Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 13, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | A. H. Belo Corp | ||
Entity Central Index Key | 1,413,898 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 104,562,051 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | ahc | ||
Series A [Member] | |||
Entity Common Stock, Shares Outstanding | 19,299,823 | ||
Series B [Member] | |||
Entity Common Stock, Shares Outstanding | 2,469,635 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Operating Revenue: | |||
Advertising and marketing services | $ 143,247 | $ 150,315 | $ 156,790 |
Circulation | 76,884 | 79,619 | 83,581 |
Printing, distribution and other | 28,495 | 30,050 | 31,737 |
Total net operating revenue | 248,626 | 259,984 | 272,108 |
Operating Costs and Expense: | |||
Employee compensation and benefits | 105,966 | 104,009 | 120,818 |
Other production, distribution and operating costs | 114,594 | 119,830 | 125,829 |
Newsprint, ink and other supplies | 23,561 | 25,590 | 30,892 |
Depreciation | 10,415 | 10,713 | 11,515 |
Amortization | 799 | 906 | 1,349 |
Asset impairments | 3,344 | 22,682 | |
Total operating costs and expense | 258,679 | 283,730 | 290,403 |
Operating loss | (10,053) | (23,746) | (18,295) |
Other Income (Expense): | |||
Loss from equity method investments, net | (1,065) | ||
Other income (expense), net | 13,954 | 2,294 | (404) |
Total other income (expense), net | 13,954 | 2,294 | (1,469) |
Income (Loss) from Continuing Operations Before Income Taxes | 3,901 | (21,452) | (19,764) |
Income tax benefit | (6,260) | (2,272) | (1,570) |
Income (Loss) from Continuing Operations | 10,161 | (19,180) | (18,194) |
Loss from divestiture of discontinued operations | (63) | ||
Net Income (Loss) | 10,161 | (19,180) | (18,257) |
Net income (loss) attributable to noncontrolling interests | 130 | (415) | |
Net Income (Loss) Attributable to A. H. Belo Corporation | $ 10,161 | $ (19,310) | $ (17,842) |
Per Share Basis | |||
Net income (loss) attributable to A. H. Belo Corporation, Basic and diluted | $ 0.46 | $ (0.90) | $ (0.84) |
Number of common shares used in the per share calculation: | |||
Basic | 21,721,497 | 21,620,539 | 21,408,940 |
Diluted | 21,723,002 | 21,620,539 | 21,408,940 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net Income (Loss) | $ 10,161 | $ (19,180) | $ (18,257) |
Other Comprehensive Income (Loss), Net of Tax: | |||
Actuarial gains (losses) | 8,151 | (810) | 2,742 |
Amortization of actuarial (gains) losses | 6,225 | (56) | 16,183 |
Total other comprehensive income (loss), net of tax | 14,376 | (866) | 18,925 |
Comprehensive Income (Loss) | 24,537 | (20,046) | 668 |
Comprehensive income (loss) attributable to noncontrolling interests | 130 | (415) | |
Total Comprehensive Income (Loss) Attributable to A. H. Belo Corporation | $ 24,537 | $ (20,176) | $ 1,083 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 57,660 | $ 80,071 |
Accounts receivable (net of allowance of $1,055 and $1,115 at December 31, 2017 and December 31, 2016, respectively) | 26,740 | 29,114 |
Inventories | 3,171 | 3,386 |
Prepaids and other current assets | 13,734 | 9,553 |
Assets held for sale | 1,089 | |
Total current assets | 102,394 | 122,124 |
Property, plant and equipment, at cost | 418,730 | 445,874 |
Less accumulated depreciation | (387,024) | (402,115) |
Property, plant and equipment, net | 31,706 | 43,759 |
Intangible assets, net | 4,073 | 4,872 |
Goodwill | 13,973 | 14,201 |
Deferred income taxes, net | 5,355 | |
Other assets | 5,347 | 7,775 |
Total assets | 162,848 | 192,731 |
Current liabilities: | ||
Accounts payable | 10,303 | 9,036 |
Accrued compensation and benefits | 8,243 | 8,657 |
Other accrued expense | 4,275 | 6,318 |
Advance subscription payments | 11,670 | 13,243 |
Total current liabilities | 34,491 | 37,254 |
Long-term pension liabilities | 23,038 | 54,843 |
Other post-employment benefits | 2,052 | 2,329 |
Other liabilities | 5,568 | 6,483 |
Total liabilities | 65,149 | 100,909 |
Noncontrolling interest - redeemable | 2,670 | |
Shareholders' equity: | ||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | ||
Treasury stock, Series A, at cost; 1,430,961 and 1,416,881 shares held at December 31, 2017 and December 31, 2016, respectively | (11,302) | (11,233) |
Additional paid-in capital | 494,989 | 499,552 |
Accumulated other comprehensive loss | (24,932) | (39,308) |
Accumulated deficit | (361,288) | (361,324) |
Total shareholders’ equity attributable to A. H. Belo Corporation | 97,699 | 87,918 |
Noncontrolling interests | 1,234 | |
Total shareholders’ equity | 97,699 | 89,152 |
Total liabilities and shareholders’ equity | 162,848 | 192,731 |
Series A [Member] | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | 208 | 207 |
Series B [Member] | ||
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, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 1,055 | $ 1,115 |
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 [Member] | ||
Common stock, shares, issued | 20,700,292 | 20,620,461 |
Series B [Member] | ||
Common stock, shares, issued | 2,469,755 | 2,472,680 |
Treasury Stock [Member] | Series A [Member] | ||
Treasury stock Series A, shares held | 1,430,961 | 1,416,881 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member]Series A [Member] | Common Stock [Member]Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member]Series A [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Noncontrolling Interests [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 227,000 | $ 499,320,000 | $ (8,087,000) | $ (57,367,000) | $ (308,330,000) | $ 256,000 | $ 126,019,000 | |||
Beginning Balance, Shares Common Stock at Dec. 31, 2014 | 20,341,501 | 2,388,237 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2014 | (944,636) | |||||||||
Net income (loss) | (17,842,000) | (415,000) | (18,257,000) | |||||||
Other comprehensive income (loss) | 18,925,000 | 18,925,000 | ||||||||
Capital contributions from noncontrolling interests | 1,210,000 | 1,210,000 | ||||||||
Treasury stock purchases, shares | (472,245) | |||||||||
Treasury stock purchases | (3,146,000) | (3,146,000) | ||||||||
Issuance of shares for restricted stock units, shares | 162,274 | |||||||||
Issuance of shares for restricted stock units | 2,000 | (2,000) | ||||||||
Issuance of shares for stock option exercises, shares | 18,000 | |||||||||
Issuance of shares for stock option exercises | 71,000 | 71,000 | ||||||||
Excess tax benefit on share-based compensation | 557,000 | 557,000 | ||||||||
Share-based compensation | 605,000 | 605,000 | ||||||||
Redeemable non-controlling interests | (102,000) | 18,000 | (84,000) | |||||||
Conversion of Series B to Series A, shares | 728 | (728) | ||||||||
Dividends | (7,050,000) | (7,050,000) | ||||||||
Ending Balance at Dec. 31, 2015 | 229,000 | 500,449,000 | (11,233,000) | (38,442,000) | (333,222,000) | 1,069,000 | 118,850,000 | |||
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) | |||||||||
Net income (loss) | (19,310,000) | 77,000 | (19,233,000) | |||||||
Other comprehensive income (loss) | (866,000) | (866,000) | ||||||||
Distributions to noncontrolling interests | (308,000) | (308,000) | ||||||||
Capital contributions from noncontrolling interests | (396,000) | 396,000 | ||||||||
Issuance of shares for restricted stock units, shares | 97,203 | |||||||||
Issuance of shares for restricted stock units | 1,000 | (1,000) | ||||||||
Issuance of shares for stock option exercises | $ 85,926 | 1,000 | 155,000 | 156,000 | ||||||
Share-based compensation | 640,000 | 640,000 | ||||||||
Redeemable non-controlling interests | (1,295,000) | (1,295,000) | ||||||||
Conversion of Series B to Series A, shares | 755 | (755) | ||||||||
Dividends | (8,792,000) | (8,792,000) | ||||||||
Ending Balance at Dec. 31, 2016 | 231,000 | 499,552,000 | (11,233,000) | (39,308,000) | (361,324,000) | 1,234,000 | 89,152,000 | |||
Ending Balance, Shares Common Stock at Dec. 31, 2016 | 20,620,461 | 2,472,680 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2016 | (1,416,881) | |||||||||
Net income (loss) | 10,161,000 | 10,161,000 | ||||||||
Other comprehensive income (loss) | 14,376,000 | 14,376,000 | ||||||||
Distributions to noncontrolling interests | (118,000) | (118,000) | ||||||||
Treasury stock purchases, shares | (14,080) | |||||||||
Treasury stock purchases | (69,000) | (69,000) | ||||||||
Issuance of shares for restricted stock units, shares | 76,906 | |||||||||
Issuance of shares for restricted stock units | 1,000 | (1,000) | ||||||||
Share-based compensation | 944,000 | 944,000 | ||||||||
Purchases of noncontrolling interests | (5,506,000) | $ (1,116,000) | (6,622,000) | |||||||
Conversion of Series B to Series A, shares | 2,925 | (2,925) | ||||||||
Dividends | (10,125,000) | (10,125,000) | ||||||||
Ending Balance at Dec. 31, 2017 | $ 232,000 | $ 494,989,000 | $ (11,302,000) | $ (24,932,000) | $ (361,288,000) | $ 97,699,000 | ||||
Ending Balance, Shares Common Stock at Dec. 31, 2017 | 20,700,292 | 2,469,755 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2017 | (1,430,961) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income (loss) | $ 10,161 | $ (19,180) | $ (18,257) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Loss from divestiture of discontinued operations | 63 | ||
Depreciation and amortization | 11,214 | 11,619 | 12,864 |
Net periodic (benefit) expense and contributions related to employee benefit plans | (17,519) | (3,538) | 10,423 |
Equity method investment loss in excess of dividends | 1,440 | ||
Share-based compensation | 944 | 640 | 605 |
Deferred income taxes | (5,355) | (1,046) | (1,572) |
(Gain) loss on investment related activity | 250 | 200 | (1,045) |
(Gain) loss on disposal of fixed assets | (14,477) | (1,950) | 478 |
Asset impairments | 3,344 | 22,682 | |
Other operating activities | 405 | ||
Changes in working capital and other operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 2,374 | 2,388 | 2,894 |
Inventories, prepaids and other current assets | (3,966) | 528 | (144) |
Other assets | 2,196 | (2,592) | (363) |
Accounts payable | 1,267 | (3,700) | 85 |
Compensation and benefit obligations | (155) | 1,777 | (2,133) |
Other accrued expenses | (614) | 1,060 | (9,052) |
Advanced subscription payments | (1,573) | (1,181) | (1,470) |
Other post-employment benefits | (186) | (91) | |
Net cash provided by (used for) continuing operations | (12,095) | 7,616 | (4,779) |
Net cash used for discontinued operations | (24) | ||
Net cash provided by (used for) operating activities | (12,095) | 7,616 | (4,803) |
Investing Activities | |||
Acquisition costs, net of cash acquired | (14,110) | ||
Purchases of assets | (12,005) | (6,597) | (7,572) |
Sales of assets | 21,300 | 5,636 | 5,866 |
Other investment related proceeds | 1,046 | ||
Purchases of investments | (18) | (250) | (500) |
Net cash provided by (used for) investing activities | 9,277 | (1,211) | (15,270) |
Financing Activities | |||
Purchases of noncontrolling interests | (9,231) | ||
Dividends paid | (10,114) | (7,029) | (57,200) |
Proceeds from other financing activities | 2,566 | ||
Distributions to noncontrolling interests | (179) | (407) | |
Purchases of treasury stock | (69) | (3,146) | |
Proceeds from exercise of stock options | 156 | 71 | |
Excess tax benefit on share-based compensation | 557 | ||
Net cash used for financing activities | (19,593) | (4,714) | (59,718) |
Net increase (decrease) in cash and cash equivalents | (22,411) | 1,691 | (79,791) |
Cash and cash equivalents, beginning of period | 80,071 | 78,380 | 158,171 |
Cash and cash equivalents, end of period | $ 57,660 | $ 80,071 | $ 78,380 |
Significant Accounting Policies
Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2017 | |
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 are referred to collectively herein as “A. H. Belo” or the “Company.” 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 deliver s news and information in inno vative 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 , and various niche publications targeting specific audiences. In December 2017, the Company completed the sale of the Denton Record-Chronicle and the Company no longer owns newspaper operations in Denton, Texas. A. H. Belo also offers digital marketing solutions through DMV Digital Holdings Company (“DMV Holdings”) and Your Speakeasy, LLC (“Speakeasy”), and provides event activation, promotion and marketing services through DMN CrowdSource LLC (“CrowdSource”) . Basis of Presentation. The consolidated financial statements included herein include adjustments of a normal recurring nature , which in the Company’s opinion, are necessary to present fairly the consolidated financial information as of and for the periods indicated. All significant intercompany balances and transactions have been eliminated in consolidation. All dollar amounts presented herein, except share and per share amounts, are in thousands, unless the context indicates otherwise. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net operating revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. 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 t he 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 2017 and 2016 was $ 2,109 and $ 1 , 712 , respectively. Write-offs, net of recoveries and other adjustments for 2017 and 2016 were $2 ,169 and $2, 039, respectively. Risk Concentration. 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 p rice of the inventory acquired. 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. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets and depreciable assets are reviewed to ensure the remaining useful life of the assets continues to be appropriate. An adjustment resulting from a change in the estimated useful life of an asset is recorded to depreciation expense on a prospective basis. The table below sets forth property, plant and equipment by type. December 31, Estimated 2017 2016 Useful Lives Land $ 2,220 $ 11,384 Buildings and improvements 110,409 133,441 5 - 30 years Publishing equipment 216,199 217,221 3 - 20 years Other 88,177 81,724 3 - 10 years Construction in process 1,725 2,104 Total 418,730 445,874 Less accumulated depreciation (387,024) (402,115) Property, plant and equipment, net $ 31,706 $ 43,759 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 unit ’ s underlying assets and liabilities is determined and goodwill is adjusted accordingly. In determining the fair value for a reporting unit , the Company considers recent stock and sales transaction prices of peer group companies as well as the present value of expected future cash 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 noncash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. The Company conducted the annual goodwill impairment test as of December 31, 2017. The Company believes the use of a discounted cash flow approach, combined with the market approach, is the most reliable indicator of the estimated fair value of the business. Upon completion of the annual test, it was determined the Marketing Services reporting unit’s fair value exceeded its carrying value by approximately 93 percent . Accordingly, no impairment was warranted. 