Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | A. H. Belo Corp | ||
Entity Central Index Key | 1,413,898 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 105,759,332 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Series A | |||
Entity Common Stock, Shares Outstanding | 19,105,891 | ||
Series B | |||
Entity Common Stock, Shares Outstanding | 2,387,240 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Operating Revenue | |||
Advertising and marketing services | $ 156,790 | $ 158,183 | $ 167,945 |
Circulation | 83,581 | 84,922 | 86,274 |
Printing, distribution and other | 31,737 | 29,683 | 21,964 |
Total net operating revenue | 272,108 | 272,788 | 276,183 |
Operating Costs and Expense | |||
Employee compensation and benefits | 120,818 | 111,710 | 110,412 |
Other production, distribution and operating costs | 125,829 | 122,239 | 114,720 |
Newsprint, ink and other supplies | 30,892 | 32,507 | 34,847 |
Depreciation | 11,515 | 13,820 | 14,861 |
Amortization | 1,349 | 198 | 121 |
Total operating costs and expense | 290,403 | 280,474 | 274,961 |
Operating income (loss) | (18,295) | (7,686) | 1,222 |
Other (Loss) Income, Net | |||
Gain (loss) on equity method investments, net | (1,065) | 93,898 | 2,269 |
Other (loss) income, net | (404) | 5,773 | (115) |
Total other (loss) income, net | (1,469) | 99,671 | 2,154 |
Income (Loss) from Continuing Operations Before Income Taxes | (19,764) | 91,985 | 3,376 |
Income tax (benefit) provision | (1,570) | 5,978 | 1,460 |
Income (Loss) from Continuing Operations | (18,194) | 86,007 | 1,916 |
Income from discontinued operations | 4,064 | 665 | |
Gain (loss) related to the divestiture of discontinued operations, net | (63) | 17,057 | 13,402 |
Tax expense from discontinued operations | 14,351 | 57 | |
Gain (Loss) from Discontinued Operations, Net | (63) | 6,770 | 14,010 |
Net Income (Loss) | (18,257) | 92,777 | 15,926 |
Net loss attributable to noncontrolling interests | (415) | (152) | (193) |
Net Income (Loss) Attributable to A. H. Belo Corporation | $ (17,842) | $ 92,929 | $ 16,119 |
Basic | |||
Continuing operations | $ (0.84) | $ 3.84 | $ 0.07 |
Discontinued operations | 0.31 | 0.64 | |
Net income attributable to A. H. Belo Corporation | (0.84) | 4.15 | 0.71 |
Diluted | |||
Continuing operations | (0.84) | 3.82 | 0.07 |
Discontinued operations | 0.31 | 0.64 | |
Net income attributable to A. H. Belo Corporation | $ (0.84) | $ 4.13 | $ 0.71 |
Weighted average shares outstanding | |||
Basic | 21,408,940 | 21,899,602 | 21,967,666 |
Diluted | 21,408,940 | 22,006,022 | 22,063,741 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (18,257) | $ 92,777 | $ 15,926 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Actuarial gains (losses) | 2,742 | (49,228) | 57,458 |
Amortization of net actuarial losses | 16,183 | 6,954 | 981 |
Total other comprehensive (loss) income | 18,925 | (42,274) | 58,439 |
Comprehensive Income | 668 | 50,503 | 74,365 |
Comprehensive loss attributable to noncontrolling interests | (415) | (152) | (193) |
Total Comprehensive Income Attributable to A. H. Belo Corporation | $ 1,083 | $ 50,655 | $ 74,558 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 78,380 | $ 158,171 |
Accounts receivable (net of allowance of $1,441 and $1,262 at December 31, 2015 and December 31, 2014, respectively) | 31,502 | 34,396 |
Inventories | 4,052 | 4,901 |
Prepaids and other current assets | 9,415 | 8,422 |
Assets of discontinued operations | 565 | |
Total current assets | 123,349 | 206,455 |
Property, plant and equipment, at cost: | ||
Land | 16,066 | 22,150 |
Buildings and improvements | 133,355 | 155,035 |
Publishing equipment | 214,608 | 214,179 |
Other | 82,530 | 79,941 |
Construction in process | 1,664 | 881 |
Property, plant and equipment, at cost | 448,223 | 472,186 |
Less accumulated depreciation | (396,865) | (410,597) |
Property, plant and equipment, net | 51,358 | 61,589 |
Intangible assets, net | 5,778 | 656 |
Goodwill | 36,883 | 24,582 |
Investments | 1,632 | 2,572 |
Other assets | 2,501 | 2,893 |
Total assets | 221,501 | 298,747 |
Current liabilities: | ||
Accounts payable | 12,736 | 12,904 |
Accrued compensation and benefits | 7,100 | 8,233 |
Dividend payable | 50,148 | |
Other accrued expense | 4,712 | 13,684 |
Advance subscription payments | 14,424 | 15,894 |
Liabilities of discontinued operations | 543 | |
Total current liabilities | 38,972 | 101,406 |
Long-term pension liabilities | 57,446 | 65,859 |
Other post-employment benefits | 2,489 | 2,656 |
Deferred income taxes, net | 1,046 | 530 |
Other liabilities | 1,277 | 2,277 |
Total Liabilities | 101,230 | $ 172,728 |
Noncontrolling interests - redeemable | $ 1,421 | |
Shareholders' equity: | ||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | ||
Treasury stock, Series A, at cost; 1,416,881 and 944,636 shares held at December 31, 2015 and December 31, 2014, respectively | $ (11,233) | $ (8,087) |
Additional paid-in capital | 500,449 | 499,320 |
Accumulated other comprehensive loss | (38,442) | (57,367) |
Accumulated deficit | (333,222) | (308,330) |
Total shareholders’ equity attributable to A. H. Belo Corporation | 117,781 | 125,763 |
Noncontrolling interests | 1,069 | 256 |
Total shareholders’ equity | 118,850 | 126,019 |
Total liabilities and shareholders’ equity | 221,501 | 298,747 |
Series A | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | 205 | 203 |
Series B | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | $ 24 | $ 24 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable | $ 1,441 | $ 1,262 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Series A | ||
Common stock, shares, issued | 20,522,503 | 20,341,501 |
Series B | ||
Common stock, shares, issued | 2,387,509 | 2,388,237 |
Treasury Stock [Member] | Series A | ||
Treasury stock Series A, shares held | 1,416,881 | 944,636 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Series A | Common Stock [Member]Series B | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Series A | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Non-controlling Interest [Member] | Total |
Beginning Balance at Dec. 31, 2012 | $ 221 | $ 495,528 | $ (350) | $ (73,532) | $ (319,862) | $ 55 | $ 102,060 | |||
Beginning Balance, Shares Common Stock at Dec. 31, 2012 | 19,651,830 | 2,401,556 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2012 | (74,130) | |||||||||
Net income (loss) | 16,119 | (193) | 15,926 | |||||||
Other comprehensive income | 58,439 | 58,439 | ||||||||
Capital contributions of noncontrolling interests | 314 | 314 | ||||||||
Treasury stock purchases, shares | (421,070) | |||||||||
Treasury stock purchases | (2,763) | $ (2,763) | ||||||||
Issuance of shares for restricted stock units, shares | 256,548 | |||||||||
Issuance of shares for restricted stock units | 2 | (2) | ||||||||
Issuance of shares for stock option exercises, shares | 18,820 | 18,820 | ||||||||
Issuance of shares for stock option exercises | 69 | $ 69 | ||||||||
Income tax (expense) benefit on options and RSUs | (188) | (188) | ||||||||
Share-based compensation | 1,275 | 1,275 | ||||||||
Conversion of Series B to Series A, shares | 4,401 | (4,401) | ||||||||
Dividends | (6,356) | (6,356) | ||||||||
Ending Balance at Dec. 31, 2013 | 223 | 496,682 | (3,113) | (15,093) | (310,099) | 176 | 168,776 | |||
Ending Balance, Shares Common Stock at Dec. 31, 2013 | 19,931,599 | 2,397,155 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2013 | (495,200) | |||||||||
Net income (loss) | 92,929 | (152) | 92,777 | |||||||
Other comprehensive income | (42,274) | (42,274) | ||||||||
Capital contributions of noncontrolling interests | 232 | 232 | ||||||||
Treasury stock purchases, shares | (449,436) | |||||||||
Treasury stock purchases | (4,974) | $ (4,974) | ||||||||
Issuance of shares for restricted stock units, shares | 210,522 | |||||||||
Issuance of shares for restricted stock units | 2 | (2) | ||||||||
Issuance of shares for stock option exercises, shares | 190,462 | 190,462 | ||||||||
Issuance of shares for stock option exercises | 2 | 939 | $ 941 | |||||||
Income tax (expense) benefit on options and RSUs | 933 | 933 | ||||||||
Share-based compensation | 768 | 768 | ||||||||
Conversion of Series B to Series A, shares | 8,918 | (8,918) | ||||||||
Dividends | (91,160) | (91,160) | ||||||||
Ending Balance at Dec. 31, 2014 | 227 | 499,320 | (8,087) | (57,367) | (308,330) | 256 | 126,019 | |||
Ending Balance, Shares Common Stock at Dec. 31, 2014 | 20,341,501 | 2,388,237 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2014 | (944,636) | |||||||||
Net income (loss) | (17,842) | (415) | (18,257) | |||||||
Other comprehensive income | 18,925 | 18,925 | ||||||||
Capital contributions of noncontrolling interests | 1,210 | 1,210 | ||||||||
Treasury stock purchases, shares | (472,245) | |||||||||
Treasury stock purchases | (3,146) | $ (3,146) | ||||||||
Issuance of shares for restricted stock units, shares | 162,274 | |||||||||
Issuance of shares for restricted stock units | 2 | (2) | ||||||||
Issuance of shares for stock option exercises, shares | 18,000 | 18,000 | ||||||||
Issuance of shares for stock option exercises | 71 | $ 71 | ||||||||
Income tax (expense) benefit on options and RSUs | 557 | 557 | ||||||||
Share-based compensation | 605 | 605 | ||||||||
Redeemable non-controlling interests | (102) | 18 | (84) | |||||||
Conversion of Series B to Series A, shares | 728 | (728) | ||||||||
Dividends | (7,050) | (7,050) | ||||||||
Ending Balance at Dec. 31, 2015 | $ 229 | $ 500,449 | $ (11,233) | $ (38,442) | $ (333,222) | $ 1,069 | $ 118,850 | |||
Ending Balance, Shares Common Stock at Dec. 31, 2015 | 20,522,503 | 2,387,509 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2015 | (1,416,881) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net Income (Loss) | $ (18,257) | $ 92,777 | $ 15,926 |
Adjustments to reconcile net income (loss) to net cash (used for) provided by operations: | |||
Net (income) loss from discontinued operations | 63 | (6,770) | (14,010) |
Net periodic (benefit) expense and contributions related to employee benefit plans | 10,423 | (26,448) | (16,830) |
Equity method investment loss (gains) in excess of dividends | 1,440 | (18,677) | 683 |
Depreciation and amortization | 12,864 | 14,018 | 14,982 |
Share-based compensation | 605 | 702 | 1,059 |
(Gain) loss on disposal of fixed assets | 478 | (2,787) | (6) |
Deferred income taxes | (1,572) | 780 | (244) |
Gain on investment related activity, net | (1,045) | (78,762) | |
Other operating activities | 405 | (672) | 485 |
Changes in working capital and other operating assets and liabilities, net | |||
Accounts receivable | 2,894 | 1,002 | (1,708) |
Inventories, prepaids and other current assets | (144) | (2,138) | 1,236 |
Other assets | (363) | 343 | (478) |
Accounts payable | 85 | (813) | 2,005 |
Compensation and benefit obligations | (2,133) | (2,564) | (1,512) |
Other accrued expenses | (9,052) | (4,304) | (397) |
Advanced subscription payments | (1,470) | 1,052 | 1,160 |
Other post-employment benefits | (57) | 110 | |
Net cash (used for) provided by continuing operations | (4,779) | (33,318) | 2,461 |
Net cash provided by discontinued operations | (24) | 6,856 | 11,777 |
Net cash (used for) provided by operating activities | (4,803) | (26,462) | 14,238 |
Investing Activities | |||
Acquisitions | (14,110) | ||
Investment proceeds | 1,046 | 100,980 | |
Proceeds from sale of fixed assets | 5,866 | 10,085 | 6 |
Capital expenditures | (7,572) | (7,844) | (4,258) |
Purchase of investments | (500) | (2,279) | (1,377) |
Net cash (used for) provided by continuing investing activities | (15,270) | 100,942 | (5,629) |
Net cash provided by discontinued investing activities | 45,561 | 48,313 | |
Net cash provided by (used for) investing activities | (15,270) | 146,503 | 42,684 |
Financing Activities | |||
Dividends paid | (57,200) | (41,012) | (6,356) |
Purchase of treasury stock | (3,146) | (4,974) | (2,763) |
Proceeds from exercise of stock options | 71 | 941 | 69 |
Income tax benefit on options and RSUs | 557 | 933 | |
Capital contributions by noncontrolling interests | 49 | 227 | |
Net cash used for continuing financing activities | (59,718) | (44,063) | (8,823) |
Net cash used for financing activities | (59,718) | (44,063) | (8,823) |
Net (decrease) increase in cash and cash equivalents | (79,791) | 75,978 | 48,099 |
Cash and cash equivalents at beginning of period | 158,171 | 82,193 | 34,094 |
Cash and cash equivalents at end of period | $ 78,380 | $ 158,171 | $ 82,193 |
Significant Accounting Policies
Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Significant Accounting Policies and Recently Issued Accounting Standards | Note 1: Significant Accounting Policies and Recently Issued Accounting Standards 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 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 a broad spectrum of 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 Your Speakeasy, LLC (“Speakeasy”) and DMV Digital Holdings Company, Inc. (“DMV Holdings”) and provides event promotion and marketing services through DMN CrowdSource LLC (“CrowdSource”) . Basis of Presentation. These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated finan cial statements. Discontinued operations are reported for disposed components of an entity whereby a strategic shift has occurred having a major effect on the entity’s operations and financial results. The preparation of consolidated financial statements in conformity with General Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. Cash and Cash Equivalents. The Company considers all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. Accounts Receivable. Accounts receivable are reported net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. Accounts are written -off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2015 and 2014 was $ 2,168 and $ 2,220 , respectively. Write-offs, net of recoveries and other adjustments for 2015 and 2014 were $1,989 and $2,206 respectively. Risk Concentration. Financial instruments subject to potential concentration of credit risk include cash equivalents and accounts receivable. The Company invests available cash balances in an overnight deposit fund holding commercial paper of a single issuer. The issuer’s commercial paper is graded A1 by Moody’s and overnight holdings in the fund were $66,722 as of December 31, 2015 . A significant portion of the Company’s customer base is concentrated within the North Texas geographical area. The Company generally extends credit to customers, and the ultimate collection of accounts receivable could be affected by the national and local economy. Management continually performs credit evaluations of its customers and may require cash in advance or other special arrangements from certain customers. The Company maintains an allowance for losses based upon the collectability of accounts receivable. Management does not believe significant credit risk exists that could have a material adverse effect on the Company’s consolidated financial condition, liquidity or results of operations. Inventories. Inventories, consisting primarily of newsprint, ink and other supplies used in printing newspapers, are recorded at the lower of cost or market value. Cost is determined by the weighted average purchase price of the inventory acquired. In 2015, the FASB issued ASU 2015-11, clarifying that net realizable value is one of the measures used in determining market value. The Company has early-adopted this standard resulting in no impact to the measurement of inventory in the Company’s cons olidated financial statements. Property, Plant and Equipment. The Company records property, plant and equipment at cost or its fair value if acquired through a business acquisition or non-monetary exchange. Depreciable assets are reviewed to ensure the remaining useful life of the assets continues to be appropriate and the resulting adjustments are recorded to depreciation expense on a prospective basis. Depreciation of property, plant and equipment are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Estimated Useful Lives Buildings and improvements 5 - 30 years Newspaper publishing equipment 3 - 20 years Other 3 - 10 years Goodwill. Goodwill is recorded at the reporting unit level based on the excess fair value of prior business acquisitions over the fair value of the assets and liabilities acquired. Reporting units of the Company are based on its internal reporting structure and represent a reporting level below an operating segment. Unless qualitative factors allow the Company to conclude it is more likely than not that the fair value of the reporting unit exceeds its carrying value, goodwill is tested for impairment by estimating the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, the fair value for the reporting units , underlying assets and liabilities is determined and goodwill is adjusted accordingly. In determining the fair value for a reporting unit’s the Company considers recent stock and sales transaction prices of peer group companies as well as the present value of expected future cas h flows of the reporting unit. Significant assumptions include sales and expense growth rates, discount rates, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by changes in market conditions. The Company