partnership interests. See Note 4 – Acquisitions |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 17. EMPLOYEE BENEFIT PLANS Defined Benefit Plans We sponsor a defined benefit pension plan (“Pension Plan”) covering a majority of our U.S.-based employees. Expense recognized in relation to the pension plan is based upon actuarial valuations. Inherent in those valuations are key assumptions including discount rates and, where applicable, expected returns on assets and projected future salary rates. The discount rates used in the valuation of the Pension Plan are evaluated annually based on current market conditions. Benefits are generally based on the employee’s compensation and years of service. We also have a non-qualified supplemental executive retirement plan (“SERP”). The SERP, which is unfunded, provides defined pension benefits in addition to what is provided under the Pension Plan to eligible executives based on average earnings, years of service and age at retirement. In 2009, we amended the Pension Plan. In accordance with the provisions of the Pension Plan amendment, no additional service benefits will be earned by participants in the Pension Plan after December 31, 2009. The amount of eligible compensation that is used to calculate a plan participant’s pension benefit will continue to include any compensation earned by the employee through December 31, 2019. After December 31, 2019, all plan participants will have a frozen pension benefit. The measurement date used for the Pension Plan and SERP is December 31. The components of the expense consisted of the following: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2013 2015 2014 2013 Interest cost $ 2,940 $ 3,279 $ 3,642 $ 1,713 $ 1,685 $ 1,637 Expected return on plan assets, net of expenses (3,876 ) (4,571 ) (4,396 ) - - - Special termination benefits 860 1,838 - 290 365 - Settlement charges 3,345 2,021 2,302 1,121 2,279 1,083 Amortization of net loss 2,095 1,239 2,918 2,354 2,188 2,844 Total for defined benefit plans $ 5,364 $ 3,806 $ 4,466 $ 5,478 $ 6,517 $ 5,564 In the fourth quarter of 2014, we announced the Restructuring Plan, providing each employee the benefit of an additional three years of credited service related to the applicable Pension Plan and SERP for which they qualify (see Note 5 – Employee and Contract Termination Costs During 2015 and 2014, we recognized $4.5 million and $4.3 million, respectively, of settlement charges related to lump-sum distributions from our Pension Plan and SERP. Settlement charges are recorded when total lump sum distributions for a plan’s year exceed the total projected service cost and interest cost for that plan year. Assumptions used in determining the annual retirement plans expense were as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate 3.46% 4.27% 3.33% 3.14% 3.62% 2.76% Long-term rate of return on plan assets 7.50% 7.50% 7.50% N / A N / A N / A Increase in compensation levels 4.54% 5.05% 5.37% 4.41% 4.83% 5.05% The discount rate used to determine our future pension obligations is based on a 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 on the weighted-average expected rate of return and capital market forecasts for each asset class employed. Our expected rate of return on plan assets also considers our historical compounded return on plan assets for 10 and 15 year periods. The increase in compensation levels assumption is based on actual past experience and the near-term outlook. Obligations and Funded Status 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 plan assets and obligations: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Accumulated benefit obligation $ 78,859 $ 85,279 $ 46,428 $ 45,617 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 92,384 $ 82,151 $ 52,374 $ 48,572 Interest cost 2,940 3,279 1,713 1,685 Benefits paid (484 ) (407 ) (251 ) (253 ) Actuarial (gains) losses (525 ) 14,344 566 6,650 Curtailments - (1,097 ) - (53 ) Special termination benefits 860 1,838 290 365 Settlement charges (10,554 ) (7,724 ) (2,418 ) (4,592 ) Projected benefit obligation at end of year 84,621 92,384 52,274 52,374 Plan assets: Fair value at beginning of year 59,096 63,113 - - Actual return on plan assets (2,345 ) 4,114 - - Company contributions - - 2,669 4,845 Benefits paid (484 ) (407 ) (251 ) (253 ) Settlement charges (10,554 ) (7,724 ) (2,418 ) (4,592 ) Fair value at end of year 45,713 59,096 - - Under funded status $ (38,908 ) $ (33,288 ) $ (52,274 ) $ (52,374 ) Amounts recognized as assets and liabilities in the consolidated balance sheets: Current liabilities $ - $ - $ (17,500 ) $ (4,650 ) Non-current liabilities (38,908 ) (33,288 ) (34,774 ) (47,724 ) Total $ (38,908 ) $ (33,288 ) $ (52,274 ) $ (52,374 ) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 27,502 $ 27,247 $ 22,731 $ 25,640 Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss (income) consist of: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Net actuarial loss $ 5,695 $ 14,801 $ 566 $ 6,650 Amortization of net loss (2,095 ) (1,239 ) (2,354 ) (2,188 ) Curtailment charges - (1,097 ) - (53 ) Settlement charges (3,345 ) (2,021 ) (1,121 ) (2,279 ) Total recognized in other comprehensive (loss) income 255 10,444 (2,909 ) 2,130 Net periodic benefit cost 5,364 3,806 5,478 6,517 Total recognized in net periodic benefit cost and other comprehensive loss $ 5,619 $ 14,250 $ 2,569 $ 8,647 We expect to recognize amortization from accumulated other comprehensive (loss) income into net periodic benefit costs of $2.1 million and $2.1 million for the net actuarial loss during 2016 related to our Pension Plan and SERP, respectively. Information for defined benefit plans with an accumulated benefit obligation in excess of plan assets was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Accumulated benefit obligation $ 78,859 $ 85,279 $ 46,428 $ 45,617 Fair value of plan assets $ 45,713 $ 59,096 $ - $ - Information for defined benefit plans with a projected benefit obligation in excess of plan assets was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Projected benefit obligation $ 84,621 $ 92,384 $ 52,274 $ 52,374 Fair value of plan assets $ 45,713 $ 59,096 $ - $ - Assumptions used to determine benefit obligations for the defined plans was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, 2015 2014 2015 2014 Discount rate 3.75% 3.46% 3.39% 3.14% Rate of compensation increases 4.32% 4.54% 4.26% 4.42% Plan Assets Our investment policy is to maximize the total rate of return on plan assets to meet the long-term funding obligations of the Pension Plan. Plan assets are invested using a combination of active management and passive investment strategies. Risk is controlled through diversification among multiple asset classes, managers, styles and securities. Risk is further controlled both at the manager and asset class level by assigning return targets and evaluating performance against these targets. Information related to our Pension Plan asset allocations by asset category were as follows: Percentage of Plan Assets Target Allocations as of December 31, Investment Type for 2016 2015 2014 US equity securities 27% 25% 30% Non-US equity securities 39% 43% 36% Fixed-income securities 30% 23% 28% Other 4% 9% 6% Total 100% 100% 100% U.S. equity securities include common stocks of large, medium and small companies, which are predominantly U.S.-based. Non-U.S. equity securities include common stocks of large, medium and small companies which are domiciled outside the U.S. Fixed-income securities include securities issued or guaranteed by the U.S. government and corporate debt obligations, as well as investments in hedge fund products. Real estate investments include, but are not limited to, investments in office, retail, apartment and industrial properties. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2015 and the level of inputs utilized for fair value. As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 US equity securities Mutual funds $ 11,457 $ 11,457 - - Non-US equity securities Mutual funds 19,634 19,634 - - Fixed income securities Mutual funds 10,222 10,222 - - Other Alternative investment funds 3,681 - 3,681 - Subtotal $ 44,994 $ 41,313 $ 3,681 $ — Cash 719 719 - - Total $ 45,713 $ 42,032 $ 3,681 $ — The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2014 and the level of inputs utilized for fair value. As of December 31, 2014 (in thousands) Total Level 1 Level 2 Level 3 US equity securities Mutual funds $ 17,650 $ 17,650 - - Non-US equity securities Mutual funds 21,264 21,264 - - Fixed income securities Mutual funds 16,758 16,758 - - Other Alternative investment funds 3,369 - 3,369 - Subtotal $ 59,041 $ 55,672 $ 3,369 $ — Cash 55 55 Total $ 59,096 $ 55,727 $ 3,369 $ — Cash Flows Subsequent to year-end, the Company made a voluntarily contribution of $10.0 million to the Pension Plan investment fund. We anticipate contributing $17.5 million to fund current benefit payments for the SERP in 2016. The estimated future benefit payments expected to be paid out of the plans for the next ten years are as follows: (in thousands) Pension Plan SERP 2016 $ 3,630 $ 17,500 2017 $ 3,655 $ 1,753 2018 $ 4,146 $ 2,359 2019 $ 4,147 $ 2,467 2020 $ 5,073 $ 2,549 2021-2025 $ 26,252 $ 15,380 Defined Contribution Retirement Plan Substantially all U.S.-based employees of the Company are covered by a Company-sponsored defined contribution plan (“DC Plan”). The Company matches a portion of employees’ voluntary contribution to this plan and makes additional contributions to eligible employees’ 401K accounts in accordance with enhanced provisions to the DC Plan. The amount contributed to each employee’s account is a percentage of the employee’s total eligible compensation based upon age and service with the Company as of the first day of each year. Expense related to our DC plan was $17.4 million in 2015, $17.5 million in 2014 and $16.4 million in 2013. Employees of our newly-acquired TVN subsidiary are covered by state managed defined contribution plans. Contributions to these defined contribution plans are charged to the income statement in the period to which they relate. Executive Deferred Compensation Plan We have an unqualified executive deferred compensation plan (“Deferred Compensation Plan”) that is available to certain management level employees and directors of the Company. Under the Deferred Compensation Plan, participants may elect to defer receipt of a portion of their annual compensation. The Deferred Compensation Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits. We may use corporate-owned life insurance contracts held in a rabbi trust to support the plan. We have investments valued at $42.8 million, including $27.0 within this rabbi trust and $15.8 million held in mutual funds, at December 31, 2015. The cash surrender value of the Company-owned life insurance contracts totaled $27.0 million and $20.7 million at December 31, 2015 and December 31, 2014, respectively, and is included within other non-current assets on our consolidated balance sheets. Gains or losses related to these insurance contracts are included within miscellaneous, net in our consolidated statements of operations. The unsecured obligation to pay the deferred compensation, including deferred directors fees, and adjusted to reflect the positive or negative performance of investment measurement options selected by each participant, totaled $42.0 million and $42.8 million at December 31, 2015 and December 31, 2014, respectively. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Comprehensive Income | 18. COMPREHENSIVE INCOME Changes in the accumulated other comprehensive income or loss (“AOCI”) balance by component consisted of the following adjustments for the respective years: For the years ended December 31, 2015 2014 2013 (in thousands) Currency Translation Pension Plan and SERP Liability Currency Translation Pension Plan and SERP Liability Currency Translation Pension Plan and SERP Liability AOCI beginning period balance $ (25,122 ) $ (32,769 ) $ 12,449 $ (24,978 ) $ 5,645 $ (44,507 ) Other comprehensive (loss) income before reclassifications (73,117 ) 2,653 (37,571 ) (13,291 ) 6,804 13,862 Amounts reclassified from AOCI — (1,878 ) — 5,500 — 5,667 Net current-period other comprehensive (loss) income (73,117 ) 775 (37,571 ) (7,791 ) 6,804 19,529 AOCI end of period balance $ (98,239 ) $ (31,994 ) $ (25,122 ) $ (32,769 ) $ 12,449 $ (24,978 ) Amounts reported in the table above are net of income tax. Amounts reclassified to net earnings for Pension Plan and SERP liability adjustments relate to the amortization of actuarial losses and settlement charges. These amounts are included within selling, general and administrative in our consolidated statements of operations (see Note 17 - Employee Benefit Plans) |
Capital Stock and Shares Compen
Capital Stock and Shares Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Capital Stock and Share Compensation Plans | 19. CAPITAL STOCK AND SHARE COMPENSATION PLANS Capital Stock SNI’s capital structure includes common voting shares and class A common shares. The articles of incorporation provide that the holders of class A common shares, who are not entitled to vote on any other matters except as required by Ohio law, are entitled to elect the greater of three or one-third of the directors. The common voting shares and class A common shares have equal dividend distribution rights. Incentive Plans Our Amended LTI Plan provides for long-term equity incentive compensation for key employees and members of the Board. T he Amended LTI Plan authorizes the grant of equity-based compensation to our non-employee directors, officers and other key employees in the form of incentive or non-qualified stock options, stock appreciation rights, restricted shares, RSUs, PBRSUs and other share-based awards and dividend equivalents. The Company has reserved 8.0 million class A common shares for issuance or delivery under the Amended LTI Plan. The Amended LTI Plan will remain in effect until February 19, 2025, unless sooner terminated by the Board. Termination will not affect grants and awards then outstanding. The Amended LTI Plan replaced our LTI Plan, and no further awards will be made under the LTI Plan. However, awards granted under the LTI Plan prior to shareholder approval of the Amended LTI Plan will remain outstanding in accordance with their terms. We satisfy stock option exercises and vested stock awards with newly-issued shares. Shares available for future share compensation grants totaled 7.9 million at December 31, 2015. Stock Options Stock options grant the recipient the right to purchase class A common shares at not less than 100 percent of the fair market value on the date the option is granted. Stock options granted to employees generally vest ratably over a three year period, conditioned upon the individual's continued employment through that period, while those granted to non-employee directors vest over a one year period. Stock options also generally vest immediately upon retirement, death or disability of the employee or upon a change in control of the Company or of the business in which the individual is employed. Unvested awards are forfeited if employment is terminated for other reasons. Stock options granted to employees generally have eight year terms, while those granted to non-employee directors generally vest over a one year period and have a ten year term for options granted prior to 2010. Stock options granted 2010 and later have eight year terms. Options generally become exercisable over a three year period. Information about options outstanding and options exercisable is as follows: (shares in thousands) Number of Shares Weighted-Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 2,223 $ 52.81 Granted in 2015 435 Exercised in 2015 (286 ) Forfeited in 2015 (1 ) Outstanding at December 31, 2015 2,371 $ 57.38 4.5 $ 14,936 Vested and expected to vest as of December 31, 2015 2,315 $ 57.06 4.4 14,936 Options exercisable at December 31, 2015 1,660 $ 50.87 3.6 $ 14,936 The following table presents additional information on exercises of stock options: For the years ended December 31, (in thousands) 2015 2014 2013 Cash received upon exercise $ 9,207 $ 39,605 $ 42,976 Intrinsic value (market value on date of exercise less exercise price) $ 6,030 $ 40,961 $ 25,552 Restricted Stock Units Awards of RSUs are converted into equal number of class A common shares at the vesting date. The fair value of RSUs is based on the closing price of SNI’s class A common shares on the grant date. RSUs vest over a range of one to five years, conditioned upon the continued employment through that period. RSUs also generally vest immediately upon retirement, death or disability of the employee or upon a change in control of the Company or of the business in which the individual is employed. We expect all unvested RSUs to vest. The following table presents additional information about RSUs: Grant Weighted (shares in thousands) Units Average Unvested units at December 31, 2014 614.0 $ 67.68 Awarded in 2015 346.0 $ 71.01 Converted in 2015 (462.0 ) $ 63.19 Forfeited in 2015 (4.0 ) $ 74.03 Unvested units at December 31, 2015 494.0 $ 60.26 In addition, PBRSUs that have been awarded represent the right to receive a grant 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 attained. The shares earned are issued as RSUs following the performance period and vest over a three year service period from the date of issuance. During 2015, PBRSUs with a target of 61,390 class A common shares were granted with a weighted-average grant date fair value of $72.30 and have a two year performance period based on the Company’s cash flow initiatives. During 2014, PBRSUs with a target of 60,310 class A common shares were granted with a weighted-average grant date fair value of $85.10 and have a two year performance period based on total shareholder return. We expect all unvested PBRSUs to vest. Share-Based Compensation In accordance with share-based payment accounting guidance, compensation cost is based on the grant date fair value of the award. The fair value of awards that grant the employee the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model is used to determine the fair value of awards with market conditions. The fair value of awards that grant the employee the underlying shares is measured by the fair value of a class A common share of SNI stock. Compensation costs, net of estimated forfeitures due to termination of employment or failure to meet performance targets, are recognized on a straight-line basis over the requisite service period of the award. The requisite service period is generally the vesting period stated in the award. However, because our share-based grants generally vest upon the retirement of the employee, 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. The weighted-average assumptions SNI used in the model are as follows: For the years ended December 31, 2015 2014 2013 Weighted-average fair value of stock options granted $ 15.18 $ 19.20 $ 18.94 Assumptions used to determine fair value: Dividend yield 1.28 % 0.99 % 0.95 % Risk-free rate of return 1.49 % 1.53 % 0.84 % Expected life of options (years) 5.0 5.0 5.0 Expected volatility 24.7 % 27.2 % 36.3 % Dividend yield considers our historical dividend yield paid and expected dividend yield over the life of the options. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and is a derived output of the valuation model. Expected volatility is based on a combination of historical share price volatility for a longer period and the implied volatility of exchange-traded options on our class A common shares. A summary of share-based compensation costs is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Total share-based compensation costs $ 29,568 $ 35,474 $ 36,845 As of December 31, 2015, $2.0 million of total unrecognized share-based compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.4 years. In addition, $15.3 million of total unrecognized share-based compensation cost related to RSUs and PBRSUs, is expected to be recognized over a weighted-average period of 1.4 years. Share Repurchase Program We have share repurchase programs (“Repurchase Programs”) authorized by the Board that permit us to acquire the Company’s class A common shares. During 2015, we repurchased 4.0 million shares for $288.5 million, including 3.0 million shares repurchased for $216.8 million from Scripps family members, who are considered to be related parties. During 2014, we repurchased 15.4 million shares for $1,200.0 million, including 4.5 million shares repurchased for $339.0 million from Scripps family members. During 2013, we repurchased 3.9 million shares for $253.2 million. As of December 31, 2015, $1,512.5 million in authorization remains available for repurchase under the existing Repurchase Programs. All shares repurchased under the Repurchase Programs are retired and returned to authorized and unissued shares. There is no expiration date for the Repurchase Programs, and we are under no commitment or obligation to repurchase any particular amount of class A common shares under the Repurchase Programs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. COMMITMENTS AND CONTINGENCIES We are involved in litigation arising in the ordinary course of business, none of which is expected to result in a material loss. Our minimum payments on non-cancelable leases at December 31, 2015 are as follows: ( in thousands ) 2016 $ 27,439 2017 $ 27,755 2018 $ 27,304 2019 $ 22,174 2020 $ 20,535 Thereafter $ 19,682 We expect that the majority of our operating leases will be replaced with leases for similar facilities upon their expiration. Rental expense for cancelable and non-cancelable leases at December 31, 2015 was as follows: ( in thousands ) 2015 $ 28,444 2014 $ 29,230 2013 $ 26,619 In the ordinary course of business, we enter into long-term service contracts to obtain satellite transmission services or to obtain other services. Liabilities for such commitments are recorded when the related services are rendered. Minimum payments on satellite and transmission services commitments at December 31, 2015 are as follows: ( in thousands ) 2016 $ 45,190 2017 $ 46,029 2018 $ 20,262 2019 $ 11,689 2020 $ 4,691 Thereafter $ 275 We expect these contracts will be replaced with similar contracts upon their expiration. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 21. SEGMENT INFORMATION The Company’s operating segments are determined based upon our management and internal reporting structure. In the fourth quarter of 2014, we modified our management reporting structure related to the operating results from our uLive business. In conjunction with this change in reporting structure, we now report the results of uLive within U.S. Networks rather than within Corporate and Other. As a result of the Acquisition (see Note 4 – Acquisitions As a result of these changes to our reportable segments, certain prior period segment results have been recast to reflect the current presentation (see Note 1 – Description of Business and Basis of Presentation U.S. Networks includes our six national television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country. Additionally, U.S. Networks includes websites associated with the aforementioned television brands and other internet and mobile businesses serving home, food, travel and other lifestyle-related categories. The Food Network and Cooking Channel are included in the Partnership, of which we own 68.7 percent. We also own 65.0 percent of Travel Channel. Each of our networks is distributed by cable and satellite distributors and telecommunication service providers. U.S. Networks earns revenue primarily from the sale of advertising time and from affiliate fees paid by distributors of our content. International Networks includes the lifestyle-oriented networks available in the UK, EMEA, APAC and Latin America. Additionally, International Networks includes TVN. Corporate and Other includes the results of businesses not separately identified as reportable segments for external financial reporting purposes and will continue to be disclosed separately from the results of the U.S. Networks and International Networks segments. The Company generally does not allocate employee-related corporate overhead costs to its reportable segments, but rather classifies these expenses within Corporate and Other. However, certain corporate costs, including information technology, pension and other employee benefits and other shared service functions, are allocated to our businesses. These allocations are generally amounts agreed upon by management, which may differ from amounts that would be incurred if such services were purchased separately by the businesses. Our Chief Operating Decision Maker (“CODM”) evaluates the operating performance of our businesses and makes decisions about the allocation of resources to the businesses using a non-GAAP measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, investment results and certain other items included in net income determined in accordance with GAAP. Intersegment revenue and program amortization eliminations are included within Corporate and Other, and totaled $26.3 and $13.3, respectively, for the twelve months ended December 31, 2015. Information regarding our segments is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Segment operating revenues: U.S. Networks $ 2,716,663 $ 2,588,357 $ 2,466,061 International Networks 327,891 90,180 75,677 Corporate and Other (26,327 ) (13,081 ) (10,929 ) Total operating revenues $ 3,018,227 $ 2,665,456 $ 2,530,809 Segment profit (loss): U.S. Networks $ 1,337,189 $ 1,268,417 $ 1,212,767 International Networks 30,893 (41,854 ) (17,535 ) Corporate and Other (122,391 ) (104,802 ) (92,772 ) Total segment profit 1,245,691 1,121,761 1,102,460 Depreciation and amortization of intangible assets 137,596 128,582 117,580 Write-down of goodwill - - 24,723 Loss on disposal of property and equipment 4,163 870 1,681 Interest expense (108,047 ) (52,687 ) (48,710 ) Equity in earnings of affiliates 80,916 85,631 79,644 Gain (loss) on derivatives 50,256 2,810 (7,085 ) Miscellaneous, net (5,193 ) (212 ) 8,326 Income from operations before income taxes $ 1,121,864 $ 1,027,851 $ 990,651 Depreciation: U.S. Networks $ 54,954 $ 63,179 $ 55,560 International Networks 10,299 4,257 2,263 Corporate and Other 3,696 5,543 5,187 Total depreciation $ 68,949 $ 72,979 $ 63,010 Amortization of intangible assets: U.S. Networks $ 40,166 $ 48,318 $ 48,655 International Networks 28,481 7,285 5,914 Corporate and Other - - 1 Total amortization of intangible assets $ 68,647 $ 55,603 $ 54,570 Loss (gain) on disposal of property and equipment: U.S. Networks $ 4,474 $ 1,311 $ 1,606 International Networks 461 (5 ) 6 Corporate and Other (772 ) (436 ) 69 Total loss on disposal of property and equipment $ 4,163 $ 870 $ 1,681 Equity in earnings of affiliates: U.S. Networks $ 43,851 $ 42,613 $ 40,648 International Networks 37,065 43,018 38,996 Corporate and Other - - - Total equity in earnings of affiliates $ 80,916 $ 85,631 $ 79,644 No single customer provides more than 10.0 percent of our revenue. For the years ended December 31, (in thousands) 2015 2014 2013 Additions to property and equipment: U.S. Networks $ 40,120 $ 50,042 $ 63,026 International Networks 10,424 8,212 7,313 Corporate and Other 1,936 540 2,750 Total additions to property and equipment $ 52,480 $ 58,794 $ 73,089 Assets: U.S. Networks $ 2,937,428 $ 2,864,074 $ 2,849,547 International Networks 3,276,989 660,215 693,846 Corporate and Other 457,897 1,133,192 891,430 Total assets $ 6,672,314 $ 4,657,481 $ 4,434,823 Operating revenues by geographic country of origin: United States $ 2,726,124 $ 2,602,103 $ 2,479,492 Poland 224,720 - - Other International 67,383 63,353 51,317 Total operating revenues $ 3,018,227 $ 2,665,456 $ 2,530,809 Long-lived assets by geographic location: United States $ 1,903,918 $ 1,919,692 $ 1,948,434 Poland 2,406,842 - - Other International 541,719 562,363 586,004 Total long-lived assets $ 4,852,479 $ 2,482,055 $ 2,534,438 Other additions to long-lived assets include investments, capitalized intangible assets and capitalized programs. As of December 31, assets held by our businesses outside of the United States totaled $3,238.2 million for 2015, $590.0 million for 2014 and $627.0 million for 2013. |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | 22. SUMMARIZED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Summarized financial information is as follows: For the year ended 2015 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 658,250 $ 732,102 $ 776,122 $ 851,753 $ 3,018,227 Cost of services, excluding depreciation and amortization of intangible assets 199,147 195,087 270,150 322,973 987,357 Selling, general and administrative 202,187 178,498 193,645 210,849 785,179 Depreciation and amortization of intangible assets 28,590 26,438 41,291 41,277 137,596 Loss on disposal of property and equipment 2,516 44 40 1,563 4,163 Operating income 225,810 332,035 270,996 275,091 1,103,932 Interest expense, net (12,967 ) (16,835 ) (50,439 ) (27,806 ) (108,047 ) Equity in earnings of affiliates 18,945 27,290 23,392 11,289 80,916 Gain on derivatives 5,933 37,198 4,037 3,088 50,256 Miscellaneous, net (402 ) (13,194 ) (9,543 ) 17,946 (5,193 ) Provision for income taxes 71,249 120,326 75,110 76,706 343,391 Net income 166,070 246,168 163,333 202,902 778,473 Less: net income attributable to non-controlling interests (42,227 ) (52,450 ) (38,774 ) (38,194 ) (171,645 ) Net income attributable to SNI $ 123,843 $ 193,718 $ 124,559 $ 164,708 $ 606,828 Net income per basic share: Net income attributable to SNI common shareholders $ 0.94 $ 1.50 $ 0.96 $ 1.27 $ 4.68 Net income per diluted share: Net income attributable to SNI common shareholders $ 0.94 $ 1.49 $ 0.96 $ 1.27 $ 4.66 Weighted average shares outstanding: Basic 131,259 129,225 129,177 129,211 129,665 Diluted 131,942 129,868 129,704 129,728 130,255 Cash dividends declared per share of common stock $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92 For the year ended 2014 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 643,749 $ 708,132 $ 644,423 $ 669,152 $ 2,665,456 Cost of services, excluding depreciation and amortization of intangible assets 181,138 190,181 207,099 200,478 778,896 Selling, general and administrative 191,877 198,666 167,361 206,895 764,799 Depreciation and amortization of intangible assets 31,294 34,173 31,617 31,498 128,582 (Gain) loss on disposal of property and equipment (152 ) 1,647 (448 ) (177 ) 870 Operating income 239,592 283,465 238,794 230,458 992,309 Interest expense, net (12,431 ) (12,232 ) (12,235 ) (15,789 ) (52,687 ) Equity in earnings of affiliates 22,261 27,263 17,586 18,521 85,631 (Loss) gain on derivatives (3,137 ) (1,339 ) 2,041 5,246 2,810 Miscellaneous, net 3,410 871 25 (4,519 ) (212 ) Provision for income taxes 76,906 92,359 75,910 55,868 301,043 Net income 172,789 205,669 170,301 178,049 726,808 Less: net income attributable to non-controlling interests (44,493 ) (51,875 ) (38,962 ) (46,203 ) (181,533 ) Net income attributable to SNI $ 128,296 $ 153,794 $ 131,339 $ 131,846 $ 545,275 Net income per basic share: Net income attributable to SNI common shareholders $ 0.88 $ 1.08 $ 0.93 $ 0.96 $ 3.86 Net income per diluted share: Net income attributable to SNI common shareholders $ 0.87 $ 1.07 $ 0.93 $ 0.96 $ 3.83 Weighted average shares outstanding: Basic 146,322 142,342 140,738 136,876 141,297 Diluted 147,440 143,224 141,628 137,708 142,193 Cash dividends declared per share of common stock $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.80 |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS The Company has a retransmission consent compensation agreement (the “Retransmission Agreement”) with The E. W. Scripps Company (“EWS”) as a result of the spin-off from EWS in 2008. Members of the Scripps family who are parties to the Scripps Family Amended and Restated Agreement (the “Scripps Family Agreement”) hold a controlling interest in EWS, therefore EWS is a related party of the company. The Scripps Family Agreement governs the transfer and voting of all common voting shares held by certain descendants of Robert P. Scripps, descendants of John P. Scripps, certain trusts of which descendants of John P. Scripps or Robert P. Scripps are trustees or beneficiaries and an estate of a descendent of Robert P. Scripps, who are signatories to such agreement. Under the Retransmission Agreement, SNI made payments to EWS totaling $4.8 million, $12.6 million and $12.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. These amounts are included in selling, general and administrative in the consolidated statements of operations. The Company surrenders a portion of its taxable losses incurred in the UK to UKTV as consortium relief in accordance with the UK tax law. UKTV compensates the Company for the use of the taxable losses at a rate of 83.3 percent. As of December 31, 2015, December 31, 2014 and December 31, 2013, the Company recognized a tax benefit related to the surrender of UK losses of approximately $7.9 million, $1.3 million and $1.4 million, respectively. The net receivable due related to these tax benefits was approximately $4.5 million, $0.8 million and $3.1 million, respectively as of December 31, 2015, December 31, 2014, and December 31, 2013. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. SUBSEQUENT EVENTS On January 6, 2016, the Company notified the owner of Travel Channel’s non-controlling interest of its intention to exercise its call option, resulting in 100.0 percent ownership of Travel Channel. On February 25, 2016, the companies agreed on a purchase price in the amount of $99.0 million. On February 24, 2016, the Company and the controlling interest owner of Fox Sports agreed to a purchase price of $225.0 million for which the Company exercised its put right to require the controlling interest owner to acquire SNI’s interest in this investment. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts [Text Block] | SCRIPPS NETWORKS INTERACTIVE, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENT SCHEDULES Valuation and Qualifying Accounts S-2 Valuation and Qualifying Accounts for the Years Ended December 31, 2015, 2014 and 2013 Schedule II Schedule II Column A Column B Column C Column D Column E Column F (in thousands) Classification Balance Beginning of Period Additions Charged to Revenues, Costs, Expenses Deductions Amounts Charged Off-Net Increase (Decrease) Recorded Acquisitions (Divestitures) Balance End of Period Allowance for Doubtful Accounts Receivable Year Ended December 31 2015 $ 7,889 $ 8,090 $ 3,410 $ - $ 12,569 2014 $ 6,853 $ 2,400 $ 1,364 - $ 7,889 2013 $ 5,514 $ 2,678 $ 1,339 $ - $ 6,853 |
Description of Business and B35
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of SNI and its majority-owned subsidiary companies after elimination of intercompany accounts and transactions. Consolidated subsidiary companies include general partnerships and limited liability companies in which more than a 50 percent residual interest is owned. Investments in 20 percent to 50 percent owned companies and partnerships or companies and partnerships in which we exercise significant influence over the operating and financial policies are accounted for using the equity method. The results of companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the date of disposal. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make a variety of decisions that affect reported amounts and the related disclosures, including the selection of appropriate 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 consolidated financial statements include estimates, judgments, and assumptions used in accounting for business acquisitions and dispositions, asset impairments, equity method investments, revenue recognition, program assets, depreciation and amortization, pension plans, share-based compensation, income taxes, redeemable non-controlling interests in subsidiaries, fair value measurements and contingencies. While we re-evaluate our estimates and assumptions on an on-going basis, actual results could differ from those estimated at the time consolidated financial statements were prepared. |
Concentration Risks | Concentration Risks Approximately 68.3 percent of our operating revenues are derived from advertising. Operating results can be affected by changes in the demand for such services both nationally and in individual markets. The six largest cable television systems and the two largest direct broadcast satellite television systems in the United States (“U.S.”) provide service to more than 91.8 percent of homes receiving HGTV, Food Network and Travel Channel. The loss of distribution of our networks by any of these cable or satellite television systems could adversely affect our business. |
Foreign Currency Translation | Foreign Currency Translation Substantially all of our international subsidiaries use the local currency of their respective country as their functional currency. Assets and liabilities of such international subsidiaries are translated using end-of-period exchange rates while results of operations are translated using the average exchange rates throughout the year. Equity is translated at historical exchange rates, with the resulting cumulative translation adjustment included as a component of accumulated other comprehensive loss within shareholders’ equity, net of applicable taxes. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency using end-of-period exchange rates. Gains or losses resulting from such remeasurement are recorded in income. Foreign exchange gains and losses are included within miscellaneous, net in the consolidated statements of operations. |
Reclassifications | Reclassifications Certain amounts within operating activities in our consolidated statements of cash flows for 2014 and 2013 have been reclassified to conform with current year presentation. During 2015, amounts totaling $3.9 million and $10.0 million, previously reported within stock and deferred compensation plans for 2014 and 2013, respectively, have been reclassified to other, net. Amounts totaling $2.8 million and $7.1 million, previously reported within other, net, for 2014 and 2013, respectively, have been reclassified to (gain) loss on derivatives. Amounts totaling $6.8 million and $9.7 million, previously reported within accrued employee compensation and benefits, for 2014 and 2013, respectively, have been reclassified to other liabilities. Amounts totaling $7.0 million for 2014 and 2013, previously reported within amortization of network distribution costs have been reclassified to other, net from operating activities in our consolidated statements of cash flows. Additionally, amounts totaling ($19.3) million and $23.9 million, previously reported within other liabilities, for 2014 and 2013, respectively, have been reclassified to deferred revenue. These reclassifications did not have an impact on the reported cash provided by operating activities in our consolidated statements of cash flows for 2014 or 2013. We also made a reclassification to conform to the current year presentation in our consolidated statements of operations for 2014 and 2013 between miscellaneous, net and gain (loss) on derivatives totaling $2.8 million and ($7.1) million, respectively. This adjustment did not impact reported net income for 2014 or 2013. As part of our normal operations, we develop and, in some instances, purchase content in the United States and license it to certain of our international operations. In conjunction with our change in reporting of two reportable segments, we changed where we present intercompany program license revenues. Accordingly, we reclassified $9.8 million of revenues previously recorded in Corporate and Other to U.S. Networks for the first six months of 2015 related to these activities. Additionally, $13.0 million and $10.4 million of revenues from these activities for 2014 and 2013, respectively are now reflected in U.S. Networks. In addition to the segment changes noted above, in the fourth quarter of 2014, we modified our management reporting structure related to the operating results from our uLive business. In conjunction with this change in reporting structure, we now report the results of uLive within U.S. Networks, formally referred to as Lifestyle Media, rather than within Corporate and Other. This reclassification only affected our segment reporting and did not change our consolidated operating revenues, operating income or net income. In connection with the adoption of the Financial Accounting Standards Board (“FASB”) guidance on Balance Sheet Classification of Deferred Taxes – Accounting Standards Updates In connection with the adoption of the FASB guidance on Imputation of Interest – Accounting Standards Updates As a result of these changes to our reportable segments, certain prior period segment results have been recast to reflect the current presentation (see Note 21 – Segment Information As of December 31, 2014 As of December 31, 2013 (in thousands) As Reported Amounts Reclassified Revised As Reported Amounts Reclassified Revised Segment Operating Revenues U.S. Networks $ 2,575,376 $ 12,981 $ 2,588,357 $ 2,455,650 $ 10,411 $ 2,466,061 International Networks 90,180 90,180 75,677 75,677 Corporate and Other 90,080 (103,161 ) (13,081 ) 75,159 (86,088 ) (10,929 ) Total segment operating revenues $ 2,665,456 $ - $ 2,665,456 $ 2,530,809 $ - $ 2,530,809 Segment Profit (Loss) U.S. Networks $ 1,255,437 $ 12,980 $ 1,268,417 $ 1,202,356 $ 10,411 $ 1,212,767 International Networks (41,854 ) (41,854 ) (17,535 ) (17,535 ) Corporate and Other (133,676 ) 28,874 (104,802 ) (99,896 ) 7,124 (92,772 ) Total segment profit $ 1,121,761 $ - $ 1,121,761 $ 1,102,460 $ - $ 1,102,460 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Assets U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total assets $ 4,667,632 $ (10,151 ) $ 4,657,481 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Liabilities and Equity U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total liabilities and equity $ 4,667,632 $ (10,151 ) $ 4,657,481 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with an original maturity of less than three months. Cash equivalents, which primarily consist of money market funds, are carried at cost plus accrued income, which approximates fair value. |
Accounts Receivable | Accounts Receivable We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. Allowances for credit losses are generally based on trends, economic conditions, review of aging categories, historical experience and specific identification of customers at risk of default. |