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 an asset group may not be recoverable . If the analysis of undiscounted future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or fair value. Investments. The Company owns certain equity securities in companies in which it does not exercise control. These 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. The Company evaluates its ability to recover the carrying value of 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 fair value of the investment and the carrying value. 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 l oss as a component of earnings. In the fourth quarter of 2015, the Company’s ownership interest in Wanderful Media, LLC (“Wanderful”) decreased to less than 20 percent of the outstanding membership interests of Wanderful and the Company no longer exerted significant influence over Wanderful . Accordingly, the Company discontinued the use of the equity method of accounting for the investment in Wanderful, and began accounting for the investment under the cost method. In the fourth quarter of 2016, the Company abandoned its remaining ownership interest in Wanderful. Pension. The Company follows accounting guidance for single - employer defined benefit plans. Plan assets and the projected benefits 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 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). R e-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. Long-Term Incentive Plan. The Company sponsors a long-term incentive plan (the “Plan”) under which it issues restricted stock units (“RSUs”) and cash awards to directors and certain 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 up to 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 a s of December 31, 201 7 . Due to the expiration of the Plan on February 8, 2018, A. H. Belo implemented, and shareholders approved, a new long-term incentive plan (the “2017 Plan”) under which an additional 8,000,000 shares of the Company’s Series A and Series B common stock are authorized for equity-based awards. Like its predecessor plan, awards under the 2017 Plan may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted share awards, RSUs, performance shares, performance units or stock appreciation rights. No grants were made under the 2017 Plan as of December 31, 2017. 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. In December 2015, the Company discontinued share repurchases. I n the fourth quarter of 2017, t he Company resumed open market stock repurchases under its prior board-authorized repurchase authority. 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 ( the “Pension Plans”) and other post-employment benefit ( the “OPEB”) 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 loss to net income (loss) in Note 8 - Shareholders' Equity . Revenue Recognition. The Company’s principal sources of revenue are the advertising space in published issues of its newspapers and 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 S ervices revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more - likely - than - not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset s include reversal of future deferred tax liabilities, available tax planning strategies , future taxable income and taxable income in prior carryback years. 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 reportable segments. The Publishing segment includes the operating activities associated with the Company’s core print and digital operations associated with its newspapers, niche publications and related websites and apps . The Marketing Services segment includes the operations of DMV Holdings, Speakeasy and digital advertising through Connect (programmatic advertising). This segment primarily includes sales of advertising delivered outside the Company’s news platforms, social media management services, and other marketing services designed to provide integrated solutions for optimizing businesses marketing challenges and opportunities. 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. Recently Adopted Accounting Pronouncements. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. The guidance will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this standard in the third quarter of 2017. The adoption of this standard did not materially impact the Company’s consolidated financial statements. New Accounting Pronouncements. The FASB issued the following accounting pronouncements and guidance which may be applicable to the Company but have not yet become effective. In May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers (Topic 606). This guidance prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The core principle contemplated by this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. Since May 2014, the FASB issued clarifying updates to the new standard specifically to address certain core principles including the identification of performance obligations, licensing guidance, the assessment of the collectability criterion, the presentation of taxes collected from customers, noncash considerations, contract modifications, and completed contracts at transition. The new guidance will supersede virtually all existing revenue guidance under GAAP and is effective for fiscal years beginning after December 31, 2017. There are two transition options available to entities, the full retrospective approach, in which the Company would restate prior periods, or the modified retrospective approach. The Company currently anticipates adopting ASU 2014-09 using the modified retrospective approach as of January 1, 2018. This approach consists of recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings. The Company coordinated a team of key stakeholders to develop a bottom-up approach to analyze the impact of the new standard on its portfolio of contracts. The Company completed its assessment and the expected impact is a reduction in revenue of approximately $15,600 to $18,500 annually, primarily related to digital advertising revenue placed on third-party websites where the Company is acting as an agent under the new standard. Currently, such revenue is generally recorded gross, but under the new standard will be recorded net. There is no impact to opening retained earnings . All other lines of revenue were not materially impacted as a majority of revenue transactions are recognized when the product is delivered. In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842) . This update requires an entity to recognize a right-of-use asset and a lease liability for virtually all of its leases. The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes, operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases . The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and will be applied using the modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-06 – Plan Accounting – Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962) and Health and Welfare Benefit Plans (Topic 965) : Employee Benefit Plan Master Trust Reporting . This update clarifies the presentation requirements for a plan’s interest in a master trust and requires more detailed disclosures of the plan’s interest in the master trust. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 – Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This update clarifies the presentation and classification of the components of net periodic benefit cost in the Consolidated Statement of Operations. Specifically, this standard requires the service cost component of net periodic benefit cost to be recorded in the same income statement line as other employee compensation costs and all other components of net periodic benefit cost must be presented as non-operating items. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company currently anticipates adopting this standard retrospectively as of January 1, 2018. The Company’s defined benefit plans have been frozen, so the Company is no longer incurring service costs related to the plans. Therefore, after adoption, the entire net periodic benefit cost will be presented in the Consolidated Statements of Operations in non-operating income (expense). |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 2: Segment Reporting In the first quarter of 2017, in conjunction with the promotion of Grant Moise from Senior Vice President Business Development / Niche Products to General Manager of The Dallas Morning News and Executive Vice President of A. H. Belo, the Company reorganized its two reportable segments based on changes in reporting structure and the go-to-market for the Company’s service and product offerings. The two reportable segments are Publishing and Marketing Services. The Publishing segment includes the Company’s core print and digital operations associated with its newspapers, niche publications and related websites and apps. These operations generate revenue from sales of advertising within its newspaper and digital platforms, subscription and retail sales of its newspapers, sponsorship advertising for events, commercial printing and distribution services, primarily related to national and regional newspapers, and preprint advertisers. Businesses within the Publishing segment leverage the production facilities, subscriber and advertiser base, and digital news platforms to provide additional contribution margin. The Company evaluates Publishing operations based on operating profit and cash flows from operating activities. The Marketing Services segment includes the operations of DMV Holdings, Speakeasy and digital advertising through Connect (programmatic advertising). The Company operates the portfolio of assets within its Marketing Services segment as separate businesses that sell digital marketing and advertising through different channels, including programmatic advertising and content marketing within the social media environment. Based on the organization of the Company’s structure and organizational chart, we believe the Company’s chief operating decision makers (the “CODMs”) are its Chief Executive Officer, Jim Moroney, and Grant Moise, the General Manager of The Dallas Morning News and Executive Vice President of A. H. Belo Corporation. The CODMs allocate resources and capital to the Publishing and Marketing Services segments at the segment level. The table s below set forth summarized financial information for the Company’s reportable segments. Due to the first quarter 2017 reorganization of the Company’s two reportable segments, the prior year periods financial information by segment were recast for comparative purposes. Years Ended December 31, 2017 2016 2015 (Recast) (Recast) Revenue Publishing $ 217,347 $ 231,372 $ 254,047 Marketing Services 31,279 28,612 18,061 Total $ 248,626 $ 259,984 $ 272,108 Operating Income (Loss) Publishing $ (13,146) $ (26,592) $ (19,890) Marketing Services 3,093 2,846 1,595 Total $ (10,053) $ (23,746) $ (18,295) Noncash Expenses Publishing Depreciation $ 10,300 $ 10,637 $ 11,401 Amortization — 104 552 Asset impairments 3,344 22,682 — Pension settlement 5,911 — 14,964 Total $ 19,555 $ 33,423 $ 26,917 Marketing Services Depreciation $ 115 $ 76 $ 114 Amortization 799 802 797 Total $ 914 $ 878 $ 911 December 31, 2017 2016 (Recast) Total Assets Publishing $ 137,409 $ 170,820 Marketing Services 25,439 21,911 Total $ 162,848 $ 192,731 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 : Acquisitions On February 16, 2017 , the Company acquired the remaining 30 percent voting interest in Speakeasy for a cash purchase price of $2,111 , and on March 2, 2017 , the Company acquired the remaining 20 percent voting interest in DMV Holdings for a cash purchase price of $7,120 . The initial purchase of 80 percent voting interest in DMV Holdings occurred in January 2015 for a cash purchase price of $14 ,110 . DMV Digital Holdings Company holds all outstanding ownership interests of three Dallas-based businesses, Distribion, Inc., Vertical Nerve, Inc. and CDFX, LLC . These businesses specialize in local marketing automation, search engine marketing, and direct mail and promotional products, respectively . Transaction costs related to the initial purchase are a component of other production, distribution and operating costs and totaled $1,288 . The estimated fair value of the acquired DMV Holdings businesses totaled $17,829 , of which $2,548 was attributed to noncontrolling interests. The allocation of the purchase price for the initial purchase of 80 percent voting interest in DMV Holdings 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 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 for 2015, related to the acquired DMV Holdings 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. 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. These acquisitions complement 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. Pro-rata distributions. In connection with the 2015 acquisition of 80 percent voting interest in DMV Holdings, the shareholder agreement provided for a pro-rata distribution of 50 percent and 100 percent of DMV Holdings’ free cash flow for fiscal years 2016 and 2015, respectively. Free cash flow is defined as earnings before interest, taxes, depreciation and amortization less capital expenditures, debt amortization and interest expense, as applicable. In 2017 and 2016, the Company recorded pro-rata distributions to noncontrolling interests of $163 and $264 , respectively, in connection with this agreement based on 2016 and 2015 free cash flow as defined, respectively. Redeemable noncontrolling interest. Also, in connection with the 2015 acquisition of 80 percent voting interest in DMV Holdings, the Company entered into a shareholder agreement, which provided for a put option to a noncontrolling shareholder. The put option provided the shareholder with the right to require the Company to purchase up to 25 percent of the noncontrolling ownership interest in DMV Holdings between the second and third anniversaries of the agreement and up to 50 percent of the noncontrolling ownership interest in DMV Holdings between the fourth and fifth anniversaries of the agreement. Redeemable noncontrolling interest was recorded at fair value on the acquisition date and the carrying value was adjusted each period for its share of the earnings related to DMV Holdings and for any distributions . The carrying value was also adjusted for the change in fair value, which was based on the estimated redemption value as of December 31, 2016. Adjustments were recorded to retained earnings or additional paid in capital, as applicable, and have no effect to earnings of the Company. In 2017 and 2016, redeemable noncontrolling interest was decreased by $61 and $99 , respectively, for distributions related to the 2016 and 2015 free cash flow, respectively, as required under the shareholder agreement. Additionally, in 2016, redeemable noncontrolling interest was increased by $53 for its share of the DMV Holdings’ earnings and increased by $1,295 for the 2016 change in fair value. The exercisability of the noncontrolling interest put option was outside the control of the Company. As such, the redeemable noncontrolling interest of $2,670 was reported in the mezzanine equity section of the Consolidated Balance Sheet as of December 31, 2016. As a result of the purchase of the remaining 20 percent voting interest in DMV Holdings, the shareholder agreement was terminated and the redeemable noncontrolling interest was eliminated as of March 31, 2017. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 4: Goodwill and Intangible Assets The table below sets forth goodwill and other intangible assets by reportable segment as of December 31, 2017 and 2016. Due to the first quarter 2017 reorganization of the Company’s two reportable segments, the prior year period financial information by segment was recast for comparative purposes; see Note 2 – Segment Reporting . The Company’s Publishing and Marketing Services segments each operate as a single reporting unit. December 31, 2017 2016 (Recast) Goodwill Publishing $ — $ 228 Marketing Services 13,973 13,973 Total $ 13,973 $ 14,201 Intangible Assets Publishing Cost $ — $ 240 Accumulated Amortization — (240) Net Carrying Value $ — $ — Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (2,397) (1,598) Net Carrying Value $ 4,073 $ 4,872 In 2017, the Publishing segment’s fully amortized intangible assets of $240 of customer relationships were written-off and had no remaining useful life. I ntangible assets consist of $4,950 of customer relationships with estimated useful lives of 10 years and $1,520 of developed technology with a n estimated useful life of five years. Aggregate a mortization expense was $799 and $906 for 2017 and 2016 , respectively. Annual amortization expense for the next five years is expected to approximate $799 in 2018 and 2019 , and $495 thereafter. As a result of the first quarter 2017 segment reorganization , c ertain goodwill and intangible assets previously reported in the Marketing Services segment were moved to the Publishing segment , which was fully impaired as of December 31, 2016. Therefore, t he Company recorded a noncash goodwill impairment charge of $228 in the first quarter of 2017 . In 2016 , the Company recorded a noncash goodwill impairment charge of $22,682 , fully impairing the Publishing reporting unit’s goodwill . The Company tested the Marketing Services segment’s goodwill for impairment as of December 31, 2017, using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital, combined with a market approach using peer-based earnings multiples. The Company believes the use of a discounted cash flow approach, combined with the market approach, is the most reliable indicator of the estimated fair value of the business. Upon completion of the annual test, it was determined the Marketing Services reporting unit’s fair value exceeded its carrying value by approximately 93 percent . Accordingly, no impairment was warranted. |
Long-term Incentive Plan
Long-term Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Incentive Plan [Abstract] | |
Long-term Incentive Plan | Note 5 : Long-term Incentive Plan A. H. Belo sponsors a long-term incentive plan (the “Plan”) under which 8,000,000 shares of the Company’s Series A and Series B common stock are 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 share awards, restricted stock units (“RSUs”), performance shares, performance units or stock appreciation rights. In addition, stock options may be accompanied by full and limited stock appreciation rights. Rights and limited stock appreciation rights may also be issued without accompanying stock options. Awards under the Plan were also granted to holders of stock options issued by A. H. Belo’s former parent company in connection with the Company’s separation from its former parent in 2008. Due to the expiration of the Plan on February 8, 2018, A. H. Belo implemented, and shareholders approved, a new long-term incentive plan (the “2017 Plan”) under which an additional 8,000,000 shares of the Company’s Series A and Series B common stock are authorized for equity-based awards. Like its predecessor plan, awards under the 2017 Plan may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted share awards, RSUs, performance shares, performance units or stock appreciation rights. No grants were made under the 2017 Plan as of December 31, 2017. Stock Options. Stock options granted under the Plan are fully vested and exercisable. No options have been granted since 2009, and all compensation expense associated with stock options has been fully recognized as of December 31, 2017. The table below sets forth a summary of stock option activity under the Plan. Number of Options Weighted Average Exercise Price Outstanding at December 31, 2016 114,979 $ 8.21 Canceled (14,635) 20.16 Outstanding at December 31, 2017 100,344 6.46 As of December 31, 2017, the aggregate intrinsic value of outstanding options was $8 and the weighted average remaining contractual life of the Company’s stock options was less than one year. The aggregate intrinsic value of options exercised in 2016 and 2015 was $300 and $100 , respectively. Restricted Stock Units. The Company’s RSUs have service and/or performance condition s and , subject to retirement eligibility, 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 up to three years. A s of December 31, 2017 , the liability for the portion of the award s to be redeemed in cash was $1,028 . The table below sets forth a summary of RSU activity under the 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, 2016 121,131 $ 5.65 Granted 284,868 6.11 Vested and outstanding (159,212) 5.71 Vested and issued (22,734) 13,634 9,100 $ 57 6.90 Non-vested at December 31, 2017 224,053 6.07 In 2017, the Company issued 63,272 shares of Series A common stock and 42,189 shares were redeemed in cash for RSUs that were previously vested as of December 31, 2016. In addition, there were 290,825 and 237,074 RSU s that were vested and outstanding as of December 31, 2017 and 2016, respectively. The fair value of RSU grant s is determined using the closing trading price of the Company’s Series A common stock on the grant date. As of December 31, 2017 , unrecognized compensation expense related to the non-vested RSUs totaled $ 831 , which is expected t o be recognized over a weighted average period of 1.4 y ears . Compensation Expense. A. H. Belo recognizes compensation expense for awards granted under the P lan over the vesting period of the award . Compensation expense related to RSUs granted under the Plan is set forth in the table below. Years Ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2017 $ 944 $ 654 $ 1,598 2016 640 580 1,220 2015 605 (349) 256 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 6: Income Taxes The table below sets forth the income tax benefit related to continuing operations. Years Ended December 31, 2017 2016 2015 Current Federal $ (2,018) $ (2,431) $ (1,726) State 1,113 1,205 1,729 Total current (905) (1,226) 3 Deferred Federal 8,723 1,514 (3,988) State (7) (26) (389) Total deferred 8,716 1,488 (4,377) Valuation Allowance (14,071) (2,534) 2,804 Income Tax Benefit $ (6,260) $ (2,272) $ (1,570) The table below reconciles the income tax benefit for continuing operations computed by applying the applicable United States federal income tax rate to the tax benefit computed at the effective income tax rate. Years Ended December 31, 2017 2016 2015 Computed expected income tax provision (benefit) $ 1,362 $ (7,312) $ (6,917) State income tax (net of federal benefit) 698 757 780 Valuation allowance (14,071) (2,534) 2,804 Federal tax reform - deferred rate change 3,570 — — Goodwill impairment 63 6,266 — Nondeductible expenses (3,454) 249 493 Uncertain tax position reserve 2,555 (7) 244 Noncontrolling interests (5) (40) 133 Other 3,022 349 893 Income tax benefit $ (6,260) $ (2,272) $ (1,570) Effective income tax rate (160.5)% 10.6% 7.9% A tax benefit of $6,260 was recorded in 201 7 . The benefit was primarily due to deductions associated with the voluntary pension contribution of $20,000 , partial release of the valuation allowance and a capital loss on the sale of the Denton Record-Chronicle , of which a portion will be carried back to 2014 for federal income tax purposes . These deductions offset taxable income that resulted from the sale of the Company’s three properties in downtown Dallas, Texas . In December 2017, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted. The 2017 Tax Act includes a number of changes to existing U.S. tax laws that impact the C ompany, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The 2017 Tax Act also provides for the acceleration of depreciation for certain assets placed into service after September 27, 2017 as well as prospective changes beginning in 2018, including repeal of the domestic manufacturing deduction, acceleration of tax revenue recognition, capitalization of research and development expenditures, additional limitations on executive compensation and limitations on the deductibility of interest. As of December 31, 2017, the Company has completed its accounting for the tax effects of enactment of the 2017 Tax Act, which is reflected in the Company’s 2017 consolidated financial statements. The C ompany measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, the C ompany’s deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. co rporate income tax rate from 35 percent to 21 percent, resulting in a $3,570 decrease in income tax benefit for the year ended December 31, 2017. A tax benefit of $2,272 was recorded in 201 6 . The benefit was primarily due to deductions associated with capital losses on the sale of certain investments, which were carried back to 2014 for federal income tax purposes. 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 was recorded in prepaid and other assets as of December 31, 2015, for f ederal net operating losses of $3,066 generated in 2015. The Company made income tax payments, net of refunds, of $583 and $(906) in 2017 and 2016 , respectively . Federal tax benefit recognized in 2017 of $4,073 was recorded within current assets on the Company's Consolidated Balance Sheet as of December 31, 2017. Th is tax benefit is the result of the sale of the Denton Record-Chronicle in the fourth quarter of 2017. Tax benefits recognized in 2016 were carried back against taxes paid in 2014 for a refund of $3,210 to be received in 2018 , which is the result of a tax benefit from the abandonment of the Company's ownership interest in Wanderful and the sale of the Company's equity investment in Homesnap, Inc. in the fourth quarter of 2016. Tax benefits recognized in 2015 were carried back against taxes paid in 2014 for a refund of $2,930 received in 2016. In accordance with realization requirements of ASC Topic 718 , Stock Compensation, the tax liability and additional paid in capital were reduced in 2015 by $557 , 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. The table below sets forth the significant components of the Company’s deferred tax liabilities and assets. December 31, 2017 2016 Deferred Tax Assets (Liabilities) Defined benefit plans $ 4,838 $ 19,195 Investments 210 659 Tax depreciation less than book depreciation 1,576 4,171 Expenses deductible for tax purposes in a year different from the year accrued 644 805 Deferred compensation and benefits 553 756 Tax amortization in excess of book amortization (368) (848) State taxes 68 106 Federal net operating loss carryforward 4,260 — Other 482 739 Total 12,263 25,583 Valuation allowance for deferred tax assets (6,908) (25,583) Net Deferred Tax Assets $ 5,355 $ — The presentation of net deferred tax assets and liabilities for each jurisdiction are presented as noncurrent within the Company’s C onsolidated B alance S heets. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when the taxes are actually paid or recovered. The Company recogni zes a valuation allowance 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. In 2017, it was determined the net operating loss carryforward of $4,260, generated in 2017, was realizable and the Company recorded a deferred tax asset. Additionally in 2017, a reduction of $1,095 was recorded to the valuation allowance to account for other deferred tax assets that were determined to be realizable. 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 assesses 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, 201 4 , 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, 201 3 . Additionally, the December 2014 return was amended in 2016, extending the statute of limitations associated with the 2014 filing. The Company has recorded a reserve for the tax benefit related to uncertain state tax positions existing as of December 31, 2017 . The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefit. 2017 Balance at January 1 $ 237 Decrease related to zero change audit (24) Increase related to prior year tax positions 4 Decrease related to settlement (35) Increase related to current year tax positions 2,575 Balance at December 31 $ 2,757 |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Pension and Other Retirement Plans [Abstract] | |
