Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Entity Registrant Name | 'A. H. Belo Corp | ' |
Entity Central Index Key | '0001413898 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,954,392 |
Series A: Common stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 19,565,857 |
Series B: Common stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,388,535 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Operating Revenue | ' | ' | ' | ' |
Advertising and marketing services | $40,251 | $42,223 | $77,977 | $81,886 |
Circulation | 21,227 | 21,257 | 42,239 | 42,237 |
Printing and distribution | 7,783 | 5,643 | 13,437 | 11,106 |
Total net operating revenue | 69,261 | 69,123 | 133,653 | 135,229 |
Operating Costs and Expense | ' | ' | ' | ' |
Employee compensation and benefits | 25,722 | 26,702 | 53,886 | 56,538 |
Other production, distribution and operating costs | 29,640 | 28,436 | 58,084 | 57,129 |
Newsprint, ink and other supplies | 8,114 | 8,592 | 16,102 | 17,114 |
Depreciation | 3,348 | 3,964 | 6,758 | 7,843 |
Amortization | 30 | 30 | 60 | 60 |
Total operating costs and expense | 66,854 | 67,724 | 134,890 | 138,684 |
Income (Loss) from operations | 2,407 | 1,399 | -1,237 | -3,455 |
Other Income (Expense), Net | ' | ' | ' | ' |
Gains on equity method investments, net | 18,567 | 546 | 18,159 | 1,095 |
Interest expense | 0 | -8 | 0 | -419 |
Other income (loss), net | 141 | 68 | 258 | -36 |
Total other income, net | 18,708 | 606 | 18,417 | 640 |
Income (Loss) from Continuing Operations Before Income Taxes | 21,115 | 2,005 | 17,180 | -2,815 |
Income tax provision | 1,428 | 500 | 2,319 | 989 |
Income (Loss) from Continuing Operations | 19,687 | 1,505 | 14,861 | -3,804 |
Income (loss) from discontinued operations | 2,146 | -452 | 3,123 | -3,289 |
Gain (loss) related to the divestiture of discontinued operations, net | 153 | 0 | -25 | 0 |
Tax expense (benefit) from discontinued operations | 30 | -63 | 46 | -133 |
Gain (Loss) from Discontinued Operations, Net | 2,269 | -389 | 3,052 | -3,156 |
Net Income (Loss) | 21,956 | 1,116 | 17,913 | -6,960 |
Net loss attributable to noncontrolling interests | -24 | -65 | -30 | -119 |
Net Income (Loss) Attributable to A. H. Belo Corporation | $21,980 | $1,181 | $17,943 | ($6,841) |
Per Share Basis, Basic | ' | ' | ' | ' |
Earnings (loss) per share from continuing operations, basic (in dollars per share) | $0.86 | $0.07 | $0.64 | ($0.17) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $0.10 | ($0.02) | $0.14 | ($0.14) |
Earnings Per Share, Basic | $0.96 | $0.05 | $0.78 | ($0.31) |
Weighted average shares outstanding | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 22,014,125 | 22,041,414 | 21,946,256 | 22,037,132 |
Earnings Per Share, Diluted | ' | ' | ' | ' |
Earnings (loss) per share from continuing operations, diluted (in dollars per share) | $0.85 | $0.07 | $0.64 | ($0.17) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0.10 | ($0.02) | $0.14 | ($0.14) |
Earnings Per Share, Diluted | $0.95 | $0.05 | $0.78 | ($0.31) |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Diluted | 22,121,695 | 22,135,162 | 22,064,339 | 22,037,132 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net Income (Loss) | $21,956 | $1,116 | $17,913 | ($6,960) |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' |
Amortization of net actuarial (losses) gains | -174 | 246 | -347 | 491 |
Total other comprehensive (loss) income | -174 | 246 | -347 | 491 |
Comprehensive Income (Loss) | 21,782 | 1,362 | 17,566 | -6,469 |
Comprehensive loss attributable to noncontrolling interests | -24 | -65 | -30 | -119 |
Total Comprehensive Income (Loss) Attributable to A. H. Belo Corporation | $21,806 | $1,427 | $17,596 | ($6,350) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $59,754 | $82,193 |
Accounts receivable (net of allowance of $1,276 and $1,055 at June 30, 2014 and December 31, 2013, respectively) | 28,399 | 32,270 |
Inventories | 7,974 | 5,567 |
Prepaids and other current assets | 8,181 | 5,618 |
Deferred income taxes, net | 116 | 61 |
Assets held for sale | 2,525 | 0 |
Assets of discontinued operations | 36,658 | 42,716 |
Total current assets | 143,607 | 168,425 |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | 488,364 | 488,998 |
Less accumulated depreciation | -420,056 | -414,135 |
Property, plant and equipment, net | 68,308 | 74,863 |
Intangible assets, net | 554 | 241 |
Goodwill | 24,582 | 24,582 |
Investments | 8,511 | 7,333 |
Deferred income taxes, net | 230 | 538 |
Other assets | 4,098 | 3,236 |
Total assets | 249,890 | 279,218 |
Current liabilities: | ' | ' |
Accounts payable | 12,575 | 13,717 |
Accrued compensation and benefits | 9,793 | 9,816 |
Other accrued expense | 3,271 | 4,459 |
Advance subscription payments | 14,555 | 14,842 |
Liabilities of discontinued operations | 9,489 | 11,538 |
Total current liabilities | 49,683 | 54,372 |
Long-term pension liabilities | 44,187 | 50,082 |
Other post-employment benefits | 2,659 | 2,730 |
Other liabilities | 4,172 | 3,258 |
Shareholders’ equity: | ' | ' |
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | 0 | 0 |
Treasury stock, Series A, at cost; 695,285 and 495,200 shares held at June 30, 2014 and December 31, 2013, respectively | -5,231 | -3,113 |
Additional paid-in capital | 498,890 | 496,682 |
Accumulated other comprehensive loss | -15,440 | -15,093 |
Accumulated deficit | -329,585 | -310,099 |
Total shareholders’ equity attributable to A. H. Belo Corporation | 148,861 | 168,600 |
Noncontrolling interests | 328 | 176 |
Total shareholders’ equity | 149,189 | 168,776 |
Total liabilities and shareholders’ equity | 249,890 | 279,218 |
Series A: Common stock | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, $.01 par value; Authorized 125,000,000 shares | 203 | 199 |
Series B: Common stock | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, $.01 par value; Authorized 125,000,000 shares | $24 | $24 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | 1,276 | 1,055 |
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 |
Common Stock | Series A: Common stock | ' | ' |
Common stock, shares issued | 20,296,814 | 19,931,599 |
Common Stock | Series B: Common stock | ' | ' |
Common stock, shares issued | 2,388,604 | 2,397,155 |
Treasury Stock | ' | ' |
Treasury Stock, Number of Shares Held | 695,285 | 495,200 |
Treasury Stock | Series A: Common stock | ' | ' |
Treasury Stock, Number of Shares Held | 695,285 | 495,200 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (unaudited) (USD $) | Total | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Treasury Stock | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | Series A | Series B | USD ($) | USD ($) | Series A | USD ($) | USD ($) | USD ($) |
USD ($) | ||||||||||
Beginning Balance at Dec. 31, 2012 | $102,060 | $221 | ' | ' | $495,528 | ($350) | ' | ($73,532) | ($319,862) | $55 |
Beginning Balance, Shares Common Stock at Dec. 31, 2012 | ' | ' | 19,651,830 | 2,401,556 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | -74,130 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -6,960 | ' | ' | ' | ' | ' | ' | ' | -6,841 | -119 |
Other comprehensive income (loss) | 491 | ' | ' | ' | ' | ' | ' | 491 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 193 | ' | ' | ' | ' | ' | ' | ' | ' | 193 |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | ' | -234,031 | ' | ' | ' |
Treasury stock purchases | -1,364 | ' | ' | ' | ' | -1,364 | -1,364 | ' | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | 247,863 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | 2 | ' | ' | -2 | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises, shares | ' | ' | 11,820 | 0 | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 55 | 0 | ' | ' | 55 | ' | ' | ' | ' | ' |
Income tax benefit on options and RSUs | -34 | ' | ' | ' | -34 | ' | ' | ' | ' | ' |
Share-based compensation | 938 | ' | ' | ' | 938 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | 1,256 | -1,256 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -2,735 | ' | ' | ' | ' | ' | ' | ' | -2,735 | ' |
