Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Entity Registrant Name | 'A. H. Belo Corp | ' |
Entity Central Index Key | '0001413898 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 21,872,537 |
Series A: Common stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 19,484,300 |
Series B: Common stock | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 2,388,237 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Operating Revenue | ' | ' | ' | ' |
Advertising and marketing services | $36,941 | $40,402 | $114,918 | $122,288 |
Circulation | 21,219 | 21,787 | 63,458 | 64,024 |
Printing and distribution | 7,763 | 5,284 | 21,200 | 16,390 |
Total net operating revenue | 65,923 | 67,473 | 199,576 | 202,702 |
Operating Costs and Expense | ' | ' | ' | ' |
Employee compensation and benefits | 24,265 | 27,070 | 78,151 | 83,608 |
Other production, distribution and operating costs | 29,846 | 28,511 | 87,930 | 85,640 |
Newsprint, ink and other supplies | 7,910 | 8,370 | 24,012 | 25,484 |
Depreciation | 3,341 | 3,661 | 10,099 | 11,504 |
Amortization | 61 | 29 | 121 | 89 |
Total operating costs and expense | 65,423 | 67,641 | 200,313 | 206,325 |
Income (loss) from operations | 500 | -168 | -737 | -3,623 |
Other Income (Expense), Net | ' | ' | ' | ' |
Gains (losses) on equity method investments, net | -953 | 723 | 17,206 | 1,818 |
Interest income (expense) | 0 | 108 | 0 | -311 |
Other income, net | 3,878 | 152 | 4,136 | 116 |
Total other income, net | 2,925 | 983 | 21,342 | 1,623 |
Income (Loss) from Continuing Operations Before Income Taxes | 3,425 | 815 | 20,605 | -2,000 |
Income tax provision | 1,156 | 384 | 3,475 | 1,373 |
Income (Loss) from Continuing Operations | 2,269 | 431 | 17,130 | -3,373 |
Income (loss) from discontinued operations | 643 | 87 | 3,766 | -3,202 |
Gain related to the divestiture of discontinued operations, net | 17,134 | 4,746 | 17,109 | 4,746 |
Tax expense (benefit) from discontinued operations | 1,652 | -5 | 1,698 | -138 |
Gain from Discontinued Operations, Net | 16,125 | 4,838 | 19,177 | 1,682 |
Net Income (Loss) | 18,394 | 5,269 | 36,307 | -1,691 |
Net loss attributable to noncontrolling interests | -50 | -52 | -80 | -171 |
Net Income (Loss) Attributable to A. H. Belo Corporation | $18,444 | $5,321 | $36,387 | ($1,520) |
Per Share Basis, Basic and Diluted | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $0.10 | $0.02 | $0.74 | ($0.15) |
Income from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0.74 | $0.22 | $0.87 | $0.07 |
Earnings (Loss) Per Share, Basic and Diluted | $0.84 | $0.24 | $1.61 | ($0.08) |
Weighted average shares outstanding | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 21,890,754 | 21,943,876 | 21,927,920 | 22,005,705 |
Weighted Average Number of Shares Outstanding, Diluted | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Diluted | 21,991,716 | 22,069,511 | 22,039,248 | 22,005,705 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income (Loss) | $18,394 | $5,269 | $36,307 | ($1,691) |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' | ' |
Amortization of net actuarial (losses) gains | -173 | 245 | -520 | 736 |
Total other comprehensive (loss) income | -173 | 245 | -520 | 736 |
Comprehensive Income (Loss) | 18,221 | 5,514 | 35,787 | -955 |
Comprehensive loss attributable to noncontrolling interests | -50 | -52 | -80 | -171 |
Total Comprehensive Income (Loss) Attributable to A. H. Belo Corporation | $18,271 | $5,566 | $35,867 | ($784) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $108,063 | $82,193 |
Accounts receivable (net of allowance of $1,303 and $1,055 at September 30, 2014 and December 31, 2013, respectively) | 25,095 | 32,270 |
Inventories | 6,971 | 5,567 |
Prepaids and other current assets | 8,233 | 5,618 |
Deferred income taxes, net | 0 | 61 |
Assets of discontinued operations | 875 | 42,716 |
Total current assets | 149,237 | 168,425 |
Property, plant and equipment, at cost: | ' | ' |
Property, plant and equipment, at cost | 474,406 | 488,998 |
Less accumulated depreciation | -407,581 | -414,135 |
Property, plant and equipment, net | 66,825 | 74,863 |
Goodwill | 24,582 | 24,582 |
Intangible assets, net | 733 | 241 |
Investments | 6,821 | 7,333 |
Deferred income taxes, net | 602 | 538 |
Other assets | 4,083 | 3,236 |
Total assets | 252,883 | 279,218 |
Current liabilities: | ' | ' |
Accounts payable | 11,929 | 13,717 |
Accrued compensation and benefits | 11,221 | 9,816 |
Advance subscription payments | 14,416 | 14,842 |
Other Accrued Liabilities, Current | 5,614 | 4,459 |
Deferred Tax Liabilities, Net, Current | 137 | 0 |
Liabilities of discontinued operations | 995 | 11,538 |
Total current liabilities | 44,312 | 54,372 |
Long-term pension liabilities | 37,500 | 50,082 |
Other post-employment benefits | 2,640 | 2,730 |
Other liabilities | 3,913 | 3,258 |
Shareholders’ equity: | ' | ' |
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | 0 | 0 |
Treasury stock, Series A, at cost; 821,449 and 495,200 shares held at September 30, 2014 and December 31, 2013, respectively | -6,655 | -3,113 |
Additional paid-in capital | 499,168 | 496,682 |
Accumulated other comprehensive loss | -15,613 | -15,093 |
Accumulated deficit | -312,937 | -310,099 |
Total shareholders’ equity attributable to A. H. Belo Corporation | 164,190 | 168,600 |
Noncontrolling interests | 328 | 176 |
Total shareholders’ equity | 164,518 | 168,776 |
Total liabilities and shareholders’ equity | 252,883 | 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | 1,303 | 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 | 20,329,177 | 19,931,599 |
Common Stock | Series B: Common stock | ' | ' |
Common stock, shares issued | 2,388,291 | 2,397,155 |
Treasury Stock | ' | ' |
Treasury Stock, Number of Shares Held | 821,449 | 495,200 |
Treasury Stock | Series A: Common stock | ' | ' |
Treasury Stock, Number of Shares Held | 821,449 | 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 ($) | USD ($) |
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 | ' | ' | ' | ' | ' | ' |
Beginning Balance, Shares, Treasury Stock at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | -74,130 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -1,691 | ' | ' | ' | ' | ' | ' | ' | -1,520 | -171 |