Pension and Other Retirement Plans | Note 7 : Pension and Other Retirement Plans Defined Benefit Plans. The Company sponsors the A. H. Belo Pension Plans (the “Pension Plans”), which provide benefits to approximately 1,500 current and former employees of the Company. A. H. Belo Pension Plan I provides benefits to certain current and former 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 former employees of The Providence Journal Company . T h is obligation was retained by the Company upon the sale 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. The Company was not required to make contributions to the A. H. Belo Pension Plans in 2017, 2016 and 2015 under the applicable tax and labor laws governing pension plan funding. In 2017, the Company made a voluntary contribution of $20,000 to the Pension Plans and using the contribution, in addition to liquidating $23,391 of plan assets, transferred $43,391 of pension liabilities to an insurance company. As a result of this de-risking action, the Company reduced the number of participants in the Pension Plans by 796 , or 36 percent. A charge to pension expense of $5,911 in 2017, was recorded to reflect the amortization of losses in accumulated other comprehensive loss associated with this transaction. In addition, the projected benefit obligation was remeasured as of September 30, 2017, which resulted in an actuarial gain of $3,648 that was recorded to other comprehensive income (loss) in 2017; see Note 8 – Shareholders’ Equity . This transaction occurred on September 20, 2017, but the Company elected to use the measurement date practical expedient, allowing the Company to use September 30, 2017, as the alternative measurement date. No material transactions or changes in market conditions occurred between the transaction date and the alternative measurement date. In 2015, the Company 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. The lump-sum payments resulted in a favorable settlement of the projected benefit obligations of approximately $5,000 in 2015. A charge to pension expense for $14,964 in 2015 was recorded to reflect the amortization of losses in accumulated other comprehensive loss associated with these settlements. The obligations were funded through the Pension Plans’ master trust account and are a component of benefit payments . The Company will continue to evaluate the feasibility of additional de-risking strategies based on the economic benefits to the Company. Actuarial gains (losses) of $8,005 , $(884) and $2,540 were recorded to other comprehensive income (loss) in 2017 , 2016 and 2015 , respectively; see Note 8 - Shareholders' Equity for information on amounts recorded to accumulate d other comprehensive loss . The table below sets forth summarized financial information about the A. H. Belo Pension Plans . 2017 2016 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 259,025 $ 262,027 Interest cost 9,051 10,098 Actuarial (gain) loss 9,214 1,368 Benefit payments (14,264) (14,468) Annuity purchase (43,391) — Projected benefit obligation at end of year 219,635 259,025 Change in Plan Assets Fair value of plan assets at beginning of year 204,182 204,581 Return on plan assets 30,070 14,069 Employer contributions 20,000 — Benefit payments (14,264) (14,468) Annuity purchase (43,391) — Fair value of plan assets at end of year 196,597 204,182 Funded Status $ (23,038) $ (54,843) Amounts Recorded on the Balance Sheet Noncurrent liability - accrued benefit cost $ 23,038 $ 54,843 Accumulated Benefit Obligation $ 219,635 $ 259,025 Net Periodic Pension Expense (Benefit) 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 Pension Plans’ participants . Future benefit payments are discounted to their present value at the appropriate yield curve discount rate to determine the projected benefit obligation outstanding at each year end. The y ield curve discount rate s as of December 31, 2017 and 2016 , w ere 3.4 percent and 3.8 percent, respectively . Interest expense included in net periodic pension expense (benefit) is based on the Citigroup Pension Yield Curve established at the beginning of the fiscal year. The beginning of year yield curve discount rate for 2017 was 3.8 percent. Due to the 2017 de-risking action, a settlement charge was triggered as of September 30, 2017. Net periodic benefit cost for the fourth quarter of 2017 and the settlement charge were determined using a yield curve discount rate of 3.5 percent. Interest expense for 2016 and 2015 was determined using beginning of year yield curve discount rate of 4.0 percent. The Company assumed a 6.5 percent long-term return on the Pension P lans’ assets in 2017 , 2016 and 2015 . 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 Pension Plans’ assets are based upon factors such as the remaining life expectancy of participants and market risks. The table below sets forth components of net periodic pension expense (benefit) for 2017 , 2016 and 2015 . Years Ended December 31, 2017 2016 2015 Interest cost $ 9,051 $ 10,098 $ 14,161 Expected return on plans' assets (12,851) (13,585) (20,033) Amortization of actuarial loss 387 45 1,252 Recognized settlement loss 5,911 — 14,964 Net periodic pension expense (benefit) $ 2,498 $ (3,442) $ 10,344 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 Pension P lans’ 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 Pension P lans’ 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 Pension Plans ’ assets are rebalanced to target allocations to meet the Company’s strategy and the Pension P lans’ liquidity needs. At December 31, 2017 , the Pension P lans’ investments in equity securities and fixed income securities accounted for 47.7 percent and 52.3 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, 2017 and 2016 , 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 2017 2016 2017 2016 2017 2016 2017 2016 Cash and Money Market Funds $ 2,215 $ 1,865 $ 2,215 $ 1,865 $ — $ — $ — $ — Equity Funds U.S. equity securities 57,819 58,645 — — 57,819 58,645 — — International equity securities 34,988 32,079 10,559 10,824 24,429 21,255 — — Fixed Income Funds Domestic corporate and government debt securities 49,480 52,136 — — 49,480 52,136 — — Domestic corporate debt securities 44,305 51,768 — — 44,305 51,768 — — International corporate and government debt securities 7,790 7,689 — — 7,790 7,689 — — Total $ 196,597 $ 204,182 $ 12,774 $ 12,689 $ 183,823 $ 191,493 $ — $ — Inputs and valuation techniques used to measure the fair value of Pension P lan s’ 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, 2017 , 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, 2017 . Payment year Expected Benefit Payments 2018 $ 12,985 2019 13,121 2020 13,142 2021 13,178 2022 13,281 2023-2027 65,533 The Company expects to make no required contributions to the A. H. Belo Pension Plans in 201 8 . Other defined benefit plans A. H. Belo also sponsors other post- employment benefit (the “OPEB”) plans , which provide health and life insurance benefits for certain retired employees. These plans were frozen subsequent to the separation from the Company’s former parent company and no future benefits accrue. The Company recorded a liability of $1,185 and $1,342 related to the OPEB plans as of December 31, 2017 and 2016 , respectively. A net periodic cost ( benefit ) of $(37) , $(43) and $13 in 2017 , 2016 and 2015 , 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 $146 , $74 and $202 were recorded to other comprehensive income ( loss ) in 2017 , 2016 and 2015 , respectively ; see Note 8 - Shareholders' Equity . Defined Contribution Plans. The A. H. Belo Savings Plan (the “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 Savings P lan 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 $871 , $977 and $1,013 in 2017 , 2016 and 2015 , respectively, for matching contributions to the Savings P lan. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 8 : Shareholders’ Equity Dividends. On October 27, 2017 , the Company’s board of directors declared a special, one-time cash dividend of $0.14 per share to shareholders of record and holders of RSUs as of the close of business on November 9, 2017 , which was paid on December 1, 2017 , returning $3,106 to shareholders and holders of RSUs. On December 7, 2017 , the Company ’s board of directors declared a n $0.08 per share dividend to shareholders of record and holders of RSUs as of the close of business on February 9, 2018 , payable on March 2, 2018 . As of December 31, 2017 , the Company recorded $1,774 to accrue for dividends declared but not yet paid. Dividends paid in 2015 included a special dividend of $2.25 per share, declared and recorded in 2014, returning $50,148 to shareholders and holders of RSUs. On March 1, 2018 , the Company’s board of directors declared a quarterly cash dividend of $0.08 per share , payable on June 1, 2018 , to shareholders of record and holders of RSUs at the close of business on May 11, 2018 . Treasury Stock. The Company repurchase d shares of its common stock pursuant to a publicly announced share repurchase program authorized by the Company’s board of directors. A total of 2,500,000 shares were authorized under the program. In December 2015, t he Company discontinued share repurchases . In the fourth quarter of 2017, t he Company resumed open market stock repurchases under its prior board-authorized repurchase authority and purchased 14,080 shares of its Series A common stock at a total cost of $ 69 . In 2015, the Company purchased 472,245 shares of its Series A common stock at a total cost of $3,146 under its share repurchase program . Accumulated Other Comprehensive Loss . Accumulated other comprehensive loss consists of actuarial gains and losses attributable to the A. H. Belo Pension Plans, gains and losses resulting from Pension Plans’ amendments and other actuarial experience attributable to OPEB plans. The Company records amortization of the components of accumulated other comprehensive loss in employee compensation and benefits in its Consolidated Statements of Operations. Gains and losses associated with the A. H. Belo Pension Plans are amortized over the weighted average remaining life expectancy of the Pension Plan s’ participants. Gains and losses associated with the Company’s OPEB plans are amortized over the average remaining service period of active OPEB pl ans’ participants. In 201 8 , the Company anticipates amortizing $631 of net losses in accumulated other comprehensive loss related to its defined benefit Pension Plans and OPEB plans. Deferred tax assets related to amounts recorded in accumulated other comprehensive loss in 201 7 and 20 16 are fully reserved ; see Note 6 - Income Taxes . The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. 2017 2016 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (39,308) $ (39,737) $ 429 $ (38,442) $ (38,898) $ 456 Actuarial gains (losses) 8,151 8,005 146 (810) (884) 74 Amortization 6,225 6,298 (73) (56) 45 (101) Balance, end of period $ (24,932) $ (25,434) $ 502 $ (39,308) $ (39,737) $ 429 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9 : 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 Series B common stock equally share in the distributed and undistributed earnings. Years Ended December 31, 2017 2016 2015 Earnings (Numerator) Net income (loss) attributable to A. H. Belo Corporation $ 10,161 $ (19,310) $ (17,842) Less: Loss from divestiture of discontinued operations — — (63) Less: Dividends to participating securities 120 140 115 Net income (loss) available to common shareholders from continuing operations $ 10,041 $ (19,450) $ (17,894) Shares (Denominator) Weighted average common shares outstanding (basic) 21,721,497 21,620,539 21,408,940 Effect of dilutive securities 1,505 — — Adjusted weighted average shares outstanding (diluted) 21,723,002 21,620,539 21,408,940 Earnings Per Share from Continuing Operations Basic and diluted $ 0.46 $ (0.90) $ (0.84) Holders of service-based RSUs participate in A. H. Belo dividends on a one- for -one share basis. Distributed and undistributed income associated with participating securities is included in the calculation of EPS under the two-class met hod as prescribed under ASC 260 – Earnings Per Share . The Company considers outstanding stock options and RSUs in the calculation of earnings per share. A total of 612,222 , 473,184 and 576,577 options and RSUs outstanding as of December 31, 2017 , 2016 and 2015 , respectively, were excluded from the calculation because the effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 10 : Commitments and Contingencies As of December 31, 2017 , the Company had contractual obligations for capital expenditures and operating leases, primarily for office space and other distribution centers. The table below sets forth the summarized commitments of the Company as of December 31, 2017 . Total 2018 2019 2020 2021 2022 Thereafter Operating lease commitments $ 42,995 $ 3,190 $ 4,421 $ 3,589 $ 3,436 $ 3,342 $ 25,017 Capital commitments 155 155 — — — — — Total commitments $ 43,150 $ 3,345 $ 4,421 $ 3,589 $ 3,436 $ 3,342 $ 25,017 In December 2017, AHC Dallas Properties, LLC, a wholly-owned subsidiary of the Company, assumed a 12 -year lease agreement for office space that serves as the headquarters of the Denton Record-Chronicle. In connection with the sale of Denton Publishing Company, owner of the Denton Record-Chronicle , to Denton Media Company, Inc., the Company entered into a sublease with Denton Publishing Company for a term ending on July 30, 2023 ; see Note 12 – Sales of Assets and Other Dispositions . In December 2016, the Dallas Morning News, Inc., a wholly-owned subsidiary of the Company, entered into a 16 -year lease agreement for office space for the Company’s new corporate headquarters. T he Company recognizes rent expense on a straight-line basis. Per the amended lease agreement, rent payments will begin in November 2018. Total lease expense for property and equipment was $3,085 , $1,988 and $1,856 in 2017 , 2016 and 2015 , 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 201 8; s ee Note 7 - Pension and Other Retirement Plans . From time to time, the Company is involved in a variety of claims, lawsuits and other disputes arising in the ordinary course of business. Management routinely assesses the likelihood of adverse judgments or outcomes in th ese matters, as well as the ranges of probable losses to the extent losses are reasonably estimable. Accruals for contingencies are recorded when, in the judgment of management, adverse judgments or outcome s are probable and the financial impact, should an adverse outcome occur, is reasonably estimable. The determinations of likely outcomes of litigation matters relates to factors that 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 financial exposure involves substantial uncertainties that could cause actual results to vary materially from estimates and accruals. In the opinion of management, liabilities, if any, arising from other currently existing claims against the Company would not have a material adverse effect on A. H. Belo’s results of operations, liquidity or financial condition. |
Supplemental Cash Flow Data