Ending Balance at Jun. 30, 2013 | 92,644 | 223 | ' | ' | 496,485 | -1,714 | ' | -73,041 | -329,438 | 129 |
Ending Balance, Shares Common Stock at Jun. 30, 2013 | ' | ' | 19,912,769 | 2,400,300 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | -308,161 | ' | ' | ' |
Beginning Balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 1,116 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | ' | -121,982 | ' | ' | ' |
Treasury stock purchases | ' | ' | ' | ' | ' | ' | -767 | ' | ' | ' |
Dividends | -1,368 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2013 | 92,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | -308,161 | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 168,776 | 223 | ' | ' | 496,682 | -3,113 | ' | -15,093 | -310,099 | 176 |
Beginning Balance, Shares Common Stock at Dec. 31, 2013 | ' | ' | 19,931,599 | 2,397,155 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Dec. 31, 2013 | ' | ' | ' | ' | ' | -495,200 | -495,200 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 17,913 | ' | ' | ' | ' | ' | ' | ' | 17,943 | -30 |
Other comprehensive income (loss) | -347 | ' | ' | ' | ' | ' | ' | -347 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 182 | ' | ' | ' | ' | ' | ' | ' | ' | 182 |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | ' | -200,085 | ' | ' | ' |
Treasury stock purchases | -2,118 | ' | ' | ' | ' | -2,118 | -2,118 | ' | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | 205,352 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | 2 | ' | ' | -2 | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises, shares | 151,312 | ' | 151,312 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 734 | 2 | ' | ' | 732 | ' | ' | ' | ' | ' |
Income tax benefit on options and RSUs | 844 | ' | ' | ' | 844 | ' | ' | ' | ' | ' |
Share-based compensation | 634 | ' | ' | ' | 634 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | 8,551 | -8,551 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -37,429 | ' | ' | ' | ' | ' | ' | ' | -37,429 | ' |
Ending Balance at Jun. 30, 2014 | 149,189 | 227 | ' | ' | 498,890 | -5,231 | ' | -15,440 | -329,585 | 328 |
Ending Balance, Shares Common Stock at Jun. 30, 2014 | ' | ' | 20,296,814 | 2,388,604 | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Jun. 30, 2014 | ' | ' | ' | ' | ' | -695,285 | -695,285 | ' | ' | ' |
Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 21,956 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -174 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | ' | ' | ' | -124,857 | ' | ' | ' |
Treasury stock purchases | ' | ' | ' | ' | ' | ' | -1,443 | ' | ' | ' |
Dividends | -35,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | $149,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Number of Shares Held at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | -695,285 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net Income (Loss) | $17,913 | ($6,960) |
Adjustments to reconcile net loss to net cash provided by operations: | ' | ' |
Net (income) loss from discontinued operations | -3,052 | 3,156 |
Depreciation and amortization | 6,818 | 7,903 |
Net periodic benefit and contributions related to employee benefit plans | -6,260 | -5,858 |
Share-based compensation | 592 | 803 |
Deferred income taxes | 933 | 259 |
Equity method investment gains | 19,065 | 1,095 |
Loss on investment related activity, net | 934 | 0 |
Write-off of unamortized debt issuance costs | 0 | 401 |
Other operating activities | -566 | 185 |
Changes in working capital and other operating assets and liabilities, net | -3,546 | 3,093 |
Net cash (used for) provided by continuing operations | -5,299 | 1,887 |
Net cash provided by discontinued operations | 8,260 | 4,936 |
Net cash provided by operating activities | 2,961 | 6,823 |
Investing Activities | ' | ' |
Capital expenditures, net | -2,717 | -2,283 |
Purchase of investments | -2,098 | -1,377 |
Investment distribution proceeds | 18,861 | 0 |
Net cash provided by (used for) continuing investing activities | 14,046 | -3,660 |
Net cash used for discontinued investing activities | -633 | -489 |
Net cash provided by (used for investing) activities | 13,413 | -4,149 |
Financing Activities | ' | ' |
Dividends paid | -37,429 | -2,735 |
Proceeds from exercise of stock options | 734 | 55 |
Purchase of treasury stock | -2,118 | -1,364 |
Capital contributions by noncontrolling interests | 0 | 127 |
Net cash used for financing activities | -38,813 | -3,917 |
Net increase (decrease) in cash and cash equivalents | -22,439 | -1,243 |
Cash and cash equivalents at beginning of period | 82,193 | 34,094 |
Cash and cash equivalents at end of period | $59,754 | $32,851 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Description of Business. A. H. Belo Corporation and subsidiaries (“A. H. Belo” or the “Company”), headquartered in Dallas, Texas, is a leading local news and information publishing company with commercial printing, distribution and direct mail capabilities, as well as businesses with expertise in emerging media and digital marketing. With a continued focus on extending the Company’s media platform, A. H. Belo is able to deliver news and information in innovative ways to new audiences with diverse interests and lifestyles. | |
The Company publishes The Dallas Morning News (www.dallasnews.com), Texas’ leading newspaper and winner of nine Pulitzer Prizes; the Denton Record-Chronicle (www.dentonrc.com), a daily newspaper operating in Denton, Texas, and various niche publications targeting specific audiences. A. H. Belo offers digital marketing solutions through 508 Digital and Your Speakeasy, LLC and its investments include Classified Ventures, LLC, owner of cars.com, and Wanderful Media, LLC, owner of FindnSave.com. | |
Basis of Presentation. These condensed consolidated financial statements include the accounts of A. H. Belo and its subsidiaries and were prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with the Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete 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. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries were reflected in the consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Operating results for the three and six months ended June 30, 2014, may not be necessarily indicative of the results that may be expected for the year ending December 31, 2014. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. | |
In July 2014, the Company entered into a definitive asset purchase agreement to dispose of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal, a daily newspaper in Providence, Rhode Island and the oldest continuously-published daily newspaper in the United States. 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 3 – Discontinued Operations, these dispositions meet 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 condensed consolidated financial statements and notes thereto reflect continuing operations of the Company unless otherwise noted. | |
