Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Entity Registrant Name | 'A. H. Belo Corp | ' | ' |
Entity Central Index Key | '0001413898 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $130,425,853 |
Entity Common Stock, Shares Outstanding | ' | 22,003,390 | ' |
Series A: Common stock | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 19,606,460 | ' |
Series B: Common stock | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,396,930 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Operating Revenue | ' | ' | ' |
Advertising and marketing services | $208,959 | $216,108 | $237,061 |
Circulation | 120,316 | 123,224 | 126,290 |
Printing and distribution | 36,975 | 35,358 | 30,845 |
Total net operating revenues | 366,250 | 374,690 | 394,196 |
Operating Costs and Expense | ' | ' | ' |
Employee compensation and benefits | 146,307 | 152,523 | 160,874 |
Other production, distribution and operating costs | 140,230 | 139,566 | 146,836 |
Newsprint, ink and other supplies | 50,810 | 49,401 | 48,690 |
Depreciation | 18,079 | 21,401 | 24,850 |
Amortization | 4,493 | 4,373 | 4,373 |
Asset impairments | 0 | 0 | 872 |
Pension plan withdrawal | 0 | 0 | 1,988 |
Total operating costs and expense | 359,919 | 367,264 | 388,483 |
Income from operations | 6,331 | 7,426 | 5,713 |
Other Income (Expense), Net | ' | ' | ' |
Other income (expense), net | 2,721 | 3,380 | -294 |
Interest expense | -311 | -629 | -668 |
Total other income (expense), net | 2,410 | 2,751 | -962 |
Income from Continuing Operations Before Income Taxes | 8,741 | 10,177 | 4,751 |
Income tax provision | 1,584 | 1,804 | 5,107 |
Income (Loss) from Continuing Operations | 7,157 | 8,373 | -356 |
Loss from discontinued operations | -4,700 | -8,026 | -10,673 |
Gain related to the divestiture of discontinued operations | 13,402 | 0 | 0 |
Tax benefit from discontinued operations | -67 | -72 | -96 |
Income (Loss) from Discontinued Operations, Net | 8,769 | -7,954 | -10,577 |
Net Income (Loss) | 15,926 | 419 | -10,933 |
Net loss attributable to noncontrolling interests | -193 | -107 | 0 |
Net Income (Loss) Attributable to A. H. Belo Corporation | $16,119 | $526 | ($10,933) |
Per Share Basis, Basic and Diluted | ' | ' | ' |
Continuing operations | $0.31 | $0.37 | ($0.03) |
Discontinued operations | $0.40 | ($0.36) | ($0.48) |
Net income (loss) attributable to A. H. Belo Corporation | $0.71 | $0.01 | ($0.51) |
Weighted average shares outstanding | ' | ' | ' |
Basic | 21,967,666 | 21,947,981 | 21,495,814 |
Diluted | 22,063,741 | 22,065,856 | 21,495,814 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Loss) | $15,926 | $419 | ($10,933) |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Actuarial gains (losses) | 57,458 | -10,495 | -64,989 |
Amortization of net actuarial gains (losses) | 981 | 32 | -649 |
Total other comprehensive income (loss) | 58,439 | -10,463 | -65,638 |
Comprehensive Income (Loss) | 74,365 | -10,044 | -76,571 |
Comprehensive loss attributable to noncontrolling interests | -193 | -107 | 0 |
Total Comprehensive Income (Loss) Attributable to A. H. Belo Corporation | $74,558 | ($9,937) | ($76,571) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $82,193 | $34,094 |
Accounts receivable (net of allowance of $1,248 and $2,034 at December 31, 2013 and 2012, respectively) | 41,174 | 39,212 |
Inventories | 8,180 | 7,585 |
Prepaids and other current assets | 7,444 | 6,547 |
Deferred income taxes, net | 61 | 1,496 |
Assets of discontinued operations | 1,633 | 48,402 |
Total current assets | 140,685 | 137,336 |
Property, plant and equipment, at cost: | ' | ' |
Land | 30,834 | 31,212 |
Buildings and improvements | 169,266 | 170,554 |
Publishing equipment | 250,596 | 248,769 |
Other | 92,590 | 112,608 |
Construction in process | 920 | 3,050 |
Property, plant and equipment, at cost | 544,206 | 566,193 |
Less accumulated depreciation | -447,094 | -457,339 |
Property, plant and equipment, net | 97,112 | 108,854 |
Intangible assets, net | 5,342 | 9,473 |
Goodwill | 24,582 | 24,582 |
Investments | 7,333 | 6,826 |
Deferred income taxes, net | 538 | 1,113 |
Other assets | 3,626 | 3,755 |
Total assets | 279,218 | 291,939 |
Current liabilities: | ' | ' |
Accounts payable | 15,488 | 13,635 |
Accrued compensation and benefits | 12,308 | 17,020 |
Other accrued expense | 5,332 | 5,804 |
Advance subscription payments | 19,184 | 17,693 |
Liabilities of discontinued operations | 2,028 | 7,781 |
Total current liabilities | 54,340 | 61,933 |
Long-term pension liabilities | 50,082 | 122,821 |
Other post-employment benefits | 2,757 | 2,919 |
Other liabilities | 3,263 | 2,206 |
Shareholders' equity: | ' | ' |
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | 0 | 0 |
Treasury stock, Series A, at cost; 495,200 and 74,130 shares held at December 31, 2013 and 2012, respectively | -3,113 | -350 |
Additional paid-in capital | 496,682 | 495,528 |
Accumulated other comprehensive loss | -15,093 | -73,532 |
Accumulated deficit | -310,099 | -319,862 |
Total shareholders’ equity attributable to A. H. Belo Corporation | 168,600 | 102,005 |
Noncontrolling interests | 176 | 55 |
Total shareholders’ equity | 168,776 | 102,060 |
Total liabilities and shareholders’ equity | 279,218 | 291,939 |
Series A: Common stock | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $.01 par value; Authorized 125,000,000 shares | 199 | 197 |
Treasury stock, Series A, at cost; 495,200 and 74,130 shares held at December 31, 2013 and 2012, respectively | -3,113 | ' |
Series B: Common stock | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $.01 par value; Authorized 125,000,000 shares | $24 | $24 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $1,248 | $2,034 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Series A: Common stock | ' | ' |
Common Stock, Shares, Issued | 19,931,599 | 19,651,830 |
Treasury stock Series A, shares held | 495,200 | 74,130 |
Series B: Common stock | ' | ' |
Common Stock, Shares, Issued | 2,397,155 | 2,401,556 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Series A | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Treasury Stock | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | Series A | Series B | USD ($) | USD ($) | Series A | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2010 | $199,873 | ' | $212 | ' | ' | $491,542 | $0 | ' | $2,569 | ($294,450) | $0 |
Beginning Balance, Shares Common Stock at Dec. 31, 2010 | ' | ' | ' | 18,896,876 | 2,392,074 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -10,933 | ' | ' | ' | ' | ' | ' | ' | ' | -10,933 | 0 |
Other comprehensive income | -65,638 | ' | ' | ' | ' | ' | ' | ' | -65,638 | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | ' | 244,803 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | ' | 3 | ' | ' | -3 | ' | ' | ' | ' | ' |
Issuance of shares from stock option exercises, shares | 46,500 | ' | ' | 10,500 | 36,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 96 | ' | 1 | ' | ' | 95 | ' | ' | ' | ' | ' |
Income tax on options and RSUs | -52 | ' | ' | ' | ' | -52 | ' | ' | ' | ' | ' |
Share-based compensation | 2,191 | ' | ' | ' | ' | 2,191 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | ' | 30,057 | -30,057 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -4,058 | ' | ' | ' | ' | ' | ' | ' | ' | -4,058 | ' |
Ending Balance at Dec. 31, 2011 | 121,479 | ' | 216 | ' | ' | 493,773 | 0 | ' | -63,069 | -309,441 | 0 |
Ending Balance, Shares Treasury Stock at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Ending Balance, Shares Common Stock at Dec. 31, 2011 | ' | ' | ' | 19,182,236 | 2,398,017 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 419 | ' | ' | ' | ' | ' | ' | ' | ' | 526 | -107 |
Other comprehensive income | -10,463 | ' | ' | ' | ' | ' | ' | ' | -10,463 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 162 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162 |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | ' | -74,130 | ' | ' | ' |
Treasury stock purchases | -350 | ' | ' | ' | ' | ' | -350 | ' | ' | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | ' | 319,807 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | ' | 3 | ' | ' | -3 | ' | ' | ' | ' | ' |
Issuance of shares from stock option exercises, shares | 153,326 | ' | ' | 136,826 | 16,500 | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 300 | ' | 2 | ' | ' | 298 | ' | ' | ' | ' | ' |
Income tax on options and RSUs | 173 | ' | ' | ' | ' | 173 | ' | ' | ' | ' | ' |
Share-based compensation | 1,287 | ' | ' | ' | ' | 1,287 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | ' | 12,961 | -12,961 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -10,947 | ' | ' | ' | ' | ' | ' | ' | ' | -10,947 | ' |
Ending Balance at Dec. 31, 2012 | 102,060 | ' | 221 | ' | ' | 495,528 | -350 | ' | -73,532 | -319,862 | 55 |
Ending Balance, Shares Treasury Stock at Dec. 31, 2012 | ' | -74,130 | ' | ' | ' | ' | ' | -74,130 | ' | ' | ' |
Ending Balance, Shares Common Stock at Dec. 31, 2012 | ' | ' | ' | 19,651,830 | 2,401,556 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 15,926 | ' | ' | ' | ' | ' | ' | ' | ' | 16,119 | -193 |
Other comprehensive income | 58,439 | ' | ' | ' | ' | ' | ' | ' | 58,439 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314 |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | ' | -421,070 | ' | ' | ' |
Treasury stock purchases | -2,763 | ' | ' | ' | ' | ' | -2,763 | ' | ' | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | ' | 256,548 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | ' | 2 | ' | ' | -2 | ' | ' | ' | ' | ' |
Issuance of shares from stock option exercises, shares | 18,820 | ' | ' | 18,820 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 69 | ' | 0 | ' | ' | 69 | ' | ' | ' | ' | ' |
Income tax on options and RSUs | -188 | ' | ' | ' | ' | -188 | ' | ' | ' | ' | ' |
Share-based compensation | 1,275 | ' | ' | ' | ' | 1,275 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | ' | 4,401 | -4,401 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -6,356 | ' | ' | ' | ' | ' | ' | ' | ' | -6,356 | ' |
Ending Balance at Dec. 31, 2013 | $168,776 | ' | $223 | ' | ' | $496,682 | ($3,113) | ' | ($15,093) | ($310,099) | $176 |
Ending Balance, Shares Treasury Stock at Dec. 31, 2013 | ' | -495,200 | ' | ' | ' | ' | ' | -495,200 | ' | ' | ' |
Ending Balance, Shares Common Stock at Dec. 31, 2013 | ' | ' | ' | 19,931,599 | 2,397,155 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net Income (Loss) | $15,926 | $419 | ($10,933) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operations: | ' | ' | ' |
Net (income) loss from discontinued operations | -8,769 | 7,954 | 10,577 |
Depreciation and amortization | 22,572 | 25,774 | 29,223 |
Share-based compensation | 1,227 | 1,155 | 2,150 |
Equity method investment earnings (in excess of) less than dividends received | 683 | -201 | 396 |
Loss (gain) on disposal of fixed assets | -260 | -303 | 349 |
Deferred income taxes | 165 | 396 | 638 |
Gain on recovery of investment | 0 | -144 | -729 |
Pension plan withdrawal | 0 | 0 | 1,988 |
Asset impairments | 0 | 0 | 872 |
Loss on investment related activity, net | 0 | 0 | 2,634 |
Spare parts inventory write-down | 0 | 0 | 1,785 |
Other operating activities | 589 | 0 | 37 |
Net change in assets acquired and held for sale | 0 | 2,396 | -2,396 |
Pension and other benefit plan contributions in excess of expense | -18,718 | -34,188 | -54,698 |
Changes in working capital and other operating assets and liabilities, net: | ' | ' | ' |
Accounts receivable | -1,962 | 1,513 | 7,546 |
Funds held by former parent for future pension contributions | 0 | 0 | 3,410 |
Inventories, prepaids and other current assets | -132 | -528 | 1,524 |
Other assets | 177 | 394 | 247 |
Accounts payable | 1,853 | -2,971 | -9,918 |
Compensation and benefit obligations | 558 | 657 | 487 |
Other accrued expenses | -873 | -5,036 | 1,258 |
Advance subscription payments | 1,491 | -1,570 | -325 |
Net cash provided by (used for) continuing operations | 14,527 | -4,283 | -13,878 |
Net cash provided by (used for) discontinued operations | -289 | 3,099 | -1,282 |
Net cash provided by (used for) operating activities | 14,238 | -1,184 | -15,160 |
Investing Activities | ' | ' | ' |
Capital expenditures, net | -6,362 | -8,576 | -6,972 |
Proceeds from sale of fixed assets | 367 | 628 | 86 |
Purchase of investments | -1,377 | -742 | -2,959 |
Proceeds from the recovery of an impaired investment | 0 | 144 | 729 |
Investment distribution proceeds | 0 | 0 | 59 |
Net cash used for continuing investing activities | -7,372 | -8,546 | -9,057 |
Net cash provided by (used for) discontinued investing activities | 50,056 | -2,746 | -671 |
Net cash provided by (used for) investing activities | 42,684 | -11,292 | -9,728 |
Financing Activities | ' | ' | ' |
Dividends paid | -6,356 | -10,947 | -4,058 |
Purchase of treasury stock | -2,763 | -350 | 0 |
Proceeds from exercise of stock options | 69 | 300 | 95 |
Capital contributions by noncontrolling interests | 227 | 127 | 0 |
Net cash used for continuing financing activities | -8,823 | -10,870 | -3,963 |
Net increase (decrease) in cash and cash equivalents | 48,099 | -23,346 | -28,851 |
Cash and cash equivalents at beginning of period | 34,094 | 57,440 | 86,291 |
Cash and cash equivalents at end of period | $82,193 | $34,094 | $57,440 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Significant Accounting Policies and Recently Issued Accounting Standards | ||||
Description of Business. A. H. Belo Corporation (“A. H. Belo” or the “Company”), headquartered in Dallas, Texas, is a distinguished newspaper publishing and local news and information company that owns and operates three daily newspapers and related websites. A. H. Belo publishes The Dallas Morning News (www.dallasnews.com), Texas’ leading newspaper and winner of nine Pulitzer Prizes; The Providence Journal (www.providencejournal.com), the oldest continuously-published daily newspaper in the United States and winner of four Pulitzer Prizes; and the Denton Record-Chronicle (www.dentonrc.com), a daily newspaper operating in Denton, Texas, approximately 40 miles north of Dallas. The Company’s newspapers also publish various niche publications targeting specific audiences, and own and operate commercial printing, distribution and direct mail service businesses. In February 2008, the Company separated its publishing operations from its former parent in a spin-off transaction (the “Distribution”) and A. H. Belo became an independent registrant listed on the New York Stock Exchange (NYSE trading symbol: AHC). A. H. Belo offers digital marketing solutions through 508 Digital and Your Speakeasy, LLC and also owns investments in Classified Ventures, LLC (“Classified Ventures”), owner of cars.com, and Wanderful Media, LLC, owner of FindnSave.com. | ||||
Basis of Presentation. These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. | ||||
In 2013, the Company completed the disposition of The Press‑Enterprise, a daily newspaper in Riverside, California, which serves the Inland Southern California region. As described in Note 2 – Discontinued Operations and Sales of Assets, this disposition meets the criteria of discontinued operations as prescribed under Accounting Standards Codification 205 - Presentation of Financial Statements. Accordingly, presentation of current and prior period amounts in the consolidated financial statements and notes thereto reflect continuing operations of the Company unless otherwise noted. | ||||
Cash and Cash Equivalents. The Company considers all highly liquid instruments purchased with a remaining maturity of three months or less to be cash equivalents. | ||||
Accounts Receivable. Accounts receivable are net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. The Company’s policy is to write-off accounts after all collection efforts fail; generally, amounts past due by more than one year are written-off. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2013 and 2012 was $2,340 and $1,748, respectively. Write-offs, net of recoveries and other adjustments for 2013 and 2012 were $3,126 and $2,038, respectively. | ||||
Risk Concentration. Financial instruments subject to potential concentration of credit risk include cash equivalents and accounts receivable. The Company invests available cash balances in an overnight deposit fund holding commercial paper of a single issuer. The issuer’s commercial paper is graded A1 by Moody’s and overnight holdings in the fund were $72,993 as of December 31, 2013. | ||||
A significant portion of the Company’s customer base is concentrated within the local geographical area of each newspaper. The Company generally extends credit to customers, and the ultimate collection of accounts receivable could be affected by the national and local economy. Management continually performs credit evaluations of its customers and may require cash in advance or other special arrangements from certain customers. The Company maintains an allowance for losses based upon the collectibility of accounts receivable. Management does not believe significant credit risk exists that could have a material adverse effect on the Company’s consolidated financial condition, liquidity or results of operations. | ||||
Inventories. Inventories, consisting primarily of newsprint, ink and other supplies used in printing newspapers, are recorded at average cost. The Company reviews its inventories for obsolescence and records an expense for any items that no longer have future value. | ||||
Assets Held for Sale. Assets held for sale include fixed assets being actively marketed for which a sale is considered probable within the next 12 months. These assets are recorded at the lower of their fair value less costs to sell or their carrying value at the time they are classified as assets held for sale. | ||||
Property, Plant and Equipment. The Company records property, plant and equipment at cost or its fair value if acquired through a business acquisition or non-monetary exchange. Depreciable assets are reviewed to ensure the remaining useful life of the assets continue to be appropriate and the Company records any resulting adjustments to depreciation expense on a prospective basis. Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the assets as follows: | ||||
Estimated | ||||
Useful Lives | ||||
Buildings and improvements | 5 | - | 30 years | |
Newspaper publishing equipment | 3 | - | 20 years | |
Other | 3 | - | 10 years | |