Supplemental Cash Flow Data | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Cash Flow Data | Note 11: 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, 2017 2016 2015 Income tax paid, net (refund) $ 583 $ (906) $ 11,613 Noncash investing and financing activities: Investments in property, plant and equipment payable 1,140 1,203 — Dividends payable 1,774 1,763 — Receivable for asset sales proceeds — 1,000 — Noncash contributions from noncontrolling interests — — 1,210 |
Sales of Assets and Other Dispo
Sales of Assets and Other Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Sales of Assets and Other Dispositions [Abstract] | |
Sales of Assets and Other Dispositions | Note 1 2 : Sales of Assets and Other Dispositions Sales of Assets . Assets held for sale include long-lived assets being actively marketed for which a sale is considered probable within the next 12 months. These assets are recorded at the lower of their fair value less costs to sell or their carrying value at the time they are classified as assets held for sale. In the fourth quarter of 2017, the Company determined real estate assets in downtown Dallas, Texas, previously used as the corporate headquarters , will be made available for sale. In addition, it was determined some of the assets on the property will not remain and will not be included in the sale. These assets, with a total carrying value of $3,116 , were impaired as of December 31, 2017, as they are no longer in use. Assets on the property that will remain and be part of the sale, with a total carrying value of $1,089 , are reported as assets held for sale as of December 31, 2017. In the second quarter of 2017, the Company announced that three parcels of land located in downtown Dallas, Texas were available for sale. On September 22, 2017, the Company completed the sale of one parcel of land and received net cash proceeds of $8,252 , generating a gain of approximately $5,000 , includ ed in other income (expense), net in the Consolidated Statements of Operations. On October 19, 2017, the Company completed the sale of the remaining two parcels of land and received net cash proceeds of $13,048 , generating a gain of approximately $7, 500, includ ed in other income (expense), net . In December 2016, the Company completed the sale of land, in Providence, Rhode Island and received net cash proceeds of $921 and a $1,000 three -year note receivable upon closing of the transaction, generating a loss of $216 . Additionally , the Company completed the sale of a parking lot located in downtown Dallas, Texas. The Company received net cash proceeds of $4,458 , generating a gain of $1,842 . In 2015, the Company completed the sale of land and a building, which served as the headquarters of The Providence Journal . The Company received net proceeds of $6,119 upon closing of the transaction, generating a loss of $265 , which was offset by $328 of returned escrow received in 2016. The Company demolished existing structures on an additional property in Providence, Rhode Island, at a cost of $251 . Other Dispositions. On December 31 , 2017, the Company completed the sale of the outstanding capital stock of the Denton Publishing Company, owner of the Denton Record-Chronicle , to Denton Media Company, Inc. (the “purchaser”). The business did not meet the requirements of a discontinued operation; therefore, all financial results are included in continuing operations. Prior to the disposition, the Denton Record-Chronicle was included in the Publishing segment results. T he Company recorded a loss of $260 , included in other income (expense), net. The Company entered into multi-year agreements with the purchaser, effective January 1, 2018, including an advertising services reseller agreement, printing, distribution and content services agreements. The Company also entered into an agreement to provide transition services to the purchaser through June 30, 2018. In connection with the sale, the Company entered into a sublease with Denton Publishing Company for a term ending on July 30, 2023. Since the Company is no longer the tenant, t he Company recorded a loss of $ 589 , included in other income (expense), net, for the Company’s remaining obligation after the term of the sublease ends. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Results of Operations [Abstract] | |
Quarterly Results of Operations | Note 1 3 : Quarterly Results of Operations (Unaudited) The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 2017 and 2016 . 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2017 2016 2017 2016 2017 2016 2017 2016 Net operating revenue $ 60,901 $ 62,483 $ 63,089 $ 66,626 $ 60,559 $ 64,780 $ 64,077 $ 66,095 Operating income (loss) (4,135) (1,781) (419) 2,659 (5,049) (489) (450) (24,135) Income (loss) from continuing operations (4,430) (593) (805) 674 2,580 (452) 12,816 (18,809) Net income (loss) attributable to A. H. Belo Corporation (4,430) (632) (805) 693 2,580 (497) 12,816 (18,874) Per Share Basis Net income (loss) attributable to A. H. Belo Corporation Basic and diluted $ (0.21) $ (0.03) $ (0.04) $ 0.03 $ 0.12 $ (0.02) $ 0.58 $ (0.87) The following are significant activities in 2017: · During the third quarter of 2017, the Company recorded a charge to pension expense of $5,911 related to the Company’s de-risking efforts and a gain of approximately $5,000 on the sale of real estate; see Note 7 – Pension and Other Retirement Plans and Note 12 – Sales of Assets and Other Dispositions . · During the fourth quarter of 2017, the Company recorded an income tax benefit of $6,521 a gain of approximately $7,500 on the sale of real estate and $3,116 of asset impairments; see Note 6 – Income Taxes and Note 12 – Sales of Assets and Other Dispositions . The following are significant activities in 2016: · During the f ourth quarter of 2016, the Company recorded a noncash goodwill impairment charge of $22,682 related to the Company’s Publishing reporting unit; see Note 4 – Goodwill and Intangible Assets . 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 Polici21
Significant Accounting Policies and Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Description of Business, Policy | Description of Business. A. H. Belo Corporation and subsidiaries are referred to collectively herein as “A. H. Belo” or the “Company.” 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 deliver s news and information in inno vative 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 , and various niche publications targeting specific audiences. In December 2017, the Company completed the sale of the Denton Record-Chronicle and the Company no longer owns newspaper operations in Denton, Texas. A. H. Belo also offers digital marketing solutions through DMV Digital Holdings Company (“DMV Holdings”) and Your Speakeasy, LLC (“Speakeasy”), and provides event activation, promotion and marketing services through DMN CrowdSource LLC (“CrowdSource”) . |
Basis of Presentation, Policy | Basis of Presentation. The consolidated financial statements included herein include adjustments of a normal recurring nature , which in the Company’s opinion, are necessary to present fairly the consolidated financial information as of and for the periods indicated. All significant intercompany balances and transactions have been eliminated in consolidation. All dollar amounts presented herein, except share and per share amounts, are in thousands, unless the context indicates otherwise. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net operating revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. |
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 t he 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 2017 and 2016 was $ 2,109 and $ 1 , 712 , respectively. Write-offs, net of recoveries and other adjustments for 2017 and 2016 were $2 ,169 and $2, 039, respectively. |
Risk Concentration, Policy | Risk Concentration. 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 p rice of the inventory acquired. |
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. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets and depreciable assets are reviewed to ensure the remaining useful life of the assets continues to be appropriate. An adjustment resulting from a change in the estimated useful life of an asset is recorded to depreciation expense on a prospective basis. The table below sets forth property, plant and equipment by type. December 31, Estimated 2017 2016 Useful Lives Land $ 2,220 $ 11,384 Buildings and improvements 110,409 133,441 5 - 30 years Publishing equipment 216,199 217,221 3 - 20 years Other 88,177 81,724 3 - 10 years Construction in process 1,725 2,104 Total 418,730 445,874 Less accumulated depreciation (387,024) (402,115) Property, plant and equipment, net $ 31,706 $ 43,759 |
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 unit ’ s underlying assets and liabilities is determined and goodwill is adjusted accordingly. In determining the fair value for a reporting unit , the Company considers recent stock and sales transaction prices of peer group companies as well as the present value of expected future cash 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 noncash charges and do not affect the Company’s liquidity, cash flows from operating activities or have any effect on future operations. The Company conducted the annual goodwill impairment test as of December 31, 2017. The Company believes the use of a discounted cash flow approach, combined with the market approach, is the most reliable indicator of the estimated fair value of the business. Upon completion of the annual test, it was determined the Marketing Services reporting unit’s fair value exceeded its carrying value by approximately 93 percent . Accordingly, no impairment was warranted. |
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 an asset group may not be recoverable . If the analysis of undiscounted future cash flows indicates the carrying value of the long-lived assets cannot be recovered, the assets are adjusted to the lower of its carrying value or fair value. |
Investments, Policy | Investments. The Company owns certain equity securities in companies in which it does not exercise control. These 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. The Company evaluates its ability to recover the carrying value of 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 fair value of the investment and the carrying value. 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 l oss as a component of earnings. In the fourth quarter of 2015, the Company’s ownership interest in Wanderful Media, LLC (“Wanderful”) decreased to less than 20 percent of the outstanding membership interests of Wanderful and the Company no longer exerted significant influence over Wanderful . Accordingly, the Company discontinued the use of the equity method of accounting for the investment in Wanderful, and began accounting for the investment under the cost method. In the fourth quarter of 2016, the Company abandoned its remaining ownership interest in Wanderful. |
Pension, Policy | Pension. The Company follows accounting guidance for single - employer defined benefit plans. Plan assets and the projected benefits 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 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). R e-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. |
Long-Term Incentive Plan, Policy | Long-Term Incentive Plan. The Company sponsors a long-term incentive plan (the “Plan”) under which it issues restricted stock units (“RSUs”) and cash awards to directors and certain 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 up to 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 a s of December 31, 201 7 . Due to the expiration of the Plan on February 8, 2018, A. H. Belo implemented, and shareholders approved, a new long-term incentive plan (the “2017 Plan”) under which an additional 8,000,000 shares of the Company’s Series A and Series B common stock are authorized for equity-based awards. Like its predecessor plan, awards under the 2017 Plan may be granted to A. H. Belo employees and outside directors in the form of non-qualified stock options, incentive stock options, restricted share awards, RSUs, performance shares, performance units or stock appreciation rights. No grants were made under the 2017 Plan as of December 31, 2017. |
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. In December 2015, the Company discontinued share repurchases. I n the fourth quarter of 2017, t he Company resumed open market stock repurchases under its prior board-authorized repurchase authority. 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 ( the “Pension Plans”) and other post-employment benefit ( the “OPEB”) 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 loss to net income (loss) in Note 8 - Shareholders' Equity . |
Revenue Recognition, Policy | Revenue Recognition. The Company’s principal sources of revenue are the advertising space in published issues of its newspapers and 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 S ervices revenue is recognized at the time the services are rendered. Proceeds from subscriptions are deferred and included in revenue ratably over the term of the subscriptions. Subscription revenue under buy-sell arrangements with distributors is recorded based on the net amount received from the distributor, whereas subscription revenue under fee-based delivery arrangements with distributors is recorded based on the amount received from the subscriber. Commercial printing and direct mail revenue is recorded when the product is distributed or shipped. |
Income Taxes, Policy | Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more - likely - than - not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax asset s include reversal of future deferred tax liabilities, available tax planning strategies , future taxable income and taxable income in prior carryback years. 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 reportable segments. The Publishing segment includes the operating activities associated with the Company’s core print and digital operations associated with its newspapers, niche publications and related websites and apps . The Marketing Services segment includes the operations of DMV Holdings, Speakeasy and digital advertising through Connect (programmatic advertising). This segment primarily includes sales of advertising delivered outside the Company’s news platforms, social media management services, and other marketing services designed to provide integrated solutions for optimizing businesses marketing challenges and opportunities. |
