Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Entity Registrant Name | A. H. Belo Corp | |
Entity Central Index Key | 1,413,898 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | ahc | |
Series A [Member] | ||
Entity Common Stock, Shares Outstanding | 19,241,684 | |
Series B [Member] | ||
Entity Common Stock, Shares Outstanding | 2,469,635 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Operating Revenue: | ||
Total net operating revenue | $ 49,453 | $ 60,901 |
Operating Costs and Expense: | ||
Employee compensation and benefits | 24,672 | 28,734 |
Other production, distribution and operating costs | 23,014 | 28,326 |
Newsprint, ink and other supplies | 5,311 | 5,901 |
Depreciation | 2,473 | 2,506 |
Amortization | 200 | 200 |
Asset impairments | 228 | |
Total operating costs and expense | 55,670 | 65,895 |
Operating loss | (6,217) | (4,994) |
Other income, net | 888 | 522 |
Loss Before Income Taxes | (5,329) | (4,472) |
Income tax benefit | (1,315) | (42) |
Net Loss | $ (4,014) | $ (4,430) |
Per Share Basis | ||
Net loss, Basic and diluted | $ (0.19) | $ (0.21) |
Number of common shares used in the per share calculation: | ||
Basic and diluted | 21,716,419 | 21,690,371 |
Advertising And Marketing Services [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 25,741 | $ 35,204 |
Circulation [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | 17,747 | 19,166 |
Printing, Distribution And Other [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 5,965 | $ 6,531 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements of Comprehensive Income (Loss) (unaudited) [Abstract] | ||
Net loss | $ (4,014) | $ (4,430) |
Other Comprehensive Income (Loss), Net of Tax: | ||
Amortization of actuarial losses | 158 | 57 |
Total other comprehensive income, net of tax | 158 | 57 |
Total Comprehensive Loss | $ (3,856) | $ (4,373) |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 53,975 | $ 57,660 |
Accounts receivable (net of allowance of $847 and $1,055 at March 31, 2018 and December 31, 2017, respectively) | 20,450 | 26,740 |
Inventories | 4,027 | 3,171 |
Prepaids and other current assets | 14,356 | 13,734 |
Assets held for sale | 1,089 | 1,089 |
Total current assets | 93,897 | 102,394 |
Property, plant and equipment, at cost | 419,978 | 418,730 |
Less accumulated depreciation | (389,437) | (387,024) |
Property, plant and equipment, net | 30,541 | 31,706 |
Intangible assets, net | 3,873 | 4,073 |
Goodwill | 13,973 | 13,973 |
Deferred income taxes, net | 6,974 | 5,355 |
Other assets | 4,575 | 5,347 |
Total assets | 153,833 | 162,848 |
Current liabilities: | ||
Accounts payable | 7,737 | 10,303 |
Accrued compensation and benefits | 6,278 | 8,243 |
Other accrued expense | 6,407 | 4,275 |
Advance subscription payments | 12,233 | 11,670 |
Total current liabilities | 32,655 | 34,491 |
Long-term pension liabilities | 21,941 | 23,038 |
Other post-employment benefits | 1,175 | 2,052 |
Other liabilities | 5,938 | 5,568 |
Total liabilities | 61,709 | 65,149 |
Shareholders' equity: | ||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | ||
Treasury stock, Series A, at cost; 1,539,739 and 1,430,961 shares held at March 31, 2018 and December 31, 2017, respectively | (11,857) | (11,302) |
Additional paid-in capital | 495,605 | 494,989 |
Accumulated other comprehensive loss | (24,774) | (24,932) |
Accumulated deficit | (367,083) | (361,288) |
Total shareholders’ equity | 92,124 | 97,699 |
Total liabilities and shareholders’ equity | 153,833 | 162,848 |
Series A [Member] | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | 209 | 208 |
Series B [Member] | ||
Shareholders' equity: | ||
Common stock, $.01 par value; Authorized 125,000,000 shares | $ 24 | $ 24 |
Consolidated Balance Sheets (u5
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts receivable | $ 847 | $ 1,055 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Series A [Member] | ||
Common stock, shares, issued | 20,817,514 | 20,700,292 |
Series B [Member] | ||
Common stock, shares, issued | 2,469,635 | 2,469,755 |
Treasury Stock [Member] | Series A [Member] | ||
Treasury stock Series A, shares held | 1,539,739 | 1,430,961 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | 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, 2016 | $ 231 | $ 499,552 | $ (11,233) | $ (39,308) | $ (361,324) | $ 1,234 | $ 89,152 | |||
Beginning Balance, Shares Common Stock at Dec. 31, 2016 | 20,620,461 | 2,472,680 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2016 | (1,416,881) | |||||||||
Net loss | (4,430) | (4,430) | ||||||||
Other comprehensive income | 57 | 57 | ||||||||
Distributions to noncontrolling interests | (118) | (118) | ||||||||
Issuance of shares for restricted stock units, shares | 55,206 | |||||||||
Issuance of shares for restricted stock units | 1 | (1) | ||||||||
Share-based compensation | 441 | 441 | ||||||||
Purchases of noncontrolling interests | (5,506) | $ (1,116) | (6,622) | |||||||
Dividends | (1,777) | (1,777) | ||||||||
Ending Balance at Mar. 31, 2017 | 232 | 494,486 | (11,233) | (39,251) | (367,531) | 76,703 | ||||
Ending Balance, Shares Common Stock at Mar. 31, 2017 | 20,675,667 | 2,472,680 | ||||||||
Ending Balance, Shares Treasury Stock at Mar. 31, 2017 | (1,416,881) | |||||||||
Beginning Balance at Dec. 31, 2017 | 232 | 494,989 | (11,302) | (24,932) | (361,288) | 97,699 | ||||
Beginning Balance, Shares Common Stock at Dec. 31, 2017 | 20,700,292 | 2,469,755 | ||||||||
Beginning Balance, Treasury Stock at Dec. 31, 2017 | (1,430,961) | |||||||||
Net loss | (4,014) | (4,014) | ||||||||
Other comprehensive income | 158 | $ 158 | ||||||||
Treasury stock purchases, shares | (108,778) | (108,778) | ||||||||
Treasury stock purchases | (555) | $ (555) | ||||||||
Issuance of shares for restricted stock units, shares | 117,102 | |||||||||
Issuance of shares for restricted stock units | 1 | (1) | ||||||||
Share-based compensation | 617 | 617 | ||||||||
Conversion of Series B to Series A, shares | 120 | (120) | ||||||||