Goodwill. The Company records goodwill at the reporting unit level based on the excess fair value of prior business acquisitions over the fair value of the assets and liabilities acquired. Reporting units of the Company are based on its internal reporting structure and represent a reporting level below an operating segment. Unless qualitative factors allow the Company to conclude it is more likely than not that the fair value of the reporting unit exceeds its carrying value, the Company tests for goodwill impairment by estimating the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, the Company will determine a fair value for the reporting unit’s underlying assets and liabilities and adjust goodwill accordingly. The Company uses a discounted cash flow model to calculate the fair value of its reporting units. The model includes a number of significant assumptions and estimates regarding future cash flows including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by changes in market conditions. The Company performs the goodwill impairment test as of December 31 each fiscal year or when changes in circumstances indicate an impairment event may have occurred. Impairment charges represent non-cash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. As of December 31, 2013, the Company recorded goodwill at The Dallas Morning News reporting unit, for which the fair value exceeded its carrying value by a margin in excess of 100 percent at December 31, 2013. | ||||
Long-Lived Assets. The Company evaluates its ability to recover the carrying value of property, plant and equipment and finite-lived intangible assets, using the lowest level of cash flows associated with the assets, which are grouped based on the Company’s intended use of these assets. This evaluation is performed whenever a change in circumstances indicates that the carrying value of the asset groups may not be recoverable from future undiscounted cash flows. If the analysis of future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or fair value. | ||||
Investments. The Company owns certain equity securities in companies in which it does not exercise control. For those investments where the Company is able to exercise significant influence over the investee as defined under ASC 323 – Equity Method and Joint Ventures, the Company accounts for the investment under the equity method of accounting, recognizing its share of the investee’s income or loss as a component of earnings. All other investments are recorded under the cost method and the Company recognizes income or loss upon the receipt of dividends or distributions, or upon liquidation of the investment. Each reporting period, the Company evaluates its ability to recover the carrying value of both equity and cost method investments based upon the financial strength of the investee. If the Company determines the carrying value is not recoverable, the Company will record an impairment charge for the difference between the fair value of the investment and the carrying value. | ||||
Self-Insured Risks. A. H. Belo self-insures certain risks for employee medical costs, workers’ compensation, general liability and commercial automotive claims and records a liability for such risks. The Company purchases stop-loss insurance and/or high deductible policies with third-party insurance carriers to limit these risks, and third-party administrators are used to process claims. Each period, the Company estimates, utilizing third party experts, the undiscounted liability associated with its uninsured risks based on historical claim patterns, employee demographic data, assets insured and insurance policy. The estimates associated with these uninsured liabilities are monitored by A. H. Belo’s management for adequacy based on information currently available. However, actual amounts could vary significantly from such estimates if actual trends, including the severity or frequency of claims and/or medical cost inflation, were to change. | ||||
Pension and Other Retirement Obligations. The Company follows accounting guidance for single employer defined benefit plans. Plan assets and the projected benefit obligation are measured each December 31, and the Company records as an asset or liability the net funded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense. From time to time, the Company-sponsored plans may elect to settle pension obligations with certain plan participants through the plans’ master trust as part of its de-risking strategies. The Company elected not to recognize the gains or losses associated with settlements of plan obligations to participants if such settlements are less than the interest component of net periodic pension cost for the year. Accordingly, such amounts are included in actuarial gains (losses) in accumulated other comprehensive income (loss). | ||||
The Company's defined contribution plans include the A. H. Belo Savings Plan and the A. H. Belo Pension Transition Supplement Plan. Contributions by the Company to its defined contribution plans are subject to change at management's discretion. The Company recognizes expense for contributions to these plans based on current commitments made by management to plan participants. | ||||
Contingencies. A. H. Belo is involved in certain claims and litigation related to its operations. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual matter. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. | ||||
Share-Based Compensation. The Company recognizes the granting of share-based awards at fair value in the financial statements. The fair value of option awards is estimated at the date of grant using the Black-Scholes-Merton pricing model and the fair value of restricted stock unit awards (“RSU”) is the closing price of the Company’s common stock on the date of grant. Total compensation cost is amortized to earnings over the requisite service period. Upon vesting, RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash. The Company records a liability for the portion of the outstanding RSUs to be redeemed in cash, which is adjusted to its fair value each period, based on the closing price of the Company’s common stock. Prior to the Distribution, the Company’s employees participated in a share-based compensation plan sponsored by the Company’s former parent. The Company recorded expense for the vesting of these awards for its employees which was completed in 2011. | ||||
Shareholders’ Equity. The Company authorized the issuance of shares of Series A and Series B common stock. Series A common stock has one vote per share and Series B common stock has 10 votes per share. Shares of Series B common stock are convertible at any time on a share-for-share basis into shares of Series A common stock, but not vice versa. | ||||
The Company is authorized to grant stock option and restricted stock unit awards to employees and directors of the Company. Upon vesting of restricted stock units, shares of Series A common stock are issued. Upon the exercise of stock options, Series A common stock is issued if the holder of the stock options executes a simultaneous exercise and sale. If the holder of the stock option chooses not to sell the shares, Series B common stock is issued. | ||||
In 2012, the Company’s board of directors authorized the purchase of the Company’s Series A or Series B common stock, for use other than retirement, through open market purchases, privately negotiated transactions or otherwise. Treasury stock is recorded at cost, reducing shareholders’ equity. Treasury stock purchased privately through negotiated transactions at other than market prices shall be recorded at cost and the price paid in excess of the market cost shall be accounted for according to its substance. When treasury shares are subsequently sold or reissued, the cost of the treasury shares is reversed and the realized gain or loss on sale or reissue, net of any directly attributable incremental transaction costs and related tax, is recognized as a change in additional paid in capital. | ||||
Accumulated other comprehensive income (loss) consists of actuarial gains and losses associated with the A. H. Belo Pension Plans and prior service costs and deferral of gains resulting from negative plan amendments related to other post-employment benefit plans. The cumulative balances are amortized to earnings over the weighted average remaining life expectancy of the participants to the extent such balances exceed 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. The Company discloses amounts reclassified from accumulated other comprehensive income (loss) to net income in Note 11 – Shareholders’ Equity. | ||||
Revenue Recognition. The Company’s principal sources of revenue is the advertising space in published issues of its newspapers and on the Company’s websites, the sale of newspapers to distributors and individual subscribers, as well as amounts charged to customers for commercial printing, distribution and direct mail. Advertising revenue is recorded net of agency commission at the time the advertisements are published in the newspaper and ratably over the period of time the advertisement is placed on the websites. Marketing services revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. | ||||
Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset include reversal of future deferred tax liabilities, available tax planning strategies and future taxable income. | ||||
The Company also evaluates any uncertain tax positions and recognizes a liability for the tax benefit associated with an uncertain tax position if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company records a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs. Interest and penalties, if any, related to unrecognized tax benefits are recorded in interest expense. | ||||
The FASB recently issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which generally requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset when a net operating loss or other tax credit carryforward exists. The assessment should be performed by taxing jurisdiction as of each reporting date. The update is effective for fiscal years and interim periods beginning after December 15, 2013. The Company does not anticipate this update to have a material impact on its presentation of uncertain tax positions within its consolidated balance sheets. | ||||
Use of Estimates. Company management makes estimates and assumptions that affect the amounts and disclosures reported in its financial statements and include valuation allowances for doubtful accounts, uncertain tax positions and deferred tax assets, fair value measurements related to assets held for sale, pension plan assets and equity based compensation, actuarial liabilities related to self-insured risks, pension plan obligations and assumptions related to impairment and recovery of goodwill and long lived assets. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. | ||||
Segments. The Company’s operating segments are defined as its newspapers within a given geographic area. The Company determined that all of its operating segments meet the criteria defined in ASC 280 - Segment Reporting allowing it to be aggregated into one reporting segment. | ||||
Fair Value Measurements. The Company’s financial instruments, including cash, cash equivalents, accounts receivable, interest receivable, accounts payable and amounts due to customers are carried at cost, which approximates its fair value because of the short-term nature of these instruments. |
Discontinued_Operations_and_Sa
Discontinued Operations and Sales of Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure | ' | |||||||||||
Discontinued Operations and Sales of Assets | ||||||||||||
Discontinued operations | ||||||||||||
In the third and fourth quarters of 2013, the Company completed multiple transactions resulting in the disposition of The Press-Enterprise, a daily newspaper in Riverside, California, its niche publications La Prensa and The Weekly, related websites and substantially all related real estate assets. | ||||||||||||
On July 8, 2013, The Press‑Enterprise sold certain equipment which was idled in 2012 when the newspaper ceased printing certain unprofitable commercial products. This transaction generated net proceeds of $504 and a pretax gain of $269. On July 17, 2013, the Company completed the sale of its five-story office building and certain related assets in Riverside, California to the County of Riverside for $30,000. This building served as the administrative headquarters for The Press‑Enterprise. The proceeds to the Company were $28,589 after selling costs of $1,411. In the third quarter of 2013 the Company recorded a pretax gain of $4,477 related to this transaction. | ||||||||||||
On November 21, 2013, the Company completed the sale of the newspaper operations of The Press-Enterprise, including the production facility and related land, to Freedom Communications, Inc. (“Freedom Communications”) under a definitive asset purchase agreement. Gross sales proceeds of $26,750 were received in the fourth quarter of 2013. Escrow proceeds of $500 were received in February 2014 and the Company expects to collect a working capital adjustment of $753 in the first quarter of 2014. Estimated selling and exit costs of $5,787 were recognized in 2013, resulting in a pretax gain of $8,656. | ||||||||||||
The activity and balances of The Press-Enterprise are presented within the accompanying financial statements as discontinued operations. Major components of the amounts presented as discontinued operations in the condensed consolidated financial statements are set forth below. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss from discontinued operations | ||||||||||||
Revenue | $ | 46,648 | $ | 65,356 | $ | 67,307 | ||||||
Costs and expense | (51,348 | ) | (73,382 | ) | (77,980 | ) | ||||||
(4,700 | ) | (8,026 | ) | (10,673 | ) | |||||||
Gain related to the divestiture of discontinued operations | ||||||||||||
Gain on sale of The Press-Enterprise | 8,656 | — | — | |||||||||
Gain on sale of five-story office building | 4,477 | — | — | |||||||||
Gain on sale of press equipment | 269 | — | — | |||||||||
13,402 | — | — | ||||||||||
Tax benefit from discontinued operations | (67 | ) | (72 | ) | (96 | ) | ||||||
Income (Loss) from Discontinued Operations, Net | $ | 8,769 | $ | (7,954 | ) | $ | (10,577 | ) | ||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets of discontinued operations | ||||||||||||
Current assets | $ | 1,633 | $ | 10,203 | ||||||||
Property, plant and equipment, net | — | 35,755 | ||||||||||
Other assets | — | 2,444 | ||||||||||
Total | $ | 1,633 | $ | 48,402 | ||||||||
Liabilities of discontinued operations | $ | 2,028 | $ | 7,781 | ||||||||
Upon completion of these transactions, the Company no longer owns newspaper operations in Riverside, California but continues to own and market for sale the land and buildings associated with a former commercial printing operation in Riverside, California. Transition services in the areas of information technology and digital support will be provided on a diminishing basis to Freedom Communications Holdings, Inc. over the next five months. | ||||||||||||
Other dispositions | ||||||||||||
In June 2013, the Company executed an agreement with a third-party for the sale of a public parking lot in downtown Providence, Rhode Island. Net sales proceeds of $367 were received in the third quarter of 2013, generating a gain of $242. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
The Company recorded intangible assets consisting of goodwill and subscriber lists from its previous newspaper acquisitions. During the fourth quarter, the Company performed its annual impairment testing related to The Dallas Morning News reporting unit. The Company used the discounted cash flow method to determine fair value of this reporting unit, as well as giving consideration to pricing of recent mergers and acquisitions, earnings multiples among industry peers and recent performance of the Company’s stock. The use of discounted cash flows is based on assumptions requiring significant judgment regarding revenue growth rates, margins, discount factors and tax rates. These assumptions and the methods used in determining the reporting unit fair value are reviewed by senior management and are believed to be reasonable and appropriate. The Company determined that the fair value of The Dallas Morning News reporting unit exceeded its carrying value by a margin in excess of 100 percent at December 31, 2013, and no impairment was considered necessary. Goodwill associated with The Providence Journal was fully impaired in prior years. At December 31, 2013 and 2012, the carrying value of goodwill was $24,582, net of cumulative impairment losses of $323,734. | ||||||||||||
Subscriber lists related to The Providence Journal are amortized over 18 years, and have a remaining life of 1 year, 5 months. | ||||||||||||
During the three months ended March 31, 2013, the Company finalized the accounting for its December 2012 acquisition of certain assets and liabilities from DG Publishing, Inc., which produced and published Design Guide Texas and Texas Wedding Guide magazines and related websites. Customer relationships purchased in the acquisition were assigned a value of $362 and are amortized over an estimated useful life of three years. The customer relationships are a component of The Dallas Morning News reporting unit. Remaining assets and liabilities acquired were not material. | ||||||||||||
The table below sets forth the Company’s identifiable intangible assets, consisting of subscriber lists and customer relationship assets. | ||||||||||||
Total | The | The | ||||||||||
Intangible Assets | Dallas Morning News | Providence | ||||||||||
Journal | ||||||||||||
December 31, 2013 | ||||||||||||
Gross balance | $ | 79,060 | $ | 362 | $ | 78,698 | ||||||
Accumulated amortization | (73,718 | ) | (121 | ) | (73,597 | ) | ||||||
Net balance | $ | 5,342 | $ | 241 | $ | 5,101 | ||||||
December 31, 2012 | ||||||||||||
Gross balance | $ | 78,698 | $ | — | $ | 78,698 | ||||||
Accumulated amortization | (69,225 | ) | — | (69,225 | ) | |||||||
Net balance | $ | 9,473 | $ | — | $ | 9,473 | ||||||
Amortization expense for intangible assets for 2013, 2012 and 2011 was $4,493, $4,373 and $4,373, respectively. Amortization expense is expected to be $4,493 for 2014 and $849 for 2015, at which time the intangibles will be fully amortized. |
Investments
Investments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments [Abstract] | ' | |||||||
Investments | ' | |||||||
Investments | ||||||||
The Company owns investment interests in various entities which are recorded under the equity method or cost method of accounting, or consolidated if the Company holds a controlling financial interest. Under the equity method, the Company records its share of the investee’s earnings or losses each period in other income (expense), net, in the consolidated statements of operations. Under the cost method, the Company records earnings or losses when such amounts are realized. The Company evaluates the recoverability of its investments each period. In 2013, 2012 and 2011, the Company recorded $2,270, $2,628 and $1,963, respectively, of earnings from equity method investments. The table below sets forth the Company’s investments. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Equity method investments | $ | 6,401 | $ | 5,706 | ||||