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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This update simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. The guidance will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this standard in the third quarter of 2017. The adoption of this standard did not materially impact the Company’s consolidated financial statements. |
New Accounting Pronouncements | New Accounting Pronouncements. The FASB issued the following accounting pronouncements and guidance which may be applicable to the Company but have not yet become effective. In May 2014, the FASB issued ASU 2014-09 – Revenue from Contracts with Customers (Topic 606). This guidance prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The core principle contemplated by this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. Since May 2014, the FASB issued clarifying updates to the new standard specifically to address certain core principles including the identification of performance obligations, licensing guidance, the assessment of the collectability criterion, the presentation of taxes collected from customers, noncash considerations, contract modifications, and completed contracts at transition. The new guidance will supersede virtually all existing revenue guidance under GAAP and is effective for fiscal years beginning after December 31, 2017. There are two transition options available to entities, the full retrospective approach, in which the Company would restate prior periods, or the modified retrospective approach. The Company currently anticipates adopting ASU 2014-09 using the modified retrospective approach as of January 1, 2018. This approach consists of recognizing the cumulative effect of initially applying the standard as an adjustment to opening retained earnings. The Company coordinated a team of key stakeholders to develop a bottom-up approach to analyze the impact of the new standard on its portfolio of contracts. The Company completed its assessment and the expected impact is a reduction in revenue of approximately $15,600 to $18,500 annually, primarily related to digital advertising revenue placed on third-party websites where the Company is acting as an agent under the new standard. Currently, such revenue is generally recorded gross, but under the new standard will be recorded net. There is no impact to opening retained earnings . All other lines of revenue were not materially impacted as a majority of revenue transactions are recognized when the product is delivered. In February 2016, the FASB issued ASU 2016-02 – Leases (Topic 842) . This update requires an entity to recognize a right-of-use asset and a lease liability for virtually all of its leases. The liability will be equal to the present value of lease payments. The asset will generally be based on the liability. For income statement purposes, operating leases will result in straight-line expense and finance leases will result in expenses similar to current capital leases. The guidance also requires additional disclosures to enable users of financial statements to understand the amount, timing and uncertainty of cash flows arising from leases . The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and will be applied using the modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-06 – Plan Accounting – Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962) and Health and Welfare Benefit Plans (Topic 965) : Employee Benefit Plan Master Trust Reporting . This update clarifies the presentation requirements for a plan’s interest in a master trust and requires more detailed disclosures of the plan’s interest in the master trust. The guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the requirements of this update and has not yet determined its impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07 – Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This update clarifies the presentation and classification of the components of net periodic benefit cost in the Consolidated Statement of Operations. Specifically, this standard requires the service cost component of net periodic benefit cost to be recorded in the same income statement line as other employee compensation costs and all other components of net periodic benefit cost must be presented as non-operating items. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company currently anticipates adopting this standard retrospectively as of January 1, 2018. The Company’s defined benefit plans have been frozen, so the Company is no longer incurring service costs related to the plans. Therefore, after adoption, the entire net periodic benefit cost will be presented in the Consolidated Statements of Operations in non-operating income (expense). |
Significant Accounting Polici22
Significant Accounting Policies and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Property, Plant and Equipment by Type | December 31, Estimated 2017 2016 Useful Lives Land $ 2,220 $ 11,384 Buildings and improvements 110,409 133,441 5 - 30 years Publishing equipment 216,199 217,221 3 - 20 years Other 88,177 81,724 3 - 10 years Construction in process 1,725 2,104 Total 418,730 445,874 Less accumulated depreciation (387,024) (402,115) Property, plant and equipment, net $ 31,706 $ 43,759 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Years Ended December 31, 2017 2016 2015 (Recast) (Recast) Revenue Publishing $ 217,347 $ 231,372 $ 254,047 Marketing Services 31,279 28,612 18,061 Total $ 248,626 $ 259,984 $ 272,108 Operating Income (Loss) Publishing $ (13,146) $ (26,592) $ (19,890) Marketing Services 3,093 2,846 1,595 Total $ (10,053) $ (23,746) $ (18,295) Noncash Expenses Publishing Depreciation $ 10,300 $ 10,637 $ 11,401 Amortization — 104 552 Asset impairments 3,344 22,682 — Pension settlement 5,911 — 14,964 Total $ 19,555 $ 33,423 $ 26,917 Marketing Services Depreciation $ 115 $ 76 $ 114 Amortization 799 802 797 Total $ 914 $ 878 $ 911 December 31, 2017 2016 (Recast) Total Assets Publishing $ 137,409 $ 170,820 Marketing Services 25,439 21,911 Total $ 162,848 $ 192,731 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of goodwill and identifiable intangible assets | December 31, 2017 2016 (Recast) Goodwill Publishing $ — $ 228 Marketing Services 13,973 13,973 Total $ 13,973 $ 14,201 Intangible Assets Publishing Cost $ — $ 240 Accumulated Amortization — (240) Net Carrying Value $ — $ — Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (2,397) (1,598) Net Carrying Value $ 4,073 $ 4,872 |
Long-term Incentive Plan (Table
Long-term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Incentive Plan [Abstract] | |
Schedule of stock options outstanding activity | Number of Options Weighted Average Exercise Price Outstanding at December 31, 2016 114,979 $ 8.21 Canceled (14,635) 20.16 Outstanding at December 31, 2017 100,344 6.46 |
Schedule of 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, 2016 121,131 $ 5.65 Granted 284,868 6.11 Vested and outstanding (159,212) 5.71 Vested and issued (22,734) 13,634 9,100 $ 57 6.90 Non-vested at December 31, 2017 224,053 6.07 |
Schedule of compensation expense related to stock awards | Years Ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2017 $ 944 $ 654 $ 1,598 2016 640 580 1,220 2015 605 (349) 256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2017 2016 2015 Current Federal $ (2,018) $ (2,431) $ (1,726) State 1,113 1,205 1,729 Total current (905) (1,226) 3 Deferred Federal 8,723 1,514 (3,988) State (7) (26) (389) Total deferred 8,716 1,488 (4,377) Valuation Allowance (14,071) (2,534) 2,804 Income Tax Benefit $ (6,260) $ (2,272) $ (1,570) |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2017 2016 2015 Computed expected income tax provision (benefit) $ 1,362 $ (7,312) $ (6,917) State income tax (net of federal benefit) 698 757 780 Valuation allowance (14,071) (2,534) 2,804 Federal tax reform - deferred rate change 3,570 — — Goodwill impairment 63 6,266 — Nondeductible expenses (3,454) 249 493 Uncertain tax position reserve 2,555 (7) 244 Noncontrolling interests (5) (40) 133 Other 3,022 349 893 Income tax benefit $ (6,260) $ (2,272) $ (1,570) Effective income tax rate (160.5)% 10.6% 7.9% |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2017 2016 Deferred Tax Assets (Liabilities) Defined benefit plans $ 4,838 $ 19,195 Investments 210 659 Tax depreciation less than book depreciation 1,576 4,171 Expenses deductible for tax purposes in a year different from the year accrued 644 805 Deferred compensation and benefits 553 756 Tax amortization in excess of book amortization (368) (848) State taxes 68 106 Federal net operating loss carryforward 4,260 — Other 482 739 Total 12,263 25,583 Valuation allowance for deferred tax assets (6,908) (25,583) Net Deferred Tax Assets $ 5,355 $ — |
Schedule of Unrecognized Tax Positions | 2017 Balance at January 1 $ 237 Decrease related to zero change audit (24) Increase related to prior year tax positions 4 Decrease related to settlement (35) Increase related to current year tax positions 2,575 Balance at December 31 $ 2,757 |
Pension and Other Retirement 28
Pension and Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | 2017 2016 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 259,025 $ 262,027 Interest cost 9,051 10,098 Actuarial (gain) loss 9,214 1,368 Benefit payments (14,264) (14,468) Annuity purchase (43,391) — Projected benefit obligation at end of year 219,635 259,025 Change in Plan Assets Fair value of plan assets at beginning of year 204,182 204,581 Return on plan assets 30,070 14,069 Employer contributions 20,000 — Benefit payments (14,264) (14,468) Annuity purchase (43,391) — Fair value of plan assets at end of year 196,597 204,182 Funded Status $ (23,038) $ (54,843) Amounts Recorded on the Balance Sheet Noncurrent liability - accrued benefit cost $ 23,038 $ 54,843 Accumulated Benefit Obligation $ 219,635 $ 259,025 |
Schedule of Net Periodic Pension Expense | Years Ended December 31, 2017 2016 2015 Interest cost $ 9,051 $ 10,098 $ 14,161 Expected return on plans' assets (12,851) (13,585) (20,033) Amortization of actuarial loss 387 45 1,252 Recognized settlement loss 5,911 — 14,964 Net periodic pension expense (benefit) $ 2,498 $ (3,442) $ 10,344 |
Schedule of Fair Value and 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 2017 2016 2017 2016 2017 2016 2017 2016 Cash and Money Market Funds $ 2,215 $ 1,865 $ 2,215 $ 1,865 $ — $ — $ — $ — Equity Funds U.S. equity securities 57,819 58,645 — — 57,819 58,645 — — International equity securities 34,988 32,079 10,559 10,824 24,429 21,255 — — Fixed Income Funds Domestic corporate and government debt securities 49,480 52,136 — — 49,480 52,136 — — Domestic corporate debt securities 44,305 51,768 — — 44,305 51,768 — — International corporate and government debt securities 7,790 7,689 — — 7,790 7,689 — — Total $ 196,597 $ 204,182 $ 12,774 $ 12,689 $ 183,823 $ 191,493 $ — $ — |
Schedule of Expected Benefit Payments | Payment year Expected Benefit Payments 2018 $ 12,985 2019 13,121 2020 13,142 2021 13,178 2022 13,281 2023-2027 65,533 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Changes in accumulated other comprehensive loss | 2017 2016 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (39,308) $ (39,737) $ 429 $ (38,442) $ (38,898) $ 456 Actuarial gains (losses) 8,151 8,005 146 (810) (884) 74 Amortization 6,225 6,298 (73) (56) 45 (101) Balance, end of period $ (24,932) $ (25,434) $ 502 $ (39,308) $ (39,737) $ 429 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share reconciliation | Years Ended December 31, 2017 2016 2015 Earnings (Numerator) Net income (loss) attributable to A. H. Belo Corporation $ 10,161 $ (19,310) $ (17,842) Less: Loss from divestiture of discontinued operations — — (63) Less: Dividends to participating securities 120 140 115 Net income (loss) available to common shareholders from continuing operations $ 10,041 $ (19,450) $ (17,894) Shares (Denominator) Weighted average common shares outstanding (basic) 21,721,497 21,620,539 21,408,940 Effect of dilutive securities 1,505 — — Adjusted weighted average shares outstanding (diluted) 21,723,002 21,620,539 21,408,940 Earnings Per Share from Continuing Operations Basic and diluted $ 0.46 $ (0.90) $ (0.84) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Operating lease and capital commitment obligations | Total 2018 2019 2020 2021 2022 Thereafter Operating lease commitments $ 42,995 $ 3,190 $ 4,421 $ 3,589 $ 3,436 $ 3,342 $ 25,017 Capital commitments 155 155 — — — — — Total commitments $ 43,150 $ 3,345 $ 4,421 $ 3,589 $ 3,436 $ 3,342 $ 25,017 |
Supplemental Cash Flow Data (Ta
Supplemental Cash Flow Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Disclosures of Cash Flows | Years Ended December 31, 2017 2016 2015 Income tax paid, net (refund) $ 583 $ (906) $ 11,613 Noncash investing and financing activities: Investments in property, plant and equipment payable 1,140 1,203 — Dividends payable 1,774 1,763 — Receivable for asset sales proceeds — 1,000 — Noncash contributions from noncontrolling interests — — 1,210 |
Quarterly Results of Operatio33
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Results of Operations [Abstract] | |
Schedule of Quarterly Financial Information | 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter 2017 2016 2017 2016 2017 2016 2017 2016 Net operating revenue $ 60,901 $ 62,483 $ 63,089 $ 66,626 $ 60,559 $ 64,780 $ 64,077 $ 66,095 Operating income (loss) (4,135) (1,781) (419) 2,659 (5,049) (489) (450) (24,135) Income (loss) from continuing operations (4,430) (593) (805) 674 2,580 (452) 12,816 (18,809) Net income (loss) attributable to A. H. Belo Corporation (4,430) (632) (805) 693 2,580 (497) 12,816 (18,874) Per Share Basis Net income (loss) attributable to A. H. Belo Corporation Basic and diluted $ (0.21) $ (0.03) $ (0.04) $ 0.03 $ 0.12 $ (0.02) $ 0.58 $ (0.87) |
Significant Accounting Polici34
Significant Accounting Policies and Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)segmentitemshares | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Bad debt expense | $ 2,109 | $ 1,712 | ||
Write-offs, net of recoveries and other adjustments | $ 2,169 | $ 2,039 | ||
Goodwill impairment | $ 228 | |||
Additional shares authorized | shares | 8,000,000 | |||
Number of options granted | shares | 0 | |||
Amortization threshold percentage | 10.00% | |||
Number of operating segments | segment | 2 | |||
Minimum [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Expected impact from new standard | $ 15,600 | |||
Maximum [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Expected impact from new standard | $ 18,500 | |||