Dividends | (1,781) | (1,781) | ||||||||
Ending Balance at Mar. 31, 2018 | $ 233 | $ 495,605 | $ (11,857) | $ (24,774) | $ (367,083) | $ 92,124 | ||||
Ending Balance, Shares Common Stock at Mar. 31, 2018 | 20,817,514 | 2,469,635 | ||||||||
Ending Balance, Shares Treasury Stock at Mar. 31, 2018 | (1,539,739) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | ||
Net loss | $ (4,014) | $ (4,430) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,673 | 2,706 |
Net periodic pension and other post-employment benefit | (930) | (859) |
Share-based compensation | 617 | 441 |
Deferred income taxes | (1,619) | |
Loss on disposal of fixed assets | 186 | |
Asset impairments | 228 | |
Changes in working capital and other operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 6,290 | 3,590 |
Inventories, prepaids and other current assets | (1,478) | (1,829) |
Other assets | 772 | (133) |
Accounts payable | (2,566) | 2,514 |
Compensation and benefit obligations | (2,089) | (1,902) |
Other accrued expenses | 3,428 | 178 |
Advanced subscription payments | 563 | 548 |
Other post-employment benefits | (886) | (15) |
Net cash provided by operating activities | 947 | 1,037 |
Investing Activities | ||
Purchases of assets | (2,307) | (852) |
Net cash used for investing activities | (2,307) | (852) |
Financing Activities | ||
Purchases of noncontrolling interests | (9,231) | |
Dividends paid | (1,770) | (1,763) |
Distributions to noncontrolling interests | (57) | |
Purchases of treasury stock | (555) | |
Net cash used for financing activities | (2,325) | (11,051) |
Net decrease in cash and cash equivalents | (3,685) | (10,866) |
Cash and cash equivalents, beginning of period | 57,660 | 80,071 |
Cash and cash equivalents, end of period | 53,975 | 69,205 |
Supplemental Disclosures | ||
Income tax paid, net (refund) | (300) | (127) |
Noncash investing and financing activities: | ||
Investments in property, plant and equipment payable | 327 | 680 |
Dividends payable | $ 1,785 | 1,777 |
Distributions to noncontrolling interests payable | $ 122 |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation and Recently Issued Accounting Standards [Abstract] | |
Basis of Presentation and Recently Issued Accounting Standards | Note 1: Basis of Presentation 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 delivers news and information in innovative ways to a broad spectrum of audiences with diverse interests and lifestyles. The Company publishes The Dallas Morning News ( www.dallasnews.com ), Texas’ leading newspaper and winner of nine Pulitzer Prizes, 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. Basis of Presentation. The interim consolidated financial statements included herein are unaudited; however, they include adjustments of a normal recurring nature which, in the Company’s opinion, are necessary to present fairly the interim consolidated financial information as of and for the periods indicated. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 201 7 . 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. Recently Adopted Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ 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 adopted ASU 2014-09 using the modified retrospective approach as of January 1, 2018; see Note 3 – Revenue . 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 Company adopted 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, the entire net periodic pension and other post-employment expense (benefit) will be presented in the Consolidated Statements of Operations in non-operating income (expense). As a result of adopting this guidance, total operating costs and expense increased $930 and $859 for the three months ended March 31, 2018 and 2017, respectively, with the offsetting change recorded to non-operating income (expense). There was no impact to net income (loss), retained earnings and earnings per share for both years. 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 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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 2 : Segment Reporting The Company identified two reportable segments based on 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, 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 Digital Holdings Company (“DMV Holdings”) , Your Speakeasy , LLC (“Speakeasy”) and digital advertising through Connect (programmatic advertising). The Company operates th is integrated 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, Executive Vice President of A. H . Belo Corporation and Publisher and President of The Dallas Morning News . The CODMs allocate resources and capital to the Publishing and Marketing Services segments at the segment level. The tables below set forth summarized financial information for the Company’s reportable segments. Three Months Ended March 31, 2018 2017 Revenue Publishing $ 44,010 $ 53,491 Marketing Services 5,443 7,410 Total $ 49,453 $ 60,901 Operating Income (Loss) Publishing $ (6,135) $ (5,584) Marketing Services (82) 590 Total $ (6,217) $ (4,994) Noncash Expenses Publishing Depreciation $ 2,436 $ 2,491 Asset impairments — 228 Total $ 2,436 $ 2,719 Marketing Services Depreciation $ 37 $ 15 Amortization 200 200 Total $ 237 $ 215 March 31, December 31, 2018 2017 Total Assets Publishing $ 124,758 $ 137,409 Marketing Services 29,075 25,439 Total $ 153,833 $ 162,848 N et periodic pension and other post-employment expense ( benefit ) is now included in non-operating income (expense) in the Consolidated Statements of Operations; see Note 1 – Basis of Presentation and Recently Issued Accounting Standards . As a result of adopting the new retirement benefits guidance, Publishing operating costs and operating loss increased by $930 and $859 for the three months ended March 31, 2018 and 2017, respectively. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Revenue | Note 3: Revenue Adoption of ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) On January 1, 2018, the Company adopted ASU 2014-09 using the modified retrospective approach applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented in accordance with the new guidance under ASU 2014-09, while prior period amounts are not restated. The table below sets forth the impact on the Company’s Consolidated Statement of Operations for the three months ended March 31, 2018, due to the adoption of the new revenue guidance. There was no impact to opening retained earnings. Three Months Ended March 31, 2018 As Reported Balances Without Adoption Effect of Change (Decrease) Revenue Advertising and marketing services $ 25,741 $ 28,594 $ (2,853) Circulation 17,747 18,005 (258) Expenses Other production, distribution and operating costs $ 23,014 $ 26,125 $ (3,111) The primary impact was to advertising and marketing services revenue, related to digital advertising placed on third-party websites where the Company acted as an agent under the new standard. Prior to adoption, such revenue was generally recorded gross, but under the new standard this revenue is recorded net. The impact to circulation revenue is related to home delivery subscriptions where the Company recorded revenue for the grace period of newspapers delivered after a subscription expires. Prior to adoption, any non-payment of grace was recorded as bad debt expense, but under the new standard this is considered variable consideration and revenue is reduced for the non-payment. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customer are satisfied. This occurs when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales tax collected concurrent with revenue-producing activities are excluded from revenue. Accounts receivable are reported net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. Accounts are written-off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. The table below sets forth revenue disaggregated by revenue source. As stated above, prior period amounts have not been restated under the modified retrospective approach. Three Months Ended March 31, 2018 2017 Advertising revenue $ 20,298 $ 27,794 Digital services 4,087 6,282 Other services 1,356 1,128 Advertising and marketing services 25,741 35,204 Circulation 17,747 19,166 Printing, distribution and other 5,965 6,531 Total Revenue $ 49,453 $ 60,901 Advertising and Marketing Services Revenue Advertising revenue, included in the Publishing segment results, is generated by selling print and digital advertising products. Print advertising revenue represents sales of advertising space within the Company’s core and niche newspapers, as well as preprinted advertisements inserted into the Company’s core newspapers and niche publications or distributed to non-subscribers through the mail. Digital advertising is generated by selling banner and real estate classified advertising on The Dallas Morning News’ website dallasnews.com , online employment and obituary classified advertising on third-party websites sold under a print/digital bundle package and sales of online automotive classifieds on the cars.com platform. Digital services and other services revenues are included in the Marketing Services segment results. Digital services revenue includes targeted and multi-channel (programmatic) advertising placed on third-party websites, content development, social media management, search optimization, and other consulting. Other services revenue is primarily generated from the sale of promotional merchandise. Advertising and marketing services revenue is primarily recognized at a point in time when the ad or service is complete and delivered. If the customer has signed a contract for additional services in the future, that revenue is not recognized until the delivery date. In addition, certain digital advertising revenue related to website access is recognized over time, based on the customers’ monthly rate. For ads placed on certain third-party websites, the Company must evaluate whether it is acting as the principal, where revenue is reported on a gross basis, or acting as the agent, where revenue is reported on a net basis. Generally, the Company reports advertising revenue for ads placed on third-party websites on a net basis, meaning the amount recorded to revenue is the amount billed to the customer net of amounts paid to the publisher of the third-party website. The Company is acting as the agent because the publisher controls the advertising inventory. Circulation Circulation revenue, included in the Publishing segment results, is generated primarily by selling home delivery and digital subscriptions, as well as single copy sales to non-subscribers. Home delivery and single copy revenue is recognized at a point in time when the paper is delivered or purchased. Digital subscriptions are recognized over time, based on the customers’ monthly rate. Printing, Distribution and Other Printing, distribution and other revenue, included in the Publishing segment results, is primarily generated from printing and distribution of other newspapers, as well as production of preprinted advertisements for other newspapers. Printing, distribution and other revenue is recognized at a point in time when the product or service is delivered. Remaining Performance Obligations The Company has various Publishing advertising contracts and Marketing Services digital services contracts that range from 13 months to 36 months. The Company recognizes revenue on the advertising contracts over the term of the agreement a t a point in time when the service or product is delivered. The Company recognizes revenue on the digital services contracts over time, based on the customers’ monthly rate. At March 31, 2018, the remaining performance obligation was $2,412 . We expect to recognize approximately $1,242 over the remainder of 2018 and $1,170 thereafter. Deferred Revenue Deferred revenue is recorded when cash payments are received in advance of the Company’s performance, including amounts which are refundable. The short-term and long-term deferred revenue increase of $918 for the three months ended March 31, 2018, was primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $6,569 of revenue recognized that was included in the deferred revenue balance at the beginning of the period. Practical Expedients and Exemptions The Company generally expenses sales commissions and circulation acquisition costs when incurred because the amortization period would have been one year or less. These costs are recorded within employee compensation and benefits expense and other production, distribution and operating costs expense, respectively. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which revenue is recognized at the amount invoiced for services performed. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | Note 4 : Acquisitions In February 2017 , the Company acquired the remaining 30 percent voting interest in Speakeasy for a cash purchase price of $2,111 , and in March 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. DMV Holdings 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. 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. Operating results of the businesses acquired have been included in the Consolidated Statements of Operations from the initial acquisition date forward. Pro-rata distributions. In connection with the 2015 acquisition of 80 percent voting interest in DMV Holdings, the shareholder agreement provide d for a pro-rata distribution of 50 percent and 100 percent of DMV Holdings’ free cash flow for fiscal years 201 6 and 201 5 , 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 the three months ended March 31 , 2017, the Company recorded pro-rata distributions to noncontrolling interests of $163 in connection with this agreement based on 2016 free cash flow as defined. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 5 : Goodwill and Intangible Assets The table below sets forth goodwill and other intangible assets by reportable segment as of March 31, 2018 and December 31, 2017. In the first quarter of 2017, the Company reorganized reporting units based on reporting structure and the go-to-market for the Company’s service and product offerings. The Company’s Publishing and Marketing Services segments each operate as a single reporting unit. March 31, December 31, 2018 2017 Goodwill Marketing Services $ 13,973 $ 13,973 Intangible Assets Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (2,597) (2,397) Net Carrying Value $ 3,873 $ 4,073 Intangible assets consist of $4,950 of customer relationships with estimated useful lives of 10 years and $ 1,520 of developed technology with an estimated useful life of five years. Aggregate amortization expense was $200 for the three months ended March 31, 2018 and 2017. As a result of the first quarter 2017 segment reorganization, certain 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, the Company recorded a noncash goodwill impairment charge of $228 in the first quarter of 2017. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Long-term Incentive Plan [Abstract] | |
Long-term Incentive Plan | Note 6 : 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. Stock Options. S tock 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 March 31, 2018 . There were 100,344 options outstanding at a weighted average exercise price of $6.46 as of March 31, 2018 and December 31, 2017. There was no activity in the first quarter of 2018 and 2017. As of March 31, 2018, the aggregate intrinsic value of outstanding options was $9 and the weighted average remaining contractual life of the Company’s stock options was less than one year . Restricted Stock Units. T he Company’s RSUs have service and/or performance conditions 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. As of March 31, 2018 , the liability for the portion of the award s to be redeemed in cash was $904 . The table below sets forth a summary of RSU activity under the Company’s long-term incentive plans. 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, 2017 224,053 $ 6.07 Granted 253,783 5.15 Canceled (3,711) 6.06 Vested and outstanding (112,933) 5.18 Vested and issued (114,248) 68,543 45,705 $ 235 6.29 Non-vested at March 31, 2018 246,944 5.43 In the three months ended March 31, 2018 , the Company issued 48,559 shares of Series A common stock and 32,376 shares were redeemed in cash for RSUs that were previously vested as of December 31, 201 7 . In addition, 322,823 and 290,825 RSUs were vested and outstanding as of March 31, 2018 and December 31, 201 7 , respectively. The fair value of RSU grants is determined using the closing trading price of the Company’s Series A common stock on the grant date. As of March 31, 2018 , unrecognized compensation expense related to non-vested RSUs totaled $1,227 , which is expected t o be recognized over a weighted average period of 2.5 year s . Compensation Expense. A. H. Belo recognizes compensation expense for awards granted under the Company’s long-term incentive plans over the vesting period of the award. Compensation expense related to granted RSUs is set forth in the table below. Three Months Ended March 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2018 $ 617 $ 278 $ 895 2017 441 279 720 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 7 : Income Taxes The Company calculates the income tax provision based on the year-to-date pretax loss adjusted for permanent differences and discrete items on a pro-rata basis. As such, a discrete tax rate was calculated for the period. 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. 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. corporate 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. The Company recognized income tax benefit of $1,315 and $42 for the three months ended March 31, 2018 and 2017 , respectively. The benefit in the first quarter of 2018 was calculated using the newly enacted income tax rate, which caused the income tax benefit to be less by $1,229 than if calculated at the historic 35 percent income tax rate. Effective income tax rates were 24.7 percent and 0.9 percent for the three months ended March 31, 2018 and 2017 , respectively. The effective income tax rate for the three months ended March 31, 2018, was due to changes in the valuation allowance, an increase in the net operating loss deferred tax asset and the effect of the Texas margin tax. The change to the valuation allowance for the first quarter of 2018 was a decrease of $419 , primarily due to the pension liability, accrued bonuses and the allowance for bad debt. |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 3 Months Ended |