Cost method investments | 932 | 1,120 | ||||||
Total investments | $ | 7,333 | $ | 6,826 | ||||
Equity method investments. Investments recorded under the equity method of accounting include the following: | ||||||||
Classified Ventures, LLC (“Classified Ventures”) – The Company own a 3.3 percent interest in Classified Ventures, in which the other owners are Gannett Co., Inc., The McClatchy Company, Tribune Company and Graham Holdings Company. The two principal businesses Classified Ventures operates are cars.com and apartments.com. The Company included Classified Ventures’ consolidated financial statements as of December 31, 2013, as an exhibit to the Company’s 2013 Form 10-K, as it represents a significant subsidiary as defined by Securities and Exchange Commission regulations. The Company received dividends of $2,952, $2,427 and $2,231 from Classified Ventures in 2013, 2012 and 2011, respectively. On February 28, 2014, Classified Ventures entered into an agreement to sell its apartments.com business unit for $585,000. The sale is expected to close in the second quarter of 2014. The Company’s portion of the proceeds, net of selling costs, on the sale of apartments.com will be approximately $18,900. The Company expects federal income taxes to be minimal as a result of previously incurred net operating losses and is finalizing its estimate of state taxes. | ||||||||
Wanderful Media, LLC (“Wanderful”) – The Company owns a 12.7 percent interest in Wanderful, which operates FindnSave.com, a digital shopping platform where consumers can find national and local retail goods and services for sale. This platform combines local media participation with advanced search and database technology to allow consumers to view local advertised offers and online sales circulars or search for an item and receive a list of local advertisers and the price and terms offered for the searched item. | ||||||||
Summarized unaudited condensed balance sheets of Wanderful were as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Current assets | $ | 9,146 | $ | 9,774 | ||||
Non-current assets | 14,988 | 15,215 | ||||||
Total assets | $ | 24,134 | $ | 24,989 | ||||
Current liabilities | $ | 2,392 | $ | 3,341 | ||||
Non-current liabilities | 1,247 | 273 | ||||||
Total liabilities | 3,639 | 3,614 | ||||||
Equity | 20,495 | 21,375 | ||||||
Total liabilities and equity | $ | 24,134 | $ | 24,989 | ||||
Summarized unaudited condensed statements of operations of Wanderful were as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Revenues | $ | 5,357 | $ | 6,289 | ||||
Costs and expenses | 14,506 | 9,994 | ||||||
Operating loss | (9,149 | ) | (3,705 | ) | ||||
Other expense | (245 | ) | (748 | ) | ||||
Loss before income taxes | (9,394 | ) | (4,453 | ) | ||||
Income tax provision | 2 | 468 | ||||||
Net loss | $ | (9,396 | ) | $ | (4,921 | ) | ||
Consolidated investments. During the third quarter of 2012, the Company and a local advertising agency entered into an operating agreement and formed Your Speakeasy, LLC (“Speakeasy”) which targets middle-market business customers and provides turnkey social media account management and content development services. The Company owns a 70 percent interest in Speakeasy and, accordingly, consolidates the investee’s assets, liabilities and results of operations within its consolidated financial statements as of December 31, 2013 and 2012. | ||||||||
Concurrent with the Distribution, certain previously acquired real estate properties were transferred to Belo Investment, LLC (“Belo Investment”), an entity holding various investments in which the Company and its former parent Company each received a 50 percent interest. Through December 31, 2011, the Company accounted for its interest in Belo Investment under the equity method of accounting. On December 31, 2011, Belo Investment transferred four of its real estate properties to a newly formed subsidiary, AHC Dallas Properties, LLC. The Company entered into a nontaxable, non-monetary exchange arrangement with Belo Investment whereby it yielded its interests in Belo Investment in exchange for 100 percent of the holdings in AHC Dallas Properties, LLC and assumed a liability for certain capital repairs to properties retained by Belo Investment. The asset distribution was based on an equitable allocation of the properties using values established by third party independent appraisals. The Company determined that as a result of its continuing interests in these properties, the exchange should be accounted for at the lower of fair value or historical carrying value. Accordingly, $11,191 of fixed assets and $90 of other assets received by AHC Dallas Properties, LLC in the exchange were consolidated in the Company’s 2011 financial statements and the Company recorded a non-operating loss on its investment in 2011 of $5,018 in other expense. |
Changes_in_Accounting_Estimate
Changes in Accounting Estimates | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Changes in Accounting Estimates | ' | |
Changes in Accounting Estimates | ||
In 2012 and 2011, the Company accelerated the depreciation of certain property, plant and equipment that was determined to have a shorter remaining useful life than previously estimated. Accordingly, the Company recorded additional depreciation expense of $762 and $1,017 in 2012 and 2011, respectively. | ||
Additional changes in estimates which occurred in 2011 are as follows: | ||
• | The Company recorded a loss of $700 to adjust the carrying value of a residence acquired pursuant to an employment retention and relocation agreement. The residence was sold in the second quarter of 2012 for $2,410, resulting in a gain of $14. | |
• | An impairment charge of $872 was recorded, associated with certain real estate assets in Riverside, California. The recovery estimates, based on an eventual sale of the assets, were less than the carrying value of the assets of $2,846 due to declines from economic conditions and real estate markets in California. As a result, the Company determined the impairment based on the fair value of the properties, as established by current appraisals, less selling costs. | |
• | A $1,785 write-down of its spare parts inventory was recorded based on estimates by management regarding the ability of the Company to use the inventory parts in future periods. The write-down is recorded in other production, distribution and operating costs. | |
• | A final settlement was recorded in 2011 to adjust the projected benefit obligations assumed by the Company’s pension plans, resulting in a loss of $1,988. In 2010, the Company had withdrawn from a defined benefit pension plan sponsored by the former parent company and recorded a loss for the unfunded obligations assumed at that time. The settlement recorded in 2011 represented an adjustment to the projected benefit obligation resulting from the finalization of demographic data for participants transferred to the Company’s pension plans. The Company has no further obligations or claims related to the pension plan of the former parent company. |
Longterm_Incentive_Plans
Long-term Incentive Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||||
Long-term Incentive Plans | ||||||||||||||||||||
A. H. Belo sponsors a long-term incentive plan under which 8,000,000 common shares were authorized for equity based awards. Awards under the plan were granted to holders of stock options issued by the former parent company in association with the Distribution and may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted shares, RSUs, performance shares, performance units or stock appreciation rights. In addition, stock options may be accompanied by full and limited stock appreciation rights. Rights and limited stock appreciation rights may also be issued without accompanying stock options. The Company recognizes compensation expense for any pre-Distribution awards related to its respective employees, regardless of which company ultimately issued the awards. | ||||||||||||||||||||
Stock Options. The non-qualified stock options granted to employees under the Company’s long-term incentive plans are exercisable in cumulative installments over periods of one to three years and expire after 10 years. No options have been granted granted since 2009. The grant date fair value of outstanding stock option awards was estimated using the Black-Scholes-Merton valuation. Volatility was calculated using an analysis of historical stock prices. The expected lives of stock options were determined based on the Company’s employees’ historical stock option exercise experience, which the Company believed to be the best estimate of future exercise patterns available. The risk-free interest rates were determined using the implied yield currently available for zero-coupon United States Government debt securities with a remaining term equal to the expected life of the stock options. The expected dividend yields were based on the approved annual dividend rate in effect and current market price of the underlying common stock at the time of grant. The exercise price of stock options granted under the A. H. Belo long-term incentive plan equals the closing stock price on the day of grant. Accordingly, no intrinsic value exists on the option on the grant date. | ||||||||||||||||||||
The table below sets forth a summary of stock option activity under the A. H. Belo long-term incentive plan. | ||||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||||
Options | Exercise Price | |||||||||||||||||||
Outstanding at December 31, 2010 | 2,191,736 | $ | 16.77 | |||||||||||||||||
Exercised | (46,500 | ) | 2.05 | |||||||||||||||||
Canceled | (448,546 | ) | 17.49 | |||||||||||||||||
Outstanding at December 31, 2011 | 1,696,690 | 16.99 | ||||||||||||||||||
Exercised | (153,326 | ) | 1.97 | |||||||||||||||||
Canceled | (327,684 | ) | 20.64 | |||||||||||||||||
Outstanding at December 31, 2012 | 1,215,680 | 17.9 | ||||||||||||||||||
Exercised | (18,820 | ) | 3.7 | |||||||||||||||||
Canceled | (286,327 | ) | 27.13 | |||||||||||||||||
Outstanding at December 31, 2013 | 910,533 | $ | 15.29 | |||||||||||||||||
The table below summarizes vested and exercisable A. H. Belo stock options outstanding as of December 31, 2013. | ||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted-Average | Weighted-Average | |||||||||||||||||
Options | Remaining | Exercise | ||||||||||||||||||
Outstanding | Life (years) | Price | ||||||||||||||||||
$0.00 | - | $9.99 | 395,018 | 4.8 | $ | 4.6 | ||||||||||||||
$10.00 | - | $19.99 | 60,603 | 2.6 | 18.29 | |||||||||||||||
$20.00 | - | $29.99 | 454,912 | 1.3 | 24.17 | |||||||||||||||
910,533 | 2.9 | $ | 15.29 | |||||||||||||||||
As of December 31, 2013, the Company’s employees and non-employee directors held 607,236 A. H. Belo stock options and the remaining 303,297 stock options are held by former parent company employees. | ||||||||||||||||||||
Restricted Stock Units. Under A. H. Belo’s long-term incentive plan, the Company’s board of directors periodically awards RSUs. The RSUs have service and/or performance conditions and vest over a period of up to three years. Upon vesting, the RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash. As of December 31, 2013, the liability for the portion of the award to be redeemed in cash was $1,919. The table below sets forth a summary of RSU activity under the A. H. Belo long-term incentive plan. | ||||||||||||||||||||
Total | Issuance of | RSUs | Cash | Weighted- | ||||||||||||||||
RSUs | Common | Redeemed in | Payments at | Average Price | ||||||||||||||||
Stock | Cash | Closing Price | on Date of | |||||||||||||||||
of Stock | Grant | |||||||||||||||||||
Non-vested at December 31, 2010 | 1,018,452 | $ | 6.36 | |||||||||||||||||
Granted | 425,710 | 7.58 | ||||||||||||||||||
Vested | (408,039 | ) | 244,803 | 163,236 | $ | 1,242 | 8.47 | |||||||||||||
Canceled | (33,893 | ) | 6.71 | |||||||||||||||||
Non-vested at December 31, 2011 | 1,002,230 | 6.01 | ||||||||||||||||||
Granted | 375,686 | 4.82 | ||||||||||||||||||
Vested | (533,043 | ) | 319,807 | 213,236 | $ | 1,025 | 5.22 | |||||||||||||
Canceled | (33,255 | ) | 6.13 | |||||||||||||||||
Non-vested at December 31, 2012 | 811,618 | 5.97 | ||||||||||||||||||
Granted | 344,811 | 5.51 | ||||||||||||||||||
Vested | (427,611 | ) | 256,548 | 171,063 | $ | 939 | 5.49 | |||||||||||||
Non-vested at December 31, 2013 | 728,818 | $ | 5.59 | |||||||||||||||||
The fair value of the RSUs granted is determined using the closing trading price of the Company’s shares on the grant date. As of December 31, 2013, the Company had $483 of total unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of 1.5 years. | ||||||||||||||||||||
Compensation Expense. A. H. Belo recognizes compensation expense for any awards issued to its employees and directors under its long-term incentive plan. Additionally, compensation expense was recognized for any pre-Distribution awards related to its employees and directors that were issued under the long-term incentive plans of the former parent company. In 2011, $131 of expense was recognized for the final vesting of stock awards issued by the former parent company to A. H. Belo employees. Compensation expense (benefit) related to Company issued stock awards, recorded on a straight-line basis over the vesting period of the award, is set forth in the table below. | ||||||||||||||||||||
Equity Awards | RSUs Redeemable in Cash | Total Expense | ||||||||||||||||||
Options Expense | RSUs Redeemable in Stock | Total | ||||||||||||||||||
2013 | $ | — | $ | 1,227 | $ | 1,227 | $ | 1,519 | $ | 2,746 | ||||||||||
2012 | — | 1,155 | 1,155 | 695 | 1,850 | |||||||||||||||
2011 | 177 | 1,973 | 2,150 | (105 | ) | 2,045 | ||||||||||||||
Longterm_Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-term Debt | ' |
Long-term Debt | |
As of December 31, 2012, the Company operated under an Amended and Restated Credit Agreement (the “Credit Agreement”) dated January 30, 2009, by and between the Company and certain of its subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (as amended by First through Fifth Amendments dated August 18, 2009, December 3, 2009, August 18, 2010, March 10, 2011 and May 2, 2011, respectively). The Credit Agreement, with a maturity date of September 30, 2014, provided a $25,000 working capital facility that was subject to a borrowing base. Among other matters, the Credit Agreement created an asset-based revolving credit facility secured by the Company’s accounts receivable, inventory, real property and other assets. | |
Under certain conditions, the facility restricted payment of dividends, imposed a fixed charge coverage ratio covenant, limited investments and limited the Company’s ability to divest assets. Additionally, payment of voluntary pension contributions, declaration of special dividends and purchase of shares of the Company’s common stock were permitted only as long as no borrowings were outstanding under the revolving credit facility. The Company was also required to pay commitment fees at 0.5 percent on the unused credit facility and 2.5 percent on outstanding letters of credit. The Company had not borrowed under the Credit Agreement since 2009 as cash flows from operations were sufficient to meet liquidity requirements. | |
On January 4, 2013, the Company voluntarily terminated its Credit Agreement to provide greater financial and operating flexibility and for purposes of funding its pension plans, returning capital to shareholders, managing its investments and eliminating direct and indirect costs related to the Credit Agreement. All liens and security interests under the Credit Agreement were released and no early termination penalties were incurred by the Company as a result of the termination. Unamortized debt issuance costs of $401 were recorded to interest expense in 2013, as a result of the termination. |
Termination_and_Exit_Costs
Termination and Exit Costs | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure | ' |
Termination and Exit Costs | |
During 2011, the Company committed to a plan to reduce staffing levels in order to align operating expenses with the Company’s strategies. The reduction-in-force affected approximately 202 positions, resulting in termination costs of approximately $2,642 recorded in salaries, wages and employee benefits. At December 31, 2011, approximately $465 of these costs were recorded in other accrued liabilities, which were paid in 2012. | |
The Company continues to monitor its corporate staffing levels to meet its operating needs and may incur severance expenses that are not part of a formal plan. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The table below sets forth income tax provision (benefit) related to continuing operations. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
Federal | $ | — | $ | — | $ | 2,962 | ||||||
State | 1,614 | 1,437 | 1,520 | |||||||||
Total current | 1,614 | 1,437 | 4,482 | |||||||||
Deferred | ||||||||||||
Federal | 4,218 | 2,852 | 3,927 | |||||||||
State | (181 | ) | 279 | 555 | ||||||||
Total deferred | 4,037 | 3,131 | 4,482 | |||||||||
Valuation allowance | (4,067 | ) | (2,764 | ) | (3,857 | ) | ||||||
Total income tax provision | $ | 1,584 | $ | 1,804 | $ | 5,107 | ||||||
The table below sets forth income tax provision for continuing operations computed by applying the applicable United States federal income tax rate and is reconciled to the tax provision (benefit) computed at the effective income tax rate. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed expected income tax provision | $ | 3,059 | $ | 3,562 | $ | 1,663 | ||||||
State income tax (net of federal benefit) | 944 | 1,004 | 1,677 | |||||||||
Benefit of net operating loss carryforwards | (7,021 | ) | — | — | ||||||||
2006 - 2008 Belo IRS audit adjustment | — | — | 2,961 | |||||||||
Valuation allowance | 2,953 | (2,764 | ) | (3,857 | ) | |||||||
Compensation limitation | — | — | 618 | |||||||||
Equity compensation | 1,582 | — | — | |||||||||
Belo Investment, LLC asset distribution | — | — | 2,033 | |||||||||
Recognition of equity windfall | (564 | ) | — | — | ||||||||
Other | 631 | 2 | 12 | |||||||||
Income tax provision | $ | 1,584 | $ | 1,804 | $ | 5,107 | ||||||
Effective income tax rate | 18.1 | % | 17.7 | % | 107.5 | % | ||||||
As of December 31, 2013, the Company’s cumulative federal and state taxable net operating losses were $49,464 and $14,748, respectively. Net operating losses may be carried forward to offset future taxable income. The Company’s net operating loss carryforwards begin to expire in 2016 if not utilized. | ||||||||||||