Investments | Investments We have investments that are accounted for using both the equity method and cost method of accounting. We utilize the equity method to account for investments in equity securities if our investment gives us the ability to exercise significant influence over operating and financial policies of the investee. Under the equity method of accounting, investments are initially recorded at cost and subsequently increased or decreased to reflect our proportionate share of net earnings or losses of the equity method investees. Cash payments to equity method investees, such as additional investments, loans, advances and expenses incurred on behalf of investees, as well as dividends from equity method investees, are recorded as adjustments to the investment balances. Goodwill and other intangible assets arising from the acquisition of an equity method investment are included in the carrying value of the investment. As goodwill is not reported separately, it is not separately tested for impairment. Instead, the entire equity method investment is tested for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We utilize the cost method to account for investments where we do not have the ability to exercise significant influence over operating and financial policies of the investee. Our cost method investments, which are all in private companies, are recorded at cost and not adjusted to reflect our proportionate share of net earnings or losses of the cost method investee. We regularly review our investments to determine if there has been any other-than-temporary decline in values. 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 the investments carrying value exceeds fair value, the duration of the decline in fair value below carrying value and the current cash position, earnings and cash forecasts and near term prospects of the investee. The carrying value of an investment is adjusted when a decline in fair value below cost is determined to be other-than-temporary. |
Programs and Program Licenses | Programs and Program Licenses Programming is either produced by us or for us by independent production companies or licensed under agreements with independent producers. Costs of programs produced include capitalizable direct costs, production overhead, development costs and acquired production costs. Production costs for programs produced are capitalized. Costs to produce live programming that are not expected to be rebroadcast are expensed as incurred. 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. Licensed program assets and liabilities are recorded when programs become available for broadcast. Program licenses are not discounted for imputed interest. Program assets are amortized over the estimated useful lives of the programs based on future cash flows and are included within cost of services in the consolidated statements of operations. The amortization of program assets generally results in an accelerated method over the estimated useful lives. Estimated future cash flows can change based upon market acceptance, advertising and network affiliate fee rates, the number of subscribers receiving our networks and program usage. Accordingly, we periodically review revenue estimates and planned program usage and revise our assumptions if necessary. If actual demand or market conditions are less favorable than projected, a write-down to net realizable value is recorded. Development costs for programs that we have determined will not be produced are written off. Deposits and the portion of the unamortized balance expected to be amortized within one year are classified as a current asset within programs and program licenses on the consolidated balance sheets, while those expected to be amortized after one year are separately stated as a non-current asset on the consolidated balance sheets. Program liabilities payable within one year are classified as a current liability within program rights payable on the consolidated balance sheets. Program liabilities payable after one year are included in other non-current liabilities on the consolidated balance sheets. The carrying value of our program rights liabilities approximate fair value. |
Property and Equipment | Property and Equipment Property and equipment, including internal use software, is carried at historical cost less accumulated depreciation and impairments. Costs incurred in the preliminary project stage to develop or acquire internal use software or websites are expensed as incurred. Upon completion of the preliminary project stage and management authorization of the project, costs to acquire or develop internal use software, which primarily include coding, designing and developing system interfaces, installation and testing, are capitalized if it is probable the project will be completed and the software will be used for its intended function. Costs incurred after implementation, such as maintenance and training, are expensed as incurred. Depreciation is computed using a straight-line method over estimated useful lives as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years |
Goodwill | Goodwill Goodwill represents the cost of acquisitions in excess of the fair value of the acquired businesses’ tangible assets and separately identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually, or when events occur or circumstances change that would indicate the fair value of a reporting unit may be below its carrying value. We perform our annual impairment review during the fourth quarter. A reporting unit is defined as operating segments or groupings of businesses one level below the operating segment level. As of December 31, 2015, our reporting units for purposes of performing the impairment test for goodwill were U.S. Networks, International Networks conducting business in EMEA, International Networks conducting business in APAC and TVN. |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets Finite-lived intangible assets consist mainly of the value assigned to network distribution relationships, tradenames, broadcast licenses, customer and advertiser lists and other acquired rights. Network distribution relationships represent the value assigned to programming services’ relationships with cable and satellite television systems and telecommunication service providers that distribute its programs. These relationships and distribution provide the opportunity to deliver advertising to viewers. We amortize these contractual relationships on a straight-line basis over the terms of the distribution contracts and expected renewal periods, which approximate 20 years. Customer and advertiser lists, trade names and other intangible assets are amortized in relation to their expected future cash flows or on a straight-line basis over estimated useful lives of up to 25 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, primarily property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or circumstances indicate the fair value of the assets may be below its carrying value. Recoverability for long-lived assets is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flows are less than the carrying amount of the assets, then the carrying value of the assets are written down to estimated fair values, which are primarily based on forecasted discounted cash flows. Fair value of long-lived assets is determined based on a combination of discounted cash flows and market approaches. |
Income Taxes | Income Taxes Some of our consolidated subsidiary companies are general partnerships and limited liability companies, which are treated as partnerships for tax purposes. Generally, income taxes on partnership income and losses accrue to the individual partners. Accordingly, our consolidated financial statements do not include any significant provision for income taxes on the non-controlling partners’ share of those consolidated subsidiary companies’ income. No provision has been made for U.S. or foreign income taxes that could result from future remittances of undistributed earnings of our foreign subsidiaries that management intends to indefinitely reinvest outside the United States. Deferred income taxes are provided 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. Our temporary differences primarily result from intangible assets, investments and deferred compensation. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, on 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 within other liabilities (less current portion) on the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition Revenue is recognized 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. Revenue is reported net of sales taxes, value added taxes and other taxes collected from our customers. Our primary sources of revenue are from the sale of television, internet and mobile advertising and fees for programming services per subscriber (“network affiliate fees”). Revenue recognition policies for each source of revenue are described below. Advertising Advertising revenue is recognized, net of agency commissions, when advertisements are displayed. Internet and mobile advertising includes (i) fixed duration campaigns whereby a banner, text or other advertisement appears for a specified period of time for a fee; (ii) impression-based campaigns where the fee is based upon the number of times an advertisement appears in web pages viewed by a user; and (iii) click-through based campaigns where the fee is based upon the number of users who click on an advertisement and are directed to the advertiser’s website. Advertising revenue from fixed duration campaigns are recognized over the period in which the advertising appears. Internet and mobile advertising revenue that is based upon the number of impressions delivered or the number of click-throughs achieved is recognized as impressions are delivered or click-throughs occur. Advertising contracts may guarantee the advertiser a minimum audience for the programs in which their advertisements are broadcast over the term of the advertising contracts. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. If we determine we have not delivered the guaranteed audience, an accrual for “make-good” advertisements is recorded as a reduction of revenue. The estimated make-good accrual is adjusted throughout the term of the advertising contracts. Network Affiliate Fees Cable and satellite television operators and telecommunication service providers generally pay a network affiliate fee for the right to distribute our programming under the terms of multi-year distribution contracts. Network affiliate fees are reported net of volume discounts earned by the distributors and incentive costs offered to system operators in exchange for initial multi-year distribution contracts. We recognize network affiliate fees as revenue over the term of the contracts, including any free periods. Network launch incentives are capitalized as assets upon launch of our programming and amortized against network affiliate fees based on the ratio of each period’s revenue to expected total revenue over the term of the contracts. Network affiliate fees due to us, net of applicable discounts, are reported to us by cable and satellite television operators and telecommunication service providers. Such information is generally not received until after the close of the reporting period. Therefore, reported network affiliate fee revenues are based upon our estimates of the number of subscribers receiving our programming and the amount of volume-based discounts each cable and satellite television operator and telecommunication provider is entitled to receive. We subsequently adjust these estimated amounts based upon the actual amounts of network affiliate fees received. Such adjustments have not been significant. Revenues associated with digital distribution arrangements are recognized when we transfer control and the rights to distribute the content to a customer. Merchandise Sales TVN operates a teleshopping business, which includes selling merchandise to individual customers. Merchandise sales are recognized when goods are shipped to the customer, with a right to return within ten days. Historical experience is used to estimate and provide for such returns at the time of sale. |
Cost of Services | Cost of Services Cost of services reflects the cost of providing our broadcast signal, programming and other content to respective distribution platforms. The expenses captured within cost of services in our consolidated statements of operations include programming, satellite transmission fees, production and operations and other direct costs. Cost of services also includes the cost incurred to buy or produce inventory for TVN’s teleshopping business. |
Marketing and Advertising Costs | Marketing and Advertising Marketing and advertising costs, which totaled $169.1 million in 2015, $160.4 million in 2014 and $144.5 million in 2013 and are reported within selling, general and administrative in the consolidated statements of operations, include costs incurred to promote our businesses and to attract traffic to our websites. Advertising production costs are deferred and expensed the first time the advertisement is shown. Other marketing and advertising costs are expensed as incurred. |
Share-Based Compensation | Share-Based Compensation We have a Long-Term Incentive Plan (the “LTI Plan”), that was amended in the second quarter of 2015 (the “Amended LTI Plan”) and which is described more fully in Note 19 - Capital Stock and Share Compensation Plans Compensation cost is based on the grant date fair value of the award. The fair value of awards that grant the employee the right to the appreciation of the underlying shares, such as stock options, is measured using a binomial lattice model. A Monte Carlo simulation model is used to determine the fair value of awards with market conditions. The fair value of awards that grant the employee the underlying shares is measured by the fair value of a class A common share of SNI stock. Certain awards of class A common shares have performance and service conditions under which the number of shares granted is determined by the extent to which such conditions are met (“Performance Shares”). Compensation costs for Performance Shares not based on market conditions 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 on estimates of the number of shares that will be earned. Compensation costs related to Performance Shares with a market-based condition are recognized regardless of whether the market condition is satisfied, provided the requisite service has been provided. Compensation costs, net of estimated forfeitures due to termination of employment, are recognized on a straight-line basis over the requisite service period of the award. The requisite service period is generally the vesting period stated in the award. A portion of our share-based grants generally vest upon the retirement of the employee, so 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. |
Net Income Per Share | Net Income per Share The computation of basic earnings per share (“EPS”) is calculated by dividing net income attributable to SNI by the weighted average number of common shares outstanding, including participating securities outstanding. Diluted EPS is similar to basic EPS, but adjusts for the effect of the potential issuance of common shares. We include all unvested share awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted EPS. The following table presents information about basic and diluted weighted average shares outstanding: For the years ended December 31, (in thousands) 2015 2014 2013 Basic weighted average shares outstanding 129,665 141,297 147,326 Effect of dilutive securities: Unvested performance share awards and share units held by employees 189 228 274 Stock options held by employees and directors 401 668 902 Diluted weighted average shares outstanding 130,255 142,193 148,502 Anti-dilutive share awards 863 298 129 |
Description of Business and B37
Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Reconciliation of Impact to Segment Information Due to Change in Reportable Segments | As a result of these changes to our reportable segments, certain prior period segment results have been recast to reflect the current presentation (see Note 21 – Segment Information As of December 31, 2014 As of December 31, 2013 (in thousands) As Reported Amounts Reclassified Revised As Reported Amounts Reclassified Revised Segment Operating Revenues U.S. Networks $ 2,575,376 $ 12,981 $ 2,588,357 $ 2,455,650 $ 10,411 $ 2,466,061 International Networks 90,180 90,180 75,677 75,677 Corporate and Other 90,080 (103,161 ) (13,081 ) 75,159 (86,088 ) (10,929 ) Total segment operating revenues $ 2,665,456 $ - $ 2,665,456 $ 2,530,809 $ - $ 2,530,809 Segment Profit (Loss) U.S. Networks $ 1,255,437 $ 12,980 $ 1,268,417 $ 1,202,356 $ 10,411 $ 1,212,767 International Networks (41,854 ) (41,854 ) (17,535 ) (17,535 ) Corporate and Other (133,676 ) 28,874 (104,802 ) (99,896 ) 7,124 (92,772 ) Total segment profit $ 1,121,761 $ - $ 1,121,761 $ 1,102,460 $ - $ 1,102,460 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Assets U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total assets $ 4,667,632 $ (10,151 ) $ 4,657,481 As of December 31, 2014 Amounts (in thousands) As Reported Reclassified Revised Liabilities and Equity U.S. Networks $ 2,864,089 $ (15 ) $ 2,864,074 International Networks - 660,215 660,215 Corporate and Other 1,803,543 (670,351 ) 1,133,192 Total liabilities and equity $ 4,667,632 $ (10,151 ) $ 4,657,481 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Depreciation for Estimated useful Lives by using straight-Line Method | Depreciation is computed using a straight-line method over estimated useful lives as follows: Category Buildings and improvements Useful Life 35 to 45 years Leasehold improvements Term of lease or useful life Program production equipment 3 to 15 years Office and other equipment 3 to 10 years Computer hardware and software 3 to 5 years |
Summary of Basic and Diluted Weighted Average Shares Outstanding | The following table presents information about basic and diluted weighted average shares outstanding: For the years ended December 31, (in thousands) 2015 2014 2013 Basic weighted average shares outstanding 129,665 141,297 147,326 Effect of dilutive securities: Unvested performance share awards and share units held by employees 189 228 274 Stock options held by employees and directors 401 668 902 Diluted weighted average shares outstanding 130,255 142,193 148,502 Anti-dilutive share awards 863 298 129 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Fair values of assets acquired and liabilities assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the Acquisition Date. Certain estimated values for the Acquisition, including goodwill, investments, intangibles and deferred taxes are not yet finalized. Therefore, the preliminary purchase price allocations are subject to change as we complete our analysis of the fair value at the Acquisition Date. The purchase price was allocated based on information available at the Acquisition Date. (in thousands) Balance Sheet Classification Fair Value Cash consideration transferred $ 652,365 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired: Cash and cash equivalents 105,714 Restricted cash 7,342 Accounts receivable 110,387 Other current assets 21,592 Property and equipment 92,133 Programs and program licenses 79,211 Other intangible assets 760,636 Investments 354,719 Liabilities assumed: — Accounts payable (28,941 ) Program rights payable (current portion) (19,395 ) Deferred revenue (2,132 ) Employee compensation and benefits (27,896 ) Accrued marketing and advertising (543 ) Other accrued liabilities (64,224 ) Deferred income taxes (43,530 ) 7.88% 2018 Senior Notes (128,577 ) 7.38% 2020 Senior Notes (528,205 ) 11.00%/12.00% 2021 PIK Toggle Notes (409,549 ) Term Loan (18,178 ) Program rights payable (less current portion) (3,492 ) Other liabilities (less current portion) (5,624 ) Non-controlling interest (858,530 ) Goodwill 1,259,447 Net Assets Acquired $ 652,365 |
Fair value of identifiable intangible assets | The following table represents the preliminary fair value of identifiable intangible assets and their assumed estimated useful lives. (in thousands) Intangible Asset Category Type Weighted Average Life in Years Fair Value Copyrights and other tradenames Amortizable 23 $ 333,912 Broadcast licenses Amortizable 25 128,017 Customer lists Amortizable 15 26,670 Advertiser lists Amortizable 7 106,681 Acquired rights and other Amortizable 20 165,356 $ 760,636 |
Pro forma Results | For the years ended (in thousands) December 31, Pro Forma Results (unaudited) 2015 2014 Pro Forma Revenues $ 3,236,344 $ 3,166,652 Pro forma net income attributable to SNI $ 584,618 $ 499,767 Pro forma net income attributable to SNI per basic share of common stock $ 4.51 $ 3.54 Pro forma net income attributable to SNI per diluted share of common stock $ 4.49 $ 3.51 Weighted average basic shares outstanding 129,665 141,297 Weighted average diluted shares outstanding 130,255 142,193 |
Employee and Contract Termina40
Employee and Contract Termination Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Voluntary Early Retirement Program, Employee Termination and Contract Termination Costs [Member] | |
Summary of Rollforward of the Liability Related to Restructuring Plan By Segment | A rollforward of the liability related to Restructuring Plan charges by segment is as follows: For the year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2014 $ 12,041 $ - $ 2,031 $ 14,072 Net accruals 7,403 - 10,519 17,922 Payments (17,265 ) - (4,809 ) (22,074 ) Non-cash (a) (1,574 ) - (2,427 ) (4,001 ) Liability as of December 31, 2015 $ 605 $ - $ 5,314 $ 5,919 For the year ended December 31, 2014 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2013 $ - $ - $ - $ - Net accruals 12,041 - 2,311 14,352 Payments - - (280 ) (280 ) Non-cash (a) - - - - Liability as of December 31, 2014 $ 12,041 $ - $ 2,031 $ 14,072 (a) |
Reorganization [Member] | |
Schedule Of Rollforward of the Liability Related to the Charges By Segment | A rollforward of the liability related to the charges by segment is as follows: For the year ended December 31, 2015 (in thousands) U.S. Networks International Networks Corporate and Other Total Liability as of December 31, 2014 $ - $ - $ - $ - Net accruals 3,835 - 31 3,866 Payments (19 ) - (23 ) (42 ) Non-cash (b) (558 ) - - (558 ) Liability as of December 31, 2015 $ 3,258 $ - $ 8 $ 3,266 (b) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities 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 as of December 31: As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 80,944 $ 80,944 $ - $ - Derivative asset 615 - 615 - Total assets $ 81,559 $ 80,944 $ 615 $ - Temporary equity- Redeemable non-controlling interests $ 99,000 $ - $ - $ 99,000 As of December 31, 2014 (in thousands) Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 738,090 $ 738,090 $ - $ - Derivative asset 86 - 86 - Total assets $ 738,176 $ 738,090 $ 86 $ - Temporary equity- Redeemable non-controlling interests $ 96,251 $ - $ - $ 96,251 |