Other comprehensive income (loss) | 736 | ' | ' | ' | ' | ' | ' | 736 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 195 | ' | ' | ' | ' | ' | ' | ' | ' | 195 |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | -358,153 | ' | ' | ' |
Treasury stock purchases | -2,286 | ' | ' | ' | ' | -2,286 | ' | ' | ' | ' |
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 | ' | ' | 16,820 | 0 | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 65 | 0 | ' | ' | 65 | ' | ' | ' | ' | ' |
Income tax benefit on options and RSUs | 84 | ' | ' | ' | 84 | ' | ' | ' | ' | ' |
Share-based compensation | 1,107 | ' | ' | ' | 1,107 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | 1,880 | -1,880 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -4,549 | ' | ' | ' | ' | ' | ' | ' | -4,549 | ' |
Ending Balance at Sep. 30, 2013 | 95,721 | 223 | ' | ' | 496,782 | -2,636 | ' | -72,796 | -325,931 | 79 |
Ending Balance, Shares Common Stock at Sep. 30, 2013 | ' | ' | 19,918,393 | 2,399,676 | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares, Treasury Stock at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | -432,283 | ' | ' | ' |
Beginning Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 5,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 245 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | -124,122 | ' | ' | ' |
Treasury stock purchases | -922 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -1,814 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | 95,721 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares, Treasury Stock at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | -432,283 | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' |
Beginning Balance, Shares, Treasury Stock at Dec. 31, 2013 | ' | ' | ' | ' | ' | -495,200 | -495,200 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 36,307 | ' | ' | ' | ' | ' | ' | ' | 36,387 | -80 |
Other comprehensive income (loss) | -520 | ' | ' | ' | ' | ' | ' | -520 | ' | ' |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 232 | ' | ' | ' | ' | ' | ' | ' | ' | 232 |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | -326,249 | ' | ' | ' |
Treasury stock purchases | -3,542 | ' | ' | ' | ' | -3,542 | ' | ' | ' | ' |
Issuance of shares for restricted stock units, shares | ' | ' | 210,522 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for restricted stock units | 0 | 2 | ' | ' | -2 | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises, shares | 178,192 | ' | 178,192 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares for stock option exercises | 861 | 2 | ' | ' | 859 | ' | ' | ' | ' | ' |
Income tax benefit on options and RSUs | 873 | ' | ' | ' | 873 | ' | ' | ' | ' | ' |
Share-based compensation | 756 | ' | ' | ' | 756 | ' | ' | ' | ' | ' |
Conversion of Series B to Series A, shares | ' | ' | 8,864 | -8,864 | ' | ' | ' | ' | ' | ' |
Conversion of Series B to Series A | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -39,225 | ' | ' | ' | ' | ' | ' | ' | -39,225 | ' |
Ending Balance at Sep. 30, 2014 | 164,518 | 227 | ' | ' | 499,168 | -6,655 | ' | -15,613 | -312,937 | 328 |
Ending Balance, Shares Common Stock at Sep. 30, 2014 | ' | ' | 20,329,177 | 2,388,291 | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares, Treasury Stock at Sep. 30, 2014 | ' | ' | ' | ' | ' | -821,449 | -821,449 | ' | ' | ' |
Beginning Balance at Jun. 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 18,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -173 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | -126,164 | ' | ' | ' |
Treasury stock purchases | -1,424 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | -1,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2014 | $164,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares, Treasury Stock at Sep. 30, 2014 | ' | ' | ' | ' | ' | ' | -821,449 | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net Income (Loss) | $36,307 | ($1,691) |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ' | ' |
Net income from discontinued operations | -19,177 | -1,682 |
Depreciation and amortization | 10,220 | 11,593 |
Net periodic benefit and contributions related to employee benefit plans | -13,125 | -16,184 |
Share-based compensation | 698 | 954 |
Gain on disposition of assets | -867 | -23 |
Deferred income taxes | 915 | 1,919 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 0 | -108 |
Equity method investment gains | -19,077 | -1,818 |
Gain on investment related activity, net | -1,669 | 0 |
Write-off of unamortized debt issuance costs | 0 | 401 |
Other operating activities | -651 | 188 |
Changes in working capital and other operating assets and liabilities, net | 3,274 | 4,196 |
Net cash used for continuing operations | -3,152 | -2,255 |
Net cash provided by discontinued operations | 6,386 | 8,735 |
Net cash provided by operating activities | 3,234 | 6,480 |
Investing Activities | ' | ' |
Capital expenditures, net | -4,594 | -3,032 |
Purchase of investments | -2,279 | -1,377 |
Proceeds from sale of property, plant, and equipment | 3,401 | 0 |
Investment distribution proceeds | 19,626 | 0 |
Proceeds from Other Investing Activities | 3,540 | 0 |
Net cash provided by (used for) continuing investing activities | 19,694 | -4,409 |
Net cash provided by discontinued investing activities | 44,799 | 26,915 |
Net cash provided by investing activities | 64,493 | 22,506 |
Financing Activities | ' | ' |
Dividends paid | -39,225 | -4,549 |
Purchase of treasury stock | -3,542 | -2,286 |
Proceeds from exercise of stock options | 861 | 65 |
Capital contributions by noncontrolling interests | 49 | 126 |
Net cash used for financing activities | -41,857 | -6,644 |
Net increase in cash and cash equivalents | 25,870 | 22,342 |
Cash and cash equivalents at beginning of period | 82,193 | 34,094 |
Cash and cash equivalents at end of period | $108,063 | $56,436 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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 also offers digital marketing solutions through 508 Digital and Your Speakeasy, LLC. | |