Pursuant to the Tax Matters Agreement with the former parent company, the Company incurred a one-time charge of $2,961 related to a pre-Distribution Internal Revenue Service (“IRS”) audit adjustment in 2011. | ||||||||||||
The table below sets forth the significant components of the Company’s deferred tax liabilities and assets. | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Deferred compensation and benefits | $ | 2,759 | $ | 6,349 | ||||||||
Expenses deductible for tax purposes in a year different from the year accrued | 2,964 | 370 | ||||||||||
Defined benefit plans | 17,725 | 37,817 | ||||||||||
Net operating loss | 19,853 | 24,778 | ||||||||||
Other | 2,345 | 2,555 | ||||||||||
Total deferred tax assets | 45,646 | 71,869 | ||||||||||
Valuation allowance for deferred tax assets | (39,021 | ) | (66,118 | ) | ||||||||
Deferred tax assets, net | 6,625 | 5,751 | ||||||||||
Deferred tax liabilities | ||||||||||||
Tax amortization in excess of book amortization | 3,385 | 1,509 | ||||||||||
Tax depreciation (less than) in excess of book depreciation | (775 | ) | 271 | |||||||||
State taxes | 3,416 | 1,362 | ||||||||||
Total deferred tax liabilities | 6,026 | 3,142 | ||||||||||
Net deferred tax assets | $ | 599 | $ | 2,609 | ||||||||
Deferred taxes are classified as current and long-term deferred assets or liabilities based on the classification of the related assets or liabilities in the Company’s consolidated balance sheets as of December 31, 2013 and 2012. Deferred tax assets include $5,283 and $25,736 related to net losses recorded in accumulated other comprehensive loss as of December 31, 2013 and 2012, respectively. These deferred tax assets were fully reserved and there was no net effect to tax provision for amounts recorded to other comprehensive loss in 2013, 2012 or 2011. The Company places a threshold for recognition of deferred tax assets based on whether it is more likely than not that these assets will be realized. In making this determination, all positive and negative evidence is considered, including future reversals of existing taxable temporary differences, tax planning strategies, future taxable income and taxable income in prior carryback years. | ||||||||||||
As a result of certain realization requirements of ASC 718 – Stock Compensation, the deferred tax assets and deferred tax liabilities shown above do not include certain deferred tax assets for 2011 and 2012 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 31, 2013, additional paid in capital would be increased by $104 if such deferred tax assets were ultimately realized in accordance with the applicable tax law. | ||||||||||||
During 2013, the Company effectively completed the U.S. federal audit for tax years 2008 and 2009. The audit resulted in a 2013 refund of $1,334 due to the carryback of taxable losses to a prior tax return of the former parent company. The Company is not currently under examination by federal or state jurisdictions for income tax purposes. Additionally, the Company made income tax payments, net of refunds, of $1,432 and $1,489 in 2013 and 2012, respectively, primarily to state jurisdictions. | ||||||||||||
The Company evaluates uncertain tax positions and recognizes a liability for the tax benefit associated with an uncertain position only if it is more likely than not the position will not be sustained on examination by taxing authorities, based on the technical merits of the position. Due to newly issued IRS regulations, the Company determined it did not have any uncertain tax positions as of December 31, 2013. As a result, the previous liability was reversed along with the corresponding interest and penalties. As of December 31, 2012, the Company recorded reserves of $324 for uncertain tax positions and reserves $93 for related interest and penalties. | ||||||||||||
The Company follows accounting guidance under ASC 740-10 – Income Taxes related to uncertainty in income tax positions, which clarifies the accounting and disclosure requirements for uncertainty in tax positions. The Company assessed its filing positions in all significant jurisdictions where it is required to file income tax returns for all open tax years. Tax returns filed in major jurisdictions, as defined, include the U. S. federal income tax return and state income tax returns in three states. The Company’s federal income tax returns for the years subsequent to December 31, 2009, remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions where the Company operates remain subject to examination for various periods subsequent to December 31, 2007. | ||||||||||||
In 2010, the Company identified a tax benefit that did not meet the more likely than not criteria as stipulated in the accounting guidance that the position would be sustainable. As a result, the Company recorded a reserve for this item in other liabilities at December 31, 2011, for the portion of the tax benefit that was not greater than 50 percent likely to be realized upon settlement with a taxing authority. In 2013, federal regulations were further clarified. As a result, the Company filed certain accounting method changes to comply with the newly issued regulations. As such, the Company reversed the unrecognized tax benefit in 2013. The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefit. | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 324 | $ | 333 | ||||||||
Reductions for tax positions of prior years | (324 | ) | (9 | ) | ||||||||
Balance at December 31 | $ | — | $ | 324 | ||||||||
Pension_and_Other_Retirement_P
Pension and Other Retirement Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Pension and Other Retirement Plans | ' | |||||||||||||||||||||||||||||||
Pension and Other Retirement Plans | ||||||||||||||||||||||||||||||||
Defined Benefit Plans. On January 1, 2011, the Company established the A. H. Belo Pension Plans, which provides benefits to approximately 4,100 current and former employees of the Company. A. H. Belo Pension Plan I provides benefits to certain employees primarily employed with The Dallas Morning News or the A. H. Belo corporate offices. A. H. Belo Pension Plan II provides benefits to certain employees at The Providence Journal. Assets and obligations of these plans were transferred from a defined benefit plan of the former parent company in the fourth quarter of 2010, at which time the Company recorded the loss associated with the unfunded benefit obligations assumed in the transfer. In 2011, the Company recognized a loss of $1,988 for the finalization of settlement activity related to the transfer. No additional benefits are accruing under the A. H. Belo Pension Plans, as future benefits were frozen prior to the plans’ effective date. | ||||||||||||||||||||||||||||||||
Under the A. H. Belo Pension Plans, the Company made required contributions of $7,396 and $22,672 in 2013 and 2012, respectively, and voluntary contributions of $4,604 and $10,000 in 2013 and 2012, respectively, to the A. H. Belo Pension Plans, directly reducing the unfunded projected pension obligation of these plans. Actuarial gains (losses) of $57,171, $(10,613) and $(65,019) were recorded to other comprehensive income (loss) in 2013, 2012 and 2011, respectively, see Note 11 – Shareholders’ Equity for information on amounts recorded to accumulated other comprehensive income. | ||||||||||||||||||||||||||||||||
The Company-sponsored plans implemented a de-risking strategy in 2012, making voluntary and mandatory lump sum pay outs of $10,526 to 889 participants. These liquidations reduced the projected benefit obligation by $14,500. The obligations were funded through the plans’ master trust account and are a component of 2012 benefit payments as shown in the table below. As the cost of these settlements was less than the interest component of net periodic pension expense, the related gain (loss) associated with these settlements was reflected as a component of the actuarial loss and included in accumulated other comprehensive loss. The Company will continue to evaluate the feasibility of additional settlements of participant obligations based on the economic benefits to the Company. | ||||||||||||||||||||||||||||||||
The table below sets forth summarized financial information about the A. H. Belo Pension Plans. | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 441,395 | $ | 420,885 | ||||||||||||||||||||||||||||
Interest cost | 15,995 | 17,300 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (48,649 | ) | 31,740 | |||||||||||||||||||||||||||||
Benefit payments | (20,043 | ) | (28,530 | ) | ||||||||||||||||||||||||||||
Projected benefit obligation at end of year | 388,698 | 441,395 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 318,574 | 274,905 | ||||||||||||||||||||||||||||||
Return on plan assets | 28,085 | 39,527 | ||||||||||||||||||||||||||||||
Employer contributions | 12,000 | 32,672 | ||||||||||||||||||||||||||||||
Benefit payments | (20,043 | ) | (28,530 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 338,616 | 318,574 | ||||||||||||||||||||||||||||||
Funded status | $ | (50,082 | ) | $ | (122,821 | ) | ||||||||||||||||||||||||||
Amounts recorded on the balance sheet | ||||||||||||||||||||||||||||||||
Noncurrent liability - Accrued benefit cost | $ | 50,082 | $ | 122,821 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 388,698 | $ | 441,395 | ||||||||||||||||||||||||||||
Net Periodic Pension Expense | ||||||||||||||||||||||||||||||||
The projected benefit obligations of the A. H. Belo Pension Plans are estimated using the Citigroup Pension Yield Curve, which is based upon a portfolio of high quality corporate debt securities with maturities that correlate to the timing of benefit payments to the plans’ participants. Future benefit payments are discounted to their present value at the appropriate yield curve rate to determine the projected benefit obligation outstanding at each year end. Yield curve discount rates as of December 31, 2013 and 2012, were 4.6 percent and 3.7 percent, respectively. | ||||||||||||||||||||||||||||||||
Interest expense included in net periodic pension expense is based on the Citigroup Pension Yield Curve established at the beginning of the fiscal year. Interest expense for 2013, 2012 and 2011 was determined using beginning of year yield curve rates of 3.7 percent, 4.2 percent and 5.3 percent, respectively. | ||||||||||||||||||||||||||||||||
The Company assumed a 6.5 percent long-term return on the plans’ assets in 2013, 2012 and 2011. This return is based upon historical returns of similar investment pools having asset allocations consistent with the expected allocations of the A. H. Belo Pension Plans. Investment strategies for the plans’ assets are based upon factors such as the remaining useful life expectancy of participants and market risks. The table below sets forth components of net periodic pension expense for 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Interest cost | $ | 15,995 | $ | 17,300 | $ | 18,900 | ||||||||||||||||||||||||||
Expected return on plans' assets | (19,563 | ) | (18,400 | ) | (17,235 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss | 1,702 | 700 | — | |||||||||||||||||||||||||||||
Net periodic pension (benefit) expense | $ | (1,866 | ) | $ | (400 | ) | $ | 1,665 | ||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
The Company is responsible for directing the investment strategies of the A. H. Belo Pension Plans’ assets. The investment strategies focus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risks. The long-term targeted allocation of the plans’ assets invested in equity securities and fixed-income securities is 50.0 percent and 50.0 percent, respectively. These targets are determined by matching the actuarial projections of the plans’ future liabilities and benefit payments with the expected long-term rates of return on assets and expected market risks. Investment risk is continuously monitored and plan assets are rebalanced to target allocations to meet the Company’s strategy and the plans’ liquidity needs. At December 31, 2013, the plans’ investments in equity securities and fixed income securities accounted for 49.8 percent and 50.2 percent of the total non-cash holdings, respectively. | ||||||||||||||||||||||||||||||||
The table below sets forth the A. H. Belo Pension Plans’ assets at fair value as of December 31, 2013 and 2012, with inputs used to develop fair value measurements. | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
Total | Quoted Price in | Significant Other | Significant Unobservable Inputs | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | (Level III) | ||||||||||||||||||||||||||||||
for Identical Assets | (Level II) | |||||||||||||||||||||||||||||||
(Level I) | ||||||||||||||||||||||||||||||||
Description | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Cash and money market funds | $ | 5,389 | $ | 5,591 | $ | 5,389 | $ | 5,591 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Equity Funds | ||||||||||||||||||||||||||||||||
U.S. Equity Securities | 107,281 | 111,605 | — | — | 107,281 | 111,605 | — | — | ||||||||||||||||||||||||
International Equity Securities | 58,690 | 61,347 | 10,633 | 11,226 | 48,057 | 50,121 | — | — | ||||||||||||||||||||||||
Fixed Income Funds | ||||||||||||||||||||||||||||||||
Domestic Corporate and Government Debt Securities | 92,804 | 98,794 | — | — | 92,804 | 98,794 | — | — | ||||||||||||||||||||||||
Domestic Corporate Debt Securities | 67,827 | 31,623 | — | — | 67,827 | 31,623 | — | — | ||||||||||||||||||||||||
International Corporate and Government Debt Securities | 6,625 | 9,614 | — | — | 6,625 | 9,614 | — | — | ||||||||||||||||||||||||
Total | $ | 338,616 | $ | 318,574 | $ | 16,022 | $ | 16,817 | $ | 322,594 | $ | 301,757 | $ | — | $ | — | ||||||||||||||||
Inputs and valuation techniques used to measure the fair value of plan assets vary according to the type of asset being valued. Cash and money market funds, as well as exchange traded funds, are designated as Level I. Remaining equity securities and fixed income securities represent units of commingled pooled funds and fair values are based on net asset value (“NAV”) of the units of the fund determined by the fund manager. Commingled pooled funds are similar in nature to retail mutual funds, but are typically more efficient for institutional investors than retail mutual funds. As commingled pooled funds are typically only accessible by institutional investors, the NAV is not readily observable by non-institutional investors. Equity securities held through units in these funds are monitored as to issuer and industry. As of December 31, 2013, there were no significant concentrations of equity or debt securities in any single issuer or industry. | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
The table below sets forth the Company’s expected future benefit payments as of December 31, 2013. | ||||||||||||||||||||||||||||||||
Payment year | Expected Benefit | |||||||||||||||||||||||||||||||
Payments | ||||||||||||||||||||||||||||||||
2014 | $ | 21,308 | ||||||||||||||||||||||||||||||
2015 | 21,594 | |||||||||||||||||||||||||||||||
2016 | 21,905 | |||||||||||||||||||||||||||||||
2017 | 22,250 | |||||||||||||||||||||||||||||||
2018 | 22,691 | |||||||||||||||||||||||||||||||
2019 – 2023 | 121,084 | |||||||||||||||||||||||||||||||
The Company expects to make required contributions of approximately $10,000 to the A. H. Belo Pension Plans in 2014. | ||||||||||||||||||||||||||||||||
Other defined benefit plans – A. H. Belo also sponsors post-retirement benefit plans which provide health and life insurance benefits for certain retired employees. These plans were frozen subsequent to the Distribution and no future benefits accrue. The Company recorded a liability of $1,680 and $1,985 related to these plans as of December 31, 2013 and 2012, respectively. A net benefit of $631, $602 and $615 in 2013, 2012 and 2011, respectively, was recorded to employee compensation and benefits. The net benefit primarily represents amortization of actuarial gains (losses) and prior service costs, offset by interest expense associated with the actuarial liability. Actuarial gains of $287, $118 and $30 were recorded to other comprehensive income (loss) in 2013, 2012 and 2011, respectively. See Note 11 – Shareholders’ Equity for information on balances recorded to accumulated other comprehensive income (loss). | ||||||||||||||||||||||||||||||||
Defined Contribution Plans. The A. H. Belo Savings Plan, a defined contribution 401(k) plan, covers substantially all employees of A. H. Belo. Participants may elect to contribute a portion of their pretax compensation, as provided by the plan and the Internal Revenue Code. Employees can contribute up to 100 percent of their annual eligible compensation (less required withholdings and deductions) up to statutory limits. The Company provides an ongoing dollar-for-dollar match of eligible employee contributions, up to 1.5 percent of the employees’ compensation on a per-pay-period basis. The Company recorded expense of $1,321, $1,283 and $731 in 2013, 2012 and 2011, respectively, for matching contributions to these plans. | ||||||||||||||||||||||||||||||||
The Company sponsored the A. H. Belo Pension Transition Supplement Plan (“PTS Plan”), a defined contribution plan, which covered certain employees affected by the curtailment of a defined benefit plan sponsored by the former parent company. The Company was obligated to make contributions to this plan based on the earnings of actively employed participants for a period of five years, which concluded on March 31, 2013. The Company recorded expense for the PTS Plan of $1,090, $4,127 and $4,497 in 2013, 2012 and 2011, respectively. Contributions, generally paid in the first quarter following each plan year, were $5,217, $4,497 and $5,306 in 2013, 2012 and 2011, respectively. As a result of fulfilling its obligations to the PTS Plan and in order to achieve efficient administration of the Company's defined contribution plans, the PTS Plan was merged into the A. H. Belo Savings Plan on July 1, 2013. Accordingly, individual participant account balances within the PTS Plan were transferred to their respective accounts of the A. H. Belo Savings Plan and the PTS Plan has ceased to exist as a stand alone benefit plan of the Company. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Shareholders' Equity and Share-based Payments | ' | |||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||
Accumulated other comprehensive loss. Accumulated other comprehensive loss contains actuarial gains and losses associated with the A. H. Belo Pension Plans and gains and losses resulting from negative plan amendments and other actuarial experience related to other post-employment benefit plans. The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | $ | (63,069 | ) | $ | (65,019 | ) | $ | 1,950 | ||||||||