Summary of activity for account balances whose fair value measurements are estimated utilizing level 3 inputs | The following table summarizes the activity for account balances whose fair value measurements are estimated utilizing level 3 inputs: (in thousands) As of December 31, Redeemable Non-controlling Interests 2015 2014 Beginning period balance $ 96,251 $ 133,000 Dividends paid to non-controlling interests (12,985 ) (27,563 ) Net (loss) income (2,760 ) 9,679 Additions to non-controlling interests 700 - Fair value adjustments 17,794 (18,865 ) Ending period balance $ 99,000 $ 96,251 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Investments [Abstract] | |
Summary of investment | Investments consisted of the following: As of December 31, (in thousands) 2015 2014 Equity method investments $ 741,823 $ 431,612 Cost method investments 65,807 31,732 Total investments $ 807,630 $ 463,344 |
Equity method investments | The Company’s acquisition of N-Vision resulted in the addition of certain equity method investments that are held by TVN or a subsidiary of TVN. On a consolidated basis, investments accounted for using the equity method include the following: As of December 31, (in thousands) 2015 2014 UKTV 50.00% 50.00% HGTV Magazine JV 50.00% 50.00% Food Network Magazine JV 50.00% 50.00% * Everytap 40.00% - HGTV Canada 33.00% 33.00% * nC+ 32.00% - Food Canada 29.00% 29.00% * Onet 25.00% - Fox-BRV Southern Sports Holdings 7.25% 7.25% * Acquired as a part of the N-Vision Acquisition |
Summary of Estimated Amortization | The table below summarizes estimated amortization that we expect to reduce the Company’s equity in UKTV’s earnings for future periods: ( in thousands ) Estimated Amortization** 2016 $ 13,700 2017 $ 13,800 2018 $ 13,800 2019 $ 13,800 2020 $ 13,900 Thereafter $ 101,700 ** The functional currency of UKTV is the Great British Pound ("GBP"), so these amounts are subject to change as the GBP to U.S. Dollar exchange rates fluctuate. |
Aggregated statement of operations | Aggregated statement of operations data for investments accounted for under the equity method of accounting is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Operating revenues $ 1,973,515 $ 1,333,239 $ 1,263,231 Operating income $ 753,249 $ 708,958 $ 666,227 Net income $ 568,358 $ 522,435 $ 483,143 |
Aggregated balance sheet information | Aggregated balance sheet information for investments accounted for under the equity method of accounting is as follows: As of December 31, (in thousands) 2015 2014 Current assets $ 847,444 $ 586,287 Non-current assets 677,069 105,630 Total Assets $ 1,524,513 $ 691,917 Current liabilities $ 475,582 $ 224,459 Non-current liabilities 150,411 136,321 Equity 898,519 331,137 Total Liabilities and Equity $ 1,524,513 $ 691,917 |
Programs and Program Licenses (
Programs and Program Licenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Programs And Program Licenses [Abstract] | |
Programs and program licenses | Programs and program licenses consisted of the following: As of December 31, (in thousands) 2015 2014 Cost of programs available for broadcast $ 2,588,311 $ 2,253,574 Accumulated amortization 1,764,532 1,564,008 Total 823,779 689,566 Progress payments on programs not yet available for broadcast 288,119 257,092 Total programs and program licenses $ 1,111,898 $ 946,658 |
Estimated future amortization expense | Estimated amortization of recorded program assets and program commitments for each of the next five years is as follows: Programs Programs Not Available for Yet Available (in thousands) Broadcast for Broadcast Total 2016 $ 468,308 $ 226,835 $ 695,143 2017 228,595 157,628 386,223 2018 98,242 79,078 177,320 2019 25,787 48,802 74,589 2020 1,140 14,561 15,701 Later years 1,707 1,426 3,133 Total $ 823,779 $ 528,330 $ 1,352,109 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consisted of the following: As of December 31, (in thousands) 2015 2014 Land and improvements $ 23,606 $ 12,857 Buildings and improvements 190,199 155,736 Equipment 172,302 127,221 Computer software 206,276 208,984 Total 592,383 504,798 Accumulated depreciation (299,153 ) (278,552 ) Property and equipment $ 293,230 $ 226,246 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets consisted of the following: As of December 31, ( in thousands ) 2015 2014 Goodwill, net (1) $ 1,804,748 $ 573,119 Other intangible assets: Amortizable intangible assets: Carrying amount: Acquired network distribution rights $ 744,962 $ 586,687 Customer and advertiser lists 223,726 94,669 Copyrights and other tradenames 390,111 66,782 Broadcast licenses 124,030 - Acquired rights and other 120,267 120,227 Total carrying amount 1,603,096 868,365 Accumulated amortization: Acquired network distribution rights (195,678 ) (157,847 ) Customer and advertiser lists (81,892 ) (71,870 ) Copyrights and other tradenames (30,875 ) (20,046 ) Broadcast licenses (2,524 ) - Acquired rights and other (29,463 ) (22,721 ) Total accumulated amortization (340,432 ) (272,484 ) Total other intangible assets, net $ 1,262,664 $ 595,881 (1) Includes accumulated impairments of $44,386 in 2015 and 2014 |
Activity related to goodwill and amortizable intangible assets by business segment | Activity related to goodwill and amortizable intangible assets by segment is as follows: (in thousands) U.S. Networks International Networks Corporate and Other Total Goodwill Balance as of December 31, 2013 $ 510,484 $ 64,098 $ - $ 574,582 Additions - business acquisitions - - - - Foreign currency translation adjustment - (1,463 ) - (1,463 ) Balance as of December 31, 2014 510,484 62,635 573,119 Additions - business acquisitions - 1,259,447 - 1,259,447 Foreign currency translation adjustment - (27,818 ) - (27,818 ) Balance as of December 31, 2015 $ 510,484 $ 1,294,264 $ - $ 1,804,748 (in thousands) Amortizable Intangible Assets Balance as of December 31, 2013 $ 573,083 $ 81,926 $ - $ 655,009 Additions - business acquisitions - - - - Foreign currency translation adjustment - (3,525 ) - (3,525 ) Amortization (48,318 ) (7,285 ) - (55,603 ) Balance as of December 31, 2014 524,765 71,116 - 595,881 Additions - business acquisitions - 761,362 - 761,362 Foreign currency translation adjustment - (25,932 ) (25,932 ) Amortization (40,166 ) (28,481 ) - (68,647 ) Balance as of December 31, 2015 $ 484,599 $ 778,065 $ - $ 1,262,664 |
Summary of amortization expense associated with intangible assets | Amortization expense associated with intangible assets for each of the next five years is expected to be as follows: ( in thousands ) Estimated Amortization ** 2016 $ 86,310 2017 $ 85,247 2018 $ 84,951 2019 $ 85,828 2020 $ 77,570 Thereafter $ 842,758 ** The functional currency of certain foreign subsidiaries differs from the U.S. Dollar, so these amounts are subject to change as rates fluctuate. |
Other Accrued Current Liabili46
Other Accrued Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities Current Portion [Abstract] | |
Other Accrued Current Liabilities | Other accrued current liabilities consisted of the following: As of December 31, (in thousands) 2015 2014 Accrued rent $ 21,736 $ 18,290 Accrued advertising rebates 20,808 25 Accrued interest 8,400 22,742 Accrued expenses 97,588 49,387 Total $ 148,532 $ 90,444 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (loss) from operations before income taxes | Income (loss) from operations before income taxes consisted of the following: For the years ended December 31, (in thousands) 2015 2014 2013 United States $ 1,187,353 $ 1,063,942 $ 1,025,761 Foreign (65,489 ) (36,091 ) (35,110 ) Total $ 1,121,864 $ 1,027,851 $ 990,651 |
Provision for income taxes | The provision for income taxes consisted of the following: For the years ended December 31, (in thousands) 2015 2014 2013 Current: Federal $ 345,204 $ 269,047 $ 181,403 State and local 32,393 31,155 37,655 Foreign (6,183 ) 2,038 517 Total current income tax provision 371,414 302,240 219,575 Deferred: Federal (31,731 ) 694 84,504 State and local 5,611 85 5,742 Foreign (1,903 ) (1,976 ) (2,198 ) Total deferred income tax (benefit) provision (28,023 ) (1,197 ) 88,048 Provision for income taxes $ 343,391 $ 301,043 $ 307,623 |
Effective income tax rate reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Effect of: U.S. state and local income taxes, net of federal income tax benefit 2.2 2.2 2.2 Income of pass-through entities allocated to non-controlling interests (5.4 ) (6.2 ) (6.3 ) Section 199 - Domestic Production Activities deduction (2.5 ) (2.3 ) (2.4 ) Other 1.3 0.6 2.6 Effective income tax rate 30.6 % 29.3 % 31.1 % |
Deferred tax assets and liabilities | The approximate effect of the temporary differences giving rise to deferred income tax (assets) liabilities were as follows: As of December 31, (in thousands) 2015 2014 Deferred tax assets: Accrued expenses $ (30,764 ) $ (13,200 ) Deferred compensation (73,672 ) (73,150 ) Capital loss carry-forwards (9,316 ) (6,867 ) Net operating loss carry-forwards (157,475 ) (33,745 ) Investments (80,992 ) (96,387 ) State taxes and interest (35,671 ) - Property and equipment (30,885 ) (22,648 ) Other (26,530 ) (10,110 ) Total deferred tax assets: (445,305 ) (256,107 ) Deferred tax liabilities: Intangible assets 178,132 71,570 Programs and program licenses 45,897 64,765 Other 5,880 - Total deferred tax liabilities: 229,909 136,335 Valuation allowance for deferred tax assets 123,442 40,676 Net deferred tax asset $ (91,954 ) $ (79,096 ) |
Gross unrecognized tax benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Gross unrecognized tax benefits - beginning of year $ 96,166 $ 109,462 $ 94,219 Increases in tax positions for prior years 19,679 2,169 20,931 Decreases in tax positions for prior years - (11,254 ) (6,020 ) Increases in tax positions for current year 17,712 15,149 13,709 Settlements with taxing authorities 495 - - Lapse in statute of limitations (24,359 ) (19,360 ) (13,377 ) Gross unrecognized tax benefits - end of year $ 109,693 $ 96,166 $ 109,462 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt | Debt consisted of the following: As of December 31, (in thousands) Maturity 2015 2014 Amended Revolving Credit Facility 2019 - 2020 $ 389,170 $ - Term Loan 2017 249,129 - 3.55% Senior Notes 2015 - 883,895 2.70% Senior Notes 2016 499,174 498,272 2.75% Senior Notes 2019 495,750 494,644 TVN 7.38% Senior Notes 2020 399,986 - 2.80% Senior Notes 2020 593,796 - 3.50% Senior Notes 2022 395,309 - 3.90% Senior Notes 2024 493,210 492,443 3.95% Senior Notes 2025 494,748 - Total debt $ 4,010,272 $ 2,369,254 Current portion of debt (499,174 ) (883,895 ) Debt (less current portion) $ 3,511,098 $ 1,485,359 Fair value of long-term debt * $ 3,977,985 $ 2,409,995 * The fair value of the senior notes were estimated using level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other liabilities consisted of the following: As of December 31, (in thousands) 2015 2014 Pension and post-employment benefits $ 73,683 $ 81,012 Deferred compensation 41,992 41,096 Uncertain tax positions 101,908 69,898 Other 32,808 42,423 Other liabilities (less current portion) $ 250,391 $ 234,429 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of pension plan and SERP expense | The measurement date used for the Pension Plan and SERP is December 31. The components of the expense consisted of the following: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2013 2015 2014 2013 Interest cost $ 2,940 $ 3,279 $ 3,642 $ 1,713 $ 1,685 $ 1,637 Expected return on plan assets, net of expenses (3,876 ) (4,571 ) (4,396 ) - - - Special termination benefits 860 1,838 - 290 365 - Settlement charges 3,345 2,021 2,302 1,121 2,279 1,083 Amortization of net loss 2,095 1,239 2,918 2,354 2,188 2,844 Total for defined benefit plans $ 5,364 $ 3,806 $ 4,466 $ 5,478 $ 6,517 $ 5,564 |
Assumptions used in determining annual retirement plan expense | Assumptions used in determining the annual retirement plans expense were as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, 2015 2014 2013 2015 2014 2013 Discount rate 3.46% 4.27% 3.33% 3.14% 3.62% 2.76% Long-term rate of return on plan assets 7.50% 7.50% 7.50% N / A N / A N / A Increase in compensation levels 4.54% 5.05% 5.37% 4.41% 4.83% 5.05% |
Benefit obligation and funded status | The following table presents information about our plan assets and obligations: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Accumulated benefit obligation $ 78,859 $ 85,279 $ 46,428 $ 45,617 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 92,384 $ 82,151 $ 52,374 $ 48,572 Interest cost 2,940 3,279 1,713 1,685 Benefits paid (484 ) (407 ) (251 ) (253 ) Actuarial (gains) losses (525 ) 14,344 566 6,650 Curtailments - (1,097 ) - (53 ) Special termination benefits 860 1,838 290 365 Settlement charges (10,554 ) (7,724 ) (2,418 ) (4,592 ) Projected benefit obligation at end of year 84,621 92,384 52,274 52,374 Plan assets: Fair value at beginning of year 59,096 63,113 - - Actual return on plan assets (2,345 ) 4,114 - - Company contributions - - 2,669 4,845 Benefits paid (484 ) (407 ) (251 ) (253 ) Settlement charges (10,554 ) (7,724 ) (2,418 ) (4,592 ) Fair value at end of year 45,713 59,096 - - Under funded status $ (38,908 ) $ (33,288 ) $ (52,274 ) $ (52,374 ) Amounts recognized as assets and liabilities in the consolidated balance sheets: Current liabilities $ - $ - $ (17,500 ) $ (4,650 ) Non-current liabilities (38,908 ) (33,288 ) (34,774 ) (47,724 ) Total $ (38,908 ) $ (33,288 ) $ (52,274 ) $ (52,374 ) Amounts recognized in accumulated other comprehensive loss consist of: Net loss $ 27,502 $ 27,247 $ 22,731 $ 25,640 |
Changes in plan assets and benefit obligations recognized in other comprehensive income | Other changes in plan assets and benefit obligations recognized in net periodic benefit cost and other comprehensive loss (income) consist of: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Net actuarial loss $ 5,695 $ 14,801 $ 566 $ 6,650 Amortization of net loss (2,095 ) (1,239 ) (2,354 ) (2,188 ) Curtailment charges - (1,097 ) - (53 ) Settlement charges (3,345 ) (2,021 ) (1,121 ) (2,279 ) Total recognized in other comprehensive (loss) income 255 10,444 (2,909 ) 2,130 Net periodic benefit cost 5,364 3,806 5,478 6,517 Total recognized in net periodic benefit cost and other comprehensive loss $ 5,619 $ 14,250 $ 2,569 $ 8,647 |
Accumulated benefit obligation in excess of plan assets | Information for defined benefit plans with an accumulated benefit obligation in excess of plan assets was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Accumulated benefit obligation $ 78,859 $ 85,279 $ 46,428 $ 45,617 Fair value of plan assets $ 45,713 $ 59,096 $ - $ - |
Projected benefit obligation in excess of plan assets | Information for defined benefit plans with a projected benefit obligation in excess of plan assets was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, (in thousands) 2015 2014 2015 2014 Projected benefit obligation $ 84,621 $ 92,384 $ 52,274 $ 52,374 Fair value of plan assets $ 45,713 $ 59,096 $ - $ - |
Assumptions used to determine defined benefit plan benefit obligation | Assumptions used to determine benefit obligations for the defined plans was as follows: Pension Plan SERP For the years ended December 31, For the years ended December 31, 2015 2014 2015 2014 Discount rate 3.75% 3.46% 3.39% 3.14% Rate of compensation increases 4.32% 4.54% 4.26% 4.42% |
Pension plan assets allocation | Information related to our Pension Plan asset allocations by asset category were as follows: Percentage of Plan Assets Target Allocations as of December 31, Investment Type for 2016 2015 2014 US equity securities 27% 25% 30% Non-US equity securities 39% 43% 36% Fixed-income securities 30% 23% 28% Other 4% 9% 6% Total 100% 100% 100% |
Defined benefit plan assets at fair value | The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2015 and the level of inputs utilized for fair value. As of December 31, 2015 (in thousands) Total Level 1 Level 2 Level 3 US equity securities Mutual funds $ 11,457 $ 11,457 - - Non-US equity securities Mutual funds 19,634 19,634 - - Fixed income securities Mutual funds 10,222 10,222 - - Other Alternative investment funds 3,681 - 3,681 - Subtotal $ 44,994 $ 41,313 $ 3,681 $ — Cash 719 719 - - Total $ 45,713 $ 42,032 $ 3,681 $ — The following table sets forth our plan asset categories that are measured at fair value as of December 31, 2014 and the level of inputs utilized for fair value. As of December 31, 2014 (in thousands) Total Level 1 Level 2 Level 3 US equity securities Mutual funds $ 17,650 $ 17,650 - - Non-US equity securities Mutual funds 21,264 21,264 - - Fixed income securities Mutual funds 16,758 16,758 - - Other Alternative investment funds 3,369 - 3,369 - Subtotal $ 59,041 $ 55,672 $ 3,369 $ — Cash 55 55 Total $ 59,096 $ 55,727 $ 3,369 $ — |
Estimated future benefit payments | The estimated future benefit payments expected to be paid out of the plans for the next ten years are as follows: (in thousands) Pension Plan SERP 2016 $ 3,630 $ 17,500 2017 $ 3,655 $ 1,753 2018 $ 4,146 $ 2,359 2019 $ 4,147 $ 2,467 2020 $ 5,073 $ 2,549 2021-2025 $ 26,252 $ 15,380 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Changes in the accumulated other comprehensive income or loss (“AOCI”) balance by component consisted of the following adjustments for the respective years: For the years ended December 31, 2015 2014 2013 (in thousands) Currency Translation Pension Plan and SERP Liability Currency Translation Pension Plan and SERP Liability Currency Translation Pension Plan and SERP Liability AOCI beginning period balance $ (25,122 ) $ (32,769 ) $ 12,449 $ (24,978 ) $ 5,645 $ (44,507 ) Other comprehensive (loss) income before reclassifications (73,117 ) 2,653 (37,571 ) (13,291 ) 6,804 13,862 Amounts reclassified from AOCI — (1,878 ) — 5,500 — 5,667 Net current-period other comprehensive (loss) income (73,117 ) 775 (37,571 ) (7,791 ) 6,804 19,529 AOCI end of period balance $ (98,239 ) $ (31,994 ) $ (25,122 ) $ (32,769 ) $ 12,449 $ (24,978 ) |
Capital Stock and Shares Comp52
Capital Stock and Shares Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock options transactions | Options generally become exercisable over a three year period. Information about options outstanding and options exercisable is as follows: (shares in thousands) Number of Shares Weighted-Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 2,223 $ 52.81 Granted in 2015 435 Exercised in 2015 (286 ) Forfeited in 2015 (1 ) Outstanding at December 31, 2015 2,371 $ 57.38 4.5 $ 14,936 Vested and expected to vest as of December 31, 2015 2,315 $ 57.06 4.4 14,936 Options exercisable at December 31, 2015 1,660 $ 50.87 3.6 $ 14,936 |
Value of exercises of stock options | The following table presents additional information on exercises of stock options: For the years ended December 31, (in thousands) 2015 2014 2013 Cash received upon exercise $ 9,207 $ 39,605 $ 42,976 Intrinsic value (market value on date of exercise less exercise price) $ 6,030 $ 40,961 $ 25,552 |
Restricted stock units | The following table presents additional information about RSUs: Grant Weighted (shares in thousands) Units Average Unvested units at December 31, 2014 614.0 $ 67.68 Awarded in 2015 346.0 $ 71.01 Converted in 2015 (462.0 ) $ 63.19 Forfeited in 2015 (4.0 ) $ 74.03 Unvested units at December 31, 2015 494.0 $ 60.26 |
Weighted-average assumptions used in estimate of compensation costs of share options | The weighted-average assumptions SNI used in the model are as follows: For the years ended December 31, 2015 2014 2013 Weighted-average fair value of stock options granted $ 15.18 $ 19.20 $ 18.94 Assumptions used to determine fair value: Dividend yield 1.28 % 0.99 % 0.95 % Risk-free rate of return 1.49 % 1.53 % 0.84 % Expected life of options (years) 5.0 5.0 5.0 Expected volatility 24.7 % 27.2 % 36.3 % |
Stock-based compensation costs | A summary of share-based compensation costs is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Total share-based compensation costs $ 29,568 $ 35,474 $ 36,845 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of minimum payments on non-cancelable leases | Our minimum payments on non-cancelable leases at December 31, 2015 are as follows: ( in thousands ) 2016 $ 27,439 2017 $ 27,755 2018 $ 27,304 2019 $ 22,174 2020 $ 20,535 Thereafter $ 19,682 |
Rent expense for cancelable and non-cancelable leases | We expect that the majority of our operating leases will be replaced with leases for similar facilities upon their expiration. Rental expense for cancelable and non-cancelable leases at December 31, 2015 was as follows: ( in thousands ) 2015 $ 28,444 2014 $ 29,230 2013 $ 26,619 |