performs the goodwill impairment test as of December 31 each fiscal year or when changes in circumstances indicate an impairment event may have occurred. Impairment charges represent non-cash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. Long-Lived Assets. The Company evaluates its ability to recover the carrying value of property, plant and equipment and finite-lived intangible assets, using the lowest level of cash flows associated with the assets, which are grouped based on the Company’s intended use of these assets. This evaluation is performed whenever a change in circumstances indicates that the carrying value of the asset groups may not be recoverable from future undiscounted cash flows. If the analysis of future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or net realizable value. Investments. The Company owns certain equity securities in companies in which it does not exercise control. For those investments where the Company is able to exercise significant influence over the investee as defined under ASC 323 – Equity Method and Joint Ventures , the Company accounts for the investment under the equity method of accounting, recognizing its share of the investee’s income or loss as a component of earnings. All other investments are recorded under the cost method and the Company recognizes income or loss upon the receipt of dividends or distributions, or upon liquidation of the investment. Each reporting period, the Company evaluates its ability to recover the carrying value of both equity and cost method investments based upon the financial strength of the investee. If the Company determines the carrying value is not recoverable, an impairment charge is recorded for the difference between the net realizable value of the investment and the carrying value. Self-Insured Risks. A. H. Belo self-insures certain risks for employee medical costs, workers’ compensation, general liability , and commercial automotive claims and records a liability for such risks. The Company purchases stop-loss insurance and/or high deductible policies with third-party insurance carriers to limit these risks, and third-party administrators are used to process claims. Each period, the undiscounted liability associated with uninsured risks are estimated based on historical claim patterns, employee demographic data, assets insured , and insurance policy. The estimates associated with these uninsured liabilities are monitored for adequacy based on information currently available. However, actual amounts could vary significantly from such estimates if actual trends, including the severity or frequency of claims and/or medical cost inflation, were to change. Pension and Other Retirement Obligations. The Company follows accounting guidance for single employer defined benefit s plans. Plan assets and the projected benefit s obligation are measured each December 31, and the Company records as an asset or liability the net funded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to accumulated other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan’s (a) projected benefit s obligation or (b) the market-related value of the plan’s assets. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense. From time to time, the Company-sponsored plans may settle pension obligations with certain plan participants through the plans’ master trust as part of its de-risking strategies. The gains or losses associated with settlements of plan obligations to participants are recognized to earnings if such settlements exceed the interest component of net periodic pension cost for the year. Otherwise, such amounts are included in actuarial gains (losses) in accumulated other comprehensive income (loss). In 2015, the Company early-adopted ASU 2015-04 and re-measurement of plan assets and liabilities upon a significant settlement or curtailment event is performed based on the values of the month-end closest to the event. The A. H. Belo Savings Plan is the Company's defined contribution plan. The Company recognizes expense for contributions to the plan based on current commitments made by management to plan participants. Contributions by the Company to its defined contribution plan are subject to change at management's discretion. Contingencies. A number of legal proceedings are pending against A. H. Belo. Management routinely assesses the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. Accruals for such contingencies are recorded to the extent that management concludes their occurrence is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Disclosure for specific legal contingencies is provided if the likelihood of occurrence is at least reasonably possible and the exposure is considered material to the consolidated financial statements. In making determinations of likely outcomes of litigation matters, management considers many factors. These factors include, but are not limited to, past experience and other evidence, interpretation of relevant laws or regulations and the specifics and status of each matter. Predicting the outcome of claims and litigation and estimating related costs and exposure involves substantial uncertainties that could cause actual costs to vary materially from estimates and accruals . See the Consolidated Financial Statements, Note 12 – Commitments and Contingencies. Long-Term Incentive Plan. The Company sponsors a long-term incentive plan under which it issues restricted stock units (RSUs) and cash awards to directors and cer tain employees of the Company. The fair value of awards issued under the plan is recognized to expense over the requisite service period. The fair value of RSUs is established at the closing price of the Company’s common stock on the date of grant. Vested RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash over a period of three years. The Company records a liability for the portion of the outstanding RSUs to be redeemed in cash, which is adjusted to its fair value each period, based on the closing price of the Company’s common stock. Under the long-term incentive plan, options can be issued to directors and employees of the Company. All outstanding options issued against the Company’s stock were fully vested and recognized to earnings in 2011. Shareholders’ Equity. The Company authorized the issuance of shares of Series A and Series B common stock. Series A common stock has one vote per share and Series B common stock has 10 votes per share. Shares of Series B common stock are convertible at any time on a share-for-share basis into shares of Series A common stock, but not vice versa. The Company is authorized to grant stock option and RSU awards to employees and directors of the Company. Upon vesting of RSUs , shares of Series A common stock are issued. Upon the exercise of stock options, Series A common stock is issued if the holder of the stock options executes a simultaneous exercise and sale. If the holder of the stock option chooses not to sell the shares, Series B common stock is issued. In 2012, the Company’s board of directors authorized the purchase of the A.H. Belo Series A or Series B common stock, for use other than retirement, through open market purchases, privately negotiated transactions or otherwise. The Company’s agreement to repurchase its shares was terminated effective December 11, 2015. Treasury stock acquired under the repurchase program is recorded at cost, reducing shareholders’ equity. The acquired shares are available for sale on the open market or for settlement of obligations related to its share-based awards. Accumulated other comprehensive loss consists of actuarial gains and losses associated with the A. H. Belo Pension Plans and other post-employment benefit plans. The cumulative balances are amortized to earnings over the weighted average remaining life expectancy of the participants to the extent such balances exceed 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. The Company discloses amounts reclassified from accumulated other comprehensive income (loss) to net income in Note 10 – Accumulated Other Comprehensive Loss. Revenue Recognition. The Company’s principal sources of revenue on the advertising space in published issues of its newspapers, advertising on the Company’s and third-party websites, the sale of newspapers to distributors and individual subscribers, as well as amounts charged to customers for commercial printing, distribution and direct mail. Advertising revenue is recorded net of agency commission at the time the advertisements are published in the newspaper and ratably over the period of time the advertisement is placed on the websites. Marketing services revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. The FASB recently issued ASU 2014-09, Revenue from Contracts with Customers. This guidance generally clarified 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 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, 2017, and interim periods in those years. The Company is currently evaluating the impact this update will have on its recognition and presentation of revenues within the consolidated statements of operations. Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset include reversal of future deferred tax liabilities, available tax planning strateg ies and future taxable income. In 2015, the FASB issued ASU 2015-17 allowing companies to present deferred tax assets and liabilities as noncurrent in a classified balance sheet. The Company has elected to early-adopt this presentation in its consolidated balance sheet as of December 31, 2015. The Company evaluates any uncertain tax positions each reporting period by tax jurisdiction to determine if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements for such positions are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. If a net operating loss or other tax credit carry forward exists, the Company records the unrecognized tax benefits for such tax positions as a reduction to a deferred tax asset. Otherwise, the unrecognized tax benefits are recorded as a liability. The Company records a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs. Interest and penalties, if any, related to unrecognized tax benefits are recorded in interest expense. Use of Estimates. Company management makes estimates and assumptions that affect the amounts and disclosures reported in its financial statements and include valuation allowances for doubtful accounts, uncertain tax positions and deferred tax assets, fair value measurements related to assets held for sale, pension plan assets and equity based compensation, actuarial liabilities related to self-insured risks, pension plan obligations and assumptions related to impairment and recovery of goodwill and long lived assets. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. Segments. The Company operates under two segments. The publishing segment includes the operating activities associated with the Company’s print operat ions and its related websites. All other activities are included in the marketing and event services and other segment. This segment primarily includes sales of advertising delivered outside the Company’s news platforms, social media management services, and other marketing services and software designed to provide integrated solutions for optimizing businesses marketing challenges and opportunities. The segment also includes the operations related to the Company’s event-based businesses primarily offering education, sports, food and music events across major Texas cities. Fair Value Measurements. The Company’s financial instruments, including cash, cash equivalents, accounts receivable, interest receivable, accounts payable and amounts due to customers are carried at cost, which approximates its fair value because of the short-term nature of these instruments. Other New Accounting Pronouncements. The FASB recently issued ASU 2014-15, Presentation of Financial Statements - Going Concern. This standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years and interim periods beginning after December 15, 2015. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or footnotes. The FASB recently issued ASU 2015-05 Goodwill and Other – Internal-Use-Software. Under this update, if the fees charged under a cloud computing arrangement include an element for software licenses, then such costs should be accounted for consistent with the acquisiti on of other software licenses. Otherwise, it should be accoun ted for as a service contract. The standard is effective for fiscal years begi nning after December 15, 2015. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or footnotes. The FASB recently issued ASU 2016-02, Leases. The new standard introduces a new lessee model that brings substantially all leases on the balance sheet, requiring entities to recognize an asset for the right of use and a liability for the contractual obligations under the lease. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and for interim periods therein. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of assets and liabilities within its consolidated balance sheets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2: Acquisitions On January 2, 2015 , the Company acquired an 80 percent voting interest in DMV Digital Holdings Company, Inc. (“DMV Holdings”) which holds all outstanding ownership interests of three Dallas-based businesses, Distribion, Inc., Vertical Nerve, Inc., and CDFX, LLC (d/b/a MarketingFX). These businesses specialize in marketing automation, search engine marketing, direct mail and promotional products, respectively. This acquisition complements and expands the product and service offerings currently available to A. H. Belo clients, thereby strengthening the Company’s diversified product portfolio and allowing for greater penetration in a competitive advertising market. The Company’s interest in DMV Holdings was acquired for a cash purchase price of $14,11 0 , net of $152 cash acquired. Transaction costs related to the purchase are a component of other production, distribution and operating costs and totaled $1,288 , of which $725 were incurred in 2015. The estimated fair value of the acquired businesses totaled $17,829 , of which $2,548 was attributed to noncontrolling interests. Approximately $807 of goodwill acquired is expected to be deductible for tax purposes. As further discussed in Note 1 2 – Contingencies, the contribution agreement included provisions for two pro-rata dividends, and an embedded put arrangement with certain noncontrolling shareholders of DMV Holdings. The allocation of the purchase price was completed in the fourth quarter of 2015 and i s summarized as follows: Estimated Fair Value Working capital, net of acquired cash $ (80) Property, plant and equipment 57 Other intangible assets 6,470 Goodwill 12,301 Deferred tax liability (2,090) $ 16,658 Through this acquisition, the Company has been able to fulfill key marketing service functions that were previously outsourced to third-party vendors and also expand the portfolio of marketing services offe red to its existing customers. These synergies have allowed the Company to establish a more robust service offering that will allow it to establish greater market presence in this industry. Operating results of the businesses acquired have been included in the Consolidated Statements of Operations from the acquisition date forward. Revenue from marketing services is recognized at the time services are delivered and upfront fees, if any, are recognized over the life of the contractual arrangement. Operating results related to the acquired businesses included $10,138 of operating revenue, which included $1,137 of intercompany sales and a pretax income of $ 95 before adjusting for noncontrolling interests, respectively. Pro forma results of the Company, assuming the acquisition had occurred at the beginning of each period presented, would not be materially different from the results reported. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 3: Segment Reporting The Company has identified two reportable segments based on management and internal reporting structures as well as product and service offerings: Publishing and Marketing, Event Marketing and Other Services (“MEMO”). The Publishing segment includes the Company’s core print operations associated with its newspapers, niche publications and related websites. These operations generate revenue from sales of advertising within its newspaper and digital platforms, subscription and retail sales of its newspapers and commercial printing and distribution services primarily related to national and regional newspapers and preprint advertisers. Businesses within the publishing segment leverage the production facilities, its subscriber base or its digital news platforms to provide additional contribution margin. The Company evaluates Publishing operations based on operating profit and cash flows from operating activities. The MEMO segment is comprised of the Company’s marketing, event marketing and other businesses. Marketing services and product offerings include multi-channel marketing services and software, targeted-channel marketing services, marketing analytics, content development, social media management and other consulting services. Marketing services also include non-digital marketing products, including sales of business promotional and sales of pay-for-performance services directed primarily to other newspaper companies. Marketing services include the operations of its subsidiaries, DMV Holdings, Speakeasy, and Proven Performance Media, as well as its operating division doing business as Connect and its cars.com sales division. Event marketing includes the operations of CrowdSource, which promotes community events, such as One Day University , an educational speaker event; Untapped which hosts craft beer festivals providing food, craft beer and entertainment across five major Texas cities; and other community-related events. The Company evaluates MEMO operations based on revenue growth and operating profit as these businesses continue to expand within their respective markets. The following table summarizes key financial results and position related to the reportable segments. December 31, December 31, December 31, 2015 2014 2013 Revenue Publishing $ 236,166 $ 250,112 $ 258,312 MEMO 35,942 22,676 17,871 Total $ 272,108 $ 272,788 $ 276,183 Operating Income (Loss) Publishing $ (18,350) $ (9,881) $ 948 MEMO 55 2,195 274 Total $ (18,295) $ (7,686) $ 1,222 The following table summarizes noncash expenses recorded by the Company’s reportable segments. December 31, December 31, December 31, 2015 2014 2013 Noncash Expenses Publishing Depreciation $ 11,401 $ 13,672 $ 14,761 Amortization 120 121 121 Pension settlement 14,964 7,648 — Total $ 26,485 $ 21,441 $ 14,882 MEMO Depreciation $ 114 $ 148 $ 100 Amortization 1,229 77 — Pension settlement — — — Total $ 1,343 $ 225 $ 100 The following table summarizes total assets related to the reportable segments. December 31, December 31, 2015 2014 Total Assets Publishing $ 196,912 $ 296,274 MEMO 24,589 2,473 Total $ 221,501 $ 298,747 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 4: Goodwill and Intangible Assets The Company records goodwill and intangible assets from its previous acquisitions. In 2015, the Company reorganized its reporting units, aligning resources consistent with management’s operating strategies. The Company’s publishing segment operates as a single reporting unit and the MEMO segment includes reporting units for marketing services operations and event marketing operations. The table below sets forth the goodwill and other intangible assets within the Company’s reportable segments of December 31, 2015 and 2014. Publishing MEMO Total Goodwill December 31, 2015 $ 22,682 $ 14,201 $ 36,883 December 31, 2014 $ 22,682 $ 1,900 $ 24,582 Other Definite-Lived Intangibles December 31, 2015 Cost $ 362 $ 7,083 $ 7,445 Accumulated Amortization (362) (1,305) (1,667) Net Carrying Value $ — $ 5,778 $ 5,778 December 31, 2014 Cost $ 362 $ 613 $ 975 Accumulated Amortization (242) (77) (319) Net Carrying Value $ 120 $ 536 $ 656 Other definite-lived intangibles include $5,925 of customer relationships with useful lives up to ten years and $1,520 of developed technology with a life of five years. Amortization expense for intangible assets for 2015 and 2014 was $1,349 and $198 , respectively. Annual amortization expense is expected to approximate $903 in 2016, $799 in 2017 through 2019 , and approximately $495 thereafter until the carrying value is fully amortized. On December 31, 2015, the Company performed its annual goodwill impairment testing under which a qualitative assessment was performed to determine whether it was more likely than not that the fair value of the reporting unit to a market participant was less than its carrying value. The qualitative factors considered the market capitalization of the Company, industry trends, management’s plan for existing assets and other factors that could have an economic impact on the reporting unit. If this assessment suggested the fair value of the reporting units was less than its carrying value, the Company determined the fair value of the reporting unit through models projecting future discounted cash flows and other valuation techniques including pricing of recent mergers and acquisitions, earnings multiples among industry peers and recent performance of the Company’s stock. From the evaluation performed, the fair value associated with DMV Holdings has increased modestly since its acquisition in January 2015. For the publishing and remaining marketing services reporting units recording goodwill, the Company believes the fair value of these reporting units substantially exceeded their carrying values. Accordingly, no impairment is warranted. The carrying value of the Company’s definite-lived intangible assets was also evaluated for impairment on December 31, 2015, and these assets are expected to be recoverable from cash flows from future operations. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | Note 5 : Investments The Company owns investment interests in various entities which are recorded under the equity method or cost method of accounting, or consolidated if controlling financial interest is held . Under the equity method, the Company records its share of the investee’s earnings or losses each period as a component of other income, net, in the consolidated statements of operations. Under the cost method, the earnings or losses are recorded when such amounts are realized. Investments are evaluated for rec overability each period and the fair value of investments are estimated if identified events or circumstances indicate a significant adverse effect on the carrying value. Net (losses) gains on equity method investments were $(1,065) , $93,898 and $2,269 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The table below sets forth the Company’s investments. December 31, 2015 2014 Equity method investments $ — $ 1,640 Cost method investments 1,632 932 Total investments $ 1,632 $ 2,572 Cost method investments. Investments under the cost method of accounting include equity ownership in various developmental phase companies and emerging businesses with operations that complement the Company’s strategic operating goals. The carrying value of these investments were evaluated as of December 31, 2015 and based on the financial condition of the underlying investee, were considered to be recoverable. Equity method investments. Investments recorded under the equity method of accounting during 2015 and 2014 include the following: · Wanderful Media, LLC (“Wanderful”) - Wanderful 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. It also utilizes location-based technology and incentives to drive consumers to retailer locations . As of December 31, 2015 , the Company owned a 9.6 percent interest in Wanderful, which declined from the 13.0 percent interest held as of December 31, 2014. As a result of the decreased ownership interest and inability to exert significant influence on the investee, the Company discontinued the equity method of accounting for this investment, and now accounts for Wanderful under the cost method . The carrying value of this investment was $200 and $1,640 as of December 31, 2015 and 2014, respectively. · Classified Ventures, LLC (“Classified Ventures”) - The Company owned a 3.3 percent interest in Classified Ventures through its sale date in the fourth quarter of 2014. The principal businesses of Classified Ventures included the operations of cars.com and apartments.com . On April 1, 2014 Classified Ventures sold the operations related to apartments.com and the Company recorded a gain of $18,479 related to the transaction. On October 1, 2014, the Company completed a transaction with Gannett Co. Inc. and other unit holders of Classified Ventures whereby Gannett acquired all membership interests from the unit holders of Classified Ventures, resulting in a gain on the sale of $77,092 during the fourth quarter of 2014. At December 31, 2014, the Company recorded a receivable of $3,280 for escrow funds held by Classified Ventures related to the sale of its membership interests, which were collected in October 2015. Proceeds totaling $1,046 were received in 2015 and represented additional distributions related to Classified Ventures’ sale of apartments.com , increasing the gain on this transaction. Other income of $3,540 was recorded during 2014, 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. Consolidated investments - The Company consolidates the following investments in which it has a controlling financial interest: · Your Speakeasy, LLC - 70.0 percent ownership - targets middle-market business customers and provides turnkey social media account management and content development services. · Untapped Festivals, LLC - 51.0 percent ownership - hosts events providing craft beer and entertainment events across major Texas cities. · DMV Digital Holdings Company - 80.0 percent ownership - specializes in marketing automation, search engine marketing, direct mail and promotional products. Other Assets. As of December 31, 2015, the Company held $675 in convertible notes receivable issued by a digital audio news and information entity between 2013 and 2015. Based on the weak financial performance and liquidity of the issuer, the notes have been fully reserved and a charge of $675 was recorded to other loss during 2015. |
Long-term Incentive Plans
Long-term Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Incentive Plans [Abstract] | |
Long-term Incentive Plans | Note 6 : Long-term Incentive Plans A. H. Belo sponsors a long-term incentive plan under which 8,000,000 common shares were authorized for equity based awards. Awards may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted shares, RSUs, performance shares, performance units or stock appreciation rights. In addition, stock options may be accompanied by full and limited stock appreciation rights. Rights and limited stock appreciation rights may also be issued without accompanying stock options. Awards under the plan were also granted to holders of stock options issued by the former parent company in connection with the Company’s separation from the former parent. The Company recognizes compensation expense for any awards related to its respective employees, under the plan . Stock Options. The non-qualified stock options granted under the Company’s long-term incentive plans are fully vested and exercisable . No options have been granted by the Company since 2009 and the costs associated with outstanding awards were fully vested and recognized to expense prior to 2011. The table below sets forth a summary of stock option activity under the A. H. Belo long-term incentive plan. Number of Options Weighted- Average Exercise Price Outstanding at December 31, 2012 1,215,680 $ 17.90 Exercised (18,820) 3.70 Canceled (286,327) 27.13 Outstanding at December 31, 2013 910,533 15.29 Exercised (190,462) 4.94 Canceled (287,348) 25.37 Outstanding at December 31, 2014 432,723 13.15 Exercised (18,000) 3.95 Canceled (155,412) 22.19 Outstanding at December 31, 2015 259,311 $ 8.37 The table below summarizes vested and exercisable A. H. Belo stock options outstanding as of December 31, 2015 . Range of Exercise Prices Number of Options Outstanding Weighted- Average Remaining Life (years) Weighted- Average Exercise Price $0.00 - $9.99 186,270 — $ 4.32 $10.00 - $19.99 58,532 — 18.29 $20.00 - $29.99 14,509 — 20.36 Vested and exercisable at December 31, 2015 259,311 2.0 $ 8.37 The intrinsic value of options exercised in 2015 , 2014 , and 2013 was $100 , $1,099 and $91 , respectively, and the intrinsic value of outstanding options at December 31, 2015 was $283 . Restricted Stock Units. Under A. H. Belo’s long-term incentive plan, the Company’s board of directors periodically awards RSUs. The RSUs have service and/or performance conditions and vest over a period of up to three years. Vested RSUs are redeemed 60% percent in A. H. Belo Series A common stock and 40% percent in cash over a period of three years. As of December 31, 2015 , the liability for the portion of the award to be redeemed in cash was $548 . The table below sets forth a summary of RSU activity under the A. H. Belo long-term incentive plan. Total RSUs Issuance of Common Stock RSUs Redeemed in Cash Cash Payments at Closing Price of Stock Weighted- Average Price on Date of Grant Non-vested at December 31, 2012 811,618 $ 5.97 Granted 344,811 5.51 Vested (427,611) 256,548 171,063 $ 939 5.49 Non-vested at December 31, 2013 728,818 $ 5.59 Granted 123,232 11.85 Vested (350,892) 210,522 140,370 $ 1,489 6.05 Non-vested at December 31, 2014 501,158 $ 6.81 Granted 134,812 7.66 Vested (270,465) 162,274 108,191 $ 847 5.92 Canceled (48,239) 7.46 Non-vested at December 31, 2015 317,266 $ 7.83 The fair value of the RSUs granted is determined using the closing trading price of the Company’s shares on the grant date. As of December 31, 2015 , unrecognized compensation related to the non-vested RSUs totaled $ 346 , which is expected to be recognized over a weighted-average period of 1.24 years. Compensation Expense. A. H. Belo recognizes compensation expense for any awards issued to its employees and directors under its long-term incentive plan. Compensation expense related to Company issued stock awards is set forth in the table below. Year ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2015 $ 605 $ (349) $ 256 2014 702 1,117 1,819 2013 1,059 1,330 2,389 |
Severance Costs
Severance Costs | 12 Months Ended |
Dec. 31, 2015 | |
Severance Costs [Abstract] | |
Severance Costs | Note 7: Severance Costs In 2015, the Company initiated cost reductions through a voluntary severance option offered to certain newsroom employees and other headcount reductions. Through these initiatives, the Company eliminated 70 positions resulting in severance and other related costs of approximately $2,891 in employee compensation and benefits during 2015. As of December 31, 2015, the Company recorded a liability in other accrued expenses of $322 for additional employee separations to occur through February 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax [Abstract] | |
Income Taxes | Note 8 : Income Taxes The table below sets forth the income tax provision related to continuing operations. 2015 2014 2013 Current Federal $ (1,726) $ 3,865 $ — State 1,729 1,333 1,704 Total current 3 5,198 1,704 Deferred Federal (3,988) 28,577 2,317 State (389) 646 (394) Total deferred (4,377) 29,223 1,923 Valuation allowance 2,804 (28,443) (2,167) Total income tax (benefit) provision $ (1,570) $ 5,978 $ 1,460 The table below reconciles the income tax provision for continuing operations computed by applying the applicable United States federal income tax rate to the tax provision computed at the effective income tax rate. 2015 2014 2013 Computed expected income tax provision $ (6,917) $ 32,195 $ 1,182 State income tax (net of federal benefit) 780 1,314 852 Valuation allowance 2,804 (28,443) (2,167) Equity compensation — — 1,582 Nondeductible expenses 493 81 521 Uncertain tax position reserve 244 — — Noncontrolling interest 133 53 67 Recognition of equity windfall — — (563) Other 893 778 (14) Income tax (benefit) provision $ (1,570) $ 5,978 $ 1,460 Effective income tax rate 7.9% 6.5% 43.2% A tax benefit of $1,570 was recorded in 2015. The benefit was primarily derived from $2,090 of deferred tax liabilities assumed in the acquisition of DMV Holdings, which reduced the amount of valuation allowance that would have otherwise been required. A receivable is recorded in prepaid and other assets as of December 31, 2015, for federal net operating losses of $3,066 generated in 2015. The Company generated taxable income in 2014 as a result of the sale of its investment in Classified Ventures and the sale of The Providence Journal . Accordingly, the 2014 tax provision was reduced for changes in the valuation allowance, primarily resulting from the use of the Company’s net operating loss carry forwards which totaled $19,567 . The Company made income tax payments, net of refunds, of $11,613 and $8,759 in 2015 and 2014, respectively. Tax benefits recognized in 2015 will be carried back against taxes paid in 2014 for a refund. In accordance with realization requirements of ASC 718 – Stock Compensation , the tax liability and additional paid in capital were reduced in 2015 and 2014 by $5 5 7 and $933 , respectively, for the value of equity compensation in excess of the compensation expense recognized. These deductions were not available to the Company prior to 2014 due to the net operating loss assets. During 2013, a U.S. federal tax refund of $1,334 was recorded for the carry back of taxable losses to a prior tax return of the former parent company upon completion of an audit of the 2008 and 2009 tax years. The Company is not currently under examination by federal or state jurisdictions for income tax purposes. The increase in 2015 taxes paid primarily reflects federal income tax related to gains on the sales of its investments and newspaper operations in 2014. The table below sets forth the significant components of the Company’s deferred tax liabilities and assets. December 31, 2015 2014 Deferred tax assets (liabilities) Defined benefit plans $ 20,106 $ 22,952 Investments 4,270 2,317 Tax depreciation less than book depreciation 2,284 3,541 Expenses deductible for tax purposes in a year different from the year accrued 1,366 1,221 Deferred compensation and benefits 951 1,671 Tax amortization in excess of book amortization (2,814) (935) State taxes 80 (169) Other 502 370 26,745 30,968 Valuation allowance for deferred tax assets (27,791) (31,498) Net deferred tax liabilities $ (1,046) $ (530) In 2015, the Company adopted ASU 2015-17, requiring the presentation of net deferred tax assets and liabilities for each jurisdiction to be presented as noncurrent within the Company’s consolidated balance sheets. Deferred tax assets related to net losses recorded in accumulated other comprehensive loss as of December 31, 201 5 and 201 4 , respectively, are fully reserved and there is no net effect to tax provision for 201 5 , 201 4 or 201 3 . The Company recogni zes a reserve for deferred tax assets when it is more likely than not that these assets will not be realized. In making this determination, all positive and negative evidence is considered, including future reversals of existing taxable temporary differences, tax planning strategies, future taxable income and taxable income in prior carryback years. The Company follows accounting guidance under ASC 740-10 – Income Taxes related to uncertainty in income tax positions, which clarifies the accounting and disclosure requirements for uncertainty in tax positions. Uncertain tax positions are evaluated and a liability is recognized for the tax benefit associated with uncertain positions only if it is more likely than not that the positions will not be sustained upon examination by taxing authorities, based on the technical merits of the positions. The Company assessed its filing positions in all significant jurisdictions where it is required to file income tax returns for all open tax years. The Company’s federal income tax returns for the years subsequent to December 31, 2012, remain subject to examination, and income tax returns in major state income tax jurisdictions where the Company operates remain subject to examination for various periods subsequent to December 31, 2008. The Company has recorded a reserve for the tax benefit related to uncertain tax positions existing as of December 31, 2015. No uncertain tax positions existed in 2014. The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefit. 2015 Balance at January 1 $ — Reductions for tax positions of prior years 244 Balance at December 31 $ 244 |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Retirement Plans [Abstract] | |