Actuarial gains (losses) | 57,458 | 57,171 | 287 | (10,495 | ) | (10,613 | ) | 118 | ||||||||||||||||
Amortization | 981 | 1,702 | (721 | ) | 32 | 700 | (668 | ) | ||||||||||||||||
Balance, end of period | $ | (15,093 | ) | $ | (16,059 | ) | $ | 966 | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | ||||||||
The Company records amortization of accumulated other comprehensive loss in salaries, wages and employee benefits in the consolidated statements of operations. In 2014, the Company anticipates amortizing $694 of net gains in accumulated other comprehensive loss related to its other post-employment benefit plans. No amortization is required in 2014 for the net losses associated with the Company’s pension plans as the balance is within the prescribed corridor established for amortization. Amounts recorded to other comprehensive loss in 2013 and 2012 are presented net of tax. See Note 9 – Income Taxes. | ||||||||||||||||||||||||
Dividends. The declaration of dividends is subject to the discretion of A. H. Belo’s board of directors. Unless otherwise specified, dividends are payable to holders of the Company’s Series A and B common stock and to holders of outstanding RSUs. Cash dividends per share recorded during 2013, 2012 and 2011 were $0.28, $0.48 and $0.18, respectively, totaling $6,356, $10,947 and $4,058, respectively. On November 14, 2013, the Company announced an $0.08 per share dividend to shareholders of record and holders of RSUs as of the close of business on February 14, 2014, which was paid on March 7, 2014. | ||||||||||||||||||||||||
Treasury Stock. In 2012, the Company’s board of directors authorized the purchase of up to 1,500,000 shares of the Company’s Series A or Series B common stock through open market purchases, privately negotiated transactions or otherwise. As of December 31, 2013, the Company held 495,200 shares of Series A common stock recorded at a cost of $3,113. All purchases were made through open market transactions and recorded as treasury stock. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (numerator) | ||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 16,119 | $ | 526 | $ | (10,933 | ) | |||||
Less: income (loss) from discontinued operations, net | 8,769 | (7,954 | ) | (10,577 | ) | |||||||
Less: income to participating securities | 535 | 390 | 183 | |||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 6,815 | $ | 8,090 | $ | (539 | ) | |||||
Shares (denominator) | ||||||||||||
Weighted average common shares outstanding (basic) | 21,967,666 | 21,947,981 | 21,495,814 | |||||||||
Effect of dilutive securities (a) | 96,075 | 117,875 | — | |||||||||
Adjusted weighted average shares outstanding (diluted) | 22,063,741 | 22,065,856 | 21,495,814 | |||||||||
Earnings per share from continuing operations | ||||||||||||
Basic and Diluted | $ | 0.31 | $ | 0.37 | $ | (0.03 | ) | |||||
(a) | Due to the net loss available to common shareholders in 2011, adding dilutive securities to the denominator would result in anti-dilution and therefore these securities were not included in the calculation. | |||||||||||
Holders of service-based RSUs participate in A. H. Belo dividends on a one-on-one share basis. Distributed and undistributed income associated with participating securities is included in the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share. | ||||||||||||
The Company considers outstanding stock options and RSUs in the calculation of its earnings per share. A total of 1,474,999 and 1,909,423 options and RSUs outstanding as of December 31, 2013 and 2012, respectively, were excluded from the calculation because they did not affect the earnings per share for common shareholders or the effect was anti-dilutive. |
Commitments
Commitments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Commitments | ' | |||||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
As of December 31, 2013, the Company had contractual obligations for leases and capital expenditures that primarily related to newspaper production equipment. The table below sets forth the summarized commitments of the Company as of December 31, 2013. | ||||||||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||||
Operating lease commitments | $ | 2,960 | $ | 1,359 | $ | 629 | $ | 469 | $ | 370 | $ | 133 | $ | — | ||||||||||||||
Capital commitments | 2,172 | 2,172 | — | — | — | — | — | |||||||||||||||||||||
Total commitments | $ | 5,132 | $ | 3,531 | $ | 629 | $ | 469 | $ | 370 | $ | 133 | $ | — | ||||||||||||||
Total lease expense for property and equipment was $2,002, $2,232 and $3,734 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
The Company will fund the A. H. Belo Pension Plans to meet or exceed statutory requirements and currently expects to make required contributions of approximately $10,000 to these plans in 2014. See Note 10 – Pension and Other Retirement Plans for discussion of pension funding relief. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
In June 2013, The Providence Journal executed an agreement allowing it to effectively assume the distribution of various national and regional newspapers and magazines previously managed by a third-party distributor. The agreement also settled claims and disputes between The Providence Journal and the third-party distributor. Under the agreement, The Providence Journal is paying the third-party distributor approximately $1,330 over a two-year period for the acquisition of business and settlement of claims. The Company anticipates profits from the distribution contracts to well exceed the amounts paid under the agreement. The Company allocated approximately one-half of the cost of the agreement as a loss on the settlement of claims and, accordingly, a loss of $665 was recorded to Other production, distribution and operating costs during 2013. The remaining amounts to be paid are treated as contract acquisition costs and are being amortized to expense over three years starting in July 2013, consistent with the contract terms between The Providence Journal and the newspaper and magazine publishers. | |
In addition to the matter above, a number of legal proceedings are pending against A. H. Belo. In the opinion of management, liabilities, if any, arising from these legal proceedings would not have a material adverse effect on A. H. Belo’s results of operations, liquidity or financial condition. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure | ' |
Related Party Transactions | |
In connection with the Distribution, the Company entered into various agreements under which the Company and Belo Corp. (“Belo”), its former parent company, furnished services to each other through 2013. Payments made or other consideration provided in connection with transactions between the Company and Belo were on an arm’s-length basis. During 2013, 2012 and 2011, the Company provided $0, $229 and $1,546, respectively, in information technology and web-related services to Belo, and Belo provided $853, $1,399 and $2,025, respectively, in legal, payroll and accounts payable services to the Company. In 2012, the Company paid $571 for capital improvements on properties owned by Belo related to a 2011 non-cash exchange of interests, as described in Note 4 - Investments. The Company was also able to carryback taxable losses against Belo’s taxable income from prior years, as described in Note 9 – Income Taxes. At December 31, 2013 and 2012, amounts due to and from Belo were not material. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 2013 and 2012. | ||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Total net operating revenue | $ | 86,740 | $ | 89,851 | $ | 91,195 | $ | 93,112 | $ | 90,161 | $ | 92,259 | $ | 98,154 | $ | 99,468 | ||||||||||||||||
Income (loss) from operations | (5,492 | ) | (1,834 | ) | 2,303 | 1,881 | 1,238 | 2,652 | 8,282 | 4,727 | ||||||||||||||||||||||
Income (loss) from continuing operations | (5,894 | ) | (1,485 | ) | 2,453 | 2,149 | 2,085 | 2,568 | 8,513 | 5,141 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net | (2,182 | ) | (2,408 | ) | (1,337 | ) | (1,887 | ) | 3,184 | (1,127 | ) | 9,104 | (2,532 | ) | ||||||||||||||||||
Net income (loss) | (8,076 | ) | (3,893 | ) | 1,116 | 262 | 5,269 | 1,441 | 17,617 | 2,609 | ||||||||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | (8,022 | ) | (3,893 | ) | 1,181 | 262 | 5,321 | 1,483 | 17,639 | 2,674 | ||||||||||||||||||||||
Net income (loss) per share from continuing operations (a) | ||||||||||||||||||||||||||||||||
Basic | $ | (0.27 | ) | $ | (0.07 | ) | $ | 0.11 | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.36 | $ | 0.23 | ||||||||||||||
Diluted | $ | (0.27 | ) | $ | (0.07 | ) | $ | 0.11 | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.36 | $ | 0.22 | ||||||||||||||
(a) | Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of presentation, Policy | ' | |||
Basis of Presentation. These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. | ||||
Discontinued Operations, Policy | ' | |||
In 2013, the Company completed the disposition of The Press‑Enterprise, a daily newspaper in Riverside, California, which serves the Inland Southern California region. As described in Note 2 – Discontinued Operations and Sales of Assets, this disposition meets the criteria of discontinued operations as prescribed under Accounting Standards Codification 205 - Presentation of Financial Statements. Accordingly, presentation of current and prior period amounts in the consolidated financial statements and notes thereto reflect continuing operations of the Company unless otherwise noted. | ||||
Cash and Cash Equivalents, Policy | ' | |||
Cash and Cash Equivalents. The Company considers all highly liquid instruments purchased with a remaining maturity of three months or less to be cash equivalents. | ||||
Accounts Receivable, Policy | ' | |||
Accounts Receivable. Accounts receivable are net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. The Company’s policy is to write-off accounts after all collection efforts fail; generally, amounts past due by more than one year are written-off. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2013 and 2012 was $2,340 and $1,748, respectively. Write-offs, net of recoveries and other adjustments for 2013 and 2012 were $3,126 and $2,038, respectively. | ||||
Risk Concentration, Policy | ' | |||
Risk Concentration. Financial instruments subject to potential concentration of credit risk include cash equivalents and accounts receivable. The Company invests available cash balances in an overnight deposit fund holding commercial paper of a single issuer. The issuer’s commercial paper is graded A1 by Moody’s and overnight holdings in the fund were $72,993 as of December 31, 2013. | ||||
A significant portion of the Company’s customer base is concentrated within the local geographical area of each newspaper. The Company generally extends credit to customers, and the ultimate collection of accounts receivable could be affected by the national and local economy. Management continually performs credit evaluations of its customers and may require cash in advance or other special arrangements from certain customers. The Company maintains an allowance for losses based upon the collectibility of accounts receivable. Management does not believe significant credit risk exists that could have a material adverse effect on the Company’s consolidated financial condition, liquidity or results of operations. | ||||
Inventories, Policy | ' | |||
Inventories. Inventories, consisting primarily of newsprint, ink and other supplies used in printing newspapers, are recorded at average cost. The Company reviews its inventories for obsolescence and records an expense for any items that no longer have future value. | ||||
Assets Held for Sale, Policy | ' | |||
Assets Held for Sale. Assets held for sale include fixed assets being actively marketed for which a sale is considered probable within the next 12 months. These assets are recorded at the lower of their fair value less costs to sell or their carrying value at the time they are classified as assets held for sale. | ||||
Property, Plant and Equipment, Policy | ' | |||
Property, Plant and Equipment. The Company records property, plant and equipment at cost or its fair value if acquired through a business acquisition or non-monetary exchange. Depreciable assets are reviewed to ensure the remaining useful life of the assets continue to be appropriate and the Company records any resulting adjustments to depreciation expense on a prospective basis. Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the assets as follows: | ||||
Estimated | ||||
Useful Lives | ||||
Buildings and improvements | 5 | - | 30 years | |
Newspaper publishing equipment | 3 | - | 20 years | |
Other | 3 | - | 10 years | |
Goodwill, Policy | ' | |||
Goodwill. The Company records goodwill at the reporting unit level based on the excess fair value of prior business acquisitions over the fair value of the assets and liabilities acquired. Reporting units of the Company are based on its internal reporting structure and represent a reporting level below an operating segment. Unless qualitative factors allow the Company to conclude it is more likely than not that the fair value of the reporting unit exceeds its carrying value, the Company tests for goodwill impairment by estimating the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, the Company will determine a fair value for the reporting unit’s underlying assets and liabilities and adjust goodwill accordingly. The Company uses a discounted cash flow model to calculate the fair value of its reporting units. The model includes a number of significant assumptions and estimates regarding future cash flows including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by changes in market conditions. The Company performs the goodwill impairment test as of December 31 each fiscal year or when changes in circumstances indicate an impairment event may have occurred. Impairment charges represent non-cash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. As of December 31, 2013, the Company recorded goodwill at The Dallas Morning News reporting unit, for which the fair value exceeded its carrying value by a margin in excess of 100 percent at December 31, 2013. | ||||
Long-Lived Assets, Policy | ' | |||
Long-Lived Assets. The Company evaluates its ability to recover the carrying value of property, plant and equipment and finite-lived intangible assets, using the lowest level of cash flows associated with the assets, which are grouped based on the Company’s intended use of these assets. This evaluation is performed whenever a change in circumstances indicates that the carrying value of the asset groups may not be recoverable from future undiscounted cash flows. If the analysis of future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or fair value. | ||||
Investments, Policy | ' | |||
Investments. The Company owns certain equity securities in companies in which it does not exercise control. For those investments where the Company is able to exercise significant influence over the investee as defined under ASC 323 – Equity Method and Joint Ventures, the Company accounts for the investment under the equity method of accounting, recognizing its share of the investee’s income or loss as a component of earnings. All other investments are recorded under the cost method and the Company recognizes income or loss upon the receipt of dividends or distributions, or upon liquidation of the investment. Each reporting period, the Company evaluates its ability to recover the carrying value of both equity and cost method investments based upon the financial strength of the investee. If the Company determines the carrying value is not recoverable, the Company will record an impairment charge for the difference between the fair value of the investment and the carrying value. | ||||
Self Insured Risks, Policy | ' | |||
Self-Insured Risks. A. H. Belo self-insures certain risks for employee medical costs, workers’ compensation, general liability and commercial automotive claims and records a liability for such risks. The Company purchases stop-loss insurance and/or high deductible policies with third-party insurance carriers to limit these risks, and third-party administrators are used to process claims. Each period, the Company estimates, utilizing third party experts, the undiscounted liability associated with its uninsured risks based on historical claim patterns, employee demographic data, assets insured and insurance policy. The estimates associated with these uninsured liabilities are monitored by A. H. Belo’s management for adequacy based on information currently available. However, actual amounts could vary significantly from such estimates if actual trends, including the severity or frequency of claims and/or medical cost inflation, were to change. | ||||
Pension and Other Retirement Obligations, Policy | ' | |||
Pension and Other Retirement Obligations. The Company follows accounting guidance for single employer defined benefit plans. Plan assets and the projected benefit obligation are measured each December 31, and the Company records as an asset or liability the net funded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense. From time to time, the Company-sponsored plans may elect to settle pension obligations with certain plan participants through the plans’ master trust as part of its de-risking strategies. The Company elected not to recognize the gains or losses associated with settlements of plan obligations to participants if such settlements are less than the interest component of net periodic pension cost for the year. Accordingly, such amounts are included in actuarial gains (losses) in accumulated other comprehensive income (loss). | ||||
The Company's defined contribution plans include the A. H. Belo Savings Plan and the A. H. Belo Pension Transition Supplement Plan. Contributions by the Company to its defined contribution plans are subject to change at management's discretion. The Company recognizes expense for contributions to these plans based on current commitments made by management to plan participants. | ||||
Contingencies, Policy | ' | |||
Contingencies. A. H. Belo is involved in certain claims and litigation related to its operations. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual matter. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. | ||||
Share-based Compensation, Policy | ' | |||