Summary of minimum payments on satellite and transmission services commitments | Minimum payments on satellite and transmission services commitments at December 31, 2015 are as follows: ( in thousands ) 2016 $ 45,190 2017 $ 46,029 2018 $ 20,262 2019 $ 11,689 2020 $ 4,691 Thereafter $ 275 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Information regarding business segments | Our Chief Operating Decision Maker (“CODM”) evaluates the operating performance of our businesses and makes decisions about the allocation of resources to the businesses using a non-GAAP measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, investment results and certain other items included in net income determined in accordance with GAAP. Intersegment revenue and program amortization eliminations are included within Corporate and Other, and totaled $26.3 and $13.3, respectively, for the twelve months ended December 31, 2015. Information regarding our segments is as follows: For the years ended December 31, (in thousands) 2015 2014 2013 Segment operating revenues: U.S. Networks $ 2,716,663 $ 2,588,357 $ 2,466,061 International Networks 327,891 90,180 75,677 Corporate and Other (26,327 ) (13,081 ) (10,929 ) Total operating revenues $ 3,018,227 $ 2,665,456 $ 2,530,809 Segment profit (loss): U.S. Networks $ 1,337,189 $ 1,268,417 $ 1,212,767 International Networks 30,893 (41,854 ) (17,535 ) Corporate and Other (122,391 ) (104,802 ) (92,772 ) Total segment profit 1,245,691 1,121,761 1,102,460 Depreciation and amortization of intangible assets 137,596 128,582 117,580 Write-down of goodwill - - 24,723 Loss on disposal of property and equipment 4,163 870 1,681 Interest expense (108,047 ) (52,687 ) (48,710 ) Equity in earnings of affiliates 80,916 85,631 79,644 Gain (loss) on derivatives 50,256 2,810 (7,085 ) Miscellaneous, net (5,193 ) (212 ) 8,326 Income from operations before income taxes $ 1,121,864 $ 1,027,851 $ 990,651 Depreciation: U.S. Networks $ 54,954 $ 63,179 $ 55,560 International Networks 10,299 4,257 2,263 Corporate and Other 3,696 5,543 5,187 Total depreciation $ 68,949 $ 72,979 $ 63,010 Amortization of intangible assets: U.S. Networks $ 40,166 $ 48,318 $ 48,655 International Networks 28,481 7,285 5,914 Corporate and Other - - 1 Total amortization of intangible assets $ 68,647 $ 55,603 $ 54,570 Loss (gain) on disposal of property and equipment: U.S. Networks $ 4,474 $ 1,311 $ 1,606 International Networks 461 (5 ) 6 Corporate and Other (772 ) (436 ) 69 Total loss on disposal of property and equipment $ 4,163 $ 870 $ 1,681 Equity in earnings of affiliates: U.S. Networks $ 43,851 $ 42,613 $ 40,648 International Networks 37,065 43,018 38,996 Corporate and Other - - - Total equity in earnings of affiliates $ 80,916 $ 85,631 $ 79,644 No single customer provides more than 10.0 percent of our revenue. For the years ended December 31, (in thousands) 2015 2014 2013 Additions to property and equipment: U.S. Networks $ 40,120 $ 50,042 $ 63,026 International Networks 10,424 8,212 7,313 Corporate and Other 1,936 540 2,750 Total additions to property and equipment $ 52,480 $ 58,794 $ 73,089 Assets: U.S. Networks $ 2,937,428 $ 2,864,074 $ 2,849,547 International Networks 3,276,989 660,215 693,846 Corporate and Other 457,897 1,133,192 891,430 Total assets $ 6,672,314 $ 4,657,481 $ 4,434,823 Operating revenues by geographic country of origin: United States $ 2,726,124 $ 2,602,103 $ 2,479,492 Poland 224,720 - - Other International 67,383 63,353 51,317 Total operating revenues $ 3,018,227 $ 2,665,456 $ 2,530,809 Long-lived assets by geographic location: United States $ 1,903,918 $ 1,919,692 $ 1,948,434 Poland 2,406,842 - - Other International 541,719 562,363 586,004 Total long-lived assets $ 4,852,479 $ 2,482,055 $ 2,534,438 |
Summarized Quarterly Financia55
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information | Summarized financial information is as follows: For the year ended 2015 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 658,250 $ 732,102 $ 776,122 $ 851,753 $ 3,018,227 Cost of services, excluding depreciation and amortization of intangible assets 199,147 195,087 270,150 322,973 987,357 Selling, general and administrative 202,187 178,498 193,645 210,849 785,179 Depreciation and amortization of intangible assets 28,590 26,438 41,291 41,277 137,596 Loss on disposal of property and equipment 2,516 44 40 1,563 4,163 Operating income 225,810 332,035 270,996 275,091 1,103,932 Interest expense, net (12,967 ) (16,835 ) (50,439 ) (27,806 ) (108,047 ) Equity in earnings of affiliates 18,945 27,290 23,392 11,289 80,916 Gain on derivatives 5,933 37,198 4,037 3,088 50,256 Miscellaneous, net (402 ) (13,194 ) (9,543 ) 17,946 (5,193 ) Provision for income taxes 71,249 120,326 75,110 76,706 343,391 Net income 166,070 246,168 163,333 202,902 778,473 Less: net income attributable to non-controlling interests (42,227 ) (52,450 ) (38,774 ) (38,194 ) (171,645 ) Net income attributable to SNI $ 123,843 $ 193,718 $ 124,559 $ 164,708 $ 606,828 Net income per basic share: Net income attributable to SNI common shareholders $ 0.94 $ 1.50 $ 0.96 $ 1.27 $ 4.68 Net income per diluted share: Net income attributable to SNI common shareholders $ 0.94 $ 1.49 $ 0.96 $ 1.27 $ 4.66 Weighted average shares outstanding: Basic 131,259 129,225 129,177 129,211 129,665 Diluted 131,942 129,868 129,704 129,728 130,255 Cash dividends declared per share of common stock $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92 For the year ended 2014 (in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Operating revenues $ 643,749 $ 708,132 $ 644,423 $ 669,152 $ 2,665,456 Cost of services, excluding depreciation and amortization of intangible assets 181,138 190,181 207,099 200,478 778,896 Selling, general and administrative 191,877 198,666 167,361 206,895 764,799 Depreciation and amortization of intangible assets 31,294 34,173 31,617 31,498 128,582 (Gain) loss on disposal of property and equipment (152 ) 1,647 (448 ) (177 ) 870 Operating income 239,592 283,465 238,794 230,458 992,309 Interest expense, net (12,431 ) (12,232 ) (12,235 ) (15,789 ) (52,687 ) Equity in earnings of affiliates 22,261 27,263 17,586 18,521 85,631 (Loss) gain on derivatives (3,137 ) (1,339 ) 2,041 5,246 2,810 Miscellaneous, net 3,410 871 25 (4,519 ) (212 ) Provision for income taxes 76,906 92,359 75,910 55,868 301,043 Net income 172,789 205,669 170,301 178,049 726,808 Less: net income attributable to non-controlling interests (44,493 ) (51,875 ) (38,962 ) (46,203 ) (181,533 ) Net income attributable to SNI $ 128,296 $ 153,794 $ 131,339 $ 131,846 $ 545,275 Net income per basic share: Net income attributable to SNI common shareholders $ 0.88 $ 1.08 $ 0.93 $ 0.96 $ 3.86 Net income per diluted share: Net income attributable to SNI common shareholders $ 0.87 $ 1.07 $ 0.93 $ 0.96 $ 3.83 Weighted average shares outstanding: Basic 146,322 142,342 140,738 136,876 141,297 Diluted 147,440 143,224 141,628 137,708 142,193 Cash dividends declared per share of common stock $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.80 |
Description of Business and B56
Description of Business and Basis of Presentation - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)Market | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)SegmentMarket | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 28, 2015 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Number of reportable segments | Segment | 2 | ||||||||||||
Gain (loss) on derivatives | $ 3,088 | $ 4,037 | $ 37,198 | $ 5,933 | $ 5,246 | $ 2,041 | $ (1,339) | $ (3,137) | $ 50,256 | $ 2,810 | $ (7,085) | ||
Amortization of intangible assets | 68,647 | 55,603 | 54,570 | ||||||||||
Deferred income taxes | 91,954 | 79,096 | 91,954 | 79,096 | |||||||||
Other non-current assets conversion to debt | 10,200 | 10,200 | |||||||||||
Corporate and Other [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Amortization of intangible assets | 1 | ||||||||||||
U.S. Networks [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Amortization of intangible assets | 40,166 | 48,318 | 48,655 | ||||||||||
Restatement Adjustment [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Change in deferred compensation | 3,900 | 10,000 | |||||||||||
Gain (loss) on derivatives | 2,800 | 7,100 | |||||||||||
Accrued employee compensation and benefits | 6,800 | 9,700 | |||||||||||
Amortization of intangible assets | (7,000) | (7,000) | |||||||||||
Other liabilities | $ (19,300) | (19,300) | 23,900 | ||||||||||
Deferred income taxes | $ 41,800 | $ 41,800 | |||||||||||
Restatement Adjustment [Member] | Corporate and Other [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Revenues | $ 9,800 | ||||||||||||
Restatement Adjustment [Member] | U.S. Networks [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Revenues | $ 13,000 | $ 10,400 | |||||||||||
Customer Concentration Risk [Member] | Cable and Satellite Distribution Systems [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Concentration risks | 91.80% | ||||||||||||
Customer Concentration Risk [Member] | Cable Distribution Systems [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Number of largest distribution systems | Market | 6 | 6 | |||||||||||
Customer Concentration Risk [Member] | Satellite Distribution Systems [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Number of largest distribution systems | Market | 2 | 2 | |||||||||||
Customer Concentration Risk [Member] | Advertising Revenue [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Concentration risks | 68.30% | ||||||||||||
TVN [Member] | |||||||||||||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Outstanding shares acquired, percentage | 100.00% | 100.00% | |||||||||||
Revenues | $ 224,700 |
Description of Business and B57
Description of Business and Basis of Presentation - Summary of Reconciliation of Impact to Segment Information Due to Change in Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Operating Revenues | |||||||||||
Total operating revenues | $ 851,753 | $ 776,122 | $ 732,102 | $ 658,250 | $ 669,152 | $ 644,423 | $ 708,132 | $ 643,749 | $ 3,018,227 | $ 2,665,456 | $ 2,530,809 |
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 1,245,691 | 1,121,761 | 1,102,460 | ||||||||
ASSETS | |||||||||||
Total assets | 6,672,314 | 4,657,481 | 6,672,314 | 4,657,481 | 4,434,823 | ||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 6,672,314 | 4,657,481 | 6,672,314 | 4,657,481 | |||||||
As Reported [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 2,665,456 | 2,530,809 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 1,121,761 | 1,102,460 | |||||||||
ASSETS | |||||||||||
Total assets | 4,667,632 | 4,667,632 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 4,667,632 | 4,667,632 | |||||||||
Amounts Reclassified [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | (10,151) | (10,151) | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | (10,151) | (10,151) | |||||||||
U.S. Networks [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 2,716,663 | 2,588,357 | 2,466,061 | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 1,337,189 | 1,268,417 | 1,212,767 | ||||||||
ASSETS | |||||||||||
Total assets | 2,937,428 | 2,864,074 | 2,937,428 | 2,864,074 | 2,849,547 | ||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 2,864,074 | 2,864,074 | |||||||||
U.S. Networks [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 2,588,357 | 2,466,061 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 1,268,417 | 1,212,767 | |||||||||
U.S. Networks [Member] | As Reported [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | 2,864,089 | 2,864,089 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 2,864,089 | 2,864,089 | |||||||||
U.S. Networks [Member] | As Reported [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 2,575,376 | 2,455,650 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 1,255,437 | 1,202,356 | |||||||||
U.S. Networks [Member] | Amounts Reclassified [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | (15) | (15) | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | (15) | (15) | |||||||||
U.S. Networks [Member] | Amounts Reclassified [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 12,981 | 10,411 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 12,980 | 10,411 | |||||||||
International Networks | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 327,891 | 90,180 | 75,677 | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | 30,893 | (41,854) | (17,535) | ||||||||
ASSETS | |||||||||||
Total assets | 3,276,989 | 660,215 | 3,276,989 | 660,215 | 693,846 | ||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 660,215 | 660,215 | |||||||||
International Networks | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 90,180 | 75,677 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | (41,854) | (17,535) | |||||||||
International Networks | Amounts Reclassified [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | 660,215 | 660,215 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 660,215 | 660,215 | |||||||||
International Networks | Amounts Reclassified [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 90,180 | 75,677 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | (41,854) | (17,535) | |||||||||
Corporate and Other [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | (26,327) | (13,081) | (10,929) | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | (122,391) | (104,802) | (92,772) | ||||||||
ASSETS | |||||||||||
Total assets | $ 457,897 | 1,133,192 | $ 457,897 | 1,133,192 | 891,430 | ||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 1,133,192 | 1,133,192 | |||||||||
Corporate and Other [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | (13,081) | (10,929) | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | (104,802) | (92,772) | |||||||||
Corporate and Other [Member] | As Reported [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | 1,803,543 | 1,803,543 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | 1,803,543 | 1,803,543 | |||||||||
Corporate and Other [Member] | As Reported [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | 90,080 | 75,159 | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | (133,676) | (99,896) | |||||||||
Corporate and Other [Member] | Amounts Reclassified [Member] | |||||||||||
ASSETS | |||||||||||
Total assets | (670,351) | (670,351) | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Total liabilities and equity | $ (670,351) | (670,351) | |||||||||
Corporate and Other [Member] | Amounts Reclassified [Member] | Operating Segments [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total operating revenues | (103,161) | (86,088) | |||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit (loss) | $ 28,874 | $ 7,124 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Summary of Depreciation for Estimated useful Lives by using straight-Line Method (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 35 years |
Buildings and improvements [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 45 years |
Leasehold improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Leasehold improvements | Term of lease or useful life |
Program Production Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Program Production Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 15 years |
Office and Other Equipment [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Office and Other Equipment [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 10 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Marketing and advertising costs | $ 169.1 | $ 160.4 | $ 144.5 |
Contractual Relationship [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 20 years | ||
Customer and advertiser lists [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Trade Names [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years | ||
Other Intangible Assets [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 25 years |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Summary of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||
Weighted average basic shares outstanding | 129,211 | 129,177 | 129,225 | 131,259 | 136,876 | 140,738 | 142,342 | 146,322 | 129,665 | 141,297 | 147,326 |
Effect of dilutive securities: | |||||||||||
Unvested performance share awards and share units held by employees (in shares) | 189 | 228 | 274 | ||||||||
Stock options held by employees and directors (in shares) | 401 | 668 | 902 | ||||||||
Diluted weighted average shares outstanding (in shares) | 129,728 | 129,704 | 129,868 | 131,942 | 137,708 | 141,628 | 143,224 | 147,440 | 130,255 | 142,193 | 148,502 |
Anti-dilutive stock securities (in shares) | 863 | 298 | 129 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands, € in Millions, shares in Millions | Nov. 16, 2015EUR (€) | Oct. 16, 2015EUR (€) | Sep. 15, 2015EUR (€) | Jul. 31, 2015EUR (€) | Jul. 02, 2015USD ($) | Jul. 02, 2015EUR (€) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2015EUR (€)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 28, 2015 | Jul. 06, 2015USD ($) | Jul. 06, 2015PLN / shares | Jul. 02, 2015EUR (€) | Jun. 26, 2015USD ($) | May. 18, 2015USD ($) | ||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Business acquisition consideration | $ 853,853 | |||||||||||||||||||||||||||
Cash consideration | € | € 584 | |||||||||||||||||||||||||||
Foreign currency option premium | 16,000 | |||||||||||||||||||||||||||
Call option cost | $ 625,000 | |||||||||||||||||||||||||||
Gain (loss) on derivatives | $ 3,088 | $ 4,037 | $ 37,198 | $ 5,933 | $ 5,246 | $ 2,041 | $ (1,339) | $ (3,137) | 50,256 | $ 2,810 | $ (7,085) | |||||||||||||||||
Derivative contract net gain (loss) | 44,200 | |||||||||||||||||||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 22,400 | 4,200 | 2,800 | |||||||||||||||||||||||||
Business acquisition related costs | 28,300 | |||||||||||||||||||||||||||
Net income attributable to SNI | 164,708 | 124,559 | 193,718 | 123,843 | 131,846 | 131,339 | 153,794 | 128,296 | 606,828 | 545,275 | 505,070 | |||||||||||||||||
Pre-payment of long term debt | 1,930,000 | 195,000 | ||||||||||||||||||||||||||
Debt Instrument, Principal amount | € | € 364.9 | |||||||||||||||||||||||||||
Goodwill | 1,804,748 | [1] | 573,119 | [1] | 1,804,748 | [1] | 573,119 | [1] | 574,582 | |||||||||||||||||||
Operating income | $ 275,091 | $ 270,996 | $ 332,035 | $ 225,810 | $ 230,458 | $ 238,794 | $ 283,465 | $ 239,592 | 1,103,932 | $ 992,309 | $ 958,476 | |||||||||||||||||
Scripps Networks Interactive, Inc. [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Net income attributable to SNI | $ 17,400 | |||||||||||||||||||||||||||
Term Loan | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||||||||||||||||||||||
TVN 7.38% Senior Notes [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt instrument Stated interest rate | 7.38% | 7.38% | ||||||||||||||||||||||||||
Senior note maturity date | € | € 45.6 | € 45.1 | ||||||||||||||||||||||||||
Debt Instrument, Principal amount | € | 43 | 43 | ||||||||||||||||||||||||||
Debt Instrument, Accrued but unpaid interest | € | 1.3 | 0.8 | ||||||||||||||||||||||||||
Debt Instrument, premium | € | 1.3 | € 1.3 | ||||||||||||||||||||||||||
TVN 7.88% Senior Notes [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt instrument Stated interest rate | 7.88% | 7.88% | ||||||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 900,000 | |||||||||||||||||||||||||||
Foreign Currency Option Contract [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Gain (loss) on derivatives | $ 31,900 | |||||||||||||||||||||||||||
N-Vision B.V. [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Outstanding shares acquired, percentage | 100.00% | 100.00% | ||||||||||||||||||||||||||
Business acquisition consideration | 1,608,600 | € 1,440 | ||||||||||||||||||||||||||
Cash consideration | $ 652,365 | € 584 | ||||||||||||||||||||||||||
Assumption of debt | 956,200 | € 856 | ||||||||||||||||||||||||||
Proceeds from issuance of debt | 1,500,000 | |||||||||||||||||||||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (24,200) | |||||||||||||||||||||||||||
Payments To Retire | € | 364.9 | |||||||||||||||||||||||||||
Senior P I K Toggle Notes Value | € | 300 | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | € | 363.4 | |||||||||||||||||||||||||||
Accrued And Unpaid Interest | € | € 1.5 | |||||||||||||||||||||||||||
Goodwill | 1,259,447 | $ 1,259,400 | $ 1,259,400 | |||||||||||||||||||||||||
TVN [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Outstanding shares acquired, percentage | 100.00% | 100.00% | ||||||||||||||||||||||||||
Assumption of debt | 621,100 | € 556 | ||||||||||||||||||||||||||
Outstanding voting share purchase price amount | 831,500 | $ 853,900 | ||||||||||||||||||||||||||
Outstanding voting share purchase price amount through squeeze-out. | 22,400 | |||||||||||||||||||||||||||
Total consideration for acquisition | $ 2,462,500 | |||||||||||||||||||||||||||
Percentage of voting share controlling interest | 52.70% | 52.70% | ||||||||||||||||||||||||||
Percentage offer of minimum ownership | 66.00% | 66.00% | ||||||||||||||||||||||||||
Company Intention | On June 9, 2015 the Company announced its intention to tender for all remaining outstanding voting shares of TVN to achieve 100.0 percent ownership | On June 9, 2015 the Company announced its intention to tender for all remaining outstanding voting shares of TVN to achieve 100.0 percent ownership | ||||||||||||||||||||||||||
Outstanding voting share purchase price per share | PLN / shares | PLN 20 | |||||||||||||||||||||||||||
Acquisition of additional shares | shares | 156.7 | 156.7 | ||||||||||||||||||||||||||
Cumulative percentage of ownership of outstanding share capital | 98.80% | |||||||||||||||||||||||||||
Senior note maturity date | € | € 118.9 | |||||||||||||||||||||||||||
Revenues | $ 224,700 | |||||||||||||||||||||||||||
Operating income | $ 36,700 | |||||||||||||||||||||||||||
TVN [Member] | TVN 7.38% Senior Notes [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt instrument Stated interest rate | 7.38% | |||||||||||||||||||||||||||
Pre-payment of long term debt | € | € 45.1 | |||||||||||||||||||||||||||
Pre-payment of principal amount | € | 43 | |||||||||||||||||||||||||||
Pre-payment of accrued interest | € | 0.8 | |||||||||||||||||||||||||||
Pre-payment of premium | € | € 1.3 | € 1.3 | ||||||||||||||||||||||||||
Pre Payment Percentage Of Right From Outstanding Principal Amount | 10.00% | |||||||||||||||||||||||||||