New Accounting Standards. The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“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 implementation of this update did not have a material impact to the presentation of uncertain tax positions within the consolidated balance sheets. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this amendment, requirements for reporting discontinued operations have changed. Discontinued operations may include disposals of a business, nonprofit activity and component of an entity upon meeting certain other criteria. Disposals representing components of an entity must reflect a strategic shift that has a major effect on the entity’s operations and financial results. Previous conditions prohibiting the entity from having significant continuing involvement in the disposal group and requiring the elimination of operations and cash flows from ongoing operations of the entity have been removed. The update is effective on a prospective basis for disposals that occur within annual periods beginning on or after December 15, 2014, and interim periods in those years. The Company has entered a definitive asset purchase agreement to dispose of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal, and this transaction is expected to close in the third quarter of 2014. The operations of The Providence Journal are presented as a discontinued operation under the current accounting standards. The Company does not anticipate the implementation of this update to impact the presentation of discontinued operations within its financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance generally clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for fiscal years and interim periods beginning after December 15, 2016, and interim periods in those years. The Company is evaluating the impact of adoption and has not yet selected a transition method, but does not anticipate this update to have a material impact on its recognition and presentation of revenues within the consolidated statements of operations. |
Assets_Held_for_sale
Assets Held for sale | 6 Months Ended |
Jun. 30, 2014 | |
Assets Held-for-sale, Long Lived [Abstract] | ' |
Assets Held for Sale, Policy | ' |
Assets Held for Sale | |
Assets held for sale include long-lived 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. As of June 30, 2014, the Company had entered into various agreements to sell certain buildings and land. These assets, with a total carrying value of $2,525, are reported as Assets held for sale as of June 30, 2014, as the related sales transactions have closed or are expected to close in the third quarter of 2014. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On July 22, 2014, The Providence Journal Company, a wholly-owned subsidiary of the Company, entered into an asset purchase agreement with LMG Rhode Island Holdings, Inc. (“LMG”), a subsidiary of New Media Investment Group Inc., for the (i) sale of substantially all of the assets comprising the newspaper operations of The Providence Journal and related real property located in Providence, Rhode Island, and (ii) assumption of certain liabilities by LMG, for $46,000 in cash (the “Purchase Price”). The Purchase Price is subject to adjustment either upward or downward based upon the net current assets being sold at the closing. The transaction is expected to close in the third quarter of 2014, subject to customary closing conditions including receipt of certain third-party consents. After selling and exit costs, the Company anticipates recording a pretax gain on this transaction between $11,000 and $14,000 in the third quarter of 2014. | ||||||||||||||||
Upon completion of the sale, the Company will continue to hold and market for sale certain land and buildings in Providence, Rhode Island, which currently serve as the administrative headquarters of The Providence Journal. The Company will also retain the obligation for the A. H. Belo Pension Plan II, which provides benefits to employees of The Providence Journal Company. | ||||||||||||||||
In the second through fourth quarters of 2013, the Company completed multiple transactions resulting in the disposition of The Press-Enterprise, including the sale of the newspaper operations, the production facility and related land, to Freedom Communications, Inc. (“Freedom Communications”) under a definitive asset purchase agreement. Upon completion of the divestiture, the Company no longer owns newspaper operations in Riverside, California. The disposition and the results of operations associated with The Press-Enterprise are reported as discontinued operations in the Company’s financial statements. | ||||||||||||||||
As a result of the above pending and completed transactions, the activity and balances of The Providence Journal and The Press-Enterprise as of June 30, 2014, are presented as discontinued operations. Major components of these amounts presented as discontinued operations in the condensed consolidated financial statements are set forth below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Revenue | $ | 22,318 | $ | 22,073 | $ | 43,512 | $ | 42,706 | ||||||||
Costs and expense | (20,172 | ) | (21,169 | ) | (40,389 | ) | (42,440 | ) | ||||||||
2,146 | 904 | 3,123 | 266 | |||||||||||||
The Press-Enterprise | ||||||||||||||||
Revenue | — | 13,317 | — | 25,849 | ||||||||||||
Costs and expense | — | (14,673 | ) | — | (29,404 | ) | ||||||||||
— | (1,356 | ) | — | (3,555 | ) | |||||||||||
Income (loss) from discontinued operations | 2,146 | (452 | ) | 3,123 | (3,289 | ) | ||||||||||
Gain (loss) related to the divestiture of discontinued operations | ||||||||||||||||
Gain (loss) on sale of The Press-Enterprise | 153 | — | (25 | ) | — | |||||||||||
153 | — | (25 | ) | — | ||||||||||||
Tax expense (benefit) from discontinued operations | ||||||||||||||||
The Providence Journal | 30 | (44 | ) | 46 | (97 | ) | ||||||||||
The Press-Enterprise | — | (19 | ) | — | (36 | ) | ||||||||||
30 | (63 | ) | 46 | (133 | ) | |||||||||||
Gain (loss) from discontinued operations | $ | 2,269 | $ | (389 | ) | $ | 3,052 | $ | (3,156 | ) | ||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Current assets | $ | 12,135 | $ | 13,343 | ||||||||||||
Property, plant and equipment, net | 21,573 | 22,249 | ||||||||||||||
Other assets | 2,950 | 5,491 | ||||||||||||||
Total | 36,658 | 41,083 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Current assets | — | 1,633 | ||||||||||||||
Total | — | 1,633 | ||||||||||||||
Total assets of discontinued operations | $ | 36,658 | $ | 42,716 | ||||||||||||
Liabilities of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Accrued expenses | $ | 5,152 | $ | 5,168 | ||||||||||||
Deferred revenue | 4,337 | 4,342 | ||||||||||||||
Total | 9,489 | 9,510 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Accrued expenses | — | 2,028 | ||||||||||||||
Total | — | 2,028 | ||||||||||||||
Total liabilities of discontinued operations | $ | 9,489 | $ | 11,538 | ||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Intangible Assets | ' | |||||||
Goodwill and Intangible Assets | ||||||||
The Company records goodwill and intangible assets from its previous acquisitions. The carrying value of goodwill was $24,582 as of June 30, 2014 and December 31, 2013. | ||||||||
As of June 30, 2014 and 2013, the carrying value of customer relationships amortized over an estimated useful life of three years, is set forth in the table below. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Gross intangible assets | $ | 735 | $ | 362 | ||||
Accumulated amortization | (181 | ) | (121 | ) | ||||
Net balance | $ | 554 | $ | 241 | ||||
Investments
Investments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 the consolidated statements of operations. Under the cost method, the Company records earnings or losses when such amounts are realized. The carrying value of equity method and cost method investments is set forth in the table below. | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Equity method investments | $ | 7,579 | $ | 6,401 | ||||||||||||
Cost method investments | 932 | 932 | ||||||||||||||
Total investments | $ | 8,511 | $ | 7,333 | ||||||||||||
Equity method investments. Investments recorded under the equity method of accounting include the following: | ||||||||||||||||
Classified Ventures, LLC – The Company owns 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 principal business operations of Classified Ventures is cars.com. | ||||||||||||||||
Wanderful Media, LLC – The Company owns a 13.0 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. | ||||||||||||||||