Share-Based Compensation. The Company recognizes the granting of share-based awards at fair value in the financial statements. The fair value of option awards is estimated at the date of grant using the Black-Scholes-Merton pricing model and the fair value of restricted stock unit awards (“RSU”) is the closing price of the Company’s common stock on the date of grant. Total compensation cost is amortized to earnings over the requisite service period. Upon vesting, RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash. The Company records a liability for the portion of the outstanding RSUs to be redeemed in cash, which is adjusted to its fair value each period, based on the closing price of the Company’s common stock. Prior to the Distribution, the Company’s employees participated in a share-based compensation plan sponsored by the Company’s former parent. The Company recorded expense for the vesting of these awards for its employees which was completed in 2011. | ||||
Shareholders' Equity, Policy | ' | |||
Shareholders’ Equity. The Company authorized the issuance of shares of Series A and Series B common stock. Series A common stock has one vote per share and Series B common stock has 10 votes per share. Shares of Series B common stock are convertible at any time on a share-for-share basis into shares of Series A common stock, but not vice versa. | ||||
The Company is authorized to grant stock option and restricted stock unit awards to employees and directors of the Company. Upon vesting of restricted stock units, shares of Series A common stock are issued. Upon the exercise of stock options, Series A common stock is issued if the holder of the stock options executes a simultaneous exercise and sale. If the holder of the stock option chooses not to sell the shares, Series B common stock is issued. | ||||
In 2012, the Company’s board of directors authorized the purchase of the Company’s Series A or Series B common stock, for use other than retirement, through open market purchases, privately negotiated transactions or otherwise. Treasury stock is recorded at cost, reducing shareholders’ equity. Treasury stock purchased privately through negotiated transactions at other than market prices shall be recorded at cost and the price paid in excess of the market cost shall be accounted for according to its substance. When treasury shares are subsequently sold or reissued, the cost of the treasury shares is reversed and the realized gain or loss on sale or reissue, net of any directly attributable incremental transaction costs and related tax, is recognized as a change in additional paid in capital. | ||||
Accumulated other comprehensive income (loss) consists of actuarial gains and losses associated with the A. H. Belo Pension Plans and prior service costs and deferral of gains resulting from negative plan amendments related to other post-employment benefit plans. The cumulative balances are amortized to earnings over the weighted average remaining life expectancy of the participants to the extent such balances exceed 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. The Company discloses amounts reclassified from accumulated other comprehensive income (loss) to net income in Note 11 – Shareholders’ Equity. | ||||
Revenue Recognition, Policy | ' | |||
Revenue Recognition. The Company’s principal sources of revenue is the advertising space in published issues of its newspapers and on the Company’s websites, the sale of newspapers to distributors and individual subscribers, as well as amounts charged to customers for commercial printing, distribution and direct mail. Advertising revenue is recorded net of agency commission at the time the advertisements are published in the newspaper and ratably over the period of time the advertisement is placed on the websites. Marketing services revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. | ||||
Income Taxes, Policy | ' | |||
Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset include reversal of future deferred tax liabilities, available tax planning strategies and future taxable income. | ||||
The Company also evaluates any uncertain tax positions and recognizes a liability for the tax benefit associated with an uncertain tax position if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company records a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs. Interest and penalties, if any, related to unrecognized tax benefits are recorded in interest expense. | ||||
New Accounting Pronouncements, Policy | ' | |||
The FASB recently issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which generally requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset when a net operating loss or other tax credit carryforward exists. The assessment should be performed by taxing jurisdiction as of each reporting date. The update is effective for fiscal years and interim periods beginning after December 15, 2013. The Company does not anticipate this update to have a material impact on its presentation of uncertain tax positions within its consolidated balance sheets. | ||||
Use of Estimates, Policy | ' | |||
Use of Estimates. Company management makes estimates and assumptions that affect the amounts and disclosures reported in its financial statements and include valuation allowances for doubtful accounts, uncertain tax positions and deferred tax assets, fair value measurements related to assets held for sale, pension plan assets and equity based compensation, actuarial liabilities related to self-insured risks, pension plan obligations and assumptions related to impairment and recovery of goodwill and long lived assets. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. | ||||
Segments, Policy | ' | |||
Segments. The Company’s operating segments are defined as its newspapers within a given geographic area. The Company determined that all of its operating segments meet the criteria defined in ASC 280 - Segment Reporting allowing it to be aggregated into one reporting segment. | ||||
Fair Value Measurements, Policy | ' | |||
Fair Value Measurements. The Company’s financial instruments, including cash, cash equivalents, accounts receivable, interest receivable, accounts payable and amounts due to customers are carried at cost, which approximates its fair value because of the short-term nature of these instruments. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Property, Plant and Equipment | ' | |||
Depreciation of property, plant and equipment is recorded on a straight-line basis over the estimated useful lives of the assets as follows: | ||||
Estimated | ||||
Useful Lives | ||||
Buildings and improvements | 5 | - | 30 years | |
Newspaper publishing equipment | 3 | - | 20 years | |
Other | 3 | - | 10 years |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||
Major components of the amounts presented as discontinued operations in the condensed consolidated financial statements are set forth below. | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss from discontinued operations | ||||||||||||
Revenue | $ | 46,648 | $ | 65,356 | $ | 67,307 | ||||||
Costs and expense | (51,348 | ) | (73,382 | ) | (77,980 | ) | ||||||
(4,700 | ) | (8,026 | ) | (10,673 | ) | |||||||
Gain related to the divestiture of discontinued operations | ||||||||||||
Gain on sale of The Press-Enterprise | 8,656 | — | — | |||||||||
Gain on sale of five-story office building | 4,477 | — | — | |||||||||
Gain on sale of press equipment | 269 | — | — | |||||||||
13,402 | — | — | ||||||||||
Tax benefit from discontinued operations | (67 | ) | (72 | ) | (96 | ) | ||||||
Income (Loss) from Discontinued Operations, Net | $ | 8,769 | $ | (7,954 | ) | $ | (10,577 | ) | ||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets of discontinued operations | ||||||||||||
Current assets | $ | 1,633 | $ | 10,203 | ||||||||
Property, plant and equipment, net | — | 35,755 | ||||||||||
Other assets | — | 2,444 | ||||||||||
Total | $ | 1,633 | $ | 48,402 | ||||||||
Liabilities of discontinued operations | $ | 2,028 | $ | 7,781 | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Company's Identifiable Intangible Assets | ' | |||||||||||
The table below sets forth the Company’s identifiable intangible assets, consisting of subscriber lists and customer relationship assets. | ||||||||||||
Total | The | The | ||||||||||
Intangible Assets | Dallas Morning News | Providence | ||||||||||
Journal | ||||||||||||
December 31, 2013 | ||||||||||||
Gross balance | $ | 79,060 | $ | 362 | $ | 78,698 | ||||||
Accumulated amortization | (73,718 | ) | (121 | ) | (73,597 | ) | ||||||
Net balance | $ | 5,342 | $ | 241 | $ | 5,101 | ||||||
December 31, 2012 | ||||||||||||
Gross balance | $ | 78,698 | $ | — | $ | 78,698 | ||||||
Accumulated amortization | (69,225 | ) | — | (69,225 | ) | |||||||
Net balance | $ | 9,473 | $ | — | $ | 9,473 | ||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investment, Summarized Financial Information [Abstract] | ' | |||||||
Equity Method Investment Summarized Financial Information | ' | |||||||
Summarized unaudited condensed balance sheets of Wanderful were as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Current assets | $ | 9,146 | $ | 9,774 | ||||
Non-current assets | 14,988 | 15,215 | ||||||
Total assets | $ | 24,134 | $ | 24,989 | ||||
Current liabilities | $ | 2,392 | $ | 3,341 | ||||
Non-current liabilities | 1,247 | 273 | ||||||
Total liabilities | 3,639 | 3,614 | ||||||
Equity | 20,495 | 21,375 | ||||||
Total liabilities and equity | $ | 24,134 | $ | 24,989 | ||||
Summarized unaudited condensed statements of operations of Wanderful were as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Revenues | $ | 5,357 | $ | 6,289 | ||||
Costs and expenses | 14,506 | 9,994 | ||||||
Operating loss | (9,149 | ) | (3,705 | ) | ||||
Other expense | (245 | ) | (748 | ) | ||||
Loss before income taxes | (9,394 | ) | (4,453 | ) | ||||
Income tax provision | 2 | 468 | ||||||
Net loss | $ | (9,396 | ) | $ | (4,921 | ) | ||
Investments [Abstract] | ' | |||||||
Company's investments | ' | |||||||
The table below sets forth the Company’s investments. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Equity method investments | $ | 6,401 | $ | 5,706 | ||||
Cost method investments | 932 | 1,120 | ||||||
Total investments | $ | 7,333 | $ | 6,826 | ||||
Longterm_Incentive_Plans_Table
Long-term Incentive Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Stock option activity | ' | |||||||||||||||||||
The table below sets forth a summary of stock option activity under the A. H. Belo long-term incentive plan. | ||||||||||||||||||||
Number of | Weighted-Average | |||||||||||||||||||
Options | Exercise Price | |||||||||||||||||||
Outstanding at December 31, 2010 | 2,191,736 | $ | 16.77 | |||||||||||||||||
Exercised | (46,500 | ) | 2.05 | |||||||||||||||||
Canceled | (448,546 | ) | 17.49 | |||||||||||||||||
Outstanding at December 31, 2011 | 1,696,690 | 16.99 | ||||||||||||||||||
Exercised | (153,326 | ) | 1.97 | |||||||||||||||||
Canceled | (327,684 | ) | 20.64 | |||||||||||||||||
Outstanding at December 31, 2012 | 1,215,680 | 17.9 | ||||||||||||||||||
Exercised | (18,820 | ) | 3.7 | |||||||||||||||||
Canceled | (286,327 | ) | 27.13 | |||||||||||||||||
Outstanding at December 31, 2013 | 910,533 | $ | 15.29 | |||||||||||||||||
Vested and exercisable stock options outstanding | ' | |||||||||||||||||||
The table below summarizes vested and exercisable A. H. Belo stock options outstanding as of December 31, 2013. | ||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted-Average | Weighted-Average | |||||||||||||||||
Options | Remaining | Exercise | ||||||||||||||||||
Outstanding | Life (years) | Price | ||||||||||||||||||
$0.00 | - | $9.99 | 395,018 | 4.8 | $ | 4.6 | ||||||||||||||
$10.00 | - | $19.99 | 60,603 | 2.6 | 18.29 | |||||||||||||||
$20.00 | - | $29.99 | 454,912 | 1.3 | 24.17 | |||||||||||||||
910,533 | 2.9 | $ | 15.29 | |||||||||||||||||
RSU activity | ' | |||||||||||||||||||
The table below sets forth a summary of RSU activity under the A. H. Belo long-term incentive plan. | ||||||||||||||||||||
Total | Issuance of | RSUs | Cash | Weighted- | ||||||||||||||||
RSUs | Common | Redeemed in | Payments at | Average Price | ||||||||||||||||
Stock | Cash | Closing Price | on Date of | |||||||||||||||||
of Stock | Grant | |||||||||||||||||||
Non-vested at December 31, 2010 | 1,018,452 | $ | 6.36 | |||||||||||||||||
Granted | 425,710 | 7.58 | ||||||||||||||||||
Vested | (408,039 | ) | 244,803 | 163,236 | $ | 1,242 | 8.47 | |||||||||||||
Canceled | (33,893 | ) | 6.71 | |||||||||||||||||
Non-vested at December 31, 2011 | 1,002,230 | 6.01 | ||||||||||||||||||
Granted | 375,686 | 4.82 | ||||||||||||||||||
Vested | (533,043 | ) | 319,807 | 213,236 | $ | 1,025 | 5.22 | |||||||||||||
Canceled | (33,255 | ) | 6.13 | |||||||||||||||||
Non-vested at December 31, 2012 | 811,618 | 5.97 | ||||||||||||||||||
Granted | 344,811 | 5.51 | ||||||||||||||||||
Vested | (427,611 | ) | 256,548 | 171,063 | $ | 939 | 5.49 | |||||||||||||
Non-vested at December 31, 2013 | 728,818 | $ | 5.59 | |||||||||||||||||
Compensation expense related to stock awards | ' | |||||||||||||||||||
Compensation expense (benefit) related to Company issued stock awards, recorded on a straight-line basis over the vesting period of the award, is set forth in the table below. | ||||||||||||||||||||
Equity Awards | RSUs Redeemable in Cash | Total Expense | ||||||||||||||||||
Options Expense | RSUs Redeemable in Stock | Total | ||||||||||||||||||
2013 | $ | — | $ | 1,227 | $ | 1,227 | $ | 1,519 | $ | 2,746 | ||||||||||
2012 | — | 1,155 | 1,155 | 695 | 1,850 | |||||||||||||||
2011 | 177 | 1,973 | 2,150 | (105 | ) | 2,045 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The table below sets forth income tax provision (benefit) related to continuing operations. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | ||||||||||||
Federal | $ | — | $ | — | $ | 2,962 | ||||||
State | 1,614 | 1,437 | 1,520 | |||||||||
Total current | 1,614 | 1,437 | 4,482 | |||||||||
Deferred | ||||||||||||
Federal | 4,218 | 2,852 | 3,927 | |||||||||
State | (181 | ) | 279 | 555 | ||||||||
Total deferred | 4,037 | 3,131 | 4,482 | |||||||||
Valuation allowance | (4,067 | ) | (2,764 | ) | (3,857 | ) | ||||||
Total income tax provision | $ | 1,584 | $ | 1,804 | $ | 5,107 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The table below sets forth income tax provision for continuing operations computed by applying the applicable United States federal income tax rate and is reconciled to the tax provision (benefit) computed at the effective income tax rate. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed expected income tax provision | $ | 3,059 | $ | 3,562 | $ | 1,663 | ||||||
State income tax (net of federal benefit) | 944 | 1,004 | 1,677 | |||||||||
Benefit of net operating loss carryforwards | (7,021 | ) | — | — | ||||||||
2006 - 2008 Belo IRS audit adjustment | — | — | 2,961 | |||||||||
Valuation allowance | 2,953 | (2,764 | ) | (3,857 | ) | |||||||
Compensation limitation | — | — | 618 | |||||||||
Equity compensation | 1,582 | — | — | |||||||||
Belo Investment, LLC asset distribution | — | — | 2,033 | |||||||||
Recognition of equity windfall | (564 | ) | — | — | ||||||||
Other | 631 | 2 | 12 | |||||||||
Income tax provision | $ | 1,584 | $ | 1,804 | $ | 5,107 | ||||||
Effective income tax rate | 18.1 | % | 17.7 | % | 107.5 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The table below sets forth the significant components of the Company’s deferred tax liabilities and assets. | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Deferred compensation and benefits | $ | 2,759 | $ | 6,349 | ||||||||
Expenses deductible for tax purposes in a year different from the year accrued | 2,964 | 370 | ||||||||||
Defined benefit plans | 17,725 | 37,817 | ||||||||||
Net operating loss | 19,853 | 24,778 | ||||||||||
Other | 2,345 | 2,555 | ||||||||||
Total deferred tax assets | 45,646 | 71,869 | ||||||||||
Valuation allowance for deferred tax assets | (39,021 | ) | (66,118 | ) | ||||||||
Deferred tax assets, net | 6,625 | 5,751 | ||||||||||
Deferred tax liabilities | ||||||||||||
Tax amortization in excess of book amortization | 3,385 | 1,509 | ||||||||||
Tax depreciation (less than) in excess of book depreciation | (775 | ) | 271 | |||||||||
State taxes | 3,416 | 1,362 | ||||||||||
Total deferred tax liabilities | 6,026 | 3,142 | ||||||||||
Net deferred tax assets | $ | 599 | $ | 2,609 | ||||||||
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward | ' | |||||||||||
The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefit. | ||||||||||||
2013 | 2012 | |||||||||||
Balance at January 1 | $ | 324 | $ | 333 | ||||||||
Reductions for tax positions of prior years | (324 | ) | (9 | ) | ||||||||
Balance at December 31 | $ | — | $ | 324 | ||||||||
Pension_and_Other_Retirement_P1
Pension and Other Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||||||||||||||||||
The table below sets forth summarized financial information about the A. H. Belo Pension Plans. | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 441,395 | $ | 420,885 | ||||||||||||||||||||||||||||
Interest cost | 15,995 | 17,300 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (48,649 | ) | 31,740 | |||||||||||||||||||||||||||||
Benefit payments | (20,043 | ) | (28,530 | ) | ||||||||||||||||||||||||||||
Projected benefit obligation at end of year | 388,698 | 441,395 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 318,574 | 274,905 | ||||||||||||||||||||||||||||||
Return on plan assets | 28,085 | 39,527 | ||||||||||||||||||||||||||||||
Employer contributions | 12,000 | 32,672 | ||||||||||||||||||||||||||||||
Benefit payments | (20,043 | ) | (28,530 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 338,616 | 318,574 | ||||||||||||||||||||||||||||||
Funded status | $ | (50,082 | ) | $ | (122,821 | ) | ||||||||||||||||||||||||||
Amounts recorded on the balance sheet | ||||||||||||||||||||||||||||||||
Noncurrent liability - Accrued benefit cost | $ | 50,082 | $ | 122,821 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 388,698 | $ | 441,395 | ||||||||||||||||||||||||||||
Net periodic pension expense | ' | |||||||||||||||||||||||||||||||
The table below sets forth components of net periodic pension expense for 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Interest cost | $ | 15,995 | $ | 17,300 | $ | 18,900 | ||||||||||||||||||||||||||
Expected return on plans' assets | (19,563 | ) | (18,400 | ) | (17,235 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss | 1,702 | 700 | — | |||||||||||||||||||||||||||||
Net periodic pension (benefit) expense | $ | (1,866 | ) | $ | (400 | ) | $ | 1,665 | ||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||||
The table below sets forth the A. H. Belo Pension Plans’ assets at fair value as of December 31, 2013 and 2012, with inputs used to develop fair value measurements. | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||
Total | Quoted Price in | Significant Other | Significant Unobservable Inputs | |||||||||||||||||||||||||||||
Active Markets | Observable Inputs | (Level III) | ||||||||||||||||||||||||||||||
for Identical Assets | (Level II) | |||||||||||||||||||||||||||||||