Senior note maturity date | € | 45.6 | |||||||||||||||||||||||||||
Debt Instrument, Principal amount | € | 43 | |||||||||||||||||||||||||||
Debt Instrument, Accrued but unpaid interest | € | € 1.3 | |||||||||||||||||||||||||||
TVN [Member] | TVN 7.88% Senior Notes [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt instrument Stated interest rate | 7.88% | |||||||||||||||||||||||||||
Senior note maturity date | € | € 118.9 | |||||||||||||||||||||||||||
Debt Instrument, Principal amount | € | 116.6 | 116.6 | ||||||||||||||||||||||||||
Debt Instrument, premium | € | € 2.3 | € 2.3 | ||||||||||||||||||||||||||
[1] | Includes accumulated impairments of $44,386 in 2015 and 2014 |
Acquisitions - Fair Values of A
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands, € in Millions | Jul. 02, 2015USD ($) | Jul. 02, 2015EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | [1] | Dec. 31, 2013USD ($) | |
Balance Sheet Classification | ||||||||
Cash consideration | € | € 584 | |||||||
Liabilities assumed: | ||||||||
Goodwill | $ 1,804,748 | [1] | $ 573,119 | $ 574,582 | ||||
N-Vision B.V. [Member] | ||||||||
Balance Sheet Classification | ||||||||
Cash consideration | $ 652,365 | € 584 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | 105,714 | |||||||
Restricted cash | 7,342 | |||||||
Accounts receivable | 110,387 | |||||||
Other current assets | 21,592 | |||||||
Property and equipment | 92,133 | |||||||
Programs and program licenses | 79,211 | |||||||
Other intangible assets | 760,636 | |||||||
Investments | 354,719 | |||||||
Liabilities assumed: | ||||||||
Accounts payable | (28,941) | |||||||
Program rights payable (current portion) | (19,395) | |||||||
Deferred revenue | (2,132) | |||||||
Employee compensation and benefits | (27,896) | |||||||
Accrued marketing and advertising | (543) | |||||||
Other accrued liabilities | (64,224) | |||||||
Deferred income taxes | (43,530) | |||||||
Program rights payable (less current portion) | (3,492) | |||||||
Other liabilities (less current portion) | (5,624) | |||||||
Non-controlling interest | (858,530) | |||||||
Goodwill | 1,259,447 | $ 1,259,400 | ||||||
Net Assets Acquired | 652,365 | |||||||
N-Vision B.V. [Member] | TVN 7.88% Senior Notes [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | (128,577) | |||||||
N-Vision B.V. [Member] | TVN 7.38% Senior Notes [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | (528,205) | |||||||
N-Vision B.V. [Member] | 11.00%/12.00% 2021 PIK Toggle Notes [Member] | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | (409,549) | |||||||
N-Vision B.V. [Member] | Term Loan | ||||||||
Liabilities assumed: | ||||||||
Long-term debt | $ (18,178) | |||||||
[1] | Includes accumulated impairments of $44,386 in 2015 and 2014 |
Acquisitions - Fair Values of63
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) | Dec. 31, 2015 |
TVN 7.88% Senior Notes [Member] | |
Business Acquisition [Line Items] | |
Debt instrument Stated interest rate | 7.88% |
TVN 7.38% Senior Notes [Member] | |
Business Acquisition [Line Items] | |
Debt instrument Stated interest rate | 7.38% |
11.00%/12.00% 2021 PIK Toggle Notes [Member] | Minimum [Member] | |
Business Acquisition [Line Items] | |
Debt instrument Stated interest rate | 11.00% |
11.00%/12.00% 2021 PIK Toggle Notes [Member] | Maximum [Member] | |
Business Acquisition [Line Items] | |
Debt instrument Stated interest rate | 12.00% |
Acquisitions - Preliminary Fair
Acquisitions - Preliminary Fair Value of Identifiable Intangible Assets and Estimated Useful Lives (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Intangible Assets acquired | $ 760,636 |
Copyrights and other tradenames [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, life in years | 23 years |
Intangible Assets acquired | $ 333,912 |
Broadcast licenses [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, life in years | 25 years |
Intangible Assets acquired | $ 128,017 |
Customer lists [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, life in years | 15 years |
Intangible Assets acquired | $ 26,670 |
Advertiser lists [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, life in years | 7 years |
Intangible Assets acquired | $ 106,681 |
Acquired rights and other [Member] | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, life in years | 20 years |
Intangible Assets acquired | $ 165,356 |
Acquisitions - Pro forma Result
Acquisitions - Pro forma Results (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Pro Forma Revenues | $ 3,236,344 | $ 3,166,652 |
Pro forma net income attributable to SNI | $ 584,618 | $ 499,767 |
Pro forma net income attributable to SNI per basic share of common stock | $ 4.51 | $ 3.54 |
Pro forma net income attributable to SNI per diluted share of common stock | $ 4.49 | $ 3.51 |
Weighted average basic shares outstanding | 129,665 | 141,297 |
Weighted average diluted shares outstanding | 130,255 | 142,193 |
Employee and Contract Termina66
Employee and Contract Termination Costs - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Reduction of net income related to voluntary early retirement and termination costs | $ 11,100 | $ 8,900 | |||||||||
Net income attributable to SNI | $ 164,708 | $ 124,559 | $ 193,718 | $ 123,843 | $ 131,846 | $ 131,339 | $ 153,794 | $ 128,296 | 606,828 | 545,275 | $ 505,070 |
Contract termination costs | 9,700 | ||||||||||
Voluntary Early Retirement Program and Employee Termination [Member] | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Restructuring charges | 17,900 | $ 14,400 | |||||||||
Reorganization [Member] | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Restructuring charges | $ 3,866 | ||||||||||
Costs for severance, retention and related benefit cost | 3,900 | ||||||||||
Net income attributable to SNI | $ (2,400) |
Employee and Contract Termina67
Employee and Contract Termination Costs - Summary of Rollforward of the Liability Related to Restructuring Plan By Segment (Details) - Voluntary Early Retirement Program, Employee Termination and Contract Termination Costs [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | $ 14,072 | ||
Net accruals | 17,922 | $ 14,352 | |
Payments | (22,074) | (280) | |
Non-cash | [1] | (4,001) | |
Liability, ending balance | 5,919 | 14,072 | |
U.S. Networks [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | 12,041 | ||
Net accruals | 7,403 | 12,041 | |
Payments | (17,265) | ||
Non-cash | [1] | (1,574) | |
Liability, ending balance | 605 | 12,041 | |
Corporate and Other Segments [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Liability, beginning balance | 2,031 | ||
Net accruals | 10,519 | 2,311 | |
Payments | (4,809) | (280) | |
Non-cash | [1] | (2,427) | |
Liability, ending balance | $ 5,314 | $ 2,031 | |
[1] | Primarily represents the reclassification of accelerated depreciation, pension payments made from the pension plan and share-based compensation included in current period charges. |
Employee and Contract Termina68
Employee and Contract Termination Costs - Summary of Rollforward of the Liability Related to the Charges By Segment (Details) - Reorganization [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Restructuring Cost And Reserve [Line Items] | ||
Net accruals | $ 3,866 | |
Payments | (42) | |
Non-cash | (558) | [1] |
Liability, ending balance | 3,266 | |
U.S. Networks [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Net accruals | 3,835 | |
Payments | (19) | |
Non-cash | (558) | [1] |
Liability, ending balance | 3,258 | |
Corporate and Other Segments [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Net accruals | 31 | |
Payments | (23) | |
Liability, ending balance | $ 8 | |
[1] | Primarily represents the reclassification of share-based compensation included in current period charges. |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 80,944 | $ 738,090 |
Derivative asset | 615 | 86 |
Total assets | 81,559 | 738,176 |
Temporary equity- | ||
Redeemable non-controlling interests | 99,000 | 96,251 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 80,944 | 738,090 |
Total assets | 80,944 | 738,090 |
Level 2 [Member] | ||
Assets: | ||
Derivative asset | 615 | 86 |
Total assets | 615 | 86 |
Level 3 [Member] | ||
Temporary equity- | ||
Redeemable non-controlling interests | $ 99,000 | $ 96,251 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) $ in Millions | Jan. 06, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Discount rate | 10.50% | |
Subsequent Event | Travel Channel [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Ownership interest (in hundredths) | 35.00% | |
Fair value of residual interest acquired | $ 99 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Activity for Account Balances Whose Fair Value Measurements are Estimated Utilizing Level 3 Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interests [Roll Forward] | |||
Additions to non-controlling interests | $ 700 | ||
Fair value adjustments | (17,794) | $ 18,865 | $ 7,933 |
Redeemable Noncontrolling Interests (Temporary Equity) [Member] | |||
Redeemable Noncontrolling Interests [Roll Forward] | |||
Beginning period balance | 96,251 | 133,000 | |
Dividends paid to non-controlling interests | (12,985) | (27,563) | |
Net (loss) income | (2,760) | 9,679 | |
Additions to non-controlling interests | 700 | ||
Fair value adjustments | 17,794 | (18,865) | (7,933) |
Ending period balance | $ 99,000 | $ 96,251 | $ 133,000 |
Investments - Summary of Invest
Investments - Summary of Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Investments [Abstract] | ||
Equity method investments | $ 741,823 | $ 431,612 |
Cost method investments | 65,807 | 31,732 |
Total investments | $ 807,630 | $ 463,344 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule Of Investments [Line Items] | |||
Asset Impairment Charges | $ 400 | $ 0 | |
Purchase of long-term investments | 35,023 | 17,042 | |
Other non-current assets | 161,308 | 154,382 | |
Equity method investments | $ 741,823 | $ 431,612 | |
Refinery29 [Member] | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | 10.00% | ||
Purchase of long-term investments | $ 30,500 | ||
Thrive Market [Member] | |||
Schedule Of Investments [Line Items] | |||
Purchase of long-term investments | 2,000 | ||
Tastemade [Member] | |||
Schedule Of Investments [Line Items] | |||
Purchase of long-term investments | $ 2,000 | ||
UKTV [Member] | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | 50.00% | |
Other non-current assets | $ 112,100 | $ 116,200 | |
Equity method investments | $ 353,400 | $ 376,900 | |
nC+ [Member] | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | [1] | 32.00% | |
Distributable consolidated profits | 75.00% | ||
Canal+ Group [Member] | Call Option [Member] | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | 32.00% | ||
Onet [Member] | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | [1] | 25.00% | |
Distributable consolidated profits | 70.00% | ||
Onet [Member] | Ringier Axel Springer Media A G | |||
Schedule Of Investments [Line Items] | |||
Ownership interest (in hundredths) | 75.00% | ||
Onet [Member] | Call Option [Member] | |||
Schedule Of Investments [Line Items] | |||
Option period | 90 days | ||
Option commencement date | Jan. 1, 2017 | ||
Onet [Member] | Call Option [Member] | TVN [Member] | |||
Schedule Of Investments [Line Items] | |||
Option period | 20 days | ||
Onet [Member] | First Put Option [Member] | |||
Schedule Of Investments [Line Items] | |||
Option period | 90 days | ||
Option commencement date | Jan. 1, 2016 | ||
Onet [Member] | First Put Option [Member] | TVN [Member] | |||
Schedule Of Investments [Line Items] | |||
Option period | 20 days | ||
Onet [Member] | Second Put Option [Member] | TVN [Member] | |||
Schedule Of Investments [Line Items] | |||
Option period | 60 days | ||
[1] | Acquired as a part of the N-Vision Acquisition |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) | Dec. 31, 2015 | Dec. 31, 2014 | |
UKTV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | 50.00% | |
HGTV Magazine JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | 50.00% | |
Food Network Magazine JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 50.00% | 50.00% | |
Everytap [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | [1] | 40.00% | |
HGTV Canada [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 33.00% | 33.00% | |
nC+ [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | [1] | 32.00% | |
Food Canada [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 29.00% | 29.00% | |
Onet [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | [1] | 25.00% | |
Fox-BRV Southern Sports Holdings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest (in hundredths) | 7.25% | 7.25% | |
[1] | Acquired as a part of the N-Vision Acquisition |
Investments - Summary of Estima
Investments - Summary of Estimated Amortization (Details) $ in Thousands | Dec. 31, 2015USD ($) | |
Finite Lived Intangible Assets [Line Items] | ||
2,016 | $ 86,310 | [1] |
2,017 | 85,247 | [1] |
2,018 | 84,951 | [1] |
2,019 | 85,828 | [1] |
2,020 | 77,570 | [1] |
Thereafter | 842,758 | [1] |
UKTV [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2,016 | 13,700 | |
2,017 | 13,800 | |
2,018 | 13,800 | |
2,019 | 13,800 | |
2,020 | 13,900 | |
Thereafter | $ 101,700 | |
[1] | The functional currency of certain foreign subsidiaries differs from the U.S. Dollar, so these amounts are subject to change as rates fluctuate. |
Investments - Aggregated Statem
Investments - Aggregated Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Aggregated statement of operations [Abstract] | |||
Operating revenues | $ 1,973,515 | $ 1,333,239 | $ 1,263,231 |
Operating income | 753,249 | 708,958 | 666,227 |
Net income | $ 568,358 | $ 522,435 | $ 483,143 |
Investments - Aggregated Balanc
Investments - Aggregated Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Aggregated balance sheet information [Abstract] | ||
Current assets | $ 847,444 | $ 586,287 |
Non-current assets | 677,069 | 105,630 |
Total Assets | 1,524,513 | 691,917 |
Current liabilities | 475,582 | 224,459 |
Non-current liabilities | 150,411 | 136,321 |
Equity | 898,519 | 331,137 |
Total Liabilities and Equity | $ 1,524,513 | $ 691,917 |
Programs and Program Licenses -
Programs and Program Licenses - Summary of Programs and Program Licenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Programs And Program Licenses [Abstract] | ||
Cost of programs available for broadcast | $ 2,588,311 | $ 2,253,574 |
Accumulated amortization | 1,764,532 | 1,564,008 |
Total | 823,779 | 689,566 |
Progress payments on programs not yet available for broadcast | 288,119 | 257,092 |
Total programs and program licenses | $ 1,111,898 | $ 946,658 |
Programs and Program Licenses79
Programs and Program Licenses - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Programs And Program Licenses [Abstract] | |||
Obligations under contracts to purchase or license programs not yet available for broadcast | $ 240 | $ 244 | |
Program impairment | $ 70.4 | $ 38.4 | $ 32 |
Programs and Program Licenses80
Programs and Program Licenses - Summary of Estimated Amortization of Recorded Program Assets And Program Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Estimated future amortization expense [Abstract] | |
2,016 | $ 695,143 |
2,017 | 386,223 |
2,018 | 177,320 |
2,019 | 74,589 |
2,020 | 15,701 |
Later years | 3,133 |
Total | 1,352,109 |
Programs Available for Broadcast [Member] | |
Estimated future amortization expense [Abstract] | |
2,016 | 468,308 |
2,017 | 228,595 |
2,018 | 98,242 |
2,019 | 25,787 |
2,020 | 1,140 |
Later years | 1,707 |
Total | 823,779 |
Programs not Available for Broadcast [Member] | |
Estimated future amortization expense [Abstract] | |
2,016 | 226,835 |
2,017 | 157,628 |
2,018 | 79,078 |
2,019 | 48,802 |
2,020 | 14,561 |
Later years | 1,426 |
Total | $ 528,330 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property and Equipment [Line Items] | ||
Property and equipment, Gross | $ 592,383 | $ 504,798 |
Accumulated depreciation | (299,153) | (278,552) |
Property and equipment | 293,230 | 226,246 |
Land Improvements | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 23,606 | 12,857 |
Buildings and improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 190,199 | 155,736 |
Equipment | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | 172,302 | 127,221 |
Computer Software Tangible Assets | ||
Property and Equipment [Line Items] | ||
Property and equipment, Gross | $ 206,276 | $ 208,984 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 1,804,748 | [1] | $ 573,119 | [1] | $ 574,582 |
Amortizable intangible assets: | |||||
Total carrying amount | 1,603,096 | 868,365 | |||
Total accumulated amortization | (340,432) | (272,484) | |||
Total other intangible assets, net | 1,262,664 | 595,881 | |||
Acquired rights and other [Member] | |||||
Amortizable intangible assets: | |||||
Total carrying amount | 120,267 | 120,227 | |||
Total accumulated amortization | (29,463) | (22,721) | |||
Acquired network distribution [Member] | |||||
Amortizable intangible assets: | |||||
Total carrying amount | 744,962 | 586,687 | |||
Total accumulated amortization | (195,678) | (157,847) | |||
Customer and advertiser lists [Member] | |||||
Amortizable intangible assets: | |||||
Total carrying amount | 223,726 | 94,669 | |||
Total accumulated amortization | (81,892) | (71,870) | |||
Copyrights and other tradenames [Member] | |||||
Amortizable intangible assets: | |||||
Total carrying amount | 390,111 | 66,782 | |||
Total accumulated amortization | (30,875) | $ (20,046) | |||
Broadcast licenses [Member] | |||||
Amortizable intangible assets: | |||||
Total carrying amount | 124,030 | ||||
Total accumulated amortization | $ (2,524) | ||||
[1] | Includes accumulated impairments of $44,386 in 2015 and 2014 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Accumulated impairment | $ 44,386 | $ 44,386 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Activity Related to Goodwill and Amortizable Intangible Assets by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Goodwill [Line Items] | |||||
Balance as of beginning of period | $ 573,119 | [1] | $ 574,582 | ||
Additions - business acquisitions | 1,259,447 | ||||
Foreign currency translation adjustment | (27,818) | (1,463) | |||
Balance as of end of period | 1,804,748 | [1] | 573,119 | [1] | $ 574,582 |
Balance as of beginning of period | 595,881 | 655,009 | |||
Additions - business acquisitions | 761,362 | ||||
Foreign currency translation adjustment | (25,932) | (3,525) | |||
Amortization | (68,647) | (55,603) | (54,570) | ||
Balance as of end of period | 1,262,664 | 595,881 | 655,009 | ||
U.S. Networks [Member] | |||||
Goodwill [Line Items] | |||||
Balance as of beginning of period | 510,484 | 510,484 | |||
Balance as of end of period | 510,484 | 510,484 | 510,484 | ||
Balance as of beginning of period | 524,765 | 573,083 | |||
Amortization | (40,166) | (48,318) | (48,655) | ||
Balance as of end of period | 484,599 | 524,765 | 573,083 | ||
International Networks | |||||
Goodwill [Line Items] | |||||
Balance as of beginning of period | 62,635 | 64,098 | |||
Additions - business acquisitions | 1,259,447 | ||||
Foreign currency translation adjustment | (27,818) | (1,463) | |||
Balance as of end of period | 1,294,264 | 62,635 | 64,098 | ||
Balance as of beginning of period | 71,116 | 81,926 | |||
Additions - business acquisitions | 761,362 | ||||
Foreign currency translation adjustment | (25,932) | (3,525) | |||
Amortization | (28,481) | (7,285) | (5,914) | ||
Balance as of end of period | $ 778,065 | $ 71,116 | $ 81,926 | ||
[1] | Includes accumulated impairments of $44,386 in 2015 and 2014 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Cash Paid For An Intangible Asset | $ 11,000 | $ 10,900 | $ 31,300 |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 24,723 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Summary of Amortization Expense Associated with Intangible Assets (Details) $ in Thousands | Dec. 31, 2015USD ($) | [1] |
Estimated future amortization expense [Abstract] | ||
2,016 | $ 86,310 | |
2,017 | 85,247 | |
2,018 | 84,951 | |
2,019 | 85,828 | |
2,020 | 77,570 | |
Thereafter | $ 842,758 | |
[1] | The functional currency of certain foreign subsidiaries differs from the U.S. Dollar, so these amounts are subject to change as rates fluctuate. |
Other Accrued Current Liabili87
Other Accrued Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities Current Portion [Abstract] | ||
Accrued rent | $ 21,736 | $ 18,290 |
Accrued advertising rebates | 20,808 | 25 |
Accrued interest | 8,400 | 22,742 |
Accrued expenses | 97,588 | 49,387 |
Total | $ 148,532 | $ 90,444 |
Income (loss) from operations b
Income (loss) from operations before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 1,187,353 | $ 1,063,942 | $ 1,025,761 |
Foreign | (65,489) | (36,091) | (35,110) |
Income from operations before income taxes | $ 1,121,864 | $ 1,027,851 | $ 990,651 |
Income Taxes - Provision for In
Income Taxes - Provision for Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||||||||
Federal | $ 345,204 | $ 269,047 | $ 181,403 | ||||||||
State and local | 32,393 | 31,155 | 37,655 | ||||||||
Foreign | (6,183) | 2,038 | 517 | ||||||||
Total current income tax provision | 371,414 | 302,240 | 219,575 | ||||||||
Deferred: | |||||||||||
Federal | (31,731) | 694 | 84,504 | ||||||||
State and local | 5,611 | 85 | 5,742 | ||||||||
Foreign | (1,903) | (1,976) | (2,198) | ||||||||
Total deferred income tax (benefit) provision | (28,023) | (1,197) | 88,048 | ||||||||
Provision for income taxes | $ 76,706 | $ 75,110 | $ 120,326 | $ 71,249 | $ 55,868 | $ 75,910 | $ 92,359 | $ 76,906 | $ 343,391 | $ 301,043 | $ 307,623 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Current tax benefit allocated directly to stockholder’s equity for compensation expense | $ 1,200,000 | $ 12,300,000 | $ 4,900,000 |