Mar. 31, 2018 | |
Pension and Other Retirement Plans [Abstract] | |
Pension and Other Retirement Plans | Note 8 : 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 . This 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 . No contributions are required to the A. H. Belo Pension Plans in 201 8 under the applicable tax and labor laws governing pension plan funding. Net Periodic Pension Benefit The Company’s estimates of net periodic pension expense or benefit are based on the expected return on plan assets, interest on the projected benefit obligations and the amortization of actuarial gains and losses that are deferred in accumulated other comprehensive loss. The table below sets forth components of net periodic pension benefit , which is included in non-operating income (expense) in the Consolidated Statements of Operations. Three Months Ended March 31, 2018 2017 Interest cost $ 1,796 $ 2,386 Expected return on plans' assets (2,894) (3,313) Amortization of actuarial loss 168 75 Net periodic pension benefit $ (930) $ (852) 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 their annual eligible compensation less required withholdings and deductions up to statutory limits. The Company provides an ongoing dollar-for-dollar match of eligible employee contributions, up to 1.5 percent of the employees’ compensa tion. During the three months ended March 31 , 201 8 and 201 7 , the Company recorded expense of $243 and $264 , respectively, for matching contributions to the Savings P lan . |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 9 : Shareholders’ Equity Dividends. On March 1, 2018 , the Company’s board of directors declared an $0.08 per share dividend to shareholders of record and holders of RSUs as of the close of business on May 11, 2018 , which is payable on June 1, 2018 . During the three months ended March 31 , 201 8 , the Company recorded $1,785 to accrue for dividends declared but not yet paid. Treasury Stock. The Company repurchased shares of its common stock pursuant to a publicly announced share repurchase program authorized by the Company’s board of directors. In the fourth quarter of 2017, the Company resumed open market repurchases under a repurchase plan agreement limited to a total of $ 2,500 . During the first quarter of 2018, the Company repurchased 108,778 shares of its Series A common stock at a total cost of $55 5 . Outstanding Shares. The Company had Series A and Series B common stock outstanding of 19,277,775 and 2,469,635 , respectively, net of treasury shares at March 31, 2018. At December 31, 2017, the Company had Series A and Series B common stock outstanding of 19,269,331 and 2,469,755 , respectively, net of treasury shares. 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 other post-employment benefit (“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 Plans’ participants. Gains and losses associated with the Company’s OPEB plans are amortized over the average remaining service period of active OPEB plans’ participants. N et deferred tax assets related to amounts recorded in accumulated other comprehensive loss are fully reserved. The table below sets forth the changes in accumulated other comprehensive loss, net of tax , as presented in the Company’s consolidated financial statements. Three Months Ended March 31, 2018 2017 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (24,932) $ (25,434) $ 502 $ (39,308) $ (39,737) $ 429 Amortization 158 168 (10) 57 75 (18) Balance, end of period $ (24,774) $ (25,266) $ 492 $ (39,251) $ (39,662) $ 411 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10 : Earnings Per Share The table below sets forth the reconciliation for net loss and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A an d Series B common stock equally share in the distributed and undistributed earnings. Three Months Ended March 31, 2018 2017 Earnings (Numerator) Net loss $ (4,014) $ (4,430) Less: dividends to participating securities 45 39 Net loss available to common shareholders $ (4,059) $ (4,469) Shares (Denominator) Weighted average common shares outstanding (basic and diluted) 21,716,419 21,690,371 Loss Per Share Basic and diluted $ (0.19) $ (0.21) 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 method 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 670,111 and 594,185 options and RSUs outstanding as of March 31, 2018 and 2017 , respectively, were excluded from the calculation because the effect was anti-dilutive. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Contingencies [Abstract] | |
Contingencies | Note 1 1 : Contingencies Legal proceedings. 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 these 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 outcomes are probable and the financial impact, should an adverse outcome occur, is reasonably estimable. The determination 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. |
Sales of Assets
Sales of Assets | 3 Months Ended |
Mar. 31, 2018 | |
Sales of Assets [Abstract] | |
Sales of Assets | Note 1 2 : Sales of Assets 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 announced real estate assets in downtown Dallas, Texas, previously used as the corporate headquarters, are available for sale. These assets, with a total carrying value of $1,089 , are reported as assets held for sale as of March 31, 2018 and December 31, 2017. 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 were included in continuing operations. Prior to the disposition, the Denton Record-Chronicle was included in the Publishing segment results. 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 Ju ly 30, 2023. |