Net gains (losses) on equity method investments were $18,567 and $546 for the three months ended June 30, 2014 and 2013, respectively, and $18,159 and $1,095 for the six months ended June 30, 2014 and 2013, respectively. Gains in the three and six months ended June 30, 2014, included an $18,532 gain related to Classified Ventures’ sale of apartments.com, offset by a first quarter impairment charge of $934 related to the Company's investment in Wanderful Media. The Company determined that an other-than-temporary decline occurred in the value of the investment after evaluating the estimated fair value of the investee as determined by an independent valuation specialist. The Company attributes the impairment primarily to a decline in business related to Wanderful Media’s legacy products. The Company believes the carrying value of this investment as of June 30, 2014, is recoverable based on the investment’s future business prospects and an additional contribution of $1,909 was made in the second quarter of 2014. | ||||||||||||||||
Summarized financial information provided for equity method investments determined to be significant to the Company’s operations for the three and six months ended June 30, 2014 and 2013, is set forth in the table below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Classified Ventures | ||||||||||||||||
Revenue | $ | 115,233 | $ | 101,293 | $ | 227,935 | $ | 198,620 | ||||||||
Gross Profit | 103,483 | 91,966 | 203,775 | 180,198 | ||||||||||||
Net Income from Continuing Operations | 10,782 | 18,411 | 29,856 | 31,440 | ||||||||||||
Net Income | 574,774 | 26,773 | 600,337 | 50,837 | ||||||||||||
Wanderful Media | ||||||||||||||||
Revenue | $ | 1,208 | $ | 1,340 | $ | 2,349 | $ | 2,673 | ||||||||
Gross Profit | 975 | 1,094 | 1,885 | 2,129 | ||||||||||||
Net Loss | (2,284 | ) | (2,191 | ) | (4,791 | ) | (4,505 | ) |
Longterm_Incentive_Plans
Long-term Incentive Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, share-based Payments | ' | ||||||||||||||||
Long-term Incentive Plans | |||||||||||||||||
A. H. Belo sponsors a long-term incentive plan under which 8,000,000 common shares are authorized for equity based awards. Awards under the plan may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted shares, restricted stock units (“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. | |||||||||||||||||
Stock Options. 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, 2013 | 910,533 | $ | 15.29 | ||||||||||||||
Exercised | (151,312 | ) | 4.85 | ||||||||||||||
Canceled | (29,868 | ) | 26.34 | ||||||||||||||
Outstanding at June 30, 2014 | 729,353 | $ | 17 | ||||||||||||||
Vested and exercisable at June 30, 2014 | 729,353 | $ | 17 | ||||||||||||||
The vested and exercisable weighted average remaining contractual term of A. H. Belo stock options outstanding as of June 30, 2014, was 2.1 years. The expense associated with all outstanding options was fully recognized in prior years. | |||||||||||||||||
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 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 June 30, 2014, the liability for the portion of the award to be redeemed in cash was $1,957. 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, 2013 | 728,818 | $ | 5.59 | ||||||||||||||
Granted | 123,232 | 11.85 | |||||||||||||||
Vested | (342,274 | ) | 205,352 | 136,922 | $ | 1,450 | 6.07 | ||||||||||
Non-vested at June 30, 2014 | 509,776 | $ | 6.78 | ||||||||||||||
A. H. Belo recognizes compensation expense for RSUs issued to its employees and directors under its long-term incentive plan on a straight-line basis over the vesting period of the award, as set forth in the table below. | |||||||||||||||||
RSUs Redeemable in Stock | RSUs Redeemable in Cash | Total RSU Awards Expense | |||||||||||||||
Three months ended June 30, | |||||||||||||||||
2014 | $ | 105 | $ | 150 | $ | 255 | |||||||||||
2013 | 123 | 310 | 433 | ||||||||||||||
Six months ended June 30, | |||||||||||||||||
2014 | $ | 592 | $ | 1,333 | $ | 1,925 | |||||||||||
2013 | 803 | 1,004 | 1,807 | ||||||||||||||
Longterm_Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-term Debt | ' |
Long-term Debt | |
In January 2013, the Company voluntarily terminated its credit agreement as cash flows from operations were sufficient to meet liquidity requirements and the credit agreement had not been drawn upon since 2009. 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 during the six months ended June 30, 2013, as a result of the termination. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
Income taxes are recorded using the asset and liability method. The provision for taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete transactions which are reported in the period in which they occur. The estimated effective tax rate is re-evaluated each quarter based on the Company’s estimated tax expense for the year. | |
The Company recognized income tax expense from continuing operations of $1,428 and $500 for the three months ended June 30, 2014 and 2013, respectively, and $2,319 and $989 for the six months ended June 30, 2014 and 2013, respectively. Tax expense represents effective income tax rates from continuing operations of 6.8 percent percent and 24.9 percent, for the three months ended June 30, 2014 and 2013, respectively, and 13.5 percent and (35.1) percent for the six months ended June 30, 2014 and 2013, respectively. Tax expense for 2014 and 2013 was primarily attributable to state income tax expense and changes in the valuation allowance on deferred taxes. | |
The Company currently projects taxable income for the year ending December 31, 2014, for federal income tax purposes and in certain state income tax jurisdictions. The Company has net operating losses that can be carried forward to offset future taxable income. The Company’s net operating loss carryforwards begin to expire in 2016 if not utilized. |
Pension_and_Other_Retirement_P
Pension and Other Retirement Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Retirement Plans | ' | |||||||||||||||
Pension and Other Retirement Plans | ||||||||||||||||
Defined Benefit Plans. The Company sponsors two defined benefit pension plans, A. H. Belo Pension Plans I and II (collectively the “A. H. Belo Pension Plans”). 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. This pension obligation will be retained by the Company upon the sale of the newspaper operations of The Providence Journal. | ||||||||||||||||
The Company made required contributions of $2,186 and $1,940 during the three months ended June 30, 2014 and 2013, respectively, and $4,126 and $2,336 during the six months ended June 30, 2014 and 2013, respectively, to the A. H. Belo Pension Plans. In July 2014, the Company accelerated payment of its remaining 2014 required contributions and paid approximately $5,801. No further contributions are required in 2014, as the Company met minimum funding requirements for the year. | ||||||||||||||||
Net Periodic Pension Benefit | ||||||||||||||||
The Company estimates net periodic pension expense or benefit based on the expected return on plan assets, the interest on projected pension obligations and the amortization of actuarial gains and losses in accumulated other comprehensive loss, if required. The table below sets forth components of net periodic pension benefit. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 4,330 | $ | 3,999 | $ | 8,660 | $ | 7,998 | ||||||||
Expected return on plans' assets | (5,215 | ) | (4,891 | ) | (10,430 | ) | (9,782 | ) | ||||||||
Amortization of actuarial loss | — | 426 | — | 851 | ||||||||||||
Net periodic pension benefit | $ | (885 | ) | $ | (466 | ) | $ | (1,770 | ) | $ | (933 | ) | ||||
Defined Contribution Plans. The A. H. Belo Savings Plan (“Savings Plan”), a defined contribution 401(k) plan, covers substantially all employees of A. H. Belo. 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. During the three months ended June 30, 2014 and 2013, the Company recorded expense of $268 and $258, respectively, and during the six months ended June 30, 2014 and 2013, the Company recorded expense of $521 and $515, respectively, for matching contributions to this plan. | ||||||||||||||||