(Level I) | ||||||||||||||||||||||||||||||||
Description | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Cash and money market funds | $ | 5,389 | $ | 5,591 | $ | 5,389 | $ | 5,591 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Equity Funds | ||||||||||||||||||||||||||||||||
U.S. Equity Securities | 107,281 | 111,605 | — | — | 107,281 | 111,605 | — | — | ||||||||||||||||||||||||
International Equity Securities | 58,690 | 61,347 | 10,633 | 11,226 | 48,057 | 50,121 | — | — | ||||||||||||||||||||||||
Fixed Income Funds | ||||||||||||||||||||||||||||||||
Domestic Corporate and Government Debt Securities | 92,804 | 98,794 | — | — | 92,804 | 98,794 | — | — | ||||||||||||||||||||||||
Domestic Corporate Debt Securities | 67,827 | 31,623 | — | — | 67,827 | 31,623 | — | — | ||||||||||||||||||||||||
International Corporate and Government Debt Securities | 6,625 | 9,614 | — | — | 6,625 | 9,614 | — | — | ||||||||||||||||||||||||
Total | $ | 338,616 | $ | 318,574 | $ | 16,022 | $ | 16,817 | $ | 322,594 | $ | 301,757 | $ | — | $ | — | ||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||||||
The table below sets forth the Company’s expected future benefit payments as of December 31, 2013. | ||||||||||||||||||||||||||||||||
Payment year | Expected Benefit | |||||||||||||||||||||||||||||||
Payments | ||||||||||||||||||||||||||||||||
2014 | $ | 21,308 | ||||||||||||||||||||||||||||||
2015 | 21,594 | |||||||||||||||||||||||||||||||
2016 | 21,905 | |||||||||||||||||||||||||||||||
2017 | 22,250 | |||||||||||||||||||||||||||||||
2018 | 22,691 | |||||||||||||||||||||||||||||||
2019 – 2023 | 121,084 | |||||||||||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Changes in accumulated other comprehensive loss | ' | |||||||||||||||||||||||
The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | $ | (63,069 | ) | $ | (65,019 | ) | $ | 1,950 | ||||||||
Actuarial gains (losses) | 57,458 | 57,171 | 287 | (10,495 | ) | (10,613 | ) | 118 | ||||||||||||||||
Amortization | 981 | 1,702 | (721 | ) | 32 | 700 | (668 | ) | ||||||||||||||||
Balance, end of period | $ | (15,093 | ) | $ | (16,059 | ) | $ | 966 | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Weighted average shares used for calculating basic and diluted earnings per share | ' | |||||||||||
The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Earnings (numerator) | ||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 16,119 | $ | 526 | $ | (10,933 | ) | |||||
Less: income (loss) from discontinued operations, net | 8,769 | (7,954 | ) | (10,577 | ) | |||||||
Less: income to participating securities | 535 | 390 | 183 | |||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 6,815 | $ | 8,090 | $ | (539 | ) | |||||
Shares (denominator) | ||||||||||||
Weighted average common shares outstanding (basic) | 21,967,666 | 21,947,981 | 21,495,814 | |||||||||
Effect of dilutive securities (a) | 96,075 | 117,875 | — | |||||||||
Adjusted weighted average shares outstanding (diluted) | 22,063,741 | 22,065,856 | 21,495,814 | |||||||||
Earnings per share from continuing operations | ||||||||||||
Basic and Diluted | $ | 0.31 | $ | 0.37 | $ | (0.03 | ) | |||||
(a) | Due to the net loss available to common shareholders in 2011, adding dilutive securities to the denominator would result in anti-dilution and therefore these securities were not included in the calculation. |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Operating lease and capital commitment obligations | ' | |||||||||||||||||||||||||||
The table below sets forth the summarized commitments of the Company as of December 31, 2013. | ||||||||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||||
Operating lease commitments | $ | 2,960 | $ | 1,359 | $ | 629 | $ | 469 | $ | 370 | $ | 133 | $ | — | ||||||||||||||
Capital commitments | 2,172 | 2,172 | — | — | — | — | — | |||||||||||||||||||||
Total commitments | $ | 5,132 | $ | 3,531 | $ | 629 | $ | 469 | $ | 370 | $ | 133 | $ | — | ||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 2013 and 2012. | ||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Total net operating revenue | $ | 86,740 | $ | 89,851 | $ | 91,195 | $ | 93,112 | $ | 90,161 | $ | 92,259 | $ | 98,154 | $ | 99,468 | ||||||||||||||||
Income (loss) from operations | (5,492 | ) | (1,834 | ) | 2,303 | 1,881 | 1,238 | 2,652 | 8,282 | 4,727 | ||||||||||||||||||||||
Income (loss) from continuing operations | (5,894 | ) | (1,485 | ) | 2,453 | 2,149 | 2,085 | 2,568 | 8,513 | 5,141 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net | (2,182 | ) | (2,408 | ) | (1,337 | ) | (1,887 | ) | 3,184 | (1,127 | ) | 9,104 | (2,532 | ) | ||||||||||||||||||
Net income (loss) | (8,076 | ) | (3,893 | ) | 1,116 | 262 | 5,269 | 1,441 | 17,617 | 2,609 | ||||||||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | (8,022 | ) | (3,893 | ) | 1,181 | 262 | 5,321 | 1,483 | 17,639 | 2,674 | ||||||||||||||||||||||
Net income (loss) per share from continuing operations (a) | ||||||||||||||||||||||||||||||||
Basic | $ | (0.27 | ) | $ | (0.07 | ) | $ | 0.11 | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.36 | $ | 0.23 | ||||||||||||||
Diluted | $ | (0.27 | ) | $ | (0.07 | ) | $ | 0.11 | $ | 0.09 | $ | 0.09 | $ | 0.11 | $ | 0.36 | $ | 0.22 | ||||||||||||||
(a) | Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Schedule of property, plant and equipment useful lives) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '5 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '30 years |
Newspaper publishing equipment | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Newspaper publishing equipment | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '20 years |
Other | Minimum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '3 years |
Other | Maximum | ' |
Property, Plant and Equipment | ' |
Estimated useful life | '10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies | ' | ' |
Bad debt expense | $2,340 | $1,748 |
Write-offs, net of recoveries and other adjustments | 3,126 | 2,038 |
Cash overnight holdings | $72,993 | ' |
Segments | ' | ' |
Accounting Policies | ' | ' |
Number of reportable segments | 1 | ' |
Series A: Common stock | ' | ' |
Accounting Policies | ' | ' |
Common Stock, Voting Rights, Number Of Votes, Per Share | 1 | ' |
Series B: Common stock | ' | ' |
Accounting Policies | ' | ' |
Common Stock, Voting Rights, Number Of Votes, Per Share | 10 | ' |
RSUs | ' | ' |
Accounting Policies | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion, Percentage in Common Stock Shares | 60.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Conversion, Percentage in Cash | 40.00% | ' |
Discontinued_Operations_Financ
Discontinued Operations (Financial Statements of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $46,648 | $65,356 | $67,307 |
Costs and expense | ' | ' | ' | ' | ' | ' | ' | ' | -51,348 | -73,382 | -77,980 |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,700 | -8,026 | -10,673 |
Gain related to the divestiture of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -13,402 | 0 | 0 |
Tax benefit from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -67 | -72 | -96 |
Income (Loss) from Discontinued Operations, Net | 9,104 | 3,184 | -1,337 | -2,182 | -2,532 | -1,127 | -1,887 | -2,408 | 8,769 | -7,954 | -10,577 |
Current assets | 1,633 | ' | ' | ' | 10,203 | ' | ' | ' | 1,633 | 10,203 | ' |
Property, plant and equipment, net | 0 | ' | ' | ' | 35,755 | ' | ' | ' | 0 | 35,755 | ' |
Other assets | 0 | ' | ' | ' | 2,444 | ' | ' | ' | 0 | 2,444 | ' |
Assets of discontinued operations | 1,633 | ' | ' | ' | 48,402 | ' | ' | ' | 1,633 | 48,402 | ' |
Liabilities of discontinued operations | 2,028 | ' | ' | ' | 7,781 | ' | ' | ' | 2,028 | 7,781 | ' |
Newspaper Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -8,656 | 0 | 0 |
Building Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,477 | 0 | 0 |
Equipment Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($269) | $0 | $0 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Acquisitions and Disposals | ' | ' | ' |
Gain related to the divestiture of discontinued operations | $13,402 | $0 | $0 |
Proceeds from Sale of Property, Plant, and Equipment | 367 | 628 | 86 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 260 | 303 | -349 |
Equipment Sale | ' | ' | ' |
Significant Acquisitions and Disposals | ' | ' | ' |
Disposal Date | 8-Jul-13 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 504 | ' | ' |
Gain related to the divestiture of discontinued operations | 269 | 0 | 0 |
Building Sale | ' | ' | ' |
Significant Acquisitions and Disposals | ' | ' | ' |
Disposal Date | 17-Jul-13 | ' | ' |
Proceeds from Divestiture of Businesses | 30,000 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 28,589 | ' | ' |
Total Costs Incurred Related to the Divestiture of Assets | 1,411 | ' | ' |
Gain related to the divestiture of discontinued operations | 4,477 | 0 | 0 |
Newspaper Sale | ' | ' | ' |
Significant Acquisitions and Disposals | ' | ' | ' |
Disposal Date | 21-Nov-13 | ' | ' |
Proceeds from Divestiture of Businesses | 26,750 | ' | ' |
Receivable for Proceeds from Divestiture of Businesses | 753 | ' | ' |
Total Costs Incurred Related to the Divestiture of Assets | 5,787 | ' | ' |
Gain related to the divestiture of discontinued operations | 8,656 | 0 | 0 |
Newspaper Sale | Escrow | Subsequent Event | ' | ' | ' |
Significant Acquisitions and Disposals | ' | ' | ' |
Proceeds from Divestiture of Businesses | 500 | ' | ' |
Land Sale | ' | ' | ' |
Significant Acquisitions and Disposals | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | 367 | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $242 | ' | ' |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles (Schedule of identifiable intangible assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets | ' | ' |
Gross balance | $79,060 | $78,698 |
Accumulated amortization | -73,718 | -69,225 |
Net balance | 5,342 | 9,473 |
The Providence Journal Subscription List | ' | ' |
Intangible Assets | ' | ' |
Gross balance | 78,698 | 78,698 |
Accumulated amortization | -73,597 | -69,225 |
Net balance | 5,101 | 9,473 |
The Dallas Morning News Customer Relationships | ' | ' |
Intangible Assets | ' | ' |
Gross balance | 362 | 0 |
Accumulated amortization | -121 | 0 |
Net balance | $241 | $0 |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | ' | ' |
Carrying value of goodwill | $24,582 | $24,582 | ' |
Cumulative goodwill impairment losses | 323,734 | 323,734 | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' |
Amortization | 4,493 | 4,373 | 4,373 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4,493 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 849 | ' | ' |
Subscriber lists - The Providence Journal | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '18 years | ' | ' |
Finite-Lived Intangible Assets, Remaining Amortization Period | '1 year 5 months | ' | ' |
Customer Relationships - The Dallas Morning News | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Finite-lived Intangible Assets Acquired | $362 | ' | ' |
Investments_Schedule_of_invest
Investments (Schedule of investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments | ' | ' |
Equity method investments | $6,401 | $5,706 |
Cost method investments | 932 | 1,120 |
Total investments | 7,333 | 6,826 |
Wanderful | ' | ' |
Schedule of Equity Method Investments | ' | ' |
Current assets | 9,146 | 9,774 |
Non-current assets | 14,988 | 15,215 |
Total assets | 24,134 | 24,989 |
Current liabilities | 2,392 | 3,341 |
Non-current liabilities | 1,247 | 273 |
Total liabilities | 3,639 | 3,614 |
Equity | 20,495 | 21,375 |
Total liabilities and equity | 24,134 | 24,989 |
Revenues | 5,357 | 6,289 |
Costs and expenses | 14,506 | 9,994 |
Operating loss | -9,149 | -3,705 |
Other expense | -245 | -748 |
Loss before income taxes | -9,394 | -4,453 |
Income tax provision | 2 | 468 |
Net loss | ($9,396) | ($4,921) |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments | ' | ' | ' |
Income (Loss) from Equity Method Investments | $2,270 | $2,628 | $1,963 |
Speakeasy | ' | ' | ' |
Investments | ' | ' | ' |
Consolidated method - Ownership percentage of investments | 70.00% | ' | ' |
AHC Dallas Properties | ' | ' | ' |
Investments | ' | ' | ' |
Consolidated method - Ownership percentage of investments | 100.00% | ' | ' |
Fixed assets acquired | ' | ' | 11,191 |
Other assets acquired | ' | ' | 90 |
Classified Ventures | ' | ' | ' |
Investments | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | 3.30% | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions | 2,952 | 2,427 | 2,231 |
Wanderful | ' | ' | ' |
Investments | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | 12.70% | ' | ' |
Belo Investment | ' | ' | ' |
Investments | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | 50.00% | ' | ' |
Loss on investment | ' | ' | 5,018 |
Subsequent Event | Classified Ventures | ' | ' | ' |
Investments | ' | ' | ' |
Expected Proceeds from Anticipated Sale of Apartments.com | 585,000 | ' | ' |
Subsequent Event, Date | 28-Feb-14 | ' | ' |
Estimated Equity Method Investment Dividends or Distributions | $18,900 | ' | ' |
Changes_in_Accounting_Estimate1
Changes in Accounting Estimates (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Accounting Estimate | ' | ' | ' |
Asset impairments | $0 | $0 | $872 |
Spare parts inventory write-down | 0 | 0 | 1,785 |
Pension Plan Withdrawal Loss | 0 | 0 | 1,988 |
Depreciable Assets | Service Life | ' | ' | ' |
Change in Accounting Estimate | ' | ' | ' |
Change in Accounting Estimate Financial Effect on Depreciation | ' | 762 | 1,017 |
Inventory Valuation and Obsolescence | ' | ' | ' |
Change in Accounting Estimate | ' | ' | ' |
Spare parts inventory write-down | ' | ' | 1,785 |
Change in Assumptions for Pension Plans | ' | ' | ' |
Change in Accounting Estimate | ' | ' | ' |
Pension Plan Withdrawal Loss | ' | ' | 1,988 |
Real Estate 1 [Member] | ' | ' | ' |
Change in Accounting Estimate | ' | ' | ' |
Other Real Estate Gains Losses | ' | ' | 700 |
Proceeds from Sale of Other Real Estate | ' | 2,410 | ' |
Gains (Losses) on Sales of Other Real Estate | ' | 14 | ' |
Real Estate 2 [Member] | ' | ' | ' |
Change in Accounting Estimate | ' | ' | ' |
Asset impairments | ' | ' | 872 |
Other Assets | ' | ' | $2,846 |
Longterm_Incentive_Plans_Sched
Long-term Incentive Plans (Schedule of stock options outstanding activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock option activity rollforward | ' | ' | ' |
Number of Options, Outstanding, Beginning Balance | 1,215,680 | 1,696,690 | 2,191,736 |
Number of Options Exercised | -18,820 | -153,326 | -46,500 |
Number of Options Canceled | -286,327 | -327,684 | -448,546 |
Number of Options, Outstanding, Ending Balance | 910,533 | 1,215,680 | 1,696,690 |
Weighted average price per share | ' | ' | ' |
Weighted Average Exercise Price, Outstanding Beginning Balance | $17.90 | $16.99 | $16.77 |
Weighted Average Exercise Price, Exercised | $3.70 | $1.97 | $2.05 |
Weighted Average Exercise Price, Canceled | $27.13 | $20.64 | $17.49 |
Weighted Average Exercise Price, Outstanding Ending Balance | $15.29 | $17.90 | $16.99 |
Longterm_Incentive_Plans_Sched1
Long-term Incentive Plans (Schedule of stock options vested and exercisable) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 910,533 |
Vested and exercisable options - price ranges | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 910,533 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '2 years 10 months 11 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $15.29 |
Exercise Price Range Of 0 Dollars Through 9 Dollars 99 Cents | ' |
Vested and exercisable options - price ranges | ' |
Exercise Price Range, Lower Range Limit | $0 |
Exercise Price Range, Upper Range Limit | $9.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 395,018 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '4 years 9 months 1 day |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $4.60 |
Exercise Price Range Of10 Dollars Through 19 Dollars 99 Cents | ' |
Vested and exercisable options - price ranges | ' |
Exercise Price Range, Lower Range Limit | $10 |
Exercise Price Range, Upper Range Limit | $19.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 60,603 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '2 years 7 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $18.29 |
Exercise Price Range Of 20 Dollars Through 29 Dollars 99 Cents | ' |
Vested and exercisable options - price ranges | ' |
Exercise Price Range, Lower Range Limit | $20 |
Exercise Price Range, Upper Range Limit | $29.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 454,912 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | '1 year 3 months 2 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $24.17 |
Longterm_Incentive_Plans_Sched2
Long-term Incentive Plans (Schedule of RSU activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RSU non-vested rollforward | ' | ' | ' |
Beginning Balance - Total RSUs | 811,618 | 1,002,230 | 1,018,452 |
Granted | 344,811 | 375,686 | 425,710 |
Vested | -427,611 | -533,043 | -408,039 |
Canceled | ' | -33,255 | -33,893 |
Ending Balance - Total RSUs | 728,818 | 811,618 | 1,002,230 |
Vested RSUs redeemed for stock, cash, and related payments | ' | ' | ' |
Issuance of Common Stock | 256,548 | 319,807 | 244,803 |
RSUs Redeemed in Cash | 171,063 | 213,236 | 163,236 |
Cash Payments at Closing Price of Stock | $939 | $1,025 | $1,242 |
Weighted-Average Price on Date of Grant | ' | ' | ' |
Beginning balance - Weighted average price | $5.97 | $6.01 | $6.36 |
Granted | $5.51 | $4.82 | $7.58 |
Vested | $5.49 | $5.22 | $8.47 |
Canceled | ' | $6.13 | $6.71 |
Ending balance - Weighted average price | $5.59 | $5.97 | $6.01 |
Longterm_Incentive_Plans_Sched3
Long-term Incentive Plans (Schedule of compensation expense for RSUs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation expense related to stock awards | ' | ' | ' |
Share-based compensation expense | $2,746 | $1,850 | $2,045 |
Options, Expense | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' |
Share-based compensation expense | 0 | 0 | 177 |
RSUs Redeemable in Stock, Expense | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' |
Share-based compensation expense | 1,227 | 1,155 | 1,973 |
Equity Awards, Expense | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' |
Share-based compensation expense | 1,227 | 1,155 | 2,150 |
RSUs Redeemable in Cash, Expense | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' |
Share-based compensation expense | $1,519 | $695 | ($105) |
Longterm_Incentive_Plans_Narra
Long-term Incentive Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Feb. 08, 2008 |
Share-based compensation awards | ' | ' | ' | ' | ' |
Common shares authorized for equity awards | ' | ' | ' | ' | 8,000,000 |
Number of options, outstanding | 910,533 | 1,696,690 | 1,215,680 | 2,191,736 | ' |
Stock options - expiration term | '10 years | ' | ' | ' | ' |