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 are 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 nine months ended September 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 September 2014, the Company completed the sale 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 2 – Discontinued Operations, these dispositions meet the criteria and are reflected as 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 completed the sale of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal 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 will 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 will have a material impact on its recognition and presentation of revenues within the consolidated statements of operations. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
On September 3, 2014, The Providence Journal Company, a wholly-owned subsidiary of the Company, completed a transaction 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 Rhode Island Holdings, Inc. (“LMG”), a subsidiary of New Media Investment Group Inc. The purchase price consisted of $46,000 plus a preliminary working capital adjustment of $2,654. Closing costs of $110 and estimated selling and exit costs of $3,735 were recognized in the third quarter of 2014. Proceeds of $47,981 were received in September 2014 and settlement of the working capital adjustment is anticipated in the fourth quarter of 2014. The Company recorded a pretax gain on the sale of $17,134 in the third quarter of 2014. | ||||||||||||||||
In July 2013, the Company completed the sale of the headquarters building and certain press equipment used by The Press-Enterprise in its operations. Total proceeds of $29,093 were received, after selling costs of $1,457. The Company recorded a pretax gain of $4,746 related to these transactions in the third quarter of 2013. 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, resulting in sales proceeds of $27,828. A gain of $8,656 was recorded in the fourth quarter of 2013, which was decreased by $25 in 2014. | ||||||||||||||||
Upon completion of these divestitures, the Company no longer owns newspaper operations in Providence, Rhode Island or Riverside, California. The Company continues to hold and market for sale certain land and buildings in Providence, Rhode Island, which served as the administrative headquarters of The Providence Journal. The Company also retains the obligation for the A. H. Belo Pension Plan II, which provides benefits to employees of The Providence Journal Company. | ||||||||||||||||
As a result of the above transactions, the activity and balances of The Providence Journal and The Press-Enterprise as of September 30, 2014 and 2013, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Revenue | $ | 15,079 | $ | 22,688 | $ | 58,591 | $ | 65,394 | ||||||||
Costs and expense | (14,436 | ) | (21,026 | ) | (54,825 | ) | (63,466 | ) | ||||||||
643 | 1,662 | 3,766 | 1,928 | |||||||||||||
The Press-Enterprise | ||||||||||||||||
Revenue | — | 12,987 | — | 38,836 | ||||||||||||
Costs and expense | — | (14,562 | ) | — | (43,966 | ) | ||||||||||
— | (1,575 | ) | — | (5,130 | ) | |||||||||||
Income (loss) from discontinued operations | 643 | 87 | 3,766 | (3,202 | ) | |||||||||||
Gain (loss) related to the divestiture of discontinued operations | ||||||||||||||||
Gain on sale of The Providence Journal | 17,134 | — | 17,134 | — | ||||||||||||
Gain on sale of The Press-Enterprise | — | — | (25 | ) | — | |||||||||||
Gain on sale of The Press-Enterprise office building and press equipment | — | 4,746 | — | 4,746 | ||||||||||||
17,134 | 4,746 | 17,109 | 4,746 | |||||||||||||
Tax expense (benefit) from discontinued operations | ||||||||||||||||
The Providence Journal | 1,652 | 8 | 1,698 | (89 | ) | |||||||||||
The Press-Enterprise | — | (13 | ) | — | (49 | ) | ||||||||||
1,652 | (5 | ) | 1,698 | (138 | ) | |||||||||||
Gain (loss) from discontinued operations | $ | 16,125 | $ | 4,838 | $ | 19,177 | $ | 1,682 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Current assets | $ | 875 | $ | 13,343 | ||||||||||||
Property, plant and equipment, net | — | 22,249 | ||||||||||||||
Other assets | — | 5,491 | ||||||||||||||
Total | 875 | 41,083 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Current assets | — | 1,633 | ||||||||||||||
Total | — | 1,633 | ||||||||||||||
Total assets of discontinued operations | $ | 875 | $ | 42,716 | ||||||||||||
Liabilities of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Accrued expenses | $ | 995 | $ | 5,168 | ||||||||||||
Deferred revenue | — | 4,342 | ||||||||||||||
Total | 995 | 9,510 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Accrued expenses | — | 2,028 | ||||||||||||||
Total | — | 2,028 | ||||||||||||||
Total liabilities of discontinued operations | $ | 995 | $ | 11,538 | ||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||
Sep. 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 September 30, 2014 and December 31, 2013. The carrying value of customer relationships amortized over an estimated useful life of three years, is set forth in the table below. | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Gross intangible assets | $ | 975 | $ | 362 | ||||
Accumulated amortization | (242 | ) | (121 | ) | ||||
Net balance | $ | 733 | $ | 241 | ||||
Investments
Investments | 9 Months Ended | |||||||||||||||
Sep. 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. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Equity method investments | $ | 5,889 | $ | 6,401 | ||||||||||||
Cost method investments | 932 | 932 | ||||||||||||||
Total investments | $ | 6,821 | $ | 7,333 | ||||||||||||
Equity method investments. Investments recorded under the equity method of accounting include the following: | ||||||||||||||||
Classified Ventures, LLC – As of September 30, 2014, the Company owned a 3.3 percent interest in Classified Ventures, in which the other owners were Gannett Co., Inc., The McClatchy Company, Tribune Company and Graham Holdings Company. The principal business operations of Classified Ventures is cars.com. During the third quarter of 2014, the Company announced a transaction to sell its units in Classified Ventures to Gannett Co. Inc. The transaction closed on October 1, 2014, and the Company received pre-tax cash proceeds, net of selling costs, of $77,830. Escrow proceeds of $3,280 will be received within one year. The Company expects to record a gain of $77,261 related to the transaction in the fourth quarter of 2014. The Company received distributions from Classified Ventures of $765 and $19,626 in the three and nine months ended September 30, 2014, respectively, reducing the carrying value of its investment. | ||||||||||||||||