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. Contributions of $1,090 paid in the second quarter of 2013 represent benefits accrued through March 31, 2013. The Company made contributions of $2,826 in the six months ended June 30, 2013. No further obligations exist under this Plan. 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 in 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 | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||||||
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 Company records amortization of accumulated other comprehensive loss in employee compensation and benefits in its consolidated statements of operations. Gains and losses associated with the A. H. Belo Pension Plans are amortized over the weighted average remaining life expectancy of the participants. Gains and losses associated with the Company’s other post-employment benefit plans are amortized over the average remaining service period of active plan participants. The net deferred tax assets associated with accumulated other comprehensive loss are fully reserved. | ||||||||||||||||||||||||
In 2014, the Company did not amortize actuarial losses in accumulated other comprehensive loss associated with the Company’s pension plans as the balance of these losses as of December 31, 2013, no longer fell outside the corridor requiring amortization. The tables below set forth the changes in accumulated other comprehensive loss, net of taxes. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (15,266 | ) | $ | (16,059 | ) | $ | 793 | $ | (73,287 | ) | $ | (74,507 | ) | $ | 1,220 | ||||||||
Amortization | (174 | ) | — | (174 | ) | 246 | 426 | (180 | ) | |||||||||||||||
Balance, end of period | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (15,093 | ) | $ | (16,059 | ) | $ | 966 | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | ||||||||
Amortization | (347 | ) | — | (347 | ) | 491 | 851 | (360 | ) | |||||||||||||||
Balance, end of period | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Dividends. During the three months ended June 30, 2014 and 2013, the Company recorded and paid dividends of $35,624 and $1,368, respectively. During the six months ended June 30, 2014 and 2013 , the Company recorded and paid dividends of $37,429 and $2,735, respectively. Dividends paid in the three and six months ended June 30, 2014, include a special dividend of $1.50 per share totaling $33,819. | ||||||||||||||||||||||||
On May 15, 2014, the Company announced a quarterly dividend of $0.08 per share to shareholders of record and holders of RSUs as of the close of business on August 15, 2014, payable on September 5, 2014. | ||||||||||||||||||||||||
Treasury Stock. The Company’s board of directors has authorized a share repurchase program for 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. During the three months ended June 30, 2014 and 2013, the Company purchased 124,857 and 121,982 shares of Series A common stock for $1,443 and $767, respectively. During the six months ended June 30, 2014 and 2013, the Company purchased 200,085 and 234,031 shares of the Company's Series A common stock for $2,118 and $1,364, respectively. All purchases were made through open market transactions and were recorded as treasury stock. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The table below sets forth the reconciliations for net loss and weighted average shares used for calculating basic and diluted earnings per share. The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (numerator) | ||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 21,980 | $ | 1,181 | $ | 17,943 | $ | (6,841 | ) | |||||||
Less: Income (loss) from discontinued operations, net | 2,269 | (389 | ) | 3,052 | (3,156 | ) | ||||||||||
Less: Income to participating securities | 811 | 44 | 869 | 93 | ||||||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 18,900 | $ | 1,526 | $ | 14,022 | $ | (3,778 | ) | |||||||
Shares (denominator) | ||||||||||||||||
Weighted average common shares outstanding (basic) | 22,014,125 | 22,041,414 | 21,946,256 | 22,037,132 | ||||||||||||
Effect of dilutive securities | 107,570 | 93,748 | 118,083 | — | ||||||||||||
Adjusted weighted average shares outstanding (diluted) | 22,121,695 | 22,135,162 | 22,064,339 | 22,037,132 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic | $ | 0.86 | $ | 0.07 | $ | 0.64 | $ | (0.17 | ) | |||||||
Diluted | $ | 0.85 | $ | 0.07 | $ | 0.64 | $ | (0.17 | ) | |||||||
The Company considers outstanding stock options and RSUs in the calculation of its earnings per share. A total of 995,709 options and RSUs outstanding during the three and six months ended June 30, 2014, and 1,731,290 and 1,902,642 options and RSUs outstanding during the three and six months ended June 30, 2013, respectively, were excluded from the calculation because either they did not affect the earnings per share for common shareholders or the effect was anti-dilutive. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
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. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
As discussed in Note 3 – Discontinued Operations, in July 2014, the Company entered into a definitive asset purchase agreement to sell substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal. As a result of this pending transaction, the results of operations associated with The Providence Journal are reported as discontinued operations in the Company’s financial statements. | |
In July 2014, the Company sold its last remaining real estate in Riverside, California, comprised of land and a building that formerly served as a commercial printing operation. Net sales proceeds of $1,607 were received in the third quarter of 2014, upon the closing of the transaction, generating a gain of approximately $250. | |
In June 2014, the Company settled a lawsuit regarding a dispute over commercial printing related to its former printing operation in southern California. Under the settlement agreement, the Company will receive two cash payments totaling $500, of which the first payment of $250 was received in July 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation, Policy | ' |
These condensed consolidated financial statements include the accounts of A. H. Belo and its subsidiaries and were prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with the Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete 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. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries were reflected in the consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Operating results for the three and six months ended June 30, 2014, may not be necessarily indicative of the results that may be expected for the year ending December 31, 2014. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. | |
In July 2014, the Company entered into a definitive asset purchase agreement to dispose of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal, a daily newspaper in Providence, Rhode Island and the oldest continuously-published daily newspaper in the United States. 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 3 – Discontinued Operations, these dispositions meet 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 condensed consolidated financial statements and notes thereto reflect continuing operations of the Company unless otherwise noted. | |
New Accounting Pronouncements, Policy | ' |