Pension and Other Retirement Plans | Note 9 : Pension and Other Retirement Plans Defined Benefit Plans. The Company sponsors the A. H. Belo Pension Plans, which provide d benefits to approximately 2,300 current and former employees of the Company. A. H. Belo Pension Plan I provides benefits to certain employees primarily employed with The Dallas Morning News or the A. H. Belo corporate offices. A. H. Belo Pension Plan II provides benefits to certain employees of The Providence Journal Company . T h is obligation was retained by the Company upon the sale transaction of the newspaper operations of The Providence Journal . No additional benefits are accruing under the A. H. Belo Pension Plans, as future benefits were frozen prior to the plans’ effective date. The Company was not required to make contributions to its pension plans in 2015. Required and voluntary contributions of $9,927 and $20,000 , respectively, were made in 2014 , to the A. H. Belo Pension Plans, directly reducing the unfunded projected pension obligation of these plans . Actuarial gains (losses) of $2,540 , $(49,243) , and $57,171 were recorded to other comprehensive income in 2015 , 2014 and 2013 , respectively; see Note 10 – Accumulated Other Comprehensive Loss for information on amounts recorded to accumulate other comprehensive income. The Company-sponsored plans implemented a de-risking strategy whereby voluntary and mandatory lump sum payments to participants may be made to decrease future benefit obligations. As part of this strategy, payments of $100,877 were made in 2015 to approximately 1,000 participants and $52,919 of payments were made in 2014 to approximately 700 participants. The lump-sum payments re sulted in a favorable settlement of the projected benefit obligations of approximately $5,000 and $1 5 , 0 00 in 2015 and 2014, respectively . A charge to pension expense for $14,964 and $7,648 in 2015 and 2014, respectively, was recorded to reflect the amortization of losses in accumulated other comprehensive loss associated with these settlements. The obligations were funded through the plans’ master trust account and are a component of benefit payments as shown in the table below. The Company will continue to evaluate the feasibility of additional de-risking strategies based on the economic benefits to the Company. The table below sets forth summarized financial information about the A. H. Belo Pension Plans . . 2015 2014 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 396,656 $ 388,698 Interest cost 14,161 17,320 Actuarial (gain) loss (27,307) 63,898 Benefit payments (121,483) (73,260) Projected benefit obligation at end of year 262,027 396,656 Change in plan assets Fair value of plan assets at beginning of year 330,797 338,616 Return on plan assets (4,733) 35,514 Employer contributions — 29,927 Benefit payments (121,483) (73,260) Fair value of plan assets at end of year 204,581 330,797 Funded status $ (57,446) $ (65,859) Amounts recorded on the balance sheet Noncurrent liability - Accrued benefit cost $ 57,446 $ 65,859 Accumulated benefit obligation $ 262,027 $ 396,656 Net Periodic Pension Expense The projected benefit obligations of the A. H. Belo Pension Plans are estimated using the Citigroup Pension Yield Curve, which is based upon a portfolio of high quality corporate debt securities with maturities that correlate to the timing of benefit payments to the plans’ participants. Future benefit payments are discounted to their present value at the appropriate yield curve rate to determine the projected benefit obligation outstanding at each year end. Yield curve discount rates as of December 31, 2015 , and 2014 , were 4.0 percent and 4.0 percent, respectively. Interest expense included in net periodic pension expense is based on the Citigroup Pension Yield Curve established at the beginning of the fiscal year. Interest expense for 2015 , 2014 and 2013 was determined using beginning of year yield curve rates of 4.0 percent, 4.0 percent and 4.2 percent, respectively. The Company assumed a 6.5% percent long-term return on the plans’ assets in 2015 , 2014 and 2013 . This return is based upon historical returns of similar investment pools having asset allocations consistent with the expected allocations of the A. H. Belo Pension Plans. Investment strategies for the plans’ assets are based upon factors such as the remaining useful life expectancy of participants and market risks. The table below sets forth components of net periodic pension expense for 2015 , 2014 and 2013 . 2015 2014 2013 Interest cost $ 14,161 $ 17,320 $ 15,995 Expected return on plans' assets (20,033) (20,859) (19,563) Amortization of actuarial loss 1,252 — 1,702 Recognized settlement loss 14,964 7,648 — Net periodic pension expense (benefit) $ 10,344 $ 4,109 $ (1,866) Plan Assets The Company is responsible for directing the investment strategies of the A. H. Belo Pension Plans’ assets. The investment strategies fo cus on asset class diversification, liquidity to meet benefit payments and an appropriate balance of long-term investment return and risks. The long-term targeted allocation of the plans’ assets invested in equity securities and fixed-income securities is 50.0 percent and 50.0 percent, respectively . These targets are determined by matching the actuarial projections of the plans’ future liabilities and benefit payments with the expected long-term rates of return on assets and expected market risks. Investment risk is continuously monitored and plan assets are rebalanced to target allocations to meet the Company’s strategy and the plans’ liquidity needs. At December 31, 2015 , the plans’ investments in equity securities and fixed income securities accounted for 45.4 percent and 54.6 percent of the total non-cash holdings, respectively. The table below sets forth the A. H. Belo Pension Plans’ assets at fair value as of December 31, 201 5 and 201 4 , with inputs used to develop fair value measurements Fair Value Measurements Using Total Quoted Price in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Description 2015 2014 2015 2014 2015 2014 2015 2014 Cash and money market funds $ 4,178 $ 6,485 $ 4,178 $ 6,485 $ — $ — $ — $ — Equity Funds U.S. Equity Securities 62,314 115,253 — — 62,314 115,253 — — International Equity Securities 28,669 43,675 4,334 8,071 24,335 35,604 — — Fixed Income Funds Domestic Corporate and Government Debt Securities 54,427 77,488 — — 54,427 77,488 — — Domestic Corporate Debt Securities 49,074 80,906 — — 49,074 80,906 — — International Corporate and Government Debt Securities 5,919 6,990 — — 5,919 6,990 — — Total $ 204,581 $ 330,797 $ 8,512 $ 14,556 $ 196,069 $ 316,241 $ — $ — Inputs and valuation techniques used to measure the fair value of plan assets vary according to the type of asset being valued. Cash and money market funds, as well as exchange traded funds, are designated as Level I. Remaining equity securities and fixed income securities represent units of commingled pooled funds and fair values are based on net asset value (“NAV”) of the units of the fund determined by the fund manager. Commingled pooled funds are similar in nature to retail mutual funds, but are typically more efficient for institutional investors than retail mutual funds. As commingled pooled funds are typically only accessible by institutional investors, the NAV is not readily observable by non-institutional investors. Equity securities held through units in these funds are monitored as to issuer and industry. As of December 31, 2015 , there were no significant concentrations of equity or debt securities in any single issuer or industry. Other The table below sets forth the Company’s expected future benefit payments as of December 31, 2015 . Payment year Expected Benefit Payments 2016 $ 15,486 2017 15,622 2018 15,799 2019 15,897 2020 15,890 2021 - 2025 79,666 The Company expects to make no required contributions to the A. H. Belo Pension Plans in 201 6 . Other defined benefit plans – A. H. Belo also sponsors post-retirement benefit plans which provide health and life insurance benefits for certain retired employees. These plans were frozen subsequent to the separation from the former parent company and no future benefits accrue. The Company recorded a liability of $1,429 and $1,651 related to these plans as of December 31, 2015 and 2014 , respectively. A net periodic benefit of $ 13 , $6 30 and $ 631 in 2015 , 2014 and 2013 , respectively, was recorded to employee compensation and benefits. The net benefit primarily represents amortization of actuarial gains (losses) and prior service costs, offset by interest expense associated with the actuarial liability . Actuarial gains of $202 , $15 and $287 were recorded to other comprehensive loss in 2015 , 2014 and 2013 , respectively. See Note 10 – Accumulated Other Comprehensive Loss. Defined Contribution Plans. The A. H. Belo Savings Plan, a defined contribution 401(k) plan, covers substantially all employees of A. H. Belo. Participants may elect to contribute a portion of their pretax compensation, as provided by the plan and the Internal Revenue Code. Employees can contribute up to 100 percent of thei r annual eligible compensation less requi red withholdings and deductions up to statutory limits. The Company provides an ongoing dollar-for-dollar match of eligible employee contributions, up to 1.5 percent of the employees’ compensat ion on a per-pay-period basis. The Company recorded expense of $1,013 , $987 , and $973 in 2015 , 2014 and 2013 , respectively, for matching contributions to the plan. The A. H. Belo Pension Transition Supplement Plan (“PTS Plan”), a defined contribution plan, 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. E xpense and contributions for the PTS Plan of $598 and $2,826 were recorded in 2014 , respectively . As a result of fulfilling its obligations to the PTS Plan and in order to achieve efficient administration of the Company's define d contribution plans, the PTS Plan was merged into the A. H. Belo Savings Plan on July 1, 2013. Accordingly, individual participant account balances within the PTS Plan were transferred to their respective accounts of the A. H. Belo Savings Plan and the PTS Plan has ceased to exist as a stand - alone benefit plan of the Company. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10 : Accumulated Other Comprehensive Loss Accumulated other comprehensive loss contains actuarial gains and losses associated with the A. H. Belo Pension Plans and gains and losses resulting from negative plan amendments and other actuarial experience related to other post-employment benefit plans. The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. 2015 2014 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (57,367) $ (57,654) $ 287 $ (15,093) $ (16,059) $ 966 Amortization 16,183 16,216 (33) 6,954 7,648 (694) Actuarial gains (losses) 2,742 2,540 202 (49,228) (49,243) 15 Balance, end of period $ (38,442) $ (38,898) $ 456 $ (57,367) $ (57,654) $ 287 Amortization of accumulated other comprehensive loss is recorded in salaries, wages and employee benefits in the consolidated statements of operations. In 201 6 , the Company anticipates amortizing $1,251 of net losses in accumulated other comprehensive loss related to its defined benefit pension plans and other post-employment benefit plans. Deferred tax assets related to amounts recorded in accumulated other comprehensive loss in 201 5 and 201 4 are fully reserved. See Note 8 – Income Taxes. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 : Earnings Per Share The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and B common stock equally share in the distributed and undistributed earnings. 2015 2014 2013 Earnings (numerator) Net income attributable to A. H. Belo Corporation $ (17,842) $ 92,929 $ 16,119 Less: Income (loss) from discontinued operations, net (63) 6,770 14,010 Less: Income to participating securities 115 2,118 535 Net income available to common shareholders from continuing operations $ (17,894) $ 84,041 $ 1,574 Shares (denominator) Weighted average common shares outstanding (basic) 21,408,940 21,899,602 21,967,666 Effect of dilutive securities — 106,420 96,075 Adjusted weighted average shares outstanding (diluted) 21,408,940 22,006,022 22,063,741 Earnings per share from continuing operations Basic $ (0.84) $ 3.84 $ 0.07 Diluted $ (0.84) $ 3.82 $ 0.07 Holders of service-based RSUs participate in A. H. Belo dividends on a one-on-one share basis. Distributed and undistributed income associated with participating securities is included in the calculation of EPS under the two-class method as prescribed under ASC 260 – Earnings Per Share . The Company considers outstanding stock options and RSUs in the calculation of its earnings per share. A total of 576,577 , 729,611 and 1,474,999 options and RSUs outstanding as of December 31, 2015 , 2014 and 2013 , respectively, were excluded from the calculation because they did not affect the earnings per share for common shareholders or the effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 12 : Commitments and Contingencies As of December 31, 201 5 , the Company had contractual obligations for leases and capital expenditures that primarily related to newspaper production equipment. The table below sets forth the summarized commitments of the Company as of December 31, 201 5 . Total 2016 2017 2018 2019 2020 Thereafter Operating lease commitments $ 6,309 1,794 $ 1,751 $ 1,337 $ 1,006 $ 421 $ — Capital commitments 602 602 — — — — — Total commitments $ 6,911 $ 2,396 $ 1,751 $ 1,337 $ 1,006 $ 421 $ — Total lease expense for property and equipment was $1,856 , $1,724 and $1,813 in 2015 , 2014 and 2013 , respectively. The Company funds the A. H. Belo Pension Plans to meet or exceed statutory requirements and currently expects to make no required contributions to these plans in 2016. See Note 9 – Pension and Other Retirement Plans for discussion of pension funding relief. O n December 10, 2015 , the Company announced an $0.08 per share dividend to shareholders of record and holders of RSUs as of the close of business on February 12, 2016 , which will be paid on March 14, 2016 . A number of legal proceedings are pending against A. H. Belo. Management routinely assesses the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. Accruals for such contingencies are recorded to the extent that management concludes their occurrence is probable and the financial impact , should an adverse outcome occur, is reasonably estimable. Disclosure for specific legal contingencies is provided if the likelihood of occurrence is at least reasonably possible and the exposure is considered material to the consolidated financial statements. In making determinations of likely outcomes of litigation matters, management considers many factors. These factors include, but are not limited to, past experience and other evidence, interpretation of relevant laws or regulations and the specifics and status of each matter. Predicting the outcome of claims and litigation and estimating related costs and exposure involves substantial uncertainties that could cause actual costs to vary materially from estimates and accruals. The Company is currently in dispute with a customer regarding performance and pricing terms with respect to a change order to its printing services contract with the Company. Although the Company believes its position related to the contract can be sustained on its legal merits, it is reasonably possible that losses from zero up to the total amount of disputed invoices, which to date is approximately $1,100 , could be incurred related to the dispute . In the opinion of management, liabilities, if any, arising from other claims against the Company would not have a material adverse effect on A. H. Belo’s results of operations, liquidity or financial condition Redeemable noncontrolling interest. In connection with the acquisition of DMV Holdings, the Company entered into a shareholder agreement which provides for a put option to a noncontrolling shareholder. The put option provides the shareholder with the right to require the Company to purchase up to 25 percent of his ownership interest between the second and third anniversaries of the agreement and up to 50 percent of his ownership interest between the fourth and fifth anniversaries of the agreement. The exercisability of the noncontrolling interest put arrangement is outside of the control of the Company. As such, the redeemable noncontrolling interest of $1,42 1 is reported in the mezzanine equity section in the consolidated balance sheets as of December 31, 2015. In the event that the put options expire unexercised, the related portion of noncontrolling interest would be classified as a component of equity in the consolidated balance sheets. Redeemable noncontrolling interests are recorded at fair value on the acquisition date and the carrying value adjusted each period to the greater of the estimated redemption value or the value that would otherwise be assigned if the interests were not redeemable. Changes in redemption value are recorded to retained earnings or additional paid in capital, as applicable, and have no effect to earnings of the Company. As of December 31, 2015, the carrying value of redeemable noncontrolling interest was recorded at its fair value and a gain of $102 was recorded to additional paid in capital. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 1 3 : Related Party Transactions The Company periodically enters into transactions with its former parent Belo Corp. which is now owned by TEGNA, Inc., primarily for tax-related and other matters associated with the Company’s spin-off in 2008. In 2014, the Company received an economic parity payment of $3,540 from its former parent as it related to the sale of its jointly owned investment in Classified Ventures, as described in Note 5 – Investments. In 2013, the Company’s former parent provided $853 in legal, payroll and a ccounts payable services to the Company. The Company was also able to carryback taxable losses against Belo’s taxable income from pr ior years, as described in Note 8 – Income Taxes. |
Supplemental Cash Flow Data
Supplemental Cash Flow Data | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Cash Flow Data | Note 14: Supplemental Cash Flow Data The table below sets forth supplemental disclosures related to the Company’s Consolidated Statements of Cash Flows. Years Ended December 31, 2015 2014 2013 Income tax paid, net of refunds $ 11,613 $ 8,759 $ 1,432 Noncash investing and financing activities: Dividends payable at year-end $ — $ 50,148 $ — Receivable for investment sales proceeds $ — $ 3,280 $ — Impairment of equity method investment $ — $ 1,871 $ — Noncash contributions by noncontrolling interests $ 1,210 $ 183 $ 87 |
Discontinued Operations and Sal
Discontinued Operations and Sales of Assets | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Sales of Assets [Abstract] | |
Discontinued Operations and Sales of Assets | Note 15 : Discontinued Operations and Sales of Assets 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 working capital adjustment of $2,654 . Closing costs of $110 and estimated selling and exit costs of $3,237 were recognized, and a pretax gain on the sale of $17,104 was recorded in 2014. In July 2013, the Company sold 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 $47 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 and 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 are presented as discontinued operations. Major components of these amounts presented as discontinued operations in the consolidated financial statements are set forth below. Years Ended December 31, 2015 2014 2013 Income (loss) from discontinued operations The Providence Journal Revenue $ — $ 58,591 $ 90,068 Costs and expense — (54,527) (84,703) — 4,064 5,365 The Press-Enterprise Revenue — — 46,648 Costs and expense — — (51,348) — — (4,700) Income (loss) from discontinued operations — 4,064 665 Gain related to the divestiture of discontinued operations, net Gain on sale of The Providence Journal (63) 17,104 — Gain on sale of The Press-Enterprise — (47) 8,656 Gain on sale of The Press-Enterprise office building and press equipment — — 4,746 (63) 17,057 13,402 Tax expense (benefit) from discontinued operations The Press-Enterprise — — (67) The Providence Journal — 14,351 124 — 14,351 57 Gain (loss) from discontinued operations $ (63) $ 6,770 $ 14,010 Other Dispositions. The Company seeks to monetize its non- essential real estate assets tha t are ancillary to operations. This includes the s ale s of various parcels of property, including land and buildings, to third-party buyers . In 2015, the Company completed the sale of the land and building which served as the administrative headquarters of The Providence Journal . Net proceeds of $6,119 were received upon closing of the transacti on, generating a loss of $265 . The Company demolished the existing structures on another owned property in Providence, Rhode Island generating a loss of $251 . In 2014, the Company sold the land and building formerly used as a commercial packaging operation in southern Dallas, generating sales proceeds of $6,677 and a gain of $1,827 . The Company also received sales proceeds totaling $3,408 for the sales of land and buildings in Riverside, California, and 97 acres of undeveloped land in southern Dallas, Texas, resulting in gains totaling $862 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16: Subsequent Events On March 3, 2016 the Company’s Board of Directors declared a quarterly cash dividend of $0.08 per share payable on June 3, 2016 , to shareholders of record at the close of business on May 13, 2016 . |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations [Abstract] | |
Quarterly Results of Operations | Note 1 7 : Quarterly Results of Operations (Unaudited) The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 201 5 and 201 4 . 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 2014 2015 2014 2015 2014 2015 2014 Continuing Operations: Net Operating Revenue $ 65,436 $ 64,392 $ 66,676 $ 69,261 $ 66,908 $ 65,923 $ 73,088 $ 73,212 Operating Income (Loss) (5,106) (3,644) (535) 2,407 (3,102) 500 (9,552) (6,949) Income (Loss) from Continuing Operations 319 (4,826) (694) 19,687 (3,967) 2,269 (13,852) 68,877 Income (Loss) from Discontinued Operations, Net (12) 783 2 2,269 (52) 16,125 (1) (12,407) Net Income (Loss) 307 (4,043) (692) 21,956 (4,019) 18,394 (13,853) 56,470 Net Income (Loss) Attributable to A. H. Belo Corporation 363 (4,037) (592) 21,980 (3,956) 18,444 (13,657) 56,542 Net Income (Loss) per Share from Continuing Operations Basic $ 0.02 $ (0.22) $ (0.03) $ 0.86 $ (0.18) $ 0.10 $ (0.64) $ 3.09 Diluted $ 0.02 $ (0.22) $ (0.03) $ 0.85 $ (0.18) $ 0.10 $ (0.64) $ 3.07 Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Significant Accounting Polici25
Significant Accounting Policies and Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation. These consolidated financial statements include the accounts of A. H. Belo and its subsidiaries. The Company follows the guidance set by the Financial Accounting Standards Board (“FASB”) or other authoritative accounting standards-setting bodies. Under Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company determines whether subsidiaries, joint ventures, partnerships and other arrangements should be consolidated. Transactions between the consolidated companies are eliminated and noncontrolling interests in less than wholly-owned subsidiaries are reflected in the consolidated finan cial statements. Discontinued operations are reported for disposed components of an entity whereby a strategic shift has occurred having a major effect on the entity’s operations and financial results. The preparation of consolidated financial statements in conformity with General Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary for a fair presentation are included. All dollar amounts are presented in thousands, except per share amounts, unless the context requires otherwise. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents. The Company considers all highly liquid instruments purchased with original maturities of three months or less to be cash equivalents. |
Accounts Receivable, Policy | Accounts Receivable. Accounts receivable are reported net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. Accounts are written -off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2015 and 2014 was $ 2,168 and $ 2,220 , respectively. Write-offs, net of recoveries and other adjustments for 2015 and 2014 were $1,989 and $2,206 respectively. |
Risk Concentration, Policy | Risk Concentration. Financial instruments subject to potential concentration of credit risk include cash equivalents and accounts receivable. The Company invests available cash balances in an overnight deposit fund holding commercial paper of a single issuer. The issuer’s commercial paper is graded A1 by Moody’s and overnight holdings in the fund were $66,722 as of December 31, 2015 . A significant portion of the Company’s customer base is concentrated within the North Texas geographical area. The Company generally extends credit to customers, and the ultimate collection of accounts receivable could be affected by the national and local economy. Management continually performs credit evaluations of its customers and may require cash in advance or other special arrangements from certain customers. The Company maintains an allowance for losses based upon the collectability of accounts receivable. Management does not believe significant credit risk exists that could have a material adverse effect on the Company’s consolidated financial condition, liquidity or results of operations. |
Inventories, Policy | Inventories. Inventories, consisting primarily of newsprint, ink and other supplies used in printing newspapers, are recorded at the lower of cost or market value. Cost is determined by the weighted average purchase price of the inventory acquired. In 2015, the FASB issued ASU 2015-11, clarifying that net realizable value is one of the measures used in determining market value. The Company has early-adopted this standard resulting in no impact to the measurement of inventory in the Company’s cons olidated financial statements. |
Property, Plant and Equipment, Policy | Property, Plant and Equipment. The Company records property, plant and equipment at cost or its fair value if acquired through a business acquisition or non-monetary exchange. Depreciable assets are reviewed to ensure the remaining useful life of the assets continues to be appropriate and the resulting adjustments are recorded to depreciation expense on a prospective basis. Depreciation of property, plant and equipment are recorded on a straight-line basis over the estimated useful lives of the assets as follows: Estimated Useful Lives Buildings and improvements 5 - 30 years Newspaper publishing equipment 3 - 20 years Other 3 - 10 years |
Goodwill, Policy | Goodwill. Goodwill is recorded at the reporting unit level based on the excess fair value of prior business acquisitions over the fair value of the assets and liabilities acquired. Reporting units of the Company are based on its internal reporting structure and represent a reporting level below an operating segment. Unless qualitative factors allow the Company to conclude it is more likely than not that the fair value of the reporting unit exceeds its carrying value, goodwill is tested for impairment by estimating the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, the fair value for the reporting units , underlying assets and liabilities is determined and goodwill is adjusted accordingly. In determining the fair value for a reporting unit’s the Company considers recent stock and sales transaction prices of peer group companies as well as the present value of expected future cas h flows of the reporting unit. Significant assumptions include sales and expense growth rates, discount rates, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by changes in market conditions. The Company performs the goodwill impairment test as of December 31 each fiscal year or when changes in circumstances indicate an impairment event may have occurred. Impairment charges represent non-cash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. |
Long-Lived Assets, Policy | Long-Lived Assets. The Company evaluates its ability to recover the carrying value of property, plant and equipment and finite-lived intangible assets, using the lowest level of cash flows associated with the assets, which are grouped based on the Company’s intended use of these assets. This evaluation is performed whenever a change in circumstances indicates that the carrying value of the asset groups may not be recoverable from future undiscounted cash flows. If the analysis of future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or net realizable value. |
Investments, Policy | Investments. The Company owns certain equity securities in companies in which it does not exercise control. For those investments where the Company is able to exercise significant influence over the investee as defined under ASC 323 – Equity Method and Joint Ventures , the Company accounts for the investment under the equity method of accounting, recognizing its share of the investee’s income or loss as a component of earnings. All other investments are recorded under the cost method and the Company recognizes income or loss upon the receipt of dividends or distributions, or upon liquidation of the investment. Each reporting period, the Company evaluates its ability to recover the carrying value of both equity and cost method investments based upon the financial strength of the investee. If the Company determines the carrying value is not recoverable, an impairment charge is recorded for the difference between the net realizable value of the investment and the carrying value. |
Self Insured Risks, Policy | Self-Insured Risks. A. H. Belo self-insures certain risks for employee medical costs, workers’ compensation, general liability , and commercial automotive claims and records a liability for such risks. The Company purchases stop-loss insurance and/or high deductible policies with third-party insurance carriers to limit these risks, and third-party administrators are used to process claims. Each period, the undiscounted liability associated with uninsured risks are estimated based on historical claim patterns, employee demographic data, assets insured , and insurance policy. The estimates associated with these uninsured liabilities are monitored for adequacy based on information currently available. However, actual amounts could vary significantly from such estimates if actual trends, including the severity or frequency of claims and/or medical cost inflation, were to change. |
Pension and Other Retirement Obligations, Policy | Pension and Other Retirement Obligations. The Company follows accounting guidance for single employer defined benefit s plans. Plan assets and the projected benefit s obligation are measured each December 31, and the Company records as an asset or liability the net funded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to accumulated other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan’s (a) projected benefit s obligation or (b) the market-related value of the plan’s assets. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense. From time to time, the Company-sponsored plans may settle pension obligations with certain plan participants through the plans’ master trust as part of its de-risking strategies. The gains or losses associated with settlements of plan obligations to participants are recognized to earnings if such settlements exceed the interest component of net periodic pension cost for the year. Otherwise, such amounts are included in actuarial gains (losses) in accumulated other comprehensive income (loss). In 2015, the Company early-adopted ASU 2015-04 and re-measurement of plan assets and liabilities upon a significant settlement or curtailment event is performed based on the values of the month-end closest to the event. The A. H. Belo Savings Plan is the Company's defined contribution plan. The Company recognizes expense for contributions to the plan based on current commitments made by management to plan participants. Contributions by the Company to its defined contribution plan are subject to change at management's discretion. |