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 on equity method investments were $(953) and $723 for the three months ended September 30, 2014 and 2013, respectively, and $17,206 and $1,818 for the nine months ended September 30, 2014 and 2013, respectively. Gains in the nine months ended September 30, 2014, included an $18,479 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, which was further impaired in the third quarter by $937. 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 impairments primarily to a decline in business related to Wanderful Media’s legacy products. An additional contribution of $1,909 was made in the second quarter of 2014 to provide capital for development of new product offerings as Wanderful Media establishes its market presence. | ||||||||||||||||
During the third quarter of 2014, the Company recorded other income of $3,540 for the receipt of an economic parity payment from the former parent company in conjunction with the dissolution of the jointly-owned partnership holding the Company’s investment in Classified Ventures. | ||||||||||||||||
Summarized financial information provided for equity method investments determined to be significant to the Company’s operations for the three and nine months ended September 30, 2014 and 2013, is set forth in the table below. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Classified Ventures | ||||||||||||||||
Revenue | $ | 119,434 | $ | 107,724 | $ | 347,369 | $ | 306,344 | ||||||||
Gross Profit | 107,456 | 95,238 | 311,231 | 275,436 | ||||||||||||
Net Income from Continuing Operations | 6,086 | 22,349 | 35,942 | 53,789 | ||||||||||||
Net Income | 7,251 | 30,767 | 607,588 | 81,604 | ||||||||||||
Wanderful Media | ||||||||||||||||
Revenue | $ | 1,129 | $ | 1,338 | $ | 3,478 | $ | 4,011 | ||||||||
Gross Profit | 912 | 1,087 | 2,797 | 3,216 | ||||||||||||
Net Loss | (2,306 | ) | (2,062 | ) | (7,097 | ) | (6,567 | ) |
Longterm_Incentive_Plans
Long-term Incentive Plans | 9 Months Ended | ||||||||||||||||
Sep. 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 | (178,192 | ) | 4.83 | ||||||||||||||
Canceled | (31,968 | ) | 26.93 | ||||||||||||||
Outstanding at September 30, 2014 | 700,373 | $ | 17.42 | ||||||||||||||
Vested and exercisable at September 30, 2014 | 700,373 | $ | 17.42 | ||||||||||||||
The vested and exercisable weighted average remaining contractual term of A. H. Belo stock options outstanding as of September 30, 2014, was 1.8 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 September 30, 2014, the liability for the portion of the award to be redeemed in cash was $1,707. 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 | (350,892 | ) | 210,522 | 140,370 | $ | 1,489 | 6.05 | ||||||||||
Non-vested at September 30, 2014 | 501,158 | $ | 6.81 | ||||||||||||||
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 September 30, | |||||||||||||||||
2014 | $ | 106 | $ | (127 | ) | $ | (21 | ) | |||||||||
2013 | 151 | 321 | 472 | ||||||||||||||
Nine months ended September 30, | |||||||||||||||||
2014 | $ | 698 | $ | 1,206 | $ | 1,904 | |||||||||||
2013 | 954 | 1,325 | 2,279 | ||||||||||||||
Longterm_Debt
Long-term Debt | 9 Months Ended |
Sep. 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 nine months ended September 30, 2013, as a result of the termination. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 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 tax 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 $1,156 and $384 for the three months ended September 30, 2014 and 2013, respectively, and $3,475 and $1,373 for the nine months ended September 30, 2014 and 2013, respectively. Effective income tax rates from continuing operations were 16.9 percent and (68.7) percent for 2014 and 2013, respectively. The effective tax rate is affected by recurring items such as tax rates and income in jurisdictions which we expect to be fairly consistent in the near term. It is also affected by discrete transactions, primarily related to investment activity, that have occurred during the year that will not recur in future periods. The impact of these discrete transactions for 2014 increased the tax provision by approximately $650. The Company anticipates an additional discrete transaction in the fourth quarter of 2014 that will impact the tax provision as well as reduce the valuation allowance. In addition to these items, the tax expense for the three and nine months ended September 30, 2014 and 2013, was primarily attributable to state income tax expense and changes in the valuation allowance on deferred tax assets. | |
The Company currently projects taxable income for the year ended December 31, 2014, for federal income tax purposes and in certain state income tax jurisdictions. The Company made cash payments for income taxes, net of refunds, of $2,203 and $1,521 in the nine months ended September 30, 2014 and 2013, respectively. 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 | 9 Months Ended | |||||||||||||||
Sep. 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 has been retained by the Company upon the sale of the newspaper operations of The Providence Journal. The table below sets forth required and voluntary contributions the Company made to the pension plans. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Required contributions | $ | 5,801 | $ | 5,060 | $ | 9,927 | $ | 7,396 | ||||||||
Voluntary contributions | — | 4,604 | — | 4,604 | ||||||||||||
Total contributions | $ | 5,801 | $ | 9,664 | $ | 9,927 | $ | 12,000 | ||||||||
During the third quarter of 2014, the Company accelerated payment of its scheduled fourth quarter contribution. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 4,330 | $ | 3,999 | $ | 12,990 | $ | 11,997 | ||||||||
Expected return on plans' assets | (5,215 | ) | (4,891 | ) | (15,645 | ) | (14,673 | ) | ||||||||
Amortization of actuarial loss | — | 426 | — | 1,277 | ||||||||||||
Net periodic pension benefit | $ | (885 | ) | $ | (466 | ) | $ | (2,655 | ) | $ | (1,399 | ) | ||||