Basis of Presentation and Rec20
Basis of Presentation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation 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 delivers news and information in innovative ways to a broad spectrum of audiences with diverse interests and lifestyles. The Company publishes The Dallas Morning News ( www.dallasnews.com ), Texas’ leading newspaper and winner of nine Pulitzer Prizes, 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. |
Basis of Presentation, Policy | Basis of Presentation. The interim consolidated financial statements included herein are unaudited; however, they include adjustments of a normal recurring nature which, in the Company’s opinion, are necessary to present fairly the interim consolidated financial information as of and for the periods indicated. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 201 7 . 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued Accounting Standards Update (“ 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 adopted ASU 2014-09 using the modified retrospective approach as of January 1, 2018; see Note 3 – Revenue . 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 Company adopted 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, the entire net periodic pension and other post-employment expense (benefit) will be presented in the Consolidated Statements of Operations in non-operating income (expense). As a result of adopting this guidance, total operating costs and expense increased $930 and $859 for the three months ended March 31, 2018 and 2017, respectively, with the offsetting change recorded to non-operating income (expense). There was no impact to net income (loss), retained earnings and earnings per share for both years. |
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 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. |
Pension And Other Retirement 21
Pension And Other Retirement Plans (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Pension and Other Retirement Plans [Abstract] | |
Pension, Policy | The Company’s estimates of net periodic pension expense or benefit are based on the expected return on plan assets, interest on the projected benefit obligations and the amortization of actuarial gains and losses that are deferred in accumulated other comprehensive loss. |
Shareholders' Equity (Policy)
Shareholders' Equity (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity, Policy | 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 other post-employment benefit (“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 Plans’ participants. Gains and losses associated with the Company’s OPEB plans are amortized over the average remaining service period of active OPEB plans’ participants. N et deferred tax assets related to amounts recorded in accumulated other comprehensive loss are fully reserved. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Three Months Ended March 31, 2018 2017 Revenue Publishing $ 44,010 $ 53,491 Marketing Services 5,443 7,410 Total $ 49,453 $ 60,901 Operating Income (Loss) Publishing $ (6,135) $ (5,584) Marketing Services (82) 590 Total $ (6,217) $ (4,994) Noncash Expenses Publishing Depreciation $ 2,436 $ 2,491 Asset impairments — 228 Total $ 2,436 $ 2,719 Marketing Services Depreciation $ 37 $ 15 Amortization 200 200 Total $ 237 $ 215 March 31, December 31, 2018 2017 Total Assets Publishing $ 124,758 $ 137,409 Marketing Services 29,075 25,439 Total $ 153,833 $ 162,848 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Revenue Recognition Reclassification | Three Months Ended March 31, 2018 As Reported Balances Without Adoption Effect of Change (Decrease) Revenue Advertising and marketing services $ 25,741 $ 28,594 $ (2,853) Circulation 17,747 18,005 (258) Expenses Other production, distribution and operating costs $ 23,014 $ 26,125 $ (3,111) |
Disaggregated By Revenue Source | Three Months Ended March 31, 2018 2017 Advertising revenue $ 20,298 $ 27,794 Digital services 4,087 6,282 Other services 1,356 1,128 Advertising and marketing services 25,741 35,204 Circulation 17,747 19,166 Printing, distribution and other 5,965 6,531 Total Revenue $ 49,453 $ 60,901 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of identifiable intangible assets | March 31, December 31, 2018 2017 Goodwill Marketing Services $ 13,973 $ 13,973 Intangible Assets Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (2,597) (2,397) Net Carrying Value $ 3,873 $ 4,073 |
Long-term Incentive Plan (Table
Long-term Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Long-term Incentive Plan [Abstract] | |
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, 2017 224,053 $ 6.07 Granted 253,783 5.15 Canceled (3,711) 6.06 Vested and outstanding (112,933) 5.18 Vested and issued (114,248) 68,543 45,705 $ 235 6.29 Non-vested at March 31, 2018 246,944 5.43 |
Schedule of compensation expense related to stock awards | Three Months Ended March 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2018 $ 617 $ 278 $ 895 2017 441 279 720 |
Pension and Other Retirement 27
Pension and Other Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Net Periodic Pension Benefit | Three Months Ended March 31, 2018 2017 Interest cost $ 1,796 $ 2,386 Expected return on plans' assets (2,894) (3,313) Amortization of actuarial loss 168 75 Net periodic pension benefit $ (930) $ (852) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Changes in accumulated other comprehensive loss | Three Months Ended March 31, 2018 2017 Total Defined benefit pension plans Other post- employment benefit plans Total Defined benefit pension plans Other post- employment benefit plans Balance, beginning of period $ (24,932) $ (25,434) $ 502 $ (39,308) $ (39,737) $ 429 Amortization 158 168 (10) 57 75 (18) Balance, end of period $ (24,774) $ (25,266) $ 492 $ (39,251) $ (39,662) $ 411 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share reconciliation | Three Months Ended March 31, 2018 2017 Earnings (Numerator) Net loss $ (4,014) $ (4,430) Less: dividends to participating securities 45 39 Net loss available to common shareholders $ (4,059) $ (4,469) Shares (Denominator) Weighted average common shares outstanding (basic and diluted) 21,716,419 21,690,371 Loss Per Share Basic and diluted $ (0.19) $ (0.21) |