Valuation allowance for deferred tax assets | 123,442,000 | 40,676,000 | |
Available capital loss carryforwards | 25,600,000 | ||
Undistributed earnings of foreign subsidiaries | 105,600,000 | ||
Unrecognized tax benefits that would affect the effective tax rate | 78,300,000 | 62,800,000 | 65,400,000 |
Interest benefit from accrued interest and penalties | 100,000 | 500,000 | 2,800,000 |
Interest on income taxes accrued | 11,500,000 | $ 10,900,000 | $ 10,200,000 |
N-Vision and TVN Entities [Member] | |||
Income Taxes [Line Items] | |||
Increase in valuation allowance | 47,300,000 | ||
Net Operating Loss and Non-deductible Interest Expense Carryforwards [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance for deferred tax assets | 109,200,000 | ||
Capital Loss [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance for deferred tax assets | 9,300,000 | ||
Federal Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carry-forwards | $ 2,300,000 | ||
Operating loss carry forwards expiration dates | 2,032 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carry-forwards | $ 17,900,000 | ||
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carry-forwards | $ 736,400,000 | ||
Operating loss carry forwards expiration dates | 2,016 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Decrease in gross unrecognized tax benefits balance | $ 0 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carry forwards expiration dates | 2,028 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Decrease in gross unrecognized tax benefits balance | $ 63,500,000 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carry forwards expiration dates | 2,034 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective income tax rate reconciliation [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
U.S. state and local income taxes, net of federal income tax benefit | 2.20% | 2.20% | 2.20% |
Income of pass-through entities allocated to non-controlling interests | (5.40%) | (6.20%) | (6.30%) |
Section 199 - Domestic Production Activities deduction | (2.50%) | (2.30%) | (2.40%) |
Other | 1.30% | 0.60% | 2.60% |
Effective income tax rate | 30.60% | 29.30% | 31.10% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued expenses | $ (30,764) | $ (13,200) |
Deferred compensation | (73,672) | (73,150) |
Capital loss carry-forwards | (9,316) | (6,867) |
Net operating loss carry-forwards | (157,475) | (33,745) |
Investments | (80,992) | (96,387) |
State taxes and interest | (35,671) | |
Property and equipment | (30,885) | (22,648) |
Other | (26,530) | (10,110) |
Total deferred tax assets: | (445,305) | (256,107) |
Deferred tax liabilities: | ||
Intangible assets | 178,132 | 71,570 |
Programs and program licenses | 45,897 | 64,765 |
Other | 5,880 | |
Total deferred tax liabilities: | 229,909 | 136,335 |
Valuation allowance for deferred tax assets | 123,442 | 40,676 |
Net deferred tax asset | $ (91,954) | $ (79,096) |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Gross unrecognized tax benefits - beginning of year | $ 96,166 | $ 109,462 | $ 94,219 |
Increases in tax positions for prior years | 19,679 | 2,169 | 20,931 |
Decreases in tax positions for prior years | (11,254) | (6,020) | |
Increases in tax positions for current year | 17,712 | 15,149 | 13,709 |
Settlements with taxing authorities | 495 | ||
Lapse in statute of limitations | (24,359) | (19,360) | (13,377) |
Gross unrecognized tax benefits - end of year | $ 109,693 | $ 96,166 | $ 109,462 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 26, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Total debt | $ 4,010,272 | $ 2,369,254 | ||
Current portion of debt | (499,174) | (883,895) | ||
Debt (less current portion) | 3,511,098 | 1,485,359 | ||
Fair value of long-term debt * | [1] | 3,977,985 | 2,409,995 | |
Amended Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amended Revolving Credit Facility | $ 389,170 | |||
Amended Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date | Mar. 31, 2019 | |||
Amended Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date | Mar. 31, 2020 | |||
3.55 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 883,895 | |||
Debt Instrument Maturity Date | Jan. 31, 2015 | |||
2.70 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 499,174 | 498,272 | ||
Debt Instrument Maturity Date | Dec. 31, 2016 | |||
2.75 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 495,750 | 494,644 | ||
Debt Instrument Maturity Date | May 15, 2019 | |||
TVN 7.38% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 399,986 | |||
Debt Instrument Maturity Date | Dec. 31, 2020 | |||
2.80 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 593,796 | |||
Debt Instrument Maturity Date | Dec. 31, 2020 | |||
3.50 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 395,309 | |||
Debt Instrument Maturity Date | Dec. 31, 2022 | |||
3.90 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 493,210 | $ 492,443 | ||
Debt Instrument Maturity Date | Nov. 15, 2024 | |||
3.95 % Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 494,748 | |||
Debt Instrument Maturity Date | Dec. 31, 2025 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term Loan | $ 249,129 | $ 250,000 | ||
Debt Instrument Maturity Date | Jun. 26, 2017 | |||
[1] | The fair value of the senior notes were estimated using level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity. |
Debt - Long-Term Debt (Parenthe
Debt - Long-Term Debt (Parenthetical) (Details) | Dec. 31, 2015 |
3.55 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 3.55% |
2.70 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 2.70% |
2.75 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 2.75% |
TVN 7.38% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 7.38% |
2.80 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 2.80% |
3.50 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 3.50% |
3.90 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 3.90% |
3.95 % Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument Stated interest rate | 3.95% |
Debt - Additional Information (
Debt - Additional Information (Details) | Nov. 16, 2015EUR (€) | Oct. 16, 2015EUR (€) | Sep. 15, 2015EUR (€) | Jul. 31, 2015EUR (€) | May. 18, 2015USD ($) | Mar. 31, 2014USD ($) | Sep. 16, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | Jun. 26, 2015USD ($) | Jun. 02, 2015USD ($) | Nov. 30, 2014USD ($) | Jun. 10, 2013EUR (€) | Jun. 10, 2013PLN |
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance of costs | $ | $ 20,400,000 | |||||||||||||||
Amortization of debt issuance costs | $ | 6,000,000 | $ 3,000,000 | ||||||||||||||
Debt Instrument, Principal amount | € 364,900,000 | |||||||||||||||
Debt instrument, repurchase amount | € 300,000,000 | |||||||||||||||
Debt instrument, annual principal payment | € 363,400,000 | |||||||||||||||
Debt instrument, increase, accrued interest | € 1,500,000 | |||||||||||||||
Debt instrument additional payment | 4,600,000 | |||||||||||||||
TVN [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior note maturity date | € 118,900,000 | |||||||||||||||
Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term Loan | $ | $ 249,129,000 | $ 250,000,000 | ||||||||||||||
Debt Instrument Maturity Date | Jun. 26, 2017 | Jun. 26, 2017 | ||||||||||||||
Weighted average interest rate | 1.37% | 1.37% | ||||||||||||||
2.75 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 500,000,000 | |||||||||||||||
3.90 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | 500,000,000 | |||||||||||||||
3.55 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 885,000,000 | |||||||||||||||
2.70 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 500,000,000 | |||||||||||||||
2.80 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 600,000,000 | |||||||||||||||
Debt instrument Stated interest rate | 2.80% | 2.80% | ||||||||||||||
3.50 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | 400,000,000 | |||||||||||||||
Debt instrument Stated interest rate | 3.50% | 3.50% | ||||||||||||||
3.95 % Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ | $ 500,000,000 | |||||||||||||||
Debt instrument Stated interest rate | 3.95% | 3.95% | ||||||||||||||
TVN 7.88% Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument Stated interest rate | 7.88% | 7.88% | ||||||||||||||
TVN 7.88% Senior Notes [Member] | TVN [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument Stated interest rate | 7.88% | |||||||||||||||
Debt Instrument, Principal amount | € 116,600,000 | € 116,600,000 | ||||||||||||||
Senior note maturity date | 118,900,000 | |||||||||||||||
Debt Instrument, premium | 2,300,000 | 2,300,000 | ||||||||||||||
Debt instrument redemption date | Nov. 16, 2015 | Nov. 16, 2015 | ||||||||||||||
T V N Seven Point Three Seven Five Senior Notes | TVN [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Redemption price percentage of the principal amount | 103.00% | 107.38% | 107.38% | |||||||||||||
Debt instrument redemption date | Prior to December 15, 2016 TVN Finance Corp may redeem up to 40 percent of the original principal amount of the 2020 TVN Notes with net cash proceeds of one or more equity offerings at a redemption price of 107.38% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Also, prior to December 15, 2016, TVN Finance Corp. may redeem up to 10.0 percent of the original principal amount of the 2020 TVN Notes at a redemption price equal to 103.00% of the aggregate principal amount plus accrued and unpaid interest, if any, to the redemption date. A 10.0 percent redemption was executed in September 2015 and in November 2015, leaving one more opportunity to redeem another 10.0 percent at 103.00% prior to December 16, 2016. At any time prior to December 16, 2016 TVN Finance Corp. may redeem the 2020 TVN Notes in whole, but not in part, at a price equal to 100.00% of the principal amount plus the applicable make-whole premium and accrued and unpaid interest, if any, up to the redemption date | Prior to December 15, 2016 TVN Finance Corp may redeem up to 40 percent of the original principal amount of the 2020 TVN Notes with net cash proceeds of one or more equity offerings at a redemption price of 107.38% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Also, prior to December 15, 2016, TVN Finance Corp. may redeem up to 10.0 percent of the original principal amount of the 2020 TVN Notes at a redemption price equal to 103.00% of the aggregate principal amount plus accrued and unpaid interest, if any, to the redemption date. A 10.0 percent redemption was executed in September 2015 and in November 2015, leaving one more opportunity to redeem another 10.0 percent at 103.00% prior to December 16, 2016. At any time prior to December 16, 2016 TVN Finance Corp. may redeem the 2020 TVN Notes in whole, but not in part, at a price equal to 100.00% of the principal amount plus the applicable make-whole premium and accrued and unpaid interest, if any, up to the redemption date | ||||||||||||||
TVN 7.38% Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument Stated interest rate | 7.38% | 7.38% | ||||||||||||||
Debt Instrument, Principal amount | 43,000,000 | € 43,000,000 | ||||||||||||||
Senior note maturity date | 45,600,000 | 45,100,000 | ||||||||||||||
Debt Instrument, premium | 1,300,000 | 1,300,000 | ||||||||||||||
Debt Instrument, Accrued but unpaid interest | € 1,300,000 | € 800,000 | ||||||||||||||
TVN 7.38% Senior Notes [Member] | TVN [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument Stated interest rate | 7.38% | |||||||||||||||
Debt Instrument, Principal amount | 43,000,000 | |||||||||||||||
Senior note maturity date | 45,600,000 | |||||||||||||||
Redemption price percentage of the principal amount | 100.00% | 100.00% | ||||||||||||||
Debt Instrument, Accrued but unpaid interest | € 1,300,000 | |||||||||||||||
Bank Pekao S.A [Member] | TVN Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | PLN | PLN 300,000,000 | |||||||||||||||
Bank Pekao S.A [Member] | Cash Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | € 25,000,000 | |||||||||||||||
Minimum [Member] | Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in hundredths) | 62.50% | 62.50% | ||||||||||||||
Maximum [Member] | Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in hundredths) | 137.50% | 137.50% | ||||||||||||||
Maximum [Member] | T V N Seven Point Three Seven Five Senior Notes | TVN [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Redemption percentage of the original principal amount | 10.00% | 40.00% | 40.00% | |||||||||||||
Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ | $ 1,150,000,000 | $ 650,000,000 | ||||||||||||||
Expiration date of revolving credit facility | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2020 | |||||||||||||
Line of credit facility, additional borrowing capacity | $ | 250,000,000 | |||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ | 900,000,000 | |||||||||||||||
Line of credit facility, remaining borrowing capacity | $ | $ 32,500,000 | |||||||||||||||
Line of credit facility, interest rate description | LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings | LIBOR plus a range of 69 to 130 basis points and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings | ||||||||||||||
Revolving credit facility | $ | $ 389,200,000 | 0 | ||||||||||||||
Outstanding borrowings interest rate | 1.44% | 1.44% | ||||||||||||||
Letters of credit outstanding, amount | $ | $ 1,100,000 | $ 0 | ||||||||||||||
Revolving Credit Facility | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in hundredths) | 69.00% | 69.00% | ||||||||||||||
Basis spread on variable rate, commitment fee (in hundredths) | 6.00% | 6.00% | ||||||||||||||
Revolving Credit Facility | Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate (in hundredths) | 130.00% | 130.00% | ||||||||||||||
Basis spread on variable rate, commitment fee (in hundredths) | 20.00% | 20.00% |
Other Liabilities - Other Liabi
Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Pension and post-employment benefits | $ 73,683 | $ 81,012 |
Deferred compensation | 41,992 | 41,096 |
Uncertain tax positions | 101,908 | 69,898 |
Other | 32,808 | 42,423 |
Other liabilities (less current portion) | $ 250,391 | $ 234,429 |
Foreign Exchange Risk Managem98
Foreign Exchange Risk Management - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||
Gross notional amount | $ 118,600,000 | $ 124,300,000 | $ 236,000,000 |
Recognized gains from forward contracts | 50,300,000 | ||
Recognized losses from forward contracts | 2,800,000 | 7,100,000 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 22,400,000 | $ 4,200,000 | $ 2,800,000 |
Redeemable Non-controlling In99
Redeemable Non-controlling Interests and Non-controlling Interest - Additional Information (Details) | Jan. 06, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Voting interest held by the company (in hundredths) | 80.00% | |
Travel Channel [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling interest (in hundredths) | 35.00% | |
Ownership interest (in hundredths) | 65.00% | |
FNLA [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest held by noncontrolling interest (in hundredths) | 30.00% | |
Subsequent Event | Travel Channel [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest (in hundredths) | 100.00% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Pension Plan and SERP Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ (4,500) | $ (4,300) | |
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 2,940 | 3,279 | $ 3,642 |
Expected return on plan assets, net of expenses | (3,876) | (4,571) | (4,396) |
Special termination benefits | 860 | 1,838 | |
Settlement charges | 3,345 | 2,021 | 2,302 |
Amortization of net loss | 2,095 | 1,239 | 2,918 |
Total for defined benefit plans | 5,364 | 3,806 | 4,466 |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 1,713 | 1,685 | 1,637 |
Special termination benefits | 290 | 365 | |
Settlement charges | 1,121 | 2,279 | 1,083 |
Amortization of net loss | 2,354 | 2,188 | 2,844 |
Total for defined benefit plans | $ 5,478 | $ 6,517 | $ 5,564 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ 4,500 | $ 4,300 | |
Historical compounded return on plan assets, minimum (in years) | 10 years | ||
Historical compounded return on plan assets, maximum (in years) | 15 years | ||
Defined contribution plans | $ 17,400 | 17,500 | $ 16,400 |
Assets held in trust, current | 42,800 | ||
Cash Surrender Value of Life Insurance | 27,000 | 20,700 | |
Deferred compensation | 42,000 | 42,800 | |
Rabbi Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets held in trust, current | 27,000 | ||
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assets held in trust, current | 15,800 | ||
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | (3,345) | (2,021) | (2,302) |
Net actuarial loss during 2016 | (2,100) | ||
Company contributions | 10,000 | ||
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | (1,121) | (2,279) | $ (1,083) |
Net actuarial loss during 2016 | (2,100) | ||
Company contributions | 2,669 | $ 4,845 | |
Expected contributions to SERP | $ 17,500 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Determining Retirement Plans Expense (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans [Member] | |||
Assumptions used in determining annual retirement plan expense [Abstract] | |||
Discount rate | 3.46% | 4.27% | 3.33% |
Long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Increase in compensation levels | 4.54% | 5.05% | 5.37% |
SERP [Member] | |||
Assumptions used in determining annual retirement plan expense [Abstract] | |||
Discount rate | 3.14% | 3.62% | 2.76% |
Increase in compensation levels | 4.41% | 4.83% | 5.05% |
Employee Benefit Plans - Benefi
Employee Benefit Plans - Benefit Obligation and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Plan assets: | |||
Fair value at beginning of year | $ 59,096 | ||
Fair value at end of year | 45,713 | $ 59,096 | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Non-current liabilities | (73,683) | (81,012) | |
Defined Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 78,859 | 85,279 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 92,384 | 82,151 | |
Interest cost | 2,940 | 3,279 | $ 3,642 |
Benefits paid | (484) | (407) | |
Actuarial (gains) losses | (525) | 14,344 | |
Curtailments | (1,097) | ||
Special termination benefits | 860 | 1,838 | |
Settlement charges | (10,554) | (7,724) | |
Projected benefit obligation at end of year | 84,621 | 92,384 | 82,151 |
Plan assets: | |||
Fair value at beginning of year | 59,096 | 63,113 | |
Actual return on plan assets | (2,345) | 4,114 | |
Company contributions | 10,000 | ||
Benefits paid | (484) | (407) | |
Settlement charges | (10,554) | (7,724) | |
Fair value at end of year | 45,713 | 59,096 | 63,113 |
Under funded status | (38,908) | (33,288) | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Non-current liabilities | (38,908) | (33,288) | |
Total | (38,908) | (33,288) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | 27,502 | 27,247 | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 46,428 | 45,617 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 52,374 | 48,572 | |
Interest cost | 1,713 | 1,685 | 1,637 |
Benefits paid | (251) | (253) | |
Actuarial (gains) losses | 566 | 6,650 | |
Curtailments | (53) | ||
Special termination benefits | 290 | 365 | |
Settlement charges | (2,418) | (4,592) | |
Projected benefit obligation at end of year | 52,274 | 52,374 | $ 48,572 |
Plan assets: | |||
Company contributions | 2,669 | 4,845 | |
Benefits paid | (251) | (253) | |
Settlement charges | (2,418) | (4,592) | |
Under funded status | (52,274) | (52,374) | |
Amounts recognized as assets and liabilities in the consolidated balance sheets: | |||
Current liabilities | (17,500) | (4,650) | |
Non-current liabilities | (34,774) | (47,724) | |
Total | (52,274) | (52,374) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net loss | $ 22,731 | $ 25,640 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Information About Plan Assets And Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in plan assets and benefit obligations recognized in Other Comprehensive Income [Abstract] | |||
Settlement charges | $ 4,500 | $ 4,300 | |
Defined Benefit Plans [Member] | |||
Changes in plan assets and benefit obligations recognized in Other Comprehensive Income [Abstract] | |||
Net actuarial loss | 5,695 | 14,801 | |
Amortization of net loss | (2,095) | (1,239) | $ (2,918) |
Curtailments | (1,097) | ||
Settlement charges | (3,345) | (2,021) | (2,302) |
Total recognized in other comprehensive (loss) income | 255 | 10,444 | |
Net periodic benefit cost | 5,364 | 3,806 | 4,466 |
Total recognized in net periodic benefit cost and other comprehensive loss | 5,619 | 14,250 | |
SERP [Member] | |||
Changes in plan assets and benefit obligations recognized in Other Comprehensive Income [Abstract] | |||
Net actuarial loss | 566 | 6,650 | |
Amortization of net loss | (2,354) | (2,188) | (2,844) |
Curtailments | (53) | ||
Settlement charges | (1,121) | (2,279) | (1,083) |
Total recognized in other comprehensive (loss) income | (2,909) | 2,130 | |
Net periodic benefit cost | 5,478 | 6,517 | $ 5,564 |
Total recognized in net periodic benefit cost and other comprehensive loss | $ 2,569 | $ 8,647 |
Employee Benefit Plans - Sum105
Employee Benefit Plans - Summary of Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans [Member] | ||
Accumulated benefit obligation in excess of plan assets [Abstract] | ||
Accumulated benefit obligation | $ 78,859 | $ 85,279 |
Fair value of plan assets | 45,713 | 59,096 |
SERP [Member] | ||
Accumulated benefit obligation in excess of plan assets [Abstract] | ||
Accumulated benefit obligation | $ 46,428 | $ 45,617 |
Employee Benefit Plans - Sum106