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 September 30, 2014 and 2013, the Company recorded expense of $222 and $223, respectively, and during the nine months ended September 30, 2014 and 2013, the Company recorded expense of $743 and $738, 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. Final benefits of $598 were accrued in the first quarter of 2013. The Company made contributions of $2,826 in the first and second quarters of 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 | 9 Months Ended | |||||||||||||||||||||||
Sep. 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 does 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 September 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 | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Amortization | (173 | ) | — | (173 | ) | 245 | 426 | (181 | ) | |||||||||||||||
Balance, end of period | $ | (15,613 | ) | $ | (16,059 | ) | $ | 446 | $ | (72,796 | ) | $ | (73,655 | ) | $ | 859 | ||||||||
Nine Months Ended September 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 | (520 | ) | — | (520 | ) | 736 | 1,277 | (541 | ) | |||||||||||||||
Balance, end of period | $ | (15,613 | ) | $ | (16,059 | ) | $ | 446 | $ | (72,796 | ) | $ | (73,655 | ) | $ | 859 | ||||||||
Dividends. During the three months ended September 30, 2014 and 2013, the Company recorded and paid dividends of $1,796 and $1,814, respectively. During the nine months ended September 30, 2014 and 2013, the Company recorded and paid dividends of $39,225 and $4,549, respectively. Dividends paid in the nine months ended September 30, 2014, include a special dividend of $1.50 per share totaling $33,819. | ||||||||||||||||||||||||
On September 11, 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 November 14, 2014, payable on December 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 September 30, 2014 and 2013, the Company purchased 126,164 and 124,122 shares of Series A common stock for $1,424 and $922, respectively. During the nine months ended September 30, 2014 and 2013, the Company purchased 326,249 and 358,153 shares of the Company's Series A common stock for $3,542 and $2,286, respectively. All purchases were made through open market transactions and were recorded as treasury stock. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (numerator) | ||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 18,444 | $ | 5,321 | $ | 36,387 | $ | (1,520 | ) | |||||||
Less: Income from discontinued operations, net | 16,125 | 4,838 | 19,177 | 1,682 | ||||||||||||
Less: Income to participating securities | 41 | 59 | 910 | 151 | ||||||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 2,278 | $ | 424 | $ | 16,300 | $ | (3,353 | ) | |||||||
Shares (denominator) | ||||||||||||||||
Weighted average common shares outstanding (basic) | 21,890,754 | 21,943,876 | 21,927,920 | 22,005,705 | ||||||||||||
Effect of dilutive securities | 100,962 | 125,635 | 111,328 | — | ||||||||||||
Adjusted weighted average shares outstanding (diluted) | 21,991,716 | 22,069,511 | 22,039,248 | 22,005,705 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic and Diluted | $ | 0.1 | $ | 0.02 | $ | 0.74 | $ | (0.15 | ) | |||||||
The Company considers outstanding stock options and RSUs in the calculation of its earnings per share. A total of 984,991 options and RSUs outstanding during the three and nine months ended September 30, 2014, and 1,772,891 and 1,898,526 options and RSUs outstanding during the three and nine months ended September 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 | 9 Months Ended |
Sep. 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 are 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 nine months ended September 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 September 2014, the Company completed the sale 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 2 – Discontinued Operations, these dispositions meet the criteria and are reflected as 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 completed the sale of substantially all of the assets and certain liabilities which comprise the newspaper operations of The Providence Journal 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 will 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 will have a material impact on its recognition and presentation of revenues within the consolidated statements of operations. | |
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 tax 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) | 9 Months Ended | |||||||||||||||
Sep. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (loss) from discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Revenue | $ | 15,079 | $ | 22,688 | $ | 58,591 | $ | 65,394 | ||||||||
Costs and expense | (14,436 | ) | (21,026 | ) | (54,825 | ) | (63,466 | ) | ||||||||
643 | 1,662 | 3,766 | 1,928 | |||||||||||||
The Press-Enterprise | ||||||||||||||||
Revenue | — | 12,987 | — | 38,836 | ||||||||||||
Costs and expense | — | (14,562 | ) | — | (43,966 | ) | ||||||||||
— | (1,575 | ) | — | (5,130 | ) | |||||||||||
Income (loss) from discontinued operations | 643 | 87 | 3,766 | (3,202 | ) | |||||||||||
Gain (loss) related to the divestiture of discontinued operations | ||||||||||||||||
Gain on sale of The Providence Journal | 17,134 | — | 17,134 | — | ||||||||||||
Gain on sale of The Press-Enterprise | — | — | (25 | ) | — | |||||||||||
Gain on sale of The Press-Enterprise office building and press equipment | — | 4,746 | — | 4,746 | ||||||||||||
17,134 | 4,746 | 17,109 | 4,746 | |||||||||||||
Tax expense (benefit) from discontinued operations | ||||||||||||||||
The Providence Journal | 1,652 | 8 | 1,698 | (89 | ) | |||||||||||
The Press-Enterprise | — | (13 | ) | — | (49 | ) | ||||||||||
1,652 | (5 | ) | 1,698 | (138 | ) | |||||||||||
Gain (loss) from discontinued operations | $ | 16,125 | $ | 4,838 | $ | 19,177 | $ | 1,682 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Current assets | $ | 875 | $ | 13,343 | ||||||||||||
Property, plant and equipment, net | — | 22,249 | ||||||||||||||
Other assets | — | 5,491 | ||||||||||||||
Total | 875 | 41,083 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Current assets | — | 1,633 | ||||||||||||||
Total | — | 1,633 | ||||||||||||||
Total assets of discontinued operations | $ | 875 | $ | 42,716 | ||||||||||||
Liabilities of discontinued operations | ||||||||||||||||