Basis of Presentation and Rec30
Basis of Presentation and Recently Issued Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basis of Presentation and Recently Issued Accounting Standards [Abstract] | ||
Net periodic pension and other post-employment benefit | $ 930 | $ 859 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Net periodic pension and other post-employment benefit | $ | $ 930 | $ 859 |
Segment Reporting (Reportable S
Segment Reporting (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total net operating revenue | $ 49,453 | $ 60,901 | |
Operating Income (Loss) | (6,217) | (4,994) | |
Depreciation | 2,473 | 2,506 | |
Amortization of Intangible Assets | 200 | 200 | |
Asset impairments | 228 | ||
Total Assets | 153,833 | $ 162,848 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net operating revenue | 49,453 | 60,901 | |
Operating Income (Loss) | (6,217) | (4,994) | |
Total Assets | 153,833 | 162,848 | |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net operating revenue | 44,010 | 53,491 | |
Operating Income (Loss) | (6,135) | (5,584) | |
Depreciation | 2,436 | 2,491 | |
Asset impairments | 228 | ||
Total | 2,436 | 2,719 | |
Total Assets | 124,758 | 137,409 | |
Operating Segments [Member] | Marketing Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net operating revenue | 5,443 | 7,410 | |
Operating Income (Loss) | (82) | 590 | |
Depreciation | 37 | 15 | |
Amortization of Intangible Assets | 200 | 200 | |
Total | 237 | $ 215 | |
Total Assets | $ 29,075 | $ 25,439 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,412 |
Deferred revenue increase | 918 |
Deferred revenue, revenue recognized | $ 6,569 |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 36 months |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 13 months |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations, Start Date ) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,412 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 1,242 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 1,170 |
Revenue (Revenue Recognition Re
Revenue (Revenue Recognition Reclassification) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | $ 49,453 | $ 60,901 |
Other production, distribution and operating costs | 23,014 | 28,326 |
Balances Without Adoption [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Other production, distribution and operating costs | 26,125 | |
Effect of Change (Decrease) [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Other production, distribution and operating costs | (3,111) | |
Advertising And Marketing Services [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | 25,741 | 35,204 |
Advertising And Marketing Services [Member] | Balances Without Adoption [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | 28,594 | |
Advertising And Marketing Services [Member] | Effect of Change (Decrease) [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | (2,853) | |
Circulation [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | 17,747 | $ 19,166 |
Circulation [Member] | Balances Without Adoption [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | 18,005 | |
Circulation [Member] | Effect of Change (Decrease) [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue | $ (258) |
Revenue (Disaggregation By Reve
Revenue (Disaggregation By Revenue Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 49,453 | $ 60,901 |
Advertising Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 20,298 | 27,794 |
Digital Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 4,087 | 6,282 |
Other Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 1,356 | 1,128 |
Advertising And Marketing Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 25,741 | 35,204 |
Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 17,747 | 19,166 |
Printing, Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 5,965 | $ 6,531 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 02, 2015 | |
Business Acquisition [Line Items] | |||
Distributions to non-controlling interests | $ 57 | ||
DMV [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | ||
Fiscal Year 2016 [Member] | |||
Business Acquisition [Line Items] | |||
Pro-rata distributions, percentage of free-cash-flow | 50.00% | ||
Fiscal Year 2015 [Member] | |||
Business Acquisition [Line Items] | |||
Pro-rata distributions, percentage of free-cash-flow | 100.00% | ||
DMV [Member] | |||
Business Acquisition [Line Items] | |||
Distributions to non-controlling interests | $ 163 | ||
Purchase Of Remaining Percent [Member] | DMV [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Mar. 1, 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. 1, 2017 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | ||
Business Acquisition, Consideration Transferred | $ 2,111 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 200 | $ 200 | |
Goodwill impairment | $ 228 | ||
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 Asset39
Goodwill and Intangible Assets (Schedule of identifiable intangible assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 13,973 | $ 13,973 |
Finite-Lived Intangible Assets, Gross [Abstract] | ||
Net Carrying Value | 3,873 | 4,073 |
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 | (2,597) | (2,397) |
Net Carrying Value | $ 3,873 | $ 4,073 |
Long-term Incentive Plan (Narra
Long-term Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation expense | ||
Number of Options Outstanding | 100,344 | 100,344 |