Contingencies, Policy | Contingencies. A number of legal proceedings are pending against A. H. Belo. Management routinely assesses the likelihood of adverse judgments or outcomes to those matters, as well as ranges of probable losses, to the extent losses are reasonably estimable. Accruals for such contingencies are recorded to the extent that management concludes their occurrence is probable and the financial impact, should an adverse outcome occur, is reasonably estimable. Disclosure for specific legal contingencies is provided if the likelihood of occurrence is at least reasonably possible and the exposure is considered material to the consolidated financial statements. In making determinations of likely outcomes of litigation matters, management considers many factors. These factors include, but are not limited to, past experience and other evidence, interpretation of relevant laws or regulations and the specifics and status of each matter. Predicting the outcome of claims and litigation and estimating related costs and exposure involves substantial uncertainties that could cause actual costs to vary materially from estimates and accruals . See the Consolidated Financial Statements, Note 12 – Commitments and Contingencies. |
Long-Term Incentive Plan, Policy | Long-Term Incentive Plan. The Company sponsors a long-term incentive plan under which it issues restricted stock units (RSUs) and cash awards to directors and cer tain employees of the Company. The fair value of awards issued under the plan is recognized to expense over the requisite service period. The fair value of RSUs is established at the closing price of the Company’s common stock on the date of grant. Vested RSUs are redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash over a period of three years. The Company records a liability for the portion of the outstanding RSUs to be redeemed in cash, which is adjusted to its fair value each period, based on the closing price of the Company’s common stock. Under the long-term incentive plan, options can be issued to directors and employees of the Company. All outstanding options issued against the Company’s stock were fully vested and recognized to earnings in 2011. |
Shareholders' Equity, Policy | Shareholders’ Equity. The Company authorized the issuance of shares of Series A and Series B common stock. Series A common stock has one vote per share and Series B common stock has 10 votes per share. Shares of Series B common stock are convertible at any time on a share-for-share basis into shares of Series A common stock, but not vice versa. The Company is authorized to grant stock option and RSU awards to employees and directors of the Company. Upon vesting of RSUs , shares of Series A common stock are issued. Upon the exercise of stock options, Series A common stock is issued if the holder of the stock options executes a simultaneous exercise and sale. If the holder of the stock option chooses not to sell the shares, Series B common stock is issued. In 2012, the Company’s board of directors authorized the purchase of the A.H. Belo Series A or Series B common stock, for use other than retirement, through open market purchases, privately negotiated transactions or otherwise. The Company’s agreement to repurchase its shares was terminated effective December 11, 2015. Treasury stock acquired under the repurchase program is recorded at cost, reducing shareholders’ equity. The acquired shares are available for sale on the open market or for settlement of obligations related to its share-based awards. Accumulated other comprehensive loss consists of actuarial gains and losses associated with the A. H. Belo Pension Plans and other post-employment benefit plans. The cumulative balances are amortized to earnings over the weighted average remaining life expectancy of the participants to the extent such balances exceed 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. The Company discloses amounts reclassified from accumulated other comprehensive income (loss) to net income in Note 10 – Accumulated Other Comprehensive Loss. |
Revenue Recognition, Policy | Revenue Recognition. The Company’s principal sources of revenue on the advertising space in published issues of its newspapers, advertising on the Company’s and third-party websites, the sale of newspapers to distributors and individual subscribers, as well as amounts charged to customers for commercial printing, distribution and direct mail. Advertising revenue is recorded net of agency commission at the time the advertisements are published in the newspaper and ratably over the period of time the advertisement is placed on the websites. Marketing services revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. The FASB recently issued ASU 2014-09, Revenue from Contracts with Customers. This guidance generally clarified 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 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, 2017, and interim periods in those years. The Company is currently evaluating the impact this update will have on its recognition and presentation of revenues within the consolidated statements of operations. |
Income Taxes, Policy | Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset include reversal of future deferred tax liabilities, available tax planning strateg ies and future taxable income. In 2015, the FASB issued ASU 2015-17 allowing companies to present deferred tax assets and liabilities as noncurrent in a classified balance sheet. The Company has elected to early-adopt this presentation in its consolidated balance sheet as of December 31, 2015. The Company evaluates any uncertain tax positions each reporting period by tax jurisdiction to determine if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements for such positions are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. If a net operating loss or other tax credit carry forward exists, the Company records the unrecognized tax benefits for such tax positions as a reduction to a deferred tax asset. Otherwise, the unrecognized tax benefits are recorded as a liability. The Company records a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs. Interest and penalties, if any, related to unrecognized tax benefits are recorded in interest expense. |
Use of Estimates, Policy | Use of Estimates. Company management makes estimates and assumptions that affect the amounts and disclosures reported in its financial statements and include valuation allowances for doubtful accounts, uncertain tax positions and deferred tax assets, fair value measurements related to assets held for sale, pension plan assets and equity based compensation, actuarial liabilities related to self-insured risks, pension plan obligations and assumptions related to impairment and recovery of goodwill and long lived assets. Estimates are based on past experience and other considerations reasonable under the circumstances. Actual results may differ from these estimates. |
Segments, Policy | Segments. The Company operates under two segments. The publishing segment includes the operating activities associated with the Company’s print operat ions and its related websites. All other activities are included in the marketing and event services and other segment. This segment primarily includes sales of advertising delivered outside the Company’s news platforms, social media management services, and other marketing services and software designed to provide integrated solutions for optimizing businesses marketing challenges and opportunities. The segment also includes the operations related to the Company’s event-based businesses primarily offering education, sports, food and music events across major Texas cities. |
Fair Value Measurements, Policy | Fair Value Measurements. The Company’s financial instruments, including cash, cash equivalents, accounts receivable, interest receivable, accounts payable and amounts due to customers are carried at cost, which approximates its fair value because of the short-term nature of these instruments. |
Other New Accounting Pronouncements | Other New Accounting Pronouncements. The FASB recently issued ASU 2014-15, Presentation of Financial Statements - Going Concern. This standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years and interim periods beginning after December 15, 2015. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or footnotes. The FASB recently issued ASU 2015-05 Goodwill and Other – Internal-Use-Software. Under this update, if the fees charged under a cloud computing arrangement include an element for software licenses, then such costs should be accounted for consistent with the acquisiti on of other software licenses. Otherwise, it should be accoun ted for as a service contract. The standard is effective for fiscal years begi nning after December 15, 2015. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of the consolidated financial statements or footnotes. The FASB recently issued ASU 2016-02, Leases. The new standard introduces a new lessee model that brings substantially all leases on the balance sheet, requiring entities to recognize an asset for the right of use and a liability for the contractual obligations under the lease. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and for interim periods therein. The Company does not anticipate the adoption of this standard to have a material impact on the presentation of assets and liabilities within its consolidated balance sheets. |
Significant Accounting Polici26
Significant Accounting Policies and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Schedule of Property, Plant and Equipment Useful Lives | Estimated Useful Lives Buildings and improvements 5 - 30 years Newspaper publishing equipment 3 - 20 years Other 3 - 10 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Purchase price allocation, preliminary | Estimated Fair Value Working capital, net of acquired cash $ (80) Property, plant and equipment 57 Other intangible assets 6,470 Goodwill 12,301 Deferred tax liability (2,090) $ 16,658 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | December 31, December 31, December 31, 2015 2014 2013 Revenue Publishing $ 236,166 $ 250,112 $ 258,312 MEMO 35,942 22,676 17,871 Total $ 272,108 $ 272,788 $ 276,183 Operating Income (Loss) Publishing $ (18,350) $ (9,881) $ 948 MEMO 55 2,195 274 Total $ (18,295) $ (7,686) $ 1,222 The following table summarizes noncash expenses recorded by the Company’s reportable segments. December 31, December 31, December 31, 2015 2014 2013 Noncash Expenses Publishing Depreciation $ 11,401 $ 13,672 $ 14,761 Amortization 120 121 121 Pension settlement 14,964 7,648 — Total $ 26,485 $ 21,441 $ 14,882 MEMO Depreciation $ 114 $ 148 $ 100 Amortization 1,229 77 — Pension settlement — — — Total $ 1,343 $ 225 $ 100 The following table summarizes total assets related to the reportable segments. December 31, December 31, 2015 2014 Total Assets Publishing $ 196,912 $ 296,274 MEMO 24,589 2,473 Total $ 221,501 $ 298,747 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of identifiable intangible assets | Publishing MEMO Total Goodwill December 31, 2015 $ 22,682 $ 14,201 $ 36,883 December 31, 2014 $ 22,682 $ 1,900 $ 24,582 Other Definite-Lived Intangibles December 31, 2015 Cost $ 362 $ 7,083 $ 7,445 Accumulated Amortization (362) (1,305) (1,667) Net Carrying Value $ — $ 5,778 $ 5,778 December 31, 2014 Cost $ 362 $ 613 $ 975 Accumulated Amortization (242) (77) (319) Net Carrying Value $ 120 $ 536 $ 656 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Schedule of investments | December 31, 2015 2014 Equity method investments $ — $ 1,640 Cost method investments 1,632 932 Total investments $ 1,632 $ 2,572 |
Long-term Incentive Plans (Tabl
Long-term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Incentive Plans [Abstract] | |
Stock option activity | Number of Options Weighted- Average Exercise Price Outstanding at December 31, 2012 1,215,680 $ 17.90 Exercised (18,820) 3.70 Canceled (286,327) 27.13 Outstanding at December 31, 2013 910,533 15.29 Exercised (190,462) 4.94 Canceled (287,348) 25.37 Outstanding at December 31, 2014 432,723 13.15 Exercised (18,000) 3.95 Canceled (155,412) 22.19 Outstanding at December 31, 2015 259,311 $ 8.37 |
Vested and exercisable stock options outstanding | Range of Exercise Prices Number of Options Outstanding Weighted- Average Remaining Life (years) Weighted- Average Exercise Price $0.00 - $9.99 186,270 — $ 4.32 $10.00 - $19.99 58,532 — 18.29 $20.00 - $29.99 14,509 — 20.36 Vested and exercisable at December 31, 2015 259,311 2.0 $ 8.37 |
RSU activity | Total RSUs Issuance of Common Stock RSUs Redeemed in Cash Cash Payments at Closing Price of Stock Weighted- Average Price on Date of Grant Non-vested at December 31, 2012 811,618 $ 5.97 Granted 344,811 5.51 Vested (427,611) 256,548 171,063 $ 939 5.49 Non-vested at December 31, 2013 728,818 $ 5.59 Granted 123,232 11.85 Vested (350,892) 210,522 140,370 $ 1,489 6.05 Non-vested at December 31, 2014 501,158 $ 6.81 Granted 134,812 7.66 Vested (270,465) 162,274 108,191 $ 847 5.92 Canceled (48,239) 7.46 Non-vested at December 31, 2015 317,266 $ 7.83 |
Schedule of compensation expense related to stock awards | Year ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2015 $ 605 $ (349) $ 256 2014 702 1,117 1,819 2013 1,059 1,330 2,389 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 2013 Current Federal $ (1,726) $ 3,865 $ — State 1,729 1,333 1,704 Total current 3 5,198 1,704 Deferred Federal (3,988) 28,577 2,317 State (389) 646 (394) Total deferred (4,377) 29,223 1,923 Valuation allowance 2,804 (28,443) (2,167) Total income tax (benefit) provision $ (1,570) $ 5,978 $ 1,460 |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 2013 Computed expected income tax provision $ (6,917) $ 32,195 $ 1,182 State income tax (net of federal benefit) 780 1,314 852 Valuation allowance 2,804 (28,443) (2,167) Equity compensation — — 1,582 Nondeductible expenses 493 81 521 Uncertain tax position reserve 244 — — Noncontrolling interest 133 53 67 Recognition of equity windfall — — (563) Other 893 778 (14) Income tax (benefit) provision $ (1,570) $ 5,978 $ 1,460 Effective income tax rate 7.9% 6.5% 43.2% |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2015 2014 Deferred tax assets (liabilities) Defined benefit plans $ 20,106 $ 22,952 Investments 4,270 2,317 Tax depreciation less than book depreciation 2,284 3,541 Expenses deductible for tax purposes in a year different from the year accrued 1,366 1,221 Deferred compensation and benefits 951 1,671 Tax amortization in excess of book amortization (2,814) (935) State taxes 80 (169) Other 502 370 26,745 30,968 Valuation allowance for deferred tax assets (27,791) (31,498) Net deferred tax liabilities $ (1,046) $ (530) |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward | 2015 Balance at January 1 $ — Reductions for tax positions of prior years 244 Balance at December 31 $ 244 |
Pension and Other Retirement 33
Pension and Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | 2015 2014 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 396,656 $ 388,698 Interest cost 14,161 17,320 Actuarial (gain) loss (27,307) 63,898 Benefit payments (121,483) (73,260) Projected benefit obligation at end of year 262,027 396,656 Change in plan assets Fair value of plan assets at beginning of year 330,797 338,616 Return on plan assets (4,733) 35,514 Employer contributions — 29,927 Benefit payments (121,483) (73,260) Fair value of plan assets at end of year 204,581 330,797 Funded status $ (57,446) $ (65,859) Amounts recorded on the balance sheet Noncurrent liability - Accrued benefit cost $ 57,446 $ 65,859 Accumulated benefit obligation $ 262,027 $ 396,656 |
Net periodic pension expense | 2015 2014 2013 Interest cost $ 14,161 $ 17,320 $ 15,995 Expected return on plans' assets (20,033) (20,859) (19,563) Amortization of actuarial loss 1,252 — 1,702 Recognized settlement loss 14,964 7,648 — Net periodic pension expense (benefit) $ 10,344 $ 4,109 $ (1,866) |
Schedule of Allocation of Plan Assets | Fair Value Measurements Using Total Quoted Price in Active Markets for Identical Assets (Level I) Significant Other Observable Inputs (Level II) Significant Unobservable Inputs (Level III) Description 2015 2014 2015 2014 2015 2014 2015 2014 Cash and money market funds $ 4,178 $ 6,485 $ 4,178 $ 6,485 $ — $ — $ — $ — Equity Funds U.S. Equity Securities 62,314 115,253 — — 62,314 115,253 — — International Equity Securities 28,669 43,675 4,334 8,071 24,335 35,604 — — Fixed Income Funds Domestic Corporate and Government Debt Securities 54,427 77,488 — — 54,427 77,488 — — Domestic Corporate Debt Securities 49,074 80,906 — — 49,074 80,906 — — International Corporate and Government Debt Securities 5,919 6,990 — — 5,919 6,990 — — Total $ 204,581 $ 330,797 $ 8,512 $ 14,556 $ 196,069 $ 316,241 $ — $ — |