The Providence Journal | ||||||||||||||||
Accrued expenses | $ | 995 | $ | 5,168 | ||||||||||||
Deferred revenue | — | 4,342 | ||||||||||||||
Total | 995 | 9,510 | ||||||||||||||
The Press-Enterprise | ||||||||||||||||
Accrued expenses | — | 2,028 | ||||||||||||||
Total | — | 2,028 | ||||||||||||||
Total liabilities of discontinued operations | $ | 995 | $ | 11,538 | ||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Company's Identifiable Intangible Assets | ' | |||||||
The carrying value of customer relationships amortized over an estimated useful life of three years, is set forth in the table below. | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Gross intangible assets | $ | 975 | $ | 362 | ||||
Accumulated amortization | (242 | ) | (121 | ) | ||||
Net balance | $ | 733 | $ | 241 | ||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Company's investments | ' | |||||||||||||||
The carrying value of equity method and cost method investments is set forth in the table below. | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Equity method investments | $ | 5,889 | $ | 6,401 | ||||||||||||
Cost method investments | 932 | 932 | ||||||||||||||
Total investments | $ | 6,821 | $ | 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 nine months ended September 30, 2014 and 2013, is set forth in the table below. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Classified Ventures | ||||||||||||||||
Revenue | $ | 119,434 | $ | 107,724 | $ | 347,369 | $ | 306,344 | ||||||||
Gross Profit | 107,456 | 95,238 | 311,231 | 275,436 | ||||||||||||
Net Income from Continuing Operations | 6,086 | 22,349 | 35,942 | 53,789 | ||||||||||||
Net Income | 7,251 | 30,767 | 607,588 | 81,604 | ||||||||||||
Wanderful Media | ||||||||||||||||
Revenue | $ | 1,129 | $ | 1,338 | $ | 3,478 | $ | 4,011 | ||||||||
Gross Profit | 912 | 1,087 | 2,797 | 3,216 | ||||||||||||
Net Loss | (2,306 | ) | (2,062 | ) | (7,097 | ) | (6,567 | ) |
Longterm_Incentive_Plans_Table
Long-term Incentive Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 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 | (178,192 | ) | 4.83 | ||||||||||||||
Canceled | (31,968 | ) | 26.93 | ||||||||||||||
Outstanding at September 30, 2014 | 700,373 | $ | 17.42 | ||||||||||||||
Vested and exercisable at September 30, 2014 | 700,373 | $ | 17.42 | ||||||||||||||
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 | (350,892 | ) | 210,522 | 140,370 | $ | 1,489 | 6.05 | ||||||||||
Non-vested at September 30, 2014 | 501,158 | $ | 6.81 | ||||||||||||||
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 September 30, | |||||||||||||||||
2014 | $ | 106 | $ | (127 | ) | $ | (21 | ) | |||||||||
2013 | 151 | 321 | 472 | ||||||||||||||
Nine months ended September 30, | |||||||||||||||||
2014 | $ | 698 | $ | 1,206 | $ | 1,904 | |||||||||||
2013 | 954 | 1,325 | 2,279 | ||||||||||||||
Pension_and_Other_Retirement_P1
Pension and Other Retirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Required and Voluntary Contributions to Pension Plan [Table Text Block] | ' | |||||||||||||||
The table below sets forth required and voluntary contributions the Company made to the pension plans. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Required contributions | $ | 5,801 | $ | 5,060 | $ | 9,927 | $ | 7,396 | ||||||||
Voluntary contributions | — | 4,604 | — | 4,604 | ||||||||||||
Total contributions | $ | 5,801 | $ | 9,664 | $ | 9,927 | $ | 12,000 | ||||||||
Net periodic pension expense (benefit) | ' | |||||||||||||||
The table below sets forth components of net periodic pension benefit. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | $ | 4,330 | $ | 3,999 | $ | 12,990 | $ | 11,997 | ||||||||
Expected return on plans' assets | (5,215 | ) | (4,891 | ) | (15,645 | ) | (14,673 | ) | ||||||||
Amortization of actuarial loss | — | 426 | — | 1,277 | ||||||||||||
Net periodic pension benefit | $ | (885 | ) | $ | (466 | ) | $ | (2,655 | ) | $ | (1,399 | ) |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 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 September 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 | $ | (15,440 | ) | $ | (16,059 | ) | $ | 619 | $ | (73,041 | ) | $ | (74,081 | ) | $ | 1,040 | ||||||||
Amortization | (173 | ) | — | (173 | ) | 245 | 426 | (181 | ) | |||||||||||||||
Balance, end of period | $ | (15,613 | ) | $ | (16,059 | ) | $ | 446 | $ | (72,796 | ) | $ | (73,655 | ) | $ | 859 | ||||||||
Nine Months Ended September 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 | (520 | ) | — | (520 | ) | 736 | 1,277 | (541 | ) | |||||||||||||||
Balance, end of period | $ | (15,613 | ) | $ | (16,059 | ) | $ | 446 | $ | (72,796 | ) | $ | (73,655 | ) | $ | 859 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Earnings (numerator) | ||||||||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ | 18,444 | $ | 5,321 | $ | 36,387 | $ | (1,520 | ) | |||||||
Less: Income from discontinued operations, net | 16,125 | 4,838 | 19,177 | 1,682 | ||||||||||||
Less: Income to participating securities | 41 | 59 | 910 | 151 | ||||||||||||
Net income (loss) available to common shareholders from continuing operations | $ | 2,278 | $ | 424 | $ | 16,300 | $ | (3,353 | ) | |||||||
Shares (denominator) | ||||||||||||||||
Weighted average common shares outstanding (basic) | 21,890,754 | 21,943,876 | 21,927,920 | 22,005,705 | ||||||||||||
Effect of dilutive securities | 100,962 | 125,635 | 111,328 | — | ||||||||||||
Adjusted weighted average shares outstanding (diluted) | 21,991,716 | 22,069,511 | 22,039,248 | 22,005,705 | ||||||||||||
Earnings (loss) per share from continuing operations | ||||||||||||||||
Basic and Diluted | $ | 0.1 | $ | 0.02 | $ | 0.74 | $ | (0.15 | ) | |||||||
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Providence Journal | Providence Journal | Providence Journal | Providence Journal | Press Enterprise Building and Equipment Sale | Press Enterprise Building and Equipment Sale | Press Enterprise Building and Equipment Sale | Press Enterprise Building and Equipment Sale | Press Enterprise Operations Sale | Press Enterprise Operations Sale | Press Enterprise Operations Sale | Press Enterprise Operations Sale | Press Enterprise Operations Sale | |||||