Weighted Average Exercise Price, Outstanding | $ 6.46 | $ 6.46 |
Plan [Member] | ||
Share-based compensation expense | ||
Number of shares authorized | 8,000,000 | |
2017 Plan [Member] | ||
Share-based compensation expense | ||
Number of shares authorized | 8,000,000 | |
Employee Stock Option [Member] | ||
Share-based compensation expense | ||
Options, outstanding, intrinsic value | $ 9 | |
Number of options granted | 0 | |
Employee Stock Option [Member] | Maximum [Member] | ||
Share-based compensation expense | ||
Weighted average remaining contractual life | 1 year | |
RSUs [Member] | ||
Share-based compensation expense | ||
RSUs Vested and outstanding | 322,823 | 290,825 |
Number of shares issued | 48,559 | |
Number of shares previously vested redeemed in cash | 32,376 | |
RSUs Redeemed in cash, liability | $ 904 | |
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 | $ 1,227 | |
Unrecognized compensation cost, weighted-average period | 2 years 6 months |
Long-term Incentive Plan (Sched
Long-term Incentive Plan (Schedule of RSU activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
RSU non-vested rollforward | |
Number of RSUs Canceled | (3,711) |
Weighted Average Price on Date of Grant | |
Canceled | $ / shares | $ 6.06 |
RSUs [Member] | |
RSU non-vested rollforward | |
Number of RSUs, Outstanding, Beginning Balance | 224,053 |
Number of RSUs Granted | 253,783 |
Number of RSUs Vested and outstanding | (112,933) |
Number of RSUs Vested and issued | (114,248) |
Number of RSUs, Outstanding, Ending Balance | 246,944 |
Vested RSUs redeemed for stock, cash, and related payments | |
Issuance of Common Stock | 68,543 |
RSUs Redeemed in Cash | 45,705 |
Cash Payments at Closing Price of Stock | $ | $ 235 |
Weighted Average Price on Date of Grant | |
Beginning balance - Weighted average price | $ / shares | $ 6.07 |
Granted | $ / shares | 5.15 |
Vested and outstanding | $ / shares | 5.18 |
Vested and issued | $ / shares | 6.29 |
Ending balance - Weighted average price | $ / shares | $ 5.43 |
Long-term Incentive Plan (Sch42
Long-term Incentive Plan (Schedule of compensation expense related to stock awards) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
RSUs Redeemable in Stocks [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 617 | $ 441 |
RSUs Redeemable in Cash [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 278 | 279 |
RSUs [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 895 | $ 720 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
U.S. corporate income tax rate | 21.00% | 35.00% | |
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Deferred tax asset, income tax expense | $ 3,570 | ||
Income tax benefit | $ (1,315) | $ (42) | |
Tax Cuts and Jobs Act of 2017, Expected income tax benefit change | $ 1,229 | ||
Effective Income Tax Rate, Percent | 24.70% | 0.90% | |
Changes in valuation allowance | $ (419) |
Pension and Other Retirement 44
Pension and Other Retirement Plans (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)employee | Mar. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure | ||
Number of employee participants | employee | 1,500 | |
Defined Contribution Plans | ||
Maximum pretax contribution per employee | 100.00% | |
Defined contribution plan, employer matching contribution, percent | 1.50% | |
Expense recognized | $ 243 | $ 264 |
Pension Plan [Member] | ||
Defined Benefit Plan, Estimated Future Employer Contributions | ||
Estimated future employer contributions in 2017 | $ 0 |
Pension and Other Retirement 45
Pension and Other Retirement Plans (Schedule of net periodic pension benefit) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure | ||
Interest cost | $ 1,796 | $ 2,386 |
Expected return on plans' assets | (2,894) | (3,313) |
Amortization of actuarial loss | 168 | 75 |
Net periodic pension benefit | $ (930) | $ (852) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Shareholders' Equity [Line Items] | ||||
Dividends Payable, Date Declared | Mar. 1, 2018 | |||
Dividends Payable, Amount Per Share | $ 0.08 | |||
Dividends Payable, Date of Record | May 11, 2018 | |||
Dividends Payable, Date to be Paid | Jun. 1, 2018 | |||
Dividends Payable | $ 1,785 | $ 1,777 | ||
Stock Repurchase Program, Authorized Amount | $ 2,500 | |||
Treasury stock purchases, shares | 108,778 | |||
Treasury stock purchases | $ 555 | |||
Series A [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Common stock, shares, outstanding | 19,277,775 | 19,269,331 | ||
Series B [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Common stock, shares, outstanding | 2,469,635 | 2,469,755 | ||
Treasury Stock [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Treasury stock purchases | $ 555 | |||
Treasury Stock [Member] | Series A [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Treasury stock purchases, shares | 108,778 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | $ (24,932) | $ (39,308) |
Amortization | 158 | 57 |
Balance, end of period | (24,774) | (39,251) |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | (25,434) | (39,737) |
Amortization | 168 | 75 |
Balance, end of period | (25,266) | (39,662) |
Other Postretirement Benefit Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 502 | 429 |
Amortization | (10) | (18) |
Balance, end of period | $ 492 | $ 411 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 670,111 | 594,185 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of earnings per share reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (4,014) | $ (4,430) |
Less: dividends to participating securities | 45 | 39 |
Net loss available to common shareholders | $ (4,059) | $ (4,469) |
Shares (Denominator) | ||
Weighted average common shares outstanding (basic and diluted) | 21,716,419 | 21,690,371 |
Loss Per Share | ||
Basic and diluted | $ (0.19) | $ (0.21) |
Sales of Assets (Narrative) (De
Sales of Assets (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Sales of Assets [Abstract] | ||
Assets held for sale | $ 1,089 | $ 1,089 |