Schedule of Expected Benefit Payments | Payment year Expected Benefit Payments 2016 $ 15,486 2017 15,622 2018 15,799 2019 15,897 2020 15,890 2021 - 2025 79,666 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes in accumulated other comprehensive loss | 2015 2014 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (57,367) $ (57,654) $ 287 $ (15,093) $ (16,059) $ 966 Amortization 16,183 16,216 (33) 6,954 7,648 (694) Actuarial gains (losses) 2,742 2,540 202 (49,228) (49,243) 15 Balance, end of period $ (38,442) $ (38,898) $ 456 $ (57,367) $ (57,654) $ 287 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share reconciliation | 2015 2014 2013 Earnings (numerator) Net income attributable to A. H. Belo Corporation $ (17,842) $ 92,929 $ 16,119 Less: Income (loss) from discontinued operations, net (63) 6,770 14,010 Less: Income to participating securities 115 2,118 535 Net income available to common shareholders from continuing operations $ (17,894) $ 84,041 $ 1,574 Shares (denominator) Weighted average common shares outstanding (basic) 21,408,940 21,899,602 21,967,666 Effect of dilutive securities — 106,420 96,075 Adjusted weighted average shares outstanding (diluted) 21,408,940 22,006,022 22,063,741 Earnings per share from continuing operations Basic $ (0.84) $ 3.84 $ 0.07 Diluted $ (0.84) $ 3.82 $ 0.07 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Operating lease and capital commitment obligations | Total 2016 2017 2018 2019 2020 Thereafter Operating lease commitments $ 6,309 1,794 $ 1,751 $ 1,337 $ 1,006 $ 421 $ — Capital commitments 602 602 — — — — — Total commitments $ 6,911 $ 2,396 $ 1,751 $ 1,337 $ 1,006 $ 421 $ — |
Supplemental Cash Flow Data (Ta
Supplemental Cash Flow Data (Table) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Disclosures of Cash Flows | Years Ended December 31, 2015 2014 2013 Income tax paid, net of refunds $ 11,613 $ 8,759 $ 1,432 Noncash investing and financing activities: Dividends payable at year-end $ — $ 50,148 $ — Receivable for investment sales proceeds $ — $ 3,280 $ — Impairment of equity method investment $ — $ 1,871 $ — Noncash contributions by noncontrolling interests $ 1,210 $ 183 $ 87 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Sales of Assets [Abstract] | |
Financial Statements of Discontinued Operations | Years Ended December 31, 2015 2014 2013 Income (loss) from discontinued operations The Providence Journal Revenue $ — $ 58,591 $ 90,068 Costs and expense — (54,527) (84,703) — 4,064 5,365 The Press-Enterprise Revenue — — 46,648 Costs and expense — — (51,348) — — (4,700) Income (loss) from discontinued operations — 4,064 665 Gain related to the divestiture of discontinued operations, net Gain on sale of The Providence Journal (63) 17,104 — Gain on sale of The Press-Enterprise — (47) 8,656 Gain on sale of The Press-Enterprise office building and press equipment — — 4,746 (63) 17,057 13,402 Tax expense (benefit) from discontinued operations The Press-Enterprise — — (67) The Providence Journal — 14,351 124 — 14,351 57 Gain (loss) from discontinued operations $ (63) $ 6,770 $ 14,010 |
Quarterly Results of Operatio39
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations [Abstract] | |
Schedule of Quarterly Financial Information | 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2015 2014 2015 2014 2015 2014 2015 2014 Continuing Operations: Net Operating Revenue $ 65,436 $ 64,392 $ 66,676 $ 69,261 $ 66,908 $ 65,923 $ 73,088 $ 73,212 Operating Income (Loss) (5,106) (3,644) (535) 2,407 (3,102) 500 (9,552) (6,949) Income (Loss) from Continuing Operations 319 (4,826) (694) 19,687 (3,967) 2,269 (13,852) 68,877 Income (Loss) from Discontinued Operations, Net (12) 783 2 2,269 (52) 16,125 (1) (12,407) Net Income (Loss) 307 (4,043) (692) 21,956 (4,019) 18,394 (13,853) 56,470 Net Income (Loss) Attributable to A. H. Belo Corporation 363 (4,037) (592) 21,980 (3,956) 18,444 (13,657) 56,542 Net Income (Loss) per Share from Continuing Operations Basic $ 0.02 $ (0.22) $ (0.03) $ 0.86 $ (0.18) $ 0.10 $ (0.64) $ 3.09 Diluted $ 0.02 $ (0.22) $ (0.03) $ 0.85 $ (0.18) $ 0.10 $ (0.64) $ 3.07 Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding. |
Significant Accounting Polici40
Significant Accounting Policies and Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)segmentitem | Dec. 31, 2014USD ($) | |
Accounting Policies | ||
Bad debt expense | $ 2,168 | $ 2,220 |
Write-offs, net of recoveries and other adjustments | 1,989 | $ 2,206 |
Cash overnight holdings | $ 66,722 | |
Amortization threshold percentage | 10.00% | |
Number of operating segments | segment | 2 | |
Series A | ||
Accounting Policies | ||
Common stock, voting rights, number of votes | item | 1 | |
Series B | ||
Accounting Policies | ||
Common stock, voting rights, number of votes | item | 10 | |
RSUs | ||
Accounting Policies | ||
Vested RSUs are redemption percentage of common stock | 60.00% | |
Vested RSUs are redemption percentage of cash | 40.00% | |
Vesting period | 3 years |
Significant Accounting Polici41
Significant Accounting Policies and Recently Issued Accounting Standards (Schedule of property, plant and equipment useful lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 30 years |
Newspaper publishing equipment | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 3 years |
Newspaper publishing equipment | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 20 years |
Other | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 3 years |
Other | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 10 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - DMV - USD ($) $ in Thousands | Jan. 02, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | Jan. 2, 2015 | |
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | |
Business Acquisition, Consideration Transferred | $ 14,110 | |
Business Acquisition, Cash Acquired | 152 | |
Business Acquisition, Cumulative Transaction Costs | 1,288 | |
Business Combination, Transaction Costs | 725 | |
Business Acquisition, Fair Value Of Business | 17,829 | |
Business Acquisition, Noncontrolling Interest, Fair Value | 2,548 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 807 | |
Business Acquisition, Current Revenues of Acquiree | $ 10,138 | |
Business Acquisition, Current Net Loss before Income Taxes | 95 | |
Intercompany [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Current Revenues of Acquiree | $ 1,137 |
Acquisitions (Purchase price al
Acquisitions (Purchase price allocation, preliminary) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 36,883 | $ 24,582 |
DMV | ||
Business Acquisition [Line Items] | ||
Working capital, net of cash acquired | (80) | |
Property, plant, and equipment | 57 | |
Other intangible assets | 6,470 | |
Goodwill | (2,090) | |
Deferred tax liability | $ 16,658 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Reporting (Reportable S
Segment Reporting (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 73,088 | $ 66,908 | $ 66,676 | $ 65,436 | $ 73,212 | $ 65,923 | $ 69,261 | $ 64,392 | $ 272,108 | $ 272,788 | $ 276,183 |
Operating Income (Loss) | (9,552) | $ (3,102) | $ (535) | $ (5,106) | (6,949) | $ 500 | $ 2,407 | $ (3,644) | (18,295) | (7,686) | 1,222 |
Depreciation | 11,515 | 13,820 | 14,861 | ||||||||
Amortization | 1,349 | 198 | 121 | ||||||||
Pension settlement | 14,964 | 7,648 | |||||||||
Total Assets | 221,501 | 298,747 | 221,501 | 298,747 | |||||||
Operating Segments | Publishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 236,166 | 250,112 | 258,312 | ||||||||
Operating Income (Loss) | (18,350) | (9,881) | 948 | ||||||||
Depreciation | 11,401 | 13,672 | 14,761 | ||||||||
Amortization | 120 | 121 | 121 | ||||||||
Pension settlement | 14,964 | 7,648 | |||||||||
Total | 26,485 | 21,441 | 14,882 | ||||||||
Total Assets | 196,912 | 296,274 | 196,912 | 296,274 | |||||||
Operating Segments | Marketing and Event Marketing Other Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 35,942 | 22,676 | 17,871 | ||||||||
Operating Income (Loss) | 55 | 2,195 | 274 | ||||||||
Depreciation | 114 | 148 | 100 | ||||||||
Amortization | 1,229 | 77 | |||||||||
Total | 1,343 | 225 | $ 100 | ||||||||
Total Assets | $ 24,589 | $ 2,473 | $ 24,589 | $ 2,473 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,349 | $ 198 | $ 121 |
Expected amortization expense, 2016 | 903 | ||
Expected amortization expense, 2017 | 799 | ||
Expected amortization expense, 2018 | 799 | ||
Expected amortization expense, 2019 | 799 | ||
Expected amortization expense, thereafter | 495 | ||
Impairment of intangible assets | 0 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Definite-lived intangibles | $ 5,925 | ||
Definite-lived intangibles, useful life | 10 years | ||
Developed Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Definite-lived intangibles | $ 1,520 | ||
Definite-lived intangibles, useful life | 5 years |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets (Schedule of identifiable intangible assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 36,883 | $ 24,582 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Cost | 7,445 | 975 |
Accumulated Amortization | (1,667) | (319) |
Net Carrying Value | 5,778 | 656 |
Publishing | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 22,682 | 22,682 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Cost | 362 | 362 |
Accumulated Amortization | (362) | (242) |
Net Carrying Value | 120 | |
Marketing and Event Marketing Other Services | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 14,201 | 1,900 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Cost | 7,083 | 613 |
Accumulated Amortization | (1,305) | (77) |
Net Carrying Value | $ 5,778 | $ 536 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Apr. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments [Line Items] | |||||
Gain (loss) on equity method investments, net | $ (1,065) | $ 93,898 | $ 2,269 | ||
Equity method investments | $ 1,640 | 1,640 | |||
Cost method investments | 932 | 1,632 | 932 | ||
Impairment of equity method investment | 1,871 | ||||
Wanderful | |||||
Investments [Line Items] | |||||
Equity method investments | $ 1,640 | $ 1,640 | |||
Cost method investments | $ 200 | ||||
Cost method A. H. Belo ownership | 9.60% | ||||
Equity method - A. H. Belo ownership | 13.00% | 13.00% | |||
Classified Ventures | |||||
Investments [Line Items] | |||||
Equity method - A. H. Belo ownership | 3.30% | 3.30% | |||
Distribution proceeds received | $ 1,046 | ||||
Escrow receivable | $ 3,280 | $ 3,280 | |||
Equity method investment, gain on disposal | $ 77,092 | ||||
Other investment-related income | $ 3,540 | ||||
Apartments.com | Classified Ventures | |||||
Investments [Line Items] | |||||
Equity method investment, gain on disposal | $ 18,479 | ||||
Speakeasy | |||||
Investments [Line Items] | |||||
Consolidated method - A. H. Belo ownership | 70.00% | ||||
Untapped | |||||
Investments [Line Items] | |||||
Consolidated method - A. H. Belo ownership | 51.00% | ||||
DMV | |||||
Investments [Line Items] | |||||
Consolidated method - A. H. Belo ownership | 80.00% | ||||
Notes Receivable [Member] | |||||
Investments [Line Items] | |||||
Other assets | $ 675 | ||||
Loss on other assets, notes fully reserved | $ 675 |
Investments (Schedule of invest
Investments (Schedule of investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Equity method investments | $ 1,640 | |
Cost method investments | $ 1,632 | 932 |
Total investments | $ 1,632 | $ 2,572 |
Long-term Incentive Plans (Narr
Long-term Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based compensation expense | |||
Number of shares authorized | 8,000,000 | ||
Employee Stock Option | |||
Share-based compensation expense | |||
Options, exercises in period, intrinsic Value | $ 100 | $ 1,099 | $ 91 |
Options, outstanding, intrinsic value | $ 283 | ||
Number of options granted | 0 | ||
RSUs | |||
Share-based compensation expense | |||
RSUs Redeemed in cash, liability | $ 548 | ||
RSUs, award vesting period | 3 years | ||
RSUs, percentage of redemption in common stock | 60.00% | ||
RSUs, percentage of redemption in cash | 40.00% | ||
Unrecognized compensation cost | $ 346 | ||
Unrecognized compensation cost, weighted-average period | 1 year 2 months 27 days |
Long-term Incentive Plans (Sche
Long-term Incentive Plans (Schedule of stock options outstanding activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock option activity rollforward | |||
Number of Options, Outstanding, Beginning Balance | 432,723 | 910,533 | 1,215,680 |
Number of Options Exercised | (18,000) | (190,462) | (18,820) |
Number of Options Canceled | (155,412) | (287,348) | (286,327) |
Number of Options, Outstanding, Ending Balance | 259,311 | 432,723 | 910,533 |
Weighted average price per share | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 13.15 | $ 15.29 | $ 17.90 |
Weighted Average Exercise Price, Exercised | 3.95 | 4.94 | 3.70 |
Weighted Average Exercise Price, Canceled | 22.19 | 25.37 | 27.13 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ 8.37 | $ 13.15 | $ 15.29 |
Long-term Incentive Plans (Sc52
Long-term Incentive Plans (Schedule of stock options vested and exercisable) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Vested and exercisable options - price ranges | ||||
Number of Options Outstanding | 259,311 | 432,723 | 910,533 | 1,215,680 |
Weighted Average Remaining Life (years) | 2 years | |||
Weighted Average Exercise Price | $ 8.37 | |||
Exercise Price Range $0.00-$9.99 | ||||
Vested and exercisable options - price ranges | ||||
Exercise Price Range, Lower Range Limit | 0 | |||
Exercise Price Range, Upper Range Limit | $ 9.99 | |||
Number of Options Outstanding | 186,270 | |||
Weighted Average Exercise Price | $ 4.32 | |||
Exercise Price Range $10.00-$19.99 | ||||
Vested and exercisable options - price ranges | ||||
Exercise Price Range, Lower Range Limit | 10 | |||
Exercise Price Range, Upper Range Limit | $ 19.99 | |||
Number of Options Outstanding | 58,532 | |||
Weighted Average Exercise Price | $ 18.29 | |||
Exercise Price Range $20.00-$29.99 | ||||
Vested and exercisable options - price ranges | ||||
Exercise Price Range, Lower Range Limit | 20 | |||
Exercise Price Range, Upper Range Limit | $ 29.99 | |||
Number of Options Outstanding | 14,509 | |||
Weighted Average Exercise Price | $ 20.36 |
Long-term Incentive Plans (Sc53
Long-term Incentive Plans (Schedule of RSU activity) (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSU non-vested rollforward | |||
Number of RSUs, Outstanding, Beginning Balance | 501,158 | 728,818 | 811,618 |
Number of RSUs Granted | 134,812 | 123,232 | 344,811 |
Number of RSUs Vested | (270,465) | (350,892) | (427,611) |
Number of RSUs Canceled | (48,239) | ||
Number of RSUs, Outstanding, Ending Balance | 317,266 | 501,158 | 728,818 |
Vested RSUs redeemed for stock, cash, and related payments | |||
Issuance of Common Stock | 162,274 | 210,522 | 256,548 |
RSUs Redeemed in Cash | 108,191 | 140,370 | 171,063 |
Cash Payments at Closing Price of Stock | $ 847 | $ 1,489 | $ 939 |
Weighted-Average Price on Date of Grant | |||
Beginning balance - Weighted average price | $ 6.81 | $ 5.59 | $ 5.97 |
Granted | 7.66 | 11.85 | 5.51 |
Vested | 5.92 | 6.05 | 5.49 |
Canceled | 7.46 | ||
Ending balance - Weighted average price | $ 7.83 | $ 6.81 | $ 5.59 |
Long-term Incentive Plans (Sc54
Long-term Incentive Plans (Schedule of compensation expense related to stock awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSUs Redeemable in Stocks | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 605 | $ 702 | $ 1,059 |
RSUs Redeemable in Cash, Expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | (349) | 1,117 | 1,330 |
RSUs | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 256 | $ 1,819 | $ 2,389 |
Severance Costs (Details)
Severance Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)employee | |
Severance Costs [Abstract] | |
Number of positions eliminated | employee | 70 |
Severance Costs | $ 2,891 |
Liability for additional employee separations to occur | $ 322 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards | |||
Income tax benefit (provision) | $ 1,570 | $ (5,978) | $ (1,460) |
Tax deductions related to equity compensation in excess of recognized compensation expense | 557 | 933 | |
Net refund resulting from carryback | 1,334 | ||
Income taxes paid, net of refunds | 11,613 | 8,759 | $ 1,432 |
DMV | |||
Operating Loss Carryforwards | |||
Income tax benefit (provision) | 1,570 | ||
Changes in valuation allowance | 2,090 | ||
Classified Ventures | |||
Operating Loss Carryforwards | |||
Net operating loss carryforwards utilized | $ 19,567 | ||
Federal | DMV | |||
Operating Loss Carryforwards | |||
Net operating loss | $ 3,066 |
Income Taxes (Schedule of incom
Income Taxes (Schedule of income tax provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ (1,726) | $ 3,865 | |
State | 1,729 | 1,333 | $ 1,704 |
Total current | 3 | 5,198 | 1,704 |
Deferred | |||
Federal | (3,988) | 28,577 | 2,317 |
State | (389) | 646 | (394) |
Total deferred | (4,377) | 29,223 | 1,923 |
Valuation allowance | 2,804 | (28,443) | (2,167) |
Total income tax (benefit) provision | $ (1,570) | $ 5,978 | $ 1,460 |
Income Taxes (Schedule of effec
Income Taxes (Schedule of effective income tax rate reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Abstract] | |||