Subsequent Event | |||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Date | ' | ' | ' | ' | 3-Sep-14 | ' | 3-Sep-14 | ' | ' | 17-Jul-13 | ' | 17-Jul-13 | ' | ' | ' | ' | 21-Nov-13 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | ' | ' | ' | $47,981 | ' | $47,981 | ' | ' | $29,093 | ' | $29,093 | ' | ' | ' | ' | $27,828 |
Purchase Price | ' | ' | ' | ' | 46,000 | ' | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital Adjustment | ' | ' | ' | ' | 2,654 | ' | 2,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Costs | ' | ' | ' | ' | 110 | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling Expense | ' | ' | ' | ' | 3,735 | ' | 3,735 | ' | ' | 1,457 | ' | 1,457 | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations, net | 17,134 | 4,746 | 17,109 | 4,746 | 17,134 | 0 | 17,134 | 0 | 0 | 4,746 | 0 | 4,746 | 0 | 0 | -25 | 0 | 8,656 |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($25) |
Discontinued_Operations_Dispos
Discontinued Operations (Disposal Groups) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 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 | $643 | $87 | $3,766 | ($3,202) | ' |
Gain related to the divestiture of discontinued operations, net | 17,134 | 4,746 | 17,109 | 4,746 | ' |
Tax expense (benefit) from discontinued operations | 1,652 | -5 | 1,698 | -138 | ' |
Less: Income (loss) from discontinued operations, net | 16,125 | 4,838 | 19,177 | 1,682 | ' |
Assets of discontinued operations | 875 | ' | 875 | ' | 42,716 |
Liabilities of discontinued operations | 995 | ' | 995 | ' | 11,538 |
Providence Journal | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Revenue | 15,079 | 22,688 | 58,591 | 65,394 | ' |
Costs and expense | -14,436 | -21,026 | -54,825 | -63,466 | ' |
Income (loss) from discontinued operations | 643 | 1,662 | 3,766 | 1,928 | ' |
Gain related to the divestiture of discontinued operations, net | 17,134 | 0 | 17,134 | 0 | ' |
Tax expense (benefit) from discontinued operations | 1,652 | 8 | 1,698 | -89 | ' |
Current assets | 875 | ' | 875 | ' | 13,343 |
Property, plant, and equipment, net | 0 | ' | 0 | ' | 22,249 |
Other assets | 0 | ' | 0 | ' | 5,491 |
Assets of discontinued operations | 875 | ' | 875 | ' | 41,083 |
Accrued expenses | 995 | ' | 995 | ' | 5,168 |
Deferred revenue | 0 | ' | 0 | ' | 4,342 |
Liabilities of discontinued operations | 995 | ' | 995 | ' | 9,510 |
Press Enterprise Operations Sale | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations, net | 0 | 0 | -25 | 0 | ' |
Press Enterprise | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 12,987 | 0 | 38,836 | ' |
Costs and expense | 0 | -14,562 | 0 | -43,966 | ' |
Income (loss) from discontinued operations | 0 | -1,575 | 0 | -5,130 | ' |
Tax expense (benefit) from discontinued operations | 0 | -13 | 0 | -49 | ' |
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 |
Press Enterprise Building and Equipment Sale | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Gain related to the divestiture of discontinued operations, net | $0 | $4,746 | $0 | $4,746 | ' |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles (Schedule of identifiable intangible assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Gross intangible assets | $975 | $362 |
Accumulated amortization | -242 | -121 |
Net balance | $733 | $241 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Equity Method Investments | $5,889 | $6,401 |
Cost method investments | 932 | 932 |
Total investments | $6,821 | $7,333 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Classified Ventures | Classified Ventures | Classified Ventures | Wanderful | First Quarter Impairment | Third Quarter Impairment | Third Quarter Impairment | Apartments.com Sale [Member] | |||||
Subsequent Event | Wanderful | Wanderful | Wanderful | Classified Ventures | ||||||||
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method - A. H. Belo ownership percentage of investments | ' | ' | ' | ' | ' | 3.30% | 3.30% | 13.00% | ' | ' | ' | ' |
Gains (losses) on equity method investments | ($953) | $723 | $17,206 | $1,818 | ' | ' | ' | ' | ' | ' | ' | $18,479 |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 934 | 937 | 937 | ' |
Payments to Acquire Other Investments | ' | ' | 2,279 | 1,377 | ' | ' | ' | 1,909 | ' | ' | ' | ' |
Other investment-related income | 3,540 | ' | 3,540 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | ' | ' | ' | ' | ' | 765 | 19,626 | ' | ' | ' | ' | ' |
Subsequent Event | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event, Date | ' | ' | ' | ' | 1-Oct-14 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Net Sales Proceeds | ' | ' | ' | ' | 77,830 | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | ' | ' | 77,261 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Other Receivables | ' | ' | ' | ' | $3,280 | ' | ' | ' | ' | ' | ' | ' |
Equity_Method_Investments_Sche
Equity Method Investments (Schedule of summarized financial information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Classified Ventures | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | $119,434 | $107,724 | $347,369 | $306,344 |
Equity Method Investment Summarized Financial Information, Gross Profit | 107,456 | 95,238 | 311,231 | 275,436 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 6,086 | 22,349 | 35,942 | 53,789 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 7,251 | 30,767 | 607,588 | 81,604 |
Wanderful | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Revenue | 1,129 | 1,338 | 3,478 | 4,011 |
Equity Method Investment Summarized Financial Information, Gross Profit | 912 | 1,087 | 2,797 | 3,216 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | ($2,306) | ($2,062) | ($7,097) | ($6,567) |
Longterm_Incentive_Plans_Sched
Long-term Incentive Plans (Schedule of stock option activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Stock option activity rollforward | ' |
Outstanding at December 31, 2013 | 910,533 |
Exercised | -178,192 |
Canceled | -31,968 |
Outstanding at September 30, 2014 | 700,373 |
Vested and exercisable at September 30, 2014 | 700,373 |
Weighted-Average Exercise Price | ' |
Beginning balance - Weighted average price | $15.29 |
Exercised | $4.83 |
Canceled | $26.93 |
Ending Balance - Weighted average price | $17.42 |
Weighted average price - Vested and exercisable at September 30, 2014 | $17.42 |