Series A [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Common stock, voting rights, number of votes | item | 1 | |||
Series B [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Common stock, voting rights, number of votes | item | 10 | |||
RSUs [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Vested RSUs are redemption percentage of common stock | 60.00% | |||
Vested RSUs are redemption percentage of cash | 40.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
RSUs [Member] | Maximum [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Wanderful [Member] | Maximum [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Cost method A. H. Belo ownership | 20.00% | |||
Marketing Services [Member] | ||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | ||||
Percent of fair value of reporting unit excess of carrying value | 93.00% | |||
Goodwill impairment | $ 0 |
Significant Accounting Polici35
Significant Accounting Policies and Recently Issued Accounting Standards (Property, Plant and Equipment by Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment | ||
Total | $ 418,730 | $ 445,874 |
Less accumulated depreciation | (387,024) | (402,115) |
Property, plant and equipment, net | 31,706 | 43,759 |
Land [Member] | ||
Property, Plant and Equipment | ||
Total | 2,220 | 11,384 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment | ||
Total | $ 110,409 | 133,441 |
Buildings And Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 5 years | |
Buildings And Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 30 years | |
Publishing Equipment [Member] | ||
Property, Plant and Equipment | ||
Total | $ 216,199 | 217,221 |
Publishing Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 3 years | |
Publishing Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 20 years | |
Other [Member] | ||
Property, Plant and Equipment | ||
Total | $ 88,177 | 81,724 |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 10 years | |
Construction In Progress [Member] | ||
Property, Plant and Equipment | ||
Total | $ 1,725 | $ 2,104 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 64,077 | $ 60,559 | $ 63,089 | $ 60,901 | $ 66,095 | $ 64,780 | $ 66,626 | $ 62,483 | $ 248,626 | $ 259,984 | $ 272,108 |
Operating Income (Loss) | (450) | (5,049) | $ (419) | $ (4,135) | (24,135) | $ (489) | $ 2,659 | $ (1,781) | (10,053) | (23,746) | (18,295) |
Depreciation | 10,415 | 10,713 | 11,515 | ||||||||
Amortization | 799 | 906 | 1,349 | ||||||||
Asset impairments | 3,116 | 3,344 | 22,682 | ||||||||
Pension settlement | 14,964 | ||||||||||
Total Assets | 162,848 | 192,731 | 162,848 | 192,731 | |||||||
Operating Segments [Member] | Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 217,347 | 231,372 | 254,047 | ||||||||
Operating Income (Loss) | (13,146) | (26,592) | (19,890) | ||||||||
Depreciation | 10,300 | 10,637 | 11,401 | ||||||||
Amortization | 104 | 552 | |||||||||
Asset impairments | 3,344 | 22,682 | |||||||||
Pension settlement | $ 5,911 | 5,911 | 14,964 | ||||||||
Total | 19,555 | 33,423 | 26,917 | ||||||||
Total Assets | 137,409 | 170,820 | 137,409 | 170,820 | |||||||
Operating Segments [Member] | Marketing Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 31,279 | 28,612 | 18,061 | ||||||||
Operating Income (Loss) | 3,093 | 2,846 | 1,595 | ||||||||
Depreciation | 115 | 76 | 114 | ||||||||
Amortization | 799 | 802 | 797 | ||||||||
Total | 914 | 878 | $ 911 | ||||||||
Total Assets | $ 25,439 | $ 21,911 | $ 25,439 | $ 21,911 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Jan. 02, 2015 | Jan. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Distributions to non-controlling interests | $ 179 | $ 407 | |||
Noncontrolling interest - redeemable | 2,670 | ||||
DMV [Member] | |||||
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 | ||||
Distributions to non-controlling interests | $ 163 | 264 | |||
Change in redeemable non-controlling interest | 1,295 | ||||
Business Acquisition, Cumulative Transaction Costs | $ 1,288 | ||||
Business Acquisition, Fair Value Of Business | $ 17,829 | ||||
Business Acquisition, Noncontrolling Interest, Fair Value | 2,548 | ||||
Business Acquisition, Current Revenues of Acquiree | 10,138 | ||||
Business Acquisition, Current Net Loss before Income Taxes | 95 | ||||
DMV [Member] | Intercompany [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Current Revenues of Acquiree | $ 1,137 | ||||
Purchase Of Remaining Percent [Member] | DMV [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Mar. 2, 2017 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | ||||
Business Acquisition, Consideration Transferred | $ 7,120 | ||||
Purchase Of Remaining Percent [Member] | Speakeasy [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Feb. 16, 2017 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | ||||
Business Acquisition, Consideration Transferred | $ 2,111 | ||||
Fiscal Year 2015 [Member] | |||||
Business Acquisition [Line Items] | |||||
Pro-rata distributions, percentage of free-cash-flow | 100.00% | ||||
Fiscal Year 2016 [Member] | |||||
Business Acquisition [Line Items] | |||||
Pro-rata distributions, percentage of free-cash-flow | 50.00% | ||||
Redeemable Between 2nd And 3rd Anniversaries [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners (percent) | 25.00% | ||||
Redeemable Between 4th And 5th Anniversaries [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners (percent) | 50.00% | ||||
Distributions Related To Free Cash Flow [Member] | |||||
Business Acquisition [Line Items] | |||||
Change in redeemable non-controlling interest | $ (61) | (99) | |||
Distributions Related To Earnings [Member] | DMV [Member] | |||||
Business Acquisition [Line Items] | |||||
Change in redeemable non-controlling interest | $ 53 |
Acquisitions (Purchase price al
Acquisitions (Purchase price allocation, preliminary) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 13,973 | $ 14,201 | |
DMV [Member] | |||
Business Acquisition [Line Items] | |||
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) | ||
Assets acquired and liabilities assumed, net | $ 16,658 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Amortization expense | $ 799 | $ 906 | $ 1,349 | |
Expected amortization expense, 2018 | 799 | |||
Expected amortization expense, 2019 | 799 | |||
Expected amortization expense, thereafter | 495 | |||
Goodwill impairment | $ 228 | |||
Publishing [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset amount amortized | $ 240 | |||
Goodwill impairment | $ 22,682 | |||
Marketing Services [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Percent of fair value of reporting unit excess of carrying value | 93.00% | |||
Goodwill impairment | $ 0 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Definite-lived intangibles | $ 4,950 | |||
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 Asset41
Goodwill and Intangible Assets (Schedule of identifiable intangible assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 13,973 | $ 14,201 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Net Carrying Value | 4,073 | 4,872 |
Publishing [Member] | ||
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Accumulated Amortization | (240) | |
Operating Segments [Member] | Publishing [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 228 | |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Cost | 240 | |
Accumulated Amortization | (240) | |
Operating Segments [Member] | Marketing Services [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 13,973 | 13,973 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Cost | 6,470 | 6,470 |
Accumulated Amortization | (2,397) | (1,598) |
Net Carrying Value | $ 4,073 | $ 4,872 |
Long-term Incentive Plan (Narra
Long-term Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based compensation expense | |||
Number of shares authorized | 8,000,000 | ||
Number of options granted | 0 | ||
Number of shares issued | 63,272 | ||
Number of shares previously vested redeemed in cash | 42,189 | ||
Employee Stock Option [Member] | |||
Share-based compensation expense | |||
Options, exercises in period, intrinsic Value | $ 300 | $ 100 | |
Options, outstanding, intrinsic value | $ 8 | ||
Number of options granted | 0 | ||
Unrecognized compensation cost, weighted-average period | 1 year | ||
RSUs [Member] | |||
Share-based compensation expense | |||
RSUs Vested and outstanding | 290,825 | 237,074 | |
RSUs Redeemed in cash, liability | $ 1,028 | ||
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 | $ 831 | ||
Unrecognized compensation cost, weighted-average period | 1 year 4 months 24 days | ||
RSUs [Member] | Maximum [Member] | |||
Share-based compensation expense | |||
RSUs, award vesting period | 3 years |
Long-term Incentive Plan (Sched
Long-term Incentive Plan (Schedule of stock options outstanding activity) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock option activity rollforward | |
Number of Options, Outstanding, Beginning Balance | shares | 114,979 |
Number of Options Canceled | shares | (14,635) |
Number of Options, Outstanding, Ending Balance | shares | 100,344 |
Weighted average price per share | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 8.21 |
Weighted Average Exercise Price, Canceled | $ / shares | 20.16 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ / shares | $ 6.46 |
Long-term Incentive Plan (Sch44
Long-term Incentive Plan (Schedule of RSU activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
RSU non-vested rollforward | |
Number of RSUs, Outstanding, Beginning Balance | 121,131 |
Number of RSUs Granted | 284,868 |
Number of RSUs Vested and outstanding | (159,212) |
Number of RSUs Vested and issued | (22,734) |
Number of RSUs, Outstanding, Ending Balance | 224,053 |
Vested RSUs redeemed for stock, cash, and related payments | |
Issuance of Common Stock | 13,634 |
RSUs Redeemed in Cash | 9,100 |
Cash Payments at Closing Price of Stock | $ | $ 57 |
Weighted-Average Price on Date of Grant | |
Beginning balance - Weighted average price | $ / shares | $ 5.65 |
Granted | $ / shares | 6.11 |
Vested and outstanding | $ / shares | 5.71 |
Vested and issued | $ / shares | 6.90 |
Ending balance - Weighted average price | $ / shares | $ 6.07 |
Long-term Incentive Plan (Sch45
Long-term Incentive Plan (Schedule of compensation expense related to stock awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
RSUs Redeemable in Stocks [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 944 | $ 640 | $ 605 |
RSUs Redeemable in Cash [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 654 | 580 | (349) |
RSUs [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 1,598 | $ 1,220 | $ 256 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards | |||||
Income tax benefit (provision) | $ 6,521 | $ 6,260 | $ 2,272 | $ 1,570 | |
Tax deductions related to equity compensation in excess of recognized compensation expense | 557 | ||||
Net refund resulting from carryback | 2,930 | ||||
Income taxes paid, net of refunds | 583 | (906) | 11,613 | ||
Tax Cuts and Jobs Act of 2017, income tax benefit | 6,260 | ||||
Employer contributions | $ 20,000 | ||||
U.S. corporate income tax rate | 35.00% | ||||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Deferred tax asset, income tax expense | $ 3,570 | ||||
Income taxes receivable | 4,073 | 4,073 | $ 3,210 | ||
Federal net operating loss carryforward | $ 4,260 | 4,260 | |||
Other Deferred Tax Assets [Member] | |||||
Operating Loss Carryforwards | |||||
Changes in valuation allowance | $ 1,095 | ||||
DMV [Member] | |||||
Operating Loss Carryforwards | |||||
Income tax benefit (provision) | 1,570 | ||||
Changes in valuation allowance | 2,090 | ||||
Scenario, Plan [Member] | |||||
Operating Loss Carryforwards | |||||
U.S. corporate income tax rate | 21.00% | ||||
Federal [Member] | DMV [Member] | |||||
Operating Loss Carryforwards | |||||
Net operating loss | $ 3,066 |
Income Taxes (Schedule of compo
Income Taxes (Schedule of components of income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current | ||||
Federal | $ (2,018) | $ (2,431) | $ (1,726) | |
State | 1,113 | 1,205 | 1,729 | |
Total current | (905) | (1,226) | 3 | |
Deferred | ||||
Federal | 8,723 | 1,514 | (3,988) | |
State | (7) | (26) | (389) | |
Total deferred | 8,716 | 1,488 | (4,377) | |
Valuation Allowance | (14,071) | (2,534) | 2,804 | |
Income Tax Benefit | $ (6,521) | $ (6,260) | $ (2,272) | $ (1,570) |
Income Taxes (Schedule of effec
Income Taxes (Schedule of effective income tax rate reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||||
Computed expected income tax provision (benefit) | $ 1,362 | $ (7,312) | $ (6,917) | |
State income tax (net of federal benefit) | 698 | 757 | 780 | |
Valuation allowance | (14,071) | (2,534) | 2,804 | |
Federal tax reform - deferred rate change | 3,570 | |||
Goodwill impairment | 63 | 6,266 | ||
Nondeductible expenses | (3,454) | 249 | 493 | |
Uncertain tax position reserve | 2,555 | (7) | 244 | |
Noncontrolling interest | (5) | (40) | 133 | |
Other | 3,022 | 349 | 893 | |
Income Tax Benefit | $ (6,521) | $ (6,260) | $ (2,272) | $ (1,570) |
Effective income tax rate | (160.50%) | 10.60% | 7.90% |
Income Taxes (Schedule of defer
Income Taxes (Schedule of deferred tax assets and liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Defined benefit plans | $ 4,838 | $ 19,195 |
Investments | 210 | 659 |
Tax depreciation less than book depreciation | 1,576 | 4,171 |
Expenses deductible for tax purposes in a year different from the year accrued | 644 | 805 |
Deferred compensation and benefits | 553 | 756 |
Tax amortization in excess of book amortization | (368) | (848) |
State taxes | 68 | 106 |
Federal net operating loss carryforward | 4,260 | |
Other | 482 | 739 |
Total | 12,263 | 25,583 |
Valuation allowance for deferred tax assets | (6,908) | (25,583) |
Net Deferred Tax Assets | $ 5,355 |
Income Taxes (Schedule of unrec
Income Taxes (Schedule of unrecognized tax positions) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at January 1 | $ 237 |
Decrease related to zero change audit | (24) |
Increase related to prior year tax positions | 4 |
Decrease related to settlement | (35) |
Increase related to current year tax positions | 2,575 |
Balance at December 31 | $ 2,757 |
Pension and Other Retirement 51
Pension and Other Retirement Plans (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Jan. 31, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)employee | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)employee | |
Defined Benefit Plan Disclosure | ||||||
Employer contributions | $ 20,000 | |||||
Pension settlement | $ 14,964 | |||||
Plan Settlements | ||||||
Actuarial gains (losses) | $ 8,151 | $ (810) | 2,742 | |||