The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“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 implementation of this update did not have a material impact to the presentation of uncertain tax positions within the consolidated balance sheets. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this amendment, requirements for reporting discontinued operations have changed. Discontinued operations may include disposals of a business, nonprofit activity and component of an entity upon meeting certain other criteria. Disposals representing components of an entity must reflect a strategic shift that has a major effect on the entity’s operations and financial results. Previous conditions prohibiting the entity from having significant continuing involvement in the disposal group and requiring the elimination of operations and cash flows from ongoing operations of the entity have been removed. The update is effective on a prospective basis for disposals that occur within annual periods beginning on or after December 15, 2014, and interim periods in those years. The Company has entered a definitive asset purchase agreement to dispose of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal, and this transaction is expected to close in the third quarter of 2014. The operations of The Providence Journal are presented as a discontinued operation under the current accounting standards. The Company does not anticipate the implementation of this update to impact the presentation of discontinued operations within its financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This guidance generally clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for fiscal years and interim periods beginning after December 15, 2016, and interim periods in those years. The Company is evaluating the impact of adoption and has not yet selected a transition method, but does not anticipate this update to have a material impact on its recognition and presentation of revenues within the consolidated statements of operations. | |
Assets Held-for-sale, Policy | ' |
Assets held for sale include long-lived 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. | |
Investment, Policy | ' |
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 the consolidated statements of operations. Under the cost method, the Company records earnings or losses when such amounts are realized. | |
Income Tax, Policy | ' |
Income taxes are recorded using the asset and liability method. The provision for taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete transactions which are reported in the period in which they occur. The estimated effective tax rate is re-evaluated each quarter based on the Company’s estimated tax expense for the year. | |
Pension and Other Postretirement Plans, Policy | ' |
The Company estimates net periodic pension expense or benefit based on the expected return on plan assets, the interest on projected pension obligations and the amortization of actuarial gains and losses in accumulated other comprehensive loss, if required. | |
Stockholders' Equity, Policy | ' |
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 Company records amortization of accumulated other comprehensive loss in employee compensation and benefits in its consolidated statements of operations. Gains and losses associated with the A. H. Belo Pension Plans are amortized over the weighted average remaining life expectancy of the participants. Gains and losses associated with the Company’s other post-employment benefit plans are amortized over the average remaining service period of active plan participants. The net deferred tax assets associated with accumulated other comprehensive loss are fully reserved. |
Discontinued_Operations_Financ
Discontinued Operations (Financial Statements of Discontinued Operations) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
Major components of these amounts presented as discontinued operations in the condensed consolidated financial statements are set forth below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Revenue | $ | 22,318 | $ | 22,073 | $ | 43,512 | $ | 42,706 | ||||||||
Costs and expense | (20,172 | ) | (21,169 | ) | (40,389 | ) | (42,440 | ) | ||||||||
2,146 | 904 | 3,123 | 266 | |||||||||||||
The Press-Enterprise | ||||||||||||||||
Revenue | — | 13,317 | — | 25,849 | ||||||||||||
Costs and expense | — | (14,673 | ) | — | (29,404 | ) | ||||||||||
— | (1,356 | ) | — | (3,555 | ) | |||||||||||
Income (loss) from discontinued operations | 2,146 | (452 | ) | 3,123 | (3,289 | ) | ||||||||||
Gain (loss) related to the divestiture of discontinued operations | ||||||||||||||||
Gain (loss) on sale of The Press-Enterprise | 153 | — | (25 | ) | — | |||||||||||
153 | — | (25 | ) | — | ||||||||||||
Tax expense (benefit) from discontinued operations | ||||||||||||||||
The Providence Journal | 30 | (44 | ) | 46 | (97 | ) | ||||||||||
The Press-Enterprise | — | (19 | ) | — | (36 | ) | ||||||||||
30 | (63 | ) | 46 | (133 | ) | |||||||||||
Gain (loss) from discontinued operations | $ | 2,269 | $ | (389 | ) | $ | 3,052 | $ | (3,156 | ) | ||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Current assets | $ | 12,135 | $ | 13,343 | ||||||||||||
Property, plant and equipment, net | 21,573 | 22,249 | ||||||||||||||
Other assets | 2,950 | 5,491 | ||||||||||||||
Total | 36,658 | 41,083 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Current assets | — | 1,633 | ||||||||||||||
Total | — | 1,633 | ||||||||||||||
Total assets of discontinued operations | $ | 36,658 | $ | 42,716 | ||||||||||||
Liabilities of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Accrued expenses | $ | 5,152 | $ | 5,168 | ||||||||||||
Deferred revenue | 4,337 | 4,342 | ||||||||||||||
Total | 9,489 | 9,510 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Accrued expenses | — | 2,028 | ||||||||||||||
Total | — | 2,028 | ||||||||||||||
Total liabilities of discontinued operations | $ | 9,489 | $ | 11,538 | ||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Company's Identifiable Intangible Assets | ' | |||||||
As of June 30, 2014 and 2013, the carrying value of customer relationships amortized over an estimated useful life of three years, is set forth in the table below. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Gross intangible assets | $ | 735 | $ | 362 | ||||
Accumulated amortization | (181 | ) | (121 | ) | ||||
Net balance | $ | 554 | $ | 241 | ||||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Company's investments | ' | |||||||||||||||
The carrying value of equity method and cost method investments is set forth in the table below. | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Equity method investments | $ | 7,579 | $ | 6,401 | ||||||||||||
Cost method investments | 932 | 932 | ||||||||||||||
Total investments | $ | 8,511 | $ | 7,333 | ||||||||||||
Equity Method Investment Summarized Financial Information | ' | |||||||||||||||
Summarized financial information provided for equity method investments determined to be significant to the Company’s operations for the three and six months ended June 30, 2014 and 2013, is set forth in the table below. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Classified Ventures | ||||||||||||||||
Revenue | $ | 115,233 | $ | 101,293 | $ | 227,935 | $ | 198,620 | ||||||||
Gross Profit | 103,483 | 91,966 | 203,775 | 180,198 | ||||||||||||
Net Income from Continuing Operations | 10,782 | 18,411 | 29,856 | 31,440 | ||||||||||||
Net Income | 574,774 | 26,773 | 600,337 | 50,837 | ||||||||||||
Wanderful Media | ||||||||||||||||
Revenue | $ | 1,208 | $ | 1,340 | $ | 2,349 | $ | 2,673 | ||||||||
Gross Profit | 975 | 1,094 | 1,885 | 2,129 | ||||||||||||
Net Loss | (2,284 | ) | (2,191 | ) | (4,791 | ) | (4,505 | ) |
Longterm_Incentive_Plans_Table
Long-term Incentive Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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, 2013 | 910,533 | $ | 15.29 | ||||||||||||||
Exercised | (151,312 | ) | 4.85 | ||||||||||||||
Canceled | (29,868 | ) | 26.34 | ||||||||||||||
Outstanding at June 30, 2014 | 729,353 | $ | 17 | ||||||||||||||
Vested and exercisable at June 30, 2014 | 729,353 | $ | 17 | ||||||||||||||
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, 2013 | 728,818 | $ | 5.59 | ||||||||||||||
Granted | 123,232 | 11.85 | |||||||||||||||
Vested | (342,274 | ) | 205,352 | 136,922 | $ | 1,450 | 6.07 | ||||||||||
Non-vested at June 30, 2014 | 509,776 | $ | 6.78 | ||||||||||||||
Compensation expense related to RSU awards | ' | ||||||||||||||||
A. H. Belo recognizes compensation expense for RSUs issued to its employees and directors under its long-term incentive plan on a straight-line basis over the vesting period of the award, as set forth in the table below. | |||||||||||||||||