Longterm_Incentive_Plans_Sched1
Long-term Incentive Plans (Schedule of RSU activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
RSU non-vested rollforward | ' |
Non-vested at December 31, 2013 | 728,818 |
Granted | 123,232 |
Vested | -350,892 |
Non-vested at September 30, 2014 | 501,158 |
Weighted- Average Price on Date of Grant | ' |
Beginning balance - Weighted average price | $5.59 |
Granted | $11.85 |
Vested | $6.05 |
Ending balance - Weighted average price | $6.81 |
Vested RSUs redeemed for stock, cash, and related payments | ' |
Issuance of Common Stock | 210,522 |
RSUs Redeemed in Cash | 140,370 |
Cash Payments at Closing Price of Stock | $1,489 |
Longterm_Incentive_Plans_Sched2
Long-term Incentive Plans (Schedule of compensation expense for RSUs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | ($21) | $472 | $1,904 | $2,279 |
RSUs - Redeemed in Stock | ' | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | 106 | 151 | 698 | 954 |
RSUs - Redeemed in Cash | ' | ' | ' | ' |
Compensation expense related to stock awards | ' | ' | ' | ' |
Share-based compensation expense | ($127) | $321 | $1,206 | $1,325 |
Longterm_Incentive_Plans_Narra
Long-term Incentive Plans (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Feb. 08, 2008 |
Stock Options | ' | ' |
Common shares authorized for equity awards | ' | 8,000,000 |
Vested and exercisable weighted average remaining contractual term | '1 year 9 months 14 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 | 1,707 | ' |
Maximum | RSUs - Redeemed in Stock | ' | ' |
RSUs | ' | ' |
RSUs - vesting period | '3 years | ' |
Longterm_Debt_Narrative_Detail
Long-term Debt (Narrative) (Details) (Revolving Credit Facility, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $1,156 | $384 | $3,475 | $1,373 |
Effective Income Tax Rate, Continuing Operations | ' | ' | 16.90% | -68.70% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | ' | ' | 650 | ' |
Income Taxes Paid, Net | ' | ' | $2,203 | $1,521 |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $5,801 | $9,664 | $9,927 | $12,000 |
Interest cost | 4,330 | 3,999 | 12,990 | 11,997 |
Expected return on plans' assets | -5,215 | -4,891 | -15,645 | -14,673 |
Amortization of net actuarial gains | 0 | 426 | 0 | 1,277 |
Net periodic pension benefit | -885 | -466 | -2,655 | -1,399 |
Required Contributions [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | 5,801 | 5,060 | 9,927 | 7,396 |
Voluntary Contributions [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $0 | $4,604 | $0 | $4,604 |
Pension_and_Other_Retirement_P3
Pension and Other Retirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
401(K) Plan | ' | ' | ' | ' |
Defined Contribution Plans | ' | ' | ' | ' |
Employer Matching Contribution, Percent | ' | ' | 1.50% | 1.50% |
Expense Recognized | $222 | $223 | $743 | $738 |
Pension Transition Supplement Plan | ' | ' | ' | ' |
Defined Contribution Plans | ' | ' | ' | ' |
Expense Recognized | ' | ' | ' | 598 |
Employer Discretionary Contribution Amount | ' | ' | ' | 2,826 |
Maximum period of supplemental contributions to the PTS plan | ' | ' | ' | '5 years |
A. H. Belo Pension Plans | ' | ' | ' | ' |
Defined Benefit Plans | ' | ' | ' | ' |
Expected remaining pension plan contributions | ' | ' | $0 | ' |
Shareholders_Equity_Schedule_o
Shareholders' Equity (Schedule of accumulated other comprehensive loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | ($15,440) | ($73,041) | ($15,093) | ($73,532) |
Amortization of net actuarial (losses) gains | -173 | 245 | -520 | 736 |
Balance, end of period | -15,613 | -72,796 | -15,613 | -72,796 |
A. H. Belo Pension Plans | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | -16,059 | -74,081 | -16,059 | -74,932 |
Amortization of net actuarial (losses) gains | 0 | 426 | 0 | 1,277 |
Balance, end of period | -16,059 | -73,655 | -16,059 | -73,655 |
Other Post-Employment Benefit Plans | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) rollforward | ' | ' | ' | ' |
Balance, beginning of period | 619 | 1,040 | 966 | 1,400 |
Amortization of net actuarial (losses) gains | -173 | -181 | -520 | -541 |
Balance, end of period | $446 | $859 | $446 | $859 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Number of shares authorized to be repurchased | 1,500,000 | ' | 1,500,000 | ' |
Treasury stock purchases | $1,424 | $922 | $3,542 | $2,286 |
Dividends [Abstract] | ' | ' | ' | ' |
Payments of dividends | 1,796 | 1,814 | 39,225 | 4,549 |
SpecialDividendDeclaredMay15,2014 | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Payments of dividends | ' | ' | 33,819 | ' |
Common Stock, Dividends, Per Share, Declared | ' | ' | $1.50 | ' |
DividendDeclaredSeptember11,2014 [Member] | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' |
Dividends payable, date declared | 11-Sep-14 | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.08 | ' | ' | ' |
Dividends payable, date of record | 14-Nov-14 | ' | ' | ' |
Dividends payable, date to be paid | 5-Dec-14 | ' | ' | ' |
Treasury Stock | ' | ' | ' | ' |
Equity [Abstract] | ' | ' | ' | ' |
Treasury stock purchases | ' | ' | $3,542 | $2,286 |
Treasury Stock | Series A: Common stock | ' | ' | ' | ' |
Equity [Abstract] | ' | ' | ' | ' |
Treasury stock, acquired shares | 126,164 | 124,122 | 326,249 | 358,153 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings (numerator) | ' | ' | ' | ' |
Net income (loss) attributable to A. H. Belo Corporation | $18,444 | $5,321 | $36,387 | ($1,520) |
Less: Income from discontinued operations, net | 16,125 | 4,838 | 19,177 | 1,682 |
Less: Income to participating securities | 41 | 59 | 910 | 151 |
Net income (loss) available to common shareholders from continuing operations | $2,278 | $424 | $16,300 | ($3,353) |
Shares (denominator) | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 21,890,754 | 21,943,876 | 21,927,920 | 22,005,705 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 100,962 | 125,635 | 111,328 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 21,991,716 | 22,069,511 | 22,039,248 | 22,005,705 |
Earnings (loss) per share from continuing operations | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $0.10 | $0.02 | $0.74 | ($0.15) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 984,991 | 1,772,891 | 984,991 | 1,898,526 |