Share-based compensation expense for awards issued by former parent company | ' | $131 | ' | ' | ' |
Stock Options | Employees Including Directors | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Number of options, outstanding | 607,236 | ' | ' | ' | ' |
Stock Options | Former Parent Company Employees | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Number of options, outstanding | 303,297 | ' | ' | ' | ' |
RSUs | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Percentage of redemption of RSUs in common stock | 60.00% | ' | ' | ' | ' |
Percentage of redemption of RSUs in cash | 40.00% | ' | ' | ' | ' |
Liability for the cash portion of redemption | 1,919 | ' | ' | ' | ' |
Total unrecognized compensation cost related to RSUs | 483 | ' | ' | ' | ' |
Weighted average recognition period of non-vested RSUs | '1 year 6 months | ' | ' | ' | ' |
Minimum | Stock Options | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Award vesting period | '1 year | ' | ' | ' | ' |
Maximum | Stock Options | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Award vesting period | '3 years | ' | ' | ' | ' |
Maximum | RSUs | ' | ' | ' | ' | ' |
Share-based compensation awards | ' | ' | ' | ' | ' |
Award vesting period | '3 years | ' | ' | ' | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (Revolving Credit Facility, USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Revolving Credit Facility | ' | ' | ' | ' | ' |
Line of Credit | ' | ' | ' | ' | ' |
Working capital facility | ' | $25,000 | ' | ' | ' |
Commitment fee percentage on unused credit facility | ' | 0.50% | ' | ' | ' |
Commitment fee rate on outstanding letters of credit | ' | 2.50% | ' | ' | ' |
Debt issuance costs amortized in current period | 401 | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 | $0 | $0 | $0 |
Termination_and_Exit_Costs_Nar
Termination and Exit Costs (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Restructuring and Related Activities [Abstract] | ' |
2011 restructuring plan - total positions eliminated | 202 |
2011 restructuring plan - total severance costs | $2,642 |
2011 restructuring plan - accrued severance costs | $465 |
Income_Taxes_Schedule_of_incom
Income Taxes (Schedule of income tax provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Federal | $0 | $0 | $2,962 |
State | 1,614 | 1,437 | 1,520 |
Total current | 1,614 | 1,437 | 4,482 |
Deferred | ' | ' | ' |
Federal | 4,218 | 2,852 | 3,927 |
State | -181 | 279 | 555 |
Total deferred | 4,037 | 3,131 | 4,482 |
Valuation allowance | -4,067 | -2,764 | -3,857 |
Total income tax provision | $1,584 | $1,804 | $5,107 |
Income_Taxes_Schedule_of_effec
Income Taxes (Schedule of effective income tax rate reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed expected income tax provision | $3,059 | $3,562 | $1,663 |
State income tax (net of federal benefit) | 944 | 1,004 | 1,677 |
Benefit of net operating loss carryforwards | -7,021 | 0 | 0 |
2006 - 2008 Belo IRS audit adjustment | 0 | 0 | 2,961 |
Valuation allowance | 2,953 | -2,764 | -3,857 |
Compensation limitation | 0 | 0 | 618 |
Equity compensation | 1,582 | 0 | 0 |
Belo Investment, LLC asset distribution | 0 | 0 | 2,033 |
Recognition of equity windfall | -564 | 0 | 0 |
Other | 631 | 2 | 12 |
Total income tax provision | $1,584 | $1,804 | $5,107 |
Effective income tax rate | 18.10% | 17.70% | 107.50% |
Income_Taxes_Schedule_of_net_d
Income Taxes (Schedule of net deferred tax assets and liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Deferred compensation and benefits | $2,759 | $6,349 |
Expenses deductible for tax purposes in a year different from the year accrued | 2,964 | 370 |
Defined benefit plans | 17,725 | 37,817 |
Net operating loss | 19,853 | 24,778 |
Other | 2,345 | 2,555 |
Total deferred tax assets | 45,646 | 71,869 |
Valuation allowance for deferred tax assets | -39,021 | -66,118 |
Deferred tax assets, net | 6,625 | 5,751 |
Deferred tax liabilities | ' | ' |
Tax amortization in excess of book amortization | 3,385 | 1,509 |
Tax depreciation (less than) in excess of book depreciation | -775 | 271 |
State taxes | 3,416 | 1,362 |
Total deferred tax liabilities | 6,026 | 3,142 |
Net deferred tax assets | $599 | $2,609 |
Income_Taxes_Schedule_of_unrec
Income Taxes (Schedule of unrecognized tax positions) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Balance at January 1 | $324 | $333 |
Reductions for tax positions of prior years | -324 | -9 |
Balance at December 31 | $0 | $324 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' |
Deferred tax assets related to accumulated other comprehensive loss | $5,283 | $25,736 | ' |
Operating Loss Carryforwards | ' | ' | ' |
Tax Credit Carryforward, Expiration Date | 31-Dec-16 | ' | ' |
Tax expense related to IRS audit adjustment | 0 | 0 | 2,961 |
Net refund resulting from carryback | 1,334 | ' | ' |
Equity impact that would be realized upon utilization of deferred tax assets | 104 | ' | ' |
Income Taxes Paid, Net | 1,432 | 1,489 | ' |
Unrecognized Tax Benefits | 0 | 324 | 333 |
Income tax penalties and interest accrued | ' | 93 | ' |
Valuation Allowance | ' | ' | ' |
Valuation allowance for deferred tax assets | -39,021 | -66,118 | ' |
Valuation allowance for deferred tax assets related to accumulated other comprehensive loss | ' | ' | ' |
Valuation Allowance | ' | ' | ' |
Valuation allowance for deferred tax assets | -5,283 | -25,736 | ' |
Federal | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' |
Net operating loss | 49,464 | ' | ' |
State | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' |
Net operating loss | $14,748 | ' | ' |
Pension_and_Other_Retirement_P2
Pension and Other Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ' | ' | ' |
Noncurrent liability - Accrued benefit cost | $50,082 | $122,821 | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Roll forward] | ' | ' | ' |
Projected benefit obligation at beginning of year | 441,395 | 420,885 | ' |
Interest cost | 15,995 | 17,300 | 18,900 |
Actuarial (gain) loss | -48,649 | 31,740 | ' |
Benefit payments | -20,043 | -28,530 | ' |
Projected benefit obligation at end of year | 388,698 | 441,395 | 420,885 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 318,574 | 274,905 | ' |
Return on plan assets | 28,085 | 39,527 | ' |
Employer contributions | 12,000 | 32,672 | ' |
Benefit payments | -20,043 | -28,530 | ' |
Fair value of plan assets at end of year | 338,616 | 318,574 | 274,905 |
Funded status | -50,082 | -122,821 | ' |
Noncurrent liability - Accrued benefit cost | 50,082 | 122,821 | ' |
Accumulated benefit obligation | $388,698 | $441,395 | ' |
Pension_and_Other_Retirement_P3
Pension and Other Retirement Plans (Schedule of net periodic pension benefit (Details) (Pension Plans, Defined Benefit, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Interest cost | $15,995 | $17,300 | $18,900 |
Expected return on plans' assets | 19,563 | 18,400 | 17,235 |
Amortization of actuarial loss | -1,702 | -700 | 0 |
Net periodic pension (benefit) expense | ($1,866) | ($400) | $1,665 |
Pension_and_Other_Retirement_P4
Pension and Other Retirement Plans (Schedule of fair value and allocation of plan assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Cash and money market funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | $5,389 | $5,591 | ' |
U.S. Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 107,281 | 111,605 | ' |
International Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 58,690 | 61,347 | ' |
Domestic Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 92,804 | 98,794 | ' |
Domestic Corporate Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 67,827 | 31,623 | ' |
International Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 6,625 | 9,614 | ' |
Level I - Fair Value, Inputs | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 16,022 | 16,817 | ' |
Level I - Fair Value, Inputs | Cash and money market funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 5,389 | 5,591 | ' |
Level I - Fair Value, Inputs | U.S. Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level I - Fair Value, Inputs | International Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 10,633 | 11,226 | ' |
Level I - Fair Value, Inputs | Domestic Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level I - Fair Value, Inputs | Domestic Corporate Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level I - Fair Value, Inputs | International Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level II - Significant Other Observable Inputs | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 322,594 | 301,757 | ' |
Level II - Significant Other Observable Inputs | Cash and money market funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level II - Significant Other Observable Inputs | U.S. Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 107,281 | 111,605 | ' |
Level II - Significant Other Observable Inputs | International Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 48,057 | 50,121 | ' |
Level II - Significant Other Observable Inputs | Domestic Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 92,804 | 98,794 | ' |
Level II - Significant Other Observable Inputs | Domestic Corporate Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 67,827 | 31,623 | ' |
Level II - Significant Other Observable Inputs | International Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 6,625 | 9,614 | ' |
Level III - Fair Value, Inputs | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | Cash and money market funds | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | U.S. Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | International Equity Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | Domestic Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | Domestic Corporate Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level III - Fair Value, Inputs | International Corporate and Government Debt Securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Pension Plans, Defined Benefit | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value of plan assets | $338,616 | $318,574 | $274,905 |
Pension_and_Other_Retirement_P5
Pension and Other Retirement Plans (Schedule of expected benefit payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | ' |
2014 | $21,308 |
2015 | 21,594 |
2016 | 21,905 |
2017 | 22,250 |
2018 | 22,691 |
Thereafter | $121,084 |
Pension_and_Other_Retirement_P6
Pension and Other Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension plan withdrawal | $0 | $0 | $1,988 |
AccumulatedOtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax | 57,458 | -10,495 | ' |
401(K) plan | ' | ' | ' |
Defined Contribution Plans | ' | ' | ' |
Maximum pretax contribution per employee | 100.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent | 1.50% | ' | ' |
Expense recognized | 1,321 | 1,283 | 731 |
Pension Transition Supplement Plan | ' | ' | ' |
Defined Contribution Plans | ' | ' | ' |
Expense recognized | 1,090 | 4,127 | 4,497 |
Maximum period of supplemental contributions to the PTS plan | '5 years | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 5,217 | 4,497 | 5,306 |
Other Post-Employment Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1,680 | 1,985 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 631 | 602 | 615 |
AccumulatedOtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax | 287 | 118 | 30 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Number of employee participants | 4,100 | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.60% | 3.70% | ' |
Employer contributions | 12,000 | 32,672 | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 1,866 | 400 | -1,665 |
AccumulatedOtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax | 57,171 | -10,613 | -65,019 |
Plan Settlements | ' | ' | ' |
Defined benefit plan, total participants accepting pay-out | ' | 889 | ' |
Total Defined Benefit Plan Settlements | ' | 10,526 | ' |
Current Perod Defined Benefit Plan Settlements | 14,500 | ' | ' |
Net Periodic Pension Expense | ' | ' | ' |
Expected long-term return on plan ssets | 6.50% | 6.50% | 6.50% |
Discount rate of plan assets | 3.70% | 4.20% | 5.30% |
Defined Benefit Plan, Estimated Future Employer Contributions | ' | ' | ' |
Estimated future employer contributions in 2013 | 10,000 | ' | ' |
Pension Plans, Defined Benefit | Equity Securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations | ' | ' | ' |
Target allocation of plans' assets | 50.00% | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits | ' | ' | ' |
Allocation of plans' assets | 49.80% | ' | ' |
Pension Plans, Defined Benefit | Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan, Assets, Target Allocations | ' | ' | ' |
Target allocation of plans' assets | 50.00% | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits | ' | ' | ' |
Allocation of plans' assets | 50.20% | ' | ' |
Required Contributions | Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Employer contributions | 7,396 | 22,672 | ' |
Voluntary Contributions | Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' |
Employer contributions | $4,604 | $10,000 | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Balance, beginning of period | ($73,532) | ($63,069) | ' |
Actuarial gains (losses) | 57,458 | -10,495 | ' |
Amortization | -981 | -32 | 649 |
Balance, end of period | -15,093 | -73,532 | -63,069 |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Balance, beginning of period | -74,932 | -65,019 | ' |
Actuarial gains (losses) | 57,171 | -10,613 | -65,019 |
Amortization | -1,702 | -700 | ' |
Balance, end of period | -16,059 | -74,932 | -65,019 |
Other Post-Employment Benefit Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | ' | ' |
Balance, beginning of period | 1,400 | 1,950 | ' |
Actuarial gains (losses) | 287 | 118 | 30 |
Amortization | 721 | 668 | ' |
Balance, end of period | $966 | $1,400 | $1,950 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Class of Stock | ' | ' | ' |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | ($694) | ' | ' |
Dividends [Abstract] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.28 | $0.48 | $0.18 |
Dividends, Common Stock, Cash | 6,356 | 10,947 | 4,058 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | ' | ' | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,500,000 | ' | ' |
Treasury stock, Series A, at cost; 495,200 and 74,130 shares held at December 31, 2013 and 2012, respectively | -3,113 | -350 | ' |
Dividend Declared November 14, 2013 | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.08 | ' | ' |
Dividends Payable, Date Declared | 14-Nov-13 | ' | ' |
Dividends Payable, Date of Record | 14-Feb-14 | ' | ' |
Dividends Payable, Date to be Paid | 7-Mar-14 | ' | ' |
Series A: Common stock | ' | ' | ' |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | ' | ' | ' |
Treasury Stock, Number of Shares Held | 495,200 | 74,130 | ' |
Treasury stock, Series A, at cost; 495,200 and 74,130 shares held at December 31, 2013 and 2012, respectively | ($3,113) | ' | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income (Loss) Attributable to A. H. Belo Corporation | $17,639 | $5,321 | $1,181 | ($8,022) | $2,674 | $1,483 | $262 | ($3,893) | $16,119 | $526 | ($10,933) | ||
Less: income (loss) from discontinued operations, net | 9,104 | 3,184 | -1,337 | -2,182 | -2,532 | -1,127 | -1,887 | -2,408 | 8,769 | -7,954 | -10,577 | ||
Less: income to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 535 | 390 | 183 | ||
Net income (loss) available to common shareholders from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $6,815 | $8,090 | ($539) | ||
Weighted Average Number of Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average common shares outstanding (basic) | ' | ' | ' | ' | ' | ' | ' | ' | 21,967,666 | 21,947,981 | 21,495,814 | ||
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 96,075 | 117,875 | [1] | 0 | [1] |
Adjusted weighted average shares outstanding (diluted) | ' | ' | ' | ' | ' | ' | ' | ' | 22,063,741 | 22,065,856 | 21,495,814 | ||
Earnings per share from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.31 | $0.37 | ($0.03) | ||
[1] | Due to the net loss available to common shareholders in 2011, adding dilutive securities to the denominator would result in anti-dilution and therefore these securities were not included in the calculation. |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,474,999 | 1,909,423 |
Commitments_Details
Commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating lease commitments | ' |
Total operating lease future payments due | $2,960 |
2014 | 1,359 |
2015 | 629 |
2016 | 469 |
2017 | 370 |
2018 | 133 |
Thereafter | 0 |
Capital lease commitments | ' |
Total capital lease future payments due | 2,172 |
2014 | 2,172 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | 0 |
Total commitments | ' |
Total commitments | 5,132 |
2014 | 3,531 |
2015 | 629 |
2016 | 469 |
2017 | 370 |
2018 | 133 |
Thereafter | $0 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Lease expense for property and equipment | $2,002 | $2,232 | $3,734 |
Contingencies_Narrative_Detail
Contingencies (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Contingencies Disclosure [Abstract] | ' |
Litigation Settlement, Amount | $1,330 |
Loss Contingency, Loss in Period | $665 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions | ' | ' | ' |
Payments for capital improvements | ' | $571 | ' |
Operating expenses charged to Company by related party | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Expense from transactions with former parent company | 853 | 1,399 | 2,025 |
Recovery of operating expenses from related party | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Expense from transactions with former parent company | $0 | $229 | $1,546 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net operating revenue | $98,154 | $90,161 | $91,195 | $86,740 | $99,468 | $92,259 | $93,112 | $89,851 | $366,250 | $374,690 | $394,196 |
Income (loss) from operations | 8,282 | 1,238 | 2,303 | -5,492 | 4,727 | 2,652 | 1,881 | -1,834 | 6,331 | 7,426 | 5,713 |
Income (loss) from continuing operations | 8,513 | 2,085 | 2,453 | -5,894 | 5,141 | 2,568 | 2,149 | -1,485 | 7,157 | 8,373 | -356 |
Income (Loss) from Discontinued Operations, Net | 9,104 | 3,184 | -1,337 | -2,182 | -2,532 | -1,127 | -1,887 | -2,408 | 8,769 | -7,954 | -10,577 |
Net income (loss) | 17,617 | 5,269 | 1,116 | -8,076 | 2,609 | 1,441 | 262 | -3,893 | 15,926 | 419 | -10,933 |
Net income (loss) attributable to A. H. Belo Corporation | $17,639 | $5,321 | $1,181 | ($8,022) | $2,674 | $1,483 | $262 | ($3,893) | $16,119 | $526 | ($10,933) |
Net income (loss) per share from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.36 | $0.09 | $0.11 | ($0.27) | $0.23 | $0.11 | $0.09 | ($0.07) | ' | ' | ' |
Diluted | $0.36 | $0.09 | $0.11 | ($0.27) | $0.22 | $0.11 | $0.09 | ($0.07) | ' | ' | ' |