RSUs Redeemable in Stock | RSUs Redeemable in Cash | Total RSU Awards Expense | |||||||||||||||
Three months ended June 30, | |||||||||||||||||
2014 | $ | 105 | $ | 150 | $ | 255 | |||||||||||
2013 | 123 | 310 | 433 | ||||||||||||||
Six months ended June 30, | |||||||||||||||||
2014 | $ | 592 | $ | 1,333 | $ | 1,925 | |||||||||||
2013 | 803 | 1,004 | 1,807 | ||||||||||||||
Pension_and_Other_Retirement_P1
Pension and Other Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Net periodic pension expense (benefit) | ' | |||||||||||||||
The table below sets forth components of net periodic pension benefit. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 4,330 | $ | 3,999 | $ | 8,660 | $ | 7,998 | ||||||||
Expected return on plans' assets | (5,215 | ) | (4,891 | ) | (10,430 | ) | (9,782 | ) | ||||||||
Amortization of actuarial loss | — | 426 | — | 851 | ||||||||||||
Net periodic pension benefit | $ | (885 | ) | $ | (466 | ) | $ | (1,770 | ) | $ | (933 | ) |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Changes in accumulated other comprehensive loss | ' | |||||||||||||||||||||||
The tables below set forth the changes in accumulated other comprehensive loss, net of taxes. | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (15,266 | ) | $ | (16,059 | ) | $ | 793 | $ | (73,287 | ) | $ | (74,507 | ) | $ | 1,220 | ||||||||
Amortization | (174 | ) | — | (174 | ) | 246 | 426 | (180 | ) | |||||||||||||||
Balance, end of period | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Defined benefit pension plans | Other post-employment benefit plans | Total | Defined benefit pension plans | Other post-employment benefit plans | |||||||||||||||||||
Balance, beginning of period | $ | (15,093 | ) | $ | (16,059 | ) | $ | 966 | $ | (73,532 | ) | $ | (74,932 | ) | $ | 1,400 | ||||||||
Amortization | (347 | ) | — | (347 | ) | 491 | 851 | (360 | ) | |||||||||||||||
Balance, end of period | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 loss and weighted average shares used for calculating basic and diluted earnings per share. The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (numerator) | ||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 21,980 | $ | 1,181 | $ | 17,943 | $ | (6,841 | ) | |||||||
Less: Income (loss) from discontinued operations, net | 2,269 | (389 | ) | 3,052 | (3,156 | ) | ||||||||||
Less: Income to participating securities | 811 | 44 | 869 | 93 | ||||||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 18,900 | $ | 1,526 | $ | 14,022 | $ | (3,778 | ) | |||||||
Shares (denominator) | ||||||||||||||||
Weighted average common shares outstanding (basic) | 22,014,125 | 22,041,414 | 21,946,256 | 22,037,132 | ||||||||||||
Effect of dilutive securities | 107,570 | 93,748 | 118,083 | — | ||||||||||||
Adjusted weighted average shares outstanding (diluted) | 22,121,695 | 22,135,162 | 22,064,339 | 22,037,132 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic | $ | 0.86 | $ | 0.07 | $ | 0.64 | $ | (0.17 | ) | |||||||
Diluted | $ | 0.85 | $ | 0.07 | $ | 0.64 | $ | (0.17 | ) | |||||||
Assets_Held_for_Sale_Narrative
Assets Held for Sale (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Held-for-sale, Long Lived [Abstract] | ' | ' |
Assets held for sale | $2,525 | $0 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Providence Journal, USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 22, 2014 |
Minimum | Maximum | Newspaper Sale | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Anticipated Proceeds from Divestiture of Businesses | ' | ' | $46,000 |
Anticipated Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $11,000 | $14,000 | ' |
Discontinued_Operations_Dispos
Discontinued Operations (Disposal Groups) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations | $2,146 | ($452) | $3,123 | ($3,289) | ' |
Gain (loss) related to the divestiture of discontinued operations, net | 153 | 0 | -25 | 0 | ' |
Tax expense (benefit) from discontinued operations | 30 | -63 | 46 | -133 | ' |
Less: Income (loss) from discontinued operations, net | 2,269 | -389 | 3,052 | -3,156 | ' |
Assets of discontinued operations | 36,658 | ' | 36,658 | ' | 42,716 |
Liabilities of discontinued operations | 9,489 | ' | 9,489 | ' | 11,538 |
Providence Journal | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Revenue | 22,318 | 22,073 | 43,512 | 42,706 | ' |
Costs and expense | -20,172 | -21,169 | -40,389 | -42,440 | ' |
Income (loss) from discontinued operations | 2,146 | 904 | 3,123 | 266 | ' |
Tax expense (benefit) from discontinued operations | 30 | -44 | 46 | -97 | ' |
Current assets | 12,135 | ' | 12,135 | ' | 13,343 |
Property, plant, and equipment, net | 21,573 | ' | 21,573 | ' | 22,249 |
Other assets | 2,950 | ' | 2,950 | ' | 5,491 |
Assets of discontinued operations | 36,658 | ' | 36,658 | ' | 41,083 |
Accrued expenses | 5,152 | ' | 5,152 | ' | 5,168 |
Deferred revenue | 4,337 | ' | 4,337 | ' | 4,342 |
Liabilities of discontinued operations | 9,489 | ' | 9,489 | ' | 9,510 |
Press Enterprise [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 13,317 | 0 | 25,849 | ' |
Costs and expense | 0 | -14,673 | 0 | -29,404 | ' |
Income (loss) from discontinued operations | 0 | -1,356 | 0 | -3,555 | ' |
Gain (loss) related to the divestiture of discontinued operations, net | 153 | 0 | -25 | 0 | ' |
Tax expense (benefit) from discontinued operations | 0 | -19 | 0 | -36 | ' |
Current assets | 0 | ' | 0 | ' | 1,633 |
Assets of discontinued operations | 0 | ' | 0 | ' | 1,633 |
Accrued expenses | 0 | ' | 0 | ' | 2,028 |
Liabilities of discontinued operations | $0 | ' | $0 | ' | $2,028 |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles (Schedule of identifiable intangible assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Gross intangible assets | $735 | $362 |
Accumulated amortization | -181 | -121 |
Net balance | $554 | $241 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Carrying value of goodwill | $24,582 | $24,582 |
Customer Relationships, Useful Life | '3 years | ' |
Investments_Schedule_of_invest
Investments (Schedule of investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Equity method investments | $7,579 | $6,401 |
Cost method investments | 932 | 932 |
Total investments | $8,511 | $7,333 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments | ' | ' | ' | ' |
Gains (losses) on equity method investments | $18,567 | $546 | $18,159 | $1,095 |
Payments to Acquire Other Investments | ' | ' | 2,098 | 1,377 |
Classified Ventures | ' | ' | ' | ' |
Investments | ' | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | 3.30% | ' | 3.30% | ' |
Gains (losses) on equity method investments | ' | ' | 18,532 | ' |
Wanderful | ' | ' | ' | ' |
Investments | ' | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | 13.00% | ' | 13.00% | ' |
Impairment charge | 0 | ' | 934 | ' |
Payments to Acquire Other Investments | $0 | ' | $1,909 | ' |
Equity_Method_Investments_Sche
Equity Method Investments (Schedule of summarized financial information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Classified Ventures | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $115,233 | $101,293 | $227,935 | $198,620 |
Equity Method Investment Summarized Financial Information, Gross Profit | 103,483 | 91,966 | 203,775 | 180,198 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 10,782 | 18,411 | 29,856 | 31,440 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 574,774 | 26,773 | 600,337 | 50,837 |
Wanderful | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | 1,208 | 1,340 | 2,349 | 2,673 |
Equity Method Investment Summarized Financial Information, Gross Profit | 975 | 1,094 | 1,885 | 2,129 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | ($2,284) | ($2,191) | ($4,791) | ($4,505) |
Longterm_Incentive_Plans_Sched
Long-term Incentive Plans (Schedule of stock option activity) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Stock option activity rollforward | ' |
Outstanding at December 31, 2013 | 910,533 |