Employee Benefit Plans - Summary of Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 84,621 | $ 92,384 |
Fair value of plan assets | 45,713 | 59,096 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 52,274 | $ 52,374 |
Employee Benefit Plans - Sum107
Employee Benefit Plans - Summary of Assumptions Used to Determine Benefit Obligations For Defined Plans (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans [Member] | ||
Assumptions used to determine defined benefit plan obligations [Abstract] | ||
Discount rate | 3.75% | 3.46% |
Rate of compensation increases | 4.32% | 4.54% |
SERP [Member] | ||
Assumptions used to determine defined benefit plan obligations [Abstract] | ||
Discount rate | 3.39% | 3.14% |
Rate of compensation increases | 4.26% | 4.42% |
Employee Benefit Plans - Sum108
Employee Benefit Plans - Summary of Pension Plan Asset Allocations By Asset Category (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 100.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 100.00% | 100.00% |
US Equity Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 27.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 25.00% | 30.00% |
Non-US Equity Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 39.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 43.00% | 36.00% |
Fixed Income Securities [Member] | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 30.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 23.00% | 28.00% |
Other Mutual Funds | ||
Pension plan assets target allocation [Abstract] | ||
Plan asset target percentage | 4.00% | |
Pension plan assets actual allocation [Abstract] | ||
Plan assets actual percentage | 9.00% | 6.00% |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan Assets at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 45,713 | $ 59,096 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42,032 | 55,727 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,681 | 3,369 |
US Equity Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,457 | 17,650 |
US Equity Securities Mutual Funds [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 11,457 | 17,650 |
Non-US Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19,634 | 21,264 |
Non-US Equity Securities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19,634 | 21,264 |
Fixed Income Securities Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,222 | 16,758 |
Fixed Income Securities Mutual Funds [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,222 | 16,758 |
Alternative Investment Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,681 | 3,369 |
Alternative Investment Funds [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,681 | 3,369 |
Plan Assets, Subtotal [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 44,994 | 59,041 |
Plan Assets, Subtotal [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,313 | 55,672 |
Plan Assets, Subtotal [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,681 | 3,369 |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 719 | 55 |
Cash [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 719 | $ 55 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plans [Member] | |
Estimated future benefit payments [Abstract] | |
2,016 | $ 3,630 |
2,017 | 3,655 |
2,018 | 4,146 |
2,019 | 4,147 |
2,020 | 5,073 |
2021-2025 | 26,252 |
SERP [Member] | |
Estimated future benefit payments [Abstract] | |
2,016 | 17,500 |
2,017 | 1,753 |
2,018 | 2,359 |
2,019 | 2,467 |
2,020 | 2,549 |
2021-2025 | $ 15,380 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
AOCI beginning balance | $ (57,891) | ||
AOCI ending balance | (130,233) | $ (57,891) | |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
AOCI beginning balance | (25,122) | 12,449 | $ 5,645 |
Other comprehensive (loss) income before reclassifications | (73,117) | (37,571) | 6,804 |
Net current-period other comprehensive (loss) income | (73,117) | (37,571) | 6,804 |
AOCI ending balance | (98,239) | (25,122) | 12,449 |
Pension Plan and SERP Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
AOCI beginning balance | (32,769) | (24,978) | (44,507) |
Other comprehensive (loss) income before reclassifications | 2,653 | (13,291) | 13,862 |
Amounts reclassified from AOCI | (1,878) | 5,500 | 5,667 |
Net current-period other comprehensive (loss) income | 775 | (7,791) | 19,529 |
AOCI ending balance | $ (31,994) | $ (32,769) | $ (24,978) |
Capital Stock and Shares Com112
Capital Stock and Shares Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Director$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | |
Capital stock [Abstract] | |||
Number of directors entitled to be elected, minimum | Director | 3 | ||
Percentage of directors entitled to be elected, maximum | 33.33% | ||
Incentive Plans [Abstract] | |||
LTI Plan expiration date | Feb. 19, 2025 | ||
Shares available for future stock compensation grants (in million shares) | 7,900,000 | ||
Assumptions used to determine fair value: | |||
Total unrecognized share-based compensation costs | $ | $ 2 | ||
Weighted-average period over which unrecognized share-based compensation costs are expected to be recognized (in years) | 1 year 4 months 24 days | ||
Share Repurchase Program [Abstract] | |||
Repurchase of class A common shares (in shares) | 3,986,275 | 15,447,884 | 3,917,471 |
Cost of shares repurchased | $ | $ 288.5 | $ 1,200 | $ 253.2 |
Authorized amount | $ | $ 1,512.5 | ||
Scripps Family Members [Member] | |||
Share Repurchase Program [Abstract] | |||
Repurchase of class A common shares (in shares) | 3,000,000 | 4,500,000 | |
Cost of shares repurchased | $ | $ 216.8 | $ 339 | |
Stock Options [Member] | |||
Stock Options [Abstract] | |||
Exercisable options (in years) | 3 years | ||
Restricted Stock Units [Member] | |||
Restricted Stock Units [Abstract] | |||
Awarded (in dollars per share) | $ / shares | $ 71.01 | ||
Unvested units or shares, weighted average grant date fair value [Abstract] | |||
Awarded (in shares) | 346,000 | ||
Restricted Stock Units [Member] | Minimum [Member] | |||
Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock Units [Member] | Maximum [Member] | |||
Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 5 years | ||
Performance Based Restricted Stock Units [Member] | |||
Restricted Stock Units [Abstract] | |||
Vesting period (in years) | 3 years | ||
Restricted Stock [Member] | |||
Assumptions used to determine fair value: | |||
Total unrecognized share-based compensation costs | $ | $ 15.3 | ||
Weighted-average period over which unrecognized share-based compensation costs are expected to be recognized (in years) | 1 year 4 months 24 days | ||
Common Class A [Member] | |||
Capital stock [Abstract] | |||
Shares reserved for issuance of stock | 8,000,000 | ||
Common Class A [Member] | Performance Based Restricted Stock Units [Member] | |||
Restricted Stock Units [Abstract] | |||
Awarded (in dollars per share) | $ / shares | $ 72.30 | $ 85.10 | |
Unvested units or shares, weighted average grant date fair value [Abstract] | |||
Awarded (in shares) | 61,390 | 60,310 |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation Plans - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Options [Abstract] | |
Right to repurchase shares at fair market value (in hundredths) | 100.00% |
Expiration after grant date, prior (in years) | 8 years |
Expiration after grant date, after (in years) | 10 years |
Employee | |
Stock Options [Abstract] | |
Vesting period (in years) | 3 years |
Non Employee Director | |
Stock Options [Abstract] | |
Vesting period (in years) | 1 year |
Capital Stock and Shares Com114
Capital Stock and Shares Compensation Plans - Stock options transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Outstanding stock options [Roll forward] | |||
Beginning balance | 2,223,000 | ||
Granted | 435,000 | ||
Exercised | (285,938) | (1,007,676) | (990,383) |
Forfeited | (1,000) | ||
Ending balance | 2,371,000 | 2,223,000 | |
Vested and expected to vest | 2,315,000 | ||
Options exercisable | 1,660,000 | ||
Weighted-average exercise price [Abstract] | |||
Beginning balance | $ 52.81 | ||
Ending balance | 57.38 | $ 52.81 | |
Vested and expected to vest | 57.06 | ||
Options exercisable | $ 50.87 | ||
Weighted-Average Remaining Term | 4 years 6 months | ||
Weight-Average remaining term vested and expected to vest | 4 years 4 months 24 days | ||
Weighted Average remaining term options exercisable | 3 years 7 months 6 days | ||
Aggregate intrinsic value, outstanding | $ 14,936 | ||
Aggregated intrinsic value, vested and expected to vest | 14,936 | ||
Aggregate intrinsic value, exercisable | $ 14,936 |
Capital Stock and Shares Com115
Capital Stock and Shares Compensation Plans - Value of exercises of stock options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Cash received upon exercise | $ 9,207 | $ 39,605 | $ 42,976 |
Intrinsic value (market value on date of exercise less exercise price) | $ 6,030 | $ 40,961 | $ 25,552 |
Capital Stock and Shares Com116
Capital Stock and Shares Compensation Plans - Restricted stock units (Details) - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Unvested units or shares [Roll Forward] | |
Balance, beginning (in shares) | shares | 614,000 |
Awarded (in shares) | shares | 346,000 |
Converted (in shares) | shares | (462,000) |
Forfeited (in shares) | shares | (4,000) |
Balance, ending (in shares) | shares | 494,000 |
Unvested units or shares, weighted average grant date fair value [Abstract] | |
Balance, beginning (in dollars per share) | $ / shares | $ 67.68 |
Awarded (in dollars per share) | $ / shares | 71.01 |
Converted (in dollars per share) | $ / shares | 63.19 |
Forfeited (in dollars per share) | $ / shares | 74.03 |
Balance, end (in dollars per share) | $ / shares | $ 60.26 |
Capital Stock and Shares Com117
Capital Stock and Shares Compensation Plans - Weighted-average assumptions used in estimate of compensation costs of share options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units [Abstract] | |||
Weighted-average fair value of stock options granted | $ 15.18 | $ 19.20 | $ 18.94 |
Assumptions used to determine fair value: | |||
Dividend yield | 1.28% | 0.99% | 0.95% |
Risk-free rate of return | 1.49% | 1.53% | 0.84% |
Expected life of options (years) | 5 years | 5 years | 5 years |
Expected volatility | 24.70% | 27.20% | 36.30% |
Capital Stock and Shares Com118
Capital Stock and Shares Compensation Plans - Stock-based compensation costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total share-based compensation costs | $ 29,568 | $ 35,474 | $ 36,845 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Minimum Payments on Non-Cancelable Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating leases [Abstract] | |
2,016 | $ 27,439 |
2,017 | 27,755 |
2,018 | 27,304 |
2,019 | 22,174 |
2,020 | 20,535 |
Thereafter | $ 19,682 |
Commitments and Contingencie120
Commitments and Contingencies - Rental Expense for Cancelable and Non-Cancelable Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Rental expense | $ 28,444 | $ 29,230 | $ 26,619 |
Commitments and Contingencie121
Commitments and Contingencies - Summary of Minimum Payments on Satellite and Transmission Services Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Long-term contract commitments [Abstract] | |
2,016 | $ 45,190 |
2,017 | 46,029 |
2,018 | 20,262 |
2,019 | 11,689 |
2,020 | 4,691 |
Thereafter | $ 275 |
Segment Information - Additiona
Segment Information - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Operating Revenues | |||||||||||
Number of operating segments | Segment | 2 | ||||||||||
Total Assets | $ 6,672,314 | $ 4,657,481 | $ 6,672,314 | $ 4,657,481 | $ 4,434,823 | ||||||
ASSETS | |||||||||||
Intersegment revenue | 851,753 | $ 776,122 | $ 732,102 | $ 658,250 | 669,152 | $ 644,423 | $ 708,132 | $ 643,749 | 3,018,227 | 2,665,456 | 2,530,809 |
Program amortization | 783,456 | 621,210 | 556,694 | ||||||||
Outside the U.S. [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total Assets | $ 3,238,200 | 590,000 | $ 3,238,200 | 590,000 | 627,000 | ||||||
Customer Concentration Risk [Member] | Sales Revenue Net [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Concentration risks | 10.00% | ||||||||||
Travel Channel [Member] | |||||||||||
ASSETS | |||||||||||
Ownership interest (in hundredths) | 65.00% | 65.00% | |||||||||
Food Network Partnership [Member] | |||||||||||
ASSETS | |||||||||||
Ownership interest (in hundredths) | 68.70% | 68.70% | |||||||||
Corporate and Other [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Total Assets | $ 457,897 | $ 1,133,192 | $ 457,897 | 1,133,192 | 891,430 | ||||||
ASSETS | |||||||||||
Intersegment revenue | (26,327) | $ (13,081) | $ (10,929) | ||||||||
Corporate and Other [Member] | Travel Channel [Member] | |||||||||||
ASSETS | |||||||||||
Intersegment revenue | 26,300 | ||||||||||
Program amortization | $ 13,300 |
Segment Information - Informati
Segment Information - Information Regarding Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Operating Revenues | |||||||||||
Revenues | $ 851,753 | $ 776,122 | $ 732,102 | $ 658,250 | $ 669,152 | $ 644,423 | $ 708,132 | $ 643,749 | $ 3,018,227 | $ 2,665,456 | $ 2,530,809 |
Segment Profit (Loss) | |||||||||||
Total segment profit | 1,245,691 | 1,121,761 | 1,102,460 | ||||||||
Depreciation and amortization of intangible assets | 41,277 | 41,291 | 26,438 | 28,590 | 31,498 | 31,617 | 34,173 | 31,294 | 137,596 | 128,582 | 117,580 |
Write-down of goodwill | 0 | 0 | 24,723 | ||||||||
Loss on disposal of property and equipment | 1,563 | 40 | 44 | 2,516 | (177) | (448) | 1,647 | (152) | 4,163 | 870 | 1,681 |
Interest expense | (108,047) | (52,687) | (48,710) | ||||||||
Equity in earnings of affiliates | 11,289 | 23,392 | 27,290 | 18,945 | 18,521 | 17,586 | 27,263 | 22,261 | 80,916 | 85,631 | 79,644 |
Gain (loss) on derivatives | 3,088 | 4,037 | 37,198 | 5,933 | 5,246 | 2,041 | (1,339) | (3,137) | 50,256 | 2,810 | (7,085) |
Miscellaneous, net | 17,946 | $ (9,543) | $ (13,194) | $ (402) | (4,519) | $ 25 | $ 871 | $ 3,410 | (5,193) | (212) | 8,326 |
Income from operations before income taxes | 1,121,864 | 1,027,851 | 990,651 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 68,949 | 72,979 | 63,010 | ||||||||
Amortization of intangible assets [Abstract] | |||||||||||
Amortization of intangible assets | 68,647 | 55,603 | 54,570 | ||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Additions to property and equipment | 52,480 | 58,794 | 73,089 | ||||||||
Total Assets | 6,672,314 | 4,657,481 | 6,672,314 | 4,657,481 | 4,434,823 | ||||||
Long-lived assets | 4,852,479 | 2,482,055 | 4,852,479 | 2,482,055 | 2,534,438 | ||||||
U S | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | 2,726,124 | 2,602,103 | 2,479,492 | ||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Long-lived assets | 1,903,918 | 1,919,692 | 1,903,918 | 1,919,692 | 1,948,434 | ||||||
P L | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | 224,720 | ||||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Long-lived assets | 2,406,842 | 2,406,842 | |||||||||
Other International | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | 67,383 | 63,353 | 51,317 | ||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Long-lived assets | 541,719 | 562,363 | 541,719 | 562,363 | 586,004 | ||||||
U.S. Networks [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | 2,716,663 | 2,588,357 | 2,466,061 | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit | 1,337,189 | 1,268,417 | 1,212,767 | ||||||||
Loss on disposal of property and equipment | 4,474 | 1,311 | 1,606 | ||||||||
Equity in earnings of affiliates | 43,851 | 42,613 | 40,648 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 54,954 | 63,179 | 55,560 | ||||||||
Amortization of intangible assets [Abstract] | |||||||||||
Amortization of intangible assets | 40,166 | 48,318 | 48,655 | ||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Additions to property and equipment | 40,120 | 50,042 | 63,026 | ||||||||
Total Assets | 2,937,428 | 2,864,074 | 2,937,428 | 2,864,074 | 2,849,547 | ||||||
International Networks | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | 327,891 | 90,180 | 75,677 | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit | 30,893 | (41,854) | (17,535) | ||||||||
Loss on disposal of property and equipment | 461 | (5) | 6 | ||||||||
Equity in earnings of affiliates | 37,065 | 43,018 | 38,996 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 10,299 | 4,257 | 2,263 | ||||||||
Amortization of intangible assets [Abstract] | |||||||||||
Amortization of intangible assets | 28,481 | 7,285 | 5,914 | ||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Additions to property and equipment | 10,424 | 8,212 | 7,313 | ||||||||
Total Assets | 3,276,989 | 660,215 | 3,276,989 | 660,215 | 693,846 | ||||||
Corporate and Other [Member] | |||||||||||
Segment Operating Revenues | |||||||||||
Revenues | (26,327) | (13,081) | (10,929) | ||||||||
Segment Profit (Loss) | |||||||||||
Total segment profit | (122,391) | (104,802) | (92,772) | ||||||||
Loss on disposal of property and equipment | (772) | (436) | 69 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 3,696 | 5,543 | 5,187 | ||||||||
Amortization of intangible assets [Abstract] | |||||||||||
Amortization of intangible assets | 1 | ||||||||||
Equity in earnings of affiliates [Abstract] | |||||||||||
Additions to property and equipment | 1,936 | 540 | 2,750 | ||||||||
Total Assets | $ 457,897 | $ 1,133,192 | $ 457,897 | $ 1,133,192 | $ 891,430 |
Summarized Quarterly Financi124
Summarized Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 851,753 | $ 776,122 | $ 732,102 | $ 658,250 | $ 669,152 | $ 644,423 | $ 708,132 | $ 643,749 | $ 3,018,227 | $ 2,665,456 | $ 2,530,809 |
Cost of services, excluding depreciation and amortization of intangible assets | 322,973 | 270,150 | 195,087 | 199,147 | 200,478 | 207,099 | 190,181 | 181,138 | 987,357 | 778,896 | 699,294 |
Selling, general and administrative | 210,849 | 193,645 | 178,498 | 202,187 | 206,895 | 167,361 | 198,666 | 191,877 | 785,179 | 764,799 | 729,055 |
Depreciation and amortization of intangible assets | 41,277 | 41,291 | 26,438 | 28,590 | 31,498 | 31,617 | 34,173 | 31,294 | 137,596 | 128,582 | 117,580 |
Loss on disposal of property and equipment | 1,563 | 40 | 44 | 2,516 | (177) | (448) | 1,647 | (152) | 4,163 | 870 | 1,681 |
Operating income | 275,091 | 270,996 | 332,035 | 225,810 | 230,458 | 238,794 | 283,465 | 239,592 | 1,103,932 | 992,309 | 958,476 |
Interest expense, net | (27,806) | (50,439) | (16,835) | (12,967) | (15,789) | (12,235) | (12,232) | (12,431) | (108,047) | (52,687) | (48,710) |
Equity in earnings of affiliates | 11,289 | 23,392 | 27,290 | 18,945 | 18,521 | 17,586 | 27,263 | 22,261 | 80,916 | 85,631 | 79,644 |
Gain (loss) on derivatives | 3,088 | 4,037 | 37,198 | 5,933 | 5,246 | 2,041 | (1,339) | (3,137) | 50,256 | 2,810 | (7,085) |
Miscellaneous, net | 17,946 | (9,543) | (13,194) | (402) | (4,519) | 25 | 871 | 3,410 | (5,193) | (212) | 8,326 |
Provision for income taxes | 76,706 | 75,110 | 120,326 | 71,249 | 55,868 | 75,910 | 92,359 | 76,906 | 343,391 | 301,043 | 307,623 |
Net income | 202,902 | 163,333 | 246,168 | 166,070 | 178,049 | 170,301 | 205,669 | 172,789 | 778,473 | 726,808 | 683,028 |
Less: net income attributable to non-controlling interests | (38,194) | (38,774) | (52,450) | (42,227) | (46,203) | (38,962) | (51,875) | (44,493) | (171,645) | (181,533) | (177,958) |
Net income attributable to SNI | $ 164,708 | $ 124,559 | $ 193,718 | $ 123,843 | $ 131,846 | $ 131,339 | $ 153,794 | $ 128,296 | $ 606,828 | $ 545,275 | $ 505,070 |
Basic net income per share: | |||||||||||
Net income attributable to SNI common shareholders (in dollars per share) | $ 1.27 | $ 0.96 | $ 1.50 | $ 0.94 | $ 0.96 | $ 0.93 | $ 1.08 | $ 0.88 | $ 4.68 | $ 3.86 | $ 3.43 |
Diluted net income per share: | |||||||||||
Net income attributable to SNI common shareholders (in dollars per share) | $ 1.27 | $ 0.96 | $ 1.49 | $ 0.94 | $ 0.96 | $ 0.93 | $ 1.07 | $ 0.87 | $ 4.66 | $ 3.83 | $ 3.40 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 129,211 | 129,177 | 129,225 | 131,259 | 136,876 | 140,738 | 142,342 | 146,322 | 129,665 | 141,297 | 147,326 |
Diluted (in shares) | 129,728 | 129,704 | 129,868 | 131,942 | 137,708 | 141,628 | 143,224 | 147,440 | 130,255 | 142,193 | 148,502 |
Cash dividends per share of common stock (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.92 | $ 0.80 |
Related Party Transactions- Add
Related Party Transactions- Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
E. W. Scripps Company [Member] | |||
Related Party Transaction [Line Items] | |||
Compensation payment including selling, general and administrative expenses | $ 4.8 | $ 12.6 | $ 12.2 |
UK To UKTV [Member] | |||
Related Party Transaction [Line Items] | |||
Taxable losses compensation rate | 83.30% | ||
Tax benefit recognized related to the surrender of U.K. losses | $ 7.9 | 1.3 | 1.4 |
Net receivable due related to tax benefits | $ 4.5 | $ 0.8 | $ 3.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | Feb. 24, 2016 | Jan. 06, 2016 | Dec. 31, 2015 |
Travel Channel [Member] | |||
Subsequent Event [Line Items] | |||
Ownership interest (in hundredths) | 65.00% | ||
Subsequent Event | Travel Channel [Member] | |||
Subsequent Event [Line Items] | |||
Ownership interest (in hundredths) | 100.00% | ||
Fair value of residual interest acquired | $ 99 | ||
Transaction finalized | Feb. 25, 2016 | ||
Subsequent Event | Fox Sports [Member] | |||
Subsequent Event [Line Items] | |||
Divestiture, cash purchase price | $ 225 |
Schedule II Valuation and Qu127
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance beginning of period | $ 7,889 | $ 6,853 | $ 5,514 |
Additions charged to revenues, costs, expenses | 8,090 | 2,400 | 2,678 |
Deductions amounts charged off-net | 3,410 | 1,364 | 1,339 |
Balance end of period | $ 12,569 | $ 7,889 | $ 6,853 |