401(K) Plan [Member] | ||||||
Defined Contribution Plans | ||||||
Maximum pretax contribution per employee | 100.00% | |||||
Defined contribution plan, employer matching contribution, percent | 1.50% | |||||
Expense recognized | $ 871 | 977 | 1,013 | |||
Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Net periodic cost (benefit) | (37) | (43) | 13 | |||
Actuarial gains (losses) | 146 | 74 | $ 202 | |||
Recorded liabilities | $ 1,185 | 1,185 | 1,342 | |||
Plan Settlements | ||||||
Actuarial gains (losses) | $ 146 | $ 74 | ||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Discount rate of projected benefit obligation | 3.40% | 3.40% | 3.80% | |||
Discount rate, net periodic pension expense (benefit) | 3.80% | 3.50% | 4.00% | 4.00% | ||
Expected long-term return on plan assets | 6.50% | 6.50% | 6.50% | |||
Employer contributions | $ 20,000 | |||||
Net periodic cost (benefit) | 2,498 | $ (3,442) | $ 10,344 | |||
Actuarial gains (losses) | 8,005 | (884) | $ 2,540 | |||
Pension settlement | 5,911 | |||||
Plan Settlements | ||||||
Defined benefit plan, total participants accepting pay-out | employee | 1,000 | |||||
Defined benefit plan, liquidated amount | $ 23,391 | |||||
Defined benefit plan, reduction of participants | employee | 796 | |||||
Defined benefit plan, reduction of participants, percent | 36.00% | |||||
Defined benefit plan, transfer of plan assets | $ 43,391 | |||||
Defined Benefit Plan, Settlements, Plan Assets | 43,391 | $ 100,877 | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | 43,391 | $ 5,000 | ||||
Actuarial gains (losses) | $ 3,648 | 8,005 | $ (884) | |||
Defined Benefit Plan, Estimated Future Employer Contributions | ||||||
Estimated future employer contributions in 2017 | $ 0 | $ 0 | ||||
Defined Contribution Plans | ||||||
Number Of Employees Covered By Employer Sponsored Pension Plans | employee | 1,500 | |||||
Pension Plan [Member] | Voluntary Contributions [Member] | ||||||
Defined Benefit Plan Disclosure | ||||||
Employer contributions | $ 20,000 | |||||
Pension Plan [Member] | Equity Securities [Member] | ||||||
Defined Benefit Plan, Assets, Target Allocations | ||||||
Target allocation of plans' assets | 50.00% | 50.00% | ||||
Allocation of plans' assets | 47.70% | 47.70% | ||||
Pension Plan [Member] | Fixed Income Securities [Member] | ||||||
Defined Benefit Plan, Assets, Target Allocations | ||||||
Target allocation of plans' assets | 50.00% | 50.00% | ||||
Allocation of plans' assets | 52.30% | 52.30% |
Pension and Other Retirement 52
Pension and Other Retirement Plans (Schedule of defined benefit plans disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Employer contributions | $ 20,000 | ||
Noncurrent liability - Accrued benefit cost | 23,038 | $ 54,843 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll forward] | |||
Projected benefit obligation at beginning of year | 259,025 | 262,027 | |
Interest cost | 9,051 | 10,098 | $ 14,161 |
Actuarial (gain) loss | 9,214 | 1,368 | |
Benefit payments | (14,264) | (14,468) | |
Annuity purchase | (43,391) | (5,000) | |
Projected benefit obligation at end of year | 219,635 | 259,025 | 262,027 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 204,182 | 204,581 | |
Return on plan assets | 30,070 | 14,069 | |
Employer contributions | 20,000 | ||
Benefit payments | (14,264) | (14,468) | |
Annuity purchase | (43,391) | (100,877) | |
Fair value of plan assets at end of year | 196,597 | 204,182 | $ 204,581 |
Funded status | (23,038) | (54,843) | |
Noncurrent liability - Accrued benefit cost | 23,038 | 54,843 | |
Accumulated benefit obligation | $ 219,635 | $ 259,025 |
Pension and Other Retirement 53
Pension and Other Retirement Plans (Schedule of net periodic pension benefit expense) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure | |||
Interest cost | $ 9,051 | $ 10,098 | $ 14,161 |
Expected return on plans' assets | (12,851) | (13,585) | (20,033) |
Amortization of actuarial loss | 387 | 45 | 1,252 |
Recognized settlement loss | 5,911 | 14,964 | |
Net periodic pension expense (benefit) | $ 2,498 | $ (3,442) | $ 10,344 |
Pension and Other Retirement 54
Pension and Other Retirement Plans (Schedule of fair value and allocation of plan assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | $ 196,597 | $ 204,182 | $ 204,581 |
Cash And Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 2,215 | 1,865 | |
U.S. Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 57,819 | 58,645 | |
International Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 34,988 | 32,079 | |
Domestic Corporate And Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 49,480 | 52,136 | |
Domestic Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 44,305 | 51,768 | |
International Corporate And Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 7,790 | 7,689 | |
Level I - Fair Value, Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 12,774 | 12,689 | |
Level I - Fair Value, Inputs [Member] | Cash And Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 2,215 | 1,865 | |
Level I - Fair Value, Inputs [Member] | International Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 10,559 | 10,824 | |
Level II - Fair Value, Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 183,823 | 191,493 | |
Level II - Fair Value, Inputs [Member] | U.S. Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 57,819 | 58,645 | |
Level II - Fair Value, Inputs [Member] | International Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 24,429 | 21,255 | |
Level II - Fair Value, Inputs [Member] | Domestic Corporate And Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 49,480 | 52,136 | |
Level II - Fair Value, Inputs [Member] | Domestic Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 44,305 | 51,768 | |
Level II - Fair Value, Inputs [Member] | International Corporate And Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | $ 7,790 | $ 7,689 |
Pension and Other Retirement 55
Pension and Other Retirement Plans (Schedule of expected benefit payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension and Other Retirement Plans [Abstract] | |
2,018 | $ 12,985 |
2,019 | 13,121 |
2,020 | 13,142 |
2,021 | 13,178 |
2,022 | 13,281 |
2023-2027 | $ 65,533 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | Mar. 01, 2018 | Dec. 07, 2017 | Oct. 27, 2017 |
Shareholders' Equity [Line Items] | |||||||
Dividends Payable, Date Declared | Dec. 7, 2017 | ||||||
Dividends Payable, Amount Per Share | $ 0.08 | $ 0.14 | |||||
Dividends Payable, Date of Record | Feb. 9, 2018 | ||||||
Dividends Payable, Date to be Paid | Mar. 2, 2018 | ||||||
Dividends Payable, Current | $ 1,774 | $ 1,774 | |||||
Dividends | $ 3,106 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,500,000 | 2,500,000 | |||||
Treasury stock purchases, shares | 14,080 | ||||||
Total cost of share purchased | $ 69 | ||||||
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | $ 631 | $ 631 | |||||
Special Dividend Declared October 27, 2017 [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Dividends Payable, Date Declared | Oct. 27, 2017 | ||||||
Dividends Payable, Date of Record | Nov. 9, 2017 | ||||||
Dividends Payable, Date to be Paid | Dec. 1, 2017 | ||||||
Special Dividend Declared December 11 2014 [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Dividends | $ 50,148 | ||||||
Dividend paid, per share | $ 2.25 | ||||||
Subsequent Year [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Dividends Payable, Date Declared | Mar. 1, 2018 | ||||||
Dividends Payable, Date of Record | May 11, 2018 | ||||||
Dividends Payable, Date to be Paid | Jun. 1, 2018 | ||||||
Subsequent Event [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Dividends Payable, Amount Per Share | $ 0.08 | ||||||
Common Stock [Member] | Series A [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Total cost of share purchased | $ 3,146 | ||||||
Treasury Stock [Member] | Series A [Member] | |||||||
Shareholders' Equity [Line Items] | |||||||
Treasury stock purchases, shares | 14,080 | 472,245 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | $ (39,308) | $ (38,442) | ||
Actuarial gains (losses) | 8,151 | (810) | $ 2,742 | |
Amortization | 6,225 | (56) | ||
Balance, end of period | (24,932) | (39,308) | (38,442) | |
Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (39,737) | (38,898) | ||
Actuarial gains (losses) | $ 3,648 | 8,005 | (884) | |
Amortization | 6,298 | 45 | ||
Balance, end of period | (25,434) | (39,737) | (38,898) | |
Other Postretirement Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 429 | 456 | ||
Actuarial gains (losses) | 146 | 74 | ||
Amortization | (73) | (101) | ||
Balance, end of period | $ 502 | $ 429 | $ 456 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 612,222 | 473,184 | 576,577 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to A. H. Belo Corporation | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (18,874) | $ (497) | $ 693 | $ (632) | $ 10,161 | $ (19,310) | $ (17,842) |
Less: Loss from divestiture of discontinued operations | (63) | ||||||||||
Less: Dividends to participating securities | 120 | 140 | 115 | ||||||||
Net income (loss) available to common shareholders from continuing operations | $ 10,041 | $ (19,450) | $ (17,894) | ||||||||
Shares (Denominator) | |||||||||||
Weighted average common shares outstanding (basic) | 21,721,497 | 21,620,539 | 21,408,940 | ||||||||
Effect of dilutive securities | 1,505 | ||||||||||
Adjusted weighted average shares outstanding (diluted) | 21,723,002 | 21,620,539 | 21,408,940 | ||||||||
Earnings Per Share from Continuing Operations | |||||||||||
Basic and diluted | $ 0.58 | $ 0.12 | $ (0.04) | $ (0.21) | $ (0.87) | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.46 | $ (0.90) | $ (0.84) |
Commitments and Contingencies60
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pro-Rata Distributions [Line Items] | |||
Lease expense for property and equipment | $ 3,085 | $ 1,988 | $ 1,856 |
AHC Dallas Properties, LLC [Member] | |||
Pro-Rata Distributions [Line Items] | |||
Lease term | 12 years | ||
Dallas Morning News, Inc [Member] | |||
Pro-Rata Distributions [Line Items] | |||
Lease term | 16 years |
Commitments and Contingencies61
Commitments and Contingencies (Operating lease and capital commitment obligations) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies [Abstract] | |
Operating leases commitments, Total | $ 42,995 |
2,018 | 3,190 |
2,019 | 4,421 |
2,020 | 3,589 |
2,021 | 3,436 |
2,022 | 3,342 |
Thereafter | 25,017 |
Capital lease commitments | |
Capital commitments, Total | 155 |
2,018 | 155 |
2,019 | |
2,020 | |
2,021 | |
2,022 | |
Thereafter | |
Total commitments | |
Total commitments | 43,150 |
2,018 | 3,345 |
2,019 | 4,421 |
2,020 | 3,589 |
2,021 | 3,436 |
2,022 | 3,342 |
Thereafter | $ 25,017 |
Supplemental Cash Flow Data (De
Supplemental Cash Flow Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Data [Abstract] | |||
Income taxes paid, net (refund) | $ 583 | $ (906) | $ 11,613 |
Investments in property, plant and equipment payable | 1,140 | 1,203 | |
Dividends payable | $ 1,774 | 1,763 | |
Receivable for asset sales proceeds | $ 1,000 | ||
Noncash contributions from noncontrolling interests | $ 1,210 |
Sales of Assets and Other Dis63
Sales of Assets and Other Dispositions (Details) $ in Thousands | Dec. 21, 2017USD ($) | Oct. 19, 2017USD ($)item | Sep. 22, 2017USD ($)item | Dec. 27, 2016USD ($) | Dec. 22, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of parcels of land available for sale | item | 3 | ||||||||||
Number of parcels sold | item | 2 | 1 | |||||||||
Assets held for sale | $ 1,089 | $ 1,089 | |||||||||
Net proceeds from sale of land and building | $ 13,048 | $ 8,252 | 21,300 | $ 5,636 | $ 5,866 | ||||||
Gain on sale of assets | $ 14,477 | 1,950 | (478) | ||||||||
Gain on sale of parcel | $ 7,500 | $ 5,000 | 7,500 | $ 5,000 | |||||||
(Loss) on disposal of business | $ (260) | ||||||||||
Providence, Rhode Island | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net proceeds from sale of land and building | $ 921 | ||||||||||
Gain on sale of assets | (216) | ||||||||||
Note receivable | $ 1,000 | ||||||||||
Notes Receivable Term | 3 years | ||||||||||
Dallas, Texas [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Carrying value of impaired assets, no longer in use | 3,116 | $ 3,116 | |||||||||
Assets held for sale | $ 1,089 | 1,089 | |||||||||
Net proceeds from sale of land and building | $ 4,458 | ||||||||||
Gain on sale of assets | $ 1,842 | ||||||||||
Land and Building Sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net proceeds from sale of land and building | 6,119 | ||||||||||
Gain on sale of assets | (265) | ||||||||||
Escrow deposit returned | $ 328 | ||||||||||
Building Demolition [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on sale of assets | $ (251) | ||||||||||
Denton Publishing [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) on disposal of business | $ (589) |
Quarterly Results of Operatio64
Quarterly Results of Operations (Narrative) (Details) - USD ($) $ in Thousands | Oct. 19, 2017 | Sep. 22, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension settlement | $ 14,964 | ||||||||
Gain on sale of parcel | $ 7,500 | $ 5,000 | $ 7,500 | $ 5,000 | |||||
Income tax benefit | 6,521 | $ 6,260 | $ 2,272 | 1,570 | |||||
Asset impairments | $ 3,116 | 3,344 | 22,682 | ||||||
Goodwill, Impairment Loss | $ 228 | ||||||||
Publishing [Member] | |||||||||
Goodwill, Impairment Loss | 22,682 | ||||||||
Publishing [Member] | Operating Segments [Member] | |||||||||
Pension settlement | $ 5,911 | 5,911 | $ 14,964 | ||||||
Asset impairments | $ 3,344 | $ 22,682 | |||||||
Goodwill, Impairment Loss | $ 22,682 |
Quarterly Results of Operatio65
Quarterly Results of Operations (Schedule of Quarterly Financial Information ) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Operating Revenue: | |||||||||||
Net operating revenues | $ 64,077 | $ 60,559 | $ 63,089 | $ 60,901 | $ 66,095 | $ 64,780 | $ 66,626 | $ 62,483 | $ 248,626 | $ 259,984 | $ 272,108 |
Operating income (loss) | (450) | (5,049) | (419) | (4,135) | (24,135) | (489) | 2,659 | (1,781) | (10,053) | (23,746) | (18,295) |
Income (Loss) from continuing operations | 12,816 | 2,580 | (805) | (4,430) | (18,809) | (452) | 674 | (593) | 10,161 | (19,180) | (18,194) |
Net income (loss) attributable to A. H. Belo Corporation | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (18,874) | $ (497) | $ 693 | $ (632) | $ 10,161 | $ (19,310) | $ (17,842) |
Net income (loss) attributable to A. H. Belo Corporation | |||||||||||
Basic and diluted | $ 0.58 | $ 0.12 | $ (0.04) | $ (0.21) | $ (0.87) | $ (0.02) | $ 0.03 | $ (0.03) | $ 0.46 | $ (0.90) | $ (0.84) |