Exercised | -151,312 |
Canceled | -29,868 |
Outstanding at June 30, 2014 | 729,353 |
Vested and exercisable at June 30, 2014 | 729,353 |
Weighted-Average Exercise Price | ' |
Beginning balance - Weighted average price | $15.29 |
Exercised | $4.85 |
Canceled | $26.34 |
Ending Balance - Weighted average price | $17 |
Weighted average price - Vested and exercisable at June 30, 2014 | $17 |
Longterm_Incentive_Plans_Sched1
Long-term Incentive Plans (Schedule of RSU activity) (Details) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
RSU non-vested rollforward | ' |
Non-vested at December 31, 2013 | 728,818 |
Granted | 123,232 |
Vested | -342,274 |
Non-vested at June 30, 2014 | 509,776 |
Weighted- Average Price on Date of Grant | ' |
Beginning balance - Weighted average price | $5.59 |
Granted | $11.85 |
Vested | $6.07 |
Ending balance - Weighted average price | $6.78 |
Vested RSUs redeemed for stock, cash, and related payments | ' |
Issuance of Common Stock | 205,352 |
RSUs Redeemed in Cash | 136,922 |
Cash Payments at Closing Price of Stock | $1,450 |
Longterm_Incentive_Plans_Sched2
Long-term Incentive Plans (Schedule of compensation expense for RSUs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | $255 | $433 | $1,925 | $1,807 |
RSUs - Redeemed in Stock | ' | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | 105 | 123 | 592 | 803 |
RSUs - Redeemed in Cash | ' | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | $150 | $310 | $1,333 | $1,004 |
Longterm_Incentive_Plans_Narra
Long-term Incentive Plans (Narrative) (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Feb. 08, 2008 |
Stock Options | ' | ' |
Common shares authorized for equity awards | ' | 8,000,000 |
Vested and exercisable weighted average remaining contractual term | '2 years 1 month 4 days | ' |
RSUs - Redeemed in Stock | ' | ' |
RSUs | ' | ' |
Percentage of redemption of RSUs in common stock | 60.00% | ' |
RSUs - Redeemed in Cash | ' | ' |
RSUs | ' | ' |
Percentage of redemption of RSUs in cash | 40.00% | ' |
Liability for the cash portion of redemption | 1,957 | ' |
Maximum | RSUs - Redeemed in Stock | ' | ' |
RSUs | ' | ' |
RSUs - vesting period | '3 years | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (Revolving Credit Facility, USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Revolving Credit Facility | ' | ' |
Line of Credit | ' | ' |
Debt issuance costs amortized in current period | ' | $401 |
Income_Taxes_Supplemental_Info
Income Taxes Supplemental Information (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $1,428 | $500 | $2,319 | $989 |
Effective Income Tax Rate, Continuing Operations | 6.80% | 24.90% | 13.50% | -35.10% |
Tax Credit Carryforward, Expiration Date | ' | ' | 31-Dec-16 | ' |
Pension_and_Other_Retirement_P2
Pension and Other Retirement Plans (Schedule of net periodic pension benefit) (Details) (A. H. Belo Pension Plans, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
A. H. Belo Pension Plans | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Interest cost | $4,330 | $3,999 | $8,660 | $7,998 |
Expected return on plans' assets | -5,215 | -4,891 | -10,430 | -9,782 |
Amortization of net actuarial gains (losses) | 0 | 426 | 0 | 851 |
Net periodic pension benefit | ($885) | ($466) | ($1,770) | ($933) |
Pension_and_Other_Retirement_P3
Pension and Other Retirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 29, 2014 |
401(K) Plan | 401(K) Plan | 401(K) Plan | 401(K) Plan | Pension Transition Supplement Plan | Pension Transition Supplement Plan | Pension Transition Supplement Plan | Pension Transition Supplement Plan | A. H. Belo Pension Plans | A. H. Belo Pension Plans | A. H. Belo Pension Plans | A. H. Belo Pension Plans | Accelerated Contributions | |
A. H. Belo Pension Plans | |||||||||||||
Defined Benefit Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Contributions by Employer | ' | ' | ' | ' | ' | ' | ' | ' | $2,186 | $1,940 | $4,126 | $2,336 | $5,801 |
Expected remaining pension plan contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Defined Contribution Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer Matching Contribution, Percent | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense Recognized | 268 | 258 | 521 | 515 | 0 | 0 | 0 | 598 | ' | ' | ' | ' | ' |
Employer Discretionary Contribution Amount | ' | ' | ' | ' | $0 | $1,090 | $0 | $2,826 | ' | ' | ' | ' | ' |
Maximum period of supplemental contributions to the PTS plan | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of accumulated other comprehensive loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | ($15,266) | ($73,287) | ($15,093) | ($73,532) |
Amortization of net actuarial (losses) gains | -174 | 246 | -347 | 491 |
Balance, end of period | -15,440 | -73,041 | -15,440 | -73,041 |
A. H. Belo Pension Plans | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | -16,059 | -74,507 | -16,059 | -74,932 |
Amortization of net actuarial (losses) gains | 0 | 426 | 0 | 851 |
Balance, end of period | -16,059 | -74,081 | -16,059 | -74,081 |
Other Post-Employment Benefit Plans | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | 793 | 1,220 | 966 | 1,400 |
Amortization of net actuarial (losses) gains | -174 | -180 | -347 | -360 |
Balance, end of period | $619 | $1,040 | $619 | $1,040 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Dividends [Abstract] | ' | ' | ' | ' |
Payments of dividends | $35,624 | $1,368 | $37,429 | $2,735 |
Treasury stock purchases | ' | ' | 2,118 | 1,364 |
SpecialDividendDeclaredMay15,2014 | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Payments of dividends | ' | ' | 33,819 | ' |
Common Stock, Dividends, Per Share, Declared | ' | ' | $1.50 | ' |
DividendDeclaredMay15,2014 | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Dividends payable, date declared | 15-May-14 | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.08 | ' | ' | ' |
Dividends payable, date of record | 15-Aug-14 | ' | ' | ' |
Dividends payable, date to be paid | 5-Sep-14 | ' | ' | ' |
Treasury Stock | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Number of shares authorized to be repurchased | 1,500,000 | ' | 1,500,000 | ' |
Treasury stock purchases | ' | ' | 2,118 | 1,364 |
Treasury Stock | Series A: Common stock | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Treasury stock, acquired shares | 124,857 | 121,982 | 200,085 | 234,031 |
Treasury stock purchases | $1,443 | $767 | $2,118 | $1,364 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings (numerator) | ' | ' | ' | ' |
Net income (loss) attributable to A. H. Belo Corporation | $21,980 | $1,181 | $17,943 | ($6,841) |
Less: Income (loss) from discontinued operations, net | 2,269 | -389 | 3,052 | -3,156 |
Less: Income to participating securities | 811 | 44 | 869 | 93 |
Net income (loss) available to common shareholders from continuing operations | $18,900 | $1,526 | $14,022 | ($3,778) |
Shares (denominator) | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 22,014,125 | 22,041,414 | 21,946,256 | 22,037,132 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 107,570 | 93,748 | 118,083 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 22,121,695 | 22,135,162 | 22,064,339 | 22,037,132 |
Earnings (loss) per share from continuing operations | ' | ' | ' | ' |
Earnings (loss) per share from continuing operations, basic (in dollars per share) | $0.86 | $0.07 | $0.64 | ($0.17) |
Earnings (loss) per share from continuing operations, diluted (in dollars per share) | $0.85 | $0.07 | $0.64 | ($0.17) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 995,709 | 1,731,290 | 995,709 | 1,902,642 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Jul. 29, 2014 |
Building Sale | ' |
Subsequent Event [Line Items] | ' |
Proceeds from Sale of Property, Plant, and Equipment | $1,607 |
Expected Gain (Loss) on Disposition of Property, Plant, and Equipment | 250 |
Legal Settlement | ' |
Subsequent Event [Line Items] | ' |
Gain Contingency, Unrecorded Amount | 500 |
Proceeds from Legal Settlements | $250 |