Computed expected income tax provision | $ (6,917) | $ 32,195 | $ 1,182 |
State income tax (net of federal benefit) | 780 | 1,314 | 852 |
Valuation allowance | 2,804 | (28,443) | (2,167) |
Equity compensation | 1,582 | ||
Nondeductible expenses | 493 | 81 | 521 |
Uncertain tax position reserve | 244 | ||
Noncontrolling interest | 133 | 53 | 67 |
Recognition of equity windfall | (563) | ||
Other | 893 | 778 | (14) |
Total income tax (benefit) provision | $ (1,570) | $ 5,978 | $ 1,460 |
Effective income tax rate | 7.90% | 6.50% | 43.20% |
Income Taxes (Schedule of net d
Income Taxes (Schedule of net deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax [Abstract] | ||
Defined benefit plans | $ 20,106 | $ 22,952 |
Investments | 4,270 | 2,317 |
Tax depreciation less than book depreciation | 2,284 | 3,541 |
Expenses deductible for tax purposes in a year different from the year accrued | 1,366 | 1,221 |
Deferred compensation and benefits | 951 | 1,671 |
Tax amortization in excess of book amortization | (2,814) | (935) |
State taxes | 80 | (169) |
Other | 502 | 370 |
Total deferred tax assets | 26,745 | 30,968 |
Valuation allowance for deferred tax assets | (27,791) | (31,498) |
Net deferred tax liabilities | $ (1,046) | $ (530) |
Income Taxes (Schedule of unrec
Income Taxes (Schedule of unrecognized tax positions) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at January 1 | |
Reductions for tax positions of prior years | $ 244 |
Balance at December 31 | $ 244 |
Pension and Other Retirement 61
Pension and Other Retirement Plans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($)employee | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure | |||
Pension Expense | $ 14,964,000 | $ 7,648,000 | |
401(K) plan | |||
Defined Contribution Plans | |||
Maximum pretax contribution per employee | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 1.50% | ||
Expense recognized | $ 1,013,000 | 987,000 | $ 973,000 |
Pension Transition Supplement Plan | |||
Defined Contribution Plans | |||
Expense recognized | 598,000 | ||
Maximum period of supplemental contributions to the PTS plan | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 2,826,000 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure | |||
Recorded liabilities | $ 1,429,000 | 1,651,000 | |
Net periodic pension (benefit) cost | 6,000 | ||
Actuarial gains (losses) | 202,000 | $ 15,000 | $ 287,000 |
Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Number of employee participants | $ 2,300 | ||
Discount rate of projected benefit obligation | 4.00% | 4.00% | |
Discount rate, net periodic pension benefit (cost) | 4.00% | 4.00% | 4.20% |
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% |
Employer contributions | $ 29,927,000 | ||
Net periodic pension (benefit) cost | $ (10,344,000) | (4,109,000) | $ 1,866,000 |
Actuarial gains (losses) | $ 2,540,000 | $ (49,243,000) | $ 57,171,000 |
Plan Settlements | |||
Defined benefit plan, total participants accepting pay-out | employee | 1,000 | 700 | |
Defined Benefit Plan, Settlements, Plan Assets | $ 100,877,000 | $ 52,919,000 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 5,000,000 | 15,000,000 | |
Recognized settlement loss | 14,964,000 | 7,648,000 | |
Defined Benefit Plan, Estimated Future Employer Contributions | |||
Estimated future employer contributions in 2016 | $ 0 | ||
Pension Plan | Required Contributions [Member] | |||
Defined Benefit Plan Disclosure | |||
Employer contributions | 9,927,000 | ||
Pension Plan | Voluntary Contributions [Member] | |||
Defined Benefit Plan Disclosure | |||
Employer contributions | $ 20,000,000 | ||
Pension Plan | Equity Securities | |||
Defined Benefit Plan, Assets, Target Allocations | |||
Target allocation of plans' assets | 50.00% | ||
Defined Benefit Plan, Assets for Plan Benefits | |||
Allocation of plans' assets | 45.40% | ||
Pension Plan | Fixed Income Securities | |||
Defined Benefit Plan, Assets, Target Allocations | |||
Target allocation of plans' assets | 50.00% | ||
Defined Benefit Plan, Assets for Plan Benefits | |||
Allocation of plans' assets | 54.60% |
Pension and Other Retirement 62
Pension and Other Retirement Plans (Schedule of defined benefit plans disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Noncurrent liability - Accrued benefit cost | $ 57,446 | $ 65,859 | |
Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll forward] | |||
Projected benefit obligation at beginning of year | 396,656 | 388,698 | |
Interest cost | 14,161 | 17,320 | $ 15,995 |
Actuarial (gain) loss | (27,307) | 63,898 | |
Benefit payments | (121,483) | (73,260) | |
Projected benefit obligation at end of year | 262,027 | 396,656 | 388,698 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 330,797 | 338,616 | |
Return on plan assets | (4,733) | 35,514 | |
Employer contributions | 29,927 | ||
Benefit payments | (121,483) | (73,260) | |
Fair value of plan assets at end of year | 204,581 | 330,797 | $ 338,616 |
Funded status | (57,446) | (65,859) | |
Noncurrent liability - Accrued benefit cost | 57,446 | 65,859 | |
Accumulated benefit obligation | $ 262,027 | $ 396,656 |
Pension and Other Retirement 63
Pension and Other Retirement Plans (Schedule of net periodic pension benefit (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure | |||
Interest cost | $ 14,161 | $ 17,320 | $ 15,995 |
Expected return on plans' assets | (20,033) | (20,859) | (19,563) |
Amortization of actuarial loss | 1,252 | 1,702 | |
Recognized settlement loss | 14,964 | 7,648 | |
Net periodic pension expense (benefit) | $ 10,344 | $ 4,109 | $ (1,866) |
Pension and Other Retirement 64
Pension and Other Retirement Plans (Schedule of fair value and allocation of plan assets) (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | $ 204,581 | $ 330,797 | $ 338,616 |
Cash and money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 4,178 | 6,485 | |
U.S. Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 62,314 | 115,253 | |
International Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 28,669 | 43,675 | |
Domestic Corporate and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 54,427 | 77,488 | |
Domestic Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 49,074 | 80,906 | |
International Corporate and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 5,919 | 6,990 | |
Level I - Fair Value, Inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 8,512 | 14,556 | |
Level I - Fair Value, Inputs | Cash and money market funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 4,178 | 6,485 | |
Level I - Fair Value, Inputs | International Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 4,334 | 8,071 | |
Level II - Fair Value, Inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 196,069 | 316,241 | |
Level II - Fair Value, Inputs | U.S. Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 62,314 | 115,253 | |
Level II - Fair Value, Inputs | International Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 24,335 | 35,604 | |
Level II - Fair Value, Inputs | Domestic Corporate and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 54,427 | 77,488 | |
Level II - Fair Value, Inputs | Domestic Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 49,074 | 80,906 | |
Level II - Fair Value, Inputs | International Corporate and Government Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | $ 5,919 | $ 6,990 |
Pension and Other Retirement 65
Pension and Other Retirement Plans (Schedule of expected benefit payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] | |
2,016 | $ 15,486 |
2,017 | 15,622 |
2,018 | 15,799 |
2,019 | 15,897 |
2,020 | 15,890 |
2021-2025 | $ 79,666 |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Loss (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $ 1,251 |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Loss (Changes in accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | $ (57,367) | $ (15,093) |
Amortization | 16,183 | 6,954 |
Actuarial gains (losses) | 2,742 | (49,228) |
Balance, end of period | (38,442) | (57,367) |
Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | (57,654) | (16,059) |
Amortization | 16,216 | 7,648 |
Actuarial gains (losses) | 2,540 | (49,243) |
Balance, end of period | (38,898) | (57,654) |
Other Postretirement Benefit Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 287 | 966 |
Amortization | (33) | (694) |
Actuarial gains (losses) | 202 | 15 |
Balance, end of period | $ 456 | $ 287 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 576,577 | 729,611 | 1,474,999 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to A. H. Belo Corporation | $ (13,657) | $ (3,956) | $ (592) | $ 363 | $ 56,542 | $ 18,444 | $ 21,980 | $ (4,037) | $ (17,842) | $ 92,929 | $ 16,119 |
Less: Income (loss) from discontinued operations, net | $ (1) | $ (52) | $ 2 | $ (12) | $ (12,407) | $ 16,125 | $ 2,269 | $ 783 | (63) | 6,770 | 14,010 |
Less: Income (loss) to participating securities | 115 | 2,118 | 535 | ||||||||
Net income available to common shareholders from continuing operations | $ (17,894) | $ 84,041 | $ 1,574 | ||||||||
Shares (denominator) | |||||||||||
Weighted average common shares outstanding (basic) | 21,408,940 | 21,899,602 | 21,967,666 | ||||||||
Effect of dilutive securities | 106,420 | 96,075 | |||||||||
Adjusted weighted average shares outstanding (diluted) | 21,408,940 | 22,006,022 | 22,063,741 | ||||||||
Earnings per share from continuing operations | |||||||||||
Basic | $ (0.64) | $ (0.18) | $ (0.03) | $ 0.02 | $ 3.09 | $ 0.10 | $ 0.86 | $ (0.22) | $ (0.84) | $ 3.84 | $ 0.07 |
Diluted | $ (0.64) | $ (0.18) | $ (0.03) | $ 0.02 | $ 3.07 | $ 0.10 | $ 0.85 | $ (0.22) | $ (0.84) | $ 3.82 | $ 0.07 |
Commitments and Contingencies70
Commitments and Contingencies (Dividends and Other) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 10, 2015 | |
Commitments and Contingencies [Abstract] | ||||
Dividends Payable, Date of Record | Feb. 12, 2016 | |||
Dividends Payable, Amount Per Share | $ 0.08 | |||
Dividends Payable, Date Declared | Dec. 10, 2015 | |||
Dividends Payable, Date to be Paid | Mar. 14, 2016 | |||
Lease expense for property and equipment | $ 1,856 | $ 1,724 | $ 1,813 | |
Possible losses from legal dispute, maximum | 1,100 | |||
Possible losses from legal dispute, minimum | $ 0 |
Commitments and Contingencies71
Commitments and Contingencies (Redeemable Noncontrolling Interests) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interests - redeemable | $ 1,421 |
Noncontrolling Interest, gain in Redemption Value | $ 84 |
Maximum | Redeemable between 2nd and 3rd anniversaries | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% |
Maximum | Redeemable between 4th and 5th anniversaries | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% |
Additional Paid-in Capital [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, gain in Redemption Value | $ 102 |
Commitments and Contingencies72
Commitments and Contingencies (Lease Obligations) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
Operating leases commitments, Total | $ 6,309 |
2,016 | 1,794 |
2,017 | 1,751 |
2,018 | 1,337 |
2,019 | 1,006 |
2,020 | 421 |
Capital lease commitments | |
Capital commitments, Total | 602 |
2,016 | 602 |
Total commitments | |
Total commitments | 6,911 |
2,016 | 2,396 |
2,017 | 1,751 |
2,018 | 1,337 |
2,019 | 1,006 |
2,020 | $ 421 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||
Economic parity payment received | $ 3,540 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 853 |
Supplemental Cash Flow Data (De
Supplemental Cash Flow Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Data [Abstract] | |||
Income taxes paid, net of refunds | $ 11,613 | $ 8,759 | $ 1,432 |
Dividends payable at year end | 50,148 | ||
Receivable for investment sales proceeds | 3,280 | ||
Impairment of equity method investment | 1,871 | ||
Noncash contributions by noncontrolling interests | $ 1,210 | $ 183 | $ 87 |
Discontinued Operations and S75
Discontinued Operations and Sales of Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) related to the divestiture of discontinued operations, net | $ (63) | $ 17,057 | $ 13,402 | ||
Net proceeds from sale of land and building | 5,866 | 10,085 | 6 | ||
Gain (loss) on sale of assets | (478) | 2,787 | 6 | ||
Providence, Rhode Island [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on demolishment | $ 251 | ||||
Dallas, Texas [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sale of land and building | 6,677 | ||||
Gain (loss) on sale of assets | 1,827 | ||||
Riverside, California And Dallas, Texas [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sale of land and building | 3,408 | ||||
Gain (loss) on sale of assets | 862 | ||||
Providence Journal | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal date | Sep. 3, 2014 | ||||
Purchase price | 46,000 | ||||
Working capital adjustment | 2,654 | ||||
Closing costs | 110 | ||||
Selling expense | 3,237 | ||||
Gain (loss) related to the divestiture of discontinued operations, net | $ (63) | 17,104 | |||
Press Enterprise | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (loss) related to the divestiture of discontinued operations, net | (47) | 8,656 | |||
Press Enterprise Building and Equipment Sale | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Selling expense | $ 1,457 | ||||
Gain (loss) related to the divestiture of discontinued operations, net | 4,746 | $ 4,746 | |||
Proceeds from divestiture of businesses, net of cash divested | $ 29,093 | ||||
Press Enterprise Operations Sale | Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal date | Nov. 21, 2013 | ||||
Gain (loss) related to the divestiture of discontinued operations, net | $ 8,656 | $ (47) | |||
Proceeds from divestiture of businesses, net of cash divested | $ 27,828 | ||||
Land and Building Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from sale of land and building | $ 6,119 | ||||
Gain (loss) on sale of assets | $ (265) |
Discontinued Operations and S76
Discontinued Operations and Sales of Assets (Financial Statements of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income (los) from discontinued operations | $ 4,064 | $ 665 | ||||||||||
Gain related to the divestiture of discontinued operations, ney | $ (63) | 17,057 | 13,402 | |||||||||
Tax expense (benefit) from discontinued operations | 14,351 | 57 | ||||||||||
Gain (Loss) from discontinued operations | $ (1) | $ (52) | $ 2 | $ (12) | $ (12,407) | $ 16,125 | $ 2,269 | $ 783 | (63) | 6,770 | 14,010 | |
Discontinued Operations [Member] | Providence Journal | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenue | 58,591 | 90,068 | ||||||||||
Costs and expense | (54,527) | (84,703) | ||||||||||
Income (los) from discontinued operations | 4,064 | 5,365 | ||||||||||
Gain related to the divestiture of discontinued operations, ney | $ (63) | 17,104 | ||||||||||
Tax expense (benefit) from discontinued operations | 14,351 | 124 | ||||||||||
Discontinued Operations [Member] | Press Enterprise | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenue | 46,648 | |||||||||||
Costs and expense | (51,348) | |||||||||||
Income (los) from discontinued operations | (4,700) | |||||||||||
Gain related to the divestiture of discontinued operations, ney | $ (47) | 8,656 | ||||||||||
Tax expense (benefit) from discontinued operations | (67) | |||||||||||
Discontinued Operations [Member] | 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, ney | $ 4,746 | $ 4,746 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 03, 2016 | Dec. 10, 2015 | |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Dec. 10, 2015 | ||
Dividends Payable, Amount Per Share | $ 0.08 | ||
Dividends Payable, Date to be Paid | Mar. 14, 2016 | ||
Dividends Payable, Date of Record | Feb. 12, 2016 | ||
Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Mar. 3, 2016 | ||
Dividends Payable, Date to be Paid | Jun. 3, 2016 | ||
Dividends Payable, Date of Record | May 13, 2016 | ||
Subsequent Event [Member] | Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.08 |
Quarterly Results of Operatio78
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Operating Revenue | |||||||||||
Net operating revenues | $ 73,088 | $ 66,908 | $ 66,676 | $ 65,436 | $ 73,212 | $ 65,923 | $ 69,261 | $ 64,392 | $ 272,108 | $ 272,788 | $ 276,183 |
Operating income (loss) | (9,552) | (3,102) | (535) | (5,106) | (6,949) | 500 | 2,407 | (3,644) | (18,295) | (7,686) | 1,222 |
Income (Loss) from Continuing Operations | (13,852) | (3,967) | (694) | 319 | 68,877 | 2,269 | 19,687 | (4,826) | (18,194) | 86,007 | 1,916 |
Income (Loss) from Discontinued Operations, Net | (1) | (52) | 2 | (12) | (12,407) | 16,125 | 2,269 | 783 | (63) | 6,770 | 14,010 |
Net Income (Loss) | (13,853) | (4,019) | (692) | 307 | 56,470 | 18,394 | 21,956 | (4,043) | (18,257) | 92,777 | 15,926 |
Net Income (Loss) Attributable to A. H. Belo Corporation | $ (13,657) | $ (3,956) | $ (592) | $ 363 | $ 56,542 | $ 18,444 | $ 21,980 | $ (4,037) | $ (17,842) | $ 92,929 | $ 16,119 |
Net income (loss) per share from continuing operations | |||||||||||
Basic | $ (0.64) | $ (0.18) | $ (0.03) | $ 0.02 | $ 3.09 | $ 0.10 | $ 0.86 | $ (0.22) | $ (0.84) | $ 3.84 | $ 0.07 |
Diluted | $ (0.64) | $ (0.18) | $ (0.03) | $ 0.02 | $ 3.07 | $ 0.10 | $ 0.85 | $ (0.22) | $ (0.84) | $ 3.82 | $ 0.07 |